FULLERTON FUND ANNUAL REPORT AND FINANCIAL STATEMENTS For the financial year ended 31 March 2016 (Audited)
FULLERTON FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS For the financial year ended 31 March 2016 (Audited)
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore)
FULLERTON SHORT TERM INTEREST RATE FUND FULLERTON SGD CASH FUND FULLERTON ASIAN BOND FUND FULLERTON SINGAPORE BOND FUND FULLERTON SGD INCOME FUND FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE FULLERTON DYNAMIC STRATEGIES FUND – BALANCED FULLERTON TOTAL RETURN FUND
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) _____________________________________________________________________________________
1
Managers
Fullerton Fund Management Company Ltd
(UEN. 200312672W)
60B Orchard Road, #06-18 Tower 2, The Atrium@Orchard, Singapore 238891
Directors of the Manager
Manraj Singh Sekhon
Ho Tian Yee
Kenneth Charles Borda
Nels Radley Friets
Phoon Siew Heng
Trustee
HSBC Institutional Trust Services (Singapore) Limited
21 Collyer Quay, #13-02 HSBC Building, Singapore 049320
Auditors
PriceWaterhouseCoopers LLP
8 Cross Street, #17-00 PWC Building, Singapore 048424
Legal Advisors to the Managers
Tan Peng Chin LLC
30 Raffles Place, #11-00 Chevron House, Singapore 048622
Legal Advisors to the Trustee
Shook Lin & Bok LLP
1 Robinson Road, #18-00 AIA Tower, Singapore 048542
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) _____________________________________________________________________________________
2
Report to Unitholders Pages
Fullerton Short Term Interest Rate Fund 3
Fullerton SGD Cash Fund 9
Fullerton Asian Bond Fund 13
Fullerton Singapore Bond Fund 18
Fullerton SGD Income Fund 22
Fullerton Dynamic Strategies Fund - Aggressive 27
Fullerton Dynamic Strategies Fund - Balanced 32
Fullerton Total Return Fund 37
Financial Statements
Statements of Total Return 47
Statements of Financial Position 51
Statements of Movements of Unitholders’ Funds 55
Statements of Portfolio 59
Notes to the Financial Statements 102
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
3
A) Fund Performance as at 31 March 2016
Fund Performance (1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
(3)
%
5-year
(3)
%
Since
Inception(3)
%
Class A S$ (Inception: 9 September 2004)
1.27
1.96 3.02 2.97 3.60 3.68
Benchmark (3-mth SIBID
(2))
0.26
0.50
0.87 0.48 0.40 1.03
Class B S$ (Inception: 4 June 2008)
1.25 1.91 2.91 2.87 3.50 4.22
Benchmark (3-mth SIBID
(2))
0.26 0.50 0.87 0.48 0.40 0.45
Class B1 S$ (Inception: 9 November 2009)
1.21 1.83 2.76 2.72 3.34 3.78
Benchmark (3-mth SIBID
(2))
0.26 0.50 0.87 0.48 0.40 0.41
Class C S$ (Inception: 25 September 2009)
1.17 1.76 2.60 2.56 3.18 3.72
Benchmark (3-mth SIBID
(2))
0.26 0.50 0.87 0.48 0.40 0.41
Class R S$ (Inception: 29 October 2015)
1.22 - - - - 1.29(4)
Benchmark (3-mth SIBID
(2))
0.26 - - - - 0.43
Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg (3) Annualised (4) Not annualised as performance is less than 1 year
Market Review
Global bond markets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy and global economic growth concerns drove sentiment. Falling oil prices,
worries over slowing growth in China, tepid earnings growth and geopolitical risks contributed to jittery
investor sentiment in the first half of the period. The Federal Reserve eventually came through on its
guidance with a rate hike of 25bps in December, setting the stage for a gradual normalisation of
interest rates ahead.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
4
Risk assets were off to a turbulent start in 2016 as risk aversion spiked on the back of an equities rout
in China, RMB depreciation, a continued slide in oil prices and slower leading indicators in the US.
Investors nonetheless drew some relief from the Federal Reserve’s dovish stance, as it toned down
its guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets
stabilised in February. Bond markets ended the period in positive territory, after the European Central
Bank increased its monthly quantitative easing programme.
Singapore’s economic growth was subdued during the period under review. The economy grew just
1.8%yoy in 4Q15 while full year growth was at 2.0%. On the inflation front, the Consumer Price Index
(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. In
October, the Monetary Authority of Singapore maintained its policy of a modest and more gradual
appreciation of the S$NEER policy band, but reduced slightly the rate of appreciation. Towards the
end of the period, Singapore also announced the 2016 Budget – the government committed to higher
spending and outlined various measures to help businesses and households overcome the economic
slowdown.
For the 12 months ending 31 March 2016, the fund delivered positive returns over the 3-month SIBID,
with positive coupon carry providing a buffer against downside market movements. While US
Treasury yields trended upwards for much of the year, the fund benefitted from its overall duration
positioning exposure when US Treasury yields tightened over the last quarter 1Q16. Currency
exposures also added value.
Strategy and outlook
Looking ahead, policy divergence continues to be a key theme, with the Federal Reserve still looking
to tighten monetary policy, albeit at a much more gradual pace than before. Elsewhere, central banks
in Europe, Japan and Asia continue to pursue accommodative monetary policies so as to support
fragile recoveries. We are keenly aware of the uncertainties in the macro environment and thus,
continue to focus on issues with better fundamentals, while actively managing duration.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
5
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class Please refer to the Statements of Portfolio on pages 59 - 66.
ii. Credit rating of debt securities
Fair Value % of NAV
S$ %
A+ / A1 25,832,017 3.85
A / A2 4,356,034 0.65
A- / A3 121,841,870 18.15
BBB+ / Baa1 39,036,265 5.81
BBB / Baa2 48,777,289 7.26
BBB- / Baa3 373,945,958 55.69
BB+/ Ba1 26,290,127 3.92
B+/B1 2,966,775 0.44
BB/Ba2 9,602,400 1.43
Accrued interest on debt securities 5,917,072 0.88
Total 658,565,807 98.08
C) Top ten holdings
Holdings as at 31 March 2016 Fair value % of NAV
S$ %
CapitaLand Limited Series CAPL 2.95% due 20/06/2022 33,810,581 5.04
Newford Capital Limited Conv 0% due 12/05/2016 24,006,969 3.58
Lend Lease Financial International Ltd Ser EMTN 4.625% due 24/07/2017 23,856,730 3.55
Sino Land Company Limited 3.25% due 21/09/2017 21,222,120 3.16
Far East Horizon Limited 4.25% due 30/10/2017 19,263,150 2.87
China Jingye Construction Engineering Spore Pte Ltd 2.95% due 21/05/2017 16,306,950 2.43
Emirates Airline 4.64% due 21/06/2016 15,100,500 2.25
United Engineers Limited Series MTN 4.2% due 26/01/2017 14,384,876 2.14
Courts Asia Limited Series MTN 4.75% due 02/05/2016 12,503,875 1.86
Tan Chong International Limited Series EMTN 2.8% due 09/01/2017 11,726,441 1.75
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
6
D) Exposure to derivatives as of 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
S$ %
Forward foreign exchange contracts 10,976,966 1.63
Total 10,976,966 1.63
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
S$ S$
Forward foreign exchange contracts 5,420,622 10,976,966
Total 5,420,622 10,976,966
Holdings as at 31 March 2015
Fair value
% of NAV
S$ %
Keppel Land Limited 1.875% due 29/11/2015 31,824,397 3.63
CapitaLand Limited Series CAPL 2.95% due 20/06/2022 27,065,745 3.08
Lend Lease Financial International Ltd Ser EMTN 4.625% due 24/07/2017 24,451,398 2.79
Citigroup Inc Series EMTN 4.05% due 29/06/2016 23,848,688 2.72
Sino Land Company Limited 3.25% due 21/09/2017 21,595,897 2.46
Overseas Union Enterprise Limited Ser MTN 3.95% due 29/09/2015 20,205,800 2.30
IDBI Bank Limited Series EMTN 3.65% due 28/08/2015 18,108,090 2.06
CSSC Capital 2013 Limited Series 1 2.75% due 12/12/2016 17,918,948 2.04
Newford Capital Limited Conv 0% due 12/05/2016 17,845,126 2.03
VTB Capital SA 4% due 20/07/2015 17,522,978 2.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
7
E) Global Exposure to Financial Derivatives
The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of:
i. The absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements; and
ii. The absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements.
F) Collateral Nil
G) Securities Lending or Repurchase Transactions Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016 Nil
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 114,036,415 Total amount of redemptions S$ 341,786,114
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial Ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts Nil
N) Key information on underlying schemes which comprise of more than 30% of NAV
Not applicable
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________
8
O) Soft dollar commissions
The Manager is entitled to and may currently receive soft-dollar commissions from, or enter into soft dollar arrangements with, selected brokers who execute trades undertaken for funds it manages. The soft dollars received are restricted to the following kinds of services: research and advisory services, economic and political analysis, portfolio analysis including valuation and portfolio measurement, market analysis, data and quotation services, and computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process.
The Manager will not accept or enter into soft-dollar commissions/arrangements unless such soft-dollar commissions/arrangements will in the opinion of the Managers generally assist the Managers in their provision of investment services. Transactions executed for the Fund were on the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements.
The Manager will comply with applicable regulatory and industry standards on soft dollars.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD CASH FUND _____________________________________________________________________________________
9
A) Fund Performance as at 31 March 2016
Fund Performance (1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
(3)
%
5-year
(3)
%
Since
Inception(3)
%
Class A S$ (Inception: 3 February 2009)
0.29 0.52 0.85 0.51 0.46 0.46
Benchmark (MAS - Banks Saving Deposits Rates
(2))
0.03 0.07 0.13 0.12 0.11 0.13
Class B S$ (Inception: 14 July 2009)
0.31 0.57 0.95 0.61 0.55 0.52
Benchmark (MAS - Banks Saving Deposits Rates
(2))
0.03 0.07 0.13 0.12 0.11 0.12
Notes:
(1)
Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested
(2) Source: Monetary Authority of Singapore website (3) Annualised
Market review
Global bond markets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy and global economic growth concerns drove sentiment. Falling oil prices,
worries over slowing growth in China, tepid earnings growth and geopolitical risks contributed to jittery
investor sentiment in the first half of the period. The Federal Reserve eventually came through on its
guidance with a rate hike of 25bps in December, setting the stage for a gradual normalisation of
interest rates ahead.
Risk assets were off to a turbulent start in 2016 as risk aversion spiked on the back of an equities rout
in China, RMB depreciation, a continued slide in oil prices and slower leading indicators in the US.
Investors nonetheless drew some relief from the Federal Reserve’s dovish stance as it toned down its
guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets
stabilised in February. Bond markets ended the period in positive territory, after the European Central
Bank increased its monthly quantitative easing programme.
Singapore’s economic growth was subdued during the period under review. The economy grew just
1.8%yoy in 4Q15 while full year growth was at 2.0%. On the inflation front, the Consumer Price Index
(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. The
Monetary Authority of Singapore maintained its policy of a modest and more gradual appreciation of
the S$NEER policy band, but reduced slightly the rate of appreciation at its policy meeting in October.
Towards the end of the period, Singapore also announced the 2016 Budget – the government
committed to higher spending and outlined various measures to help businesses and households
overcome the economic slowdown.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD CASH FUND _____________________________________________________________________________________
10
The Singapore Domestic Savings Deposit Rate rose marginally during the 12 month period, while the
SIBOR rate initially rose throughout most of 2015 but later declined towards the end of the period,
after the Federal Reserve toned down its guidance for the normalisation of interest rates in the US
this year. We remained prudent and placed deposits with counterparty banks that had sound balance
sheets.
Strategy and Outlook
Market expectations for the next US rate hike have been pushed back, while major central banks in
Europe, China and Japan are likely to remain supportive in the face of disinflationary pressures and
softer growth. With this in mind, Singapore rates may remain relatively unchanged in the coming
quarters, but face possible upward pressure should the SGD weaken further. We will continue to seek
out banks with sound balance sheets and better SGD deposit rates.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on page 67 - 68.
ii. Credit rating of debt securities
Nil
iii. Term to maturity profile of the underlying investments
Fair Value % of NAV
S$ %
Up to 30 days 30,080,261.66 47.08
31 – 90 days 27,976,998.83 43.79
Total 58,057,260.49 90.88
C) Top ten holdings
Not applicable
D) Exposure to derivatives as at 31 March 2016
Nil
E) Global Exposure to Financial Derivatives Not applicable
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD CASH FUND _____________________________________________________________________________________
11
F) Collateral
Nil
G) Securities Lending or Repurchase Transaction Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016 Nil
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 185,930,505 Total amount of redemptions S$ 151,350,615
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts Nil
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
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD CASH FUND _____________________________________________________________________________________
12
the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements. The Manager will comply with applicable regulatory and industry standards on soft dollars.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________
13
A) Fund Performance as at 31 March 2016
Fund Performance(1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
(4)
%
5-year
(4)
%
Since
Inception(4)
%
Class A US$ (Inception: 3 August 2009)
2.71 4.07 2.92 3.32 5.33 7.16
Benchmark (JACI Investment Grade Total Return
(2))
3.60 4.64 3.41 3.96 5.31 6.20
Class B S$ (S$ Hedged) (Inception: 8 June 2009)
2.66 4.40 3.72 3.73 5.50 6.84
Benchmark (JACI Investment Grade Total Return – S$ Hedged
(2) (3))
3.77 5.13 4.39 4.33 5.41 6.13
Class C US$ (Inception: 27 April 2009)
2.78 4.23 3.24 3.63 5.73 8.90
Benchmark (JACI Investment Grade Total Return
(2))
3.60 4.64 3.41 3.96 5.31 7.39
Class D RMB (RMB Hedged) (Inception: 16 August 2011)
4.58 6.88 7.23 6.07 -- 7.26
Benchmark(5)
4.80 7.09 7.66 7.03 -- 7.57
Notes:
(1)
Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested
(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 saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy and global economic growth concerns drove sentiment. Overall, US
Treasury yields were lower over at the long end while Asian credit spreads widened. On Asian credits,
high yield and investment grade corporates outperformed, but high yield sovereigns did not
contribute. In particular, Philippine and Chinese names added the most value, while Indonesia bonds
lagged its regional peers.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________
14
At the start of the period, geopolitical issues in the Middle East and Greece dented risk appetite but a
relatively dovish Federal Reserve (Fed) kept markets supported. Asian bonds were also broadly
boosted by monetary policy easing in China. However, investor sentiment reversed in June as
anxieties over Greece’s membership in the Eurozone and US interest rate expectations resulted in a
sharp selloff in global bonds. Bond markets were further affected in August, after China devalued the
RMB, fuelling a sell-off in emerging Asia.
Markets remained volatile amid concerns over China's growth slowdown and lacklustre global
economic data, but stayed buoyed by accommodative central bank policies in the second half of the
period under review. Expectations of a delayed US rate lift-off drove sentiment in October, as did the
People's Bank of China’s accommodative stance, with cuts in the lending rates and reserve ratio.
Sentiment was muted after the European Central Bank (ECB) disappointed with easing measures that
fell short of market expectations, and the Fed followed through on its guidance and lifted US interest
rates by 25bps in a widely expected move in December. Asian credits generally benefited from a flight
to quality as risk assets got off to a rocky start in 2016. Sentiment was dampened by worries over
China’s economy, a lack of clarity on the RMB and fluctuating oil prices. Bond markets ended the
period in positive territory after the ECB increased its monthly quantitative easing programme, while
the Federal Reserve toned down the guidance for US rate hikes.
For the 12 months ending 31 March 2016, the Fund delivered positive returns over its benchmark.
Returns from duration positioning was flat but the Fund benefitted from positive allocation and credit
selection, with positions in China and Hong Kong adding the most value. Currency impact was
however a drag on overall returns.
Strategy and Outlook
We expect weakness in the global economic environment to remain but that should be mitigated by
supportive monetary policy in developed countries and in Asia. We will continue to maintain a shorter
duration relative to the benchmark. The credit strategy will focus on opportunities in corporate bonds
with better fundamentals and commensurate valuations, and we remain selective in the high yield
sector.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________
15
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on page 69.
ii. Credit rating of debt securities
Not Applicable
C) Top 10 holdings
D) Exposure to Derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
US$ %
Forward foreign exchange contracts 917,949 2.71
Total 917,949 2.71
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
US$ US$
Forward foreign exchange contracts 283,264 917,949
Total 283,264 917,949
Holdings as at 31 March 2016 US$ %
Fullerton Lux Funds – Asian Bonds Class I USD Distribution 32,879,631 97.11
Holdings as at 31 March 2015 US$ %
Fullerton Lux Funds – Asian Bonds Class I USD Distribution 60,961,432 100.35
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________
16
E) Global Exposure to Financial Derivatives
The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of:
i. The absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements; and
ii. The absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements.
F) Collateral
Nil
G) Securities Lending or Repurchase Transactions
Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016
I) Amount and percentage of borrowings to NAV as at 31 March 2016
Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions US$ 22,346,947 Total amount of redemptions US$ 49,413,205 K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as
contingent liabilities of open contracts
Nil
Market Value % of NAV
US$ %
Fullerton Lux Funds – Asian Bonds Class I USD Distribution 32,879,631 97.11
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________
17
N) Key information on underlying schemes which comprise of more than 30% of NAV
Fullerton Lux Funds – Asian Bonds Class I USD Distribution
i. Top ten holdings
ii. Financial ratios
31 March 2016 31 March 2015
% %
Expense ratio* 0.70 0.72
Turnover ratio -18.04 25.68
* The total operating expenses do not include brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
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.
Holdings as at 31 March 2016 Fair value % of NAV
US$ %
India Government Bond 7.28% 13-03/06/2019 4,593,366 2.14
Malayan Banking 12-20/09/2022 FRN 4,296,665 2.01
Pertamina 4.875% 12-03/05/2022 3,821,438 1.77
PCCW CAP No4 5.75% 12-17/04/2022 3,708,903 1.74
China Taiping CA 4.125% 12-21/11/2022 3,096,570 1.44
Pertamina 5.25% 11-23/05/2021 2,622,038 1.21
Macquarie Bk Ltd 4.875% 15-10/06/2025 2,413,992 1.13
Smartone Fin Ltd 3.875% 13-08/04/2023 2,361,960 1.10
QBE Insurance 14-02/12/2044 FRN 2,307,987 1.07
Perusahaan Listr 5.5% 11-22/11/2021 2,268,945 1.06
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SINGAPORE BOND FUND _____________________________________________________________________________________
18
A) Fund Performance as at 31 March 2016
Fund Performance(1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
(3)
%
5-year
(3)
%
Since
Inception(3)
%
Class A S$ (Inception: 16 August 2011)
2.90 3.40 3.69 2.10 -- 2.27
Benchmark (50% UOB SGB-All and 50% UOB SGB-Short
(2))
2.80 3.46 3.99 1.43 -- 1.33
Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and UOB (3) Annualised
Market Review
Global bond markets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy and global economic growth concerns drove sentiment. Falling oil prices,
worries over slowing growth in China, tepid earnings growth and geopolitical risks contributed to jittery
investor sentiment in the first half of the period. The Federal Reserve eventually came through on its
guidance with a rate hike of 25bps in December, setting the stage for a gradual normalisation of
interest rates ahead.
Risk assets were off to a turbulent start in 2016 as risk aversion spiked on the back of an equities rout
in China, RMB depreciation, a continued slide in oil prices and slower leading indicators in the US.
Investors nonetheless drew some relief from the Federal Reserve’s dovish stance as it toned down its
guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets
stabilised in February. Bond markets ended the period in positive territory, after the European Central
Bank increased its monthly quantitative easing programme.
Singapore’s economic growth was subdued during the period under review. The economy grew just
1.8%yoy in 4Q15 while full year growth was at 2.0%. On the inflation front, the Consumer Price Index
(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. The
Monetary Authority of Singapore maintained its policy of a modest and more gradual appreciation of
the S$NEER policy band, but reduced slightly the rate of appreciation at its policy meeting in October.
Towards the end of the period, Singapore also announced the 2016 Budget – the government
committed to higher spending and outlined various measures to help businesses and households
overcome the economic slowdown. SGS bonds performed well and yields across all tenors fell over
the period, with 2-year, 5-year and 10-year yields down 50bps, 38bps and 43bps respectively,
For 12 months ending 31 March 2016, the Fund marginally outperformed its UOB SGS composite
benchmark. The Fund’s performance was driven by the exposure to SGD credits and credit selection.
Duration effects were flat.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SINGAPORE BOND FUND _____________________________________________________________________________________
19
Strategy and Outlook
We intend to stay neutral on duration as the interest rate environment will be volatile in the coming months. We will look to add short-dated SGD corporate bonds, while maintaining the overweight to short-dated investment grade credit names for carry.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on pages 70 - 76.
ii. Credit rating of debt securities
Fair Value % of NAV
S$ %
AAA / Aaa 169,250,460 66.44
AA/ Aa2 1,502,618 0.59
A+ / A1 2,017,340 0.79
A / A2 4,485,352 1.76
A- / A3 11,386,381 4.47
BBB+ / Baa1 6,791,946 2.67
BBB / Baa2 10,093,792 3.96
BBB- / Baa3 41,253,161 16.19
BB+/ Ba1 4,393,125 1.72
BB/Ba2 1,680,420 0.66
Accrued interest on debt securities 1,549,950 0.61
Total 254,404,545 99.86
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SINGAPORE BOND FUND _____________________________________________________________________________________
20
C) Top ten holdings
D) Exposure to derivatives as at 31 March 2016 Nil
E) Global Exposure to Financial Derivatives Not applicable
F) Collateral Nil
G) Securities Lending or Repurchase Transactions Nil
Holdings as at 31 March 2016 Fair value % of NAV
S$ %
Singapore Government Bond 4% due 01/09/2018 35,506,350 13.94
Singapore Government Bond 0.5% due 01/04/2018 14,416,625 5.66
Singapore Government Bond 3.125% due 01/09/2022 11,242,450 4.41
Singapore Government Bond 3% due 01/09/2024 10,910,000 4.28
Singapore Government Bond 3.5% due 01/03/2027 10,442,250 4.10
Singapore Government Bond 2.375% due 01/04/2017 9,818,424 3.85
Singapore Government Bond 1.375% due 01/10/2017 9,590,725 3.76
Singapore Government Bond 2.5% due 01/06/2019 8,698,400 3.41
Singapore Government Bond 2.25% due 01/06/2021 8,635,113 3.39
Singapore Government Bond 3.25% due 01/09/2020 8,145,000 3.20
Holdings as at 31 March 2015 Fair value % of NAV
S$ %
Singapore Government Bond 3.125% due 01/09/2022 17,703,900 10.44
Singapore Government Bond 1.125% due 01/04/2016 12,905,160 7.61
Singapore Government Bond 0.5% due 01/04/2018 9,224,500 5.44
Singapore Government Bond 2.375% due 01/04/2017 6,741,240 3.98
Overseas Union Enterprise Limited Series MTN 3.95% due 29/09/2015 6,061,740 3.58
Viva iTrust MTN Pte Limited Series MTN 4.15% due 19/09/2018 6,036,510 3.56
Singapore Government Bond 3.5% due 01/03/2027 5,785,000 3.41
Singapore Government Bond 2.75% due 01/04/2042 5,103,800 3.01
Singapore Government Bond 2.25% due 01/06/2021 5,052,500 2.98
Singapore Government Bond 1.625% due 01/10/2019 4,958,725 2.93
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SINGAPORE BOND FUND _____________________________________________________________________________________
21
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016
Nil
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 77,063,476 Total amount of redemptions S$ -
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts
Nil
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 SGD INCOME FUND _____________________________________________________________________________________
22
A) Fund Performance as at 31 March 2016
Fund Performance(1)
3-mth
% 6-mth
% 1-year
%
3-year
(2)
%
5-year
(2)
%
Since
Inception(2)
%
Class A S$ (Inception: 5 January 2012
1.85 2.96 3.78 3.54 -- 5.59
Class B S$ (Inception: 14 May 2012)
1.80 2.85 3.57 3.34 -- 4.64
Class C S$ (Inception: 13 Jun 2012)
1.93 3.11 4.10 3.86 -- 5.22
Class D US$ Hedged (Inception: 19 May 2015)
1.65 2.79 -- -- -- 2.52(3)
Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Annualised (3) Not annualised as the performance is less than 1 year
Market Review
Global bond markets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy and global economic growth concerns drove sentiment. Falling oil prices,
worries over slowing growth in China, tepid earnings growth and geopolitical risks contributed to jittery
investor sentiment in the first half of the period. The Federal Reserve eventually came through on its
guidance with a rate hike of 25bps in December, setting the stage for a gradual normalisation of
interest rates ahead.
Risk assets were off to a turbulent start in 2016 as risk aversion spiked on the back of an equities rout
in China, RMB depreciation, a continued slide in oil prices and slower leading indicators in the US.
Investors nonetheless drew some relief from the Federal Reserve’s dovish stance as it toned down its
guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets
stabilised in February. Bond markets ended the period in positive territory, after the European Central
Bank increased its monthly quantitative easing programme.
Singapore’s economic growth was subdued during the period under review. The economy grew just
1.8%yoy in 4Q15 while full year growth was at 2.0%. On the inflation front, the Consumer Price Index
(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. In
October, the Monetary Authority of Singapore maintained its policy of a modest and more gradual
appreciation of the S$NEER policy band, but reduced slightly the rate of appreciation. Towards the
end of the period, Singapore also announced the 2016 Budget – the government committed to higher
spending and outlined various measures to help businesses and households overcome the economic
slowdown.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD INCOME FUND _____________________________________________________________________________________
23
For the 12 months ending 31 March 2016, the fund delivered positive returns over the 3-month SIBID.
Coupon carry generated positive returns for the Fund, providing a buffer against downside market
movements. The Fund’s duration positioning on the shorter end also ended value. However, negative
spread returns capped overall performance.
Strategy and Outlook
Corporate profitability in Asia remains under pressure, in light of the tepid growth environment. We
remain focused on managing duration and continue to favour investment grade issues from quality
companies, while staying highly selective in the high yield space.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on pages 77 - 96.
ii. Credit rating of debt securities
Fair Value % of NAV
S$ %
AA/ Aa2 8,522,201 0.58
AA-/ Aa3 2,041,008 0.14
A+/ A1 51,378,155 3.51
A/ A2 37,529,761 2.56
A-/ A3 120,517,628 8.23
BBB+/ Baa1 124,216,748 8.48
BBB/ Baa2 191,091,100 13.05
BBB-/ Baa3 524,528,711 35.81
BB+/ Ba1 46,944,035 3.20
BB/Ba2 52,407,484 3.58
BB-/Ba3 85,189,223 5.82
B+/B1 60,098,344 4.10
B/B2 84,283,088 5.75
B-/B3 36,391,816 2.48
CCC/Caa2 310,028 0.02
Accrued interest on debt securities 19,882,155 1.36
Total 1,445,331,485 98.67
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD INCOME FUND _____________________________________________________________________________________
24
C) Top ten holdings
D) Exposure to derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
S$ %
Forward foreign exchange contracts 23,391,466 1.60
Total 23,391,466 1.60
Holdings as at 31 March 2016 Fair value % of NAV
S$ %
Value Success Intl Limited Series EMTN 4.125% due 06/09/2019 19,247,063 1.31
Cheung Kong Bond Securities Limited 5.125% Perp 16,791,254 1.15
China Jingye Constuction Engr Spore Pte Ltd 2.95% due 21/05/2017 16,059,875 1.10
Wheelock Finance Limited Series EMTN 4.5% due 02/09/2021 15,785,351 1.08
Lend Lease Financial Intl Ltd Series EMTN 4.625% due 24/07/2017 14,405,404 0.98
Far East Horizon Limited 4.25% due 30/10/2017 14,193,900 0.97
United Engineers Limited Series MTN 4.2% due 26/01/2017 14,132,510 0.96
Julius Baer Group Limited Var Perp 13,493,453 0.92
ABN AMRO Bank NV Var 25/10/2022 13,014,053 0.89
Indian Oil Corporation Limited 4.1% due 15/10/2022 12,849,135 0.88
Holdings as at 31 March 2015 Fair value % of NAV
S$ %
Sino Land Company Limited 3.25% due 21/09/2017 19,645,300 1.55
Value Success Intl Limited Series EMTN 4.125% due 06/09/2019 19,033,969 1.50
Ascendas Pte Limited Var Perp 16,685,543 1.31
Wheelock Finance Limited Series EMTN 4.5% due 02/09/2021 15,780,853 1.24
VTB Capital SA 4% due 20/07/2015 15,054,953 1.19
Emirates Airline 4.64% due 21/06/2016 14,981,280 1.18
Lend Lease Financial Intl Ltd Ser EMTN 4.625% due 24/07/2017 14,764,482 1.16
ABN AMRO Bank NV Var 25/10/2022 14,706,926 1.16
Ubitech Hub Pte Limited 4.2% due 12/06/2017 14,385,233 1.13
United Engineers Limited Series MTN 4.2% due 26/01/2017 14,255,850 1.12
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD INCOME FUND _____________________________________________________________________________________
25
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
S$ S$
Forward foreign exchange contracts 15,948,050 23,391,466
Total 15,948,050 23,391,466
E) Global Exposure to Financial Derivatives
The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of: i. The absolute value of the exposure of each individual financial derivative not involved in
netting or hedging arrangements; and ii. The absolute value of the net exposure of each individual financial derivative after netting or
hedging arrangements.
F) Collateral Nil
G) Securities Lending or Repurchase Transactions Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016 Nil
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 571,469,792 Total amount of redemptions S$ 368,527,745
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios Please refer to Note 9 of Notes to the Financial Statements on page 143.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD INCOME FUND _____________________________________________________________________________________
26
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 DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________
27
A) Fund Performance as at 31 March 2016
Fund Performance(1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
%
5-year
%
Since
Inception
%
Class A S$ (Inception: 17 April 2013)
-5.85 -3.15 -7.78 -- -- 4.86
Benchmark (80% MSCI AC World Net Index and 20% Citigroup World Govt Bond Index
(2))
-3.55 -0.18 -4.13 -- -- 8.07
Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg
Market Review
Global risk assets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy, plunging oil prices and economic growth concerns drove investor sentiment.
Risk appetite was firm at the start but took a sharp turn on the back of an escalation in the Greek debt
crisis in June. China also proved to be a source of volatility after its equity markets fell sharply in July,
followed by an unexpected RMB devaluation in August. These events sparked a rout on global
markets and sentiment stayed subdued after, particularly as investors braced themselves for the start
of US interest rates normalisation, which came as expected at the end of 2015. In Asia, weak
economic data in China and a continued slump in commodity prices also rekindled fears of a wider
growth slowdown. Later, the possibility of the UK's exit from the European Union added to risk
aversion and consequently, bond markets benefitted from a flight to quality. Equity markets also
rebounded towards the end of the period under review, on the back of stabilising crude oil prices and
accommodative central bank policies.
Global central banks generally remained supportive throughout the year under review, as
policymakers remained cognisant of downside risks to growth. The People’s Bank of China introduced
several easing measures in order to support the economy and sentiment, including cutting interest
rates and reserve requirements. Elsewhere, although the European Central Bank initially disappointed
with easing measures that fell short of market expectations, it increased its monthly quantitative
easing program in March, which buoyed sentiment. Meanwhile, after commencing on its first rate hike
in December, rhetoric from the US Federal Reserve generally remained dovish, with toned down
guidance for the path of future rate hikes.
For the 12 months ending 31 March 2016, equity and fixed income performances were both positive,
while currency performance was negative due to weakness in the USD. For fixed income, exposures
to global sovereign and local currency emerging market bonds contributed positively. Within equities,
contribution came from both developed and emerging market equities whereas Japanese equity
exposures detracted. Overall, the underweight to equity exposures subtracted value, as markets
rallied strongly in March. Underperformance of active funds came largely from one manager.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________
28
Strategy and Outlook
Equity markets will likely continue to oscillate with no clear trend, with upside capped by growth
concerns and downside supported by global policy makers who wish to avert any meltdown in
financial markets. Investors are likely to seek returns through fixed income yielding investments and in
markets that have been extended to the downside for too long.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on pages 97 - 98.
ii. Credit rating of debt securities
Not Applicable
C) Top ten holdings
Holdings as at 31 March 2016 Fair value % of NAV
S$ %
iShares Global Government Bond UCITS ETF 4,859,184 11.16
db x-trackers MSCI Emerging Markets Index UCITS ETF 4,644,569 10.67
Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 4,058,090 9.32
Dimensional Funds PLC - Emerging Markets Value Fund 3,461,859 7.95
Vanguard Investment Ser Public Coy Ltd - Global Enhanced Equity Fund 2,582,489 5.93
Dimensional Funds II Public Company Limited - Global Core Equity Fund 2,299,154 5.28
iShares Emerging Markets Local Government Bond UCITS ETF 2,196,213 5.05
SPDR MSCI ACWI UCITS ETF 2,106,081 4.84
NEXT FUNDS Nikkei 225 Leveraged Index ETF 2,061,201 4.74
SSgA Global Treasury Bond Index Fund 2,015,888 4.63
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________
29
D) Exposure to derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
S$ %
Forward foreign exchange contracts 413,620 0.95
Total 413,620 0.95
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
S$ S$
Forward foreign exchange contracts 16,941 413,620
Total 16,941 413,620
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.
Holdings as at 31 March 2015 Fair value % of NAV
S$ %
SPDR MSCI ACWI UCITS ETF 6,178,217 15.36
Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 4,455,073 11.08
iShares Global Government Bond UCITS ETF 4,250,435 10.57
db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 2,454,642 6.10
Dimensional Funds II Public Company Limited - Global Core Equity Fund 2,439,528 6.07
NEXT FUNDS Nikkei 225 Leveraged Index ETF 2,305,025 5.73
ChinaAMC ETF Series - ChinaAMC CSI 300 Index ETF 2,231,927 5.55
J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 2,108,236 5.24
SSgA Global Treasury Bond Index Fund 1,937,487 4.82
Vanguard Investment Ser Public Coy Ltd - Global Enhanced Equity Fund 1,879,222 4.68
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________
30
F) Collateral Nil
G) Securities Lending or Repurchase Transactions Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 12,352,630 Total amount of redemptions S$ 5,538,322
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
Market value % of NAV
S$ %
iShares Global Government Bond UCITS ETF 4,859,184 11.16
db x-trackers MSCI Emerging Markets Index UCITS ETF 4,644,569 10.67
Winton UCITS Funds Public Company Ltd - Winton Global Equity Fund 4,058,090 9.32
Dimensional Funds PLC - Emerging Markets Value Fund 3,461,859 7.95
Vanguard Investment Ser Public Coy Ltd - Global Enhanced Equity Fund 2,582,489 5.93
Dimensional Funds II Public Company Limited - Global Core Equity Fund 2,299,154 5.28
iShares Emerging Markets Local Government Bond UCITS ETF 2,196,213 5.05
SPDR MSCI ACWI UCITS ETF 2,106,081 4.84
NEXT FUNDS Nikkei 225 Leveraged Index ETF 2,061,201 4.74
SSgA Global Treasury Bond Index Fund 2,015,888 4.63
J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 1,771,338 4.07
Egerton Capital Equity Fund Class A$HD 1,520,367 3.49
db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 754,844 1.74
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________
31
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 dollar.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________
32
A) Fund Performance as at 31 March 2016
Fund Performance(1)
/ Benchmark Returns
3-mth %
6-mth %
1-year %
3-year
%
5-year
%
Since
Inception
%
Class A S$ (Inception: 17 April 2013)
-3.65 -2.31 -4.74 -- -- 2.83
Benchmark (50% MSCI AC World Net Index and 50% Citigroup World Govt Bond Index
(2))
-1.60 -0.03 -1.15 -- -- 6.41
Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg
Market Review
Global risk assets saw heightened volatility for most of the 12 months under review, as uncertainty
over US monetary policy, plunging oil prices and economic growth concerns drove investor sentiment.
Risk appetite was firm at the start but took a sharp turn on the back of an escalation in the Greek debt
crisis in June. China also proved to be a source of volatility after its equity markets fell sharply in July,
followed by an unexpected RMB devaluation in August. These events sparked a rout on global
markets and sentiment stayed subdued after, particularly as investors braced themselves for the start
of US interest rates normalisation, which came as expected at the end of 2015. In Asia, weak
economic data in China and a continued slump in commodity prices also rekindled fears of a wider
growth slowdown. Later, the possibility of the UK's exit from the European Union added to risk
aversion and consequently, bond markets benefitted from a flight to quality. Equity markets also
rebounded towards the end of the period under review, on the back of stabilising crude oil prices and
accommodative central bank policies.
Global central banks generally remained supportive throughout the year under review, as
policymakers remained cognisant of downside risks to growth. The People’s Bank of China introduced
several easing measures in order to support the economy and sentiment, including cutting interest
rates and reserve requirements. Elsewhere, although the European Central Bank initially disappointed
with easing measures that fell short of market expectations, it increased its monthly quantitative
easing program in March, which buoyed sentiment. Meanwhile, after commencing on its first rate hike
in December, rhetoric from the US Federal Reserve generally remained dovish, with toned down
guidance for the path of future rate hikes.
For the 12 months ending 31 March 2016, equity and fixed income performances were both positive,
while currency performance was negative due to weakness in the USD. For fixed income, exposures
to global sovereign and local currency emerging market bonds contributed positively. Within equities,
contribution came from both developed and emerging market equities whereas Japanese equity
exposures detracted. Overall, the underweight to equity exposures subtracted value, as markets
rallied strongly in March. Underperformance of active funds came largely from one manager.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________
33
Strategy and Outlook
Equity markets will likely continue to oscillate with no clear trend, with upside capped by growth concerns and downside supported by global policy makers who wish to avert any meltdown in financial markets. Investors are likely to seek returns through fixed income yielding investments and in markets that have been extended to the downside for too long.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on pages 99 - 100.
ii. Credit rating of debt securities
Not Applicable
C) Top ten holdings
Holdings as at 31 March 2016 Fair value % of NAV
S$ %
SSgA Global Treasury Bond Index Fund 3,170,898 19.42
iShares Global Government Bond UCITS ETF 3,153,996 19.32
db x-trackers MSCI Emerging Markets Index UCITS ETF 1,666,365 10.21
Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 1,037,273 6.35
iShares Emerging Markets Local Government Bond UCITS ETF 832,665 5.10
Fullerton Short Term Interest Rate Fund Class B 673,296 4.12
Dimensional Funds PLC - Emerging Markets Value Fund 651,998 3.99
Egerton Capital Equity Fund Class A$HD 628,476 3.85
db x-trackers II Iboxx $ Treasuries UCITS ETF 549,938 3.37
NEXT FUNDS Nikkei 225 Leveraged Index ETF 549,681 3.37
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________
34
D) Exposure to derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
S$ %
Forward foreign exchange contracts 148,364 0.91
Total 148,364 0.91
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
S$ S$
Forward foreign exchange contracts 16,084 148,364
Total 16,084 148,364
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
Holdings as at 31 March 2015 Fair value % of NAV
S$ %
iShares Global Government Bond UCITS ETF 2,942,476 19.55
SSgA Global Treasury Bond Index Fund 2,751,270 18.28
db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 1,012,733 6.73
Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 781,845 5.20
NEXT FUNDS Nikkei 225 Leveraged Index ETF 708,617 4.71
ChinaAMC ETF Series - ChinaAMC CSI 300 Index ETF 666,564 4.43
Fullerton Short Term Interest Rate Fund Class B 654,232 4.35
J O Hambro Capital Mgt Umbrella Fund PLC - Global Select Fund USD Class A 636,500 4.23
Egerton Capital Equity Fund Class A$HD 634,829 4.22
iShares Barclays USD Asia High Yield Bond Index ETF 422,854 2.81
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________
35
G) Securities Lending or Repurchase Transactions Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions S$ 4,857,452 Total amount of redemptions S$ 2,809,261
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts Nil
Market value % of NAV
S$ %
SSgA Global Treasury Bond Index Fund 3,170,898
19.42
iShares Global Government Bond UCITS ETF 3,153,996 19.32
db x-trackers MSCI Emerging Markets Index UCITS ETF 1,666,365 10.21
Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 1,037,273 6.35
iShares Emerging Markets Local Government Bond UCITS ETF 832,665 5.10
Fullerton Short Term Interest Rate Fund Class B 673,296 4.12
Dimensional Funds PLC - Emerging Markets Value Fund 651,998 3.99
Egerton Capital Equity Fund Class A$HD 628,476 3.85
db x-trackers II Iboxx $ Treasuries UCITS ETF 549,938 3.37
NEXT FUNDS Nikkei 225 Leveraged Index ETF 549,681 3.37
J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 534,787 3.27
Dimensional Funds II Public Company Limited - Global Core Equity Fund 370,911 2.27
db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 268,524 1.64
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________
36
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 TOTAL RETURN FUND _________________________________________________________________________________
37
A) Fund Performance as at 31 March 2016
Fund Performance(1)
3-mth
% 6-mth
% 1-year
%
3-year
%
5-year
%
Since
Inception
%
Class A S$ (Inception: 15 April 2013)
-2.59 -0.49 -4.21 -- -- 2.65
Class B US$ (Inception: 15 April 2013)
0.67 3.02 -3.61 -- -- 0.94
Notes:
(1)
Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested
Market Review
Investor sentiment was firm at the start of the year under review but took a sharp turn on the
back of an escalation in the Greek debt crisis in June. China also proved to be a source of
volatility, as its equity markets fell sharply in the following months and Chinese authorities
devalued the CNY. Although risk assets rebounded in October after global policymakers pledged
to stay vigilant, the relief rally was short-lived as investors braced themselves for the start of US
rate normalisation, which commenced as expected in December. Global data was also mixed,
with pockets of strength countered by weakness elsewhere. At the start of 2016, risk aversion
spiked on the back of concerns over whether Chinese policymakers planned to weaken the CNY
further. However, positive US data surprises saw equity markets stabilise towards the end of the
period under review, while bond markets also benefitted from a flight to quality.
Against a volatile backdrop, global central banks generally remained accommodative. In Asia,
the People’s Bank of China introduced several easing measures in order to support the
economy, including cutting interest rates and reserve requirements. The European Central Bank
(ECB) also embarked on a Quantitative Easing programme, which it further expanded in 2016 to
encourage banks to lend. Elsewhere, although the Federal Reserve lifted rates in December, it
also pledged to move carefully and gradually. Indeed, towards the end of the period under
review, the Federal Reserve was more dovish than expected and stressed the need to stay
vigilant, given the tepid global recovery.
For the 12 months ending 31 March 2016, fund performance was dragged down by the equities
exposure given the uncertain and turbulent market environment. Asian stock markets sold off on
the back of heightened volatility and growth concerns. Positive returns from the fixed income
segment helped negate some of the portfolio’s losses, with our China and Hong Kong positions
contributing the most value.
Strategy and Outlook
Our central scenario remains that global recovery will stay uneven and sub-par for longer.
Hence, policymakers need to stay supportive to contain downside risks. US consumption has
stayed resilient but exports are still struggling. On balance, investment spending should gradually
improve given the Federal Reserve’s reassurance to move cautiously. Elsewhere, we expect the
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________
38
ECB and the Bank of Japan to remain steadfast in supporting fragile domestic recoveries.
Moreover, we continue to expect Asian central banks to ease further as needed; Asian
governments will also likely pursue fiscal reflation. On China, policymakers have ample fiscal and
monetary resources to engineer soft-landing. In the interim, however, China’s foreign exchange
policy intentions remain a source of uncertainty for markets.
Market volatility will thus stay elevated, reflecting heightened focus on global policy and macro
outcomes. We retain a modest exposure to equities and will reassess our asset allocation stance
as needed. Bottom-up, we remain disciplined on credit and stock selection. We prefer Asian
credits with stronger fundamentals that offer relative value. We still expect Asia’s corporate
earnings to selectively improve.
B) Distribution of investments
Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:
i. Country, industry and asset class
Please refer to the Statements of Portfolio on page 101.
ii. Credit rating of debt securities
Not Applicable
C) Top ten holdings
Holdings as at 31 March 2016 Fair value % of NAV
US$ %
Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 25,286,469 50.17 (Formally known as Fullerton Lux Funds - High Income Asian Equities) Fullerton Lux Funds – Asian Bonds Class I USD Distribution 15,148,223 30.06
Holdings as at 31 March 2015 Fair value % of NAV
US$ %
Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 36,743,744 69.86 (Formally known as Fullerton Lux Funds - High Income Asian Equities) Fullerton Lux Funds – Asian Bonds Class I USD Distribution 15,455,155 29.39
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________
39
D) Exposure to derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV
Fair value % of NAV
US$ %
Futures contracts (240,130) (0.48)
Forward foreign exchange contracts 770,744 1.53
Total 530,614 1.05
ii. Net realised and unrealised gains/losses on derivative contracts
Net Realised
Gain/(Losses) Net Unrealised Gain/(Losses)
US$ US$
Futures contracts (407,661) (240,130)
Forward foreign exchange contracts 621,488 770,744
Total 213,827 530,614
E) Global Exposure to Financial Derivatives The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of: i. The absolute value of the exposure of each individual financial derivative not involved
in netting or hedging arrangements; and ii. The absolute value of the net exposure of each individual financial derivative after
netting or hedging arrangements.
F) Collateral Nil
G) Securities Lending or Repurchase Transactions Nil
H) Amount and percentage of NAV invested in other schemes as at 31 March 2016
Market Value % of NAV
US$ %
Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 25,286,469 50.17
Fullerton Lux Funds – Asian Bonds Class I USD Distribution 15,148,223 30.06
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________
40
I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil
J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016
Total amount of subscriptions US$ 2,060,528 Total amount of redemptions US$ 1,040,763
K) Related-party transactions for the period 1 April 2015 to 31 March 2016
Please refer to Note 8 of Notes to the Financial Statements on page 142.
L) Financial ratios
Please refer to Note 9 of Notes to the Financial Statements on page 143.
M) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts Nil
N) Key information on underlying schemes which comprise of more than 30% of NAV 1. Fullerton Lux Funds – Asian Bonds Class I USD Distribution
i. Top ten holdings
Holdings as at 31 March 2016 Fair value % of NAV
US$ %
India Government Bond 7.28% 13-03/06/2019 4,593,366 2.14
Malayan Banking 12-20/09/2022 FRN 4,296,665 2.01
Pertamina 4.875% 12-03/05/2022 3,821,438 1.77
PCCW CAP No4 5.75% 12-17/04/2022 3,708,903 1.74
China Taiping CA 4.125% 12-21/11/2022 3,096,570 1.44
Pertamina 5.25% 11-23/05/2021 2,622,038 1.21
Macquarie Bk Ltd 4.875% 15-10/06/2025 2,413,992 1.13
Smartone Fin Ltd 3.875% 13-08/04/2023 2,361,960 1.10
QBE Insurance 14-02/12/2044 FRN 2,307,987 1.07
Perusahaan Listr 5.5% 11-22/11/2021 2,268,945 1.06
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________
41
ii. Financial ratios
31 March 2016
31 March 2015
% %
Expense ratio* 0.70 0.72
Turnover ratio -18.04 25.68
* The total operating expenses do not include brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
2. Fullerton Lux Funds – Asia Growth & Income Equities USD Class I i. Top ten holdings
ii. Financial ratios
* 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.
Holdings as at 31 March 2016 Fair value % of NAV
US$ %
Samsung Electronics - PFD 5,546,616 5.29
Taiwan Semiconductor Manufacturing Co Ltd 5,431,210 5.18
Industrial and Commerical Bank of China - H 5,366,458 5.12
Sands China Ltd 3,618,987 3.46
AIA Group Ltd 3,287,561 3.14
Digital Telecommunications-F 3,286,022 3.13
YES Bank Ltd 3,264,092 3.12
Indiabulls Housing Finance L 3,089,856 2.95
HDFC Bank Ltd 2,861,443 2.73
United Overseas Bank Ltd 2,548,821 2.43
31 March 2016
31 March 2015
% %
Expense ratio* 1.14 1.13
Turnover ratio 58.41 139.06
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________
42
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 OF THE TRUSTEE For the financial year ended 31 March 2016
43
The Trustee is under a duty to take into custody and hold the assets of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), and its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report. To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Sub-Funds during the financial year covered by these financial statements, set out on pages 47 to 152, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed. For and on behalf of the Trustee HSBC Institutional Trust Services (Singapore) Limited
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENT BY THE MANAGER For the financial year ended 31 March 2016
44
In the opinion of the directors of Fullerton Fund Management Company Ltd (“the Manager”), the accompanying financial statements of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”) set out on pages 47 to 152, comprising the Statements of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statements of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position of the Sub-Funds as at 31 March 2016 and the total return and changes in unitholders’ funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Sub-Funds will be able to meet its financial obligations as and when they materialise. For and on behalf of the Manager Fullerton Fund Management Company Ltd
45
INDEPENDENT AUDITOR'S REPORT TO THE UNITHOLDERS OF
Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond
Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced,
and Fullerton Fund - Fullerton Total Return Fund (Constituted under a Trust Deed in the Republic of Singapore)
We have audited the financial statements of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”), which comprise the Statements of Financial Position and Statements of Portfolio as at 31 March 2016, the Statements of Total Return and Statements of Movements of Unitholders’ Funds for the year then ended, and a summary of significant accounting policies and other explanatory information as set out on pages 47 to 152. Manager’s responsibility for the financial statements The Sub-Funds’ Manager (the “Manager”) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Sub-Funds’ Manager, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
46
Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Funds as at 31 March 2016 and the total return/deficit for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore, 28 June 2016
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
47
Fullerton Short Term Interest Rate Fund
Fullerton SGD Cash Fund
Note 2016 2015 2016 2015 S$ S$ S$ S$ Investment income Interest on deposits 436 173 468,147 235,452 Sundry income 121,566 196,000 - - 122,002 196,173 468,147 235,452
Less: Expenses Management fees 8 2,108,330 2,466,704 39,022 32,983 Trustee fees 8 129,662 157,690 20,000 20,000 Audit fees 19,746 18,700 7,016 6,152 Custodian fees 8 90,544 135,276 - - Valuation fee 6,013 5,997 - - Transaction cost 9,788 12,407 - - Others 42,631 (146,482) 25,400 20,321 2,406,714 2,650,292 91,438 79,456 Net (loss)/income (2,284,712) (2,454,119) 376,709 155,996 Net gains or losses on value
of investments and financial derivatives
Net gains on investments 18,334,690 73,741,015 - - Net gains/(losses) on foreign
exchange forward contracts
5,420,622 (36,894,891) - - Net foreign exchange
gains/(losses)
34,879 845,259 - (7)
23,790,191 37,691,383 - (7)
Total return for the year
before income tax
21,505,479 35,237,264 376,709 155,989 Less : Income tax 3 (58,754) (12,453) (19) -
Total return for the year after income tax
21,446,725 35,224,811
376,690 155,989
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
48
Fullerton Asian
Bond Fund Fullerton Singapore
Bond Fund
Note 2016 2015 2016 2015 US$ US$ S$ S$ Investment income Dividend income 1,967,702 2,904,373 - - Interest on deposits - 1 - - Sundry income - - 6,000 48,125 1,967,702 2,904,374 6,000 48,125
Less: Expenses Management fees 8 404,561 582,285 578,247 539,362 Less: Management fee rebate 8 (288,618) (444,737) - - Trustee fees 8 9,719 14,996 38,550 35,957 Audit fees 12,336 14,715 17,036 19,449 Custodian fees 8 - - 21,016 22,288 Valuation fee 21,232 26,756 56,432 53,936 Transaction costs 5,659 6,791 3,171 3,529 Others 19,534 (29,077) 21,208 (30,140)
184,423 171,729 735,660 644,381
Net income/(loss) 1,783,279 2,732,645 (729,660) (596,256) Net gains or losses on value
of investments and financial derivatives
Net (losses)/gains on investments (1,112,164) 2,320,222 8,907,728 6,225,064
Net gains/(losses) on foreign exchange forward contracts 283,264 (1,390,735) - -
Net foreign exchange gains/(losses)
54,298 29,296 31 (41)
(774,602) 958,783 8,907,759 6,225,023
Total return for the year before income tax
1,008,677 3,691,428 8,178,099 5,628,767
Less : Income tax 3 (13) - (41) -
Total return for the year after income tax
1,008,664 3,691,428 8,178,058 5,628,767
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
49
Fullerton SGD Income Fund
Fullerton Dynamic Strategies Fund -
Aggressive Note 2016 2015 2016 2015
S$ S$ S$ S$ Investment income Dividend income - - 134,095 161,264 Interest on deposits 45 2 - - Sundry income 381,554 249,346 - 1,191 381,599 249,348 134,095 162,455
Less: Expenses Management fees 8 10,800,396 9,257,966 520,380 419,392 Trustee fees 8 268,122 229,952 12,000 12,000 Audit fees 25,456 19,548 7,869 8,501 Custodian fees 8 148,861 140,758 2,093 2,235 Valuation fee 299,007 260,753 12,000 12,000 Transaction costs 20,495 20,296 88,671 102,328 Others 187,318 (523,542) 6,428 48,516 11,749,655 9,405,731 649,441 604,972
Net loss (11,368,056) (9,156,383) (515,346) (442,517)
Net gains or losses on value of investments and financial derivatives
Net gains/(losses) on investments
44,522,292 101,094,158 (2,412,894) 3,733,480
Net gains/(losses) on foreign exchange forward contracts
15,948,050 (40,989,800) 16,941 11,063
Net foreign exchange (losses)/gains
(1,459,943) 387,073 (584,387) 408,765
59,010,399 60,491,431 (2,980,340) 4,153,308
Total return/(deficit) for the year before income tax
47,642,343 51,335,048 (3,495,686) 3,710,791
Less : Income tax 3 (99,816) (47,999) (1,802) (3,663)
Total return/(deficit) for the year after income tax
47,542,527 51,287,049 (3,497,488) 3,707,128
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
50
Fullerton Dynamic Strategies Fund -
Balanced
Fullerton Total Return Fund
Note 2016 2015 2016 2015 S$ S$ US$ US$
Investment income Dividend income 71,441 98,388 1,820,409 1,770,046 Sundry income - 406 4,025 - 71,441 98,794 1,824,434 1,770,046
Less: Expenses Management fees 8 191,479 169,295 612,144 556,060 Less: Management fee rebate 8 (1,329) (1,290) (376,727) (393,429) Trustee fees 8 12,000 12,000 10,203 9,268 Audit fees 7,869 8,501 10,139 10,917 Custodian fees 8 719 838 43 - Valuation fee 12,000 12,000 10,202 9,268 Transaction costs 34,529 43,802 4,923 3,173 Others 12,590 31,067 (18,191) 50,513 269,857 276,213 252,736 245,770
Net (loss)/income (198,416) (177,419) 1,571,698 1,524,276
Net gains or losses on value of investments and financial derivatives
Net (losses)/gains on investments
(353,386) 1,018,973 (3,192,764) 2,033,819
Net gains/(losses) on foreign exchange forward contracts
16,084 52,024 621,488 (725,886)
Net losses on futures contracts - - (407,661) - Net foreign exchange (losses)/
gains
(231,010) 164,172 33,046 (366,566)
(568,312) 1,235,169 (2,945,891) 941,367
Total (deficit)/return for the year before income tax
(766,728) 1,057,750 (1,374,193) 2,465,643
Less : Income tax 3 (502) (2,587) - -
Total (deficit)/return for the year after income tax
(767,230) 1,055,163 (1,374,193) 2,465,643
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
51
Fullerton Short Term Interest Rate Fund
Fullerton SGD Cash Fund
Note 2016 2015 2016 2015 S$ S$ S$ S$ ASSETS
Portfolio of investments 658,565,807 889,210,067 - - Interest receivable 1 1 48,445 8,430 Cash and bank balances 8 4,838,675 1,957,559 3,509,428 1,610,468 Fixed deposits 4 - - 58,057,260 27,150,059 Due from unitholders 44,701 - 2,302,016 237,508 Sales awaiting settlements 2,052,708 - - - Financial derivatives,
at fair value 5 11,185,452 376,656 - - Total assets 676,687,344 891,544,283 63,917,149 29,006,465
LIABILITIES Accrued expenses and
other payables 24,214 30,855 10,626 9,383 Due to Manager 497,056 594,442 11,931 5,523 Due to Trustee 30,559 38,169 8,206 7,824 Due to unitholders 4,480,448 2,243,369 - 53,929 Financial derivatives,
at fair value 5 208,486 10,887,893 - - Total liabilities 5,240,763 13,794,728 30,763 76,659
EQUITY Net assets attributable to
unitholders 671,446,581 877,749,555 63,886,386 28,929,806
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
52
Fullerton Asian Bond Fund
Fullerton Singapore Bond Fund
Note 2016 2015 2016 2015 US$ US$ S$ S$ ASSETS Portfolio of investments 32,879,631 60,961,432 254,404,545 163,118,048 Cash and bank balances 8 293,600 253,952 594,232 7,068,184 Due from unitholders 10,079 112,673 - - Sales awaiting settlements 45,408 11,842 - 1,049,037 Other receivables 48,475 103,028 - - Financial derivatives,
at fair value 5 921,822 9,372 - - Total assets 34,199,015 61,452,299 254,998,777 171,235,269
LIABILITIES Accrued expenses and
other payables 21,497 22,976 38,299 33,346 Purchases awaiting settlements 17,612 112,479 - 1,548,880 Due to Manager 73,191 136,533 187,370 125,587 Due to Trustee 1,634 3,461 12,491 8,373 Due to unitholders 45,524 11,864 - - Distribution payable 178,888 212,979 - - Financial derivatives,
at fair value 5 3,873 202,124 - - Total liabilities 342,219 702,416 238,160 1,716,186
EQUITY Net assets attributable to
unitholders 33,856,796 60,749,883 254,760,617 169,519,083
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
53
Fullerton SGD Income Fund
Fullerton Dynamic Strategies Fund – Aggressive
Note 2016 2015 2016 2015 S$ S$ S$ S$
ASSETS Portfolio of investments 1,445,331,485 1,295,335,039 34,331,277 31,775,525 Interest receivable 22 - - - Cash and bank balances 8 29,046,678 7,008,704 14,208,233 8,616,762 Due from unitholders 14,250,182 4,546,200 306,159 100,000 Sales awaiting settlements 4,303,292 7,609,787 - - Other receivables 248 612 - - Financial derivatives,
at fair value 5 28,499,045 136,116 469,444 17,221
Total assets 1,521,430,952 1,314,636,458 49,315,113 40,509,508
LIABILITIES Accrued expenses and
other payables
126,629 97,475 17,818 20,027 Purchases awaiting
settlements
28,051,418 13,098,768 5,560,337 - Due to Manager 2,816,749 2,502,148 127,469 115,928 Due to Trustee 69,916 62,027 5,452 6,942 Due to unitholders 5,376,260 1,742,306 20,169 151,924 Distribution payable 15,132,100 11,894,727 - - Financial derivatives,
at fair value 5 5,107,579 14,911,846
55,824 3,463 Total liabilities 56,680,651 44,309,297 5,787,069 298,284
EQUITY Net assets attributable to
unitholders 1,464,750,301 1,270,327,161
43,528,044 40,211,224
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
54
Fullerton Dynamic Strategies Fund - Balanced Fullerton Total Return Fund
Note 2016 2015 2016 2015 S$ S$ US$ US$
ASSETS
Portfolio of investments 14,088,808 11,995,275 40,434,692 52,198,899 Cash and bank balances 8 5,051,778 3,133,343 8,712,043 576,535
Margin deposits - - 805,789 -
Due from unitholders 48,500 11,179 - -
Other receivables 332 321 80,878 104,208 Financial derivatives,
at fair value 5 173,233 14,496 993,140 106,492
Total assets 19,362,651 15,154,614 51,026,542 52,986,134
LIABILITIES Accrued expenses and
other payables 22,056 23,115 16,135 17,025 Purchases awaiting
settlements 2,929,870 - 132 35,448
Due to Manager 48,021 43,714 144,803 145,435
Due to Trustee 9,609 9,907 2,413 2,424 Due to unitholders - 27,844 - - Financial derivatives,
at fair value 5 24,869 2,769 462,526 194,157 Total liabilities 3,034,425 107,349 626,009 394,489
EQUITY Net assets attributable to
unitholders
16,328,226 15,047,265 50,400,533 52,591,645
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
55
Fullerton Short Term Interest Rate Fund
Fullerton SGD Cash Fund
Note 2016 2015 2016 2015 S$ S$ S$ S$
Net assets attributable to
unitholders at the beginning of the financial year
877,749,555 1,103,842,432
28,929,806 58,298,405
Operations Change in net assets
attributable to unitholders resulting from operations
21,446,725 35,224,811
376,690 155,989
Unitholders' contributions/ (withdrawals)
Creation of units 114,036,415 52,653,833 185,930,505 98,518,246 Cancellation of units (341,786,114) (313,971,521) (151,350,615) (128,042,834) Change in net assets
attributable to unitholders resulting from net creation and cancellation of units
(227,749,699) (261,317,688)
34,579,890 (29,524,588) Total (decrease)/increase in
net assets attributable to unitholders
(206,302,974) (226,092,877)
34,956,580 (29,368,599) Net assets attributable to
unitholders at the end of the financial year 6 671,446,581 877,749,555
63,886,386 28,929,806
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
56
Fullerton Asian Bond Fund
Fullerton Singapore Bond Fund
Note 2016 2015 2016 2015 US$ US$ S$ S$
Net assets attributable to
unitholders at the beginning of the financial year
60,749,883 76,084,534
169,519,083 187,378,257 Operations Change in net assets attributable
to unitholders resulting from operations
1,008,664 3,691,428
8,178,058 5,628,767
Unitholders' contributions/ (withdrawals)
Creation of units 22,346,947 30,877,573 77,063,476 83,259 Cancellation of units (49,413,205) (48,946,487) - (23,571,200)
Change in net assets attributable to unitholders resulting from net creation and cancellation of units
(27,066,258) (18,068,914)
77,063,476 (23,487,941)
Distribution 10 (835,493) (957,165) - - Total (decrease)/increase in net
assets attributable to unitholders
(26,893,087) (15,334,651)
85,241,534 (17,859,174)
Net assets attributable to unitholders at the end of the financial year 6 33,856,796 60,749,883
254,760,617 169,519,083
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
57
Fullerton SGD Income Fund
Fullerton Dynamic Strategies Fund –
Aggressive 2016 2015 2016 2015 Note S$ S$ S$ S$
Net assets attributable to
unitholders at the beginning of the financial year
1,270,327,161 1,032,790,096
40,211,224 26,919,287 Operations Change in net assets attributable
to unitholders resulting from operations
47,542,527 51,287,049
(3,497,488) 3,707,128
Unitholders' contributions/ (withdrawals)
Creation of units 571,469,792 509,426,374 12,352,630 15,359,177 Cancellation of units (368,527,745) (277,305,622) (5,538,322) (5,774,368)
Change in net assets attributable to unitholders resulting from net creation and cancellation of units
202,942,047 232,120,752
6,814,308 9,584,809
Distribution 10 (56,061,434) (45,870,736) - -
Total increase in net assets attributable to unitholders
194,423,140 237,537,065
3,316,820 13,291,937
Net assets attributable to
unitholders at the end of the financial year 6 1,464,750,301 1,270,327,161
43,528,044 40,211,224
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
58
Fullerton Dynamic Strategies Fund – Balanced
Fullerton Total Return Fund
Note 2016 2015 2016 2015 S$ S$ US$ US$
Net assets attributable to unitholders at the beginning of the financial year
15,047,265 12,619,377
52,591,645 44,268,260
Operations Change in net assets attributable
to unitholders resulting from operations
(767,230) 1,055,163
(1,374,193) 2,465,643
Unitholders' contributions/ (withdrawals)
Creation of units 4,857,452 3,531,474 2,060,528 10,231,836 Cancellation of units (2,809,261) (2,158,749) (1,040,763) (2,590,544)
Change in net assets attributable to unitholders resulting from net creation and cancellation of units
2,048,191 1,372,725 1,019,765 7,641,292
Distribution 10 - - (1,836,684) (1,783,550) Total increase/(decrease) in net
assets attributable to unitholders
1,280,961 2,427,888 (2,191,112) 8,323,385
Net assets attributable to unitholders at the end of the financial year 6 16,328,226 15,047,265
50,400,533 52,591,645
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
59
Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
By Geography – Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series
EMTN 4.625% due 24/07/2017 23,500,000 23,856,730 3.55 Total Australia 23,856,730 3.55 China Beijing State-Owned Assets Management
(HongKong) Company Limited 3% due 26/05/2020 1,600,000 2,162,198 0.32 Bestgain Real Estate Limited 2.625% due
13/03/2018 5,090,000 6,853,234 1.02 Bestgain Real Estate Lyra Limited Series MTN
3.275% due 06/11/2017 6,500,000 6,443,092 0.96 Bluestar Finance Holdings Limited 3.5% due
11/06/2018 3,500,000 4,742,957 0.71 Bright Food Hong Kong Limited 3% due 21/05/2018 1,800,000 2,432,303 0.36 CCBL Cayman Corporation Limited 3.25% due
28/07/2020 1,100,000 1,506,693 0.22 Century Master Investment Co Limited 4.75% due
19/09/2018 1,000,000 1,415,499 0.21 Charming Light Investments Limited Series EMTN
3.75% due 03/09/2019 3,905,000 5,409,838 0.81 China Cinda Finance 2015 I Limited 3.125% due
23/04/2020 2,000,000 2,715,863 0.40 CITIC Limited Series EMTN 6.875% due 21/01/2018 1,497,000 2,178,893 0.32 CITIC Securities Finance MTN Company Limited
3.5% due 30/10/2019 2,000,000 2,737,557 0.41 CNOOC Finance 2015 Australia Property Limited
2.625% due 05/05/2020 3,100,000 4,163,085 0.62 COSL Singapore Capital Limited Series EMTN 3.5%
due 30/07/2020 1,000,000 1,379,922 0.21 Eastern Creation II Investment Holdings Limited
Series EMTN 2.625% due 20/11/2017 1,000,000 1,357,164 0.20 Express BVI 2015 Limited 3% due 04/06/2018 3,052,000 4,125,749 0.61 Far East Horizon Limited 4.25% due 08/10/2019 1,500,000 1,491,473 0.22 Far East Horizon Limited 4.25% due 30/10/2017 19,000,000 19,263,150 2.87 Franshion Brilliant Limited 5.375% due 17/10/2018 2,000,000 2,824,978 0.42 Franshion Investment Limited 4.7% due 26/10/2017 1,000,000 1,383,066 0.21 Greenland Global Investment Limited 4.375% due
03/07/2019 825,000 1,127,465 0.17
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
60
Fullerton Short Term Interest Rate Fund
Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
Greenland Global Investment Limited Series
EMTN 3.5% due 17/10/2017 1,950,000 2,639,485 0.39 Hebei Iron & Steel Hong Kong International Trade
Company Limited 2.75% due 27/10/2017 3,000,000 4,074,159 0.61 Hero Asia Investment Limited 2.875% due
03/10/2017 1,000,000 1,357,124 0.20 Hero Asia Investment Limited 3.25% due
12/08/2016 7,000,000 9,467,110 1.41 Huarong Finance Company Limited 4% due
17/07/2019 2,000,000 2,787,300 0.42 Huarong Finance II Company Limited Series
EMTN 2.875% due 19/11/2018 1,800,000 2,453,500 0.37 ICBCIL Finance Company Limited 2.6% due
13/11/2018 2,000,000 2,704,902 0.40 MCC Holding (Hong Kong) Corporation Limited
2.5% due 28/08/2017 200,000 270,820 0.04 MCC Holding (Hong Kong) Corporation Limited
2.625% due 16/06/2017 3,500,000 4,742,934 0.71 MCC Holding (Hong Kong) Corporation Limited
4.875% due 29/07/2016 1,000,000 1,357,824 0.20 Poly Real Estate Finance Limited 4.5% due
06/08/2018 2,300,000 3,207,982 0.48 Poly Real Estate Finance Limited 5.25% due
25/04/2019 3,700,000 5,273,991 0.79 Semiconductor Manufacturing International
Corporation 4.125% due 07/10/2019 4,330,000 5,977,480 0.89 Sino-Ocean Land Treasure Finance I Limited
4.625% due 30/07/2019 5,645,000 7,835,191 1.17 Sino-Ocean Land Treasure Finance II Limited
Series 4.45% due 04/02/2020 2,500,000 3,434,571 0.51 Skyland Mining BVI Limited 3.5% due 17/07/2017 4,200,000 5,672,206 0.84 Weichai International Hong Kong Energy Group Co
Limited 4.125% due 30/09/2020 450,000 616,771 0.09 Yuexiu Property Company Limited 3.25% due
24/01/2018 4,000,000 5,364,127 0.80 Total China 144,951,656 21.59 France RCI Banque SA Series EMTN 3% due 16/04/2018 4,750,000 4,668,799 0.70 Total France 4,668,799 0.70
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
61
Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
Hong Kong Cathay Financial Holdings Company Limited Series
EMTN 3.25% due 11/05/2017 250,000 250,346 0.04 Cathay Pacific MTN Financing Limited Series
EMTN 3.25% due 17/02/2017 5,250,000 5,255,040 0.78 Cathay Pacific MTN Financing Limited Series
EMTN 3.25% due 20/01/2017 5,000,000 5,010,675 0.75 Double Rosy Limited 3.625% due 18/11/2019 2,000,000 2,745,340 0.41 Dynamic Talent Limited 4.75% due 01/08/2017 1,354,000 1,866,171 0.28 Haitong International Finance 2014 Limited 3.99%
due 11/09/2019 3,000,000 4,135,786 0.62 Haitong International Finance Holdings Limited
3.95% due 29/10/2018 3,000,000 4,193,474 0.62 Henderson Land MTN Pte Limited Series EMTN
4% due 19/09/2018 3,250,000 3,359,736 0.50 Henderson Land MTN Pte Limited Series EMTN
3.865% due 11/11/2016 1,250,000 1,263,419 0.19 Howes Capital Limited 4.75% due 10/04/2017 7,950,000 10,975,730 1.63 Landmark Funding 2015 Limited 3.42% due
12/06/2020 2,200,000 2,998,870 0.45 LS Finance 2017 Limited 5.25% due 26/01/2017 4,535,000 6,250,739 0.93 Newford Capital Limited Conv 0% due 12/05/2016 16,000,000 24,006,969 3.58 Noble Group Limited 3.625% due 20/03/2018 2,000,000 2,049,660 0.30 Noble Group Limited 6.75% due 29/01/2020 1,000,000 917,115 0.14 Sino Land Company Limited 3.25% due 21/09/2017 15,500,000 21,222,120 3.16 Tan Chong International Limited Series EMTN
2.8% due 09/01/2017 11,750,000 11,726,441 1.75 Value Success International Limited Series EMTN
4.125% due 06/09/2019 3,000,000 3,079,530 0.46 Wanda Properties Overseas Limited 4.875% due
21/11/2018 600,000 830,587 0.12 Wharf Finance No.1 Limited Series EMTN 2.995%
due 20/07/2016 11,250,000 11,289,544 1.68 Wheelock Finance Limited 3% due 19/03/2018 4,000,000 5,459,467 0.81 Yuexiu Real Estate Investment Trust MTN
Company Series EMTN 3.1% due 14/05/2018 3,200,000 4,313,989 0.64 Total Hong Kong 133,200,748 19.84
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
62
Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
India Ascendas India Trust Series EMTN 3.8% due
27/08/2019 3,000,000 3,031,965 0.45 Ascendas Property Fund Trustee Pte Limited Series
EMTN 3.5% due 07/10/2016 2,250,000 2,254,702 0.34 Export-Import Bank of India Series EMTN 3.375%
due 18/09/2017 8,750,000 8,808,144 1.31 ICICI Bank Limited/Dubai Series EMTN 3.1% due
30/11/2018 3,000,000 3,004,965 0.45 Total India 17,099,776 2.55 Singapore AACI Real Estate Investment Trust MTN Pte Limited
Series MTN 3.8% due 21/05/2019 2,500,000 2,525,037 0.38 AACI Real Estate Investment Trust MTN Pte Limited
Series MTN 4.9% due 08/08/2016 10,000,000 10,093,000 1.50 Ascott Capital Pte Limited Series MTN 3.8% due
10/11/2016 2,750,000 2,783,165 0.41 ASL Marine Holdings Limited Series MTN 4.75%
due 28/03/2017 10,000,000 9,602,400 1.43 Biosensors Investment Singapore Pte Limited
Series MTN 4.875% due 23/01/2017 11,000,000 11,110,000 1.65 Cambridge MTN Pte Limited Series MTN 3.5% due
05/11/2018 7,500,000 7,554,600 1.12 Cambridge MTN Pte Limited Series MTN 3.95% due
21/05/2020 10,250,000 10,335,741 1.54 CapitaLand Limited Conv 2.1% due 15/11/2016 6,000,000 6,027,450 0.90 CapitaLand Limited Series CAPL 2.95% due
20/06/2022 33,750,000 33,810,581 5.04 CapitaMalls Asia Treasury Limited Series EMTN
3.95% due 24/08/2017 10,250,000 10,521,266 1.57 China Jingye Construction Engineering Singapore
Pte Limited 2.95% due 21/05/2017 16,500,000 16,306,950 2.43 Courts Asia Limited Series MTN 4.75% due
02/05/2016 12,500,000 12,503,875 1.86 Courts Asia Limited Series MTN 5.75% due
15/03/2019 3,000,000 3,051,135 0.45 CWT Limited Series MTN 3.9% due 18/04/2019 1,000,000 992,545 0.15 DCS Asset Funding Pte Limited Class A1 4.35%
due 07/09/2018 10,000,000 10,000,000 1.49 Eu Yan Sang International Limited Series MTN 4.1%
due 06/06/2018 6,750,000 6,758,201 1.01 Ezion Holdings Limited Series MTN 3.65% due
05/08/2020 8,500,000 8,387,545 1.25
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
63
Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % FCL Treasury Pte Limited Series MTN 3.7% due
05/04/2019 1,250,000 1,261,175 0.19 FCT MTN Pte Limited Series MTN 2.535% due
12/12/2017 6,000,000 5,986,380 0.89 First Real Estate Investment Trust Series MTN
4.125% due 22/05/2018 10,000,000 10,011,750 1.49 GLL IHT Pte Limited Series MTN 4.35% due
12/09/2017 3,500,000 3,568,950 0.53 GLL IHT Pte Limited Series MTN 5% due
23/02/2017 1,000,000 1,018,090 0.15 Hotel Properties Limited Series MTN 3.5% due
15/01/2018 4,500,000 4,542,277 0.68 Hotel Properties Limited Series MTN 3.6% due
30/05/2016 3,000,000 3,009,060 0.45 Hotel Properties Limited Series MTN 3.88% due
08/04/2020 5,000,000 5,116,775 0.76 Hotel Properties Limited Series MTN 3.93% due
10/06/2017 2,500,000 2,537,850 0.38 Hotel Properties Limited Series MTN 3.95% due
13/09/2019 3,000,000 3,071,430 0.46 Hyflux Limited Series MTN 3.5% due 21/07/2016 10,000,000 10,005,600 1.49 Hyflux Limited Series MTN 4.25% due 09/07/2018 250,000 250,993 0.04 LMIRT Capital Pte Limited Series EMTN 4.1% due
22/06/2020 1,750,000 1,685,600 0.25 LMIRT Capital Pte Limited Series EMTN 4.25% due
04/10/2016 4,750,000 4,763,443 0.71 LMIRT Capital Pte Limited Series EMTN 4.48% due
28/11/2017 1,500,000 1,488,413 0.22 LMIRT Capital Pte Limited Series EMTN 4.5% due
23/11/2018 6,000,000 5,884,830 0.88 LMIRT Capital Pte Limited Series EMTN 5.875%
due 06/07/2017 500,000 505,033 0.08 Overseas Union Enterprise Limited Series MTN
3.8% due 15/04/2020 3,000,000 2,973,900 0.44 Overseas Union Enterprise Limited Series MTN
4.95% due 01/02/2017 6,750,000 6,852,634 1.02 Sabana Sukuk Pte Limited Series MTN 4% due
19/03/2018 9,000,000 8,887,500 1.32 Sabana Sukuk Pte Limited Series MTN 4.25% due
03/04/2019 6,250,000 6,134,406 0.91 Sabana Treasury Pte Limited Conv 4.5% due
24/09/2017 8,000,000 7,821,040 1.16 Sembcorp Financial Services Pte Limited Series
MTN 3.7325% due 09/04/2020 2,750,000 2,737,185 0.41
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
64
Fullerton Short Term Interest Rate Fund Percentage of
total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Soilbuild Business Space Real Estate Investment
Trust 3.45% due 21/05/2018 7,500,000 7,564,988 1.13 Suntec REIT MTN Pte Limited Series EMTN 2.83%
due 12/11/2018 6,000,000 6,047,070 0.90 United Engineers Limited Series MTN 4.2% due
26/01/2017 14,250,000 14,384,876 2.14 Viva iTrust MTN Pte Limited Series MTN 4.15% due
19/09/2018 10,000,000 9,762,500 1.45 Wharf MTN Singapore Pte Limited Series MTN
4.3% due 28/10/2018 2,500,000 2,603,300 0.39 Total Singapore 302,840,539 45.10 United Arab Emirates Emirates Airline 4.64% due 21/06/2016 15,000,000 15,100,500 2.25 Total United Arab Emirates 15,100,500 2.25 United States of America Citigroup Inc Series EMTN 4.05% due 29/06/2016 2,000,000 2,010,880 0.30 Ford Motor Credit Co LLC 3.7% due 11/03/2019 1,000,000 1,012,755 0.15 Morgan Stanley Series EMTN 4% due 23/10/2017 2,750,000 2,820,496 0.42 Total United States of America 5,844,131 0.87 Total Debt Securities 647,562,879 96.45 MONEY MARKET (QUOTED) China ICBCIL Finance Co Limited FRN 13/11/2018 2,000,000 2,709,844 0.40 2,709,844 0.40 Singapore Eu Yan Sang International Limited STP due
29/11/2016 2,400,000 2,376,012 0.35 Total Singapore 2,376,012 0.35
Total Money Market 5,085,856 0.75 Accrued interest on debt securities 5,917,072 0.88 Portfolio of investments 658,565,807 98.08 Other net assets 12,880,774 1.92 Net assets attributable to unitholders 671,446,581 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
65
Fullerton Short Term Interest Rate Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 3.55 2.79 Brazil - 0.73 Chile - 0.15 China 21.99 24.05 France 0.70 0.54 Great Britain - 0.75 Hong Kong 19.84 17.33 India 2.55 3.98 Kuwait - 0.26 Russian Federation - 2.00 Singapore 45.45 42.09 Taiwan - 0.08 Thailand - 0.46 United Arab Emirates 2.25 1.90 United States of America 0.87 3.28 Accrued interest on debt securities 0.88 0.92 Portfolio of investments 98.08 101.31 Other net assets/(liabilities) 1.92 (1.31) Net assets attributable to unitholders 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
66
Fullerton Short Term Interest Rate Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Airlines 10,516,061 1.57 1.21 Bank and Finance 128,492,976 19.14 30.03 Building/Construction 14,384,876 2.14 1.65 Chemicals 4,742,957 0.71 - Commercial Services 8,387,545 1.25 - Consumer - - 0.08 Consumer, Cyclical 1,629,526 0.24 - Consumer, Non-Cyclical 992,545 0.15 - Diversified Resource 14,256,319 2.12 2.07 Electric/Electronics - - 0.47 Engineering and Construction 19,044,135 2.84 - Environmental Control 10,256,593 1.53 1.77 Food 2,432,303 0.36 0.28 Hotel 25,130,026 3.75 5.00 Insurance 3,079,530 0.46 0.35 Investment 10,824,234 1.61 2.90 Investment Companies - - 0.16 Iron and Steel 4,074,159 0.61 0.47 Media 11,110,000 1.65 1.26 Metals 6,371,578 0.95 0.74 Mining 5,672,206 0.84 0.66 Miscellaneous 12,603,300 1.88 1.76 Oil and Gas 5,543,007 0.83 - Pharmaceutical 9,134,213 1.36 1.04 Real Estate Investment Trusts 103,857,522 15.46 8.59 Real Estate 170,417,641 25.38 30.95 Retail 21,805,749 3.24 1.84 Semiconductor 5,977,480 0.89 0.56 Services 15,100,500 2.25 1.74 Shipping 9,602,400 1.43 1.10 Ship Building - - 2.04 Transport 5,482,913 0.81 0.16 Utilities - - 0.16 Wholesale 11,726,441 1.75 1.35 Accrued interest on debt securities 5,917,072 0.88 0.92 Portfolio of investments 658,565,807 98.08 101.31 Other net assets/(liabilities) 12,880,774 1.92 (1.31) Net assets attributable to unitholders 671,446,581 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
67
Fullerton SGD Cash Fund Percentage of total net assets attributable to Fair value at unitholders at 31 March 2016 31 March 2016 S$ % By Institution - Primary FIXED DEPOSITS Singapore Bank of East Asia Limited Hongkong 17,165,801 26.87 Bank of Tokyo-Mitsubishi UFJ Ltd 17,145,312 26.84 Mizuho Corporate Bank Limited 17,237,099 26.98 Standard Chartered Bank 3,506,107 5.49 United Overseas Bank 3,002,941 4.70
Fixed deposits 58,057,260 90.88 Other net assets 5,829,126 9.12 Net assets attributable to unitholders 63,886,386 100.00
Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Institution - Primary FIXED DEPOSITS Singapore Bank of East Asia Limited Hongkong 26.87 24.24 Bank of Tokyo- Mitsubishi UFJ 26.84 25.95 Mizuho Corporate Bank Limited 26.98 6.92 Standard Chartered Bank 5.49 20.77 United Overseas Bank 4.70 15.97
Fixed deposits 90.88 93.85 Other net assets 9.12 6.15 Net assets attributable to unitholders 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
68
Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Bank 58,057,260 90.88 93.85 Other net assets 5,829,126 9.12 6.15 Net assets attributable to unitholders 63,886,386 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
69
Fullerton Asian Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 Units US$ %
By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds – Asian Bonds Class I
USD Distribution 2,961,595 32,879,631 97.11 Portfolio of investments 32,879,631 97.11 Other net assets 977,165 2.89 Net assets attributable to unitholders 33,856,796 100.00
As the Sub-Fund invests only in underlying unit trust, no secondary representation is presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
70
Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series
EMTN 4.625% due 24/07/2017 2,650,000 2,690,227 1.06 Total Australia 2,690,227 1.06 China (including Hong Kong) Bank of East Asia Limited Series MTN 2% due
10/07/2017 4,000,000 3,986,820 1.56 Bestgain Real Estate Lyra Limited Series MTN
3.275% due 06/11/2017 1,000,000 991,245 0.39 Cathay Pacific MTN Financing Limited Series
EMTN 3.25% due 20/01/2017 3,000,000 3,006,405 1.18 Far East Horizon Limited 4.25% due 30/10/2017 2,000,000 2,027,700 0.80 Henderson Land MTN Pte Limited Series EMTN
4% due 19/09/2018 250,000 258,441 0.10 Joynote Limited 2.585% due 20/07/2016 500,000 501,653 0.20 Value Success International Limited Series EMTN
4.125% due 06/09/2019 2,000,000 2,053,020 0.80 Wharf Finance No 1 Limited Series EMTN 4.5%
due 20/07/2021 500,000 526,925 0.21 Total China (including Hong Kong) 13,352,209 5.24 France RCI Banque SA Series EMTN 3% due 16/04/2018 2,500,000 2,457,262 0.96 Total France 2,457,262 0.96 Malaysia Danga Capital Bhd 3.725% due 11/08/2020 1,250,000 1,283,125 0.50 Total Malaysia 1,283,125 0.50 Singapore AACI Real Estate Investment Trust MTN Pte
Limited Series MTN 4.35% due 05/12/2019 2,500,000 2,503,038 0.98 AACI Real Estate Investment Trust MTN Pte
Limited Series MTN 4.9% due 08/08/2016 5,750,000 5,803,475 2.28 ARMF Whitesands Pte Limited 2.635% due
29/04/2020 3,000,000 2,969,865 1.17 ASL Marine Holdings Limited Series MTN 4.75%
due 28/03/2017 1,750,000 1,680,420 0.66 Cambridge MTN Pte Limited Series EMTN 4.1%
due 29/04/2020 3,000,000 3,043,950 1.19
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
71
Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % China Jingye Construction Engineering Singapore
Pte Limited 2.95% due 21/05/2017 2,500,000 2,470,750 0.97 City Developments Limited Series MTN 3.75% due
06/07/2022 2,500,000 2,598,700 1.02 Courts Asia Limited Series MTN 5.75% due
15/03/2019 2,500,000 2,542,613 1.00 Eu Yan Sang International Limited Series MTN
4.1% due 06/06/2018 250,000 250,304 0.10 FCL Treasury Pte Limited Series MTN 3.7% due
05/04/2019 750,000 756,705 0.30 FCT MTN Pte Limited Series MTN 2.535% due
12/12/2017 2,500,000 2,494,325 0.98 First Real Estate Investment Trust Series MTN
4.125% due 22/05/2018 1,500,000 1,501,762 0.59 Hotel Properties Limited Series MTN 3.88% due
08/04/2020 500,000 511,677 0.20 Hotel Properties Limited Series MTN 3.9% due
23/04/2020 250,000 255,207 0.10 Hotel Properties Limited Series MTN 3.93% due
10/06/2017 750,000 761,355 0.30 Hotel Properties Limited Series MTN 3.95% due
13/09/2019 1,000,000 1,023,810 0.40 Lend Lease Retail Investments 3 Pte Limited
Series MTN 3.28% due 03/09/2021 2,000,000 1,986,590 0.78 LMIRT Capital Pte Limited Series EMTN 4.25%
due 04/10/2016 500,000 501,415 0.20 Mapletree Greater China Commercial Treasury Co
HKSAR Limited Series EMTN 3.96% due 09/11/2022 1,000,000 1,036,345 0.41
Overseas Union Enterprise Limited Series MTN 3.8% due 15/04/2020 1,000,000 991,300 0.39
Overseas Union Enterprise Limited Series MTN 4.95% due 01/02/2017 500,000 507,602 0.20
Sabana Sukuk Pte Limited Series MTN 4% due 19/03/2018 2,250,000 2,221,875 0.87
Sabana Treasury Pte Limited Conv 4.5% due 24/09/2017 3,250,000 3,177,298 1.25
Singapore Government Bond 0.5% due 01/04/2018 14,500,000 14,416,625 5.66
Singapore Government Bond 1.375% due 01/10/2017 9,500,000 9,590,725 3.76
Singapore Government Bond 1.625% due 01/10/2019 5,000,000 5,108,400 2.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
72
Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Singapore Government Bond 2% due 01/07/2020 4,000,000 4,141,400 1.63 Singapore Government Bond 2.25% due
01/06/2021 8,300,000 8,635,113 3.39 Singapore Government Bond 2.375% due
01/04/2017 9,660,000 9,818,424 3.85 Singapore Government Bond 2.375% due
01/06/2025 3,696,000 3,866,016 1.52 Singapore Government Bond 2.5% due
01/06/2019 8,300,000 8,698,400 3.41 Singapore Government Bond 2.75% due
01/03/2046 2,600,000 2,732,600 1.07 Singapore Government Bond 2.75% due
01/04/2042 7,200,000 7,682,400 3.02 Singapore Government Bond 2.75% due
01/07/2023 3,200,000 3,417,600 1.34 Singapore Government Bond 2.875% due
01/07/2029 3,000,000 3,259,095 1.28 Singapore Government Bond 2.875% due
01/09/2030 6,300,000 6,805,512 2.67 Singapore Government Bond 3% due 01/09/2024 10,000,000 10,910,000 4.28 Singapore Government Bond 3.125% due
01/09/2022 10,300,000 11,242,450 4.41 Singapore Government Bond 3.25% due
01/09/2020 7,500,000 8,145,000 3.20 Singapore Government Bond 3.375% due
01/09/2033 4,200,000 4,832,100 1.90 Singapore Government Bond 3.5% due
01/03/2027 9,100,000 10,442,250 4.10 Singapore Government Bond 4% due 01/09/2018 33,000,000 35,506,350 13.94 Suntec Real Estate Investment Trust MTN Pte
Limited Series EMTN 2.83% due 12/11/2018 2,000,000 2,015,690 0.79 United Engineers Limited Series MTN 4.2% due
26/01/2017 1,250,000 1,261,831 0.49 Viva iTrust MTN Pte Limited Series MTN 4.15%
due 19/09/2018 4,500,000 4,393,125 1.72 Total Singapore 218,511,487 85.77
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
73
Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % South Korea Kolao Holdings Series EMTN 2% due 21/08/2017 1,500,000 1,502,618 0.59 Nonghyup Bank 2.25% due 16/07/2018 500,000 498,532 0.20 Total South Korea 2,001,150 0.79
United States of America Citigroup Inc Series EMTN 4.05% due 29/06/2016 1,000,000 1,005,440 0.39 Total United States of America 1,005,440 0.39 Total Debt Securities 241,300,900 94.71 MONEY MARKET (QUOTED) Australia Westpac Banking Corporation Series EMTN Var
12/08/2027 1,000,000 1,001,065 0.39 Total Australia 1,001,065 0.39 Great Britain Standard Chartered Public Company Limited
Series EMTN Var 10/04/2023 1,000,000 1,034,515 0.41 Total Great Britain 1,034,515 0.41 Malaysia Malayan Banking Bhd Series EMTN Var
28/04/2021 2,000,000 2,001,770 0.79 Total Malaysia 2,001,770 0.79 Netherlands ABN AMRO Bank NV Var 25/10/2022 2,000,000 2,041,420 0.80 Total Netherlands 2,041,420 0.80
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
74
Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Singapore Ascendas Real Estate Investment Trust Var Perp 1,500,000 1,542,060 0.60 CapitaMalls Asia Treasury Limited STP due
12/01/2022 1,500,000 1,519,523 0.60 DBS Bank Limited Singapore Series MTN Var
21/02/2022 2,000,000 2,017,340 0.79 Eu Yan Sang International Limited STP due
29/11/2016 400,000 396,002 0.16 Total Singapore 5,474,925 2.15 Total Money Market 11,553,695 4.54 Accrued interest on debt securities 1,549,950 0.61 Portfolio of investments 254,404,545 99.86 Other net assets 356,072 0.14 Net assets attributable to unitholders 254,760,617 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
75
Fullerton Singapore Bond Fund
Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 1.45 1.63 China (including Hong Kong) 5.24 7.58 France 0.96 1.47 Great Britain 0.41 0.62 Malaysia 1.29 1.96 Netherlands 0.80 1.22 Russian Federation - 0.87 Singapore 87.92 78.77 South Korea 0.79 0.88 United States of America 0.39 0.61 Accrued interest on debt securities 0.61 0.61 Portfolio of investments 99.86 96.22 Other net assets 0.14 3.78 Net assets attributable to unitholders 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
76
Fullerton Singapore Bond Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Airlines 3,006,405 1.18 1.79 Bank 13,586,902 5.33 8.06 Building/Construction 1,261,831 0.49 0.75 Consumer, Non-Cyclical - - 0.58 Diversified Resource 526,925 0.21 0.31 Engineering and Construction 2,470,750 0.97 - Finance 6,524,792 2.56 3.13 Government 169,250,460 66.43 49.49 Hotel 5,658,351 2.22 6.72 Insurance 2,053,020 0.81 1.20 Pharmaceutical 646,306 0.25 0.38 Real Estate 17,338,314 6.81 10.82 Real Estate Investment Trusts 24,804,888 9.74 10.51 Retail 4,045,231 1.59 0.88 Transport - Ship 1,680,420 0.66 0.99 Accrued interest on debt securities 1,549,950 0.61 0.61 Portfolio of investments 254,404,545 99.86 96.22 Other net assets 356,072 0.14 3.78 Net assets attributable to unitholders 254,760,617 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
77
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series
EMTN 4.625% due 24/07/2017 14,190,000 14,405,404 0.98 Macquarie Bank Limited 4.875% due 10/06/2025 3,800,000 5,146,913 0.35 Total Australia 19,552,317 1.33 Bahrain Bahrain Government International Bond 6% due
19/09/2044 1,000,000 1,069,005 0.07 Bahrain Government International Bond 7% due
26/01/2026 1,000,000 1,336,346 0.09 Total Bahrain 2,405,351 0.16 Brazil BTG Investments LP 4.5% due 17/04/2018 3,500,000 3,817,941 0.26 Total Brazil 3,817,941 0.26 British Virgin Islands Big Will Investments Limited Series EMTN
10.875% due 29/04/2016 4,200,000 5,689,088 0.39 NWD MTN Limited Series EMTN 4.375% due
30/11/2022 4,000,000 5,563,128 0.38 Total British Virgin Islands 11,252,216 0.77 Chile Tanner Servicios Financieros SA 4.375% due
13/03/2018 1,000,000 1,324,819 0.09 Total Chile 1,324,819 0.09 China Agile Property Holdings Limited 8.875% due
28/04/2017 500,000 680,033 0.05 Agile Property Holdings Limited 9.875% due
20/03/2017 5,500,000 7,741,768 0.53 Alibaba Group Holding Limited 3.6% due
28/11/2024 1,000,000 1,364,294 0.09 Bao-trans Enterprises Limited 3.75% due
12/12/2018 472,000 648,275 0.04 Beijing State-Owned Assets Management (Hong
Kong) Company Limited 3% due 26/05/2020 800,000 1,081,099 0.07
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
78
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
Beijing State-Owned Assets Management (Hong
Kong) Company Limited 4.125% due 26/05/2025 1,000,000 1,366,584 0.09
Bestgain Real Estate Lyra Limited Series MTN 3.275% due 06/11/2017 2,500,000 2,478,113 0.17
Bluestar Finance Holdings Limited 4.375% due 11/06/2020 2,000,000 2,739,442 0.19
Bluestar Finance Holdings Limited 3.5% due 11/06/2018 1,500,000 2,032,696 0.14
Bright Food Hong Kong Limited 3% due 21/05/2018 3,000,000 4,053,838 0.28
CCBL Cayman Corporation Limited 3.25% due 28/07/2020 2,000,000 2,739,442 0.19
CDBL Funding 1 3.25% due 02/12/2019 650,000 885,754 0.06 Century Master Investment Co Limited 4.75%
due 19/09/2018 1,000,000 1,415,499 0.10 Charming Light Investments Limited Series
EMTN 3.75% due 03/09/2019 5,400,000 7,480,954 0.51 Charming Light Investments Limited Series
EMTN 5% due 03/09/2024 1,400,000 1,985,384 0.14 China Cinda Finance 2015 I Limited 4.25% due
23/04/2025 6,700,000 8,913,638 0.61 China Hongqiao Group Limited 6.875% due
03/05/2018 2,100,000 2,813,367 0.19 China Hongqiao Group Limited 7.625% due
26/06/2017 3,000,000 4,130,433 0.28 China Merchants Land Limited 4.021% due
11/12/2018 1,500,000 2,103,615 0.14 China Resources Land Limited Series EMTN
4.375% due 27/02/2019 1,000,000 1,411,540 0.10 China SCE Property Holdings Limited 10% due
02/07/2020 3,750,000 5,495,668 0.38 China Shenhua Overseas Capital Company
Limited 3.875% due 20/01/2025 3,750,000 5,112,291 0.35 Chinalco Finance Holdings Limited 3.625% due
11/12/2019 2,400,000 3,344,033 0.23 CIFI Holdings Group Co Limited 7.75% due
05/06/2020 500,000 700,851 0.05 CITIC Limited 6.625% due 15/04/2021 1,000,000 1,580,114 0.11 CITIC Limited 6.8% due 17/01/2023 1,000,000 1,599,364 0.11
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
79
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
CITIC Securities Finance 2013 Company Limited
2.5% due 03/05/2018 850,000 1,150,036 0.08 CITIC Securities Finance MTN Company Limited
3.5% due 30/10/2019 3,200,000 4,380,091 0.30 CNOOC Finance Limited 2015 USA LLC 3.5%
due 05/05/2025 3,650,000 4,857,731 0.33 COSCO Finance Company Limited 4% due
03/12/2022 3,000,000 4,223,025 0.29 COSL Singapore Capital Limited Series EMTN
4.5% due 30/07/2025 3,600,000 4,988,418 0.34 Country Garden Holdings Company Limited
7.5% due 09/03/2020 1,500,000 2,118,956 0.14 Eastern Creation II Investment Holdings Limited
Series EMTN (Reg) 3.25% due 20/01/2020 2,500,000 3,432,214 0.23 Express BVI 2015 Limited 3% due 04/06/2018 4,000,000 5,407,272 0.37 Fantasia Holdings Group Company Limited
10.625% due 23/01/2019 3,150,000 4,423,614 0.30 Far East Horizon Limited 4.25% due 08/10/2019 4,500,000 4,474,418 0.31 Far East Horizon Limited 4.25% due 30/10/2017 14,000,000 14,193,900 0.97 Franshion Brilliant Limited 5.375% due
17/10/2018 1,500,000 2,118,734 0.14 Franshion Brilliant Limited 5.75% due 19/03/2019 1,900,000 2,716,069 0.19 Future Land Development Holdings Limited
6.25% due 12/11/2017 2,700,000 3,659,671 0.25 Greenland Global Investment Limited 4.375%
due 03/07/2019 1,000,000 1,366,624 0.09 Greenland Global Investment Limited 5.875%
due 03/07/2024 600,000 807,108 0.05 Greenland Global Investment Limited Series
EMTN 3.5% due 17/10/2017 1,000,000 1,353,582 0.09 Hero Asia Investment Limited 2.875% due
03/10/2017 2,400,000 3,257,097 0.22 Honghua Group Limited 7.45% due 25/09/2019 500,000 310,028 0.02 Huarong Finance Company Limited 4% due
17/07/2019 1,000,000 1,393,650 0.10
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
80
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Huarong Finance II Co Limited Series EMTN
2.875% due 19/11/2018 2,750,000 3,748,403 0.26 Huarong Finance II Co Limited Series EMTN
3.75% due 19/11/2020 1,800,000 2,495,433 0.17 Huarong Finance II Co Limited Series EMTN 5%
due 19/11/2025 1,000,000 1,402,531 0.10 Huarong Finance II Company Limited Series
EMTN 5.5% due 16/01/2025 3,750,000 5,426,562 0.37 ICBCIL Finance Co Limited 3.2% due
10/11/2020 2,400,000 3,282,095 0.22 Industrial and Commercial Bank of China Limited
4.875% due 21/09/2025 5,000,000 6,931,321 0.47 MCC Holding (Hong Kong) Corporation Limited
4.875% due 29/07/2016 1,770,000 2,403,348 0.16 MIE Holdings Corporation 7.5% due 25/04/2019 4,200,000 2,618,344 0.18 MIE Holdings Corporation Series EMTN 6.875%
due 06/02/2018 2,000,000 1,333,780 0.09 Oceanwide Real Estate International Holding
Company Limited 11.75% due 08/09/2019 1,200,000 1,798,866 0.12 Poly Real Estate Finance Limited 4.5% due
06/08/2018 1,700,000 2,371,117 0.16 Poly Real Estate Finance Limited 5.25% due
25/04/2019 3,800,000 5,416,532 0.37 Proven Honour Capital Limited 4.125% due
19/05/2025 1,000,000 1,373,418 0.09 Semiconductor Manufacturing International
Corporation 4.125% due 07/10/2019 4,490,000 6,198,357 0.42 Shui On Development Holding Limited 8.7% due
24/09/2017 2,100,000 3,000,600 0.20 Shui On Development Holding Limited 9.625%
due 10/06/2019 3,900,000 5,704,676 0.39 Sino-Ocean Land Treasure Finance I Limited
4.625% due 30/07/2019 3,341,000 4,637,267 0.32 Sino-Ocean Land Treasure Finance I Limited
Series EMTN 6% due 30/07/2024 2,000,000 2,787,018 0.19
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
81
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Sino-Ocean Land Treasure Finance II Limited
Series 4.45% due 04/02/2020 3,000,000 4,121,485 0.28 Sino-Ocean Land Treasure Finance II Limited
Series 5.95% due 04/02/2027 1,200,000 1,628,241 0.11 Skyland Mining BVI Limited 3.5% due
17/07/2017 6,000,000 8,103,152 0.55 Sunac China Holdings Limited 8.75% due
05/12/2019 2,000,000 2,888,255 0.20 Sunac China Holdings Limited 9.375% due
05/04/2018 3,700,000 5,238,915 0.36 Times Property Holdings Limited 11.45% due
05/03/2020 2,500,000 3,752,755 0.26 Yanlord Land Group Limited 10.625% due
29/03/2018 1,000,000 1,389,705 0.09 Yanlord Land Group Limited 6.2% due
08/05/2017 5,250,000 5,351,351 0.37 Yingde Gases Investment Limited 7.25% due
28/02/2020 1,200,000 1,098,123 0.07 Yingde Gases Investment Limited 8.125% due
22/04/2018 4,100,000 4,088,235 0.28 Yuexiu Property Company Limited 3.25% due
24/01/2018 4,000,000 5,364,127 0.37 Yuexiu Property Company Limited 4.5% due
24/01/2023 4,000,000 5,070,245 0.35 Yunnan Investment Group Co Limited 3.375%
due 01/04/2019 1,000,000 1,359,985 0.09 Yuzhou Properties Company Limited 8.625%
due 24/01/2019 2,000,000 2,856,704 0.20 Yuzhou Properties Company Limited 8.75% due
04/10/2018 2,000,000 2,858,293 0.20 Total China 264,629,566 18.07
France RCI Banque SA Series EMTN 3% due
16/04/2018 4,750,000 4,668,799 0.32 Total France 4,668,799 0.32
Great Britain HSBC Holdings PLC 4.3% due 08/03/2026 700,000 969,824 0.07 Standard Chartered Public Company Limited
3.2% due 17/04/2025 2,600,000 3,380,842 0.23 Total Great Britain 4,350,666 0.30
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
82
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Hong Kong Ageas Capital Asia Limited 4.125% due
25/04/2023 3,500,000 4,721,065 0.32 Cathay Pacific MTN Financing Limited Series
EMTN 3.25% due 20/01/2017 5,000,000 5,010,675 0.34 Central China Real Estate Limited 10.75% due
18/04/2016 8,200,000 8,224,354 0.56 Central China Real Estate Limited 6.5% due
26/05/2017 6,250,000 6,347,062 0.43 Central China Real Estate Limited 8% due
28/01/2020 1,600,000 2,168,177 0.15 Central China Real Estate Limited 8.75% due
23/01/2021 2,000,000 2,715,877 0.19 Champion MTN Limited Series EMTN 3.75% due
17/01/2023 4,800,000 6,498,519 0.44 Cheung Kong Bond Securities Limited 5.125%
Perp 16,826,000 16,791,254 1.15 China Cinda Finance Limited 4% due 14/05/2019 943,000 1,322,441 0.09 China CITIC Bank International Limited 6% due
07/05/2024 1,000,000 1,415,297 0.10 China Oil & Gas Group Limited 5% due
07/05/2020 750,000 958,114 0.07 CIFI Holdings Group Company Limited 12.25%
due 15/04/2018 2,500,000 3,583,286 0.24 Double Rosy Limited 3.625% due 18/11/2019 4,350,000 5,971,115 0.41 Dynamic Talent Limited 4.75% due 01/08/2017 6,800,000 9,372,204 0.64 Hainan Airlines Hong Kong Company Limited
3.625% due 07/02/2020 4,000,000 5,537,704 0.38 Haitong International Finance 2014 Limited
3.99% due 11/09/2019 4,200,000 5,790,100 0.40 Haitong International Finance 2015 Limited 4.2%
due 29/07/2020 2,000,000 2,774,265 0.19 Haitong International Finance Holdings Limited
3.95% due 29/10/2018 4,000,000 5,591,299 0.38 HLP Finance Limited Series EMTN 4.45% due
16/04/2021 4,000,000 5,680,821 0.39 King Power Capital Limited 5.625% due
03/11/2024 2,000,000 2,911,295 0.20 KWG Property Holding Limited 8.25% due
05/08/2019 1,500,000 2,159,081 0.15 KWG Property Holdings Limited 13.25% due
22/03/2017 3,000,000 4,379,567 0.30 L S Finance 2025 Limited 4.5% due 26/06/2025 2,000,000 2,643,632 0.18
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
83
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
LS Finance 2017 Limited 5.25% due 26/01/2017 2,000,000 2,756,665 0.19 Newford Capital Limited Conv 0% due
12/05/2016 1,900,000 2,850,828 0.19 Noble Group Limited 3.625% due 20/03/2018 2,500,000 2,562,075 0.16 Noble Group Limited 6.75% due 29/01/2020 6,000,000 5,502,692 0.38 Shimao Property Holdings Limited 8.375% due
10/02/2022 800,000 1,180,726 0.08 Sino Land Company Limited 3.25% due
21/09/2017 5,600,000 7,667,346 0.52 Sun Hung Kai Properties Capital Market Limited
Series MTN 3.25% due 20/05/2021 4,000,000 4,053,560 0.28 Tan Chong International Limited Series EMTN
2.8% due 09/01/2017 9,250,000 9,231,454 0.63 Value Success International Limited Series
EMTN 4.125% due 06/09/2019 18,750,000 19,247,063 1.31 Wanda Properties International Co Limited
7.25% due 29/01/2024 1,000,000 1,402,241 0.10 Wanda Properties Overseas Limited 4.875% due
21/11/2018 700,000 969,018 0.07 Wharf Finance No 1 Limited Series EMTN 4.5%
due 20/07/2021 8,750,000 9,221,188 0.63 Wheelock Finance Limited 3% due 19/03/2018 1,300,000 1,774,327 0.12 Wheelock Finance Limited Series EMTN 4.5%
due 02/09/2021 15,250,000 15,785,351 1.08 Wing Lung Bank Limited Series EMTN 3.5% due
07/11/2022 4,500,000 6,053,640 0.41 Yuexiu Real Estate Investment Trust MTN
Company Series EMTN 3.1% due 14/05/2018 6,000,000 8,088,730 0.55 Total Hong Kong 210,914,108 14.40
India ABJA Investment Co Pte Limited 5.95% due
31/07/2024 2,000,000 2,508,406 0.17 Ascendas India Trust Series EMTN 3.8% due
27/08/2019 4,000,000 4,042,620 0.28 Ascendas Property Fund Trustee Pte Limited
Series EMTN 3.8% due 01/10/2018 6,500,000 6,575,693 0.45 Bharti Airtel Limited 4.375% due 10/06/2025 2,000,000 2,734,675 0.19 ICICI Bank UK PLC Series EMTN 7% due
23/11/2020 1,000,000 1,524,567 0.10 Indian Oil Corporation Limited 4.1% due
15/10/2022 13,000,000 12,849,135 0.88
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
84
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at
31 March
2016 31 March 2016 31 March 2016 S$ % JSW Steel Limited 4.75% due 12/11/2019 3,200,000 3,703,085 0.25 Pacific Emerald Pte Limited 9.75% due
25/07/2018 3,500,000 4,738,669 0.32 Reliance Industries Limited 4.125% due
28/01/2025 1,000,000 1,383,887 0.09 Reliance Industries Limited 4.875% due
10/02/2045 1,200,000 1,538,865 0.10 Vedanta Resources PLC 5.5% due 13/07/2016 1,000,000 1,325,472 0.09 Vedanta Resources PLC 6.75% due 07/06/2016 1,500,000 1,999,792 0.14 Vedanta Resources PLC 8.25% due 07/06/2021 4,500,000 3,610,975 0.25 Vedanta Resources PLC 9.5% due 18/07/2018 500,000 553,607 0.04 Total India 49,089,448 3.35 Indonesia Alam Synergy Pte Limited 6.95% due 27/03/2020 2,000,000 2,400,799 0.16 Alam Synergy Pte Limited 9% due 29/01/2019 500,000 661,376 0.05 Astra Sedaya Finance PT Series EMTN 2.875%
due 01/04/2018 1,000,000 1,344,459 0.09 Golden Legacy Pte Limited 9% due 24/04/2019 3,000,000 4,037,639 0.28 Indo Energy Finance II BV 6.375% due 24/01/2023 3,470,000 2,234,907 0.15 Lembaga Pembiayaan Ekspor Indonesia Series
EMTN 4.135% due 03/11/2020 3,500,000 3,655,662 0.25 Marquee Land Pte Limited 9.75% due 05/08/2019 2,500,000 3,359,144 0.23 Pakuwon Prima Pte Limited 7.125% due
02/07/2019 1,900,000 2,620,380 0.18 Perusahaan Penerbit SBSN 4.55% due 29/03/2026 1,200,000 1,619,160 0.11 Pratama Agung Pte Limited 6.25% due 24/02/2020 1,000,000 1,345,098 0.09 Total Indonesia 23,278,624 1.59 Japan Mitsubishi UFJ Financial Group Inc 3.85% due
01/03/2026 1,000,000 1,398,707 0.09 Mizuho Bank Limited Series EMTN 2.77% due
15/03/2019 3,000,000 3,021,750 0.21 Total Japan 4,420,457 0.30
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
85
Fullerton SGD Income Fund
Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
Malaysia 1MDB Energy Limited 5.99% due 11/05/2022 6,000,000 8,522,201 0.58 1MDB Global Investments Limited 4.4% due
09/03/2023 1,000,000 1,260,882 0.09 Axiata SPV2 Bhd 4.357% due 24/03/2026 1,800,000 2,504,304 0.17 IOI Investment L Bhd Series EMTN 4.375% due
27/06/2022 2,300,000 3,133,309 0.21 Nam Cheong Limited Series MTN 5.05% due
26/08/2019 6,750,000 5,446,406 0.37 Nam Cheong Limited Series MTN 6.5% due
23/07/2018 2,250,000 1,866,611 0.13 SSG Resources Limited 4.25% due 04/10/2022 500,000 694,149 0.05 Total Malaysia 23,427,862 1.60 New Zealand BNZ International Funding Limited 2.75% due
02/03/2021 1,500,000 2,041,008 0.14 Total New Zealand 2,041,008 0.14
Singapore AACI Real Estate Investment Trust MTN Pte
Limited Series MTN 3.8% due 21/05/2019 2,500,000 2,525,037 0.17 AACI Real Estate Investment Trust MTN Pte
Limited Series MTN 4.35% due 05/12/2019 3,000,000 3,003,645 0.21 AACI Real Estate Investment Trust MTN Pte
Limited Series MTN 4.9% due 08/08/2016 1,250,000 1,261,625 0.09 Ascott REIT MTN Pte Limited Series MTN 4.205%
due 23/11/2022 4,000,000 4,133,120 0.28 ASL Marine Holdings Limited Series MTN 4.75%
due 28/03/2017 10,000,000 9,602,400 0.66 Aspial Corporation Limited Series EMTN 4.5%
due 23/01/2017 4,000,000 3,983,000 0.27 Aspial Corporation Limited Series EMTN 5% due
22/07/2016 6,500,000 6,508,320 0.44 Aspial Corporation Limited Series EMTN 5.5%
due 27/11/2018 750,000 750,240 0.05 Banyan Tree Holdings Limited Series MTN 4.85%
due 05/06/2020 1,000,000 921,880 0.06 Banyan Tree Holdings Limited Series MTN
4.875% due 03/06/2019 8,500,000 8,173,132 0.56 Banyan Tree Holdings Limited Series MTN 5.35%
due 26/11/2018 3,750,000 3,701,006 0.25
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
86
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Banyan Tree Holdings Limited Series MTN 5.75%
due 31/07/2018 6,000,000 5,954,970 0.41 Biosensors Investment Singapore Pte Limited
Series MTN 4.875% due 23/01/2017 10,000,000 10,100,000 0.69 BreadTalk Group Limited Series EMTN 4.6% due
01/04/2019 1,000,000 1,012,190 0.07 Cambridge MTN Pte Limited Series EMTN 4.1%
due 29/04/2020 3,000,000 3,043,950 0.21 Cambridge MTN Pte Limited Series MTN 3.5%
due 05/11/2018 7,500,000 7,554,600 0.52 Cambridge MTN Pte Limited Series MTN 3.95%
due 21/05/2020 8,250,000 8,319,011 0.57 CapitaLand Limited Series CAPL 2.95% due
20/06/2022 8,750,000 8,765,706 0.60 CapitaLand Limited Series Convertible 2.8% due
08/06/2025 3,000,000 2,856,705 0.19 CapitaLand Treasury Limited Series EMTN 3.8%
due 28/08/2024 3,000,000 3,095,895 0.21 China Jingye Construction Engineering Singapore
Pte Limited 2.95% due 21/05/2017 16,250,000 16,059,875 1.10 City Developments Limited Series MTN 3.78%
due 21/10/2024 2,000,000 2,054,790 0.14 Courts Asia Limited Series MTN 4.75% due
02/05/2016 10,500,000 10,503,255 0.72 Courts Asia Limited Series MTN 5.75% due
15/03/2019 3,500,000 3,559,657 0.24 Croesus Retail Trust Series EMTN 4.6% due
23/01/2017 10,000,000 10,070,900 0.69 CWT Limited Series MTN 3.9% due 18/04/2019 10,000,000 9,925,450 0.68 CWT Limited Series MTN 4% due 13/03/2017 3,000,000 3,005,925 0.21 DCS Asset Funding Pte Limited Class A1 4.35%
due 07/09/2018 10,000,000 10,000,000 0.68 Dyna Mac Holdings Limited Series MTN 4.25%
due 01/08/2017 2,250,000 2,100,150 0.14 Eu Yan Sang International Limited Series MTN
4.1% due 06/06/2018 7,500,000 7,509,112 0.51 Ezion Holdings Limited Series MTN 3.65% due
05/08/2020 10,500,000 10,361,085 0.71 FCL Treasury Pte Limited Series MTN 3.7% due
05/04/2019 2,250,000 2,270,115 0.15 FCT MTN Pte Limited Series MTN 3% due
21/01/2020 2,250,000 2,225,509 0.15 First Real Estate Investment Trust Series MTN
4.125% due 22/05/2018 10,000,000 10,011,750 0.68
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
87
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % GLL IHT Pte Limited Series MTN 4.35% due
12/09/2017 4,250,000 4,333,725 0.30 Hong Fok Corporation Limited Series MTN 4.75%
due 22/03/2019 2,750,000 2,754,221 0.19 Hong Fok Corporation Limited Series MTN 4.75%
due 24/01/2018 10,000,000 10,085,000 0.69 Hotel Properties Limited Series MTN 3.5% due
15/01/2018 4,500,000 4,542,277 0.31 Hotel Properties Limited Series MTN 3.6% due
30/05/2016 500,000 501,510 0.03 Hotel Properties Limited Series MTN 3.88% due
08/04/2020 5,000,000 5,116,775 0.35 Hotel Properties Limited Series MTN 3.9% due
23/04/2020 2,500,000 2,552,075 0.17 Hotel Properties Limited Series MTN 3.93% due
10/06/2017 2,500,000 2,537,850 0.17 Hotel Properties Limited Series MTN 3.95% due
13/09/2019 5,000,000 5,119,050 0.35 Hotel Properties Limited Series MTN 4.1% due
20/07/2018 2,000,000 2,056,600 0.14 Hyflux Limited Series MTN 3.5% due 21/07/2016 4,000,000 4,002,240 0.27 Hyflux Limited Series MTN 4.2% due 29/08/2019 5,750,000 5,725,103 0.39 Hyflux Limited Series MTN 4.25% due 09/07/2018 5,750,000 5,772,828 0.39 Keppel Corporation Limited Series MTN 3.1% due
12/10/2020 1,000,000 994,905 0.07 Krisenergy Limited Series EMTN 6.25% due
09/06/2017 5,000,000 4,562,500 0.31 LMIRT Capital Pte Limited Series EMTN 4.1%
due 22/06/2020 3,000,000 2,889,600 0.20 LMIRT Capital Pte Limited Series EMTN 4.25%
due 04/10/2016 7,250,000 7,270,518 0.50 LMIRT Capital Pte Limited Series EMTN 4.48%
due 28/11/2017 2,500,000 2,480,688 0.17 LMIRT Capital Pte Limited Series EMTN 4.5%
due 23/11/2018 7,000,000 6,865,635 0.47 LMIRT Capital Pte Limited Series EMTN 5.875%
due 06/07/2017 750,000 757,549 0.05 Mapletree Greater China Commercial Treasury
Co HKSAR Limited Series EMTN 3.96% due 09/11/2022 2,500,000 2,590,863 0.18
Oversea-Chinese Banking Corporation Limited 3.15% due 11/03/2023 2,000,000 2,741,907 0.19
Oversea-Chinese Banking Corporation Limited 4.25% due 19/06/2024 1,000,000 1,415,458 0.10
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
88
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Overseas Union Enterprise Limited Series MTN
3.8% due 15/04/2020 3,000,000 2,973,900 0.20 Overseas Union Enterprise Limited Series MTN
4.25% due 30/10/2019 10,250,000 10,395,550 0.71 Overseas Union Enterprise Limited Series MTN
4.95% due 01/02/2017 1,500,000 1,522,808 0.10 Oxley Holdings Limited Series MTN 5.1% due
16/05/2017 10,000,000 9,998,600 0.68 Pacific International Lines Pte Limited Series
EMTN 7.25% due 16/11/2018 3,000,000 2,835,000 0.19 Sabana Sukuk Pte Limited Series MTN 4% due
19/03/2018 9,000,000 8,887,500 0.61 Sabana Sukuk Pte Limited Series MTN 4.25%
due 03/04/2019 8,750,000 8,588,169 0.59 Sabana Treasury Pte Limited Conv 4.5% due
24/09/2017 8,000,000 7,821,040 0.53 Soilbuild Business Space Real Estate Investment
Trust 3.45% due 21/05/2018 7,000,000 7,060,655 0.48 Soilbuild Bussiness Space Series EMTN 3.6%
due 08/04/2021 2,000,000 2,000,000 0.14 STATS ChipPAC Limited 8.5% due 24/11/2020 2,000,000 2,628,482 0.18 Suntec REIT MTN Pte Limited Series EMTN
2.83% due 12/11/2018 3,000,000 3,023,535 0.21 United Engineers Limited Series MTN 4.2% due
26/01/2017 14,000,000 14,132,510 0.96 Viva iTrust MTN Pte Limited Series MTN 4.15%
due 19/09/2018 9,000,000 8,786,250 0.60 Wharf MTN Singapore Pte Limited Series MTN
4.3% due 28/10/2018 250,000 260,330 0.02 Wing Tai Holdings Limited Series MTN 4% due
07/10/2021 8,000,000 8,050,920 0.55 Wing Tai Holdings Limited Series MTN 4.25%
due 15/03/2023 2,750,000 2,769,319 0.19 Wing Tai Holdings Limited Series MTN 4.5% due
26/09/2022 9,250,000 9,507,196 0.65 Wing Tai Holdings Limited Series MTN 4.7% due
28/02/2024 500,000 512,920 0.03 Total Singapore 394,347,566 26.92 South Korea Shinhan Bank 3.875% due 24/03/2026 1,000,000 1,358,726 0.09 Total South Korea 1,358,726 0.09
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
89
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Sri Lanka Sri Lanka Government International Bond 6.85%
due 03/11/2025 3,000,000 3,869,441 0.26 SriLankan Airlines Limited 5.3% due 27/06/2019 200,000 255,395 0.02 Total Sri Lanka 4,124,836 0.28 Switzerland Credit Suisse AG 6.5% due 08/08/2023 1,000,000 1,453,850 0.11 UBS AG 5.125% due 15/05/2024 5,500,000 7,540,909 0.51 Total Switzerland 8,994,759 0.62 Taiwan Anstock II Limited 2.125% due 24/07/2017 200,000 268,593 0.02 Total Taiwan 268,593 0.02
United Arab Emirates Emirates Airline 4.64% due 21/06/2016 12,750,000 12,835,425 0.88 Total United Arab Emirates 12,835,425 0.88
United States of America Ford Motor Credit Co LLC 3.7% due 11/03/2019 4,000,000 4,051,020 0.28 Total United States of America 4,051,020 0.28
Total Debt Securities 1,051,154,107 71.77
MONEY MARKET (QUOTED) Australia AusNet Services Holdings Pty Limited Var
17/03/2076 1,500,000 2,110,503 0.14 Australia & New Zealand Banking Group Limited
series DIP FRN due 17/05/2026 6,000,000 6,178,065 0.42 BHP Billiton Finance Limited Var 22/10/2077 500,000 971,779 0.07 BHP Billiton Finance USA Limited Var 19/10/2075
(USQ12441AA19) 2,000,000 2,725,061 0.19 BHP Billiton Finance USA Limited Var 19/10/2075
(USQ12441AB91) 3,200,000 4,322,241 0.30 Genworth Financial Mortgage Insurance Pty
Limited FRN 03/07/2025 3,000,000 2,980,079 0.20 QBE Insurance Group Limited Var 02/12/2044 8,000,000 11,301,583 0.77 Westpac Banking Corporation Series EMTN Var
12/08/2027 3,000,000 3,003,195 0.21 Total Australia 33,592,506 2.30
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
90
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % China CCCI Treasure Limited Var Perp 1,000,000 1,348,452 0.09 Chalco Hong Kong Investment Company Var
Perp (XS0984058957) 4,000,000 5,632,208 0.38 Chalco Hong Kong Investment Company Var
Perp (XS1022157611) 4,000,000 5,464,530 0.37 China Construction Bank Asia Corporation
Limited Series EMTN Var 20/08/2024 7,000,000 9,623,207 0.66 China Construction Bank Corporation Var
13/05/2025 3,000,000 4,068,826 0.28 China Life Insurance Company Limited Var
03/07/2075 5,000,000 6,686,172 0.46 China Taiping Insurance Holdings Company
Limited Var Perp 1,000,000 1,390,836 0.09 CRCC Yupeng Limited Var Perp 28/02/2049 2,800,000 3,863,290 0.26 Dianjian Haixing Limited FRN Perp 1,800,000 2,486,501 0.17 ICBCIL Finance Co Limited FRN 13/11/2018 2,000,000 2,709,844 0.19 Industrial & Commercial Bank of China Macau
Limited Var 10/09/2024 2,000,000 2,722,637 0.19 Sinochem Corporation Var Perp 2,580,000 3,554,205 0.24 Total China 49,550,708 3.38 France BNP Paribas Series Var Perp 1,000,000 1,353,535 0.09 BPCE SA Var 17/12/2025 6,750,000 6,687,731 0.46 CNP Assurances Var Perp (FR0011345552) 600,000 882,163 0.06 CNP Assurances Var Perp (FR0011538461) 3,800,000 5,487,813 0.37 CNP Assurances Var Perp (FR0012317758) 1,000,000 1,448,631 0.10 Societe Generale SA Var Perp 2,400,000 3,029,058 0.21 Total France 18,888,931 1.29 Germany RWE Var 12/10/2072 2,000,000 2,664,033 0.18 RWE Var 30/07/2075 3,000,000 3,530,704 0.24 Total Germany 6,194,737 0.42 Great Britain HSBC Holdings PLC Var Perp (US404280AR04) 4,800,000 6,210,724 0.42 HSBC Holdings PLC Var Perp (US404280AS86) 2,400,000 3,013,885 0.21 HSBC Holdings PLC Var Perp (US404280AT69) 2,000,000 2,560,546 0.18 HSBC Holdings PLC Var Perp (XS1298431104) 2,000,000 2,916,750 0.20 Nationwide Building Society Series EMTN Var
Perp 1,000,000 1,819,263 0.12
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
91
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Standard Chartered Bank Hong Kong Limited
Series EMTN Var 27/10/2021 2,750,000 2,764,107 0.19 Standard Chartered Public Company Limited
Series EMTN Var 10/04/2023 5,000,000 5,172,575 0.35 Standard Chartered Public Company Limited
Series EMTN Var 12/07/2022 1,000,000 1,354,404 0.09 Standard Chartered Public Company Limited Var
23/01/2026 4,500,000 4,537,395 0.31 Total Great Britain 30,349,649 2.07
Hong Kong Bank of East Asia Limited Series EMTN Var
13/09/2022 4,250,000 4,293,499 0.29 Dah Sing Bank Limited Series EMTN Var
29/01/2024 2,000,000 2,804,146 0.19 Industrial & Commercial Bank of China Asia
Limited Series EMTN Var 10/10/2023 1,698,000 2,347,669 0.16 Sun Hung Kai Properties Capital Market Limited
3.375% due 25/02/2024 500,000 686,843 0.05 Total Hong Kong 10,132,157 0.69
Italy UniCredit SpA Series EMTN Var 30/07/2023 3,200,000 2,945,600 0.20 Total Italy 2,945,600 0.20
Japan Dai-ichi Life Insurance Company Limited Var Perp 2,000,000 2,911,982 0.20 Fukoku Mutual Life Insurance Company Var Perp 1,600,000 2,213,530 0.15 Meiji Yasuda Life Insurance Co Var 20/10/2045 5,000,000 7,267,095 0.50 Nippon Life Insurance Company Var 16/10/2044 7,000,000 10,161,539 0.69 Total Japan 22,554,146 1.54
Malaysia Malayan Banking Bhd Series EMTN Var
20/09/2022 2,500,000 3,403,750 0.23 Total Malaysia 3,403,750 0.23
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
92
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Netherlands ABN AMRO Bank NV Series EMTN Var
01/04/2026 10,500,000 10,625,475 0.72 ABN AMRO Bank NV Var 13/09/2022 500,000 706,100 0.05 ABN AMRO Bank NV Var 25/10/2022 12,750,000 13,014,053 0.89 Ing Groep N.V. Var Perp 2,500,000 3,106,589 0.21 Rabobank Nederland Series EMTN Var Perp
(XS0703303262) 1,000,000 1,423,767 0.10 Rabobank Nederland Series EMTN Var Perp
(XS1171914515) 500,000 742,008 0.05 Trafigura Group Pte Limited Var Perp 9,750,000 7,927,969 0.54 Total Netherlands 37,545,961 2.56 Norway DNB Bank ASA Var Perp 5,400,000 6,912,276 0.47 Total Norway 6,912,276 0.47 Philippines Royal Capital BV Var Perp 2,450,000 3,370,465 0.23 Total Philippines 3,370,465 0.23
Singapore Ascendas Real Estate Investment Trust Var Perp 6,500,000 6,682,260 0.46 Ascott Residence Trust Var Perp
(SG6TG1000001) 4,000,000 4,066,700 0.28 Ascott Residence Trust Var Perp
(SG6YC3000008) 4,000,000 4,024,900 0.27 DBS Capital Funding II Corporation Var Perp
29/05/2049 7,250,000 7,669,666 0.52 Eu Yan Sang International Limited STP due
29/11/2016 2,400,000 2,376,012 0.16 Ezion Holdings Limited Series MTN Var Perp
(SG6UH9000009) 11,000,000 10,883,125 0.74 FCL Treasury Pte Limited Series MTN Var Perp 4,750,000 4,760,759 0.32 Genting Singapore Public Company Limited STP
Perp 4,000,000 3,931,320 0.27 Global Logistic Properties Limited Series EMTN
Var Perp 7,250,000 7,391,846 0.50 Hotel Properties Limited Series MTN Var
12/09/2023 10,000,000 9,897,050 0.68 Hotel Properties Limited Var Perp 5,250,000 5,379,097 0.37 Hyflux Limited Var Perp 4,000,000 3,976,280 0.27 Interplex Holdings Limited Series MTN STP
20/03/2019 6,000,000 6,120,000 0.42 Keppel REIT MTN Pte Limited Ser MTN Var Perp 4,000,000 4,074,300 0.28
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
93
Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %
Sembcorp Industries Limited Ser MTN Var Perp 4,500,000 4,454,302 0.30 United Overseas Bank Ltd EMTN Var 01/04/2021 1,000,000 1,000,615 0.07 United Overseas Bank Ltd Series EMTN Var
16/09/2026 2,800,000 3,789,672 0.26 United Overseas Bank Ltd Series EMTN Var Perp 500,000 516,543 0.04 United Overseas Bank Limited Var 16/09/2026 1,500,000 2,030,353 0.14 United Overseas Bank Limited Var Perp 4,000,000 4,099,740 0.28 Total Singapore 97,124,540 6.63
Sweden Swedbank AB Var Perp 5,000,000 6,631,635 0.45 Total Sweden 6,631,635 0.45
Switzerland Aquarius & Investments Plc for Swiss
Reinsurance Co Limited Var 01/09/2024 5,000,000 7,047,061 0.48 Cloverie PLC for Zurich Insurance Co Limited
5.625% due 24/06/2046 4,000,000 5,549,662 0.38 Demeter Investments BV for Swiss Re Limited
Var 15/08/2050 1,000,000 1,351,145 0.09 Julius Baer Group Limited Var Perp 13,500,000 13,493,453 0.92 UBS AG Series EMTN Var 22/05/2023 2,000,000 2,736,897 0.19 UBS Group AG Var Perp 4,200,000 5,465,433 0.37 Willow No 2 Ireland PLC for Zurich Insurance Co
Limited Var 01/10/2045 4,900,000 6,251,663 0.43 Total Switzerland 41,895,314 2.86 Thailand PTT Exploration and Production PCL Var Perp 1,400,000 1,845,226 0.13 Total Thailand 1,845,226 0.13 United Arab Emirates Emirates NBD Tier 1 Limited Var Perp 1,000,000 1,357,622 0.09 Total United Arab Emirates 1,357,622 0.09 Total Money Market 374,295,223 25.54 Accrued interest on debt securities 19,882,155 1.36 Portfolio of investments 1,445,331,485 98.67 Other net assets 19,418,816 1.33 Net assets attributable to unitholders 1,464,750,301 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
94
Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 3.63 2.09 Bahrain 0.16 0.10 Brazil 0.26 0.20 British Virgin Islands 0.77 0.58 Chile 0.09 - China 21.45 20.39 France 1.61 1.16 Germany 0.42 - Great Britain 2.37 2.09 Hong Kong 15.09 20.64 India 3.35 4.23 Indonesia 1.59 1.17 Italy 0.20 0.24 Japan 1.84 0.82 Malaysia 1.83 2.99 Netherlands 2.56 2.49 New Zealand 0.14 - Norway 0.47 0.37 Philippines 0.23 0.28 Russian Federation - 1.19 Singapore 33.55 37.02 South Korea 0.09 - Sri Lanka 0.28 0.02 Sweden 0.45 0.11 Switzerland 3.48 0.96 Taiwan 0.02 0.05 Thailand 0.13 0.31 United Arab Emirates 0.97 1.18 United States of America 0.28 - Accrued interest on debt securities 1.36 1.29 Portfolio of investments 98.67 101.97 Other net assets/(liabilities) 1.33 (1.97) Net assets attributable to unitholders 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
95
Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Agriculture 3,133,309 0.21 - Airlines 10,803,774 0.74 0.86 Bank 202,691,499 13.84 13.07 Building/Construction 17,194,685 1.17 1.72 Chemical 13,512,701 0.92 0.87 Commercial Services 24,347,803 1.66 1.63 Communications 4,108,093 0.28 0.58 Consumer - - 0.05 Consumer, Non-cyclical 12,931,375 0.88 0.77 Diversified Resource 19,640,845 1.33 1.70 Energy 8,305,312 0.57 0.96 Engineering and Construction 21,239,926 1.45 0.20 Environmental Control 19,476,451 1.33 1.83 Finance 227,291,786 15.52 16.12 Food 5,066,028 0.35 0.32 Government 21,332,697 1.46 0.72 Hotel 74,357,740 5.08 5.99 Industrial 10,293,318 0.70 0.31 Insurance 90,529,106 6.18 3.44 Internet 1,364,294 0.09 - Investment 3,257,097 0.22 1.98 Iron and Steel 3,156,681 0.22 - Leisure 2,911,295 0.20 0.23 Machinery 2,100,150 0.14 0.67 Materials 6,943,800 0.47 0.49 Media 10,100,000 0.69 0.79 Metals 16,940,312 1.16 1.12 Mining 16,122,233 1.10 0.35 Miscellaneous 14,483,355 0.99 1.33 Oil and Gas 43,905,855 3.00 2.79 Pharmaceutical 9,885,124 0.67 0.78 Real Estate 264,097,258 18.03 24.10 Real Estate Investment Trusts 129,161,419 8.82 6.61 Retail 35,443,438 2.42 2.07 Semiconductor 8,826,839 0.60 0.49 Services 12,835,425 0.88 1.18 Ship Building 11,767,319 0.80 1.33 Shipping 9,602,400 0.66 0.76 Telecom Services - - 0.48 Telecommunication 2,504,304 0.17 - Textiles 4,037,639 0.28 0.49 Transport 12,209,951 0.83 0.77
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
96
Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary (continued) Utilities 8,305,240 0.57 - Wholesale 9,231,454 0.63 0.73 Accrued interest on debt securities 19,882,155 1.36 1.29 Portfolio of investments 1,445,331,485 98.67 101.97 Other net assets/(liabilities) 19,418,816 1.33 (1.97) Net assets attributable to unitholders 1,464,750,301 100.00 100.00 .
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
97
Fullerton Dynamic Strategies Fund – Aggressive
Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary UNIT TRUST Ireland Dimensional Funds II Public Company Limited -
Global Core Equity Fund 114,666 2,299,154 5.28 Dimensional Funds PLC - Emerging Markets
Value Fund 169,467 3,461,859 7.95 Egerton Capital Equity Fund Class A$HD 5,911 1,520,367 3.49 iShares Emerging Markets Local Government
Bond UCITS ETF 25,231 2,196,213 5.05 iShares Global Government Bond UCITS ETF 33,016 4,859,184 11.16 J O Hambro Capital Management Umbrella Fund
PLC-Global Select Fund USD Class A 1,051,491 1,771,338 4.07 SPDR MSCI ACWI UCITS ETF 16,318 2,106,081 4.84 Vanguard Investment Series Public Company
Limited - Global Enhanced Equity Fund 13,883 2,582,489 5.93 Winton UCITS Funds Public Company Limited -
Winton Global Equity Fund 19,773 4,058,090 9.32 Total Ireland 24,854,775 57.09 Japan NEXT FUNDS Nikkei 225 Leveraged Index ETF 14,973 2,061,201 4.74 Total Japan 2,061,201 4.74
Luxembourg db x-trackers MSCI Emerging Markets Index
UCITS ETF 101,924 4,644,569 10.67 db x-trackers S&P 500 2x Leveraged Daily
UCITS ETF 14,494 754,844 1.74 SSgA Global Treasury Bond Index Fund 133,993 2,015,888 4.63 Total Luxembourg 7,415,301 17.04 Total Unit Trust 34,331,277 78.87 Portfolio of investments 34,331,277 78.87 Other net assets 9,196,767 21.13 Net assets attributable to unitholders 43,528,044 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
98
Fullerton Dynamic Strategies Fund – Aggressive
Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Hong Kong - 5.55 Ireland 57.09 56.82 Japan 4.74 5.73 Luxembourg 17.04 10.92 Portfolio of investments 78.87 79.02 Other net assets 21.13 20.98 Net assets attributable to unitholders 100.00 100.00
As the Sub-Fund invests only in unit trusts, no secondary representation is presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
99
Fullerton Dynamic Strategies Fund – Balanced
Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary UNIT TRUST
Ireland Dimensional Funds II Public Company Limited -
Global Core Equity Fund 18,498 370,911 2.27 Dimensional Funds PLC - Emerging Markets
Value Fund 31,917 651,998 3.99 Egerton Capital Equity Fund Class A$HD 2,443 628,476 3.85 iShares Emerging Markets Local Government
Bond UCITS ETF 9,566 832,665 5.10 iShares Global Government Bond UCITS ETF 21,430 3,153,996 19.32 J O Hambro Capital Management Umbrella Fund
PLC - Global Select Fund USD Class A 317,457 534,787 3.27 Winton UCITS Funds Public Company Limited -
Winton Global Equity Fund 5,054 1,037,273 6.35 Total Ireland 7,210,106 44.15 Japan NEXT FUNDS Nikkei 225 Leveraged Index ETF 3,993 549,681 3.37 Total Japan 549,681 3.37
Luxembourg db x-trackers II Iboxx $ Treasuries UCITS ETF 1,843 549,938 3.37 db x-trackers MSCI Emerging Markets Index
UCITS ETF 36,568 1,666,365 10.21 db x-trackers S&P 500 2x Leveraged Daily
UCITS ETF 5,156 268,524 1.64 SSgA Global Treasury Bond Index Fund 210,764 3,170,898 19.42 Total Luxembourg 5,655,725 34.64 Singapore Fullerton Short Term Interest Rate Fund Class B 487,324 673,296 4.12 Total Singapore 673,296 4.12 Total Unit Trust 14,088,808 86.28 Portfolio of investments 14,088,808 86.28 Other net assets 2,239,418 13.72 Net assets attributable to unitholders 16,328,226 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
100
Fullerton Dynamic Strategies Fund – Balanced
Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Hong Kong - 4.43 Ireland 44.15 38.41 Japan 3.37 4.71 Luxembourg 34.64 25.01 Singapore 4.12 7.16 Portfolio of investments 86.28 79.72 Other net assets 13.72 20.28 Net assets attributable to unitholders 100.00 100.00
As the Sub-Fund invests only in unit trusts, no secondary representation is presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016
The accompanying notes form an integral part of these financial statements.
101
Fullerton Total Return Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 US$ % By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds - Asia Growth Income
Equities USD Class I 2,719,853 25,286,469 50.17 Fullerton Lux Funds - Asian Bonds Class I USD
Distribution 1,364,459 15,148,223 30.06 Total Luxembourg 40,434,692 80.23 Total Unit Trust 40,434,692 80.23 Portfolio of investments 40,434,692 80.23 Other net assets 9,965,841 19.77 Net assets attributable to unitholders 50,400,533 100.00
As the Sub-Fund invests only in unit trusts, no secondary representation is presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
102
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. General
Fullerton Fund (the "Fund") is a Singapore registered umbrella fund constituted by a Deed of Trust dated 15 March 2004 between Fullerton Fund Management Company Ltd (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (the "Trustee"). The Deed of Trust and all supplemental deeds are governed in accordance with the laws of the Republic of Singapore.
As at 31 March 2016, the Fund comprises nine separate and distinct sub-funds, namely Fullerton Short Term Interest Rate Fund ("FSTI"), Fullerton SGD Cash Fund ("FSCF"), Fullerton Asian Bond Fund ("FABF"), Fullerton Singapore Bond Fund ("FSBF"), Fullerton SGD Income Fund ("FSIF"), Fullerton Dynamic Strategies Fund – Aggressive (“FDSA”), Fullerton Dynamic Strategies Fund – Balanced (“FDSB”), Fullerton Total Return Fund (“FTRF”) and Fullerton USD Income Fund (“FUIF”) (individually, the “Sub-Funds”). FUIF was constituted on 29 March 2016 and launched on 15 April 2016. The first financial
period for FUIF is the financial period ending 31 March 2017 and hence the financial
statements of the Sub-Fund are not presented in this report. The investment objective of
FUIF is to generate long-term capital appreciation and/or income for investors by investing
primarily in fixed income or debt securities.
The investment objective of FSTI is to achieve medium-term capital appreciation through investment primarily in Singapore dollar denominated debt securities of up to 5 years tenure and money market instruments. FSTI may invest in foreign currency denominated bonds (fully hedged back into Singapore dollars except for a 1% frictional currency limit) with investment-grade credit ratings of at least BBB- by Standard and Poor's or Baa3 by Moody's (or their respective equivalent) of up to five years tenure. FSTI may also utilise derivatives for the purposes of hedging and/or efficient portfolio management.
The investment objective of the FSCF is to provide investors with liquidity and a return that is comparable to that of the Singapore Dollar Banks Saving Deposits rate.
The investment objective of FABF is to generate long term capital appreciation for investors by investing all or substantially all of its assets into an underlying fund, Fullerton Lux Funds – Asian Bonds, a sub-fund of Fullerton Lux Funds, whose investment objective is to generate long term capital appreciation for investors by investing in fixed income or debt securities denominated primarily in US$ and Asian currencies, issued by companies, governments, quasi-governments, government agencies or supranationals in the Asian region.
The investment objective of FSBF is to generate long term capital appreciation for investors by investing primarily in fixed income or debt securities denominated in Singapore dollars. These securities will primarily be issued by the Singapore government, government agencies, quasi-government institutions, statutory boards and corporations.
The investment objective of FSIF is to generate long term capital appreciation and/or income in SGD terms for investors by investing primarily in fixed income or debt securities.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
103
1. General (continued) The investment objective of FDSA is to generate medium to long term capital appreciation for investors by investing primarily in collective investment schemes and other investment funds. FDSA may also invest directly in securities (including but not limited to equities, units of business trusts, bonds and convertible bonds) in accordance with its investment objective and asset allocation strategy, as the Managers deem appropriate. The long-term strategic percentage mix (or neutral asset allocation) for FDSA is 20% fixed income and 80% equities. The investment objective of FDSB is to generate medium to long term capital appreciation for investors by investing primarily in collective investment schemes and other investment funds. FDSB may also invest directly in securities (including but not limited to equities, units of business trusts, bonds and convertible bonds) in accordance with its investment objective and asset allocation strategy, as the Managers deem appropriate. The long-term strategic percentage mix (or neutral asset allocation) for FDSB is 50% fixed income and 50% equities. The investment objective of FTRF is to generate regular income and long term capital appreciation for investors by investing in equities, fixed income, cash and other permissible investments. FTRF intends to invest primarily in Class I -USD Distribution share class of Fullerton Lux Funds - Asian Bonds (“LABF”), which is denominated in US$, for exposure to fixed income; and Class I - USD Distribution share class of Fullerton Lux Funds – Asia Growth & Income Equities (“LAGIE”), which is denominated in US$, for exposure to equities.
FUIF was constituted on 29 March 2016. Hence, the financial statements of the Sub-Fund are not presented in this report. The investment objective of FUIF is to generate long-term capital appreciation and/or income for investors by investing primarily in fixed income or debt securities.
With effect from 22 July 2015, the Manager adopted dilution adjustment for FSTI and FSIF. The Sub-Funds are single priced and may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, switches and/or redemptions in and out of a Sub-Fund. This is known as “dilution”. In order to counter this and to protect Holders’ interests, the Manager apply a technique known as swing pricing or dilution adjustment as part of its valuation policy. This means that in certain circumstances the Manager makes adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant.
The need to make a dilution adjustment depends upon the net value of subscriptions, switches and redemptions received by a Sub-Fund on each Dealing Day. The Manager therefore reserves the right to make a dilution adjustment where a Sub-Fund experiences a net cash movement which exceeds a threshold of the previous Dealing Day’s Net Asset Value.
As at 31 March 2016, the Funds did not reach the swing threshold and no swing pricing has been applied on that date.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
104
2. Significant accounting policies
2.1 Basis of accounting
The financial statements have been prepared under the historical cost convention modified by the revaluation of financial assets at fair value through profit or loss, and in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP7”) revised and issued by the Institute of Singapore Chartered Accountants.
2.2 Recognition of income
Interest income on deposits placed with financial institutions is recognised on a time proportion basis using the effective interest method.
Dividend income from investments is recognised when the right to receive payment is established.
2.3 Investments
Investments are classified as financial assets at fair value through profit and loss.
(i) Initial recognition
Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.
(ii) Subsequent measurement
Investments are subsequently carried at fair value. Realised and unrealised gains and losses arising from changes in the fair value of investments are included in the Statement of Total Return in the year in which they arise.
(iii) Derecognition
Investments are derecognised on the trade date of disposal, when the rights to receive cash flows from the investments have expired or have been transferred.
2.4 Basis of valuation of investments
The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments in equities held by the Sub-Funds is the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. The quoted market price used for investments in debt securities held by the Sub-Funds is the market mid prices. Accrued interest or discount or premium on debt securities at the reporting date are included in the fair value of debt securities. Interest income on debt securities is presented within net gains or losses on investments on the Statements of Total Return. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of fair value. The quoted market price used for investments in underlying funds held by the Sub-Funds is the published price of the underlying funds at the close of trading on the reporting date.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
105
2. Significant accounting policies (continued)
2.5 Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary environment in which it operates (the “functional currency").
The functional currency of the Sub-Funds (except for Fullerton Asian Bond Fund and Fullerton Total Return Fund) is S$, which reflects the fact that subscriptions and redemption and reporting to the unitholders of the Sub-Funds, as well as settlement of fees and expenses are carried out in S$.
The Sub-Funds have adopted S$ as its presentation currency and the financial statements are presented in S$ except for Fullerton Asian Bond Fund and Fullerton Total Return Fund. US$ is considered the functional and presentation currency for Fullerton Asian Bond Fund and Fullerton Total Return Fund.
(ii) Transactions and balances
Foreign currency monetary assets and liabilities are translated into S$/US$ at the rates of exchange ruling at the end of the reporting period. Foreign currency transactions during the year are converted into S$/US$ at the rates of exchange ruling on the transaction dates. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from translation of foreign currency monetary assets and liabilities at the end of the reporting period are recognised in the Statement of Total Return.
2.6 Financial derivatives
Financial derivatives which may include forwards, swaps and futures are entered into for the purpose of efficient portfolio management, tactical asset allocation or specific hedging of financial assets held as determined by the Manager and in accordance with the provisions of the Trust Deed. Financial derivatives outstanding at the end of the reporting period are valued at forward rates or at current market prices using the “mark-to-market” method, as applicable, and the resultant gains and losses are recognised in the Statement of Total Return.
2.7 Distributions to unitholders
Distribution to the Sub-Fund’s unitholders is recognised in the statement of total return in the period in which the dividends are declared. Dividends are declared at the discretion of the Manager with the consent of the Trustee.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
106
3. Income tax
The Sub-Funds (except for FSIF and FTRF) were granted the status of Designated Unit Trusts (DUT) in Singapore. Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with Sections 35(12) and 35(12A) of the Income Tax Act. Such income includes: (a) gains or profits derived from Singapore or elsewhere from the disposal of securities;
(b) interest (other than interest for which tax has been deducted under Section 45 of the
Income Tax Act);
(c) dividends derived from outside Singapore and received in Singapore;
(d) gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rate or currency forwards, swaps or option contracts and transactions in forwards or option contracts relating to any securities or finance index;
(e) discount prepayment fee, redemption premium and break cost from qualifying debt securities issued during the prescribed period; and
(f) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.
FSIF and FTRF were granted by the Monetary Authority of Singapore under the Enhanced-Tier Fund Scheme (section 13X of the Income Tax Act and the relevant Regulations). Subject to certain conditions being met on an annual basis, FSIF and FTRF may enjoy Singapore corporate tax exemption on “specified income” derived from “designated investments” for the life of FSIF and FTRF. The tax exemption does not apply in the year when the relevant conditions are not met. Losses from “designated investments” are correspondingly disregarded, with certain exceptions. The terms “specified income” and “designated investments” are defined in the relevant income tax Regulations.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
107
3. Income tax (continued)
Singapore income tax represents tax deducted at source for Singapore sourced dividends. Overseas income tax represents tax withheld on foreign sourced income.
Fullerton Short Term
Interest Rate Fund Fullerton SGD
Cash Fund 2016 2015 2016 2015 S$ S$ US$ US$ Singapore income tax 58,754 12,453 19 - Total income tax 58,754 12,453 19 -
Fullerton Asian
Bond Fund Fullerton Singapore Bond
Fund 2016 2015 2016 2015 US$ US$ S$ S$ Singapore income tax 13 - 41 - Total income tax 13 - 41 -
Fullerton SGD Income
Fund Fullerton Dynamic Strategies
Fund – Aggressive 2016 2015 2016 2015 S$ S$ S$ S$ Singapore income tax 53,738 6,800 - - Overseas income tax 46,078 41,199 1,802 3,663 Total income tax 99,816 47,999 1,802 3,663
Fullerton Dynamic Strategies
Fund - Balanced
2016 2015 S$ S$ Overseas income tax 502 2,587 Total income tax 502 2,587
4. Fixed deposits
The Sub-Funds have fixed deposit balances with the following effective interest rates: Fullerton SGD
Cash Fund 2016 2015 % % Singapore Dollar 1.37 0.85
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
108
5. Financial derivatives, at fair value Financial derivative contracts comprise futures forward foreign exchange contracts for the
purchase and sale of foreign currencies. The year-end positive and negative fair values represent the unrealised gains and losses respectively on revaluation of derivative financial instruments at the end of the reporting year. The contract or underlying principal amounts of these financial derivatives and their corresponding gross positive or negative fair values at the end of the reporting year are analysed below.
Fullerton Short Term Interest Rate Fund
At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$
Forward foreign exchange contracts -with related parties of the Trustee 81,148,093 4,006,129 208,486 207,241,893 - 9,382,771
Forward foreign exchange contracts - others 163,988,272 7,179,323 - 96,974,893 376,656 1,505,122
11,185,452 208,486 376,656 10,887,893
Fullerton Asian Bond Fund
At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities US$ US$ US$ US$ US$ US$
Forward foreign exchange contracts - with related parties of the Trustee 1,316,217 29,090 - 1,555,825 4,674 -
Forward foreign exchange contracts - others 13,697,269 892,732 3,873 16,924,136 4,698 202,124
921,822 3,873 9,372 202,124
Fullerton SGD Income Fund At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$
Forward foreign exchange contracts - with related parties of the Trustee 74,865,265 2,280,761 471,659 - - -
Forward foreign exchange contracts - others 718,118,337 26,218,284 4,635,920 536,886,050 136,116 14,911,846
28,499,045 5,107,579 136,116 14,911,846
Fullerton Dynamic Strategies Fund – Aggressive At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$
Forward foreign exchange contracts -others 43,734,904 469,444 55,824 6,705,919 17,221 3,463
469,444 55,824 17,221 3,463
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
109
5. Financial derivatives, at fair value (continued)
Fullerton Dynamic Strategies Fund - Balanced
At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$
Forward foreign exchange contracts - others 15,411,921 173,233 24,869 4,012,141 14,496 2,769
173,233 24,869 14,496 2,769
Fullerton Total Return Fund
At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities US$ US$ US$ US$ US$ US$
Forward foreign exchange contracts - others 30,719,671 993,140 222,396 30,836,474 106,492 194,157
Futures 11,350,845 - 240,130 - -
993,140 462,526 106,492 194,157
Fullerton SGD Cash Fund and Fullerton Singapore Bond Fund
As at 31 March 2016 and 31 March 2015, there were no commitments outstanding under
financial derivative contracts.
6. Units in issue
Fullerton Short Term Interest Rate Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units
Units at beginning of the financial
year
7,252,594 112,900,997 466,350,560 513,533,745 Created 214,410 1,608 18,164,766 7,585,920 Cancelled (1,749,181) (105,650,011) (178,274,766) (54,769,105)
Units at ending of the financial year
5,717,823 7,252,594 306,240,560 466,350,560
Net assets attributable to unitholders (S$)
8,686,219 10,694,697 423,110,458 626,071,178
Net assets attributable to unitholders per unit (S$)
1.51914 1.47460 1.38162 1.34249
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
110
6. Units in issue (continued)
Fullerton Short Term Interest Rate Fund Class C Class B1 2016 2015 2016 2015 Units Units Units Units
Units at beginning of the financial
year
50,504,890 51,384,983 144,682,174 179,178,929 Created 69,479,792 28,530,495 - 6,493,895 Cancelled (23,673,762) (29,410,588) (53,800,429) (40,990,650)
Units at ending of the financial year
96,310,920 50,504,890 90,881,745 144,682,174
Net assets attributable to unitholders (S$)
122,171,120 62,438,397 115,246,323 178,545,283
Net assets attributable to unitholders per unit (S$)
1.26850 1.23628 1.26809 1.23405
Fullerton Short Term Interest Rate Fund
Class R 2016 2015 Units Units
Units at beginning of the financial
period
- - Created 2,204,053 - Cancelled - -
Units at ending of the financial period
2,204,053 -
Net assets attributable to unitholders (S$)
2,232,461 -
Net assets attributable to unitholders per unit (S$)
1.01288 -
Fullerton SGD Cash Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units
Units at beginning of the financial
year 25,134,703 48,025,249 3,088,035 9,088,035 Created 180,690,280 96,291,968 - - Cancelled (147,114,388) (119,182,514) - (6,000,000)
Units at ending of the financial year 58,710,595 25,134,703 3,088,035 3,088,035
Net assets attributable to unitholders (S$) 60,687,874 25,761,518 3,198,512 3,168,288
Net assets attributable to unitholders per unit (S$) 1.03367 1.02493 1.03577 1.02598
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
111
6. Units in issue (continued) Fullerton Asian Bond Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units
Units at beginning of the financial
year 158,940 191,420 15,205,503 13,159,005 Created 113,225 161,184 6,588,566 8,371,590 Cancelled (136,644) (193,664) (9,594,924) (6,325,092)
Units at ending of the financial year 135,521 158,940 12,199,145 15,205,503
Net assets attributable to unitholders US$17,810,450 US$21,127,990 S$19,145,925 S$23,008,091
Net assets attributable to unitholders per unit US$131.42 US$132.93 S$1.56944 S$1.51314
Fullerton Asian Bond Fund Class C Class D 2016 2015 2016 2015 Units Units Units Units Units at beginning of the
financial year 123,040 216,297 64,000 64,000 Created 602 - - - Cancelled (121,109) (93,257) - - Units at ending of the
financial year 2,533 123,040 64,000 64,000
Net assets attributable to unitholders US$457,392 US$21,518,017 RMB8,853,646 RMB8,256,180
Net assets attributable to unitholders per unit US$180.54 US$174.88 RMB138.34 RMB129.00
Fullerton Singapore
Bond Fund Class A
2016 2015 Units Units
Units at beginning of the financial year 158,453,543 180,661,412 Created 71,193,868 78,521 Cancelled - (22,286,390) Units at ending of the financial year 229,647,411 158,453,543
Net assets attributable to unitholders (S$) 254,760,617 169,519,083
Net assets attributable to unitholders per unit (S$) 1.10935 1.06983
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
112
6. Units in issue (continued) Fullerton SGD Income Fund
Class A Class B
2016 2015 2016 2015
Units Units Units Units
Units at beginning of the financial
year 1,063,980,167 864,920,386 90,641,767 72,053,902
Created 382,552,747 431,928,864 47,038,610 39,844,667 Cancelled (291,227,645) (232,869,083) (27,945,813) (21,256,802)
Units at ending of the financial year 1,155,305,269 1,063,980,167 109,734,564 90,641,767
Net assets attributable to unitholders (S$) 1,232,709,817 1,139,761,453 113,068,156 93,995,927
Net assets attributable to unitholders per unit (S$) 1.06699 1.07122 1.03037 1.03700
Fullerton Dynamic Strategies
Fund – Aggressive
Class A
2016 2015 Units Units
Units at beginning of the financial year 32,234,630 23,824,146 Created 10,175,598 13,333,543 Cancelled (4,578,191) (4,923,059) Units at ending of the financial year 37,832,037 32,234,630
Net assets attributable to unitholders (S$) 43,528,044 40,211,224
Net assets attributable to unitholders per unit (S$) 1.15056 1.24745
Fullerton SGD Income Fund Class C Class D 2016 2015 2016 2015 Units Units Units Units Units at beginning of the
financial year 34,850,690 37,194,771 - -
Created 14,569,507 1,744,383 70,556,729 - Cancelled (7,814,565) (4,088,464) (14,192,556) - Units at ending of the financial
year 41,605,632 34,850,690 56,364,173 -
Net assets attributable to unitholders (S$) S$43,625,646 S$36,569,781 US$55,953,469 -
Net assets attributable to unitholders per unit (S$) S$1.04855 S$1.04932 US$0.99271 -
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
113
6. Units in issue (continued) Fullerton Dynamic Strategies
Fund - Balanced
Class A
2016 2015 Units Units
Units at beginning of the financial year 13,204,254 11,911,607 Created 4,338,215 3,285,948 Cancelled (2,508,250) (1,993,301)
Units at ending of the financial year 15,034,219 13,204,254
Net assets attributable to unitholders (S$) 16,328,226 15,047,265
Net assets attributable to unitholders per unit (S$) 1.08607 1.13957
Fullerton Total Return Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units Units at beginning of the financial
year 56,629,643 47,601,648 8,824,525 8,489,448 Created 2,357,543 12,382,206 327,149 335,077 Cancelled (1,126,208) (3,354,211) (236,554) - Units at ending of the financial year 57,860,978 56,629,643 8,915,120 8,824,525
Net assets attributable to unitholders S$56,680,383 S$60,001,877 US$8,309,056 US$8,848,934
Net assets attributable to unitholders per unit S$0.97959 S$1.05954 US$0.93201 US$1.00276
A reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributable to unitholders per unit for issuing/redeeming units at the financial year/period end date is presented below:
Fullerton Asian Bond Fund Class A Class B 2016 2015 2016 2015 US$ US$ S$ S$
Net assets attributable to unitholders
per financial statements 131.42 132.93 1.56944 1.51314 Effect of distribution per unit 1.32 1.34 - -
Net assets attributable to unitholders for issuing/redeeming 132.74 134.27 1.56944 1.51314
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
114
6. Units in issue (continued) Fullerton Asian Bond Fund Class C Class D 2016 2015 2016 2015 US$ US$ RMB RMB
Net assets attributable to unitholders
per financial statements 180.54 174.88 138.34 129.00 Effect of distribution per unit - - - -
Net assets attributable to unitholders for issuing/redeeming 180.54 174.88 138.34 129.00
Fullerton SGD Income Fund Class A Class B 2016 2015 2016 2015 S$ S$ S$ S$
Net assets attributable to unitholders
per financial statements 1.06699 1.07122 1.03037 1.03700 Effect of distribution per unit 0.01101 0.01006 0.01101 0.01005
Net assets attributable to unitholders for issuing/redeeming 1.07800 1.08128 1.04138 1.04705
Fullerton SGD Income Fund Class C Class D 2016 2015 2016 2015 S$ S$ US$ US$
Net assets attributable to unitholders
per financial statements 1.04855 1.04932 0.99271 - Effect of distribution per unit 0.01100 0.01006 0.01000 -
Net assets attributable to unitholders for issuing/redeeming 1.05955 1.05938 1.00271 -
The difference between the pricing net asset values and accounting net asset values of the Fullerton SGD Cash Fund, Fullerton Short Term Interest Rate Fund, Fullerton Singapore Bond Fund, Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Dynamic Strategies Fund - Balanced and Fullerton - Total Return Fund are assessed by the Manager to be immaterial (less than $0.01 difference), hence a reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributable to unitholders per unit for issuing/redeeming units at the financial year end date is not presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
115
7. Financial risk management
7.1 Strategy in using financial instruments The Sub-Fund’s activities may expose it to a variety of risks, including but not limited to
market risk (including interest rate, price and currency risk), credit risk and liquidity risk, which are associated with the financial instruments and markets in which the Sub-Funds invest.
The overall responsibility for the management of the Sub-Fund’s financial risks lies with the
Manager. The risk management policies employed by the Manager to manage these risks are discussed below.
7.2 Market risk
At the end of the reporting period, the Sub-Fund’s market risk comprises three main components, namely changes in actual market prices of investments (“price risk”), interest rates and foreign currency movements.
(a) Price risk
The Sub-Funds are exposed to price risk from their investments in quoted securities and in other financial instruments such as swaps, forwards and futures contracts. The Sub-Funds’ investments are susceptible to price risk arising from uncertainties about future prices of these financial instruments. Changes in the prices of these financial instruments could affect the Sub-Funds’ Net Asset Value.
The Sub-Funds attempt to manage the fluctuation in prices of its underlying investments by engaging in extensive investment research and diversifying their investments across markets, sectors and securities.
The table below summarises the Sub-Fund’s overall market exposure at the end of the reporting year.
Fullerton Short Term Interest Rate Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair value to Fair value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair
value through profit or loss 658,565,807 98.08 889,210,067 101.31 Securities held for trading - Derivative financial assets
held for trading (Note 5) 11,185,452 1.67 376,656 0.04 - Derivative financial
liabilities held for trading (Note 5) (208,486) (0.03) (10,887,893) (1.24)
669,542,773 99.72 878,698,830 100.11
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
116
7. Financial risk management (continued) 7.2 Market risk (continued)
(a) Price risk (continued)
Fullerton Asian Bond Fund 2016 2015 % of total % of total net assets net assets Attributable attributable Fair Value to Fair Value to US$ Unitholders US$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 32,879,631 97.11 60,961,432 100.35 Securities held for trading - Derivative financial assets
held for trading (Note 5) 921,822 2.72 9,372 0.02 - Derivative financial
liabilities held for trading (Note 5) (3,873) (0.01) (202,124) (0.33)
33,797,580 99.82 60,768,680 100.04
Fullerton Singapore Bond Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 254,404,545 99.86 163,118,048 96.23
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
117
7. Financial risk management (continued) 7.2 Market risk (continued)
(a) Price risk (continued) Fullerton SGD Income Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 1,445,331,485 98.67 1,295,335,039 101.97 Securities held for trading - Derivative financial assets
held for trading (Note 5) 28,499,045 1.95 136,116 0.01 - Derivative financial liabilities
held for trading (Note 5) (5,107,579) (0.35) (14,911,846) (1.17)
1,468,722,951 100.27 1,280,559,309 100.81
Fullerton Dynamic Strategies Fund - Aggressive 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 34,331,277 78.87 31,775,525 79.02 Securities held for trading - Derivative financial assets
held for trading (Note 5) 469,444 1.08 17,221 0.04 - Derivative financial liabilities
held for trading (Note 5) (55,824) (0.13) (3,463) (0.01)
34,744,897 79.82 31,789,283 79.05
Fullerton Dynamic Strategies Fund - Balanced 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 14,088,808 86.28 11,995,275 79.72 Securities held for trading - Derivative financial assets
held for trading (Note 5) 173,233 1.06 14,496 0.10 - Derivative financial liabilities
held for trading (Note 5) (24,869) (0.15) (2,769) (0.02)
14,237,172 87.19 12,007,002 79.80
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
118
7. Financial risk management (continued)
7.2 Market risk (continued) (a) Price risk (continued) Fullerton Total Return Fund
2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to US$ unitholders US$ unitholders Portfolio of investments Securities designated at fair
value through profit and loss 40,434,692 80.23 52,198,899 99.25 Securities held for trading - Derivative financial assets
held for trading (Note 5) 993,140 1.96 106,492 0.19 - Derivative financial liabilities
held for trading (Note 5) (462,526) (0.92) (194,157) (0.37)
40,965,306 81.27 52,111,234 99.07
One of the principal tool used to monitor price risk is Value at Risk (VaR). VaR estimates the probability of portfolio losses based on the statistical analysis of historical price volatilities. The Manager tracks VaR as a percentage of net asset value ("NAV"), taking into account its investments, cash, margin and outstanding trade positions.
The Manager recognises that while VaR is a valuable guide to risk, it has its limitations. The use of historical data as a proxy for estimating future events may not encompass all potential events, particularly those which are extreme in nature.
The table below summarises the VaR analysis as at 31 March 2016 and 31 March 2015 respectively, which has been presented as a percentage of NAV using a 260-day (31 March 2015: 260-day) holding period at a 95% (31 March 2015: 95%) confidence level.
Fullerton Short Term
Interest Rate Fund
Fullerton SGD Cash Fund
2016 2015 2016 2015 95% (2015:95%)
Confidence (VaR as a % of NAV) 1.5% 1.8% 0.1% *
Fullerton Asian
Bond Fund
Fullerton Singapore Bond Fund
2016 2015 2016 2015 95% (2015:95%)
Confidence (VaR as a % of NAV) 8.2% 7.1% 4.8% 4.8%
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
119
7. Financial risk management (continued) 7.2 Market risk (continued)
(a) Price risk (continued)
Fullerton SGD Income Fund
Fullerton Dynamic Strategies
Fund –Aggressive 2016 2015 2016 2015 95% (2015:95%)
Confidence (VaR as a % of NAV) 4.0% 4.4% 14.4% 14.4%
Fullerton Dynamic
Strategies Fund - Balanced
Fullerton Total Return Fund
2016 2015 2016 2015 95% (2015:95%)
Confidence (VaR as a % of NAV) 8.6% 8.8%
12.1% 16.3%
* denotes less than 0.1%
The use of a 260-day (2015: 260-day) holding period reflects the Sub-Fund’s emphasis to hold investments for the medium to long term to realise the inherent value of the investments.
The VaR analysis as at 31 March 2016 and 2015 has been presented as a percentage of NAV using a 260-day holding period at a 95% (2015:95%) confidence level, measured using a Factor-Based approach.
(b) Currency risk
The Sub-Funds hold assets and liabilities denominated in currencies other than the functional currency. They are therefore exposed to currency risk as the value of the assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The Manager adopts an active currency management approach. As such, the foreign currency exposure of the Sub-Fund may not be fully hedged. The Manager may manage the currency risks by hedging through forward currency contracts, currency futures, currency swap agreements or currency options.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
120
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued) The table below summarises the Sub-Funds’ exposure to key currencies at the end of the reporting period. Monetary and non-monetary items have been taken into account for the analysis.
Fullerton Short Term Interest Rate Fund
US$ S$ Others Total At 31 March 2016 S$ S$ S$ S$ Assets Portfolio of investments 214,130,643 444,435,164 - 658,565,807 Interest receivable - - 1 1 Cash and bank balances 225,420 4,608,704 4,551 4,838,675 Due from unitholders - 44,701 - 44,701 Sales awaiting settlements - 2,052,708 - 2,052,708 Total assets 214,356,063 451,141,277 4,552 665,501,892 Liabilities Accrued expenses and
other payables 388 23,826 - 24,214 Due to Manager - 497,056 - 497,056 Due to Trustee - 30,559 - 30,559 Due to unitholders - 4,480,448 - 4,480,448 Total liabilities 388 5,031,889 - 5,032,277 Notional value of forward
contracts (210,250,753) 221,227,719 - 10,976,966
US$ S$ Others Total At 31 March 2015 S$ S$ S$ S$ Assets Portfolio of investments 277,608,171 571,614,663 39,987,233 889,210,067 Interest receivable - - 1 1 Cash and bank balances 386,582 1,566,498 4,479 1,957,559 Total assets 277,994,753 573,181,161 39,991,713 891,167,627 Liabilities Accrued expenses and
other payables 1,383 29,472 - 30,855 Due to Manager - 594,442 - 594,442 Due to Trustee - 38,169 - 38,169 Due to unitholders - 2,243,369 - 2,243,369 Total liabilities 1,383 2,905,452 - 2,906,835 Notional value of forward
contracts (274,748,051) 304,216,785 (39,979,971) (10,511,237)
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
121
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued)
Fullerton Asian Bond Fund
S$ US$ Others Total At 31 March 2016 US$ US$ US$ US$ Assets Portfolio of investments - 32,879,631 - 32,879,631 Cash and bank balances 38,345 255,089 166 293,600
Due from unitholders 10,079 - - 10,079 Sales awaiting settlements - 45,408 - 45,408 Other receivables - 48,475 - 48,475 Total assets 48,424 33,228,603 166 33,277,193
Liabilities Accrued expenses
and other payables 19,863 1,634 - 21,497 Purchases awaiting
settlement - 17,612 - 17,612 Due to Manager - 73,191 - 73,191 Due to Trustee - 1,634 - 1,634 Due to unitholders 12,617 32,907 - 45,524 Distribution payable - 178,888 - 178,888 Total liabilities 32,480 305,866 - 338,346
Notional value of forward contracts 13,493,274 (13,891,542) 1,316,217 917,949
S$ US$ Others Total At 31 March 2015 US$ US$ US$ US$ Assets Portfolio of investments - 60,961,432 - 60,961,432 Cash and bank balances 178,584 75,200 168 253,952
Due from unitholders 82,673 30,000 - 112,673 Sales awaiting settlements - 11,842 - 11,842 Other receivables - 103,028 - 103,028 Total assets 261,257 61,181,502 168 61,442,927
Liabilities Accrued expenses
and other payables 19,693 3,283 - 22,976 Purchases awaiting
settlement - 112,479 - 112,479 Due to Manager - 136,533 - 136,533 Due to Trustee - 3,461 - 3,461 Due to unitholders 11,864 - - 11,864 Distribution payable - 212,979 - 212,979 Total liabilities 31,557 468,735 - 500,292
Notional value of forward contracts 15,762,843 (17,212,544) 1,256,949 (192,752)
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
122
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued) Fullerton Singapore Bond Fund
S$ US$ Total
At 31 March 2016 S$ S$ S$
Assets
Portfolio of investments 254,404,545 - 254,404,545 Cash and bank balances 594,232 - 594,232 Total assets 254,998,777 - 254,998,777
Liabilities Accrued expenses and other payables 38,096 203 38,299 Due to Manager 187,370 - 187,370 Due to Trustee 12,491 - 12,491 Total liabilities 237,957 203 238,160
S$ US$ Total
At 31 March 2015 S$ S$ S$
Assets
Portfolio of investments 163,118,048 - 163,118,048 Cash and bank balances 7,068,184 - 7,068,184 Sales awaiting settlements 1,049,037 - 1,049,037 Total assets 171,235,269 - 171,235,269
Liabilities Accrued expenses and other payables 33,051 295 33,346 Purchases awaiting settlement 1,548,880 - 1,548,880 Due to Manager 125,587 - 125,587 Due to Trustee 8,373 - 8,373 Total liabilities 1,715,891 295 1,716,186
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
123
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued)
Fullerton SGD Income Fund
S$ US$ Others Total At 31 March 2016 S$ S$ S$ S$ Assets Portfolio of investments 756,006,633 672,086,891 17,237,961 1,445,331,485 Interest receivable - - 22 22 Cash and bank balances 22,991,987 5,803,199 251,492 29,046,678 Due from unitholders 12,987,071 1,263,111 - 14,250,182 Sales awaiting settlements 1,509,000 2,027,010 767,282 4,303,292 Other receivables 248 - - 248 Total assets 793,494,939 681,180,211 18,256,757 1,492,931,907
Liabilities Accrued expenses and other
payables 125,297 1,332 - 126,629 Purchases awaiting settlement 15,000,000 12,289,115 762,303 28,051,418 Due to Manager 2,816,749 - - 2,816,749 Due to Trustee 69,916 - - 69,916 Due to unitholders 5,376,260 - - 5,376,260 Distribution payable 14,373,100 759,000 - 15,132,100 Total liabilities 37,761,322 13,049,447 762,303 51,573,072
Notional value of forward contracts 619,269,619 (578,371,633) (17,506,520) 23,391,466
S$ US$ Others Total At 31 March 2015 S$ S$ S$ S$ Assets Portfolio of investments 749,378,008 543,620,082 2,336,949 1,295,335,039 Cash and bank balances 4,305,200 2,703,239 265 7,008,704 Due from unitholders 4,546,200 - - 4,546,200 Sales awaiting
settlements 1,573,556 6,036,231 - 7,609,787 Other receivables 612 - - 612 Total assets 759,803,576 552,359,552 2,337,214 1,314,500,342
Liabilities Accrued expenses and other
payables 96,406 1,069 - 97,475 Purchases awaiting
settlement 7,090,554 6,008,214 - 13,098,768 Due to Manager 2,502,148 - - 2,502,148 Due to Trustee 62,027 - - 62,027 Due to unitholders 1,742,306 - - 1,742,306 Distribution payable 11,894,727 - - 11,894,727 Total liabilities 23,388,168 6,009,283 - 29,397,451
Notional value of forward contracts 536,090,262 (548,609,407) (2,256,585) (14,775,730)
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
124
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued)
Fullerton Dynamic Strategies Fund - Aggressive S$ US$ EUR JPY Total At 31 March 2016 S$ S$ S$ S$ S$ Assets Portfolio of investments - 32,270,075 - 2,061,202 34,331,277 Cash and bank
balances 873,774 12,874,640 - 459,819 14,208,233 Due from unitholders 306,159 - - - 306,159 Total assets 1,179,933 45,144,715 - 2,521,021 48,845,669
Liabilities Accrued expenses and
other payables 17,705 113 - - 17,818 Purchases awaiting
settlement - 5,560,337 - - 5,560,337 Due to Manager 127,469 - - - 127,469 Due to Trustee 5,452 - - - 5,452 Due to unitholders 20,169 - - - 20,169 Total liabilities 170,795 5,560,450 - - 5,731,245
Notional value of forward contracts 9,944,539 (6,979,127) (154) (2,551,638) 413,620
S$ US$ HKD JPY Total At 31 March 2015 S$ S$ S$ S$ S$ Assets Portfolio of investments - 27,238,573 2,231,927 2,305,025 31,775,525 Cash and bank
balances 217,496 6,250,235 2,149,031 - 8,616,762 Due from unitholders 100,000 - - - 100,000 Total assets 317,496 33,488,808 4,380,958 2,305,025 40,492,287
Liabilities Accrued expenses and
other payables 19,862 165 - - 20,027 Due to Manager 115,928 - - - 115,928 Due to Trustee 6,942 - - - 6,942 Due to unitholders 151,924 - - - 151,924 Total liabilities 294,656 165 - - 294,821
Notional value of forward contracts - 2,355,246 - (2,341,488) 13,758
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
125
7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued)
Fullerton Dynamic Strategies Fund - Balanced
S$ US$ EUR JPY Total At 31 March 2016 S$ S$ S$ S$ S$ Assets Portfolio of investments 673,296 12,865,831 - 549,681 14,088,808 Cash and bank balances 217,475 4,710,511 - 123,792 5,051,778 Due from unitholders 48,500 - - - 48,500 Other receivables 332 - - - 332 Total assets 939,603 17,576,342 - 673,473 19,189,418
Liabilities Accrued expenses and
other payables 21,943 113 - - 22,056 Purchases awaiting
settlement - 2,929,870 - - 2,929,870 Due to Manager 48,021 - - - 48,021 Due to Trustee 9,609 - - - 9,609 Total liabilities 79,573 2,929,983 - - 3,009,556
Notional value of forward contracts 3,193,862 (3,107,172) 368,146 (306,472) 148,364
S$ US$ HKD JPY Total At 31 March 2015 S$ S$ S$ S$ S$ Assets Portfolio of investments 654,232 9,965,862 666,564 708,617 11,995,275 Cash and bank balances 111,930 2,301,100 720,313 - 3,133,343 Due from unitholders 11,179 - - - 11,179 Other receivables 321 - - - 321 Total assets 777,662 12,266,962 1,386,877 708,617 15,140,118
Liabilities Accrued expenses and
other payables 22,888 227 - - 23,115 Due to Manager 43,714 - - - 43,714 Due to Trustee 9,907 - - - 9,907 Due to unitholders 27,844 - - - 27,844 Total liabilities 104,353 227 - - 104,580
Notional value of forward contracts (664,240) 1,395,794 - (719,827) 11,727
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
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7. Financial risk management (continued)
7.2 Market risk (continued)
(b) Currency risk (continued)
Fullerton Total Return Fund
S$ US$ Others Total At 31 March 2016 US$ US$ US$ US$ Assets Portfolio of investments - 40,434,692 - 40,434,692 Cash and bank balances 49,760 8,662,268 15 8,712,043 Margin deposits - 805,789 - 805,789 Other receivables 113 80,765 - 80,878 Total assets 49,873 49,983,514 15 50,033,402
Liabilities Accrued expenses and other
payables 13,722 2,413 - 16,135 Purchase awaiting settlements - 132 - 132 Due to Manager - 144,803 - 144,803 Due to Trustee - 2,413 - 2,413 Financial derivatives at fair value - 240,130 - 240,130
Total liabilities 13,722 389,891 - 403,613
Notional value of forward contracts 14,761,012 (2,924,050) (11,065,928) 771,034
S$ US$ Others Total At 31 March 2015 US$ US$ US$ US$ Assets Portfolio of investments - 52,198,899 - 52,198,899 Cash and bank balances 426,356 147,826 2,353 576,535 Other receivables 102 104,106 - 104,208 Total assets 426,458 52,450,831 2,353 52,879,642
Liabilities Accrued expenses and other
payables 14,601 2,424 - 17,025 Purchase awaiting settlements - 35,448 - 35,448 Due to Manager - 145,435 - 145,435 Due to Trustee - 2,424 - 2,424 Total liabilities 14,601 185,731 - 200,332
Notional value of forward contracts 12,574,184 2,783,745 (15,445,594) (87,665)
The Sub Fund’s currency risk associated with movements in prevailing levels of foreign currency rates is incorporated in the VaR analysis of each respective Sub-Fund in Note 7.2(a).
Fullerton SGD Cash Fund
All the financial assets, liabilities and transactions of the Sub-Fund are in S$. Hence currency risk disclosure is not presented.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
127
7. Financial risk management (continued)
7.3 Interest rate risk Fullerton Short-Term Interest Rate Fund, Fullerton SGD Cash Fund, Fullerton
Singapore Bond Fund and Fullerton SGD Income Fund The Sub-Funds invest mainly in quoted debt securities or fixed deposits which are interest
bearing, and are therefore exposed to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Excess cash and cash equivalents of the Sub-Funds, which are held with approved reputable financial institutions, are also exposed to interest rate risk. The Sub Funds’ interest rate risk associated with movements in prevailing levels of market interest rates is incorporated in the VaR analysis of each respective Sub-Fund in Note 7.2(a).
The Sub-Funds’ interest-bearing financial assets expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. The Manager has in place investment processes which actively monitor and evaluate interest rate risk. In addition, there are restrictions on duration and tenor to ensure investment recommendations are consistent with the Sub-Funds’ objectives. The Manager may hedge interest rate risk through interest rate and bond futures, interest rate swaps and/or bond options. The table below summarises the Sub-Funds’ exposure to interest rate risk. It includes the Sub-Fund’s assets and liabilities, categorised by the earlier of contractual re-pricing or maturity dates. Fullerton Short-Term Interest Rate Fund
At 31 March 2016
Less than 1 year 1-5 years
More than 5 years
Non-interest bearing
Total
S$ S$ S$ S$ S$ Assets Portfolio of investments 189,523,448 429,314,706 33,810,581 5,917,072 658,565,807
Interest receivable - - - 1 1 Cash and bank balances 4,838,675 - - - 4,838,675 Due from unitholders - - - 44,701 44,701 Sales awaiting settlements - - - 2,052,708 2,052,708 Financial derivatives,
at fair value - - - 11,185,452 11,185,452
Total assets 194,362,123 429,314,706 33,810,581 19,199,934 676,687,344
Liabilities Accrued expenses and
other payables - - - 24,214 24,214 Due to Manager - - - 497,056 497,056
Due to Trustee - - - 30,559 30,559 Due to unitholders - - - 4,480,448 4,480,448 Financial derivatives,
at fair value - - - 208,486 208,486
Total liabilities - - - 5,240,763 5,240,763
Total interest sensitivity gap 194,362,123 429,314,706 33,810,581 13,959,171 671,446,581
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
128
7. Financial risk management (continued)
7.3 Interest rate risk (continued)
Fullerton Short-Term Interest Rate Fund
At 31 March 2015
Less than 1 year 1-5 years
More than 5 years
Non-interest bearing
Total
S$ S$ S$ S$ S$ Assets Portfolio of investments 186,108,026 667,958,359 27,065,745 8,077,937 889,210,067
Interest receivable - - - 1 1 Cash and bank balances 1,957,559 - - - 1,957,559 Financial derivatives,
at fair value - - - 376,656 376,656 Total assets 188,065,585 667,958,359 27,065,745 8,454,594 891,544,283
Liabilities Accrued expenses and
other payables - - - 30,855 30,855 Due to Manager - - - 594,442 594,442
Due to Trustee - - - 38,169 38,169 Due to unitholders - - - 2,243,369 2,243,369 Financial derivatives,
at fair value - - - 10,887,893 10,887,893 Total liabilities - - - 13,794,728 13,794,728
Total interest sensitivity gap 188,065,585 667,958,359 27,065,745 (5,340,134) 877,749,555
Fullerton SGD Cash Fund
At 31 March 2016 Less than
1 year 1 - 5 years More than
5 years Non-interest
bearing
Total S$ S$ S$ S$ S$ Assets Fixed deposits 58,057,260 - - - 58,057,260 Interest receivable - - - 48,445 48,445 Cash and bank balances 3,509,428 - - - 3,509,428
Due from unitholders - - - 2,302,016 2,302,016
Total assets 61,566,688 - - 2,350,461 63,917,149
Liabilities Accrued expenses and
other payables - - - 10,626 10,626 Due to Manager - - - 11,931 11,931
Due to Trustee - - - 8,206 8,206
Total liabilities - - - 30,763 30,763
Total interest sensitivity gap 61,566,688 - - 2,319,698 63,886,386
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
129
7. Financial risk management (continued) 7.3 Interest rate risk (continued)
Fullerton SGD Cash Fund
At 31 March 2015 Less than
1 year 1 - 5 years More than
5 years Non-interest
bearing
Total S$ S$ S$ S$ S$ Assets Fixed deposits 27,150,059 - - - 27,150,059 Interest receivable - - - 8,430 8,430 Cash and bank balances 1,610,468 - - - 1,610,468
Due from unitholders - - - 237,508 237,508 Total assets 28,760,527 - - 245,938 29,006,465
Liabilities Accrued expenses and
other payables - - - 9,383 9,383 Due to Manager - - - 5,523 5,523
Due to Trustee - - - 7,824 7,824 Due to unitholders - - - 53,929 53,929 Total liabilities - - - 76,659 76,659
Total interest sensitivity gap 28,760,527 - - 169,279 28,929,806
Fullerton Singapore Bond Fund
At 31 March 2016 Less than
1 year 1 - 5 years More than
5 years Non-interest
bearing
Total S$ S$ S$ S$ S$ Assets Portfolio of investments 16,206,303 147,058,963 89,589,329 1,549,950 254,404,545 Cash and bank balances 594,232 - - - 594,232
Total assets 16,800,535 147,058,963 89,589,329 1,549,950 254,998,777
Liabilities Accrued expenses and
other payables - - - 38,299 38,299 Due to Manager - - - 187,370 187,370 Due to Trustee - - - 12,491 12,491 Total liabilities - - - 238,160 238,160
Total interest sensitivity gap 16,800,535 147,058,963 89,589,329 1,311,790 254,760,617
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
130
7. Financial risk management (continued)
7.3 Interest rate risk (continued)
Fullerton Singapore Bond Fund
At 31 March 2015 Less than
1 year 1 - 5 years More than
5 years Non-interest
bearing
Total S$ S$ S$ S$ S$ Assets Portfolio of investments 14,387,666 80,529,420 67,171,896 1,029,066 163,118,048 Cash and bank balances 7,068,184 - - - 7,068,184 Sales awaiting settlements - - - 1,049,037 1,049,037 Total assets 21,455,850 80,529,420 67,171,896 2,078,103 171,235,269
Liabilities Accrued expenses and
other payables - - - 33,346 33,346 Purchases awaiting settlements - - - 1,548,880 1,548,880 Due to Manager - - - 125,587 125,587 Due to Trustee - - - 8,373 8,373 Total liabilities - - - 1,716,186 1,716,186
Total interest sensitivity gap 21,455,850 80,529,420 67,171,896 361,917 169,519,083
Fullerton SGD Income Fund
At 31 March 2016 Less than
1 year 1 - 5 years More than
5 years Non-interest
bearing
Total S$ S$ S$ S$ S$ Assets Portfolio of investments 347,855,896 645,117,283 432,476,151 19,882,155 1,445,331,485
Interest receivable - - - 22 22 Cash and bank balances 29,046,678 - - - 29,046,678 Due from unitholders - - - 14,250,182 14,250,182
Sales awaiting settlements - - - 4,303,292 4,303,292 Other receivables - - - 248 248
Financial derivatives, at fair value - - - 28,499,045 28,499,045
Total assets 376,902,574 645,117,283 432,476,151 66,934,944 1,521,430,952
Liabilities Accrued expenses and
other payables - - - 126,629 126,629 Purchases awaiting settlements - - - 28,051,418 28,051,418 Due to Manager - - - 2,816,749 2,816,749
Due to Trustee - - - 69,916 69,916 Due to unitholders - - - 5,376,260 5,376,260 Distribution payable - - - 15,132,100 15,132,100 Financial derivatives, at fair
value - - - 5,107,579 5,107,579
Total liabilities - - - 56,680,651 56,680,651
Total interest sensitivity gap 376,902,574 645,117,283 432,476,151 10,254,293 1,464,750,301
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
131
7 Financial risk management (continued)
7.3 Interest rate risk (continued)
Fullerton SGD Income Fund
At 31 March 2015
Less than 1 year 1 - 5 years
More than 5 years
Non-interest bearing
Total
S$ S$ S$ S$ S$ Assets Portfolio of investments 219,127,416 754,105,539 305,689,985 16,412,099 1,295,335,039
Cash and bank balances 7,008,704 - - - 7,008,704 Due from unitholders - - - 4,546,200 4,546,200
Sales awaiting settlements - - - 7,609,787 7,609,787 Other receivables - - - 612 612
Financial derivatives, at fair value - - - 136,116 136,116
Total assets 226,136,120 754,105,539 305,689,985 28,704,814 1,314,636,458
Liabilities Accrued expenses and
other payables - - - 97,475 97,475 Purchases awaiting settlements - - - 13,098,768 13,098,768 Due to Manager - - - 2,502,148 2,502,148
Due to Trustee - - - 62,027 62,027 Due to unitholders - - - 1,742,306 1,742,306 Distribution payable - - - 11,894,727 11,894,727 Financial derivatives, at fair
value - - - 14,911,846 14,911,846 Total liabilities - - - 44,309,297 44,309,297
Total interest sensitivity gap 226,136,120 754,105,539 305,689,985 (15,604,483) 1,270,327,161
Fullerton Asian Bond Fund, Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Dynamic Strategies Fund – Balanced and Fullerton Total Return Fund
The Sub-Funds invest mainly in quoted equity securities and unit trusts which are non-interest bearing, and are therefore not exposed to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Changes in interest rates may have an indirect impact on the Sub-Funds, due to their effect on securities markets and currency markets.
Excess cash and cash equivalents of the Sub-Funds, which are held with approved reputable
financial institutions, are exposed to interest rate risk which is considered by the Manager to be minimal as they are short-term instruments all with maturities of less than one year. Accordingly, no interest rate sensitivity analysis has been disclosed.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
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7. Financial risk management (continued)
7.4 Credit risk
The Sub-Funds take on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due.
Credit risk arises from cash and cash equivalents, debt securities and derivatives, and credit
exposures to brokers arising from outstanding and committed transactions. The Sub-Funds are also exposed to the risk that its assets held with the custodian may not be recoverable in the event of default by the custodian.
The Sub-Funds limit their exposure to credit risk by undertaking transactions with reputable financial institutions. All transactions in quoted securities are settled or paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the Sub-Funds’ brokers have received payment. Payment is made on a purchase once the securities have been received by the Sub-Funds. The trade will fail if either party fails to meet its obligation.
The tables below summarise the credit ratings of banks and custodians in which the Sub-Funds’ assets are held, expressed as a percentage of financial assets. The credit ratings are based on Long-Term Local Issuer Ratings published by the rating agency.
Fullerton Short Term Interest Rate Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016
Hong Kong and Shanghai Banking Corporation Limited 98.6 AA
At 31 March 2015
Hong Kong and Shanghai Banking Corporation Limited 99.9 AA-
The Sub-Fund also invests in debt securities, which have an investment grade as rated by a well-known rating agency. The table below analyses the portfolio of debt securities by rating category:
Debt securities portfolio by rating category
Rating 2016 2015 % % A+ / A1 3.92 6.03 A / A2 0.66 5.89 A- / A3 18.50 12.73 BBB+ / Baa1 5.94 7.20 BBB / Baa2 7.40 5.45 BBB- / Baa3 56.78 53.66 BB+ 3.99 8.13 BB/Ba2 1.46 - B+ 0.45 - Accrued interest on debt securities 0.90 0.91 Total 100.00 100.00
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
133
7. Financial risk management (continued)
7.4 Credit risk (continued) Fullerton SGD Cash Fund Percentage of financial S&P’s credit assets (%) rating At 31 March 2016 Bank of East Asia Limited Hongkong 26.9 A Bank of Tokyo-Mitsubishi UFJ Ltd 26.8 A+ Hong Kong and Shanghai Banking Corporation Limited 5.5 AA- Mizuho Corporate Bank Limited 27.0 A Standard Chartered Bank 5.5 BBB+ United Overseas Bank 4.7 AA-
At 31 March 2015 Bank of East Asia Limited Hongkong 24.2 A Bank of Tokyo-Mitsubishi UFJ Ltd 25.9 A+ Hong Kong and Shanghai Banking Corporation Limited 5.6 AA- Mizuho Corporate Bank Limited 6.9 A+ Standard Chartered Bank 20.7 A+ United Overseas Bank 15.9 AA-
Fullerton Asian Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 97.2 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.6 AA-
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
134
7. Financial risk management (continued)
7.4 Credit risk (continued)
Fullerton Singapore Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.4 AA-
The Sub-Fund also invests in debt securities, which have an investment grade as rated by a well-known rating agency. The table below analyses the portfolio of debt securities by rating category:
Debt securities portfolio by rating category
Rating 2016 2015 % % AAA/ Aaa 66.53 51.44 AA 0.59 0.92 A+/ A1 0.79 1.25 A/ A2 1.75 2.43 A-/ A3 4.48 6.66 BBB+/ Baa1 2.67 3.41 BBB/ Baa2 3.97 4.17 BBB-/ Baa3 16.22 27.15 BB+ 1.73 1.94 BB 0.66 - Accrued interest on debt securities 0.61 0.63 Total 100.00 100.00
Fullerton SGD Income Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 97.1 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.1 AA-
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
135
7. Financial risk management (continued)
7.4 Credit risk (continued)
The Sub-Fund also invests in debt securities, which have an investment grade as rated by a well-known rating agency. The table below analyses the portfolio of debt securities by rating category:
Debt securities portfolio by rating category
Rating 2016 2015 % % AA/ Aa2 0.59 0.61 AA- 0.14 - A+/ A1 3.55 3.11 A/ A2 2.60 0.84 A-/ A3 8.34 8.58 BBB+/ Baa1 8.59 6.82 BBB/ Baa2 13.23 10.36 BBB-/ Baa3 36.29 39.57 BB+/ Ba1 3.25 5.01 BB/ Ba2 3.63 3.81 BB-/ Ba3 5.89 4.74 B3 0.15 - B1/ B+ 4.16 6.90 B 5.83 7.23 B- 2.36 1.15 Caa2 0.02 - Accrued interest on debt securities 1.38 1.27 Total 100.00 100.00
Fullerton Dynamic Strategies Fund - Aggressive Percentage of financial S&P's credit assets (%) rating
At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 98.4 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.7 AA-
Fullerton Dynamic Strategies Fund - Balanced Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 98.9 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.8 AA-
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
136
7. Financial risk management (continued)
7.4 Credit risk (continued)
Fullerton Total Return Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 98.0 AA-
At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.8 AA-
7.5 Fair value estimation The Sub-Funds classify fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). • Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). • Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs) (Level 3).
The following table analyses within the fair value hierarchy the Sub-Funds’ financial assets and liabilities (by class) measured at fair value at 31 March 2016 and 2015:
Fullerton Short Term Interest Rate Fund
31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities - 658,565,807 - 658,565,807 Held for trading - Derivative financial instruments - 11,185,452 - 11,185,452 - 669,751,259 - 669,751,259
Liabilities Held for trading - Derivative financial instruments - 208,486 - 208,486 - 208,486 - 208,486
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7. Financial risk management (continued)
7.5 Fair value estimation (continued)
Fullerton Short Term Interest Rate Fund
31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities - 889,210,067 - 889,210,067 Held for trading - Derivative financial instruments - 376,656 - 376,656 - 889,586,723 - 889,586,723
Liabilities Held for trading - Derivative financial instruments - 10,887,893 - 10,887,893 - 10,887,893 - 10,887,893
Fullerton Asian Bond Fund
31 March 2016 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 32,879,631 - - 32,879,631 Held for trading - Derivative financial instruments - 921,822 - 921,822 32,879,631 921,822 - 33,801,453
Liabilities Held for trading - Derivative financial instruments - 3,873 - 3,873 - 3,873 - 3,873
31 March 2015 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 60,961,432 - - 60,961,432 Held for trading - Derivative financial instruments - 9,372 - 9,372 60,961,432 9,372 - 60,970,804
Liabilities Held for trading - Derivative financial instruments - 202,124 - 202,124 - 202,124 - 202,124
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7. Financial risk management (continued)
7.5 Fair value estimation (continued) Fullerton Singapore Bond Fund
31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities 170,074,766 84,329,779 - 254,404,545 170,074,766 84,329,779 - 254,404,545
31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities 84,364,020 78,754,028 - 163,118,048 84,364,020 78,754,028 - 163,118,048
Fullerton SGD Income Fund
31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities - 1,445,331,485 - 1,445,331,485 Held for trading - Derivative financial instruments - 28,499,045 - 28,499,045 - 1,473,830,530 - 1,473,830,530
Liabilities Held for trading - Derivative financial instruments - 5,107,579 - 5,107,579
- 5,107,579 - 5,107,579
31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Debt securities - 1,295,335,039 - 1,295,335,039 Held for trading - Derivative financial instruments - 136,116 - 136,116 - 1,295,471,155 - 1,295,471,155
Liabilities Held for trading - Derivative financial instruments - 14,911,846 - 14,911,846 - 14,911,846 - 14,911,846
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7. Financial risk management (continued)
7.5 Fair value estimation (continued) Fullerton Dynamic Strategies Fund – Aggressive
31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 34,331,277 - - 34,331,277 Held for trading - Derivative financial instruments - 469,444 - 469,444 34,331,277 469,444 - 34,800,721
Liabilities Held for trading - Derivative financial instruments - 55,824 - 55,824 - 55,824 - 55,824
31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 31,775,525 - - 31,775,525 Held for trading - Derivative financial instruments - 17,221 - 17,221 31,775,525 17,221 - 31,792,746
Liabilities Held for trading - Derivative financial instruments - 3,463 - 3,463 - 3,463 - 3,463
Fullerton Dynamic Strategies Fund – Balanced
31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 14,088,808 - - 14,088,808 Held for trading - Derivative financial instruments - 173,233 - 173,233 14,088,808 173,233 - 14,262,041
Liabilities Held for trading - Derivative financial instruments - 24,869 - 24,869 - 24,869 - 24,869
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140
7. Financial risk management (continued)
7.5 Fair value estimation (continued)
Fullerton Dynamic Strategies Fund – Balanced 31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 11,995,275 - - 11,995,275 Held for trading - Derivative financial instruments - 14,496 - 14,496 11,995,275 14,496 - 12,009,771
Liabilities Held for trading - Derivative financial instruments - 2,769 - 2,769 - 2,769 - 2,769
Fullerton Total Return Fund
31 March 2016 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 40,434,692 - - 40,434,692 Held for trading - Derivative financial instruments - 993,140 - 993,140 40,434,692 993,140 - 41,427,832
Liabilities Held for trading - Derivative financial instruments 240,130 222,396 - 462,526 240,130 222,396 - 462,526
31 March 2015 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss: - Unit trusts 52,198,899 - - 52,198,899 Held for trading - Derivative financial instruments - 106,492 - 106,492 52,198,899 106,492 - 52,305,391
Liabilities Held for trading - Derivative financial instruments - 194,157 - 194,157 - 194,157 - 194,157
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
141
7. Financial risk management (continued) 7.5 Fair value estimation (continued)
Except for cash and bank balances, fixed deposits and margin deposits which are classified as Level 1, the Sub-Funds’ assets and liabilities not measured at fair value at 31 March 2016 and 2015 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.
7.6 Liquidity and capital risks Liquidity risk is the risk that the Sub-Funds will not have the ability to liquidate positions to
satisfy commitments to unitholders for redemptions due to market conditions. The Manager monitors the Sub-Funds’ liquidity position on a daily basis.
The Sub-Funds invest the majority of their assets in quoted securities and fixed deposits,
which are readily realisable as they are quoted and traded on recognised stock exchanges. In addition, the Sub-Funds have the ability to borrow in the short term to meet settlement or redemptions of units, and for general funding requirements.
All the Sub-Funds’ financial liabilities have a less than three month maturity based on the
remaining period at the end of the reporting period to their respective contractual maturity dates. Units are redeemable at the unitholders’ option. However, in accordance with the Sub-Funds’ Prospectus, if any Sub-Fund does not hold sufficient cash or cash equivalents to make payment for the redemption without detriment to the Sub-Fund, as determined in the sole discretion of the Trustee, then the Trustee (on behalf of the Sub-Fund) shall make such payment at the earliest possible date when it is able to do so.
7.7 Derivative risk
As the Sub-Funds may invest in derivatives for purposes of hedging and for efficient portfolio management, investments in the Sub-Funds will be subject to risks associated with such derivative investments. Investments in derivatives may require the deposit of initial margin and additional deposit of margin on short notice if the market moves against the investment positions. If no provision is made for the required margin within the prescribed time, the Sub-Funds’ derivative investment may be liquidated at a loss. Therefore, it is essential that such investments in derivatives are monitored closely.
Investments in derivatives are subject to similar risk guidelines stipulated for the underlying instruments. Derivatives investments are included in the overall risk monitoring and measurement process for the portfolio.
7.8 Risk Associated with Income for Distribution Investors should note that income of the Sub-Funds (if any) will be distributed to unitholders
at the absolute discretion of the Manager. Sources of income for distribution include dividend and/or interest income derived from the securities of companies and/or debt securities in which the Sub-Funds invest. Such dividend and/or interest income may be adversely affected by events such as the relevant companies suffering unexpected losses or having lower than expected earnings or paying lower than expected dividends.
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
142
8. Related party disclosures
8.1 The Manager of the Fund is Fullerton Fund Management Company Ltd. The Trustee is HSBC Institutional Trust Services (Singapore) Limited, a subsidiary of HSBC Holdings PLC. The management and the trustee fees paid or payable by the Sub-Funds are shown in the Statement of Total Return and are on terms set out in the Trust Deed.
8.2 The following transactions took place during the financial year between the Sub-Funds and
the related parties of the Trustee at terms agreed between the parties and within the provisions of the Trust Deed:
At the end of the financial year the Sub-Funds maintained current accounts and deposits with HSBC Bank:
Fullerton Short Term Interest Rate Fund
Fullerton SGD Cash Fund
2016 2015 2016 2015 S$ S$ S$ S$
Current accounts (HSBC Bank) 4,838,675 1,957,559 3,509,428 1,610,468
Fullerton Asian
Bond Fund Fullerton Singapore
Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$
Current accounts (HSBC
Bank) 293,600 253,952 594,232 7,068,184
Fullerton SGD
Income Fund Fullerton Dynamic Strategies
Fund - Aggressive 2016 2015 2016 2015 S$ S$ S$ S$ Current accounts (HSBC
Bank) 29,046,678 7,008,704 14,208,233 8,616,762
Fullerton Dynamic Strategies
Fund - Balanced Fullerton Total Return Fund
2016 2015 2016 2015 S$ S$ US$ US$
Current accounts (HSBC Bank) 5,051,778 3,133,343 8,712,043 576,535
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
143
9. Financial ratios
Fullerton Short Term
Interest Rate Fund Fullerton SGD
Cash Fund
2016 2015 2016 2015 % % % %
Expense ratio (1)
- Class A 0.14 0.12 0.22 0.22 - Class B 0.24 0.22 0.12 0.12 - Class B1 0.39 0.37 - - - Class C 0.54 0.52 - - - Class R 0.32 - - - -
Turnover ratio (3) 28.58 31.22 861.90 1,077.16
Fullerton Asian
Bond Fund(2)
Fullerton Singapore Bond Fund
2016 2015 2016 2015 % % % %
Expense ratio(1)
- Class A 1.14 1.07 0.38 0.36 - Class B 1.14 1.07 - - - Class C 0.85 0.77 - - - Class D 1.14 1.07 - -
Turnover ratio(3) 47.73 43.09 31.76 36.60
Fullerton SGD Income
Fund Fullerton Dynamic Strategies
Fund - Aggressive(2)
2016 2015 2016 2015 % % % %
Expense ratio(1)
- Class A 0.87 0.81 1.72 1.84 - Class A (including preliminary expenses) - - - - - Class B 1.07 1.01 - - - Class C 0.57 0.51 - - - Class D 0.86 - - -
Turnover ratio
(3) 39.26 45.02 167.39 217.36
Fullerton Dynamic Strategies
Fund - Balanced(2)
Fullerton Total
Return Fund (2)
2016 2015 2016 2015 % % % %
EExpense ratio(1)
- Class A 1.88 2.01 1.27 1.54 - Class B - - 1.27 1.54 Turnover ratio
(3) 167.24 235.50 14.48 11.67
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
144
9. Financial ratios (continued)
(1) The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”).
The calculation of the Sub-Funds’ expense ratios at 31 March 2016 was based on total operating expenses divided by the average net asset value respectively for the financial year/period. Total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of the Sub-Funds and tax deducted at source or arising out of income received. The Sub-Funds do not pay any performance fee. The average net asset value is based on the daily balances. [The total operating expenses and average net asset values of the Sub-Funds are presented in the table below.]
(2) The expense ratio is the sum of the Sub-Funds’ expense ratio and the weighted average of the underlying funds’
unaudited expense ratios. [The weighted average of the underlying funds’ unaudited expense ratios are presented in the table below.]
Fullerton Short Term
Interest Rate Fund Fullerton SGD
Cash Fund 2016 2015 2016 2015 S$ S$ S$ S$
Total operating expenses Class A 11,983 187,643 85,706 72,007 Class B 1,273,134 1,425,161 3,820 4,441 Class B1 559,740 707,203 - - Class C 549,184 317,880 - - Class R 2,883 - - -
Average net asset value
Class A 8,779,080 162,139,482 38,885,846 33,024,018 Class B 536,066,868 660,237,269 3,181,488 3,758,572 Class B1 144,288,355 193,330,325 - - Class C 102,612,110 61,522,801 - - Class R 2,127,444 - - -
Fullerton Asian
Bond Fund Fullerton Singapore
Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$
Total operating expenses Class A 92,291 89,767 732,490 648,310 Class B 65,049 57,094 - - Class C 15,596 13,630 - - Class D 5,801 4,360 - -
Average net asset value
Class A 21,180,532 26,195,982 192,088,761 179,924,562 Class B 14,936,737 16,687,541 - - Class C 10,655,225 30,775,054 - - Class D 1,331,971 1,274,315 - -
Weighted average of the
underlying funds’ unaudited expense ratio 0.70% 0.73% - -
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
145
9. Financial ratios (continued)
Fullerton SGD Income Fund
Fullerton Dynamic Strategies Fund - Aggressive
2016 2015 2016 2015 S$ S$ S$ S$
Total operating expenses Class A 10,124,061 8,308,190 560,769 502,645 Class B 1,045,513 882,016 - - Class C 227,598 195,228 - - Class D 331,988 - - -
Average net asset value
Class A 1,160,893,306 1,023,840,537 43,250,345 34,927,310 Class B 97,442,199 87,168,488 - - Class C 39,897,163 38,202,566 - - 44,618,184 - - -
Weighted average of the
underlying funds’ unaudited expense ratio - - 0.42% 0.40%
Fullerton Dynamic Strategies
Fund - Balanced
Fullerton Total Return Fund
2016 2015 2016 2015
S$ S$ US$ US$
Total operating expenses Class A 235,327 232,411 204,818 201,111 Class B - - 41,388 45,840
Average net asset value
Class A 15,911,961 14,105,134 42,287,025 37,740,835
Class B - - 8,542,763 8,603,553
Weighted average of the
underlying funds’
unaudited expense ratio 0.36% 0.36% 0.78% 1.01%
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
146
9. Financial ratios (continued)
(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:
Fullerton Short Term
Interest Rate Fund Fullerton SGD
Cash Fund 2016 2015 2016 2015 S$ S$ S$ S$
Total value of purchases or sales 226,551,490 336,335,906 362,580,068 396,207,210
Average net asset value 792,638,567 1,077,229,878 42,067,334 36,782,590
Fullerton Asian
Bond Fund Fullerton Singapore
Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$
Total value of purchases or sales 22,957,877 32,287,694 61,000,263 65,857,877
Average net asset value 48,104,465 74,932,893 192,088,761 179,924,562
Fullerton SGD Income Fund
Fullerton Dynamic Strategies Fund – Aggressive
2016 2015 2016 2015 S$ S$ S$ S$
Total value of purchases or sales 524,850,684 517,323,991 72,397,575 75,918,135
Average net asset value 1,336,913,755 1,149,211,591 43,250,345 34,927,310
Fullerton Dynamic Strategies
Fund – Balanced
Fullerton Total Return Fund 2016 2015 2016 2015 S$ S$ US$ US$
Total value of purchases or sales 26,611,645 33,217,216
7,362,628 5,409,414
Average net asset value 15,911,961 14,105,134 50,829,788 46,344,387
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
147
10. Distribution
Fullerton Asian Bond Fund 2016 2015
US$ US$ Class A (USD) Distribution of US$1.34 per unit on 14 July 2015 to
unitholders on the register as at 1 July 2015
268,098 - Distribution of US$1.30 per unit on 14 October
2015 to unitholders on the register as at 1 October 2015
186,776 - Distribution of US$1.31 per unit on 15 January
2016 to unitholders on the register as at 4 January 2016
201,731 - Distribution of US$1.32 per unit on 14 April 2016
to unitholders on the register as at 1 April 2016
178,888 - Distribution of US$1.30 per unit on 14 July 2014 to
unitholders on the register as at 1 July 2014
- 203,409 Distribution of US$1.30 per unit on 15 October
2014 to unitholders on the register as at 1 October 2014
- 279,925 Distribution of US$1.30 per unit on 15 January
2015 to unitholders on the register as at 2 January 2015
- 260,852 Distribution of US$1.34 per unit on 15 April 2015
to unitholders on the register as at 1 April 2015
- 212,979 835,493 957,165
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
148
10. Distribution (continued) Fullerton SGD Income Fund
2016 2015
S$ S$ Class A (SGD) Distribution of S$0.011 per unit on 14 July 2015 to
unitholders on the register as at 1 July 2015
11,598,790 - Distribution of S$0.011 per unit on 14 October 2015
to unitholders on the register as at 1 October 2015
11,906,823 - Distribution of S$0.011 per unit on 15 January 2016
to unitholders on the register as at 4 January 2016
12,322,896 - Distribution of S$0.011 per unit on 14 April 2016 to
unitholders on the register as at 1 April 2016
12,708,358 - Distribution of S$0.011 per unit on 14 July 2014 to
unitholders on the register as at 1 July 2014
- 9,419,875 Distribution of S$0.011 per unit on 15 October 2014
to unitholders on the register as at 1 October 2014
- 10,567,175 Distribution of S$0.01 per unit on 15 January 2015 to
unitholders on the register as at 2 January 2015
- 10,292,032 Distribution of S$0.010 per unit on 15 April 2015 to
unitholders on the register as at 1 April 2015
- 10,639,802
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
149
10. Distribution (continued)
Fullerton SGD Income Fund 2016 2015 Class B (SGD) S$ S$ Distribution of S$0.011 per unit on 14 July 2015 to
unitholders on the register as at 1 July 2015
970,895 - Distribution of S$0.010 per unit on 14 October
2015 to unitholders on the register as at 1 October 2015
854,734 - Distribution of S$0.011 per unit on 15 January
2016 to unitholders on the register as at 4 January 2016
1,159,326 - Distribution of S$0.011 per unit on 14 April 2015 to
unitholders on the register as at 1 April 2016
1,207,080 - Distribution of S$0.011 per unit on 14 July 2014 to
unitholders on the register as at 1 July 2014
- 804,869 Distribution of S$0.010 per unit on 15 October
2014 to unitholders on the register as at 1 October 2014
- 858,757 Distribution of S$0.010 per unit on 15 January
2015 to unitholders on the register as at 2 January 2015
- 924,669 Distribution of S$0.010 per unit on 15 April 2015 to
unitholders on the register as at 1 April 2015
- 906,418
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
150
10. Distribution (continued)
Fullerton SGD Income Fund 2016 2015 S$ S$ Class C (SGD) Distribution of S$0.011 per unit on 14 July 2015 to
unitholders on the register as at 1 July 2015
403,502 - Distribution of S$0.010 per unit on 15 October 2015
to unitholders on the register as at 1 October 2015
316,713 - Distribution of S$0.011 per unit on 15 January 2016
to unitholders on the register as at 4 January 2016
453,694 - Distribution of S$0.011 per unit on 14 April 2016 to
unitholders on the register as at 1 April 2016
457,662 - Distribution of S$0.011 per unit on 14 July 2014 to
unitholders on the register as at 1 July 2014
- 409,949 Distribution of S$0.010 per unit on 15 October 2014
to unitholders on the register as at 1 October 2014
- 345,718 Distribution of S$0.010 per unit on 15 January 2015
to unitholders on the register as at 2 January 2015
- 352,965 Distribution of S$0.010 per unit on 15 April 2015 to
unitholders on the register as at 1 April 2015
- 348,507 Class D (USD) Distribution of US$0.005 per unit on 30 June 2015
to unitholders on the register as at 1 July 2015
138,226 - Distribution of US$0.008 per unit on 30 September
2015 to unitholders on the register as at 1 October 2015
309,690 - Distribution of US$0.009 per unit on 31 December
2015 to unitholders on the register as at 4 January 2015
491,368 - Distribution of US$0.010 per unit on 31 March 2016
to unitholders on the register as at 1 April 2016
761,677 - 56,061,434 45,870,736
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
151
10. Distribution (continued)
Fullerton Total Return Fund 2016 2015
US$ US$ Class A (SGD) Distribution of S$0.0100 per unit on 30 April 2015
to unitholders on the register as at 17 April 2015
420,854 - Distribution of S$0.0097 per unit on 29 July 2015
to unitholders on the register as at 15 July 2015
405,363 - Distribution of S$0.0090 per unit on 28 October
2015 to unitholders on the register as at 15 October 2015
373,758 - Distribution of S$0.0080 per unit on 29 January
2016 to unitholders on the register as at 16 January 2016
320,935 - Distribution of S$0.0093 per unit on 30 April 2014
to unitholders on the register as at 15 April 2014
- 352,465 Distribution of S$0.0099 per unit on 29 July 2014
to unitholders on the register as at 15 July 2014
- 373,063 Distribution of S$0.0099 per unit on 30 October
2014 to unitholders on the register as at 16 October 2014
- 362,830 Distribution of S$0.0104 per unit on 29 January
2015 to unitholders on the register as at 16 January 2015
- 364,369
FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016
152
10. Distribution (continued)
Fullerton Total Return Fund 2016 2015 US$ US$ Class B (USD) Distribution of US$0.0100 per unit on 30 April
2015 to unitholders on the register as at 17 April 2015
88,028 - Distribution of US$0.0094 per unit on 29 July 2015
to unitholders on the register as at 15 July 2015
83,555 - Distribution of US$0.0090 per unit on 28 October
2015 to unitholders on the register as at 16 October 2015
80,773 - Distribution of US$0.0070 per unit on 29 January
2016 to unitholders on the register as at 16 January 2016
63,418 - Distribution of US$0.0094 per unit on 30 April
2014 to unitholders on the register as at 15 April 2014
- 79,801 Distribution of US$0.0098 per unit on 29 July 2014
to unitholders on the register as at 15 July 2014
- 84,013 Distribution of US$0.0098 per unit on 30 October
2014 to unitholders on the register as at 16 October 2014
- 84,830 Distribution of US$0.0094 per unit on 29 January
2015 to unitholders on the register as at 16 January 2015
- 82,179 1,836,684 1,783,550