利安資金日本增長基金財務報告 - fund.cnyes.com · from june 2015, the market was...

利安資金日本增長基金財務報告

利安資金投資基金II - 利安資金日本增長基金

年度財務報告（中文簡譯本）

2015年12月31日

利安資金管理公司

Lion Global Investors Limited wwwlionglobalinvestorscom

先鋒證券投資顧問股份有限公司

Ezfunds Securities Investment Consulting Enterprise Limited wwwezfundscomtw

警語本基金財務報告（簡譯本）僅投資人參考不代表對行情之預測或研判投資人應自負風險本基金經主管

機關核准惟不表示本基金絕無風險本公司以往之經理績效不保證各基金之最終投資收益本公司除盡善良管

理人之注意義務外不負責各基金之盈虧亦不保證最低收益投資人申購前應詳閱各基金公開說明書

先鋒證券投資顧問股份有限公司 (102)金管投顧新字第零肆零號台北市忠孝西路一段66號33樓 (02)7711-5599

本基金財務報告內容如與英文版財務報告有任何歧異以英文版財務報告為主

本基金財務報告簡譯本僅供投資人參考用


總投資報酬表

2015年1月1日至2015年12月31日 2015 2014

附註 S$ S$ 收入股利利息其他收益

1177935

- -

1073556

14 -

1177935 1073570 減費用審計費 20018 19413 託管費 13 7049 6472 管理費 1179583 1126431 專業費 19376 29285 登錄費 29904 29789 受託公司費 35019 33441 交易費用 235924 190855 評價行政費 27803 26635 其他費用 80124 58848 1634800 1521169 (支出) (456865) (447599) 淨投資收益或損失已實現淨投資收益 (損失) 11867565 3089394

已實現現貨合約收益 (損失) (30367) (48546)

已實現远期合約收益 (損失) (1297581) 491320

兌換收益 (損失) 137751 (89672)

10677368 3442496 稅前總投資利润（虧損） 10220503 2994897 減所得稅 3 (176859) (157653) 分配前稅後總投資利润（虧損）

減分配 - - 期間總利润（虧損） 10043644 2837244








資產負債表 2015年12月31日

2015 2014

附註 S$ S$ 資產投資組合 76830899 65865119

應收帳款 5 519725 332600 經紀人應付帳款 6 234631 - 衍生性金融商品公平價值 7 12947 24400 現金及銀行存款 9 2501077 3805134 總資產 80099279 70027253 負債應付款項 10 375565 547008 經紀人應收款 6 481925 639746 衍生性金融商品公平價值 7 339342 1266 總負債 1196832 1188020

权益基金單位持有人資產淨值 11 78902447 68839233







ANNUAL REPORT

LIONGLOBAL INVESTMENT FUNDS II

A m

embe

r of

the

OC

BC

Gro

up

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

T +65 6417 6800F +65 6417 6806Co Reg No198601745D

For more information visit lionglobalinvestorscomor email ContactUslionglobalinvestorscom

copy Lion Global Investors Limited All rights reserved

For the financial year ended 31 December 2015


DIRECTORY

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

Directors of Lion Global Investors LimitedMr Ching Wei Hong (Chairman) Mr Norman Ip Ka Cheung (Deputy Chairman) Mr Gerard Lee How Cheng (CEO) Mr Cheong Jin Keat Mr Yoon Mun Thim Mr Tan Siew Peng Mr George Lee Lap Wah

TrusteeCiticorp Trustee (Singapore) Limited8 Marina View 21-00Asia Square Tower 1Singapore 018960

CustodianCitibank NA Singapore Branch8 Marina View 21-00Asia Square Tower 1Singapore 018960

RegistrarHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay13-02 HSBC BuildingSingapore 049320

Independent AuditorPricewaterhouseCoopers LLP8 Cross Street 17-00PWC BuildingSingapore 048424

1


CONTENTS

PAGE

PERFORMANCE OF THE FUNDSLIONGLOBAL JAPAN GROWTH FUND 2LIONGLOBAL RMB QUALITY BOND FUND 5

DISCLOSURES ON THE FUNDSLIONGLOBAL JAPAN GROWTH FUND 8LIONGLOBAL RMB QUALITY BOND FUND 11

REPORT OF THE TRUSTEE 14

STATEMENT BY THE MANAGER 15

INDEPENDENT AUDITORrsquoS REPORT TO THE UNITHOLDERS OFSUB-FUNDS OF LIONGLOBAL INVESTMENT FUNDS II 16

STATEMENTS OF TOTAL RETURNLIONGLOBAL JAPAN GROWTH FUND 18LIONGLOBAL RMB QUALITY BOND FUND 19

STATEMENTS OF FINANCIAL POSITIONLIONGLOBAL JAPAN GROWTH FUND 20LIONGLOBAL RMB QUALITY BOND FUND 21

STATEMENTS OF MOVEMENTS OF UNITHOLDERSrsquo FUNDSLIONGLOBAL JAPAN GROWTH FUND 22LIONGLOBAL RMB QUALITY BOND FUND 23

STATEMENTS OF PORTFOLIOLIONGLOBAL JAPAN GROWTH FUND 24LIONGLOBAL RMB QUALITY BOND FUND 31

NOTES TO THE FINANCIAL STATEMENTS 35

2


PERFORMANCE OF THE FUNDFor the year ended 31 December 2015

LIONGLOBAL JAPAN GROWTH FUND

Cumulative returns for the Fund are calculated up to 31 December 2015 in SGD terms based on single pricing with dividends reinvested net of all charges payable upon reinvestment

Time Period

Fund Returns ()LionGlobal

Japan Growth Fund - SGD Class

Benchmark Returns ()

3 months 95 916 months 20 271 year 171 1963 years 173 1605 years 75 6010 years -06 -20Since Inception(3 December 1999)

-04 -27

Cumulative returns for the Fund are calculated up to 31 December 2015 in USD terms based on single pricing with dividends reinvested net of all charges payable upon reinvestment

Time Period


Japan Growth Fund - USD Class


3 months 101 936 months -29 -261 year 93 1173 years 117 1045 years 55 3810 years 10 -04Since Inception(25 June 2004)

38 18

Source MorningstarLion Global Investors Ltd BenchmarkNikkei 225 Inception ndash 30 June 2002Tokyo Stock Price Index From 1 July 2002TOPIX Total Return Index From 1 March 2014 Returns of more than 1 year are annualised

3


REVIEW

For the year ended 31 December 2015 the Fund returned 171 underperforming the benchmark TOPIX Total Return Index which returned 196 in SGD terms

In the first half of year 2015 the Japanese stock market rallied strongly buoyed by domestic funds raising exposure to equities as well as Bank of Japan buying from its quantitative easing program while foreign investors were attracted by the changing attitudes of Japanese management towards greater corporate governance and shareholder returns Global liquidity remained abundant with the European Central Bank (ECB) launching its own quantitative easing as well as monetary loosening in China From June 2015 the market was spooked by the bursting of the Chinese stock market bubble together with a sharp decline in oil and commodity prices The one-off devaluation of the Chinese Yuan triggered a major global sell-off of emerging market currencies and a strengthening of the Japanese Yen The market rebounded strongly from October 2015 after China introduced more measures to boost its economy and the ECB signaled further quantitative easing measures impending However the ECBrsquos measures fell short of expectation while the US hiked interest rates as expected in December 2015 More importantly China introduced a new currency basket index to benchmark its currency against renewing fears of Yuan depreciation Japanrsquos economy remained sluggish throughout the year 2015 as seen in industrial production and corporate sentiment data The only bright spark came from inbound tourist spending where inbound visitors grew 47 and reached a record high 197 million in 2015

The Fundrsquos stock selection in medical technology stocks like Asahi Intecc and Sysmex smartphone plays like Murata Manufacturing and Alps Electric and other stocks like Pigeon Fuji Heavy Industries and Koito Industries contributed to performance The Fundrsquos underweight in top-performing sectors such as pharmaceuticals food telecoms and railways subtracted from performance

4


STRATEGY AND OUTLOOK

The global stock market ended the previous year 2015 in an uncertain environment where the US Federal Reserve started normalizing its monetary policy while the Chinese authorities began adjusting its foreign exchange policy amidst a weak economy signaling an inclination for a weaker currency At the same time oil price continued its downward spiral giving more evidence of a slowing global economy All these make for a difficult macro backdrop for stocks in 2016 We expect the US economy to remain robust despite likely further rate hikes and China to show further signs of recovery from the fiscal and monetary stimulus efforts

After holding off for the whole year of 2015 in January 2016 the Bank of Japan (BOJ) finally introduced a new measure of negative interest rates in addition to its quantitative and qualitative easing With this unprecedented move in Japan the outcome is difficult to predict However we believe the BOJ may be trying to place a floor to the recent yen strength and more measures may be forthcoming On the fiscal side we expect the government to focus on strengthening the economy and in turn support the stock market as we approach the Upper House elections in mid-2016 Finally we expect Japanese corporate management to continue strengthening their shareholder holder returns with higher dividend payouts and share buybacks likely to be forthcoming in the new fiscal year 2016 All in all the Japanese market remains an attractive proposition for investors

Our investment strategy is focused on bottom-up stock selection based on business fundamentals and long term earnings potential of companies We typically prefer globally-competitive companies that can ride on structural growth trends and companies that can grow through value-added products and services We like structural growth themes like factory automation where wage inflation and productivity needs drive demand for automation and auto-related industries where progress in advanced driver assistance systems is generating demand for more electronics and components In consumer-related areas we like consumer brands with quality and value-added products that can benefit from rising consumerism in emerging markets On the domestic front we expect demand from inbound tourism to be on a structural uptrend benefiting tourism-related industries

As of 16 February 2016

5



LIONGLOBAL RMB QUALITY BOND FUND

Cumulative returns for the Fund are calculated up to 31 December 2015 in SGD terms on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment

Time PeriodFund Returns ()

LionGlobal RMB Quality Bond Fund ndash SGD Accumulation Class

3 months 086 months 41Since Inception-Cumulative(9 June 2015)

38



LionGlobal RMB Quality Bond Fund ndash RMB Accumulation Class


36

Source MorningstarLion Global Investors Ltd

6


REVIEW

For the 6 months ended 31 December 2015 the Fund returned 41 in SGD terms

During the 6 months ended 31 December 2015 the Fund benefitted from both fundamental factors and technical factors Chinarsquos economic growth continued to slow down as the transformation to consumption and services sector was not sufficient to offset the slowdown in industrial sectors

Producer Price Index (PPI) stayed in deflation for over 3 years driven by over-capacity in industrial sectors which continued to see weak domestic demand as fixed asset investments growth continued to slow down the biggest culprit being real estate investments To support infrastructure investments and to keep interest rates low to support reforms and lower average borrowing cost for enterprises Peoplersquos Bank of China (PBOC) cut interest rates in August 2015 and October 2015 and Reserve Requirement Ratio (RRR) in October 2015 The weak economic fundamental as well as monetary easing supported bonds In addition the A-share equity rout which started in June 2015 turned domestic investorsrsquo sentiments towards equity and caused asset allocation to shift towards bonds Yields of government bonds declined while credit spreads of credit bonds also tightened

7



In 2016 Chinarsquos economy will continue to undergo structural deceleration The excess property inventory needs to go through destocking before property developers will restart residential housing construction The over-investment in the last decade left much excess capacity in the commodities sector which continued to experience falling prices and eroding margins leading to worsening credit quality among producing enterprises While we continue to see robust growth in retail sales and increasing contribution to Gross Domestic Product (GDP) growth from consumption and services sector these will not be sufficient to offset the slowdown in investment and manufacturing activity External demand weakness will likely continue for some time given the slowdown in Europe and Japan as well as the strong USD posing downside risk to US growth The economic weakness will put RMB on depreciation pressures The capital account liberalization might slow in periods of heightened depreciation and capital outflow pressures

China will try to arrest growth slowdown with a combination of fiscal easing tax incentives as well as monetary easing It is likely to boost investment growth most directly by pushing for more infrastructure projects and directing more long term funding towards such projects China will also continue to press ahead on painful economic reforms In particular there is increasing focus on ldquosupply-side reformsrdquo comprising reducing over-capacity destocking deleveraging and reducing cost This includes clearing excess property inventory in tier 3 and 4 cities hukou (household registration) reforms to encourage rural workers to migrate to cities as part of the overall plan for urbanization as well as shutting down excess steel mills coal mines and other industrial producers and diverting employees to other sectors The serious task of tackling overcapacity will be positive for improving the quality and sustainability of economic growth in the long run but may lead to further weakness in industrial activity in the process while the employment layoff from cutting overcapacity will also pose downside pressure to consumption Local government debt reforms will be accelerated through a bigger scale debt-swap programme next two years after a successful launch in 2015

The weak macro environment calls for continued accommodative monetary policy to support growth as well as various reforms The high average borrowing cost for enterprises also calls for lower interest rates and a more developed bond market to allow enterprises to conduct direct financing Interest rates have entered historically low levels in China with the start of 2016 but they remain higher than levels in most other major economies We expect the bond market to become more volatile in 2016 after the aggressive easing environment in 2015 but bonds as an asset class are likely to continue to benefit from the weak fundamentals and accommodative monetary policy We also expect to see more bond defaults in the China onshore market so our credit exposure is still focused on high quality credits


8


DISCLOSURES ON THE FUND 1



1 DISTRIBUTION OF INVESTMENTS AS AT 31 DECEMBER 2015

Fair Value

Percentage of total net assets attributable to

unitholders$

a) By Asset ClassEquities 76830899 974 Financial Derivatives at fair value (326395) (04)Cash and cash equivalents 2397943 30 Net assets attributable to unitholders 78902447 1000

b) By Credit Rating of Debt Securities

Not applicable

c) By Derivative Type

Foreign exchange forward contracts (326395) (04) (326395) (04)

Total net realised and unrealised losses from financial derivatives at the end of the period were $1001553 and $326395 respectively

1 As required by Code on Collective Investment Schemes

9


2 TOP 10 HOLDINGS

As at 31 December 2015

Fair Value


unitholders$

Fuji Heavy Industries Limited 2424710 31 Sumitomo Mitsui Trust Holding 2310561 29 Orix Corporation 1917903 24 Mazda Motor Corporation 1833571 23 Kao Corporation 1807262 23 Asahi Intecc Company Limited 1674454 21 Nidec Corporation 1479861 19 Bank of Yokohama Limited 1460605 19 Chiba Bank Limited 1457060 18 Daikin Industries Limited 1396105 18


Fair Value


unitholders$

Sumitomo Mitsui Trust Holding Inc 2011910 29 Mazda Motor Corporation 1834541 27 Mitsubishi Electric Corporation 1773940 26 Omron Corporation 1662467 24 Denso Corporation 1636632 24 Pigeon Corporation 1630792 24 Orix Corporation 1596241 23 Murata Manufacturing Company Limited 1581566 23 Asahi Intecc Company Limited 1393634 20 Keyence Corporation 1308378 19

10


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

Nil

7 BORROWINGS

Nil

8 SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS

The soft dollar commissions if applicable from various brokers for the period 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

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

11






Fair Value


unitholdersRMB

a) By Asset ClassDebt Securities (including accrued interest on debt securities) 110600059 927 Financial Derivatives at fair value 1219693 10 Cash and cash equivalents 7462633 63 Net assets attributable to unitholders 119282385 1000

b) By Credit Rating of Debt SecuritiesAa3 10273840 86 Baa2 2979000 25 Ba3 4987450 42 Unrated 90256280 756 Accrued interest on debt securities 2103489 18 Total Debt Securities 110600059 927


Foreign exchange forward contracts 1219693 10 1219693 10

Total net realised losses and unrealised gains from financial derivatives at the end of the period were RMB1402936 and RMB1219693 respectively


12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB

State Grid Corp of China 5 due 20112022 10913600 91 China Development Bank Corporation Series

1510 421 due 13042025 10836410 91 China Railway Corporation Series MTN 57

due 23042019 10823970 91 Poly Real Estate Group Company Limited Series

MTN 47 due 13022020 10473170 88 China Development Bank Corporation Series

1513 386 due 25062020 10420500 87 China Government Bond Series 1514 33 due

09072022 10273840 86 Beijing Infrastructure Investment Company

Limited 49 due 11082020 10241750 86 Dalian Wanda Commercial Properties Company

Limited Series MTN 46 due 31072020 10195210 85 Yanlord Land HK Company Limited 5375 due

23052016 4987450 42 Unican Limited Series EMTN 56 due

18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil

5 SECURITIES LENDING OR REPURCHASE TRANSACTIONS

Nil


Nil

7 BORROWINGS

Nil






Not applicable

14


REPORT OF THE TRUSTEE

The Trustee is under a duty to take into custody and hold the assets of the sub-funds of LionGlobal Investment Funds II (the ldquoFundrdquo) namely LionGlobal Japan Growth Fund and LionGlobal RMB Quality Bond Fund (collectively referred to as the ldquoSub-Fundsrdquo) in trust for the unitholders In accordance with the Securities and Futures Act (Cap 289) its subsidiary legislation and the Code on Collective Investment Schemes the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report

To the best knowledge of the Trustee the Manager has in all material respects managed the Sub-Funds during the financial yearperiod covered by these financial statements set out on pages 18 to 66 in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed

For and on behalf of the TrusteeCITICORP TRUSTEE (SINGAPORE) LIMITED

Authorised signatory

30 March 2016

15


STATEMENT BY THE MANAGER

In the opinion of the directors of Lion Global Investors Limited the accompanying financial statements set out on pages 18 to 66 comprising the Statements of Total Return Statements of Financial Position Statements of Movements of Unitholdersrsquo Funds Statements of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly in all material respects the financial positions of the sub-funds of LionGlobal Investment Funds II (the ldquoFundrdquo) namely LionGlobal Japan Growth Fund and LionGlobal RMB Quality Bond Fund (collectively referred to as the ldquoSub-Fundsrdquo) as at 31 December 2015 and the total return and changes in unitholdersrsquo funds for the yearperiod then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 ldquoReporting Framework for Unit Trustsrdquo issued by the Institute of Singapore Chartered Accountants At the date of this statement there are reasonable grounds to believe that the Sub-Funds will be able to meet their financial obligations as and when they materialise

For and on behalf of directors ofLION GLOBAL INVESTORS LIMITED

GERARD LEE HOW CHENGCEO

30 March 2016

16


INDEPENDENT AUDITORrsquoS REPORT TO THE UNITHOLDERS OFSUB-FUND OF LIONGLOBAL INVESTMENT FUNDS II(Constituted under a Trust Deed in the Republic of Singapore)

We have audited the accompanying financial statements of the sub-funds of LionGlobal Investment Funds II (the ldquoFundrdquo) namely LionGlobal Japan Growth Fund and LionGlobal RMB Quality Bond Fund (collectively referred to as the ldquoSub-Fundsrdquo) which comprise the Statements of Financial Position and Statements of Portfolio as at 31 December 2015 the Statements of Total Return and Statements of Movements of Unitholdersrsquo Funds for the yearperiod then ended and a summary of significant accounting policies and other explanatory information as set out on pages 18 to 66

Managerrsquos Responsibility for the Financial Statements

The Sub-Fundsrsquo Manager (the ldquoManagerrdquo) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 ldquoReporting Framework for Unit Trustsrdquo 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

Auditorrsquos 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 auditorrsquos 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 Sub-Fundsrsquo 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 Sub-Fundsrsquo 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

17


Opinion

In our opinion the financial statements present fairly in all material respects the financial positions of the Sub-Funds as at 31 December 2015 and the total returns for the yearperiod then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 ldquoReporting Framework for Unit Trustsrdquo issued by the Institute of Singapore Chartered Accountants

PricewaterhouseCoopers LLPPublic Accountants and Chartered Accountants

Singapore 30 March 2016

18


STATEMENT OF TOTAL RETURNFor the financial year ended 31 December 2015

LionGlobal Japan Growth Fund 2015 2014

Note $ $IncomeDividends 1177935 1073556 Interest on cash and bank balances - 14

1177935 1073570 Less ExpensesAudit fee 20018 19413 Custodian fees 13 7049 6472 Management fee 1179583 1126431 Professional fees 19376 29285 Registration fee 29904 29789 Trustee fee 35019 33441 Transaction cost 235924 190855 Valuation and administration fees 27803 26635 Miscellaneous expenses 80124 58848

1634800 1521169 Net expenses (456865) (447599)

Net gains or losses on value of investments and financial derivatives

Net gains on investments 11867565 3089394 Net losses on foreign exchange spot contracts (30367) (48546)Net (losses)gains on foreign exchange forward

contracts (1297581) 491320 Net foreign exchange gains(losses) 137751 (89672)

10677368 3442496

Total return for the year before income tax 10220503 2994897

Less Income tax 3 (176859) (157653)

Total return for the year 10043644 2837244

The accompanying notes form an integral part of these financial statements

19



LionGlobal RMB Quality Bond Fund For the financial

period 9 June 2015 (date of

commencement of operations) to

31 December 2015

Note RMB IncomeInterest on cash and bank balances 61623

61623 Less ExpensesAudit fee 171853 Custodian fees 13 23077 Management fee 40219 Professional fee 60481 Registration fee 74739 Trustee fee 31742 Transaction costs 9164 Valuation and administration fees 32205 Preliminary expenses 31300 Miscellaneous expenses 21750

496530 Net expenses (434907)


Net gains on investments 4798731 Net losses on foreign exchange spot contracts (76091)Net losses on foreign exchange forward contracts (117671)Net foreign exchange gains 458415

5063384

Total return for the period before income tax 4628477

Less Income tax 3 (3098)

Total return for the period 4625379


20


STATEMENT OF FINANCIAL POSITIONAs at 31 December 2015

LionGlobal Japan Growth Fund2015 2014

Note $ $ASSETSPortfolio of investments 76830899 65865119 Receivables 5 519725 332600 Due from brokers 6 234631 - Financial derivatives at fair value 7 12947 24400 Cash and bank balances 9 2501077 3805134

Total assets 80099279 70027253

LIABILITIESPayables 10 375565 547008 Due to brokers 6 481925 639746 Financial derivatives at fair value 7 339342 1266

Total liabilities 1196832 1188020

EQUITYNet assets attributable to unitholders 11 78902447 68839233


21



LionGlobal RMB Quality Bond Fund

2015 Note RMB

ASSETSPortfolio of investments 110600059 Fixed deposits 8 5210138 Receivables 5 369253 Financial derivatives at fair value 7 1219693 Cash and bank balances 9 2527039

Total assets 119926182

LIABILITIESPayables 10 643797

Total liabilities 643797

EQUITYNet assets attributable to unitholders 11 119282385


22


STATEMENT OF MOVEMENTS OF UNITHOLDERSrsquo FUNDSFor the financial year ended 31 December 2015


Note $ $Net assets attributable to unitholders at the

beginning of the financial year 68839233 74916167

OperationsChange in net assets attributable to unitholders

resulting from operations 10043644 2837244

Unitholders contributions(withdrawals)Creation of units 69531213 58378584 Cancellation of units (69511643) (67292762)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 19570 (8914178)

Distributions 4 - -

Total increase(decrease) in net assets attributable to unitholders 10063214 (6076934)

Net assets attributable to unitholders

at the end of the financial year 11 78902447 68839233


23





For the financial period 9 June 2015 (date of


31 December2015

Note RMBNet assets attributable to unitholders at the beginning of

the financial period -

OperationsChange in net assets attributable to unitholders resulting from

operations 4625379

Unitholders contributions(withdrawals)Creation of units 173423699 Cancellation of units (58452202)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 114971497

Distributions 4 (314491)

Total increase in net assets attributable to unitholders 119282385

Net assets attributable to unitholders at the end of the financial period 11 119282385

24


STATEMENT OF PORTFOLIOAs at 31 December 2015


Holdings at31 December

2015

Fair value at31 December

2015

Percentage oftotal net assetsattributable tounitholders at31 December

2015$

By Industry (Primary)

QUOTED

EQUITIES

CONSUMER CYCLICALFuji Heavy Industries Limited 40900 2424710 31 Mazda Motor Corporation 61600 1833571 23 Koito Manufacturing Company Limited 21900 1293926 16 Sony Corporation 34500 1221399 15 Oriental Land Company Limited 14000 1211363 15 Nifco Inc 16600 1102159 14 Bandai Namco Holdings Inc 28200 852697 11 Panasonic Corporation 58100 849964 11 Izumi Company Limited 15000 833182 11 Denso Corporation 11200 768457 10 Sekisui Chemical Company Limited 39600 743007 09 Ryohin Keikaku Company Limited 2500 726454 09 Bridgestone Corporation 14400 708831 09 Dentsu Inc 8000 630223 08 Stanley Electric Company Limited 16100 507329 06 Haseko Corporation 30200 480092 06 Don Quijote Holdings Company Limited 8600 433573 06 Musashi Seimitsu Industry Company

Limited 13200 386214 05 Recruit Holdings Company Limited 7300 306479 04 ABC - Mart Inc 3900 305854 04 Isuzu Motors Limited 15100 233991 03 Rakuten Inc 12800 211785 03 Kyoritsu Maintenance Company Limited 1700 208903 03 Isetan Mitsukoshi Holdings Limited 10200 190779 02

18464942 234


25



2015


2015


2015$

INDUSTRIALNidec Corporation 14200 1479861 19 Daikin Industries Limited 13300 1396105 18 Nishimatsu Construction Company Limited 211000 1144637 15 Kubota Corporation 51000 1135533 14 ITOCHU Corporation 65900 1120672 14 Taisei Corporation 90000 849103 11 Mitsubishi Electric Corporation 50000 756232 10 Minebea Company Limited 61000 754628 09 FANUC Corporation 3000 745795 09 NGK Insulators Limited 21000 682042 09 Seino Holdings Company Limited 45400 677824 08 SECOM Company Limited 5900 573333 07 Mitsubishi Corporation 22000 526161 07 Daifuku Company Limited 21400 523672 07 NSK Limited 24100 376867 05 Mitsui amp Company Limited 17500 298321 04 Mitsubishi Heavy Industries Limited 47000 295595 04 Hitachi Transport System Limited 10700 267767 03 SMC Corporation Japan 500 187333 02

13791481 175

FINANCIALSumitomo Mitsui Trust Holding 425000 2310561 29 Orix Corporation 94800 1917903 24 Bank of Yokohama Limited 166000 1460605 19 Chiba Bank Limited 143000 1457060 18 Nippo Japan Nipponkoa Holdings Inc 22800 1078488 14 Invincible Investment Corporation Real

Estate Investment Trust 1166 968052 12 Dai-Ichi Life Insurance Company Limited 32900 789565 10 Aozora Bank Limited 157000 783191 10 Nomura Holdings Inc 82300 659115 08 Tokio Marine Holdings Inc 9700 539020 07 Daiwa Securities Group Inc 33000 289855 04 TampD Holdings Inc 10900 206829 03 Sumitomo Real Estate Sales Company

Limited 3500 114953 02 12575197 160


26



2015


2015


2015$

CONSUMER NON-CYCLICALKao Corporation 24500 1807262 23 Asahi Intecc Company Limited 25400 1674454 21 Sysmex Corporation 15000 1385098 18 Pigeon Corporation 32800 1146902 15 Kusuri No Aoki Company Limited 15300 1068171 14 MEIJI Holdings Company Limited 8300 983721 12 Shionogi amp Company Limited 15000 973461 12 Chugai Pharmaceutical Company

Limited 13400 670036 09 Nippon Shinyaku Company Limited 9000 475497 06 M3 Inc 11700 347983 04 Eisai Company Limited 3600 342316 04 Ajinomoto Inc 7000 237707 03 Asahi Group Holdings Limited 3000 134406 02

11247014 143

TECHNOLOGYKeyence Corporation 1700 1344837 17 Murata Manufacturing Company Limited 6400 1326109 17 Mabuchi Motor Company Limited 14600 1143269 15 Hitachi Limited 133000 1084605 14 ALPS Electric Company Limited 25800 1008628 13 SCSK Corporation 15000 864139 11 Hitachi High - Technologies Corporation 18900 733306 09 Iriso Electronics Company Limited 8400 675603 09 TDK Corporation 7100 654776 08 Citizen Holdings Company Limited 56100 578232 07 Disco Corporation 2900 393300 05 Nintendo Company Limited 1700 335908 04 NEC Corporation 51000 231557 03 Seiko Epson Corporation 5200 114676 01 Fujitsu Limited 15000 107358 01

10596303 134


27



2015


2015


2015$

BASIC MATERIALSToray Industries Inc 97000 1292641 16 Daicel Chemical Industries Limited 51400 1099583 14 Nippon Paint Holdings Company

Limited 24000 837215 11 Nitto Denko Corporation 5400 567540 07 Hitachi Metals Limited 20600 365621 05 Nippon Steel amp Sumitomo Metal

Corporation 12300 350453 05 Nissan Chemical Industries 10700 349409 04 Teijin Limited 70000 342589 04 Shin-Etsu Chemical Company Limited 3900 304336 04 Mitsui Chemicals Inc 41000 262066 03 Sumitomo Metal Mining Company

Limited 13000 226823 03 5998276 76

REAL ESTATEMitsui Fudosan Company Limited 37000 1333468 17 Daiwa House Industry Company

Limited 25400 1049305 13 Sumitomo Realty amp Development

Company Limited 17000 696677 09 3079450 39

UTILITIESShikoku Electric Power Company Inc 29400 658762 08 Tokyo Gas Company Limited 16000 107704 01

766466 09

ENERGYInpex Corporation 22300 311770 04

311770 04

Portfolio of investments 76830899 974 Other net assets 2071548 26 Net assets attributable to unitholders 78902447 1000


28


Percentage of total net assetsattributable to unitholders at31 December

2015 31 December

2014

By Industry (Summary)

Consumer Cyclical 234 175 Industrial 175 192 Financial 160 136 Consumer Non-cyclical 143 127 Technology 134 172 Basic Materials 76 79 Real Estate 39 53 Utilities 09 16 Energy 04 07



29



2015


201531 December

2014$

By Geography (Secondary)

Japan 76830899 974 957

Portfolio of investments 76830899 974 957 Other net assets 2071548 26 43 Net assets attributable to unitholders 78902447 1000 1000


30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES

FINANCIALChina Development Bank Corporation

Series 1510 421 due 13042025 10000000 10836410 91 China Development Bank Corporation

Series 1513 386 due 25062020 10000000 10420500 87 Unican Limited Series EMTN 56 due

18092017 5000000 4959950 42 Unican Limited Series EMTN 58 due

30052017 2000000 1989980 17 Value Success International Limited 4

due 21112016 2000000 1983500 17 SOAR Rise Limited 4375 due 13062017 1500000 1489500 12 Far East Horizon Limited 545 due

11122016 1000000 1003740 08 32683580 274

REAL ESTATEPoly Real Estate Group Company

Limited Series MTN 47 due 13022020 10000000 10473170 88

Dalian Wanda Commercial Properties Company Limited Series MTN 46 due 31072020 10000000 10195210 85

Yanlord Land HK Company Limited 5375 due 23052016 5000000 4987450 42

Global Logistic Properties Limited 3375 due 11052016 3000000 2979000 25

28634830 240


31



2015


2015


2015RMB

INDUSTRIALChina Railway Corporation Series MTN

57 due 23042019 10000000 10823970 91 Beijing Infrastructure Investment

Company Limited 49 due 11082020 10000000 10241750 86

21065720 177

UTILITIESState Grid Corp of China 5 due

20112022 10000000 10913600 91

SOVEREIGNChina Government Bond Series 1514

33 due 09072022 10000000 10273840 86

COMMUNICATIONSChina Unicom Hong Kong Limited

Series EMTN 4 due 16042017 5000000 4925000 41

Accrued interest receivable on debt securities 2103489 18



32



2015


Financial 274 Real Estate 240 Industrial 177 Utilities 91 Sovereign 86 Communications 41

909 Accrued interest receivable on debt securities 18

Portfolio of investments 927 Other net assets 73 Net assets attributable to unitholders 1000


33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34


NOTES TO THE FINANCIAL STATEMENTSFor the financial year ended 31 December 2015

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

1 GENERAL

LionGlobal Investment Funds II (the ldquoFundrdquo) is a Singapore domiciled umbrella fund constituted by a Deed of Trust dated 9 November 1999 together with its Supplemental Deeds thereon (thereafter referred to as ldquoTrust Deedrdquo) between Lion Global Investors Limited (the ldquoManagerrdquo) and Citicorp Trustee (Singapore) Limited (the ldquoTrusteerdquo) The Trust Deed is governed by the laws of the Republic of Singapore

The Fund is a Singapore constituted umbrella fund currently offering units in four sub-funds namely the LionGlobal Japan Growth Fund LionGlobal RMB Equity Fund LionGlobal RMB Quality Bond Fund and LionGlobal RMB Flexi Fund An umbrella fund is a collection of sub-funds under a common umbrella fund structure in this case the Fund with each sub-fund having a separate investment objective and focus The umbrella fund has launched only the following sub-funds (collectively referred to as the ldquoSub-Fundsrdquo) as at 31 December 2015 each of which has a separate investment objective as follow

(1) LionGlobal Japan Growth Fund

The LionGlobal Japan Growth Fund aims for the long-term capital growth of assets by investing primarily in quoted or listed securities in any Recognised Stock Exchange or OTC Market in Japan and this is a unit trust under the Central Provident Fund Investment Scheme

LionGlobal Japan Growth Fund offers five classes of units namely SGD Class SGD-Hedged class USD class USD-Hedged Class and JPY Class Subscriptions and redemptions of the Fund are denominated in Singapore Dollar United States Dollar and Japanese Yen Investors may subscribe in United State dollars and Japanese Yen at the applicable rate of exchange from Singapore dollars In respect of the SGD-Hedged class and USD-Hedged class units the Manager has the ability to hedge the units of such class in relation to the currency of the underlying investments which is Japanese Yen as they deem appropriate Where hedging of this kind is undertaken the Manager may engage for the exclusive account of the SGD-Hedged class and USD-Hedged class units in currency forwards currency futures currency option transactions and currency swaps in order to preserve the value of the SGD-Hedged class and USD-Hedged Class units against the currency of the underlying investments The effects of this hedging will be reflected in the Net Asset Value of the SGD-Hedged class and USD-Hedged class respectively and therefore in the performance of the relevant class Similarly any expenses arising from such hedging transactions will be borne by the respective class units The management fee rates are the same for all five classes

35


(2) LionGlobal RMB Quality Bond Fund

The LionGlobal RMB Quality Bond Fund aims to provide a total return of capital growth and income over the medium to long term through investments in fixed income instruments There is no target industry or sector

LionGlobal RMB Quality Bond Fund offers twenty classes of units

Class A units Class L unitsA SGD Acc Class L SGD Acc ClassA SGD Dist Class L SGD Dist ClassA SGD-Hedged Acc Class L SGD-Hedged Acc ClassA SGD-Hedged Dist Class L SGD-Hedged Dist ClassA USD Acc Class L USD Acc ClassA USD Dist Class L USD Dist ClassA USD-Hedged Acc Class L USD-Hedged Acc ClassA USD-Hedged Dist Class L USD-Hedged Dist ClassA RMB Acc Class L RMB Acc ClassA RMB Dist Class L RMB Dist Class

As at 31 December 2015 only RMB Class A Acc SGD Class A Acc SGD Class A Dist RMB Class L Acc RMB Class L Dist SGD Class L Acc SGD - Hedged Class L Dist have been subscribed

Subscriptions and redemptions of the Fund are denominated in Singapore Dollar United States Dollar and Chinese Renminbi Investors may subscribe in United State Dollars and Chinese Renminbi at the applicable rate of exchange from Singapore Dollars In respect of the SGD-Hedged class and USD-Hedged class units the Manager has the ability to hedge the units of such class in relation to the currency of the underlying investments which is Chinese Renminbi as they deem appropriate Where hedging of this kind is undertaken the Manager may engage for the exclusive account of the SGD-Hedged class and USD-Hedged class units in currency forwards currency futures currency option transactions and currency swaps in order to preserve the value of the SGD-Hedged class and USD-Hedged Class units against the currency of the underlying investments The effects of this hedging will be reflected in the Net Asset Value of the SGD-Hedged class and USD-Hedged class respectively and therefore in the performance of the relevant class Similarly any expenses arising from such hedging transactions will be borne by the respective class units

The management fee rates for Class A units is 075 per annum and Class L units is nil

36


All the classes of units of the LionGlobal Japan Growth Fund and Class A units of the LionGlobal RMB Quality Bond Fund may be subscribed by all investors Class L units of the LionGlobal RMB Quality Bond Fund may only be offered to the Manager investment funds managed by the Manager certain distributors and to such other investors at the Managerrsquos sole discretion

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 ldquoReporting Framework for Unit Trustsrdquo issued by the Institute of Singapore Chartered Accountants

(b) Recognition of income

Dividend income is recognised when the right to receive payment is established

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 Statements of Total Return

(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 Sub-Funds Distributions are accrued for at the reporting date if the necessary approvals have been obtained and a legal or constructive obligation has been created

37


(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 Statements 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 sale of investments are computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs and are taken up in the Statements of Total Return

(f) Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date The quoted market price used for investments in equities held by the Sub-Funds is the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread The quoted market price used for investments in debt securities held by the Sub-Funds is the market mid prices Accrued interest or discount or premium on debt securities at the reporting date are included in the fair value of debt securities Interest income on debt securities is presented within net gains or losses on investments on the Statements of Total Return In circumstances where the last traded price is not within the bid-ask spread the Manager will determine the point within the bid-ask spread that is most representative of fair value The quoted market price used for investments in underlying funds held by the Sub-Funds is the published price of the underlying funds at the close of trading on the reporting date

(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

38


(h) Foreign currencies

(i) Functional and presentation currency

Subscriptions and redemptions of the units in LionGlobal Japan Growth Fund (Sub-Fund) are denominated in Singapore dollars United States dollars and Japanese Yen The primary activity of the Sub-Fund is to invest in quoted or listed securities in any recognised stock exchange or over-the-counter market in Japan

Subscriptions and redemptions of the units in LionGlobal RMB Quality Bond Fund (Sub-Fund) are denominated in Singapore dollars United States dollars and Renminbi (ldquoRMBrdquo) The primary activity of the Sub-Fund is to invest in medium to long term through investments in fixed income instruments

The performance of each Sub-Fund are measured and reported to the investors in Singapore dollars and Renminbi respectively In addition the Sub-Fundsrsquo activities are substantially based in Singapore and expenses are predominantly denominated in Singapore dollars and Renminbi respectively Therefore the Manager considers the Singapore Dollar and Renminbi respectively as the currency which most faithfully represent the economic effects of the underlying transactions events and conditions The Sub-Fundsrsquo functional and presentation currency are the Singapore Dollar and Renminbi respectively

(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 Statements of Total Return Translation differences on non-monetary financial assets and liabilities such as equities are also recognised in the Statements of Total Return within the net gain or loss on investment

3 INCOME TAX

The LionGlobal Japan Growth Fund and LionGlobal RMB Quality Bond Fund were 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

39


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

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

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

(d) gains or profits derived from foreign exchange transactions transactions in futures contracts transactions in interest rate or currency forwards swaps or option contracts and transactions in forwards 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

With effect from 1 June 2015 LionGlobal Japan Growth Fund relinquished the DUT status in favour of LionGlobal Japan Growth Fund being approved by the Monetary Authority of Singapore (MAS) for the Enhanced-Tier Fund Tax Incentive Scheme under Section 13X of the Income Tax Act and the relevant regulations Subject to certain conditions being met on an annual basis LionGlobal Japan Growth Fund may enjoy Singapore corporate tax exemption on ldquospecified incomerdquo derived from ldquodesignated investmentsrdquo for the life of LionGlobal Japan Growth Fund The tax exemption does not apply in the year when the relevant conditions are not met Losses from ldquodesignated investmentsrdquo are correspondingly disregarded with certain exceptions

LionGlobal Japan Growth Fund


2015 2014



31 December 2015

$ $ RMB

Overseas income tax 176859 157653 3098

The overseas income tax represents tax deducted at source on dividends derived from outside Singapore and capital gains on realised investments

40


The Sub-Funds incur withholding taxes imposed by certain countries on bond interest and interest on deposits with banks Such interest income is recorded gross of withholding tax in the Statements of Total Return Withholding taxes are shown as a separate item in the Statements of Total Return

4 DISTRIBUTION




31 December 2015 RMB

Class L RMB Dist First distribution of RMB 10 per 100 units on 25 January 2016 to

unitholders on the register as at 31 December 2015 177200

Class A DistFirst distribution of SGD 2 per 100 units on 25 January 2016 to

unitholders on the register as at 31 December 2015 137291 314491

The Manager does not propose any distribution for LionGlobal Japan Growth Fundrsquos unitholders for the financial year ended 31 December 2015 (2014 Nil)

5 RECEIVABLES



2015 2014 2015 $ $ RMB

Amount receivable for creation of units 410794 297797 334369

Interest receivable - - 695 Dividends receivable 61234 13359 - Other receivable 47697 21444 34189

519725 332600 369253

41


6 DUE FROM(TO) BROKERS



2015 2014 2015 $ $ RMB

Sales awaiting settlement 234631 - -

Purchases awaiting settlement (481925) (639746) -

7 FINANCIAL DERIVATIVES AT FAIR VALUE

Financial derivatives comprise foreign exchange spot and forward contracts due for settlement within one month (2014 15 days) from the reporting date The contracts or underlying principal amounts of these financial derivatives and their corresponding gross fair values at the reporting date are analysed below

31 December 2015

LionGlobal Japan Growth FundContract orunderlyingprincipal Fair valueamount Asset Liability

$ $ $

Foreign exchange forward contracts 22275372 12947 339342 12947 339342

31 December 2014

Contract orunderlyingprincipal Fair valueamount Asset Liability

$ $ $

Foreign exchange spot contracts 955875 5984 - Foreign exchange forward contracts 2601180 18416 1266

24400 1266

42


31 December 2015

LionGlobal RMB Quality Bond Fund Contract orunderlyingprincipal Fair valueamount Asset Liability

RMB RMB RMB

Foreign exchange forward contracts 57445235 1219693 - 1219693 -

The foreign exchange spot and forward contracts were undertaken for the purposes of efficient portfolio management and have the effect of reducing the net balance sheet currency exposure (Note 12(a)(iii))

8 FIXED DEPOSITS


2015 RMB

Fixed deposit 5210138 5210138

Fixed deposits of the Sub-Fund have the following average maturity from the end of the financial period

2015 days

LionGlobal RMB Quality Bond Fund 4

Fixed deposits of the Sub-Fund have the following weighted average effective interest rates


43


9 CASH AND BANK BALANCES

The cash and bank balances are placed with a financial institution related to the Trustee

10 PAYABLES



2015 2014 2015 $ $ RMB

Amount payable for cancellation of units 176940 396340 -

Distribution payable - - 314491 Amount due to the Manager 101700 89407 6923 Amount due to the Trustee 3385 2781 14282 Amount due to the Custodian 593 593 6888 Amount due to the Registrar 6299 6130 28846 Other payables 86648 51757 272367

375565 547008 643797

11 UNITS IN ISSUE


2015 2014Units Units

SGD ClassUnits at beginning of the year 84288684 96289227 Units created 37508019 60736636 Units cancelled (59789346) (72737179)Units at end of the year 62007357 84288684

SGD SGD

Net assets attributable to unitholders 55903843 64521113 Net asset value per unit 0901 0765

44




SGD-Hedged ClassUnits at beginning of the year 1752770 - Units created 23730600 9693887 Units cancelled (10093075) (7941117)Units at end of the year 15390295 1752770

SGD SGD




USD ClassUnits at beginning of the year 1676979 3651736 Units created 852202 2097669 Units cancelled (1506935) (4072426)Units at end of the year 1022246 1676979

SGD SGD

Net assets attributable to unitholders 921636 1283690 Net asset value per unit 0901 0765 Net asset value per unit (equivalent in USD) 0633 0577



USD-Hedged ClassUnits at beginning of the year 476677 - Units created 1753700 1180960 Units cancelled (1602625) (704283)Units at end of the year 627752 476677

45


USD USD




JPY ClassUnits at beginning of the year 107823 - Units created 224979 161334 Units cancelled (197359) (53511)Units at end of the year 135443 107823

JPY JPY





31 December 2015 Units

RMB Class A AccUnits at beginning of the period - Units created 759940 Units cancelled - Units at end of the period 759940

RMB

Net assets attributable to unitholders 3936716 Net asset value per unit 5180

46






SGD Class A AccUnits at beginning of the period - Units created 199150 Units cancelled (50011)Units at end of the period 149139

RMB

Net assets attributable to unitholders 708064 Net asset value per unit 4747 Net asset value per unit (equivalent in SGD) 1037





SGD Class A DistUnits at beginning of the period - Units created 1549368 Units cancelled (47104)Units at end of the period 1502264

RMB


47






RMB Class L AccUnits at beginning of the period - Units created 12751010 Units cancelled (11601010)Units at end of the period 1150000

RMB






RMB Class L DistUnits at beginning of the period - Units created 1772000 Units cancelled - Units at end of the period 1772000

RMB


48






SGD Class L AccUnits at beginning of the period - Units created 6787000 Units cancelled - Units at end of the period 6787000

RMB






SGD - Hedged Class L AccUnits at beginning of the period - Units created 12754512 Units cancelled - Units at end of the period 12754512

SGD


49


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 issuingredeeming units at the reporting date is presented below


SGD ClassSGD-Hedged

Class USD Class2015 2015 2015SGD SGD SGD

Net assets attributable to unitholders per unit per the financial statements 0901 1350 0901

Effect of movement in the net asset value between the last dealing date and the end of the reporting period (0004) (0005) (0004)

Net assets attributable to unitholders per unit for issuingredeeming units 0897 1345 0897

USD-Hedged Class JPY class2015 2015USD JPY

Net assets attributable to unitholders per unit per the financial statements 1306 136083

Effect of movement in the net asset value between the last dealing date and the end of the reporting period - 0040

Net assets attributable to unitholders per unit for issuingredeeming units 1306 136123

50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB

Net assets attributable to unitholders per unit per the financial statements 5180 1037 1018 5212

Effect of preliminary expenses expensed off 0001

Effect of distribution per unit - - 0020 - Net assets attributable to unitholders

per unit for issuingredeeming units 5180 1037 1038 5213

RMB Class L Dist

SGD Class L Acc

SGD - Hedged

Class L Acc2015 2015 2015RMB SGD SGD



Effect of distribution per unit 0100 - - Net assets attributable to unitholders

per unit for issuingredeeming units 5203 1042 1031

effect is smaller than 0001

51


12 FINANCIAL RISK MANAGEMENT

The Sub-Fundsrsquo activities expose them a variety of market risk (including currency risk interest rate risk and price risk) credit risk and liquidity risk The Sub-Fundsrsquo overall risk management programme seeks to minimise potential adverse effects on the Sub-Fundsrsquo financial performance The Sub-Funds may use financial futures contracts options andor 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 Sub-Funds at any time as part of the overall financial risk management to reduce the Sub-Fundsrsquo risk exposures

The Sub-Fundsrsquo assets principally consist of investment in equities and debt securitiesThey are held in accordance with the published investment policies of the Sub-Funds The allocation of assets between the various types of investments is determined by the Manager to achieve their investment objectives

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 investorrsquos expectation contribute to market risk which may have a significant impact on the assetrsquos value

The Sub-Fundsrsquo investments are substantially dependent on changes in market prices The Manager monitors the Sub-Fundsrsquo 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 Sub-Funds Guidelines are set to reduce the Sub-Fundsrsquo risk exposures to market volatility such as diversifying the portfolio by investing across various geographies industries

The Sub-Fundsrsquo market risk is affected primarily by three components changes in actual market prices interest rate volatilities and foreign exchange movements

(i) Price risk

The LionGlobal Japan Growth Fundrsquos sensitivity to the market is measured using its beta a ratio that describes how the expected return of a portfolio is correlated to the return of the financial market as a whole The daily fundsrsquo price movements are measured against the daily price movement of the benchmark to derive the beta

52


As at 31 December 2015 the LionGlobal Japan Growth Fundrsquos beta was 101 (2014 106) which was calculated based on the daily returns over the preceding 12 months for the sub-fund and its benchmark (2014 based on the daily returns over the preceding 12 months for the sub-fund and their benchmark)

The table below summarises the impact of increasesdecreases from the LionGlobal Japan Growth Fundrsquos underlying investments in equities on the sub-fundrsquos net assets attributable to the unitholders as at 31 December 2015 and 2014 The analysis was based on the assumptions that the index components within the benchmark index increaseddecreased by a reasonable possible shift with all variables held constant and that the fair value of the LionGlobal Japan Growth Fundrsquos investments moved according to the beta

Impact of 5 (2014 5) movement in benchmark on

net assets attributable to the unitholders

Fund Benchmark 2015 2014$ $


Tokyo Stock Price Index 3879960 3490851

The LionGlobal RMB Quality Bond Fund does not hold any equities as at 31 December 2015 Hence no sensitivity analysis on price risk has been presented as price risk primarily results from exposure to volatility of equities prices

(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

LionGlobal Japan Growth Fund does not hold substantial financial assets or liabilities of which the values are sensitive to changes in interest rates LionGlobal Japan Growth Fund invests in equity securities which may be subject to interest rate risk as any interest rate change may affect the equity risk premium though at varying degrees To manage this risk the Manager analyses how interest rate changes may affect different industries and securities and then seeks to adjust the sub-fundrsquos portfolio investments accordingly However the effects of changes in interest rates on the sub-fundrsquos portfolio may not be quantified as the relationship between interest rates and the value of the equity securities is indirect Hence no separate sensitivity analysis has been presented for the LionGlobal Japan Growth Fund

53


Interest rate risk affects the value of fixed income securities more directly than equities and is a major risk to the LionGlobal RMB Quality Bond Fund 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

The table below summarises the LionGlobal RMB Quality Bond Fundrsquos exposure to interest rate risks They include the sub-fundrsquos assets and liabilities at fair value categorised by interest rate types

31 December 2015 Variable

rates Fixed rates

Non-interest bearing Total

RMB RMB RMB RMBAssetsPortfolio of investments - 108496570 2103489 110600059 Fixed deposits - 5210138 - 5210138 Receivables - - 369253 369253 Financial derivatives at

fair value - - 1219693 1219693 Cash and bank balances 2527039 - - 2527039 Total assets 2527039 113706708 3692435 119926182

LiabilitiesPayables - - 643797 643797 Total liabilities - - 643797 643797

The duration a measure of the sensitivity of the price of a fixed income security to a change in interest as at 31 December 2015 is 388 As of 31 December 2015 should interest rates lower or rise by 1 with all other variables remaining constant the increase or decrease in net assets attributable to unitholders would be as follows

Impact of 1 movement in interest rate

on net assets attributable to the unitholders

2015 RMB

FundLionGlobal RMB Quality Bond Fund 4209667

54


(iii) Currency risk

The Sub-Funds have monetary financial assetsliabilities denominated in currencies other than the functional currency and the Sub-Funds may be affected favorably or unfavorably by exchange rate regulations or changes in the exchange rates between their functional currency and such other currencies The Sub-Funds 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 Sub-Fundsrsquo exposure to key currencies at the end of the financial yearperiod Monetary and non-monetary items have been taken into the account for the analysis


31 December 2015 JPY USD SGD Total $ $ $ $

AssetsPortfolio of investments 76830899 - - 76830899 Due from brokers 234631 - - 234631 Receivables 65130 26540 428055 519725 Cash and bank balances 2002410 51597 447070 2501077 Total assets 79133070 78137 875125 80086332

LiabilitiesPayables - 8720 366845 375565 Due to brokers 481925 - - 481925 Total liabilities 481925 8720 366845 857490

Net financial assets 78651145 69417 508280 79228842

Fair value of financial derivatives (21600508) 1117749 20156364 (326395)

Net currency exposure 57050637 1187166 20664644

55



AssetsPortfolio of investments 65865119 - - 65865119 Receivables 13779 56670 262151 332600 Cash and bank balances 1957605 66103 1781426 3805134 Total assets 67836503 122773 2043577 70002853



Fair value of financial derivatives (1628155) 637629 1013660 23134



31 December 2015 SGD USD RMB Total RMB RMB RMB RMB

AssetsPortfolio of investments - - 110600059 110600059 Fixed deposits - - 5210138 5210138 Receivables 101948 - 267305 369253 Cash and bank balances 54176 5750 2467113 2527039 Total assets 156124 5750 118544615 118706489

LiabilitiesPayables 359969 - 283828 643797 Total liabilities 359969 - 283828 643797

Net financial assets(liabilities) (203845) 5750 118260787 118062692

Fair value of financial derivatives 57445236 - (56225543) 1219693


56


Equitymutual fund investments are non-monetary financial assets and are exposed to both currency risk and price risk As these financial assets are non-monetary no separate sensitivity analysis has been performed to analyse currency risk The impact of currency risk arising from these financial assets on the Sub-Fundsrsquo net asset value has been included in the above other price risk sensitivity analysis

The Sub-Fundsrsquo monetary assetsliabilities 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 Sub-Funds

As of 31 December 2015 the Sub-Fundsrsquo exposure to foreign currency fluctuations is not considered to be significant except for the currency presented in the table below which shows the Sub-Fundsrsquo sensitivity to exchange rate movements on significant monetary assetsliabilities 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

Reasonable possible

FX movement

Impact of increase in FX rates on net assets attributable to the unitholders

2015 2015 SGD

LIonGlobal Japan Growth Fund Currency

JPY 5 (989013)

Reasonable possible

FX movement

Impact of increase in FX

rates on net assets attributable to the

unitholders 2015 2015

RMB

LionGlobal RMB Quality Bond Fund Currency

SGD 5 2862070

57


As of 31 December 2014 the LionGlobal Japan Growth Fundrsquos exposure to foreign currency fluctuations with respect to the monetary assetsliabilities is not considered to be significant and hence no sensitivity analysis on foreign currency risk has been presented

(b) Liquidity risk

The Sub-Funds are exposed to daily redemption of units in the Sub-Funds They therefore invests the majority of their assets in investments that are traded in an active market and can be readily disposed of

The tables below analyse the Sub-Fundsrsquo financial liabilities into relevant maturity groupings based on the remaining period at the reporting 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


31 December 2015Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Derivative financial instruments

- inflows (21768269) - - - - outflows 22107611 - - - Payables 375565 - - - Due to brokers 481925 - - -


3 months- 1 year

1-5 years

Above 5 years

$ $ $ $


- inflows 199890 - - - - outflows (201156) - - - Payables 547008 - - - Due to brokers 639746 - - -

58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(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

ndash ensuring counterparties together with the respective credit limits are approved

ndash ensuring that transactions are undertaken with a large number of counterparties and

ndash ensuring that the majority of transactions are undertaken on recognised exchanges

The LionGlobal RMB Quality Bond Fund invests mostly in financial assets which have an investment grade as rated by Standard and Poorrsquos or Moodyrsquos The credit ratings are reviewed regularly

The table below analyses the Sub-Fundrsquos investments by credit ratings


2015

Aa3 86 Baa2 25 Ba3 42 Unrated 756 Accrued interest receivable on debt securities 18 Total debt securities 927

All transactions in listed securities are settledpaid 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

59


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

The Sub-Funds may also enter into derivatives to manage its exposures to currency risk and price risk including foreign exchange forward contracts and options Hence the Sub-Funds are 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 Sub-Fundsrsquo credit risk by undertaking transactions with banks that are part of banking groups with good credit-ratings assigned by international credit rating agencies

The table below summarises the credit rating of banks and custodian in which the Sub-Fundsrsquo assets are held as at 31 December 2015 and 2014


Credit rating

Source of credit rating

31 December 2015

CustodianCitibank NA Citigroupreg Global Transaction

Services Securities amp Fund Services A SampP

BankCitibank NA A SampP Standard Chartered Bank A- SampP

Credit rating


31 December 2014



BankAustralia and New Zealand Banking

Group Limited AA- SampP Citibank NA A SampP The Hongkong and Shanghai Banking

Corporation Limited AA- SampP Standard Chartered Bank A+ SampP

60



Credit rating


31 December 2015



BankCitibank NA A SampP Standard Chartered Bank A+ SampP Overseas Chinese Banking Corporation Limited AA- SampP

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 Sub-Fundsrsquo capital is represented by the net assets attributable to unitholders The Sub-Funds strive to invest the subscriptions of redeemable participating units in investments that meet the Sub-Fundsrsquo investment objectives while maintaining sufficient liquidity to meet unitholdersrsquo redemptions

(e) Fair value estimation

The Sub-Funds 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)

61


The following table analyses within the fair value hierarchy the Sub-Fundsrsquo financial assets and liabilities (by class) measured at fair value at 31 December 2015 and 2014


31 December 2015 Level 1 Level 2 Level 3 Total$ $ $ $

AssetsFinancial assets

designated at fair value through profit or loss- Quoted equities 76830899 - - 76830899

Held for trading- Derivative financial

instruments - 12947 - 12947 76830899 12947 - 76843846

LiabilitiesHeld for trading

- Derivative financial instruments - 339342 - 339342

- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62





designated at fair value through profit or loss- Quoted debt

securities - 110600059 - 110600059 Held for trading


- 111819752 - 111819752

Investments whose values are based on quoted market prices in active markets and therefore classified within Level 1 comprise active listed equities The Sub-Funds do not adjust the quoted price for these instruments

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

Except for cash and cash balances which are classified as Level 1 the Sub-Fundsrsquo assets and liabilities not measured at fair value at 31 December 2015 and 2014 have been classified as Level 2 The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date

63


13 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 Sub-Funds shown in the Statements 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 yearperiod between the Sub-Funds and related parties at terms agreed between the parties and within the provisions of the Trust Deed



2015 2014



31 December 2015

$ $ RMB

Interest expenses incurred with a bank which is a related company of the Trustee 866 1024 -

Transaction fees charged by a related company of the Trustee 5235 4103 -

Custodian fees charged by a related company of the Trustee 7049 6472 23077

Bank service fees charged by a bank which is arelated company of the Trustee 10727 10008 4821

64


14 FINANCIAL RATIOS


2015 2014

Expense ratio1 190 188

Portfolio turnover ratio2 77 58




31 December 2015

Expense ratio 1 (excluding preliminary expenses)- RMB Class A Acc 140 - SGD Class A Acc 140 - SGD Class A Dist 139 - RMB Class L Acc 067 - RMB Class L Dist 065 - SGD Class L Acc 065 - SGD - Hedged Class L Acc 064

Expense ratio 1 (including preliminary expenses)- RMB Class A Acc 143 - SGD Class A Acc 143 - SGD Class A Dist 142 - RMB Class L Acc 070 - RMB Class L Dist 068 - SGD Class L Acc 068 - SGD - Hedged Class L Acc 067

Portfolio turnover ratio 2 49

65


1 The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore (ldquoIMASrdquo) The calculation of the Sub-Fundsrsquo expense ratios at 31 December 2015 was based on total operating expenses divided by the average net asset value 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 gainslosses 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 Sub-Funds do not pay any performance fee The average net asset value is based on the daily balances

The following table presents the total operating expenses and average net asset values of the Sub-Funds for the financial year ended 31 December 2015 and 2014


2015 2014

Total operating expenses 1398009 1329289

Average net asset value 73771542 70685012

LionGlobal RMB Quality Bond Fund RMB Class

A AccSGD Class

A Acc SGD Class

A Dist RMB Class

L Acc2015 2015 2015 2015RMB RMB RMB RMB

Total operating expenses (annualised in accordance with IMAS guidelines)- excluding preliminary expenses 38921 9692 83731 165349 - including preliminary expenses 39684 9882 85377 172147

Average net asset value 2783475 693255 6002296 24783837

RMB Class L Dist

SGD Class L Acc

SGD - Hedged

Class L Acc 2015 2015 2015RMB RMB RMB

Total operating expenses (annualised in accordance with IMAS guidelines)- excluding preliminary expenses 57907 203419 374412 - including preliminary expenses 60366 212060 390442

Average net asset value 8967854 31502991 58442313

66


2 The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment Schemes The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divided by the weighted average daily net asset value respectively as follows



2015 2014 2015

$ $ RMB

Total value of purchasessales of the underlying investments 56440402 41213440 56413469

Average daily net asset value 73771542 70685012 114113709

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 securitiesinvestments 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 (ldquoLion Global Investorsrdquo) 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 andor employees (collectively known as ldquoRelated Personsrdquo) 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

copy 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

embe

r of

the

OC

BC

Gro

up


For more information visit lionglobalinvestorscom or email ContactUslionglobalinvestorscom

Co Reg No198601745D


總投資報酬表

2015年1月1日至2015年12月31日 2015 2014

附註 S$ S$ 收入股利利息其他收益

1177935

- -

1073556

14 -

1177935 1073570 減費用審計費 20018 19413 託管費 13 7049 6472 管理費 1179583 1126431 專業費 19376 29285 登錄費 29904 29789 受託公司費 35019 33441 交易費用 235924 190855 評價行政費 27803 26635 其他費用 80124 58848 1634800 1521169 (支出) (456865) (447599) 淨投資收益或損失已實現淨投資收益 (損失) 11867565 3089394

已實現現貨合約收益 (損失) (30367) (48546)

已實現远期合約收益 (損失) (1297581) 491320

兌換收益 (損失) 137751 (89672)

10677368 3442496 稅前總投資利润（虧損） 10220503 2994897 減所得稅 3 (176859) (157653) 分配前稅後總投資利润（虧損）

減分配 - - 期間總利润（虧損） 10043644 2837244









2015 2014

附註 S$ S$ 資產投資組合 76830899 65865119


权益基金單位持有人資產淨值 11 78902447 68839233







ANNUAL REPORT


A m

embe

r of

the

OC

BC

Gro

up


T +65 6417 6800F +65 6417 6806Co Reg No198601745D





DIRECTORY







1


CONTENTS

PAGE











2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D



2015 2014

附註 S$ S$ 資產投資組合 76830899 65865119


权益基金單位持有人資產淨值 11 78902447 68839233







ANNUAL REPORT


A m

embe

r of

the

OC

BC

Gro

up


T +65 6417 6800F +65 6417 6806Co Reg No198601745D





DIRECTORY







1


CONTENTS

PAGE











2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

ANNUAL REPORT


A m

embe

r of

the

OC

BC

Gro

up


T +65 6417 6800F +65 6417 6806Co Reg No198601745D





DIRECTORY







1


CONTENTS

PAGE











2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D


DIRECTORY







1


CONTENTS

PAGE











2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

1


CONTENTS

PAGE











2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

2





Time Period





-04 -27


Time Period





38 18


3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

3


REVIEW




4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

4







5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

5








38





36


6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

6


REVIEW




7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

7







8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

8






Fair Value


unitholders$



Not applicable





9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

9


2 TOP 10 HOLDINGS


Fair Value


unitholders$



Fair Value


unitholders$


10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

10


3 GLOBAL EXPOSURE



4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

11






Fair Value


unitholdersRMB







12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

12


2 TOP 10 HOLDINGS


Fair Value


unitholdersRMB










18092017 4959950 42

3 GLOBAL EXPOSURE



13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

13


4 COLLATERAL

Nil


Nil


Nil

7 BORROWINGS

Nil






Not applicable

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

14







30 March 2016

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

15






30 March 2016

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

16










17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

17


Opinion




18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

18






1634800 1521169 Net expenses (456865) (447599)




10677368 3442496


Less Income tax 3 (176859) (157653)



19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

19






31 December 2015



496530 Net expenses (434907)



5063384





20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

20





Total assets 80099279 70027253





21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

21




2015 Note RMB







22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

22










Distributions 4 - -





23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

23







31 December2015




operations 4625379






24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

24





2015


2015


2015$


QUOTED

EQUITIES



18464942 234


25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

25



2015


2015


2015$


13791481 175



Limited 3500 114953 02 12575197 160


26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

26



2015


2015


2015$



11247014 143


10596303 134


27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

27



2015


2015


2015$




Limited 13000 226823 03 5998276 76



Company Limited 17000 696677 09 3079450 39


766466 09


311770 04



28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

28



2015 31 December

2014





29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

29



2015


201531 December

2014$


Japan 76830899 974 957



30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

30





2015


2015


2015RMB


QUOTED

DEBT SECURITIES







11122016 1000000 1003740 08 32683580 274






28634830 240


31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

31



2015


2015


2015RMB




21065720 177


20112022 10000000 10913600 91


33 due 09072022 10000000 10273840 86


Series EMTN 4 due 16042017 5000000 4925000 41




32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

32



2015






33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

33



2015


2015RMB


China 105517570 884 Singapore 2979000 25

108496570 909




34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

34




1 GENERAL






35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

35









36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

36












(d) Distributions


37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

37


(e) Investments






(iii) Derecognition




(g) Receivables


38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

38









3 INCOME TAX


39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

39











2015 2014



31 December 2015

$ $ RMB



40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

40



4 DISTRIBUTION










5 RECEIVABLES



2015 2014 2015 $ $ RMB



519725 332600 369253

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

41





2015 2014 2015 $ $ RMB





31 December 2015


$ $ $


31 December 2014


$ $ $


24400 1266

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

42


31 December 2015


RMB RMB RMB



8 FIXED DEPOSITS


2015 RMB



2015 days




43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

43




10 PAYABLES



2015 2014 2015 $ $ RMB



375565 547008 643797

11 UNITS IN ISSUE




SGD SGD


44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

44





SGD SGD





SGD SGD





45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

45


USD USD





JPY JPY







RMB


46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

46







RMB







RMB


47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

47







RMB







RMB


48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

48







RMB







SGD


49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

49




SGD ClassSGD-Hedged









50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

50



RMB Class A Acc

SGD Class A Acc

SGD Class A Dist

RMB Class L Acc

2015 2015 2015 2015RMB SGD SGD RMB





RMB Class L Dist

SGD Class L Acc

SGD - Hedged







51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

51






(a) Market risk




(i) Price risk


52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

52













53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

53





rates Fixed rates








2015 RMB


54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

54


(iii) Currency risk










55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

55















56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

56





Reasonable possible

FX movement


2015 2015 SGD


JPY 5 (989013)

Reasonable possible

FX movement




RMB


SGD 5 2862070

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

57



(b) Liquidity risk





3 months- 1 year

1-5 years

Above 5 years

$ $ $ $




3 months- 1 year

1-5 years

Above 5 years

$ $ $ $



58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

58




3 months- 1 year

1-5 years

Above 5 years

RMB RMB RMB RMB

Payables 643797 - - -

(c) Credit risk









2015



59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

59






Credit rating


31 December 2015




Credit rating


31 December 2014






60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

60



Credit rating


31 December 2015














61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

61








instruments - 12947 - 12947 76830899 12947 - 76843846



- 339342 - 339342





instruments - 24400 - 24400 65865119 24400 - 65889519



- 1266 - 1266

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

62








- 111819752 - 111819752




63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

63







2015 2014



31 December 2015

$ $ RMB





64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

64


14 FINANCIAL RATIOS


2015 2014






31 December 2015




65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

65





2015 2014




A AccSGD Class

A Acc SGD Class

A Dist RMB Class




RMB Class L Dist

SGD Class L Acc

SGD - Hedged




66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

66





2015 2014 2015

$ $ RMB





DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D



DISCLAIMER





A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

A m

embe

r of

the

OC

BC

Gro

up



Co Reg No198601745D

利安資金日本增長基金財務報告 - fund.cnyes.com · from june 2015, the market was...

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