450424 11074 Shenton Asia Dividend Equity Fund BN5 › main › admin › buy › ... · Singapore 049319 This report is also available on our website () 2 PERFORMANCE SUMMARY Returns

Nikko AM ShentonAsia Dividend Equity Fund

ANNUAL REPORTFor the fi nancial year ended 30 June 2019

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MANAGERSNikko Asset Management Asia Limited

12 Marina View, #18-02 Asia Square Tower 2, Singapore 018961

Company Registration No. 198202562H

DIRECTORSHou Wey Fook

Lim Soon ChongKiyotaka Ryu

Seet Oon Hui EleanorYu-Ming Wang

TRUSTEE & REGISTRAR BNP Paribas Trust Services Singapore Limited

20 Collyer Quay, #01-01 Singapore 049319

AUDITORSPricewaterhouseCoopers LLP7 Straits View, Marina One,

East Tower, Level 12,Singapore 018936

CUSTODIANBNP Paribas Securities Services, operating through its Singapore Branch

20 Collyer Quay, #01-01Singapore 049319

This report is also available on our website (www.nikkoam.com.sg)

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PERFORMANCE SUMMARY

Returns (%) 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since

Inception

Nikko AM Shenton Asia Dividend Equity Fund - SGD Class1

-0.66 9.70 -0.04 6.75 3.33 3.62 3.11

Source: Nikko Asset Management Asia Limited, returns as at 30 June 2019. Returns are calculated on a NAV-NAV basis, SGD, and based on the assumption that all dividends and distributions are reinvested, if any. Returns for period in excess of 1 year are annualised. Past performance is not indicative of future performance.

Returns (%) 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since

Inception

Nikko AM Shenton Asia Dividend Equity Fund - SGD Class1

-5.62 4.21 -5.04 4.94 2.27 3.09 2.83

Source: Nikko Asset Management Asia Limited, returns as at 30 June 2019. Returns are calculated on a NAV-NAV basis, SGD, and based on the assumption that all dividends and distributions are reinvested, if any, and take into account of maximum initial sales charge and a realisation charge where applicable. Returns for period in excess of 1 year are annualised. Past performance is not indicative of future performance.

Inception date: 28 April 2000

Note: (1) With effect from 17 October 2011, the Trust (formerly known as “DBSAM Investment Funds”) has

been renamed “Nikko AM Asia Investment Funds” and the Fund (formerly known as “DBS Asia Knowledge Fund”) has been renamed “Nikko AM Shenton Asia Knowledge Fund”. With effect from 17 December 2012, the Fund (formerly known as “Nikko AM Shenton Asia Knowledge Fund”) has been renamed “Nikko AM Shenton Asia Dividend Equity Fund” and was restructured into an Asian High Dividend Yield fund.

(2) With effect from 1 June 2017, the benchmark for the Fund has been removed and there is now

no benchmark for the Fund. This is because pursuant to the investment objective of the Fund, the Fund is managed on a total return basis and as such, it does not seek to outperform any benchmark. With effect from 17 December 2012 in order to align the Fund’s benchmark with that of it Underlying Fund, the benchmark of the Fund was changed from MSCI AC Far East Free ex Japan Index to MSCI AC Asia ex Japan Index (Net Total Return).

Portfolio Review

The Fund was fl at over the reviewed periodThe Nikko AM Shenton Asia Dividend Equity Fund (the “Fund”) returned -0.04% (in SGD terms, on a NAV-NAV basis) in the 12 months ended 30 June 2019. At the country level, holdings in Taiwan and India were the key contributors to performance, while exposure to South Korea and Hong Kong were key detractors. At the sector level, holdings in fi nancials and communication services contributed positively to absolute performance, while exposure to consumer discretionary and energy detracted from performance.

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Market Review

Asian markets ended slightly higher despite US-China trade tensionsAsian equity markets turned in marginal gains for the one-year period under review, which saw two contrasting halves. Regional markets slumped in 2H 2018, on the back of concerns about slowing global growth, tightening US monetary policy and rising geopolitical tensions. At the beginning of the period, a strong USD, combined with a currency crisis in Argentina and US sanctions on Turkey, dampened risk appetite and weighed on Asian markets. The US Federal Reserve (Fed) raised interest rates in September and December, causing more market pessimism towards the year-end, while a US government shutdown further added to uncertainty.

Asian stocks, however, made a strong comeback in 1H 2019 due to optimism that the US and China could reach a much-needed compromise in their protracted trade negotiations. Regional stock markets were also lifted by the about-turn stance of the Fed from hawkish to dovish, and rate cuts by regional central banks. The Fed fi rst abandoned projections for any interest rate hikes in 1Q 2019 and subsequently signalled its intention to cut rates towards the end of 2Q 2019 to prevent the US-China trade war from stalling US economic growth. Within Asia, rate cuts, which were implemented in countries such as India, the Philippines, Malaysia and Australia to stem the negative impact from a slowing global economy, also supported regional equities.

The upturn in Asian stocks in 1H 2019, however, wasn’t all smooth sailing. Regional equities had to withstand the fl are up in US-China trade tensions in May 2019, when trade talks abruptly broke down between the two nations, which subsequently hurled fresh tariff measures at each other. Nonetheless, a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping at the June-end G20 Summit in Osaka led to a relief rally at the end of 1H 2019 on hopes that US-China trade talks would resume. The Trump-Xi meeting didn’t disappoint markets with the US and China agreeing to a temporary trade truce plus the resumption of trade talks.

ASEAN markets outperformed their regional peers Indonesia, Thailand and the Philippines were the best performing Asian equity markets over the reviewed period, buoyed by positive Indonesian and Thai election results as well as interest rate cut by the Philippines central bank.

Sentiment towards Indonesia stocks were generally positive during the 12-month period ended 30 June 2019. In late 2018, the Indonesian government launched a stimulus package, which included tax cuts for commodity exporters, to support the rupiah and boost growth. Months later, incumbent President Joko Widodo clinched a second term in offi ce, beating his opponent Prabowo Subianto in the April general elections.

In March, Thailand voted in its fi rst general election since the 2014 coup and offi cial election results released in May showed that the opposition Pheu Thai Party won the most seats. But Thailand’s new parliament voted to elect Junta chief Prayuth Chan-ocha as Prime Minister after a month-long post-election period of backdoor deals and manoeuvres.

In 2Q 2019, the central bank of the Philippines cut its key interest rate by 25 basis points to 4.5%. The move lifted sentiment for stocks in the country. As for other ASEAN stock markets, Singapore turned in decent returns despite the country’s lacklustre economic growth, while Malaysia lagged during the reviewed period as investors remained unenthused by the Malaysian government’s policies.

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South Korea and China fl oundered South Korea saw their technology sectors hurt by the ongoing US-China trade war and a global slowdown in demand for smartphones and electronics. Deteriorating manufacturing and exports data, plus growing concerns over technology supply chain disruptions, also weighed down South Korean stocks.

Lagging their regional peers, stocks in China also bore the brunt of the US-China trade tensions and fears of a global economic downturn. The negative performance of China equities persisted during the reviewed period despite the easing of monetary policies by the Chinese central bank, newly announced stimulus measures by the Chinese government (including tax cuts and an increase in social fi nancing), plus MSCI’s decision to include more China stocks in its indices.

Elsewhere in North Asia, Taiwanese stocks generated lacklustre gains, weighed down by political uncertainty and weak outlook for technology-related exports. Its ruling Democratic Progressive Party suffered a series of losses to the opposition Kuomintang in local elections, resulting in the resignation of President Tsai Ing-Wen as party head.

India rebounded strongly after a disappointing 2H 2018During the reviewed period, Indian equities rose on the back of a strong rally in 1H 2019. It was a different story during the last two quarters of 2018, when stocks in India were under pressure, weighed down by worries over the widening current account defi cit, as well as tighter liquidity and regulatory concerns at non-bank fi nancial companies after a cash crunch at infrastructure lending giant IL&FS.

Market sentiment in India started improving towards the end of 1Q 2019, buoyed by expectations of an election victory for Indian Prime Minister Narendra Modi and prospects of more interest rate cuts from the Reserve Bank of India (RBI). The RBI started trimming its benchmark lending rate in early February to stimulate the country’s decelerating economy. The rebound in Indian stocks continued in 2Q 2019 after a resounding win for Modi and the BJP-led coalition during the April-May Indian general election as well as rate cuts by the Indian central bank in April and June.

Market Outlook & Strategy

Entering a lower-growth worldMarkets have had something to cheer about year-to-date; however it appears, especially given the Fed’s commentary, that the coming quarters will be less sanguine. It is increasingly obvious that the US-China trade discussions will be protracted. With China committed to its ‘quality over quantity’ metamorphosis and associated lower growth, and with tailwinds from easy money ebbing everywhere else, we are entering a lower-growth world. The Middle East has always been restive but recent developments vis-à-vis Iran have the potential to ignite the powder keg. Connecting these dots hints that volatile times could be ahead, requiring patience and a strong stomach as an investor. Asia ex-Japan ought to fare better should we return to a weaker US dollar world; also in its favour are markets that are little impacted by trade-wars (such as India) or benefi ciaries of shifting supply chains (such as ASEAN).

Maintaining core holdings in insurance, healthcare and consumerChina’s continued reluctance to unleash a broad-brush stimulus, plus the remarkable restraint and maturity it has shown in handling the political unrest in Hong Kong augur well for the risk premium associated with the market. However, the negative impact on growth resulting from the monetary and fi scal restraint will weigh on asset prices as expectations are tempered, albeit with a lag. This will also have a dampening effect on growth across the region given China’s trade linkages and especially so in Hong Kong. The prognosis is relatively healthier for domestic consumption than it is for export-dependent businesses. As such, the Fund’s preference for core long-term holdings in insurance, healthcare, consumer and select consumer sub-sectors in China remains unchanged.

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Positive on India and IndonesiaIn India, the Modi government’s renewed and strengthened mandate for the next fi ve years and the government’s demonstrated willingness to push through major reforms present an opportunity to fi x a number of persistent issues in the areas of capital, labour and infrastructure that have hamstrung India’s ability to realize its full potential. Lacklustre growth in India resulting from a clogged fi nancial system sets a low bar. However, valuations at least partially refl ect a rebound in economic prospects, making the risk-reward trade-off less attractive in large pockets of the market. Thus, the Fund remains invested in strong private sector Indian banks, which should benefi t from any uptick in growth, real estate developers, and selectively in the consumer space.

The tech-heavy markets of Taiwan and South Korea haven’t made for happy hunting grounds. However, recent optimistic commentaries from tech industry leaders, potential bottoming of memory prices and attractive valuations, coupled with high cashfl ow yields, warrant a cautiously optimistic view. The Fund remains invested in stocks that are leaders in niche sectors that are relatively insulated from weak domestic trends, such as Asian geared technology and electric vehicle stocks.

In ASEAN, our preference for Indonesia remains, mainly on account of the low hanging fruit that can be captured by the Jokowi government on the back of a renewed mandate. As with India, a genuine upward shift in the economic growth trajectory in Indonesia will require major reforms. However, we believe a near-term cyclical rebound off a low base is likely.

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This document is for information only with no consideration given to the specifi c investment objective, fi nancial situation and particular needs of any specifi c person. Any securities mentioned herein are for reporting or illustration purposes only and should not be construed as a recommendation for investment. You should seek advice from a fi nancial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. Investments in unit trusts or ETFs are not deposits in, obligations of, or guaranteed or insured by Nikko Asset Management Asia Limited (“Nikko AM Asia”).

Past performance or any prediction, projection or forecast is not indicative of future performance. The funds may use or invest in fi nancial derivative instruments. The value of units and income from them may fall or rise. Investments in the funds are subject to investment risks, including the possible loss of principal amount invested. You should read the relevant prospectus and product highlights sheet obtainable from appointed distributors of Nikko AM Asia or our website (www.nikkoam.com.sg) before investing.

The information contained herein may not be copied, reproduced or redistributed without the express consent of Nikko AM Asia. While reasonable care has been taken to ensure the accuracy of the information as at the date of publication, Nikko AM Asia does not give any warranty or representation, either express or implied, and expressly disclaims liability for any errors or omissions. Information may be subject to change without notice. Nikko AM Asia accepts no liability for any loss, indirect or consequential damages, arising from any use of or reliance on this document. This publication has not been reviewed by the Monetary Authority of Singapore.

For Hong Kong Investors

The fund is only offered to professional investors and is not authorized by the Securities and Futures Commission in Hong Kong. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents, you should obtain independent professional advice.

Nikko Asset Management Asia Limited. Registration Number 198202562H

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SOFT DOLLAR COMMISSIONS/ARRANGEMENTS

In their management of the Nikko AM Shenton Asia Dividend Equity Fund, the Managers currently do not receive or enter into any soft dollar commissions or arrangements.

The management company of the underlying fund, Nikko Asset Management Luxembourg currently does not receive any soft-dollar commission from, or enter into any soft dollar arrangements with, stockbrokers who execute trades on behalf of the Nikko AM Global Umbrella Trust – Asia High Dividend Equity Fund, the underlying fund of Nikko AM Shenton Asia Dividend Equity Fund.

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NIKKO AM SHENTON ASIA DIVIDEND EQUITY FUND (Constituted under a Trust Deed registered in the Republic of Singapore)

REPORT OF THE TRUSTEE For the financial year ended 30 June 2019

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

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the financial year covered by these financial statements, set out on pages 1 to 3 , in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

For and on behalf of the Trustee BNP Paribas Trust Services Singapore Limited

Authorised signatory 27 September 2019

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STATEMENT BY THE MANAGER For the financial year ended 30 June 2019

In the opinion of Nikko Asset Management Asia Limited, the accompanying financial statements set out on pages 1 to 3 , 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 Nikko AM Shenton Asia Dividend Equity Fund (the “Fund”) as at 30 June 2019, and the financial performance and movements in unitholders’funds for the financial year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Fund will be able to meet its financial obligations as and when they materialise.

For and on behalf of the ManagerNikko Asset Management Asia Limited

Authorised signatory 27 September 2019

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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF NIKKO AM SHENTON ASIA DIVIDEND EQUITY FUND (Constituted under a Trust Deed registered in the Republic of Singapore)

Our Opinion

In our opinion, the accompanying financial statements of Nikko AM Shenton Asia Dividend Equity Fund (the “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 Fund as at 30 June 2019, 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 Fund comprise: the Statement of Total Return for the financial year ended 30 June 2019;the Statement of Financial Position as at 30 June 2019;the Statement of Movements of Unitholders’ Funds for the financial year ended 30 June2019;the Statement of Portfolio as at 30 June 2019; andthe 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 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.

Other Information

The Fund’s Manager (the “Manager”) is responsible for the other information. The other information comprises all sections of the annual report but does not include 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 express any form of assurance conclusion thereon.

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

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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 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 Fund or to cease the Fund’s operations, or has no realistic alternative but to do so.

The Manager's responsibilities include overseeing the Fund's financial reporting process.

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.

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, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting 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 auditprocedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of the Fund’s internal control.

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

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

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Evaluate the overall presentation, structure and content of the financial statements, includingthe disclosures, and whether the financial statements represent the underlying transactionsand 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 LLP Public Accountants and Chartered Accountants Singapore, 27 September 2019

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

STATEMENT OF TOTAL RETURN For the financial year ended 30 June 2019

Note 2019 2018 S$ S$

IncomeDividends 295,839 315,613 Interest 689 -

296,528 315,613

Less: Expenses Management fee 83,086 97,395 Management fee rebate (32,202) (38,571) Registrar fee 9,146 8,456 Trustee fee 2,769 3,246 Audit fee 7,299 7,793 Valuation fee 10,000 10,000 Transaction costs 8,070 10,071 Other expenses 8,264 14,922

96,432 113,312

Net income 200,096 202,301

Net gains or losses on value of investments Net losses on investments (187,804) (45,913) Net foreign exchange losses (350) (1,105)

(188,154) (47,018)

Total return for the financial year before income tax 11,942 155,283

Less: Income tax 3 - -Total return for the financial year after

income tax 11,942 155,283

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STATEMENT OF FINANCIAL POSITION As at 30 June 2019

Note 2019 2018 S$ S$

ASSETSPortfolio of investments 5,219,551 5,535,990 Receivables 4 50,000 3,500 Cash and bank balances 109,115 116,540 Total assets 5,378,666 5,656,030

LIABILITIESPayables 5 26,323 30,259 Distribution payable 17,109 24,135 Total liabilities 43,432 54,394

EQUITY Net assets attributable to unitholders 6 5,335,234 5,601,636

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STATEMENT OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 30 June 2019

Note 2019 2018 S$ S$

Net assets attributable to unitholders at the beginning of the financial year 5,601,636 6,802,807

Operations Change in net assets attributable to unitholders

resulting from operations 11,942 155,283

Unitholders' contributions/(withdrawals)

Creation of units 1,330,324 559,054 Cancellation of units (1,364,015) (1,621,734)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (33,691) (1,062,680)

Distributions 7 (244,653) (293,774)

Total decreases in net assets attributable to unitholders (266,402) (1,201,171)

Net assets attributable to unitholders at the end of financial year 6 5,335,234 5,601,636

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STATEMENT OF PORTFOLIO As at 30 June 2019


By Geography (Primary)

Holdings at Fair value at

Percentage of total net assets attributable to unitholders at

30 June 2019 30 June 2019 S$

30 June 2019 %

Quoted Investment Fund

LUXEMBOURG Nikko AM Global Umbrella Trust

– Asia High Dividend Equity Fund 431,530 5,219,551 97.83 Total Luxembourg 5,219,551 97.83

Total Quoted Investment Fund 5,219,551 97.83

Portfolio of investments 5,219,551 97.83 Other net assets 115,683 2.17 Net assets attributable to unitholders 5,335,234 100.00

By Geography (Summary) Percentage of total net assets attributable to unitholders at

Percentage of total net assets attributable to unitholders at

30 June 2019 %

30 June 2018 %

Quoted Investment FundLuxembourg 97.83 98.83Total Quoted Investment Fund 97.83 98.83

Portfolio of investments 97.83 98.83Other net assets 2.17 1.17Net assets attributable to unitholders 100.00 100.00

Information on investment portfolio by industry segments is not presented as the Fund invests only into underlying unit trust.

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 30 June 2019

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

1. General

Nikko AM Shenton Asia Dividend Equity Fund (the “Fund”) is a Singaporedomiciled fund, constituted as a sub fund of the Nikko AM Asia Investment Funds,pursuant to the Trust Deed dated 8 March 2000 as amended by SupplementalDeeds and Amended and Restated Deeds (collectively referred to as the“Deeds”). The Deeds are governed by the laws of the Republic of Singapore.The Trustee of the Fund is BNP Paribas Trust Services Singapore Limited (the"Trustee"). The Manager of the Fund is Nikko Asset Management Asia Limited(the "Manager").

Nikko AM Asia Investment Funds comprise four separate and distinct sub-funds,namely Nikko AM Shenton Asia Dividend Equity Fund, Nikko AM Shenton GlobalProperty Securities Fund, Nikko AM Shenton Asia Bond Fund, and MyHomeIncome (formerly known as MyHome Fund - HomeBalanced). Only the financialstatements of Nikko AM Shenton Asia Dividend Equity Fund are presented in thisreport.

There are currently three classes of units established within the Fund, namelySGD Class, USD Class and RMB Class.

The classes within each Scheme differ in terms of their class currency and theminimum subscription amounts applicable.

As of 30 June 2019, only units in SGD Class have been issued.

2. Significant accounting policies

The principal accounting policies applied in the preparation of these financialstatements are set out below:

(a) Basis of preparation

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

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2. Significant accounting policies (continued)

(b) Recognition of income

Dividend income from investments is recognised when the right to receivepayment is established.

Interest income is recognised on a time-proportion basis using the effectiveinterest rate method.

(c) Distributions

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

(d) 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 arerecorded at fair value on initial recognition.

(ii) Subsequent measurement

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

(iii) Derecognition

Investments are derecognised on the trade date of disposal. The resultantrealised gains and losses on the sales of investments are computed on thebasis of the difference between the weighted average cost and selling pricegross of transaction costs, and are taken up in the Statement of TotalReturn.

(e) Basis of valuation of investments

The fair value of investments held in underlying funds is the quoted net assetvalue of the underlying fund as determined by the underlying fund'sadministrator.

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(f) Receivables

Receivables are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market. Receivables are initiallyrecognised at their fair value and subsequently carried at amortised cost usingthe effective interest method, less accumulated impairment losses.

(g) Sales and purchases awaiting settlement

Sales and purchases awaiting settlement represent receivables for securitiessold and payables for securities purchased that have been contracted for but notyet settled or delivered on the Statement of Financial Position date respectively.These amounts are recognised initially at fair value and subsequently measuredat amortised cost.

(h) Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and on hand which aresubject to an insignificant risk of changes in value.

(i) Payables

Accrued expenses are recognised initially at fair value and subsequently statedat amortised cost using the effective interest method.

(j) Foreign currency translation

(i) Functional and presentation currency

The Fund qualifies as an authorised scheme under the Securities andFutures Act (“SFA”) of Singapore and is offered to retail investors inSingapore. The Fund’s activities are substantially based in Singapore, withsubscriptions and redemptions of the units of the Fund being denominatedin Singapore Dollar ("SGD").

The performance of the Fund is measured and reported to the investors inSingapore Dollar. The Manager considers the Singapore Dollar as thecurrency which most faithfully represents the economic effects of theunderlying transactions, events and conditions. The financial statements areexpressed in Singapore Dollar, which is the Fund’s functional andpresentation currency.

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(j) Foreign currency translation (continued)

(ii) Transactions and balances

Foreign currency monetary assets and liabilities are translated intoSingapore Dollar at the rates of exchange prevailing at the date of theStatement of Financial Position. The net unrealised gain or loss is taken tothe Statement of Total Return. Transactions during the year are recorded inSingapore Dollar at the rates of exchange ruling on transaction dates. Allrealised gains or losses are recognised in the Statement of Total Return.

(k) Structured entities

A structured entity is an entity that has been designed so that voting or similarrights are not the dominant factor in deciding who controls the entity, such aswhen any voting rights relate to administrative tasks only and the relevantactivities are directed by means of contractual arrangements. A structured entityoften has some or all of the following features or attributes: (a) restricted activities,(b) a narrow and well-defined objective, such as to provide investmentopportunities for investors by passing on risks and rewards associated with theassets of the structured entity to investors, (c) insufficient equity to permit thestructured entity to finance its activities without subordinated financial supportand (d) financing in the form of multiple contractually linked instruments toinvestors that create concentrations of credit or other risks (tranches).

The Fund considers all of their investment in other fund ("lnvestee Funds") to be investment in unconsolidated structured entities. The Fund invests in lnvestee Fund whose objective range from achieving medium to long term capital growth and whose investment strategy does not include the use of leverage. The Investee Fund applies various investment strategies to accomplish their respective investment objectives. The lnvestee Fund finances their operations by issuing redeemable units which are puttable at the unitholder's option and entitles the unit-holder to a proportional stake in the respective fund's net assets. The Fund holds redeemable units in the lnvestee Fund.

The change in fair value of the lnvestee Fund is included in the Statement of Total Return in "Net gains/(losses) on investments".

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3. Income tax

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

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

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

(b) interest (other than interest for which tax has been deducted under section45 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 infutures contracts, transactions in interest rate or currency forwards, swapsor option contracts and transactions in forwards, swaps or option contractsrelating to any securities or financial index;

(e) discount prepayment fees, redemption premium and break cost fromqualifying debt securities issued during the prescribed period; and

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

There are no income tax for the financial year ended 30 June 2019 and 30 June 2018.

4. Receivables

2019S$

2018S$

Receivable from unitholders for creation of units 50,000 3,50050,000 3,500

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5. Payables

2019 S$

2018 S$

Amount due to the Manager 14,430 15,523Valuation fee payable 2,667 2,668Trustee fee payable 730 792Registrar fee payable 1,200 1,200Provision for audit fee 7,296 7,810Other payables - 2,266

26,323 30,259

Amount due to the manager comprises management fee payable to Nikko Asset Management Asia Limited. Trustee fee and registrar fee are payable to BNP Paribas Trust Services Singapore Limited. Valuation fee is payable to BNP Paribas Securities Services operating through its Singapore Branch.

6. Units in issue

During the financial year ended 30 June 2019 and 30 June 2018, the numbers ofunits issued, redeemed and outstanding were as follows:

2019 2018

Units at beginning of the financial year 4,090,620 4,829,057Units created 1,041,894 379,677Units cancelled (1,058,961) (1,118,114)Units at end of the financial year 4,073,553 4,090,620

Net assets attributable to unitholders - S$ 5,335,234 5,601,636Net asset value per unit - S$ 1.3097 1.3694

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

23



6. Units in issue (continued)

A reconciliation of the net asset value as reported in the statement of financialposition to the net asset value as determined for the purpose of processing unitsubscription and redemption is provided below:

2019S$

2018S$

Net assets attributable to unitholders as per financial statements per unit 1.3097 1.3694

Effect of distribution per unit 0.0042 0.0059Effect of movement in the net asset value

between the last dealing date and the end of the reporting period^ - -

Net assets attributable to unitholders for issuing/redeeming per unit 1.3139 1.3753

^ The net asset value for the purposes of processing unit subscription and redemption was established in accordance with the methodology indicated in the Fund’s Prospectus. This item reflects the movement in net asset value between the last dealing date and the end of the reporting period due to accrual of operating expenses. In 2019 and 2018, the effect is less than 0.001.

24



7. Distributions

2019S$

2018 S$

June final distribution of S$0.42 per 100 units in respect of the financial year ended 30 June 2019 17,109 -

May interim distribution of S$0.43 per 100 units in respect of the financial year ended 30 June 2019 18,257 -

April interim distribution of S$0.45 per 100 units in respect of the financial year ended 30 June 2019 19,088 -

March interim distribution of S$0.44 per 100 units in respect of the financial year ended 30 June 2019 18,679 -

February interim distribution of S$0.42 per 100 units in respect of the financial year ended 30 June 2019 17,743 -

January interim distribution of S$0.42 per 100 units in respect of the financial year ended 30 June 2019 19,789 -

December interim distribution of S$0.42 per 100 units in respect of the financial year ended 30 June 2019 19,396 -

November interim distribution of S$0.53 per 100 units in respect of the financial year ended 30 June 2019 23,990 -

October interim distribution of S$0.52 per 100 units in respect of the financial year ended 30 June 2019 21,804 -

September interim distribution of S$0.55 per 100 units in respect of the financial year ended 30 June 2019 22,512 -

August interim distribution of S$0.56 per 100 units in respect of the financial year ended 30 June 2019 23,033 -

July interim distribution of S$0.57 per 100 units in respect of the financial year ended 30 June 2019 23,253 -

June final distribution of S$0.59 per 100 units in respect of the financial year ended 30 June 2018 - 24,135

May interim distribution of S$0.61 per 100 units in respect of the financial year ended 30 June 2018 - 25,125

April interim distribution of S$0.60 per 100 units in respect of the financial year ended 30 June 2018 - 24,870

March interim distribution of S$0.62 per 100 units in respect of the financial year ended 30 June 2018 - 26,478

February interim distribution of S$0.61 per 100 units in respect of the financial year ended 30 June 2018 - 27,330

January interim distribution of S$0.64 per 100 units in respect of the financial year ended 30 June 2018 - 28,778

December interim distribution of S$0.62 per 100 units in respect of the financial year ended 30 June 2018 - 27,580

November interim distribution of S$0.49 per 100 units in respect of the financial year ended 30 June 2018 - 21,805

October interim distribution of S$0.48 per 100 units in respect of the financial year ended 30 June 2018 - 21,530

September interim distribution of S$0.47 per 100 units in respect of the financial year ended 30 June 2018 - 21,179

August interim distribution of S$0.47 per 100 units in respect of the financial year ended 30 June 2018 - 22,274

July interim distribution of S$0.47 per 100 units in respect of the financial year ended 30 June 2018 - 22,690

244,653 293,774

25



8. Financial risk management

The Fund’s activities expose it to a variety of risk, including but not limited tomarket risk (including currency risk, interest rate risk and price risk), liquidity riskand credit risk. The Manager is responsible for the implementation of overall riskmanagement programme, which seeks to minimise potential adverse effects onthe Fund’s financial performance. Specific guidelines on exposures to individualsecurities and certain industries and/or countries are in place as part of theoverall financial risk management to reduce the Fund’s risk exposures to theserisks.

The Fund’s primary objective is to achieve medium to long-term capitalappreciation by investing primarily in equities listed in Asia ex Japan that offerattractive and sustainable dividend payments.

The Fund shall achieve its investment objective by investing its assets of NikkoAM Global Umbrella Trust-Asia High Dividend Equity Fund, a sub-fund of NikkoAM Global Umbrella Trust (the “Underlying Fund”).

The financial instruments are held in accordance with the published investmentpolicies of the Fund and managed accordingly to achieve the investmentobjectives.

(a) Market risk - Price risk

Price risk is the risk that arises from uncertainties about future prices of financialinstruments.

The Fund’s investment is substantially dependent on the changes of marketprices. The Fund’s overall market positions are monitored regularly so as toassess any deviation from the Fund’s investment objective. However, eventsbeyond reasonable control of the Manager could affect the prices of theunderlying investments and hence the net asset value of the Fund.

As the Fund invests in investment fund which in turn invests in equity securities,the Manager is of the view that the price risk of the Fund is best reflected bymovements in the MSCI AC Asia ex Japan Index (the “Benchmark”).

As at 30 June 2019, an increase/decrease of the index components within theBenchmark by 12% (2018: 11%), with all other variables remaining constant, thenet assets attributable to unitholders for the year would increase/decrease byapproximately 10% (2018: 10%). The analysis was based on the assumptionsthat the index components within the Benchmark increase/decrease by areasonable possible shift, with all other variables held constant and the fair valueof Fund's investments moved according to the beta. Reasonable possiblechanges in market index percentage are revised annually depending onmanagement’s current view on market volatility and other relevant factors.

26



8. Financial risk management (continued)

(b) Market risk - Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuatedue to changes in market interest rates (fair value risk).

The Manager will regularly access the economic condition, monitor changes ininterest rates outlook and take appropriate measures accordingly to control theimpact of the interest rate risk. The Fund's overall market positions are monitoredfrequently and are reviewed formally on a quarterly basis by the Manager.

However, the effects of changes in interest rates on the Fund’s portfolio may notbe quantified as the relationship between the interest rates and the value ofequity securities is indirect. Hence, no sensitivity analysis has been presentedseparately.

(c) Market risk - Currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate dueto changes in foreign exchange rates.

To minimise currency risk, the Fund mainly holds its excess cash in its functionalcurrency. For hedging purposes, the Fund may also enter into forward foreignexchange contracts.

The tables below summarise the Fund’s exposure to currency risks.

As at 30 June 2019 SGDS$

USD S$

Total S$

AssetsPortfolio of investments - 5,219,551 5,219,551 Receivables 50,000 - 50,000Cash and bank balances 109,115 - 109,115Total assets 159,115 5,219,551 5,378,666

LiabilitiesPayables 26,323 - 26,323Distributions payable 17,109 - 17,109Total liabilities 43,432 - 43,432

Net currency exposure 115,683 5,219,551

27




(c) Market risk - Currency risk (continued)

As at 30 June 2018 SGDS$

USD S$

Total S$

AssetsPortfolio of investments - 5,535,990 5,535,990 Receivables 3,500 - 3,500Cash and bank balances 116,540 - 116,540 Total assets 120,040 5,535,990 5,656,030

LiabilitiesPayables 30,259 - 30,259Distributions payable 24,135 - 24,135 Total liabilities 54,394 - 54,394

Net currency exposure 65,646 5,535,990

Portfolio of investments, which is a significant item in the Statement of Financial Position is exposed to currency risk and other price risk. The Manager has considered the impact of currency risk sensitivity on non-monetary assets as part of the price risk sensitivity analysis.

As of 30 June 2019 and 30 June 2018, the Fund does not hold substantial monetary assets/liabilities. Changes in foreign exchange rates on monetary assets/liabilities will not result in a significant change in the net asset value of the Fund. Hence, no separate sensitivity analysis on foreign currency risk has been presented.

28




(d) Liquidity risk

Liquidity risk is the risk of loss arising from the inability of the Fund to meet itsobligations as and when they fall due without incurring unacceptable cost orlosses.

The Fund is exposed to daily cash redemptions from unitholders. However, inaccordance with the Fund’s prospectus, minimum holdings and redemption sizeare set.

To manage the liquidity risk, a cash buffer is maintained in the Fund andmonitored for minimum cash balances to prevent any extensive disposition ofassets which may occur at lower prices and overdraft situations to meet tradesettlements and obligations.

The Fund’s financial liabilities are contracted undiscounted cashflows for maturitygroupings based on the remaining period at the Statement of Financial Positiondate to the contractual maturity date. As at 30 June 2019 and 2018, all liabilitiesare either payable upon demand or due in less than 3 months. The impact ofdiscounting is not significant.

Liabilities Less than 3 months As at

30 June 2019 S$

As at 30 June 2018

S$

Payables 26,323 30,259 Distribution payable 17,109 24,135 Contractual cash outflows 43,432 54,394

(e) Credit risk

Credit risk is the risk that a counterparty will be unable to fulfill its obligations tothe Fund in part or in full as and when they fall due.

Concentrations of credit risk are minimised primarily by:

– ensuring counterparties as well as the respective credit limits are approved;– ensuring there are controls in place to identify and assess the

creditworthiness of counterparties and review such controls on asemi-annual basis; and

– ensuring that transactions are undertaken with a large number ofcounterparties.

All trade settlements with approved counterparties are on Delivery versus Payment and/or Receipt versus Payment basis, with the exception of initial public offerings, new issues and placement transactions.

29




(e) Credit risk (continued)

Credit risk arises from cash and bank balances and outstanding and committedtransactions with brokers. The table below summarises the credit rating of banksand custodian in which the Fund’s assets are held as at 30 June 2019 and 30June 2018.

Credit ratingas at

30 June 2019

Credit rating as at

30 June 2018

Source of credit rating

Bank balance - BNP Paribas Securities Services,

operating through its SingaporeBranch A+ A Standard & Poor's

Custodian- BNP Paribas Securities Services,

operating through its SingaporeBranch A+ A Standard & Poor's

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

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

The custodian of the underlying fund is Brown Brothers Harriman & Co.. As at 30 June 2019, Brown Brothers Harriman & Co. is rated A+ (2018: A+) based on the Long Term Issuer Default rating by Fitch.

(f) Capital management

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

(g) Fair value estimation

The Fund classifies fair value measurements using a fair value hierarchy thatreflects the significance of the inputs used in making the measurements. The fairvalue 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 observablefor the asset or liability, either directly (that is, as prices) or indirectly (that is,derived from prices) (Level 2).

30




(g) Fair value estimation (continued)

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

The following table analyses within the fair value hierarchy the Fund’s financialassets and liabilities (by class) measured at fair value at 30 June 2019 and 30 June 2018:

As at 30 June 2019 Level 1

S$Level 2

S$Level 3

S$Total

S$AssetsFinancial assets designated at

fair value through profit or loss at inception: - Quoted investment funds 5,219,551 - - 5,219,551

As at 30 June 2018Level 1

S$Level 2

S$Level 3

S$Total

S$Assets Financial assets designated at

fair value through profit or loss at inception:- Quoted investment funds 5,535,990 - - 5,535,990

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

Except for cash and bank balances which are classified as level 1, the Fund's assets and liabilities not measured at fair value at 30 June 2019 and 30 June 2018 have been classified as level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the Statement of Financial Position date.

(h) Interests in unconsolidated structured entities

The Fund's investment in Investee Fund is subject to the terms and conditions ofthe respective Investee Fund's offering documentation and is susceptible tomarket price risk arising from uncertainties about future values of those InvesteeFund. The Manager makes investment decisions after extensive due diligence ofthe underlying fund, its strategy and the overall quality of the underlying fund'smanager. The Investee Fund in the investment portfolio is managed by theportfolio managers who are compensated by the respective Investee Fund fortheir services. Such compensation generally consists of an asset based fee and isreflected in the valuation of the Fund's investments in each of the Investee Fund.

31




(h) Interests in unconsolidated structured entities (continued)

The Fund has right to request redemption of its investments in Investee Fund on adaily basis.

The exposure to investment in Investee Fund at fair value is disclosed under theStatement of Portfolio. This investment is included in Portfolio of Investments inthe Statement of Financial Position.

The Fund's holding in a related Investee Fund, as a percentage of the InvesteeFund’s total net asset value, will vary from time to time dependent on the volumeof subscriptions and redemptions at the Investee Fund level. It is possible that theFund may, at any point in time, holds a majority of an Investee Fund's total units inissue.

The Fund's maximum exposure to loss from its interests in Investee Fund is equalto the total fair value of its investment in Investee Fund.

Once the Fund has disposed of its shares in an Investee Fund, the Fund ceasesto be exposed to any risk from that Investee Fund.

9. Related party transactions

In addition to related party information shown elsewhere in the financialstatements, the following significant transactions took place during the financialyear between the Fund and a related party at terms agreed between the partiesand within the provisions of the Deed:

2019 S$

2018 S$

Bank balances held with related party of the Trustee 109,115 116,540

32



10. Financial ratios

Expense ratio

2019 2018

Total operating expenses S$ 88,281 103,241Average daily net asset value S$ 5,537,339 6,495,787Total expense ratio1 (including Underlying Fund's expense ratio) % 2.86 2.88

Weighted average of the Underlying Fund’s unaudited expense ratio % 1.27 1.29

Turnover ratio2019 2018

Lower of total value of purchases or sales3 S$ 686,410 1,148,626Average daily net asset value S$ 5,537,339 6,495,787Total turnover ratio2 % 12.40 17.68

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ("IMAS"). The calculation of the expense ratio at financial year end 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 gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, divided by the average daily net asset value.

3 There were no purchases during the financial year ended 30 June 2018. Therefore, the total value of sales is used in the calculation of portfolio turnover ratio.

33


REPORT TO UNITHOLDERS For the financial year ended 30 June 2019

The following contains additional information relating to the Fund.

Distribution of investments

Please refer to the Statement of Portfolio on page 1 .

Credit rating of debt securities

Nil.

Top 10 holdings

Largest holdings at 30 June 2019

Fair valueS$

Percentage oftotal net assets

attributable to unitholders

%

Nikko Global Umbrella Trust - Asia High Dividend Equity Fund 5,219,551 97.83

Largest holdings at 30 June 2018

Fair valueS$

Percentage oftotal net assets


%

Nikko AM Global Umbrella Trust - Asia High Dividend Equity Fund 5,535,990 98.83

4. Exposure to financial derivatives

Nil.

5. Global exposure to financial derivatives

Nil.

6. Collateral

Nil.

34



Securities lending or repurchase transactions

Nil.

Investment in unit trusts, mutual funds and collective investment schemes

Please refer to the Statement of Portfolio on page 1 .

Borrowings

Nil.

Amount of units created and cancelled for the financial year ended 30 June2019

S$

Units created 1,330,324Units cancelled (1,364,015)

Turnover ratio

Please refer to Note 10 of the Notes to the Financial Statements on page 3 .

Expense ratio


Related party transactions


Any other material information that will adversely impact the valuation ofthe fundNil.

35



The details which follow make reference to the investments within the Nikko AM Global Umbrella Trust – Asia High Dividend Equity Fund, unless stated otherwise.

1. Top 10 Holdings

10 Largest holdings as at 30 June 2019

Fair value US$

Percentage of total net assets


%

AIA Group Limited 761,350 4.37Ping An Insurance Group Company Limited 678,362 3.90

ICICI Bank Limited 597,022 3.43Hong Kong Exchanges & Clear 557,778 3.20SITC International Holdings 478,874 2.75Tencent Holdings Limited 473,894 2.72Samsung Electronics Company Limited 453,209 2.60DBS Group Holdings Limited 443,236 2.55China Merchants Bk 438,733 2.52Telekomunikasi Indonesia Per 402,967 2.31

10 Largest holdings as at 30 June 2018

Fair value US$

Percentage of total net assets


%

PetroChina Company Limited 902,487 3.81Taiwan Semiconductor Manufacturing Company Limited 717,205 3.03

BOC Hong Kong Holdings Limited 715,880 3.02Shangri-La Asia Limited 714,911 3.02China Pacific Insurance Group Company Limited 701,743 2.96

Housing Development Finance Corporation 695,232 2.94

Lifestyle International Holdings Limited 684,014 2.89DBS Group Holdings Limited 675,252 2.85AIA Group Limited 654,045 2.76Powertech Technology Inc 583,450 2.46

36



2. Financial Ratios

2019%

2018%

Expense ratioNote 1.30 1.31Turnover ratio 79.07 76.15

Note The expense ratio has been computed based on the total operating expenses divided by the average net asset value for the period. 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 average net asset value is based on the daily balances.

12 Marina View, #18-02 Asia Square Tower 2, Singapore 018961Intermediaries Hotline: 1800 535 8025 / 65 6535 8025Website: www.nikkoam.com.sg

Company registration number 198202562H

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