ANNUAL REPORT LIONGLOBAL ASIA BOND...

ANNUAL REPORT

LIONGLOBAL ASIA BOND FUND

A m

emb

er o

f th

e O

CB

C G

rou

p

Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513

T : +65 6417 6800F : +65 6417 6806

Co Reg No:198601745D

For more information, visit: lionglobalinvestors.comor email: [email protected]

© Lion Global Investors Limited. All rights reserved.

For the financial year ended 30 June 2016


DIRECTORY

ManagerLion Global Investors Limited65 Chulia Street #18-01OCBC CentreSingapore 049513

Directors of Lion Global Investors LimitedMr Ching Wei Hong (Chairman)Mr Khor Hock Seng (Deputy Chairman) Mr Gerard Lee How Cheng (CEO) Mr Yoon Mun Thim Mr Norman Ip Ka CheungMr Tan Siew Peng Mr George Lee Lap Wah

Trustee/RegistrarHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay#13-02 HSBC BuildingSingapore 049320

CustodianThe Hongkong and Shanghai Banking Corporation Limited1 Queen’s Road CentralHong Kong

Independent AuditorPricewaterhouseCoopers LLP8 Cross Street #17-00PWC BuildingSingapore 048424

1


PERFORMANCE OF THE FUNDFor the year ended 30 June 2016

Cumulative returns for the Fund are calculated up to 30 June 2016 in SGD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Asia Bond Fund – SGD Class

Benchmark Returns (%) (JP Morgan Asia Credit

Index)3 months 3.1 2.8

6 months 0.5 1.1

1 year 5.8 7.3

3 years* 7.9 9.0

5 years* 7.8 8.2

Since Inception* (1 December 2009)

6.6 6.4

Returns for the Fund are calculated up to 30 June 2016 in USD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Asia Bond Fund – USD Class

Benchmark Returns (%) (JP Morgan Asia Credit

Index)3 months 3.1 2.9

6 months 5.6 6.5

1 year 5.7 7.4

3 years* 6.3 6.9

5 years* 6.1 6.2

Since Inception* (1 December 2009)

7.3 6.8

Source: Morningstar/Lion Global Investors Ltd.* Returns of more than 1 year are annualised.

2


REVIEW

For the year ended 30 June 2016, the Fund returned 5.8%, underperforming the benchmark JP Morgan Asia Credit Index which returned 7.3%, in SGD terms.

Portfolio returns versus the benchmark was lower due to an underweight duration positioning on expectations of interest rates normalising to higher levels. Interest rates continued to rally against expectations, especially in the long dated maturities which registered stellar double-digit returns as 10-year treasuries race to record low yield levels throughout this period. The negative interest rate environment from aggressive quantitative easing in Europe and Japan precipitated an aggressive yield-seeking rally which saw corporate credits, which offer some yield pickup over negative yielding government bonds, rallying sharply. Post Brexit, risky assets unexpectedly saw another sharp rally coupled with record inflows into emerging market debt.

The underweight duration positioning amidst record lows in US Treasury bond yields and the conservative credit selection in a risk-seeking environment contributed to the underperformance.

STRATEGY AND OUTLOOK

Technicals are expected to remain the key driver for the rest of 2016. The strong momentum of fund flows into emerging market debt would continue to support credit tightening, notwithstanding the disconnection of tight valuations which is not supported by slower economic growth. Given the still-challenging macro backdrop, a generally cautious outlook for credit globally, and Asia’s richer valuation vis-à-vis other credit markets, we expect Asia’s credit spreads performance to be capped.

We stay defensive in our credit selection. With expectations of a wave of credit ratings downgrades across oil and gas spectrums, credit selection is especially important to avoid minefields, especially in the high yield spectrum. The pickup in new pipeline supply compared to the supply drought in 1st quarter of 2016 should also ease supply-demand imbalance. Overall, we expect credit spreads to remain range bound, and interest rates to stay lower for longer.

As at 19 August 2016.

3


DISCLOSURES ON THE FUND1

For the financial year ended 30 June 2016

1. DISTRIBUTION OF INVESTMENTS AS AT 30 June 2016

Fair Value

Percentage of total net assets attributable to

unitholders$ %

a) By Asset Class

Debt Securities (including accrued interest on debt securities) 35,723,422 95.1

Funds 267,528 0.7

Cash and cash equivalents 1,582,526 4.2

Net assets attributable to unitholders 37,573,476 100.0

b) By Credit Rating of Debt Securities

Aa3 341,445 0.9

A2 527,072 1.4

A3 2,264,505 6.0

Baa1 2,386,543 6.4

Baa2 3,176,273 8.5

Baa3 8,445,333 22.4

Ba1 696,974 1.9

Ba2 941,772 2.5

Ba3 1,401,248 3.7

B1 2,047,841 5.5

B2 1,151,619 3.1

Caa1 330,418 0.9

Unrated (comprise primarily corporate debts issued by Singapore companies) 11,551,210 30.7

Accrued interest on debt securities 461,169 1.2

Total debt securities 35,723,422 95.1

c) By Derivative Type

Not applicable

The total net realised gains from financial derivatives at the end of the year was $5,274.

1 As required by Code on Collective Investment Schemes

4


2. TOP 10 HOLDINGS

As at 30 June 2016

Fair Value


unitholders$ %

Sino-Ocean Land Treasure Finance I Limited 5.95% due 04/02/2027 1,056,606 2.8

Bluestar Finance Holdings Limited 3.5% due 11/06/2018 746,866 2.0

Wanda Properties International Company Limited 7.25% due 29/01/2024 725,242 1.9

Logan Property Holdings Company Limited 9.75% due 08/12/2017 717,028 1.9

New World China Land Limited Series EMTN 5.375% due 06/11/2019 715,009 1.9

Fukoku Mutual Life Insurance Company Var Perpetual 713,192 1.9

NWD MTN Limited Series EMTN 4.375% due 30/11/2022 703,889 1.9

Wanda Properties Overseas 4.875% due 21/11/2018 700,824 1.9 Li & Fung Limited Var Perpetual 693,536 1.8 LS Finance 2022 Limited 4.25% due 16/10/2022 693,293 1.8

As at 30 June 2015

Fair Value


unitholders$ %

Woori Bank 5% Perpetual 1,079,947 3.3 PT Pelabuhan Indonesia II 4.25% due 05/05/2025 884,819 2.7 AMBB Capital L Limited Var Perpetual 822,668 2.5 SBB Capital Corporation Var Perpetual 815,042 2.5 Bluestar Finance Holdings Limited 3.5% due

11/06/2018 735,469 2.2 Wanda Properties International Company

Limited 7.25% due 29/01/2024 731,796 2.2 Dai-ichi Life Insurance Company Limited Var

Perpetual 713,645 2.2 Sino-Ocean Land Perpetual Finance Limited Var

Perpetual 712,299 2.2 China SCE Property Holdings Limited 11.5%

due 14/11/2017 705,566 2.2 New World China Land Limited Series EMTN

5.375% due 06/11/2019 703,883 2.2

5


3. GLOBAL EXPOSURE

The global exposure relating to derivative instruments is calculated using the commitment approach by converting the derivative positions into equivalent positions in the underlying assets embedded in those derivatives.

The global exposure of the Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Fund at any time.

4. COLLATERAL

Nil

5. SECURITIES LENDING OR PURCHASE TRANSACTIONS

Nil

6. INVESTMENT IN OTHER UNIT TRUSTS, MUTUAL FUNDS AND COLLECTIVE INVESTMENT SCHEMES

Fair Value at 30 June

2016

Percentage of total net assets attributable to unitholders at

30 June 2016

$ %

LionGlobal Investment Funds II - LionGlobal RMB Quality Bond Fund Class L RMB Acc 267,528 0.7

7. BORROWINGS

Nil

8. SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS

The soft dollar commissions, if applicable, from various brokers for the year were utilised on research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses and computer hardware and software used for and in support of the investment process of fund managers. Goods and services received were for the benefit of the scheme and there was no churning of trades. These brokers also execute trades for other funds managed by the managers. The trades are conducted on best available terms and in accordance with best practices.

6


9. OTHER MATERIAL INFORMATION

There is no other material information that will adversely impact the valuation of the Fund.

10. SUPPLEMENTAL INFORMATION ON UNDERLYING SUB-FUNDS

Not applicable

7


REPORT OF THE TRUSTEE

The Trustee is under a duty to take into custody and hold the assets of LionGlobal Asia Bond Fund (the “Fund”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the financial year covered by these financial statements, set out on pages 11 to 38, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

For and on behalf of the TrusteeHSBC INSTITUTIONAL TRUST SERVICES (SINGAPORE) LIMITED

Authorised signatory

26 September 2016

8


STATEMENT BY THE MANAGER

In the opinion of the directors of Lion Global Investors Limited, the accompanying financial statements set out on pages 11 to 38, comprising the Statement of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statement of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position of LionGlobal Asia Bond Fund (the “Fund”) as at 30 June 2016, and the total return and changes in unitholders’ funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Fund will be able to meet its financial obligations as and when they materialise.

For and on behalf of directors ofLION GLOBAL INVESTORS LIMITED

GERARD LEE HOW CHENGCEO

26 September 2016

9


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OFLIONGLOBAL ASIA BOND FUND(Constituted under a Trust Deed in the Republic of Singapore)

We have audited the accompanying financial statements of LionGlobal Asia Bond Fund (the “Fund”), which comprise the Statement of Financial Position and Statement of Portfolio as at 30 June 2016, the Statement of Total Return and Statement of Movements of Unitholders’ Funds for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 11 to 38.

Manager’s Responsibility for the Financial Statements

The Fund’s Manager (the “Manager”) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.

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

10


Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as at 30 June 2016 and the total return for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

PricewaterhouseCoopers LLPPublic Accountants and Chartered Accountants

Singapore, 26 September 2016

11


STATEMENT OF TOTAL RETURNFor the financial year ended 30 June 2016

2016 2015Note $ $

IncomeInterest on cash and bank balances 371 170

Other income 877 1,122

1,248 1,292

Less: ExpensesAudit fee 13,037 11,607

Custodian fees 11 4,850 4,407

Management fee 345,124 309,752

Professional fees 18,085 20,487

Registration fee 11 16,856 17,737

Transaction cost 2,091 9,944

Trustee fee 13,075 10,001

Valuation and administration fees 11 13,075 10,001

Miscellaneous expenses 15,442 12,697

441,635 406,633

Net expense (440,387) (405,341)

Net gains or losses on value of investments and financial derivatives

Net gains on investments 2,363,349 3,811,812

Net (losses)/gains on foreign exchange spot contracts (20,433) 14,431

Net gains on future contracts 5,274 -

Net foreign exchange gains/(losses) 124,207 (173,792)

2,472,397 3,652,451

Total return for the year before income tax 2,032,010 3,247,110

Less: Income tax 3 - (3,127)

Total return for the year 2,032,010 3,243,983

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

12


STATEMENT OF FINANCIAL POSITIONAs at 30 June 2016

2016 2015Note $ $

ASSETSPortfolio of investments 35,990,950 33,086,032

Receivables 5 515,957 30,911

Due from brokers 7 - 798,167

Cash and bank balances 6 1,555,782 286,820

Total assets 38,062,689 34,201,930

LIABILITIESPayables 8 489,213 567,454

Due to brokers 7 - 939,967

Total liabilities 489,213 1,507,421

EQUITYNet assets attributable to unitholders 9 37,573,476 32,694,509


13


STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the financial year ended 30 June 2016

2016 2015Note $ $

Net assets attributable to unitholders at the beginning of the financial year 32,694,509 23,946,884

OperationsChange in net assets attributable to unitholders

resulting from operations 2,032,010 3,243,983

Unitholders’ contributions/(withdrawals)Creation of units 24,288,671 28,131,745

Cancellation of units (19,775,541) (21,765,478)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 4,513,130 6,366,267

Distributions 4 (1,666,173) (862,625)

Total increase in net assets attributable to unitholders 4,878,967 8,747,625

Net assets attributable to unitholders at the end of the financial year 9 37,573,476 32,694,509


14


STATEMENT OF PORTFOLIOAs at 30 June 2016

Holdings at 30 June

2016

Fair value at30 June

2016

Percentage oftotal net assetsattributable tounitholders at

30 June2016

$ %By Geography (Primary)

QUOTED FUNDS

SINGAPORELionGlobal Investment Funds II -

LionGlobal RMB Quality Bond Fund Class L RMB Acc 250,000 267,528 0.7

TOTAL QUOTED FUNDS 267,528 0.7

QUOTED

DEBT SECURITIES

CHINASino-Ocean Land Treasure Finance I

Limited 5.95% due 04/02/2027 750,000 1,056,606 2.8 Bluestar Finance Holdings Limited 3.5%

due 11/06/2018 550,000 746,866 2.0 Wanda Properties International

Company Limited 7.25% due 29/01/2024 500,000 725,242 1.9

Logan Property Holdings Company Limited 9.75% due 08/12/2017 500,000 717,028 1.9

New World China Land Limited Series EMTN 5.375% due 06/11/2019 500,000 715,009 1.9

Wanda Properties Overseas 4.875% due 21/11/2018 500,000 700,824 1.9

China Life Insurance Company Limited Var due 03/07/2075 500,000 674,077 1.8

Skyland Mining BVI Limited 3.5% due 17/07/2017 400,000 541,402 1.4

JD.Com Inc 3.875% due 29/04/2026 400,000 511,468 1.4


15


Holdings at 30 June

2016


2016


30 June2016

$ %Sino Ocean Land Treasure Finance

I Limited Series EMTN 6% due 30/07/2024 300,000 433,057 1.2

Central China Real Estate Limited 8.75% due 23/01/2021 300,000 426,482 1.1

China Taiping New Horizon Limited 6% due 18/10/2023 250,000 391,822 1.0

Franshion Development Limited 6.75% due 15/04/2021 250,000 388,713 1.0

Huarong Finance II Company Limited Series EMTN 5.5% due 16/01/2025 250,000 369,201 1.0

Moon Wise Global Limited Var Perpetual 250,000 368,020 1.0

Country Garden Holdings Company Limited 7.5% due 09/03/2020 250,000 363,864 1.0

Yuzhou Properties Company Limited 8.75% due 04/10/2018 250,000 357,084 1.0

China Taiping Insurance Holdings Company Limited Var Perpetual 250,000 352,878 0.9

China Overseas Finance 4.875% due 15/02/2017 250,000 344,443 0.9

Chalieco Hong Kong Corporation Limited Var Perpetual 250,000 343,625 0.9

Far East Horizon Limited Var Perpetual 250,000 341,522 0.9 Sinopec Group Overseas Development

2015 Limited 4.1% due 28/04/2045 250,000 341,445 0.9 Far East Horizon Limited Series EMTN

4.625% due 06/03/2017 250,000 338,936 0.9 COSL Finance BVI Limited 3.25% due

06/09/2022 250,000 335,453 0.9 King Power Capital Limited 5.625% due

03/11/2024 200,000 299,529 0.8 China SCE Property Holdings Limited

10% due 02/07/2020 200,000 297,578 0.8 KWG Property Holding Limited 13.25%

due 22/03/2017 200,000 290,068 0.8 Shimao Property Holdings Limited

6.625% due 14/01/2020 200,000 285,331 0.8 Profit Fast Limited 5.5% due 19/11/2018 200,000 279,947 0.7


16


Holdings at 30 June

2016


2016


30 June2016

$ %

Sinochem Corporation Var Perpetual 200,000 279,069 0.7 Huarong Finance II Company Limited

3.5% due 16/01/2018 200,000 274,091 0.7 Sunac China Holdings Limited 9.375%

due 05/04/2018 250,000 212,585 0.6 14,103,265 37.5

HONG KONGNWD MTN Limited Series EMTN

4.375% due 30/11/2022 500,000 703,889 1.9 Li & Fung Limited Var Perpetual 500,000 693,536 1.8 LS Finance 2022 Limited 4.25% due

16/10/2022 500,000 693,293 1.8 Cheung Kong Bond Securities 03

Limited 5.375% Perpetual 500,000 691,456 1.8 Champion MTN Limited Series EMTN

3.75% due 17/01/2023 450,000 619,761 1.7 Bank of East Asia Limited Var Perpetual 450,000 588,473 1.6 OCBC Wing Hang Bank Limited Var

Perpetual 380,000 527,072 1.4 Haitong International Finance 2015

Limited 4.2% due 29/07/2020 350,000 491,919 1.3 Wing Lung Bank Limited Series EMTN

3.5% due 07/11/2022 300,000 404,652 1.1 CITIC Limited Var Perpetual 250,000 379,375 1.0 New World Development Company

Limited Series MTN 5.25% due 26/02/2021 250,000 365,085 1.0

China CITIC Bank International Limited Var Perpetual 250,000 353,299 0.9

Poly Property Group Company Limited 4.75% due 16/05/2018 250,000 343,331 0.9

Central China Real Estate Limited Series EMTN 6.5% due 04/06/2018 250,000 341,522 0.9

Joyous Glory Group Limited Series GMTN 5.7% due 07/03/2020 200,000 288,084 0.8

7,484,747 19.9


17


Holdings at 30 June

2016


2016


30 June2016

$ %INDONESIAPerusahaan Listrik Negara 5.25% Due

24/10/2042 500,000 652,585 1.8 Jababeka International BV 7.5% due

24/09/2019 450,000 638,966 1.7 PT Pelabuhan Indonesia II 4.25% due

05/05/2025 400,000 538,845 1.4 Pertamina Persero 5.625% Due

20/05/2043 400,000 524,228 1.4 Alam Synergy Pte Limited 9% due

29/01/2019 250,000 351,280 0.9 Golden Legacy Pte Limited Series

8.25% due 07/06/2021 250,000 344,550 0.9 TBG Global Private Limited 5.25% due

10/02/2022 250,000 340,681 0.9 Marquee Land Private Limited 9.75%

due 05/08/2019 200,000 290,176 0.8 Republic of Indonesia Series 3.75%

due 14/06/2028 100,000 151,419 0.4 3,832,730 10.2

JAPANFukoku Mutual Life Insurance Company

Var Perpetual 500,000 713,192 1.9 Meiji Yasuda Life Insurance Company

Var due 20/10/2045 400,000 582,605 1.5 Dai-ichi Life Insurance Company

Limited Var Perpetual 250,000 369,282 1.0 Nippon Life Insurance Co Series Var

due 20/01/2046 200,000 283,312 0.8 1,948,391 5.2


18


Holdings at 30 June

2016


2016


30 June2016

$ %THAILANDTmb Bank/Cayman Islands Series

EMTN 3.108% due 01/10/2021 400,000 543,641 1.5 PTT Exploration & Production Public

Company Limited Var Perpetual (29/12/2049) 400,000 541,725 1.4

Krung Thai Bank Public Company Limited (Cayman Islands) Series EMTN Var due 26/12/2024 250,000 347,177 0.9

Krung Thai Bank Public Company Limited Var Perpetual 250,000 339,111 0.9

1,771,654 4.7

SOUTH KOREADoosan Infracore Company Limited Var

due 05/10/2042 400,000 542,955 1.5 Kia Motors Corp Series 3.25% due

21/04/2026 250,000 350,163 0.9 Woori Bank 5% Perpetual 250,000 347,913 0.9 SK E&S Company Limited Var Perpetual

(29/11/2049) 250,000 333,110 0.9 1,574,141 4.2

PHILIPPINESRoyal Capital B.V. Var Perpetual 300,000 417,125 1.2 SM Investments Corporation 4.25% due

17/10/2019 250,000 352,701 0.9 SMC Global Power Holdings Corporation

Var Perpetual (XS1061082696) 250,000 352,458 0.9 SMC Global Power Holdings Corporation

Var Perpetual (XS1277512775) 250,000 342,363 0.9 1,464,647 3.9


19


Holdings at 30 June

2016


2016


30 June2016

$ %MALAYSIAAxiata SPV2 Berhad 3.466% due

19/11/2020 400,000 561,356 1.6 Malaysia Sukuk Global 4.08% due

27/04/2046 250,000 355,229 0.9 IOI Investment L Berhad Series EMTN

4.375% due 27/06/2022 250,000 353,736 0.9 1,270,321 3.4

AUSTRALIALendlease Group Series EMTN 4.5%

due 26/05/2026 400,000 534,263 1.4 Ausnet Services Holdings Pty Limited

Var due 17/03/2076 200,000 286,953 0.8 821,216 2.2

SRI LANKASriLankan Airlines Limited 5.3% due

27/06/2019 500,000 660,723 1.8

INDIAVedanta Resources Public Limited

Company 9.5% due 18/07/2018 250,000 330,418 0.9

Accrued interest receivable on debt securities 461,169 1.2

TOTAL DEBT SECURITIES 35,723,422 95.1

Portfolio of investments 35,990,950 95.8 Other net assets 1,582,526 4.2 Net assets attributable to unitholders 37,573,476 100.0


20


Percentage of total net assetsattributable to unitholders at

30 June2016

30 June2015

% %By Geography (Summary)

China 38.2 43.7

Hong Kong 19.9 13.3

Indonesia 10.2 12.9

Japan 5.2 2.2

Thailand 4.7 2.7

South Korea 4.2 6.0

Philippines 3.9 5.6

Malaysia 3.4 5.5

Australia 2.2 -

Sri Lanka 1.8 2.0

India 0.9 3.2

Singapore - 2.8

Accrued interest receivable on debt securities 1.2 1.3

Portfolio of investments 95.8 101.2

Other net assets/(liabilities) 4.2 (1.2)

Net assets attributable to unitholders 100.0 100.0


21



2016

Percentage of total net assetsattributable to unitholders at

30 June2016

30 June2015

$ % %By Industry (Secondary)

Real Estate 13,129,694 34.9 31.3

Financial 10,349,833 27.6 32.0

Industrial 3,740,411 10.0 12.2

Consumer, Cyclical 3,049,945 8.1 4.2

Energy 1,218,623 3.2 5.0

Utilities 981,774 2.6 3.2

Communications 902,037 2.4 3.4

Basic Materials 871,820 2.3 7.8

Technology 511,468 1.4 -

Sovereign 506,648 1.4 -

Funds 267,528 0.7 0.8

35,529,781 94.6 99.9

Accrued interest receivable on debt securities 461,169 1.2 1.3

Portfolio of investments 35,990,950 95.8 101.2

Other net assets/(liabilities) 1,582,526 4.2 (1.2)

Net assets attributable to unitholders 37,573,476 100.0 100.0


22


NOTES TO THE FINANCIAL STATEMENTSFor the financial year ended 30 June 2016

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. GENERAL

LionGlobal Asia Bond Fund (the “Fund”) is a unit trust constituted by a Deed of Trust dated 30 October 2009 together with its Supplemental Deeds thereon (thereafter referred to as “Trust Deed”) between Lion Global Investors Limited (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore.

Subscriptions and redemptions of the Fund are denominated in Singapore Dollar and United States Dollar. Investors may subscribe in United State Dollars at the applicable rate of exchange from Singapore Dollar.

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention modified by the revaluation of financial assets at fair value through profit or loss, and in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

(b) Recognition of income

Interest income is recognised on a time proportion basis using the effective interest method.

(c) Financial derivatives

Financial derivatives are entered into for the purposes of efficient portfolio management, tactical asset allocation or specific hedging of financial assets held as determined by the Manager and in accordance with the provisions of the Trust Deed.

Financial derivatives outstanding at the end of the financial year are measured at their fair values using the marked-to-market method, and the resultant gains and losses are taken up in the Statement of Total Return.

23


(d) Distributions

The Manager has the absolute discretion to determine whether a distribution is to be made. In such an event, an appropriate amount will be transferred to a distribution account to be paid out on the distribution date. The amount shall not be treated as part of the property of the Fund. Distributions are accrued for at the reporting date if the necessary approvals have been obtained and a legal or constructive obligation has been created.

(e) Investments

Investments are classified as financial assets at fair value through profit or loss.

(i) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.

(ii) Subsequent measurement

Investments are subsequently carried at fair value. Net change in the fair value of investments are included in the Statement of Total Return in the year in which they arise.

(iii) Derecognition

Investments are derecognised on the trade date of disposal. The resultant realised gains and losses on the sales of investments are computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs, and are taken up in the Statement of Total Return.

(f) Basis of valuation of investments

The fair value of financial asstes and liabilities traded in active market is based on quoted market prices at the close of trading on the reporting date.The quoted market price used for investments in debt securities held by the Fund is the market mid prices. Accrued interest or discount or premium on debt securities at the reporting date are included in the fair value of debt securities. Interest income on debt securities is presented within net gains or losses on investments on the Statements of Total Return. The quoted market price used for investments in underlying funds held by the Fund is the published price of the underlying funds at the close of trading on the reporting date.

24


(g) Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are initially recognised at their fair value and subsequently carried at amortised cost using the effective interest method.

(h) Foreign currencies

(i) Functional and presentation currency

Subscriptions and redemptions of the units are denominated in Singapore dollars and United States dollars. The primary activity of the Fund is to invest in an actively managed portfolio of bonds, high quality interest rate securities, convertible bonds, real estate investments trusts (“REITS”), business trusts and other related securities issued by issuers predominantly in the Asian region.

The performance of the Fund is measured and reported to the investors in Singapore dollars. In addtion,the Fund’s activities are substiantially based in Singapore and expenses are predominantly in Singapore dollars.Therefore, the Manager considers the Singapore Dollar as the currency which most faithfully represents the economic effects of the underlying transactions, events and conditions. The Fund’s functional and presentation currency is the Singapore Dollar.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the reporting date are recognised in the Statement of Total Return. Translation differences on non-monetary financial assets and liabilities such as equities are also recognised in the Statement of Total Return within the net gain or loss on investments.

3. INCOME TAX

The Fund was granted the status of a Designated Unit Trust (“DUT”) in Singapore. Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with Sections 35(12) and 35(12A) of the Income Tax Act. Such income includes:

(a) gains or profits derived from Singapore or elsewhere from the disposal of securities;

25


(b) interest (other than interest for which tax has been deducted under Section 45 of the Income Tax Act);

(c) dividends derived from outside Singapore and received in Singapore;

(d) gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rate or currency forwards, swaps or option contracts and transactions in forwards, swaps or option contracts relating to any securities or financial index;

(e) discount, prepayment fee, redemption premium and break cost from qualifying debt securities issued during the prescribed period; and

(f) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

2016 2015$ $

Singapore income tax - 3,127

4. DISTRIBUTIONS

2016 2015$ $

Class SGDFirst distribution of $1.85 per 100 units on

22 October 2015 to unitholders on the register as at 30 September 2015 398,173 -

Second distribution of $1.85 per 100 units on 25 January 2016 to unitholders on the register as at 31 December 2015 479,124 -

Third distribution of $1.40 per 100 units on 20 April 2016 to unitholders on the register as at 31 March 2016 350,494 -

Fourth distribution of $1.40 per 100 units on 21 July 2016 to unitholders on the register as at 30 June 2016 373,672 -

First distribution of $1.75 per 100 units on 23 January 2015 to unitholders on the register as at 31 December 2014 - 387,627

26


2016 2015$ $

Second distribution of $1.75 per 100 units on 23 July 2015 to unitholders on the register as at 30 June 2015 - 423,571

Class USDFirst distribution of US$1.00 per 100 units on

22 October 2015 to unitholders on the register as at 30 September 2015 9,905 -

Second distribution of US$1.00 per 100 units on 25 January 2016 to unitholders on the register as at 31 December 2015 17,559 -

Third distribution of US$1.00 per 100 units on 20 April 2016 to unitholders on the register as at 31 March 2016 16,688 -

Fourth distribution of US$1.00 per 100 units on 21 July 2016 to unitholders on the register as at 30 June 2016 20,558 -

First distribution of US$1.75 per 100 units on 23 January 2015 to unitholders on the register as at 31 December 2014 - 38,681

Second distribution of US$1.75 per 100 units on 23 July 2015 to unitholders on the register as at 30 June 2015 - 12,746

1,666,173 862,625

5. RECEIVABLES

2016 2015$ $

Amount receivable for creation of units 500,827 23,389

Other receivables 15,130 7,522

515,957 30,911

27


6. CASH AND BANK BALANCES

The cash and bank balances are placed with a financial institution which is a related company of the Trustee.

7. DUE FROM/(TO) BROKERS

2016 2015$ $

Sales awaiting settlement - 798,167

Purchases awaiting settlement - (939,967)

8. PAYABLES

2016 2015$ $

Amount payable for cancellation of units 33,813 75,167

Distribution payable 394,230 436,317

Amount due to the Manager 31,506 28,752

Amount due to the Trustee 2,688 2,935

Amount due to the Custodian 493 493

Amount due to the Registrar 3,513 4,079

Other payables 22,970 19,711

489,213 567,454

9. UNITS IN ISSUE

2016 2015Units Units

Units at beginning of the year 24,744,984 19,662,642

Units created 18,040,878 21,570,745

Units cancelled (14,565,788) (16,488,403)

Units at end of the year 28,220,074 24,744,984

of which units denominated in

- USD 1,529,261 540,911

28


2016 2015$ $

Net assets attributable to unitholders 37,573,476 32,694,509

Net asset value per unit 1.331 1.321

Distributions are accrued for at the reporting period if the necessary approvals have been obtained and a legal or constructive obligation has been created, for the purpose of determining the accounting net asset values in the financial statements.

A reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributable to unitholders per unit for issuing/redeeming units at the reporting date is presented below:

2016 2015$ $

Net assets attributable to unitholders per unit per the financial statements 1.331 1.321

Effect of distribution per unit 0.014 0.017

Net assets attributable to unitholders per unit for issuing/redeeming units 1.345 1.338

10. FINANCIAL RISK MANAGEMENT

The Fund’s activities expose it to a variety of market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Fund’s overall risk management programme seeks to minimise potential adverse effects on the Fund’s financial performance. The Fund may use financial futures contracts, options and/or currency forward contracts subject to the terms of the Trust Deed to moderate certain risk exposures. Specific guidelines on exposures to individual securities and certain industries are in place for the Fund at any time as part of the overall financial risk management to reduce the Fund’s risk exposures.

The Fund’s assets principally consist of investments in debt and derivatives securities. They are held in accordance with the published investment policies of the Fund. The allocation of assets between the various types of investments is determined by the Manager to achieve their investment objectives.

29


The following is a summary of the main risks and risk management policies:

(a) Market risk

Market risk is the risk of loss to the value of financial investments because of changes in market conditions like interest and currency rate movements and volatility in security prices. External factors such as changes in economic environment, consumption patterns and investor’s expectation contribute to market risk which may have a significant impact on the asset’s value.

The Fund’s investments are substantially dependent on changes in market prices. The Manager monitors the Fund’s investments closely so as to assess changes in fundamentals and valuation. Although the Manager makes reasonable efforts in the choice of investments, events beyond reasonable control of the Manager could affect the prices of the underlying investments and hence the asset value of the Fund. Guidelines are set to reduce the Fund’s risk exposures to market volatility such as diversifying the portfolio by investing across various geographies/industries.

The Fund’s market risk is affected primarily by changes in three components: changes in actual market prices, interest rate volatilities and foreign exchange movements.

(i) Price risk

Price risk primarily results from exposure to volatility of equities prices. As of 30 June 2016, the Fund’s exposure to price risk with respect to the quoted funds is not considered to be significant and hence no sensitivity analysis on price risk has been presented. The Fund does not hold any equities as of 30 June 2016.

(ii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

Interest rate movements affect the value of fixed income securities more directly than equities. As interest rates rise, prices of fixed income securities may fall and vice versa. The rationale is that as interest rates increase, the opportunity cost of holding a fixed income security increases since investors are able to realise greater yields by switching to other investments that reflect the higher interest rate. The Manager will regularly assess the economic condition, monitor changes in interest rates outlook and take appropriate measures accordingly to control the impact of interest rate risk.

30


The table below summarises the Fund’s exposure to interest rate risks. They include the Fund’s assets and liabilities at fair value, categorised by interest rate types.

30 June 2016 Variable rates

Fixedrates

Non-interest bearing Total

$ $ $ $AssetsPortfolio of investments 10,352,314 24,909,939 728,697 35,990,950

Receivables - - 515,957 515,957

Cash and bank balances 1,555,782 - - 1,555,782

Total assets 11,908,096 24,909,939 1,244,654 38,062,689

LiabilitiesPayables - - 489,213 489,213

Total liabilities - - 489,213 489,213

30 June 2015 Variable rates

Fixedrates

Non-interest bearing Total

$ $ $ $AssetsPortfolio of investments 10,298,736 22,076,927 710,369 33,086,032

Receivables - - 30,911 30,911

Due from brokers - - 798,167 798,167

Cash and bank balances 286,820 - - 286,820

Total assets 10,585,556 22,076,927 1,539,447 34,201,930

LiabilitiesPayables - - 567,454 567,454

Due to brokers - - 939,967 939,967

Total liabilities - - 1,507,421 1,507,421

31


The duration, a measure of the sensitivity of the price of a fixed income security to a change in interest as at 30 June 2016 is 4.82 (30 June 2015: 5.04). As of 30 June 2016, should interest rates lower or rise by 1% (30 June 2015: 1%), with all other variables remaining constant, the increase or decrease in net assets attributable to unitholders would be as follows:

Impact of 1% (2015: 1%) movement in interest rate on net assets attributable

to the unitholders2016 2015

Fund $ $

LionGlobal Asia Bond Fund 1,200,659 1,112,677

(iii) Currency risk

The Fund has monetary assets/liabilities denominated in currencies other than Singapore dollars and the Fund may be affected favourably or unfavourably by exchange rate regulations or changes in the exchange rates between the Singapore Dollar and such other currencies. The Fund may enter into foreign currency contracts designed to either hedge some or all of this exposure, or alternatively increase exposure to preferred foreign currencies.

The table below summarises the Fund’s exposure to key currencies at the end of the financial year. Monetary and non-monetary items have been taken into the account for the analysis.

30 June 2016 USD CNY SGD Others Total$ $ $ $ $

AssetsPortfolio of investments 35,571,742 267,528 - 151,680 35,990,950

Receivables 134,546 - 381,411 - 515,957

Cash and bank balances 1,016,191 - 539,591 - 1,555,782

Total assets 36,722,479 267,528 921,002 151,680 38,062,689

LiabilitiesPayables 20,693 - 468,520 - 489,213

Total liabilities 20,693 - 468,520 - 489,213

Net financial assets 36,701,786 267,528 452,482 151,680 37,573,476

Net currency exposure 36,701,786 267,528 452,482 151,680

32


30 June 2015 USD CNY SGD Others Total$ $ $ $ $

AssetsPortfolio of investments 32,814,406 271,626 - - 33,086,032

Receivables - - 30,911 - 30,911

Due from brokers 798,167 - - - 798,167

Cash and bank balances 72,406 1,201 213,195 18 286,820

Total assets 33,684,979 272,827 244,106 18 34,201,930

LiabilitiesPayables 13,486 - 553,968 - 567,454

Due to brokers 939,967 - - - 939,967

Total liabilities 953,453 - 553,968 - 1,507,421

Net financial assets / (liabilities) 32,731,526 272,827 (309,862) 18 32,694,509

Net currency exposure 32,731,526 272,827 (309,862) 18

The Fund’s monetary assets/liabilities are measured for their sensitivity to exchange rate movements based on the balance of the monetary assets/liabilities, forecasted exchange rate movements and the net asset value of the Fund.

As of 30 June 2016 and 30 June 2015, the Fund’s exposure to foreign currency fluctuations with respect to the monetray asstes/liabilities is not considered to be significant except for the currency presented in the table below which shows the Fund’s sensitivity to exchange rate movements on significant monetary assets/liabilities denominated in foreign currencies, should those currencies increase by a reasonable possible shift with all other variables held constant. This sensitivity analysis is not presented separately should the currency decrease as it is the reversal of the impact disclosed below.

Currency Reasonable possible

FX movement

Impact of increase in FX rates on net assets

attributable to the unitholders

2016 2015 2016 2015% % $ $

USD 5 5 1,835,089 1,636,576

33


(b) Liquidity risk

The Fund is exposed to daily redemption of units in the Fund. It therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of.

The table below analyses the Fund’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

30 June 2016Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 489,213 - - -

30 June 2015Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 567,454 - - -

Due to brokers 939,967 - - -

(c) Credit risk

Credit risk is the risk that counterparty will fail to perform contractual obligations, either in whole or in part, under a contract.

Concentrations of credit risk are minimised primarily by:

– ensuring counterparties, together with the respective credit limits, are approved;

– ensuring that transactions are undertaken with a large number of counterparties, and;

– ensuring that the majority of transactions are undertaken on recognised exchanges.

The Fund invests mostly in financial assets, which have an investment grade as rated by Moody’s. The credit ratings are reviewed regularly.

34


The table below analyses the Fund’s investments by credit ratings.

2016 2015% %

Aa3 0.9 1.0

A2 1.4 1.6

A3 6.0 5.2

Baa1 6.4 -

Baa2 8.5 2.7

Baa3 22.4 19.5

Ba1 1.9 3.4

Ba2 2.5 8.6

Ba3 3.7 8.6

B1 5.5 5.4

B2 3.1 3.8

B3 - 1.4

Caa1 0.9 -

Unrated 30.7 37.9

Accrued interest on debt securities 1.2 1.3

Total debt securities 95.1 100.4

All transactions in listed securities are settled/paid upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

Credit risk also arises from cash and cash equivalents and assets held with financial institutions.

The Fund may also enter into derivatives to manage its exposures to currency risk and price risk, including foreign exchange forward contracts and options. Hence, the Fund is also exposed to the risk that its derivatives held with counterparties may not be recoverable in the event of any default by the parties concerned. The Manager minimises the Fund’s credit risk by undertaking transactions with banks that are part of banking groups with good credit-ratings assigned by international credit rating agencies.

35


The table below summarises the credit rating of banks and custodian in which the Fund’s assets are held as at 30 June 2016 and 30 June 2015.

Credit rating ##

Source of credit rating

30 June 2016

CustodianThe Hongkong and Shanghai Banking

Corporation Limited AA- S&P

BankThe Hongkong and Shanghai Banking


Credit rating ##

Source of credit rating

30 June 2015

CustodianThe Hongkong and Shanghai Banking


BankThe Hongkong and Shanghai Banking


The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets.

The credit ratings are based on the Long-Term Issuer Ratings published by the rating agency.

## Group credit ratings are presented for unrated subsidiaries.

(d) Capital management

The Fund’s capital is represented by the net assets attributable to unitholders. The Fund strives to invest the subscriptions of redeemable participating units in investments that meet the Fund’s investment objectives while maintaining sufficient liquidity to meet unitholders’ redemptions.

36


(e) Fair value estimation

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by class) measured at fair value at 30 June 2016 and 30 June 2015:

30 June 2016 Level 1 Level 2 Level 3 Total$ $ $ $

AssetsFinancial assets

designated at fair value through profit or loss

- Quoted funds 267,528 - - 267,528

- Quoted debt securities - 35,723,422 - 35,723,422

267,528 35,723,422 - 35,990,950

30 June 2015 Level 1 Level 2 Level 3 Total$ $ $ $

AssetsFinancial assets

designated at fair value through profit or loss

- Quoted funds 271,626 - - 271,626

- Quoted debt securities - 32,814,406 - 32,814,406

271,626 32,814,406 - 33,086,032

Investments in open-ended investment funds whose net assets value is struck daily, price information published and readily available and units are subscribed and redeemable on demand at the published price are classified within Level 1.

37


Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds and over-the-counter derivatives.

Except for cash and cash balances which are classified as Level 1, the Fund’s assets and liabilities not measured at fair value at 30 June 2016 and 30 June 2015 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.

11. RELATED PARTY TRANSACTIONS

Management fees are paid to the Manager, while trustee fee is paid to the Trustee. These fees paid or payable by the Fund shown in the Statement of Total Return and in the respective notes to the financial statements are on terms set out in the Trust Deed.

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

2016 2015$ $

Interest income earned from a bank which is the ultimate holding company of the Manager - 205

Interest expenses incurred with a bank which is a related company of the Trustee 315 169

Transaction fees charged by the Trustee 2,091 9,944

Registration fees charged by a related company of the Trustee 16,856 17,737

Custodian fees charged by a related company of the Trustee 4,850 4,407

Valuation and administration fees charged by the Trustee 13,075 10,001

Bank service fees charged by a bank which is a related company of the Trustee 2,488 1,933

Cash transfer fees charged by a related company of the Trustee 3,037 2,987

38


12. FINANCIAL RATIOS

2016 2015% %

Expense ratio1 1.28 1.28

Portfolio turnover ratio2 64 135

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2016 was based on total operating expenses of $439,228 (30 June 2015: $396,521) divided by the average net asset value of $34,427,360 (30 June 2015: $30,901,217) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of $22,203,521 (30 June 2015: Sales of $41,745,620) divided by the weighted average daily net asset value of $34,427,360 (30 June 2015: $30,901,217).

This page is left blank intentionally.

DISCLAIMER

This publication is for information only. It is not an offer or solicitation for the purchase or sale of any securities/investments and does not have regard to your specific investment objectives, financial situation or particular needs. All applications for units in our funds must be made on application forms accompanying the prospectus. You should read the prospectus, available from Lion Global Investors Limited (“Lion Global Investors”) or any of its approved distributors, before deciding whether to subscribe for or purchase units of the Fund. Investments in the Fund are not obligations of, deposits in, guaranteed or insured by Lion Global Investors or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The value of units in the Fund and the income accruing to the units, if any, may rise or fall. Past performance, as well as any prediction, projection, or forecast on the economy, securities market, or the economic trends of the markets are not necessarily indicative of the future or likely performance of the funds. Any opinion or view presented is subject to change without notice. Accordingly, no warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on any information, opinion, forecast, or estimate contained herein. You may wish to seek advice from a financial adviser before making a commitment to purchase the Fund. In the event that you choose not to seek advice from a financial adviser, you should consider carefully whether the Fund is suitable for you.

Lion Global Investors, its related companies, their directors and/or employees (collectively known as “Related Persons”) may have positions in the products mentioned in this publication. Lion Global Investors and its Related Persons may be engaged in purchasing or selling the products mentioned in this publication for themselves or their client. Lion Global Investors does not take into consideration the tax implications of the income earned as the tax position of each person is different. You are advised to seek independent tax advice on your personal tax position arising from investing in the product in question.

© Lion Global Investors Limited. All rights reserved. Lion Global Investors Limited is a Singapore incorporated company, and is not related to any corporation or trading entity that is domiciled in Europe or the United States (other than entities owned by its holdings companies).

This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or omission between the English and Chinese versions, the English version shall apply and prevail. In the event of any ambiguity, discrepancy or omission between this publication and the prospectus, the contents of the prospectus shall apply and prevail.

A m

emb

er o

f th

e O

CB

C G

rou

p

Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513

For more information, visit: lionglobalinvestors.com or email: [email protected]

Co Reg No:198601745D

ANNUAL REPORT LIONGLOBAL ASIA BOND...

Documents

Transcript of ANNUAL REPORT LIONGLOBAL ASIA BOND...