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A member of the OCBC Group Lion Global Investors Ltd 65 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] © Lion Global Investors Limited. All rights reserved. SEMI-ANNUAL REPORT LIONGLOBAL PLUS SERIES - LionGlobal Multi Income Fund For the half year ended 30 June 2018 (Unaudited)

SEMI-ANNUAL REPORT LIONGLOBAL PLUS SERIES - … fileUS 10 year government bond yields rose almost 50 basis points (bps) from 2.4% to 2.9 to 3.0% mark. Economic data also started coming

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Page 1: SEMI-ANNUAL REPORT LIONGLOBAL PLUS SERIES - … fileUS 10 year government bond yields rose almost 50 basis points (bps) from 2.4% to 2.9 to 3.0% mark. Economic data also started coming

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

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

Co Reg No:198601745D

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

© Lion Global Investors Limited. All rights reserved.

SEMI-ANNUAL REPORT

LIONGLOBAL PLUS SERIES - LionGlobal Multi Income

Fund

For the half year ended 30 June 2018 (Unaudited)

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income 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 Norman Ip Ka CheungMr Tan Siew PengMr Ronnie Tan Yew ChyeMs Wee Ai Ning

TrusteeCiticorp Trustee (Singapore) Limited5 Changi Business Park CrescentLevel 5, Singapore 486027

CustodianCitibank NA, Singapore Branch5 Changi Business Park CrescentLevel 5, Singapore 486027

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

Independent AuditorPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

PERFORMANCE OF THE FUNDFor the half-year ended 30 June 2018

Past performance is not necessarily indicative of future performance. Cumulative returns for the Fund are calculated up to 30 June 2018 in SGD terms, based on single pricing, with dividends reinvested net of all charges payable upon reinvestment.

Time Period Fund Returns (%)

Benchmark Returns (%)(1-Month Singapore

Interbank Offered Rate + 1.75%)

3 months -0.3 0.8

6 months -1.5 1.5

1 year 2.5 2.9

3 years* 0.2 2.7

5 years* 2.2 2.5

10 years* 0.9 2.3

Since Inception* (21 February 2007)

0.0 2.5

Source: Morningstar/Lion Global Investors Ltd. Data as of 30 June 2018.*Returns more than 1 year are annualised.

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

REVIEW

For the half-year ended 30 June 2018, the Fund returned -1.5%, outperforming the benchmark 1-Month Singapore Interbank Offered Rate + 1.75% which returned 1.5%, in SGD terms

The year started off with a bang and investors continued their push into emerging markets and Asia equities and bond markets. The USD weakened in the beginning of the year as the world was on a synchronized recovery path.

This rosy picture took a dramatic turn and markets started to become more volatile as the US 10 year government bond yields rose almost 50 basis points (bps) from 2.4% to 2.9 to 3.0% mark. Economic data also started coming in weaker from US, Europe and Japan. Most participants explained that this is seasonal softness due to cold weather, holidays and higher year end inventories.

The Federal Reserve (Fed) delivered its March rate hike and UST 10 year bond yields hovered at about 3%. To make things worse, the US-China trade spats deteriorated to a US-China trade (technology) war. US President Trump, who is due for mid-term elections in November wanted to push and fulfil his campaign promises – “bring back jobs to America and make America great again”.

The USD reversed its decline, credit spreads started widening and stock markets, especially in Asia, Europe and Japan started wobbling. Fears of an all-out global trade war scared investors and risk premiums rose to reflect those fears and uncertainty.

The Fund registered a decline 1.5% as a result of recent market developments. Both bonds and equities contributed negatively to performances. There was no reprieve in fixed income as yields rose and credit spreads widened. The Fund’s equity exposure also dragged performance year to date. For equities, while positive contribution came from developed market equities in US and Japan, negative contribution came from Asian (ex Japan) equities.

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

STRATEGY AND OUTLOOK

The direct impact from trade tariffs on growth this year is minimal. The main downside risk to global growth comes from a possible sentiment shock related to the threat of a war on trade hitting global capital expenditure. In the US, the solid expansion should continue, supported by steady job gains, a pick-up in household spending from tax cuts and growth in business spending. In China, growth is expected to moderate heading into the 2nd half 2018. The government will continue to make incremental rather than broad moves to support the economy. Financial deleveraging is expected to continue but at a less intense pace as China is seriously committed to rotating growth away from manufacturing dependence toward a model more balanced with domestic demand.

The US administration will continue to ratchet up the noise and threat levels against China and other major trading partners for a wide spectrum of industries and products in order to extract some concessions. While an outright full-scale global trade war is not imminent yet, the contagion into business sentiments and financial condition tightening due to a stronger USD will increase uncertainty in financial markets.

Equity markets are likely to trade with a softer bias until there is greater clarity and some signs pointing to a resolution to the trade tariffs and threats. While valuations have come off in particular for Asian markets, we expect that US will continue to outperform. We are keeping the overall equity allocation lower and wait for the trade storm clouds to pass.

Headline and core inflation have moved closer to 2% in the US, but remains moderate in other developed markets. Higher oil prices and possible pass through from tariffs present upside risks. The Fed is likely to proceed with an interest rate increase for the third time in September 2018 while keeping the option open for a fourth hike in December 2018, which is dependent on the strength of the economy and inflation outlook

Returns from the bond market will be limited to carry as the Fed is on track with at least one more rate increase this year while credit spreads have widened. We expect 10-year US Treasury to trade in a range of 2.70% to 3.0% unless US growth or inflation comes in stronger than expected. Singapore rates will also rise in tandem with US rates as a reversal of the USD/SGD has seen swap rates widening. We expect some steepening on the longer end of the Singapore Government Securities curve as longer dated issuances are expected by some Stat Boards such as Land Transport Authority in the coming months.

As of date 26 July 2018

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

DISCLOSURES ON THE FUND1

For the half year ended 30 June 2018 (Unaudited)

1. DISTRIBUTION OF INVESTMENTS AS AT 30 JUNE 2018

Fair Value

Percentage of total net assets attributable to

unitholders$ %

a) By Asset Class

Equities 2,234,657 11.3

Debt Securities (including accrued interest on debt securities) 8,749,069 44.6

Funds 6,512,872 33.2

Financial Derivatives (26,953) (0.1)

Cash and other net assets 2,162,858 11.0

Net assets attributable to unitholders 19,632,503 100.0

b) By Credit Rating of Debt Securities

A3 1,355,550 6.9

Baa2 1,536,434 7.8

Baa3 250,425 1.3

Ba2 642,292 3.3

Unrated 4,867,739 24.8

Accrued interest on debt securities 96,629 0.5

Total debt securities 8,749,069 44.6

c) By Derivative Type

Foreign exchange forward contracts (21,107) (0.1)

Future contracts (5,846) *

(26,953) (0.1)

The total net realised gains and unrealised losses from financial derivatives at the end of the period were $20,237 and $26,953 respectively.

* denotes amount less than 0.1%1 As required by the Code on Collective Investment Schemes.

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

2. TOP 10 HOLDINGS

As at 30 June 2018

Fair Value

Percentage of total net assets attributable to

unitholders$ %

LGlobal Funds - Asian High Conviction Equity 1,402,921 7.1

LionGlobal Disruptive Innovation Fund 1,357,742 6.9

Sembcorp Industries Limited Series MTN Var Perpetual 1,002,590 5.1

MAS Bill Series 28 ZCP 20/07/2018 999,235 5.1

Korean Reinsurance Company Var due 21/10/2044 948,513 4.8

China Taiping Insurance Holdings Company Limited Var Perpetual 825,258 4.2

Nikkei 225 Exchange Traded Fund 779,477 4.0

Malayan Banking Berhad Var Perpetual 753,173 3.8

LionGlobal Asia Bond Fund 725,120 3.7

Nippon Life Insurance Company Var due 18/10/2042 691,341 3.5

As at 30 June 2017

Fair Value

Percentage of total net assets attributable to

unitholders$ %

LGlobal Funds - Asian High Conviction Equity 1,770,633 7.5

Sembcorp Industries Limited Series MTN Var Perpetual 1,023,850 4.3

Housing & Development Board Series MTN 2.505% due 27/06/2024 1,023,730 4.3

Far East Horizon Limited 4.25% due 30/10/2017 1,007,640 4.3

Korean Reinsurance Company Var due 21/10/2044 978,512 4.2

Doosan Infracore Company Limited Var due 05/10/2042 962,638 4.1

China Taiping Insurance Holdings Company Limited Var Perpetual 861,220 3.7

SK E&S Company Limited Var Perpetual (29/11/2049) 821,979 3.5

LionGlobal Disruptive Innovation Fund 784,216 3.3

Capitaland Limited Conv 1.85% due 19/06/2020 743,719 3.2

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

3. RELATED PARTY TRANSACTIONS

For the period from 1 January 2018 to 30 June 2018

$

Interest expenses incurred with a bank which is a related company of the Trustee 43

Transaction fees charged by a related company of the Trustee 901

Custodian fees charged by a related company of the Trustee 4,751

Bank service fees charged by a bank which is a related company of the Trustee 281

Cash and bank balances placed with a financial institution related to the Trustee as at 30 June 2018 were amounted to $1,256,621.

4. FINANCIAL RATIOS

30 June 2018

30 June 2017

% %

Expense ratio1 (excludes underlying fund’s expense ratios) 1.61 1.62

Expense ratio1 (includes underlying fund’s expense ratios) 1.79 1.73

Portfolio turnover ratio2 21 46

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2018 was based on total operating expenses of $357,689 (30 June 2017: $412,476) divided by the average net asset value of $22,151,624 (30 June 2017: $25,530,812) for the year. The total operating expenses do not include 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.

The expense ratio is the sum of the Fund’s expense ratio and the weighted average of the underlying fund’s unaudited expense ratios of 0.17% (2017: 0.11%). The expense ratios of the underlying funds are unaudited. There is no requirement for the expense ratios of the underlying funds to be published or audited.

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 value of purchases or sales of the underlying investments being purchase of $4,535,769 (30 June 2017: $11,341,342) divided by the weighted average daily net asset value of $21,266,045 (30 June 2017: $24,679,099).

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

5. 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 Sub-Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Sub-Fund at any time.

6. COLLATERAL

Nil

7. SECURITIES LENDING OR REPURCHASE TRANSACTIONS

Nil

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

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June 2018

$ %

LGlobal Funds – Asian High Conviction Equity 1,402,921 7.1

Lionglobal Disruptive Innovation Fund 1,357,742 6.9

Nikkei 225 Exchange Traded Fund 779,477 4.0

LionGlobal Asia Bond Fund 725,120 3.7

LionGlobal Singapore Fixed Income Fund Class A 545,584 2.8

Vanguard Industrials ETF 471,090 2.4

Ishares Russell Mid-Cap ETF 447,763 2.3

Ishares Comex Gold Trust 438,724 2.2

Ishares Dax De ETF 344,451 1.8

9. BORROWINGS

Nil

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

10. SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS

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

11. OTHER MATERIAL INFORMATION

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

12. SUPPLEMENTAL INFORMATION ON UNDERLYING SUB-FUNDS

Not applicable

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

STATEMENT OF TOTAL RETURNFor the half year ended 30 June 2018 (Unaudited)

LionGlobal Multi Income Fund

For the half year ended

30 June 2018

For the half year ended

30 June 2017$ $

IncomeDividends 55,699 107,049

Interest on cash and bank balances 4,924 582

60,623 107,631

Less: Expenses Audit fee 7,614 (3,125)

Custodian fees 4,751 4,848

Management fee 131,736 152,976

Less: Management fee rebate (5,109) -

Professional fees 11,752 12,480

Registration fee 8,124 8,189

Transaction cost 24,245 49,574

Trustee fee 2,635 3,060

Valuation and administration fees 4,680 5,275

Miscellaneous expenses 7,884 5,869

198,312 239,146

Net expenses (137,689) (131,515)

Net gains or losses on value of investments and financial derivatives

Net (losses)/gains on investments (177,156) 491,061

Net (losses)/gains on foreign exchange forward contracts (83,215) 311,008

Net losses on foreign exchange spot contracts (11,623) (10,234)

Net gains/(losses) on future contracts 98,085 (83,235)

Net loss on options contracts (9,963) -

Net foreign exchange gains 17,176 348,174

(166,696) 1,056,774

Total (deficit)/return for the period before income tax (304,385) 925,259

Less: Income tax (7,135) (16,778)

Total (deficit)/return for the period (311,520) 908,481

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

STATEMENT OF FINANCIAL POSITIONAs at 30 June 2018 (Unaudited)

LionGlobal Multi Income Fund

As at 30 June

2018

As at 31 December

2017$ $

ASSETSPortfolio of investments 17,496,598 21,820,220

Receivables 21,402 19,529

Due from brokers 222,460 5,461

Financial derivatives at fair value 5,530 79,384

Fixed deposit 1,202,922 -

Cash and bank balances 1,256,621 738,580

Total assets 20,205,533 22,663,174

LIABILITIES Payables 540,547 503,181

Financial derivatives at fair value 32,483 4,722

Total liabilities 573,030 507,903

EQUITY Net assets attributable to unitholders 19,632,503 22,155,271

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 30 June 2018 (Unaudited)

LionGlobal Multi Income Fund

30 June2018

31 December2017

$ $Net assets attributable to unitholders at the

beginning of the financial period/year 22,155,271 25,093,476

OperationsChange in net assets attributable to unitholders

resulting from operations (311,520) 1,831,526

Unitholders’ contributions/(withdrawals)Creation of units 115,822 243,137

Cancellation of units (1,974,881) (4,314,660)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (1,859,059) (4,071,523)

Distributions (352,189) (698,208)

Total decrease in net assets attributable to unitholders (2,522,768) (2,938,205)

Net assets attributable to unitholders at the beginning of the financial period/year 19,632,503 22,155,271

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

STATEMENT OF PORTFOLIOAs at 30 June 2018 (Unaudited)

Holdings at30 June

2018

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June2018

$ %By Geography (Primary)

QUOTED

EQUITIES AND FUNDS

SINGAPORELionGlobal Disruptive Innovation Fund 1,107,457 1,357,742 6.9

LionGlobal Asia Bond Fund 781,379 725,120 3.7

LionGlobal Singapore Fixed Income Fund Class A 335,125 545,584 2.8

Lion-Phillip S-REIT ETF 125,000 122,375 0.6

2,750,821 14.0

UNITED STATESVanguard Industrials ETF 2,544 471,090 2.4

Ishares Russell Mid-Cap ETF 1,548 447,763 2.3

Ishares Comex Gold Trust 26,769 438,724 2.2

Financial Select Sector SPDR Fund ETF 6,688 242,477 1.2

1,600,054 8.2

LUXEMBOURGLGlobal Funds - Asian High

Conviction Equity 116,357 1,402,921 7.1

JAPANNikkei 225 Exchange Traded Fund 2,740 779,477 4.0

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13

LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Holdings at30 June

2018

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June2018

$ %CHINABaidu Inc 428 141,809 0.7

Tencent Holdings Limited 2,000 136,881 0.7

Ping An Insurance (Group) Company of China Limited H Shares 7,500 94,110 0.5

China Construction Bank Corporation H Shares 65,000 81,901 0.4

Weibo Corporation Spon 617 74,672 0.4

AAC Technologies Holdings Inc 3,500 67,215 0.4

596,588 3.1

SOUTH KOREA LG Household & Health Care Limited 98 167,373 0.8

Shinhan Financial Group Company Limited 2,128 112,729 0.6

Samsung Electronics Company Limited 1,650 94,170 0.5

POSCO 188 75,671 0.4

449,943 2.3

HONG KONGHSBC Holdings PLC 14,400 184,195 0.9

AIA Group Limited 8,400 100,148 0.5

Hong Kong Exchanges and Clearing Limited 2,400 98,437 0.5

382,780 1.9

TAIWANAdvantech Company Limited 16,499 148,311 0.8

Fubon Financial Holding Company Limited 55,000 125,690 0.6

Mediatek Inc 8,000 107,332 0.5

381,333 1.9

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Holdings at30 June

2018

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June2018

$ %GERMANYIshares Dax De ETF 2,037 344,451 1.8

MALAYSIAGamuda Berhad 53,600 59,161 0.3

UNQUOTED

CHINAChina Forestry Holdings Company

Limited* 2,654,000 - -

TOTAL EQUITIES AND FUNDS 8,747,529 44.6

* This security has been suspended from trading prior to current financial period and its fair value represents the Manager’s best estimates.

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Holdings at30 June

2018

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June2018

$ %QUOTED

DEBT SECURITIES

SINGAPORESembcorp Industries Limited Series

MTN Var Perpetual 1,000,000 1,002,590 5.1

MAS Bill Series 28 ZCP 20/07/2018 1,000,000 999,235 5.1

Ascendas Real Estate Investment Trust Var Perpetual 500,000 511,295 2.6

Sembcorp Industries Limited Series EMTN Var Perpetual 500,000 501,255 2.6

Cambridge MTN Private Limited Series MTN 3.5% 05/11/2018 250,000 250,425 1.3

Capitaland Limited Conv 1.85% due 19/06/2020 250,000 244,900 1.2

3,509,700 17.9

CHINAChina Taiping Insurance Holdings

Company Limited Var Perpetual 600,000 825,258 4.2

China Life Insurance Company Limited Var due 03/07/2075 500,000 664,209 3.4

Moon Wise Global Limited Var Perpetual 250,000 345,988 1.8

1,835,455 9.4

SOUTH KOREAKorean Reinsurance Company Var due

21/10/2044 700,000 948,513 4.8

MALAYSIAMalayan Banking Berhad Var Perpetual 750,000 753,173 3.8

JAPANNippon Life Insurance Company Var

due 18/10/2042 500,000 691,341 3.5

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Holdings at30 June

2018

Fair value at 30 June

2018

Percentage of total net assets attributable to unitholders at

30 June2018

$ %INDIAMarble II Pte Limited SRE 5.3% due

Limited SRE 5.3% due 20/06/2022 500,000 642,292 3.3

INDONESIAFederal International Series MTN

4.125% due 10/05/2021 200,000 271,966 1.4

Accrued interest receivable on debt securities 96,629 0.5

TOTAL DEBT SECURITIES 8,749,069 44.6

Portfolio of investments 17,496,598 89.2

Other net assets 2,135,905 10.8

Net assets attributable to unitholders 19,632,503 100.0

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Percentage of total net assetsattributable to unitholders at

30 June2018

31 December2017

% %By Geography (Summary)

Singapore 31.9 27.6

China 12.5 14.1

United States 8.2 9.7

Japan 7.5 10.1

Luxembourg 7.1 9.1

South Korea 7.1 6.4

Malaysia 4.1 3.4

Asia Pacific - 4.5

India 3.3 3.1

Hongkong 1.9 1.8

Taiwan 1.9 1.9

Germany 1.8 4.4

Indonesia 1.4 -

Australia - 2.0

88.7 98.1

Accrued interest receivable on debt securities 0.5 0.4

Portfolio of investments 89.2 98.5

Other net assets 10.8 1.5

Net assets attributable to unitholders 100.0 100.0

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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund

Fair value at30 June

2018

Percentage of total net assetsattributable to unitholders at

30 June2018

31 December 2017

$ % %By Industry (Secondary)

Funds 6,512,872 33.2 42.8

Financial 5,316,522 26.9 29.5

Industrial 1,563,006 8.0 6.9

Technology 1,412,682 7.2 7.5

Real Estate 1,352,608 6.9 6.8

Sovereign 999,235 5.1 1.1

Consumer, Non-cyclical 167,373 0.9 -

Basic Materials 75,671 0.4 1.5

Energy - - 1.1

Consumer, Cyclical - - 0.9

17,399,969 88.6 98.1

Accrued interest receivable on debt securities 96,629 0.5 0.4

Portfolio of investments 17,496,598 89.1 98.5

Other net assets 2,135,905 10.9 1.5

Net assets attributable to unitholders 19,632,503 100.0 100.0

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DISCLAIMER

This publication is for information only. It is not a recommendation, offer or solicitation for the purchase or sale of any securities or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs. Applications for units in our funds must be made on forms accompanying the prospectus. You should read the prospectus and Product Highlights Sheet which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of its distributors, consider if a fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to invest in the fund. Investments in our funds are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of a fund is not guaranteed and the value of units in a fund and the income accruing to the units, if any, may rise or fall. Past performance, as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance of a fund. Dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the fund. Any information (which includes opinions and estimates) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information contained herein and no warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. LGI, its related companies, their directors and/or employees may hold units of a fund and be engaged in purchasing or selling units of a fund for themselves or their clients. Lion Global Investors® Limited (UEN/ Registration No. 198601745D) is a Singapore incorporated company, and is not related to any asset or fund management entity that is domiciled in Europe or the United States.

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

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

Co Reg No:198601745D