Société d'Investissement à Capital Variable...2019/03/31 · FULLERTON LUX FUNDS 2 Table of...

FULLERTON LUX FUNDSSociété d'Investissement à Capital Variable

R.C.S. Luxembourg N° B 148 899Audited Annual Report as at March 31, 2019

FULLERTON LUX FUNDS

Fullerton Lux Funds – Asia Growth & Income Equities

Fullerton Lux Funds – Asian Small Cap Equities*

Fullerton Lux Funds – Asia Focus Equities

Fullerton Lux Funds – Asia Absolute Alpha

Fullerton Lux Funds – ASEAN Growth

Fullerton Lux Funds – China A Equities

Fullerton Lux Funds – All China Equities

Fullerton Lux Funds – Global Emerging Market Equities

Fullerton Lux Funds – Asian Currency Bonds

Fullerton Lux Funds – Asian High Yield Bonds

Fullerton Lux Funds – Asian Bonds

Fullerton Lux Funds – RMB Bonds

Fullerton Lux Funds – Asian Short Duration Bonds

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest annual report and a copy of the latest available semi-annual report, if published aftersuch annual report.

* Fund closed on June 25, 2018.

FULLERTON LUX FUNDS

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Table of Contents

Organisation of the SICAV 4

Directors' Report 5

Audit report 14

Statistics 17

Combined Statement of Net Assets as at March 31, 2019 21

Combined Statement of Operations and Changes in Net Assets for the year / period ended March 31, 2019 21


Statement of Net Assets as at March 31, 2019 22

Statement of Operations and Changes in Net Assets for the year ended March 31, 2019 22

Statement of Changes in Number of Shares 22

Securities Portfolio as at March 31, 2019 23

Portfolio Breakdowns 24

Top Ten Holdings 24


Statement of Operations and Changes in Net Assets for the period ended June 25, 2018 25








Top Ten Holdings 28







Top Ten Holdings 31







Top Ten Holdings 34


FULLERTON LUX FUNDS

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Top Ten Holdings 37







Top Ten Holdings 40







Top Ten Holdings 43






Financial derivative instruments as at March 31, 2019 46


Top Ten Holdings 47








Top Ten Holdings 51


FULLERTON LUX FUNDS

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Top Ten Holdings 56








Top Ten Holdings 61








Top Ten Holdings 65

Notes to the Financial Statements 66

Supplementary Information (unaudited) 74


FULLERTON LUX FUNDS Organisation of the SICAV Registered Office 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Jenny Sofian, Chief Executive Officer, Fullerton Fund Management Company Ltd., 3 Fraser Street #09-28 DUO Tower Singapore 189352 Directors Anupama Sawhney, Head of Corporate Strategy, Fullerton Fund Management Company Ltd., 3 Fraser Street #09-28 DUO Tower Singapore 189352 Choong Keong Wong, Head of Compliance, Fullerton Fund Management Company Ltd., 3 Fraser Street #09-28 DUO Tower Singapore 189352 Chui Yen (Fiona) Loh, Head of Product Development, Fullerton Fund Management Company Ltd., 3 Fraser Street #09-28 DUO Tower Singapore 189352 Gaston Pierre Juncker, Elvinger Hoss Prussen Partner, Avocat au Barreau de Luxembourg, 2, place Winston Churchill, B.P. 425 L-1340 Luxembourg, Grand Duchy of Luxembourg Management Company Lemanik Asset Management S.A., 106, route d’Arlon, L-8210 Mamer, Grand Duchy of Luxembourg Depositary, Administrator, Registrar and Transfer Agent, Domiciliary Agent BNP Paribas Securities Services - Luxembourg Branch, 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Investment Manager Fullerton Fund Management Company Ltd., 3 Fraser Street #09-28 DUO Tower Singapore 189352 Auditor PricewaterhouseCoopers, Société coopérative 2 rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg, Grand Duchy of Luxembourg Legal Adviser in Luxembourg Elvinger Hoss Prussen, 2, place Winston Churchill, B.P. 425 L-2014 Luxembourg, Grand Duchy of Luxembourg

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FULLERTON LUX FUNDS Directors’ Report Fullerton Lux Funds – Asia Growth & Income Equities Stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, equities finally saw a sharp V-shaped recovery in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. Asian economies showed resilient fundamentals. Singapore’s 2018 GDP came in at 3.3%yoy. While the services and construction sectors slowed, this was mitigated by growth in manufacturing. In the Philippines, full year growth rose 6.2%yoy – private consumption bounced back but fixed investment and government spending slowed. In Thailand, full year growth registered 4.1%yoy, the highest since 2012, supported by stronger-than-expected private consumption and private investments. Elsewhere China’s GDP grew 6.6% in 2018, aided by consumption while contributions from investments and net exports fell. In neighbouring Korea, real GDP growth surprised to the upside in 4Q18, putting full year growth at 2.7%yoy. Turning to central bank actions, policymakers in the region were initially skewed to the hawkish side, with many delivering multiple rate cuts, before turning dovish overall in 2019. The Monetary Authority of Singapore (MAS) hiked twice in April and October, by increasing the slope of the SGD NEER policy band slightly, while keeping the width of the band and level at which it is centred unchanged. Meanwhile in India, the central bank also hiked twice in June and August by 25bps each time. Similarly, the Bank of Korea kept rates steady until it hiked by 25bps in both November and December. Elsewhere, the Bank of Thailand held its key policy rate unchanged until December, when it increased rates by 25bps as it sought to curb financial stability risks and create policy space for the next economic downturn. Indonesia and the Philippines delivered more aggressive hikes. Bank Indonesia (BI) raised the benchmark policy rate six times over the period under review, in a bid to support the exchange rate and ensure financial stability. Bangko Sentral ng Pilipinas (BSP) hiked interest rates five times over the period under review, as it acknowledged upside risks to inflation. Against the above, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. In 2019, the PBOC has again cut the RRR and injected liquidity to a bid to provide a boost to China's slowing economy and prevent shortages during the tax season. The Fund underperformed its benchmark during the period. Positions in India and Taiwan were key detractors, outweighing positive contribution from China and Korea. By sector, positions in IT and financials were key sources of drag. Tech names in China, Taiwan, Korea and Singapore bore the brunt of investors’ risk-off behaviour in 2018, amid the trade standoff between the US and China, in which the IT sector has been a key area of contention. Elsewhere, Indian financials detracted as the sector sold off late in 2018 on the back of concerns about the viability of non-banking financial companies (NBFCs) in the country, Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from Asian central banks, which are largely following the Federal Reserve’s dovish pivot. Policymakers now have space to ease, which should bode well for Asian equities and interest rates. On the growth front, early signs that economies around the world are stabilising are also positive, and should a US-China trade deal be reached as expected, regional export figures may also get a boost. Downward EPS revisions appear to be slowing, with the worst of downward revisions likely to be some months away. While valuations in Asia are above their 10-year average PE, they look more reasonable when viewed on an earnings yield gap basis or relative to global equities. All things considered, we find it prudent staying focused on growth fundamentals in our bottom-up selection of Asian companies to invest in. Fullerton Lux Funds – Asian Small Cap Equities Stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, equities finally saw a sharp V-shaped recovery in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. Asian economies showed resilient fundamentals. Singapore’s 2018 GDP came in at 3.3%yoy. While the services and construction sectors slowed, this was mitigated by growth in manufacturing. In the Philippines, full year growth rose 6.2%yoy – private consumption bounced back but fixed investment and government spending slowed. In Thailand, full year growth registered 4.1%yoy, the highest since 2012, supported by stronger-than-expected private consumption and private investments. Elsewhere China’s GDP grew 6.6% in 2018, aided by consumption while contributions from investments and net exports fell. In neighbouring Korea, real GDP growth surprised to the upside in 4Q18, putting full year growth at 2.7%yoy.

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FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – Asian Small Cap Equities (continued) Turning to central bank activity, policymakers in the region were initially skewed to the hawkish side, before turning dovish overall in 2019. The Monetary Authority of Singapore (MAS) hiked twice in April and October, by increasing the slope of the SGD NEER policy band slightly, while keeping the width of the band and level at which it is centred unchanged. Meanwhile, Bank Indonesia (BI) raised the benchmark policy rate six times over the period under review, in a bid to support the exchange rate and ensure financial stability. Elsewhere, Bangko Sentral ng Pilipinas (BSP) hiked interest rates five times over the period under review, as it acknowledged upside risks to inflation. In Korea, the central bank kept rates steady until the end of 2018, when it hiked by 25bps in both November and December. Similarly, the Bank of Thailand held its key policy rate unchanged until December, when it increased rates by 25bps as it sought to curb financial stability risks and create policy space for the next economic downturn. India initially kept policy rates on hold as expected, but later hiked interest rates by 25bps in June and August. Lastly in China, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. In 2019, the PBOC has again cut the RRR and injected liquidity in a bid to provide a boost to China's slowing economy and prevent shortages during the tax season. The Fund was terminated on 25 June 2018. Fullerton Lux Funds – Asia Focus Equities Stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, equities finally saw a sharp V-shaped recovery in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. Asian economies showed resilient fundamentals. Singapore’s 2018 GDP came in at 3.3%yoy. While the services and construction sectors slowed, this was mitigated by growth in manufacturing. In the Philippines, full year growth rose 6.2%yoy – private consumption bounced back but fixed investment and government spending slowed. In Thailand, full year growth registered 4.1%yoy, the highest since 2012, supported by stronger-than-expected private consumption and private investments. Elsewhere China’s GDP grew 6.6% in 2018, aided by consumption while contributions from investments and net exports fell. In neighbouring Korea, real GDP growth surprised to the upside in 4Q18, putting full year growth at 2.7%yoy. Turning to central bank actions, policymakers in the region were initially skewed to the hawkish side, with many delivering multiple rate cuts, before turning dovish overall in 2019. The Monetary Authority of Singapore (MAS) hiked twice in April and October, by increasing the slope of the SGD NEER policy band slightly, while keeping the width of the band and level at which it is centred unchanged. Meanwhile in India, the central bank also hiked twice in June and August by 25bps each time. Similarly, the Bank of Korea kept rates steady until it hiked by 25bps in both November and December. Elsewhere, the Bank of Thailand held its key policy rate unchanged until December, when it increased rates by 25bps as it sought to curb financial stability risks and create policy space for the next economic downturn. Indonesia and the Philippines delivered more aggressive hikes. Bank Indonesia (BI) raised the benchmark policy rate six times over the period under review, in a bid to support the exchange rate and ensure financial stability. Bangko Sentral ng Pilipinas (BSP) hiked interest rates five times over the period under review, as it acknowledged upside risks to inflation. Against the above, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. In 2019, the PBOC has again cut the RRR and injected liquidity to a bid to provide a boost to China's slowing economy and prevent shortages during the tax season. The Fund underperformed its benchmark during the period. Positions in China, Hong Kong and Korea were primary detractors. By sector, positions in IT and consumer were key sources of drag. Tech names in China, Taiwan and Singapore bore the brunt of investors’ risk-off behaviour in 2018, amid the trade standoff between the US and China, in which the IT sector has been a key area of contention. Consumer positions in China and Korea were also weak on the back of consumption slowdown concerns in China, going into 2019. Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from Asian central banks, which are largely following the Federal Reserve’s dovish pivot. Policymakers now have space to ease, which should bode well for Asian equities and interest rates. On the growth front, early signs that economies around the world are stabilising are also positive, and should a US-China trade deal be reached as expected, regional export figures may also get a boost. Downward EPS revisions appear to be slowing, with the worst of downward revisions likely to be some months away. While valuations in Asia are above their 10-year average PE, they look more reasonable when viewed on an earnings yield gap basis or relative to global equities. All things considered, we find it prudent staying focused on growth fundamentals in our bottom-up selection of Asian companies to invest in.

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FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – Asia Absolute Alpha Stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, equities finally saw a sharp V-shaped recovery in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. Asian economies showed resilient fundamentals. Singapore’s 2018 GDP came in at 3.3%yoy. While the services and construction sectors slowed, this was mitigated by growth in manufacturing. In the Philippines, full year growth rose 6.2%yoy – private consumption bounced back but fixed investment and government spending slowed. In Thailand, full year growth registered 4.1%yoy, the highest since 2012, supported by stronger-than-expected private consumption and private investments. Elsewhere China’s GDP grew 6.6% in 2018, aided by consumption while contributions from investments and net exports fell. In neighbouring Korea, real GDP growth surprised to the upside in 4Q18, putting full year growth at 2.7%yoy. Turning to central bank actions, policymakers in the region were initially skewed to the hawkish side, with many delivering multiple rate cuts, before turning dovish overall in 2019. The Monetary Authority of Singapore (MAS) hiked twice in April and October, by increasing the slope of the SGD NEER policy band slightly, while keeping the width of the band and level at which it is centred unchanged. Meanwhile in India, the central bank also hiked twice in June and August by 25bps each time. Similarly, the Bank of Korea kept rates steady until it hiked by 25bps in both November and December. Elsewhere, the Bank of Thailand held its key policy rate unchanged until December, when it increased rates by 25bps as it sought to curb financial stability risks and create policy space for the next economic downturn. Indonesia and the Philippines delivered more aggressive hikes. Bank Indonesia (BI) raised the benchmark policy rate six times over the period under review, in a bid to support the exchange rate and ensure financial stability. Bangko Sentral ng Pilipinas (BSP) hiked interest rates five times over the period under review, as it acknowledged upside risks to inflation. Against the above, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. In 2019, the PBOC has again cut the RRR and injected liquidity to a bid to provide a boost to China's slowing economy and prevent shortages during the tax season. The Fund generated negative returns during the period, with positions in Korea, Thailand and China being key detractors. By sector, the portfolio’s IT positions bore the brunt of investors’ risk-off behaviour in 2018, amid the trade standoff between the US and China, in which the IT sector has been a key area of contention. Elsewhere, consumer positions in China and Korea were also weak on the back of consumption slowdown concerns in China, going into 2019. Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from Asian central banks, which are largely following the Federal Reserve’s dovish pivot. Policymakers now have space to ease, which should bode well for Asian equities and interest rates. On the growth front, early signs that economies around the world are stabilising are also positive, and should a US-China trade deal be reached as expected, regional export figures may also get a boost. Downward EPS revisions appear to be slowing, with the worst of downward revisions likely to be some months away. While valuations in Asia are above their 10-year average PE, they look more reasonable when viewed on an earnings yield gap basis or relative to global equities. All things considered, we find it prudent staying focused on growth fundamentals in our bottom-up selection of Asian companies to invest in. Fullerton Lux Funds – ASEAN Growth Stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, equities finally saw a sharp V-shaped recovery in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. ASEAN economies showed resilient fundamentals. Singapore’s 2018 GDP came in at 3.3%yoy; while the services and construction sectors slowed, this was mitigated by growth in manufacturing. In the Philippines, full year growth rose 6.2%yoy – private consumption bounced back but fixed investment and government spending slowed. In Thailand, full year growth registered 4.1%yoy, the highest since 2012, supported by stronger-than-expected private consumption and private investments. Elsewhere in Malaysia, 4Q18 GDP growth exceeded consensus expectations, which brought 2018 growth to 4.7%yoy – private consumption and net exports were strong while government consumption and fixed asset slowed. Lastly, Indonesia’s 4Q18 GDP grew 5.2%yoy, bringing full year 2018 growth to 5.2% – while private consumption was steady, government spending and fixed investment growth moderated.

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FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – ASEAN Growth (continued) Turning to central bank actions, policymakers in the region were initially skewed to the hawkish side, with many delivering multiple rate cuts, before turning dovish overall in 2019. The Monetary Authority of Singapore hiked twice in April and October, by increasing the slope of the SGD NEER policy band slightly, while keeping the width of the band and level at which it is centred unchanged. Elsewhere, the Bank of Thailand held its key policy rate unchanged until December, when it increased rates by 25bps as it sought to curb financial stability risks and create policy space for the next economic downturn. Indonesia and the Philippines delivered more aggressive hikes. Bank Indonesia raised the benchmark policy rate six times over the period under review, in a bid to support the exchange rate and ensure financial stability. Adopting a similar mindset, Bangko Sentral ng Pilipinas hiked interest rates five times as it acknowledged upside risks to inflation. The Fund underperformed its benchmark during the period. Positions in Singapore and Indonesia were key detractors. By sector, IT names in the region were the largest laggards as they bore the brunt of investors’ risk-off behavior in 2018, amid the trade standoff between the US and China, in which the IT sector has been a key area of contention. Elsewhere, banks and real estate names in Indonesia detracted further value in 2018’s rising yield environment. Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from regional central banks, which are largely following the Federal Reserve’s dovish pivot. Policymakers now have space to ease, which should bode well for ASEAN equities and interest rates. On the growth front, early signs that economies around the world are stabilising are also positive, and should a US-China trade deal be reached as expected, regional export figures may also get a boost. Downward EPS revisions appear to be slowing, with the worst of downward revisions likely to be some months away. While regional valuations are above their 10-year average PE, they look more reasonable when viewed on an earnings yield gap basis or relative to global equities. All things considered, we find it prudent staying focused on growth fundamentals in our bottom-up selection of ASEAN companies to invest in. While structural themes we continue to favour in ASEAN include changing domestic consumption profiles, election-driven government spending, infrastructure development, financial product penetration and increasing connectivity, we also see select beneficiaries emerging in the region as a result of the Fed’s hawkish stance and the Sino-US trade stalemate. Fullerton Lux Funds – China A Equities Global stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In China, the trade standoff between the US and China rattled investors. Market volatility remained and investors stayed cautious despite a landmark move to include A-shares into the flagship MSCI Emerging Markets index. Towards the end of 2018, a 90-day trade truce negotiated between US and China provided little support towards sentiment. In 2019, the equity market finally saw a sharp V-shaped recovery in the first quarter, set in motion finally by trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy. China's economy slowed over the period under review. The 4Q18 GDP growth registered 6.4%yoy from 6.5%yoy in Q3, although in line with consensus. For the year, China’s GDP grew 6.6%, supported by consumption while contributions from investments and net exports fell. In 2019, there were signs of stabilisation in the economy. China’s official manufacturing PMI rose to 50.5 in March from a previous 49.2. This was the biggest increase since 2012 and exceeded all estimates by economists – both new orders and new export orders rose to their highest levels in six months. At the most recent National People's Congress, the government guided its GDP growth target for 2019 to 6-6.5%. On monetary policy, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system in 2018. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. The mid-year Politburo meeting largely endorsed the State Council’s signal of policy easing and said that fiscal policy should play a larger role in expanding domestic demand. The PBOC went on to state that it would maintain a prudent and neutral monetary policy to ensure sufficient market liquidity. In 2019, the PBOC again cut the RRR to provide a boost to China's slowing economy. Moreover, the PBOC pledged to promote financial market reform and improve guidance on credit policies, as well as strengthen the bond market’s role in supporting the economy. Separately, the MSCI started to include A-share in its emerging market benchmark in 2018 and we believe this marks the beginning of internationalisation of China’s equity market, similar to Korea and Taiwan markets back in 1992 and 1996. The full inclusion of A-share market over time would lead to rising foreign participation and growing institutionalisation of the market. The Fund outperformed against its benchmark over the period under review. Positive stock selection in healthcare, consumer discretionary and financials contributed the most value to performance. While positive policy responses such as VAT and social security insurance cuts will help to alleviate cost pressures for companies, markets appear to be more risk averse after the Chinese authorities took a less dovish stance following the Politburo meeting, prompting concerns that liquidity conditions would not be loosened further. We believe the strong market performance driven by re-rating might have reached a pause and the focus would be on company fundamentals going forward. Accordingly, we see more opportunities to generate portfolio returns through stock picking.

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FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – All China Equities Global stock markets closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In China, the trade standoff between the US and China rattled investors. Market volatility remained and investors stayed cautious despite a landmark move to include A-shares into the flagship MSCI Emerging Markets index. Towards the end of 2018, a 90-day trade truce negotiated between US and China provided little support towards sentiment. In 2019, the equity market finally saw a sharp V-shaped recovery in the first quarter, set in motion finally by trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy. China's economy slowed over the period under review. The 4Q18 GDP growth registered 6.4%yoy from 6.5%yoy in Q3, although in line with consensus. For the year, China’s GDP grew 6.6%, supported by consumption while contributions from investments and net exports fell. In 2019, there were signs of stabilisation in the economy. China’s official manufacturing PMI rose to 50.5 in March from a previous 49.2. This was the biggest increase since 2012 and exceeded all estimates by economists – both new orders and new export orders rose to their highest levels in six months. At the most recent National People's Congress, the government guided its GDP growth target for 2019 to 6-6.5%. On monetary policy, the People’s Bank of China (PBOC) announced multiple rounds of Reserve Requirement Ratio (RRR) cuts which released significant liquidity into the banking system in 2018. Some cuts were for selected banks, to repay the MLF facility, with excess liquidity largely benefitting smaller banks. The mid-year Politburo meeting largely endorsed the State Council’s signal of policy easing and said that fiscal policy should play a larger role in expanding domestic demand. The PBOC went on to state that it would maintain a prudent and neutral monetary policy to ensure sufficient market liquidity. In 2019, the PBOC again cut the RRR to provide a boost to China's slowing economy. Moreover, the PBOC pledged to promote financial market reform and improve guidance on credit policies, as well as strengthen the bond market’s role in supporting the economy. Separately, the MSCI started to include A-share in its emerging market benchmark in 2018 and we believe this marks the beginning of internationalisation of China’s equity market, similar to Korea and Taiwan markets back in 1992 and 1996. The full inclusion of A-share market over time would lead to rising foreign participation and growing institutionalisation of the market. The Fund delivered negative returns over the period under review. Positive stock selection in communications services and industrials was outweighed by detraction from information technology and consumer staples. Tech names bore the brunt of investors’ risk-off behaviour in 2018, amid the trade standoff between the US and China, in which the IT sector has been a key area of contention. Consumer positions in China were also weak on the back of consumption slowdown concerns in China, going into 2019. Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from Asian central banks, which are mostly following the Federal Reserve’s dovish pivot. Policymakers now have space to ease, which should bode well for Asian equities and interest rates. In China, while positive policy responses such as VAT and social security insurance cuts will help to alleviate cost pressures for companies, markets appear to be more risk averse after the Chinese authorities took a less dovish stance following the Politburo meeting, prompting concerns that liquidity conditions would not be loosened further. We believe the strong market performance driven by re-rating might have reached a pause and the focus would be on company fundamentals going forward. Accordingly, we see more opportunities to generate portfolio returns through stock picking. Fullerton Lux Funds – Global Emerging Markets Equities Emerging markets (EM) closed out a dismal 2018, the retreat stoked by concerns of a slowing global economy, tightening monetary policy, geopolitical tensions and an uncertain global trade environment. In particular, the trade standoff between the US and China rattled investors and weighed heavily on equities. Meanwhile, the US Federal Reserve initially hiked interest rates as widely expected, citing a strong economy while also projecting further gradual increases in the target range of the Fed funds rate. Investors remained cautious even towards the end of 2018, despite a 90-day trade truce negotiated between US and China. After the fourth rate hike in December, Fed Chairman Powell did not acknowledge the possibility of a pause in rate hikes, and this further dampened sentiment. In 2019, EM equities rebounded strongly in the first quarter, set in motion by the Fed’s policy shift from its previous hawkish stance and decision to be patient in further lifting borrowing costs. Trade negotiation progress between the US and China, as well as China’s policy stimulus to stabilise the Chinese economy, aided the rebound. In Latin America, Brazilian equities were boosted by tailwinds from potential pension reforms, following the re-election of President Jair Bolsonaro. In contrast, Mexican equities suffered a sell-off on risk aversion after President Manuel López Obrador rolled back market-friendly policies that were previously implemented. Within the EMEA region, Turkish equities suffered from slowing economic growth and rising twin deficits. Separately, the MSCI started to include A-share in its emerging market benchmark in 2018 and we believe this marks the beginning of internationalisation of China’s equity market, similar to Korea and Taiwan markets back in 1992 and 1996. The full inclusion of A-share market over time would lead to rising foreign participation and growing institutionalisation of the market. The Fund underperformed its benchmark during the period. Positions in India, Russia and Thailand were key detractors, outweighing positive contribution from positions in UAE, Hong Kong and South Africa.

9

FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – Global Emerging Markets Equities (continued) Market sentiment largely remains upbeat, with investors anticipating a benign policy outlook from major central banks, which are largely following the Federal Reserve’s dovish pivot. Policymakers now have space to ease. On the growth front, early signs that economies around the world are stabilising are also positive. Our focus remains on EM countries/regions with better fundamentals, such as China, Taiwan, ASEAN and Russia. We remain focused on companies with good earnings visibility and sustainable growth. We have reduced exposure to stocks and sectors where valuations have become stretched following a period of strong, uninterrupted performance. All things considered, we find it prudent staying focused on growth fundamentals in our bottom-up selection of emerging market companies to invest in. Fullerton Lux Funds – Asian Currency Bonds Bond markets were volatile over the 12-month period. Macro headwinds dominated much of 2018, amidst periodic flare-ups in US-China trade tensions, withdrawal of global liquidity and emerging market vulnerabilities. Negative headlines on the US-China trade dispute eventually gave way to renewed hope that the two nations could potentially arrive at a trade deal, after positive progress on US-China trade negotiations. Elsewhere, emerging markets endured significant volatility in 2018. This drew concern to the potential vulnerability of countries with weaker balance of payments to rising US rates and quantitative tightening in the developed markets. Asian local currency bond markets witnessed a sell-off in the first three quarters of 2018 amidst the risk-off tone in the markets. Despite that, Asian local currency bond markets regained its momentum in the last quarter of 2018 and ended the year on a constructive note. Asian local currency bond markets started 2019 on a strong footing, boosted by the dovish shift in central banks’ stance, positive net foreign inflows and lower US Treasury yields. On the policy front, the Chinese authorities signalled a change in policy stance to support GDP growth and job creation, amidst signs of an economic slowdown and uncertainty surrounding US-China trade tensions. Specifically, the Chinese authorities unveiled a package of targeted stimulus policies – ranging from tax cuts to special bonds for infrastructure investment – to boost domestic demand. The People’s Bank of China (PBOC) also stepped up policy easing and implemented targeted Reserve Requirement Ratio (RRR) cuts to encourage new lending, in a bid to counteract slowing growth. Elsewhere, Bank Indonesia hiked rates in 2018 in a bid to stabilise the rupiah. Over in the Philippines, Bangko ng Sentral Pilipinas similarly raised its policy rate in an attempt to counteract rising inflation. That said, given the sharp U-turn by the Fed since the start of this year and largely benign inflation conditions, Asian central banks retain the flexibility to stay on hold or to cut rates, as in the case of the Reserve Bank of India, which lowered policy rates in the first quarter of 2019. Overall, Asian local currency bond markets, as measured by the iBoxx ALBI Index, delivered a positive return of 1.62% in USD terms and 5.81% in local currency terms over the review period. Korea and Malaysia were amongst the region’s outperformers in local currency terms. Asian credit markets similarly posted positive returns over the 12-month period, with gains driven by lower US Treasury yields as well as tighter credit spreads. For the 12 months ended 31 March 2019, the Fund marginally underperformed the benchmark in USD terms. The Fund benefitted from positive carry, while spread, currency and duration detracted from overall performance. Looking ahead, macro growth and credit indicators are likely to bottom out. We expect a moderate recovery later in the year, benefitting from China’s domestic stimulus and supportive monetary policies by the major central banks, led by the US Federal Reserve. In the US, data has stabilised and expectations of an imminent recession have largely receded. The US labour market and consumer remain healthy. Within the Asian local currency bond universe, we favour selective Asian bond markets with attractive real yields and steeper yield curves. We are also predisposed to markets with supportive monetary backdrops and leeway for further rate cuts. Within Asian currencies, we are inclined to stay tactical and nimble, keeping in mind US/China trade headwinds that could lead to periods of broad US dollar strength. Fullerton Lux Funds – Asian High Yield Bonds Bond markets were volatile over the 12-month period. Macro headwinds dominated much of 2018, amidst periodic flare-ups in US-China trade tensions, withdrawal of global liquidity and emerging market vulnerabilities. Negative headlines on the US-China trade dispute eventually gave way to renewed hope that the two nations could potentially arrive at a trade deal, after positive progress on US-China trade negotiations. Elsewhere, emerging markets endured significant volatility in 2018. This drew concern to the potential vulnerability of countries with weaker balance of payments to rising US rates and quantitative tightening in the developed markets. The US Federal Reserve (Fed) moved ahead with its fourth rate hike of 2018 in December, albeit scaling back on rate hike expectations in 2019. The benchmark 10-year US Treasury yield ended the year at 2.7%. 2019 started on a more positive note for risk assets. Risk assets received a fillip after Fed Chair Jerome Powell guided for no further interest rate hikes in 2019, and announced plans to put the balance sheet reduction on hold. US Treasuries rallied strongly in the wake of the Fed’s policy U-turn. The benchmark 10-year US Treasury yield ended the 12-month period at 2.4%, as of end March.

10

FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – Asian High Yield Bonds (continued) Asian credit markets, which endured a sell-off for three quarters of 2018, regained their footing and extended a 2018 year-end rally into the first three months of 2019. Overall, the JACI Composite Index returned 5.5% in USD terms over the 12-month period, with gains driven by lower US Treasury yields as well as tighter credit spreads. The outperformance was led by the investment grade segment, which returned 5.6% (in USD terms), while the high yield segment returned 5.4% (in USD terms). For the 12 months ending 31 March 2019, the Fund delivered positive returns, mainly due to positive coupon carry, while the Fund’s duration positioning added value. Spread effect was the main detractor, as high yield credit spreads widened. Looking ahead, macro growth and credit indicators are likely to bottom. We expect a moderate recovery later in the year, benefitting from China’s domestic stimulus and supportive monetary policies by the major central banks, led by the US Federal Reserve. In the US, data has stabilised and expectations of an imminent recession have largely receded. The US labour market and consumer remain healthy. Asian credit metrics have fundamentally improved and are in a good position to weather any potential earnings disappointment. While valuations have become less compelling compared to the start of the year, Asian credit still offers attractive yield pick-up versus US credit. The high absolute yield levels in Asian credit will also cushion investors against interest rate volatility. Fullerton Lux Funds – Asian Bonds Bond markets were volatile over the 12-month period. Macro headwinds dominated much of 2018, amidst periodic flare-ups in US-China trade tensions, withdrawal of global liquidity and emerging market vulnerabilities. Negative headlines on the US-China trade dispute eventually gave way to renewed hope that the two nations could potentially arrive at a trade deal, after positive progress on US-China trade negotiations. Elsewhere, emerging markets endured significant volatility in 2018. This drew concern to the potential vulnerability of countries with weaker balance of payments to rising US rates and quantitative tightening in the developed markets. The US Federal Reserve (Fed) moved ahead with its fourth rate hike of 2018 in December, albeit scaling back on rate hike expectations in 2019. The benchmark 10-year US Treasury yield ended the year at 2.7%. 2019 started on a more positive note for risk assets. Risk assets received a fillip after Fed Chair Jerome Powell guided for no further interest rate hikes in 2019, and announced plans to put the balance sheet reduction on hold. US Treasuries rallied strongly in the wake of the Fed’s policy U-turn. The benchmark 10-year US Treasury yield ended the 12-month period at 2.4%, as of end March. Asian credit markets, which endured a sell-off for three quarters of 2018, regained their footing and extended a 2018 year-end rally into the first three months of 2019. Overall, the JACI Composite Index returned 5.5% in USD terms over the 12-month period, with gains driven by lower US Treasury yields as well as tighter credit spreads. The outperformance was led by the investment grade segment, which returned 5.6% in USD, while the high yield segment returned 5.4% in USD terms. For the 12 months ending 31 March 2019, the Fund performed in line with the benchmark. The Fund benefitted from positive credit selection in Indonesia and China, but this was partially offset by negative duration and currency effects. Looking ahead, macro growth and credit indicators are likely to bottom. We expect a moderate recovery later in the year, benefitting from China’s domestic stimulus and supportive monetary policies by the major central banks, led by the US Federal Reserve. In the US, data has stabilised and expectations of an imminent recession have largely receded. The US labour market and consumer remain healthy. Asian credit metrics have fundamentally improved and are in a good position to weather any potential earnings disappointment. We continue to favour selective Asian markets, such as Singapore, Hong Kong, India and Indonesia. We prefer to underweight China on supply risks as well as the Philippines and South Korea on relative valuations. Within sectors, we favour real estate, consumer and financials and have an underweight bias in sovereign, quasi-sovereign and the oil and gas sectors. Fullerton Lux Funds – RMB Bonds Bond markets were volatile over the 12-month period. Macro headwinds dominated much of 2018, amidst periodic flare-ups in US-China trade tensions, withdrawal of global liquidity and emerging market vulnerabilities. Negative headlines on the US-China trade dispute eventually gave way to renewed hope that the two nations could potentially arrive at a trade deal, after positive progress on US-China trade negotiations. 2019 started on a more positive note for risk assets after Fed Chair Jerome Powell guided for no further interest rate hikes in 2019, and announced plans to put the balance sheet reduction on hold. In China, the authorities signalled a change in policy stance to support GDP growth and job creation, amidst signs of an economic slowdown and uncertainty surrounding US-China trade tensions. Specifically, the Chinese authorities unveiled a package of targeted stimulus policies – ranging from tax cuts to special bonds for infrastructure investment – to boost domestic demand. The People’s Bank of China (PBOC) also stepped up policy easing and implemented targeted Reserve Requirement Ratio (RRR) cuts to encourage new lending, in a bid to counteract slowing growth.

11

FULLERTON LUX FUNDS Directors’ Report (continued) Fullerton Lux Funds – RMB Bonds (continued) With this backdrop, the relatively accommodative rates environment in China was positive for China’s CNY and CNH bond markets, over the review period. China’s bond markets were also boosted by the proposed inclusion of China’s onshore government bond and policy bank bonds into Bloomberg Barclays Global Aggregate Index effective 1 April 2019. Overall, CNY bonds, as measured by the iBoxx ALBI China Onshore Index, returned 7.9% in CNY terms over the 12-month period. CNH bonds, as measured by the iBoxx ALBI China Offshore index, returned 6.8% in CNH terms over the 12-month period. By segment, the CNH investment grade sector outperformed with a strong return of 7.2% in CNH terms, while the CNH high yield sector posted a marginally positive return of 0.44% in CNH terms. Away from the Chinese bond markets, Asian credit markets, which endured a sell-off for three quarters of 2018, regained their footing and extended a 2018 year-end rally into the first three months of 2019. Overall, the JACI Composite Index returned 5.5% in USD terms over the 12-month period, with gains driven by lower US Treasury yields as well as tighter credit spreads. The outperformance was led by the investment grade segment, which returned 5.6% in USD terms, while the high yield segment returned 5.4% in USD terms. For the 12 months ending 31 March 2019, the Fund delivered positive returns over the CNH Overnight Deposit Rate, with positive coupon carry and duration the key performance contributors, whilst spread effects added value. The Fund benefitted from tighter credit spreads in its CNH and CNY credit allocations. Currency effects detracted slightly. Looking ahead, macro growth and credit indicators are likely to bottom out. We expect moderate recovery later in the year, benefitting from China’s domestic stimulus and supportive monetary policies by the major central banks, led by the US Federal Reserve. In the US, data has stabilised and expectations of an imminent recession have largely receded. The US labour market and consumer remain healthy. On portfolio strategy, we remain cognisant of opportunities to extend duration, particularly via the CNY and CNH new issuance bond markets where technicals – specifically for the CNH market – are strong given the tight bond supply. We have taken advantage of the weakness in the onshore CNY bond market to extend duration, as expectations of further pro-growth measures from the China authorities are rising. The interest rate differential between US Treasuries and Chinese government bonds will also underpin the onshore CNY bond market. Within the Asian USD credit space, security selection is key, given the strong performance so far this year. We will look to switch from existing holdings with little upside to new issuance offering attractive pricing concession and sound credit fundamentals. Fullerton Lux Funds – Asian Short Duration Bonds Bond markets were volatile over the 12-month period. Macro headwinds dominated much of 2018, amidst periodic flare-ups in US-China trade tensions, withdrawal of global liquidity and emerging market vulnerabilities. Negative headlines on the US-China trade dispute eventually gave way to renewed hope that the two nations could potentially arrive at a trade deal, after positive progress on US-China trade negotiations. Elsewhere, emerging markets endured significant volatility in 2018. This drew concern to the potential vulnerability of countries with weaker balance of payments to rising US rates and quantitative tightening in the developed markets. The US Federal Reserve (Fed) moved ahead with its fourth rate hike of 2018 in December, albeit scaling back on rate hike expectations in 2019. The benchmark 10-year US Treasury yield ended the year at 2.7%. 2019 started on a more positive note for risk assets. Risk assets received a fillip after Fed Chair Jerome Powell guided for no further interest rate hikes in 2019, and announced plans to put the balance sheet reduction on hold. US Treasuries rallied strongly in the wake of the Fed’s policy U-turn. The benchmark 10-year US Treasury yield ended the 12-month period at 2.4%, as of end March. Asian credit markets, which endured a sell-off for three quarters of 2018, regained their footing and extended a 2018 year-end rally into the first three months of 2019. Overall, the JACI Composite Index returned 5.5% in USD terms over the 12-month period, with gains driven by lower US Treasury yields as well as tighter credit spreads. The outperformance was led by the investment grade segment, which returned 5.6% (in USD terms), while the high yield segment returned 5.4% (in USD terms). For the 12 months ending 31 March 2019, the Fund delivered positive returns. The Fund benefitted most from coupon carry, while spread and duration effects added value. Currency effect was the key detractor. Looking ahead, macro growth and credit indicators are likely to bottom out. We expect a moderate recovery later in the year, benefitting from China’s domestic stimulus and supportive monetary policies by the major central banks, led by the US Federal Reserve. In the US, data has stabilised and expectations of an imminent recession have largely receded. The US labour market and consumer remain healthy. We are broadly comfortable with the Fund’s current duration stance, at slightly under the 3-year mark. Allocation to the high yield sector remains a key theme. That said, we are taking advantage of the active new issuance market to switch out of existing holdings with little upside or tight credit spreads, into new issuance offering attractive pricing concession. At the same time, the Fund remains invested in selective Asian local currency bond markets, such as SGD denominated credit, benefitting from positive yield pick-up from hedging back to the US dollar.

12

FULLERTON LUX FUNDS

Directors’ Report (continued)

Global risk measurement methods

The Management Company uses a risk management process that allows a monitoring of the risk of the portfolio positions and their share of the overall risk profile of the Funds at any time. In accordance with the amended Law of December 17, 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier (“CSSF”) the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company ensures, based on appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Management Company uses the Commitment Approach to monitor the aforementioned risk.

Commitment approach

The thirteen Funds use the commitment approach in order to monitor and measure the global exposure. The global exposure of the Funds is calculated based on the commitment approach in accordance with the methodology described in the ESMA's guidelines 10-788.

Yours sincerely,

The Board of Directors (Fullerton Lux Funds)

Luxembourg, July 19, 2019

The performances were calculated in using the official published Net Asset Value as at March 29, 2019.

Note: The figures stated in this report are historical and not necessarily indicative of future performance.

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Audit report

To the Shareholders of Fullerton Lux Funds

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Fullerton Lux Funds and of each of its sub-funds (the "Fund") as at 31 March 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund's financial statements comprise:

■ the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 31 March 2019;

• the securities portfolio as at 31 March 2019; • the combined statement of operations and changes in net assets for the Fund and the statement of

operations and changes in net assets for each of the sub-funds for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the "Reviseur d'entreprises agn343" for the audit of the financial statements" section of our report.

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

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other Information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

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

PriemeaterhouseCoopers, Socked cooperative, 2 rue Gerhard Mercator, B.P. 2443, L-2014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwalu

Cabinet de revision agree. Expert-eomptable (autorisaticrn gouveniernentale n°101228256) R.C.S. Luxembourg B 65 477- TVA LU25482518

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

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the "ROviseur d'entreprises agnio" for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• obtain an understanding of internal control relevant to the audit 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 Fund's internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

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• conclude on the appropriateness of the Board of Directors of the Funds use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

PricewaterhouseCoopers, Societe cooperative Luxembourg, 19 July 2019 Represented by

Valerie Arnold

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FULLERTON LUX FUNDS

17

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

Statistics


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

211,702,308.43 194,486,966.66 223,912,640.76USD

Net asset value per share

Class A (SGD) Accumulation 13.868 14.539 12.922SGDClass A (USD) Accumulation 15.119 16.382 13.664USDClass I (EUR) Accumulation 16.553 16.265 15.566EURClass I (SGD) Accumulation 9.636 10.048 -SGDClass I (USD) Accumulation 13.897 14.977 12.425USDClass I (USD) Distribution 10.643 11.884 10.187USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Accumulation 595,697 647,572 476,308Class A (USD) Accumulation 100,000 100,000 100,000Class I (EUR) Accumulation 1,669,250 1,669,250 1,669,250Class I (SGD) Accumulation 5,001,016 670,352 -Class I (USD) Accumulation 5,875,059 6,230,780 9,760,140Class I (USD) Distribution 5,250,376 4,525,983 6,786,724−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

- 36,584,772.55 278,963,283.09USD


Class A (SGD) Accumulation - 13.482 12.159SGDClass A (USD) Accumulation - 14.896 12.609USDClass I (EUR) Accumulation - 17.462 16.917EURClass I (USD) Accumulation - 15.892 13.344USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Accumulation - 255,738 305,364Class A (USD) Accumulation - 166,877 103,370Class I (EUR) Accumulation - 1,316,449 1,316,449Class I (USD) Accumulation - 199,182 18,826,797−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

302,298,539.47 376,402,686.72 261,691,313.32USD


Class A (SGD) Accumulation 15.042 16.971 13.975SGDClass A (USD) Accumulation 14.893 17.364 13.417USDClass I (EUR) Accumulation 17.984 18.971 16.780EURClass I (SGD) Accumulation 11.613 12.999 10.621SGDClass I (USD) Accumulation 16.696 19.317 14.811USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Accumulation 75,098 73,877 96,265Class A (USD) Accumulation 100,068 100,000 100,000Class I (EUR) Accumulation 1,975,617 1,975,617 1,975,617Class I (SGD) Accumulation 1,736,113 1,592,707 287,355Class I (USD) Accumulation 14,687,264 16,140,273 14,976,700−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

83,314,150.02 82,534,502.69 74,903,269.80USD

March 31, 2017March 31, 2019 March 31, 2018


FULLERTON LUX FUNDS

18


Statistics


Class A (SGD) Accumulation 12.046 12.866 11.476SGDClass I (USD) Accumulation 11.936 13.102 11.111USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Accumulation 261,121 10,085 49,303Class I (USD) Accumulation 6,785,519 6,291,952 6,705,117−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

81,156,277.70 104,023,058.13 73,200,295.24USD


Class A (SGD) Accumulation 8.439 9.404 8.272SGDClass A (USD) Accumulation 7.838 9.028 7.452USDClass I (EUR) Accumulation 9.329 9.744 9.229EURClass I (USD) Accumulation 8.090 9.269 7.610USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Accumulation 1,319,213 2,845,588 1,319,213Class A (USD) Accumulation 1,038,619 1,038,619 1,038,619Class I (EUR) Accumulation 2,395,912 2,395,912 2,395,912Class I (USD) Accumulation 4,908,591 4,908,591 4,474,607−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

38,908,211.63 43,298,245.48 31,220,448.82USD


Class A (USD) Accumulation 16.473 17.603 13.593USDClass I (USD) Accumulation 17.056 18.082 13.853USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (USD) Accumulation 1,167,970 1,222,706 1,234,294Class I (USD) Accumulation 1,153,178 1,204,212 1,042,502−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

43,129,840.07 45,554,745.66 39,519,905.47USD


Class I (USD) Accumulation 11.772 12.411 9.709USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class I (USD) Accumulation 3,663,835 3,670,610 4,070,425−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

76,272,230.47 110,978,142.78 56,782,223.45USD


Class A (USD) Accumulation 9.719 10.854 8.883USDClass I (USD) Accumulation 9.968 11.072 9.013USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (USD) Accumulation 500,000 500,000 500,000Class I (USD) Accumulation 7,164,231 9,533,009 5,807,173−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

119,705,261.56 119,458,157.01 111,849,246.26USD


FULLERTON LUX FUNDS

19


Statistics


Class A (SGD) Distribution 9.622 9.705 10.104SGDClass A (USD) Distribution 10.121 10.524 10.269USDClass I (EUR) Accumulation 15.037 13.638 14.699EURClass I (USD) Accumulation 12.198 12.134 11.337USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Distribution 4,714 9,262 11,219Class A (USD) Distribution 168,704 176,450 186,332Class I (EUR) Accumulation 2,642,482 2,642,482 2,642,482Class I (USD) Accumulation 6,013,750 6,029,418 6,033,080−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

79,335,129.02 59,882,850.17 60,695,573.07USD


Class A (SGD) Hedged Distribution 10.153 10.258 10.622SGDClass A (USD) Distribution 10.147 10.167 10.493USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Hedged Distribution 1,840,129 1,230,586 1,524,661Class A (USD) Distribution 6,460,280 4,943,380 4,680,014−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

208,614,668.53 231,013,881.00 204,095,192.27USD


Class A (EUR) Hedged Accumulation 10.691 10.524 10.555EURClass A (SGD) Hedged Distribution 9.947 9.931 10.197SGDClass A (USD) Accumulation 12.617 12.055 11.849USDClass A (USD) Distribution 10.093 10.014 10.235USDClass I (SGD) Hedged Accumulation 10.264 9.845 -SGDClass I (USD) Accumulation 12.956 12.324 12.060USDClass I (USD) Distribution 11.169 11.035 11.230USDClass R (SGD) Accumulation - - 10.086SGDClass R (SGD) Hedged Distribution* 10.193 - -SGD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (EUR) Hedged Accumulation 219,731 175,066 143,616Class A (SGD) Hedged Distribution 1,720,322 1,549,080 1,362,210Class A (USD) Accumulation 1,776,084 2,494,513 2,793,157Class A (USD) Distribution 2,048,817 2,925,424 3,718,437Class I (SGD) Hedged Accumulation 3,858,239 3,702,552 -Class I (USD) Accumulation 3,371,748 4,406,354 2,322,368Class I (USD) Distribution 6,829,946 6,847,443 8,290,563Class R (SGD) Accumulation - - 38,145Class R (SGD) Hedged Distribution* 144,868 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

60,972,567.68 68,762,572.93 70,291,740.90USD


* Share Class launched on February 22, 2019.

FULLERTON LUX FUNDS

20


Statistics


Class A (CHF) Hedged Accumulation 10.453 11.036 9.976CHFClass A (CNH) Distribution 112.166 108.873 106.970CNHClass A (EUR) Hedged Accumulation 10.737 11.300 10.152EURClass A (SGD) Accumulation 12.809 12.626 11.820SGDClass A (USD) Accumulation 11.647 11.868 10.426USDClass I (CNH) Accumulation 129.889 123.154 118.220CNHClass I (EUR) Accumulation 14.346 13.283 13.417EURClass I (USD) Accumulation 11.897 12.081 10.577USDClass J (JPY) Distribution - - 10,600.000JPYClass R (USD) Accumulation 11.684 11.870 10.397USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (CHF) Hedged Accumulation 1,176,000 805,750 813,207Class A (CNH) Distribution 60,482 13,700 17,373Class A (EUR) Hedged Accumulation 160,780 160,980 157,115Class A (SGD) Accumulation 12,011 46,694 27,075Class A (USD) Accumulation 245,894 394,499 214,377Class I (CNH) Accumulation 1,766,312 2,199,346 2,741,391Class I (EUR) Accumulation 5,730 5,730 50,560Class I (USD) Accumulation 566,560 579,403 595,515Class J (JPY) Distribution - - 24,129Class R (USD) Accumulation 149,800 137,800 131,300−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net asset value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

118,447,509.47 170,619,177.00 236,161,210.85USD


Class A (SGD) Hedged Accumulation 11.438 11.053 10.946SGDClass A (SGD) Hedged Distribution 10.832 10.670 10.781SGDClass A (USD) Accumulation 11.962 11.457 11.292USDClass A (USD) Distribution 10.791 10.543 10.600USDClass I (USD) Accumulation 12.220 11.659 11.446USDClass R (SGD) Hedged Accumulation 10.679 10.293 10.188SGD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A (SGD) Hedged Accumulation 1,321,037 1,389,055 876,315Class A (SGD) Hedged Distribution 2,028,088 2,256,094 3,011,502Class A (USD) Accumulation 1,801,432 2,371,940 3,117,461Class A (USD) Distribution 2,276,747 2,548,990 5,543,816Class I (USD) Accumulation 3,677,394 7,412,871 9,793,384Class R (SGD) Hedged Accumulation 5,709 10,880 836−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


21


FULLERTON LUX FUNDS

Combined Statement

USD

AssetsInvestment in securities at cost 2.7 1,290,400,348.79Unrealised appreciation / (depreciation) on securities 81,953,545.32

Investment in securities at market value 2.1 1,372,353,894.11Cash at bank 50,357,416.02Receivable for investment sold 10,054,045.01Receivable on subscriptions 1,758,527.59Receivable on withholding tax reclaim 2,598.31Net unrealised appreciation on forward foreign exchangecontracts

2.3, 13 81,575.23

Net unrealised appreciation on futures contracts 2.2, 14 6,807.12Dividends and interest receivable 2.1, 2.8 9,003,090.96Other receivables 216.33

Total assets 1,443,618,170.68

LiabilitiesBank overdraft 994,538.16Accrued expenses 3,611,444.78Other payables 1,516,552.67Payable for investment purchased 12,890,734.46Payable on redemptions 256,391.24Net unrealised depreciation on forward foreign exchangecontracts

2.3, 13 70,457.23

Other liabilities 421,358.09

Total liabilities 19,761,476.63

Net assets at the end of the year / period 1,423,856,694.05

Notes

Statement of Net Assets as at March 31, 2019

IncomeDividends (net of withholding taxes) 2.8 18,646,758.53Interest on bonds 2.1, 2.8 27,691,399.19Bank interest 2.8 881,441.37Other income 4,071.71

Total income 47,223,670.80

ExpensesInvestment management fees 5 12,998,620.43Depositary fees 4 270,621.30Management Company fees 7 319,166.13Administration fees 4 405,792.07Professional fees 11 464,389.17Transaction costs 16 6,064,131.90Taxe d'abonnement 8 251,276.87Bank interest and charges 153,546.84Tax charges 123,736.55Other expenses 10 487,674.87Termination fees 86,648.00

Total expenses 21,625,604.13

Net investment income / (loss) 25,598,066.67

Net realised gain / (loss) on:Investments 2.4 (38,259,877.54)Foreign currencies translation 2.5 (2,118,734.98)Futures contracts 2.2 (616,414.40)Forward foreign exchange contracts 2.3 (3,121,042.51)

Net realised gain / (loss) for the year / period (18,518,002.76)

Net change in unrealised appreciation / (depreciation) on:Investments (77,090,703.22)Futures contracts 2.2 (8,668.46)Forward foreign exchange contracts 2.3 (192,357.30)

Increase / (Decrease) in net assets as a result ofoperations

(95,809,731.74)

Proceeds received on subscription of shares 213,164,508.85Net amount paid on redemption of shares (327,150,375.30)Dividend distribution 15 (9,947,466.54)Net assets at the beginning of the year / period 1,643,599,758.78

Net assets at the end of the year / period 1,423,856,694.05

USDNotes

Statement of Operations and Changes in Net Assets forthe year / period ended March 31, 2019

22


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asia Growth & Income Equities (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD

AssetsInvestment in securities at cost 2.7 181,503,159.41Unrealised appreciation / (depreciation) on securities 26,993,401.06

Investment in securities at market value 2.1 208,496,560.47Cash at bank 3,179,033.09Receivable on subscriptions 265,541.35Dividends and interest receivable 2.1, 2.8 314,740.33Other receivables 43.53

Total assets 212,255,918.77

LiabilitiesAccrued expenses 553,250.43Other payables 359.28Other liabilities 0.63

Total liabilities 553,610.34

Net assets at the end of the year 211,702,308.43

Notes


IncomeDividends (net of withholding taxes) 2.8 4,792,977.59Bank interest 2.8 83,510.61Other income 76.72


ExpensesInvestment management fees 5 1,885,423.29Depositary fees 4 31,132.86Management Company fees 7 39,527.82Administration fees 4 49,580.21Professional fees 11 42,811.48Transaction costs 16 585,034.14Taxe d'abonnement 8 21,708.01Bank interest and charges 14,318.32Other expenses 10 29,222.32



Net realised gain / (loss) on:Investments 2.4 (2,465,776.76)Foreign currencies translation 2.5 (20,963.19)Forward foreign exchange contracts 2.3 (27,580.31)

Net realised gain / (loss) for the year (336,513.79)

Net change in unrealised appreciation / (depreciation) on:Investments (11,995,863.53)


(12,332,377.32)

Proceeds received on subscription of shares 46,722,084.43Net amount paid on redemption of shares (15,432,556.07)Dividend distribution 15 (1,741,809.27)Net assets at the beginning of the year 194,486,966.66


USDNotes

Statement of Operations and Changes in Net Assets forthe year ended March 31, 2019

Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Class A (SGD) Accumulation 647,572 148,491 (200,366) 595,697

Class A (USD) Accumulation 100,000 - - 100,000

Class I (EUR) Accumulation 1,669,250 7 (7) 1,669,250

Class I (SGD) Accumulation 670,352 4,982,770 (652,106) 5,001,016

Class I (USD) Accumulation 6,230,780 296,128 (651,849) 5,875,059

Class I (USD) Distribution 4,525,983 724,393 - 5,250,376

FULLERTON LUX FUNDS

23

Fullerton Lux Funds – Asia Growth & Income Equities (in USD)


Securities Portfolio as at March 31, 2019

AXIS BANK LTD INR 4,535,506.55 2.14404,841

Transferable securities admitted to an official exchange listing

SharesBanks

BANK CENTRAL ASIA TBK PT IDR 2,866,980.11 1.351,471,200BOC HONG KONG HOLDINGS LTD HKD 2,796,672.71 1.32675,500CHINA CONSTRUCTION BANK -H- HKD 7,909,726.10 3.759,226,000CHINA MERCHANTS BANK -H- HKD 2,429,950.78 1.15500,000HDFC BANK LIMITED INR 5,745,618.73 2.71171,645INDUSTRIAL AND COMMERCIAL BANK OFCHINA -H-

HKD 7,575,395.45 3.5910,342,000

METROPOLITAN BANK & TRUST PHP 3,826,163.23 1.812,514,541SIAM COMMERCIAL BANK - FOREIGN THB 3,605,407.05 1.70866,800UNITED OVERSEAS BANK LTD SGD 5,002,916.86 2.36269,256YES BANK LTD INR 2,779,791.72 1.31700,000

49,074,129.29 23.19

DELTA ELECTRONICS INDUSTRIAL CO TWD 2,275,078.91 1.07441,000Electric & Electronic

HON HAI PRECISION INDUSTRY TWD 2,364,746.59 1.12991,600POWERTECH TECHNOLOGY INC TWD 1,714,860.32 0.81726,000SAMSUNG ELECTRONICS - PFD KRW 10,942,319.76 5.18342,638TAIWAN SEMICONDUCTORMANUFACTURING CO LTD

TWD 14,489,217.99 6.851,819,000

VENTURE CORP LTD SGD 2,863,580.68 1.35216,40034,649,804.25 16.38

ALIBABA GROUP HOLDING-SP ADR USD 10,076,935.54 4.7656,698Internet

TENCENT HOLDINGS LTD HKD 13,911,229.37 6.57302,50023,988,164.91 11.33

AIA GROUP LTD HKD 10,455,238.08 4.941,050,200Insurance

PING AN INSURANCE GROUP CO -H- HKD 7,575,121.56 3.58676,50018,030,359.64 8.52

ANHUI CONCH CEMENT CO LTD-H HKD 4,926,357.37 2.32806,500Building materials

CK INFRASTRUCTURE HOLDINGS L HKD 1,707,729.92 0.81208,000LAND & HOUSES PUB CO-FOR REG THB 2,111,475.52 1.006,262,400LARSEN & TOUBRO LIMITED INR 2,987,789.75 1.41149,411SINGAPORE TECH ENGINEERING SGD 3,731,114.74 1.761,352,500

15,464,467.30 7.30

ADVANCED INFO SERVICE-FOR RG THB 3,524,033.18 1.67607,800Telecommunication

CHINA MOBILE LTD HKD 3,113,394.34 1.47305,500DIGITAL TELECOMMUNICATIONS-F THB 2,846,476.54 1.345,790,573HKBN LTD HKD 2,316,096.60 1.091,454,500

11,800,000.66 5.57

CHINATRUST FINANCIAL HOLDING BANK TWD 2,072,320.48 0.983,123,222Financial services

CITIC SECURITIES CO LTD-H HKD 2,103,959.03 0.99903,500HONG KONG EXCHANGES & CLEAR HKD 3,488,856.45 1.65100,100SHINHAN FINANCIAL GROUP LTD KRW 2,651,057.98 1.2571,648

10,316,193.94 4.87

CHINA PETROLEUM & CHEMICAL -H- HKD 3,265,343.02 1.544,141,000Energy

CNOOC LTD HKD 4,825,748.49 2.282,577,0008,091,091.51 3.82

CENTRAL PATTANA PUB CO LTDFOREIGN REGISTERED

THB 3,205,365.32 1.511,388,700Real estate

CHINA OVERSEAS LAND & INVESTMENTLTD

HKD 4,084,712.23 1.931,076,000

7,290,077.55 3.44

CITY DEVELOPMENTS LTD SGD 2,017,310.59 0.95302,200Lodging & Restaurants

DenominationQuantity/Nominal

Market valuein USD

Currency %NAV

SANDS CHINA LTD HKD 5,184,313.69 2.451,031,6007,201,624.28 3.40

MARUTI SUZUKI INDIA LTD INR 1,803,106.20 0.8518,720Auto Parts & Equipment

TECHTRONIC INDUSTRIES CO LTD HKD 3,205,337.57 1.52477,0005,008,443.77 2.37

Tata Consultancy Services Ltd INR 3,309,463.31 1.56114,537IT Consultancy

3,309,463.31 1.56

HINDUSTAN UNILEVER LTD INR 2,274,091.64 1.0792,300Distribution & Wholesale

2,274,091.64 1.07

NETEASE INC-ADR USD 2,102,803.00 0.998,900Computer software

2,102,803.00 0.99

SAMSONITE INTERNATIONAL SA HKD 1,852,781.10 0.88578,300Textile

1,852,781.10 0.88

200,453,496.15 94.69

KWEICHOW MOUTAI CO LTD-A CNY 2,871,957.58 1.3622,600

Other transferable securities

SharesFood services

2,871,957.58 1.36

SANY HEAVY INDUSTRY CO LTD-A CNY 2,859,052.93 1.351,503,400Auto Parts & Equipment

2,859,052.93 1.35

SHANGHAI INTERNATIONAL AIR-A CNY 2,312,053.81 1.09250,000Building materials

2,312,053.81 1.09

8,043,064.32 3.80

Total Securities Portfolio 208,496,560.47 98.49


Market valuein USD

Currency %NAV

Summary of net assets%

NAV208,496,560.47 98.49Total Securities Portfolio

3,179,033.09 1.50Cash at bank

26,714.87 0.01Other assets and liabilities

211,702,308.43 100.00Total net assets

FULLERTON LUX FUNDS

24

Fullerton Lux Funds – Asia Growth & Income Equities (in USD)


Nature allocation % of portfolio % of netassets

Shares 100.00 98.49

100.00 98.49

Country allocation % of portfolio % of netassets

China 35.02 34.50

Hong Kong 16.22 15.99

India 11.24 11.05

Taiwan 10.99 10.83

Thailand 7.33 7.22

Singapore 6.53 6.42

South Korea 6.52 6.43

Cayman Islands 2.12 2.08

Other 4.03 3.97

100.00 98.49

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

TAIWAN SEMICONDUCTOR MANUFACTURINGCO LTD

14,489,217.99 6.85Electric & Electronic

TENCENT HOLDINGS LTD 13,911,229.37 6.57Internet

SAMSUNG ELECTRONICS - PFD 10,942,319.76 5.18Electric & Electronic

AIA GROUP LTD 10,455,238.08 4.94Insurance

ALIBABA GROUP HOLDING-SP ADR 10,076,935.54 4.76Internet

CHINA CONSTRUCTION BANK -H- 7,909,726.10 3.75Banks

INDUSTRIAL AND COMMERCIAL BANK OFCHINA -H-

7,575,395.45 3.59Banks

PING AN INSURANCE GROUP CO -H- 7,575,121.56 3.58Insurance

HDFC BANK LIMITED 5,745,618.73 2.71Banks

SANDS CHINA LTD 5,184,313.69 2.45Lodging &Restaurants

USD

Sector

Top Ten Holdings

25


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asian Small Cap Equities* (in USD)

IncomeDividends (net of withholding taxes) 2.8 66,308.91Bank interest 2.8 4,236.62

Total income 70,545.53

ExpensesInvestment management fees 5 39,951.90Depositary fees 4 6,183.60Management Company fees 7 1,256.67Administration fees 4 2,088.98Professional fees 11 19,693.13Transaction costs 16 116,338.85Taxe d'abonnement 8 368.64Bank interest and charges 946.71Other expenses 10 117,237.11Termination fees 86,648.00

Total expenses 390,713.59

Net investment income / (loss) (320,168.06)

Net realised gain / (loss) on:Investments 2.4 6,950,057.43Foreign currencies translation 2.5 (19,303.61)Forward foreign exchange contracts 2.3 (782.64)

Net realised gain / (loss) for the period 6,609,803.12

Net change in unrealised appreciation / (depreciation) on:Investments (7,311,446.76)Forward foreign exchange contracts 2.3, 13 (117.61)


(701,761.25)

Proceeds received on subscription of shares 634,795.55Net amount paid on redemption of shares (36,517,806.85)Net assets at the beginning of the period 36,584,772.55

Net assets at the end of the period -

USDNotes

Statement of Operations and Changes in Net Assets forthe period ended June 25, 2018

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




Class A (SGD) Accumulation 255,738 61,199 (316,937) -

Class A (USD) Accumulation 166,877 - (166,877) -

Class I (EUR) Accumulation 1,316,449 - (1,316,449) -

Class I (USD) Accumulation 199,182 - (199,182) -


26


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asia Focus Equities (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 288,594,986.08Cash at bank 13,821,006.44Dividends and interest receivable 2.1, 2.8 707,615.42


LiabilitiesAccrued expenses 819,180.94Other payables 5,886.70Other liabilities 0.83



Notes




ExpensesInvestment management fees 5 3,421,353.24Depositary fees 4 58,709.70Management Company fees 7 70,378.60Administration fees 4 87,283.80Professional fees 11 57,161.70Transaction costs 16 2,783,393.68Taxe d'abonnement 8 34,134.15Bank interest and charges 26,274.01Other expenses 10 58,660.46


Net investment income / (loss) 301,698.30

Net realised gain / (loss) on: Investments 2.4 (18,806,383.32)Foreign currencies translation 2.5 (544,872.24)Forward foreign exchange contracts 2.3 68,315.60

Net realised gain / (loss) for the year (18,981,241.66)

Net change in unrealised appreciation / (depreciation) on: Investments (38,679,765.87)Forward foreign exchange contracts 2.3, 13 3,891.59


(57,657,115.94)

Proceeds received on subscription of shares 47,822,431.45Net amount paid on redemption of shares (64,269,462.76)Net assets at the beginning of the year 376,402,686.72


USDNotes








Class A (USD) Accumulation 100,000 250,476 (250,408) 100,068

Class I (EUR) Accumulation 1,975,617 - - 1,975,617

Class I (SGD) Accumulation 1,592,707 4,529,907 (4,386,501) 1,736,113

Class I (USD) Accumulation 16,140,273 - (1,453,009) 14,687,264

FULLERTON LUX FUNDS

27

Fullerton Lux Funds – Asia Focus Equities (in USD)



DELTA ELECTRONICS INDUSTRIAL CO TWD 3,239,794.91 1.07628,000


SharesElectric & Electronic

SAMSUNG ELECTRONICS CO LTD KRW 18,070,091.70 5.98459,381SK HYNIX INC KRW 3,070,759.50 1.0246,976TAIWAN SEMICONDUCTORMANUFACTURING CO LTD

TWD 24,310,661.52 8.043,052,000


AXIS BANK LTD INR 3,925,302.95 1.30350,374Banks

BANK CENTRAL ASIA TBK PT IDR 6,333,196.49 2.103,249,900CHINA CONSTRUCTION BANK -H- HKD 11,815,721.34 3.9113,782,000HDFC BANK LIMITED INR 6,664,074.19 2.20199,083KASIKORNBANK PCL-NVDR THB 5,816,133.24 1.92984,400UNITED OVERSEAS BANK LTD SGD 8,067,662.37 2.67434,200YES BANK LTD INR 3,097,482.20 1.02780,000

45,719,572.78 15.12




CITIC SECURITIES CO LTD-H HKD 6,076,680.79 2.012,609,500HONG KONG EXCHANGES & CLEAR HKD 8,960,889.05 2.97257,100SHINHAN FINANCIAL GROUP LTD KRW 5,692,441.04 1.88153,845

26,539,129.08 8.78

ANHUI CONCH CEMENT CO LTD-H HKD 6,273,241.19 2.081,027,000Building materials

CK INFRASTRUCTURE HOLDINGS L HKD 3,045,999.04 1.01371,000LARSEN & TOUBRO LIMITED INR 7,631,041.10 2.52381,607SINGAPORE TECH ENGINEERING SGD 6,524,830.00 2.162,365,200

23,475,111.33 7.77

CHINA PETROLEUM & CHEMICAL -H- HKD 5,888,814.70 1.957,468,000Energy

RELIANCE INDUSTRIES LTD INR 11,827,897.88 3.91601,04717,716,712.58 5.86

CHINA MOBILE LTD HKD 9,029,353.15 2.99886,000Telecommunication

HKT TRUST AND HKT LTD-SS HKD 7,833,690.62 2.594,872,75016,863,043.77 5.58

AYALA CORPORATION PHP 4,164,033.62 1.38232,610Real estate

SWIRE PROPERTIES LTD HKD 6,578,924.54 2.171,530,20010,742,958.16 3.55

LARGAN PRECISION CO LTD TWD 9,552,093.32 3.1664,000Diversified machinery

9,552,093.32 3.16

PING AN INSURANCE GROUP CO -H- HKD 7,037,640.65 2.33628,500Insurance

7,037,640.65 2.33


6,330,850.72 2.09

TECHTRONIC INDUSTRIES CO LTD HKD 6,316,598.14 2.09940,000Auto Parts & Equipment

6,316,598.14 2.09


Market valuein USD

Currency %NAV

BIOCON LTD INR 5,713,789.45 1.89648,305Cosmetics

5,713,789.45 1.89


3,054,026.02 1.01

275,000,085.50 90.97

SHENZHEN AIRPORT CO-A CNY 6,256,264.06 2.074,191,769


SharesTransportation

6,256,264.06 2.07

SANY HEAVY INDUSTRY CO LTD-A CNY 4,136,192.29 1.372,174,969Auto Parts & Equipment

4,136,192.29 1.37


3,202,444.23 1.06

13,594,900.58 4.50



Market valuein USD

Currency %NAV



13,821,006.44 4.57Cash at bank

(117,453.05) (0.04)Other assets and liabilities

302,298,539.47 100.00Total net assets

FULLERTON LUX FUNDS

28

Fullerton Lux Funds – Asia Focus Equities (in USD)



Shares 100.00 95.47

100.00 95.47


China 31.71 30.29

India 15.65 14.93

Taiwan 14.87 14.19

Hong Kong 13.42 12.81


Singapore 7.28 6.95

Indonesia 2.19 2.10

Thailand 2.02 1.92

Other 3.56 3.40

100.00 95.47



assets





SAMSUNG ELECTRONICS CO LTD 18,070,091.70 5.98Electric & Electronic

RELIANCE INDUSTRIES LTD 11,827,897.88 3.91Energy


LARGAN PRECISION CO LTD 9,552,093.32 3.16Diversifiedmachinery

CHINA MOBILE LTD 9,029,353.15 2.99Telecommunication

HONG KONG EXCHANGES & CLEAR 8,960,889.05 2.97Financial services

UNITED OVERSEAS BANK LTD 8,067,662.37 2.67Banks

USD

Sector

Top Ten Holdings

29


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asia Absolute Alpha (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 75,671,254.63Cash at bank 7,711,106.08Dividends and interest receivable 2.1, 2.8 160,957.92Other receivables 120.04





Notes




ExpensesInvestment management fees 5 784,888.22Depositary fees 4 17,950.31Management Company fees 7 18,261.20Administration fees 4 21,974.01Professional fees 11 24,110.35Transaction costs 16 977,613.19Taxe d'abonnement 8 8,408.52Bank interest and charges 7,118.01Other expenses 10 33,151.29



Net realised gain / (loss) on: Investments 2.4 (3,741,985.74)Foreign currencies translation 2.5 (204,852.29)Futures contracts 2.2 (809,648.30)Forward foreign exchange contracts 2.3 28,034.95


Net change in unrealised appreciation / (depreciation) on: Investments (2,081,572.44)


(6,989,703.00)

Proceeds received on subscription of shares 7,859,920.14Net amount paid on redemption of shares (90,569.81)Net assets at the beginning of the year 82,534,502.69


USDNotes








Class I (USD) Accumulation 6,291,952 493,567 - 6,785,519

FULLERTON LUX FUNDS

30

Fullerton Lux Funds – Asia Absolute Alpha (in USD)



DELTA ELECTRONICS INDUSTRIAL CO TWD 4,906,122.55 5.89951,000


SharesElectric & Electronic

POWERTECH TECHNOLOGY INC TWD 3,656,479.03 4.391,548,000SAMSUNG ELECTRONICS CO LTD KRW 1,659,338.87 1.9942,184TAIWAN SEMICONDUCTORMANUFACTURING CO LTD

TWD 4,619,981.55 5.55580,000




AXIS BANK LTD INR 3,289,175.19 3.94293,593Banks

BANK CENTRAL ASIA TBK PT IDR 2,821,574.57 3.391,447,900HDFC BANK LIMITED INR 2,863,386.48 3.4485,541YES BANK LTD INR 1,524,731.64 1.83383,954

10,498,867.88 12.60

AIA GROUP LTD HKD 2,715,853.12 3.26272,800Insurance


ACE HARDWARE INDONESIA IDR 3,317,549.74 3.9826,540,400Distribution & Wholesale

TITAN CO LTD INR 2,132,701.32 2.56129,3895,450,251.06 6.54

CITIC SECURITIES CO LTD-H HKD 1,087,491.83 1.31467,000Financial services

HONG KONG EXCHANGES & CLEAR HKD 3,983,779.15 4.78114,3005,071,270.98 6.09


4,179,040.83 5.02

THAI BEVERAGE PCL SGD 2,733,788.84 3.284,386,100Food services

2,733,788.84 3.28

DIGITAL TELECOMMUNICATIONS-F THB 2,701,132.33 3.245,494,900Telecommunication

2,701,132.33 3.24

AYALA CORPORATION PHP 2,442,460.55 2.93136,440Real estate

2,442,460.55 2.93

CNOOC LTD HKD 1,715,322.32 2.06916,000Energy

1,715,322.32 2.06

ANHUI CONCH CEMENT CO LTD-H HKD 873,489.28 1.05143,000Building materials

873,489.28 1.05

68,928,422.00 82.74

CHINA INTERNATIONAL TRAVEL-A CNY 2,267,098.71 2.72217,400


SharesDiversified services

2,267,098.71 2.72


Market valuein USD

Currency %NAV

CHINA MERCHANTS SHEKOU IND-A CNY 1,826,917.40 2.19532,868Real estate

1,826,917.40 2.19


1,768,906.13 2.12

CHONGQING FULING ZHACAI-A CNY 879,910.39 1.06190,625Food services

879,910.39 1.06

6,742,832.63 8.09



Market valuein USD

Currency %NAV



7,711,106.08 9.26Cash at bank


83,314,150.02 100.00Total net assets

FULLERTON LUX FUNDS

31

Fullerton Lux Funds – Asia Absolute Alpha (in USD)



Shares 100.00 90.83

100.00 90.83


China 30.47 27.67

Taiwan 22.94 20.85

India 12.96 11.77

Hong Kong 11.12 10.10

Indonesia 8.11 7.37

Thailand 7.18 6.52

Philippines 3.23 2.93


Singapore 1.80 1.63

100.00 90.83



assets



DELTA ELECTRONICS INDUSTRIAL CO 4,906,122.55 5.89Electric & Electronic



LARGAN PRECISION CO LTD 4,179,040.83 5.02Diversifiedmachinery

HONG KONG EXCHANGES & CLEAR 3,983,779.15 4.78Financial services

POWERTECH TECHNOLOGY INC 3,656,479.03 4.39Electric & Electronic


ACE HARDWARE INDONESIA 3,317,549.74 3.98Distribution &Wholesale

AXIS BANK LTD 3,289,175.19 3.94Banks

USD

Sector

Top Ten Holdings

32


FULLERTON LUX FUNDS

Fullerton Lux Funds – ASEAN Growth (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 79,049,805.54Cash at bank 1,530,496.62Receivable for investment sold 4,625,598.34Dividends and interest receivable 2.1, 2.8 230,995.66


LiabilitiesAccrued expenses 253,423.44Other payables 5,779.31Payable for investment purchased 4,021,415.16Other liabilities 0.55



Notes







Net realised gain / (loss) on: Investments 2.4 (2,571,924.29)Foreign currencies translation 2.5 (31,994.71)Forward foreign exchange contracts 2.3 (3,764.99)




(12,938,214.20)

Proceeds received on subscription of shares 3,375.09Net amount paid on redemption of shares (9,931,941.32)Net assets at the beginning of the year 104,023,058.13


USDNotes







Class A (SGD) Accumulation 2,845,588 519 (1,526,894) 1,319,213

Class A (USD) Accumulation 1,038,619 - - 1,038,619


Class I (USD) Accumulation 4,908,591 - - 4,908,591

FULLERTON LUX FUNDS

33

Fullerton Lux Funds – ASEAN Growth (in USD)



BANK CENTRAL ASIA TBK PT IDR 3,758,916.49 4.631,928,900


SharesBanks

BANK MANDIRI PERSERO TBK PT IDR 320,444.15 0.39612,500BANK RAKYAT INDONESIA PERSER IDR 3,922,100.82 4.8313,556,000BANK TABUNGAN NEGARA PERSERO IDR 394,101.09 0.492,300,000KASIKORNBANK PCL FOREIGN THB 3,058,137.51 3.77517,600MALAYAN BANKING BHD MYR 2,031,197.52 2.50894,534METROPOLITAN BANK & TRUST PHP 1,421,929.41 1.75934,487OVERSEA-CHINESE BANKING CORP SGD 5,698,670.54 7.03699,168PUBLIC BANK BERHAD MYR 3,279,004.14 4.04578,000UNITED OVERSEAS BANK LTD SGD 6,350,989.42 7.84341,809

30,235,491.09 37.27

ACE HARDWARE INDONESIA IDR 769,737.44 0.956,157,900Distribution & Wholesale

ASTRA INTERNATIONAL TBK PT IDR 1,793,184.55 2.213,486,000CP ALL PCL FOREIGN THB 2,851,028.65 3.501,210,400HOME PRODUCT CENTER PCL-FOR THB 829,242.11 1.021,720,000MITRA ADIPERKASA TBK PT IDR 1,063,730.25 1.3115,616,000PUREGOLD PRICE CLUB INC PHP 641,302.82 0.79700,100RAMAYANA LESTARI SENTOSA TBK IDR 1,149,274.91 1.429,194,200ROBINSONS RETAIL HOLDINGS IN PHP 1,182,021.17 1.46785,670UNITED TRACTORS TBK PT IDR 378,586.00 0.47199,300

10,658,107.90 13.13

AMATA CORP PUBLIC CO LTD-FOR THB 784,559.58 0.971,180,000Real estate

AYALA CORPORATION PHP 2,622,369.14 3.23146,490AYALA LAND INC PHP 1,272,351.97 1.571,488,000CENTRAL PATTANA PUB CO LTDFOREIGN REGISTERED

THB 2,689,949.41 3.301,165,400

MEGAWORLD CORP PHP 824,879.09 1.027,468,000UOL GROUP LTD SGD 1,457,873.00 1.80284,384

9,651,982.19 11.89

AIRPORTS OF THAILAND PCL-FOR THB 899,952.68 1.11420,000Building materials

LAND & HOUSES PUB CO-FOR REG THB 1,249,541.44 1.543,706,000SEMEN GRESIK IDR 2,041,950.68 2.522,084,400SINGAPORE TECH ENGINEERING SGD 3,208,344.87 3.951,163,000

7,399,789.67 9.12

ADVANCED INFO SERVICE-FOR RG THB 1,665,769.55 2.05287,300Telecommunication

SINGAPORE TELECOMMUNICATIONS SGD 2,387,984.24 2.941,072,000TELEKOMUNIKASI INDONESIA PER IDR 1,191,823.64 1.474,296,600

5,245,577.43 6.46

PTT EXPLORATION & PROD-FOR THB 2,446,330.40 3.01618,600Energy

PTT PCL/FOREIGN THB 2,573,108.39 3.171,701,2005,019,438.79 6.18

GUDANG GARAM TBK PT IDR 1,595,056.06 1.96273,000Agriculture

QL RESOURCES BHD MYR 1,384,448.69 1.71821,5102,979,504.75 3.67

VENTURE CORP LTD SGD 2,020,650.51 2.49152,700Electric & Electronic

2,020,650.51 2.49

GENTING SINGAPORE LTD SGD 1,662,271.42 2.052,166,900Private Equity

1,662,271.42 2.05

DIALOG GROUP BERHAD MYR 1,446,793.10 1.781,863,252Chemical

1,446,793.10 1.78


Market valuein USD

Currency %NAV

BANGKOK DUSIT MED SERVICE-F THB 993,015.85 1.221,270,700Cosmetics

993,015.85 1.22

CITY DEVELOPMENTS LTD SGD 934,558.18 1.15140,000Lodging & Restaurants

934,558.18 1.15

MAYORA INDAH PT IDR 802,624.66 0.994,464,600Food services

802,624.66 0.99

79,049,805.54 97.40



Market valuein USD

Currency %NAV



1,530,496.62 1.89Cash at bank


81,156,277.70 100.00Total net assets

FULLERTON LUX FUNDS

34

Fullerton Lux Funds – ASEAN Growth (in USD)



Shares 100.00 97.40

100.00 97.40


Singapore 30.00 29.25

Thailand 25.35 24.66

Indonesia 24.27 23.64

Malaysia 10.30 10.03


100.00 97.40



assets

UNITED OVERSEAS BANK LTD 6,350,989.42 7.84Banks

OVERSEA-CHINESE BANKING CORP 5,698,670.54 7.03Banks

BANK RAKYAT INDONESIA PERSER 3,922,100.82 4.83Banks

BANK CENTRAL ASIA TBK PT 3,758,916.49 4.63Banks

PUBLIC BANK BERHAD 3,279,004.14 4.04Banks

SINGAPORE TECH ENGINEERING 3,208,344.87 3.95Building materials

KASIKORNBANK PCL FOREIGN 3,058,137.51 3.77Banks

CP ALL PCL FOREIGN 2,851,028.65 3.50Distribution &Wholesale

CENTRAL PATTANA PUB CO LTD FOREIGNREGISTERED

2,689,949.41 3.30Real estate

AYALA CORPORATION 2,622,369.14 3.23Real estate

USD

Sector

Top Ten Holdings

35


FULLERTON LUX FUNDS

Fullerton Lux Funds – China A Equities (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 38,467,171.25Cash at bank 583,522.27Dividends and interest receivable 614.41





Notes


IncomeDividends (net of withholding taxes) 2.8 577,761.19Bank interest 2.8 7,999.24Other income 48.53





Net realised gain / (loss) on: Investments 2.4 (1,183,428.98)Foreign currencies translation 2.5 (79,010.04)Forward foreign exchange contracts 20,339.24




(3,123,013.77)

Proceeds received on subscription of shares 3,203,000.00Net amount paid on redemption of shares (4,470,020.08)Net assets at the beginning of the year 43,298,245.48


USDNotes







Class A (USD) Accumulation 1,222,706 11,403 (66,139) 1,167,970


FULLERTON LUX FUNDS

36

Fullerton Lux Funds – China A Equities (in USD)



AGRICULTURAL BANK OF CHINA-A CNY 651,396.96 1.671,173,600


SharesBanks

CHINA MERCHANTS BANK-A CNY 2,508,586.20 6.46497,000INDUSTRIAL BANK CO LTD -A CNY 1,564,678.83 4.02578,700SHANGHAI PUDONG DEVEL BANK-A CNY 488,280.77 1.25290,900

5,212,942.76 13.40

FOSHAN HAITIAN FLAVOURING -A CNY 1,284,976.64 3.3099,600Food services

INNER MONGOLIA YILI INDUS-A CNY 473,455.50 1.22109,300KWEICHOW MOUTAI CO LTD-A CNY 1,702,842.10 4.3813,400WULIANGYE YIBIN CO LTD-A CNY 1,082,852.17 2.7876,600YONGHUI SUPERSTORES CO LTD-A CNY 587,800.72 1.51457,193

5,131,927.13 13.19

CHINA PACIFIC INSURANCE GR-A CNY 762,329.71 1.96150,500Insurance

PING AN INSURANCE GROUP CO-A CNY 2,906,071.96 7.47253,3003,668,401.67 9.43

CITIC SECURITIES CO-A CNY 1,402,680.01 3.61380,400Financial services

HAITONG SECURITIES CO LTD-A CNY 1,238,859.37 3.18593,400HUATAI SECURITIES CO LTD-A CNY 791,317.74 2.03237,297

3,432,857.12 8.82

HANGZHOU HIKVISION DIGITAL-A CNY 381,217.46 0.9873,050Electric & Electronic

JIANGSU CHANGJIANG ELECTRO-A CNY 579,919.20 1.49276,200LUXSHARE PRECISION INDUSTR-A CNY 667,954.76 1.72181,000SHENZHEN INOVANCE TECHNOLO-A CNY 501,944.91 1.29128,600SUNWODA ELECTRONIC CO LTD-A CNY 670,093.24 1.72378,100XINJIANG GOLDWIND SCI+TECH-A CNY 397,035.55 1.02183,379

3,198,165.12 8.22

MIDEA GROUP CO LTD-A CNY 969,492.86 2.49133,700Distribution & Wholesale

QINGDAO HAIER CO LTD-A CNY 865,147.55 2.22339,800SUNING.COM CO LTD-A CNY 749,801.10 1.93401,500

2,584,441.51 6.64

BEIJING ORIGINWATER TECHNO-A CNY 964,908.63 2.48691,300Diversified services

CHINA INTERNATIONAL TRAVEL-A CNY 652,807.63 1.6862,600HANGZHOU TIGERMED CONSULTI-A CNY 950,072.20 2.4496,300

2,567,788.46 6.60

ANHUI CONCH CEMENT CO LTD-A CNY 365,311.79 0.9464,300Building materials

CHINA RAILWAY CONSTRUCTION-A CNY 1,032,098.74 2.65602,600SHANGHAI INTERNATIONAL AIR-A CNY 751,066.06 1.9381,212

2,148,476.59 5.52

NARI TECHNOLOGY CO LTD-A CNY 844,687.04 2.17268,900Auto Parts & Equipment

SAIC MOTOR CORP LTD-A CNY 539,616.17 1.39139,100SANY HEAVY INDUSTRY CO LTD-A CNY 618,440.88 1.59325,200

2,002,744.09 5.15

CHINA JUSHI CO LTD -A CNY 667,932.44 1.72419,500Diversified machinery

ZHEJIANG SANHUA INTELLIGEN-A CNY 1,079,842.89 2.77463,1001,747,775.33 4.49


POLY DEVELOPMENTS AND HOLD-A CNY 524,871.26 1.35247,7001,740,260.84 4.47

BEIJING SHIJI INFORMATION -A CNY 494,592.77 1.27101,800Computer software


Market valuein USD

Currency %NAV

HUNDSUN TECHNOLOGIES INC-A CNY 1,138,764.66 2.9387,4001,633,357.43 4.20

ASYMCHEM LABORATORIES TIAN-A CNY 382,118.10 0.9827,900Cosmetics

JIANGSU HENGRUI MEDICINE C-A CNY 851,299.11 2.1987,449MEINIAN ONEHEALTH HEALTHCA-A CNY 354,913.76 0.91128,300

1,588,330.97 4.08

ACCELINK TECHNOLOGIES CO -A CNY 366,779.31 0.9578,100Office & Business equipment

BOE TECHNOLOGY GROUP CO LT-A CNY 363,001.75 0.93625,500729,781.06 1.88

TITAN WIND ENERGY SUZHOU-A CNY 420,831.74 1.08424,000Energy

420,831.74 1.08

CHINA UNITED NETWORK-A CNY 383,946.02 0.99380,000Telecommunication

383,946.02 0.99

FOCUS MEDIA INFORMATION TE-A CNY 275,143.41 0.71294,900Advertising

275,143.41 0.71

38,467,171.25 98.87



Market valuein USD

Currency %NAV



583,522.27 1.50Cash at bank


38,908,211.63 100.00Total net assets

FULLERTON LUX FUNDS

37

Fullerton Lux Funds – China A Equities (in USD)



Shares 100.00 98.87

100.00 98.87


China 100.00 98.87

100.00 98.87



assets

PING AN INSURANCE GROUP CO-A 2,906,071.96 7.47Insurance

CHINA MERCHANTS BANK-A 2,508,586.20 6.46Banks

KWEICHOW MOUTAI CO LTD-A 1,702,842.10 4.38Food services

INDUSTRIAL BANK CO LTD -A 1,564,678.83 4.02Banks

CITIC SECURITIES CO-A 1,402,680.01 3.61Financial services

FOSHAN HAITIAN FLAVOURING -A 1,284,976.64 3.30Food services

HAITONG SECURITIES CO LTD-A 1,238,859.37 3.18Financial services

CHINA MERCHANTS SHEKOU IND-A 1,215,389.58 3.12Real estate

HUNDSUN TECHNOLOGIES INC-A 1,138,764.66 2.93Computer software

WULIANGYE YIBIN CO LTD-A 1,082,852.17 2.78Food services

USD

Sector

Top Ten Holdings

38


FULLERTON LUX FUNDS

Fullerton Lux Funds – All China Equities (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 39,288,041.67Cash at bank 5,474,517.78Dividends and interest receivable 5,198.72


LiabilitiesAccrued expenses 136,264.07Other payables 1,501,653.41Other liabilities 0.62



Notes


IncomeDividends (net of withholding taxes) 2.8 611,528.16Bank interest 2.8 134,396.41





Net realised gain / (loss) on: Investments 2.4 965,066.69Foreign currencies translation 2.5 (55,763.89)Forward foreign exchange contracts 2.3 (172.42)

Net realised gain / (loss) for the year / period 854,463.14



(2,340,817.05)

Proceeds received on subscription of shares -Net amount paid on redemption of shares (84,088.54)Net assets at the beginning of the year 45,554,745.66


USDNotes







Class I (USD) Accumulation 3,670,610 - (6,775) 3,663,835

FULLERTON LUX FUNDS

39

Fullerton Lux Funds – All China Equities (in USD)



ALIBABA GROUP HOLDING-SP ADR USD 2,329,329.38 5.4013,106


SharesInternet


DELTA ELECTRONICS INDUSTRIAL CO TWD 1,341,316.36 3.11260,000Electric & Electronic

TAIWAN SEMICONDUCTORMANUFACTURING CO LTD

TWD 1,537,338.69 3.56193,000

2,878,655.05 6.67


CITIC SECURITIES CO LTD-H HKD 1,274,950.27 2.96547,5002,668,342.41 6.19

CHINA CONSTRUCTION BANK -H- HKD 1,971,858.88 4.572,300,000Banks

1,971,858.88 4.57

MGM CHINA HOLDINGS LTD HKD 1,465,885.93 3.40700,800Lodging & Restaurants

1,465,885.93 3.40

CHINA RESOURCES BEER HOLDING HKD 1,372,530.47 3.18326,000Food services

1,372,530.47 3.18


1,249,868.30 2.90

PRESIDENT CHAIN STORE CORP TWD 1,221,071.60 2.83124,000Distribution & Wholesale

1,221,071.60 2.83

17,286,764.90 40.08

QINGDAO HAIER CO LTD-A CNY 1,687,816.81 3.92662,916


SharesDistribution & Wholesale

SHANGHAI M&G STATIONERY IN-A CNY 1,557,864.76 3.61282,951SUNING.COM CO LTD-A CNY 1,336,382.73 3.10715,600

4,582,064.30 10.63

WULIANGYE YIBIN CO LTD-A CNY 1,461,242.56 3.39103,367Food services

YONGHUI SUPERSTORES CO LTD-A CNY 1,345,328.27 3.121,046,4002,806,570.83 6.51

BEIJING SHIJI INFORMATION -A CNY 1,380,885.51 3.21284,222Computer software

HUNDSUN TECHNOLOGIES INC-A CNY 1,347,481.72 3.12103,4192,728,367.23 6.33

BEIJING ORIGINWATER TECHNO-A CNY 1,200,729.90 2.78860,252Diversified services

CHINA INTERNATIONAL TRAVEL-A CNY 1,451,214.31 3.37139,1622,651,944.21 6.15

ASYMCHEM LABORATORIES TIAN-A CNY 1,109,101.21 2.5780,980Cosmetics

MEINIAN ONEHEALTH HEALTHCA-A CNY 1,191,713.56 2.76430,8002,300,814.77 5.33


1,438,726.42 3.34


Market valuein USD

Currency %NAV

PING AN INSURANCE GROUP CO-A CNY 1,438,327.79 3.33125,368Insurance

1,438,327.79 3.33

NARI TECHNOLOGY CO LTD-A CNY 1,382,158.04 3.20440,000Auto Parts & Equipment

1,382,158.04 3.20

SONGCHENG PERFORMANCE DEVE-A CNY 1,359,800.90 3.15393,886Private Equity

1,359,800.90 3.15

ZHEJIANG SANHUA INTELLIGEN-A CNY 1,312,502.28 3.04562,878Diversified machinery

1,312,502.28 3.04

22,001,276.77 51.01



Market valuein USD

Currency %NAV



5,474,517.78 12.69Cash at bank

(1,632,719.38) (3.78)Other assets and liabilities

43,129,840.07 100.00Total net assets

FULLERTON LUX FUNDS

40

Fullerton Lux Funds – All China Equities (in USD)



Shares 100.00 91.09

100.00 91.09


China 75.62 68.88

Taiwan 13.98 12.73


Hong Kong 3.49 3.18

100.00 91.09



assets




QINGDAO HAIER CO LTD-A 1,687,816.81 3.92Distribution &Wholesale

SHANGHAI M&G STATIONERY IN-A 1,557,864.76 3.61Distribution &Wholesale



MGM CHINA HOLDINGS LTD 1,465,885.93 3.40Lodging &Restaurants

WULIANGYE YIBIN CO LTD-A 1,461,242.56 3.39Food services

CHINA INTERNATIONAL TRAVEL-A 1,451,214.31 3.37Diversified services

CHINA MERCHANTS SHEKOU IND-A 1,438,726.42 3.34Real estate

USD

Sector

Top Ten Holdings

41


FULLERTON LUX FUNDS

Fullerton Lux Funds – Global Emerging Market Equities (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 70,263,008.99Cash at bank 7,139,221.93Receivable for investment sold 583,859.38Dividends and interest receivable 2.1, 2.8 161,137.22Other receivables 45.91


LiabilitiesAccrued expenses 234,605.26Other payables 359.16Payable for investment purchased 1,639,130.83Other liabilities 947.71



Notes


IncomeDividends (net of withholding taxes) 2.8 1,947,484.38Bank interest 2.8 60,207.82


ExpensesInvestment management fees 5 951,354.13Depositary fees 4 44,033.55Management Company fees 7 21,135.85Administration fees 4 25,349.68Professional fees 11 34,229.69Transaction costs 16 742,701.93Taxe d'abonnement 8 10,865.06Bank interest and charges 21,553.49Tax charges 82,061.17Other expenses 10 28,702.01



Net realised gain / (loss) on: Investments 2.4 (9,208,824.91)Foreign currencies translation 2.5 (110,335.45)Forward foreign exchange contracts 2.3 7,257.63




(12,705,912.31)

Proceeds received on subscription of shares -Net amount paid on redemption of shares (22,000,000.00)Net assets at the beginning of the year 110,978,142.78


USDNotes







Class A (USD) Accumulation 500,000 - - 500,000

Class I (USD) Accumulation 9,533,009 - (2,368,778) 7,164,231

FULLERTON LUX FUNDS

42

Fullerton Lux Funds – Global Emerging Market Equities (in USD)



FIRST ABU DHABI BANK PJSC AED 2,492,711.48 3.26600,000


SharesBanks

GRUPO FINANCIERO BANORTE-O MXN 2,234,578.88 2.93410,700HDFC BANK LIMITED INR 1,772,406.92 2.3252,949ITAU UNIBANCO HOLDING S-PREF BRL 1,259,816.22 1.65142,400KASIKORNBANK PCL FOREIGN THB 2,027,729.34 2.66343,200

9,787,242.84 12.82

POWERTECH TECHNOLOGY INC TWD 1,509,358.96 1.98639,000Electric & Electronic

SAMSUNG ELECTRONICS - PFD KRW 2,985,970.36 3.9193,500TAIWAN SEMICONDUCTORMANUFACTURING CO LTD

TWD 3,154,328.96 4.14396,000

XINJIANG GOLDWIND SCI+TEC-H HKD 1,296,408.40 1.70900,6008,946,066.68 11.73



CHINA UNICOM HONG KONG LTD HKD 2,529,968.24 3.321,996,000Telecommunication

DIGITAL TELECOMMUNICATIONS-F THB 2,980,639.23 3.906,063,500HKT TRUST AND HKT LTD-SS HKD 2,318,227.57 3.041,442,000

7,828,835.04 10.26

AMATA CORP PUBLIC CO LTD-FOR THB 1,120,457.37 1.471,685,200Real estate

AYALA CORPORATION PHP 1,256,315.90 1.6570,180SWIRE PROPERTIES LTD HKD 1,519,398.78 1.99353,400

3,896,172.05 5.11

ANHUI CONCH CEMENT CO LTD-H HKD 1,334,662.64 1.75218,500Building materials

LARSEN & TOUBRO LIMITED INR 2,378,637.62 3.12118,9493,713,300.26 4.87

GAZPROM PJSC RUB 1,404,748.61 1.84616,860Energy

LUKOIL PJSC-SPON ADR USD 1,497,305.60 1.9716,711RELIANCE INDUSTRIES LTD INR 809,626.21 1.0641,142

3,711,680.42 4.87

ODONTOPREV S.A. BRL 1,348,509.50 1.77320,000Insurance


FOMENTO ECONOMICO MEXICA-UBD MXN 1,461,090.74 1.92158,200Food services

X 5 RETAIL GROUP NV-REGS GDR USD 1,868,227.48 2.4574,9693,329,318.22 4.37

HONG KONG EXCHANGES & CLEAR HKD 1,073,490.64 1.4130,800Financial services

SHINHAN FINANCIAL GROUP LTD KRW 1,894,680.62 2.4851,2062,968,171.26 3.89


2,089,518.25 2.74

GOLD FIELDS LTD ZAR 1,716,503.92 2.25464,606Metal

1,716,503.92 2.25

SINOPHARM GROUP CO-H HKD 1,647,917.58 2.16395,600Cosmetics

1,647,917.58 2.16


Market valuein USD

Currency %NAV

GUDANG GARAM TBK PT IDR 1,536,629.14 2.01263,000Agriculture

1,536,629.14 2.01


1,148,258.47 1.51

NETEASE INC-ADR USD 752,841.10 0.993,118Computer software

752,841.10 0.99

64,653,897.60 84.76

XINJIANG GOLDWI RTS 23/04/2019 HKD 67,355.87 0.09171,114

RightsDiversified services

67,355.87 0.09

67,355.87 0.09

SHENZHEN AIRPORT CO-A CNY 2,128,334.85 2.791,426,010


SharesTransportation

2,128,334.85 2.79

SHENZHEN YUTO PACKAGING TE-A CNY 2,102,958.85 2.76248,459Storage & Warehousing

2,102,958.85 2.76


1,310,461.82 1.72

5,541,755.52 7.27



Market valuein USD

Currency %NAV



7,139,221.93 9.36Cash at bank

(1,130,000.45) (1.48)Other assets and liabilities

76,272,230.47 100.00Total net assets

FULLERTON LUX FUNDS

43

Fullerton Lux Funds – Global Emerging Market Equities (in USD)



Shares 99.90 92.03

Rights 0.10 0.09

100.00 92.12


China 28.64 26.38

Hong Kong 10.59 9.76

Taiwan 9.61 8.86

Thailand 8.72 8.03

India 8.69 8.01


Mexico 5.26 4.85

Russia 4.13 3.81

Brazil 3.71 3.42

United Arab Emirates 3.55 3.26

Netherlands 2.66 2.45

South Africa 2.44 2.25

Indonesia 2.19 2.01

Other 2.86 2.64

100.00 92.12



assets





SAMSUNG ELECTRONICS - PFD 2,985,970.36 3.91Electric & Electronic

DIGITAL TELECOMMUNICATIONS-F 2,980,639.23 3.90Telecommunication

CHINA UNICOM HONG KONG LTD 2,529,968.24 3.32Telecommunication

FIRST ABU DHABI BANK PJSC 2,492,711.48 3.26Banks

LARSEN & TOUBRO LIMITED 2,378,637.62 3.12Building materials


HKT TRUST AND HKT LTD-SS 2,318,227.57 3.04Telecommunication

USD

Sector

Top Ten Holdings

44


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asian Currency Bonds (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD

AssetsInvestment in securities at cost 2.7 120,047,168.31Unrealised appreciation / (depreciation) on securities (2,190,548.68)

Investment in securities at market value 2.1 117,856,619.63Cash at bank 1,121,489.99Net unrealised appreciation on futures contracts 2.2, 14 6,807.12Dividends and interest receivable 2.1, 2.8 1,267,832.68


LiabilitiesAccrued expenses 219,179.83Other payables 359.28Payable for investment purchased 199,792.00Net unrealised depreciation on forward foreign exchangecontracts

2.3, 13 12,175.62




Notes


IncomeInterest on bonds 2.1, 2.8 5,362,991.50Bank interest 2.8 12,513.79Other income 1,147.70





Net realised gain / (loss) on: Investments 2.4 (1,048,258.01)Foreign currencies translation 2.5 (121,454.40)Futures contracts 2.2 193,233.90Forward foreign exchange contracts 2.3 (112,015.93)

Net realised gain / (loss) for the year / period 3,382,797.34

Net change in unrealised appreciation / (depreciation) on: Investments (2,777,178.85)Futures contracts 2.2, 14 (8,668.46)Forward foreign exchange contracts 2.3, 13 (11,479.48)


585,470.55

Proceeds received on subscription of shares 526,207.53Net amount paid on redemption of shares (792,356.53)Dividend distribution 15 (72,217.00)Net assets at the beginning of the year 119,458,157.01


USDNotes







Class A (SGD) Distribution 9,262 299 (4,847) 4,714

Class A (USD) Distribution 176,450 4,334 (12,080) 168,704



FULLERTON LUX FUNDS

45

Fullerton Lux Funds – Asian Currency Bonds (in USD)



CHINA GOVT BOND 2.9% 16-05/05/2026 CNY 1,386,869.28 1.169,500,000


Bonds and other debt instrumentsGovernment

CHINA GOVT BOND 3.1% 12-29/06/2022 CNH 1,043,965.31 0.877,000,000CHINA GOVT BOND 3.1% 15-28/05/2020 CNY 238,219.08 0.201,590,000CHINA GOVT BOND 3.13% 17-13/04/2022 CNY 1,053,392.25 0.887,000,000CHINA GOVT BOND 3.25% 16-04/07/2021 CNY 299,536.52 0.252,000,000CHINA GOVT BOND 3.27% 16-22/08/2046 CNY 413,502.36 0.353,000,000CHINA GOVT BOND 3.4% 17-09/02/2027 CNY 1,133,732.61 0.957,500,000CHINA GOVT BOND 3.53% 14-30/10/2019 CNY 134,958.84 0.11900,000CHINA GOVT BOND 3.54% 18-16/08/2028 CNY 2,312,771.79 1.9315,000,000CHINA GOVT BOND 3.69% 18-17/05/2028 CNY 1,708,710.07 1.4311,000,000CHINA GOVT BOND 3.7% 16-23/05/2066 CNY 374,987.97 0.312,500,000CHINA GOVT BOND 3.77% 17-20/02/2047 CNY 150,803.94 0.131,000,000CHINA GOVT BOND 3.96% 10-15/04/2030 CNY 159,636.25 0.131,000,000CHINA GOVT BOND 4.05% 17-24/07/2047 CNY 474,074.97 0.403,000,000CHINA GOVT BOND 4.5% 11-23/06/2041 CNY 172,913.35 0.141,000,000DANGA CAPITAL BH 4.52% 17-06/09/2027 MYR 498,338.83 0.422,000,000DANGA CAPITAL BH 4.94% 18-26/01/2033 MYR 767,466.68 0.643,000,000EX-IM BK OF IN 9.1% 12-15/06/2022 INR 752,519.22 0.6350,000,000EXP-IMP BK KOREA 4.66% 18-28/02/2021 CNY 1,067,762.62 0.897,000,000INDIA GOVT BOND 7.16% 13-20/05/2023 INR 436,681.50 0.3630,000,000INDIA GOVT BOND 7.5% 04-10/08/2034 INR 428,639.64 0.3630,000,000INDONESIA EXIMBK 8.35% 16-25/08/2021 IDR 1,406,938.09 1.1820,000,000,000INDONESIA EXIMBK 9.5% 15-13/03/2020 IDR 499,017.87 0.427,000,000,000INDONESIA GOVT 6.125% 12-15/05/2028 IDR 508,792.10 0.438,000,000,000INDONESIA GOVT 7% 11-15/05/2027 IDR 676,077.90 0.5610,000,000,000INDONESIA GOVT 7.5% 17-15/05/2038 IDR 660,617.93 0.5510,000,000,000INDONESIA GOVT 8.125% 18-15/05/2024 IDR 16,482.28 0.01225,000,000INDONESIA GOVT 8.25% 10-15/07/2021 IDR 485,088.90 0.416,700,000,000INDONESIA GOVT 8.25% 18-15/05/2029 IDR 733,827.19 0.6110,000,000,000INDONESIA GOVT 8.375% 10-15/09/2026 IDR 2,574,453.80 2.1535,000,000,000INDONESIA GOVT 8.375% 13-15/03/2024 IDR 367,991.54 0.315,000,000,000INDONESIA GOVT 8.375% 13-15/03/2034 IDR 1,441,306.07 1.2020,000,000,000INDONESIA GOVT 8.375% 19-15/04/2039 IDR 503,385.49 0.427,000,000,000INDONESIA GOVT 8.75% 13-15/02/2044 IDR 219,253.85 0.183,000,000,000INDONESIA GOVT 8.75% 15-15/05/2031 IDR 2,618,707.66 2.1935,000,000,000KOREA TRSY BD 1.5% 16-10/09/2036 FLAT KRW 167,378.20 0.14200,000,000KOREA TRSY BD 2.375% 18-10/09/2038FLAT

KRW 1,147,780.78 0.961,200,000,000

KOREA TRSY BD 2.625% 15-10/09/2035FLAT

KRW 880,740.88 0.74900,000,000


KRW 1,035,393.33 0.861,000,000,000


KRW 1,050,920.59 0.881,000,000,000

KOREA TRSY BD 3% 14-10/09/2024 FLAT KRW 3,383,273.63 2.833,600,000,000KOREA TRSY BD 3.375% 13-10/09/2023FLAT

KRW 1,605,295.08 1.341,700,000,000


KRW 349,195.66 0.29300,000,000

KOREA TRSY BD 5% 10-10/06/2020 FLAT KRW 4,178,208.85 3.494,500,000,000KOREA TRSY BD 5.5% 09-10/12/2029 FLAT KRW 1,207,131.50 1.011,000,000,000MALAYSIA GOVT 3.757% 18-20/04/2023 MYR 716,269.17 0.602,900,000MALAYSIA GOVT 3.795% 15-30/09/2022 MYR 865,302.97 0.723,500,000MALAYSIA GOVT 3.882% 17-10/03/2022 MYR 372,514.07 0.311,500,000MALAYSIA GOVT 4.736% 16-15/03/2046 MYR 1,376,783.92 1.155,500,000MALAYSIA GOVT 4.762% 17-07/04/2037 MYR 1,035,168.93 0.864,000,000MALAYSIA INVEST 3.743% 16-26/08/2021 MYR 492,761.34 0.412,000,000MALAYSIA INVEST 3.948% 17-14/04/2022 MYR 247,770.76 0.211,000,000MALAYSIA INVEST 4.07% 16-30/09/2026 MYR 871,158.47 0.733,500,000MALAYSIAN GOVT 3.48% 13-15/03/2023 MYR 2,271,361.96 1.909,300,000PHILIPPINE GOVT 6.25% 11-14/01/2036 PHP 3,332,591.97 2.78160,000,000PHILIPPINE GOVT 4.875% 18-13/06/2021 PHP 467,939.45 0.3925,000,000PHILIPPINE GOVT 4.95% 10-15/01/2021 PHP 1,427,192.48 1.1975,000,000PHILIPPINE GOVT 5.75% 18-12/04/2025 PHP 1,440,811.31 1.2075,000,000PHILIPPINE GOVT 6.25% 18-22/03/2028 PHP 501,475.92 0.4225,000,000PHILIPPINE GOVT 6.875% 19-10/01/2029 PHP 834,035.44 0.7040,000,000PHILIPPINES(REP) 3.9% 12-26/11/2022 PHP 1,564,454.91 1.3185,000,000REP OF SRI LANKA 5.75% 16-18/01/2022 USD 250,183.75 0.21250,000REP OF SRI LANKA 6.85% 15-03/11/2025 USD 252,668.75 0.21250,000SINGAPORE GOVT 2.75% 12-01/04/2042 SGD 501,240.73 0.42650,000SINGAPORE GOVT 2.75% 16-01/03/2046 SGD 477,276.50 0.40620,000SINGAPORE GOVT 2.875% 10-01/09/2030 SGD 441,759.97 0.37560,000


Market valuein USD

Currency %NAV

SINGAPORE GOVT 3.375% 13-01/09/2033 SGD 1,393,542.27 1.161,670,000THAILAND GOVT 1.25% 13-12/03/2028 THB 614,399.38 0.5120,726,200THAILAND GOVT 3.3% 18-17/06/2038 THB 1,319,779.34 1.1040,000,000THAILAND GOVT 3.4% 15-17/06/2036 THB 505,972.87 0.4215,000,000THAILAND GOVT 3.65% 10-20/06/2031 THB 2,822,276.17 2.3681,000,000THAILAND GOVT 3.775% 12-25/06/2032 THB 245,688.18 0.217,000,000THAILAND GOVT 3.85% 10-12/12/2025 THB 2,250,380.35 1.8865,000,000THAILAND GOVT 4.26% 12-12/12/2037 THB 540,746.78 0.4515,000,000THAILAND GOVT 4.875% 09-22/06/2029 THB 836,765.98 0.7022,000,000

72,997,016.34 60.98

AUST & NZ BANK 16-29/12/2049 USD 212,779.00 0.18200,000Banks

AUST & NZ BANK 4.4% 16-19/05/2026 USD 203,053.00 0.17200,000BANK OF CHINA 4.86% 18-05/09/2028 CNY 152,186.34 0.131,000,000BK OF CHN/JNB 4.88% 17-20/04/2020 CNY 302,912.90 0.252,000,000CHINA CONST BANK 19-27/02/2029 FRN USD 202,325.00 0.17200,000CHINA DEV BANK 3.76% 18-14/08/2023 CNY 75,430.62 0.06500,000CHINA DEV BANK 3.94% 15-10/07/2022 CNY 348,686.95 0.292,300,000CHINA DEV BANK 4.04% 18-06/07/2028 CNY 610,810.76 0.514,000,000CHINA DEV BANK 4.07% 18-27/04/2021 CNY 911,676.11 0.766,000,000COM BK AUSTRALIA 4.2% 17-26/10/2020 CNY 982,039.18 0.826,500,000COMMERZBANK AG 17-01/03/2027 SGD 185,038.09 0.15250,000DEUTSCHE BK/SG 4.5% 15-20/08/2020 CNH 1,489,534.92 1.2410,000,000HSBC HOLDINGS 17-31/12/2049 SGD 750,659.70 0.631,000,000ICBC LTD 4.26% 19-25/03/2029 CNY 373,410.64 0.312,500,000KOREA DEV BANK 4.585% 18-13/02/2021 CNY 457,277.74 0.383,000,000MACQUARIE BK LTD 4.875% 15-10/06/2025 USD 623,202.00 0.52600,000NATIONWIDE BLDG 4% 16-14/09/2026 USD 240,397.50 0.20250,000STAND CHART SG 7.8% 12-16/04/2021 USD 5,039,821.18 4.226,003,947

13,161,241.63 10.99

CAGAMAS BERHAD 4.15% 13-28/10/2020 MYR 1,231,211.37 1.035,000,000Financial services

CENTRAL HUIJIN 3.55% 15-15/09/2020 CNY 224,756.18 0.191,500,000DANAINFRA 4.37% 18-21/02/2025 MYR 1,256,637.07 1.055,000,000FAR EAST HORIZON 4.9% 18-27/02/2021 CNY 404,522.96 0.342,700,000HOUSING DEV FIN 7% 16-09/01/2020 INR 856,651.35 0.7260,000,000HOUSING DEV FIN 7.875% 16-21/08/2019 INR 864,827.46 0.7260,000,000INTERNATIONAL FA 5.7% 18-12/03/2021 CNY 925,970.30 0.776,000,000MAPLETREE TREA 17-29/12/2049 SGD 566,244.89 0.47750,000OUE TREASURY PTE 3.75% 17-17/04/2022 SGD 349,413.75 0.29500,000POWER FIN CORP 8.53% 15-24/07/2020 INR 724,486.01 0.6150,000,000RURAL ELECTRIFIC 8.23% 15-23/01/2025 INR 854,568.34 0.7160,000,000RURAL ELECTRIFIC 8.37% 15-14/08/2020 INR 1,450,559.90 1.21100,000,000SARANA MLT INF 7.4% 17-15/11/2020 IDR 695,270.31 0.5810,000,000,000

10,405,119.89 8.69

AGILE GROUP 6.7% 19-07/03/2022 USD 305,715.00 0.26300,000Real estate

ASCENDAS INDIA 3.8% 14-27/08/2019 SGD 185,599.60 0.16250,000ASCOTT REIT MTN 4.205% 15-23/11/2022 SGD 192,061.11 0.16250,000CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 369,063.81 0.31500,000CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 184,794.68 0.15250,000CAPITALAND TREAS 3.8% 14-28/08/2024 SGD 383,262.90 0.32500,000CHAMPION MTN 3.75% 13-17/01/2023 USD 301,341.00 0.25300,000CHINA EVERGRANDE 7.5% 17-28/06/2023 USD 188,971.00 0.16200,000FRANSHION BRILLA 5.2% 18-08/03/2021 CNY 911,086.85 0.766,000,000GREENLAND HK 3.875% 16-28/07/2019 USD 496,322.50 0.41500,000LENDLEASE FIN 3.9% 17-27/04/2027 SGD 183,732.52 0.15250,000LENDLEASE GROUP 4.5% 16-26/05/2026 USD 239,337.50 0.20250,000MAPLETREE LOGIST 16-29/12/2049 SGD 187,364.35 0.16250,000OUE LTD 3.8% 15-15/04/2020 SGD 368,602.80 0.31500,000SHIMAO PROPERTY 4.75% 17-03/07/2022 USD 198,862.00 0.17200,000UNITED ENG LTD 3.68% 16-01/06/2021 SGD 184,586.30 0.15250,000VANKE REAL ESTAT 5.35% 18-11/03/2024 USD 425,128.00 0.36400,000WING TAI HLDGS 17-31/12/2049 SGD 183,631.09 0.15250,000WING TAI HLDGS 4.5% 12-26/09/2022 SGD 190,073.24 0.16250,000YANLORD LAND HK 5.875% 17-23/01/2022 USD 202,849.00 0.17200,000YUZHOU PROPERTIE 8.5% 19-04/02/2023 USD 207,682.00 0.17200,000

6,090,067.25 5.09

ASIAN DEV BANK 5.25% 19-09/03/2023 PHP 814,623.44 0.6842,400,000Supranational organisation

EURO BK RECON&DV 6.45% 17-13/12/2022 IDR 954,010.46 0.8014,000,000,000


Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

46




EURO BK RECON&DV 9.25% 15-02/12/2020 IDR 1,945,658.91 1.6227,000,000,000INTL FIN CORP 8.25% 14-10/06/2021 INR 593,267.63 0.5040,000,000

4,307,560.44 3.60

ADANI TRANSMISSI 4% 16-03/08/2026 USD 186,471.00 0.16200,000Energy

CHINA NATL PETRO 12-12/04/2022 FRN CNY 305,428.60 0.262,000,000CHINA THREE GORG 4.55% 14-06/11/2021 CNY 305,500.62 0.252,000,000GREENKO DUTCH BV 4.875% 17-24/07/2022

USD 197,452.00 0.16200,000

HINDUSTAN PETROL 4% 17-12/07/2027 USD 196,652.00 0.16200,000LISTRINDO CAP 4.95% 16-14/09/2026 USD 193,679.00 0.16200,000MEDCO PLATINUM R 6.75% 18-30/01/2025 USD 194,677.00 0.16200,000NTPC LTD 3.75% 19-03/04/2024 USD 199,398.00 0.17200,000SEMBCORP INDUST 15-29/12/2049 FRN SGD 186,166.64 0.16250,000

1,965,424.86 1.64

ARGENTUM NETH 17-31/12/2049 FRN USD 194,706.00 0.16200,000Insurance

CHINA REINSURANC 3.375% 17-09/03/2022 USD 197,040.00 0.16200,000FORTUNE STAR 5.25% 17-23/03/2022 USD 194,732.00 0.16200,000KYOBO LIFE INS 17-24/07/2047 FRN USD 195,210.00 0.16200,000NIPPON LIFE INS 14-16/10/2044 FRN USD 628,749.00 0.54600,000QBE INSURANCE 6.75% 14-02/12/2044 FRN USD 265,730.00 0.22250,000

1,676,167.00 1.40

CHN SCE PROPERTY 5.875% 17-10/03/2022

USD 295,246.50 0.25300,000Building materials

JASA MARGA 7.5% 17-11/12/2020 IDR 947,094.03 0.7914,000,000,0001,242,340.53 1.04

SHANGRI-LA HOTEL 4.5% 18-12/11/2025 SGD 1,161,865.30 0.971,500,000Lodging & Restaurants

1,161,865.30 0.97

HANJIN INTERNATI 17-28/09/2020 FRN USD 1,005,550.00 0.841,000,000Transportation

1,005,550.00 0.84

CHINALCO CAPITAL 4% 16-25/08/2021 USD 198,797.00 0.17200,000Metal

INDONESIA ASAHAN 5.23% 18-15/11/2021 USD 208,191.00 0.17200,000PRESS METAL 4.8% 17-30/10/2022 USD 197,226.00 0.16200,000

604,214.00 0.50

BHARTI AIRTEL 4.375% 15-10/06/2025 USD 196,676.00 0.16200,000Telecommunication

SMARTONE FIN LTD 3.875% 13-08/04/2023 USD 352,049.25 0.30350,000548,725.25 0.46

LS FINANCE 2025 4.5% 15-26/06/2025 USD 235,455.00 0.20250,000Distribution & Wholesale

235,455.00 0.20

CWT LTD 3.9% 13-18/04/2019 SGD 168,813.33 0.14250,000Diversified services

EZION HOLDINGS 0.25% 18-20/11/2027 SGD 50,711.03 0.04250,000219,524.36 0.18

COMPET TM TECH L 3.75% 19-12/03/2024 USD 201,348.00 0.17200,000Electric & Electronic

201,348.00 0.17

OLAM INTL LTD 5.8% 12-17/07/2019 SGD 185,762.80 0.16250,000Food services

185,762.80 0.16

116,007,382.65 96.91

LLPL CAPITAL 6.875% 19-04/02/2039 USD 216,642.00 0.18200,000

Mortgage backed securitiesEnergy

216,642.00 0.18


Market valuein USD

Currency %NAV

ASL MARINE HLDGS 13-28/03/2025 SR SGD 90,397.08 0.08230,000Auto Parts & Equipment

90,397.08 0.08

307,039.08 0.26

STAND CHART SG 8.33% 13-13/07/2026FLAT

USD 1,542,197.90 1.291,991,544


Bonds and other debt instrumentsBanks

1,542,197.90 1.29

1,542,197.90 1.29



Market valuein USD

Currency %NAV

KOREA 3YR BND FUTURE 18/06/2019 KRW 5,991,348.6262 20,755.88

Future contracts

KOREAN 10YR 5% BND FUTURE18/06/2019

KRW 1,362,382.1312 17,126.24

90DAYS EURO $ FUT 16/12/2019 USD 6,833,400.00(28) (31,075.00)

6,807.12

Total Future contracts 6,807.12

DenominationQuantity Commitmentin USD

Currency Unrealisedappreciation /(depreciation)

in USD

Financial derivative instruments as at March 31, 2019

3,262,109 12/04/192,400,000 (6,500.45)SGDUSD 2,400,000.00Forward foreign exchange contracts

1,086,476 31/05/19800,000 (2,248.84)SGDUSD 800,000.0075,552,000 12/04/192,400,000 18,688.99THBUSD 2,400,000.00

900,000 15/04/191,017,468,000 (3,106.49)USDKRW 900,000.002,400,000 12/04/193,251,280 (1,487.23)USDSGD 2,400,000.001,200,000 31/05/191,617,468 (5,665.58)USDSGD 1,200,000.002,393,162 12/04/1975,552,000 (11,856.02)USDTHB 2,393,162.39

(12,175.62)

Total Forward foreign exchange contracts (12,175.62)

SalePurchase Unrealisedappreciation /(depreciation)

in USD

MaturityDate

Commitmentin USD

Total financial derivative instruments (5,368.50)

Summary of net assets

(5,368.50) -Total financial derivative instruments

%NAV

117,856,619.63 98.46Total Securities Portfolio

1,121,489.99 0.94Cash at bank


119,705,261.56 100.00Total net assets

FULLERTON LUX FUNDS

47




Bonds and other debt instruments 99.74 98.20

Mortgage backed securities 0.26 0.26

100.00 98.46



China 13.40 13.19

Indonesia 12.36 12.16

Malaysia 10.35 10.19


Thailand 7.75 7.63

Singapore 7.14 7.03

United Kingdom 6.43 6.34

India 6.07 5.97

Supranational - Multinational 3.65 3.60

Australia 2.10 2.06

Other 8.45 8.33

100.00 98.46



assets

STAND CHART SG 7.8% 12-16/04/2021 5,039,821.18 4.22Banks

KOREA TRSY BD 5% 10-10/06/2020 FLAT 4,178,208.85 3.49Government

KOREA TRSY BD 3% 14-10/09/2024 FLAT 3,383,273.63 2.83Government

PHILIPPINE GOVT 6.25% 11-14/01/2036 3,332,591.97 2.78Government

THAILAND GOVT 3.65% 10-20/06/2031 2,822,276.17 2.36Government

INDONESIA GOVT 8.75% 15-15/05/2031 2,618,707.66 2.19Government

INDONESIA GOVT 8.375% 10-15/09/2026 2,574,453.80 2.15Government

CHINA GOVT BOND 3.54% 18-16/08/2028 2,312,771.79 1.93Government

MALAYSIAN GOVT 3.48% 13-15/03/2023 2,271,361.96 1.90Government

THAILAND GOVT 3.85% 10-12/12/2025 2,250,380.35 1.88Government

USD

Sector

Top Ten Holdings

48


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asian High Yield Bonds (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 77,615,208.15Cash at bank 1,416,488.76Receivable for investment sold 3,255,798.75Dividends and interest receivable 2.1, 2.8 1,304,955.88


LiabilitiesAccrued expenses 263,408.08Other payables 359.28Payable for investment purchased 3,982,680.97Net unrealised depreciation on forward foreign exchangecontracts

2.3, 13 10,873.88

Other liabilities 0.31



Notes


IncomeInterest on bonds 2.1, 2.8 4,052,819.44Bank interest 2.8 61,482.39Other income 146.25







Net change in unrealised appreciation / (depreciation) on: Investments 1,886,668.27Forward foreign exchange contracts 2.3, 13 (63,707.26)


3,328,312.57



USDNotes







Class A (SGD) Hedged Distribution 1,230,586 852,127 (242,584) 1,840,129

Class A (USD) Distribution 4,943,380 2,168,981 (652,081) 6,460,280

FULLERTON LUX FUNDS

49

Fullerton Lux Funds – Asian High Yield Bonds (in USD)



AGILE GROUP 6.7% 19-07/03/2022 USD 305,715.00 0.39300,000


Bonds and other debt instrumentsReal estate

AGILE GROUP 8.5% 18-18/07/2021 USD 1,061,405.00 1.341,000,000AGILE GROUP 9.5% 18-23/11/2020 USD 848,296.00 1.07800,000ALAM SYNERGY 11.5% 19-22/04/2021 USD 427,152.00 0.54400,000ALAM SYNERGY 6.625% 16-24/04/2022 USD 772,788.00 0.97800,000ALAM SYNERGY 6.95% 13-27/03/2020 USD 79,244.90 0.1079,000AOYUAN PROPERTY 7.5% 18-10/05/2021 USD 1,794,135.00 2.251,750,000AOYUAN PROPERTY 7.95% 18-07/09/2021 USD 1,032,730.00 1.301,000,000CENTRAL CHINA RE 8% 13-28/01/2020 USD 1,206,630.00 1.521,200,000CHINA AOYUAN GRP 8.5% 19-23/01/2022 USD 525,810.00 0.66500,000CHINA EVERGRANDE 6.25% 17-28/06/2021 USD 954,425.00 1.201,000,000CHINA EVERGRANDE 7% 17-23/03/2020 USD 497,265.00 0.63500,000CHINA EVERGRANDE 9.5% 17-29/03/2024 USD 493,307.50 0.62500,000CIFI HOLDINGS 6.875% 18-23/04/2021 USD 716,432.50 0.90700,000CIFI HOLDINGS 7.625% 19-28/02/2023 USD 625,944.00 0.79600,000CIFI HOLDINGS 7.75% 15-05/06/2020 USD 819,980.00 1.03800,000COUNTRY GARDEN 7.125% 19-25/04/2022 USD 417,756.00 0.53400,000COUNTRY GARDEN 7.25% 19-08/04/2026 USD 1,149,051.25 1.451,150,000COUNTRY GARDEN 8% 18-27/01/2024 USD 1,802,340.00 2.261,700,000JGC VENTURES PTE 10.75% 18-30/08/2021 USD 943,976.25 1.19875,000LOGAN PROPERTY H 7.5% 18-27/08/2021 USD 771,562.50 0.97750,000LOGAN PROPERTY H 7.5% 19-25/08/2022 USD 1,032,395.00 1.301,000,000LOGAN PROPERTY H 8.75% 18-12/12/2020 USD 418,036.00 0.53400,000MODERNLAND OVERS 6.95% 17-13/04/2024

USD 971,440.00 1.221,000,000

NEW METRO GLOBAL 5% 17-08/08/2022 USD 286,987.50 0.36300,000NEW METRO GLOBAL 6.5% 18-23/04/2021 USD 506,425.00 0.64500,000NEW METRO GLOBAL 7.5% 18-20/03/2022 USD 1,654,624.00 2.091,600,000NWD FINANCE(BVI) 5.75% 16-29/12/2049 USD 485,555.00 0.61500,000RKPF OVERS 2019B 7.75% 19-18/04/2021 USD 209,814.00 0.26200,000RKPF 2019 A LTD 7.875% 19-01/02/2023 USD 527,800.00 0.67500,000SCENERY JOURNEY 11% 18-06/11/2020 USD 1,052,905.00 1.331,000,000SCENERY JOURNEY 13.75% 18-06/11/2023 USD 552,030.00 0.70500,000SHIMAO PROPERTY 6.125% 19-21/02/2024 USD 1,020,480.00 1.291,000,000SHUI ON DEVELOP 17-31/12/2049 USD 294,810.00 0.37300,000SHUI ON DEVELOP 6.25% 19-28/11/2021 USD 815,736.00 1.03800,000SUNAC CHINA HLDG 7.95% 17-08/08/2022 USD 510,375.00 0.64500,000SUNAC CHINA HLDG 8.375% 19-15/01/2021 USD 821,820.00 1.04800,000SUNAC CHINA HLDG 8.625% 18-27/07/2020 USD 926,028.00 1.17900,000THETA CAPITAL 7% 14-11/04/2022 USD 495,445.00 0.62500,000TIMES CN HLDG 10.95% 18-27/11/2020 USD 806,355.00 1.02750,000TIMES CN HLDG 7.85% 18-04/06/2021 USD 385,882.50 0.49375,000TIMES PROPERTY 6.25% 18-17/01/2021 USD 801,528.00 1.01800,000TIMES PROPERTY 6.6% 17-02/03/2023 USD 496,372.50 0.63500,000YANLORD LAND HK 6.75% 18-23/04/2023 USD 407,478.00 0.51400,000YUZHOU PROPERTIE 6% 17-25/01/2022 USD 736,016.25 0.93750,000YUZHOU PROPERTIE 6.375% 18-06/03/2021

USD 200,606.00 0.25200,000

YUZHOU PROPERTIE 8.5% 19-04/02/2023 USD 1,298,012.50 1.641,250,000YUZHOU PROPERTIE 8.5% 19-26/02/2024 USD 1,025,815.00 1.291,000,000ZHENRO PROPERTIE 12.5% 18-02/01/2021 USD 1,333,625.00 1.681,250,000ZHENRO PROPERTIE 8.6% 19-13/01/2020 USD 708,428.00 0.89700,000ZHENRO PROPERTIE 8.65% 19-21/01/2023 USD 746,088.75 0.94750,000ZHENRO PROPERTIE 9.8% 19-20/08/2021 USD 513,750.00 0.65500,000

39,288,608.90 49.51

ABJA INVESTMENT 5.45% 18-24/01/2028 USD 708,956.25 0.89750,000Metal

ABJA INVESTMENT 5.95% 14-31/07/2024 USD 1,537,267.50 1.941,500,000BUKIT MAKMUR MAN 7.75% 17-13/02/2022 USD 2,092,590.00 2.642,000,000ENERGY RESOURCES 8% 17-30/09/2022FRN

USD 1,047,940.00 1.321,000,000

INDONESIA ASAHAN 6.757% 18-15/11/2048 USD 2,309,270.00 2.902,000,000JSW STEEL LTD 5.25% 17-13/04/2022 USD 1,005,485.00 1.271,000,000PRESS METAL 4.8% 17-30/10/2022 USD 246,532.50 0.31250,000VEDANTA RESOURCE 6.375% 17-30/07/2022

USD 728,152.50 0.92750,000

VEDANTA RESOURCE 7.125% 13-31/05/2023

USD 980,770.00 1.241,000,000

VEDANTA RESOURCE 8.25% 11-07/06/2021 USD 517,800.00 0.65500,00011,174,763.75 14.08


Market valuein USD

Currency %NAV

MONGOLIA 10.875% 16-06/04/2021 USD 837,622.50 1.06750,000Government

REP OF SRI LANKA 5.75% 16-18/01/2022 USD 500,367.50 0.63500,000REP OF SRI LANKA 5.75% 18-18/04/2023 USD 741,731.25 0.93750,000REP OF SRI LANKA 6.2% 17-11/05/2027 USD 480,997.50 0.61500,000REP OF SRI LANKA 6.25% 10-04/10/2020 USD 1,745,800.00 2.201,720,000REP OF SRI LANKA 6.85% 19-14/03/2024 USD 256,317.50 0.32250,000

4,562,836.25 5.75

MEDCO PLATINUM R 6.75% 18-30/01/2025 USD 486,692.50 0.61500,000Energy

MEDCO STRAITS 8.5% 17-17/08/2022 USD 1,595,647.50 2.021,500,000PERUSAHAAN LISTR 5.45% 18-21/05/2028 USD 535,115.00 0.67500,000PETRON CORP 18-31/12/2049 FRN USD 587,946.00 0.74600,000RENEW POWER SYN 6.67% 19-12/03/2024 USD 1,006,375.00 1.271,000,000

4,211,776.00 5.31

CHINA SCE GRP 8.75% 19-15/01/2021 USD 521,542.50 0.66500,000Building materials

CHN SCE PROPERTY 5.875% 17-10/03/2022

USD 295,246.50 0.37300,000

CHN SCE PROPERTY 7.45% 18-17/04/2021 USD 1,026,940.00 1.301,000,000INDIKA ENRGY CAP 5.875% 17-09/11/2024 USD 954,840.00 1.201,000,000INDO ENERGY FIN 6.375% 13-24/01/2023 USD 500,402.50 0.63500,000WEST CHINA CEM 6.5% 14-11/09/2019 USD 803,904.00 1.011,000,000

4,102,875.50 5.17

GOLDEN LEGACY PT 6.875% 17-27/03/2024 USD 1,005,550.00 1.271,000,000Textile

PB INTERNAT 7.625% 17-26/01/2022 USD 1,541,422.50 1.941,500,000PRIME BLOOM HLDH 6.95% 17-05/07/2022 USD 392,850.00 0.50500,000

2,939,822.50 3.71

GOLDEN EAGLE RET 4.625% 13-21/05/2023 USD 2,323,387.50 2.932,500,000Distribution & Wholesale

2,323,387.50 2.93

FORTUNE STAR 5.25% 17-23/03/2022 USD 1,752,588.00 2.211,800,000Insurance

FORTUNE STAR 5.95% 18-29/01/2023 USD 490,112.50 0.62500,0002,242,700.50 2.83

OLAM INTL LTD 16-29/12/2049 USD 992,830.00 1.251,000,000Food services

TBLA INTERNATION 7% 18-24/01/2023 USD 491,520.00 0.62500,0001,484,350.00 1.87

BK OF EAST ASIA 15-29/12/2049 FRN USD 501,547.50 0.63500,000Banks

MACQUARIE BK LON 17-31/12/2049 USD 925,640.00 1.171,000,0001,427,187.50 1.80

SOFTBANK GRP COR 17-31/12/2049 FRN USD 940,715.00 1.191,000,000Telecommunication

940,715.00 1.19

EHI CAR SERVICES 5.875% 17-14/08/2022 USD 939,410.00 1.181,000,000Diversified services

939,410.00 1.18

YINGDE GASES INV 6.25% 18-19/01/2023 USD 756,063.75 0.95750,000Chemical

756,063.75 0.95

ABM INVESTAMA 7.125% 17-01/08/2022 USD 488,360.00 0.62500,000Financial services

488,360.00 0.62

SRILANKAN AIR 5.3% 14-27/06/2019 USD 299,067.00 0.38300,000Transportation

299,067.00 0.38

77,181,924.15 97.28


Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

50




LLPL CAPITAL 6.875% 19-04/02/2039 USD 433,284.00 0.55400,000

Mortgage backed securitiesEnergy

433,284.00 0.55

433,284.00 0.55



Market valuein USD

Currency %NAV

13,579,830 14/05/1918,382,000 (10,873.88)USDSGD 13,579,829.59Forward foreign exchange contracts

(10,873.88)



in USD

MaturityDate

Commitmentin USD



(10,873.88) (0.01)Total financial derivative instruments

%NAV


1,416,488.76 1.79Cash at bank


79,335,129.02 100.00Total net assets

FULLERTON LUX FUNDS

51






100.00 97.83




Virgin Islands 11.17 10.94

Indonesia 6.99 6.83

Sri Lanka 5.18 5.07



India 2.59 2.54

Mongolia 2.43 2.38

Other 5.69 5.56

100.00 97.83



assets

GOLDEN EAGLE RET 4.625% 13-21/05/2023 2,323,387.50 2.93Distribution &Wholesale

INDONESIA ASAHAN 6.757% 18-15/11/2048 2,309,270.00 2.90Metal

BUKIT MAKMUR MAN 7.75% 17-13/02/2022 2,092,590.00 2.64Metal

COUNTRY GARDEN 8% 18-27/01/2024 1,802,340.00 2.26Real estate

AOYUAN PROPERTY 7.5% 18-10/05/2021 1,794,135.00 2.25Real estate

FORTUNE STAR 5.25% 17-23/03/2022 1,752,588.00 2.21Insurance

REP OF SRI LANKA 6.25% 10-04/10/2020 1,745,800.00 2.20Government

NEW METRO GLOBAL 7.5% 18-20/03/2022 1,654,624.00 2.09Real estate

MEDCO STRAITS 8.5% 17-17/08/2022 1,595,647.50 2.02Energy

PB INTERNAT 7.625% 17-26/01/2022 1,541,422.50 1.94Textile

USD

Sector

Top Ten Holdings

52


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asian Bonds (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD


Investment in securities at market value 2.1 204,380,598.49Cash at bank 1,381,834.15Receivable for investment sold 1,588,788.54Receivable on subscriptions 1,492,986.24Net unrealised appreciation on forward foreign exchangecontracts

2.3, 13 48,750.81

Dividends and interest receivable 2.1, 2.8 2,825,652.77Other receivables 6.85


LiabilitiesBank overdraft 994,538.16Accrued expenses 425,107.43Other payables 359.28Payable for investment purchased 1,498,692.00Payable on redemptions 185,197.68Other liabilities 54.77



Notes


* Share Class launched on February 22, 2019.

IncomeInterest on bonds 2.1, 2.8 10,187,443.49Bank interest 2.8 42,230.43Other income 198.85


ExpensesInvestment management fees 5 1,536,322.99Depositary fees 4 14,617.39Management Company fees 7 45,053.90Administration fees 4 56,583.80Professional fees 11 27,150.14Transaction costs 16 12,879.94Taxe d'abonnement 8 46,493.90Bank interest and charges 23,656.53Other expenses 10 51,304.19





Net change in unrealised appreciation / (depreciation) on: Investments 2,015,523.93Forward foreign exchange contracts 2.3, 13 78,892.14


7,745,850.80



USDNotes







Class A (EUR) Hedged Accumulation 175,066 99,360 (54,695) 219,731



Class A (USD) Distribution 2,925,424 88,576 (965,183) 2,048,817

Class I (SGD) Hedged Accumulation 3,702,552 349,464 (193,777) 3,858,239

Class I (USD) Accumulation 4,406,354 1,606,274 (2,640,880) 3,371,748

Class I (USD) Distribution 6,847,443 3,019,724 (3,037,221) 6,829,946

Class R (SGD) Accumulation - - - -

Class R (SGD) Hedged Distribution* - 144,868 - 144,868

FULLERTON LUX FUNDS

53

Fullerton Lux Funds – Asian Bonds (in USD)



AGILE GROUP 9.5% 18-23/11/2020 USD 848,296.00 0.41800,000



ALAM SYNERGY 11.5% 19-22/04/2021 USD 427,152.00 0.20400,000AOYUAN PROPERTY 7.95% 18-07/09/2021 USD 516,365.00 0.25500,000CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 1,107,191.43 0.531,500,000CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 739,178.72 0.351,000,000CCT MTN PTE LTD 3.327% 18-21/03/2025 SGD 372,689.19 0.18500,000CHAMPION MTN 3.75% 13-17/01/2023 USD 803,576.00 0.39800,000CHINA OVERSEAS F 3.95% 12-15/11/2022 USD 1,525,642.50 0.741,500,000CHINA OVERSEAS F 5.35% 12-15/11/2042 USD 880,420.00 0.42800,000COUNTRY GARDEN 4.75% 18-17/01/2023 USD 674,086.00 0.32700,000ESR MTN 3.95% 15-21/05/2020 SGD 739,636.05 0.351,000,000FCL TREASURY 15-29/12/2049 FRN SGD 744,246.14 0.361,000,000FCL TREASURY 4.25% 16-21/04/2026 SGD 373,069.06 0.18500,000FH REIT TREASURY 3.08% 17-08/11/2024 SGD 365,183.96 0.18500,000FRASERS PROPERTY TREASUR 4.15% 17-23/02/2027

SGD 1,485,844.24 0.722,000,000

FUTURE LAND DEVE 5% 17-16/02/2020 USD 497,632.50 0.24500,000HLP FINANCE LTD 4.75% 12-25/06/2022 USD 1,037,970.00 0.501,000,000LENDLEASE GROUP 4.5% 16-26/05/2026 USD 1,053,085.00 0.501,100,000LONGFOR PROPERTI 4.5% 18-16/01/2028 USD 891,801.00 0.43900,000MAPLETREE COMMER 3.11% 16-24/08/2026

SGD 366,179.74 0.18500,000

NEW METRO GLOBAL 5% 17-08/08/2022 USD 478,312.50 0.23500,000NWD FINANCE(BVI) 5.75% 16-29/12/2049 USD 728,332.50 0.35750,000NWD MTN LTD 4.375% 15-30/11/2022 USD 1,028,070.00 0.491,000,000POLY REAL ESTATE 3.875% 19-25/03/2024 USD 248,837.50 0.12250,000POLY REAL ESTATE 4.75% 18-17/09/2023 USD 724,633.00 0.35700,000RKI FIN 2016 B 4.7% 16-06/09/2021 USD 495,485.00 0.24500,000RKPF OVERS 2019B 7.75% 19-18/04/2021 USD 209,814.00 0.10200,000SHIMAO PROPERTY 4.75% 17-03/07/2022 USD 696,017.00 0.33700,000SINO OC TR FIN I 6% 14-30/07/2024 USD 1,059,205.00 0.511,000,000SINO OCEAN LAND 4.45% 15-04/02/2020 USD 903,942.00 0.43900,000SUNAC CHINA HLDG 7.875% 19-15/02/2022 USD 406,404.00 0.19400,000SUNTEC REIT MTN 2.85% 17-02/08/2023 SGD 364,610.46 0.17500,000TIMES PROPERTY 6.25% 17-23/01/2020 USD 351,613.50 0.17350,000TIMES PROPERTY 6.25% 18-17/01/2021 USD 300,573.00 0.14300,000TIMES PROPERTY 6.6% 17-02/03/2023 USD 397,098.00 0.19400,000VANKE REAL ESTAT 3.975% 17-09/11/2027 USD 1,469,145.00 0.711,500,000VANKE REAL ESTAT 5.35% 18-11/03/2024 USD 531,410.00 0.25500,000WING TAI HLDGS 4.5% 12-26/09/2022 SGD 1,140,439.43 0.551,500,000WING TAI HLDGS 4.7% 14-28/02/2024 SGD 765,146.46 0.371,000,000YANGO JUSTICE 7.5% 17-16/11/2020 USD 293,377.50 0.14300,000YANLORD LAND HK 5.875% 17-23/01/2022 USD 507,122.50 0.24500,000YUZHOU PROPERTIE 6.375% 18-06/03/2021

USD 501,515.00 0.24500,000

YUZHOU PROPERTIE 8.625% 19-23/01/2022

USD 786,851.25 0.38750,000

ZHENRO PROPERTIE 8.6% 19-13/01/2020 USD 404,816.00 0.19400,000ZHENRO PROPERTIE 8.65% 19-21/01/2023 USD 1,193,742.00 0.571,200,000

31,435,757.13 15.08

ABN AMRO BANK NV 17-27/03/2028 USD 605,442.00 0.29600,000Banks

ABN AMRO BANK NV 4.75% 16-01/04/2026FRN

SGD 1,515,938.93 0.732,000,000

AUST & NZ BANK 16-29/12/2049 USD 319,168.50 0.15300,000BANK OF CHINA HK 18-31/12/2049 FRN USD 1,037,105.00 0.501,000,000BARCLAYS PLC 19-31/12/2049 FRN USD 562,006.50 0.27550,000CHINA CONST BANK 15-13/05/2025 FRN USD 501,082.50 0.24500,000CHINA CONST BANK 19-27/02/2029 FRN USD 303,487.50 0.15300,000CHONG HING BANK 17-26/07/2027 FRN USD 982,330.00 0.471,000,000CHONG HING BANK 6% 10-04/11/2020 USD 2,072,010.00 0.992,000,000COM BK AUSTRALIA 16-20/10/2026 USD 396,090.00 0.19400,000COMMERZBANK AG 18-18/09/2028 FRN SGD 1,081,461.58 0.521,500,000COOPERATIEVE RAB 18-31/12/2049 FRN EUR 456,505.41 0.22400,000DAH SING BANK 16-30/11/2026 USD 501,445.00 0.24500,000DAH SING BANK 19-15/01/2029 FRN USD 413,614.00 0.20400,000DBS GROUP HLDGS 16-29/12/2049 USD 493,060.00 0.24500,000DBS GROUP HLDGS 18-11/12/2028 FRN USD 1,036,705.00 0.501,000,000FUBON BANK HK 6.125% 10-30/11/2020 USD 415,608.00 0.20400,000HSBC HOLDINGS 14-29/12/2049 FRN USD 802,360.00 0.38800,000HSBC HOLDINGS 17-31/12/2049 SGD 750,659.70 0.361,000,000


Market valuein USD

Currency %NAV

HSBC HOLDINGS 18-31/12/2049 FRN SGD 760,506.86 0.361,000,000HSBC HOLDINGS 6.375% 15-30/09/2067FRN

USD 2,059,650.00 0.992,000,000

KOREA EXCH BANK 4.25% 14-14/10/2024 USD 617,340.00 0.30600,000MACQUARIE BK LON 17-31/12/2049 USD 925,640.00 0.441,000,000MACQUARIE BK LTD 4.875% 15-10/06/2025 USD 1,246,404.00 0.601,200,000MALAYAN BANKING 16-29/10/2026 USD 1,253,268.75 0.601,250,000NATL AUSTRALIABK 4.15% 16-19/05/2028 SGD 1,510,451.08 0.722,000,000OVERSEA-CHINESE 4.25% 14-19/06/2024 USD 1,028,825.00 0.491,000,000SHANGHAI COMM BK 17-29/11/2027 FRN USD 393,802.00 0.19400,000SHINHAN BANK 16-07/12/2026 USD 402,422.00 0.19400,000SHINHAN BANK 3.75% 17-20/09/2027 USD 395,506.00 0.19400,000SIAM COMMERCIAL 4.4% 19-11/02/2029 USD 621,351.00 0.30600,000SOCIETE GENERALE 16-19/05/2026 SGD 374,131.23 0.18500,000STANDARD CHART 4.05% 16-12/04/2026 USD 607,950.00 0.29600,000WOORI BANK 4.75% 14-30/04/2024 USD 1,783,555.00 0.851,700,000WOORI BANK 5% 15-10/06/2045 USD 1,412,488.00 0.681,400,000WOORI BANK 5.25% 17-16/11/2067 FRN USD 1,515,945.00 0.731,500,000

31,155,315.54 14.94

ADANI TRANSMISSI 4% 16-03/08/2026 USD 1,072,208.25 0.511,150,000Energy

BHARAT PETROLEUM 4.625% 12-25/10/2022

USD 516,727.50 0.25500,000

BPRL INTERNATION 4.375% 17-18/01/2027 USD 504,330.00 0.24500,000HINDUSTAN PETROL 4% 17-12/07/2027 USD 393,304.00 0.19400,000INDIAN OIL CORP 4.1% 12-15/10/2022 SGD 377,618.30 0.18500,000INDIAN OIL CORP 5.75% 13-01/08/2023 USD 1,079,465.00 0.521,000,000LISTRINDO CAP 4.95% 16-14/09/2026 USD 1,694,691.25 0.811,750,000NEXEN INC 7.875% 02-15/03/2032 USD 1,052,216.25 0.50750,000NTPC LTD 4.75% 12-03/10/2022 USD 1,555,335.00 0.751,500,000OIL INDIA LTD 5.125% 19-04/02/2029 USD 418,352.00 0.20400,000ONGC VIDESH LTD 4.625% 14-15/07/2024 USD 1,038,655.00 0.501,000,000PERTAMINA 4.875% 12-03/05/2022 USD 1,301,543.75 0.621,250,000PERTAMINA 5.625% 13-20/05/2043 USD 1,142,889.00 0.551,100,000PERUSAHAAN GAS 5.125% 14-16/05/2024 USD 2,789,350.25 1.352,650,000PERUSAHAAN LISTR 4.125% 17-15/05/2027 USD 983,615.00 0.471,000,000PTT PCL 4.5% 12-25/10/2042 USD 494,010.00 0.24500,000RELIANCE INDUSTR 4.875% 15-10/02/2045 USD 1,040,800.00 0.501,000,000SPIC 2018 18-31/12/2049 FRN USD 313,743.00 0.15300,000THAIOIL TRSRY 5.375% 18-20/11/2048 USD 2,029,068.00 0.971,800,000YUNNAN ENERGY 6.25% 19-29/11/2021 USD 205,161.00 0.10200,000

20,003,082.55 9.60

AGEAS CAPITAL 4.125% 13-25/04/2023 USD 998,100.00 0.481,000,000Insurance

CHINA LIFE INSUR 15-03/07/2075 FRN USD 494,535.00 0.24500,000CHINA REINSURANC 3.375% 17-09/03/2022 USD 1,970,400.00 0.942,000,000CHINA TAIPING CA 4.125% 12-21/11/2022 USD 3,045,615.00 1.463,000,000DAI-ICHI LIFE INSURANCE 5.10% 14-28/04/2067 FRN

USD 2,609,175.00 1.252,500,000

DAI-ICHI LIFE 16-29/12/2049 USD 487,995.00 0.23500,000FUKOKU MUTUAL 15-28/07/2049 FRN USD 611,190.00 0.29600,000MEIJI YASUDA LIF 5.20% 15-20/10/2045FRN

USD 1,829,695.00 0.881,750,000

NIPPON LIFE INS 12-18/10/2042 FRN USD 1,037,720.00 0.501,000,000NIPPON LIFE INS 14-16/10/2044 FRN USD 1,571,872.50 0.751,500,000QBE INSURANCE 16-17/06/2046 USD 919,282.50 0.44900,000QBE INSURANCE 17-31/12/2049 FRN USD 848,983.50 0.41900,000QBE INSURANCE 6.75% 14-02/12/2044 FRN USD 2,338,424.00 1.122,200,000

18,762,987.50 8.99

BHARTI AIRTEL IN 5.35% 14-20/05/2024 USD 931,882.50 0.45900,000Telecommunication

HKT CAPITAL NO 2 3.625% 15-02/04/2025 USD 599,256.00 0.29600,000HKT CAPITAL NO 4 3% 16-14/07/2026 USD 476,085.00 0.23500,000PCCW CAP NO4 5.75% 12-17/04/2022 USD 4,564,428.50 2.184,300,000PROVEN GLORY CAP 3.25% 17-21/02/2022 USD 1,379,175.00 0.661,400,000PROVEN HONOUR 4.125% 16-06/05/2026 USD 2,621,065.50 1.262,700,000SMARTONE FIN LTD 3.875% 13-08/04/2023 USD 2,414,052.00 1.162,400,000SOFTBANK GRP COR 6.125% 18-20/04/2025

USD 517,657.50 0.25500,000

STARHUB 17-31/12/2049 SGD 364,225.06 0.17500,000TBG GLOBAL PTE 5.25% 15-10/02/2022 USD 1,605,544.00 0.771,600,000

15,473,371.06 7.42


Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

54





CDBL FUNDING 1 18-15/11/2021 FRN USD 1,000,930.00 0.481,000,000CHINA CINDA FIN 5.625% 14-14/05/2024 USD 1,638,397.50 0.791,500,000FAR EAST HORIZON 18-03/07/2021 FRN USD 1,000,515.00 0.481,000,000FPC CAPITAL LTD 5.75% 18-30/05/2025 USD 1,042,085.00 0.501,000,000HUARONG FIN II 4.5% 15-16/01/2020 USD 755,385.00 0.36750,000HUARONG FINANCE 3.8% 17-07/11/2025 SGD 357,700.85 0.17500,000ICBCIL FINANCE 3.75% 19-05/03/2024 USD 705,085.50 0.34700,000KEPPEL CORP LTD 4% 12-07/09/2042 SGD 543,502.38 0.26750,000LANDMARK FUNDING 3.42% 15-12/06/2020 USD 1,484,220.00 0.711,500,000NAN FUNG TREAS 5% 18-05/09/2028 USD 1,342,250.00 0.641,300,000NAN FUNG TREASUR 5.5% 17-31/12/2049 USD 466,340.00 0.22500,000OUE TREASURY PTE 3.55% 17-10/05/2023 SGD 692,447.13 0.331,000,000OUE TREASURY PTE 3.75% 17-17/04/2022 SGD 349,413.75 0.17500,000POWER FIN CORP 5.25% 18-10/08/2028 USD 520,182.50 0.25500,000RURAL ELECTRIFIC 3.875% 17-07/07/2027 USD 471,637.50 0.23500,000SHINHAN FINL GRP 18-31/12/2049 FRN USD 515,875.00 0.25500,000SSG RESOURCES 4.25% 12-04/10/2022 USD 711,991.00 0.34700,000

14,086,318.11 6.75

INDIA GOVT BOND 7.28% 13-03/06/2019 INR 2,167,828.30 1.04150,000,000Government

INDONESIA EXIMBK 8.35% 16-25/08/2021 IDR 703,469.05 0.3410,000,000,000INDONESIA (REP) 4.125% 15-15/01/2025 USD 769,766.25 0.37750,000INDONESIA 5.25% 12-17/01/2042 USD 1,076,175.00 0.521,000,000MONGOLIA 5.625% 17-01/05/2023 USD 404,300.00 0.19400,000PHILIPPINES(REP) 3.95% 15-20/01/2040 USD 1,052,550.00 0.501,000,000QATAR STATE OF 4.817% 19-14/03/2049 USD 420,744.00 0.20400,000REP OF SRI LANKA 5.75% 16-18/01/2022 USD 500,367.50 0.24500,000REP OF SRI LANKA 6.2% 17-11/05/2027 USD 384,798.00 0.18400,000REP OF SRI LANKA 6.85% 15-03/11/2025 USD 606,405.00 0.29600,000REP OF SRI LANKA 6.85% 19-14/03/2024 USD 307,581.00 0.15300,000SAUDI INT BOND 5.25% 19-16/01/2050 USD 961,627.50 0.46900,000SBSN INDO III 4.4% 18-01/03/2028 USD 514,450.00 0.25500,000

9,870,061.60 4.73

ABJA INVESTMENT 5.95% 14-31/07/2024 USD 1,024,845.00 0.491,000,000Metal

BUKIT MAKMUR MAN 7.75% 17-13/02/2022 USD 523,147.50 0.25500,000CHALCO HK INVST 4.875% 18-07/09/2021 USD 1,830,826.18 0.881,787,000CHINALCO CAPITAL 4% 16-25/08/2021 USD 1,938,270.75 0.931,950,000INDONESIA ASAHAN 5.23% 18-15/11/2021 USD 1,249,146.00 0.601,200,000SHENHUA OVERSEAS 3.875% 15-20/01/2025

USD 759,502.50 0.36750,000

VEDANTA RESOURCE 6.375% 17-30/07/2022

USD 485,435.00 0.23500,000

YANCOAL INTL 6% 18-29/11/2021 USD 1,020,495.00 0.491,000,0008,831,667.93 4.23

CCCI TREASURE 3.50% 15-21/10/2067 FRN USD 1,549,116.50 0.741,550,000Building materials

CHN SCE PROPERTY 10% 15-02/07/2020 USD 519,027.50 0.25500,000CHN SCE PROPERTY 7.45% 18-17/04/2021 USD 513,470.00 0.25500,000CRCC YUPENG 3.95% 14-01/02/2068 FRN USD 2,003,050.00 0.952,000,000DIANJIAN HAIXING 14-29/10/2049 FRN USD 712,982.56 0.34712,000INDIKA ENRGY CAP 5.875% 17-09/11/2024 USD 954,840.00 0.461,000,000JASA MARGA 7.5% 17-11/12/2020 IDR 1,860,363.27 0.8927,500,000,000SURBANA JURONG 4.11% 18-03/10/2025 SGD 574,733.92 0.28750,000

8,687,583.75 4.16

CNAC HK FINBRID 4.625% 18-14/03/2023 USD 414,462.00 0.20400,000Chemical

CNAC HK FINBRID 4.875% 18-14/03/2025 USD 1,056,530.00 0.511,000,000CNAC HK FINBRID 5.125% 18-14/03/2028 USD 1,617,270.00 0.771,500,000COSL SG CAPITAL 4.5% 15-30/07/2025 USD 1,544,692.50 0.741,500,000TIANQI FINCO CO 3.75% 17-28/11/2022 USD 750,500.00 0.36800,000UPL CORP LTD 3.25% 16-13/10/2021 USD 494,702.50 0.24500,000UPL CORP LTD 4.5% 18-08/03/2028 USD 881,545.50 0.42900,000

6,759,702.50 3.24

PELABUHAN IND II 4.25% 15-05/05/2025 USD 1,164,145.00 0.561,150,000Transportation

PELABUHAN IND II 5.375% 15-05/05/2045 USD 2,995,013.10 1.433,034,000PELABUHAN INDONE 4.875% 14-01/10/2024

USD 1,252,506.00 0.601,200,000


Market valuein USD

Currency %NAV

SINGAPORE AIR 3.13% 17-23/08/2027 SGD 366,017.46 0.18500,0005,777,681.56 2.77

F&N TREASURY PTE 2.8% 17-22/08/2022 SGD 361,641.56 0.17500,000Food services

FPC TREASURY LTD 4.5% 13-16/04/2023 USD 1,525,387.50 0.731,500,000JGSH PHILIPPINES 4.375% 13-23/01/2023 USD 1,013,955.00 0.491,000,000OLAM INTL LTD 16-29/12/2049 USD 992,830.00 0.481,000,000OLAM INTL LTD 6% 12-25/10/2022 SGD 777,767.05 0.371,000,000

4,671,581.11 2.24

GOLDEN EAGLE RET 4.625% 13-21/05/2023 USD 1,301,097.00 0.621,400,000Distribution & Wholesale

LI & FUNG LTD 5.25% 16-29/12/2049 USD 311,520.00 0.15400,000LS FINANCE 2025 4.5% 15-26/06/2025 USD 1,318,548.00 0.631,400,000SHINSEGAE CO LTD 15-08/05/2045 FRN USD 791,072.00 0.38800,000

3,722,237.00 1.78

PARKWAY PANTAI 4.25% 17-27/01/2068FRN

USD 3,420,480.00 1.643,500,000Cosmetics

3,420,480.00 1.64

CHINA MERCHANTS 5% 12-04/05/2022 USD 1,041,025.00 0.501,000,000Diversified services

CWT LTD 3.9% 13-18/04/2019 SGD 675,253.32 0.321,000,000ROYAL CAPITAL 15-29/05/2049 FRN USD 1,204,902.00 0.581,200,000SHENZHEN EXPRESS 2.875% 16-18/07/2021

USD 489,467.50 0.23500,000

3,410,647.82 1.63

BANYAN TREE HOLD 4.875% 14-03/06/2019 SGD 184,610.28 0.09250,000Lodging & Restaurants

SHANGRI-LA HOTEL 4.5% 18-12/11/2025 SGD 774,576.87 0.371,000,000STUDIO CITY FIN 7.25% 19-11/02/2024 USD 733,621.00 0.35700,000

1,692,808.15 0.81

NEXTEER AUTO GRP 5.875% 14-15/11/2021

USD 1,224,798.15 0.581,205,000Auto Parts & Equipment

SAMVARDHANA 4.875% 16-16/12/2021 USD 450,936.00 0.22450,0001,675,734.15 0.80

IOI INVESTMENT 4.375% 12-27/06/2022 USD 1,319,220.50 0.631,300,000Agriculture

1,319,220.50 0.63

SEMICONDUCTOR MA 4.125% 14-07/10/2019

USD 1,002,275.00 0.481,000,000Electric & Electronic

1,002,275.00 0.48

EURO BK RECON&DV 9.25% 15-02/12/2020 IDR 720,614.41 0.3510,000,000,000Supranational organisation

720,614.41 0.35

BAIDU INC 3.625% 17-06/07/2027 USD 489,550.00 0.23500,000Internet

489,550.00 0.23

GOLDEN LEGACY PT 8.25% 16-07/06/2021 USD 247,098.57 0.12237,000Textile

247,098.57 0.12

193,215,775.94 92.62

ASTLC 3A A2 4.65% 16-08/07/2026 FRN USD 2,606,461.00 1.242,600,000

Mortgage backed securitiesFinancial services

ASTLC 3A B 6.5% 16-08/07/2026 USD 1,422,750.00 0.681,400,000ASTLC 4 A1 4.35% 18-14/06/2028 SGD 913,462.39 0.441,200,000ASTLC 4 A2 5.5% 18-14/06/2028 USD 2,418,600.00 1.162,400,000BIC 2018 A 18-11/01/2038 FRN USD 472,622.51 0.23476,194

7,833,895.90 3.75


Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

55




LLPL CAPITAL 6.875% 19-04/02/2039 USD 2,166,420.00 1.042,000,000Energy

MINEJESA CAPITAL 4.625% 17-10/08/2030 USD 485,950.00 0.23500,000MINEJESA CAPITAL 5.625% 17-10/08/2037 USD 497,762.50 0.24500,000

3,150,132.50 1.51

ASL MARINE HLDGS 13-28/03/2025 SR SGD 180,794.15 0.09460,000Auto Parts & Equipment

180,794.15 0.09

11,164,822.55 5.35



Market valuein USD

Currency %NAV

400,000 11/06/19455,944 4,199.13EURUSD 455,944.00Forward foreign exchange contracts

1,404,000 14/05/191,036,336 (46.90)SGDUSD 1,036,336.4732,080,000 17/04/1923,785,061 117,252.75SGDUSD 23,785,061.412,686,552 14/05/192,354,000 (34,366.32)USDEUR 2,686,552.21

41,689,833 14/05/1956,429,000 (35,899.96)USDSGD 41,689,833.281,699,268 17/04/192,300,000 (2,387.89)USDSGD 1,699,267.63

48,750.81

Total Forward foreign exchange contracts 48,750.81


in USD

MaturityDate

Commitmentin USD



48,750.81 0.02Total financial derivative instruments

%NAV


387,295.99 0.19Cash at bank

3,798,023.24 1.82Other assets and liabilities

208,614,668.53 100.00Total net assets

FULLERTON LUX FUNDS

56






100.00 97.97





Indonesia 9.21 9.03

Hong Kong 8.04 7.87

India 5.21 5.12

Japan 4.24 4.15

Australia 4.16 4.07




Other 9.21 9.01

100.00 97.97



assets

PCCW CAP NO4 5.75% 12-17/04/2022 4,564,428.50 2.18Telecommunication

PARKWAY PANTAI 4.25% 17-27/01/2068 FRN 3,420,480.00 1.64Cosmetics

CHINA TAIPING CA 4.125% 12-21/11/2022 3,045,615.00 1.46Insurance

PELABUHAN IND II 5.375% 15-05/05/2045 2,995,013.10 1.43Transportation

PERUSAHAAN GAS 5.125% 14-16/05/2024 2,789,350.25 1.35Energy

PROVEN HONOUR 4.125% 16-06/05/2026 2,621,065.50 1.26Telecommunication

DAI-ICHI LIFE INSURANCE 5.10% 14-28/04/2067FRN

2,609,175.00 1.25Insurance

ASTLC 3A A2 4.65% 16-08/07/2026 FRN 2,606,461.00 1.24Financial services

ASTLC 4 A2 5.5% 18-14/06/2028 2,418,600.00 1.16Financial services

SMARTONE FIN LTD 3.875% 13-08/04/2023 2,414,052.00 1.16Telecommunication

USD

Sector

Top Ten Holdings

57


FULLERTON LUX FUNDS

Fullerton Lux Funds – RMB Bonds (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD

AssetsInvestment in securities at cost 2.7 58,678,646.13Unrealised appreciation / (depreciation) on securities (34,601.50)

Investment in securities at market value 2.1 58,644,044.63Cash at bank 3,186,135.17Dividends and interest receivable 2.1, 2.8 739,148.53


LiabilitiesAccrued expenses 123,930.22Other payables 359.20Payable for investment purchased 1,049,501.50Payable on redemptions 71,193.56Net unrealised depreciation on forward foreign exchangecontracts

2.3, 13 47,407.73




Notes


IncomeInterest on bonds 2.1, 2.8 2,586,332.16Bank interest 2.8 26,516.96





Net realised gain / (loss) on: Investments 2.4 (2,141,610.52)Foreign currencies translation 2.5 (223,773.56)Forward foreign exchange contracts 2.3 (1,948,099.73)


Net change in unrealised appreciation / (depreciation) on: Investments 66,602.33Forward foreign exchange contracts 2.3, 13 (281,252.08)


(2,447,880.06)

Proceeds received on subscription of shares 5,369,647.91Net amount paid on redemption of shares (10,696,285.88)Dividend distribution 15 (15,487.22)Net assets at the beginning of the year 68,762,572.93


USDNotes







Class A (CHF) Hedged Accumulation 805,750 370,250 - 1,176,000

Class A (CNH) Distribution 13,700 46,782 - 60,482

Class A (EUR) Hedged Accumulation 160,980 5,600 (5,800) 160,780


Class A (USD) Accumulation 394,499 27,443 (176,048) 245,894

Class I (CNH) Accumulation 2,199,346 46 (433,080) 1,766,312

Class I (EUR) Accumulation 5,730 594 (594) 5,730

Class I (USD) Accumulation 579,403 - (12,843) 566,560

Class J (JPY) Distribution - - - -

58


FULLERTON LUX FUNDS

Fullerton Lux Funds – RMB Bonds (in USD)






Class R (USD) Accumulation 137,800 12,000 - 149,800

FULLERTON LUX FUNDS

59




ABN AMRO BANK NV 17-27/03/2028 USD 403,628.00 0.66400,000


Bonds and other debt instrumentsBanks

AGRICUL DEV BANK 4.16% 18-27/09/2020 CNY 605,200.82 0.994,000,000AUST & NZ BANK 15-30/01/2025 FRN CNH 2,019,053.44 3.3113,500,000BANGKOK BANK HK 3.875% 12-27/09/2022 USD 530,961.52 0.87521,000BANK OF CHINA HK 18-31/12/2049 FRN USD 725,973.50 1.19700,000BANK OF CHINA/HK 4.45% 18-20/11/2021 CNY 395,500.93 0.652,580,000BK OF CHN/TOKYO 4.35% 18-29/11/2020 CNY 530,795.47 0.873,500,000BNP PARIBAS 15-17/03/2025 CNY 750,574.88 1.235,000,000BPCE 15-26/03/2025 FRN CNH 755,601.49 1.245,000,000BUSAN BANK 4.85% 18-25/05/2021 CNY 2,282,382.14 3.7515,000,000CHINA DEV BANK 3.76% 18-14/08/2023 CNY 1,433,181.71 2.359,500,000CHINA DEV BANK 4.04% 18-06/07/2028 CNY 763,513.45 1.255,000,000CHINA DEV BANK 4.35% 14-19/09/2024 CNY 309,158.24 0.512,000,000COM BK AUSTRALIA 15-11/03/2025 FRN CNY 1,503,143.75 2.4710,000,000CREDIT AGRI CIB 4.2% 15-05/08/2020 CNY 751,103.14 1.235,000,000HSBC HOLDINGS 14-29/12/2049 FRN USD 504,210.00 0.83500,000ICBC LTD 4.26% 19-25/03/2029 CNY 1,269,596.18 2.088,500,000MALAYAN BANKING 4.5% 17-02/11/2020 CNY 453,016.72 0.743,000,000MALAYAN BANKING 4.6% 17-24/07/2020 CNY 605,340.70 0.994,000,000POSTAL SAVINGS 17-31/12/2049 FRN USD 972,585.00 1.601,000,000UNITED OVERSEAS 3.49% 19-14/03/2022 CNY 1,491,269.13 2.4510,000,000WESTPAC BANKING 15-09/02/2025 FRN CNY 1,198,271.09 1.978,000,000

20,254,061.30 33.23

AOYUAN PROPERTY 7.5% 18-10/05/2021 USD 512,610.00 0.84500,000Real estate

CAPITALAND TREAS 4.076% 12-20/09/2022 USD 510,912.50 0.84500,000CHINA RES LAND 5.38% 18-09/03/2021 CNY 1,542,569.57 2.5310,000,000CIFI HOLDINGS 7.75% 18-20/09/2020 CNY 154,253.24 0.251,000,000COUNTRY GARDEN 6.5% 19-08/04/2024 USD 497,767.50 0.82500,000DOUBLE ROSY 3.625% 14-18/11/2019 USD 501,030.00 0.82500,000FRANSHION BRILLA 3.6% 17-03/03/2022 USD 995,250.00 1.631,000,000FRASERS PROPERTY TREASUR 4.15% 17-23/02/2027

SGD 742,922.12 1.221,000,000

LONGFOR PROPERTI 3.875% 17-13/07/2022

USD 300,523.50 0.49300,000

SHIMAO PROPERTY 5.75% 18-15/03/2021 CNY 1,570,278.13 2.5710,300,000SHUI ON DEVELOP 6.875% 18-02/03/2021 CNY 1,537,011.71 2.5210,000,000TIMES PROPERTY 6.6% 17-02/03/2023 USD 893,470.50 1.47900,000VANKE REAL ESTAT 18-25/05/2023 FRN USD 300,132.00 0.49300,000VANKE REAL ESTAT 4.15% 18-18/04/2023 USD 607,224.00 1.00600,000ZHENRO PROPERTIE 8.65% 19-21/01/2023 USD 348,174.75 0.57350,000

11,014,129.52 18.06

CCB FINANCIAL 4.48% 18-20/07/2021 CNY 1,516,722.18 2.4810,000,000Financial services

CENTRAL HUIJIN 3.4% 19-16/01/2022 CNY 889,333.08 1.466,000,000CHINA CINDA 2017 3.65% 17-09/03/2022 USD 503,505.00 0.83500,000FAR EAST HORIZON 4.9% 18-27/02/2021 CNY 1,303,462.88 2.138,700,000HENGJIAN INTL 2.75% 17-11/07/2020 USD 394,782.00 0.65400,000HUARONG FINANCE 3.2% 17-27/04/2021 SGD 366,220.31 0.60500,000SHINHAN FINL GRP 18-31/12/2049 FRN USD 412,700.00 0.68400,000

5,386,725.45 8.83

CHINA NATL PETRO 4.69% 12-11/01/2022 CNY 1,532,904.70 2.5110,000,000Energy

HINDUSTAN PETROL 4% 17-12/07/2027 USD 294,978.00 0.48300,000MEDCO PLATINUM R 6.75% 18-30/01/2025 USD 194,677.00 0.32200,000NTPC LTD 3.75% 19-03/04/2024 USD 199,398.00 0.33200,000PERUSAHAAN LISTR 4.125% 17-15/05/2027 USD 491,807.50 0.81500,000PETRON CORP 18-31/12/2049 FRN USD 293,973.00 0.48300,000SINOPEC CENTURY 4.5% 18-31/10/2021 CNY 1,829,852.02 3.0012,000,000

4,837,590.22 7.93

FONTERRA COOPERA 4% 15-22/06/2020 CNH 1,501,082.79 2.4610,000,000Food services

OLAM INTL LTD 16-29/12/2049 USD 992,830.00 1.631,000,000OLAM INTL LTD 6% 12-25/10/2022 SGD 777,767.05 1.281,000,000

3,271,679.84 5.37


Market valuein USD

Currency %NAV

EXP-IMP BK KOREA 4.45% 16-09/12/2019 CNY 1,799,433.35 2.9512,000,000Government

REP OF SRI LANKA 6.2% 17-11/05/2027 USD 384,798.00 0.63400,000REP OF SRI LANKA 6.85% 15-03/11/2025 USD 505,337.50 0.83500,000

2,689,568.85 4.41

CCB LIFE INSURAN 17-21/04/2077 USD 470,142.50 0.77500,000Insurance

CHINA REINSURANC 3.375% 17-09/03/2022 USD 197,040.00 0.32200,000FUKOKU MUTUAL 15-28/07/2049 FRN USD 305,595.00 0.50300,000QBE INSURANCE 17-31/12/2049 FRN USD 377,326.00 0.62400,000QBE INSURANCE 6.75% 14-02/12/2044 FRN USD 850,336.00 1.40800,000

2,200,439.50 3.61

LENOVO GROUP LTD 4.75% 18-29/03/2023 USD 499,697.50 0.82500,000Office & Business equipment

LENOVO GROUP LTD 4.95% 15-10/06/2020 CNH 1,343,706.71 2.209,000,0001,843,404.21 3.02

CSCEC FIN KY II 2.9% 17-05/07/2022 USD 494,480.00 0.81500,000Building materials

CSCEC FIN KY II 3.5% 17-05/07/2027 USD 879,048.00 1.45900,000INDIKA ENRGY CAP 5.875% 17-09/11/2024 USD 190,968.00 0.31200,000

1,564,496.00 2.57

PROVEN GLORY CAP 3.25% 17-21/02/2022 USD 689,587.50 1.13700,000Telecommunication

SOFTBANK GRP COR 17-31/12/2049 FRN USD 282,214.50 0.46300,000971,802.00 1.59

ABJA INVESTMENT 5.95% 14-31/07/2024 USD 512,422.50 0.84500,000Metal

512,422.50 0.84

IOI INVESTMENT 4.375% 12-27/06/2022 USD 507,392.50 0.83500,000Agriculture

507,392.50 0.83

PELABUHAN IND II 4.25% 15-05/05/2025 USD 506,150.00 0.83500,000Transportation

506,150.00 0.83

SHINSEGAE CO LTD 15-08/05/2045 FRN USD 395,536.00 0.65400,000Distribution & Wholesale

395,536.00 0.65

ROYAL CAPITAL 15-29/05/2049 FRN USD 301,225.50 0.49300,000Diversified services

301,225.50 0.49

56,256,623.39 92.26

ASTLC 3A B 6.5% 16-08/07/2026 USD 609,750.00 1.00600,000


ASTLC 4 A2 5.5% 18-14/06/2028 USD 1,007,750.00 1.651,000,000BIC 2018 A 18-11/01/2038 FRN USD 472,622.51 0.78476,194

2,090,122.51 3.43

2,090,122.51 3.43

CHINA DEVELOP BK 3.2% 11-23/09/2021 CNH 297,298.73 0.492,000,000


Money market instrumentsBanks

297,298.73 0.49

297,298.73 0.49



Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

60



10,000 14/05/1911,435 168.17EURUSD 11,435.49Forward foreign exchange contracts

2,600,000 06/06/191,925,696 5,585.10SGDUSD 1,925,696.2712,416,825 14/05/1912,295,000 (19,333.73)USDCHF 12,416,824.852,000,000 09/09/1913,421,800 (5,918.45)USDCNH 2,000,000.001,900,000 16/12/1912,706,630 (12,981.73)USDCNH 1,900,000.006,300,000 18/07/1942,320,522 (9,411.08)USDCNH 6,300,000.005,000,000 30/08/1933,453,450 (29,302.55)USDCNH 5,000,000.009,000,000 31/05/1960,853,050 49,440.03USDCNH 9,000,000.001,980,429 14/05/191,735,000 (25,653.49)USDEUR 1,980,429.41

(47,407.73)



in USD

MaturityDate

Commitmentin USD



(47,407.73) (0.08)Total financial derivative instruments

%NAV


3,186,135.17 5.23Cash at bank


60,972,567.68 100.00Total net assets

FULLERTON LUX FUNDS

61






Money market instruments 0.51 0.49

100.00 96.18


China 18.73 18.01



Hong Kong 11.27 10.83

Australia 10.14 9.77



France 3.85 3.70

Malaysia 2.67 2.56

New Zealand 2.56 2.46

Other 8.53 8.20

100.00 96.18



assets

BUSAN BANK 4.85% 18-25/05/2021 2,282,382.14 3.75Banks

AUST & NZ BANK 15-30/01/2025 FRN 2,019,053.44 3.31Banks

SINOPEC CENTURY 4.5% 18-31/10/2021 1,829,852.02 3.00Energy

EXP-IMP BK KOREA 4.45% 16-09/12/2019 1,799,433.35 2.95Government

SHIMAO PROPERTY 5.75% 18-15/03/2021 1,570,278.13 2.57Real estate

CHINA RES LAND 5.38% 18-09/03/2021 1,542,569.57 2.53Real estate

SHUI ON DEVELOP 6.875% 18-02/03/2021 1,537,011.71 2.52Real estate

CHINA NATL PETRO 4.69% 12-11/01/2022 1,532,904.70 2.51Energy

CCB FINANCIAL 4.48% 18-20/07/2021 1,516,722.18 2.48Financial services

COM BK AUSTRALIA 15-11/03/2025 FRN 1,503,143.75 2.47Banks

USD

Sector

Top Ten Holdings

62


FULLERTON LUX FUNDS

Fullerton Lux Funds – Asian Short Duration Bonds (in USD)Statement of Operations and Changes in Net Assets for theyear ended March 31, 2019

USD

AssetsInvestment in securities at cost 2.7 113,654,745.17Unrealised appreciation / (depreciation) on securities 371,849.41

Investment in securities at market value 2.1 114,026,594.58Cash at bank 3,812,563.74Receivable on withholding tax reclaim 2,598.31Net unrealised appreciation on forward foreign exchangecontracts

2.3, 13 32,824.42

Dividends and interest receivable 2.1, 2.8 1,284,241.42


LiabilitiesAccrued expenses 211,431.28Other payables 359.28Payable for investment purchased 499,522.00Other liabilities 0.44



Notes


IncomeInterest on bonds 2.1, 2.8 5,501,812.60Bank interest 2.8 36,298.40Other income 2,198.27







Net change in unrealised appreciation / (depreciation) on: Investments 1,428,703.53Forward foreign exchange contracts 2.3, 13 81,415.40


3,767,429.24

Proceeds received on subscription of shares 6,197,862.06Net amount paid on redemption of shares (61,320,982.45)Dividend distribution 15 (815,976.38)Net assets at the beginning of the year 170,619,177.00


USDNotes







Class A (SGD) Hedged Accumulation 1,389,055 24,632 (92,650) 1,321,037



Class A (USD) Distribution 2,548,990 46,215 (318,458) 2,276,747

Class I (USD) Accumulation 7,412,871 155,274 (3,890,751) 3,677,394

Class R (SGD) Hedged Accumulation 10,880 6,751 (11,922) 5,709

FULLERTON LUX FUNDS

63

Fullerton Lux Funds – Asian Short Duration Bonds (in USD)



AACI REIT MTN 3.6% 17-22/03/2022 SGD 1,052,926.94 0.891,500,000



AGILE GROUP 6.7% 19-07/03/2022 USD 509,525.00 0.43500,000AOYUAN PROPERTY 7.95% 18-07/09/2021 USD 516,365.00 0.44500,000ASCENDAS HOSPITA 3.325% 16-23/09/2022

SGD 741,413.70 0.631,000,000

CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 738,127.62 0.621,000,000CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 369,589.36 0.31500,000CAPITALAND TREAS 4.076% 12-20/09/2022 USD 1,302,826.88 1.101,275,000CAPITALAND TREAS 4.3% 10-31/08/2020 SGD 754,602.25 0.641,000,000CHINA AOYUAN GRP 7.95% 19-19/02/2023 USD 258,771.25 0.22250,000CHINA RES LAND 3.75% 19-26/08/2024 USD 203,146.00 0.17200,000COUNTRY GARDEN 7.125% 18-27/01/2022 USD 392,420.63 0.33375,000COUNTRY GARDEN 7.125% 19-25/04/2022 USD 417,756.00 0.35400,000DOUBLE ROSY 3.625% 14-18/11/2019 USD 501,030.00 0.42500,000ESR CAYMAN LTD 6.75% 19-01/02/2022 SGD 368,066.19 0.31500,000FCL TREASURY 4.25% 16-21/04/2026 SGD 746,138.12 0.631,000,000FCOT TREASURY 2.625% 17-28/02/2020 SGD 1,474,971.80 1.252,000,000FCOT TREASURY 3.185% 18-28/02/2023 SGD 369,830.93 0.31500,000FH REIT TREASURY 2.63% 17-06/07/2022 SGD 363,492.97 0.31500,000FRANSHION BRILLA 3.6% 17-03/03/2022 USD 1,990,500.00 1.672,000,000FUTURE LAND DEVE 5% 17-16/02/2020 USD 646,922.25 0.55650,000FUTURE LAND DEVE 6.5% 18-12/09/2020 USD 1,012,380.00 0.851,000,000GLL IHT PTE LTD 3.62% 17-30/03/2021 SGD 370,952.11 0.31500,000GLL IHT PTE LTD 4% 17-31/01/2022 SGD 187,135.69 0.16250,000GREENLAND HK 3.875% 16-28/07/2019 USD 893,380.50 0.75900,000KEPPEL LAND FINA 3.259% 12-11/12/2019 USD 999,110.00 0.841,000,000LENDLEASE GROUP 4.5% 16-26/05/2026 USD 718,012.50 0.61750,000NWD MTN LTD 4.375% 15-30/11/2022 USD 1,028,070.00 0.871,000,000POLY REAL ESTATE 3.875% 19-25/03/2024 USD 199,070.00 0.17200,000POLY REAL ESTATE 4.75% 18-17/09/2023 USD 828,152.00 0.70800,000POLY REAL ESTATE 5.25% 14-25/04/2019 USD 801,024.00 0.68800,000PRIME ASSET HLDG 2.9% 17-24/10/2024 SGD 728,321.03 0.611,000,000RKI FIN 2016 B 4.7% 16-06/09/2021 USD 1,238,712.50 1.051,250,000RKPF OVERS 2019B 7.75% 19-18/04/2021 USD 209,814.00 0.18200,000SHIMAO PROPERTY 4.75% 17-03/07/2022 USD 795,448.00 0.67800,000SHUI ON DEVELOP 6.25% 19-28/11/2021 USD 407,868.00 0.34400,000SINO OCEAN LAND 4.45% 15-04/02/2020 USD 502,190.00 0.42500,000SINO OCEAN LAND 5.25% 19-30/04/2022 USD 513,050.00 0.43500,000SINOCHEM OFFSH 3.124% 17-24/05/2022 USD 1,039,668.00 0.881,050,000THETA CAPITAL 7% 14-11/04/2022 USD 247,722.50 0.21250,000TIMES CN HLDG 7.625% 19-21/02/2022 USD 410,186.00 0.35400,000UNITED ENG LTD 3.68% 16-01/06/2021 SGD 1,107,517.83 0.941,500,000UOL TREASURY 2.5% 16-29/09/2020 SGD 368,156.54 0.31500,000VANKE REAL ESTAT 18-25/05/2023 FRN USD 300,132.00 0.25300,000VENKE REAL ESTATE HK 3.95% 16-23/12/2019

USD 1,004,700.00 0.851,000,000

WING TAI HLDGS 4.7% 14-28/02/2024 SGD 382,573.23 0.32500,000YANGO JUSTICE 7.5% 17-16/11/2020 USD 195,585.00 0.17200,000YUZHOU PROPERTIE 8.5% 19-04/02/2023 USD 571,125.50 0.48550,000ZHENRO PROPERTIE 12.5% 18-02/01/2021 USD 533,450.00 0.45500,000ZHENRO PROPERTIE 8.65% 19-21/01/2023 USD 198,957.00 0.17200,000

31,510,886.82 26.60


BOC AVIATION 18-26/09/2023 FRN USD 801,100.00 0.68800,000BOC AVIATION 2.375% 16-15/09/2021 USD 488,040.00 0.41500,000BOCOM LEASING 4% 19-22/01/2022 USD 506,167.50 0.43500,000CDBL FUNDING 1 18-15/11/2021 FRN USD 800,744.00 0.68800,000CHARMING LIGHT 17-21/12/2020 FRN USD 500,615.00 0.42500,000CHINA CINDA FIN 5.625% 14-14/05/2024 USD 1,092,265.00 0.921,000,000CHINA CINDA 2015 3.125% 15-23/04/2020 USD 499,055.00 0.42500,000CHINA CINDA 2015 4.25% 15-23/04/2025 USD 611,373.00 0.52600,000CICC HK FIN 2016 18-25/04/2021 FRN USD 501,147.50 0.42500,000FAR EAST HORIZON 4.25% 14-08/10/2019 SGD 926,891.59 0.781,250,000HAITING 2015 4.2% 15-29/07/2020 USD 403,038.00 0.34400,000HAITONG INTER FI 2015 3.5%15-21/04/2020 USD 599,703.00 0.51600,000HOUSING DEV FIN 7.875% 16-21/08/2019 INR 1,008,965.37 0.8570,000,000HUARONG FINANCE 3.8% 17-07/11/2025 SGD 357,700.85 0.30500,000ICBCIL FINANCE 3.65% 19-05/03/2022 USD 1,509,360.00 1.281,500,000JOY TRSR ASSETS 3.875% 19-20/03/2024 USD 253,402.50 0.21250,000


Market valuein USD

Currency %NAV

LANDMARK FUNDING 3.42% 15-12/06/2020 USD 1,484,220.00 1.261,500,000OUE TREASURY PTE 3.75% 17-17/04/2022 SGD 524,120.62 0.44750,000SARANA MLT INF 7.4% 17-15/11/2020 IDR 1,390,540.62 1.1720,000,000,000SHRIRAM TRANSPOR 5.7% 19-27/02/2022 USD 604,851.00 0.51600,000

15,351,660.55 12.96

ADANI TRANSMISSI 4% 16-03/08/2026 USD 377,603.78 0.32405,000Energy

BHARAT PETROLEUM 4.625% 12-25/10/2022

USD 516,727.50 0.44500,000

BPRL INTERNATION 4.375% 17-18/01/2027 USD 504,330.00 0.43500,000CNPC GENERAL CAP 3.4% 13-16/04/2023 USD 301,614.00 0.25300,000ENN ENERGY HLDG 3.25% 14-23/10/2019 USD 544,427.75 0.46545,000INDIAN OIL CORP 4.75% 19-16/01/2024 USD 623,199.00 0.53600,000LISTRINDO CAP 4.95% 16-14/09/2026 USD 726,296.25 0.61750,000MEDCO STRAITS 8.5% 17-17/08/2022 USD 1,063,765.00 0.901,000,000NTPC LTD 3.75% 19-03/04/2024 USD 299,097.00 0.25300,000NTPC LTD 4.75% 12-03/10/2022 USD 518,445.00 0.44500,000PERTAMINA 4.875% 12-03/05/2022 USD 1,561,852.50 1.311,500,000PERTAMINA 5.25% 11-23/05/2021 USD 520,052.50 0.44500,000PERUSAHAAN GAS 5.125% 14-16/05/2024 USD 263,146.25 0.22250,000RENEW POWER SYN 6.67% 19-12/03/2024 USD 1,509,562.50 1.271,500,000SPIC LUX LATAM R 4.25% 18-30/10/2021 USD 1,015,310.00 0.861,000,000

10,345,429.03 8.73

AZURE NOVA INTER 2.25% 16-01/11/2019 USD 994,090.00 0.841,000,000Banks

BANGKOK BANK HK 3.875% 12-27/09/2022 USD 509,560.00 0.43500,000BK OF EAST ASIA 16-03/11/2026 USD 999,095.00 0.841,000,000CHINA CONST BANK 19-27/02/2029 FRN USD 303,487.50 0.26300,000DAH SING BANK 16-30/11/2026 USD 250,722.50 0.21250,000KAZAKH DEVELOPME 4.125% 12-10/12/2022

USD 1,009,930.00 0.851,000,000

MALAYAN BANKING 16-29/10/2026 USD 751,961.25 0.63750,000RHB BANK 3.766% 19-19/02/2024 USD 911,803.50 0.77900,000SHINHAN BANK 16-07/12/2026 USD 402,422.00 0.34400,000SIAM COMMERCIAL 3.2% 17-26/07/2022 USD 397,718.00 0.34400,000SIAM COMMERCIAL 3.9% 19-11/02/2024 USD 610,479.00 0.52600,000UNITED OVERSEAS 2.88% 16-08/03/2027 USD 1,470,930.00 1.241,500,000WOORI BANK 4.75% 14-30/04/2024 USD 1,311,437.50 1.111,250,000

9,923,636.25 8.38

BHARTI AIRTEL IN 5.35% 14-20/05/2024 USD 517,712.50 0.44500,000Telecommunication

BHARTI AIRTEL 4.375% 15-10/06/2025 USD 1,475,070.00 1.251,500,000PCCW CAP NO4 5.75% 12-17/04/2022 USD 2,653,737.50 2.242,500,000PCCW-HKT CAP NO5 3.75% 13-08/03/2023 USD 909,459.00 0.77900,000PROVEN GLORY CAP 3.25% 17-21/02/2022 USD 344,793.75 0.29350,000SMARTONE FIN LTD 3.875% 13-08/04/2023 USD 502,927.50 0.42500,000TBG GLOBAL PTE 5.25% 15-10/02/2022 USD 501,732.50 0.42500,000

6,905,432.75 5.83

BLUESTAR FIN LTD 3.5% 16-30/09/2021 USD 1,000,355.00 0.841,000,000Chemical

CNAC HK FINBRID 4.125% 18-14/03/2021 USD 1,013,045.00 0.861,000,000CNAC HK FINBRID 4.625% 18-14/03/2023 USD 310,846.50 0.26300,000FUFENG GROUP 5.875% 18-28/08/2021 USD 511,645.00 0.43500,000UPL CORP LTD 3.25% 16-13/10/2021 USD 2,077,750.50 1.762,100,000

4,913,642.00 4.15

EASTERN CREATION 4.15% 18-04/12/2021 USD 1,278,312.50 1.081,250,000Transportation

PELABUHAN IND II 4.25% 15-05/05/2025 USD 1,012,300.00 0.851,000,000PELABUHAN INDONE 4.875% 14-01/10/2024

USD 1,461,257.00 1.241,400,000

SRILANKAN AIR 5.3% 14-27/06/2019 USD 797,512.00 0.67800,0004,549,381.50 3.84

BUKIT MAKMUR MAN 7.75% 17-13/02/2022 USD 523,147.50 0.44500,000Metal

CHINALCO CAPITAL 4% 16-25/08/2021 USD 1,987,970.00 1.692,000,000INDONESIA ASAHAN 5.23% 18-15/11/2021 USD 208,191.00 0.18200,000INDONESIA ASAHAN 5.71% 18-15/11/2023 USD 216,255.00 0.18200,000JSW STEEL LTD 4.75% 14-12/11/2019 USD 500,882.50 0.42500,000VEDANTA RESOURCE 6.375% 17-30/07/2022

USD 728,152.50 0.61750,000


Market valuein USD

Currency %NAV

FULLERTON LUX FUNDS

64




ZIJIN INTL CAP 5.282% 18-18/10/2021 USD 204,316.00 0.17200,0004,368,914.50 3.69

DANGA CAPITAL BH 3.725% 10-11/08/2020 SGD 747,591.22 0.631,000,000Government

INDONESIA GOVT 5.625% 12-15/05/2023 IDR 634,034.89 0.549,500,000,000REP OF SRI LANKA 5.125% 14-11/04/2019 USD 800,156.00 0.68800,000REP OF SRI LANKA 6.25% 10-04/10/2020 USD 761,250.00 0.64750,000REP OF SRI LANKA 6.85% 15-03/11/2025 USD 202,135.00 0.17200,000

3,145,167.11 2.66

GOLDEN EAGLE RET 4.625% 13-21/05/2023 USD 929,355.00 0.781,000,000Distribution & Wholesale

LI & FUNG LTD 5.25% 10-13/05/2020 USD 1,016,320.00 0.861,000,000LS FINANCE 2022 4.25% 12-16/10/2022 USD 995,525.00 0.841,000,000

2,941,200.00 2.48

F&N TREASURY PTE 2.8% 17-22/08/2022 SGD 180,820.78 0.15250,000Food services

FPC TREASURY LTD 4.5% 13-16/04/2023 USD 349,822.20 0.30344,000JGSH PHILIPPINES 4.375% 13-23/01/2023 USD 1,622,328.00 1.361,600,000OLAM INTL LTD 6% 12-25/10/2022 SGD 777,767.05 0.661,000,000

2,930,738.03 2.47

COMPET TM TECH L 3.75% 19-12/03/2024 USD 604,044.00 0.51600,000Electric & Electronic

JOHNSON ELEC HLD 4.125% 19-30/07/2024 USD 404,268.00 0.34400,000SEMICONDUCTOR MA 4.125% 14-07/10/2019

USD 1,602,637.73 1.351,599,000

2,610,949.73 2.20

CHINA SCE GRP 8.75% 19-15/01/2021 USD 208,617.00 0.18200,000Building materials

CHN SCE PROPERTY 10% 15-02/07/2020 USD 259,513.75 0.22250,000CHN SCE PROPERTY 7.45% 18-17/04/2021 USD 513,470.00 0.43500,000INDIKA ENRGY CAP 5.875% 17-09/11/2024 USD 381,936.00 0.32400,000JASA MARGA 7.5% 17-11/12/2020 IDR 236,773.51 0.203,500,000,000SURBANA JURONG 4.11% 18-03/10/2025 SGD 574,733.92 0.49750,000WEST CHINA CEM 6.5% 14-11/09/2019 USD 401,952.00 0.34500,000

2,576,996.18 2.18

BANYAN TREE HOLD 4.875% 14-03/06/2019 SGD 184,610.28 0.16250,000Lodging & Restaurants

CITY DEVELOPMENT 3% 19-17/01/2024 SGD 551,651.18 0.46750,000STUDIO CITY FIN 7.25% 19-11/02/2024 USD 524,015.00 0.44500,000

1,260,276.46 1.06

IOI INVESTMENT 4.375% 12-27/06/2022 USD 1,217,742.00 1.031,200,000Agriculture

1,217,742.00 1.03

ASIAN DEV BANK 5.25% 19-09/03/2023 PHP 1,152,769.03 0.9760,000,000Supranational organisation

1,152,769.03 0.97

CWT LTD 3.9% 13-18/04/2019 SGD 675,253.32 0.571,000,000Diversified services

EHI CAR SERVICES 5.875% 17-14/08/2022 USD 469,705.00 0.40500,0001,144,958.32 0.97

KIA MOTORS CORP 3% 17-25/04/2023 USD 982,095.00 0.831,000,000Auto Parts & Equipment

982,095.00 0.83

CHINA REINSURANC 3.375% 17-09/03/2022 USD 197,040.00 0.17200,000Insurance

FORTUNE STAR 5.25% 17-23/03/2022 USD 389,464.00 0.33400,000586,504.00 0.50

GOLDEN LEGACY PT 8.25% 16-07/06/2021 USD 493,154.53 0.42473,000Textile

493,154.53 0.42

108,911,533.79 91.95


Market valuein USD

Currency %NAV

ASTLC 3A A2 4.65% 16-08/07/2026 FRN USD 2,405,964.00 2.032,400,000


ASTLC 3A B 6.5% 16-08/07/2026 USD 1,016,250.00 0.861,000,000ASTLC 4 A1 4.35% 18-14/06/2028 SGD 685,096.79 0.58900,000ASTLC 4 A2 5.5% 18-14/06/2028 USD 1,007,750.00 0.851,000,000

5,115,060.79 4.32

5,115,060.79 4.32



Market valuein USD

Currency %NAV

18,600,000 06/06/1913,776,135 39,954.96SGDUSD 13,776,134.85Forward foreign exchange contracts

121,000 14/05/1989,764 445.81SGDUSD 89,764.084,200,000 17/04/193,113,902 15,248.86SGDUSD 3,113,902.09

27,510,472 14/05/1937,237,790 (22,825.21)USDSGD 27,510,472.01

32,824.42

Total Forward foreign exchange contracts 32,824.42


in USD

MaturityDate

Commitmentin USD



32,824.42 0.03Total financial derivative instruments

%NAV


3,812,563.74 3.22Cash at bank


118,447,509.47 100.00Total net assets

FULLERTON LUX FUNDS

65






100.00 96.27





Indonesia 7.47 7.18

India 6.52 6.28

Hong Kong 6.33 6.10

Malaysia 3.18 3.06


Sri Lanka 2.25 2.16

Other 10.69 10.31

100.00 96.27



assets

PCCW CAP NO4 5.75% 12-17/04/2022 2,653,737.50 2.24Telecommunication

ASTLC 3A A2 4.65% 16-08/07/2026 FRN 2,405,964.00 2.03Financial services

UPL CORP LTD 3.25% 16-13/10/2021 2,077,750.50 1.76Chemical

FRANSHION BRILLA 3.6% 17-03/03/2022 1,990,500.00 1.67Real estate

CHINALCO CAPITAL 4% 16-25/08/2021 1,987,970.00 1.69Metal

JGSH PHILIPPINES 4.375% 13-23/01/2023 1,622,328.00 1.36Food services

SEMICONDUCTOR MA 4.125% 14-07/10/2019 1,602,637.73 1.35Electric & Electronic

PERTAMINA 4.875% 12-03/05/2022 1,561,852.50 1.31Energy

RENEW POWER SYN 6.67% 19-12/03/2024 1,509,562.50 1.28Energy

ICBCIL FINANCE 3.65% 19-05/03/2022 1,509,360.00 1.28Financial services

USD

Sector

Top Ten Holdings

FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 Note 1. General information Fullerton Lux Funds (the “SICAV”) is an umbrella structured open-ended investment company with limited liability, organised as a société anonyme and qualifies as a société d’investissement à capital variable (“SICAV”) under part I of the law of December 17, 2010 (the “2010 Law”), as amended. The SICAV was incorporated on October 22, 2009 and its Articles of Association were published in the Mémorial on November 9, 2009. The SICAV is registered in the Luxembourg Trade Register under the number B 148 899. Funds are offered to subscribers: - Fullerton Lux Funds - Asia Growth & Income Equities (launched on January 29, 2010); - Fullerton Lux Funds - Asia Focus Equities (launched on June 14, 2010); - Fullerton Lux Funds - Asia Absolute Alpha (launched on July 31, 2014, became dormant on February 3, 2015 and reactivated on June 24, 2015); - Fullerton Lux Funds - ASEAN Growth (launched on May 27, 2013); - Fullerton Lux Funds - China A Equities (launched on November 10, 2014); - Fullerton Lux Funds - All China Equities (launched on September 8, 2016); - Fullerton Lux Funds - Global Emerging Market Equities (launched on July 24, 2014); - Fullerton Lux Funds - Asian Currency Bonds (launched on October 6, 2010); - Fullerton Lux Funds - Asian High Yield Bonds (launched on June 16, 2014); - Fullerton Lux Funds - Asian Bonds (launched on June 22, 2012); - Fullerton Lux Funds - RMB Bonds (launched on May 2, 2013); - Fullerton Lux Funds - Asian Short Duration Bonds (launched on October 18, 2013). By Circular Resolution dated May 16, 2018, the Board of Directors of the Company resolved to put Fullerton Lux Funds - Asian Small Cap Equities Fund into liquidation with effect on June 25, 2018. As at March 31, 2019, the liquidated Fund held remaining cash of USD 21,237.07. The Directors may decide to create within each Fund different Share Classes. Shares are generally issued as Accumulation Shares. Distribution Shares are only issued within a Fund at the Directors’ discretion. Investors may enquire at the Administrator, Global Distributor or their Distributor whether any Distribution Shares are available within each Share Class and Fund. Class A Shares are available to all investors. Class I Shares and Class J Shares are only available to institutional investors. Class R Shares are available to retail investors in certain circumstances when investing through distributors, financial advisors, platforms or other intermediaries (together the “Intermediaries”) on the basis of a separate agreement or fee arrangement between the investor and an Intermediary. As at March 31, 2019, the only Share Classes available are Class A (CHF) Hedged Accumulation, Class A (CNH) Distribution, Class A (EUR) Hedged Accumulation, Class A (SGD) Accumulation, Class A (SGD) Distribution, Class A (SGD) Hedged Accumulation, Class A (SGD) Hedged Distribution, Class A (USD) Accumulation, Class A (USD) Distribution, Class I (CNH) Accumulation, Class I (EUR) Accumulation, Class I (SGD) Accumulation, Class I (USD) Accumulation, Class I (USD) Distribution, Class R (SGD) Accumulation, Class R (SGD) Hedged Accumulation, Class R (SGD) Hedged Distribution and Class R (USD) Accumulation. Refer to Statistics for Share Classes available to the respective Funds. Note 2. Summary of significant accounting policies The financial statements of the SICAV are prepared in accordance with the Luxembourg regulations for investment funds. The combined financial statements are expressed in USD. This annual report is prepared on the basis of the last unofficial technical net asset value calculated for financial statements purpose as at March 31, 2019. 2.1 Valuation of the investments The value of the assets held by each Fund is calculated as follows: a) Transferable Securities or Money Market Instruments quoted or traded on an official stock exchange or any other Regulated Market, are valued on the basis of the last known price. b) For Transferable Securities or Money Market Instruments not quoted or traded on an official stock exchange or any other Regulated Market, and for quoted or traded Transferable Securities or Money Market Instruments, but for which the last known price is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the Board of Directors of the SICAV. c) Units and shares issued by UCITS or other UCIs will be valued at their last available net asset value. d) Evaluation of negotiable zero coupon debt securities The value of those instruments is based on their acquisition cost plus the prorata temporis price difference between the acquisition price and the reimbursement one. In the event of material changes in market conditions, the valuation basis of these instruments is adjusted to the new market yields.

66

FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 2. Summary of significant accounting policies (continued) 2.1 Valuation of the investments (continued) e) Evaluation of negotiable debt securities with floating rate Debt securities with floating interest rate are taken into account in portfolio at their nominal value and accrued interests are booked under “Dividends and interest receivable” in the Statement of Net Assets and under “Interest on bonds” in the Statement of Operations and Changes in Net Assets. The interest rates mentioned for those securities in the portfolio correspond to the floating interest rate applicable at the acquisition date of the securities. In the event of material changes in market conditions, the valuation basis of these instruments is adjusted to the new market yields. 2.2 Valuation of options and futures contracts The Funds may use options and futures contracts on currencies, securities, other indices, volatility, inflation and interest rates for hedging and/or investment purposes. The liquidating value of options and futures traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated markets on which the particular contracts are traded by the SICAV; provided that if such settlement prices are not available, the basis for determining the liquidating value of such contracts shall be such valued as the Directors may deem fair and reasonable. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. 2.3 Valuation of forward foreign exchange contracts The forward foreign exchange contracts opened at the year-end are valued at the forward exchange rate corresponding to the termination date of the contract. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. 2.4 Net realised gain or loss on sales of investments Realised gains or losses on sales of investments are calculated on the basis of the average cost of the investments sold. Redemptions from target investments funds are recorded when the net asset value applied to the redemptions is known. Consequently the recording date of the transaction (and the related realised gain or loss) may be different from the date of the redemption request. 2.5 Foreign currencies translation The accounting records and the financial statements of each Fund are expressed in USD. Bank accounts, other net assets and market value of the investments in securities expressed in currencies other than USD are converted into USD at the exchange rates prevailing on the date of the balance sheet. Income and expenses in currencies other than USD are converted into USD at the rate of exchange prevailing at transaction date. The resulting gains and losses are recognised in the Statement of Operations and Changes in Net Assets. 2.6 Valuation of swaps contracts The valuation of swaps and interest rate swaps transactions is based on counterparties’ prices. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. For the year ended March 31, 2019, the SICAV has no contracted swaps contracts. 2.7 Cost of investments Cost of investments in currencies other than USD are converted into USD at the exchange rate applicable at purchase date. 2.8 Income Dividends are taken into income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest is booked on an accrual basis. 2.9 Formation expenses All expenses incurred in the formation of a Fund shall be paid by that Fund and amortised over a period not exceeding five (5) years. 2.10 Combined statements for the various Funds The combined financial statements of Fullerton Lux Funds are expressed in US Dollar (USD) by converting the financial statements of the Funds denominated in currencies other than US Dollar (USD) at the rate of exchange prevailing at the end of the year.

67

FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 3. Exchange rates The NAV dated March 31, 2019 has been computed for all the Funds (with the exception of Fullerton Lux Funds - Global Emerging Market Equities) on March 29, 2019 in using the valuation and exchange rates as at March 28, 2019. The NAV dated March 31, 2019 of Fullerton Lux Funds - Global Emerging Market Equities which has been computed on April 1, 2019 in using the valuation and exchange rates as at March 29, 2019. 1 USD = 1.411526 AUD 1 USD = 110.784973 JPY 1 USD = 0.995680 CHF 1 USD = 1,135.100031 KRW 1 USD = 6.724179 CNH 1 USD = 4.082483 MYR 1 USD = 6.720216 CNY 1 USD = 1.472721 NZD 1 USD = 0.890750 EUR 1 USD = 52.509999 PHP 1 USD = 7.849953 HKD 1 USD = 1.355721 SGD 1 USD = 14,240.001113 IDR 1 USD = 31.735002 THB 1 USD = 69.274974 INR 1 USD = 30.820469 TWD The valuation of Fullerton Lux Funds - Global Emerging Market Equities Fund as at March 31, 2019 is calculated on April 1, 2019 in using the following exchange rates: 1 USD = 3.673109 AED 1 USD = 19.397515 MXN 1 USD = 3.891704 BRL 1 USD = 4.082513 MYR 1 USD = 6.720221 CNY 1 USD = 52.510041 PHP 1 USD = 0.890591 EUR 1 USD = 65.697466 RUB 1 USD = 0.767422 GBP 1 USD = 1.354500 SGD 1 USD = 7.849980 HKD 1 USD = 31.735005 THB 1 USD = 14,240.000668 IDR 1 USD = 30.820501 TWD 1 USD = 69.274970 INR 1 USD = 14.421294 ZAR 1 USD = 1,135.100013 KRW Note 4. Depositary, Administrative Agent, Registrar and Transfer Agent, Domiciliary Agent and Listing Agent The Board of Directors of the SICAV has appointed BNP Paribas Securities Services - Luxembourg Branch, as the Depositary, Administrative Agent, Domiciliary Agent, Registrar and Transfer Agent of the SICAV. BNP Paribas Securities Services - Luxembourg Branch receives a fee in relation to its services, which is set at as follows: Type of fees Fees amount / rates

Depositary bank fees 0.65 bp per annum on the total assets of the SICAV.

Accounting fees For any NAV calculated on a daily basis, up to USD 500 million of the total assets of the SICAV, the fee is set at 2.75 bp; and 2.25 bp if the total assets of the SICAV are above USD 500 million.

Financial reporting fee Preparation of the annual and semi-annual reports of the SICAV, a fee of EUR 1,000.00 per annum and per Fund in the language of the prospectus will be charged. Any additional language will be charged separately at EUR 500 per annum.

Domiciliary agent fee A fee of EUR 1,250.00 is charged per annum and per Fund.

Transfer agent fee EUR 50 per share class and per month. An additional fee of 1 bp per annum on the assets subject to equalisation subject to a minimum of EUR 500 per month.

Note 5. Investment management fees The Investment manager receives from the SICAV an Investment management fee, as described below: Fullerton Lux Funds - Asia Growth & Income Equities Class A (SGD) Accumulation 1.50% of the total net assets per annum. Class A (USD) Accumulation 1.50% of the total net assets per annum. Class I (EUR) Accumulation 1.00% of the total net assets per annum. Class I (SGD) Accumulation 1.00% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Class I (USD) Distribution 1.00% of the total net assets per annum.

68

FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 5. Investment management fees (continued)

Fullerton Lux Funds - Asian Small Cap Equities* Class A (SGD) Accumulation 1.75% of the total net assets per annum. Class A (USD) Accumulation 1.75% of the total net assets per annum. Class I (CHF) Accumulation 1.00% of the total net assets per annum. Class I (EUR) Accumulation 1.00% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Asia Focus Equities Class A (SGD) Accumulation 1.75% of the total net assets per annum. Class A (USD) Accumulation 1.75% of the total net assets per annum. Class I (EUR) Accumulation 1.00% of the total net assets per annum. Class I (SGD) Accumulation 1.00% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Asia Absolute Alpha Class A (SGD) Accumulation 1.50% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - ASEAN Growth Class A (SGD) Accumulation 1.50% of the total net assets per annum. Class A (USD) Accumulation 1.50% of the total net assets per annum. Class I (EUR) Accumulation 1.00% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - China A Equities Class A (USD) Accumulation 1.75% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - All China Equities Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Global Emerging Market Equities Class A (USD) Accumulation 1.50% of the total net assets per annum. Class I (USD) Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution 1.00% of the total net assets per annum. Class A (USD) Distribution 1.00% of the total net assets per annum. Class I (EUR) Accumulation 0.60% of the total net assets per annum. Class I (USD) Accumulation 0.60% of the total net assets per annum. Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution 1.25% of the total net assets per annum. Class A (USD) Distribution 1.25% of the total net assets per annum. Fullerton Lux Funds - Asian Bonds Class A (EUR) Hedged Accumulation 1.00% of the total net assets per annum. Class A (SGD) Hedged Distribution 1.00% of the total net assets per annum. Class A (USD) Accumulation 1.00% of the total net assets per annum. Class A (USD) Distribution 1.00% of the total net assets per annum. Class I (USD) Accumulation 0.60% of the total net assets per annum. Class I (USD) Distribution 0.60% of the total net assets per annum. Class R (SGD) Accumulation 0.60% of the total net assets per annum. Class R (SGD) Hedged Distribution** 0.60% of the total net assets per annum. * Fund closed on June 25, 2018. ** Share Class launched on February 22, 2019.

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FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 5. Investment management fees (continued) Fullerton Lux Funds - RMB Bonds Class A (CHF) Hedged Accumulation 0.80% of the total net assets per annum. Class A (CNH) Distribution 0.80% of the total net assets per annum. Class A (EUR) Hedged Accumulation 0.80% of the total net assets per annum. Class A (SGD) Accumulation 0.80% of the total net assets per annum. Class A (USD) Accumulation 0.80% of the total net assets per annum. Class I (CNH) Accumulation 0.50% of the total net assets per annum. Class I (EUR) Accumulation 0.50% of the total net assets per annum. Class I (USD) Accumulation 0.50% of the total net assets per annum. Class J (JPY) Distribution 0.50% of the total net assets per annum. Class R (USD) Accumulation 0.50% of the total net assets per annum.

Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Accumulation 0.70% of the total net assets per annum. Class A (SGD) Hedged Distribution 0.70% of the total net assets per annum. Class A (USD) Accumulation 0.70% of the total net assets per annum. Class A (USD) Distribution 0.70% of the total net assets per annum. Class I (USD) Accumulation 0.35% of the total net assets per annum. Class R (SGD) Hedged Accumulation 0.40% of the total net assets per annum. The Investment management fees are expressed in annual rate and are calculated on the basis of daily net assets and payable at the end of each calendar quarter. Note 6. Performance fees For the management of the Fund, Fullerton Lux Funds - Asia Absolute Alpha (only Class I (USD) Accumulation) and Fullerton Lux Funds - All China Equities, the Investment Manager is entitled to receive a performance fee in relation to each Share Class on a Share-by-Share basis as detailed below. Detailed information on the performance fee is available at the Registered Office of the Administrator. Calculation method: The performance fee is chargeable only when the GAV per Share exceeds the Hurdle Adjusted High Water Mark. The amount of the performance fee chargeable is 15% of the amount by which the Gross Net Asset Value (GAV) per Share exceeds the Hurdle Adjusted High Water Mark on each Valuation Day during the relevant Performance Period, multiplied by the number of Shares in issue on the relevant Valuation Day. There is no maximum cap to the amount of performance fee that may be charged. Performance fee accrual: The performance fee is accrued in respect of each Share on each Valuation Day to the extent that the Gross Net Asset Value (GAV) per Share, exceeds the Hurdle Adjusted High Watermark. If, on a Valuation Day, the GAV per Share is less than or equal to the Hurdle Adjusted High Watermark, all previous performance fee accruals is reversed to the Fund. No further performance fee is accrued until the GAV per Share exceeds the Hurdle Adjusted Watermark on a Valuation Day. Calculation method: The performance fee (if any) accrued at the end of each Performance Period is payable in arrears to the Investment Manager within 30 calendar days following the end of the relevant Performance Period. For Shares redeemed or switched before the end of the relevant Performance Period, the performance fee (if any) accrued in respect of said Shares are crystallised and paid within 30 calendar days following the Deadline Day on which the redemption or switch has executed. Equalisation/contingent redemptions: The performance fee is calculated on a Share-by-Share basis so that each Share is charged a performance fee which equates precisely with that Share’s performance. This method of calculation is intended to ensure as far as possible that (i) any performance fee paid to the Investment Manager is charged only to those Shares which have appreciated in value in excess of the Hurdle Adjusted High Water Mark applied to those Shares, (ii) all Shareholders have the same amount per Share at risk in the Fund, and (iii) all Shares have the same Net Asset Value per Share. Note 7. Management Company fees Lemanik Asset Management S.A. has been appointed as Management Company of the SICAV. The Management Company is entitled to receive a fee 0.02% of the average net asset value of the relevant Fund, subject to a minimum monthly fee of EUR 750.00 per Fund per month applied at the SICAV level. The list of the funds managed by the Management Company may be obtained, on simple request, at the registered office of the Management Company.

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FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 8. Taxe d'abonnement The SICAV is subject to the “Taxe d'abonnement” at a rate of 0.05% per annum (reduced to 0.01% on Classes comprising only institutional investors) based on the Net Asset Value of the Fund at the end of the relevant quarter, calculated and paid quarterly. The tax is not applicable for the portion of the assets invested in other Luxembourg undertakings for collective investment already subject to the “Taxe d'abonnement”. Note 9. Changes in portfolio A copy of the changes in the securities portfolio during the year under review is available, free of charge, at the registered office of the SICAV. Note 10. Other expenses As at March 31, 2019, the caption “Other expenses” includes mainly transfer agent fees, regulatory fees, VAT, translation fees, registration fees and director fees. Note 11. Professional fees As at March 31, 2019, the caption “Professional fees” includes audit and lawyer fees. Note 12. Swing Pricing The Funds are single priced and may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, switches and/or redemptions in and out of a Fund. This is known as “dilution”. In order to counter this and to protect Shareholders’ interests, the Company apply a technique known as swing pricing or dilution adjustment as part of its valuation policy. This means that in certain circumstances the Company makes adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant. The need to make a dilution adjustment depends upon the net value of subscriptions, switches and redemptions received by a Fund on each Dealing Day. The Company therefore reserves the right to make a dilution adjustment where a Fund experiences a net cash movement which exceeds a threshold of the previous Dealing Day’s Net Asset Value. The Company adopted the Swing Pricing Policy of Fullerton Fund Management Company Ltd, the Investment Manager of the Company’s Funds and apply the same to the Company’s Funds. For the year ended March 31, 2019, no Swing Pricing was applied. Note 13. Forward foreign exchange contracts As at March 31, 2019, the following Funds held forward foreign exchange contracts. No collateral was pledged by these Funds and their counterparties are as follows: Fund name Counterparties

Fullerton Lux Funds - Asian Currency Bonds BNP Paribas Singapore Branch, Chase Manhattan International Ltd, State Street Bank

Fullerton Lux Funds - Asian High Yield Bonds Chase Manhattan International Ltd, HSBC Bank, UBS AG Singapore

Fullerton Lux Funds - Asian Bonds Chase Manhattan International Ltd, State Street Bank, UBS AG

Fullerton Lux Funds - RMB Bonds BNP Paribas Singapore Branch, Chase Manhattan International Ltd, HSBC Bank, Standard Chartered Bank, UBS AG

Fullerton Lux Funds - Asian Short Duration Bonds BNP Paribas Singapore Branch, Chase Manhattan International Ltd, UBS AG The details of the open forward foreign exchange contracts are listed in the securities listings on pages 46, 50, 55, 60 and 64, respectively.

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FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 14. Future contracts As at March 31, 2019, the Fund Fullerton Lux Funds - Asian Currency Bonds held positions in future contracts. The counterparty for these positions is JP Morgan and the Fund has pledged cash collateral of USD 404,338.73. The details of the future contracts are listed in the securities listings on page 46. There were no open future positions as at March 31, 2019 for the below Funds but there are cash pledged with JPMorgan: Fullerton Lux Funds - Asia Absolute Alpha USD 426.66. Fullerton Lux Funds - All China Equities USD 6.82. Fullerton Lux Funds - Asian Bonds USD 44,493.60. Fullerton Lux Funds - RMB Bonds USD 14,506.70. Note 15. Dividend distribution During the year from April 1, 2018 to March 31, 2019 the SICAV distributed the following dividends:

Funds

Share Classes

Ex-Date

Dividend per share

Total dividend in USD

Fullerton Lux Funds - Asia Growth & Income Equities Class I (USD) Distribution April 3, 2018 0.110 USD 497,858.17 Fullerton Lux Funds - Asia Growth & Income Equities Class I (USD) Distribution July 2, 2018 0.100 USD 456,825.86 Fullerton Lux Funds - Asia Growth & Income Equities Class I (USD) Distribution October 1, 2018 0.090 USD 414,988.09 Fullerton Lux Funds - Asia Growth & Income Equities Class I (USD) Distribution January 2, 2019 0.080 USD 372,137.15

Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 3, 2018 0.200 SGD 1,414.50 Fullerton Lux Funds - Asian Currency Bonds Class A (USD) Distribution April 3, 2018 0.200 USD 35,289.93 Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution October 1, 2018 0.200 SGD 1,230.88 Fullerton Lux Funds - Asian Currency Bonds Class A (USD) Distribution October 1, 2018 0.200 USD 34,281.69

Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution April 3, 2018 0.128 SGD 120,283.32 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution July 2, 2018 0.124 SGD 112,603.20 Fullerton Lux Funds - Asian High Yield Bonds Class A (USD) Distribution April 3, 2018 0.127 USD 627,809.26 Fullerton Lux Funds - Asian High Yield Bonds Class A (USD) Distribution July 2, 2018 0.123 USD 591,011.59 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution October 1, 2018 0.121 SGD 126,596.98 Fullerton Lux Funds - Asian High Yield Bonds Class A (USD) Distribution October 1, 2018 0.121 USD 619,674.39 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution January 2, 2019 0.120 SGD 147,640.69 Fullerton Lux Funds - Asian High Yield Bonds Class A (USD) Distribution January 2, 2019 0.120 USD 656,908.52

Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 3, 2018 0.099 SGD 117,109.60 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution July 2, 2018 0.080 SGD 124,660.52 Fullerton Lux Funds - Asian Bonds Class A (USD) Distribution April 3, 2018 0.100 USD 292,542.36 Fullerton Lux Funds - Asian Bonds Class A (USD) Distribution July 2, 2018 0.090 USD 256,143.62 Fullerton Lux Funds - Asian Bonds Class I (USD) Distribution April 3, 2018 0.110 USD 753,218.77 Fullerton Lux Funds - Asian Bonds Class I (USD) Distribution July 2, 2018 0.100 USD 698,604.07 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution October 1, 2018 0.080 SGD 112,244.49 Fullerton Lux Funds - Asian Bonds Class A (USD) Distribution October 1, 2018 0.090 USD 218,111.97 Fullerton Lux Funds - Asian Bonds Class I (USD) Distribution October 1, 2018 0.100 USD 747,079.91 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution January 2, 2019 0.080 SGD 109,026.73 Fullerton Lux Funds - Asian Bonds Class A (USD) Distribution January 2, 2019 0.090 USD 191,390.80 Fullerton Lux Funds - Asian Bonds Class I (USD) Distribution January 2, 2019 0.100 USD 679,315.88

Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution April 3, 2018 0.540 CNH 1,179.07 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution July 3, 2018 0.540 CNH 4,844.38 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution October 8, 2018 0.540 CNH 4,676.69 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution January 2, 2019 0.550 CNH 4,787.08

Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution April 3, 2018 0.053 SGD 91,309.64 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution July 2, 2018 0.052 SGD 81,477.10 Fullerton Lux Funds - Asian Short Duration Bonds Class A (USD) Distribution April 3, 2018 0.052 USD 132,547.50 Fullerton Lux Funds - Asian Short Duration Bonds Class A (USD) Distribution July 2, 2018 0.052 USD 127,362.30 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution October 1, 2018 0.052 SGD 76,873.00 Fullerton Lux Funds - Asian Short Duration Bonds Class A (USD) Distribution October 1, 2018 0.052 USD 125,207.67 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution January 2, 2019 0.040 SGD 57,377.28 Fullerton Lux Funds - Asian Short Duration Bonds Class A (USD) Distribution January 2, 2019 0.052 USD 123,821.89

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FULLERTON LUX FUNDS Notes to the Financial Statements as at March 31, 2019 (continued) Note 16. Transaction costs For the year ended March 31, 2019, the SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. All these costs are included in the caption “Transaction costs”. Note 17. Subsequent events It was decided by the Circular Resolution of the Board of Directors of the SICAV dated March 29, 2019 to approve the distribution of dividend for the following Funds: Funds

Share Classes

Ex-Date

Dividend per share

Fullerton Lux Funds - Asia Growth & Income Equities Class I (USD) Distribution April 1, 2019 0.090 USD

Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 1, 2019 0.190 SGD Fullerton Lux Funds - Asian Currency Bonds Class A (USD) Distribution April 1, 2019 0.200 USD

Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution April 1, 2019 0.120 SGD Fullerton Lux Funds - Asian High Yield Bonds Class A (USD) Distribution April 1, 2019 0.120 USD

Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 1, 2019 0.080 SGD Fullerton Lux Funds - Asian Bonds Class A (USD) Distribution April 1, 2019 0.100 USD Fullerton Lux Funds - Asian Bonds Class I (USD) Distribution April 1, 2019 0.110 USD

Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution April 1, 2019 0.550 CNH

Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution April 1, 2019 0.038 SGD Fullerton Lux Funds - Asian Short Duration Bonds Class A (USD) Distribution April 1, 2019 0.052 USD As noted in the Prospectus dated June 2019, there are subsequent changes as follows: Type of change Fund prior to June 2019 Fund after June 2019

Name Fullerton Lux Funds - Global Emerging Market Equities Fullerton Lux Funds - Global Absolute Alpha Performance N/A Hurdle Adjusted High Water Mark: 6% In addition, for the purpose of gaining exposure to shares listed on PRC Stock Exchanges, the following Funds may invest in China A-Shares through the Stock Connects effective as from July 17, 2019: • Fullerton Lux Funds - Asia Growth & Income Equities; • Fullerton Lux Funds - Asia Focus Equities; • Fullerton Lux Funds - Asia Absolute Alpha; and • Fullerton Lux Funds - Global Absolute Alpha (formerly, Fullerton Lux Funds - Global Emerging Market Equities). There were no other events or transactions that occurred subsequent to March 31, 2019 that would require recognition or disclosure in the SICAV’s financial statements.

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FULLERTON LUX FUNDS Supplementary Information (unaudited) Remuneration policies and practices The Management Company has established and applies a remuneration policy and practices that are consistent with, and promote, sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profiles, rules, the Prospectus or the Articles nor impair compliance with the Management Company’s obligation to act in the best interest of the SICAV (the Remuneration Policy). The Remuneration Policy includes fixed and variable components of salaries and applies to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Management Company, the SICAV or the Funds. Within the Management Company, these categories of staff represent 22 persons. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Management Company, the SICAV and the Shareholders and includes measures to avoid conflicts of interest. In particular, the Remuneration Policy will ensure that:

a) the staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions, independently of the performance of the business areas that they control;

b) the fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component;

c) the measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of current and future risks.

The following table shows the fixed and variable remuneration in 2018 for the Identified Staff (22 persons), who is fully or partly involved in the activities of all the funds managed by the Management Company. For the purposes of the below disclosures, where portfolio management activities have been formally delegated to another entity, the remuneration of the relevant identified staff of the delegate has been excluded, as it is not paid out by the Management Company or by the SICAV. Staff expenses split into fixed and variable remuneration Wages and salaries

a. Fixed b. Variable

Staff expenses broken down by categories of staff subject to UCITS V pay rules

Staff code Fixed remuneration

in EUR Variable remuneration

in EUR Total

in EUR S 1,637,510.59 753,648.12 2,391,158.71 R 451,755.00 25,876.50 477,631.50 C 575,921.11 7,175.00 583,096.11 O 0.00 0.00 0.00

S = Senior Management. R = Risk takers, which includes staff members whose professional activities can exert material influence on UCITS or AIFs managed by Lemanik Asset Management S.A.. C = Staff engaged in control functions (other than senior management) responsible for risk management, compliance, internal audit and similar functions. O = Any other staff member receiving total remuneration that takes them into the same remuneration bracket as senior management and risk-takers, whose professional activities have a material impact on Lemanik Asset Management S.A.’s risk profile. A paper copy of the summarised Remuneration Policy is available free of charge to the Shareholders upon request. No material changes have been made to the remuneration policy.

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FULLERTON LUX FUNDS Supplementary Information (unaudited) (continued) Remuneration policies and practices (continued) Remuneration policy of the Investment Manager The compensation structure of the Investment Manager is composed by a Fixed and a Variable remuneration, plus other benefits. Regarding the variable remuneration of the investment team, they are formally assessed and evaluated with reference to their portfolios performance and the quality and consistency of the investment recommendations (for the Analysts). The performance of the Portfolio Manager is assessed based on the following criteria: Sharpe ratio, gross performance, Information ratio, down capture, up capture, spread capture and Alpha. All of them combined with specific weighs produces a global score. That score is used by the Head of Area, the CIO and the CEO to define the bonus. The performance of the analyst team is based on two criteria: the number and quality of recommendations, and the number and quality of new models presented at the Investment Committee. There are no deferred bonuses, all the bonus are paid yearly. This is the common practice in the Andean Region, so deferring payments could have a big impact in the position of the SICAV regarding attracting and retaining talent. For 2018, the SICAV’s Assets under Management (“AuM”) represents 11.1% of the total AuM managed by the Investment Manager. The Latam Equity team manages 50.9% of its AuM in the SICAV’s funds. Regarding the Latam Credit team, just 16.5% of its AuM corresponds to the SICAV. At December 31, 2018, the team involved in the management of the SICAV includes directly 19 Investment professionals (who spends, according to the managed AuM, 50.9% of the Latam Equity team and 16.5% of the Latam Credit team), and indirectly part of the time of other 28 staff (11.1% according to the total AuM managed by the Investment Manager). The total compensation of all this team (50.9% of the Latam Equity team, 16.5% of the Latam Credit team and 11.1% or the other staff), was in 2018 CLP 878.2 million (EUR 1.10 million). The Fixed part represented 56.3% and the Variable 43.7%. Security Financing Transactions Regulation At the date of the financial statements, the SICAV is currently not concerned by the requirements of the SFTR regulation 2015/2365 on transparency of securities financing transactions and of reuse. Furthermore, no corresponding transactions were carried out during the period referring to the financial statements.

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