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

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

SEMI-ANNUAL REPORT AND FINANCIAL STATEMENTS For the half year ended 30 September 2013 (Unaudited)

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

1

Managers

Fullerton Fund Management Company Ltd

(Registration No. 200312672W)

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

Directors of the Manager

Kwa Chong Seng

Manraj Singh Sekhon

Ho Tian Yee

Kenneth Charles Borda

Lim Khoon-Min

Nels Radley Friets

Phoon Siew Heng

Low Check Kian

Trustee

HSBC Institutional Trust Services (Singapore) Limited

21 Collyer Quay, #10-02, HSBC Building, Singapore 049320.

Auditors

PriceWaterhouseCoopers

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

Legal Advisors to the Managers

Tan Peng Chin LLC

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

Legal Advisors to the Trustee

Shook Lin & Bok LLP

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

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

2

Report to Unitholders Pages

Fullerton Short Term Interest Rate Fund 3

Fullerton Global Bond Fund 8

Fullerton Global Equities Fund 13

Fullerton SGD Cash Fund 17

Fullerton Asian Bond Fund 20

Fullerton Singapore Bond Fund 26

Fullerton SGD Income Fund 30

Fullerton Dynamic Strategies Fund - Aggressive 35

Fullerton Dynamic Strategies Fund - Balanced 39

Fullerton Total Return Fund 43

Financial Statements

Statements of Total Return 48

Statements of Financial Position 53

Statements of Movements of Unitholders’ Funds 58

Portfolio Statements 63

Supplementary Notes 117

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 30 September 2013

Fund Performance (1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 9 September 2004)

1.50

0.78 3.43 3.99 5.17 3.80

Benchmark (3-mth SIBID

(2))

0.06

0.12

0.25 0.28 0.38 1.17

Class B S$ (Inception: 4 June 2008)

1.47 0.73 3.33 3.90 5.09 4.72


(2))

0.06 0.12 0.25 0.28 0.38 0.41

Class B1 S$ (Inception: 9 November 2009)

1.43 0.65 3.17 3.75 -- 4.29


(2))

0.06 0.12 0.25 0.28 -- 0.33

Class C S$ (Inception: 25 September 2009)

1.39 0.57 3.02 3.58 -- 4.26


(2))

0.06 0.12 0.25 0.28 -- 0.34

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

Market Review

Global markets were jittery during the six months to 30 September 2013, on the back of worries that the US Federal Reserve would soon end its quantitative easing programme. Credits spreads widened and US Treasury yields steepened after Fed Chairman Ben Bernanke outlined the timeline for tapering asset purchases. However, the Fed’s decision to delay tapering at its September FOMC meeting helped markets recover some ground.

Emerging market bond funds saw large outflows over the six-month period, as investors pared risk exposure. However, SGD credit bonds were resilient in the face of the global sell-off, helped by tight supply dynamics.

In Singapore, economic data remained lacklustre despite the recovery in developed markets. Non-oil domestic exports fell by 6.2% in August, while PMI remained at 50.5 in September. Singapore’s economy contracted 1% qoq annualised in 3Q 2013. For the full year, the government expects Singapore’s GDP to grow 2.5-3.5%. Inflation remained controlled, but the Monetary Authority of


4

Singapore retained its gradual appreciation bias for the SGD, in light of the risk of inflationary pressures from the tight labour market.

The Fund’s performance over the period was supported by its holdings in good quality SGD credits and interest accrual. The short duration stance and interest rate hedges also helped to buffer the Fund against the volatility in global rates.

Strategy and outlook

Given that the end to US quantitative easing is still on the horizon, investors remain wary of taking outsized risk. We will continue to adopt a nimble approach to managing the Fund’s duration exposure. In terms of credit selection, we retain our preference for good quality issues that offer reasonable valuations, as these are likely to be more defensive in a volatile market environment.

B) Distribution of investments

Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 30 September 2013 classified by:

i. Country, industry and asset class Please refer to the Statements of Portfolio on pages 63 – 74.

ii. Credit rating of debt securities

Fair Value % of NAV

S$ %

AA+/ Aa1 3,674,360 0.30

AA/ Aa2 9,536,651 0.78

AA- / Aa3 256,300 0.02

A+ / A1 39,622,452 3.24

A / A2 126,102,885 10.30

A- / A3 230,780,656 18.86

BBB+ / Baa1 75,073,697 6.13

BBB / Baa2 185,253,041 15.14

BBB- / Baa3 515,063,457 42.09

BB+ / Ba1 10,033,111 0.82

Accrued interest on debt securities 10,970,030 0.90

Total 1,206,366,640 98.58


5

C) Top ten holdings

D) Exposure to derivatives as of 30 September 2013 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

S$ %

Futures contracts (274,281) (0.02)

Forward foreign exchange contracts (165,918) (0.01)

Total (440,199) (0.03)

Top ten holdings as at 30 September 2013 Fair value % of NAV

S$ %

Street Square Pte Limited 3.02% due 05/05/2014 29,425,793 2.40

Keppel Land Limited Conv 1.875% due 29/11/2015 23,822,880 1.95

Biosensors Investment Singapore Pte Limited Ser MTN 4.875% due 23/01/2017 20,226,200 1.65

Lloyds TBS Bank Public Company Limited Series EMTN 3.5% due 17/09/2014 19,857,045 1.62

Sino Land Company Limited 3.25% due 21/09/2017 19,418,480 1.59

Lend Lease Financial International Limited Ser EMTN 4.625% due 24/07/2017 18,679,140 1.53

IDBI Bank Limited Series EMTN 3.65% due 28/08/2015 17,955,540 1.47

Citigroup Inc Series EMTN 4.05% due 29/06/2016 16,995,240 1.39

Wheelock MTN Pte Limited Series MTN 3.5% due 15/12/2014 16,693,375 1.36

Danga Capital Bhd 2.615% due 11/08/2015 16,691,070 1.36

Top ten holdings as at 30 September 2012

Fair value

% of NAV

S$ %

Street Square Pte Limited 3.02% due 05/05/2014 26,059,540 2.92

Olam International Limited EMTN 2.5% due 06/09/2013 20,974,590 2.35

Savu Inv Limited MTN 3.83% due 17/01/2014 18,689,625 2.10

Lloyds TBS Bank PLC Series EMTN 3.5% due 17/09/2014 17,614,923 1.97

VTB Capital 3.4% due 06/06/2014 17,567,900 1.97

Citigroup Inc EMTN 4.98% due 20/06/2013 16,360,307 1.83

IDBI Bank Limited series EMTN 3.65% due 28/08/2015 16,032,800 1.80

Lend Lease Financial Limited Intl Series EMTN due 4.625% 24/07/2017 15,454,500 1.73

Overseas Union Enterprise Limited 3.36% due 27/09/2013 14,946,765 1.68

Wharf Finance No.1 Limited Series EMTN 2.995% due 20/07/2016 14,810,033 1.66


6

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

Net Realised

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

S$ S$

Futures contracts 184,969 (274,281)

Forward foreign exchange contracts (5,137,196) (165,918)

Total (4,952,227) (440,199)

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 30 September 2013 Nil

I) Amount and percentage of borrowings to NAV as at 30 September 2013 Nil

J) Amount of redemptions and subscriptions for the period 1 April 2013 to 30 September 2013

Total amount of subscriptions S$ 316,082,867 Total amount of redemptions S$ 334,951,715

K) Related-party transactions for the period 1 April 2013 to 30 September 2013

Please refer to Note 3 of Supplementary Notes to the Financial Statements on page 119.

L) Financial Ratios



7

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.

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

8


Fund Performance(1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(4)

%

5 yr

(4)

%

Since

Inception(4)

%

Class A S$ (Inception: 1 April 2005)

1.23 0.00 -1.96 0.56 3.16 1.70

Benchmark (Citigroup World Government Bond Index

(2)(3))

1.79 0.97 -2.41 -0.56 1.48 1.10

Class B S$ (Inception: 23 November 2009)

1.11 -0.30 -2.43 0.13 -- 0.13

Benchmark (Citigroup World Government Bond Index

(2)(3))

1.79 0.97 -2.41 -0.56 -- -0.94

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg (3) The benchmark prior to 1 May 2007 was a customised Citigroup G5 World Government Bond Index,

and with effect from 1 May 2007, the benchmark is Citigroup World Government Bond Index. (4) Annualised

Market Review

Developed market government bond yields started selling off in late May on fears that the US Federal Reserve might start tapering its asset purchase programme. Tensions over Syria, as well as fears of a China growth slow-down, also added to volatility during the period under review.

Data in the US remained mixed. The unemployment rate fell to 7.3% in August, the lowest since December 2008, but fewer than expected jobs added as workers left the labour force. The housing market also appeared to have bottomed out. US growth in 2Q 2013 was higher than expected at 2.5% but 1Q 2013 GDP growth was revised lower to 1.1%. Both the ISM manufacturing and services indexes remained above the key 50-point level. Towards the end of the month, the US Congress missed its deadline to pass the budget, which triggered a government shutdown on 1 October.

In its September FOMC meeting, the Fed surprised the market by opting not to taper its current pace of asset purchase, giving global financial markets a boost. US Treasury ten-year yields recovered from their peak but remained more than 100bps higher than before Chairman Bernanke’s speech on possible tapering in May. In Asia, sentiment was underpinned by continued improvement in economic data from China, which suggested that the economy have bottomed out in 2Q 2013.

Growth in the Eurozone remained weak but started showing some signs of stability. Eurozone PMI rose above the key 50-point level in July and remained above the key 50-point level. The European Central Bank maintained its dovish stance despite the modest upturn in domestic economic activity and kept its options open on interest rate cuts.


9

During the period under review, our overweight in credits and Asian currencies generally added value despite some weakening after market started pricing in tapering from June to August. On the other hand, our duration calls generally subtracted value during this period. Our overweight in AUD also detracted from performance the Reserve Bank of Australia embarked on a rate cut cycle to boost the Australian economy.

Strategy and Outlook

On balance, we think that the US government will not default on its debt. As such, we expect risk sentiment to be supportive once the overhang of the US fiscal debate is resolved. The impact of the partial government shutdown on the US economy remains muted for now as Congress is looking to pass a bill to pay furloughed employees retroactively. We maintain our overweight in credits and Asian currencies and underweight in duration, mindful of possible volatility should events unfold otherwise.


10



i. Country industry and asset class

Please refer to the Statements of Portfolio on pages 75 – 78.


Fair Value % of NAV

S$ %

AAA/ Aaa 1,364,169 9.24

AA+/Aa1 1,390,006 9.41

AA/ Aa2 1,973,196 13.36

AA- / Aa3 1,640,166 11.11

A+ / A1 1,870,277 12.66

A / A2 376,280 2.55

A- / A3 1,299,407 8.80

BBB+ / Baa1 1,493,969 10.12

BBB- / Baa3 1,679,245 11.37

Accrued interest on debt securities 197,846 1.34

Total 13,284,561 89.95

C) Top ten holdings


S$ %

Government of Japan Series 27 2.5% due 20/09/2037 1,495,969 10.13

Korea Gas Corporation Series 6 1.38% due 14/07/2016 1,283,828 8.69

Government of Ireland 4.6% due 18/04/2016 910,944 6.17

UK (Gilts) 5% due 07/03/2018 823,262 5.57

Bundesrepublic Series #98 5.625% due 04/01/2028 720,169 4.88

US Treasury Note 4.375% due 15/05/2040 709,914 4.81

RWE Var 12/10/2072 666,900 4.52

US Treasury Bond 6.25% due 15/08/2023 664,625 4.50

Government of Canada 4% due 01/06/2016 644,000 4.36

IPIC GMTN Limited EMTN 5.875% due 14/03/2021 598,657 4.05


11

D) Exposure to derivatives as at 30 September 2013 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

S$ %


Total (6,614) (0.04)


Net Realised


S$ S$

Futures contracts 1,816 -

Forward foreign exchange contracts (10,721) (6,614)

Credit default swaps 57,289 -

Total 48,384 (6,614)





F) Collateral Nil


S$ %

US Treasury Note 2.75% due 15/02/2019 5,332,810 5.51

Republic of Korea 3.625% due 02/11/2015 4,222,221 4.36


Silterra Capital 3.9% due 06/06/2014 3,037,274 3.14

IPIC GMTN Limited EMTN 5.875% due 14/03/2021 2,737,813 2.83

Israel Government Bond 4.625% due 18/03/2020 2,624,400 2.71

Korea Treasury Bond 1809 5.75% due 10/09/2018 2,551,686 2.64

Kingdom of Denmark 4% due 15/11/2017 2,487,864 2.57

Government of Ireland 4.6% due 18/04/2016 2,475,998 2.56



12





Total amount of subscriptions S$ 544,004 Total amount of redemptions S$ 2,161,842



L) Financial ratios



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

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

13



/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 1 April 2005) 0.33 - 0.46 14.58 5.72 6.41 5.02 Benchmark (Composite of MSCI Indices

(2))

4.96 4.83 15.45 6.19 8.03 5.78

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

Market Review

The period under review was dominated by concerns over the timing of the US Federal Reserve’s exit from its quantitative easing programme and growth concerns in China. Global risk aversion saw investors rotating out of emerging markets into developed market equities. While markets rebounded in September after the US Federal Reserve refrained from tapering its asset purchases, the US Congress missed its deadline to pass the budget, which triggered a government shutdown on 1 October; uncertainty remains over whether the US debt ceiling will be raised.

Developed markets outperformed emerging markets during the six months under review, with France (21.4%) and Germany (18.2%) in particular, being clear outperformers. Within Asia ex Japan, Taiwan (6.3%) and China (6.1%) were among the better performing markets. In contrast, Indonesia (-27.5%) lagged on the back of currency pressures and other macro concerns.

The fund’s underperformance was attributed to negative stock selection and country allocation effects. By country, our overweight in Indonesia was a key detractor for the period, while positive stock selection in Hong Kong was negated by negative selection in the UK and Japan. By sector, stock selection in financials, IT and industrials subtracted value.


The decision taken by the US Federal Reserve to delay tapering has provided a relief rally for Asian markets. However, with an end to quantitative easing still on the horizon, investors remain wary of taking outsized risk. Valuations are still attractive relative to history. Given rising bond yields and interest rates, as well as slower domestic growth in Asia, we are focusing on bottom-up opportunities in companies with sustainable quality growth.


14



i. Country, industry and asset class

Please refer to the Statements of Portfolio on page 79 – 85.


Nil

C) Top ten holdings


S$ %

SPDR S&P 500 ETF Trust 873,388 6.54

IShares S&P 500 Index Fund 822,570 6.16

Samsung Electronics Company Limited 596,489 4.46

BlackRock Selection Fund-UK Sub Fund 512,885 3.84

Toyota Motor Corporation 384,845 2.88

Mitsubishi UFJ Financial Group Inc 383,767 2.87

Taiwan Semiconductor Manufacturing Company Limited 371,052 2.78

Fullerton India Fund Class A 288,597 2.16

AIA Group Limited 289,359 2.17

Australia & New Zealand Banking Group Limited 285,869 2.14


S$ %

SPDR S&P 500 ETF Trust 17,355,528 6.33

IShares S&P 500 Index Fund 17,254,719 6.29

Blackrock Index Selection Fund-UK Sub Fund 9,027,481 3.29

Taiwan Semiconductor Manufacturing Co Limited 8,085,534 2.95

Samsung Electronics Co Limited 7,784,723 2.84

Kasikornbank Public Company Limited Foreign 7,577,342 2.76

Ezion Holdings Limited 6,448,080 2.35

Keppel Corporation Limited 6,116,100 2.23

Hyundai Motor Co 5,963,083 2.17

Gamuda 5,949,256 2.17


15

D) Exposure to derivatives as at 30 September 2013

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

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





F) Collateral Nil


H) Amount and percentage of NAV invested in other schemes as at 30 September 2013

Market Value % of NAV

S$ %

SPDR S&P 500 ETF Trust 873,388 6.54

IShares S&P 500 Index Fund 822,570 6.16

Blackrock Index Selection Fund-UK Sub Fund 512,885 3.84

Fullerton India Fund Class A 288,597 2.16



Total amount of subscriptions S$ 140,735 Total amount of redemptions S$ 1,400,223


16



L) Financial ratios




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.


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

17



/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 3 February 2009)

0.06 0.13 0.29 0.34 -- 0.41

Benchmark (MAS - Banks Saving Deposits Rates

(2))

0.03 0.05 0.11 0.11 -- 0.13

Class B S$ (Inception: 14 July 2009)

0.09 0.18 0.39 0.41 -- 0.44

Benchmark (MAS - Banks Saving Deposits Rates

(2))

0.03 0.05 0.11 0.11 -- 0.12

Notes:

(1)

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

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

Market review

During the six months under review, Singapore’s domestic demand and export growth remained weak despite low SGD interest rates. Concerns over the timing of the US Federal Reserve’s exit from its quantitative easing programme drove market volatility. Despite this, SGD deposit rates were relatively well-anchored for the past half year. We expect the current low interest rate environment to continue amid risks to global growth.

We remained vigilant over the counterparty banks which we placed deposits with, and avoided banks that did not have sound balance sheets. This ensured that the fund did not take on unnecessary risks to achieve high returns.


On the domestic front, rates are likely to remain low given the Monetary Authority of Singapore’s (MAS) stance on allowing a modest and gradual appreciation of the SGD. The MAS, as expected, maintained its policy stance in its October 2013 meeting. Singapore’s economy contracted by an annualised 1% in 3Q 2013, down from 16.9% in the previous quarter. The MAS expects the economy to grow by 2.5-3.5% in 2013, with similar expectations for 2014. Inflation is projected to come in at the upper half of the 2-3% forecast range in 2013.

We expect interest rates in the developed markets to remain low. As SGD rates historically move in line with USD rates, SGD rates are unlikely to increase much for the next few months given that expectations for rate hikes in the US have been pushed back. To increase the returns of the fund, we look to place funds with banks which give attractive SGD deposit rates and possibly extending the SGD deposit maturities.


18




Please refer to the Statements of Portfolio on page 86 - 87


Nil

iii. Term to maturity profile of the underlying investments

Fair Value % of NAV

S$ %

Up to 30 days 34,724,735 58.12

31 – 90 days 21,043,737 35.22

More than 180 days 1,000,000 1.67

Total 56,768,473 95.01

C) Top ten holdings

Not applicable

D) Exposure to derivatives as at 30 September 2013

Nil

E) Global Exposure to Financial Derivatives Not applicable

F) Collateral Nil

G) Securities Lending or Repurchase Transaction Nil




19





L) Financial ratios




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 ASIAN BOND FUND _____________________________________________________________________________________

20


Fund Performance(1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(4)

%

5 yr

(4)

%

Since

Inception(4)

%

Class A US$ (Inception: 3 August 2009)

1.12 -3.06 0.29 5.31 -- 8.30

Benchmark (JACI Investment Grade Total Return

(2))

0.86 -3.66 -2.15 3.50 -- 6.11

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

0.98 -3.00 0.38 4.96 -- 7.46

Benchmark (JACI Investment Grade Total Return – S$ Hedged

(2) (3))

0.83 -3.79 -2.27 3.24 -- 5.71

Class C US$ (Inception: 27 April 2009)

1.20 -2.90 0.59 5.81 -- 10.80

Benchmark (JACI Investment Grade Total Return

(2))

0.86 -3.66 -2.15 3.50 -- 7.99

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

2.04 -2.20 2.32 -- -- 6.07

Benchmark(5)

1.59 -2.46 0.38 -- -- 5.24

Notes:

(1)


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

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

Company Ltd derived from JACI Investment Grade Total Return

Market Review

Global bond markets were volatile during the six months to 30 September 2013. Although the period started on a positive note, investors were then unnerved by US Federal Reserve Chairman Ben Bernanke’s timeline for tapering the Fed’s quantitative easing programme. Risk appetite plummeted, with credit spreads widening amid emerging market bond outflows, while the US Treasury yields backed up sharply. However, global markets got a boost in September when the Fed delayed tapering and sounded more dovish than before.


21

At the same time, the dichotomy of recovering developed economies and slowing emerging markets became more pronounced. US economic data continued to point to a gradual recovery in the housing and labour markets, while European PMIs showed signed of a turnaround. In contrast, emerging market indicators remained subdued. Given weaker economic fundamentals and portfolio outflows from Asia, investors were quick to punish markets with large current account deficits, namely India and Indonesia. Consequently, central banks in those countries had to raise interest rates to defend their currencies, even as domestic growth was slowing.

For the six months to end-September, credit spreads widened, led by high yield bonds. The JACI investment grade spread increased marginally by 2bps, while the high yield spread rose 138bps. The US Treasury yield curve steepened, with the ten-year yield rising by 76bps, while the USD strengthened against Asian currencies.

The Fund’s outperformance versus the benchmark was due to its underweight positions in Indonesia and Philippine sovereigns. Tactical interest rate hedges also helped to support performance. However, the Fund’s overweights in Asian currencies, as well as its underweight in Korea, detracted from performance.


We are less cautious about the interest rate outlook for the next few months and we will continue to increase duration by adding longer-dated bonds with reasonably good fundamentals. At the same time, we are cognisant that volatility in global rates and resultant fund flows will continue to drive the credit market over the coming months. We intend to maintain and overall neutral duration versus the benchmark. We remain cautious in our selection of high yield credits as we expected idiosyncratic risks in this sector to rise in the medium term as companies respond to slower economic growth and tighter funding conditions.


22




Please refer to the Statements of Portfolio on page 88.


Not Applicable

C) Top 10 holdings

D) Exposure to Derivatives as at 30 September 2013 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

US$ %

Forward foreign exchange contracts 360,785 0.41

Total 360,785 0.41


Net Realised


US$ US$

Forward foreign exchange contracts (616,079) 358,836

Total (616,079) 358,836

Top ten holdings as at 30 September 2013 US$ %

Fullerton Lux Funds – Asian Bonds Class I USD Distribution 88,325,558 99.64

Top ten holdings as at 30 September 2012 US$ %



23





F) Collateral

Nil

G) Securities Lending or Repurchase Transactions

Nil


I) Amount and percentage of borrowings to NAV as at 30 September 2013

Nil

J) Amount of redemptions and subscriptions for the period 1 April 2013 to 30 September

2013

Total amount of subscriptions US$ 23,861,800 Total amount of redemptions US$ 30,121,475 K) Related-party transactions for the period 1 April 20013 to 30 September 2013


L) Financial ratios



US$ %



24

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

contingent liabilities of open contracts

Nil


Fullerton Lux Funds – Asian Bonds Class I USD Distribution

i. Top ten holdings

ii. Financial ratios 30 September

2013 30 September

2012

% %

Expense ratio* 0.97 1.13

Turnover ratio (2.40) 91.67

* 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 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


US$ %

Pertamina 5.25% 11-23/05/2021 2,200,594 1.45

PTTEP Can Intl 5.692% 11-05/04/2021 2,137,140 1.41

Chong Hing Bank 6% 10-04/11/2020 2,111,810 1.40

Kazakhstan Temir 6.95% 12-10/07/2042 2,035,170 1.34

Nippon Life Ins 12-18/10/2042 FRN 1,969,800 1.31

Champion MTN 3.75% 13-17/01/2023 1,900,481 1.27

Leighton Finance 5.95% 12-13/11/2022 1,899,601 1.25

Kazakh Development 4.125% 12-10/12/2022 1,846,980 1.22

NTPC Ltd 4.75% 12-03/10/2022 1,835,920 1.22

Rural Elect Corp 4.25% 11-25/01/2016 1,821,915 1.20


25

kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements.


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

26


Fund Performance(1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 16 August 2011)

0.80 -1.43 -0.31 -- -- 1.28

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

(2))

0.35 -1.14 -0.98 -- -- 0.33

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

Market Review

The six months under review were challenging ones for investors, as risk aversion spiked on the back of concerns that the US Federal Reserve would soon begin tapering its asset purchases. US Treasuries yields surged and credit spreads widened. However, markets recovered some ground in September, after the Fed took a more dovish tone at its FOMC meeting and held off on tapering.

The fund’s overweight allocation to SGD credits was positive for performance, as demand for SGD corporate bonds remained resilient, given tight supply. However, the exposure to Singapore Government Securities detracted from performance, as the curve steepened in line with the move in US rates.

In Singapore, economic data remained lacklustre despite the positive momentum in developed economies. Non-oil domestic exports fell by 6.2% in August, while PMI was at 50.5 in September. Singapore’s economy contracted 1%qoq annualised in 3Q 2013. For the full year, the government expects Singapore’s GDP to grow 2.5-3.5%. Inflation remained controlled, but the Monetary Authority of Singapore retained its gradual appreciation bias for the SGD, in light of the risk of inflationary pressures from the tight labour market.


In the SGD bond space, we continue to prefer short-dated credits to short-dated government bonds for carry. With an end to quantitative easing still on the horizon, we expect global interest rates to remain volatile and we will continue to manage duration exposure tactically.


27






Fair Value % of NAV

S$ %

AAA/ Aaa 85,547,390 46.12

A+ / A1 3,530,975 1.90

A / A2 6,597,625 3.56

A- / A3 19,031,965 10.26

BBB+ / Baa1 8,989,074 4.85

BBB / Baa2 18,058,514 9.74

BBB- / Baa3 37,534,855 20.24


Total 180,570,003 97.34

C) Top ten holdings


S$ %

Singapore Government Bond 3.125% due 01/09/2022 18,108,720 9.76








Cambridge MTN Pte Limited Series MTN 4.75% due 13/03/2015 5,028,304 2.71

Shinhan Card Company Limited 2.7% due 28/10/2013 5,002,794 2.70


28

D) Exposure to derivatives as at 30 September 2013 Nil

E) Global Exposure to Financial Derivatives Not applicable

F) Collateral Nil





Total amount of subscriptions S$ 40,035,939 Total amount of redemptions S$ -


S$ %

Government of Singapore 3.625% due 01/07/2014 16,651,346 11.38


Government of Singapore 3% due 01/09/2024 7,931,000 5.42





Sabana Treasury Pte Limited Conv 4.5% due 24/09/2017 6,012,780 4.11

Cambridge MTN Pte Limited MTN 4.75% due 13/03/2015 5,026,018 3.43

Hotel Properties Limited MTN 3.95% due 13/09/2019 5,005,000 3.42


S$ %

Fullerton SGD Cash Fund 5,000,982 2.70


29



L) Financial ratios Please refer to Note 4 of Supplementary Notes to the Financial Statements on page 122.

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

Nil






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

30


Fund Performance(1)

3 mth

% 6 mth

% 1 yr %

3 yr %

5 yr %

Since

Inception(2)

%

Class A S$ (Inception: 5 January 2012

1.71 -0.48 3.17 -- -- 7.24

Class B S$ (Inception: 14 May 2012)

1.66 -0.58 2.96 -- -- 5.35

Class C S$ (Inception: 13 Jun 2012)

1.79 -0.32 3.48 -- -- 6.07

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

Market Review

Global credit markets were volatile during the six months to end September 2013, as investors adjusted their expectations for US monetary policy tightening. Emerging market bond flows turned negative on the back of heightened risk aversion, and US Treasuries sold off. However, markets saw a reprieve in September, after the US Federal Reserve decided not to taper its asset purchases.

Economic data in Singapore were weak for most of the period, as exports remained subdued. The economy is expected to grow 2.5-3.5% for the whole of 2013. Despite slow growth and controlled headline inflation, the Monetary Authority of Singapore retained its hawkish stance and policy of gradual appreciation of the SGD, citing concerns over the tight labour market.

The fund’s performance was supported by interest accrual and credit spread tightening for the SGD credit bonds. However, the gains were offset by spread widening amongst in its USD credit holdings and duration losses. Curve steepening was also negative for performance.


Given that the end to US quantitative easing is still on the horizon, investors remain wary of taking outsized risk. With rising bond yields in Asia and higher US interest rates, we will continue to adopt a nimble approach to managing the Fund’s duration exposure. In terms of credit selection, we retain our preference for good quality issues that offer reasonable valuations, as these are likely to be more defensive in a volatile market environment.


31






Fair Value % of NAV

S$ %

AA+/ Aa1 734,872 0.06

AA/ Aa2 15,283,998 1.21

A+/ A1 56,738,071 4.50

A/ A2 43,608,829 3.46

A-/ A3 147,891,809 11.73

BBB+/ Baa1 66,346,029 5.26

BBB/ Baa2 216,406,835 17.16

BBB-/ Baa3 507,734,257 40.26

BB+/ Ba1 15,621,604 1.24

BB/Ba2 18,779,078 1.49

BB-/Ba3 31,232,076 2.48

B+/B1 42,478,375 3.37

B/B2 52,175,403 4.14

B-/B3 12,550,018 1.00


Total 1,242,834,360 98.54

C) Top ten holdings


S$ %

ABN AMRO Bank NV Var 25/10/2022 22,330,000 1.77

Citigroup Inc Series EMTN 4.05% due 29/06/2016 20,394,288 1.62

Biosensors Investment SG Pte Limited Ser MTN 4.875% due 23/01/2017 20,226,200 1.60

Sino Land Company Limited 3.25% due 21/09/2017 19,167,919 1.52

Olam International Limited Series EMTN 6% due 25/10/2022 15,794,280 1.25

Indian Oil Corporation Limited 4.1% due 15/10/2022 15,587,600 1.23

Lend Lease Financial Intl Limited Ser EMTN 4.625% due 24/07/2017 14,725,389 1.17

Emirates Airline 4.64% due 21/06/2016 14,244,094 1.13

Ascendas Pte Limited Var Perp 14,134,820 1.12

VTB Capital SA 4% due 20/07/2015 13,738,275 1.09


32


Fair value % of NAV

S$ %

Futures contracts (350,938) (0.03)

Forward foreign exchange contracts 7,350,862 0.58

Total 6,999,924 0.55


Net Realised


S$ S$

Futures contracts 1,108,501 (350,938)

Forward foreign exchange contracts (17,781,199) 7,350,862

Total (16,672,698) 6,999,924


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.


S$ %

Citigroup Inc EMTN 4.05% due 29/06/2016 18,206,280 2.26

Aviation Capital Group EMTN 4% due 02/03/2015 13,954,640 1.73

GLL IHT Pte Limited Series MTN 4% due 17/01/2014 12,598,125 1.57

Olam International Limited EMTN 2.5% due 06/09/2013 12,484,875 1.55

IDBI Bank Limited Series EMTN 3.65% due 28/08/2015 12,024,600 1.49

Bbva Senior Finance Series EMTN 3.625% due 03/10/2014 11,025,837 1.37

OJSC Russ Agric Bank Series Aug 5.298% due 27/12/2017 10,371,798 1.29

SSG Resources Limited 4.25% due 04/10/2022 10,235,776 1.27

NTUC Income Insurance (Reg) Var 23/08/2027 10,234,300 1.27

Holcim Finance Australia Series MTN 5.25% due 04/04/2019 10,198,427 1.27


33

F) Collateral Nil








L) Financial ratios Please refer to Note 4 of Supplementary Notes to the Financial Statements on page 122.






S$ %

Fullerton SGD Cash Fund 6,000,942 0.48


34



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

35


Fund Performance(1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception

%


3.53 -- -- -- -- 5.96

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

(2))

5.79 -- -- -- -- 8.51

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

Market Review

The period under review was dominated by concerns over the timing of the US Federal Reserve’s exit from its quantitative easing programme and growth concerns in China. The global risk aversion saw investors rotating out of emerging markets into developed market equities. Markets rebounded in September after the US Federal Reserve refrained from tapering its asset purchases. However, the US Congress missed its deadline to pass the budget, which triggered a government shutdown on 1 October and uncertainty remains over whether the US debt ceiling will be raised.

During the period under review, fund selection was positive but asset class allocation was negative. Fixed income underperformed from April to May on the back of bond tapering discussions by the Federal Reserve. Equities underperformed in August due to the fund’s exposure to US equities, and the allocation to emerging markets in mid-September.


The Fund currently maintains a small tactical overweight in equities expressed through emerging markets. The tone from the last Fed meeting suggests a more benign stance towards tapering. The clearer guidance for interest rate hikes – tying it to economic data thresholds – bodes well for risk assets, especially emerging market currencies and equities, which have been underperforming. On fixed income, we have added to global bonds with medium term duration.


36






Not Applicable

C) Top ten holdings


Fair value % of NAV

S$ %


Total 6,720 0.05


Net Realised


S$ S$


Total (15,575) 6,720


S$ %

iShares MSCI World UCITS ETF Inc 1,817,463 13.95

DB X-Trackers Emerging Markets Index UCITS ETF 1,697,460 13.02

DB X-Trackers MSCI Asia Ex Japan TRN Index UCITS ETF 1,692,282 12.99

Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 1,423,254 10.92

Threadneedle Specialist Investment Funds ICVC - Global Equity Income Fund 1,314,972 10.09

Egerton Capital Equity Fund Class A$HD 1,155,610 8.87

iShares MSCI Emerging Markets ETF 1,074,936 8.25

Franklin Templeton Investment Funds - Templeton Global Total Return Fund 296,201 2.27


37

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



F) Collateral Nil





Total amount of subscriptions S$ 13,074,291 Total amount of redemptions S$ 341,228



Market value % of NAV

S$ %

iShares MSCI World UCITS ETF Inc 1,817,463 13.95



Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 1,423,254 10.92

Threadneedle Specialist Investment Funds ICVC - Global Equity Income Fund 1,314,972 10.09

Egerton Capital Equity Fund Class A$HD 1,155,610 8.87

iShares MSCI Emerging Markets ETF 1,074,936 8.25



38

L) Financial ratios







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 _____________________________________________________________________________________

39


Fund Performance(1)

/ Benchmark Returns

3 mth %

6 mth %

1 yr %

3 yr

(3)

%

5 yr

(3)

%

Since

Inception

%


2.30 -- -- -- -- 2.12

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

(2))

4.32 -- -- -- -- 5.83

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

Market Review

The period under review was dominated by concerns over the timing of the US Federal Reserve’s exit from its quantitative easing programme and growth concerns in China. The global risk aversion saw investors rotating out of emerging markets into developed market equities. Markets rebounded in September after the US Federal Reserve refrained from tapering its asset purchases. However, the US Congress missed its deadline to pass the budget, which triggered a government shutdown on 1 October and uncertainty remains over whether the US debt ceiling will be raised.

During the period under review, fund selection was positive but asset class allocation was negative. Fixed income underperformed from April to May on the back of bond tapering discussions by the Federal Reserve. Equities underperformed in August due to the fund’s exposure to US equities, and the allocation to emerging markets in mid-September.


The Fund currently maintains a small tactical overweight in equities expressed through emerging markets. The tone from the last Fed meeting suggests a more benign stance towards tapering. The clearer guidance for interest rate hikes – tying it to economic data thresholds – bodes well for risk assets, especially emerging market currencies and equities, which have been underperforming. On fixed income, we have added to global bonds with medium term duration.


40






Not Applicable

C) Top ten holdings


Fair value % of NAV

S$ %


Total 11,681 0.13


Net Realised


S$ S$


Total (48,674) 11,681


S$ %



Threadneedle Specialist Investment Funds ICVC - Global Equity Income Fund 815,641 9.35

Egerton Capital Equity Fund Class A$HD 729,129 8.35

iShares MSCI World UCITS ETF Inc 704,808 8.08


Fullerton Short Term Interest Rate Fund Class B 622,941 7.14


41

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



F) Collateral Nil





Total amount of subscriptions S$ 8,712,808 Total amount of redemptions S$ 52,362



L) Financial ratios


Market

value % of NAV

S$ %



Threadneedle Specialist Investment Funds ICVC - Global Equity Income Fund 815,641 9.35

Egerton Capital Equity Fund Class A$HD 729,129 8.35

iShares MSCI World UCITS ETF Inc 704,808 8.08


Fullerton Short Term Interest Rate Fund Class B 622,941 7.14


42







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

43


Fund Performance(1)

3 mth

% 6 mth

% 1 yr %

3 yr %

5 yr %

Since

Inception

%


0.71 -- -- -- -- -4.44

Class B US$ (Inception: 15 April 2013)

1.74 -- -- -- -- -3.94

Notes:

(1)


Market Review

Globally, investor sentiment came under pressure during the period under review on the back of worries that US monetary policy normalisation would take place earlier than expected. Geopolitical concerns over potential military action in Syria also weighed on risk appetite.

For most of the period, US Treasury bond yields spiked higher and Emerging Markets came under pressure. In particular, investors fretted over countries with sizeable current account deficits given their vulnerability to capital flight. Credit spreads widened, led by high yield bonds, while Asian currencies weakened against the USD. However, markets recovered some ground in September after the US Federal Reserve performed a U-turn and delayed tapering its asset purchase programme.

The Fund’s allocation to fixed income was generally negative for performance as credit bonds were hurt by duration losses and spread widening during the months of risk aversion. However, the losses were partially mitigated by tactical interest rate hedges. On the equities front, positions in a hotel REIT and Chinese infrastructure companies were negative contributors to performance.


We have taken advantage of better entry levels to judiciously raise allocation to equities in recent months. We are cognisant that investors could still adjust exposures to Asian markets in the short term. While fundamentals of Asian economies generally remain intact, sentiment towards economies that are dependent on foreign capital could take time to stabilise.

On balance, we still expect the following factors to support equity markets. Central banks remain vigilant over downside risks. Specifically, the Federal Reserve will move carefully so as to avoid derailing the recovery. In addition, global growth should regain some traction, driven by better private domestic demand. This should help corporate earnings revisions to stabilise. Moreover, Asian valuations are still generally attractive relative to history. Given higher bond yields and slower domestic growth, we are focusing on bottom-up opportunities involving companies with sustainable quality growth.

In fixed income, we have turned less cautious on the interest rate outlook for now as the Federal Reserve will need more time to assess the impact of the recent political brinksmanship. We will look to opportunistically add duration via longer-dated credit bonds with good fundamentals.


44




Please refer to the Statements of Portfolio on page 116.


Not Applicable

C) Top ten holdings


Fair value % of NAV

US$ %


Total (47,482) (0.11)


Net Realised


US$ US$

Forward foreign exchange contracts 55,899 (47,482)

Total 55,899 (47,482)

Top ten holdings as at 30 September 2013

Fair value US$

% of NAV

%

Fullerton Lux Funds – High Income Asian Equities Class I USD Distribution 25,641,338 59.07



45


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



F) Collateral Nil





Total amount of subscriptions US$ 47,319,402 Total amount of redemptions US$ 2,168,046



L) Financial ratios




US$ %

Fullerton Lux Funds – High Income Asian Equities Class I USD Distribution 25,641,338 59.07



46


1. Fullerton Lux Funds – Asian Bonds Class I USD Distribution

i. Top ten holdings

Top ten holdings as at 30 September 2013 Fair value % of NAV US$ %

Pertamina 5.25% 11-23/05/2021 2,200,594 1.45

PTTEP Can Intl 5.692% 11-05/04/2021 2,137,140 1.41

Chong Hing Bank 6% 10-04/11/2020 2,111,810 1.40

Kazakhstan Temir 6.95% 12-10/07/2042 2,035,170 1.34

Nippon Life Ins 12-18/10/2042 FRN 1,969,800 1.31

Champion MTN 3.75% 13-17/01/2023 1,900,481 1.27

Leighton Finance 5.95% 12-13/11/2022 1,899,601 1.25

Kazakh Development 4.125% 12-10/12/2022 1,846,980 1.22

NTPC Ltd 4.75% 12-03/10/2022 1,835,920 1.22

Rural Elect Corp 4.25% 11-25/01/2016 1,821,915 1.20

ii. Financial ratios

30 September 2013

30 September 2012

% %

Expense ratio* 0.97 1.13

Turnover ratio (2.40) 91.67


2. Fullerton Lux Funds – High Income Asian Equities Class I USD Distribution

i. Top ten holdings

Top ten holdings as at 30 September 2013 Fair value % of NAV US$ %

Taiwan Semiconductor Manufacturing Co Ltd 4,711,101 4.92

Sands China Ltd 3,259,909 3.40

BOC Hong Kong Holdings Ltd 3,121,095 3.26

Keppel Corp Ltd 3,045,656 3.17

Industrial and Commerical Bank of China - H 3,003,826 3.14

China Mobile Ltd 2,944,358 3.08

KT Corp 2,716,969 2.83

Samsung Electronics - PFD 2,649,173 2.76


47

Mediatek Inc 2,645,418 2.76

China Communication Services - H 2,419,634 2.52

ii. Financial ratios

30 September

2013

%

Expense ratio* 1.17

Turnover ratio 93.39






FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the half year ended 30 September 2013 (unaudited)

48

Fullerton Short Term Interest Rate Fund

Fullerton Global Bond Fund

For the half year ended

30 September


30 September


30 September


30 September 2013 2012 2013 2012 S$ S$ S$ S$

Investment income

Interest on deposits 3,501 1,614 870 8,667 Sundry income 262,612 - 112 - 266,113 1,614 982 8,667 Less: Expenses Management fees 1,588,745 898,596 22,956 265,095 Trustee fees 92,389 65,467 1,513 17,629 Audit fees 8,173 6,741 8,524 7,732 Custodian fees 78,504 49,001 53 12,426 Valuation fee 3,007 3,007 - - Transaction cost* 10,252 - 142 - Others 133,400 54,467 9,246 18,745 1,914,470 1,077,279 42,434 321,627 Net loss (1,648,357) (1,075,665) (41,452) (312,960) Net gains or losses on value

of investments and financial derivatives

Net gains/(losses) on investments

15,883,505 22,540,421

(15,431) 5,087,040

Net (losses)/gains on foreign exchange forward contracts

(5,303,114) 4,499,310 (17,335) 1,088,886

Net (losses)/gains on futures contracts

(89,312) -

1,816 (528,363)

Net gains on credit default swaps

- -

57,289 181,381

Net foreign exchange (losses)/gains

(976,533) (93,759)

5,443 (418,340)

9,514,546 26,945,972 31,782 5,410,604

Total return/(deficit) for the

period before income tax

7,866,189 25,870,307 (9,670) 5,097,644 Less : Income tax - - (3,511) (13,356) Total return/(deficit) for the

period after income tax

7,866,189 25,870,307

(13,181) 5,084,288

* The Fund has adopted the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP7”) issued by the Institute of Singapore Chartered Accountants in June 2012 for the financial period beginning 1 April 2013. In accordance with the revised RAP7, all expenses relating to the purchase and sale of financial instruments are charged against income. As a transitional provision in the first year of application, reclassification of comparative figures is not required.


49

Fullerton Global Equities Fund

Fullerton SGD Cash Fund


30 September


30 September


30 September


30 September 2013 2012 2013 2012 S$ S$ S$ S$ Investment income Dividend income 179,272 4,017,755 - - Interest on deposits 160 5,744 136,158 289,053 Sundry income 153 - 112 - 179,585 4,023,499 136,270 289,053 Less: Expenses Management fees 41,270 862,864 24,142 32,632 Less: Management fee rebate (4,753) (29,464) - - Trustee fees 1,376 28,762 11,785 20,121 Audit fees 8,524 7,783 2,507 1,904 Custodian fees 2,059 39,280 - - Transaction cost* 50,144 - - - Others 16,908 58,469 14,281 11,459 115,528 967,694 52,715 66,116 Net income 64,057 3,055,805 83,555 222,937 Net gains or losses on value of

investments and financial derivatives

Net losses on investments (63,720) (5,786,419) - - Net losses on futures contracts - (213,667) - - Net foreign exchange losses (37,827) (426,368) - -

(101,547) (6,426,454) - -

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

(37,490) (3,370,649) 83,555 222,937

Less : Income tax (22,854) (509,406) - -

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

(60,344) (3,880,055) 83,555 222,937



50

Fullerton Asian Bond Fund

Fullerton Singapore Bond Fund

For the half year ended 30

September


30 September


30 September


30 September 2013 2012 2013 2012 US$ US$** S$ S$

Investment income

(As restated)

Dividend income 280,608 47,629 - - Interest on deposits 1 604 - - Sundry income 88 - 112 - 280,697 48,233 112 -

Less: Expenses Management fees 380,433 430,041 279,777 189,353 Less: Management fee rebate (350,990) (323,805) - - Trustee fees 9,688 11,004 18,652 12,623 Audit fees 6,774 5,166 8,524 8,059 Custodian fees - 3,355 10,872 8,720 Valuation fee 15,214 18,919 27,978 18,935 Transaction cost* 2,824 - 3,300 - Others 41,339 40,804 24,319 22,217 105,282 185,484 373,422 259,907

Net income/(loss) 175,415 (137,251) (373,310) (259,907)

Net gains or losses on value of investments and financial derivatives

Net (losses)/gains on investments

(3,493,439) 8,674,953 (2,302,324) 2,906,612

Net (losses)/gains on foreign exchange forward contracts

(257,243) 1,772,618 - -

Net gains on futures contracts - 6,172 - - Net foreign exchange

(losses)/gains

663,640 (1,211,871) 30 4 (3,087,042) 9,241,872 (2,302,294) 2,906,616

Total (deficit)/return for the


(2,911,627) 9,104,621 (2,675,604) 2,646,709 Less : Income tax - (11) - - Total (deficit)/return for the


(2,911,627) 9,104,610 (2,675,604) 2,646,709

* The Fund has adopted the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP7”) issued by the Institute of Singapore Chartered Accountants in June 2012 for the financial period beginning 1 April 2013. In accordance with the revised RAP7, all expenses relating to the purchase and sale of financial instruments are charged against income. As a transitional provision in the first year of application, reclassification of comparative figures is not required. **Certain comparative figures have been restated to conform with changes in relation to the revised Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore in June 2012.


51

Fullerton SGD Income Fund

Fullerton Dynamic

Strategies Fund - Aggressive

For the half year ended 30

September

For the financial period 11 November

2011 (Date of constitution) to 30 September

For the financial period 26 February

2013 (Date of constitution) to 30

September 2013 2012 2013 S$ S$ S$ Investment income Dividend income 140,945 - 17,856 Interest on deposits 1,947 - - Sundry income 123,000 - - 265,892 - 17,856 Expenses Management fees 5,552,153 1,918,480 48,199 Less: Management fee rebate - - (635) Trustee fees 139,206 48,052 803 Audit fees 6,017 11,177 - Custodian fees 88,394 24,421 132 Valuation fee 154,648 64,879 803 Transaction cost* 14,150 - 15,658 Others 434,709 124,650 27,556 6,389,277 2,191,659 92,516 Net loss (6,123,385) (2,191,659) (74,660) Net gains or losses on value of


Net gains on investments 6,463,270 20,478,077 418,751 Net (losses)/gains on foreign

exchange forward contracts (10,430,337) 3,834,955 (8,855) Net gains on futures contracts 757,563 - - Net foreign exchange (losses)/gains (510,024) 2,601,380 (35,251) (3,719,528) 26,914,412 374,645 Total (deficit)/return for the


(9,842,913) 24,722,753 299,985 Less : Income tax (42,140) (1,275) (1,623) Total (deficit)/return for the


(9,885,053) 24,721,478 298,362



52

Fullerton Dynamic Strategies Fund -

Balanced Fullerton Total Return Fund

For the financial period 26 February


September

For the financial period 19 March


September 2013 2013 S$ US$ Investment income Dividend income 9,758 135,705 9,758 135,705 Expenses Management fees 35,796 227,249 Less: Management fee rebate (2,001) (146,651) Trustee fees 597 3,788 Custodian fees 76 - Valuation fee 597 3,788 Transaction cost* 10,930 2,530 Others 27,221 34,154 73,216 124,858 Net (loss)/income (63,458) 10,847 Net gains or losses on value of


Net gains/(losses) on investments 194,957 (1,741,153) Net (losses)/gains on foreign exchange forward contracts (36,993) 8,417

Net foreign exchange (losses)/gains (28,555) 420 129,409 (1,732,316) Total return/(deficit) for the period before

income tax

65,951 (1,721,469) Less : Income tax (587) - Total return/(deficit) for the period after

income tax

65,364 (1,721,469)


FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 30 September 2013 (unaudited)

53



30 September

2013 31 March

2013 30 September

2013 31 March

2013 S$ S$ S$ S$ ASSETS

Portfolio of investments 1,206,366,640 1,220,882,146 13,284,561 14,765,833 Cash and bank balances 32,200,416 7,745,665 1,507,423 1,616,570 Margin deposits 850,481 304,320 749 723,208 Due from unitholders 102,504 9,077,284 10,000 - Sales awaiting settlements 2,694,303 - - - Financial derivatives,

at fair value 419,965 927,168 - 469,630 Total assets 1,242,634,309 1,238,936,583 14,802,733 17,575,241

LIABILITIES Accrued expenses and other

payables 17,953 24,109 15,344 20,095 Purchases awaiting settlements 2,694,880 - - 490,806 Due to Manager 761,741 662,110 11,223 54,076 Due to Trustee 45,065 40,288 741 3,594 Due to unitholders 14,476,641 3,336,454 - - Financial derivatives, at fair

value 860,164 93,098 6,614 606,840 Total liabilities 18,856,444 4,156,059 33,922 1,175,411

EQUITY Net assets attributable to

unitholders 1,223,777,865 1,234,780,524 14,768,811 16,399,830


54



30 September

2013 31 March

2013 30 September

2013 31 March

2013 S$ S$ S$ S$ ASSETS Portfolio of investments 13,110,477 13,520,702 - - Dividend receivable 19,678 141,390 - - Interest receivable - 2 47,777 54,161 Cash and bank balances 163,258 1,167,267 2,962,973 3,379,290 Fixed deposits - - 56,768,473 50,615,830 Due from unitholders - - - 5,631,994 Sales awaiting settlements 142,764 27,738 - - Other receivables 945 - - -

Total assets 13,437,122 14,857,099 59,779,223 59,681,275

LIABILITIES Accrued expenses and

other payables 38,528 46,566 5,591 6,048 Purchases awaiting settlements 17,830 23,352 - - Due to Manager 20,280 104,072 12,039 11,922 Due to Trustee 676 3,469 6,022 5,956 Due to unitholders - - 5,511 6,001

Total liabilities 77,314 177,459 29,163 29,927


unitholders 13,359,808 14,679,640 59,750,060 59,651,348


55



30 September 2013

31 March 2013

30 September 2013

31 March 2013

US$ US$** S$ S$ (As restated)

ASSETS

Portfolio of investments 88,325,558 98,378,204 185,570,985 147,977,219 Cash and bank balances 359,106 424,976 633,361 309,528 Due from unitholders 19,596 890,968 - - Sales awaiting settlements 252,246 34,180 - - Other receivables 133,447 239,360 - - Other assets - spot contract 468 - - -

Financial derivatives, at fair value

362,636 7,541

- -

Total assets 89,453,057 99,975,229 186,204,346 148,286,747

LIABILITIES Accrued expenses and other

payables

21,219 22,102

38,005 35,951 Purchases awaiting

settlements

19,584 897,276

523,174 - Due to Manager 175,844 188,747 139,457 109,423 Due to Trustee 4,475 4,876 9,297 7,295 Due to unitholders 252,483 34,222 - - Distribution payable 333,870 301,934 - - Financial derivatives, at fair

value

1,851 54,058 - - Total liabilities 809,326 1,503,215 709,933 152,669


unitholders

88,643,731 98,472,014

185,494,413 148,134,078

**Certain comparative figures have been restated to conform with changes in relation to the revised Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore in June 2012.


56


Fullerton Dynamic Strategies Fund -

Aggressive 30 September

2013 31 March

2013 30 September

2013 S$ S$** S$ (As restated)

ASSETS

Portfolio of investments 1,252,117,302 1,365,911,506 10,472,178 Cash and bank balances 18,668,387 12,752,738 2,475,239 Margin deposits 2,329,175 - - Due from unitholders 1,737,856 13,158,813 113,753 Sales awaiting settlements 2,155,806 3,689,808 - Other receivables 260 430 - Financial derivatives, at fair value 7,946,755 2,212,809 6,720

Total assets 1,284,955,541 1,397,726,104 13,067,890

LIABILITIES Accrued expenses and other payables 114,009 103,161 3,348 Purchases awaiting settlements 4,641,939 11,833,327 - Due to Manager 2,670,411 2,483,637 32,574 Due to Trustee 66,851 62,157 543 Due to unitholders 2,042,639 387,177 - Distribution payable 13,187,235 11,131,071 - Financial derivatives, at fair value 946,831 256,833 - Total liabilities 23,669,915 26,257,363 36,465

EQUITY Net assets attributable to unitholders

1,261,285,626 1,371,468,741 13,031,425

**Certain comparative figures have been restated to conform with changes in relation to the revised Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore in June 201


57

Fullerton Dynamic

Strategies Fund – Fullerton Total Balanced Return Fund

30 September 2013

30 September 2013

S$ US$ ASSETS Portfolio of investments 5,666,242 43,373,131

Cash and bank balances 2,856,387 143,242 Due from unitholders 225,827 27,057 Sales awaiting settlements - 1,281,770 Other receivables 393 86,257 Other assets - spot contract - 2,538 Financial derivatives, at fair value 11,681 27,792

Total assets 8,760,530 44,941,787

LIABILITIES Accrued expenses and other payables 3,059 14,790 Purchases awaiting settlements - 4,659 Due to Manager 22,311 132,930 Due to Trustee 372 2,215 Due to unitholders 8,978 1,306,930 Financial derivatives, at fair value - 75,274

Total liabilities 34,720 1,536,798

EQUITY Net assets attributable to unitholders 8,725,810 43,404,989

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the half year ended 30 September 2013 (unaudited)

58



30 September 31 March 30 September 31 March 2013 2013 2013 2013 S$ S$ S$ S$

Net assets attributable to unitholders at the beginning of the financial period/year 1,234,780,524 772,649,025

16,399,830 219,502,941

Operations Change in net assets attributable to

unitholders resulting from operations 7,866,189 51,649,380

(13,181) 3,521,784

Unitholders' contributions/ (withdrawals)

Creation of units 316,082,867 665,128,855 544,004 1,571,002 Cancellation of units (334,951,715) (254,646,736) (2,161,842) (208,195,897)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (18,868,848) 410,482,119

(1,617,838) (206,624,895)

Total (decrease)/increase in net assets attributable to unitholders (11,002,659) 462,131,499

(1,631,019) (203,103,111)

Net assets attributable to

unitholders at the end of the financial period/year 1,223,777,865 1,234,780,524

14,768,811 16,399,830


59



30 September 31 March 30 September 31 March 2013 2013 2013 2013 S$ S$ S$ S$

Net assets attributable to unitholders at the beginning of the financial period/year 14,679,640 313,549,128

59,651,348 100,179,907


unitholders resulting from operations (60,344) 19,139,871

83,555 336,847


Creation of units 140,735 1,157,176 101,606,485 117,277,040 Cancellation of units (1,400,223) (319,166,535) (101,591,328) (158,142,446)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (1,259,488) (318,009,359)

15,157 (40,865,406)

Total (decrease)/increase in net assets attributable to unitholders (1,319,832) (298,869,488)

98,712 (40,528,559)


unitholders at the end of the financial period/year 13,359,808 14,679,640

59,750,060 59,651,348


60



30 September 31 March 30 September 31 March 2013 2013 2013 2013 US$ US$** S$ S$ (As restated)

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

As previously stated 98,820,465 96,458,008 148,134,078 120,682,636 Effect of adoption of revised RAP 7 (348,451) (105,077) - - Restated 98,472,014 96,352,931 148,134,078 120,682,636 Operations Change in net assets attributable to

unitholders resulting from operations (2,911,627) 12,907,612

(2,675,604) 4,390,022


Creation of units 23,861,800 72,159,491 40,035,939 23,061,420 Cancellation of units (30,121,475) (82,317,003) - -

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (6,259,675) (10,157,512)

40,035,939 23,061,420

Distribution (656,981) (631,017) - -

Total (decrease)/increase in net assets attributable to unitholders (9,828,283) 2,119,083

37,360,335 27,451,442


unitholders at the end of the financial period/year 88,643,731 98,472,014

185,494,413 148,134,078

**Certain comparative figures have been restated to conform with changes in relation to the revised Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore in June 2012


61


Fullerton Dynamic

Strategies Fund – Aggressive

30 September 31 March

For the financial period 26

February 2013 (Date of

constitution) to 30 September

2013 2013 2013 S$ S$** S$ (As restated)


As previously stated 1,382,599,812 - - Effect of adoption of revised RAP 7 (11,131,071) - - Restated 1,371,468,741 - -


unitholders resulting from operations (9,885,053) 62,421,207

298,362

Unitholders' contributions/(withdrawals)

Creation of units 229,649,281 1,530,858,134 13,074,291 Cancellation of units (304,899,685) (184,297,478) (341,228)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (75,250,404) 1,346,560,656

12,733,063

Distribution (25,047,658) (37,513,122) - Total (decrease)/increase in net assets

attributable to unitholders (110,183,115) 1,371,468,741

13,031,425

Net assets attributable to unitholders at the end of the financial period/year 1,261,285,626 1,371,468,741

13,031,425



62

Fullerton Dynamic Strategies Fund –

Balanced

Fullerton Total Return Fund

For the financial period 26

February 2013 (Date of

constitution) to 30 September

For the financial period 19 March


September 2013 2013 S$ US$


-

- Operations

Change in net assets attributable to unitholders resulting from operations 65,364

(1,721,469)

Unitholders' contributions/(withdrawals) Creation of units 8,712,808 47,319,402 Cancellation of units (52,362) (2,168,046)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 8,660,446

45,151,356

Distribution - (24,898)

Total increase in net assets attributable to unitholders 8,725,810 43,404,989

Net assets attributable to unitholders at the end of the financial period 8,725,810

43,404,989

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 30 September 2013 (unaudited)

63

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ %

By Geography - Primary DEBT SECURITIES (QUOTED) Australia Australia & New Zealand Banking Group Limited

Series EMTN 2.95% due 27/07/2015 250,000 256,300 0.02 Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 18,000,000 18,679,140 1.53 Macquarie Bank Limited 3.45% due 27/07/2015 1,600,000 2,081,500 0.17 Macquarie Bank Limited 5% due 22/02/2017 7,500,000 10,250,712 0.84 Macquarie Bank Limited Series EMTN 3.28% due

11/04/2016 500,000 511,399 0.04 Macquarie Bank Limited Series EMTN 3.3% due

08/04/2016 2,500,000 2,558,185 0.21 Macquarie Group Limited 4.875% due 10/08/2017 1,725,000 2,334,266 0.19 Macquarie Group Limited 7.3% due 01/08/2014 6,000,000 7,902,365 0.65 PTTEP Australia International Finance Pty Limited

4.152% due 19/07/2015 8,200,000 10,689,602 0.87 Qantas Airways Limited 6.05% due 15/04/2016 5,000,000 6,800,933 0.55 Total Australia 62,064,402 5.07 Bahrain Bahrain Mumtalakat Holding Company BSC 5% due

30/06/2015 6,331,000 8,181,660 0.67 BBK BSC 4.5% due 28/10/2015 1,561,000 1,987,947 0.16 Total Bahrain 10,169,607 0.83 Brazil BTG Investments LP 4.5% due 17/04/2018 5,000,000 5,934,591 0.48 Total Brazil 5,934,591 0.48 British Virgin Islands CIIH BVI Limited 5.8% due 12/11/2013 4,700,000 5,933,130 0.48 Total British Virgin Islands 5,933,130 0.48 Cayman Islands CMHI Finance Caymans Inc 5.375% due

09/03/2015 2,000,000 2,621,625 0.21 GIC Funding Limited 3.25% due 28/11/2017 3,265,000 4,041,534 0.33 Mizuho Financial Group Cayman Limited 5.79% due

15/04/2014 1,500,000 1,927,578 0.16 Total Cayman Islands 8,590,737 0.70


64


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ %

Chile Tanner Servicios Financieros SA 4.375% due

13/03/2018 1,000,000 1,185,438 0.10 Total Chile 1,185,438 0.10 China Bestgain Real Estate Limited 2.625% due

13/03/2018 8,200,000 9,605,764 0.78 BOC Aviation Pte Limited 3.25% due 24/04/2014 8,000,000 8,048,617 0.66 BOC Aviation Pte Limited Series EMTN 2% due

26/03/2015 7,500,000 7,479,375 0.61 BOC Aviation Pte Limited Series EMTN 2.875%

due 10/10/2017 5,000,000 6,123,180 0.50 BOC Aviation Pte Limited Series MTN 3.05% due

02/10/2013 11,500,000 11,499,797 0.94 Bright Food Hong Kong Limited 3% due

21/05/2018 3,800,000 4,533,033 0.37 China Resources Land Limited 4.625% due

19/05/2016 7,985,000 10,455,313 0.85 China Resources Power Holdings Company

Limited 3.75% due 03/08/2015 3,000,000 3,863,701 0.32 China State Construction Finance Cayman I

Limited 3.125% due 02/04/2018 6,700,000 8,038,858 0.66 CITIC Securities Finance 2013 Company Limited

2.5% due 03/05/2018 3,000,000 3,563,164 0.29 Hero Asia Investment Limited 3.25% due

12/08/2016 7,000,000 8,707,890 0.71 Tencent Holdings Limited 1.86% due 10/09/2015 3,000,000 3,774,397 0.31 Tencent Holdings Limited 4.625% due 12/12/2016 5,350,000 7,197,987 0.59 Yuexiu Property Company Limited 3.25% due

24/01/2018 10,115,000 11,883,075 0.97 Zijin International Finance Company Limited 4.25%

due 30/06/2016 11,450,000 14,872,171 1.22 Total China 119,646,322 9.78


65


2013 30 September

2013 30 September

2013 S$ % France RCI Banque SA Series EMTN 3% due 16/04/2018 4,750,000 4,717,475 0.38 Total France 4,717,475 0.38 Great Britain Lloyds TBS Bank Public Company Limited Series

EMTN 3.5% due 17/09/2014 19,500,000 19,857,045 1.62 Royal Bank of Scotland Public Company Limited

Series EMTN 2.85% due 31/03/2014 9,750,000 9,792,217 0.80 Standard Chartered Bank 6.4% due 26/09/2017 2,350,000 3,360,266 0.28 Total Great Britain 33,009,528 2.70 Hong Kong Cathay Pacific MTN Financing Limited Series EMTN

3.25% due 17/02/2017 5,250,000 5,209,265 0.43 Cathay Pacific MTN Financing Limited Series EMTN

3.25% due 20/01/2017 5,000,000 4,966,092 0.41 China Resources Cement Holdings Limited 2.125%

due 05/10/2017 3,000,000 3,674,360 0.30 Henderson Land MTN Pte Limited 4.75% due

14/02/2017 4,600,000 6,119,950 0.50 Henderson Land MTN S Pte Limited Series EMTN

3.65% due 15/02/2016 9,500,000 9,783,195 0.80 Henderson Land MTN S Pte Limited Series EMTN

3.865% due 11/11/2016 4,750,000 4,913,400 0.40 Howes Captial Limited 4.75% due 10/04/2017 5,450,000 7,204,652 0.59 LS Finance 2017 Limited 5.25% due 26/01/2017 4,300,000 5,775,964 0.47 Mirae Asset Securities HK Limited Series EMTN

2.485% due 01/02/2014 500,000,000 6,412,427 0.52 Nan Fung Treasury I Limited Series EMTN 5.25%

due 20/01/2017 2,000,000 2,680,874 0.22 Noble Group Limited 3.625% due 20/03/2018 4,000,000 4,842,833 0.40 Noble Group Limited 4.875% due 05/08/2015 12,400,000 16,207,551 1.32 Sino Land Company Limited 3.25% due 21/09/2017 15,500,000 19,418,480 1.59 Sun Hung Kai Properties Capital Market Limited

3.5% due 02/11/2016 3,000,000 3,919,224 0.32 Wharf Finance No.1 Limited Series EMTN 2.995%

due 20/07/2016 15,000,000 15,109,205 1.23 Wheelock Finance Limited 3% due 19/03/2018 4,000,000 4,931,117 0.40 Wheelock Finance Limited 4.75% due 23/02/2017 1,000,000 1,321,340 0.11 Wheelock MTN Pte Limited Series MTN 3.5% due

15/12/2014 16,500,000 16,693,375 1.36 Yuexiu Real Estate Investment Trust MTN Company

Series EMTN 3.1% due 14/05/2018 6,000,000 7,063,465 0.58 Total Hong Kong 146,246,769 11.95


66

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % India Ascendas Property Fund Trustee Pte Limited Series

EMTN 3.5% due 07/10/2016 2,250,000 2,257,751 0.18 Export-Import Bank of India Series EMTN 3.375%

due 18/09/2017 4,750,000 4,594,675 0.37 ICICI Bank Limited Series EMTN 3.8% due

19/04/2016 6,000,000 6,085,636 0.50 IDBI Bank Limited Series EMTN 3.65% due

28/08/2015 18,000,000 17,955,540 1.47 Total India 30,893,602 2.52 Japan Orix Corporation 3.75% due 09/03/2017 1,000,000 1,300,498 0.11 Total Japan 1,300,498 0.11 Jersey HSBC Bank Middle East Limited Series EMTN 3%

due 21/10/2015 1,300,000 1,669,377 0.14 Total Jersey 1,669,377 0.14 Kazakhstan Development Bank of Kazakhstan JSC 5.5% due

20/12/2015 804,000 1,060,582 0.09 Development Bank of Kazakhstan Series EMTN

7.375% due 12/11/2013 2,345,000 2,946,357 0.24 Kazmunaigaz Finance Sub BV 11.75% due

23/01/2015 800,000 1,122,188 0.09 Total Kazakhstan 5,129,127 0.42 Kuwait Kuwait Projects Company Holdings Series EMTN

8.875% due 17/10/2016 2,269,000 3,268,957 0.27 Total Kuwait 3,268,957 0.27 Luxembourg Gaz Capital 8.125% due 31/07/2014 3,500,000 4,637,995 0.38 Russian Agricultural Bank OJSC Via RSHB Capital

SA 9% due 11/06/2014 1,200,000 1,579,525 0.13 Total Luxembourg 6,217,520 0.51


67

Fullerton Short Term Interest Rate Fund Percentage of total net as\sets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ % Malaysia Danga Capital Bhd 2.615% due 11/08/2015 16,500,000 16,691,070 1.36 Total Malaysia 16,691,070 1.36 Netherlands Koninklijke Vopak Series EMTN 5% due 05/09/2014 7,000,000 7,175,000 0.59 Total Netherlands 7,175,000 0.59 Philippines National Power Corporation 6.875% due 02/11/2016 2,000,000 2,808,156 0.23 Total Philippines 2,808,156 0.23 Qatar CBQ Finance Limited 5% due 18/11/2014 2,000,000 2,611,712 0.21 Total Qatar 2,611,712 0.21 Russian Federation Gazprom OAO Via White Nights Finance BV 10.5%

due 08/03/2014 3,000,000 3,915,046 0.32 Rosneft International Finance Limited 3.149% due

06/03/2017 2,000,000 2,504,832 0.21 Rosselkhoz Bank OJSC 7.125% due 14/01/2014 10,500,000 13,381,062 1.09 Sberbank 4.95% due 07/02/2017 1,000,000 1,319,357 0.11 VTB Capital SA 3.4% due 06/06/2014 12,500,000 12,618,750 1.03 VTB Capital SA 4% due 20/07/2015 12,250,000 12,466,212 1.02 VTB Capital SA 6% due 12/04/2017 600,000 791,577 0.06 Total Russian Federation 46,996,836 3.84 Singapore AACI Real Estate Investment Trust MTN Pte Limited

Series MTN 4.9% due 08/08/2016 10,000,000 10,378,734 0.85 Ascott Capital Mte Pte Limited Series EMTN 3.8%

due 16/12/2015 15,000,000 15,462,750 1.26 Ascott Capital Pte Limited Series MTN 3.8% due

10/11/2016 14,500,000 15,098,850 1.23 Ascott Capital Pte Limited Series MTN 5.15% due

28/05/2014 4,750,000 4,849,026 0.40 ASL Marine Holdings Limited Series MTN 4.5% due

10/03/2014 5,000,000 5,012,875 0.41 ASL Marine Holdings Limited Series MTN 4.697%

due 19/03/2014 1,402,500 1,406,006 0.11


68

Fullerton Short Term Interest Rate Fund Percentage of

total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 10,000,000 9,920,000 0.81 Biosensors Investment Singapore Pte Limited

Series MTN 4.875% due 23/01/2017 20,000,000 20,226,200 1.65 Cambridge MTN Pte Limited Series MTN 4.75% due

13/03/2015 5,000,000 5,028,304 0.41 CapitaLand Limited Conv 2.1% due 15/11/2016 13,250,000 13,237,677 1.08 CapitaLand Limited Conv 2.875% due 03/09/2016 4,000,000 4,171,320 0.34 CapitaLand Limited Series CAPL 3.125% due

05/03/2018 4,000,000 4,363,480 0.36 CapitaMalls Asia Treasury Limited Series EMTN

3.95% due 24/08/2017 7,750,000 8,082,010 0.66 CCT MTN Pte Limited Series MTN 3.25% due

15/12/2015 7,750,000 7,928,095 0.65 CCT MTN Pte Limited Series MTN 3.64% due

18/02/2015 250,000 254,440 0.02 City Developments Limited Series EMTN 2.45% due

14/03/2018 3,250,000 3,194,750 0.26 City Developments Limited Series MTN 2.48% due




08/10/2014 2,500,000 2,553,627 0.21 CMT MTN Pte Limited Series MTN 3.55% due

01/09/2017 750,000 774,150 0.06 Competition Team Technologies Limited 2.125%

due 13/12/2017 9,300,000 11,297,979 0.92 Courts Asia Limited Series MTN 4.75% due

02/05/2016 10,000,000 10,223,500 0.84 DCS Asset Funding Pte Limited Class A1 3.95%

due 07/09/2014 10,000,000 10,000,000 0.82 Eu Yan Sang International Limited Series MTN 4.1%

due 06/06/2018 5,500,000 5,527,500 0.45 F&N Treasury Pte Limited 2.48% due 28/03/2016 1,950,000 1,953,488 0.16 F&N Treasury Pte Limited 3.15% due 28/03/2018 500,000 497,483 0.04 F&N Treasury Pte Limited Series MTN 2.45% due

27/05/2015 5,000,000 5,028,249 0.41 F&N Treasury Pte Limited Series MTN 5.5% due

18/03/2016 10,250,000 10,996,200 0.90 FCT MTN Pte Limited Series MTN 2.3% due

12/06/2015 1,000,000 1,005,074 0.08


69


2013 30 September

2013 30 September

2013 S$ % First Real Estate Investment Trust Series MTN

4.125% due 22/05/2018 10,000,000 9,878,900 0.81 Fraser and Neave Limited Series MTN 3.62% due

13/10/2015 5,250,000 5,377,976 0.44 GLL IHT Pte Limited Series MTN 4% due


25/11/2014 9,000,000 9,092,141 0.74 GLL IHT Pte Limited Series MTN 4.125% due





23/02/2017 1,000,000 1,032,500 0.08 Goodpack Limited Series MTN 4.15% due



19/06/2017 4,500,000 4,616,550 0.38 Guthrie GTS Limited Series MTN 3.7% due

23/01/2018 10,500,000 10,387,660 0.85 Hotel Properties Limited 3.6% due 07/10/2015 2,000,000 2,014,060 0.16 Hotel Properties Limited Series MTN 3.5% due

15/01/2018 4,500,000 4,432,151 0.36 Hotel Properties Limited Series MTN 3.6% due




27/04/2015 1,000,000 1,012,563 0.08 Hyflux Limited Series MTN 3.5% due 21/07/2016 10,000,000 9,961,632 0.81 Hyflux Limited Series MTN 3.89% due 19/01/2016 5,500,000 5,546,825 0.45 Hyflux Limited Series MTN 4.29% due 10/03/2015 6,500,000 6,599,375 0.54 Hyflux Limited Series MTN 5.68% due 10/09/2014 4,250,000 4,351,026 0.36 Joynote Limited 2.25% due 23/11/2015 1,000,000 998,580 0.08 Keppel Land Limited Conv 1.875% due 29/11/2015 24,000,000 23,822,880 1.95


70


2013 30 September

2013 30 September

2013 S$ % Keppel Land Limited Series MTN 3.51% due

03/02/2015 1,000,000 1,018,220 0.08 Overseas Union Enterprise Limited Series MTN

3.95% due 29/09/2015 16,250,000 16,630,412 1.36 Overseas Union Enterprise Limited Series MTN

4.3% 15/04/2014 13,500,000 13,673,475 1.12 Overseas Union Enterprise Limited Series MTN

4.95% due 01/02/2017 2,500,000 2,596,250 0.21 Sabana Treasury Pte Limited Conv 4.5% due

24/09/2017 8,000,000 8,298,320 0.68 Savu Investments Limited Series MTN 3.83% due

17/01/2014 13,750,000 13,844,737 1.13 Starhill Global Real Estate Investment Trust Series

MTN Pte Limited 3.405% due 13/07/2015 3,000,000 3,041,875 0.25 Straits Trading Company Limited Series EMTN

4.3% due 09/11/2016 10,000,000 10,387,676 0.85 Street Square Pte Limited 3.02% due 05/05/2014 29,250,000 29,425,793 2.40 Suntec Real Estate Investment Trust Series MTN

3.1% due 08/08/2016 1,500,000 1,533,690 0.13 Ubitech Hub Pte Limited 4.2% due 12/06/2017 14,250,000 14,462,413 1.18 United Engineers Limited Series MTN 4.2% due

26/01/2017 9,250,000 9,376,081 0.77 United Overseas Land Limited Series MTN 2.5%

due 01/07/2014 8,000,000 8,009,159 0.65 Wing Tai Holdings Limited Series MTN 3.3% due

26/05/2015 12,000,000 12,058,440 0.99 Wing Tai Holdings Limited Series MTN 3.38% due

27/07/2016 6,500,000 6,556,948 0.54 Total Singapore 493,948,276 40.36 South Korea GS Caltex Corporation 5.5% due 15/10/2015 1,500,000 2,020,122 0.17 Hana Bank 4.5% due 30/10/2015 3,000,000 3,981,937 0.33 Industrial Bank of Korea 4.375% due 04/08/2015 500,000 661,579 0.05 Korea National Housing Corporation 4.875% due

10/09/2014 7,400,000 9,604,095 0.78 National Agricultural Company 5% due

30/09/2014 700,000 911,086 0.07 Shinhan Bank Series EMTN 2.4% due 27/10/2014 3,750,000 3,772,683 0.31 Shinhan Bank Series EMTN 3.93% due

16/01/2016 6,500,000 6,792,700 0.56 Shinhan Card Company Limited 2.7% due

28/10/2013 5,000,000 5,002,794 0.41 Total South Korea 32,746,996 2.68


71


2013 30 September

2013 30 September

2013 S$ % Thailand Kasikornbank Public Company Limited 8.25% due

21/08/2016 2,750,000 3,913,111 0.32 PTT Global Chemical Public Company Limited

Series 0311 5.5% due 24/06/2015 3,000,000 3,981,334 0.33 Thai Oil Company Limited 5.1% due 09/06/2015 3,000,000 3,947,569 0.32 Total Thailand 11,842,014 0.97 Turkey Akbank TAS 3.875% due 24/10/2017 1,500,000 1,831,195 0.15 Akbank TAS 5.125% due 22/07/2015 4,000,000 5,139,958 0.42 Turkiye Vakiflar Bankasi Tao 3.75% due

15/04/2018 2,000,000 2,328,163 0.19 Total Turkey 9,299,316 0.76 United Arab Emirates ADCB Finance Cayman Limited 4.75% due

08/10/2014 1,800,000 2,334,979 0.19 Dubai DOF Sukuk Limited Series EMTN 6.396%

due 03/11/2014 7,263,000 9,536,651 0.78 Emirates Airline 4.64% due 21/06/2016 15,000,000 15,261,530 1.24 Emirates NBD PJSC Series EMTN 4.625% due

28/03/2017 5,500,000 7,196,217 0.59 Total United Arab Emirates 34,329,377 2.80 United States of America Aviation Capital Group Series EMTN 4% due

02/03/2015 10,000,000 10,033,111 0.82 Citigroup Inc EMTN 3.83% due 18/03/2014 10,000,000 10,094,154 0.82 Citigroup Inc Series EMTN 4.05% due 29/06/2016 16,250,000 16,995,240 1.39 Merrill Lynch & Company Inc Series EMTN 4.1%

due 04/02/2014 7,500,000 7,551,601 0.62 Merrill Lynch & Company Inc Series EMTN 4.14%


due 04/11/2013 13,500,000 13,532,245 1.11 Morgan Stanley Series EMTN 3.8% due

29/01/2016 12,200,000 12,558,070 1.03 Morgan Stanley Series EMTN 4% due 23/10/2017 3,250,000 3,331,005 0.27 Total United States of America 83,208,129 6.80 Total Debt Securities 1,187,633,962 97.04


72


2013 30 September

2013 30 September

2013 S$ % MONEY MARKET (QUOTED) China China Merchants Bank Company Limited/Hong

Kong Series FXCD 3.75% due 21/10/2014 4,200,000 5,362,648 0.44 Total China 5,362,648 0.44 Singapore Eu Yan Sang International Limited STP due

29/11/2016 2,400,000 2,400,000 0.20 Total Singapore 2,400,000 0.20 Total Money Market 7,762,648 0.64 Accrued interest on debt securities 10,970,030 0.90 Portfolio of investments 1,206,366,640 98.58 Other net assets 17,411,225 1.42 Net assets attributable to unitholders 1,223,777,865 100.00


73

Fullerton Short Term Interest Rate Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 September 2013 31 March 2013 % % By geography - Primary (Summary) Australia 5.07 5.10 Bahrain 0.83 0.83 Brazil 0.48 - British Virgin Islands 0.48 - Cayman Islands 0.70 0.50 Chile 0.10 0.20 China 10.22 6.53 France 0.38 - Great Britain 2.70 2.68 Hong Kong 11.95 9.36 India 2.52 3.81 Indonesia - 0.30 Japan 0.11 0.53 Jersey 0.14 1.78 Kazakhstan 0.42 0.70 Kuwait 0.27 0.16 Luxembourg 0.51 0.38 Malaysia 1.36 0.89 Netherlands 0.59 1.45 Philippines 0.23 - Oman - 0.40 Qatar 0.21 0.51 Russian Federation 3.84 4.27 Singapore 40.56 41.39 South Korea 2.68 3.27 Supra-National - 1.19 Thailand 0.97 0.50 Turkey 0.76 0.36 United Arab Emirates 2.80 3.04 United States of America 6.80 7.86 Accrued interest on debt securities 0.90 0.88 Portfolio of investments 98.58 98.87 Other net assets 1.42 1.13 Net assets attributable to unitholders 100.00 100.00


74

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

30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry - Secondary Airlines 10,175,357 0.84 0.76 Bank and Finance 431,229,126 35.24 38.60 Building/Construction 9,376,081 0.77 0.75 Building Materials 3,674,360 0.30 0.30 City Gas - - 0.04 Coal - - 0.68 Diversified Resource 36,159,589 2.95 3.83 Electric/Electronics 6,671,857 0.55 1.50 Energy 2,504,832 0.21 0.20 Engineering and Construction 8,038,858 0.66 - Environmental Control 26,458,858 2.16 1.94 Food 4,533,033 0.37 0.66 Food and Beverage 12,857,196 1.05 2.54 Government 9,536,651 0.78 - Hotel 69,643,709 5.69 7.22 Industrials 11,297,979 0.92 0.53 Internet 7,197,987 0.59 0.33 Investment 45,196,700 3.69 3.47 Media 24,000,597 1.96 1.67 Metals 10,387,676 0.85 0.84 Miscellaneous 39,244,966 3.21 1.19 Oil and Gas 15,642,920 1.28 1.57 Petrochemical 3,981,334 0.33 0.32 Pharmaceutical 7,927,500 0.65 - Real Estate Investment Trusts 49,315,975 4.03 2.49 Real Estate 258,399,565 21.10 18.69 Retail 15,999,464 1.31 0.36 Services 15,261,530 1.24 1.22 Shipping 16,338,881 1.33 1.33 Sovereign 9,604,095 0.78 0.78 Telecom Services - - 0.29 Transport 24,009,044 1.96 1.94 Trucking and Leasing 10,730,890 0.88 1.67 Utilities - - 0.28 Accrued interest on debt securities 10,970,030 0.90 0.88 Portfolio of investments 1,206,366,640 98.58 98.87 Other net assets 17,411,225 1.42 1.13 Net assets attributable to unitholders 1,223,777,865 100.00 100.00


75

Fullerton Global Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary DEBT SECURITIES (QUOTED) Canada Government of Canada 4% due 01/06/2016 493,000 644,000 4.36 Total Canada 644,000 4.36 Cayman Islands IPIC GMTN Limited EMTN 5.875% due

14/03/2021 300,000 598,657 4.05 Total Cayman Islands 598,657 4.05 China (including Hong Kong) Smartone Finance Limited 3.875% 08/04/2023 400,000 432,537 2.93 Total China (including Hong Kong) 432,537 2.93 France Government of France Oat 4% due 25/10/2038 300,000 566,744 3.84 Total France 566,744 3.84 Germany Bundesrepublic Series #98 5.625% due 04/01/2028 300,000 720,169 4.88 Total Germany 720,169 4.88 Great Britain Nomura Bank International PLC 6.75% due

04/10/2020 10,000,000 325,647 2.20 UK (Gilts) 5% due 07/03/2018 350,000 823,262 5.57 Total Great Britain 1,148,909 7.77 India IDBI Bank Limited Series EMTN 3.75% due

25/01/2019 500,000 579,808 3.92 Total India 579,808 3.92 Ireland Government of Ireland 4.6% due 18/04/2016 500,000 910,944 6.17 Total Ireland 910,944 6.17 Israel Israel Government Bond 4.625% due 18/03/2020 300,000 586,449 3.97 Total Israel 586,449 3.97


76

Fullerton Global Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % Japan Government of Japan Series 27 2.5% due

20/09/2037 100,000,000 1,495,969 10.13 Total Japan 1,495,969 10.13 Malaysia Silterra Capital 3.9% due 06/06/2014 1,500,000 579,883 3.93 Total Malaysia 579,883 3.93 Poland Republic of Poland 5.25% due 20/01/2025 200,000 393,877 2.66 Republic of Poland Series 0416 5% due

25/04/2016 900,000 376,280 2.55 Total Poland 770,157 5.21 South Korea Hyundai Capital Services Inc Series MTN 4.5%

due 16/05/2017 500,000 583,025 3.95 Korea Gas Corporation Series 6 1.38% due

14/07/2016 100,000,000 1,283,828 8.69 Korea Treasury Bond 1809 5.75% due10/09/2018 110,000,000 144,197 0.98 Total South Korea 2,011,050 13.62 United States of America US Treasury Bond 6.25% due 15/08/2023 400,000 664,625 4.50 US Treasury Note 4.375% due 15/05/2040 500,000 709,914 4.81 Total United States of America 1,374,539 9.31 Total Debt Securities 12,419,815 84.09 MONEY MARKET (QUOTED) Germany RWE Var 12/10/2072 500,000 666,900 4.52 Total Germany 666,900 4.52 Total Money Market 666,900 4.52 Accrued interest on debt securities 197,846 1.34 Portfolio of investments 13,284,561 89.95 Other net assets 1,484,250 10.05 Net assets attributable to unitholders 14,768,811 100.00


77

Fullerton Global Bond Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at

30 September

2013 31 March

2013 % % By Geography - Primary (Summary) Canada 4.36 4.00 Cayman Islands 4.05 3.51 China (including Hong Kong) 2.93 2.95 France 3.84 3.37 Germany 9.40 8.40 Great Britain 7.77 6.95 India 3.92 3.76 Ireland 6.17 5.23 Israel 3.97 3.34 Japan 10.13 9.72 Malaysia 3.93 3.69 Poland 5.21 4.56 South Korea 13.62 12.07 United States of America 9.31 17.61 Accrued interest on debt securities 1.34 0.88

Portfolio of investments 89.95 90.04 Other net assets 10.05 9.96 Net assets attributable to unitholders 100.00 100.00


78

Fullerton Global Bond Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at

30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry - Secondary Bank 905,455 6.12 5.85 Finance 1,181,682 8.00 3.51 Government 8,036,430 54.42 60.97 Miscellaneous 579,883 3.93 3.69 Oil and Gas 1,283,828 8.69 8.13 Telecom Services 432,537 2.93 2.95 Utility -Electric 666,900 4.52 4.06

Accrued interest on debt securities 197,846 1.34 0.88 Portfolio of investments 13,284,561 89.95 90.04 Other net assets 1,484,250 10.05 9.96 Net assets attributable to unitholders 14,768,811 100.00 100.00


79

Fullerton Global Equities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary EQUITY (QUOTED) Australia Australia & New Zealand Banking Group Limited 7,916 285,869 2.14 BHP Billiton Limited 4,541 190,413 1.43 Commonwealth Bank of Australia 2,820 235,604 1.76 Westfield Group (Stapled) 5,811 75,064 0.56 WorleyParsons Limited 2,578 73,529 0.55 Total Australia 860,479 6.44 China (including Hong Kong) AIA Group Limited 49,200 289,359 2.17 Anton Oilfield Services Group 104,000 85,312 0.64 BOC Hong Kong Holdings Limited 25,500 102,732 0.77 China Communications Services Corporation

Limited 174,000 126,404 0.95 China Everbright International Limited 115,000 126,338 0.94 China Merchants Bank Company Limited 49,000 111,468 0.83 China Overseas Land and Investment Limited 48,000 177,846 1.33 China Pacific Insurance Group Company Limited

H Shares 31,200 139,830 1.05 China Railway Construction Corporation Limited H

Shares 128,000 169,407 1.27 Galaxy Entertainment Group Limited 20,000 175,548 1.31 Haier Electronics Group Company Limited 112,000 272,179 2.04 Industrial and Commercial Bank of China Limited

H Shares 145,000 126,686 0.95 Lee & Man Paper Manufacturing Limited 209,000 152,507 1.14 Mindray Medical International Limited 1,333 65,030 0.49 Newocean Energy Holdings Limited 266,000 222,505 1.66 Samsonite International SA 48,000 166,973 1.25 Sands China Limited 24,800 192,200 1.44 Techtronic Industries Company Limited 81,000 264,730 1.98 Total China (including Hong Kong) 2,967,054 22.21 France Air Liquide SA 915 159,919 1.20 BNP Paribas SA 1,047 88,916 0.66 Danone SA 811 76,643 0.57 L'Oreal SA 368 79,350 0.59 LVMH Moet Hennessy Louis Vuitton SA 333 82,351 0.62 Sanofi 597 75,999 0.57 Total France 563,178 4.21


80


30 September

2013 30 September

2013 30 September

2013 S$ % Germany Allianz (Frankfurt) SE 349 68,851 0.51 BASF SE 524 62,844 0.47 Bayer AG 491 72,571 0.54 Daimler AG0-Reg 841 82,292 0.62 OSRAM Licht AG 46 2,708 0.02 SAP (Frankfurt) AG 603 55,890 0.42 Siemens AG 469 70,921 0.53 Total Germany 416,077 3.11 Indonesia Matahari Department Store Tbk PT 95,500 108,653 0.81 Wijaya Karya Persero Tbk PT 396,000 82,384 0.62 Total Indonesia 191,037 1.43 Ireland BlackRock Selection Fund-UK Sub Fund 7,920 512,885 3.84 Total Ireland 512,885 3.84 Japan Anritsu Corporation 9,281 147,873 1.11 Dena Company Limited 4,300 109,366 0.82 Enigmo Inc 1,200 94,984 0.71 Komatsu Limited 5,500 171,535 1.28 Mitsubishi UFJ Financial Group Inc 47,942 383,767 2.87 Softbank Corporation 2,200 190,735 1.43 Toshiba Corporation 28,747 161,742 1.21 Toyota Motor Corporation 4,800 384,845 2.88 Total Japan 1,644,847 12.31 Malaysia Dailog Group Bhd 137,000 133,956 1.00 IJM Land Bhd 191,100 197,152 1.48 Total Malaysia 331,108 2.48 Mauritius Fullerton India Fund Class A 1,648 288,597 2.16 Total Mauritius 288,597 2.16


81


30 September

2013 30 September

2013 30 September

2013 S$ % Philippines Cosco Capital Inc 305,800 86,011 0.64 Melco Crown Philippines Resorts Corporation 471,000 147,950 1.11 TrillionStars Holdings Inc 659,800 166,566 1.25 Total Philippines 400,527 3.00 Singapore Dyna-Mac Holdings Limited 268,000 108,540 0.81 Ezion Holdings Limited 91,000 200,200 1.50 Global Logistic Properties Limited 60,000 173,400 1.30 Keppel Corporation Limited 15,000 156,000 1.17 Total Singapore 638,140 4.78 South Korea Duksan Hi-Metal Company Limited 3,858 97,747 0.73 LG Household & Health Care Limited 145 92,266 0.69 Samsung Electronics Company Limited 374 596,489 4.46 SK Hynix Inc 3,280 115,845 0.87 Total South Korea 902,347 6.75 Taiwan E.Sun Financial Holding Company Limited 107,000 86,957 0.65 Eclat Textile Company Limited 10,200 112,328 0.84 MediaTek Inc 12,000 186,131 1.39 Taiwan Semiconductor Manufacturing Company

Limited 87,000 371,052 2.78 Ton Yi Industrial Corporation 67,000 77,480 0.58 Total Taiwan 833,948 6.24


82


30 September

2013 30 September

2013 30 September

2013 S$ % Thailand Central Pattana Public Company Limited Foreign 41,600 70,921 0.53 Kasikornbank Public Company Limited Foreign 29,000 205,321 1.54 LPN Development Public Company Limited 64,600 53,122 0.40 Siam Cement Public Company Limited Foreign 8,800 151,789 1.14 Siam Global House Public Company Limited

Foreign 225,067 159,800 1.19 Sino Thai Engineering and Construction Public

Company Limited Foreign 244,200 223,342 1.67 Total Thailand 864,295 6.47 United States of America IShares S&P 500 Index Fund 3,880 822,570 6.16 SPDR S&P 500 ETF Trust 4,143 873,388 6.54 Total United States of America 1,695,958 12.70 Total Equity 13,110,477 98.13 Portfolio of investments 13,110,477 98.13 Other net assets 249,331 1.87 Net assets attributable to unitholders 13,359,808 100.00

Note: Investments are classified based on their country of incorporation and this may not reflect their actual listing of exchange.


83

Fullerton Global Equities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 September

2013 31 March

2013 % % By Geography - Primary (Summary) Australia 6.44 6.11 China (including Hong Kong) 22.21 15.49 France 4.21 4.29 Germany 3.11 2.44 Indonesia 1.43 7.95 Ireland 3.84 3.14 Japan 12.31 12.41 Malaysia 2.48 6.28 Mauritius 2.16 2.26 Philippines 3.00 0.74 Singapore 4.78 3.34 South Korea 6.75 6.31 Taiwan 6.24 3.07 Thailand 6.47 8.10 United States of America 12.70 10.18

Portfolio of investments 98.13 92.11 Other net assets 1.87 7.89 Net assets attributable to unitholders 100.00 100.00


84

Fullerton Global Equities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at

30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry - Secondary Automotive 384,845 2.88 2.31 Autos and Trucks 82,292 0.62 1.31 Banks 1,627,320 12.17 11.22 Building / Construction 303,363 2.27 3.64 Building / Construction Material 453,675 3.39 3.09 Chemical 387,600 2.90 2.44 Commercial Services 200,200 1.50 1.74 Communications 126,404 0.95 - Computer / Software 246,625 1.85 1.43 Construction 94,984 0.71 0.92 Consumer 518,502 3.88 2.39 Diversified Resource 226,921 1.70 1.19 E-Commerce 109,366 0.82 0.98 Electric / Electronic 593,493 4.44 7.13 Energy 222,505 1.66 1.10 Engineering / Machinery 296,871 2.22 1.93 Entertainment 147,950 1.11 - Finance 75,064 0.56 0.56 Food and Beverage 248,917 1.87 0.48 Foods 76,643 0.57 0.48 Hotels 389,352 2.92 2.70 Industrials 344,918 2.58 1.33 Insurance 498,040 3.73 3.31 Internet - - 0.96 Machine Tools 171,535 1.28 1.58 Media 65,030 0.49 - Medical-Drugs 75,999 0.57 0.51 Metals 108,540 0.81 0.84 Miscellaneous 82,384 0.62 1.27 Oil and Gas 361,736 2.71 4.98 Pulp and Paper 152,507 1.14 - Real Estate 475,289 3.56 4.91 Retail 268,453 2.00 2.81 Semiconductor 1,083,386 8.11 2.47 Telecom Service - - 0.60 Textiles 112,328 0.84 - Transport – Rail - - 0.48 Unit Trust / MF 2,497,440 18.70 15.58


85

Fullerton Global Equities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry – Secondary (continued) Utilities - Water - - 0.74 Wholesale - - 2.70 Portfolio of investments 13,110,477 98.13 92.11 Other net assets 249,331 1.87 7.89 Net assets attributable to unitholders 13,359,808 100.00 100.00


86

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

30 September

2013 30 September

2013 S$ % By Institution - Primary FIXED DEPOSITS Singapore Bank of East Asia Limited Hongkong 13,743,036 23.00 Bank of Tokyo- Mitsubishi UFJ 10,505,888 17.58 Malayan Banking Berhad 5,001,134 8.37 Mizuho Corporate Bank Ltd. 11,005,514 18.42 Standard Chartered Bank 14,007,128 23.44 United Overseas Bank 2,505,773 4.20

Fixed deposits 56,768,473 95.01 Other net assets 2,981,587 4.99 Net assets attributable to unitholders 59,750,060 100.00

Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at

30 September

2013 31 March

2013 % % By Institution – Primary (Summary) FIXED DEPOSITS Singapore Agricultural Bank of China Limited - 11.81 Bank of East Asia Limited Hongkong 23.00 22.74 Bank of Tokyo- Mitsubishi UFJ 17.58 22.63 Malayan Banking Berhad 8.37 - Mizuho Corporate Bank Ltd. 18.42 - Standard Chartered Bank 23.44 19.28 United Overseas Bank 4.20 8.39

Fixed deposits 95.01 84.85 Other net assets 4.99 15.15 Net assets attributable to unitholders 100.00 100.00


87

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

30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry - Secondary Bank 56,768,473 95.01 84.85 Other net assets 2,981,587 4.99 15.15 Net assets attributable to unitholders 59,750,060 100.00 100.00


88

Fullerton Asian Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 Units US$ %

UNIT TRUST Luxembourg

Fullerton Lux Funds – Asian Bonds Class I USD Distribution 8,313,776 88,325,558 99.64

Portfolio of investments 88,325,558 99.64 Other net assets 318,173 0.36 Net assets attributable to unitholders 88,643,731 100.00

As the fund invests only to one underlying unit trust, hence no secondary representation is presented.


89

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary EQUITIES Singapore Fullerton SGD Cash Fund 4,908,457 5,000,982 2.70 Total Singapore 5,000,982 2.70 Total Equity 5,000,982 2.70 DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 1,750,000 1,816,027 0.98 Total Australia 1,816,027 0.98 China (including Hong Kong) BOC Aviation Pte Limited Series EMTN 2% due

26/03/2015 4,500,000 4,487,625 2.42 BOC Aviation Pte Limited Series MTN 3.05% due

02/10/2013 3,000,000 2,999,947 1.62 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 20/01/2017 4,000,000 3,972,874 2.14 Wharf Finance No 1 Limited Series EMTN 4.5%

due 20/07/2021 500,000 500,300 0.27 Wheelock MTN Pte Limited Series MTN 3.5% due

15/12/2014 1,750,000 1,770,509 0.96 Total China (including Hong Kong) 13,731,255 7.41 France RCI Banque SA Series EMTN 3% due 16/04/2018 3,000,000 2,979,458 1.61 Total France 2,979,458 1.61 Great Britain Lloyds TBS Bank Public Company Limited Series

EMTN 3.5% due 17/09/2014 2,000,000 2,036,620 1.10 Royal Bank of Scotland Public Company Limited

Series EMTN 2.85% due 31/03/2014 1,500,000 1,506,495 0.81 Total Great Britain 3,543,115 1.91 Malaysia Danga Capital Bhd 3.725% due 11/08/2020 1,000,000 1,001,000 0.54 Total Malaysia 1,001,000 0.54


90


2013 30 September

2013 30 September

2013 S$ % Russian Federation VTB Capital SA 4% due 20/07/2015 1,500,000 1,526,475 0.82 Total Russian Federation 1,526,475 0.82 Singapore AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 4.35% due 05/12/2019 2,500,000 2,476,671 1.33 ARMF Whitesands Pte Limited 2.635% due

29/04/2020 3,000,000 2,955,000 1.59 Ascott Capital Mte Pte Limited Series EMTN 3.8%

due 16/12/2015 500,000 515,425 0.28 ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 1,750,000 1,736,000 0.94 Cambridge MTN Pte Limited Series MTN 4.75%

due 13/03/2015 5,000,000 5,028,304 2.71 CapitaLand Limited Conv 2.1% due 15/11/2016 4,000,000 3,996,280 2.15 City Developments Limited Series MTN 3.75% due

06/07/2022 2,500,000 2,427,267 1.31 CWT Limited Series MTN 3.9% due 18/04/2019 1,000,000 975,441 0.53 FCT MTN Pte Limited Series MTN 3% due





24/04/2023 1,000,000 959,895 0.52 Hotel Properties Limited Series MTN 3.93% due

10/06/2017 500,000 503,354 0.27 Hotel Properties Limited Series MTN 3.95% due

13/09/2019 4,000,000 3,940,680 2.12 Olam International Limited Series EMTN 6% due

25/10/2022 1,000,000 877,460 0.47 Overseas Union Enterprise Limited Series MTN


4.3% 15/04/2014 500,000 506,425 0.27 Overseas Union Enterprise Limited Series MTN

4.95% due 01/02/2017 500,000 519,250 0.28 Sabana Treasury Pte Limited Conv 4.5% due


17/01/2014 1,500,000 1,510,335 0.81


91


2013 30 September

2013 30 September

2013 S$ % Singapore Government Bond 0.5% due

01/04/2018 11,000,000 10,796,060 5.82 Singapore Government Bond 1.375% due











01/07/2014 7,600,000 7,790,760 4.20 Straits Trading Company Limited Series EMTN

4.3% due 09/11/2016 500,000 519,384 0.28 Street Square Pte Limited 3.02% due 05/05/2014 1,000,000 1,006,010 0.54 United Engineers Limited Series MTN 4.2% due

26/01/2017 1,250,000 1,267,038 0.68 Wing Tai Holdings Limited Series MTN 3.38% due

27/07/2016 500,000 504,381 0.27 Total Singapore 133,436,347 71.93 South Korea Shinhan Card Company Limited 2.7% due

28/10/2013 5,000,000 5,002,794 2.70 Total South Korea 5,002,794 2.70 United States of America Citigroup Inc EMTN 3.83% due 18/03/2014 250,000 252,354 0.13 Morgan Stanley Series EMTN 3.8% due

29/01/2016 500,000 514,675 0.28 Total United States of America 767,029 0.41 Total Debt Securities 163,803,500 88.31


92

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

30 September

2013 30 September

2013 30 September

2013 S$ % MONEY MARKET (QUOTED) China (including Hong Kong) Bank of East Asia Limited Series EMTN Var

13/09/2022 3,000,000 3,057,810 1.65 Total China (including Hong Kong) 3,057,810 1.65 Great Britain Standard Chartered Public Company Limited

Series EMTN Var 10/04/2023 1,000,000 1,047,500 0.56 Total Great Britain 1,047,500 0.56 Malaysia Malayan Banking Bhd Series EMTN Var

28/04/2021 2,000,000 2,035,920 1.10 Total Malaysia 2,035,920 1.10 Netherlands ABN AMRO Bank NV Var 25/10/2022 2,000,000 2,030,000 1.09 Total Netherlands 2,030,000 1.09 Singapore CapitaMalls Asia Treasury Limited STP due

12/01/2022 1,500,000 1,532,010 0.82 DBS Bank Limited Singapore Series MTN Var

21/02/2022 2,000,000 2,035,100 1.10 Eu Yan Sang International Limited STP due

29/11/2016 400,000 400,000 0.22 GLL IHT Pte Limited Series EMTN Var Perp 2,000,000 1,852,683 1.00 NTUC Income Insurance Cooperative Limited Var

23/08/2027 1,500,000 1,495,875 0.80 Total Singapore 7,315,668 3.94 Total Money Market 15,486,898 8.34 Accrued interest on debt securities 1,279,605 0.69 Portfolio of investments 185,570,985 100.04 Other net liabilities (76,572) (0.04) Net assets attributable to unitholders 185,494,413 100.00


93


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at

30 September

2013 31 March

2013 % % By Geography - Primary (Summary) Australia 0.98 1.24 China (including Hong Kong) 9.06 5.09 France 1.61 - Great Britain 2.47 1.38 India - 2.01 Malaysia 1.64 - Netherlands 1.09 1.38 Russian Federation 0.82 - Singapore 78.57 81.59 South Korea 2.70 3.72 United States of America 0.41 2.72

Accrued interest on debt securities 0.69 0.76 Portfolio of investments 100.04 99.89 Other net (liabilities)/assets (0.04) 0.11 Net assets attributable to unitholders 100.00 100.00


94

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

30 September

2013 30 September

2013 31 March

2013 S$ % % By Industry - Secondary Airlines 3,972,874 2.14 2.71 Bank 15,275,920 8.23 6.19 Building/Construction 1,267,038 0.68 - City Gas - - 0.34 Diversified Resources 500,300 0.27 0.35 Finance 26,513,337 14.29 11.70 Food and Beverage 877,460 0.47 3.22 Government 85,547,390 46.12 51.71 Hotel 9,687,943 5.22 7.12 Insurance 1,495,875 0.80 1.04 Investment 1,510,335 0.81 - Materials 975,441 0.53 - Metals 519,384 0.28 - Oil and Gas - - 2.01 Pharmaceutical 400,000 0.22 - Real Estate 15,420,721 8.30 3.65 Real Estate Investment Trusts 6,614,945 3.58 4.28 Transport - Ship 1,736,000 0.94 1.87 Trucking and Leasing 6,975,435 3.77 2.94 Unit Trust 5,000,982 2.70 - Accrued interest on debt securities 1,279,605 0.69 0.76 Portfolio of investments 185,570,985 100.04 99.89 Other net (liabilities)/assets (76,572) (0.04) 0.11 Net assets attributable to unitholders 185,494,413 100.00 100.00


95

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary EQUITIES Singapore Hyflux Limited Preferred 30,000 3,282,000 0.26 Fullerton SGD Cash Fund 5,889,917 6,000,942 0.48 Total Singapore 9,282,942 0.74 Total Equity 9,282,942 0.74 DEBT SECURITIES (QUOTED) Australia Goodman Funding Pty Limited 6.375% due

15/04/2021 1,500,000 2,084,830 0.17 Leighton Finance USA Pty Limited 5.95% due

13/11/2022 4,900,000 6,115,628 0.48 Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 14,190,000 14,725,389 1.17 Macquarie Bank Limited 3.45% due 27/07/2015 2,550,000 3,317,390 0.26 Macquarie Bank Limited 5% due 22/02/2017 6,000,000 8,200,569 0.65 Macquarie Group Limited 4.875% due 10/08/2017 500,000 676,599 0.05 Total Australia 35,120,405 2.78 Bahrain Bahrain Government International Bond 5.5% due

31/03/2020 2,500,000 3,146,160 0.25 Bahrain Government International Bond 6.125%

due 05/07/2022 2,620,000 3,296,354 0.26 Bahrain Mumtalakat Holding Company BSC 5%

due 30/06/2015 750,000 969,238 0.08 Total Bahrain 7,411,752 0.59


96


2013 30 September

2013 30 September

2013 S$ % Brazil BTG Investments LP 4.5% due 17/04/2018 2,000,000 2,373,836 0.19 Total Brazil 2,373,836 0.19 British Virgin Islands Big Will Investments Limited Series EMTN

10.875% due 29/04/2016 5,200,000 7,077,603 0.56 Gain Silver Finance Limited 6.375% due

25/08/2016 675,000 936,641 0.07 Total British Virgin Islands 8,014,244 0.63 Cayman Islands Central China Real Estate Limited Series EMTN

6.5% due 04/06/2018 1,000,000 1,180,607 0.09 CMHI Finance Caymans Inc 5.375% due

09/03/2015 2,000,000 2,621,624 0.21 Country Garden Holdings Company 10.5% due

11/08/2015 2,400,000 3,317,298 0.26 DP World Sukuk Limited 6.25% due 02/07/2017 500,000 687,854 0.06 Yuzhou Properties Company 11.75% due

25/10/2017 2,900,000 4,029,871 0.32 Yuzhou Properties Company 13.5% due

15/12/2015 500,000 677,546 0.05 Total Cayman Islands 12,514,800 0.99 China Agile Property Holdings Limited 9.875% due

20/03/2017 800,000 1,086,594 0.09 BOC Aviation Pte Limited 3.25% due 24/04/2014 6,500,000 6,539,501 0.52 BOC Aviation Pte Limited Series EMTN 2% due

26/03/2015 7,500,000 7,479,375 0.59 BOC Aviation Pte Limited Series MTN 3.05%

due 02/10/2013 8,000,000 7,999,859 0.63 Bright Food Hong Kong Limited 3% due

21/05/2018 3,000,000 3,578,710 0.28 China Liansu Group Holding 7.875% due

13/05/2016 3,500,000 4,580,377 0.36 China Overseas Finance Cayman IV Limited

4.875% due 15/02/2017 2,800,000 3,735,481 0.30


97


2013 30 September

2013 30 September

2013 S$ % China Resources Land Limited 4.625% due

19/05/2016 8,300,000 10,867,765 0.86 China Shanshui Cement Group Company

Limited 8.5% due 25/05/2016 4,000,000 5,128,314 0.41 CITIC Securities Finance 2013 Company Limited

2.5% due 03/05/2018 250,000 296,930 0.02 COSCO Finance Company Limited 4% due

03/12/2022 3,000,000 3,384,550 0.27 Gemdale International Investment Limited

7.125% due 16/11/2017 4,000,000 5,164,350 0.41 Hero Asia Investment Limited 3.25% due

12/08/2016 1,000,000 1,243,984 0.10 MIE Holdings Corporation 6.875% due

06/02/2018 2,000,000 2,272,804 0.18 MIE Holdings Corporation 9.75% due 12/05/2016 3,500,000 4,500,098 0.36 Poly Real Estate Finance Limited 4.5% due

06/08/2018 3,000,000 3,723,333 0.30 Sunac China Holdings Limited 9.375% due

05/04/2018 3,700,000 4,644,014 0.37 Texhong Textile Group Limited 6.5% due

18/01/2019 1,500,000 1,855,343 0.15 West China Cement Limited 7.5% due

25/01/2016 1,000,000 1,254,938 0.10 Yancoal International Resources Development

Company Limited 4.461% due 16/05/2017 1,500,000 1,813,898 0.14 Yuexiu Property Company Limited 4.5% due

24/01/2023 4,000,000 4,443,973 0.35 Yuzhou Properties Company Limited 8.75% due

04/10/2018 2,000,000 2,506,363 0.20 Zijin International Finance Company Limited

4.25% due 30/06/2016 7,030,000 9,131,123 0.72 Total China 97,231,677 7.71 France RCI Banque SA Series EMTN 3% due

16/04/2018 4,750,000 4,717,475 0.37 Total France 4,717,475 0.37


98


2013 30 September

2013 30 September

2013 S$ % Great Britain Lloyds TBS Bank Public Company Limited Series

EMTN 3.5% due 17/09/2014 2,500,000 2,545,775 0.20 Nationwide Building Society Series EMTN 4.125%

due 20/03/2023 5,000,000 8,423,078 0.67 Total Great Britain 10,968,853 0.87 Hong Kong Ageas Capital Asia Limited 4.125% due

25/04/2023 3,000,000 3,277,156 0.26 Bank of East Asia Limited Series EMTN 6.125%

due 16/07/2020 750,000 1,031,677 0.08 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 20/01/2017 5,000,000 4,966,092 0.39 Central China Real Estate Limited 10.75% due

18/04/2016 7,000,000 7,641,119 0.61 Central China Real Estate Limited 8% due

28/01/2020 3,100,000 3,707,530 0.29 Champion MTN Limited Series EMTN 3.75% due

17/01/2023 4,800,000 5,168,526 0.41 Cheung Kong Bond Securities Limited 5.125%

Perp 2,433,000 2,150,845 0.17 China Resources Cement Holdings Limited

2.125% due 05/10/2017 600,000 734,872 0.06 DAH Sing Bank Limited Series EMTN 4.875% due

09/02/2022 6,000,000 6,210,000 0.49 Dynamic Talent Limited 4.75% due 01/08/2017 6,000,000 7,643,385 0.61 Fosun International Limited 7.5% due 12/05/2016 3,700,000 4,777,906 0.38 Hainan Airlines Hong Kong Company Limited

3.625% due 07/02/2020 4,000,000 4,813,372 0.38 Henderson Land MTN Pte Limited 4.75% due

14/02/2017 4,200,000 5,587,781 0.44 Henderson Land MTN Pte Limited Series EMTN

4% due 19/09/2018 3,750,000 3,850,837 0.31 Howes Captial Limited 4.75% due 10/04/2017 8,100,000 10,707,831 0.85 KWG Property Holdings Limited 12.75% due

30/03/2016 500,000 683,895 0.05 KWG Property Holdings Limited 13.25% due

22/03/2017 3,000,000 4,294,972 0.34 LS Finance 2017 Limited 5.25% due 26/01/2017 6,900,000 9,268,408 0.74 Noble Group Limited 3.625% due 20/03/2018 3,740,000 4,528,049 0.36 Noble Group Limited 4.875% due 05/08/2015 3,250,000 4,247,947 0.34


99

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

30 September

2013 30 September

2013 30 September

2013 S$ % Noble Group Limited 6.75% due 29/01/2020 7,150,000 9,234,595 0.73 PCCW HKT Capital No 4 Limited 5.75% due

17/04/2022 1,100,000 1,393,020 0.11 Sino Land Company Limited 3.25% due

21/09/2017 15,300,000 19,167,919 1.52 Smartone Finance Limited 3.875% 08/04/2023 3,400,000 3,676,568 0.29 Wharf Finance No 1 Limited Series EMTN 4.5%

due 20/07/2021 8,250,000 8,254,950 0.65 Wheelock Finance Limited 3% due 19/03/2018 4,300,000 5,300,951 0.42 Wheelock Finance Limited 4.75% due 23/02/2017 4,100,000 5,417,492 0.43 Wheelock Finance Limited Series EMTN 4.5% due

02/09/2021 11,250,000 11,213,550 0.89 Wheelock MTN Pte Limited Series MTN 3.5% due

15/12/2014 1,000,000 1,011,720 0.08 Wing Lung Bank Limited Series EMTN 3.5% due

07/11/2022 2,500,000 2,979,843 0.24 Wiseyear Holdings Limited 5% due 15/02/2017 1,900,000 2,530,714 0.20 Wiseyear Holdings Limited 5.875% due

06/04/2021 4,000,000 5,294,995 0.42 Yingde Gases Investment Limited 8.125% due

22/04/2018 1,600,000 2,013,061 0.16 Yuexiu Real Estate Investment Trust MTN

Company Series EMTN 3.1% due 14/05/2018 6,000,000 7,063,464 0.56 Total Hong Kong 179,845,042 14.26 India Ascendas Property Fund Trustee Pte Limited

Series EMTN 3.8% due 01/10/2018 6,500,000 6,507,475 0.52 Export-Import Bank of India Series EMTN 3.375%

due 18/09/2017 3,000,000 2,901,900 0.23 ICICI Bank Limited Series EMTN 3.8% due

19/04/2016 6,000,000 6,085,636 0.48 IDBI Bank Limited Series EMTN 3.65% due

28/08/2015 12,000,000 11,970,360 0.95 Indian Oil Corporation Limited 4.1% due

15/10/2022 17,500,000 15,587,600 1.23 Tata Communications Netherlands BV 4.25% due

01/02/2016 11,250,000 11,100,938 0.88 Total India 54,153,909 4.29


100


2013 30 September

2013 30 September

2013 S$ % Indonesia Berau Capital Resources 12.5% due 08/07/2015 4,000,000 5,248,168 0.41 Berau Coal Energy 7.25% due 13/03/2017 500,000 586,815 0.05 Total Indonesia 5,834,983 0.46 Japan Orix Corporation 3.75% due 09/03/2017 1,000,000 1,300,498 0.10 Total Japan 1,300,498 0.10 Kazakhstan Development Bank of Kazakhstan JSC 4.125%

due 10/12/2022 3,220,000 3,704,142 0.30 KazAgro National Management Holding JSC

4.625% due 24/05/2023 2,000,000 2,290,772 0.18 Kazmunaigaz Finance Sub BV 11.75% due

23/01/2015 2,100,000 2,945,744 0.23 Total Kazakhstan 8,940,658 0.71 Kuwait Kuwait Projects Company Holdings Series EMTN

8.875% due 17/10/2016 612,000 881,711 0.07 Total Kuwait 881,711 0.07 Malaysia 1MDB Energy Limited 5.99% due 11/05/2022 5,000,000 6,703,440 0.53 Danga Capital Bhd 3.725% due 11/08/2020 7,500,000 7,507,500 0.60 Nam Cheong Limited Series MTN 6% due

05/11/2015 11,000,000 11,343,750 0.90 Total Malaysia 25,554,690 2.03 Netherlands Koninklijke Vopak Series EMTN 5% due

05/09/2014 2,000,000 2,050,000 0.16 Total Netherlands 2,050,000 0.16 Philippines National Power Corporation 6.875% due

02/11/2016 1,000,000 1,404,078 0.11 Royal Capital BV 8.375% Perp 400,000 517,785 0.04 Total Philippines 1,921,863 0.15


101


2013 30 September

2013 30 September

2013 S$ % Russian Federation GPB Eurobond Finance (Gazprombk) 5.625%

due 17/05/2017 1,100,000 1,451,321 0.11 Lukoil International Finance BV 4.563% due

24/04/2023 2,000,000 2,338,578 0.19 Russian Agricultural Bank OJSC Via RSHB

Capital SA 5.298% due 27/12/2017 9,000,000 11,591,217 0.92 VTB Capital SA 3.4% due 06/06/2014 10,000,000 10,095,000 0.80 VTB Capital SA 4% due 20/07/2015 13,500,000 13,738,275 1.09 VTB Capital SA 6% due 12/04/2017 4,950,000 6,530,507 0.52 Total Russian Federation 45,744,898 3.63 Singapore AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 4.35% due 05/12/2019 3,000,000 2,972,005 0.24 AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 4.9% due 08/08/2016 10,000,000 10,378,734 0.82 Ascott Capital Mte Pte Limited Series EMTN 3.8%

due 16/12/2015 6,250,000 6,442,812 0.51 Ascott Capital Pte Limited Series MTN 3.78% due

16/08/2019 8,000,000 8,106,960 0.64 Ascott Capital Pte Limited Series MTN 3.8% due

10/11/2016 1,000,000 1,041,300 0.08 ASL Marine Holdings Limited Series MTN 4.5%

due 10/03/2014 3,500,000 3,509,012 0.28 ASL Marine Holdings Limited Series MTN 4.697%

due 19/03/2014 577,500 578,944 0.05 ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 10,000,000 9,920,000 0.79 Aspial Corparation Limited Series EMTN 5% due

22/07/2016 5,000,000 5,047,850 0.40 Aspial Corporation Limited Series MTN 4.65%

due 25/09/2014 6,500,000 6,546,930 0.52 Banyan Tree Holdings Limited Series MTN 5.75%

due 31/07/2018 5,500,000 5,682,187 0.45 Biosensors Investment Singapore Pte Limited

Series MTN 4.875% due 23/01/2017 20,000,000 20,226,200 1.60 Cambridge MTN Pte Limited Series MTN 4.75%

due 13/03/2015 5,000,000 5,028,304 0.40 CapitaLand Limited Series CAPL 2.95% due

20/06/2022 5,000,000 4,976,050 0.39 CapitaLand Limited Series CAPL 3.125% due

05/03/2018 1,750,000 1,909,022 0.15


102


2013 30 September

2013 30 September

2013 S$ % CapitaMalls Asia Treasury Limited Series EMTN

3.7% due 29/08/2022 3,000,000 2,963,310 0.24 CapitaMalls Asia Treasury Limited Series EMTN

3.95% due 24/08/2017 7,750,000 8,082,010 0.64 City Developments Limited Series MTN 3.22%

due 08/04/2015 250,000 255,166 0.02 Competition Team Technologies Limited 2.125%

due 13/12/2017 2,000,000 2,429,673 0.19 Courts Asia Limited Series MTN 4.75% due

02/05/2016 7,000,000 7,156,450 0.57 CWT Limited Series MTN 3.9% due 18/04/2019 10,000,000 9,754,412 0.77 DCS Asset Funding Pte Limited Class A1 3.95%

due 07/09/2014 5,500,000 5,500,000 0.44 Eu Yan Sang International Limited Series MTN

4.1% due 06/06/2018 6,250,000 6,281,250 0.50 F&N Treasury Pte Limited Series MTN 2.45% due

27/05/2015 1,250,000 1,257,062 0.10 FCT MTN Pte Limited Series MTN 3% due

21/01/2020 4,500,000 4,388,310 0.35 First Real Estate Investment Trust Series MTN

4.125% due 22/05/2018 8,250,000 8,150,092 0.65 GLL IHT Pte Limited Series MTN 4% due










24/04/2023 5,000,000 4,799,478 0.38 Guthrie GTS Limited Series MTN 3.7% due

23/01/2018 10,000,000 9,893,010 0.78


103


2013 30 September

2013 30 September

2013 S$ % Hong Fok Corporation Limited Series MTN 4.75%

due 22/03/2019 2,750,000 2,686,897 0.21 Hong Fok Corporation Limited Series MTN 4.75%

due 24/01/2018 10,000,000 9,934,840 0.79 Hotel Properties Limited Series MTN 3.5% due


21/07/2015 500,000 503,454 0.04 Hotel Properties Limited Series MTN 3.6% due





20/07/2018 1,250,000 1,252,561 0.10 Hyflux Limited Series MTN 3.5% due 21/07/2016 5,750,000 5,727,938 0.45 Hyflux Limited Series MTN 3.89% due 19/01/2016 1,750,000 1,764,899 0.14 Hyflux Limited Series MTN 4.2% due 29/08/2019 5,750,000 5,603,563 0.44 Hyflux Limited Series MTN 4.25% due 09/07/2018 3,000,000 3,056,683 0.24 Hyflux Limited Series MTN 4.29% due 10/03/2015 2,250,000 2,284,399 0.18 Hyflux Limited Series MTN 5.68% due 10/09/2014 2,000,000 2,047,542 0.16 Keppel Corporation Limited Series EMTN 4% due

07/09/2042 7,250,000 6,342,517 0.50 Keppel Corporation Limited Series MTN 3.9% due

07/11/2024 500,000 471,340 0.04 Keppel Land Limited Conv 1.875% due

29/11/2015 5,800,000 5,757,196 0.46 Mapletree Commercial Trust Treasury Company

Pte Limited Series EMTN 3.6% due 24/08/2020 2,000,000 2,009,147 0.16

Olam International Limited Series EMTN 6% due 25/10/2022 18,000,000 15,794,280 1.25

Olam International Limited Series MTN 5.8% due 17/07/2019 4,000,000 3,714,080 0.29

Oversea-Chinese Banking Corporation Limited 3.15% due 11/03/2023 7,000,000 8,766,123 0.69

Overseas Union Enterprise Limited Series MTN 3.95% due 29/09/2015 7,000,000 7,163,870 0.57


104


2013 30 September

2013 30 September

2013 S$ % Overseas Union Enterprise Limited Series MTN


4.95% due 01/02/2017 3,500,000 3,634,750 0.29 Oxley Holdings Limited Series MTN 5.1% due

16/05/2017 12,750,000 12,550,018 1.00 Sabana Treasury Pte Limited Conv 4.5% due


17/01/2014 2,500,000 2,517,225 0.20 Shui On Development Singapore Pte Limited 8%

due 26/01/2015 2,000,000 2,079,320 0.17 Straits Trading Company Limited Series EMTN

4.3% due 09/11/2016 1,750,000 1,817,843 0.14 Street Square Pte Limited 3.02% due 05/05/2014 3,250,000 3,269,533 0.26 TML Holdings Pte Limited Series MTN 4.25% due

16/05/2018 8,000,000 7,429,920 0.59 Ubitech Hub Pte Limited 4.2% due 12/06/2017 12,750,000 12,940,054 1.03 United Engineers Limited Series MTN 4.2% due

26/01/2017 5,250,000 5,321,559 0.42 Wharf MTN Singapore Pte Limited Series MTN

4.3% due 28/10/2018 2,500,000 2,598,125 0.21 Wing Tai Holdings Limited Series MTN 3.3% due

26/05/2015 4,500,000 4,521,915 0.36 Wing Tai Holdings Limited Series MTN 3.38%

due 27/07/2016 6,500,000 6,556,948 0.52 Wing Tai Holdings Limited Series MTN 4.25%

due 15/03/2023 2,000,000 1,936,680 0.15 Wing Tai Holdings Limited Series MTN 4.5% due

26/09/2022 9,250,000 9,155,947 0.73 Total Singapore 403,916,836 32.02 South Korea Shinhan Card Company Limited 2.7% due

28/10/2013 5,000,000 5,002,794 0.40 Total South Korea 5,002,794 0.40


105


2013 30 September

2013 30 September

2013 S$ % Turkey Akbank TAS 3.875% due 24/10/2017 1,500,000 1,831,195 0.15 Akbank TAS 5.125% due 22/07/2015 4,000,000 5,139,958 0.41 Turkiye Is Bankasi 3.75% due 10/10/2018 2,000,000 2,329,995 0.18 Total Turkey 9,301,148 0.74 United Arab Emirates Dubai DOF Sukuk Limited Series EMTN 4.9%

due 02/05/2017 1,000,000 1,336,485 0.11 Dubai DOF Sukuk Limited Series EMTN 6.396%

due 03/11/2014 5,517,000 7,244,073 0.57 Emirate of Dubai Government International Bonds

Series EMTN 6.7% due 05/10/2015 4,000,000 5,456,556 0.43 Emirates Airline 4.64% due 21/06/2016 14,000,000 14,244,094 1.13 Emirates NBD PJSC Series EMTN 4.625% due

28/03/2017 4,100,000 5,364,453 0.43 Total United Arab Emirates 33,645,661 2.67 United States of America Aviation Capital Group Series EMTN 4% due

02/03/2015 9,000,000 9,029,800 0.71 Citigroup Inc Series EMTN 4.05% due 29/06/2016 19,500,000 20,394,288 1.62 Merrill Lynch & Company Inc Series EMTN 4.14%


due 04/11/2013 500,000 501,194 0.04 Morgan Stanley Series EMTN 3.8% due

29/01/2016 5,350,000 5,507,023 0.44 Morgan Stanley Series EMTN 4% due 23/10/2017 6,000,000 6,149,547 0.49 SLM Corporation Series EMTN 4.03% due

12/02/2014 250,000 249,056 0.02 Total United States of America 46,387,260 3.68 Total Debt Securities 1,002,834,993 79.50


106


2013 30 September

2013 30 September

2013 S$ % MONEY MARKET (QUOTED) Australia Westpac Banking Corporation Series EMTN FRN

28/02/2023 3,000,000 3,854,630 0.31 Total Australia 3,854,630 0.31 China Hero Asia Investment Limited Var Perp 3,900,000 4,925,773 0.39 Sinochem Corporation Var Perp 2,580,000 2,999,058 0.24 Total China 7,924,831 0.63 France CNP Assurances Var Perp 2,600,000 3,446,834 0.27 Societe Generale SA Var 11/12/2049 6,000,000 7,641,427 0.61 Total France 11,088,261 0.88 Great Britain Prudential Public Company Limited Series EMTN

Var due 29/12/2079 4,000,000 5,565,569 0.44 Royal Bank of Scotland Public Company Limited

Series EMTN Var 16/03/2022 8,500,000 12,257,929 0.97 SSE Public Company Limited Var Perp 3,000,000 3,885,534 0.31 Standard Chartered Bank Hong Kong Limited

Series EMTN Var 27/10/2021 11,000,000 11,345,180 0.90 Standard Chartered Bank Var Perp 6,211,000 8,409,387 0.67 Standard Chartered Public Company Limited

Series EMTN Var 10/04/2023 5,000,000 5,237,500 0.41 Standard Chartered Public Company Limited

Series EMTN Var 12/07/2022 2,000,000 2,540,869 0.20 Total Great Britain 49,241,968 3.90 Hong Kong Bank of East Asia Limited Series EMTN Var

04/05/2022 2,880,000 3,924,384 0.31 Bank of East Asia Limited Series EMTN Var

13/09/2022 10,750,000 10,957,153 0.87 Total Hong Kong 14,881,537 1.18 Italy UniCredit SpA Series EMTN Var 30/07/2023 3,500,000 3,119,060 0.25 Total Italy 3,119,060 0.25


107


2013 30 September

2013 30 September

2013 S$ % Japan Mitsui Sumitomo Insurance Company Limited Var

15/03/2072 1,000,000 1,378,443 0.11 Shinsei Bank Limited Var 14/09/2020 1,902,000 3,322,918 0.26 Total Japan 4,701,361 0.37 Malaysia Malayan Banking Bhd Series EMTN Var

20/09/2022 2,500,000 3,062,876 0.24 Malayan Banking Bhd Series EMTN Var

28/04/2021 5,500,000 5,598,780 0.45 Total Malaysia 8,661,656 0.69 Netherlands ABN AMRO Bank NV Var 13/09/2022 4,000,000 5,359,238 0.42 ABN AMRO Bank NV Var 25/10/2022 22,000,000 22,330,000 1.77 Total Netherlands 27,689,238 2.19 Russian Federation Gazprombank OJSC Via GPB Eurobond Finance

Public Company Limited Var Perp 2,500,000 3,156,355 0.25 Total Russian Federation 3,156,355 0.25 Singapore Ascendas Pte Limited Var Perp 14,000,000 14,134,820 1.12 CapitaMalls Asia Treasury Limited STP due

12/01/2022 2,250,000 2,298,015 0.18 DBS Bank Limited Series MTN Var 14/02/2023 5,000,000 5,030,100 0.40 DBS Capital Funding II Corporation Var Perp

15/06/2018 7,250,000 7,820,502 0.62 Eu Yan Sang International Limited STP due

29/11/2016 2,400,000 2,400,000 0.19 Ezion Holdings Limited Series MTN Var Perp 8,750,000 8,842,835 0.70 Genting Singapore Public Company Limited STP

Perp 4,000,000 3,732,440 0.29 GLL IHT Pte Limited Series EMTN Var Perp 5,000,000 4,631,708 0.37 Global Logistic Properties Limited EMTN Var

Perp 6,250,000 6,395,812 0.51 Hotel Properties Limited Var Perp 5,250,000 5,380,532 0.43 NTUC Income Insurance Cooperative Limited Var

23/08/2027 8,500,000 8,476,625 0.67 Sembcorp Industries Limited Series EMTN Var

Perp 2,000,000 1,995,500 0.16


108


2013 30 September

2013 30 September

2013 S$ % Singapore Post Limited Var Perp 3,000,000 2,920,260 0.23 United Overseas Bank Limited Series EMTN Var

11/07/2022 10,500,000 10,604,370 0.84 Total Singapore 84,663,519 6.71 Switzerland UBS AG Series EMTN Var due 22/05/2023 2,000,000 2,401,617 0.19 UBS AG/Jersey Series EMTN Var due

22/02/2022 2,500,000 3,362,228 0.27 Total Switzerland 5,763,845 0.46 Total Money Market 224,746,261 17.82 Accrued interest on debt securities 15,253,106 1.21 Portfolio of investments 1,252,117,302 99.27 Other net assets 9,168,324 0.73 Net assets attributable to unitholders 1,261,285,626 100.00


109

Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 September

2013 31 March

2013** % % By geography - Primary (Summary) Australia 3.09 4.55 Bahrain 0.59 0.43 Brazil 0.19 0.18 British Virgin Islands 0.63 0.52 Cayman Islands 0.99 1.08 Chile - 0.18 China 8.34 7.49 France 1.25 0.60 Germany - 0.52 Great Britain 4.77 4.70 Hong Kong 15.44 14.37 India 4.29 6.50 Indonesia 0.46 1.19 Italy 0.25 0.54 Japan 0.47 1.06 Jersey - 0.30 Kazakhstan 0.71 0.44 Kuwait 0.07 - Malaysia 2.72 3.42 Netherlands 2.35 2.18 Philippines 0.15 0.04 Qatar - 0.27 Russian Federation 3.88 3.71 Singapore 39.47 34.94 South Korea 0.40 0.73 Supra-National - 0.07 Switzerland 0.46 0.16 Thailand - 0.33 Turkey 0.74 0.52 United Arab Emirates 2.67 2.52 United States of America 3.68 4.90 Accrued interest on debt securities 1.21 1.15 Portfolio of investments 99.27 99.59 Other net assets 0.73 0.41 Net assets attributable to unitholders 100.00 100.00



110

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

30 September

2013 30 September

2013 31 March

2013** S$ % % By Industry - Secondary Airlines 9,779,464 0.77 0.96 Bank 302,210,785 23.96 26.15 Building/Construction 10,449,873 0.83 0.73 Building Materials 734,872 0.06 0.05 Chemical 5,012,119 0.40 - Coal 1,813,898 0.14 0.33 Commercial Services 9,360,620 0.74 0.82 Communications 11,100,938 0.88 0.78 Computer/Software - - 0.35 Diversified Resource 32,608,058 2.58 2.03 Electric/Electronics 1,404,078 0.11 1.35 Energy - - 0.19 Engineering/Machinery 1,995,500 0.16 - Environmental Control 20,485,024 1.61 1.68 Finance 171,608,517 13.60 13.00 Food 3,578,710 0.28 1.17 Food and Beverage 23,056,194 1.82 1.06 Government 27,183,068 2.15 2.31 Hotel 56,720,231 4.49 4.03 Industrial 10,292,050 0.81 0.54 Insurance 17,319,350 1.37 1.77 Internet - - 0.63 Investment 23,532,915 1.87 1.30 Materials 9,754,412 0.77 - Media 20,226,200 1.60 1.50 Metals 1,817,843 0.14 0.37 Mining 586,815 0.05 0.23 Miscellaneous 21,208,102 1.70 0.87 Oil and Gas 25,306,246 2.00 2.74 Pharmaceutical 8,681,250 0.69 - Property 1,378,443 0.11 0.19 Real Estate 244,634,881 19.41 20.67 Real Estate Investment Trusts 42,935,303 3.42 2.55 Retail 28,019,638 2.23 0.76 Services 14,244,094 1.13 1.03 Shipbuilding 11,343,750 0.90 0.81 Shipping 14,007,956 1.12 1.03 Telecom Services 5,069,588 0.40 0.54 Textiles 1,855,343 0.15 - Transport 19,487,392 1.54 1.45



111

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

30 September

2013 30 September

2013 31 March

2013** S$ % % Trucking and Leasing 16,174,200 1.28 1.40 Unit Trust / MF 6,000,942 0.48 - Utilities - - 0.27 Utilities – Electric 3,885,534 0.31 0.80 Accrued interest on debt securities 15,253,106 1.21 1.15 Portfolio of investments 1,252,117,302 99.27 99.59 Other net assets 9,168,324 0.73 0.41 Net assets attributable to unitholders 1,261,285,626 100.00 100.00



112

Fullerton Dynamic Strategies Fund – Aggressive

Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary UNIT TRUST Great Britain Threadneedle Specialist Investment Funds ICVC

- Global Equity Income Fund 424,823 1,314,972 10.09 Total Great Britain 1,314,972 10.09 Ireland Egerton Capital Equity Fund Class A$HD 5,911 1,155,610 8.87 iShares MSCI World UCITS ETF Inc 44,255 1,817,463 13.95 Winton UCITS Funds Public Company Limited -

Winton Global Equity Fund 8,211 1,423,254 10.92 Total Ireland 4,396,327 33.74 Luxembourg DB X-Trackers MSCI Asia Ex Japan TRN Index

UCITS ETF 41,144 1,692,282 12.99 Franklin Templeton Investment Funds –

Templeton Global Total Return Fund 8,858 296,201 2.27 Total Luxembourg 1,988,483 15.26 United States of America DB X-Trackers Emerging Markets Index UCITS

ETF 35,285 1,697,460 13.02 iShares MSCI Emerging Markets ETF 21,018 1,074,936 8.25 Total United States of America 2,772,396 21.27 Total Unit Trust 10,472,178 80.36 Portfolio of investments 10,472,178 80.36 Other net assets 2,559,247 19.64 Net assets attributable to unitholders 13,031,425 100.00


113


Aggressive Percentage of total net assets attributable to unitholders at

30 September

2013 % By geography - Primary (Summary) Great Britain 10.09 Ireland 33.74 Luxembourg 15.26 United States of America 21.27 Portfolio of investments 80.36 Other net assets 19.64 Net assets attributable to unitholders 100.00

As the fund invests only in unit trusts, hence no secondary representation is presented.


114

Fullerton Dynamic Strategies Fund – Balanced Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 S$ % By Geography - Primary UNIT TRUST Great Britain Threadneedle Specialist Investment Funds

ICVC - Global Equity Income Fund 263,506 815,641 9.35 Total Great Britain 815,641 9.35 Ireland Egerton Capital Equity Fund Class A$HD 3,729 729,129 8.35 iShares MSCI World UCITS ETF Inc 17,162 704,808 8.08 Total Ireland 1,433,937 16.43 Luxembourg DB X-Trackers MSCI Asia Ex Japan TRN

Index UCITS ETF 25,301 1,040,648 11.93 Franklin Templeton Investment Funds -

Templeton Global Total Return Fund 18,810 629,004 7.21 Total Luxembourg 1,669,652 19.14 Singapore Fullerton Short Term Interest Rate Fund

Class B 487,324 622,941 7.14 Total Singapore 622,941 7.14 United States of America DB X-Trackers Emerging Markets Index

UCITS ETF 23,366 1,124,071 12.88 Total United States of America 1,124,071 12.88 Total Unit Trust 5,666,242 64.94 Portfolio of investments 5,666,242 64.94 Other net assets 3,059,568 35.06 Net assets attributable to unitholders 8,725,810 100.00


115


Balanced Percentage of total net assets attributable to unitholders at

30 September

2013 % By geography - Primary (Summary) Great Britain 9.35 Ireland 16.43 Luxembourg 19.14 Singapore 7.14 United States of America 12.88 Portfolio of investments 64.94 Other net assets 35.06 Net assets attributable to unitholders 100.00



116

Fullerton Total Return Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 September

2013 30 September

2013 30 September

2013 US$ % By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds - High Income Asian Equities

Class I USD Distribution 2,596,854 25,641,338 59.07 Fullerton Lux Funds - Asian Bonds Class I USD

Distribution 1,669,032 17,731,793 40.85 Total Luxembourg 43,373,131 99.92 Total Unit Trust 43,373,131 99.92 Portfolio of investments 43,373,131 99.92 Other net assets 31,858 0.08 Net assets attributable to unitholders 43,404,989 100.00


FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) SUPPLEMENTARY NOTES For the half year ended 30 September 2013 (unaudited)

117

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.

The Fund comprises ten separate and distinct sub-funds, namely Fullerton Short Term Interest Rate Fund ("FSTI"), Fullerton Global Bond Fund ("FGLB"), Fullerton Global Equities Fund ("FGLE"), 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”) and Fullerton Total Return Fund (“FTRF”) (individually, the "Sub-Fund").

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 FGLB is to maximise returns through investments in an actively managed portfolio of investment grade fixed income securities which includes, but is not limited to, government bonds, asset-backed securities and Asian corporate bonds.

The investment objective of the FGLE is to achieve long-term total returns in excess of its benchmark. The benchmark, which is balanced on a quarterly basis, is a composite of the MSCI indices of fifteen countries that the Fund invests in.

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.

Prior to 22 June 2012, the investment objective of the FABF was to generate long term capital appreciation for investors by investing in fixed income or debt securities denominated primarily in United States dollars ("US$") and Asian currencies, issued by companies, governments, quasi-governments, government agencies or supranationals in the Asian region.

With effect from 22 June 2012, 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.


118

1. General (continued)

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.

FDSA was constituted on 26 February 2013. 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. FDSB was constituted on 26 February 2013. 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.

FTRF was constituted on 19 March 2013. The investment objective of FTRF is to generate regular income and long term capital appreciation for investors by investing in equities, fixed income, cash and other permissible investments. FTRF intends to invest primarily in Class I - USD Distribution share class of Fullerton Lux Funds - Asian Bonds ("LABF"), which is denominated in US$, for exposure to fixed income; and Class I - USD Distribution share class of Fullerton Lux Funds – High Income Asian Equities ("LHIAE"), which is denominated in US$, for exposure to equities.

2. Significant accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss in accordance with the recommendations of Statement of Recommended Accounting Practice 7 "Reporting Framework for Unit Trusts" (“revised RAP 7”) and issued by the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore) in June 2012. The revised RAP 7 is applicable for all accounting periods commencing on or after 30 June 2012. Hence, these interim financial statements comprise the Statements of Total Return, Statements of Financial Position, Statements of Movements in Unitholders’ Funds and Statements of Portfolio in accordance with the revised RAP 7. Supplementary information on Related Party Transactions and Financial Ratios are also presented.

In accordance with the revised RAP 7, all expenses relating to the purchase and sale of financial instruments, referred as transaction costs, are charged against income. As a transitional provision in the first year of application, reclassification of comparative figures is not required. In accordance with the revised RAP7, a unit trust should classify its units on initial recognition as equity and present a Statement of Movement in Unitholders' Funds summarising the movements in the value of the trust/fund. Previously, the Fund had classified its units as liabilities and presented the movements in value in the notes to the financial statements in accordance with the existing framework issued in May 2005. On the adoption of RAP7, the Fund has reclassified its units from liabilities to equity. The reclassification has been applied retrospectively.


119

2. Significant accounting policies (continued) In accordance with the revised RAP7, distributions should be accrued for at the point in time when the necessary approvals have been obtained and a legal or constructive obligation has been created. Previously, the Fund had recognised distributions on an ex-date basis. The change in accounting policy has been applied retrospectively.

The financial statements are expressed in S$ except for Fullerton Asian Bond Fund and Fullerton Total Return Fund which are expressed in US$.

3. Related Party Transactions

The Manager of the Fund is Fullerton Fund Management Company Ltd. The Trustee is HSBC Institutional Trust Services (Singapore) Limited, a subsidiary of HSBC Holdings PLC. The management and the trustee fees paid or payable by the Sub-Funds are shown in the Statement of Total Return and are on terms set out in the Trust Deed.

The following transactions took place during the financial period between the Sub-Funds and the related parties of the Trustee at terms agreed between the parties and within the provisions of the Trust Deed:

As the end of the financial period the Sub-Funds maintained current accounts and deposits with HSBC Bank:

Fullerton Short Term

Interest Rate Fund


30 September

2013 31 March

2013

30 September 2013

31 March 2013

S$ S$ S$ S$ Current accounts (HSBC

Bank) 32,200,416 7,745,665 1,507,423 1,616,570



30 September

2013 31 March

2013

30 September 2013

31 March 2013

S$ S$ S$ S$ Current accounts (HSBC

Bank) 163,258 1,167,267 2,962,973 3,379,290

Fullerton Asian

Bond Fund


30 September

2013 31 March

2013

30 September 2013

31 March 2013

US$ US$ S$ S$ Current accounts (HSBC

Bank) 359,106 424,976 633,361 309,528


120

3. Related Party Transactions (continued)


Fullerton Dynamic

Strategies Fund -

Aggressive

30 September

2013 31 March

2013

30 September 2013

S$ S$ S$ Current accounts (HSBC Bank) 18,668,387 12,752,738 2,475,239

Fullerton Dynamic

Strategies Fund - Balanced


30 September

2013

30 September 2013

S$ US$ Current accounts (HSBC

Bank) 2,856,387 143,242

In addition to related party information shown elsewhere in the financial statements, the following significant transactions took place during the financial period between the Sub-Funds and related parties at terms agreed between the parties and within the provisions of the Trust Deed:


Interest Rate Fund Fullerton Global

Bond Fund

30 September

2013 31 March

2013 30 September

2013 31 March

2013 S$ S$ S$ S$

Market value of units held in the Sub-Fund by the Manager 2,383,366 2,364,955 - -

Market value of units held in the Sub-Fund by related parties of the Manager 560,792 728,113 - -

30 September 2013

30 September

2012 30 September

2013

30 September

2012 S$ S$ S$ S$ Total trades done with a related

party – HSBC 523,479,698 49,459,686 44,182,946 106,574,243


121




30 September

2013 31 March

2013 30 September

2013 31 March

2013 S$ S$ S$ S$

Market value of units held in the Sub-Fund by related parties of the Manager 1,871,845 1,880,482 8,025,037 8,011,815

Market value of units held in the Sub-Fund by the Manager - - 9,259,254 9,242,623

30

September 2013

30 September 2012

30 September 2013

30 September

2012 S$ S$ S$ S$ Total trades done with a related

party – HSBC 4,880,876 66,129,331 - -

Fullerton Asian

Bond Fund Fullerton Singapore

Bond Fund

30 September

2013 31 March

2013 30 September

2013 31 March

2013 US$ US$ S$ S$

Market value of units held in the Sub-Fund by a related parties of the Manager 35,252,802 42,871,182 22,899,043 23,320,441

30 September 2013

30 September 2012

30 September 2013

30 September

2012 US$ US$ S$ S$ Total trades done with a related

party – HSBC 1,540,461 16,656,429 12,329 8,180


Fullerton Dynamic

Strategies Fund -

Aggressive

30 September

2013 31 March

2013 30 September

2013 S$ S$ S$

Market value of units held in the Sub-Fund by a related party of the Manager 924,838 4,926,074 3,178,830

30

September 2013

30 September 2012

30 September

2013 S$ S$ S$ Total trades done with a related party – HSBC 164,184,460 683,623,930 2,000


122


Fullerton Dynamic



30 September

2013 30 September

2013 S$ US$

Market value of units held in the Sub-Fund by a related party of the Manager 3,063,450 38,310,368

30 September

2013

30 September

2013 S$ US$ Total trades done with a related

party – HSBC - 1,175,809

4. Financial ratios



Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 % % % %

Expense ratio (1)

- Class A 0.14 0.13 0.40 0.35 - Class B 0.24 0.22 0.85 0.80 - Class B1 0.39 0.48 - - - Class C 0.54 0.48 - -

Turnover ratio (3)

31.70 41.25 4.14 12.34



30 September

2013 30 September

2012 30 September

2013 30 September

2012 % % % %

Expense ratio (1)

- Class A 0.70 0.67 0.18 0.13 - Class B - - 0.08 0.06 Turnover ratio

(3) 26.24 40.01 267.24 268.69


123

4. Financial ratios (continued)

Fullerton Asian

Bond Fund(2)

Fullerton Singapore

Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 % % % %

Expense ratio (1)

- Class A 1.17 1.13 0.40 0.41 - Class B 1.17 1.13 - - - Class C 0.86 0.53 - - - Class D 1.17 1.13 - -

Turnover ratio (3)

21.59 120.40 34.61 30.18


Fullerton Dynamic


(2)

30 September

2013 30 September

2012 30 September

2013 % % %

Expense ratio (1)

- Class A 0.91 1.08 1.92 - Class B 1.11 1.39 - - Class C 0.61 0.80 - Turnover ratio

(3) 29.15 74.04 153.10

Fullerton Dynamic


(2)


(2)

30 September

2013 30 September

2013 % %

Expense ratio (1)

- Class A 1.88 1.74 - Class B - 1.14 Turnover ratio

(3) 178.34 34.59

(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 30 September 2013 was based on total operating expenses divided by the average net asset value respectively for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of 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-Fund’s 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.


124




Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 S$ S$ S$ S$

Total operating expenses Class A 227,102 224,906 200,119 700,000 Class B 1,723,308 922,894 1,071 2,105 Class B1 1,107,670 731,833 - - Class C 295,197 144,873 - -

Average net asset value

Class A 157,564,849 173,293,144 49,506,352 199,449,806 Class B 705,936,939 423,718,144 125,272 262,322 Class B1 280,675,229 151,397,773 - - Class C 54,249,888 29,981,501 - -



30 September

2013 30 September

2012 30 September

2013 30 September

2012 S$ S$ S$ S$

Total operating expenses Class A 641,149 1,955,444 90,590 118,907 Class B - - 9,970 14,888


Class A 91,162,460 292,487,290 49,200,717 93,927,902 Class B - - 11,833,809 23,305,761

Fullerton Asian


Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 US$ US$ S$ S$

Total operating expenses Class A 54,486 28,698 663,594 508,781 Class B 75,675 472,934 - - Class C (41,593) 82,759 - - Class D 2,282 8,453 - -


Class A 27,908,434 3,499,597 167,139,349 123,092,856 Class B 38,743,831 57,493,697 - - Class C 38,959,612 37,297,415 - - Class D 1,168,191 1,030,257 - -

Weighted average of the underlying funds’ unaudited expense ratio 0.97% 0.31% - -


125



Fullerton Dynamic


30 September

2013 30 September

2012 30 September

2013 S$ S$ S$

Total operating expenses Class A 10,184,795 2,080,676 55,054 Class B 946,474 57,664 - Class C 371,626 32,376 -


Class A 1,120,213,069 392,625,281 8,846,767 Class B 85,190,274 10,927,061 - Class C 60,968,723 13,480,029 -

Weighted average of the

underlying funds’ unaudited expense ratio - - 0.55%

Fullerton Dynamic



30 September

2013 30 September

2013 S$ US$

Total operating expenses Class A 40,481 100,524 Class B - 1,838


Class A 6,567,661 33,522,143 Class B - 7,628,075

Weighted average of the

underlying funds’ unaudited expense ratio 0.53% 1.09%

(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:



Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 S$ S$ S$ S$

Total value of purchases or sales 425,367,437 332,067,987 625,333 21,784,241

Average Net Asset Value 1,341,807,094 805,014,175 15,109,064 176,533,336


126




30 September

2013 30 September

2012 30 September

2013 30 September

2012 S$ S$ S$ S$

Total value of purchases or sales 3,600,748 114,749,636 163,110,430 269,188,266

Average Net Asset Value 13,724,207 286,818,077 61,034,527 100,183,818

Fullerton Asian


Bond Fund

30 September

2013 30 September

2012 30 September

2013 30 September

2012 US$ US$ S$ S$

Total value of purchases or sales 20,806,410 131,910,117 64,340,379 38,008,544

Average Net Asset Value 96,386,809 109,560,762 185,923,046 125,955,372

Fullerton SGD

Income Fund

Fullerton Dynamic


30 September

2013 30 September

2012 30 September

2013 S$ S$ S$

Total value of purchases or sales 404,433,382 300,804,132 13,543,973 Average Net Asset Value 1,387,529,790 406,282,331 8,846,767

Fullerton Dynamic



30 September

2013 30 September

2013 S$ US$

Total value of purchases or sales 11,712,940 14,234,800 Average Net Asset Value 6,567,661 41,150,218

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