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Lion Global Investors Ltd65 Chulia Street #18-01

OCBC Centre, Singapore 049513

T: +65 6417 6800

F: +65 6417 6806

Co Reg No:198601745D

For more information, visit: lionglobalinvestors.com

or email: [email protected]

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ANNUAL REPORT

LIONGLOBAL INVESTMENT FUNDS III

- LIONGLOBAL VIETNAM FUND

LionGlobal Vietnam Fund AR Cover.indd 1 4/3/17 1:01 pmLionGlobal Vietnam Fund AR.indd 1 29/3/17 3:17 pm

2

LIONGLOBAL VIETNAM FUND

DIRECTORY

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

Directors of Lion Global Investors LimitedMr Khor Hock Seng (Chairman)Mr Ching Wei Hong (Deputy Chairman)Mr Gerard Lee How Cheng (CEO)Mr Yoon Mun ThimMr Norman Ip Ka CheungMr Tan Siew PengMr Ronnie Tan Yew Chye

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

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

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

LionGlobal Vietnam Fund AR.indd 2 29/3/17 3:17 pm

1


PERFORMANCE OF THE FUND For the year ended 31 December 2016

Cumulative returns for the Fund are calculated up to 31 December 2016 in SGD terms, based on single pricing, with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Vietnam Fund - SGD Class

Benchmark* Returns (%) (FTSE Vietnam Index)

3 months -2.5 -5.06 months 9.8 1.21 year 14.2 1.03 years** 8.1 2.85 years** 12.2 6.4Since Inception** (2 February 2007) -6.6 -11.6

Cumulative returns for the Fund are calculated up to 31 December 2016 in USD terms, based on single pricing, with dividends reinvested net of all charges payable upon reinvestment.

Time PeriodFund Returns (%)

LionGlobal Vietnam Fund - USD Class

Benchmark* Returns (%) (FTSE Vietnam Index)

3 months -7.9 -10.36 months 2.3 -5.71 year 12.2 -0.83 years** 3.5 -1.75 years** 9.8 4.1Since Inception** (2 February 2007) -6.1 -11.3

Source: Morningstar/Lion Global Investors Ltd

* Benchmark:VN Index: Inception – April 2012FTSE Vietnam Index: From May 2012** Returns of more than 1 year are annualised.


2


REVIEW

For the year ended 31 December 2016, the Fund returned 14.2%, outperforming the benchmark which rose 1%, in SGD terms.

The outperformance came from our underweight in Financials and Consumer Staples. For Financials, our underweight in banks and stock selection helped performance. Investors were still concerned about the health of the banking industry. Therefore, stronger banks outperformed those that were still at risk of higher credit cost and non-performing loans. For Consumer Staples, stock selection was the key driver as we were overweight beverage and livestock companies, while underweighting dry food companies. Our underweight in Utilities and overweight in Materials hurt performance. Stock selection caused our underperformance in Utilities as we were underweight power generation companies but overweight electrical equipment companies. In Materials, our underweight in the steel sector hurt performance as margins and volume were above our expectations. This was mitigated by our overweight in plastics companies which had strong earnings growth driven by exports.

The overall Vietnam market started off weak on falling crude oil prices, concerns on China’s gross domestic product (GDP) growth and RMB devaluation, and fears of rising US interest rates. These led to outflow of foreign funds from emerging markets which pressured the Vietnamese stock market. The market recovered from 2Q16 on higher oil price, positive corporate earnings guidance and acceleration in the privatisation of state owned enterprises.


3


STRATEGY AND OUTLOOK

Consensus 2017 GDP forecast for Vietnam is 6.5%, driven by exports, personal consumption and a recovery in the agricultural sector that faced dry weather and colder than normal temperatures earlier in 2016. Public spending could slow as government debt is reaching the limit of 65% of GDP and Vietnam should continue to run a fiscal deficit in 2017. Inflation in 2017 is expected to ease to 3.8% on a high base in 2016 and the government should allow the Dong to depreciate 2-3% against the US dollar. Policy rates should therefore be kept stable over the next 12 months.

Several state-owned enterprises were listed in Vietnam last year e.g. Hanoi Beer, Saigon Beer, Airports Corporation of Vietnam, which has increased the investment opportunity set. Together with the intention to increase foreign ownership limit of listed companies, we expect sustained foreign interest in Vietnam equities, which should be supportive of the market’s performance.

In terms of portfolio strategy, we will stick with our bottom-up stock picking approach and invest in companies with strong business fundamentals that can benefit from Vietnam’s attractive medium to long term economic growth potential. Our sector allocation is therefore mainly a function of our bottom-up stock selection process. However, we are cognizant of macro and external influences which may have significant short-term impact on stock prices and will take appropriate actions to mitigate downside risks or exploit opportunities arising from such volatility. We like the consumer sector which benefits from rising incomes and an expanding middle income population, a trend which we expect will continue for the foreseeable future. Within this sector, we look for companies (1) that are market leaders, (2) that are able to exploit changes in consumer habits, and (3) that have management capabilities and capital to consolidate smaller and less efficient companies. We also like infrastructure owners, in roads, bridges and airports, which are well placed to benefit from Vietnam’s economic growth and further need of infrastructure investments. We are still slightly cautious on the overall banking sector as the loan quality varies for different banks and the sector as a whole appears insufficiently capitalised. We are careful on the property sector, especially the high end segment, where an oversupply environment may be developing.

Key downside risks for the economy and stock market are high government debt, budget deficit, risk to exports on uncertain US trade policies, and China’s macro and monetary stability.

As of 15 February 2017


4


DISCLOSURES ON THE FUND1

For the financial year ended 31 December 2016

1. DISTRIBUTION OF INVESTMENTS AS AT 31 DECEMBER 2016

Percentage of total net assets

attributable Fair Value to unitholders

$ %

a) By Asset ClassEquities 97,604,226 95.2 Cash and cash equivalents 4,974,674 4.8 Net assets attributable to unitholders 102,578,900 100.0

b) By Credit Rating of Debt Securities

Not applicable

c) By Derivative Type

Not applicable

The total net realised losses from the financial derivative at the end of the period was $114,434.

1 As required by the Code on Collective Investment Schemes


5


2. TOP 10 HOLDINGS

As at 31 December 2016Percentage of

total net assets attributable

Fair Value to unitholders$ %

Vingroup Joint Stock Company 14,408,861 14.0 Masan Group Corporation 13,001,112 12.7 Hoa Phat Group Joint Stock Company 12,654,226 12.3 Vietnam Dairy Products Joint Stock Company 11,229,879 10.9 Joint Stock Commercial Bank for Foreign

Trade of Vietnam 7,228,770 7.0 Mobile World Investment Corporation 6,551,935 6.4 Ho Chi Minh Infrastructure Investment Joint

Stock Company 5,357,907 5.2 KIDO Group Corporation 4,536,650 4.4 FPT Corporation 3,226,120 3.1 Airports Corporation Of Vietnam Joint Stock

Company 2,997,387 2.9

As at 31 December 2015Percentage of

total net assets attributable

Fair Value to unitholders$ %

Vingroup Joint Stock Company 22,818,746 17.8 Masan Group Corporation 17,633,701 13.8 Joint Stock Commercial Bank for Foreign

Trade of Vietnam 14,121,170 11.0 Hoa Phat Group Joint Stock Company 11,713,265 9.2 Hoang Anh Gia Lai Group Joint Stock

Company 5,434,712 4.3 Baoviet Holdings 3,849,876 3.0 Kinhbac City Development Shares Holding

Corporation 3,838,039 3.0 Petrovietnam Drilling & Well Services Joint

Stock Company 3,705,389 2.9 Vietnam Dairy Products Joint Stock Company 3,401,580 2.7 Saigon Thuong Tin Commercial Joint Stock

Bank 3,324,760 2.6


6


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 REPURCHASE 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 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


7


REPORT OF THE TRUSTEE

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

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the financial year covered by these financial statements, set out on pages 12 to 32, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

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

Authorised signatory

27 March 2017


8


STATEMENT BY THE MANAGER

In the opinion of the directors of Lion Global Investors Limited, the accompanying financial statements set out on pages 12 to 32, comprising the Statement of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statement of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position and the portfolio holdings of the sub-fund of LionGlobal Investment Funds III (the “Fund”), namely LionGlobal Vietnam Fund (the “Sub-Fund”) as at 31 December 2016, and the financial performance and movements in unitholders’ funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Sub-Fund will be able to meet its financial obligations as and when they materialise.

For and on behalf ofLION GLOBAL INVESTORS LIMITED

GERARD LEE HOW CHENGCEO

27 March 2017


9


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OFLIONGLOBAL INVESTMENT FUNDS III - LionGlobal Vietnam Fund(Constituted under a Trust Deed in the Republic of Singapore)

Our Opinion

In our opinion, the accompanying financial statements of the sub-fund of LionGlobal Investment Funds III (the “Fund”), namely LionGlobal Vietnam Fund ( the “Sub-Fund”) are properly drawn up in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants, so as to present fairly, in all material respects, the financial position and portfolio holdings of the Sub-Fund as at 31 December 2016, and of the financial performance and movements of unitholders’ funds for the financial year ended on that date.

What we have audited

The financial statements of the Sub-Fund comprise:• the Statement of Financial Position as at 31 December 2016;• the Statement of Portfolio as at 31 December 2016;• the Statement of Total Return for the financial year then ended;• the Statement of Movements of Unitholders’ Funds for the financial year then

ended; and• the notes to the financial statements, including a summary of significant accounting

policies.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

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

Independence

We are independent of the Sub-Fund in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.


10


Other Information

The Sub-Fund’s Manager (the “Manager”) is responsible for the other information. The other information refers to the relevant sections of the annual report included on pages 1 to 8, which we obtained prior to the date of this auditor’s report, and excludes the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Manager for the Financial Statements

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

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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


11


As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Sub-Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager.

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

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

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

PricewaterhouseCoopers LLPPublic Accountants and Chartered Accountants

Singapore, 27 March 2017


12


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

STATEMENT OF TOTAL RETURN For the financial year ended 31 December 2016

2016 2015Note $ $

IncomeDividends 2,595,659 4,758,191 Interest on cash and bank balances 5,744 2,075

2,601,403 4,760,266

Less: ExpensesAudit fee 20,522 14,009 Custodian fees 12 129,881 139,456 Management fee 12 1,849,784 2,028,500 Professional fees 19,190 71,780 Registration fee 12 30,386 25,193 Trustee fee 12 49,328 54,093 Transaction cost 248,764 123,944 Valuation and administration fees 12 49,328 54,093 Miscellaneous expenses 155,835 106,813

2,553,018 2,617,881 Net income 48,385 2,142,385

Net gains or losses on value of investments and financial derivatives

Net gains/(losses) on investments 19,294,227 (7,170,275)Net losses on foreign exchange contracts (114,434) (58,478)Net foreign exchange gains 2,257,932 5,152

21,437,725 (7,223,601)

Total return/(deficit) for the year before income tax 21,486,110 (5,081,216)

Less: Income tax 3 - -

Total return/(deficit) for the year 21,486,110 (5,081,216)


13


STATEMENT OF FINANCIAL POSITIONAs at 31 December 2016

2016 2015 Note $ $

ASSETS

Portfolio of investments 97,604,226 118,264,652 Receivables 6 408,815 1,019,301 Due from brokers 7 372,606 740,200 Fixed deposit 4 - 2,837,499 Cash and bank balances 8 5,398,048 7,728,313 Total assets 103,783,695 130,589,965

LIABILITIES

Payables 9 716,606 480,811 Due to brokers 7 488,189 2,260,558 Total liabilities 1,204,795 2,741,369

EQUITY

Net assets attributable to unitholders 10 102,578,900 127,848,596


14


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

STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the financial year ended 31 December 2016

2016 2015 Note $ $

Net assets attributable to unitholders at the beginning of the financial year 127,848,596 132,347,566

OperationsChange in net assets attributable to unitholders

resulting from operations 21,486,110 (5,081,216)

Unitholders’ contributions/(withdrawals)Creation of units 46,155,362 98,612,143 Cancellation of units (92,911,168) (98,029,897)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (46,755,806) 582,246

Distribution 5 - -

Total decrease in net assets attributable to unitholders (25,269,696) (4,498,970)

Net assets attributable to unitholders at the end of the financial year

10 102,578,900 127,848,596


15


STATEMENT OF PORTFOLIOAs at 31 December 2016

Percentage oftotal net assetsattributable to

Holdings at Fair value at unitholders at31 December

201631 December

201631 December

2016$ %

By Industry (Primary)

QUOTED

EQUITIES

CONSUMER, NON-CYCLICALMasan Group Corporation 3,162,350 13,001,112 12.7 Vietnam Dairy Products Joint Stock

Company 1,409,256 11,229,879 10.9 KIDO Group Corporation 1,967,140 4,536,650 4.4 Pan Group Joint Stock Company 1,019,860 2,769,363 2.7 Vinh Hoan Corporation 505,610 1,854,125 1.9 DHG Pharmaceutical Joint Stock

Company 6 37 *Hung Vuong Corporation 4 2 *

33,391,168 32.6

REAL ESTATEVingroup Joint Stock Company 5,407,354 14,408,861 14.0 Kinhbac City Development Shares

Holding Corporation 1,756,520 1,543,470 1.6 Thu Duc Housing Development

Corporation 1 1 * 15,952,332 15.6

BASIC MATERIALSHoa Phat Group Joint Stock Company 4,622,312 12,654,226 12.3 Petrolimex Petrochemical Joint Stock

Company 469,700 822,480 0.8 Petrovietnam Fertilizer & Chemicals

Joint Stock Company 6 9 *Ha Tien 1 Cement Joint Stock Company 6 8 *

13,476,723 13.1 * denotes amount less than 0.1%.


16




201631 December

201631 December

2016$ %

FINANCIALJoint Stock Commercial Bank for

Foreign Trade of Vietnam 3,214,050 7,228,770 7.0 Bao Viet Holdings 807,960 2,983,379 2.9 Phu Tai Joint Stock Company 100,656 788,682 0.8 Saigon Securities 578,480 719,350 0.7 Saigon Thuong Tin Commercial Joint

Stock Bank 253,748 152,135 0.2 Vietnam Joint Stock Commercial

Bank for Industry and Trade 6 6 *Hoang Anh Gia Lai Group Joint Stock

Company 9 3 * 11,872,325 11.6

INDUSTRIALHo Chi Minh Infrastructure

Investment Joint Stock Company 3,000,000 5,357,907 5.2 Airports Corporation Of Vietnam

Joint Stock Company 972,100 2,997,387 2.9 Refrigeration Electrical Engineering

Corporation 1,495,000 2,338,049 2.3 Tien Phong Plastic Joint Stock

Company 153,400 754,263 0.7 Dien Quang Lamp Joint Stock

Company 71,214 280,125 0.3 Ha Do Group Joint Stock Company 7 11 *Development Investment

Construction Corporation 8 4 * 11,727,746 11.4

CONSUMER, CYCLICALMobile World Investment Corporation 661,987 6,551,935 6.4 Danang Rubber Joint Stock Company 8 16 *

6,551,951 6.4

* denotes amount less than 0.1%


17




201631 December

201631 December

2016$ %

TECHNOLOGYFPT Corporation 1,155,666 3,226,120 3.1

ENERGYPetrovietnam Drilling & Well Services

Joint Stock Company 1,070,475 1,405,861 1.4

Portfolio of investments 97,604,226 95.2 Other net assets 4,974,674 4.8 Net assets attributable to

unitholders 102,578,900 100.0

Percentage of total net assetsattributable to unitholders at

31 December 31 December2016 2015

% %By Industry (Summary)

Consumer, Non-cyclical 32.6 19.6 Real Estate 15.6 20.8 Basic Materials 13.1 13.2 Financial 11.6 21.3 Industrial 11.4 4.9 Consumer, Cyclical 6.4 5.5 Technology 3.1 2.4 Energy 1.4 2.9 Utilities - 1.9 Portfolio of investments 95.2 92.5 Other net assets 4.8 7.5 Net assets attributable to

unitholders 100.0 100.0


18


STATEMENT OF PORTFOLIO As at 31 December 2016

Percentage of total net assetsFair value at attributable to unitholders at

31 December 31 December 31 December2016 2016 2015

$ % %By Geography (Secondary)

Vietnam 97,604,226 95.2 92.5

Portfolio of investments 97,604,226 95.2 92.5Other net assets 4,974,674 4.8 7.5Net assets attributable to

unitholders 102,578,900 100.0 100.0


19


NOTES TO THE FINANCIAL STATEMENTSFor the financial year ended 31 December 2016

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

1. GENERAL

LionGlobal Investment Funds III (the “Fund”) is a Singapore domiciled umbrella fund constituted by a Deed of Trust dated 8 December 2006 together with its Supplemental Deeds thereon (thereafter referred to as “Trust Deed”) between Lion Global Investors Limited (the “Manager”) and RBC Dexia Trust Services Singapore Limited (“RBC Dexia”). The Trust Deed is governed by the laws of the Republic of Singapore.

With effect from 1 July 2011, RBC Dexia retired as the Trustee of the Fund and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) was appointed in place of RBC Dexia.

The only sub-fund under LionGlobal Investment Funds III as at 31 December 2016 is LionGlobal Vietnam Fund (the “Sub-Fund”).

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

2. SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

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

(b) Recognition of income

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.


20


(c) Financial derivatives

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

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

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

(e) Investments

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

(i) Initial recognition

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

(ii) Subsequent measurement

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

(iii) Derecognition

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

(f) Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date. The Sub-Fund utilises the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. 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.


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(g) Receivables

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

(h) Foreign currencies

(i) Functional and presentation currency

Subscriptions and redemptions of the units in the Sub-Fund are denominated in Singapore dollars and United States dollars. The primary activity of the Sub-Fund is to invest in authorised investments which are equities, equity-related instruments (including, without limitation, interests in property funds) and securities in Vietnamese incorporated companies or institutions, as well as in companies or institutions which although not incorporated in Vietnam, have operations in, exposure to, or derived part of their revenue from Vietnam, and the Indo-China region (which includes, but is not limited to, Cambodia and Laos). The Sub-Fund may also invest in short term fixed income securities listed or traded on recognised markets within the Indo-China region.

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

(ii) Transactions and balances

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


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3. INCOME TAX

The Fund was granted the status of Designated Unit Trust (DUT) in Singapore. The Trustee of the Fund will ensure that the Fund fulfills its reporting obligations under the DUT Scheme.

Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with sections 35(12) and 35(12A) of the Income Tax Act. Such income includes:

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

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

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

(d)

gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rate or currency forwards, swaps or option contracts and transactions in forwards, 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.

The Sub-Fund with effect from 1 June 2015 has been approved by the Monetary Authority of Singapore (MAS) for the Enhanced-Tier Fund (“ETF”) 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, the Fund may enjoy Singapore corporate income tax exemption on “specified income” derived from “designated investments” for the life of the Fund. The tax exemption does not apply in the year when the relevant conditions are not met. Losses from “designated investments” are correspondingly disregarded. The terms “specified income” and “designated investments” are defined in the relevant income tax Regulations.

The Trustee of the Fund will ensure that the Fund fulfills its reporting obligations under the ETF Scheme.

4. FIXED DEPOSIT

There is no fixed deposit for the financial year ended 31 December 2016.

As at 31 December 2015, the fixed deposit has a maturity of 5 days from the end of the financial year with effective interest rate of 0.29%.


23


5. DISTRIBUTION

The Manager does not propose any distributions to unitholders for the financial year ended 31 December 2016 (2015: Nil).

6. RECEIVABLES

2016 2015$ $

Amount receivable for creation of units 174,573 850,111Dividends receivable 123,717 133,276Other receivable 110,525 35,914

408,815 1,019,301

7. DUE FROM/TO BROKERS

2016 2015$ $

Sales awaiting settlement 372,606 740,200

Purchases awaiting settlement 488,189 2,260,558

8. CASH AND BANK BALANCES

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

9. PAYABLES

2016 2015$ $

Amount payable for cancellation of units 505,339 249,219Amount due to the Manager 129,402 155,429Amount due to the Trustee 3,450 4,143Amount due to the Custodian 5,096 5,096Amount due to the Registrar 6,700 2,784Other payables 66,619 64,140

716,606 480,811


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10. UNITS IN ISSUE

2016 2015Units Units

Units at beginning of the year 288,075,714 284,184,657Units created 101,015,544 208,424,582Units cancelled (186,382,837) (204,533,525)Units at end of the year 202,708,421 288,075,714of which, units denominated in- USD 106,289,958 177,998,570Net assets attributable to unitholders 102,578,900 127,848,596Net asset value per unit 0.506 0.443

There is no difference between the net assets attributable to unitholders per the financial statements and the net assets attributable to unitholders for issuing/redeeming units at the reporting date.

11. FINANCIAL RISK MANAGEMENT

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

The Sub-Fund’s assets principally consist of equity securities. They are held in accordance with the published investment policies of the Sub-Fund. 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 investor’s expectation contribute to market risk which may have a significant impact on the asset’s value.


25


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

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

(i) Price risk

The Sub-Fund’s 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 fund price movement is measured against the daily price movement of the benchmark to derive the beta.

As at 31 December 2016, the Sub-Fund’s beta was 0.90 (2015: 0.91) which was calculated based on the daily returns over the preceding 12 months for the Sub-Fund and its benchmark (2015: based on the daily returns over the preceding 12 months for the Sub-Fund and its benchmark).

The table below summarises the impact of increases/decreases from the Sub-Fund’s underlying investments in equities on the Sub-Fund’s net assets attributable to the unitholders as at 31 December 2016 and 2015. The analysis was based on the assumptions that the index components within the benchmark index increased/decreased by a reasonable possible shift, with all variables held constant and that the fair value of the Sub-Fund’s investments moved according to the beta.

Impact of 5% (2015: 5%) movement in

benchmark on net assets attributable to the

unitholders2016 2015

Fund Benchmark $ $

LionGlobal Vietnam Fund

FTSE Vietnam

Index 4,392,190 5,381,042


26


(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.

Investment funds that invest in equity securities 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-Fund’s portfolio investments accordingly. However, the effects of changes in interest rates on the Sub-Fund’s portfolio may not be quantified as the relationship between interest rates and the value of the equity securities is indirect. Other than cash and bank balances and fixed deposit which are subjected to an insignificant interest rate risk, the Sub-Fund’s financial assets and liabilities are largely non-interest bearing. The Sub-Fund is not subjected to significant risk due to fluctuations in the prevailing levels of market interest rates.

(iii) Currency risk

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

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


27


31 December 2016 VND USD SGD Total$ $ $ $

AssetsPortfolio of

investments 97,604,226 - - 97,604,226Receivables 123,717 82,895 202,203 408,815Due from brokers 372,606 - - 372,606Cash and bank

balances 4,738,065 523,493 136,490 5,398,048Total assets 102,838,614 606,388 338,693 103,783,695

LiabilitiesPayables - 329,097 387,509 716,606Due to brokers 488,189 - - 488,189Total liabilities 488,189 329,097 387,509 1,204,795

Net financial assets / (liability) 102,350,425 277,291 (48,816) 102,578,900

Net currency exposure 102,350,425 277,291 (48,816)

31 December 2015 VND USD SGD Total$ $ $ $

Assets 118,264,652 - - 118,264,652Portfolio of

investments 133,276 605,566 280,459 1,019,301Receivables 740,200 - - 740,200Fixed deposit - 2,837,499 - 2,837,499Cash and bank

balances 4,828,005 2,405,957 494,351 7,728,313Total assets 123,966,133 5,849,022 774,810 130,589,965

LiabilitiesPayables - 195,087 285,724 480,811Due to brokers 2,260,558 - - 2,260,558Total liabilities 2,260,558 195,087 285,724 2,741,369

Net financial assets 121,705,575 5,653,935 489,086 127,848,596

Net currency exposure 121,705,575 5,653,935 489,086


28


Equity 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-Fund’s net asset value has been included in the above price risk sensitivity analysis.

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

As of 31 December 2016 and 2015, the Sub-Fund’s exposure to foreign currency fluctuations with respect to the monetary assets/liabilities is not considered to be significant and hence no sensitivity analysis on foreign currency risk has been presented.

(b) Liquidity risk

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

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

31 December 2016 Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 716,606 - - -Due to brokers 488,189 - - -

31 December 2015 Less than 3 months

3 months- 1 year

1-5 years

Above 5 years

$ $ $ $

Payables 480,811 - - -Due to brokers 2,260,558 - - -


29


(c) Credit risk

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

Concentrations of credit risk are minimised primarily by:

• ensuring counterparties, together with the respective credit limits, are approved,

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

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

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

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

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

The table below summarises the credit rating of banks and custodian in which the Sub-Fund’s assets are held as at 31 December 2016 and 2015.

Source of credit rating

Credit rating##31 December 2016

Custodian

The Hongkong and Shanghai Banking Corporation Limited AA- S&P

BankThe Hongkong and Shanghai

Banking Corporation Limited AA- S&P


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

(e) Fair value estimation

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

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

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

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

Source of credit rating

Credit rating##31 December 2015

Custodian

The Hongkong and Shanghai Banking Corporation Limited AA- S&P

BankThe Hongkong and Shanghai

Banking Corporation Limited AA- S&P Standard Chartered Bank A- S&P


31


The following table analyses within the fair value hierarchy the Sub-Fund’s financial assets and liabilities (by class) measured at fair value at 31 December 2016 and 2015:

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

Except for cash and bank balances which are classified as Level 1, the Sub-Fund’s assets and liabilities not measured at fair value at 31 December 2016 and 2015 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.

12. 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-Fund shown in the Statement of Total Return and in the respective notes to the financial statements are on terms set out in the Trust Deed.

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

31 December 2016 Level 1 Level 2 Level 3 TotalAssets $ $ $ $Financial assets

designated at fair value through profit or loss - Quoted equities

97,604,226 - -

97,604,226

31 December 2015 Level 1 Level 2 Level 3 TotalAssets $ $ $ $Financial assets

designated at fair value through profit or loss - Quoted equities

118,264,652 - -

118,264,652


32


2016 2015 $ $

Interest expenses incurred with a bank which is a related company of the Trustee 2,838 5,566

Transaction fees charged by the Trustee 29,349 6,995

Registration fee charged by a related company of the Trustee 30,386 25,193

Valuation and administration fees charged by the Trustee 49,328 54,093

Bank service fees charged by a bank which is a related company of the Trustee 1,589 2,342

Custodian fees charged by a related company of the Trustee 129,881 139,456

Cash transfer fees charged by a related company of the Trustee 113,833

52,844

13. FINANCIAL RATIOS2016 2015 % %

Expense ratio1 1.87 1.84

Portfolio turnover ratio2 23 161 The expense ratio has been computed based on the guidelines laid down

by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 31 December 2016 was based on total operating expenses of $2,294,516 (2015: $2,486,052) divided by the average net asset value of $122,887,790 (2015: $135,011,844) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $28,027,146 (2015: sales of $21,929,295) divided by the weighted average daily net asset value of $122,887,790 (2015: $135,011,844).


Disclaimer

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

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

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

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


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

Co Reg No:198601745D

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