· 2019. 7. 2. · fullerton fund (constituted under a trust deed registered in the republic of...

FULLERTON FUND ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2020 (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 ASIA INCOME RETURN FULLERTON USD INCOME FUND FULLERTON PREMIUM FUND FULLERTON USD CASH FUND

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

1

Managers Fullerton Fund Management Company Ltd

(UEN. 200312672W)

3 Fraser Street, #09-28 DUO Tower, Singapore 189352

Directors of the Manager Ho Tian Yee

Nels Radley Friets

Phoon Siew Heng

Lester Edward Gray

Jenny Sofian

Kee Teck Koon

Pang Wai Yin

Jeanette Wong Kai Yuan

Trustee HSBC Institutional Trust Services (Singapore) Limited

10 Marina Boulevard, #48-01, Marina Bay Financial Centre Tower 2, Singapore 018983

Auditors PriceWaterhouseCoopers LLP

7 Straits View, Marina One. East Tower, Level 12, Singapore 018936

Legal Advisors to the Managers Tan Peng Chin LLC

50 Raffles Place, #27-01 Singapore Land Tower, Singapore 048623

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 14

Fullerton Singapore Bond Fund 20

Fullerton SGD Income Fund 25

Fullerton Dynamic Strategies Fund - Aggressive 31

Fullerton Dynamic Strategies Fund - Balanced 36

Fullerton Asia Income Return 41

Fullerton USD Income Fund 47

Fullerton Premium Fund 53

Fullerton USD Cash Fund

59

Financial Statements

Statements of Total Return 69

Statements of Financial Position 75

Statements of Movements of Unitholders’ Funds 81

Statements of Portfolio 87

Notes to the Financial Statements 164

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 2020

Fund Performance (1) / Benchmark Returns

3-mth %

6-mth %

1-year %

3-year(3)

%

5-year(3)

%

10-

year(3) %

Since

Inception(3)

%

Class A S$ (Inception: 9 September 2004) -0.22 0.57 2.94 2.55 2.77 3.42 3.43

Benchmark (3-mth SIBID(2)) 0.41 0.85 1.78 1.42 1.20 0.75 1.09

Class B S$ (Inception: 4 June 2008) -0.25 0.52 2.83 2.44 2.67 3.32 3.67


Class B1 S$ (Inception: 9 November 2009) -0.29 0.44 2.68 2.29 2.51 3.17 3.27


Class C S$ (Inception: 25 September 2009) -0.32 0.36 2.52 2.13 2.36 3.01 3.18


Class R S$ (Inception: 29 October 2015) -0.28 0.46 2.73 2.34 - - 2.56

Benchmark (3-mth SIBID(2)) 0.41 0.85 1.78 1.42 - - 1.25

Class D US$ (US$ Hedged)(4) (Inception: 15 September 2016) -0.33 0.52 2.97 2.75 - - 2.68

Benchmark (3-mth SIBID(2)) 0.45 0.99 2.20 1.94 - - 1.78

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Bloomberg (3) Annualised (4) USD hedged computed by Fullerton Fund Management Company Ltd derived from 3-mth SIBID


4

Market Review

Bond markets witnessed a sustained period of strong performance in the last nine months of 2019, but came under significant pressure in 1Q 2020, as the coronavirus outbreak caused huge waves of volatility in the financial markets. Macro headwinds stemming from the periodic escalation of US-China trade tensions and renewed concerns over slowing global growth, dominated the market narrative in 2019. That said, the moderation in global activity data was offset by further monetary easing from the US and Europe. In the US, the surprising turn in the Federal Reserve’s rate trajectory from an initial expectation of four rate hikes to an eventual three rate cuts provided support for risk assets. The coronavirus outbreak in 1Q 2020 brought the global economy to a virtual standstill as unprecedented lockdowns, and aggressive containment measures dampened growth expectations. In particular, we saw a record-breaking pace of capital outflows from emerging market stocks and bonds in the month of March as investors cut risk and rotated into safe haven assets. Almost all of the negative market actions was concentrated during this month as the spread of the coronavirus picked up pace globally. Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic fiscal stimulus package in a bid to cushion the economic fallout from the coronavirus pandemic. The Federal Reserve slashed the Federal Funds Rate to zero lower bound. Closer to home in Singapore, the government has likewise responded swiftly on the fiscal front, with two budgets in quick succession in February-March to support the economy and to save livelihoods. On the monetary front, the Monetary Authority of Singapore eased its policy stance, by reducing the slope of the policy band to zero appreciation and allowing for the downward adjustment of the band. Against this challenging market backdrop, Asian credits, as represented by the JACI Composite Index, delivered positive returns in USD terms over the 12-month period, with the sharp correction in 1Q 2020 the main drag on overall returns. Asian credit spreads widened in 1Q 2020, while US Treasuries were uncharacteristically volatile, driven mainly by liquidity concerns. The investment grade sector, as represented by the JACI Investment Grade Index, generated a positive return in USD terms over the 12-month period, with returns largely driven by the sharp decline in US Treasury yields.

For the 12 months ending 31 March 2020, the Fund delivered a positive return in SGD terms. Performance was driven primarily by positive coupon, while the Fund’s duration positioning also added to performance. Spread effects detracted from performance.

Strategy and outlook

In Asia, policy support has been forthcoming, with monetary measures acting in unison with fiscal stimulus. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections.


5

Lower policy rates, easier credit conditions, and targeted fiscal stimulus to the sectors most vulnerable to COVID-19 will help to keep credit flowing, limit job losses and eventually promote a recovery, once the disruption abates. These are positives for credit investors and will potentially aid in managing default risks.

While we acknowledge that the default risks have risen given the near-term growth headwinds, it will be the corporates with weaker credit metrics that might suffer through this downturn. The corporates that are able to maintain their fundamentals through the cycle, such as those that had pre-funded sufficiently in the earlier part of the year, and those with strong operational execution track records, would be able to tide through the downturn.

In the near term, positive coupon carry from the underlying holdings would help to anchor the Fund’s performance through this downturn. That said, we expect market volatilities to persist as risk sentiments will be challenged, until we see an inflection point in the spread of the virus outbreak and with that, a lessening of social distancing measures and a gradual resumption of activities. B) Distribution of investments

Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2020 classified by:

i. Country, industry and asset class Please refer to the Statements of Portfolio on pages 87 - 97.

ii. Credit rating of debt securities

Fair Value % of NAV S$ % A+ / A1 6,437,183 0.74

A / A2 48,264,651 5.58

A- / A3 231,666,151 26.77

BBB+ / Baa1 106,808,077 12.34

BBB / Baa2 159,314,181 18.41

BBB- / Baa3 291,636,525 33.70

BB-/Ba3 3,687,187 0.43

C 4,436,692 0.51

Accrued interest on debt securities 7,716,020 0.89

Total 859,966,667 99.37


6

C) Top ten holdings

D) Exposure to derivatives as of 31 March 2020 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV S$ % Forward foreign exchange contracts (34,860) (0.004)

Total (34,860) (0.004)

Holdings as at 31 March 2020 Fair value % of NAV

S$ % Huarong Finance 2017 Company Limited 3.2% due 27/04/2021 34,891,850 4.03

Keppel Corporation Limited Series MTN 3.145% due 14/02/2022 26,386,500 3.05

Eastern Air Overseas (Hong Kong) Corporation Limited 2.8% due 16/11/2020 26,118,750 3.02

Indian Oil Corporation Limited 4.1% due 15/10/2022 25,863,760 2.99

Orient Securities Company (China) Ltd Series EMTN 2.9% due 27/09/2022 19,970,400 2.31

UOL Treasury Services Pte Limited Series MTN 3% due 23/05/2024 19,937,200 2.30 Overseas Union Enterprise Treasury Pte Ltd Series MTN 3.75% due 17/04/2022 19,104,500 2.21

Chinalco Capital Holdings Limited 4.25% due 21/04/2022 18,070,992 2.09

City Developments Limited Series MTN 2.8% due 27/06/2023 16,557,040 1.91

Danga Capital Bhd 3.035% due 01/03/2021 15,556,729 1.80 Holdings as at 31 March 2019 Fair value % of

NAV S$ %

CapitaLand Limited Series CAPL 2.95% due 20/06/2022 33,811,088 2.92

Keppel Corporation Limited Series MTN 3.145% due 14/02/2022 30,294,600 2.62

Azure Nova International Series EMTN 3% due 21/03/2020 30,290,236 2.62

Danga Capital Bhd 3.725% due 11/08/2020 29,645,753 2.56

Huarong Finance 2017 Company Limited 3.2% due 27/04/2021 24,824,500 2.14

Haitong International Finance 2014 Limited 3.99% due 11/09/2019 23,359,604 2.02

Wharf Finance No 1 Limited Series EMTN 4.5% due 20/07/2021 21,822,360 1.88

Charming Light Investment Limited Series EMTN 3.75% due 03/09/2019 20,905,301 1.81

Eastern Air Overseas Hong Kong 2.8% due 16/11/2020 19,358,625 1.67

Far East Horizon Limited 4.25% due 08/10/2019 19,100,510 1.65


7

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

Net Realised

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

S$ S$ Forward foreign exchange contracts (17,375,071) (34,860)

Total (17,375,071) (34,860)

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 2020 Nil

I) Amount and percentage of borrowings to NAV as at 31 March 2020 Nil

J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions S$ 307,066,951 Total amount of redemptions S$ 636,010,203

K) Related-party transactions for the period 1 April 2019 to 31 March 2020 Please refer to Note 9 of Notes to the Financial Statements on page 237.


8

L) Financial Ratios Please refer to Note 10 of Notes to the Financial Statements on page 238.

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

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.

P) Pre-determined payouts Not applicable

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

9



3-mth %

6-mth %

1-year %

3-year(3)

%

5-year(3)

%

10-year(3)

%

Since

Inception(3) %

Class A S$ (Inception: 3 February 2009) 0.38 0.77 1.68 1.34 1.15 0.75 0.74

Benchmark (MAS - Banks Saving Deposits Rates(2))

0.04 0.08 0.16 0.16 0.15 0.13 0.14

Class B S$ (Inception: 10 August 2018) 0.40 0.82 1.78 - - - 1.74

Benchmark (MAS - Banks Saving Deposits Rates(2))

0.04 0.08 0.16 - - - 0.16

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 Financial markets witnessed a sustained period of strong performance in the last nine months of 2019, cash funds inclusive and capturing higher yields for investors. But most asset classes came under significant pressure in 1Q 2020, as the coronavirus outbreak caused huge waves of volatility in the financial markets. Macro headwinds stemming from the periodic escalation of US-China trade tensions and renewed concerns over slowing global growth, dominated the market narrative in 2019. That said, the moderation in global activity data was offset by further monetary easing from the US and Europe. In the US, the surprising turn in the Federal Reserve’s rate trajectory from an initial expectation of four rate hikes to an eventual three rate cuts provided support for risk assets. US Treasury yields declined sharply, and this benefitted the longer duration asset classes in 2019. Many other central banks followed with rate cuts, while the European Central Bank brought rates further into negative territory. The unprecedented coronavirus outbreak in 1Q 2020 brought the global economy to a virtual standstill as lockdowns, and aggressive containment measures dampened growth expectations. In particular, we saw a record-breaking pace of capital outflows from emerging market stocks and bonds in the month of March as investors cut risk and rotated into safe haven assets. Almost all of the negative market actions was concentrated during this month as the spread of the coronavirus picked up pace globally. Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic fiscal stimulus package, in a bid to cushion the


10

economic fallout from the coronavirus pandemic. The Federal Reserve also slashed the Federal Funds Rate to zero bound. Closer to home in Singapore, the government has likewise responded swiftly on the fiscal front, with two budgets in quick succession in February-March to support the economy and to save livelihoods. On the monetary front, the Monetary Authority of Singapore eased its policy stance, by reducing the slope of the policy band to zero appreciation and allowing for the downward adjustment of the band. Against this challenging market backdrop, Singapore MAS Treasury Bills exhibited a flattish curve, and yield lowered significantly across all tenure in past 12 months. The SIBOR also trended south over the 12 month period and in line with the SGD Treasury Bill. That said, and given the funding needs in domestic markets, the fall in the rates was cushioned.

Strategy and Outlook

Looking ahead, while the economic impact of COVID-19 will be pronounced and concentrated in the 1H 2020, it is also likely to be brief, with a progressive and gradual return to growth in 2H 2020. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections.

Against this backdrop and coupled with recent Fed’s rate cuts, the SIBOR interbank market has also glided lower. Despite these, the fund was positioned well into the last year before the rates collapsed. The strategy now is to constantly find opportunities to go longer dated on the weighted average maturity (WAM) and to lock in higher yield. The fund’s yield may have trended marginally lower in 1Q 2020, but was still supported by banks’ Asset Liabilities Management (ALM) needs and corporates’ funding requirements.

Keeping in view the fund’s twin objectives of providing liquidity and favourable yield for clients, we constantly balance them by managing the WAM, and strategically position trades along efficient points of the curve in this low interest rate environment. We remain cognisant of current market conditions, and continue to vigilantly track counterparty exposures and their risks while adhering to the CIS code requirements.

B) Distribution of investments Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2020 classified by:

i. Country, industry and asset class

Please refer to the Statements of Portfolio on page 98.


Nil


11

iii. Term to maturity profile of the underlying investments

Fair Value % of NAV S$ % Up to 30 days 233,282,943 46.35 31 – 90 days 25,096,045 4.99 91 – 180 days - - More than 180 days 103,537,359 20.57 Total 361,916,347 71.90

C) Top ten holdings

Holdings as at 31 March 2020 Fair value % of NAV S$ % Malayan Banking Berhad 1.88% 8-Nov-2019 to 9-Nov-2020 33,000,000 6.56

Bank of Tokyo-MUFJ Ltd 0.18% 31-Mar-2020 to 1-Apr-2020 21,970,929 4.35

Qatar National Bank 2.15% 11-Nov-2019 to 11-Nov-2020 21,083,577 4.19

Bank of Tokyo-MUFJ Ltd 1.67% 28-Feb-2020 to 28-Apr-2020 20,859,538 4.14

The Sumitomo Trust and Banking Co.Ltd 1.77% 7-Feb-2020 to 7-Apr-2020 20,000,000 3.97


ICBC Singapore 0.35% 31-Mar-2020 to 2-Apr-2020 15,203,174 3.02

Qatar National Bank 1.75% 26-Feb-2020 to 26-May-2020 15,096,045 3.00

Bank of Tokyo-MUFJ Ltd 2.01% 11-Nov-2019 to 11-Nov-2020 14,029,301 2.79

CIMB Bank Berhad 1.22% 13-Mar-2020 to 15-Apr-2020 13,200,000 2.62

Holdings as at 31 March 2019 Fair value % of NAV S$ %


Qatar National Bank 2% 25-Mar-2019 to 25-Jun-2019 40,609,662 4.77

Landesbank Baden-Wurttemberg 1.95% 28-Mar-2019 to 5-Apr-2019 30,012,033 3.53



Qatar National Bank 2.02% 11-Mar-2019 to 13-May-2019 21,642,343 2.54






12

D) Exposure to derivatives as at 31 March 2020 Nil

E) Global Exposure to Financial Derivatives Not applicable

F) Collateral Nil

G) Securities Lending or Repurchase Transaction Nil



J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions S$ 2,433,332,997 Total amount of redemptions S$ 2,792,645,686


L) Financial ratios Please refer to Note 10 of Notes to the Financial Statements on page 238.



13

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

O) Soft dollar commissions Not applicable


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

14



3-mth

%

6-mth

%

1-year

%

3-year(4)

%

5-year(4)

%

10-year(4)

%

Since Inception(4)

%

Class A US$

(Inception: 3 August 2009) -6.90 -4.80 -0.24 1.96 2.68 4.64 5.44

Benchmark

(JACI Investment Grade Total Return(2))

-0.88 -0.14 5.65 4.26 3.87 4.86 5.36

Class B S$ (S$ Hedged)

(Inception: 8 June 2009) -6.45 -5.29 -0.98 1.20 2.36 4.26 5.03

Benchmark

(JACI Investment Grade Total Return – S$ Hedged(2) (3))

-0.97 -0.32 5.19 3.71 3.73 4.72 5.17

Class C US$

(Inception: 27 April 2009) -6.01 -4.66 0.06 2.26 2.99 5.03 6.68

Benchmark

(JACI Investment Grade Total Return(2))

-0.88 -0.14 5.65 4.26 3.87 4.86 6.13

Class D RMB (RMB Hedged)

(Inception: 16 August 2011) -5.90 -4.41 0.43 3.33 4.89 - 5.89

Benchmark(5)

-0.67 0.33 6.41 5.78 6.29 - 6.82

Notes:

(1)

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

(2) Source: 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


15

Market Review

Bond markets witnessed a sustained period of strong performance in the last nine months of 2019, but came under significant pressure in 1Q 2020, as the coronavirus outbreak caused huge waves of volatility in the financial markets.

Macro headwinds stemming from the periodic escalation of US-China trade tensions and renewed concerns over slowing global growth, dominated the market narrative in 2019. That said, the moderation in global activity data was offset by further monetary easing from the US and Europe. In the US, the surprising turn in the Federal Reserve’s rate trajectory from an initial expectation of four rate hikes to an eventual three rate cuts provided support for risk assets. US Treasury yields declined sharply, and this benefitted the longer duration asset classes in 2019. Many other central banks followed with rate cuts, while the European Central Bank brought rates further into negative territory.

The coronavirus outbreak in 1Q 2020 brought the global economy to a virtual standstill as unprecedented lockdowns, and aggressive containment measures dampened growth expectations. In particular, we saw a record-breaking pace of capital outflows from emerging market stocks and bonds in the month of March as investors cut risk and rotated into safe haven assets. Almost all of the negative market actions was concentrated during this month as the spread of the coronavirus picked up pace globally.

Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic fiscal stimulus package, in a bid to cushion the economic fallout from the coronavirus pandemic. The Federal Reserve slashed the Federal Funds Rate to zero bound. In Asia, policymakers have likewise responded strongly with a mix of fiscal stimulus and monetary policy support, to provide a buffer against the near-term negative economic impact from the outbreak.

Against this challenging market backdrop, Asian credits, as represented by the JACI Composite Index, delivered a positive return in USD terms over the 12-month period, with the sharp correction in 1Q 2020 the main drag on overall returns. Asian credit spreads, particularly the high yield spreads blew up in 1Q 2020, while US Treasuries were uncharacteristically volatile, driven mainly by liquidity concerns.

For the 12 months under review, the Fund underperformed its benchmark. Off-benchmark allocation to the high yield sector, which significantly underperformed the investment grade peers, was the key detractors.


In Asia, policy support has been forthcoming, with monetary measures acting in unison with fiscal stimulus. Lower policy rates, easier credit conditions, and targeted fiscal stimulus to the sectors most vulnerable to COVID-19 will help to keep credit flowing, limit job losses and eventually promote a recovery, once the disruption abates. These are positives for credit investors and will potentially aid in minimising default risks. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections.


16

While we acknowledge that the default risks have risen given the near-term growth headwinds, it will be the corporates with weaker credit metrics that might suffer through this downturn. The corporates that are able to maintain their fundamentals through the cycle, such as those that had pre-funded sufficiently in the earlier part of the year, and those with strong operational execution track records, would be able to tide through the downturn.

We remain vigilant and are defensively positioned. Our stance on duration is positive and we are running a modest overweight versus the benchmark. We expect Fed’s market stabilisation measures and UST purchases to help anchor UST yields in the near-term. In the medium-term, the long end could see some steepening, in view of upcoming large fiscal measures. In line with the current defensive stance of the Fund, we have trimmed our exposure to the high yield sector but continue to maintain some allocation to the high yield sector focusing on the short-dated papers for their attractive coupon carry, which will help to anchor returns in this downturn. We are also cautiously positioned in sectors most vulnerable to the coronavirus situation; at the same time, we are also cognisant the recent market rout has opened up investment opportunities and offer attractive entry points. We expect market volatilities to persist as risk sentiments will be challenged, until we see an inflection point in the spread of the virus outbreak and with that, a lessening of social distancing measures and a gradual return to activities


i. Country, industry and asset class Please refer to the Statements of Portfolio on page 99.

ii. Credit rating of debt securities Not Applicable

C) Top 10 holdings

Holdings as at 31 March 2020 US$ %

Fullerton Lux Funds – Asian Bonds Class I USD Distribution 17,254,079 101.82

Holdings as at 31 March 2019 US$ %



17

D) Exposure to Derivatives as at 31 March 2020 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV US$ %

Forward foreign exchange contracts (316,807) (1.87)

Total (316,807) (1.87)


Net Realised


US$ US$ Forward foreign exchange contracts (401,745) (316,807)

Total (401,745) (316,807)

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:



F) Collateral Nil


H) Amount and percentage of NAV invested in other schemes as at 31 March 2020

Fair Value % of NAV US$ %



18


J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020

Total amount of subscriptions US$ 6,489,037 Total amount of redemptions US$ 10,174,165 K) Related-party transactions for the period 1 April 2019 to 31 March 2020

Please refer to Note 9 of Notes to the Financial Statements on page 237.




Fullerton Lux Funds – Asian Bonds Class I USD Distribution

i. Top ten holdings

Holdings as at 31 March 2020 Fair value % of NAV US$ % Dai-Ichi Life Insurance 5.10% 14-28/04/2067 FRN 3,667,580 1.56

PTTEP TREASURY 3.903% 19-06/12/2059 3,522,652 1.50

PARKWAY PANTAI 4.25% 17-27/01/2068 FRN 3,461,168 1.46

SANDS CHINA LTD 5.4% 19-08/08/2028 3,168,341 1.34

PERTAMINA 6.5% 11-27/05/2041 3,054,123 1.29

PELABUHAN IND II 5.375% 15-05/05/2045 3,009,258 1.26

CNOOC FINANCE 4.375% 18-02/05/2028 2,853,938 1.21

ASTLC 3A A2 4.65% 16-08/07/2026 FRN 2,613,000 1.11

PERUSAHAAN GAS 5.125% 14-16/05/2024 2,602,499 1.10

SMARTONE FIN LTD 3.875% 13-08/04/2023 2,545,896 1.07


19

ii. Financial ratios

31 March 2020 31 March 2019

% %

Expense ratio* 0.70 0.71

Turnover ratio -14.50 -2.30

* 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.


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.


Holdings as at 31 March 2019 Fair value % of NAV US$ % PCCW CAP No 4 5.75% 12-17/04/2022 4,564,429 2.18

Parkway Pantai 17-31/12/2049 FRN 3,420,480 1.64

China Taiping CA 4.125% 12-21/11/2022 3,045,615 1.46

Pelabuhan Ind II 5.375% 15-05/05/2045 2,995,013 1.43

Perusahaan Gas 5.125% 14-16/05/2024 2,789,350 1.35

Proven Honour 4.125% 16-06/05/2026 2,621,066 1.26

Dai-Ichi Mutual 14-29/10/2049 FRN 2,609,175 1.25

ASTLC 3A A2 16-08/07/2026 FRN 2,606,461 1.24

ASTLC 4 A2 5.5% 18-14/06/2028 2,418,600 1.16

Smartone Fin Ltd 3.875% 13-08/04/2023 2,414,052 1.16

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

20


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) 1.17 1.96 5.02 2.89 2.72 2.37

Benchmark(4) (50% Refinitiv/iEdge SFI Index All and 50% Refinitiv/iEdge SFI Index 1-3Y(2))

1.96 2.76 5.52 3.12 2.77 1.85

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Refinitiv/iEdge (3) Annualised (4) Benchmark has been renamed effective 3rd September 2019

Market Review



The unprecedented coronavirus outbreak in 1Q 2020 brought the global economy to a virtual standstill as unprecedented lockdowns, and aggressive containment measures dampened growth expectations. In particular, we saw a record-breaking pace of capital outflows from emerging market stocks and bonds in the month of March as investors cut risk and rotated into safe haven assets. Almost all of the negative market actions was concentrated during this month as the spread of the coronavirus picked up pace globally.

Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic USD 2 trillion fiscal stimulus package, in a bid to cushion the economic fallout from the coronavirus pandemic. The Federal Reserve slashed the Federal Funds Rate to zero bound and took the unprecedented step of announcing the purchase of investment grade corporate bonds.

Closer to home in Singapore, the government has likewise responded swiftly on the fiscal front, with two budgets in quick succession in February-March to support the economy and to save livelihoods.


21

On the monetary front, the Monetary Authority of Singapore eased its policy stance, by reducing the slope of the policy band to zero appreciation and allowing for the downward adjustment of the band.

Against this challenging market backdrop, Singapore bonds posted positive returns over the 12-month period. Singapore government bonds, as represented by the Markit iBoxx ALBI Singapore Government TRI) outperformed with a return of 8.26% in SGD terms. SGD denominated non-government bonds, as represented by the Markit iBoxx ALBI Singapore Non-Government Index) returned 5.26% in SGD terms.

For the 12 months under review, the Fund delivered positive returns but marginally underperformed its composite benchmark. The Fund’s duration positioning and coupon from the underlying bonds contributed to performance but these were offset by the negative spread effect.


In Singapore, given SGS have underperformed US Treasuries in March and with the MAS policy easing behind us, we expect SGS to play catch up. Yield differentials are also near record wide levels (at the end of March); SGS, as the highest yielding AAA sovereign in the world, is also a boon for bond investors.

It is worthwhile to note that unlike other markets, higher fiscal spending does not translate to larger SGS bond issuances or higher term premium in Singapore. Singapore’s fiscal deficits are funded by surpluses accumulated in current government terms or from drawing down the government's large reserves (as with the most recent fiscal stimulus announced). In a reversal from 2019, statutory board spreads have widened versus SGS and offer good entry points for investors.

In Asia, policy support has been forthcoming, with monetary measures acting in unison with fiscal stimulus. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections.

While we acknowledge that the default risks have risen, particularly in the high yield sector given the near-term growth headwinds, credit differentiation will widen between issuers that have the requisite financial flexibilities and strong credit profiles and those that do not. The corporates that are able to maintain their fundamentals through the cycle, such as those that had pre-funded sufficiently in the earlier part of the year, and those with strong operational execution track records, would be able to tide through the downturn.

We expect market volatilities to persist until we see an inflection point in the spread of the virus outbreak, which would be key in determining the duration of the containment measures and the subsequent normalisation of activity, as these measures are gradually lifted.


22


i. Country, industry and asset class Please refer to the Statements of Portfolio on pages 100 - 107.

ii. Credit rating of debt securities Fair Value % of NAV S$ % AAA / Aaa 118,343,941 48.32

AA/ Aa2 1,518,180 0.62

A+/ A1 1,172,400 0.48

A / A2 1,275,538 0.52

A- / A3 25,196,180 10.29

BBB+ / Baa1 19,629,532 8.01

BBB / Baa2 12,511,553 5.11

BBB- / Baa3 61,437,711 25.08

C 776,421 0.32

Accrued interest on debt securities 1,828,459 0.75

Total 243,689,915 99.50

C) Top ten holdings

Holdings as at 31 March 2020 Fair Value % of NAV S$ %

Singapore Government Bond 2.25% due 01/06/2021 13,645,488 5.57

ESR-MTN Pte Limited Series MTN 3.95% due 21/05/2020 9,978,100 4.07






Singapore Government Bond 3% due 01/09/2024 6,960,000 2.84




23












D) Exposure to derivatives as at 31 March 2020

Nil E) Global Exposure to Financial Derivatives

Not applicable

F) Collateral Nil




J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions S$ - Total amount of redemptions S$ -


24

K) Related-party transactions for the period 1 April 2019 to 31 March 2020





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 INCOME FUND _____________________________________________________________________________________

25


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) -6.47 -5.16 -0.92 1.44 2.87 4.15

Class B S$ (Inception: 14 May 2012) -6.52 -5.25 -1.11 1.24 2.67 3.52

Class C S$ (Inception: 13 Jun 2012) -6.40 -5.01 -0.61 1.75 3.18 4.05

Class D US$ Hedged (Inception: 19 May 2015) -6.17 -4.69 -0.15 2.18 -- 3.16

Class R S$ (Inception: 21 Nov 2018) -6.40 -5.01 -0.61 -- -- 3.40

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

Market Review


Macro headwinds stemming from the periodic escalation of US-China trade tensions and renewed concerns over slowing global growth, dominated the market narrative in 2019. That said, the moderation in global activity data was offset by further monetary easing from the US and Europe. In the US, the surprising turn in the Federal Reserve’s rate trajectory from an initial expectation of four rate hikes to an eventual three rate cuts provided support for risk assets.


Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic fiscal stimulus package in a bid to cushion the


26

economic fallout from the coronavirus pandemic. The Federal Reserve slashed the Federal Funds Rate to zero lower bound.

Closer to home in Singapore, the government has likewise responded swiftly on the fiscal front, with two budgets in quick succession in February-March to support the economy and to save livelihoods. On the monetary front, the Monetary Authority of Singapore eased its policy stance, by reducing the slope of the policy band to zero appreciation and allowing for the downward adjustment of the band.

Against this challenging market backdrop, Asian credits, as represented by the JACI Composite Index, delivered positive returns in USD terms over the 12-month period, with the sharp correction in 1Q 2020 the main drag on overall returns. Asian credit spreads widened in 1Q 2020, while US Treasuries were uncharacteristically volatile, driven mainly by liquidity concerns. The investment grade sector, as represented by the JACI Investment Grade Index, generated a positive return in USD terms over the 12-month period, with returns largely driven by the sharp decline in US Treasury yields.

For the 12 months ending 31 March 2020, the Fund delivered a flat return in SGD terms. Positive coupon and duration effects contributed to performance, but this was offset by negative spread effects.

Strategy and Outlook In Asia, policy support has been forthcoming, with monetary measures acting in unison with fiscal stimulus. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections. Lower policy rates, easier credit conditions, and targeted fiscal stimulus to the sectors most vulnerable to COVID-19 will help to keep credit flowing, limit job losses and eventually promote a recovery, once the disruption abates. These are positives for credit investors and will potentially aid in minimising default risks. While we acknowledge that the default risks have risen given the near-term growth headwinds, it will be the corporates with weaker credit metrics that might suffer through this downturn. The corporates that are able to maintain their fundamentals through the cycle, such as those that had pre-funded sufficiently in the earlier part of the year, and those with strong operational execution track records, would be able to tide through the downturn. We remain vigilant and are defensively positioned in our portfolio. We have been extending duration modestly entering into March and are looking for opportunities to extend duration further, taking advantage of market dislocations. Allocation to the high yield sector has shifted lower (capped at 30% max. in aggregate). We continue to maintain some allocation to the high yield sector focusing on the short-dated papers for their attractive coupon carry, which will help to anchor returns in this downturn. We are cautiously positioned in sectors most vulnerable to the coronavirus situation. At the same time, we are also cognizant that the recent market rout has opened up investment opportunities and offer attractive entry points. We expect market volatilities to persist as risk sentiments will be challenged, until we see an inflection point in the spread of the virus outbreak and with that, a lessening of social distancing measures and a gradual return to activities.


27



Please refer to the Statements of Portfolio on pages 108 - 131.


Fair Value % of NAV S$ % AA/ Aa 7,590,900 0.40 A+/ A1 7,016,421 0.37 A/ A2 59,736,103 3.15 A-/ A3 129,985,658 6.85 BBB+/ Baa1 313,267,287 16.50 BBB/ Baa2 205,736,333 10.84 BBB-/ Baa3 651,745,254 34.34 BB+/ Ba1 41,536,002 2.19 BB/Ba2 63,632,693 3.35 BB-/Ba3 135,071,960 7.12 B+/B1 91,502,250 4.82 B/B2 138,986,563 7.32 B-/B3 41,855,663 2.21 C 4,436,692 0.23 CCC/Caa2 1,821,140 0.10 D/WR 911,275 0.05 NR 580,977 0.03 Accrued interest on debt securities 27,445,198 1.45 Total 1,922,858,369 101.30


28

C) Top ten holdings


i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

S$ % Forward foreign exchange contracts (15,377,145) (0.81)

Total (15,377,145) (0.81)


National Australia Bank Var due 19/05/2028 29,006,845 1.53

Commerzbank AG Var due 01/03/2027 27,901,588 1.47


SPH REIT Series MTN Var Perp 24,967,819 1.32

Sembcorp Industries Limited Var Perp 24,546,060 1.29

Credit Agricole SA Series EMTN Var due 30/04/2031 22,287,635 1.17

UBS AG 5.125% due 15/05/2024 21,083,298 1.11 Overseas Union Enterprise Treasury Pte Ltd Series MTN 3.75% due 17/04/2022 20,110,000 1.06

HSBC Holdings PLC Series EMTN Var Perp (XS1882693036) 20,019,570 1.05

Frasers Property Treasury Pte Limited Series MTN 4.25% due 21/04/2026 19,324,500 1.02


National Australia Bank Var 19/05/2028 34,555,950 1.93

UBS AG 5.125% due 15/05/2024 23,121,102 1.29

Minmetals Bounteous Finance BVI Limited 4.2% due 27/07/2026 22,964,952 1.28

Sembcorp Industries Limited Series MTN Var Perp 21,453,150 1.20

Indian Oil Corporation Limited 4.1% due 15/10/2022 20,989,745 1.17 Overseas Union Enterprise Treasury Pte Ltd Series MTN 3.75% due 17/04/2022 18,936,800 1.06


BNP Paribas Series EMTN 3.65% due 09/09/2024 16,867,455 0.94

Societe Generale SA Series EMTN 4.3% due 19/05/2026 15,977,430 0.89

Commerzbank AG Var 01/03/2027 15,802,290 0.88


29


Net Realised


S$ S$

Futures contracts (324,787) -

Forward foreign exchange contracts (35,620,555) (15,377,145)

Total (35,945,342) (15,377,145)

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






30









P) Pre-determined payouts

Not applicable

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

31



3-mth %

6-mth %

1-year %

3-year(3)

%

5-year(3)

%

Since

Inception(3) %

Class A S$ (Inception: 17 April 2013) -9.55 -6.17 -2.17 1.34 0.95 3.94

Benchmark (80% MSCI AC World Net Index and 20% FTSE World Govt Bond Index(2))

-12.08 -8.34 -2.91 2.92 3.79 6.80

Notes (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Bloomberg (3) Annualised

Market Review

Global economies had remained weak over much of 2019, suffering a manufacturing slump where global trade, PMIs, and industrial production growth were very weak. Key economies driving the slowdown were Europe, the US, India and China. ASEAN countries have also suffered, with weak demand from Europe, China, and Japan, coupled with uncertainties from the US-China trade war.

The finalisation of a ‘Phase One’ agreement in January 2020 signalled the easing of trade uncertainties, but was quickly followed by the COVID-19 pandemic. Many parts of the world put in place stringent lockdown measures that further depressed global manufacturing, business investments and consumer spending. With global trade falling, unemployment rates surged. The spread of the pandemic to the US and Europe, and the uneven containment of the virus, increased the risk of a more protracted global recession and slower recovery. An oil price war that erupted in March 2020 between Saudi Arabia and Russia further contributed to concerns of deflationary dynamics and its negative impact on economic activity.

Globally, policymakers have been quick to respond with concerted and significant easing of both monetary and fiscal policies. More importantly, with lessons learnt from the GFC, policymakers have been quick to address funding and credit market strains. The policy actions are unlikely to be timely enough to stop a global recession but they are critical signposts to help stabilise markets. The scale of fiscal stimulus alone has already been much greater than the responses during the GFC – across the US, Europe, Japan, and Asia.

Global equity prices gyrated throughout the period, but were generally on the rise till about February with the conclusion of the first trade deal. Asian equities lagged over the period, due to the proximity to China and the region’s exposure to Chinese trade. Bond prices in Asia and globally were on an uptrend most of the year as many central banks cut rate to counter the weakness in economic growth. But the COVID outbreak globally not only drove major volatility in risk assets, but even prices of safe haven assets cratered as investors sought liquidity.

Fixed income and gold added value to the Fund’s performance over the 12-month period. Equities were the major detractor, amidst the volatile market conditions. Within equities, the exposure to US


32

technology and China A shares outperformed the broad market. Within bonds, the Fund’s exposure to Asian high yields bonds was the key detractor.


Looking forward, we would monitor high frequency indicators of economic activity as well as evolution of COVID-19 infection rates in the US and Europe. This would help us gauge when economic activity is likely to stabilise. Subject to great uncertainty, we anticipate that if infection cycles follow the pattern we have witnessed in China, a base case should see infection rates peak in the coming 2-3 months.

Importantly, we would also monitor funding and credit market stresses. An alleviation of these measures would be required as a precursor for a more sustained bounce in risk assets, independent of the COVID-19 dynamics. Following that, we would expect recovering risk appetite to be boosted further by the sharp increase in liquidity from policy easing. Meanwhile, on the growth and inflation front, we do think markets have priced in a global recession. However, given that the extent and duration of the growth slowdown is unclear, we would have to await further data before calling for a growth recovery; although, our bias is that growth will recover, as policy is extremely accommodative.

B) Distribution of investments





Not Applicable

C) Top ten holdings

Holdings as at 31 March 2020 Fair value % of NAV S$ % Fullerton Lux Funds - Global Absolute Alpha Fund Class I USD Accumulation 6,717,717 29.85

iShares MSCI World UCITS ETF USD Dist 3,396,520 15.09

Lyxor MSCI World UCITS ETF -D-EUR ETF 2,552,873 11.34

Invesco QQQ Trust Series 1 2,120,010 9.42

SPDR MSCI ACWI UCITS ETF 1,712,718 7.61

iShares Global Government Bond UCITS ETF USD Dist 1,499,013 6.66

Technology Select Sector SPDR Fund ETF 663,722 2.95

iShares Expanded Tech Sector ETF 431,167 1.92

Invesco China Technology ETF 226,065 1.00 iShares Core MSCI AC Asia ex Japan Index ETF 221,691 0.99


33



Fair value % of NAV S$ %

Futures Contracts (13,703) (0.06)


Total (53,270) (0.24)


Net Realised


S$ S$ Futures contracts (198,613) (13,703) Foreign exchange contracts (196,831) (39,567) Total (395,444) (53,270)



hedging arrangements.

Holdings as at 31 March 2019 Fair value % of NAV S$ % SSGA Global Treasury Bond Index Fund 4,289,604 14.14

Egerton Capital Equity Fund Class A$HD 4,168,528 13.74

Vanguard FTSE All-World UCITS 4,160,886 13.71


Vanguard Investment Series PLC - Global Enhanced Equity Fund 3,390,247 11.17


SPDR Emerging Markets ETF 1,678,609 5.53


China AMC ETF Series - ChinaAMC CSI 300 Index ETF 1,150,173 3.79

iShares NASDAQ 100 UCITS ETF 852,784 2.81


34

F) Collateral Nil

G) Securities Lending or Repurchase Transactions

Nil


I) Amount and percentage of borrowings to NAV as at 31 March 2020

Nil








SPDR MSCI ACWI UCITS ETF 1,712,718 7.61


Technology Select Sector SPDR Fund ETF 663,722 2.95


Invesco China Technology ETF 226,065 1.00

iShares Core MSCI AC Asia ex Japan Index ETF 221,691 0.99

iShares Barclays USD Asia High Yield Bond Index ETF 220,631 0.99


35





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 _____________________________________________________________________________________

36



3-mth %

6-mth %

1-year %

3-year(3)

%

5-year(3)

%

Since

Inception(3) %

Class A S$ (Inception: 17 April 2013) -4.86 -3.55 0.75 1.14 0.65 2.38

Benchmark (50% MSCI AC World Net Index and 50% FTSE World Govt Bond Index(2))

-4.82 -3.28 2.69 3.90 3.91 5.72

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Bloomberg (3) Annualised

Market Review

Global economies had remained weak over much of 2019, suffering a manufacturing slump where global trade, PMIs, and industrial production growth were very weak. Key economies driving the slowdown were Europe, the US, India and China. ASEAN countries have also suffered, with weak demand from Europe, China, and Japan, coupled with uncertainties from the US-China trade war.

The finalisation of a ‘Phase One’ agreement in January 2020 signalled the easing of trade uncertainties, but was quickly followed by the COVID-19 pandemic. Many parts of the world put in place stringent lockdown measures that further depressed global manufacturing, business investments and consumer spending. With global trade falling, unemployment rates surged. The spread of the pandemic to the US and Europe, and the uneven containment of the virus, increased the risk of a more protracted global recession and slower recovery. An oil price war that erupted in March 2020 between Saudi Arabia and Russia further contributed to concerns of deflationary dynamics and its negative impact on economic activity.

Globally, policymakers have been quick to respond with concerted and significant easing of both monetary and fiscal policies. More importantly, with lessons learnt from the GFC, policymakers have been quick to address funding and credit market strains. The policy actions are unlikely to be timely enough to stop a global recession but they are critical signposts to help stabilise markets. The scale of fiscal stimulus alone has already been much greater than the responses during the GFC – across the US, Europe, Japan, and Asia.

Global equity prices gyrated throughout the period, but were generally on the rise till about February with the conclusion of the first trade deal. Asian equities lagged over the period, due to the proximity to China and the region’s exposure to Chinese trade. Bond prices in Asia and globally were on an uptrend most of the year as many central banks cut rate to counter the weakness in economic growth. But the COVID outbreak globally not only drove major volatility in risk assets, but even prices of safe haven assets cratered as investors sought liquidity.


37

Fixed income and gold added value to the Fund’s performance over the 12-month period. Equities were the major detractor, amidst the volatile market conditions. Within equities, the exposure to US technology and China A shares outperformed the broad market. Within bonds, the Fund’s exposure to Asian high yields bonds was the key detractor.


Looking forward, we would monitor high frequency indicators of economic activity as well as evolution of COVID-19 infection rates in the US and Europe. This would help us gauge when economic activity is likely to stabilise. Subject to great uncertainty, we anticipate that if infection cycles follow the pattern we have witnessed in China, a base case should see infection rates peak in the coming 2-3 months.

Importantly, we would also monitor funding and credit market stresses. An alleviation of these measures would be required as a precursor for a more sustained bounce in risk assets, independent of the COVID-19 dynamics. Following that, we would expect recovering risk appetite to be boosted further by the sharp increase in liquidity from policy easing. Meanwhile, on the growth and inflation front, we do think markets have priced in a global recession. However, given that the extent and duration of the growth slowdown is unclear, we would have to await further data before calling for a growth recovery; although, our bias is that growth will recover, as policy is extremely accommodative. B) Distribution of investments





Not Applicable


38

C) Top ten holdings


i. Fair value of derivative contracts and as a percentage of NAV Fair value % of NAV S$ %

Futures contracts 20,406 0.30


Total (6,865) (0.10)


Invesco QQQ Trust Series 1 571,210 8.39

iShares Core Global Aggregate Bond UCITS ETF USD Dist 528,010 7.76

iShares Global Government Bond UCITS ETF USD Dist 491,507 7.22

iShares MSCI World UCITS ETF 452,984 6.66

iShares Barclays USD Asia High Yield Bond Index ETF 326,043 4.79

Lyxor MSCI World UCITS ETF-D-EUR ETF 302,608 4.45

Vanguard Australian Shares Index ETF 69,022 1.01


Invesco China Technology ETF 67,629 1.00

Holdings as at 31 March 2019 Fair Value % of NAV

S$ %

SSGA Global Treasury Bond Index Fund 1,539,042 19.42

Aberdeen Global - Global Government Bond Fund 1,480,785 18.69

Egerton Capital Equity Fund Class A$HD 955,658 12.06

Lyxor MSCI World UCITS ETF -D-EUR ETF 798,195 10.07

Vanguard FTSE All-World UCITS 735,856 9.29

Vanguard Investment Series PLC - Global Enhanced Equity Fund 732,604 9.25

iShares MSCI World UCITS ETF USD Dist 731,409 9.23

SPDR Emerging Markets ETF 325,408 4.11

iShares J.P. Morgan USD EM Bond UCITS ETF 200,757 2.53

China AMC ETF Series - ChinaAMC CSI 300 Index ETF 178,002 2.25


39


Net Realised


S$ S$ Futures contracts 28,825 20,406

Foreign exchange contracts (143,226) (27,271)

Total (114,401) (6,865)



hedging arrangements.

F) Collateral Nil



Fair value % of NAV S$ % Fullerton Lux Funds - Global Absolute Alpha Fund Class I USD Accumulation 1,997,001 29.34 Invesco QQQ Trust Series 1 571,210 8.39 iShares Core Global Aggregate Bond UCITS ETF USD Dist 528,010 7.76 iShares Global Government Bond UCITS ETF USD Dist 491,507 7.22 iShares MSCI World UCITS ETF 452,984 6.66 iShares Barclays USD Asia High Yield Bond Index ETF 326,043 4.79 Lyxor MSCI World UCITS ETF-D-EUR ETF 302,608 4.45 Vanguard Australian Shares Index ETF 69,022 1.01 iShares Expanded Tech Sector ETF 68,867 1.01 Invesco China Technology ETF 67,629 1.00


40


J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions S$ 385,902 Total amount of redemptions S$ 1,596,032


L) Financial ratios








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

41



6-mth %

1-year %

3-year(2)

%

5-year(2)

%

Since

Inception(2) %

Class A S$ (Inception: 15 April 2013) -11.24 -7.76 -4.90 -0.35 0.43 2.06

Class B US$ (Inception: 15 April 2013) -14.80 -9.57 -8.16 -0.58 0.05 0.96

Notes:

(1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Annualised

Market Review

As global economies entered into the late cycle in 2019, growth was below trend but due to central banks’ accommodative monetary policies, starting with the Federal Reserve signalling the cessation of its quantitative tightening in January, financial assets posted healthy returns. Despite weaker growth indicators and the continuation of US-China trade war which dominated headlines for much of the year, the financial market was focused on central banks’ easing policies.

The finalisation of a ‘Phase One’ trade agreement between US and China in January 2020 signalled the partial easing of uncertainties, but this was quickly followed by the COVID-19 pandemic which spooked financial markets after global travel ceased. An oil price war that erupted in March 2020 when OPEC+ could not agree on production quotas contributed to the acceleration of risk-off in financial markets on concerns of oil producers’ financial well-being and deflationary dynamics. Many parts of the world remain in stringent lockdown and movements of people, goods and services continue to be restricted in April.

Globally, central banks have been quick to respond with concerted easing of monetary policies. Many governments have also come up with bold fiscal stimulus measures. The policy actions are unlikely to be timely enough to stop a global recession but they are critical in stabilising financial markets and providing a cushion to prevent global economies from free falling.

Despite posting a very healthy performance in the calendar year 2019, the gains were wiped out by the aforementioned drastic risk-off events in February and March 2020. The Fund experienced negative returns during the 12-month period ended 31 Mar 2020, primarily on the weakness of its equity and high yield bond holdings, which offset positive returns from cash and safe haven gold. The positive contributors in cash were from SGD and the stronger USD.


42


The negative economic and financial market impact of COVID-19 in conjunction with the lockdowns will be significant. Rough estimates suggest a one-off 10-30% decline in economic activity, with resulting sharp falls in quarterly GDP growth rates before recovering in the latter part of 2020.

The sharp fall in oil prices would normally have a positive impact on real incomes and consumers. However, our concern is that in the current environment with stagnating activity, the negative impact of deflationary debt dynamics may be manifested via the credit market where dislocations exist. We are closely monitoring funding stress and credit market activity as necessary precursors for wider risk asset stability and recovery. Policymakers also poured in concerted efforts to backstop the deterioration of credit due to the cessation of normal economic activities. They have also provided adequate funding to economy and markets.

On the policy front, we expect accommodative monetary policies as well as bold fiscal stimulus to remain for an extended period. As markets always price ahead, such policies are already supporting market recovery as risk appetite are re-emerging and will continue to be supportive of markets once economic activity resumes after the COVID-19 lockdowns end.

Given the extent and the commitment of the policymakers’ support, the likelihood is that the global recession will be a short but sharp one, extending to probably two or a maximum of three quarters.

The Fund had de-risked earlier in February and March in response to the spread of COVID-19. And as of end March, exposure to risk assets is close to the longer-term strategic allocation weights of the fund. We are mindful of market volatility and further risks of market dislocations. Hence, we monitor the signals described above and look to re-engage in a prudent manner.

Given the large falls in markets, our bias is to identify areas of greatest potential upside for the rebound. On that note, we think that Asian equity markets are likely to fare better as the peak in infection rates has hopefully passed. We also favour certain sectors in developed markets equity. In the fixed income space, credit spreads are looking attractive and we expect government bond rates to stay low for a prolonged period. Meanwhile, we maintain the fund’s exposure to gold as further US quantitative easing and USD weakness as a result of its policies will likely result in appreciation in the precious metal. Gold continues to retain its longer term safe haven characteristics in this environment of central banks’ quantitative easing policy.


43



Please refer to the Statements of Portfolio on page 136 - 138.


Not Applicable

C) Top ten holdings

Holdings as at 31 March 2020 Fair Value % of NAV US$ % Fullerton Lux Funds - Asian High Yield Bonds Class A USD Distribution 8,946,527 17.87 Fullerton Lux Funds - Asia Absolute Alpha Class I USD Accumulation 5,969,544 11.92 Fullerton SGD Cash Fund Class B SGD 5,121,675 10.23 Fullerton Lux Funds - Asia Growth & Income Equities Class I USD Distribution 4,949,152 9.88

Nikkoam-Straits Trading Asia ex Japan REIT ETF 3,823,366 7.63 Lion-Phillip S-REIT ETF 3,383,573 6.76 Fullerton Lux Funds - China A Equities Class I USD Accumulation 3,281,958 6.55 Fullerton Lux Funds - Asia Focus Equities Class I USD Accumulation 2,734,602 5.46 Fullerton USD Cash Fund Class B USD 2,609,350 5.21 Invesco QQQ Trust Series 1 1,759,296 3.51

Holdings as at 31 March 2019 Fair Value % of NAV US$ % Fullerton Lux Funds - Asian High Yield Bonds Class A USD Distribution 14,086,741 25.51 Fullerton Lux Funds - Asian Bond Class I USD Distribution 11,795,976 21.36 Fullerton SGD Cash Fund Class B SGD 8,385,142 15.19 Fullerton Lux Funds - Asia Growth & Income Equities Class I USD Distribution

5,959,767 10.79

Fullerton Lux Funds - Asia Absolute Alpha 5,767,432 10.45 ishares Core MSCI AC Asia ex Japan Index ETF 2,564,382 4.64 Nikkoam-Straits Trading Asia ex Japan REIT ETF 2,472,818 4.48 Fullerton Lux Funds - China A Equities Class I USD Accumulation 1,994,989 3.61 iShares 1-3 Year Treasury Bond ETF 211,309 0.38 iShares Barclays USD Asia High Yield Bond Index ETF 109,515 0.20


44

D) Exposure to derivatives as at 31 March 2020 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV US$ % Futures contracts (213,766) (0.43) Forward foreign exchange contracts (666,852) (1.33) Options 1,312,834 2.62 Total 432,216 0.86


Net Realised


US$ US$

Futures contracts 43,335 (213,766) Forward foreign exchange contracts 40,262 (666,852) Options (75,392) 921,080 Total 8,205 40,462

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


Nil


45


Fair Value % of NAV US$ %


J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions US$ 5,287,867 Total amount of redemptions US$ 2,912,246




Fullerton Lux Funds - Asian High Yield Bonds Class A USD Distribution 8,946,527 17.87 Fullerton Lux Funds - Asia Absolute Alpha Class I USD Accumulation 5,969,544 11.92

Fullerton SGD Cash Fund Class B SGD 5,121,675 10.23 Fullerton Lux Funds - Asia Growth & Income Equities Class I USD Distribution 4,949,152 9.88

Nikkoam-Straits Trading Asia ex Japan REIT ETF 3,823,366 7.63 Lion-Phillip S-REIT ETF 3,383,573 6.76 Fullerton Lux Funds - China A Equities Class I USD Accumulation 3,281,958 6.55 Fullerton Lux Funds - Asia Focus Equities Class I USD Accumulation 2,734,602 5.46 Fullerton USD Cash Fund Class B USD 2,609,350 5.21


Fullerton Lux Funds - Global Absolute Alpha Class I USD Accumulation 1,671,241 3.34 Energy Select Sector SPDR Fund 1,006,203 2.01 Fullerton Lux Funds - Asian Bond Class I USD Distribution 494,378 0.99 iShares Core MSCI AC Asia ex Japan Index ETF 482,108 0.96 SPDR Gold Shares ETF 116,959 0.23 Invesco China Technology ETF 91,930 0.19 iShares Core Hang Seng Index ETF-H 50,167 0.10 iShares Barclays USD Asia High Yield Bond Index ETF 47,223 0.10 iShares Edge MSCI World Value Factor UCITS ETF 46,398 0.09


46


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

Not Applicable





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

47



6-mth %

1-year(2) %

3-year(2) %

Since(2)

Inception %

Class A S$ Hedged (Inception: 15 April 2016) -7.89 -6.35 -2.56 0.79 1.72

Class B US$ (Inception: 15 April 2016) -7.54 -5.85 -1.75 1.55 2.30

Class C AUD - Hedged (Inception: 15 April 2016) -8.96 -7.56 -3.84 0.86 2.06

Class D EUR - Hedged (Inception: 15 April 2016) -7.96 -6.91 -4.32 -1.04 -0.05

Class E GBP- Hedged (Inception: 15 April 2016) -9.01 -7.76 -4.47 -0.37 0.71

Class F US$ (Inception: 8 May 2017) -7.50 -5.76 -1.55 -- 1.56

Class G US$ (Inception: 12 Dec 2017) -7.45 -5.66 -1.35 -- 1.06

Class R US$(2) (Inception: 10 Dec 2019) -7.47 -- -- -- -6.74(3)

Notes:

(1)

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

(2) Annualised (3) Not annualised as performance is less than 1 year

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

48

Market Review




Globally, policymakers have responded forcefully with fiscal stimulus and monetary easing to counteract the negative impact of the coronavirus pandemic and to support their economies. In the US, the government pushed through a historic fiscal stimulus package, in a bid to cushion the economic fallout from the coronavirus pandemic. The Federal Reserve slashed the Federal Funds Rate to zero bound. In Asia, policymakers have likewise responded strongly with a mix of fiscal stimulus and monetary policy support, to provide a buffer against the near-term negative economic impact from the outbreak.

Against this challenging market backdrop, Asian credits, as represented by the JACI Composite Index, delivered a positive return in USD terms over the 12-month period, with the sharp correction in 1Q 2020 the main drag on overall returns. Asian credit spreads, particularly the high yield spreads blew up in 1Q 2020, while US Treasuries were uncharacteristically volatile, driven mainly by liquidity concerns.

For the 12 months under review, the Fund delivered a negative return in USD terms. Positive coupon and duration effects contributed positively to performance but these were more than offset by negative spread effects. Currency effect also detracted from performance.


In Asia, policy support has been forthcoming, with monetary measures acting in unison with fiscal stimulus. Lower policy rates, easier credit conditions, and targeted fiscal stimulus to the sectors most vulnerable to COVID-19 will help to keep credit flowing, limit job losses and eventually promote a recovery, once the disruption abates. These are positives for credit investors and will potentially aid in minimizing default risks. We expect China to lead the recovery with most of the negative economic impact felt in 1Q 2020. The rest of Asia should follow. That said, we are also mindful of the negative feedback loop from a sharp retraction in global demand and potentially, a second wave of infections.


49

We remain vigilant and are defensively positioned. The Fund had been cutting high yield exposure by taking some profits off expensive papers and that helped to offset some of the weakness that we have seen in March. That said, we will continue to maintain some allocation to the high yield sector focusing on the short-dated papers for their attractive coupon carry, which will help to anchor returns in this downturn. We are also cautiously positioned in the sectors most vulnerable to the COVID-19 situation such as consumer discretionary. The Fund has a modest allocation to the Asian local currency denominated bonds and had also added to CNH papers, using the proceeds from the sale of the longer-duration bonds. These segments have held up relatively better than other Asian local currency bonds.

While we acknowledge that the default risks have risen given the near-term growth headwinds, it will be the corporates with weaker credit metrics that might suffer through this downturn. The corporates that are able to maintain their fundamentals through the cycle, such as those that had pre-funded sufficiently in the earlier part of the year, and those with strong operational execution track records, would be able to tide through the downturn. That said, we expect market volatilities to persist as risk sentiments will be challenged, until we see an inflection point in the spread of the virus outbreak and with that, a lessening of social distancing measures and a gradual return to activities.






Fair Value % of NAV US$ % AAA/ Aaa 3,097,978 0.63 A+/ A1 7,308,150 1.48 A/ A2 13,700,414 2.77 A-/ A3 37,738,010 7.63 BBB+/ Baa1 81,854,561 16.54 BBB/ Baa2 96,729,933 19.55 BBB-/ Baa3 129,013,898 26.07 BB+/ Ba1 16,599,268 3.35 BB/Ba2 10,532,727 2.13 BB-/Ba3 36,155,566 7.31 B+/B1 19,838,580 4.01 B/B2 23,714,577 4.79 B-/B3 7,687,394 1.55 Accrued interest on debt securities 6,643,818 1.34 Total 490,614,874 99.13


50

C) Top ten holdings



Fair value % of NAV US$ % Forward foreign exchange contracts (6,900,492) (1.39) Total (6,900,492) (1.39)

Holdings as at 31 March 2020 Fair value % of NAV US$ %

Perusahaan Listrik Negara 4.125% due 15/05/2027 6,992,208 1.41 Nanyang Commercial Bank Var Perp 6,728,333 1.36 Malayan Banking Berhad Var due 29/10/2026 6,605,820 1.33 Listrindo Capital BV 4.95% due 14/09/2026 6,123,110 1.24 Parkway Pantai Limited Series EMTN Var Perp 5,933,460 1.20 Chong Hing Bank Limited Var due 26/07/2027 5,234,181 1.06 UBS AG 5.125% due 15/05/2024 5,040,250 1.02 Adani Transmission Limited 4% due 03/08/2026 4,458,800 0.90 Country Garden Holdings Company Limited 6.5% due 08/04/2024 4,416,435 0.89 PCCW Capital No4 Limited 5.75% due 17/04/2022 4,296,520 0.87

Holdings as at 31 March 2019 Fair value % of NAV US$ %

Parkway Pantai Limited Series EMTN Var Perp 7,818,240 1.77 Listrindo Capital BV 4.95% due 14/09/2026 6,778,310 1.54 Malayan Banking Berhad Var due 29/10/2026 6,517,030 1.48 ABJA Investment Company Pte Limited 5.95% due 31/07/2024 5,636,675 1.28 Woori Bank Company Limited 4.75% due 30/04/2024 5,245,750 1.19 Meiji Yasuda Life Insurance Company Var due 20/10/2045 5,227,700 1.19 Pertamina 4.875% due 03/05/2022 5,206,200 1.18 Perusahaan Listrik Negara 4.125% due 15/05/2027 5,114,824 1.16 UBS AG 5.125% due 15/05/2024 5,114,100 1.16 Mongolia International Bond Series 5.625% due 01/05/2023 4,851,600 1.10


51


Net Realised


US$ US$ Forward foreign exchange contracts (4,799,629) (6,900,492) Total (4,799,629) (6,900,492)





F) Collateral

Nil


Nil



J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March 2020 Total amount of subscriptions US$ 303,469,024 Total amount of redemptions US$ 203,729,786



52


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

as contingent liabilities of open contracts Nil



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.




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

53



6-mth %

1-year(2) %

Since(2)

Inception %

Class A S$ (Inception: 1 March 2018) -10.55 -5.22 -2.60 -3.59

Class C S$ (Inception: 14 March 2018) -10.84 -5.84 -3.87 -4.97

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Annualised

Market Review

As global economies entered into the late cycle in 2019, growth was below trend but due to central banks’ accommodative monetary policies, starting with the Federal Reserve signalling the cessation of its quantitative tightening in January, financial assets posted healthy returns. Despite weaker growth indicators and the continuation of US-China trade war which dominated headlines for much of the year, the financial market was focused on central banks’ easing policies.

The finalisation of a ‘Phase One’ trade agreement between US and China in January 2020 signalled the partial easing of uncertainties, but this was quickly followed by the COVID-19 pandemic which spooked financial markets after global travel ceased. An oil price war that erupted in March 2020 when OPEC+ could not agree on production quotas contributed to the acceleration of risk-off in financial markets on concerns of oil producers’ financial well-being and deflationary dynamics. Many parts of the world remain in stringent lockdown and movements of people, goods and services continue to be restricted in April.

Globally, central banks have been quick to respond with concerted easing of monetary policies. Many governments have also come up with bold fiscal stimulus measures. The policy actions are unlikely to be timely enough to stop a global recession but they are critical in stabilising financial markets and providing a cushion to prevent global economies from free falling.

Despite posting a very healthy performance in the calendar year 2019, the gains were wiped out by the aforementioned drastic risk-off events in February and March 2020. The Fund experienced negative returns during the 12-month period ended 31 Mar 2020, primarily on the weakness of its equity and high yield bond holdings, which offset positive returns from cash and safe haven gold. The positive contributors in cash were from SGD and the stronger USD.


54


The negative economic and financial market impact of COVID-19 in conjunction with the lockdowns will be significant. Rough estimates suggest a one-off 10-30% decline in economic activity, with resulting sharp falls in quarterly GDP growth rates before recovering in the latter part of 2020.

The sharp fall in oil prices would normally have a positive impact on real incomes and consumers. However, our concern is that in the current environment with stagnating activity, the negative impact of deflationary debt dynamics may be manifested via the credit market where dislocations exist. We are closely monitoring funding stress and credit market activity as necessary precursors for wider risk asset stability and recovery. Policymakers also poured in concerted efforts to backstop the deterioration of credit due to the cessation of normal economic activities. They have also provided adequate funding to economy and markets.

On the policy front, we expect accommodative monetary policies as well as bold fiscal stimulus to remain for an extended period. As markets always price ahead, such policies are already supporting market recovery as risk appetite are re-emerging and will continue to be supportive of markets once economic activity resumes after the COVID-19 lockdowns end.

Given the extent and the commitment of the policymakers’ support, the likelihood is that the global recession will be a short but sharp one, extending to probably two or a maximum of three quarters.

The Fund had de-risked earlier in February and March in response to the spread of COVID-19. And as of end March, exposure to risk assets is close to the longer-term strategic allocation weights of the fund. We are mindful of market volatility and further risks of market dislocations. Hence, we monitor the signals described above and look to re-engage in a prudent manner.

Given the large falls in markets, our bias is to identify areas of greatest potential upside for the rebound. On that note, we think that Asian equity markets are likely to fare better as the peak in infection rates has hopefully passed. We also favour certain sectors in developed markets equity. In the fixed income space, credit spreads are looking attractive and we expect government bond rates to stay low for a prolonged period. Meanwhile, we maintain the fund’s exposure to gold as further US quantitative easing and USD weakness as a result of its policies will likely result in appreciation in the precious metal. Gold continues to retain its longer term safe haven characteristics in this environment of central banks’ quantitative easing policy.


55





C) Top ten holdings


S$ % Fullerton SGD Cash Fund Class B SGD 5,153,818 22.43 Fullerton Lux Funds - Global Absolute Alpha Class I SGD Accumulation 2,421,301 10.54 Invesco QQQ Trust Series 1 2,092,900 9.11 Fullerton Lux Funds - China A Equities Class I SGD Accumulation 1,993,327 8.67 Fullerton Lux Funds - Asia Growth & Income Equities Class I SGD Accumulation

1,973,028 8.59

Fullerton Lux Funds – Asia Absolute Alpha Class A SGD Accumulation 1,891,450 8.23 Fullerton Lux Funds - Asian High Yield Bonds Class A SGD Distribution 1,874,983 8.16 Nikkoam-Straits Trading Asia ex Japan REIT ETF 1,858,400 8.09 Lion-Phillip S-REIT ETF 1,554,390 6.76 Energy Select Sector SPDR Fund 457,217 1.99


S$ % Fullerton Lux Funds - Asian High Yield Bonds Class A SGD Hedged Distribution

6,943,102 28.69

Fullerton SGD Cash Fund Class B SGD 4,691,588 19.38 Fullerton Lux Funds – Asia Absolute Alpha Class A SGD Accumulation 3,144,767 12.99 Nikkoam-Straits Trading Asia ex Japan REIT ETF 1,867,198 7.71 Fullerton Lux Funds - Asia Growth & Income Equities 1,625,115 6.71 Fullerton Lux Funds – Asian Bond Class A SGD Hedged Distribution 1,118,145 4.62 Fullerton Lux Funds - Asian Bond Class I SGD Accumulation 1,098,620 4.54 Fullerton Lux Funds - China A Equities Class I SGD Accumulation 862,126 3.56 ishares Core MSCI AC Asia ex Japan Index ETF 612,750 2.53 Fullerton Lux Funds - Asian Bonds Class I SGD Accumulation 589,114 2.43


56

D) Exposure to derivatives as at 31 March 2020 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV S$ % Futures contracts (129,885) (0.57) Foreign exchange contracts (358,007) (1.56) Options 616,336 2.68 Total 128,444 0.56


Net Realised


S$ S$ Futures contracts 90,853 (129,885) Forward foreign exchange contracts 28,929 (358,007) Options (32,472) 439,340 Total 87,310 (48,552)





F) Collateral

Nil



57



J) Amount of redemptions and subscriptions for the period 1 April 2019 to 31 March

2020 Total amount of subscriptions S$ 1,805,351 Total amount of redemptions S$ 2,281,571




Fair value % of NAV S$ %

Fullerton SGD Cash Fund Class B SGD 5,153,818 22.43 Fullerton Lux Funds - Global Absolute Alpha Class I SGD Accumulation 2,421,301 10.54 Invesco QQQ Trust Series 1 2,092,900 9.11 Fullerton Lux Funds - China A Equities Class I SGD Accumulation 1,993,327 8.67 Fullerton Lux Funds - Asia Growth & Income Equities Class I SGD Accumulation

1,973,028 8.59

Fullerton Lux Funds – Asia Absolute Alpha Class A SGD Accumulation 1,891,450 8.23 Fullerton Lux Funds - Asian High Yield Bonds Class A SGD Distribution 1,874,983 8.16 Nikkoam-Straits Trading Asia ex Japan REIT ETF 1,858,400 8.09 Lion-Phillip S-REIT ETF 1,554,390 6.76 Energy Select Sector SPDR Fund 457,217 1.99


58


Nil





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

59


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

Market Review

Global economies remained weak over the six months, as market sentiments and asset values swung with the competing forces of geopolitical risks, trade tensions and monetary policy easing. Whereas market participants saw a trade deal as a high probability event, uncertainties surrounding the negotiations between the US and China emerged in May, which had businesses and investors taking a more cautious stance. Global growth numbers remained weak as investment spending declined, and earnings expectations have also been downgraded. In the US, GDP growth came in weaker in 2Q19 versus 1Q19. While consumption has stayed resilient, investment spending and exports have weakened. Meanwhile, the ISM manufacturing PMI saw its second month of contraction in September. Eurozone growth remained muted given worries over global trade wars, Italy’s fiscal situation and Brexit. In response, policymakers are proactively easing so as to contain downside risks and boost domestic demand. The Fed lowered interest rates by 25bps in July and again in September, to 1.75-2%, citing signs of weakening in the US economy. With headline inflation generally falling and trending below historical averages across the Asian region, this gave central banks greater flexibility to take on a more accommodative monetary stance. The global coordinated policy easing provided support for risk assets and economic activities. Equities gyrated from March 2019 to September 2019, and Asian equities ended lower over the period. Bonds saw strong performance following rate cuts and market expectations of further cuts. As interest rates remain anchored, REITs benefitted from investors’ search for yield in a low yield/low growth environment.


3-mth

%

Since Inception(2)

%

Class B S$

(Inception: 11 Dec 2019) 0.36 0.44

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

60

The Fund achieved positive returns since its inception with positive contributions from the Asian fixed income, Asian equities and S-REITs sub-portfolios.


Fed surveys suggest that US GDP growth is likely to be around 2% in 3Q19. Core PCE inflation remains contained, despite tight job markets. Despite macro growth headwinds, US corporate earnings for 2Q19 beat expectations. The Fed is expected to be vigilant to downside risks to growth and has leeway to further loosen monetary policy. The ECB is also committed to maintain an accommodative monetary stance until it achieves the inflation target. Asian economies have seen support from both monetary and fiscal policy. In general, demand has held up relatively well in this region despite muted global growth. While export-oriented economies have faced more pressure due to muted tech cycle, domestic-led economies have held up relatively well. China will prioritise stability and policymakers should have sufficient policy ammunition to avoid a hard landing. So far, Chinese policymakers have already eased liquidity, cut taxes and boosted fiscal spending. On balance, the global outlook remains challenging and fluid. Worries over Trump missteps and global trade tensions still linger. While central bank policy support is helpful, the key is whether US-China tensions eventually de-escalate. On investment strategy, we continue to tap on Tactical Asset Allocation to navigate volatility. From here, we are positive on risk assets as we believe that abundant global liquidity will provide adequate support. Global growth is weak, but we expect that data over the coming quarters will surprise on the upside vs. low expectations. Moreover, our assessment is that investors have raised cash and are underweight equity. This would create the preconditions for stronger equity markets when signs of economic stabilisation emerge. Bottom-up, we stay focused on Asian credits with good fundamentals and quality stocks with proven ability to deliver on earnings. We remain constructive on REITs because REITs’ operational matrix continue to be stable. REITs is expected to stay supported as we expect investors to continue to search for yield.







61

iii. Term to maturity profile of the underlying investments

Fair value % of NAV US$ %

Up to 30 days 18,501,555 67.95 31 – 90 days 5,453,118 20.03 91 – 180 days 1,104,537 4.06 More than 180 days 2,100,393 7.71 Total 27,159,603 99.74

C) Top ten holdings

Holdings as at 31 March 2020 Fair value % of NAV US$ % CIMB Singapore 1.7% 13-Feb-2020 to 13-Apr-2020 2,308,120 8.47% Bank of Tokyo-MUFJ Ltd 1.8% 23-Jan-2020 to 23-Apr-2020 2,304,422 8.46% ICBC 0.35% 16-Mar-2020 to 16-Apr-2020 1,806,562 6.63% Standard Chartered Bank (Singapore) Ltd 1.48% 24-Mar-2020 to 24-Jun-2020 1,500,159 5.51% China Construction Bank (Asia) Corp Ltd 1.75% 28-Feb-2020 to 28-May-2020 1,500,000 5.51% BNP PARIBAS, Singapore 1.65% 13-Feb-2020 to 13-Apr-2020 1,354,272 4.97% Landesbank Baden-Wurttemberg 0.25% 31-Mar-2020 to 1-Apr-2020 1,308,758 4.80% Credit Agricole Indosuez 1.1% 24-Mar-2020 to 24-Jun-2020 1,302,959 4.78% Societe Generale 0.84% 26-Mar-2020 to 9-Apr-2020 1,255,290 4.61% The Sumitomo Trust and Banking Co. Ltd 1.6% 26-Mar-2020 to 9-Apr-2020 1,202,206 4.41%

D) Exposure to derivatives as at 31 March 2020 Nil






62

F) Collateral

Nil



I) Amount and percentage of borrowings to NAV as at 31 March 2020

Nil

J) Amount of redemptions and subscriptions for the period 12 November 2019 to 31 March

2020 Total amount of subscriptions S$ 35,278,987 Total amount of redemptions S$ 8,150,676

K) Related-party transactions for the period 12 November 2019 to 31 March 2020 Please refer to Note 9 of Notes to the Financial Statements on page 237.





REPORT TO UNITHOLDERS FULLERTON USD CASH FUND _____________________________________________________________________________

63


Not applicable

P) Pre-determined payouts

Not applicable


REPORT OF THE TRUSTEE For the financial period/year ended 31 March 2020

64

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, Fullerton Fund - Fullerton Asia Income Return, Fullerton Fund - Fullerton USD Income Fund, Fullerton Fund - Fullerton Premium Fund and Fullerton Fund - Fullerton USD Cash Fund (the “Sub-Funds”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), 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 period/year covered by these financial statements, set out on pages 69 to 260, 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


STATEMENT BY THE MANAGER For the financial period/year ended 31 March 2020

65

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, Fullerton Fund - Fullerton Asia Income Return, Fullerton Fund - Fullerton USD Income Fund, Fullerton Fund - Fullerton Premium Fund and Fullerton Fund - Fullerton USD Cash Fund (the “Sub-Funds”) set out on pages 69 to 260, comprising the Statements of Total Return, Statements of Financial Position, Statements 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 and the portfolio holdings of the Sub-Funds as at 31 March 2020, and the financial performance and movement in unitholders’ funds for the period/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

66

INDEPENDENT AUDITOR'S REPORT TO THE UNITHOLDERS OF FULLERTON FUND (Constituted under a Trust Deed in the Republic of Singapore)

Our opinion

In our opinion, the accompanying financial statements of the Sub-Funds of Fullerton Fund, comprising 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, Fullerton Fund - Fullerton Asia Income Return, Fullerton Fund - Fullerton USD Income Fund, Fullerton Fund - Fullerton Premium Fund and Fullerton Fund - Fullerton USD Cash Fund (the “Sub-Funds”) are properly drawn up 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 (“RAP 7”), so as to present fairly, in all material respects, the financial positions and portfolio holdings of the Sub-Funds as at 31 March 2020, and of the financial performance and movements of unitholders’ funds for the financial period/year ended on that date.

What we have audited

The financial statements of the Sub-Funds comprise: • the Statements of Total Return for the financial period/year ended 31 March 2020;• the Statements of Financial Position as at 31 March 2020;• the Statements of Movements of Unitholders’ Funds for the financial period/year ended 31

March 2020;• the Statements of Portfolio as at 31 March 2020; and• the notes to the financial statements, including a summary of significant accounting policies.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

We are independent of the Sub-Funds in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.

Other Information

The Sub-Funds’ Manager (the “Manager”) is responsible for the other information. The other information comprises all the sections of the annual report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

67


Responsibilities of the Manager for the Financial Statements

The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of RAP 7 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.

In preparing the financial statements, the Manager is responsible for assessing the Sub-Funds’ abilities to continue as a going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to terminate the Sub-Funds or to cease the Sub-Funds’ operations, or has no realistic alternative but to do so.

The Manager’s responsibilities include overseeing the Sub-Funds’ financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether dueto fraud or error, design and perform audit procedures responsive to those risks, and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or theoverride of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Sub-Funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Sub-Funds’ ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to drawattention in our auditor’s report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’s report. However, future events or conditionsmay cause the Sub-Funds to cease to continue as a going concern.

68


Auditor’s Responsibilities for the Audit of the Financial Statements (continued)

• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions andevents in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore, 26 June 2020

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial period/year ended 31 March 2020

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

69

Fullerton Short Term Interest Rate Fund

Fullerton SGD Cash Fund

Note 2020 2019 2020 2019 S$ S$ S$ S$ Investment income Interest on deposits 38,484 64,220 12,523,568 9,527,991 Sundry income 70,157 64,190 - - 108,641 128,410 12,523,568 9,527,991

Less: Expenses Management fees 9 3,734,772 3,639,900 628,721 549,481 Trustee fees 9 156,977 164,030 179,462 231,454 Audit fees 20,440 20,994 6,994 7,259 Custodian fees 9 107,807 112,601 - - Valuation fee 9 6,013 5,997 93,865 - Transaction costs 15,987 6,886 - - Others 77,278 (34,036) 54,965 50,276 4,119,274 3,916,372 964,007 838,470 Net (loss)/income (4,010,633) (3,787,962) 11,559,561 8,689,521 Net gains or losses on value

of investments and financial derivatives

Net gains on investments 60,172,459 62,960,343 - - Net losses on foreign exchange

forward contracts

(17,409,931) (20,835,371) - - Net gains on futures contracts - 49,645 - - Net foreign exchange

(losses)/gains

(2,073,200) 232,474 (38) (110)

40,689,328 42,407,091 (38) (110) Total return for the year

before income tax

36,678,695 38,619,129 11,559,523 8,689,411 Less : Income tax 3 (9,690) (25,330) (29) -

Total return for the year after income tax

36,669,005 38,593,799

11,559,494 8,689,411



70

Fullerton Asian

Bond Fund Fullerton Singapore

Bond Fund Note 2020 2019 2020 2019 US$ US$ S$ S$ Investment income Dividend income 798,374 1,131,030 - - Interest on deposits 1,077 2,387 - 4 Sundry income - - 10,000 17,750 799,451 1,133,417 10,000 17,754 Less: Expenses Management fees 9 185,569 246,607 720,892 685,942 Less: Management fee rebate 9 (123,527) (163,113) - - Trustee fees 9 8,598 8,872 48,059 45,730 Audit fees 14,123 14,722 19,371 20,000 Custodian fees 9 - - 23,663 22,466 Valuation fee 9 20,222 20,876 68,114 65,729 Transaction costs 5,549 5,688 3,512 1,908 Others 23,825 14,906 24,750 6,435 134,359 148,558 908,361 848,210 Net income/(loss) 665,092 984,859 (898,361) (830,456) Net gains or losses on value

of investments and financial derivatives

Net (losses)/gains on

investments (556,895) (97,217)

12,585,562 7,321,394 Net losses on foreign exchange

forward contracts (718,552) (824,576)

- - Net foreign exchange

(losses)/gains

5,004 59,529 (41) 30

(1,270,443) (862,264) 12,585,521 7,321,424

Total (deficit)/return for the

year before income tax

(605,351) 122,595 11,687,160 6,490,968 Less : Income tax 3 - - (893) (2,465)


year after income tax

(605,351) 122,595 11,686,267 6,488,503



71

Fullerton SGD Income Fund

Fullerton Dynamic Strategies Fund -

Aggressive Note 2020 2019 2020 2019 S$ S$ S$ S$

Investment income Dividend income - - 208,055 224,196 Interest on deposits 32,889 43,326 43,670 22,108 Sundry income 109,542 74,456 - - 142,431 117,782 251,725 246,304

Less: Expenses Management fees 9 16,385,960 14,876,501 346,304 383,041 Less: Management fee rebate 9 - - (32,141) - Trustee fees 9 413,393 371,517 12,000 12,000 Audit fees 21,488 21,992 9,312 9,768 Custodian fees 9 204,263 184,836 1,649 1,512 Valuation fee 9 455,108 409,957 12,000 12,000 Transaction costs 29,402 16,890 33,691 25,534 Others 280,296 (74,074) 38,507 23,717 17,789,910 15,807,619 421,322 467,572

Net loss (17,647,479) (15,689,837) (169,597) (221,268)

Net gains or losses on value of investments and financial derivatives

Net gains on investments 44,654,248 121,202,084 274,949 679,622 Net losses on foreign exchange

forward contracts

(50,997,700) (32,086,130) (236,397) (3,475) Net (losses)/gains on futures

contracts

(324,787) 583,424 (212,316) - Net foreign exchange gains 425,840 801,126 210,765 31,023

(6,242,399) 90,500,504 37,001 707,170 Total (deficit)/return for the

year before income tax

(23,889,878) 74,810,667 (132,596) 485,902 Less : Income tax 3 - (325,429) (3,945) 2 Total (deficit)/return for the

year after income tax

(23,889,878) 74,485,238 (136,541) 485,904



72


Balanced

Fullerton Asia Income

Return Note 2020 2019 2020 2019

S$ S$ US$ US$ Investment income Dividend income 41,881 42,691 1,601,755 651,590 Interest on deposits 22,115 5,132 27,815 40,347 Sundry income - - 1 - 63,996 47,823 1,629,571 691,937

Less: Expenses Management fees 9 90,442 110,784 683,290 665,491 Less: Management fee rebate 9 (8,471) - (326,261) (306,886) Trustee fees 9 12,000 12,000 11,388 11,092 Audit fees 9,312 9,768 11,727 12,350 Custodian fees 9 285 337 1,138 1,185 Valuation fee 9 12,000 12,000 11,278 11,036 Transaction costs 14,147 8,679 16,118 19,644 Others 29,418 20,923 50,352 25,482 159,133 174,491 459,030 439,394

Net (loss)/income (95,137) (126,668) 1,170,541 252,543


Net gains/(losses) on investments

178,958 157,934 (6,414,408) (2,259,141)

Net losses on foreign exchange forward contracts

(170,497) (192) (626,590) (1,015,242)

Net gains/(losses) on futures contracts

49,231 - (170,431) (1,017,333)

Net gains/(losses) on option contracts

- - 845,688 (107,603)

Net foreign exchange gains/(losses)

130,087 14,315 29,847 (140,249)

187,779 172,057 (6,335,894) (4,539,568)

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

92,642 45,389 (5,165,353) (4,287,025)

Less : Income tax 3 (758) 1 (26,636) (46,142)

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

91,884 45,390 (5,191,989) (4,333,167)



73

Fullerton USD Income Fund

Fullerton Premium Fund

Note 2020 2019 2020

For the financial period 19 February

2018 (Date of constitution) to 31 March

2019 US$ US$ S$ S$

Investment income Dividend income - - 498,629 250,955 Interest on deposits 73,787 30,621 15,264 8,727 Sundry income 13,045 50,591 - - 86,832 81,212 513,893 259,682

Less: Expenses Management fees 9 3,713,090 3,730,071 68,555 49,628 Less: Management fee rebate 9 - - (121,348) (130,094) Trustee fees 9 99,268 98,980 12,000 4,875 Audit fees 14,431 14,360 17,048 17,001 Custodian fees 9 49,553 52,066 661 653 Valuation fee 9 121,826 121,706 12,000 7,312 Preliminary expenses - - - 24,663 Transaction costs 38,289 36,758 9,911 22,473 Others 76,782 (301,572) 58,686 80,000 4,113,239 3,752,369 57,513 76,511

Net (loss)/income (4,026,407) (3,671,157) 456,380 183,171


Net (losses)/gains on investments (15,965,792) 19,251,744 (1,225,065) (528,842) Net losses on foreign exchange

forward contracts

(11,700,121) (9,929,903) (329,078) (412,750) Net gains/(losses) on futures

contracts

- 65,156 (39,032) (339,359) Net gains/(losses) on option

contracts

- - 406,868 (46,369) Net foreign exchange gains

/(losses)

1,032,556 (330,645) 108,801 (39,695)

(26,633,357) 9,056,352 (1,077,506) (1,367,015)


year/period before income tax

(30,659,764) 5,385,195 (621,126) (1,183,844) Less : Income tax 3 (99,788) (100,752) (27,410) (26,345)

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

(30,759,552) 5,284,443 (648,536) (1,210,189)



74


For the financial period from 12 November 2019

(Date of constitution) to 31 March 2020

US$

Investment income Interest on deposits 142,528 142,528

Less: Expenses Trustee fees 9 4,521 Audit fees 4,392 Valuation fee 9 4,520 Preliminary expenses 17,940 Others 8,863 40,236

Net income 102,292


Net foreign exchange losses (681)

(681) Total return for the period

before income tax

101,611

Less : Income tax - Total return for the period

after income tax

101,611

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2020


75



Note 2020 2019 2020 2019 S$ S$ S$ S$ ASSETS Portfolio of investments 860,003,667 1,160,769,117 - - Interest receivable 161 154 1,076,676 481,190 Cash and bank balances 9 7,212,631 1,392,832 137,747,151 381,905,405 Fixed deposits 4 - - 361,916,347 468,925,796 Margin deposit 243,158 227,767 - - Due from unitholders 8,028,396 10,706,957 4,076,915 130,373 Sales awaiting settlements 4,954,322 8,266,610 - - Other receivables 62,656 609 13,954 - Financial derivatives,

at fair value 5 395,907 69,894 - - Total assets 880,900,898 1,181,433,940 504,831,043 851,442,764 LIABILITIES Accrued expenses and

other payables 30,319 25,702 40,864 11,871 Purchases awaiting

settlements 7,520,545 7,448,693 - - Due to Manager 876,687 898,447 115,746 175,695 Due to Trustee 36,810 40,498 25,116 74,795 Due to unitholders 6,538,735 12,826,155 1,302,971 80,862 Financial derivatives,

at fair value 5 430,767 2,453,163 - - Total liabilities 15,433,863 23,692,658 1,484,697 343,223

EQUITY Net assets attributable to

unitholders 6 865,467,035 1,157,741,282 503,346,346 851,099,541



76

Fullerton Asian Bond Fund

Fullerton Singapore Bond Fund

Note 2020 2019 2020 2019 US$ US$ S$ S$ ASSETS Portfolio of investments 17,254,079 21,473,693 243,696,390 233,187,048 Interest receivable 2 425 - - Cash and bank balances 9 95,493 454,190 2,471,774 286,032 Due from unitholders 196,712 1,171 - - Sales awaiting settlements 22,224 56,558 - - Other receivables 33,684 31,818 13,064 - Financial derivatives,

at fair value 5 48,828 23,344 - - Total assets 17,651,022 22,041,199 246,181,228 233,473,080

LIABILITIES Accrued expenses and

other payables 28,013 25,003 43,008 38,175 Purchases awaiting settlements 195,637 321,170 1,005,081 - Due to Manager 45,765 48,210 182,700 171,481 Due to Trustee 5,462 4,445 12,180 11,432 Due to unitholders 22,332 56,588 - - Distribution payable 42,040 81,826 - - Financial derivatives,

at fair value 5 365,635 724 - - Total liabilities 704,884 537,966 1,242,969 221,088


unitholders 6 16,946,138 21,503,233 244,938,259 233,251,992



77


Fullerton Dynamic Strategies Fund - Aggressive

Note 2020 2019 2020 2019 S$ S$ S$ S$

ASSETS Portfolio of investments 1,923,056,321 1,814,926,211 19,762,127 29,571,386 Dividend receivable - - 2,827 19,460 Interest receivable 1 1 47 - Cash and bank balances 9 4,572,143 4,536,348 2,336,680 1,148,763 Fixed deposits - - 569,540 - Margin deposit 735,296 1,011,717 358,952 - Due from unitholders 2,751,787 10,500,595 13,159 706 Sales awaiting settlements 11,751,424 8,763,826 - - Other receivables 256,590 503 25,947 209 Financial derivatives,

at fair value 5 2,516,058 634,108 18,519 -

Total assets 1,945,639,620 1,840,373,309 23,087,798 30,740,524


other payables

162,293 127,450 24,564 19,850 Purchases awaiting

settlements

- 14,850,295 - - Due to Manager 4,417,100 3,484,397 78,799 88,879 Due to Trustee 111,365 87,172 7,542 7,097 Due to unitholders 12,060,570 6,335,268 400,980 280,580 Distribution payable 12,828,323 17,094,494 - - Financial derivatives,

at fair value 5 17,893,203 3,480,516

71,789 - Total liabilities 47,472,854 45,459,592 583,674 396,406


unitholders 6 1,898,166,766 1,794,913,717

22,504,124 30,344,118



78

Fullerton Dynamic Strategies Fund - Balanced Fullerton Asia Income Return

Note 2020 2019 2020 2019 S$ S$ US$ US$

ASSETS Portfolio of investments 4,874,881 7,904,527 46,585,650 53,405,106 Dividend receivable 762 3,442 2,346 - Interest receivable 3,294 - - 2 Cash and bank balances 9 490,065 128,775 2,497,710 803,323 Fixed deposits 1,473,034 - - - Margin deposits 163,949 - 837,157 1,058,011 Due from unitholders - 295 4,952 - Other receivables 7,230 40 97,122 85,934 Financial derivatives,

at fair value 5 40,865 - 1,312,834 428,048

Total assets 7,054,080 8,037,079 51,337,771 55,780,424



settlements 137,490 - - - Due to Manager 21,576 23,399 173,663 157,987 Due to Trustee 10,852 10,544 2,894 2,633 Due to unitholders 2,287 55,672 697 - Distribution payable - - 180,589 182,712 Financial derivatives,

at fair value 5 47,730 - 880,618 207,811 Total liabilities 248,184 112,937 1,259,791 568,446


unitholders 6 6,805,896 7,924,142 50,077,980 55,211,978



79

Fullerton USD Income Fund Fullerton Premium Fund

Note 2020 2019 2020 2019 US$ US$ S$ S$

ASSETS Portfolio of investments 490,614,874 439,722,899 21,270,814 23,093,771 Dividend receivable - - 2,791 1,438 Cash and bank balances 9 17,217,848 5,802,920 962,380 383,626 Margin deposits 97,147 95,657 638,619 636,156 Due from unitholders 1,275,144 825,930 15,687 9,280 Sales awaiting settlement - 4,457,245 - - Other receivables 56,387 647,359 31,441 39,659 Financial derivatives,

at fair value 5 1,495,496 266,413 616,336 146,386 Total assets 510,756,896 451,818,423 23,538,068 24,310,316 LIABILITIES Accrued expenses and


settlements 1,512,668 5,645,860 - - Due to Manager 1,072,870 809,564 17,075 15,572 Due to Trustee 28,641 21,659 8,261 1,146 Due to unitholders 1,402,244 1,069,316 1,037 456 Distribution payable 3,376,944 3,189,477 7,201 8,478 Financial derivatives,

at fair value 5 8,395,988 169,163 487,892 50,974 Total liabilities 15,855,057 10,956,183 560,534 106,926 EQUITY Net assets attributable to

unitholders 6 494,901,839 440,862,240

22,977,534 24,203,390



80

Fullerton USD

Cash Fund

Note 2020

US$

ASSETS Interest receivable 43,553 Cash and bank balances 9 44,979 Fixed deposits 27,159,603 Other receivables 319 Total assets 27,248,454 LIABILITIES Accrued expenses and

other payables 14,280

Due to Trustee 4,252 Total liabilities 18,532 EQUITY Net assets attributable to

unitholders 6 27,229,922

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 2020


81



Note 2020 2019 2020 2019 S$ S$ S$ S$

Net assets attributable to

unitholders at the beginning of the financial year

1,157,741,282 1,183,416,248

851,099,541 330,333,051

Operations Change in net assets

attributable to unitholders resulting from operations

36,669,005 38,593,799

11,559,494 8,689,411

Unitholders' contributions/ (withdrawals)

Creation of units 307,066,951 174,014,793 2,433,332,997 1,544,577,263 Cancellation of units (636,010,203) (238,283,558) (2,792,645,686) (1,032,500,184) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units

(328,943,252) (64,268,765)

(359,312,689) 512,077,079 Total (decrease)/increase in

net assets attributable to unitholders

(292,274,247) (25,674,966)

(347,753,195) 520,766,490 Net assets attributable to

unitholders at the end of the financial year 6 865,467,035 1,157,741,282

503,346,346 851,099,541



82



Note 2020 2019 2020 2019 US$ US$ S$ S$



21,503,233 36,604,892

233,251,992 226,763,489 Operations Change in net assets attributable

to unitholders resulting from operations

(605,351) 122,595

11,686,267 6,488,503


Creation of units 6,489,037 6,695,758 - - Cancellation of units (10,174,165) (21,502,053) - -

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

(3,685,128) (14,806,295)

- -

Distribution 11 (266,616) (417,959) - - Total (decrease)/increase in net

assets attributable to unitholders

(4,557,095) (15,101,659)

11,686,267 6,488,503

Net assets attributable to unitholders at the end of the financial year 6 16,946,138 21,503,233

244,938,259 233,251,992



83


Fullerton Dynamic Strategies Fund –

Aggressive Note 2020 2019 2020 2019 S$ S$ S$ S$



1,794,913,717 2,076,328,211

30,344,118 34,438,777 Operations Change in net assets attributable


(23,889,878) 74,485,238

(136,541) 485,904


Creation of units 836,789,670 155,564,826 1,552,072 2,415,185 Cancellation of units (639,519,957) (439,576,195) (9,255,525) (6,995,748)


197,269,713 (284,011,369)

(7,703,453) (4,580,563)

Distribution 11 (70,126,786) (71,888,363) - -

Total increase/(decrease) in net assets attributable to unitholders

103,253,049 (281,414,494)

(7,839,994) (4,094,659)

Net assets attributable to unitholders at the end of the financial year 6 1,898,166,766 1,794,913,717

22,504,124 30,344,118



84

Fullerton Dynamic Strategies Fund – Balanced

Fullerton Asia Income Return

Note 2020 2019 2020 2019 S$ S$ US$ US$

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

7,924,142 11,292,125

55,211,978 60,400,614

Operations Change in net assets attributable


91,884 45,390

(5,191,989) (4,333,167)


Creation of units 385,902 428,240 5,287,867 2,164,546 Cancellation of units (1,596,032) (3,841,613) (2,912,246) (717,547)


(1,210,130) (3,413,373) 2,375,621 1,446,999

Distribution 11 - - (2,317,630) (2,302,468) Total decrease in net assets

attributable to unitholders

(1,118,246) (3,367,983) (5,133,998) (5,188,636)

Net assets attributable to unitholders at the end of the financial year 6 6,805,896 7,924,142

50,077,980 55,211,978



85

Fullerton USD

Income Fund


Note 2020 2019

2020

For the financial period 19 February

2018 (Date of constitution)

to 31 March

2019 US$ US$ S$ S$

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

440,862,240 620,528,358

24,203,390 - Operations Change in net assets attributable to

unitholders resulting from operations

(30,759,552) 5,284,443

(648,536) (1,210,189)


Creation of units 303,469,024 42,323,889 1,805,351 27,115,233 Cancellation of units (203,729,786) (212,923,254) (2,281,571) (1,620,506)


99,739,238 (170,599,365)

(476,220) 25,494,727

Distribution 11 (14,940,087) (14,351,196) (101,100) (81,148)

Total increase/(decrease)increase in net assets attributable to unitholders

54,039,599 (179,666,118)

(1,225,856) 24,203,390

Net assets attributable to unitholders at the end of the financial year/period 6 494,901,839 440,862,240

22,977,534 24,203,390



86

Fullerton USD

Cash Fund

For the financial period from 12 November 2019

(Date of constitution) to

31 March 2020

US$ Net assets attributable to

unitholders at the beginning of the financial period

-

Operations Change in net assets attributable


101,611


Creation of units 35,278,987 Cancellation of units (8,150,676)


27,128,311

Total increase in net assets attributable to unitholders

27,229,922


unitholders at the end of the financial period 6 27,229,922

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2020


87

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ %

By Geography – Primary EQUITY (QUOTED) Singapore ASL Marine Holdings Limited Warrants due

23/07/2024 18,500,000 37,000 * Total Singapore 37,000 * Total Equity 37,000 * DEBT SECURITIES (QUOTED) China AAC Technologies Holding 3% due 27/11/2024 6,000,000 8,237,513 0.95 Azure Nova International Series EMTN 3.5% due

21/03/2022 1,250,000 1,845,755 0.21 Bluestar Finance Holdings Limited 3.5% due

30/09/2021 5,000,000 7,266,690 0.84 Bluestar Finance Holdings Limited 4.375% due

11/06/2020 1,500,000 2,145,066 0.25 CCBL Cayman 1 Corporation Limited 2.75% due

31/05/2021 3,000,000 4,332,590 0.50 CDBI Treasure I Limited Series EMTN 2.25% due

02/08/2021 2,000,000 2,874,639 0.33 Central Plaza Development Limited 3.875% due

30/01/2021 3,647,000 5,228,248 0.60 Chalco Hong Kong Investment Company Limited

4.875% due 07/09/2021 300,000 428,872 0.05 Charming Light Investment Limited Series EMTN

2.375% due 30/08/2021 4,000,000 5,735,610 0.66 China Cinda Finance 2017 Limited 3.65% due

09/03/2022 1,350,000 1,975,923 0.23 China Great Wall International III Series EMTN

3.125% due 31/08/2022 600,000 883,724 0.10 China Reinsurance Finance Corporation 3.375%

due 09/03/2022 9,100,000 13,187,670 1.52 Chinalco Capital Holdings Limited 4% due

25/08/2021 8,931,000 12,209,783 1.41 Chinalco Capital Holdings Limited 4.25% due

21/04/2022 13,000,000 18,070,992 2.09 CITIC Limited Series EMTN 3.125% due

28/02/2022 900,000 1,312,566 0.15 * denotes less than 0.01%



88


By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued) CITIC Securities Finance MTN Series Company

Limited EMTN 3.25% due 20/04/2022 5,000,000 7,353,758 0.85 CNAC HK Finbridge Co Limited Series 3.375% due

19/06/2024 1,350,000 1,922,294 0.22 CNAC HK Finbridge Company Limited 3% due

19/07/2020 700,000 998,260 0.12 CNAC HK Finbridge Company Limited 3.375% due

19/06/2024 2,800,000 3,961,942 0.46 CNAC HK Finbridge Company Limited 3.5% due

19/07/2022 1,250,000 1,776,520 0.21 CNAC HK Finbridge Company Limited 4.625% due

14/03/2023 2,000,000 2,933,843 0.34 COSL Singapore Capital Limited Series EMTN

3.5% due 30/07/2020 7,225,000 10,340,605 1.19 Country Garden Holdings Company Limited 4.75%

due 17/01/2023 500,000 673,481 0.08 Country Garden Holdings Company Limited 6.5%

due 08/04/2024 4,750,000 6,637,693 0.77 Country Garden Holdings Company Limited 7.125%

due 25/04/2022 2,800,000 4,028,960 0.47 Country Garden Holdings Company Limited 8% due

27/01/2024 2,000,000 2,925,300 0.34 Eastern Air Overseas (Hong Kong) Corporation

Limited 2.8% due 16/11/2020 26,250,000 26,118,750 3.02 Far East Horizon Limited Series EMTN 3.375% due

18/02/2025 2,350,000 3,454,727 0.40 Far East Horizon Limited Series EMTN 4.375% due

27/02/2023 520,000 787,114 0.09 Franshion Brilliant Limited 3.6% due 03/03/2022 3,800,000 5,542,162 0.64 Hengjian International Investment Limited 2.75%

due 11/07/2020 5,700,000 8,132,826 0.94 Huarong Finance 2017 Company Limited 3.2% due

27/04/2021 35,000,000 34,891,850 4.03 ICBCIL Finance Company Limited 2.5% due



05/03/2024 700,000 1,073,012 0.12



89


By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued)

Leading Affluence Limited 4.5% due 24/01/2023 1,500,000 2,236,135 0.26 Longfor Properties Company Limited 3.875% due

13/07/2022 1,000,000 1,473,186 0.17 MCC Holding HK Corporation Limited 2.95% due

31/05/2020 3,300,000 4,705,800 0.54 Minmetals Bounteous Finance Limited 3.125% due

27/07/2021 3,600,000 5,235,963 0.60 Orient Securities Company (China) Limited Series

EMTN 2.9% due 27/09/2022 20,000,000 19,970,400 2.31 Poly Real Estate Finance Limited 3.875% due

25/03/2024 650,000 968,057 0.11 Poly Real Estate Finance Limited 4.75% due

17/09/2023 1,100,000 1,662,825 0.19 Powerchina Real Estate Group Limited 4.5% due

06/12/2021 500,000 742,054 0.09 Semiconductor Manufacture 2.693% due

27/02/2025 1,800,000 2,522,974 0.29 Shenzhen Expressway 2.875% due 18/07/2021 10,000,000 14,435,418 1.67 Shimao Property Holdings 5.2% due 30/01/2025 1,000,000 1,357,029 0.16 Shimao Property Holdings Limited 6.125% due

21/02/2024 4,000,000 5,686,629 0.66 Sino Ocean Land Treasure IV Limited 5.25% due

30/04/2022 850,000 1,255,597 0.15 SPIC Luxembourg Latin America Renewable

Energy Investment Company 4.25% due 30/10/2021 2,950,000 4,362,491 0.50

SPIC Luxembourg Latin America Renewable Energy Investment Company 4.65% due 30/10/2023 2,000,000 3,091,776 0.36

Sunny Optical Technology (Group) Company Limited 3.75% due 23/01/2023 1,350,000 2,027,015 0.23

Vanke Real Estate (Hong Kong) Company Limited Series EMTN 4.15% due 18/04/2023 600,000 902,741 0.10

Vanke Real Estate (Hong Kong) Company Limited Series EMTN 4.2% due 07/06/2024 2,000,000 2,920,658 0.34

Weichai International Hong Kong Energy Group Company Limited 4.125% due 30/09/2020 450,000 647,332 0.07

Westwood Group Holding Limited 4.875% due 19/04/2021 1,650,000 2,409,731 0.28

Yunnan Energy Investment 6.25% due 29/11/2021 2,250,000 3,274,175 0.38 Total China 299,136,299 34.56



90


By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Hong Kong

Haitong International Finance 2015 Limited 4.2% due 29/07/2020 4,000,000 5,740,109 0.66

Haitong International Finance Holdings Limited 3.5% due 21/04/2020 910,000 1,297,064 0.15

Haitong International Securities Group Limited 3.375% due 19/07/2024 3,600,000 5,390,201 0.62

Landmark Funding 2015 Limited 3.42% due 12/06/2020 5,200,000 7,424,603 0.86

New World China Land Limited Series EMTN 4.75% due 05/12/2023 2,600,000 4,019,050 0.46

New World Development Company Limited 5.25% due 26/02/2021 6,000,000 8,802,383 1.02

New World Development Company Limited MTN Series EMTN 4.375% due 30/11/2022 1,000,000 1,518,721 0.18

Wharf Finance Limited Series EMTN 3.61% due 20/05/2021 5,000,000 7,256,011 0.84

Wharf Finance No 1 Limited Series EMTN 4.5% due 20/07/2021 12,000,000 12,308,640 1.42

Wheelock Finance Limited Series EMTN 4.5% due 02/09/2021 14,000,000 14,383,040 1.66

Yuexiu Real Estate Investment Trust MTN Company Limited Series EMTN 4.75% due 27/04/2021 500,000 733,475 0.09

Total Hong Kong 68,873,297 7.96 India Adani Ports and Special Economic Zone Limited

Series 3.375% due 24/07/2024 1,900,000 2,284,963 0.26 Bharat Petroleum Corporation Limited Series

EMTN 4.375% due 24/01/2022 1,100,000 1,533,516 0.18 Indian Oil Corporation Limited 4.1% due

15/10/2022 26,000,000 25,863,760 2.99 Induslnd Bank Gift City Series EMTN 3.875% due

15/04/2022 1,000,000 1,369,217 0.16 Power Finance Corporation Limited 3.25% due

16/09/2024 1,050,000 1,366,065 0.16



91

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued)

India (continued) Power Finance Corporation Limited 3.75 % due

18/06/2024 1,100,000 1,464,665 0.17 REC Limited 3.5% due 12/12/2024 2,950,000 3,828,836 0.44 REC Limited Series GMTN 3.375% due 25/07/2024 3,300,000 4,282,447 0.50 UPL Corporation Limited 3.25% due 13/10/2021 400,000 555,056 0.06 Total India 42,548,525 4.92 Indonesia PT Bank Mandiri (Persero) Tbk Series EMTN

3.75% due 11/04/2024 1,200,000 1,627,068 0.19 Total Indonesia 1,627,068 0.19 Malaysia Danga Capital Bhd 3.035% due 01/03/2021 10,800,000 15,556,729 1.80 Danga Capital Bhd 3.725% due 11/08/2020 14,500,000 14,530,740 1.68 Total Malaysia 30,087,469 3.48 Singapore AACI Real Estate Investment Trust Pte Limited

Series MTN 3.6% due 22/03/2022 5,000,000 4,922,450 0.57 AIMS APAC REIT Series 3.6% due 12/11/2024 5,250,000 5,193,563 0.60 ARMF Whitesands Pte Limited 2.635% due

29/04/2020 4,250,000 4,243,667 0.49 Ascendas Hospitality Trust 3.325% due 23/09/2022 250,000 248,555 0.03 Ascendas Hospitality Trust Series MTN 3.3% due

07/04/2020 2,000,000 1,999,340 0.23 Ascendas REIT Series 3.2% due 03/06/2022 750,000 769,417 0.09 Ascendas ReIT Series MTN due 3.14% 02/03/2025 6,750,000 6,844,163 0.79 Ascott REIT Pte Limited Series MTN 4.205% due

23/11/2022 7,000,000 7,116,130 0.82 CapitaLand Limited Series CAPL 2.95% due

20/06/2022 14,500,000 14,389,220 1.66 CCT MTN Pte Limited Series EMTN 2.96% due

13/08/2021 1,250,000 1,249,950 0.14 CCT MTN Pte Limited Series MTN 3.17% due

05/03/2024 8,500,000 8,429,535 0.97 CDL Properties Limited Series MTN 2.958% due

09/05/2024 10,500,000 10,569,825 1.22 City Developments Limited Series MTN 2.7% due

23/01/2025 10,000,000 9,854,700 1.14



92


By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued)

Singapore (continued) City Developments Limited Series MTN 2.8% due

27/06/2023 16,750,000 16,557,040 1.91 City Developments Limited Series MTN 3% due


03/04/2023 2,750,000 2,776,152 0.32 CMT MTN Pte Limited Series MTN 3.2115% due

09/11/2023 1,500,000 1,526,115 0.18 ESR-MTN Pte Limited Series MTN 3.95% due


29/04/2020 500,000 500,195 0.06 ESR-REIT Series MTN 3.95% due 09/05/2023 4,000,000 3,974,280 0.46 F&N Treasury Pte Limited Series MTN 2.8% due

22/08/2022 15,250,000 15,180,155 1.75 F&N Treasury Pte Limited Series MTN 3.09% due

23/03/2022 2,250,000 2,266,560 0.26 FCOT Treasury Pte Limited Series MTN 2.835%

due 11/08/2021 10,000,000 10,033,500 1.16 FCOT Treasury Pte Limited Series MTN 3.185%

due 28/02/2023 2,500,000 2,491,650 0.29 FCT MTN Pte Limited Series MTN 2.645% due

06/06/2022 500,000 500,925 0.06 FH REIT Treasury Pte Limited Series EMTN 2.63%

due 06/07/2022 6,500,000 6,422,520 0.74 Frasers Property Treasury Pte Limited MTN 2.5%

due 21/07/2021 10,000,000 14,278,368 1.65 Frasers Property Treasury Pte Limited Series MTN

3.95% due 07/10/2021 13,750,000 13,897,125 1.60 Hotel Properties Limited Series MTN 3.85% due

27/05/2021 7,000,000 6,996,640 0.81 Jurong Shipyard Pte Limited Series EMTN 2.95%

due 10/09/2021 6,250,000 6,236,125 0.72 Keppel Corporation Limited Series EMTN 3.725%

due 30/11/2023 750,000 765,720 0.09 Keppel Corporation Limited Series MTN 3% due

07/05/2024 9,250,000 9,055,288 1.05 Keppel Corporation Limited Series MTN 3.145%

due 14/02/2022 26,250,000 26,386,500 3.05



93



Singapore (continued) Keppel Land Limited Series MTN 2.843% due

05/09/2023 4,250,000 4,153,610 0.48 Keppel Land Limited Series MTN 3.8% due

08/06/2022 4,750,000 4,902,380 0.57 Keppel REIT MTN Pte Limited Series MTN 3.15%

due 11/02/2022 5,000,000 5,084,350 0.59 Lend Lease Retail Investment Series MTN 3.35%

due 14/06/2024 250,000 250,637 0.03 Lend Lease Retail Investments 3 Pte Limited

Series MTN 3.28% due 03/09/2021 750,000 743,385 0.09 LMIRT Capital Pte Limited Series EMTN 4.1% due

22/06/2020 3,750,000 3,687,187 0.43 Mapletree North Asia Commercial Trust

Management Limited Series EMTN 3.96% due 09/11/2022 5,750,000 5,852,638 0.68

Mercatus Co-operative Series DMTN 2.8% due 26/07/2024 8,750,000 8,817,638 1.02

Overseas Union Enterprise Limited Series MTN 3.8% due 15/04/2020 9,000,000 9,002,610 1.04

Overseas Union Enterprise Treasury Pte Limited Series MTN 3.55% due 10/05/2023 5,500,000 5,497,800 0.63


RCS Trust Series MTN due 3.2% 14/03/2025 750,000 753,000 0.09 Sembcorp Financial Services Pte Limited Series

MTN 2.94% due 26/11/2021 2,000,000 1,997,640 0.23 Sembcorp Financial Services Series MTN 3.64%

due 27/05/2024 500,000 498,430 0.06 Soilbuild Business Space Series EMTN 3.6% due

08/04/2021 10,000,000 9,972,600 1.15 Suntec REIT MTN Pte Limited Series MTN 2.85%

due 02/08/2023 1,000,000 988,800 0.11 Suntec REIT MTN Pte Limited Series MTN 3% due


due 10/05/2023 5,000,000 5,050,200 0.58 Superluck Properties Pte Limited Series MTN 2.8%

due 18/10/2022 12,500,000 12,598,250 1.45 UOL Treasury Services Pte Limited Series MTN

3% due 23/05/2024 20,000,000 19,937,200 2.30



94

Fullerton Short Term Interest Rate Fund Percentage of

total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ %


Singapore (continued) Wing Tai Holdings Limited Series MTN 4% due

07/10/2021 7,000,000 7,080,990 0.82 Wing Tai Holdings Limited Series MTN 4.25% due

15/03/2023 500,000 504,265 0.06 Wing Tai Holdings Limited Series MTN 4.7%

due 28/02/2024 2,000,000 2,074,540 0.24 Total Singapore 364,743,148 42.14 South Korea SK Hynix Inc 3% due 17/09/2024 700,000 1,001,429 0.12 Total South Korea 1,001,429 0.12 Total Debt Securities 808,017,235 93.37 MONEY MARKET (QUOTED) China Bocom Leasing Management Hong Kong

Company Limited Series EMTN FRN due 05/09/2024 1,150,000 1,636,691 0.19

CDBL Funding 1 Series EMTN FRN due 15/11/2021 2,500,000 3,562,544 0.41

Charming Light Investment Limited Series EMTN FRN due 21/12/2020 500,000 711,704 0.08

CICC HK Finance 2016 MTN Limited Series EMTN FRN due 25/04/2021 1,000,000 1,424,647 0.17

CICC HK Finance 2016 MTN Series EMTN FRN 03/05/2022 4,000,000 5,706,734 0.66

Huarong Finance 2017 Company Limited FRN due 27/04/2020 1,500,000 2,137,142 0.25

Huarong Finance 2019 Series EMTN FRN 24/02/2025 1,600,000 2,193,435 0.25

Vanke Real Estate Hong Kong Company Limited Series EMTN FRN due 25/05/2023 4,160,000 5,911,962 0.68

Total China 23,284,859 2.69 Qatar QIB Sukuk Limited Series EMTN FRN 07/02/2025 3,800,000 5,400,350 0.62 Total Qatar 5,400,350 0.62



95


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) (continued) Singapore ASL Marine Holdings Limited Series MTN STP

due 28/03/2025 9,100,000 4,436,692 0.51 BOC Aviation Limited Series FRN due

26/09/2023 1,500,000 2,135,711 0.25 FCOT Treasury Pte Limited Series MTN FRN

due 03/05/2022 8,000,000 7,892,080 0.91 Keppel Telecommunications & Transportation

Limited Series MTN 2.85% due 05/09/2024 250,000 251,485 0.03 Total Singapore 14,715,968 1.70 Thailand Export-Import Bank of Thailand Series EMTN

FRN due 23/05/2024 600,000 832,235 0.10 Total Thailand 832,235 0.10 Total Money Market 44,233,412 5.11 Accrued interest on debt securities 7,716,020 0.89 Portfolio of investments 860,003,667 99.37 Other net assets 5,463,368 0.63 Net assets attributable to unitholders 865,467,035 100.00



96

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 2020 31 March 2019 % % By Geography - Primary (Summary) China 37.25 42.45 Great Britain - 1.50 Hong Kong 7.96 11.94 India 4.92 3.34 Indonesia 0.19 0.50 Ireland - 0.29 Japan - 0.03 Malaysia 3.48 4.55 Philippines - 0.10 Qatar 0.62 0.94 Singapore 43.84 30.95 South Korea 0.12 1.49 Thailand 0.10 0.31 United Arab Emirates - 0.99 Accrued interest on debt securities 0.89 0.88 Portfolio of investments 99.37 100.26 Other net assets/(liabilities) 0.63 (0.26) Net assets attributable to unitholders 100.00 100.00



97

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 2020 31 March 2020 31 March 2019 S$ % % By Industry - Secondary Airlines 26,118,750 3.02 2.14 Bank and Finance 209,804,619 24.25 37.65 Chemicals 21,004,615 2.44 3.43 Commercial Services 14,435,418 1.67 1.15 Communications - - 0.29 Consumer,Cyclical 647,332 0.07 0.05 Consumer,Non-cyclical 2,284,963 0.26 - Diversified Resource 46,716,871 5.40 5.53 Electric/Electronics 19,967,384 2.31 0.94 Engineering and Construction 9,055,288 1.05 1.20 Food 17,446,715 2.01 1.29 Government 832,235 0.10 0.49 Hotel 41,724,407 4.82 2.28 Insurance 13,187,670 1.52 1.92 Investment 27,476,939 3.17 2.76 Materials 555,056 0.06 0.05 Metals 5,134,672 0.59 1.43 Mining 35,516,738 4.10 2.76 Miscellaneous 10,881,653 1.25 0.16 Oil and Gas 37,737,881 4.36 3.58 Real Estate 194,063,325 22.44 15.71 Real Estate Investment Trusts 104,247,840 12.04 10.66 Semiconductor 2,522,974 0.29 0.51 Shipping 10,672,817 1.23 1.39 Transport 251,485 0.03 1.22 Utilities - - 0.31 Wholesale - - 0.48 Accrued interest on debt securities 7,716,020 0.89 0.88 Portfolio of investments 860,003,667 99.37 100.26 Other net assets/(liabilities) 5,463,368 0.63 (0.26) Net assets attributable to unitholders 865,467,035 100.00 100.00



98

Fullerton SGD Cash Fund Percentage of total net assets attributable to Fair value at unitholders at 31 March 2020 31 March 2020 S$ % By Institution - Primary FIXED DEPOSITS Singapore Bank of Nova Scotia, Hongkong 18,805,744 3.74 Bank of Tokyo- Mitsubishi UFJ Ltd 105,345,360 20.92 CIMB Bank Berhad 63,705,352 12.65 Industrial and Commercial Bank of China Limited 26,203,174 5.21 Malayan Banking Berhad 54,000,000 10.73 Qatar National Bank 63,856,717 12.69 The Sumitomo Trust & Banking Co Ltd 30,000,000 5.96

Fixed deposits 361,916,347 71.90 Other net assets 141,429,999 28.10 Net assets attributable to unitholders 503,346,346 100.00 Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Institution - Primary FIXED DEPOSITS Singapore Bank of Nova Scotia, Hongkong 3.74 - Bank of Tokyo- Mitsubishi UFJ Ltd 20.92 8.74 BNP Paribas, Singapore - 0.80 CIMB Bank Berhad 12.65 - Industrial and Commercial Bank of China Limited 5.21 12.12 Landesbank Baden-Württemberg - 15.58 Malayan Banking Berhad 10.73 - Mizuho Corporate Bank Limited - 4.52 Qatar National Bank 12.69 8.39 Sumitomo Mitsui Banking Corporation - 2.48 The Sumitomo Trust & Banking Co Ltd 5.96 2.47

Fixed deposits 71.90 55.10 Other net assets 28.10 44.90 Net assets attributable to unitholders 100.00 100.00 As the Sub-fund’s portfolio only comprises of fixed deposits placed at banking institutions, no secondary representation is presented.



99

Fullerton Asian Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ %

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

Distribution 1,598,044 17,254,079 101.82 Portfolio of investments 17,254,079 101.82 Other net liabilities (307,941) (1.82) Net assets attributable to unitholders 16,946,138 100.00 As the Sub-Fund only invests in an underlying unit trust, no secondary representation is presented.



100

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary EQUITIES (QUOTED) Singapore ASL Marine Holdings Limited Warrants due

23/07/2024 3,237,500 6,475 * Total Singapore 6,475 * Total Equities 6,475 * DEBT SECURITIES (QUOTED) China (including Hong Kong) Eastern Air Overseas (Hong Kong) Corporation

Limited 2.8% due 16/11/2020 1,000,000 995,000 0.41 Huarong Finance 2017 Company Limited 3.2%

due 27/04/2021 3,500,000 3,489,185 1.43 Huarong Finance 2017 Company Limited 3.8%

due 07/11/2025 750,000 746,392 0.31 Orient Securities Company Limited of China Series

EMTN 2.9% due 27/09/2022 1,500,000 1,497,780 0.61 Wharf Finance No 1 Limited Series EMTN 4.5%

due 20/07/2021 3,750,000 3,846,450 1.57 Wheelock Finance Limited Series EMTN 4.5% due

02/09/2021 1,750,000 1,797,880 0.73 Total China (including Hong Kong) 12,372,687 5.06 France BNP Paribas Series EMTN 3.65% due 09/09/2024 1,500,000 1,530,900 0.62 Total France 1,530,900 0.62 Malaysia Danga Capital Bhd 3.725% due 11/08/2020 1,250,000 1,252,650 0.51 Total Malaysia 1,252,650 0.51 Singapore AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 3.6% due 22/03/2022 2,750,000 2,707,347 1.11 AIMS APAC REIT Series MTN 3.6% due

12/11/2024 1,750,000 1,731,187 0.71 ARMF Whitesands Pte Limited 2.635% due

29/04/2020 3,000,000 2,995,530 1.22 Ascendas Hospitality Trust Series MTN 3.325%

due 23/09/2022 1,250,000 1,242,775 0.51 * denotes less than 0.01%



101

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Singapore (continued) Ascendas Real Estate Investment Trust Series

MTN 3.14% due 02/03/2025 1,000,000 1,013,950 0.41 City Developments Limited Series MTN 2.7% due


03/04/2023 500,000 504,755 0.21 City Developments Limited Series MTN 3.75% due


21/10/2024 3,000,000 3,115,560 1.27 CMT MTN Pte Limited Series MTN 3.48% due



29/04/2020 3,000,000 3,001,170 1.23 ESR-REIT Series MTN 3.95% due 09/05/2023 3,500,000 3,477,495 1.42 F&N Treasury Pte Limited Series MTN 2.8% due

22/08/2022 2,750,000 2,737,405 1.12 FH REIT Treasury Pte Limited Series EMTN

2.63% due 06/07/2022 1,000,000 988,080 0.40 FH REIT Treasury Pte Limited Series EMTN

3.08% due 08/11/2024 1,000,000 1,006,370 0.41 Frasers Property Treasury Pte Limited Series MTN

3.95% due 07/10/2021 500,000 505,350 0.21 Frasers Property Treasury Pte Limited Series MTN

4.15% due 23/02/2027 1,000,000 970,180 0.40 Frasers Property Treasury Pte Limited Series MTN

4.25% due 21/04/2026 1,000,000 991,000 0.40 Hotel Properties Limited Series MTN 3.85% due

27/05/2021 750,000 749,640 0.31 Hotel Properties Limited Series MTN 3.9% due

23/04/2020 1,000,000 1,000,240 0.41 Jurong Shipyard Pte Limited Series MTN 3.85%

due 10/09/2029 1,000,000 988,920 0.40 Keppel Corporation Limited Series MTN 3.145%

due 14/02/2022 2,500,000 2,513,000 1.03 Keppel REIT MTN Pte Limited Series MTN 3.15%

due 11/02/2022 250,000 254,217 0.10 Keppel REIT MTN Pte Limited Series MTN

3.275% due 08/04/2024 750,000 765,945 0.31



102

Fullerton Singapore Bond Fund Percentage of

total net assets

attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Singapore (continued) Lend Lease Retail Investment Pte Limited Series

MTN 3.35% due 14/06/2024 1,000,000 1,002,550 0.41 Lend Lease Retail Investments 3 Pte Limited

Series MTN 3.28% due 03/09/2021 2,000,000 1,982,360 0.81 Mapletree Commercial Trust Series EMTN 3.11%

due 24/08/2026 1,750,000 1,718,850 0.70 Mapletree Commercial Trust Series MTN 3.045%

due 27/08/2027 1,000,000 977,620 0.40 Mapletree Greater China Commercial Treasury

Company (HKSAR) Limited Series EMTN 3.96% due 09/11/2022 1,000,000 1,017,850 0.42

Mercatus Co Operative Series MTN 3.08% due 23/01/2030 2,000,000 1,935,700 0.79

Overseas Union Enterprise Limited Series MTN 3.8% due 15/04/2020 1,000,000 1,000,290 0.41

Overseas Union Enterprise Treasury Limited Series MTN 3.55% due 10/05/2023 2,000,000 1,999,200 0.82


Prime Asset Holdings Limited Series MTN 2.9% due 24/10/2024 1,000,000 1,005,680 0.41

Shangri-La Hotel Limited Series MTN 3.5% due 29/01/2030 1,500,000 1,513,275 0.62

Singapore Government Bond 1.25% due 01/10/2021 7,900,000 7,963,437 3.25


Singapore Government Bond 1.75% due 01/04/2022 550,000 561,231 0.23


Singapore Government Bond 2% due 01/02/2024 1,600,000 1,664,800 0.68 Singapore Government Bond 2.125% due

01/06/2026 6,150,000 6,529,271 2.67 Singapore Government Bond 2.25% due




01/07/2039 3,300,000 3,726,921 1.52



103

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Singapore (continued) Singapore Government Bond 2.625% due






01/09/2030 4,800,000 5,505,072 2.25 Singapore Government Bond 3% due 01/09/2024 6,400,000 6,960,000 2.84 Singapore Government Bond 3.125% due




01/03/2027 7,800,000 9,018,360 3.68 Singapore Press Holdings Series MTN 3.2% due

22/01/2030 5,000,000 4,907,500 2.00 Soilbuild Business Space REIT Series EMTN 3.6%

due 08/04/2021 1,500,000 1,495,890 0.61 Suntec REIT MTN Pte Limited Series MTN 2.85%

due 02/08/2023 2,500,000 2,472,000 1.01 Superluck Properties Pte Limited Series MTN

2.8% due 18/10/2022 2,000,000 2,015,720 0.82 Wing Tai Holdings 3.68% due 16/01/2030 1,000,000 1,000,070 0.41 Wing Tai Holdings Limited Series MTN 4% due

07/10/2021 500,000 505,785 0.21 Wing Tai Holdings Limited Series MTN 4.25% due

15/03/2023 1,000,000 1,008,530 0.41 Total Singapore 197,459,180 80.62 United Arab Emirates Emirates NBD PJSC Series EMTN 3.06% due

07/08/2028 2,000,000 1,952,500 0.80 Total United Arab Emirates 1,952,500 0.80 Total Debt Securities 214,567,917 87.61



104

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ %

By Geography – Primary (continued) MONEY MARKET (QUOTED) Australia National Australia Bank Var due 19/05/2028 2,000,000 1,950,040 0.79 Westpac Banking Corporation Series EMTN Var

due 12/08/2027 1,000,000 1,020,820 0.42 Total Australia 2,970,860 1.21 France BPCE SA Series EMTN Var due 03/06/2026 500,000 512,400 0.21 Credit Agricole SA Series EMTN Var due

30/04/2031 2,500,000 2,371,025 0.97 Societe Generale Series EMTN 4.3% due

19/05/2026 1,000,000 1,005,620 0.41 Total France 3,889,045 1.59 Germany Commerzbank AG Series EMTN Var due

18/09/2028 2,000,000 1,949,940 0.80 Total Germany 1,949,940 0.80 Great Britain HSBC Holdings PLC Series EMTN Var Perp 3,250,000 2,991,430 1.22 Total Great Britain 2,991,430 1.22 Netherlands ABN AMRO Bank NV Series EMTN Var due

01/04/2026 500,000 493,250 0.20 Total Netherlands 493,250 0.20 Singapore Ascendas Real Estate Investment Trust Var Perp 1,500,000 1,494,495 0.61 ASL Marine Holdings Limited Series MTN STP

due 28/03/2025 1,592,500 776,421 0.32 Astrea V Pte Limited Series 5 Class A-1 FRN due

20/06/2029 1,200,000 1,172,400 0.48 FCOT Treasury Pte Limited Series MTN FRN due

03/05/2022 1,000,000 986,510 0.40 Nexus International School Singapore Pte Limited

3.15% due 03/12/2031 1,500,000 1,518,180 0.62 Sembcorp Industries Limited Series MTN Var Perp 1,000,000 993,930 0.41 Singapore Press Holdings Var Perp 2,250,000 2,298,915 0.94



105

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) Singapore (continued) SPH REIT Series MTN Var Perp 1,500,000 1,426,733 0.58 United Overseas Bank Limited Series GMTN Var

Perp 3,000,000 2,974,350 1.21 Total Singapore 13,641,934 5.57 Switzerland Julius Baer Group Limited Var Perp 1,500,000 1,357,080 0.55 Total Switzerland 1,357,080 0.55 Total Money Market 27,293,539 11.14 Accrued interest on debt securities 1,828,459 0.75 Portfolio of investments 243,696,390 99.50 Other net assets 1,241,869 0.50 Net assets attributable to unitholders 244,938,259 100.00



106

Fullerton Singapore

Bond Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Geography - Primary (Summary) Australia 1.21 1.31 China (including Hong Kong) 5.06 5.32 France 2.21 1.31 Germany 0.80 0.84 Great Britain 1.22 1.33 India - 0.33 Malaysia 0.51 0.54 Netherlands 0.20 0.22 Singapore 86.19 86.98 South Korea - 0.43 Switzerland 0.55 0.66 United Arab Emirates 0.80 - Accrued interest on debt securities 0.75 0.70 Portfolio of investments 99.50 99.97 Other net assets 0.50 0.03 Net assets attributable to unitholders 100.00 100.00



107

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 2020 31 March 2020 31 March 2019 S$ % % By Industry - Secondary Airlines 995,000 0.41 0.43 Bank 19,431,780 7.92 6.97 Communications 7,206,415 2.94 - Diversified Resource 6,359,450 2.60 1.89 Educational Services 1,518,180 0.62 - Electric/Electronics - - 0.86 Engineering and Construction - - 0.43 Finance 13,974,412 5.72 3.27 Food & Beverages 2,737,405 1.12 0.84 Government 118,343,941 48.31 60.47 Hotel 8,854,410 3.62 3.82 Miscellaneous 3,114,575 1.27 - Real Estate 20,600,303 8.41 8.33 Real Estate Investment Trusts 35,972,789 14.68 11.16 Ship Building 1,982,850 0.81 0.43 Transport - Ship 776,421 0.32 0.37 Accrued interest on debt securities 1,828,459 0.75 0.70 Portfolio of investments 243,696,390 99.50 99.97 Other net assets 1,241,869 0.50 0.03 Net assets attributable to unitholders 244,938,259 100.00 100.00



108

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary EQUITIES (QUOTED) Malaysia Nam Cheong Limited 36,402,408 182,012 0.01 Total Malaysia 182,012 0.01 Singapore ASL Marine Holdings Limited Warrants due

23/07/2024 7,970,000 15,940 0.00 Total Singapore 15,940 0.00 Total Equities 197,952 0.01 DEBT SECURITIES (QUOTED) Australia Australia & New Zealand Banking Group Limited

4.4% due 19/05/2026 3,850,000 5,677,524 0.30 Commonwealth Bank of Australia Series 3.61%

due 12/09/2034 2,200,000 2,898,474 0.15 Commonwealth Bank of Australia Series 3.743%

due 12/09/2039 1,000,000 1,251,080 0.07 Lendlease Finance Limited 3.9% due 27/04/2027 6,750,000 6,745,950 0.36 Lendlease Group Series EMTN 4.5% due

26/05/2026 4,700,000 7,135,915 0.38 Macquarie Bank Limited 4.875% due 10/06/2025 800,000 1,220,490 0.06 Westpac Banking Corporation 4.421% due

24/07/2039 3,350,000 4,605,336 0.24 Total Australia 29,534,769 1.56

China AAC Technologies Holding 3% due 27/11/2024 3,000,000 4,118,757 0.22 Beijing State-Owned Assets Management (Hong

Kong) Company Limited 4.125% due 26/05/2025 3,000,000 4,656,587 0.25

CAR Inc 8.875% due 10/05/ 2022 6,300,000 5,608,383 0.30 Central China Real Estate Limited 6.25% due

02/05/2020 10,000,000 9,981,900 0.53 Central China Real Estate Limited 6.5% due




16/07/2024 1,150,000 1,274,950 0.07



109

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) China (continued) Central Plaza Development Limited 3.875% due

30/01/2021 8,500,000 12,185,387 0.64 Charming Light Investment Limited Series EMTN

4.375% due 21/12/2027 3,000,000 4,644,285 0.24 China Aoyuan Property Group Limited 7.15%

due 07/09/2021 9,950,000 10,121,538 0.53 China Aoyuan Property Group Limited 7.95%

due 19/02/2023 2,500,000 3,289,805 0.17 China Cinda Finance 2017 I Limited 4.4% due

09/03/2027 300,000 466,338 0.02 China Cinda Finance 2017 I Limited Series

EMTN 4.375% due 08/02/2025 4,000,000 6,204,853 0.33 China Cinda Finance 2017 I Limited Series

EMTN 4.75% due 08/02/2028 1,000,000 1,598,329 0.08 China Evergrande Group 11.5% due 22/01/2023 2,000,000 2,311,507 0.12 China Evergrande Group 12% due 22/01/2024 1,850,000 2,005,094 0.11 China Evergrande Group 7.5% due 28/06/2023 2,400,000 2,459,012 0.13 China Evergrande Group 8.25% due 23/03/2022 5,000,000 5,787,025 0.29 China Evergrande Group 8.75% due 28/06/2025 1,600,000 1,616,104 0.09 China Evergrande Group 9.5% due 11/04/2022 500,000 583,871 0.03 China Reinsurance Finance Corporation 3.375%

due 09/03/2022 8,000,000 11,593,556 0.61 China SCE Group Holdings Limited 7.25% due

19/04/2023 500,000 618,250 0.03 China SCE Group Holdings Limited 7.45% due

17/04/2021 3,100,000 4,312,856 0.23 China SCE Group Holdings Limited 8.75% due

15/01/2021 875,000 1,233,572 0.06 China SCE Property Holdings 5.875% due

10/03/2022 1,600,000 2,074,401 0.11 Chinalco Capital Holdings Limited 4% due


21/04/2022 4,240,000 5,893,923 0.31 CIFI Holdings Group Company Limited 6.55%

due 28/03/2024 1,500,000 1,987,317 0.10 CN Overseas Fin KY VII Series EMTN 2.75%

due 02/03/2030 2,900,000 4,024,325 0.21 CNAC (Hong Kong) Finbridge Company Limited

3.375% due 19/06/2024 1,400,000 1,980,971 0.10 Country Garden Holdings 5.125% due

14/01/2027 1,800,000 2,394,033 0.13



110

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued)

China (continued) Country Garden Holdings 5.625% due

14/01/2030 600,000 800,249 0.04 Country Garden Holdings Company Limited

4.75% due 17/11/2023 2,200,000 2,963,317 0.16 Country Garden Holdings Company Limited

6.15% due 17/09/2025 300,000 411,346 0.02 Country Garden Holdings Company Limited

7.125% due 27/01/2022 750,000 1,077,936 0.06 Country Garden Holdings Company Limited

7.125% due 25/04/2022 1,500,000 2,158,371 0.11 Country Garden Holdings Company Limited

7.25% due 08/04/2026 8,150,000 11,533,243 0.61 Country Garden Holdings Company Limited 8%

due 27/01/2024 1,900,000 2,779,035 0.15 Eastern Air Overseas (Hong Kong) Corporation

Limited 2.8% due 16/11/2020 15,000,000 14,925,000 0.79 Easy Tactic Limited 8.125 % due 11/07/2024 1,500,000 1,766,991 0.09 Easy Tactic Limited 8.125% due 27/02/2023 1,000,000 1,237,269 0.07 Easy Tactic Limited 8.625% due 05/03/2024 3,000,000 3,628,853 0.19 EHI Car Services Limited 5.875% due

14/08/2022 7,600,000 7,843,790 0.41 ENN Energy Holdings Limited 7.5% due

27/02/2021 1,000,000 1,353,797 0.07 ESR Cayman Ltd Series MTN 5.1% due

26/02/2025 2,000,000 1,949,700 0.10 Far East Horizon Limited Series EMTN 4.375%

due 27/02/2023 4,000,000 6,054,723 0.32 Fortune Star BVI Limited 5.25% due 23/03/2022 2,400,000 3,169,968 0.17 Fortune Star BVI Limited 6.75% due 02/07/2023 1,500,000 1,928,306 0.10 Franshion Brilliant Limited 4.25% due 23/07/2029 3,250,000 4,494,009 0.24 Fufeng Group Limited 5.875% due 28/08/2021 1,500,000 2,217,340 0.12 Future Land Development Holdings Limited 6.5%

due 12/09/2020 4,000,000 5,553,585 0.29 Golden Eagle Retail Group Limited 4.625% due

21/05/2023 10,250,000 13,925,890 0.73 Greenland Global Investment Limited 5.875%

due 03/07/2024 2,800,000 3,288,296 0.17 Hopson Development Holdings Limited 7.5% due

27/06/2022 850,000 1,119,429 0.06 Hopsoncapitalinternation 6% due 17/02/2021 1,000,000 1,374,186 0.07



111


China (continued) Huarong Finance 2017 Company Limited 3.2%

due 27/04/2021 17,250,000 17,196,697 0.91 Huarong Finance 2017 Company Limited 3.8%

due 07/11/2025 26,250,000 26,123,738 1.38 Huarong Finance 2017 Company Limited Series

EMTN 4.25% due 07/11/2027 500,000 720,262 0.04 Huarong Finance 2019 Company Limited Series

EMTN 4.5% due 29/05/2029 2,000,000 2,945,433 0.15 Jinke Properties Group 8.375% due 20/06/2021 3,400,000 4,593,517 0.24 Kaisa Group Holdings Limited 10.5% due

15/01/2025 1,750,000 1,977,268 0.10 Kaisa Group Holdings Limited 10.875% due




18/02/2021 3,900,000 5,186,183 0.27 Kaisa Group Holdings Limited Series 11.95%

due 22/10/2022 600,000 741,977 0.04 Logan Property Holdings Company Limited

6.125% due 16/04/2021 8,950,000 9,018,736 0.48 Longfor Group Holdings Limited 3.95% due

16/09/2029 1,300,000 1,743,499 0.09 Longfor Holdings Limited 3.85% due 13/01/2032 900,000 1,158,790 0.06 Longfor Properties Company Limited 4.5% due

16/01/2028 3,750,000 5,377,454 0.28 Minmetals Bounteous Finance BVI Limited 4.2%

due 27/07/2026 4,300,000 6,754,219 0.36 New Metro Global Limited 5% due 08/08/2022 400,000 489,070 0.03 New Metro Global Limited 6.5% due 23/04/2021 750,000 1,022,406 0.05 Orient Securities Company (China) Limited

EMTN 2.9% due 27/09/2022 8,000,000 7,988,160 0.42 Poly Real Estate Finance Limited 3.875% due

25/03/2024 650,000 968,057 0.05 Poly Real Estate Finance Limited 3.95% due

05/02/2023 1,000,000 1,460,286 0.08 Poly Real Estate Finance Limited 4.75% due

17/09/2023 1,000,000 1,511,659 0.08 Proven Honour Capital Limited 4.125% due

06/05/2026 9,500,000 14,069,396 0.74



112


China (continued) Proven Honour Capital Limited 4.125% due

19/05/2025 820,000 1,203,646 0.06 Red Sun Properties Group 9.7% due 16/04/2023 350,000 437,185 0.02 RKPF Overseas 2019 A Limited 6.7% due

30/09/2024 1,350,000 1,734,841 0.09 Ronshine China 8.1% due 09/06/2023 2,450,000 3,186,648 0.17 Ronshine China Holdings Limited 8.75% due

25/10/2022 7,450,000 9,990,209 0.53 Ronshine China Holdings Limited 8.95% due

22/01/2023 4,700,000 6,207,320 0.33 Scenery Journey Limited 11% due 06/11/2020 6,500,000 8,886,397 0.47 Scenery Journey Limited 11.5% due 24/10/2022 5,000,000 5,379,021 0.28 Shandong Iron And Steel Xinheng International

Company Limited 6.85% due 25/09/2022 6,000,000 8,458,609 0.45 Shimao Property Holding Limited 6.375% due

15/10/2021 1,000,000 1,435,739 0.08 Shimao Property Holdings Limited 5.6% due

15/07/2026 4,000,000 5,527,101 0.29 Shui On Development Holdings 5.5% due


12/11/2023 1,300,000 1,641,157 0.09 Sino Ocean Land Treasure IV Limited 4. 75%

due 05/08/2029 2,800,000 3,680,316 0.19 Sino Ocean Land Treasure IV Limited 5.25% due

30/04/2022 1,000,000 1,477,173 0.08 Sino-Ocean Land Treasure Finance I Limited

Series EMTN 6% due 30/07/2024 2,000,000 3,009,250 0.16 Sinopec Grp Dev 2018 (Ser Regs) 3.44%

12/11/2049 1,250,000 1,845,737 0.10 Sunac China Holdings Limited 6.5% due


14/06/2022 1,000,000 1,345,738 0.07 SUNAC China Holdings Limited 7.5% due



11/10/2023 2,700,000 3,554,220 0.19 Times China Holding Limited 7.625% due

21/02/2022 1,300,000 1,785,609 0.09



113


China (continued) Times China Holdings Limited 6.6% due

02/03/2030 1,500,000 1,964,956 0.10 Times Property Holdings Limited 6.25% due

17/01/2021 700,000 978,047 0.05 Vanke Real Estate (Hong Kong) Company

Limited Series EMTN 3.975% due 09/11/2027 1,000,000 1,446,902 0.08 Vanke Real Estate (Hong Kong) Company

Limited Series EMTN 5.35% due 11/03/2024 3,900,000 5,932,175 0.31 Vanke Real Estate HK Series EMTN 3.5% due

12/11/2029 3,000,000 4,127,855 0.22 Yango Justice International 8.25% due

25/11/2023 950,000 1,088,889 0.06 Yango Justice International 9.25% due

15/04/2023 1,050,000 1,252,547 0.07 Yango Justice International Limited 10.25% due


16/11/2020 1,600,000 2,137,985 0.11 Yanlord Land Hong Kong Company Limited

5.875% due 23/01/2022 2,300,000 3,108,296 0.16 Yunnan Energy Investment 6.25% due

29/11/2021 2,200,000 3,201,416 0.17 Yuzhou Properties Company Limited 6% due

25/10/2023 1,450,000 1,726,528 0.09 Yuzhou Properties Company Limited 6.375%

due 06/03/2021 2,800,000 3,857,608 0.20 Yuzhou Properties Company Limited 7.375%

due 13/01/2026 4,150,000 4,832,303 0.25 Yuzhou Properties Company Limited 7.7% due

20/02/2025 800,000 957,374 0.05 Yuzhou Properties Company Limited 8.375%

due 30/10/2024 2,400,000 3,013,117 0.16 Yuzhou Properties Company Limited 8.5% due

04/02/2023 1,500,000 1,986,079 0.10 Yuzhou Properties Company Limited 8.5% due

26/02/2024 2,000,000 2,536,276 0.13 Zhenro Properties Group Limited 10.5% due

28/06/2020 750,000 1,062,548 0.06 Zhenro Properties Group Limited 12.5% due


28/02/2021 1,050,000 1,415,626 0.07



114


China (continued) Zhenro Properties Group Limited 7.875% due 14/04/2024 1,300,000 1,449,540 0.08 Zhenro Properties Group Limited 8.65% due 21/01/2023 3,600,000 4,326,687 0.23 Zhenro Properties Group Limited 9.15% due 06/05/2023 2,150,000 2,575,269 0.14 Zhenro Properties Group Limited 9.15% due 08/03/2022 1,100,000 1,456,207 0.08 Zhenro Properties Group Limited 9.8% due 20/08/2021 1,700,000 2,324,425 0.12 Total China 493,987,293 26.02 France AXA Series EMTN 4.5% Perp 2,000,000 2,611,198 0.14 BNP Paribas Series EMTN 3.65% due

09/09/2024 16,500,000 16,839,900 0.88 Societe Generale 4.25% due 19/08/2026 9,500,000 13,252,121 0.70 Total France 32,703,219 1.72 Germany Deutsche Bank NY Series 3.7% due 30/05/2024 7,000,000 9,593,787 0.50 Total Germany 9,593,787 0.50 Great Britain Canara Bank (London Branch) 3.875% due

28/02/2024 1,350,000 1,791,277 0.10 Nationwide Building Society 4% due 14/09/2026 1,200,000 1,677,797 0.09 Prudential PLC Series EMTN 4.875% Perp 3,600,000 4,615,683 0.24 Prudential PLC Series EMTN 5.25% Perp 6,000,000 7,888,015 0.42 Standard Chartered PLC 4.05% due 12/04/2026 2,000,000 2,877,800 0.15 Standard Chartered PLC 4.3% due 19/02/2027 4,100,000 5,734,164 0.30 Total Great Britain 24,584,736 1.30



115

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) Hong Kong Celestial Dynasty Limited 4.25% due 27/06/2029 4,500,000 6,477,229 0.34 ESR Cayman Limited Series EMTN 6.75% due

01/02/2022 16,000,000 15,545,920 0.82 ESR Cayman Limited Series EMTN 7 .875% due

04/04/2022 7,500,000 10,737,609 0.57 Johnson Electric Holding Limited 4.125% due

30/07/2024 900,000 1,373,641 0.07 Joy Treasure Assets Holdings 3.5% due

24/09/2029 1,350,000 1,972,521 0.10 L S Finance 2025 Limited 4.5% due 26/06/2025 3,000,000 4,001,545 0.21 Li & Fung Limited 5.25% Perp 500,000 505,203 0.03 Nam Cheong Limited 5.05% due 31/12/2024 4,352,909 435,291 0.02 Nam Cheong Limited 6.5% due 31/12/2024 1,456,861 145,686 0.01 Nan Fung Treasury II Limited 5.5% Perp 8,420,000 11,843,512 0.62 New World China Land Limited 4.75% due

23/01/2027 2,800,000 4,356,913 0.23 New World China Land Limited Series EMTN

4.75% due 05/12/2023 1,600,000 2,473,262 0.13 New World Development Company Limited MTN

4.125% due 18 /07/2029 3,800,000 5,233,378 0.28 NWD Finance (BVI) Limited 6.25% Perp 2,050,000 2,769,241 0.15 OVPH Limited 5.875% Var Perp 1,000,000 1,399,801 0.07 Phoenix Lead Limited 4.85% Perp 3,500,000 4,814,136 0.25 Radiant Access Limited 4.6% Perp 9,500,000 12,828,604 0.68 Road King Infrastructure Overseas Finance 2016

B Limited 4.7% due 06/09/2021 3,200,000 4,298,933 0.23 Road King Infrastructure Overseas Finance 2019

A Limited 7.875% due 01/02/2023 1,000,000 1,370,712 0.07 Shui On Development Holdings Limited 6.25%

due 28/11/2021 995,000 1,343,939 0.07 Total Hong Kong 93,927,076 4.95



116

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) India ABJA Investment Company Pte Limited 4.95%

due 03/05/2023 6,000,000 4,919,640 0.26 ABJA Investment Company Pte Limited 5.95%

due 31/07/2024 2,000,000 2,360,658 0.12 Adani Transmission Limited 4% due 03/08/2026 1,250,000 1,587,166 0.08 Greenko Dutch BV Series 4.875% due

24/07/2022 800,000 1,010,501 0.05 Greenko Solar Mauritius Limited 5.95% due

29/07/2026 500,000 584,718 0.03 HPCL-Mittal Energy Limited Series EMTN 5.45%

due 22/10/2026 800,000 860,598 0.05 ICICI Bank Limited/Dubai 4% due 18/03/2026 5,000,000 6,850,641 0.36 Indian Oil Corporation Limited 4.1% due

15/10/2022 11,000,000 10,942,360 0.58 Induslnd Bank Gift City Series EMTN 3.875%

due 15/04/2022 1,000,000 1,369,217 0.07 JSW Steel Limited 5.375% due 04/04/2025 3,600,000 3,662,324 0.19 Manappuram Finance Limited Series EMTN

5.9% due 13/01/2023 1,050,000 1,099,364 0.06 Muthoot Finance Ltd Series 4.4% due

02/09/2023 1,150,000 1,292,094 0.07 ONGC Videsh Vankorneft Pte Limited 3.75% due

27/07/2026 3,600,000 4,663,200 0.25 Power Finance Corporation Limited 3.25 % due

16/09/2024 850,000 1,105,862 0.06 Power Finance Corporation Limited 3.75 % due



18/06/2029 2,150,000 2,743,303 0.14 Rec Limited 3.5% due 12/12/2024 2,200,000 2,855,403 0.15 REC Limited Series EMTN 3.875% due

07/07/2027 1,500,000 1,890,118 0.10 REC Limited Series GMTN 3.375% due

25/07/2024 1,400,000 1,816,795 0.10 Renew Power Synthetic 6.67% due 12/03/2024 1,300,000 1,492,095 0.08 Shriram Transport Fin Series 5.1% due

16/07/2023 1,100,000 1,102,269 0.06 Shriram Transport Finance Company Limited

Series 5.95% due 24/10/2022 1,000,000 1,061,566 0.06 UPL Corporation Limited 4.5% due 08/03/2028 3,300,000 4,074,764 0.21



117

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ %

By Geography - Primary (continued) DEBT SECURITIES (continued)

India (continued) Vedanta Resources PLC 8% due 23/04/2023 3,000,000 1,678,292 0.09 Vedanta Resources PLC 8.25% due 07/06/2021 3,500,000 2,454,561 0.13 Total India 67,501,567 3.56

Indonesia Alam Synergy Pte Limited 11.5% due 22/04/2021 1,700,000 1,995,497 0.10 Alam Synergy Pte Limited 6.625% due 24/04/2022 2,600,000 1,891,653 0.10 Bukit Makmur Mandiri Utama 7.75% due

13/02/2022 1,600,000 1,551,404 0.08 Indika Energy Capital II Pte Series 6.875% due

10/04/2022 1,000,000 1,123,218 0.06 Indika Energy Capital III Pte Series 5.875% due

09/11/2024 5,600,000 5,409,423 0.28 Indo Energy Finance II BV 6.375% due 24/01/2023 5,795,000 3,334,562 0.18 JGC Ventures Pte Limited 10.75% due 30/08/2021 1,500,000 1,830,274 0.10 Medco Bell Pte Limited Series 6.375% due

30/01/2027 950,000 798,257 0.04 Medco Platinum Road Pte Limited Series 6.75%

due 30/01/2025 800,000 683,619 0.04 Modernland Overseas Pte Limited 6.95% due

13/04/2024 2,000,000 2,005,094 0.11 Perusahaan Listrik Negar Series 4.375% due

05/02/2050 1,050,000 1,332,068 0.07 PT ABM Investama Tbk 7.125% due 01/08/2022 3,500,000 2,882,442 0.15 PT Bayan Resources Tbk Seires 6.125% due

24/01/2023 2,000,000 1,862,937 0.10 PT Pertamina (Persero) Series 4.15% due

25/02/2060 1,150,000 1,380,630 0.07 PT Pertamina (Persero) Series 4.175% due

21/01/2050 950,000 1,168,425 0.06 PT Pertamina Persero Tbk Series 4.7% due

30/07/2049 3,350,000 4,387,065 0.23 PT Sri Rejeki Isman Tbk Series 7.25% due

16/01/2025 4,100,000 4,119,842 0.22 Theta Capital Pte Limited 8.125% due 22/01/2025 7,800,000 8,338,963 0.44 Total Indonesia 46,095,373 2.43

Macao Studio City Finance Limited Series 7.25% due

11/02/2024 1,100,000 1,375,765 0.07 Total Macao 1,375,765 0.07



118

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) Malaysia GOHL Capital Limited 4.25% due 24/01/2027 3,600,000 4,573,805 0.24 Press Metal Labuan Limited 4.8% due 30/10/2022 1,200,000 1,305,129 0.07 Wing Tai Holdings 3.68% due 16/01/2030 7,000,000 7,000,490 0.37 Total Malaysia 12,879,424 0.68 Mongolia Mongolia International Bond Series 5.625% due

01/05/2023 600,000 766,598 0.04 Mongolian Mining Corporation Series 9.25% due

15/04/2024 2,000,000 1,780,439 0.09 Total Mongolia 2,547,037 0.13 Netherlands Listrindo Capital BV 4.95% due 14/09/2026 2,000,000 2,490,969 0.13 Total Netherlands 2,490,969 0.13 Oman Oman Government International Bond 4.75% due

15/06/2026 1,400,000 1,430,855 0.08 Total Oman 1,430,855 0.08 Saudi Arabia Saudi International Bond 4.5% due 26/10/2046 600,000 871,986 0.04 Saudi International Bond 4.625% due 04/10/2047 1,000,000 1,465,398 0.08 Total Saudi Arabia 2,337,384 0.12 Singapore AACI Real Estate Investment Trust Pte Limited

Series MTN 3.6% due 22/03/2022 5,000,000 4,922,450 0.26 AIMS APAC REIT Series MTN 3.6% due

12/11/2024 7,500,000 7,419,375 0.39 Ascendas Hospitality Trust Series MTN 3.325%

due 23/09/2022 7,000,000 6,959,540 0.37 Banyan Tree Holdings Limited Series MTN 4.85%

due 05/06/2020 1,000,000 964,440 0.05 CCT MTN Pte Limited Series MTN 3.327% due


23/01/2025 9,000,000 8,869,230 0.47 City Developments Limited Series MTN 3.48%

due 15/06/2026 2,000,000 2,043,740 0.11



119

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) Singapore (continued) ESR-MTN Pte Limited Series MTN 3.95% due

21/05/2020 500,000 498,905 0.03 ESR-MTN Pte Limited Series MTN 4.1% due

29/04/2020 3,000,000 3,001,170 0.16 ESR-REIT Series MTN 3.95% due 09/05/2023 5,000,000 4,967,850 0.26 F&N Treasury Pte Limited Series MTN 2.8% due

22/08/2022 5,250,000 5,225,955 0.27 F&N Treasury Pte Limited Series MTN 3.09% due

23/03/2022 500,000 503,680 0.03 F&N Treasury Pte Limited Series MTN 3.8% due

21/04/2027 7,500,000 7,399,800 0.39 FCOT Treasury Pte Limited Series MTN 3.185%

due 28/02/2023 6,000,000 5,979,960 0.31 FH REIT Treasury Pte Limited Series EMTN

3.08% due 08/11/2024 1,500,000 1,509,555 0.08 Frasers Property Treasury Pte Limited MTN 2.5%

due 21/07/2021 750,000 1,070,878 0.06 Frasers Property Treasury Pte Limited Series

MTN 3.95% due 07/10/2021 7,000,000 7,074,900 0.37 Frasers Property Treasury Pte Limited Series

MTN 4.15% due 23/02/2027 15,000,000 14,552,700 0.77 Frasers Property Treasury Pte Limited Series

MTN 4.25% due 21/04/2026 19,500,000 19,324,500 1.02 Hong Fok Corporation Limited 4.2% due

28/03/2022 1,500,000 1,496,910 0.08 Hotel Properties Limited Series MTN 3.85% due

27/05/2021 1,500,000 1,499,280 0.08 Jurong Shipyard Pte Limited Series EMTN 2.95%

due 10/09/2021 1,000,000 997,780 0.05 Jurong Shipyard Pte Limited Series MTN 3.85%

due 10/09/2029 15,250,000 15,081,030 0.79 Keppel Corporation Limited Series 4% due

07/09/2042 1,000,000 996,910 0.05 Keppel Corporation Limited Series EMTN 3.725%

due 30/11/2023 750,000 765,720 0.04 Keppel Corporation Limited Series MTN 3% due

01/10/2026 1,000,000 978,200 0.05 Keppel Corporation Limited Series MTN 3.60%

due 07/05/2029 7,500,000 7,310,475 0.38 Keppel Land Limited Series MTN 2.843% due

05/09/2023 2,000,000 1,954,640 0.10



120

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) Singapore (continued) Keppel REIT MTN Pte Limited Series MTN 3.15%

due 11/02/2022 750,000 762,653 0.04 Keppel REIT MTN Pte Limited Series MTN

3.275% due 08/04/2024 2,250,000 2,297,835 0.12 Lend Lease Retail Investment Series MTN 3.35%

due 14/06/2024 5,000,000 5,012,750 0.26 LMIRT Capital Pte Limited Series EMTN 4.1%



due 22/11/2029 4,750,000 4,617,523 0.24 Mercatus Co Operative Series MTN 3.08% due

23/01/2030 6,750,000 6,532,987 0.34 Neptune Orient Lines Limited Series 1 4.65% due

09/09/2020 2,000,000 1,821,140 0.10 Overseas Union Enterprise Treasury Pte Limited

Series MTN 3.55% due 10/05/2023 17,250,000 17,243,100 0.91 Overseas Union Enterprise Treasury Pte Limited

Series MTN 3.75% due 17/04/2022 20,000,000 20,110,000 1.06 Sembcorp Financial Services Series MTN 3.593%

due 26/11/2026 4,000,000 3,983,160 0.21 Sembcorp Financial Services Series MTN 3.64%

due 27/05/2024 2,250,000 2,242,935 0.12 Shangri-La Hotel Limited Seies EMTN 3.5% due

29/01/2030 13,500,000 13,619,475 0.72 Shangri-La Hotel Limited Series EMTN 4.5% due

12/11/2025 18,250,000 18,533,240 0.98 Singapore Press Holdings Series MTN 3.2% due

22/01/2030 8,500,000 8,342,750 0.44 Soilbuild Business Space Series EMTN 3.6% due

08/04/2021 6,250,000 6,232,875 0.33 SSMS Plantation Holdings Pte Limited 7.75% due

23/01/2023 800,000 741,951 0.04 Suntec REIT MTN Pte Limited Series MTN 2.85%

due 02/08/2023 2,500,000 2,472,000 0.13 Superluck Properties Pte Limited Seires MTN

2.8% due 18/10/2022 9,750,000 9,826,635 0.52 TBLA International Pte Limited 7% due

24/01/2023 2,000,000 2,002,161 0.10



121

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) DEBT SECURITIES (continued) Singapore (continued) Wing Tai Holdings Limited Series MTN 4% due




28/02/2024 1,750,000 1,815,222 0.10 Yanlord Land Hong Kong Company Limited

6.75% due 23/04/2023 1,600,000 2,130,330 0.11 Yanlord Land Hong Kong Company Limited 6.8%

due 27/02/2024 1,150,000 1,490,108 0.08 Total Singapore 297,746,185 15.69 South Korea Busan Bank Series GMTN 3.625% due

25/07/2026 11,050,000 16,578,591 0.87 Kookmin Bank Series GMTN 4.5% due

01/02/2029 600,000 911,310 0.05 Total South Korea 17,489,901 0.92 Sri Lanka Republic of Sri Lanka Series 5.75% due

18/01/2022 2,250,000 2,152,637 0.11 Republic of Sri Lanka Series 6.2% due


18/04/2028 1,000,000 814,855 0.04 Republic of Sri Lanka Series 6.825% due



28/03/2030 1,150,000 928,880 0.05 SriLankan Airlines Limited 7% due 25/06/2024 1,100,000 1,422,815 0.08 Total Sri Lanka 10,925,746 0.58 Switzerland Cloverie PLC for Zurich Insurance Company

Limited Series EMTN 4.75% Perp 12,070,000 15,527,433 0.82 Credit Suisse AG 6.5% due 08/08/2023 1,000,000 1,454,733 0.08 UBS AG 5.125% due 15/05/2024 14,689,000 21,083,298 1.11 Total Switzerland 38,065,464 2.01



122

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 By Geography - Primary (continued) DEBT SECURITIES (continued) United Arab Emirates Abu Dhabi National Energy Co 4% due

03/10/2049 700,000 911,647 0.05 Emirates NBD PJSC Series EMTN 3.06% due

07/08/2028 3,000,000 2,928,750 0.15 Total United Arab Emirates 3,840,397 0.20 United States of America Citigroup Inc 4.125% due 25/07/2028 3,200,000 4,747,913 0.25 Hyundai Capital America Series 3% due

10/02/2027 600,000 764,454 0.04 Total United States of America 5,512,367 0.29 Total Debt Securities 1,194,569,314 62.94 MONEY MARKET (QUOTED) Australia Aust & NZ Banking Group Series Var 3,000,000 4,043,919 0.21 BHP Billiton Finance USA Limited Var due

19/10/2075 3,200,000 4,751,467 0.25 National Australia Bank Var due 02/08/2034 1,700,000 2,320,262 0.12 National Australia Bank Var due 19/05/2028 29,750,000 29,006,845 1.53 QBE Insurance Group Limited Series EMTN Var

due 17/06/2046 2,600,000 3,564,184 0.19 QBE Insurance Group Limited Series EMTN Var

Perp 1,600,000 1,957,509 0.10 QBE Insurance Group Limited Var due

02/12/2044 8,000,000 12,049,872 0.64 Westpac Banking Corporation Series EMTN Var

due 12/08/2027 4,500,000 4,593,690 0.24 Westpac Banking Corporation Var Perp 3,500,000 4,231,369 0.22 Total Australia 66,519,117 3.50 Canada Manulife Financial Corporation Var due

21/11/2029 1,500,000 1,451,100 0.08 Total Canada 1,451,100 0.08 China Agile Group Holdings Limited Var Perp 4,300,000 5,013,944 0.26 CCB Life Insurance Company Limited Var

21/04/2077 2,500,000 3,432,440 0.18 CCCI Treasure Limited Var Perp 1,900,000 2,662,003 0.14



123

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) China (continued) China Great Wall International Holdings IV

Limited Var Perp 6,700,000 9,584,918 0.51 China Life Insurance Company Limited Var due

03/07/2075 6,000,000 8,381,550 0.44 China Minmetals Corporation Var Perp 1,000,000 1,379,070 0.07 China Resources Land Limited Series Var Perp 2,950,000 4,127,901 0.22 China State Con Fin III Var Perp 900,000 1,227,054 0.06 Chong Hing Bank Limited Var due 26/07/2027 850,000 1,242,115 0.07 Dianjian Haiyu Limited Series EMTN Var Perp

(XS1629465797) 2,125,000 2,946,136 0.16 Franshion Brilliant Limited Var Perp 2,350,000 3,366,157 0.18 Huarong Finance 2019 Series EMTN FRN

24/02/2025 1,000,000 1,370,897 0.07 Huarong Finance II Company Limited Var Perp 750,000 1,027,158 0.05 King Talent Management Limited Var Perp 2,000,000 2,490,883 0.13 MCC Holding HK Corporation Limited Perp 1,000,000 1,418,069 0.08 Minmetals Bounteous Finance Var Perp 1,900,000 2,539,696 0.13 Sepco Virgin Ltd Series EMTN Var Perp 1,000,000 1,408,985 0.07 Shui On Development Holdings Limited Var Perp 1,200,000 1,443,716 0.08 SPIC 2018 USD Senior Perpetual Var Perp 1,200,000 1,767,977 0.09 Total China 56,830,669 2.99 France AXA SA Series EMTN Var due 17/01/2047 2,000,000 2,847,558 0.15 BNP Paribas Var due 22/01/2029 13,250,000 12,976,917 0.68 BPCE Series EMTN Var due 03/06/2026 6,000,000 6,148,800 0.32 Credit Agricole SA Series EMTN Var due

30/04/2031 23,500,000 22,287,635 1.17 Credit Agricole SA Series Var Perp

(XS1055037920) 7,230,000 11,708,316 0.62 Credit Agricole Var Perp (USF2R125CD54) 1,000,000 1,474,539 0.08 Credit Agricole Var Perp (XS1055037177) 5,000,000 7,472,574 0.39 La Mondiale Series EMTN Var due 26/01/2047 3,600,000 4,917,647 0.26 La Mondiale Var Perp 900,000 1,242,138 0.07 Societe Generale SA Series EMTN 4.3% due

19/05/2026 13,250,000 13,324,465 0.70 Societe Generale SA Series Var Perp

(FR0013414810) 9,500,000 8,059,610 0.43 Total France 92,460,199 4.87



124

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) Germany Commerzbank AG Series EMTN Var due

18/09/2028 12,250,000 11,943,382 0.63 Commerzbank AG Var due 01/03/2027 28,750,000 27,901,588 1.47 Total Germany 39,844,970 2.10 Great Britain Barclays Bank PLC Var Perp (US06738EBA29) 1,800,000 2,269,013 0.12 Barclays Bank PLC Var Perp (US06738EBG98) 3,000,000 3,929,826 0.21 Barclays Bank PLC Var Perp (XS1481041587) 1,000,000 1,310,412 0.07 Barclays Bank PLC Var Perp (XS1571333811) 3,500,000 5,572,271 0.29 HSBC Holdings PLC Series EMTN Var Perp

(XS1624509300) 17,750,000 16,129,603 0.85 HSBC Holdings PLC Series EMTN Var Perp

(XS1882693036) 21,750,000 20,019,570 1.05 HSBC Holdings PLC Var Perp (XS1111123987) 1,900,000 2,640,309 0.14 HSBC Holdings PLC Var Perp (XS1298431104) 2,000,000 2,929,974 0.15 Nationwide Building Society 4% due 18/10/2032 2,500,000 3,425,356 0.18 Standard Chartered PLC Series EMTN Var due

12/02/2030 1,000,000 1,286,918 0.07 Standard Chartered PLC Var Perp

(USG84228CQ91) 2,000,000 2,783,399 0.15 Standard Chartered PLC Var Perp

(XS2013525253) 5,000,000 4,222,250 0.22 Total Great Britain 66,518,901 3.50 Hong Kong Bangkok Bank PCL/Hong Kong Var due

25/09/2034 1,500,000 1,897,786 0.10 Bank of East Asia Limited Var Perp 650,000 846,122 0.04 China CITIC Bank International Limited Var due

28/02/2029 1,300,000 1,987,276 0.11 CK Hutchison Capital Var Perp 7,500,000 10,295,610 0.54 CLP Power HK Finance Limited Var Perp 900,000 1,217,135 0.06 CMB Wing Lung Bank Limited Series EMTN Var

due 22/11/2027 1,700,000 2,527,678 0.13 Dah Sing Bank Limited Series EMTN Var due

15/01/2029 1,200,000 1,871,349 0.10 FWD Limited 6.25% Perp 600,000 864,348 0.05 Kasikornbank PCL/Hong Kong Var 02/10/2031 2,050,000 2,646,064 0.14 Shanghai Commercial Bank Var due 29/11/2027 1,000,000 1,482,570 0.08 Total Hong Kong 25,635,938 1.35



125

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) India Adani Transmission Limited Series 4.25% due 21/05/2036 1,800,000 2,422,892 0.13

UPL Corp Limited Var Perp 1,300,000 1,217,517 0.06 Total India 3,640,409 0.19 Indonesia LLPL Capital Pte Limited Series 6.875% due 04/02/2039 4,000,000 5,365,488 0.28

Minejesa Capital BV Series 4.625% due 10/08/2030 2,200,000 2,803,811 0.15

Total Indonesia 8,169,299 0.43 Japan Asahi Mutual Life Insurance Company Var Perp 800,000 1,116,765 0.06 Dai-ichi Mutual Life Insurance Company Limited Var Perp (USJ09748AC83) 2,000,000 2,984,048 0.16

Fukoku Mutual Life Insurance Company Var Perp 2,800,000 3,978,687 0.21 Meiji Yasuda Life Insurance Company Var due 20/10/2045 2,800,000 4,190,505 0.22

Nippon Life Insurance Company Var due 16/10/2044 6,000,000 9,008,357 0.47

Nippon Life Insurance Series Var Perp due 23/01/2050 850,000 1,174,860 0.06

Softbank Group Corporation Var Perp 3,700,000 4,091,266 0.22 Total Japan 26,544,488 1.40 Netherlands ABN AMRO Bank NV Series EMTN Var due 01/04/2026 7,500,000 7,398,750 0.39

ABN AMRO Bank NV Var due 27/03/2028 1,000,000 1,396,982 0.07 Cooperatieve Rabobank UA Var Perp (XS1877860533) 5,800,000 7,972,085 0.42

ING Groep NV Series EMTN Var due 22/03/2028 1,900,000 2,690,787 0.14 ING Groep NV Series Var Perp 500,000 538,322 0.03 ING Groep NV Var Perp 1,000,000 1,248,204 0.07 Total Netherlands 21,245,130 1.12

Philippines Jollibee Worldwide Pte Var Perp 1,000,000 1,130,352 0.06 SMC Global Power Holdings Corp Var Perp 1,000,000 1,214,843 0.06 SMC Global Power Holdings Var Perp 3,800,000 4,940,338 0.26 SMC Global Power Holdings Var Perp 2,000,000 2,283,457 0.12 Total Philippines 9,568,990 0.50



126

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) Qatar QIB Sukuk Limited Series EMTN FRN 07/02/2025 1,800,000 2,558,060 0.13 Total Qatar 2,558,060 0.13 Singapore ASL Marine Holdings Limited Series MTN STP

due 28/03/2025 9,100,000 4,436,692 0.23 Astrea V Pte Limited Series 5 Class A-1 FRN due

20/06/2029 2,900,000 2,833,300 0.15 DBS Group Holdings Limited Series GMTN Var

Perp 2,000,000 2,580,643 0.14 ESR-REIT Series MTN Var Perp 5,000,000 4,818,750 0.25 FCOT Treasury Pte Limited Series MTN FRN due

03/05/2022 7,000,000 6,905,570 0.36 Frasers Hospitality Real Estate Investment Trust

Series MTN Var Perp 2,000,000 1,952,440 0.10 Frasers Property Treasury Pte Limited Series

MTN Var Perp (SGXF71917235) 6,500,000 6,006,000 0.32 Hotel Properties Li Var Perp 2,000,000 2,013,940 0.11 Hotel Properties Limited Series MTN Var Perp 9,250,000 9,041,413 0.48 Keppel Telecommunications & Transportation

Limited Series MTN 2.85% due 05/09/2024 1,000,000 1,005,940 0.05 KrisEnergy Ltd STP due 09/06/2022 2,500,000 911,275 0.05 Lippo Malls Indonesia Retail Trust Series EMTN

Var Perp (SG74H8000008) 2,500,000 2,182,525 0.11 Lippo Malls Indonesia Retail Trust Series EMTN

Var Perp (XS1632471352) 11,000,000 8,910,000 0.47 Nexus International School Singapore Pte Limited

3.15% due 03/12/2031 7,500,000 7,590,900 0.40 Oversea-Chinese Banking Corporation Limited

Var Perp 2,500,000 2,506,475 0.13 Parkway Pantai Limited Series EMTN Var Perp 5,800,000 8,166,745 0.43 Sembcorp Industries Limited Var Perp 24,750,000 24,546,060 1.29 Singapore Post Limited Var Perp 1,000,000 1,000,200 0.05 Singapore Press Holdings Limited Var Perp 11,500,000 11,750,010 0.62 Singapore Press Holdings Series EMTN Var Perp 5,000,000 4,887,900 0.26 SPH REIT Series MTN Var Perp 26,250,000 24,967,819 1.32 United Overseas Bank Limited 4% Perp 250,000 249,932 0.01 United Overseas Bank Limited Series EMTN Var

Perp 3,500,000 4,722,839 0.25 United Overseas Bank Limited Series GMTN Var Perp 17,000,000 16,854,650 0.89



127

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) Singapore (continued) Wing Tai Holdings Var Perp 2,000,000 1,881,520 0.10 Zhenro Properties Group Limited 9.15% due

08/03/2022 6,000,000 5,279,460 0.28 Total Singapore 168,002,998 8.85 South Korea Hanwha Life Insurance Company Limited Series

Var due 23/04/2048 600,000 861,093 0.05 Kookmin Bank Series Var Perp 1,350,000 1,852,576 0.10 Kyobo Life Insurance Company Var due

24/07/2047 4,200,000 5,978,017 0.31 Shinhan Financial Group Company Limited Var

Perp 5,500,000 8,201,355 0.43 Total South Korea 16,893,041 0.89 Switzerland Argentum Netherlands BV for Swiss Re Limited

Var due 15/08/2052 2,400,000 3,427,321 0.18 Argentum Netherlands BV Var Perp 4,400,000 5,437,905 0.29 Cloverie PLC for Zurich Insurance Company

Limited 5.625% due 24/06/2046 7,000,000 10,473,371 0.55 Cloverie PLC Swiss Reinsurance Var due

11/09/2044 4,970,000 6,502,769 0.34 Credit Suisse Group AG Var Perp

(CH0482172324) 5,750,000 5,689,510 0.30 Julius Baer Group Limited Var Perp

(XS1322369338) due 29/12/2049 14,500,000 14,213,625 0.75 Julius Baer Group Limited Var Perp

(XS1502435727) 14,250,000 12,892,260 0.68 Swiss Re Finance (Luxembourg) SA Var Perp 1,600,000 2,008,380 0.11 UBS Group AG Var Perp 5,250,000 4,798,238 0.25 UBS Group AG Var Perp (CH0495570928) 20,750,000 17,724,235 0.93 Willow No 2 Ireland PLC for Zurich Insurance

Company Limited Var due 01/10/2045 5,786,000 8,069,509 0.43 Total Switzerland 91,237,123 4.81



128

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary (continued) MONEY MARKET (QUOTED) (continued) United states of America Citigroup Global Markets Series GMTN Var

30/09/2026 3,000,000 3,723,425 0.20 Total United states of America 3,723,425 0.20 Total Money Market 700,843,857 36.91 Accrued interest on debt securities 27,445,198 1.45 Portfolio of investments 1,923,056,321 101.31 Other net liabilities (24,889,555) (1.31) Net assets attributable to unitholders 1,898,166,766 100.00



129

Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Geography - Primary (Summary) Australia 5.06 4.94 Canada 0.08 0.32 China 29.01 27.00 France 6.59 6.29 Germany 2.60 2.22 Great Britain 4.80 7.51 Hong Kong 6.30 6.51 India 3.75 3.45 Indonesia 2.86 3.28 Japan 1.40 2.27 Macao 0.07 0.09 Malaysia 0.69 0.89 Mongolia 0.13 0.05 Netherlands 1.25 1.99 Oman 0.08 0.10 Philippines 0.50 - Qatar 0.13 0.20 Saudi Arabia 0.12 0.12 Singapore 24.54 23.03 South Korea 1.81 1.67 Sri Lanka 0.58 0.69 Switzerland 6.82 6.66 United Arab Emirates 0.20 - United States of America 0.49 0.49 Accrued interest on debt securities 1.45 1.35 Portfolio of investments 101.31 101.12 Other net liabilities (1.31) (1.12) Net assets attributable to unitholders 100.00 100.00



130

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 2020 31 March 2020 31 March 2019 S$ % % By Industry - Secondary Agriculture - - 0.18 Airlines 16,347,815 0.87 0.85 Bank 431,304,198 22.72 27.06 Building/Construction 3,291,454 0.17 0.16 Chemical 1,980,971 0.10 0.19 Commercial Services 7,843,790 0.41 0.56 Communications 40,253,702 2.12 0.91 Computers - - 0.06 Construction Materials - - 0.45 Consumer Discretionary 6,477,229 0.34 - Consumer, Cyclical 1,894,806 0.10 - Consumer, Non-cyclical 5,608,383 0.30 0.51 Diversified Resource 4,645,072 0.24 0.39 Educational Services 7,590,900 0.40 - Electric/Electronics 33,736,171 1.77 1.91 Energy 14,220,814 0.75 0.65 Engineering and Construction 24,444,564 1.29 0.79 Finance 211,736,765 11.16 8.89 Financial 3,623,161 0.19 - Food 15,131,596 0.79 0.78 Government 14,037,768 0.74 1.27 Healthcare 9,408,883 0.50 0.43 Hotel 62,534,328 3.30 1.98 Insurance 148,841,986 7.84 8.65 Investment 37,353,100 1.97 1.24 Iron and Steel 22,571,199 1.19 0.67 Materials 7,509,621 0.39 0.29 Metals 5,550,922 0.30 0.46 Mining 32,297,348 1.70 2.63 Miscellaneous 15,537,408 0.81 0.14 Oil and Gas 27,641,166 1.47 2.59 Real Estate 468,070,782 24.66 20.98 Real Estate Investment Trusts 115,711,487 6.09 8.39 Retail 37,241,781 1.96 2.14 Semiconductor - - 0.34 Ship Building 41,387,859 2.17 1.27 Shipping 4,436,692 0.23 0.27 Telecommunication 4,091,266 0.22 0.69 Textiles 4,119,842 0.22 0.13 Transport 3,827,280 0.20 0.17 Utilities 2,803,811 0.15 0.52 Wholesale 505,203 0.03 0.18



131

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 2020 31 March 2020 31 March 2019 S$ % % By Industry - Secondary (continued) Accrued interest on debt securities 27,445,198 1.45 1.35 Portfolio of investments 1,923,056,321 101.31 101.12 Other net liabilities (24,889,555) (1.31) (1.12) Net assets attributable to unitholders 1,898,166,766 100.00 100.00 .



132

Fullerton Dynamic Strategies Fund – Aggressive

Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary UNIT TRUST France Lyxor MSCI World UCITS ETF -D-EUR ETF 9,592 2,552,873 11.34 Total France 2,552,873 11.34 Hong Kong iShares Core MSCI AC Asia ex Japan Index ETF 28,000 221,691 0.99 Total Hong Kong 221,691 0.99 Ireland iShares Global Government Bond UCITS ETF

USD Dist 9,119 1,499,013 6.66 iShares MSCI World UCITS ETF USD Dist 59,310 3,396,520 15.09 SPDR MSCI ACWI UCITS ETF 10,307 1,712,718 7.61 Total Ireland 6,608,251 29.36 Luxembourg Fullerton Lux Funds - Global Absolute Alpha

Fund Class I USD Accumulation 474,223 6,717,717 29.85 Total Luxembourg 6,717,717 29.85 Singapore iShares Barclays USD Asia High Yield Bond

Index ETF 17,391 220,631 0.99 Total Singapore 220,631 0.99 United States of America Invesco China Technology ETF 3,316 226,065 1.00 Invesco QQQ Trust Series 1 7,820 2,120,010 9.42 iShares Expanded Tech Sector ETF 1,440 431,167 1.92 Technology Select Sector SPDR Fund ETF 5,800 663,722 2.95 Total United States of America 3,440,964 15.29 Total Unit Trust 19,762,127 87.82 Portfolio of investments 19,762,127 87.82 Other net assets 2,741,997 12.18 Net assets attributable to unitholders 22,504,124 100.00



133


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Geography - Primary (Summary) France 11.34 13.11 Hong Kong 0.99 3.79 Ireland 29.36 66.41 Luxembourg 29.85 14.14 Singapore 0.99 - United States of America 15.29 - Portfolio of investments 87.82 97.45 Other net assets 12.18 2.55 Net assets attributable to unitholders 100.00 100.00 As the Sub-Fund invests only in unit trusts, no secondary representation is presented.



134

Fullerton Dynamic Strategies Fund – Balanced Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary UNIT TRUST Australia Vanguard Australian Shares Index ETF 1,220 69,022 1.01 Total Australia 69,022 1.01 France Lyxor MSCI World UCITS ETF-D-EUR ETF 1,137 302,608 4.45 Total France 302,608 4.45

Ireland iShares Core Global Aggregate Bond UCITS

ETF USD Dist 72,400 528,010 7.76 iShares Global Government Bond UCITS

ETF USD Dist 2,990 491,507 7.22 iShares MSCI World UCITS ETF 7,910 452,984 6.66 Total Ireland 1,472,501 21.64 Luxembourg Fullerton Lux Funds - Global Absolute Alpha

Fund Class I USD Accumulation 140,974 1,997,001 29.34 Total Luxembourg 1,997,001 29.34 Singapore iShares Barclays USD Asia High Yield Bond

Index ETF 25,700 326,043 4.79 Total Singapore 326,043 4.79 United States of America Invesco China Technology ETF 992 67,629 1.00 Invesco QQQ Trust Series 1 2,107 571,210 8.39 iShares Expanded Tech Sector ETF 230 68,867 1.01 Total United States of America 707,706 10.40 Total Unit Trust 4,874,881 71.63 Portfolio of investments 4,874,881 71.63 Other net assets 1,931,015 28.37 Net assets attributable to unitholders 6,805,896 100.00



135


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Geography - Primary (Summary) Australia 1.01 - France 4.45 10.07 Hong Kong - 2.25 Ireland 21.64 49.32 Luxembourg 29.34 38.11 Singapore 4.79 - United States of America 10.40 - Portfolio of investments 71.63 99.75 Other net assets 28.37 0.25 Net assets attributable to unitholders 100.00 100.00 As the Sub-Fund invests only in unit trusts, no secondary representation is presented.



136

Fullerton Asia Income Return Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography - Primary UNIT TRUST Hong Kong iShares Core Hang Seng Index ETF-H 4,580 50,167 0.10 iShares Core MSCI AC Asia ex Japan Index ETF 86,700 482,108 0.96 Total Hong Kong 532,275 1.06 Ireland iShares Edge MSCI World Value Factor UCITS

ETF 1,900 46,398 0.09 Total Ireland 46,398 0.09 Luxembourg Fullerton Lux Funds - Asia Absolute Alpha Class I

USD Accumulation 532,083 5,969,544 11.92 Fullerton Lux Funds - Asia Focus Equities Class I

USD Accumulation 176,814 2,734,602 5.46 Fullerton Lux Funds - Asia Growth & Income

Equities Class I USD Distribution 535,623 4,949,152 9.88 Fullerton Lux Funds - Asian Bond Class I USD

Distribution 45,788 494,378 0.99 Fullerton Lux Funds - Asian High Yield Bonds

Class A USD Distribution 1,035,598 8,946,527 17.87 Fullerton Lux Funds - China A Equities Class I

USD Accumulation 192,569 3,281,958 6.55 Fullerton Lux Funds - Global Absolute Alpha

Class I USD Accumulation 167,459 1,671,241 3.34 Total Luxembourg 28,047,402 56.01 Singapore Fullerton SGD Cash Fund Class B SGD 7,089,455 5,121,675 10.23 Fullerton USD Cash Fund Class B USD 2,597,997 2,609,350 5.21 iShares Barclays USD Asia High Yield Bond

Index ETF 5,300 47,223 0.09 Lion-Phillip S-REIT ETF 5,300,000 3,383,573 6.76 Nikkoam-Straits Trading Asia ex Japan REIT ETF 5,390,000 3,823,366 7.64 Total Singapore 14,985,187 29.93



137

Fullerton Asia Income Return Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) UNIT TRUST (continued) United States of America Energy Select Sector SPDR Fund 34,625 1,006,203 2.01 Invesco China Technology ETF 1,920 91,930 0.19 Invesco QQQ Trust Series 1 9,240 1,759,296 3.51 SPDR Gold Shares ETF 790 116,959 0.23 Total United States of America 2,974,388 5.94 Total Unit Trust 46,585,650 93.03 Portfolio of investments 46,585,650 93.03 Other net assets 3,492,330 6.97 Net assets attributable to unitholders 50,077,980 100.00



138

Fullerton Asia Income Return Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % % By Geography - Primary (Summary) Hong Kong 1.06 4.64 Ireland 0.09 0.12 Luxembourg 56.01 71.72 Singapore 29.93 19.87 United States of America 5.94 0.38 Portfolio of investments 93.03 96.73 Other net assets 6.97 3.27 Net assets attributable to unitholders 100.00 100.00 As the Sub-Fund invests only in unit trusts, no secondary representation is presented.



139

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

31 March 2020 31 March 2020 31 March 2020 US$ % By Geography - Primary DEBT SECURITIES (QUOTED) Australia APT Pipelines Limited 4.2% due 23/03/2025 1,500,000 1,571,475 0.32 Commonwealth Bank of Australia Series 3.61%

due 12/09/2034 350,000 323,855 0.06 Lendlease Finance Limited 3.9% due 27/04/2027 1,000,000 701,900 0.14 Lendlease Group Series EMTN 4.5% due

26/05/2026 1,900,000 2,026,008 0.41 Macquarie Bank Limited 4.875% due 10/06/2025 3,000,000 3,214,410 0.65 Total Australia 7,837,648 1.58 China AAC Technologies Holding 3% due 27/11/2024 2,000,000 1,928,460 0.39 Agriculture Development Bank China 3.4% due

06/11/2024 3,000,000 433,633 0.09 Bank Of China/Macau Series 3.15% due

16/10/2021 12,800,000 1,810,333 0.37 Bank of Communications/HK Series EMTN 3.15%

due 22/01/2022 3,000,000 423,531 0.09 Bank of Communications/HK Series EMTN 3.4%

due 21/03/2021 4,010,000 567,884 0.11 Bluestar Finance Holdings Limited 3.5% due

30/09/2021 2,000,000 2,041,420 0.41 BOC Aviation Limited Series EMTN 4.375% due

02/05/2023 500,000 540,025 0.11 Bocom Leasing Management Hong kong

Company Limited Series EMTN 4.375% due 22/01/2024 700,000 766,892 0.15

CDBL Funding 2 3.75% due 11/03/2022 700,000 729,358 0.15 Central China Real Estate 6.875% due 23/10/2020 1,000,000 973,710 0.20 Central China Real Estate 7.25% due 16/07/2024 1,000,000 778,630 0.16 Central China Real Estate Limited 6.75% due

08/11/2021 1,200,000 1,038,492 0.21 China Aoyuan Group Limited 8.5% due

23/01/2022 600,000 581,310 0.12 China Aoyuan Property Group Limited 7.95% due

19/02/2023 2,100,000 1,940,820 0.39 China Cinda Finance 2014 I Limited 5.625% due

14/05/2024 500,000 561,640 0.11 China Cinda Finance 2017 I Limited 4.1% due

09/03/2024 750,000 795,450 0.16 China Cinda Finance 2017 I Limited 4.75% due

21/02/2029 1,250,000 1,408,838 0.28



140

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued) China Evergrande Group 11.5% due 22/01/2023 1,000,000 811,710 0.16 China Evergrande Group 9.5% due 11/04/2022 1,400,000 1,148,182 0.23 China Great Wall International Holdings IV Limited

3.125% due 31/07/2024 1,500,000 1,531,305 0.31 China Overseas Finance Cayman VIII Series

EMTN 3.45% due 15/07/2029 1,000,000 1,026,700 0.21 China Reinsurance Finance Corporation 3.375%

due 09/03/2022 2,000,000 2,035,600 0.41 China SCE Group Holdings Limited 7.375% due

09/04/2024 1,500,000 1,319,715 0.27 China SCE Property Holdings 5.875% due

10/03/2022 400,000 364,224 0.07 China Taiping Capital 4.125% due 21/11/2022 2,000,000 2,127,420 0.43 Chinalco Capital Holdings Limited 4% due


21/04/2022 600,000 585,768 0.12 CIFI Holdings Group 5.5% due 23/01/2023 500,000 459,490 0.09 CIFI Holdings Group 6% due 16/07/2025 650,000 576,433 0.12 CIFI Holdings Group 6.45% due 07/11/2024 1,000,000 916,130 0.19 CIFI Holdings Group Company Limited 6.55% due

28/03/2024 2,000,000 1,860,980 0.38 CIFI Holdings Group Company Limited 6.7% due

23/04/2022 7,300,000 1,033,063 0.21 CITIC Limited 6.8% due 17/01/2023 2,000,000 2,248,640 0.45 CITIC Series EMTN 2.45% due 25/02/2025 550,000 544,957 0.11 CN Overseas Fin KY VIII Series EMTN 2.375%

due 02/03/2025 1,150,000 1,150,863 0.23 CNAC (Hong Kong) Finbridge Company Limited

3.5% due 19/07/2022 2,500,000 2,495,375 0.50 CNAC (Hong Kong) Finbridge Company Limited

3.875% due 19/06/2029 1,250,000 1,294,888 0.26 CNAC (Hong Kong) Finbridge Company Limited

4.625% due 14/03/2023 600,000 618,150 0.12 CNAC HK Finbridge Co Limited 5.125% due

14/03/2028 2,000,000 2,223,180 0.45 CNAC HK Finbridge Co LImited Series 3.375%

due 19/06/2024 550,000 550,027 0.11 Country Garden Holdings 5.125% due 14/01/2027 700,000 653,870 0.13 Country Garden Holdings Company Limited 6.5%

due 08/04/2024 4,500,000 4,416,435 0.89



141

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued) Country Garden Holdings Company Limited

7.125% due 25/04/2022 850,000 858,993 0.17 Eastern Air Overseas (Hong Kong) Corporation

Limited 2.8% due 16/11/2020 4,000,000 2,795,238 0.56 EHI Car Services Limited 5.875% due 14/08/2022 800,000 579,880 0.12 Fortune Star BVI Limited 5.25% due 23/03/2022 950,000 881,258 0.18 Fortune Star BVI Limited 6.75% due 02/07/2023 3,000,000 2,708,580 0.55 Franshion Brilliant Limited 3.6% due 03/03/2022 1,000,000 1,024,310 0.21 Franshion Brilliant Limited 4% due 21/06/2024 1,000,000 1,082,870 0.22 Golden Eagle Retail Group Limited 4.625% due

21/05/2023 3,900,000 3,721,341 0.75 Hopsoncapitalinternation 6% due 17/02/2021 900,000 868,608 0.18 Huarong Finance 2017 Company Limited 3.8%

due 07/11/2025 1,000,000 698,943 0.14 Huarong Finance 2019 Company Limited Series

EMTN 4.5% due 29/05/2029 2,850,000 2,947,812 0.60 Huarong Finance 2019 Series EMTN 3.25% due

13/11/2024 1,200,000 1,168,620 0.24 Huarong Finance 2019 Series EMTN 3.875% due

13/11/2029 3,500,000 3,440,255 0.70 Huarong Finance II 3.25% due 03/06/2021 1,500,000 1,532,235 0.31 Huarong Finance II Company Limited Series

EMTN 3.75% due 19/11/2020 500,000 507,540 0.10 Huarong Finance II Company Limited Series

EMTN 5% due 19/11/2025 600,000 625,908 0.13 Industrial & Commercial Bank of China/SG Series

EMTN 3.3% due 25/04/2022 9,300,000 1,321,263 0.27 Kaisa Group Holdings Limited 11.25% due

09/04/2022 700,000 624,848 0.13 Kaisa Group Holdings Limited 11.5% due

30/01/2023 400,000 337,676 0.07 Kaisa Group Holdings Limited Series 11.95% due

22/10/2022 600,000 521,106 0.11 Lenovo Group Limited 4.95% due 10/06/2020 8,500,000 1,201,958 0.24 Longfor Group Holdings Limited 3.375% due

13/04/2027 1,700,000 1,627,172 0.33 Longfor Group Holdings Limited 3.95% due

16/09/2029 2,200,000 2,072,224 0.42 Longfor Properties Company Limited 3.875% due

13/07/2022 400,000 413,860 0.08 Longfor Properties Company Limited 4.5% due

16/01/2028 2,000,000 2,014,240 0.41



142

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued) Minmetals Bounteous Finance BVI Limited 4.2%

due 27/07/2026 3,000,000 3,309,510 0.67 Poly Real Estate Finance Limited 4.75% due

17/09/2023 1,000,000 1,061,670 0.21 RKPF Overseas 2019 A Limited 5.9% due

05/03/2025 1,200,000 1,023,756 0.21 RKPF Overseas 2019 A Limited 6.7% due

30/09/2024 1,300,000 1,173,289 0.24 Ronshine China 10.5% due 01/03/2022 1,000,000 957,700 0.19 Ronshine China 8.1% due 09/06/2023 1,050,000 959,164 0.19 Ronshine China Holdings Limited 8.75% due

25/10/2022 2,200,000 2,071,938 0.42 Ronshine China Holdings Limited 8.95% due

22/01/2023 1,200,000 1,113,072 0.22 Scenery Journey Limited 1 1.5% due 24/10/2022 1,750,000 1,322,230 0.27 Scenery Journey Limited 9% due 06/03/2021 1,000,000 900,930 0.18 Shimao Property Holdings Limited 5.6% due


03/03/2025 450,000 379,710 0.08 Shui on Development Holdings 5.75% due

12/11/2023 2,050,000 1,817,592 0.37 Sino Ocean Land IV 4. 75% due 14/01/2030 500,000 462,685 0.09 SUNAC China Holdings Limited 6.5% due

10/01/2025 500,000 441,745 0.09 Sunac China Holdings Limited 7.95% due

11/10/2023 1,100,000 1,016,972 0.21 SUNAC China Holdings Ltd 7.5% due 01/02/2024 1,550,000 1,400,037 0.28 Times China Holding Limited 7.625% due

21/02/2022 1,300,000 1,254,071 0.25 Times China Holdings Limited 6.6% due

02/03/2030 500,000 460,010 0.09 Times Property Holdings Limited 6.25% due

17/01/2021 1,000,000 981,290 0.20 Vanke Real Estate HK Series EMTN 3.15% due

12/05/2025 2,000,000 1,955,080 0.39 Vanke Real Estate HK Series EMTN 3.5% due

12/11/2029 1,850,000 1,787,766 0.36



143

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) China (continued) Vigorous Champ International Limited Series

EMTN 4.375% due 10/09/2023 2,100,000 2,261,217 0.46 Vigorous Champion International Limited Series

EMTN 3.625% due 28/05/2024 500,000 527,305 0.11 Weibo Corporation 3.5% due 05/07/2024 2,500,000 2,487,350 0.50 Westwood Group Holdings Limited Series EMTN

5.375% due 19/10/2023 1,730,000 1,895,388 0.38 Yango Justice International 8. 25% due


16/11/2020 400,000 375,388 0.08 Yanlord Land Hong Kong Co. Ltd 5.875% due

23/01/2022 600,000 569,484 0.11 Yingde Gases Invstment Limited Series 6.25% due

19/01/2023 600,000 549,630 0.11 Yuzhou Properties Co Limited 7.375% 13/01/2026 2,450,000 2,003,585 0.40 Yuzhou Properties Company Limited 6% due

25/10/2023 1,000,000 836,260 0.17 Yuzhou Properties Company Limited 8.5% due

04/02/2023 400,000 371,964 0.08 Yuzhou Properties Company Limited 8.5% due

26/02/2024 500,000 445,320 0.09 Zhenro Properties Group 5.6% due 28/02/2021 300,000 284,064 0.06 Zhenro Properties Group 7.875% due 14/04/2024 1,950,000 1,527,064 0.31 Zhenro Properties Group Limited 8.65% due


08/03/2022 500,000 464,875 0.09 Zhenro Properties Group Limited 9.8% due

20/08/2021 250,000 240,073 0.05 Zijin International Capital Company Limited

5.282% due 18/10/2021 350,000 363,377 0.07 Total China 134,735,016 27.22



144

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) France BPCE SA 5.15% due 21/07/2024 1,000,000 1,038,200 0.21 Credit Agricole SA Series 3.25% due 14/01/2030 4,500,000 4,279,320 0.86 Societe Generale 3% due 22/01/2030 1,000,000 920,340 0.19 Total France 6,237,860 1.26 Hong Kong Agile Group Holdings Limited 6.7% due

07/03/2022 1,000,000 970,350 0.20 Celestial Dynasty Limited 4.25% due 27/06/2029 500,000 505,455 0.10 ESR Cayman Limited Series EMTN 6.75% due

01/02/2022 1,000,000 682,389 0.14 ESR Cayman Limited Series EMTN 7.875% due

04/04/2022 2,800,000 2,815,400 0.57 Fubon Bank (Hong Kong) Limited 6.125% due

30/11/2020 750,000 770,970 0.16 Haitong International Finance 2015 Limited 4.2%

due 29/07/2020 1,500,000 1,511,775 0.30 Haitong International Securities Group Limited

3.375% due 19/07/2024 700,000 736,099 0.15 HKT Capital No 4 Limited 3% due 14/07/2026 500,000 517,380 0.10 HKT Capital No 5 Limited 3.25% due 30/09/2029 2,000,000 1,957,960 0.39 HPHT Finance 19 Limited 2. 875% due

05/11/2024 950,000 966,882 0.19 ICBCIL Finance Company Limited 3.75% due

05/03/2024 2,400,000 2,583,768 0.52 Johnson Electric Holding Limited 4.125% due

30/07/2024 1,600,000 1,715,088 0.35 Joy Treasure Assets Holdings 3.5% due

24/09/2029 1,500,000 1,539,270 0.31 Joy Treasure Assets Holdings 3.875% due

20/03/2024 350,000 366,541 0.07 Melco Resorts Finance Series 5.375% due

04/12/2029 500,000 427,165 0.09 Melco Resorts Finance Series 5.625% due

17/07/2027 300,000 271,191 0.05 New World China Land Limited 4.75% due

23/01/2027 500,000 546,420 0.11 New World Development Company Limited MTN

Series EMTN 4.375% due 30/11/2022 3,000,000 3,199,890 0.65



145

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Hong Kong (continued) PCCW Capital No4 Limited 5.75% due 17/04/2022 4,000,000 4,296,520 0.87 Road King Infrastructure Overseas Finance 2016

B Limited 4.7% due 06/09/2021 2,500,000 2,358,775 0.48 Shimao Property Holdings Limited 6.125% due

21/02/2024 800,000 798,768 0.16 SmarTone Finance Limited 3.875% due

08/04/2023 3,295,000 3,493,293 0.71 Sun Hung Kai Prop (Capital Market) Series EMTN

2.875% due 21/01/2030 1,000,000 995,720 0.20 Wiseyear Holdings Limited Series EMTN 5.875%

due 06/04/2021 1,000,000 1,040,270 0.21 Yuexiu Real Estate Investment Trust MTN

Company Limited Series EMTN 4.75% due 27/04/2021 800,000 824,216 0.17

Total Hong Kong 35,891,555 7.25 India ABJA Investment Company Pte Limited 5.95%

due 31/07/2024 2,500,000 2,072,425 0.42 Adani Electricity Mumbai Series 3.949% due

12/02/2030 700,000 582,946 0.12 Adani Transmission Limited 4% due 03/08/2026 5,000,000 4,458,800 0.90 Bharat Petroleum Corporation Limited 4.625% due

25/10/2022 1,500,000 1,464,420 0.30 BPRL International Singapore Series EMTN

4.375% due 18/01/2027 500,000 450,795 0.09 Export-Import Bank of India 4% due 14/01/2023 1,100,000 1,104,257 0.22 Greenko Dutch BV Series 4.875% due 24/07/2022 500,000 443,560 0.09 Greenko Dutch BV Series 5.25% due 24/07/2024 750,000 609,937 0.12 Greenko Solar Mauritius Limited Series 5.55% due

29/01/2025 2,850,000 2,352,447 0.48 Housing Development Finance Corporation

Limited Series EMTN 6.875% due 30/04/2020 130,000,000 1,716,229 0.35 HPCL-Mittal Energy Limited Series EMTN 5.45%

due 22/10/2026 400,000 302,208 0.06 Indian Oil Corporation Limited 4.1% due

15/10/2022 3,750,000 2,619,904 0.53 Indian Oil Corporation Limited EMTN 5.75% due

01/08/2023 1,300,000 1,271,738 0.26 Manappuram Finance Limited Series EMTN 5.9%

due 13/01/2023 800,000 588,272 0.12



146

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) India (continued) NTPC Limited Series EMTN 3.75% due

03/04/2024 500,000 478,705 0.10 NTPC Limited Series EMTN 4.75% due

03/10/2022 1,000,000 1,003,110 0.20 NTPC Limited Series EMTN 7.375% due

10/08/2021 150,000,000 1,965,870 0.40 Oil India Limited 5.125% due 04/02/2029 1,000,000 891,340 0.18 ONGC Videsh Limited 3.75% due 07/05/2023 1,800,000 1,744,002 0.35 ONGC Videsh Limited 4.625% due 15/07/2024 1,400,000 1,341,032 0.27 Power Finance Corp Limited Series 3.95% Due

23/04/2030 1,500,000 1,282,515 0.26 Power Finance Corporation Limited 3.75 % due


16/09/2029 1,050,000 898,758 0.18 Power Finance Corporation Limited Series EMTN

3.75% due 06/12/2027 1,500,000 1,310,460 0.26 REC Limited Series GMTN 3.375% due

25/07/2024 950,000 865,840 0.17 Reliance Holding USA Inc 5.4% due 14/02/2022 750,000 768,855 0.16 Reliance Industries Limited 4.125% due

28/01/2025 2,500,000 2,503,075 0.51 Renew Power Synthetic 6.67% due 12/03/2024 1,500,000 1,209,150 0.24 Rural Electrification Limited 3.875% due

07/07/2027 3,000,000 2,654,940 0.54 Shriram Transport Fin Series 5.1% due

16/07/2023 800,000 563,016 0.11 Shriram Transport Finance Company Limited

5.7% due 27/02/2022 500,000 374,980 0.08 Shriram Transport Finance Company Limited

Series 5.95% due 24/10/2022 1,650,000 1,230,174 0.25 UPL Corporation Limited 3.25% due 13/10/2021 2,300,000 2,241,511 0.45 UPL Corporation Limited 4.5% due 08/03/2028 2,000,000 1,734,420 0.35 Vedanta Resources PLC 6.375% due 30/07/2022 1,250,000 506,275 0.10 Vedanta Resources PLC Series 6.125% due

09/08/2024 300,000 118,584 0.02 Vedanta Resources Series 9.25% due 23/04/2026 500,000 197,180 0.04 Total India 47,043,910 9.51



147

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Indonesia Alam Synergy Pte Limited 11.5% due 22/04/2021 715,000 589,446 0.12 Alam Synergy Pte Limited 6.625% due 24/04/2022 1,100,000 562,078 0.11 Bukit Makmur Mandiri Utama 7.75% due

13/02/2022 750,000 510,743 0.10 Golden Legacy Pte Limited Series 6.875% due

27/03/2024 1,100,000 822,591 0.17 Indika Energy Capital II Pte Series 6.875% due

10/04/2022 2,000,000 1,577,720 0.32 Indika Energy Capital III Pte Series 5.875% due

09/11/2024 1,400,000 949,788 0.19 Indonesia Asahan Alumini Series 6.53% due

15/11/2028 2,000,000 2,111,040 0.43 Indonesia Eximbank 8.35% due 25/08/2021 60,000,000,000 3,763,115 0.76 Jasa Marga (Persero) Series 7.5% due

11/12/2020 7,000,000,000 425,858 0.09 JGC Ventures Pte Limited 10.75% due

30/08/2021 200,000 171,392 0.04 Medco Bell Pte Limited Series 6.375% due

30/01/2027 1,930,000 1,138,970 0.23 Medco Platinum Road Pte Limited Series 6.75%

due 30/01/2025 1,700,000 1,020,255 0.21 Modernland Overseas Pte Limited 6.95% due

13/04/2024 2,000,000 1,408,220 0.28 PB International BV 7.625% due 26/01/2022 2,000,000 1,589,540 0.32 Pelabuhan Indonesia II PT 4.25% due 05/05/2025 3,000,000 2,955,150 0.60 Pertamina 4.875% due 03/05/2022 1,000,000 1,006,020 0.20 Pertamina Persero 4.3% due 20/05/2023 2,350,000 2,344,995 0.47 Perusahaan Gas Negara Persero Tbk PT 5.125%

due 16/05/2024 2,000,000 1,964,180 0.40 Perusahaan Listrik Negara 4.125% due

15/05/2027 7,200,000 6,992,208 1.41 Perusahaan Listrik Negara Series 4.875% due

17/07/2049 1,000,000 957,560 0.19 Perusahaan Penerbit SBSN 4.55% due

29/03/2026 3,000,000 3,081,540 0.62 Perusahaan Penerbit Sbsn Series 4.4% due

01/03/2028 3,000,000 3,049,110 0.62 PT ABM Investama Tbk 7.125% due 01/08/2022 700,000 404,880 0.08 PT Bank Mandiri (Persero) Tbk Series EMTN

3.75% due 11/04/2024 700,000 666,589 0.14



148

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Indonesia (continued) PT Bayan Resources Tbk Series 6.125% due

24/01/2023 1,600,000 1,046,704 0.21 PT Indonesia Asahan Aluminium Series 6.757%

due 15/11/2048 600,000 636,570 0.13 PT Pertamina (Persero) Series 3.1% due

21/01/2030 650,000 579,085 0.12 PT Pertamina (Persero) Series 4.175% due

21/01/2050 2,750,000 2,375,450 0.48 PT Pertamina Persero Series 3.65% due

30/07/2029 500,000 463,265 0.09 PT Pertamina Persero Series 4.7% due

30/07/2049 1,000,000 919,740 0.19 PT Sri Rejeki Isman Tbk Series 7.25% due

16/01/2025 2,350,000 1,658,442 0.34 Republic of Indonesia 3.5% due 14/02/2050 450,000 451,885 0.09 TBLA International Pte Limited 7% due 24/01/2023 2,000,000 1,406,160 0.28 Theta Capital Pte Limited 8.125% due 22/01/2025 1,200,000 901,020 0.18 Tower Bersama Infrastructure 4.25% due

21/01/2025 1,000,000 895,220 0.18 Total Indonesia 51,396,529 10.39 Macao Sands China Limited 5.125% due 08/08/2025 750,000 706,065 0.14 Sands China Limited 5.4% due 08/08/2028 1,200,000 1,119,276 0.23 Studio City Company Limited 7.25% due

30/11/2021 750,000 727,605 0.15 Total Macao 2,552,946 0.52 Malaysia GOHL Capital Limited 4.25% due 24/01/2027 2,300,000 2,052,290 0.41 IOI Investment L Bhd Series EMTN 4.375% due

27/06/2022 4,000,000 4,202,400 0.85 Malaysia Government Series 0313 3.48% due

15/03/2023 10,000,000 2,360,555 0.48 Malaysia Investment Issue Series 0317 3.948%

due 14/04/2022 15,000,000 3,554,375 0.72 Press Metal Labuan Limited 4.8% due 30/10/2022 700,000 534,695 0.11 SSG Resources Limited 4.25% due 04/10/2022 2,900,000 3,055,266 0.62 TNB Global Ventures Capital Berhad 4.851% due

01/11/2028 1,200,000 1,351,896 0.27 Total Malaysia 17,111,477 3.46



149

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Mongolia Mongolian Mining Corporation Series 9.25% due

15/04/2024 1,300,000 812,786 0.16 Total Mongolia 812,786 0.16 Netherlands Listrindo Capital BV 4.95% due 14/09/2026 7,000,000 6,123,110 1.24 Total Netherlands 6,123,110 1.24 Philippines JGSH Philippines Limited 4.375% due 23/01/2023 1,725,000 1,771,282 0.36 Total Philippines 1,771,282 0.36 Saudi Arabia Saudi International Bond 4.625% due 04/10/2047 2,000,000 2,058,360 0.42 Total Saudi Arabia 2,058,360 0.42 Singapore AACI Real Estate Investment Trust Pte Limited

Series MTN 3.6% due 22/03/2022 2,500,000 1,728,570 0.35 Aims Apac REIT Series MTN 3.6% due

12/11/2024 750,000 521,078 0.11 Ascendas Hospitality Trust Series MTN 3.325%

due 23/09/2022 2,000,000 1,396,524 0.28 BOC Aviation Limited Series 3% due 11/09/2029 1,000,000 981,230 0.20 CDL Properties Limited Series MTN 2.958% due

09/05/2024 1,000,000 706,992 0.14 City Developments Limited 3% due 17/01/2024 2,000,000 1,414,826 0.29 ESR-MTN Pte Limited Series MTN 4.1% due

29/04/2020 500,000 351,298 0.07 ESR-REIT Series MTN 3.95% due 09/05/2023 1,000,000 697,805 0.14 F&N Treasury Pte Limited Series MTN 2.8% due

22/08/2022 4,000,000 2,796,418 0.57 Frasers Property Treasury Pte Limited Series MTN

4.15% due 23/02/2027 2,000,000 1,362,756 0.28 Keppel Corporation Limited Series MTN 3% due

01/10/2026 1,250,000 858,763 0.17 Keppel Corporation Limited Series MTN 3% due

07/05/2024 500,000 343,769 0.07 Keppel Corporation Limited Series MTN 3.66%

due 07/05/2029 1,500,000 1,026,860 0.21



150

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) Singapore (continued) LMIRT Capital Pte Limited 7.25% due 19/06/2024 1,700,000 1,454,503 0.29 Mapletree Commercial Trust Series EMTN 3.11%

due 24/08/2026 1,000,000 689,820 0.14 Mapletree Commercial Trust Series MTN 3.05%

due 22/11/2029 3,000,000 2,048,200 0.41 Mercatus Co Operative Sereis MTN 3.08% due

23/01/2030 1,000,000 679,742 0.14 Oversea-Chinese Banking Corporation Limited

4.25% due 19/06/2024 3,130,000 3,310,288 0.67 Overseas Union Enterprise CT Treasury Pte

Limited 3.03% due 05/09/2020 1,000,000 702,623 0.14 Overseas Union Enterprise Treasury Pte Limited

Series MTN 3.55% due 10/05/2023 2,000,000 1,404,080 0.28 Overseas Union Enterprise Treasury Pte Limited

Series MTN 3.75% due 17/04/2022 500,000 353,092 0.07 Prime Asset Holdings Limited Series MTN 2.9%

due 24/10/2024 2,000,000 1,412,621 0.29 Shangri-La Hotel Limited Series EMTN 3.5% due

29/01/2030 1,500,000 1,062,805 0.21 Shangri-La Hotel Limited Series EMTN 4.5% due

12/11/2025 1,000,000 713,221 0.14 Singapore Press Holdings Series MTN 3.2% due


due 02/08/2023 1,000,000 694,455 0.14 Suntec REIT MTN Pte Limited Series MTN 2.95%

due 05/02/2027 1,000,000 688,577 0.14 TML Holdings Pte Limited 5.75% due 07/05/2021 1,000,000 963,050 0.19 United Overseas Bank Limited Series EMTN

1.625% due 05/09/2022 500,000 513,935 0.10 UOL Treasury Services Pte Limited Series MTN

3% due 23/05/2024 250,000 175,029 0.04 Wing Tai Holdings 3.68% due 16/01/ 2030 750,000 526,778 0.10 Wing Tai Holdings Limited Series MTN 4.25% due

15/03/2023 500,000 354,156 0.07 Wing Tai Holdings Limited Series MTN 4.5% due


28/02/2024 4,250,000 3,096,111 0.63 Yanlord Land Hong Kong Company Limited 6.8%

due 27/02/2024 665,000 605,170 0.12 Total Singapore 39,864,453 8.05



151

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) South Korea Busan Bank Series GMTN 3.625% due 25/07/2026 2,250,000 2,370,847 0.48 Kookmin Bank Series GMTN 4.5% due 01/02/2029 800,000 853,376 0.17 Shinhan Bank Series GMTN 3.75% due

20/09/2027 1,000,000 1,018,710 0.21 Woori Bank Company Limited 4.75% due

30/04/2024 2,000,000 2,150,180 0.43 Total South Korea 6,393,113 1.29 Sri Lanka Republic of Sri Lanka 6.2% due 11/05/2027 1,000,000 581,920 0.12 Republic of Sri Lanka 6.85% due 03/11/2025 900,000 537,336 0.11 Republic of Sri Lanka Series 6.35% due

28/06/2024 500,000 303,085 0.06 Republic of Sri Lanka Series 6.75% due

18/04/2028 1,000,000 572,290 0.12 Republic of Sri Lanka Series 7.85% due

14/03/2029 1,000,000 569,120 0.11 Total Sri Lanka 2,563,751 0.52 Supra-National Asian Development Bank 5.25% due 09/03/2023 55,000,000 1,099,589 0.22 European Bank for Reconstruction and

Development Series GMTN 9.25% due 02/12/2020 24,000,000,000 1,484,454 0.30

Total Supra-National 2,584,043 0.52 Switzerland UBS AG 5.125% due 15/05/2024 5,000,000 5,040,250 1.02 Total Switzerland 5,040,250 1.02 Taiwan Competition Team Technologies Limited 4.25%

due 12/03/2029 950,000 1,050,386 0.21 Total Taiwan 1,050,386 0.21 United Arab Emirates Abu Dhabi National Energy Co 4.375% due

22/06/2026 2,000,000 2,021,800 0.41 Total United Arab Emirates 2,021,800 0.41



152

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) DEBT SECURITIES (QUOTED) (continued) United States of America Hyundai Capital America 3% due 10/02/2027 1,950,000 1,744,899 0.35 Total United States of America 1,744,899 0.35 Total Debt Securities 374,835,174 75.74 MONEY MARKET (QUOTED) Australia Aust & NZ Banking Group Series Var Perp 2,500,000 2,366,775 0.48 Australia & New Zealand Banking Group Ltd Var

Perp 1,250,000 1,224,387 0.25 QBE Insurance Group Limited Series EMTN Var

due 17/06/2046 1,000,000 962,770 0.20 QBE Insurance Group Limited Series EMTN Var

Perp 600,000 515,550 0.10 QBE Insurance Group Limited Var due 02/12/2044 900,000 952,074 0.19 Total Australia 6,021,556 1.22 China Agile Group Holdings Limited Var Perp 1,300,000 995,449 0.20 Agile Group Holdings Limited Var Perp 1,500,000 1,235,325 0.25 CCCI Treasure Limited Var Perp 2,850,000 2,714,454 0.55 China Construction Bank (Asia) Corporation

Limited Var due 13/05/2025 3,248,000 3,249,981 0.66 China Construction Bank Var due 27/02/2029 500,000 519,160 0.10 China Great Wall International Holdings IV Limited

Var Perp 1,050,000 1,054,967 0.21 China Life Insurance Company Limited Var due

03/07/2075 2,000,000 1,962,180 0.40 China Resources Land Ltd Series EMTN Var Perp 1,000,000 982,750 0.20 China State Con Fin III Var Perp 1,350,000 1,292,679 0.26 Chinalco Capital Holdings Limited Var Perp 250,000 236,650 0.05 Chong Hing Bank Limited Series EMTN Var Perp 350,000 304,895 0.06 Chong Hing Bank Limited Var due 26/07/2027 5,100,000 5,234,181 1.06 Huarong Finance 2019 Series EMTN FRN

24/02/2025 1,500,000 1,444,215 0.29 Huarong Finance Var Perp 2,000,000 1,951,380 0.39 Industrial & Commercial Bank of

China/Luxembourg Series EMTN FRN due 11/06/2024 1,300,000 1,299,233 0.26

Minmetals Bounteous Finance Var Perp 450,000 422,451 0.09 Sepco Virgin Limited Series EMTN Var Perp 700,000 692,692 0.14



153

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) (continued) China (continued) SPIC 2018 USD Senior Perpetual Var Perp 800,000 827,792 0.17 Tencent Holdings Limited Series FRN due

11/04/2024 3,000,000 2,934,000 0.59 Yuzhou Properties Company Limited Var Perp 500,000 430,570 0.09 Total China 29,785,004 6.02 France AXA SA Series EMTN Var due 17/01/2047 1,500,000 1,499,925 0.30 BNP Paribas Var Perp 500,000 386,425 0.08 BPCE SA Var due 17/12/2025 1,000,000 710,897 0.14 Credit Agricole SA Series EMTN Var due

30/04/2031 2,250,000 1,498,699 0.30 La Mondiale Series EMTN Var due 26/01/2047 1,000,000 959,380 0.19 Societe Generale SA Series EMTN 4.3% due

19/05/2026 2,000,000 1,412,536 0.29 Societe Generale SA Series Var Perp 1,500,000 893,753 0.18 Societe Generale SA Var Perp 1,100,000 920,326 0.19 Total France 8,281,941 1.67 Germany Commerzbank AG Var 01/03/2027 1,000,000 681,596 0.14 Total Germany 681,596 0.14 Great Britain HSBC Holdings PLC Var Perp (US404280AT69) 1,000,000 942,030 0.19 HSBC Holdings PLC Var Perp (XS1624509300) 1,250,000 797,758 0.16 HSBC Holdings PLC Var Perp (XS1882693036) 1,500,000 969,667 0.20 Standard Chartered PLC Series EMTN Var

12/02/2030 500,000 451,915 0.09 Total Great Britain 3,161,370 0.64 Hong Kong Bank of East Asia Limited Var due 03/11/2026 2,000,000 2,045,160 0.41 Bank of East Asia Limited Var Perp 1,250,000 1,142,787 0.23 CMB Wing Lung Bank Limited Series EMTN Var

due 22/11/2027 2,000,000 2,088,520 0.42 Dah Sing Bank Limited Series EMTN Var due

15/01/2029 1,700,000 1,861,908 0.38 Dah Sing Bank Limited Series EMTN Var due

30/11/2026 1,000,000 1,033,510 0.21 Nanyang Commercial Bank Var Perp 6,750,000 6,728,333 1.36 Total Hong Kong 14,900,218 3.01



154

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) (continued) India Network I2I Limited Series Var Perp 2,100,000 1,668,219 0.34 Total India 1,668,219 0.34 Indonesia LLPL Capital Pte Limited Series 6.875% due

04/02/2039 3,600,000 3,391,466 0.68 Minejesa Capital BV Series 4.625% due

10/08/2030 1,200,000 1,074,096 0.22 Total Indonesia 4,465,562 0.90 Japan Dai-ichi Life Insurance Company Limited Series

Var Perp 600,000 598,380 0.12 Dai-ichi Mutual Life Insurance Company Limited

Var Perp 500,000 523,940 0.11 Meiji Yasuda Life Insurance Company Var due

20/10/2045 2,000,000 2,102,200 0.42 Nippon Life Insurance Var Perp 450,000 436,833 0.09 Total Japan 3,661,353 0.74 Malaysia Malayan Banking Berhad Var due 29/10/2026 6,500,000 6,605,820 1.33 Total Malaysia 6,605,820 1.33 Netherlands ABN AMRO Bank NV Var due 27/03/2028 1,000,000 981,130 0.20 ING Groep NV Var Perp 1,000,000 860,240 0.17 Total Netherlands 1,841,370 0.37 Philippines Jollibee Worldwide Pte L Var Perp 900,000 714,483 0.15 SMC Global Power Holdings Var Perp

(XS1896598908) 1,150,000 1,050,042 0.21 SMC Global Power Holdings Var Perp

(XS2098881654) 500,000 400,930 0.08 Total Philippines 2,165,455 0.44 Qatar QIB Sukuk Limited Series EMTN FRN 07/02/2025 950,000 948,195 0.19 Total Qatar 948,195 0.19



155

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) (continued) Saudi Arabia Riyad Bank Var 550,000 497,783 0.10 Total Saudi Arabia 497,783 0.10 Singapore DBS Group Holdings Limited Series GMTN Var

Perp 600,000 543,732 0.11 Hotel Properties Limited Series MTN Var Perp 500,000 353,608 0.07 Parkway Pantai Limited Series EMTN Var Perp 6,000,000 5,933,460 1.20 Sembcorp Industries Limited Series MTN Var Perp 2,500,000 1,741,335 0.35 Singapore Press Holdings Limited Var Perp 1,500,000 1,076,385 0.22 Singapore Press Holdings Series EMTN Var Perp 2,250,000 1,544,794 0.31 SPH REIT Series MTN Var Perp 1,250,000 835,020 0.17 United Overseas Bank Limited Series GMTN Var

Perp 750,000 522,237 0.11 United Overseas Bank Limited Series Var due

15/04/2029 450,000 453,101 0.09 Total Singapore 13,003,672 2.63 South Korea KEB Hana Bank Series GMTN FRN due

13/06/2024 900,000 886,437 0.18 Kookmin Bank Series Var Perp 1,400,000 1,349,292 0.27 Kyobo Life Insurance Company Var due

24/07/2047 1,000,000 999,640 0.20 Shinhan Bank Series GMTN Var due 07/12/2026 1,000,000 1,031,870 0.21 Shinhan Financial Group Company Limited Series

Var due 05/02/2030 200,000 206,138 0.04 Woori Bank Company Limited Series GMTN due

21/05/2024 2,400,000 2,376,648 0.48 Total South Korea 6,850,025 1.38 Switzerland Argentum Netherlands BV Var Perp 1,400,000 1,215,186 0.24 Swiss Re Finance (Luxembourg) SA Var Perp 600,000 528,948 0.11 UBS Group AG Var Perp (CH0286864027) 200,000 190,704 0.04 UBS Group AG Var Perp (CH0495570928) 1,000,000 599,909 0.12 Total Switzerland 2,534,747 0.51



156

Fullerton USD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 US$ % By Geography – Primary (continued) MONEY MARKET (QUOTED) (continued) Thailand Export-Import Bank of Thailand Series EMTN FRN

due 23/05/2024 1,000,000 974,160 0.20 Kasikornbank PCL (HK) Var due 02/10/2031 1,200,000 1,087,836 0.22 Total Thailand 2,061,996 0.42 Total Money Market 109,135,882 22.05 Accrued interest on debt securities 6,643,818 1.34 Portfolio of investments 490,614,874 99.13 Other net assets 4,286,965 0.87 Net assets attributable to unitholders 494,901,839 100.00



157

Fullerton USD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % By Geography - Primary (Summary) Australia 2.80 3.77 China 33.24 22.51 France 2.93 1.57 Germany 0.14 0.17 Great Britain 0.64 2.47 Hong Kong 10.26 10.42 India 9.85 10.68 Indonesia 11.29 10.92 Japan 0.74 2.45 Kazakhstan - 0.92 Macao 0.52 0.21 Malaysia 4.79 5.61 Mongolia 0.16 1.10 Netherlands 1.61 2.06 Philippines 0.80 2.47 Qatar 0.19 - Saudi Arabia 0.52 0.99 Singapore 10.68 12.24 South Korea 2.67 2.54 Sri Lanka 0.52 1.38 Supra-National 0.52 0.63 Switzerland 1.53 1.66 Taiwan 0.21 0.22 Thailand 0.42 0.57 United Arab Emirates 0.41 0.93 United States of America 0.35 - Accrued interest on debt securities 1.34 1.25 Portfolio of investments 99.13 99.74 Other net assets 0.87 0.26 Net assets attributable to unitholders 100.00 100.00



158

Fullerton USD 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 2020 31 March 2020 31 March 2019 US$ % % By Industry - Secondary Agriculture 4,202,400 0.85 0.92 Airlines 2,795,238 0.56 0.67 Bank 88,790,793 17.94 19.24 Bank and Finance 4,688,985 0.94 - Building/Construction 1,151,524 0.23 0.35 Chemicals 9,223,040 1.86 1.61 Commercial Services 1,005,738 0.20 0.49 Communications 5,033,828 1.02 0.66 Consumer Discretionary 505,455 0.10 - Construction Materials - - 0.36 Consumer, Cyclical 3,281,973 0.66 - Consumer, Non-cyclical 2,739,583 0.55 - Diversified Resource 404,880 0.08 0.22 Electric/Electronics 35,297,059 7.13 6.05 Energy 6,474,584 1.31 1.35 Engineering and Construction 9,456,725 1.91 2.26 Finance 54,473,356 11.01 9.26 Financial 4,708,860 0.95 - Food 2,796,418 0.57 1.19 Government 17,119,576 3.47 6.07 Healthcare 5,933,460 1.20 1.77 Hotel 8,848,052 1.79 1.79 Insurance 22,917,128 4.63 5.73 Internet 5,421,350 1.10 - Investment 1,757,172 0.36 0.39 Iron and Steel 2,953,683 0.60 1.49 Manufacturing 1,589,540 0.32 0.47 Materials 3,975,931 0.80 0.52 Metals 3,300,024 0.67 0.30 Mining 10,457,523 2.11 2.80 Miscellaneous 679,742 0.14 0.63 Oil and Gas 27,290,434 5.51 7.85 Real Estate 94,120,462 19.02 14.44 Real Estate Investment Trusts 11,808,473 2.39 2.41 Retail 3,721,341 0.75 0.72 Semiconductor - - 0.34 Ship Building 1,741,335 0.35 0.42 Supra-National 2,584,043 0.52 0.63 Technology 1,201,958 0.24 - Telecommunications 12,828,592 2.59 3.17 Textiles 1,658,442 0.34 0.09



159


Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2020 31 March 2020 31 March 2019 US$ % % By Industry - Secondary (continued) Transport 2,955,150 0.60 1.23 Utilities 2,077,206 0.42 0.51 Wholesale - - 0.09 Accrued interest on debt securities 6,643,818 1.34 1.25 Portfolio of investments 490,614,874 99.13 99.74 Other net assets 4,286,965 0.87 0.26 Net assets attributable to unitholders 494,901,839 100.00 100.00



160

Fullerton Premium Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2020 31 March 2020 31 March 2020 S$ % By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds – Asia Absolute Alpha Class

A SGD Accumulation 159,618 1,891,450 8.23 Fullerton Lux Funds - Asia Growth & Income

Equities Class I SGD Accumulation 217,031 1,973,028 8.59 Fullerton Lux Funds - Asian High Yield Bonds

Class A SGD Distribution 152,430 1,874,983 8.16 Fullerton Lux Funds - China A Equities Class I

SGD Accumulation 82,143 1,993,327 8.67 Fullerton Lux Funds - Global Absolute Alpha

Class I SGD Accumulation 170,394 2,421,301 10.54 Total Luxembourg 10,154,089 44.19 Singapore Fullerton SGD Cash Fund Class B SGD 5,010,323 5,153,818 22.43 Lion-Phillip S-REIT ETF 1,710,000 1,554,390 6.76 Nikkoam-Straits Trading Asia ex Japan REIT ETF 1,840,000 1,858,400 8.09 Total Singapore 8,566,608 37.28 United States of America Energy Select Sector SPDR Fund 11,050 457,217 1.99 Invesco QQQ Trust Series 1 7,720 2,092,900 9.11 Total United States of America 2,550,117 11.10 Total Unit Trust 21,270,814 92.57 Portfolio of investments 21,270,814 92.57 Other net assets 1,706,720 7.43 Net assets attributable to unitholders 22,977,534 100.00



161

Fullerton Premium Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2020 31 March 2019 % By Geography - Primary (Summary) Hong Kong - 2.53 Ireland - 0.10 Luxembourg 44.19 63.54 Singapore 37.28 27.30 United States of America 11.10 1.95 Portfolio of investments 92.57 95.42 Other net assets 7.43 4.58 Net assets attributable to unitholders 100.00 100.00



162

Fullerton USD Cash Fund Percentage of total net assets attributable to Fair value at unitholders at 31 March 2020 31 March 2020 US$ % By Institution - Primary FIXED DEPOSITS Singapore Bank of Nova Scotia, Hongkong 2,256,807 8.30 Bank of Tokyo-MUFJ Ltd 2,304,422 8.46 BNP PARIBAS, Singapore 1,354,272 4.97 China Construction Bank Corporation 2,400,000 8.81 CIMB Bank Berhad 2,308,120 8.48 Credit Agricole 2,306,481 8.47 Industrial and Commercial Bank of China Limited 2,206,573 8.10 Landesbank Baden-Wurttemberg 2,413,295 8.86 Malayan Banking Berhad 1,000,393 3.67 Qatar National Bank 2,250,000 8.26 Societe Generale 1,656,254 6.09 Standard Chartered Bank 2,500,159 9.18 The Sumitomo Trust and Banking Co Ltd 2,202,827 8.09

Fixed deposits 27,159,603 99.74 Other net assets 70,319 0.26 Net assets attributable to unitholders 27,229,922 100.00



163

Fullerton USD

Cash Fund Percentage of total net assets attributable to unitholders at 31 March 2020 % By Institution - Primary FIXED DEPOSITS Singapore Bank of Nova Scotia, Hongkong 8.30 Bank of Tokyo-MUFJ Ltd 8.46 BNP PARIBAS, Singapore 4.97 China Construction Bank Corporation 8.81 CIMB Bank Berhad 8.48 Credit Agricole 8.47 Industrial and Commercial Bank of China Limited 8.10 Landesbank Baden-Wurttemberg 8.86 Malayan Banking Berhad 3.67 Qatar National Bank 8.26 Societe Generale 6.09 Standard Chartered Bank 9.18 The Sumitomo Trust and Banking Co Ltd 8.09

Fixed deposits 99.74 Other net assets 0.26 Net assets attributable to unitholders 100.00 As the Sub-fund’s portfolio only comprises of fixed deposits placed at banking institutions, no secondary representation is presented.

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial period/year ended 31 March 2020

164

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 2020, The Fund comprises fourteen 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 Asia Income Return (“FAIR”), Fullerton USD Income Fund (“FUIF”), Fullerton Premium Fund (“FPMF”), Fullerton USD Cash Fund (“FUCF”), Fullerton SGD Heritage Balanced Fund (“FSHB”), Fullerton SGD Heritage Growth Fund (“FSHG”), and Fullerton SGD Heritage Income Fund (“FSHI”) (individually, the “Sub-Funds”). This report only comprises eleven 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 Asia Income Return (“FAIR”), Fullerton USD Income Fund (“FUIF”), Fullerton Premium Fund (“FPMF”) and Fullerton USD Cash Fund (“FUCF”). 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.


165

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 FAIR is to generate regular income and long-term capital appreciation for investors by investing in equities, fixed income, cash and other permissible investments. FAIR primarily invests in collective investment schemes and other investment funds (including exchange traded funds ("ETFs")), securities and/or hold cash, in accordance with its investment objective and asset allocation strategy.

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 FPMF is to generate regular income and long term capital appreciation for investors by investing into various assets classes. The investment objectives of the FUCF is to provide investors with liquidity and a return that is comparable to that of the US Dollar Deposits. The Manager adopted dilution adjustment for FSTI, FSIF and FUIF. 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 unitholders’ interests, the Manager applies 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 unit, 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 2020, the Sub-Funds did not reach the swing threshold and no swing pricing has been applied on that date.


166

2. Significant accounting policies

2.1 Basis of accounting

The financial statements have been prepared under the historical cost convention as 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. Net change in the fair value of investments are included in the Statement of Total Return in the period/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. The resultant realised gains and losses on the sales of investments are computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs, and are taken up in the Statements of Total Return.

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 and exchange-traded funds 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.


167

2. Significant accounting policies (continued) 2.4 Basis of valuation of investments (continued)

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.

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, Fullerton Asia Income Return, Fullerton USD Income Fund and Fullerton USD Cash 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 their presentation currency and the financial statements are presented in S$ except for Fullerton Asian Bond Fund, Fullerton Asia Income Return, Fullerton USD Income Fund and Fullerton USD Cash Fund. US$ is considered the functional and presentation currency for Fullerton Asian Bond Fund, Fullerton Asia Income Return, Fullerton USD Income Fund and Fullerton USD Cash 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. Translation differences on financial assets and liabilities carried at fair value through profit or loss are recognised in the Sstatements of Total Return in ‘net foreign exchange gains/(losses)’.

2.6 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. Cash collateral provided by the Sub-Funds is identified in the Statements of Financial Position as margin cash and is not included as a component of cash and cash equivalents.


168

2. Significant accounting policies (continued) 2.7 Expenses charged to the Sub-Funds

All direct expenses relating to the Sub-Funds are charged directly to the Statements of Total Return against the values of the respective Sub-Fund. In addition, certain expenses shared by all unit trusts managed by the Manager are allocated to each Sub-Fund based on the respective Sub-Fund’s net asset value.

2.8 Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: (a) restricted activities, (b) a narrow and well-defined objective, such as to provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors, (c) insufficient equity to permit the structured entity to finance its activities without subordinated financial support and (d) financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches).

The Sub-Funds consider investments in the investee funds (“Investee Funds”) to be investment in unconsolidated structured entities. The Sub-Funds invest in lnvestee Funds whose objectives range from achieving short to long term capital growth and whose investment strategy does not include the use of leverage. Investee Funds may be managed by related asset managers and apply various investment strategies to accomplish their respective investment objectives. Investee Funds finance their operations by issuing redeemable shares which are puttable at the holder's option and entitles the holder to a proportional stake in the respective fund's net assets. The Funds hold redeemable shares in each of their lnvestee Funds. The change in fair value of the lnvestee Fund is included in the Statements of Total Return in "Net gains/losses on investments".

2.9 Financial derivatives

Financial derivatives which may include forwards, swaps, options 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 measured at their fair values using the “mark-to-market” method, and the resultant gains and losses are recognised in the Statement of Total Return.

2.10 Distributions to unitholders

Dividends are declared at the discretion of the Manager with the consent of the Trustee. In such an event, an appropriate amount will be transferred to a distribution account to be paid out on the distribution date. The amount shall not be treated as part of the property of the Sub-Funds. Distributions are accrued for at the reporting date if the necessary approvals have been obtained and a legal or constructive obligation has been created.


169

2. Significant accounting policies (continued) 2.11 Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are initially recognised at their fair value and subsequently carried at amortised cost using the effective interest method, less accumulated impairment losses.

2.12 Payables

Payables are recognised initially at fair value and subsequently stated at amortised cost using the effective interest method.

2.13 Cash and bank balances

Cash and bank balances comprise cash at banks and deposits with financial institutions which are subject an insignificant risk of change in value.

2.14 Sales and purchases awaiting settlement

Sales and purchases awaiting settlement represent receivables for securites sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. These amounts are recognised initially at fair value and subsequently measured at amortised cost.

2.15 Margin deposits

The margin deposits comprise cash held with the financial derivatives counter parties for the purpose of trasferring of cash to fund future margin maintained with the clearing house.

3. Income tax

The Sub-Funds (except for FSIF, FAIR and FUCF) were granted the status of Designated Unit Trusts (DUT) in Singapore. The Trustee of the Sub-Funds will ensure that the Sub-Funds fulfil their reporting obligations under the DUT Scheme. 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 financial index;

(e) discount, prepayment fee, redemption premium and break cost from qualifying debt

securities issued during the prescribed period; and


170

3. Income tax (continued)

(f) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

FSIF and FAIR were granted by the Monetary Authority of Singapore under the Enhanced-Tier Fund (“ETF”) Scheme (section 13X of the Income Tax Act and the relevant Regulations). Subject to certain conditions being met on an annual basis, FSIF and FAIR may enjoy Singapore corporate tax exemption on “specified income” derived from “designated investments” for the life of FSIF and FAIR. 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. The Trustee of the Sub-Funds will ensure that the sub-funds fulfil their reporting obligations under the ETF Scheme. The Manager of FUCF have assessed and are satisfied that FUCF have met the requisite conditions of Section 13 CA Tax Incentive Scheme provided under Section 13CA of the Income Tax Act (and the relevant Regulations). As the Manager has authority over the investments of FUCF, and performs such authority in Singapore, the income and gains of FUCF would be exposed to Singapore income tax if, for any reason, the income or gains do not qualify for exemption under Section 13CA of the Income Tax Act of Singapore and the Income Tax (Exemption of Income of Non-Residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2014. The Manager intends to conduct the business of FUCF to the maximum extent practicable so that FUCF activities will not be subject to such income taxes in Singapore.

Singapore income tax represents tax deducted at source for Singapore sourced dividends. Overseas income tax represents tax withheld on foreign sourced income.



2020 2019 2020 2019 S$ S$ S$ S$ Singapore income tax 9,690 25,330 29 - Total income tax 9,690 25,330 29 -

Fullerton Singapore Bond

Fund Fullerton SGD Income

Fund 2020 2019 2020 2019 S$ S$ S$ S$ Singapore income tax 893 2,465 - 306,345 Overseas income tax - - - 19,084 Total income tax 893 2,465 - 325,429

Fullerton Dynamic Strategies

Fund – Aggressive Fullerton Dynamic Strategies

Fund - Balanced 2020 2019 2020 2019 S$ S$ S$ S$ Overseas income tax 3,945 (2) 758 (1) Total income tax 3,945 (2) 758 (1)


171

3. Income tax (continued)

Fullerton Asia Income

Return Fund

Fullerton USD Income Fund 2020 2019 2020 2019 US$ US$ US$ US$ Singapore income tax - - 5,795 - Overseas income tax 26,636 46,142 93,993 100,752 Total income tax 26,636 46,142 99,788 100,752 Fullerton Premium Fund 2020 2019 S$ S$ Overseas income tax 27,410 26,345 Total income tax 27,410 26,345 4. Fixed deposits

The Sub-Funds have fixed deposit balances with the following effective interest rates:

Fullerton SGD

Cash Fund


Aggressive 2020 2019 2020 2019 % % % % Singapore Dollar 1.43 1.94 0.60 -

Fullerton Dynamic

Strategies Fund - Balanced Fullerton USD

Cash Fund 2020 2020 2020 % % % Singapore Dollar 1.61 - 1.31

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.


172

5. Financial derivatives, at fair value (continued)

Fullerton Short Term Interest Rate Fund At 31 March 2020 At 31 March 2019 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 213,186,750 - 32,055

180,092,274 26,507 734,034 Forward foreign

exchange contracts - others 372,874,049 395,907 398,712

572,127,974 43,387 1,719,129 395,907 430,767 69,894 2,453,163

Fullerton Asian Bond Fund At 31 March 2020 At 31 March 2019 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 69,948 - 574 2,547,285 19,012 724

Forward foreign exchange contracts - others 18,620,925 48,828 365,061 11,038,427 4,332 -

48,828 365,635 23,344 724

Fullerton SGD Income Fund At 31 March 2020 At 31 March 2019 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 110,165,150 - 2,375,326 167,070,864 132,408 335,968

Forward foreign exchange contracts - others 1,728,549,491 2,516,058 15,517,877 1,084,147,289 501,700 3,144,548

2,516,058 17,893,203 634,108 3,480,516

Fullerton Dynamic Strategies Fund – Aggressive At 31 March 2020 At 31 March 2019 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 740,000 11,220 - - - -

Forward foreign exchange contracts -others 2,435,875 6,815 57,602 - - -

Futures 1,305,676 484 14,187 - - - 18,519 71,789 - -


173

5. Financial derivatives, at fair value (continued) Fullerton Dynamic Strategies Fund - Balanced At 31 March 2020 At 31 March 2019 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 915,810 10,646 26,014 - - -

Forward foreign exchange contracts - others 938,209 5,084 16,987 - - -

Futures 10,169,829 25,135 4,729 - - - 40,865 47,730 - - Fullerton Asia Income Return Fund At 31 March 2020 At 31 March 2019 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 - - -

2,495,591 - 17,367

Forward foreign exchange contracts - others 11,526,702 - 666,852 109,320,215 246,846 158,384

Futures 12,029,292 - 213,766 9,485,056 165,246 32,060 Options 8,769,546 1,312,834 - 2,484,124 15,956 - 1,312,834 880,618 428,048 207,811 Fullerton USD Income Fund At 31 March 2020 At 31 March 2019 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 35,295,640 - 2,535,494 4,854,447 5,640 4,214

Forward foreign exchange contracts - others 290,506,979 1,495,496 5,860,494 236,401,045 260,773 164,949

1,495,496 8,395,988 266,413 169,163

Fullerton Premium Fund At 31 March 2020 At 31 March 2019 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 - - - 900,238 - 7,671

Forward foreign exchange contracts - others 6,188,242 - 358,007 17,945,285 42,199 27,794

Futures 7,654,463 - 129,885 5,466,810 95,542 15,509 Options 2,869,730 616,336 - 1,345,881 8,645 - 616,336 487,892 146,386 50,974


174

5. Financial derivatives, at fair value (continued)

Fullerton SGD Cash Fund, Fullerton Singapore Bond Fund and Fullerton USD Cash Fund As at 31 March 2020 and 31 March 2019, there were no commitments outstanding under financial derivative contracts

6. Units in issue

Fullerton Short Term Interest Rate Fund Class A Class B 2020 2019 2020 2019 Units Units Units Units

Units at beginning of the financial

year

5,400,885 5,400,885 432,064,018 425,121,458 Created 505,315 - 19,977,896 39,493,832 Cancelled (4,056,378) - (205,920,834) (32,551,272)

Units at ending of the financial year

1,849,822 5,400,885 246,121,080 432,064,018

Net assets attributable to unitholders (S$)

3,127,941 8,873,054 376,998,225 643,656,853

Net assets attributable to unitholders per unit (S$)

1.69094 1.64288 1.53175 1.48972

Fullerton Short Term Interest Rate Fund Class C Class B1 2020 2019 2020 2019 Units Units Units Units


year

231,839,295 262,534,643 42,424,095 49,879,727 Created 112,545,085 65,607,326 1,644,918 397,755 Cancelled (131,514,972) (96,302,674) (6,923,701) (7,853,387)


212,869,408 231,839,295 37,145,312 42,424,095

Net assets attributable to unitholders (S$)

295,775,566 314,243,627 51,907,164 57,744,826

Net assets attributable to unitholders per unit (S$)

1.38946 1.35543 1.39740 1.36113

Fullerton Short Term Interest Rate Fund Class D Class R 2020 2019 2020 2019 Units Units Units Units


year

82,301,329 107,314,561 13,125,310 2,798,427 Created 73,276,659 11,869,863 7,835,824 10,615,689 Cancelled (74,865,392) (36,883,095) (10,740,475) (288,806)


80,712,596 82,301,329 10,220,659 13,125,310

Net assets attributable to unitholders

US$88,652,675 US$87,805,457 S$11,430,024 S$14,290,431

Net assets attributable to unitholders per unit

US$1.09837 US$1.06687 S$1.11832 S$1.08876


175

6. Units in issue (continued) Fullerton SGD Cash Fund Class A Class B 2020 2019 2020 2019 Units Units Units Units


year

748,083,706 313,918,708 51,879,408 - Created 2,108,587,371 1,326,217,432 160,224,295 134,800,433 Cancelled (2,420,546,956) (892,052,434) (183,004,503) (82,921,025)

Units at ending of the financial year 436,124,121 748,083,706 29,099,200 51,879,408

Net assets attributable to unitholders (S$) 473,413,708 798,666,163 29,932,638 52,433,378

Net assets attributable to unitholders per unit (S$) 1.08550 1.06761 1.02864 1.01067

Fullerton Asian Bond Fund Class A Class B 2020 2019 2020 2019 Units Units Units Units


year

63,431 135,791 8,203,512 13,529,869 Created 2,620 10,352 4,698,970 3,689,400 Cancelled (24,011) (82,712) (4,662,923) (9,015,757)


42,040 63,431 8,239,559 8,203,512


US$5,232,909 US$8,220,332 S$14,014,129 S$14,089,301

Net assets attributable to unitholders per unit

US$124.47 US$ 129.59 S$1.70083 S$1.71747

Fullerton Asian Bond Fund Class C Class D 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year

1,932 1,932 102,577 64,000 Created - - - 38,577 Cancelled - - (38,577) - Units at ending of the financial

year

1,932 1,932 64,000 102,577 Net assets attributable to

unitholders

US$391,627 US$391,372 RMB10,484,734 RMB16,732,282 Net assets attributable to

unitholders per unit

US$202.70 US$ 202.57 RMB163.82 RMB 163.12


176

6. Units in issue (continued)


Class A 2020 2019 Units Units Units at beginning of the financial year 200,185,587 200,185,587 Created - - Cancelled - - Units at ending of the financial year 200,185,587 200,185,587 Net assets attributable to unitholders (S$) 244,938,259 233,251,992 Net assets attributable to unitholders per unit (S$) 1.22355 1.16517

Fullerton SGD Income Fund Class A Class B 2020 2019 2020 2019 Units Units Units Units


year

1,289,416,475 1,483,741,037 139,212,881 157,663,069 Created 472,022,546 103,960,055 81,118,001 15,827,936 Cancelled (430,795,757) (298,284,617) (54,601,948) (34,278,124)

Units at ending of the financial

year

1,330,643,264 1,289,416,475 165,728,934 139,212,881


unitholders (S$)

1,351,088,908 1,367,708,569 160,302,665 141,040,183


unitholders per unit (S$)

1.01536 1.06071 0.96725 1.01312


177


Fullerton SGD Income

Fund Fullerton Dynamic Strategies

Fund – Aggressive Class R Class A 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year

11,072,721

- 22,693,297 26,144,738 Created 30,202,123 11,072,721 1,115,190 1,828,778 Cancelled (9,450,511) - (6,606,176) (5,280,219) Units at ending of the

financial year

31,824,333

11,072,721 17,202,311 22,693,297 Net assets attributable to

unitholders (S$)

31,857,767

11,550,366 22,504,124 30,344,118 Net assets attributable to

unitholders per unit (S$)

1.00105

1.04313 1.30820 1.33714

Fullerton SGD Income Fund Class C Class D 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year 90,406,987 85,807,214 132,403,329 191,141,318 Created 72,362,230 4,607,649 90,754,452 10,155,412 Cancelled (52,757,044) (7,876) (45,655,423) (68,893,401) Units at ending of the financial year 110,012,173 90,406,987 177,502,358 132,403,329 Net assets attributable to

unitholders S$110,880,017 S$94,928,573 US$171,399,764 US$132,658,564 Net assets attributable to

unitholders per unit S$1.00788 S$1.05001 US$0.96561 US$1.00192


178

6. Units in issue (continued) Fullerton Dynamic Strategies

Fund - Balanced Class A 2020 2019 Units Units Units at beginning of the financial year 6,781,168 9,705,598 Created 319,293 369,711 Cancelled (1,320,774) (3,294,141) Units at ending of the financial year 5,779,687 6,781,168 Net assets attributable to unitholders (S$) 6,805,896 7,924,142 Net assets attributable to unitholders per unit (S$) 1.17755 1.16855 Fullerton Asia Income Return Class A Class B 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year 64,185,581 62,584,953 10,358,035 10,051,056 Created 6,634,030 2,490,609 464,538 402,053 Cancelled (3,941,799) (889,981) (34,033) (95,074) Units at ending of the financial year 66,877,812 64,185,581 10,788,540 10,358,035 Net assets attributable to

unitholders S$58,794,328 S$61,825,920 US$8,784,481 US$9,567,150 Net assets attributable to

unitholders per unit S$0.87913 S$0.96323 US$0.81424 US$0.92364 Fullerton USD Income Fund Class A Class B 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year 187,263,082 272,368,371 201,670,180 302,316,352 Created 104,960,144 10,472,244 160,609,836 18,788,514 Cancelled (82,158,684) (95,577,533) (113,152,692) (119,434,686) Units at ending of the financial year 210,064,542 187,263,082 249,127,324 201,670,180 Net assets attributable to unitholders S$196,865,328 S$186,189,034 US$236,027,111 US$201,848,246 Net assets attributable to unitholders

per unit S$0.93716 S$0.99426 US$0.94741 US$1.00088


179


Fullerton USD Income Fund Class C Class D 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year 16,172,818 19,319,698 9,658,463 16,865,425 Created 28,649,149 1,214,962 2,979,282 887,533 Cancelled (5,316,852) (4,361,842) (5,849,224) (8,094,495) Units at ending of the financial year 39,505,115 16,172,818 6,788,521 9,658,463 Net assets attributable to unitholders AUD37,293,528 AUD16,359,082 EUR6,337,287 EUR9,550,046 Net assets attributable to unitholders

per unit AUD0.94401 AUD1.01151 EUR0.93352 EUR0.98877

Fullerton USD Income Fund Class E Class F 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

year 11,919,897 13,619,092 8,333,158 10,564,426 Created 2,221,926 31,439 28,882,608 11,169,040 Cancelled (3,775,054) (1,730,634) (10,563,922) (13,400,308) Units at ending of the financial year 10,366,769 11,919,897 26,651,844 8,333,158 Net assets attributable to unitholders GBP9,641,839 GBP11,899,199 US$25,182,078 US$8,303,058 Net assets attributable to unitholders

per unit GBP0.93007 GBP0.99826 US$0.94485 US$0.99638 Fullerton USD Income Fund Class G Class R 2020 2019 2020 Units Units Units Units at beginning of the financial year 53,335,049 50,000,000 - Created 3,035,345 3,388,726 170,000 Cancelled (4,124,534) (53,677) - Units at ending of the financial year 52,245,860 53,335,049 170,000 Net assets attributable to unitholders US$53,531,557 US$55,402,139 US$157,263 Net assets attributable to unitholders per unit US$1.02460 US$1.03875 US$0.92507


180


Fullerton Premium Fund Class A Class C 2020 2019 2020 2019 Units Units Units Units Units at beginning of the financial

period 20,000,000 - 5,652,232 - Created - 20,000,000 1,931,732 7,431,464 Cancelled - - (2,440,731) (1,779,232) Units at ending of the financial period 20,000,000 20,000,000 5,143,233 5,652,232 Net assets attributable to unitholders

(S$) 18,525,931 19,015,550 4,451,603 5,187,841 Net assets attributable to unitholders

per unit (S$) 0.92629 0.95077 0.86552 0.91783 Fullerton USD

Cash Fund Class B 2020 Units Units at beginning of the financial

period - Created 35,251,082 Cancelled (8,123,816) Units at ending of the financial period 27,127,266 Net assets attributable to unitholders

(US$) 27,229,922 Net assets attributable to unitholders

per unit (US$) 1.00378

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 Short Term Interest Rate Fund Class A Class B 2020 2019 2020 2019 S$ S$ S$ S$


per financial statements 1.69094 1.64288 1.53175 1.48972

Effect for movement in the net asset value between the last dealing date and the end of the reporting period - (0.00019) - (0.00017)

Net assets attributable to unitholders for issuing/redeeming 1.69094 1.64269 1.53175 1.48955


181


Fullerton Short Term Interest Rate Fund Class C Class B1 2020 2019 2020 2019 S$ S$ S$ S$





Fullerton Short Term Interest Rate Fund Class D Class R 2020 2019 2020 2019 US$ US$ S$ S$





Fullerton Asian Bond Fund Class A Class B 2020 2019 2020 2019 US$ US$ S$ S$


per financial statements 124.47 129.59 1.70083 1.71747 Effect of distribution per unit 1.00 1.29 - -

Effect for movement in the net asset value between the last dealing date and the end of the reporting period - 0.01 - 0.00014


Fullerton Asian Bond Fund Class C Class D 2020 2019 2020 2019 US$ US$ RMB RMB



Effect for movement in the net asset value between the last dealing date and the end of the reporting period - 0.01 - -



182


Fullerton SGD Income Fund Class A Class B 2020 2019 2020 2019 S$ S$ S$ S$


per financial statements 1.01536 1.06071 0.96725 1.01312 Effect of distribution per unit 0.00700 0.01000 0.00600 0.01000



Fullerton SGD Income Fund Class C Class D 2020 2019 2020 2019 S$ S$ US$ US$





Fullerton SGD Income Fund Class R 2020 2019 S$ S$ Net assets attributable to unitholders per financial statements 1.00105 1.04313 Effect of distribution per unit 0.00700 0.01000

Effect for movement in the net asset value between the last dealing

date and the end of the reporting period - (0.00014)

Net assets attributable to unitholders for issuing/redeeming 1.00805 1.05299

Fullerton Asia Income Return Class A Class B 2020 2019 2020 2019 S$ S$ US$ US$



Effect for movement in the net asset value between the last dealing date and the end of the reporting period - 0.00004 - 0.00003



183


Fullerton USD Income Fund Class A Class B 2020 2019 2020 2019 S$ S$ US$ US$





Fullerton USD Income Fund Class C Class D 2020 2019 2020 2019 AUD AUD EUR EUR





Fullerton USD Income Fund Class E Class F 2020 2019 2020 2019 GBP GBP US$ US$





Fullerton USD Income Fund Class G Class R 2020 2019 2020 US$ US$ US$

Net assets attributable to unitholders per financial

statements 1.02460 1.03875 0.92507 Effect of distribution per unit - - 0.00750

Effect for movement in the net asset value between the last dealing date and the end of the reporting period - (0.00010) -

Net assets attributable to unitholders for issuing/redeeming 1.02460 1.03865 0.93257


184


Fullerton Premium Fund Class A Class C 2020 2019 2020 2019 S$ S$ S$ S$


per financial statements 0.92629 0.95077 0.86552 0.91783 Effect of distribution per unit - - 0.00140 0.00150 Effect of preliminary expenses 0.00029 0.00058 0.00027 0.00056


Fullerton USD

Cash Fund Class B 2020 S$


per financial statements

1.00378 Effect of preliminary expenses 0.00059

Net assets attributable to unitholders for issuing/redeeming

1.00437

The difference between the pricing net asset values and accounting net asset values of the Fullerton SGD Cash Fund, Fullerton Singapore Bond Fund, Fullerton Dynamic Strategies Fund – Aggressive and Fullerton Dynamic Strategies Fund – Balanced are assessed by the Manager to be immaterial (less than $0.00001 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.

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.


185

7. Financial risk management (continued)

7.2 Market risk (continued)

(a) Price risk

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 2020 2019 % 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 860,003,667 99.37 1,160,769,117 100.26 Securities held for trading - Derivative financial assets

held for trading (Note 5) 395,907 0.05 69,894 0.01 - Derivative financial

liabilities held for trading (Note 5) (430,767) (0.05) (2,453,163) (0.21)

859,968,807 99.37 1,158,385,848 100.06 Fullerton Asian Bond Fund 2020 2019 % 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 17,254,079 101.82 21,473,693 99.86 Securities held for trading - Derivative financial assets

held for trading (Note 5) 48,828 0.29 23,344 0.11 - Derivative financial liabilities

held for trading (Note 5) (365,635) (2.16) (724) * 16,937,272 99.95 21,496,313 99.97

* denotes less than 0.01%


186



(a) Price risk (continued) Fullerton Singapore Bond Fund 2020 2019 % 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 243,696,390 99.50 233,187,048 99.97 Fullerton SGD Income Fund 2020 2019 % 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 1,923,056,321 101.31 1,814,926,211 101.11 Securities held for trading - Derivative financial assets

held for trading (Note 5) 2,516,058 0.13 634,108 0.04 - Derivative financial liabilities

held for trading (Note 5) (17,893,203) (0.94) (3,480,516) (0.19) 1,907,679,176 100.50 1,812,079,803 100.96 Fullerton Dynamic Strategies Fund - Aggressive 2020 2019 % 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) 18,519 0.08 - - - Derivative financial liabilities

held for trading (Note 5) (71,789) (0.32) - - 19,708,857 87.58 29,571,386 97.45


187



(a) Price risk (continued) Fullerton Dynamic Strategies Fund - Balanced 2020 2019 % 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) 40,865 0.60 - - - Derivative financial liabilities

held for trading (Note 5) (47,730) (0.70) - - 4,868,016 71.53 7,904,527 99.75 Fullerton Asia Income Return 2020 2019 % 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



held for trading (Note 5) (880,618) (1.76) (207,811) (0.38) 47,017,866 93.89 53,625,343 97.13


188



(a) Price risk (continued) Fullerton USD Income Fund 2020 2019 % 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



held for trading (Note 5) (8,395,988) (1.70) (169,163) (0.04) 483,714,382 97.73 439,820,149 99.76

Fullerton Premium Fund 2020 2019 % 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) 616,336 2.68 146,386 0.60 - Derivative financial liabilities

held for trading (Note 5) (487,892) (2.12) (50,974) (0.21) 21,399,258 93.13 23,189,183 95.81

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.


189

7. Financial risk management (continued) 7.2 Market risk (continued)

(a) Price risk (continued)

The table below summarises the VaR analysis as at 31 March 2020 and 31 March 2019 respectively, which has been presented as a percentage of NAV using a 260-day (31 March 2019: 260-day) holding period at a 95% (31 March 2019: 95%) confidence level.

Fullerton Short Term

Interest Rate Fund Fullerton SGD Cash Fund

2020 2019 2020 2019 95% (2019:95%)

Confidence (VaR as a % of NAV) 1.7% 1.3% 0.1% 0.0%

Fullerton Asian

Bond Fund Fullerton Singapore Bond Fund

2020 2019 2020 2019 95% (2019:95%)



Fund Fullerton Dynamic Strategies Fund –Aggressive

2020 2019 2020 2019 95% (2019:95%)


Fullerton Dynamic

Strategies Fund - Balanced Fullerton Asia Income

Return 2020 2019 2020 2019 95% (2019:95%)

Confidence (VaR as a % of NAV) 11.0% 9.1%

13.7% 11.3%


2020 2019 2020 2019 95% (2019: 95%)


Fullerton USD

Cash Fund 2020 95% (2019: 95%)

Confidence (VaR as a % of NAV)

0.1%


190


(a) Price risk (continued)

The use of a 260-day (2019: 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 2020 and 2019 has been presented as a percentage of NAV using a 260-day holding period at a 95% (2019:95%) 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.

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.


191


(b) Currency risk (continued)


US$ S$ Others Total At 31 March 2020 S$ S$ S$ S$ Assets Portfolio of investments 343,848,352 516,155,315 - 860,003,667 Interest receivable 161 - - 161 Cash and bank balances 89,365 7,118,876 4,390 7,212,631 Margin deposit 243,158 - - 243,158 Due from unitholders - 8,028,396 - 8,028,396 Sales awaiting settlements - 4,954,322 - 4,954,322 Other receivables - 62,656 - 62,656 Total assets 344,181,036 536,319,565 4,390 880,504,991 Liabilities Accrued expenses and

other payables 793 29,526 - 30,319 Purchase awaiting

settlement - 7,520,545 - 7,520,545 Due to Manager - 876,687 - 876,687 Due to Trustee - 36,810 - 36,810 Due to unitholders 1,929,664 4,609,071 - 6,538,735 Total liabilities 1,930,457 13,072,639 - 15,003,096 Notional value of forward

contracts (224,299,796) 224,264,936 - (34,860) US$ S$ Others Total At 31 March 2019 S$ S$ S$ S$ Assets Portfolio of investments 637,088,312 523,680,805 - 1,160,769,117 Interest receivable 153 - 1 154 Cash and bank balances 443,475 944,919 4,438 1,392,832 Margin deposit 227,767 - - 227,767 Due from unitholders 67,725 10,639,232 - 10,706,957 Sales awaiting settlements 6,750,953 1,515,657 - 8,266,610 Other receivables - 609 - 609 Total assets 644,578,385 536,781,222 4,439 1,181,364,046 Liabilities Accrued expenses and

other payables 485 25,217 - 25,702 Purchase awaiting

settlement 7,448,693 - - 7,448,693 Due to Manager - 898,447 - 898,447 Due to Trustee - 40,498 - 40,498 Due to unitholders - 12,826,155 - 12,826,155 Total liabilities 7,449,178 13,790,317 - 21,239,495 Notional value of forward

contracts (505,850,808) 503,467,539 - (2,383,269)


192




S$ US$ Others Total At 31 March 2020 US$ US$ US$ US$ Assets Portfolio of investments - 17,254,079 - 17,254,079 Interest receivable - 2 - 2 Cash and bank balances 85,123 10,064 306 95,493

Due from unitholders 196,712 - - 196,712 Sales awaiting settlements - 22,224 - 22,224 Other receivables 3,246 30,438 - 33,684 Total assets 285,081 17,316,807 306 17,602,194 Liabilities Accrued expenses

and other payables 22,734 5,279 - 28,013 Purchase awaiting

settlement - 195,637 - 195,637 Due to Manager - 45,765 - 45,765 Due to Trustee - 5,462 - 5,462 Due to unitholders 22,332 - - 22,332 Distribution payable - 42,040 - 42,040 Total liabilities 45,066 294,183 - 339,249 Notional value of forward

contracts 9,649,071 (11,425,392) 1,459,514 (316,807) S$ US$ Others Total At 31 March 2019 US$ US$ US$ US$ Assets Portfolio of investments - 21,473,693 - 21,473,693 Interest receivable - 425 - 425 Cash and bank balances 44,430 409,598 162 454,190

Due from unitholders 1,171 - - 1,171 Sales awaiting settlements - 56,558 - 56,558 Other receivables - 31,818 - 31,818 Total assets 45,601 21,972,092 162 22,017,855 Liabilities Accrued expenses

and other payables 20,495 4,508 - 25,003 Purchase awaiting

settlement - 321,170 - 321,170 Due to Manager - 48,210 - 48,210 Due to Trustee (9) 4,454 - 4,445 Due to unitholders 56,588 - - 56,588 Distribution payable - 81,826 - 81,826 Total liabilities 77,074 460,168 - 537,242 Notional value of forward

contracts 10,361,564 (12,795,700) 2,456,756 22,620


193



(b) Currency risk (continued) Fullerton Singapore Bond Fund

S$ US$ Total At 31 March 2020 S$ S$ S$ Assets Portfolio of investments 243,696,390 - 243,696,390 Cash and bank balances 2,471,774 - 2,471,774 Other receivables 13,064 - 13,064 Total assets 246,181,228 - 246,181,228 Liabilities Accrued expenses and other payables 42,864 144 43,008 Purchases awaiting settlements 1,005,081 - 1,005,081 Due to Manager 182,700 - 182,700 Due to Trustee 12,180 - 12,180 Total liabilities 1,242,825 144 1,242,969 S$ US$ Total At 31 March 2019 S$ S$ S$ Assets Portfolio of investments 233,187,048 - 233,187,048 Cash and bank balances 286,032 - 286,032 Total assets 233,473,080 - 233,473,080 Liabilities Accrued expenses and other payables 38,007 168 38,175 Due to Manager 171,481 - 171,481 Due to Trustee 11,432 - 11,432 Total liabilities 220,920 168 221,088


194





S$ US$ Others Total At 31 March 2020 S$ S$ S$ S$ Assets Portfolio of investments 857,028,027 1,026,291,154 39,737,140 1,923,056,321 Interest receivable - - 1 1 Cash and bank balances 521,580 3,698,895 351,668 4,572,143 Margin deposits - 735,296 - 735,296 Due from unitholders 2,433,440 318,347 - 2,751,787 Sales awaiting settlements 9,287,511 2,463,913 - 11,751,424 Other receivables 256,582 8 - 256,590 Total assets 869,527,140 1,033,507,613 40,088,809 1,943,123,562 Liabilities Accrued expenses and other

payables 158,665 3,628 - 162,293 Due to Manager 4,417,100 - - 4,417,100

Due to Trustee 111,365 - - 111,365 Due to unitholders 10,852,654 1,207,916 - 12,060,570 Distribution payable 11,301,732 1,526,591 - 12,828,323 Total liabilities 26,841,516 2,738,135 - 29,579,651 Notional value of

forward contracts 956,173,976 (920,510,029) (51,041,092) (15,377,145) S$ US$ Others Total At 31 March 2019 S$ S$ S$ S$ Assets Portfolio of investments 749,450,612 1,022,745,823 42,729,776 1,814,926,211 Interest receivable 1 - - 1 Cash and bank balances 3,862,000 382,644 291,704 4,536,348 Margin deposits - 1,011,717 - 1,011,717 Due from unitholders 10,500,595 - - 10,500,595 Sales awaiting settlements - 8,763,826 - 8,763,826 Other receivables 503 - - 503 Total assets 763,813,711 1,032,904,010 43,021,480 1,839,739,201 Liabilities Accrued expenses and other

payables 125,502 1,948 - 127,450 Purchases awaiting settlement 1,241,959 13,608,336 - 14,850,295 Due to Manager 3,484,397 - - 3,484,397 Due to Trustee 87,172 - - 87,172 Due to unitholders 6,200,973 134,295 - 6,335,268 Distribution payable 15,301,091 1,793,403 - 17,094,494 Total liabilities 26,441,094 15,537,982 - 41,979,076 Notional value of

forward contracts 864,719,593 (822,400,658) (45,165,343) (2,846,408)


195





S$ US$ JPY HKD CNH EUR AUD GBP Total At 31 March 2020 S$ S$ S$ S$ S$ S$ S$ S$ S$ Assets Portfolio of

investments - 19,540,436 - 221,691 - - - -

19,762,127 Dividend receivable - 2,827 - - - - - - 2,827 Interest receivable - 47 - - - - - - 47 Cash and bank

balances 139,950 2,086,411 - 53 39,028 65,316 1,216 4,706 2,336,680 Fixed deposits - 569,540 - - - - - - 569,540 Margin deposit - 308,574 - - - - - 50,378 358,952 Due from unitholders 13,159 - - - - - - - 13,159 Other receivables 6,165 19,782 - - - - - - 25,947 Financial derivatives,

at fair value

- 484 - - - - -

- 484

Total assets 159,274 22,528,101 - 221,744 39,028 65,316 1,216 55,084 23,069,763 Liabilities Accrued expenses

and other payables 24,347 217 - - - - - - 24,564 Due to Manager 78,799 - - - - - - - 78,799 Due to Trustee 7,542 - - - - - - - 7,542 Due to unitholders 400,980 - - - - - - - 400,980 Financial

derivatives, at fair value

-

14,187 - - - - -

-

14,187 Total liabilities 511,668 14,404 - - - - - - 526,072 Notional value of

forward contracts 1,741,754 (1,781,321) - - - - - - (39,567)

S$ US$ JPY HKD CNH EUR AUD GBP Total At 31 March 2019 S$ S$ S$ S$ S$ S$ S$ S$ S$ Assets Portfolio of

investments - 28,421,213 - 1,150,173 - -

-

- 29,571,386 Dividend receivable - 19,460 - - - - - - 19,460 Cash and bank

balances 25,285 1,040,837 509 161

27,649

54,322

-

- 1,148,763 Due from unitholders 706 - - - - - - - 706 Other receivables 209 - - - - - - - 209 Total assets 26,200 29,481,510 509 1,150,334 27,649 54,322 - - 30,740,524 Liabilities Accrued expenses

and other payables 19,786 64 - - - - - - 19,850 Due to Manager 88,879 - - - - - - - 88,879 Due to Trustee 7,097 - - - - - - - 7,097 Due to unitholders 280,580 - - - - - - - 280,580 Total liabilities 396,342 64 - - - - - - 396,406 Notional value of

forward contracts

-

-

-

-

-

-

-

-

-


196




Fullerton Dynamic Strategies Fund - Balanced

S$ US$ HKD CNH EUR AUD GBP JPY Total At 31 March 2020 S$ S$ S$ S$ S$ S$ S$ S$ S$ Assets Portfolio of investments - 4,805,859 - - - 69,022 - - 4,874,881 Dividend receivable - 762 - - - - - - 762 Interest receivable - 3,294 - - - - - - 3,294 Cash and bank

balances 120,872 277,524 6 7,693 12,564 70,310 1,096 - 490,065 Fixed deposits - 1,473,034 - - - - - - 1,473,034 Margin deposit - 77,838 15,640 - 8,469 15,469 41,392 5,141 163,949

Other receivables 1,856 5,374 - - - - - - 7,230 Financial derivatives, at

fair value

-

16,986

-

-

-

346

7,803

-

25,135 Total assets 122,728 6,660,671 15,646 7,693 21,033 155,147 50,291 5,141 7,038,350 Liabilities Accrued expenses and

other payables 27,959 290 - - - - -

28,249 Purchases awaiting

settlements - 67,520 - - - 69,970 - -

137,490 Due to Manager 21,576 - - - - -- - - 21,576 Due to Trustee 10,852 - - - - -- - - 10,852 Due to unitholders 2,287 - - - - -- - - 2,287 Financial derivatives, at

fair value

-

4,729

- -

-

- --

-

-

4,729

Total liabilities 62,674 72,539 - - - 69,970 - - 205,183 Notional value of

forward contracts 655,892 (1,328,451) - - - 142,891 502,397 - (27,271)

S$ US$ HKD CNH EUR AUD GBP JPY Total At 31 March 2019 S$ S$ S$ S$ S$ S$ S$ S$ S$ Assets Portfolio of investments - 7,726,525 178,002 - - - - - 7,904,527 Dividend receivable - 3,442 - - - - - - 3,442 Cash and bank

balances 7,038 112,268 40

5,932

1,984

-

-

1,513

128,775 Due from unitholders 295 - - - - - - - 295 Other receivables 40 - - - - - - - 40 Total assets 7,373 7,842,235 178,042 5,932 1,984 - - 1,513 8,037,079 Liabilities Accrued expenses and

other payables 23,273 49 - - - - - - 23,322 Due to Manager 23,399 - - - - - - - 23,399 Due to Trustee 10,544 - - - - - - - 10,544 Due to unitholders 55,672 - - - - - - - 55,672 Total liabilities 112,888 49 - - - - - - 112,937 Notional value of

forward contracts - - - -

-

-

- -


197





S$ US$ Others Total At 31 March 2020 US$ US$ US$ US$ Assets Portfolio of investments 12,328,614 33,724,761 532,275 46,585,650 Dividend receivable - 2,346 - 2,346 Cash and bank balances 345,286 2,137,417 15,007 2,497,710 Margin deposits - 859,267 (22,110) 837,157 Due from unitholders 4,952 - - 4,952 Other receivables 10,795 86,327 - 97,122 Financial derivatives, at fair

value

-

558,960

753,874

1,312,834 Total assets 12,689,647 37,369,078 1,279,046 51,337,771 Liabilities Accrued expenses and other

payables 18,470 2,860 - 21,330 Due to Manager - 173,663 - 173,663 Due to Trustee - 2,894 - 2,894 Due to unitholders 697 - - 697 Distribution payable 149,302 31,287 - 180,589 Financial derivatives, at fair

value

-

171,667

42,099

213,766 Total liabilities 168,469 382,371 42,099 592,939 Notional value of

forward contracts 11,526,702 (12,193,554) - 666,852 S$ US$ Others Total At 31 March 2019 US$ US$ US$ US$ Assets Portfolio of investments 10,857,960 39,982,764 2,564,382 53,405,106 Interest recivable - - 2 2 Cash and bank balances 572,348 224,909 6,066 803,323 Margin deposits - 1,049,547 8,464 1,058,011 Other receivables 1,852 84,080 2 85,934 Financial derivatives, at fair

value

-

165,246

15,956

181,202 Total assets 11,432,160 41,506,546 2,594,872 55,533,578 Liabilities Accrued expenses and other

payables 14,646 2,657 - 17,303 Due to Manager - 157,987 - 157,987 Due to Trustee - 2,633 - 2,633 Distribution payable 151,638 31,074 - 182,712 Financial derivatives, at fair

value

-

32,060

-

32,060 Total liabilities 166,284 226,411 - 392,695 Notional value of

forward contracts (470,965) 1,682,953 (1,140,893) 71,095


198





S$ US$ Others Total At 31 March 2020 US$ US$ US$ US$ Assets Portfolio of investments 53,698,621 413,352,132 23,564,121 490,614,874 Cash and bank balances 743,089 15,347,227 1,127,532 17,217,848 Due from unitholders 193,591 1,009,926 71,627 1,275,144 Margin deposits - 97,147 - 97,147

Other receivables 56,387 - - 56,387 Total assets 54,691,688 429,806,432 24,763,280 509,261,400 Liabilities Accrued expenses and other

payables 65,000 - 702 65,702 Purchase awaiting settlement - 1,512,668 - 1,512,668 Due to Manager - 1,072,870 - 1,072,870 Due to Trustee - 28,641 - 28,641 Due to unitholders 543,184 733,163 125,897 1,402,244 Distribution payable 996,539 2,099,862 280,543 3,376,944 Total liabilities 1,604,723 5,447,204 407,142 7,459,069 Notional value of

forward contracts 81,780,240 (130,528,062) 41,847,330 (6,900,492) S$ US$ Others Total At 31 March 2019 US$ US$ US$ US$ Assets Portfolio of investments 47,068,222 372,495,616 20,159,061 439,722,899 Cash and bank balances 1,333,093 3,969,327 500,500 5,802,920 Due from unitholders 84,561 741,369 - 825,930 Margin deposits - 95,657 - 95,657 Sales awaiting settlements - 4,457,245 - 4,457,245 Other receivables 646,359 1,000 - 647,359 Total assets 49,132,235 381,760,214 20,659,561 451,552,010 Liabilities Accrued expenses and other

payables 25,424 25,720 - 51,144 Purchase awaiting settlement - 5,645,860 - 5,645,860 Due to Manager - 809,564 - 809,564 Due to Trustee - 21,659 - 21,659 Due to unitholders 916,204 153,112 - 1,069,316 Distribution payable 1,106,020 1,890,030 193,427 3,189,477 Total liabilities 2,047,648 8,545,945 193,427 10,787,020 Notional value of

forward contracts 89,989,832 (127,816,997) 37,924,415 97,250


199





S$ US$ INR HKD Others Total At 31 March 2020 S$ S$ S$ S$ S$ S$ Assets Portfolio of investments 12,431,086 8,839,728 - - 21,270,814 Dividend receivable - 2,791 - - 2,791 Cash and bank balances 127,918 832,601 - 1,557 304 962,380 Due from unitholders 15,687 - - - - 15,687 Margin deposits - 631,494 - 7,125 - 638,619 Other receivables 13,572 17,869 - - - 31,441 Financial derivatives, at fair value - 280,897 - 335,439 - 616,336 Total assets 12,588,263 10,605,380 - 344,121 304 23,538,068 Liabilities Accrued expenses and other

payables 39,045 23 - - - 39,068 Due to Manager 17,075 - - - - 17,075 Due to Trustee 8,261 - - - - 8,261 Due to unitholders 1,037 - - - - 1,037 Distribution payable 7,201 - - - - 7,201 Financial derivatives, at fair value - 108,088 - 21,797 - 129,885 Total liabilities 72,619 108,111 - 21,797 - 202,527 Notional value of

forward contracts 6,188,242 (6,546,249) - - - (358,007) S$ US$ INR HKD Others Total At 31 March 2019 S$ S$ S$ S$ S$ S$ Assets Portfolio of investments 19,979,029 2,501,992 - 612,750 - 23,093,771 Dividend receivable - 1,438 - - - 1,438 Cash and bank balances 192,468 190,081 - 742 335 383,626 Due from unitholders 9,280 - - - - 9,280 Margin deposits - 636,152 - - 4 636,156 Other receivables 38,277 1,382 - - - 39,659 Financial derivatives, at fair value - 95,542 - 8,645 - 104,187 Total assets 20,219,054 3,426,587 - 622,137 339 24,268,117 Liabilities Accrued expenses and other

payables 30,218 82 - - - 30,300 Due to Manager 15,572 - - - - 15,572 Due to Trustee 1,146 - - - - 1,146 Due to unitholders 456 - - - - 456 Distribution payable 8,478 - - - - 8,478 Financial derivatives, at fair value - 15,509 - - - 15,509 Total liabilities 55,870 15,591 - - - 71,461 Notional value of

forward contracts 528,722 887 (520,293) (263) (2,319) 6,734


200




Fullerton USD Cash Fund S$ US$ Total At 31 March 2020 US$ US$ US$ Assets Interest receivable - 43,553 43,553 Cash and bank balances - 44,979 44,979 Fixed deposits - 27,159,603 27,159,603 Other receivables - 319 319 Total assets - 27,248,454 27,248,454 Liabilities Accrued expenses and other payables 9,683 4,597 14,280 Due to Trustee - 4,252 4,252 Total liabilities 9,683 8,849 18,532

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). Fullerton SGD Cash Fund

All the financial assets, liabilities and transactions of the Sub-Fund are in S$. Hence currency risk disclosure is not presented.


201


7.3 Interest rate risk Fullerton Short Term Interest Rate Fund, Fullerton SGD Cash Fund, Fullerton

Singapore Bond Fund, Fullerton SGD Income Fund, Fullerton USD Income Fund and Fullerton USD Cash 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 2020

Less than 1 year 1-5 years

More than 5 years

Non-interest bearing

Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 146,921,890 705,328,757 - 7,753,020 860,003,667

Interest receivable - - - 161 161 Cash and bank balances 7,212,631 - - - 7,212,631 Margin deposits - - - 243,158 243,158 Due from unitholders - - - 8,028,396 8,028,396 Sales awaiting settlements - - - 4,954,322 4,954,322 Other receivables - - - 62,656 62,656 Financial derivatives,

at fair value - - - 395,907 395,907 Total assets 154,134,521 705,328,757 - 21,437,620 880,900,898

Liabilities Accrued expenses and

other payables - - - 30,319 30,319 Purchases awaiting settlements - - - 7,520,545 7,520,545

Due to Manager - - - 876,687 876,687 Due to Trustee - - - 36,810 36,810 Due to unitholders - - - 6,538,735 6,538,735 Financial derivatives,

at fair value - - - 430,767 430,767 Total liabilities - - - 15,433,863 15,433,863 Total interest sensitivity gap 154,134,521 705,328,757 - 6,003,757 865,467,035


202


7.3 Interest rate risk (continued)

Fullerton Short-Term Interest Rate Fund

At 31 March 2019

Less than 1 year 1-5 years

More than 5 years


Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 306,679,405 837,412,884 6,439,408 10,237,420 1,160,769,117

Interest receivable - - - 154 154 Cash and bank balances 1,392,832 - - - 1,392,832 Margin deposits - - - 227,767 227,767 Due from unitholders - - - 10,706,957 10,706,957 Sales awaiting settlements - - - 8,266,610 8,266,610 Other receivables - - - 609 609 Financial derivatives,

at fair value - - - 69,894 69,894 Total assets 308,072,237 837,412,884 6,439,408 29,509,411 1,181,433,940


other payables - - - 25,702 25,702 Purchases awaiting settlements - - - 7,448,693 7,448,693

Due to Manager - - - 898,447 898,447 Due to Trustee - - - 40,498 40,498 Due to unitholders - - - 12,826,155 12,826,155 Financial derivatives,

at fair value - - - 2,453,163 2,453,163 Total liabilities - - - 23,692,658 23,692,658 Total interest sensitivity gap 308,072,237 837,412,884 6,439,408 5,816,753 1,157,741,282


At 31 March 2020 Less than

1 year 1 - 5 years More than

5 years Non-interest

bearing

Total S$ S$ S$ S$ S$ Assets Fixed deposits 361,916,347 - - - 361,916,347 Interest receivable - - - 1,076,676 1,076,676 Cash and bank balances 137,747,151 - - - 137,747,151

Due from unitholders - - - 4,076,915 4,076,915 Other receivables - - - 13,954 13,954 Total assets 499,663,498 - - 5,167,545 504,831,043


other payables - - - 40,864 40,864 Due to Manager - - - 115,746 115,746 Due to Trustee - - - 25,116 25,116

Due to unitholders - - - 1,302,971 1,302,971 Total liabilities - - - 1,484,697 1,484,697 Total interest sensitivity gap 499,663,498 - - 3,682,848 503,346,346


203

7. Financial risk management (continued) 7.3 Interest rate risk (continued)





bearing

Total S$ S$ S$ S$ S$ Assets Fixed deposits 468,925,796 - - - 468,925,796 Interest receivable - - - 481,190 481,190 Cash and bank balances 381,905,405 - - - 381,905,405

Due from unitholders - - - 130,373 130,373 Total assets 850,831,201 - - 611,563 851,442,764


other payables - - - 11,871 11,871 Due to Manager - - - 175,695 175,695 Due to Trustee - - - 74,795 74,795

Due to unitholders - - - 80,862 80,862 Total liabilities - - - 343,223 343,223 Total interest sensitivity gap 850,831,201 - - 268,340 851,099,541





bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 24,923,805 106,283,673 110,653,978 1,834,934 243,696,390 Cash and bank balances 2,471,774 - - - 2,471,774 Other receivables - - - 13,064 13,064 Total assets 27,395,579 106,283,673 110,653,978 1,847,998 246,181,228 Liabilities Accrued expenses and

other payables - - - 43,008 43,008 Purchases awaiting

settlements 1,005,081 1,005,081 Due to Manager - - - 182,700 182,700 Due to Trustee - - - 12,180 12,180 Total liabilities - - - 1,242,969 1,242,969 Total interest sensitivity gap 27,395,579 106,283,673 110,653,978 605,029 244,938,259


204




At 31 March 2019

Less than 1 year 1 - 5 years

More than 5 years


Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 6,346,342 142,745,986 82,465,651 1,629,069 233,187,048 Cash and bank balances 286,032 - - - 286,032 Total assets 6,632,374 142,745,986 82,465,651 1,629,069 233,473,080 Liabilities Accrued expenses and

other payables - - - 38,175 38,175 Due to Manager - - - 171,481 171,481 Due to Trustee - - - 11,432 11,432 Total liabilities - - - 221,088 221,088 Total interest sensitivity gap 6,632,374 142,745,986 82,465,651 1,407,981 233,251,992





bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 90,213,138 653,159,457 1,152,040,576 27,643,150 1,923,056,321

Interest receivable - - - 1 1 Cash and bank balances 4,572,143 - - - 4,572,143 Margin deposits - - - 735,296 735,296 Due from unitholders - - - 2,751,787 2,751,787 Sales awaiting settlements - - - 11,751,424 11,751,424

Other receivables - - - 256,590 256,590 Financial derivatives,

at fair value - - - 2,516,058 2,516,058 Total assets 94,785,281 653,159,457 1,152,040,576 45,654,306 1,945,639,620


other payables - - - 162,293 162,293 Purchases awaiting settlements - - - - - Due to Manager - - - 4,417,100 4,417,100

Due to Trustee - - - 111,365 111,365 Due to unitholders - - - 12,060,570 12,060,570 Distribution payable - - - 12,828,323 12,828,323 Financial derivatives, at fair

value - - - 17,893,203 17,893,203 Total liabilities - - - 47,472,854 47,472,854 Total interest sensitivity gap 94,785,281 653,159,457 1,152,040,576 (1,818,548) 1,898,166,766


205

7 Financial risk management (continued)






bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 91,368,249 585,608,103 1,113,425,651 24,524,208 1,814,926,211

Interest receivable - - - 1 1 Cash and bank balances 4,536,348 - - - 4,536,348 Margin deposits - - - 1,011,717 1,011,717 Due from unitholders - - - 10,500,595 10,500,595 Sales awaiting settlements - - - 8,763,826 8,763,826

Other receivables - - - 503 503 Financial derivatives,

at fair value - - - 634,108 634,108 Total assets 95,904,597 585,608,103 1,113,425,651 45,434,958 1,840,373,309


other payables - - - 127,450 127,450 Purchases awaiting settlements - - - 14,850,295 14,850,295 Due to Manager - - - 3,484,397 3,484,397


value - - - 3,480,516 3,480,516 Total liabilities - - - 45,459,592 45,459,592 Total interest sensitivity gap 95,904,597 585,608,103 1,113,425,651 (24,634) 1,794,913,717





bearing

Total US$ US$ US$ US$ US$ Assets Portfolio of investments 16,419,817 241,013,980 226,537,259 6,643,818 490,614,874

Cash and bank balances 17,217,848 - - - 17,217,848 Margin deposits - - - 97,147 97,147 Due from unitholders - - - 1,275,144 1,275,144


at fair value - - - 1,495,496 1,495,496 Total assets 33,637,665 241,013,980 226,537,259 9,567,992 510,756,896


other payables - - - 65,702 65,702 Purchases awaiting settlements - - - 1,512,668 1,512,668 Due to Manager - - - 1,072,870 1,072,870


value - - - 8,395,988 8,395,988 Total liabilities - - - 15,855,057 15,855,057 Total interest sensitivity gap 33,637,665 241,013,980 226,537,259 (6,287,065) 494,901,839


206

7 Financial risk management (continued) 7.3 Interest rate risk (continued)





bearing

Total US$ US$ US$ US$ US$ Assets Portfolio of investments 15,418,012 189,531,039 229,260,621 5,513,227 439,722,899

Cash and bank balances 5,802,920 - - - 5,802,920 Margin deposits - - - 95,657 95,657 Due from unitholders - - - 825,930 825,930 Sales awaiting settlements - - - 4,457,245 4,457,245


at fair value - - - 266,413 266,413 Total assets 21,220,932 189,531,039 229,260,621 11,805,831 451,818,423


other payables - - - 51,144 51,144 Purchases awaiting settlements - - - 5,645,860 5,645,860 Due to Manager - - - 809,564 809,564


value - - - 169,163 169,163 Total liabilities - - - 10,956,183 10,956,183 Total interest sensitivity gap 21,220,932 189,531,039 229,260,621 849,648 440,862,240





bearing

Total US$ US$ US$ US$ US$ Assets Fixed deposits 27,159,603 - - - 27,159,603 Interest receivable - - - 43,553 43,553 Cash and bank balances 44,979 - - 44,979

Due from unitholders - - - 319 319 Total assets 27,204,582 - - 43,872 27,248,454


other payables - - - 14,280 14,280 Due to Trustee - - - 4,252 4,252

Total liabilities - - - 18,532 18,532 Total interest sensitivity gap 27,204,582 - - 25,340 27,229,922


207

7. Financial risk management (continued) 7.3 Interest rate risk (continued)

Fullerton Asian Bond Fund, Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Dynamic Strategies Fund – Balanced, Fullerton Asia Income Return and Fullerton Premium 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.

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 2020 Hong Kong and Shanghai Banking Corporation Limited 98.5 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 98.4 AA-


208


7.4 Credit risk (continued)

The Sub-Fund also invests in debt securities, which have an investment grade as rated by

well-known rating agencies. The table below analyses the portfolio of debt securities by rating category:

Debt securities portfolio by rating category

Rating 2020 2019

% of total net assets




AA/Aa2 - 1.28 A+/A1 0.74 0.92 A/A2 5.58 14.12 A-/A3 26.77 20.13 BBB+/Baa1 12.34 14.73 BBB/Baa2 18.41 21.25 BBB-/Baa3 33.70 25.66 BB+/Ba1 - 0.56 BB/Ba2 - 0.31 BB-/Ba3 0.43 - C/D 0.51 0.42 Accrued interest on debt securities 0.89 0.88 Total 99.37 100.26

Fullerton SGD Cash Fund Percentage S&P’s/Moody’s of financial credit assets (%) rating At 31 March 2020 Bank of Nova Scotia, Hongkong 3.74 A+ Bank of Tokyo- Mitsubishi UFJ Ltd 20.92 A- CIMB Bank Berhad 12.65 A- Hong Kong and Shanghai Banking Corporation Limited 27.37 AA- Industrial and Commercial Bank of China Limited 5.21 A Malayan Banking Berhad 10.73 A- Qatar National Bank 12.69 A The Sumitomo Trust & Banking Co Ltd 5.96 A


209


7.4 Credit risk (continued) Fullerton SGD Cash Fund Percentage S&P’s/Moody’s of financial credit assets (%) rating At 31 March 2019 Bank of Tokyo-Mitsubishi UFJ Ltd 8.74 A BNP Paribas, Singapore 0.80 A+ Hong Kong and Shanghai Banking Corporation Limited 44.88 AA- Industrial and Commercial Bank of China Limited 12.12 A Landesbank Baden-Wuerttemberg 15.58 Aa3 Mizuho Corporate Bank Limited 4.52 A Qatar National Bank 8.39 A Sumitomo Mitsui Banking Corporation 2.48 A The Sumitomo Trust & Banking Co Ltd 2.47 A

Fullerton Asian Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 98.4 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 97.7 AA-

Fullerton Singapore Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA-

At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA-


210


7.4 Credit risk (continued) 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:


Rating 2020 2019





AAA/ Aaa 48.31 60.04 AA 0.62 0.43 A+/ A1 0.48 - A/ A2 0.52 1.97 A-/ A3 10.29 7.69 BBB+/ Baa1 8.02 4.07 BBB/ Baa2 5.11 6.30 BBB-/ Baa3 25.08 17.76 BB+/Ba1 - 0.64 C/D 0.32 0.37 Accrued interest on debt securities 0.75 0.70 Total 99.50 99.97

Fullerton SGD Income Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 99.1 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 98.9 AA-


211



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:


Rating 2020 2019 % of total net

assets attributable

to unitholders



AA 0.40 - AA- - 0.12 A+/ A1 0.37 0.12 A/ A2 3.15 3.34 A-/ A3 6.82 7.98 BBB+/ Baa1 16.48 15.02 BBB/ Baa2 10.82 13.55 BBB-/ Baa3 34.39 30.33 BB+/ Ba1 2.20 2.41 BB/ Ba2 3.37 5.28 BB-/ Ba3 7.12 7.84 B+/B1 4.81 5.98 B/B2 7.32 5.60 B-/B3 2.20 1.09 CCC+ - 0.25 CCC 0.10 - CC - 0.59 C/D 0.28 0.27 Non-rated 0.03 -

Accrued interest on debt securities 1.45 1.35 Total 101.31 101.12

Fullerton Dynamic Strategies Fund - Aggressive Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 95.9 AA- DBS Bank 2.5 AA- JP Morgan Chase Bank NA 1.6 A+ UBS AG * A+ At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA- * denotes less than 0.1%


212


7.4 Credit risk (continued) Fullerton Dynamic Strategies Fund - Balanced Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 76.4 AA- DBS Bank 20.9 AA- JP Morgan Chase Bank NA 2.7 A+ UBS AG * A+ At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA-

Fullerton Asia Income Return Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 98.4 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 99.5 AA-

Fullerton USD Income Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 99.5 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 98.8 AA-

* denotes less than 0.1%


213



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:


Rating 2020 2019 % of total net

assets attributable

to unitholders



AAA 0.63 0.63 AA/Aa2 - - AA- - - A+/ A1 1.48 1.22 A/ A2 2.77 1.51 A-/ A3 7.63 9.55 BBB+/ Baa1 16.12 13.54 Baa1- 0.41 - BBB/ Baa2 18.68 15.95 Baa2- 0.86 - BBB-/ Baa3 26.07 31.33 BB+/Ba1 3.35 2.51 BB/ Ba2 2.13 4.94 BB-/Ba3 7.31 6.62 B+/B1 4.01 4.09 B/B2 4.79 5.28 B-/B3 1.55 1.14 CCC+ - 0.18 Accrued interest on debt securities 1.34 1.25 Total 99.13 99.74

Fullerton Premium Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2020 Hong Kong and Shanghai Banking Corporation Limited 94.6 AA- At 31 March 2019 Hong Kong and Shanghai Banking Corporation Limited 99.3 AA-


214


7.4 Credit risk (continued) Fullerton USD Cash Fund Percentage S&P’s/Moody’s of financial credit assets (%) rating At 31 March 2020 Bank of Nova Scotia, Hongkong 8.29 A+ Bank of Tokyo-MUFJ Ltd 8.46 A- BNP PARIBAS, Singapore 4.97 A+ China Construction Bank Corporation 8.81 A CIMB Bank Berhad 8.48 A- Credit Agricole 8.47 A+ Hong Kong and Shanghai Banking Corporation Limited 0.17 AA- Industrial and Commercial Bank of China Limited 8.10 A Landesbank Baden-Wurttemberg 8.86 Aa3 Malayan Banking Berhad 3.67 A- Qatar National Bank 8.26 A Societe Generale 6.08 A Standard Chartered Bank 9.18 A The Sumitomo Trust and Banking Co Ltd 8.09 A

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).


215


7.5 Fair value estimation (continued)

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 2020 and 2019:


31 March 2020 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: - Equity securities - 37,000 - 37,000 - Debt securities - 859,966,667 - 859,966,667 Held for trading - Derivative financial instruments - 395,907 - 395,907 - 860,399,574 - 860,399,574 Liabilities Financial derivatives - Derivative financial instruments - 430,767 - 430,767 - 430,767 - 430,767



Designated at fair value through profit or loss: - Debt securities - 1,160,769,117 - 1,160,769,117 Held for trading - Derivative financial instruments - 69,894 - 69,894 - 1,160,839,011 - 1,160,839,011 Liabilities Financial derivatives - Derivative financial instruments - 2,453,163 - 2,453,163 - 2,453,163 - 2,453,163


216




31 March 2020 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets


Designated at fair value through profit or loss: - Unit trusts 17,254,079 - - 17,254,079 Held for trading - Derivative financial instruments - 48,828 - 48,828 17,254,079 48,828 - 17,302,907 Liabilities Held for trading - Derivative financial instruments - 365,635 - 365,635 - 365,635 - 365,635



Designated at fair value through profit or loss: - Unit trusts 21,473,693 - - 21,473,693 Held for trading - Derivative financial instruments - 23,344 - 23,344 21,473,693 23,344 - 21,497,037 Liabilities Held for trading - Derivative financial instruments - 724 - 724 - 724 - 724




Designated at fair value through profit or loss: - Equity securities - 6,745 - 6,475 - Debt securities 118,343,940 125,345,975 - 243,689,915 118,343,940 125,3452,450 - 243,696,390


217


7.5 Fair value estimation (continued) Fullerton Singapore Bond Fund



Designated at fair value through profit or loss: - Debt securities 140,773,946 92,413,102 - 233,187,048 140,773,946 92,413,102 - 233,187,048




Designated at fair value through profit or loss: - Equity securities 182,012 15,940 - 197,952 - Debt securities - 1,922,277,392 580,977 1,922,858,369 Held for trading - Derivative financial instrument - 2,516,058 - 2,516,058 182,012 1,924,809,390 580,977 1,925,572,379 Liabilities Held for trading - Derivative financial instruments - 17,893,203 - 17,893,203 - 17,893,203 - 17,893,203



Designated at fair value through profit or loss: - Equity securities 306,854 - - 306,854 - Debt securities - 1,814,619,357 1,814,619,357 Held for trading - Derivative financial instrument - 634,108 - 634,108 306,854 1,815,253,465 - 1,815,560,319 Liabilities Held for trading - Derivative financial instruments - 3,480,516 - 3,480,516 - 3,480,516 - 3,480,516


218


7.5 Fair value estimation (continued) Fullerton Dynamic Strategies Fund – Aggressive



Designated at fair value through profit or loss: - Unit trusts 19,762,127 - - 19,762,127 Held for trading - - - - - Derivative financial instruments 484 18,035 - 18,519 19,762,611 18,035 - 19,780,646 Liabilities Held for trading - Derivative financial instruments 14,187 57,602 - 71,789 14,187 57,602 - 71,789



Designated at fair value through profit or loss: - Unit trusts 29,571,386 - - 29,571,386 29,571,386 - - 29,571,386




Designated at fair value through profit or loss: - Unit trusts 4,874,881 - - 4,874,881 Held for trading - - - - - Derivative financial instruments 25,135 15,730 - 40,865 4,900,016 15,730 - 4,915,746 Liabilities Held for trading - Derivative financial instruments 4,729 43,001 - 47,730 4,729 43,001 - 47,730


219



Fullerton Dynamic Strategies Fund – Balanced (continued) 31 March 2019 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets


Designated at fair value through profit or loss: - Unit trusts 7,904,527 - - 7,904,527 7,904,527 - - 7,904,527




Designated at fair value through profit or loss: - Unit trusts 46,585,650 - - 46,585,650 Held for trading - Derivative financial instruments 1,312,834 - - 1,312,834 47,898,484 - - 47,898,484 Liabilities Held for trading - Derivative financial instruments 213,766 666,852 - 880,618 213,766 666,852 - 880,618



Designated at fair value through profit or loss: - Unit trusts 53,405,106 - - 53,405,106 Held for trading - Derivative financial instruments 181,202 246,846 - 428,048 53,586,308 246,846 - 53,833,154 Liabilities Held for trading - Derivative financial instruments 32,060 175,751 - 207,811 32,060 175,751 - 207,811


220

7. Financial risk management (continued) 7.5 Fair value estimation (continued)




Designated at fair value through profit or loss: - Debt securities - 490,614,874 - 490,614,874 Held for trading - Derivative financial instruments - 1,495,496 - 1,495,496 - 492,110,370 - 492,110,370 Liabilities Held for trading - Derivative financial instruments - 8,395,988 - 8,395,988 - 8,395,988 - 8,395,988



Designated at fair value through profit or loss: - Debt securities - 439,722,899 - 439,722,899 Held for trading - Derivative financial instruments - 266,413 - 266,413 - 439,989,312 - 439,989,312 Liabilities Held for trading - Derivative financial instruments - 169,163 - 169,163 - 169,163 - 169,163


221


Fullerton Premium Fund 31 March 2020 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets


Designated at fair value through profit or loss: - Unit trusts 21,270,814 - - 21,270,814 Held for trading - Derivative financial instruments 616,336 - - 616,336 21,887,150 - - 21,887,150 Liabilities Held for trading - Derivative financial instruments 129,885 358,007 - 487,892 129,885 358,007 - 487,892 31 March 2019 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets


Designated at fair value through profit or loss: - Unit trusts 23,093,771 - - 23,093,771 Held for trading - Derivative financial instruments 104,187 42,199 - 146,386 23,197,958 42,199 - 23,240,157 Liabilities Held for trading - Derivative financial instruments 15,509 35,465 - 50,974 15,509 35,465 - 50,974


222


Investments, whose values are based on quoted market prices in active markets, are classified within Level 1, include quoted equity securities, investment funds and exchange traded derivatives. The fair value of quoted equity securities is based on quoted market prices at the statement of financial position date and the Sub-Fund does not adjust the quoted price for these instruments. Investments in open-ended investment funds whose net asset value is determined daily, price information is published and readily available and units are subscribed and redeemable on demand at the published price, and whose underlying investments are primarily actively traded and quoted securities are classified within Level 1. The Sub-Funds do not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include quoted debt securities, investment funds and over-the-counter derivatives. Investments in investment funds classified within Level 2 were fair valued using the net asset value of the underlying fund, as reported by the respective underlying Fund’s administrator. For these investment funds, the Investment Manager believes the Sub-Fund could have redeemed its investment at the net asset value per share at the end of the reporting period. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Investments classified within Level 3 have significant unobservable inputs as there are no readily available quoted market prices. As at 31 March 2020, FSIF had two debt securities of S$580,977 (2019: S$Nil) whose underlying security, Nam Cheong Limited, have completed restructuring prior to the fianncial year end and its carrying amount represents the Manager’s best estimate of their fair value. The fair value of the security has been written down to nil value in prior year. Other than the above, and 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 2020 and 2019 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.


223

7. Financial risk management (continued) 7.6 Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The following tables present the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements. The tables are presented by type of financial instrument.

Fullerton Short Term Interest Rate Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D

Gross amounts of recognised

financial assets


financial liabilities set-

off in the statement of

financial position

Net amounts of financial

assets presented in

the statement of

financial position

Related amounts not set-off in the statement of

financial position

D(i) and D(ii) Financial

Instruments

D(ii) Cash Collaterals Received

Net Amount

Foreign Exchange forward contracts 12,335 - 12,335 (12,335) - -

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:

A B C = A - B D E = C - D


financial liabilities


financial assets set-off in the

statement of financial position

Net amounts of financial liabilities

presented in the


Related amounts not set-off in the statement of

financial position


Instruments


Net Amount

Foreign Exchange forward contracts 51,554 - 51,554 (12,335) - 39,219


224

7. Financial risk management (continued) 7.6 Offsetting financial assets and financial liabilities (continued)

Fullerton Short Term Interest Rate Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position

Related amounts not set-off in the statement of financial

position


Instruments


Net Amount



A B C = A - B D E = C – D




financial assets set-off

in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts 1,563,567 - 1,563,567 (30,305) - 1,533,262


225


Fullerton Asian Bond Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount



A B C = A - B D E = C - D





in the statement of

financial position


presented in the



position


Instruments


Net Amount



226


Fullerton Asian Bond Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount

Foreign Exchange forward contracts 19,012 - 19,012 (20) - 18,992


A B C = A - B D E = C - D





in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts 20 - 20 (20) - -


227


Fullerton SGD Income Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount

Foreign Exchange forward contracts 1,333,725 - 1,333,725 (1,333,725) - -


A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts 16,335,165 - 16,335,165 (1,333,725) - 15,001,440


228


Fullerton SGD Income Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount



A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount



229


Fullerton Dynamic Strategies Fund – Aggressive Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount

Foreign Exchange forward contracts 11,220 - 11,220 - - 11,220


A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts - - - - - -


230


Fullerton Dynamic Strategies Fund – Balanced Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount



A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount



231


Fullerton Asia Income Return Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount

Foreign Exchange forward contracts 1 - 1 (1) - -


A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts 20,094 - 20,094 (1) - 20,093


232


Fullerton USD Income Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2020 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount



A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount



233


Fullerton USD Income Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount



A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount



234


Fullerton Premium Fund Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:

2019 A B C = A - B D E = C - D


financial assets




financial position


assets presented in

the statement of

financial position


position


Instruments


Net Amount

Foreign Exchange forward contracts - - - - - -


A B C = A - B D E = C – D





in the statement of

financial position


presented in the



position


Instruments


Net Amount

Foreign Exchange forward contracts 7,671 - 7,671 - - 7,671

The Sub-Funds and its counterparty have elected to settle all transactions on a gross basis however, each party has the option to settle all open contracts on a net basis in the event of default of the other party.


235


As at 31 March 2020 Fullerton SGD Cash Fund Fullerton Singapore Bond Fund Fullerton USD Cash Fund Fullerton Asia Income Return Fullerton Premium Fund There are no financial assets or liabilities subject to offsetting, enforceable master netting arrangement and similar agreements. As at 31 March 2019 Fullerton SGD Cash Fund Fullerton Singapore Bond Fund Fullerton Dynamic Strategies Fund – Aggressive Fullerton Dynamic Strategies Fund – Balanced There are no financial assets or liabilities subject to offsetting, enforceable master netting arrangement and similar agreements.

7.7 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. At the end of the reporting period, the following Sub-Funds had unitholders with holdings of more than 10% of all units in issue. A decision by these unitholders to redeem their units may have a significant impact on the Sub-Funds:


236


7.7 Liquidity and capital risks (continued)

Number of unitholders % of all units in issue 2020 2019 2020 2019

Fullerton Short Term Interest Rate

Fund 3 3 53% 54% Fullerton SGD Cash Fund 3 4 45% 82% Fullerton Asian Bond Fund 3 2 84% 75% Fullerton Singapore Bond Fund 1 1 100% 100% Fullerton SGD Income Fund 4 4 63% 68%


Aggressive 3 4 76% 85%


Balanced 2 2 75% 74% Fullerton Asia Income Return Fund 1 1 96% 96% Fullerton USD Income Fund 3 3 70% 82% Fullerton Premium Fund 2 2 98% 97% Fullerton USD Cash Fund 1 - 90% -

7.8 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.

7.9 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.


237

8. Interest in unconsolidated structured entities The Sub-Funds’ investments in Investee Fund are subject to the terms and conditions of the

Investee Funds offering documentation and are susceptible to market price risk arising from uncertainties about future values of the Investee Funds. The Manager makes investment decisions after extensive due diligence of the Investee Funds, its strategy and the overall quality of the Investee Funds’ managers. Investee Funds in the investment portfolio are managed by portfolio managers who are compensated by the respective Investee Funds for their services. Such compensation generally consists of an asset based fee and are reflected in the valuation of the Sub-Fund’s investments in each of the Investee Funds.

The Sub-Funds have rights to request redemption of their investments in Investee Funds on a daily basis. The exposure to investments in the Investee Funds at fair value is disclosed under the Statement of Portfolio. These investments are included within “Portfolio of investments” in the Statement of Financial Position. The Sub-Fund’s holding in the Investee Funds, as a percentage of the Investee Fund’s total net asset value, will vary from time to time dependent on the volume of subscriptions and redemptions at the Investee Fund level. It is possible that the Sub-Fund may, at any point in time, hold a majority of an Investee Fund’s total units in issue. The Sub-Fund’s maximum exposure to loss from its interests in the Investee Fund is equal to the total fair value of its investments in the Investee Fund. Once the Sub-Fund has disposed of its shares in the Investee Fund, the Sub-Fund ceases to be exposed to any risk from it.

9. Related party disclosure

9.1 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 fee, custodian fees, valuation fees 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.

9.2 At the end of the financial year the Sub-Funds maintained current accounts and deposits with

HSBC Bank:



2020 2019 2020 2019 S$ S$ S$ S$

Current accounts (HSBC Bank) 7,212,631 1,392,832 137,747,151 381,905,405

Fullerton Asian


Bond Fund 2020 2019 2020 2019 US$ US$ S$ S$

Current accounts (HSBC

Bank) 95,493 454,190 2,471,774 286,032


238

9. Related party disclosure (continued)



2020 2019 2020 2019 S$ S$ S$ S$ Current accounts (HSBC

Bank) 4,572,143 4,536,348 2,336,680 1,148,763


Fund - Balanced Fullerton Asia Income Return

2020 2019 2020 2019 S$ S$ US$ US$

Current accounts (HSBC Bank) 490,065 128,775 2,497,710 803,323


2020 2019 2020 2019 US$ US$ S$ S$

Current accounts (HSBC Bank) 17,217,848 5,802,920 962,380 383,626

Fullerton USD

Cash Fund 2020 US$

Current accounts (HSBC Bank) 44,979

At the end of the financial year, the Fullerton SGD Cash Fund, Fullerton SGD Income Fund and Fullerton USD Cash Fund were partly held by a trust managed by the Investment Manager.

10. Financial ratios


Interest Rate Fund Fullerton SGD

Cash Fund 2020 2019 2020 2019 % % % %

Expense ratio (1) - Class A 0.13 0.12 0.15 0.15 - Class B 0.23 0.22 0.05 0.05 - Class B1 0.38 0.37 - - - Class C 0.53 0.52 - - - Class D 0.53 0.52 - - - Class R 0.33 0.33 - - Turnover ratio (3) 33.47 23.91 2,786.22 2,838.25


239

10. Financial ratios (continued)

Fullerton Asian

Bond Fund(2) Fullerton Singapore

Bond Fund 2020 2019 2020 2019 % % % % Expense ratio(1) - Class A 1.33 1.24 0.38 0.37 - Class B 1.33 1.23 - - - Class C 1.03 0.93 - - - Class D 1.33 1.23 - - - Turnover ratio(3) 34.66 27.63 28.93 32.25


Fund Fullerton Dynamic Strategies

Fund - Aggressive(2) 2020 2019 2020 2019 % % % %

Expense ratio(1) - Class A 0.87 0.85 1.89 1.89 - Class B 1.07 1.05 - - - Class C 0.57 0.55 - - - Class D 0.87 0.85 - - - Class R 0.57 0.52 - - Turnover ratio(3) 39.43 21.48 120.85 77.63


Fund - Balanced(2) Fullerton Asia

Income Return (2) 2020 2019 2020 2019 % % % % Expense ratio(1) - Class A 2.39 2.33 1.57 1.59 - Class B - - 1.57 1.59 Turnover ratio(3) 161.90 75.22 159.28 134.72

Fullerton USD Income Fund(2)

Fullerton Premium Fund(2)

2020 2019 2020 2019 % % % %

Expense ratio(1) - Class A (annualised)* 0.88 0.80 0.77 0.71 - Class B (annualised)* 0.88 0.80 - - - Class C (annualised)* 0.88 0.80 2.07 2.01 - Class D (annualised)* 0.88 0.80 - - - Class E (annualised)* 0.88 0.80 - - - Class F (annualised)* 0.66 0.60 - - - Class G (annualised)* 0.48 0.40 - - - Class R (annualised)** 0.53 - - - Turnover ratio(3) 51.55 13.50 185.95 172.42

*Annualised expense ratio is presented for comparatives for Fullerton Premium Fund as the Fund is constituted on

19 February 2018. ** Annualised expense ratio is only presented for Class R Fullerton USD Income Fund for 2020.


240


Fullerton USD

Cash Fund

2020 %

Expense ratio(1) - Class B (annualised) 0.26 - Class B (annualised) (including preliminary

expenses) 0.33

Turnover ratio(3) 884.65

(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 2020 was based on total operating expenses divided by the average net asset value respectively for the year/period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of 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 2020 2019 2020 2019 S$ S$ S$ S$

Total operating expenses Class A 7,825 10,748 930,389 819,599 Class B 1,157,043 1,439,117 26,358 13,932 Class B1 222,241 222,315 - - Class C 1,825,560 1,602,442 - - Class D 862,261 623,432 - - Class R 28,359 11,097 - -

Average net asset value

Class A 5,794,833 8,693,518 625,395,801 548,188,405 Class B 491,863,272 643,500,895 54,644,413 45,276,718 Class B1 57,629,748 59,512,919 - - Class C 340,550,111 305,934,925 - - Class D 160,770,637 119,088,528 - - Class R 8,453,613 3,399,096 - -


241


Fullerton Asian


Bond Fund 2020 2019 2020 2019 US$ US$ S$ S$

Total operating expenses Class A 46,623 57,234 904,850 846,302 Class B 69,511 74,163 - - Class C 1,336 834 - - Class D 11,340 10,654 - -


Class A 7,400,385 10,896,840 239,637,038 228,612,907 Class B 11,069,154 14,195,723 - - Class C 408,491 374,307 - - Class D 1,805,817 2,039,263 - -

Weighted average of the underlying funds’ unaudited expense ratio 0.70% 0.71% - -



2020 2019 2020 2019 S$ S$ S$ S$

Total operating expenses Class A 13,189,814 12,128,529 384,726 442,038 Class B 1,778,656 1,524,439 - - Class C 739,760 497,692 - - Class D 1,878,211 1,630,343 - - Class R 172,881 4,106 - -


Class A 1,517,690,099 1,428,507,014 28,773,922 31,931,946 Class B 166,287,074 145,308,313 - - Class C 130,305,892 90,786,368 - - Class D 216,196,310 192,137,691 - - Class R 30,409,807 2,215,840 - -

Weighted average of the underlying funds’ unaudited expense ratio - - 0.55% 0.51%


242



Fund - Balanced

Fullerton Asia Income Return 2020 2019 2020 2019 S$ S$ US$ US$

Total operating expenses Class A 144,246 165,812 353,624 337,414 Class B - - 74,139 70,197


Class A 7,515,900 9,232,522 46,965,014 45,880,079 Class B - - 9,844,462 9,546,569

Weighted average of the underlying funds’ unaudited expense ratio 0.47% 0.54% 0.82% 0.92%

Fullerton USD Income Fund Fullerton Premium Fund 2020 2019 2020 2019 US$ US$ S$ S$

Total operating expenses Class A 1,275,327 1,276,181 72,556 87,592 Class B 2,049,161 1,822,073 - - Class C 162,376 104,620 87,868 66,373 Class D 86,130 106,446 - - Class E 143,010 130,955 - - Class F 84,481 71,053 - - Class G 274,425 203,761 - - Class R 189 - -


Class A 145,591,650 160,185,161 19,817,967 18,992,822 Class B 234,287,002 228,785,597 - - Class C 18,562,091 13,125,239 5,260,637 3,676,701 Class D 9,801,237 13,355,470 - - Class E 16,280,167 16,429,284 - - Class F 12,798,576 11,926,276 - - Class G 57,831,122 51,311,601 - - Class R 116,128 - -

Weighted average of the underlying funds’ unaudited expense ratio - - 0.41%

Fullerton USD

Cash Fund

2020 S$

Total operating expenses Class B 21,516


Class B 27,025,102


243


(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 2020 2019 2020 2019 S$ S$ S$ S$

Total value of purchases or sales 356,434,746 272,635,749 18,947,387,701 16,378,096,593

Average net asset value 1,065,062,214 1,140,129,880 680,040,214 577,050,058

Fullerton Asian


Bond Fund 2020 2019 2020 2019 US$ US$ S$ S$

Total value of purchases or sales 7,168,481 7,600,296 69,327,615 73,737,933

Average net asset value 20,683,847 27,506,133 239,637,038 228,612,907



2020 2019 2020 2019 S$ S$ S$ S$

Total value of purchases or sales 812,684,880 398,969,655 34,774,652 24,790,130

Average net asset value 2,060,889,182 1,857,519,362 28,773,922 31,931,946


Fund – Balanced

Fullerton Asia Income Return 2020 2019 2020 2019 S$ S$ US$ US$

Total value of purchases or sales 12,168,535 6,944,845

90,485,429 74,671,195



Fullerton Premium Fund 2020 2019 2020 2019 US$ US$ S$ S$

Total value of purchases or sales 255,253,127 66,823,251

46,633,357 38,872,047



244


Fullerton USD

Cash Fund

2020 US$

Total value of purchases or sales 239,076,682

Average net asset value 27,025,102 11. Distribution

Fullerton Asian Bond Fund 2020 2019

US$ US$ Class A (USD) Distribution of US$1.32 per unit on 12 July 2019 to

unitholders on the register as at 1 July 2019

79,078 - Distribution of US$1.34 per unit on 15 October

2019 to unitholders on the register as at 1 October 2019

72,744 - Distribution of US$1.34 per unit on 15 January

2020 to unitholders on the register as at 2 January 2020

72,754 - Distribution of US$1.00 per unit on 16 April 2020

to unitholders on the register as at 1 April 2020

42,040 - Distribution of US$1.28 per unit on 13 July 2018 to


- 136,001 Distribution of US$1.27 per unit on 12 October


- 104,953 Distribution of US$1.26 per unit on 15 January


- 95,179 Distribution of US$1.29 per unit on 12 April 2019


- 81,826 266,616 417,959


245

11. Distribution (continued)

Fullerton SGD Income Fund 2020 2019

S$ S$ Class A (SGD) Distribution of S$0.010 per unit on 12 July 2019 to


13,151,410 - Distribution of S$0.010 per unit on 14 October 2019

to unitholders on the register as at 1 October 2019

13,935,620 - Distribution of S$0.010 per unit on 15 January 2020

to unitholders on the register as at 2 January 2020

14,728,042 - Distribution of S$0.007 per unit on 15 April 2020 to

unitholders on the register as at 1 April 2020

9,314,503 - Distribution of S$0.010 per unit on 13 July 2018 to


- 14,311,083 Distribution of S$0.011 per unit on 12 October 2018


- 14,761,416 Distribution of S$0.010 per unit on 15 January 2019


- 12,984,596 Distribution of S$0.010 per unit on 12 April 2019 to


- 12,894,165


246


Fullerton SGD Income Fund 2020 2019 Class B (SGD) S$ S$ Distribution of S$0.010 per unit on 12 July 2019 to


1,486,102 - Distribution of S$0.010 per unit on 14 October


1,584,092 - Distribution of S$0.010 per unit on 15 January




994,374 - Distribution of S$0.010 per unit on 13 July 2018 to


- 1,519,283 Distribution of S$0.011 per unit on 12 October


- 1,569,227 Distribution of S$0.010 per unit on 15 January


- 1,376,678 Distribution of S$0.010 per unit on 12 April 2019 to


- 1,392,129


247


Fullerton SGD Income Fund 2020 2019 S$ S$ Class C (SGD) Distribution of S$0.010 per unit on 12 July 2019 to


1,183,146 - Distribution of S$0.010 per unit on 14 October 2019


1,307,965 - Distribution of S$0.010 per unit on 15 January 2020




770,085 - Distribution of S$0.010 per unit on 13 July 2018 to


- 870,175 Distribution of S$0.011 per unit on 12 October 2018


- 960,055 Distribution of S$0.010 per unit on 15 January 2019


- 875,543 Distribution of S$0.010 per unit on 12 April 2019 to


- 904,070


248


Fullerton SGD Income Fund 2020 2019 S$ S$ Class D (USD) Distribution of US$0.010 per unit on 12 July 2019 to


1,754,962 - Distribution of US$0.010 per unit on 15 October


2,062,256 - Distribution of US$0.010 per unit on 15 January


2,276,259 - Distribution of US$0.006 per unit on 15 April 2020 to


1,526,591 - Distribution of US$0.009 per unit on 13 July 2018 to


- 1,854,352 Distribution of US$0.010 per unit on 12 October


- 1,910,437 Distribution of US$0.010 per unit on 15 January


- 1,801,223 Distribution of US$0.010 per unit on 12 April 2019 to


- 1,793,204 Class R (SGD)

Distribution of S$0.010 per unit on 12 July 2019 to unitholders on the register as at 1 July 2019

267,098 -

Distribution of S$0.010 per unit on 14 October 2019


290,926 - Distribution of S$0.010 per unit on 15 January 2020


325,108 - Distribution of S$0.007 per unit on 15 April 2020 to


222,770 Distribution of S$0.010 per unit on 12 April 2019 to


- 110,727 70,126,786 71,888,363


249


Fullerton Asia Income Return 2020 2019 US$ US$ Class A (SGD) Distribution of S$0.0032 per unit on 16 May 2019

to unitholders on the register as at 2 May 2019

151,266 - Distribution of S$0.0031 per unit on 18 June 2019

to unitholders on the register as at 3 June 2019

146,236 - Distribution of S$0.0032 per unit on 12 July 2019

to unitholders on the register as at 1 July 2019

153,222 - Distribution of S$0.0032 per unit on 16 August

2019 to unitholders on the register as at 1 August 2019

151,512 - Distribution of S$0.0032 per unit on 13 September

2019 to unitholders on the register as at 2 September 2019

150,131 - Distribution of S$0.0032 per unit on 14 October


151,069 - Distribution of S$0.0032 per unit on 15 November

2019 to unitholders on the register as at 4 November 2019

154,569 - Distribution of S$0.0032 per unit on 13 December

2019 to unitholders on the register as at 2 December 2019

154,015 - Distribution of S$0.0037 per unit on 15 January


181,550 - Distribution of S$0.0038 per unit on 14 February

2020 to unitholders on the register as at 3 February 2020

185,231 - Distribution of S$0.0039 per unit on 13 March

2020 to unitholders on the register as at 02 March 2020

186,886 - Distribution of S$0.0032 per unit on 16 April 2020


149,302 -


250


Fullerton Asia Income Return 2020 2019 US$ US$ Class A (SGD) Distribution of S$0.0035 per unit on 30 April 2018


- 167,118 Distribution of S$0.0035 per unit on 30 May 2018


- 163,603 Distribution of S$0.0035 per unit on 29 June 2018


- 163,089 Distribution of S$0.0051 per unit on 16 August


- 236,622 Distribution of S$0.0033 per unit on 14 September


- 152,672 Distribution of S$0.0033 per unit on 12 October


- 152,867 Distribution of S$0.0031 per unit on 16 November


- 143,596 Distribution of S$0.0030 per unit on 14 December


- 140,128 Distribution of S$0.0030 per unit on 15 January


- 140,784 Distribution of S$0.0031 per unit on 18 February


- 146,456 Distribution of S$0.0031 per unit on 14 March


- 146,508 Distribution of S$0.0032 per unit on 12 April 2019


- 151,655


251


Fullerton Asia Income Return 2020 2019

US$ US$ Class B (USD) Distribution of US$0.0031 per unit on 16 May 2019


32,213 - Distribution of US$0.0030 per unit on 18 June

2019 to unitholders on the register as at 3 June 2019

31,280 - Distribution of US$0.0030 per unit on 12 July 2019


31,382 - Distribution of US$0.0030 per unit on 16 August


31,482 - Distribution of US$0.0030 per unit on 13

September 2019 to unitholders on the register as at 2 September 2019

31,683 - Distribution of US$0.0030 per unit on 15 October



November 2019 to unitholders on the register as at 4 November 2019


December 2019 to unitholders on the register as at 2 December 2019

32,961 - Distribution of US$0.0036 per unit on 15 January


38,402 - Distribution of US$0.0036 per unit on 14 February


38,541 - Distribution of US$0.0036 per unit on 13 March


38,676 - Distribution of US$0.0029 per unit on 16 April

2020 to unitholders on the register as at 1 April 2020

31,287 -


252


Fullerton Asia Income Return 2020 2019

US$ US$ Class B (USD) Distribution of US$0.0033 per unit on 30 April


- 33,169 Distribution of US$0.0033 per unit on 30 May 2018


- 33,278 Distribution of US$0.0034 per unit on 29 June

2018 to unitholders on the register as at 18 June 2018

- 34,415 Distribution of US$0.0048 per unit on 16 August


- 48,777 Distribution of US$0.0032 per unit on 14

September 2019 to unitholders on the register as at 3 September 2018

- 32,377 Distribution of US$0.0032 per unit on 12 October



November 2018 to unitholders on the register as at 2 November 2018


December 2018 to unitholders on the register as at 3 December 2018

- 29,645 Distribution of US$0.0029 per unit on 15 January


- 29,743 Distribution of US$0.003 per unit on 18 February


- 30,870 Distribution of US$0.0030 per unit on 14 March


- 30,972 Distribution of US$0.0030 per unit on 12 April


- 31,074 2,317,630 2,302,468


253


Fullerton USD Income Fund 2020 2019 US$ US$ Class A (SGD) Distribution of S$0.0085 per unit on 12 July 2019


1,194,635 - Distribution of S$0.0090 per unit on 14 October


1,229,224 - Distribution of S$0.0090 per unit on 15 January


1,312,024 - Distribution of S$0.0068 per unit on 15 April 2020




- 1,383,891 Distribution of S$0.0080 per unit on 12 October


- 1,251,332 Distribution of S$0.0080 per unit on 15 January


- 1,197,967 Distribution of S$0.0080 per unit on 12 April 2019


- 1,106,143


254


Fullerton USD Income Fund 2020 2019 US$ US$ Class B (USD) Distribution of US$0.0100 per unit on 12 July 2019


2,084,459 - Distribution of US$0.0100 per unit on 15 October


2,138,402 - Distribution of US$0.0100 per unit on 15 January


2,375,041 - Distribution of US$0.0076 per unit on 15 April


1,893,368 - Distribution of US$0.0090 per unit on 13 July 2018


- 2,319,816 Distribution of US$0.0090 per unit on 12 October


- 2,051,638 Distribution of US$0.0090 per unit on 15 January


- 1,879,013 Distribution of US$0.0090 per unit on 12 April


- 1,815,032

Class C (AUD) Distribution of AUD0.0075 per unit on 12 July

2019 to unitholders on the register as at 1 July 2019

100,158 - Distribution of AUD0.0075 per unit on 14 October


124,187 - Distribution of AUD0.0080 per unit on 15 January


160,618 - Distribution of AUD0.0073 per unit on 15 April


176,565 -


255


Class C (AUD) (continued) Fullerton USD Income Fund 2020 2019 US$ US$ Distribution of AUD0.0090 per unit on 13 July


- 120,384 Distribution of AUD0.0090 per unit on 12 October


- 115,863 Distribution of AUD0.0080 per unit on 15 January


- 100,021 Distribution of AUD0.0080 per unit on 12 April


- 92,140

Class D (EUR) Distribution of EUR0.0025 per unit on 12 July


26,099 - Distribution of EUR0.0033 per unit on 14 October


30,972 - Distribution of EUR0.0038 per unit on 15 January


36,741 - Distribution of EUR0.0036 per unit on 15 April


26,697 - Distribution of EUR0.0040 per unit on 13 July


- 67,606 Distribution of EUR0.0040 per unit on 12 October


- 47,828 Distribution of EUR0.0025 per unit on 15 January


- 27,238 Distribution of EUR0.0022 per unit on 12 April


- 23,843


256


Fullerton USD Income Fund 2020 2019 US$ US$ Class E (GBP) Distribution of GBP0.0055 per unit on 12 July


88,227 - Distribution of GBP0.0065 per unit on 14 October


104,055 - Distribution of GBP0.0070 per unit on 15 January


122,498 - Distribution of GBP0.0060 per unit on 15 April


77,281 - Distribution of GBP0.0060 per unit on 13 July


- 101,497 Distribution of GBP0.0060 per unit on 12 October


- 98,809 Distribution of GBP0.0050 per unit on 15 January


- 77,601 Distribution of GBP0.0050 per unit on 12 April


- 78,343


257


Fullerton USD Income Fund 2020 2019 US$ US$ Class F (USD) Distribution of USD0.0100 per unit on 12 July


84,565 - Distribution of USD0.0100 per unit on 15 October


76,277 - Distribution of USD0.0100 per unit on 15 January


274,961 - Distribution of USD0.0077 per unit on 15 April


205,219 - Distribution of USD0.0080 per unit on 13 July


- 112,730 Distribution of USD0.0080 per unit on 12 October


- 125,734 Distribution of USD0.0090 per unit on 15 January


- 81,729 Distribution of USD0.0090 per unit on 12 April


- 74,998 Class R (USD) Distribution of USD0.0068 per unit on 16 April


1,275

14,940,087 14,351,196


258


Fullerton Premium Fund 2020 2019 S$ S$ Class C (SGD) Distribution of S$0.0015 per unit on 16 May 2019


8,333 - Distribution of S$0.0015 per unit on 18 June 2019




8,405 - Distribution of S$0.0015 per unit on 16 August


8,390 - Distribution of S$0.0015 per unit on 13 September


8,404 - Distribution of S$0.0015 per unit on 14 October


8,534 - Distribution of S$0.0015 per unit on 15 November


8,438 - Distribution of S$0.0015 per unit on 13 December


8,259 - Distribution of S$0.0016 per unit on 15 January


8,983 - Distribution of S$0.0016 per unit on 14 February


9,046 - Distribution of S$0.0017 per unit on 13 March


8,708 - Distribution of S$0.0014 per unit on 16 April 2020


7,201 -


259


Fullerton Premium Fund 2020 2019 S$ S$ Class C (SGD) Distribution of S$0.0017 per unit on 30 April 2018


- 340 Distribution of S$0.0017 per unit on 14 June 2018


- 3,749 Distribution of S$0.0016 per unit on 13 July 2018


- 6,927 Distribution of S$0.0016 per unit on 16 August


- 7,858 Distribution of S$0.0016 per unit on 14 September


- 7,627 Distribution of S$0.0016 per unit on 12 October


- 7,857 Distribution of S$0.0015 per unit on 16 November


- 7,220 Distribution of S$0.0015 per unit on 14 December


- 7,402 Distribution of S$0.0014 per unit on 15 January


- 7,361 Distribution of S$0.0015 per unit on 18 February


- 8,100 Distribution of S$0.0015 per unit on 14 March


- 8,228 Distribution of S$0.0015 per unit on 12 April 2019


- 8,479 101,100 81,148


260

12. Comparatives

There is no comparative information available for Fullerton USD Cash Fund as this is the first set of financial statements prepared since its constitution on 12 November 2019.

13. Subsequent events

During the financial year, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak. As a result of the COVID-19 outbreak, global financial markets have experienced significant volatility up to the date of this report. Given the extent of the crisis, it is difficult to estimate the impact or duration of the volatility in the portfolio of the Sub-Fund. There was no impact on the Sub-Fund's financial statements, including the going concern assumption, as of 31 March 2020.

· 2019. 7. 2. · fullerton fund (constituted under a trust deed registered in the republic of...

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