united income plus fund - kenanga• 30% ftse bursa malaysia kuala lumpur composite index (fbm klci)...

United IncomePlusFund

Annual Report

31 July 2019

UNITED INCOME PLUS FUND

Audited Annual Report and Financial Statements

For the Financial Year Ended 31 July 2019

TABLE OF CONTENTS PAGE NO

(A) MANAGER’S REPORT 2

(B) TRUSTEE’S REPORT 10

(C) STATEMENT BY MANAGER 11

(D) INDEPENDENT AUDITORS' REPORT TO THE UNIT HOLDERS 12

(E) FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION 16

STATEMENT OF COMPREHENSIVE INCOME 17

STATEMENT OF CHANGES IN NET ASSET VALUE 18

STATEMENT OF CASH FLOWS 19

NOTES TO THE FINANCIAL STATEMENTS 20

(F) CORPORATE INFORMATION 50

1

(A) MANAGER’S REPORT

Dear Unitholders,

(1) Key Data of the Fund

1.1 Fund name United Income Plus Fund (the "Fund")

1.2 Fund category Fixed Income

1.3 Fund type Income & Growth

1.4 Investment

1.5 Performance

(available at www.maybank2u.com.my)

• 30% FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI)

(available at www.bursamalaysia.com)

(available at www.quantshop.com)

(available at www.jpmorgan.com)

(available at www.bursamalaysia.com)

(available at www.msci.com)

1.6 Duration

1.7 Distribution policy

1.8 Breakdown of unit

holdings by size Size of holding

• 5,000 and below

• 5,001 to 10,000

• 10,001 to 50,000

• 50,001 to 500,000

• 500,001 and above

Total

• 35% J.P. Morgan Asia Credit Investment Grade Index;

No. of units held

0.00

0.00

38,490.30

280,233.85

68,903,774.98

We are pleased to present you the Manager’s report and the audited accounts of United Income Plus Fund

(the “Fund”) for the financial year ended 31 July 2019.

The Fund was launched on 9 February 2015 and shall exist for as long as it

appears to the Manager and Trustee that it is in the interests of the unit holders

for it to continue. In some circumstances, the unit holders can resolve at a

meeting to terminate the Fund.

0

0

1

2

3

6

Subject to the availability of income, distribution will be paid on a quarterly

basis. Distribution declared (if any) will be automatically reinvested into the

unit holders’ accounts in the form of additional units in the Fund at no cost.

• 15% FBM KLCI; and

objective

• 15% MSCI AC Asia Pacific ex Japan

unit holders

The Fund seeks to provide investors with income and capital appreciation over

the Medium to Long Term (i.e. a period of three (3) years or more) by

investing primarily in fixed income securities with the remaining investing in

equities and equity-related securities.

benchmark

Prior to that, the performance benchmark of the Fund was:

As at 31 July 2019

69,222,499.13

No. of

• 70% 12 month fixed deposit rate by Malayan Banking Berhad;

With effective from 13 August 2015, the performance benchmark of the Fund

has been changed as follows:

• 35% Quantshop All MGS Index;

2

(2) Performance Data of the Fund

2.1 Portfolio

Consumer Products 5.91 4.92 7.18

Finance 29.70 43.62 31.38

Industrial Products 4.54 3.35 3.62

14.11 9.71 3.86

CIS 10.45 -- --

Infrastructure 4.67 10.45 8.94

7.96 5.64 1.98

Technology 4.61 -- --

Properties -- 9.39 7.89

-- 6.21 --

Telecommunication 2.59 1.36 --

Government -- -- 3.22

Transport -- -- 1.32

Trusts -- -- 20.04

Energy 1.88 1.68 1.99

Utilities -- -- 3.05

ETF -- 0.63 --

Cash 13.58 3.04 5.53

Total 100.00 100.00 100.00

2.2 Performance

details

As at As at As at

31 July 2019 31 July 2018 31 July 2017

Net Asset Value ("NAV") (RM) 38,060,547 53,308,439 153,180,347

NAV per unit (RM) 0.5498 0.5208 0.5418

Units in circulation 69,222,499 102,357,400 282,749,971

Highest NAV per unit (RM) 0.5599 0.5732 0.5732

Lowest NAV per unit (RM) 0.5020 0.4999 0.4999

Total return (%) 10.17 0.28 2.89

• Capital growth (%) 5.57 (3.88) (0.62)

• Income distribution (%) 4.60 4.16 3.51

Gross distribution (sen per unit) 2.28# 2.26 1.88

Net distribution (sen per unit) 2.28# 2.26 1.88

Management expense ratio 1.63 1 1.56 1.27

("MER") (%)

Portfolio turnover ratio 1.12 2 1.06 1.51

("PTR") (times)

Notes:#

Date of distribution is shown in part 2.7 - Income distribution / Unit splits.

As at 31 July

2017 (%)

Trading / Services

Construction

Sectors, category of

investments & cash holdings

As at 31

July 2019

(%)

Performance details of the Fund for the three audited financial years are as

follows:

2 PTR is higher against previous financial year mainly due to higher trading activity.

As at 31

July 2018

(%)

Details of portfolio composition of the Fund for the financial years as at 31

July are as follows:composition

1 MER is higher against previous financial year mainly due to decrease in average fund size.

Information Technology

3

2.2

details

(continued)

7.26

1 year 10.17

3 years 4.36

5 years --

10.17

0.28

2.89

10.52

8.48

2.3 Has the Fund

achieved its

investment

objective?

2.4

review

Performance

(2 March 2015)

(Annualised)

Performance

The Fund registered a return of 36.25% since commencement, outperforming

the benchmark return of 11.51%. The Fund achieved its investment objective

of providing investors with income and capital appreciation. The Fund

declared an income distribution of 2.28 sen per unit for the financial year

under review.

Note: Past performance is not necessarily indicative of future

performance and that unit prices and investment returns may go down,

as well as up. All performance figures have been extracted from

Bloomberg.

1 August 2018 - 31 July 2019

1 August 2017 - 31 July 2018

For the financial year under review, the NAV per unit of the Fund increased

by 5.57% from RM 0.5208 to RM 0.5498.

1 August 2016 - 31 July 2017

Average total return

As at 31 July 2019 (%)

Since commencement

Annual total return

For the financial year under review, the Fund registered a return of 10.17%,

outperforming the benchmark return of -0.28%. The outperformance was due

to stock selection within the equity portion of the portfolio and higher bond

prices on the back of declining bond yields. Among the top contributors to the

portfolio performance included Pentamaster, Hume Industries, and SAM

Engineering. Additionally, the portfolio's duration positioning and credit

selection also contributed to the outperformance.

Since commencement (2 March

2015) - 31 July 2015

1 August 2015 - 31 July 2016

The Fund (%)

The line chart below shows comparison between the performance of the Fund

and its benchmark, 70% 12 month fixed deposit rate by Malayan Banking

Berhad and 30% FBM KLCI as at the commencement date of the Fund to 31

July 2019.

4

2.4

review

(continued)

Source: UOBAM(M), Bloomberg as at 31 July 2019.

1- 3- 6- 12- Since

month months months months commencement

The Fund 3.23% 4.91% 10.66% 10.17% 36.25%

Benchmark* -0.48% 0.42% 0.26% -0.28% 11.51%

2.5 Strategies and

policies employed

* The benchmark of the Fund is 70% 12 month fixed deposit rate by Malayan

Banking Berhad (obtainable at www.maybank2u.com.my) and 30% FBM

KLCI (obtainable at www.bursamalaysia.com) with effective from 13 August

2015.

* Benchmark (Since lauch to 12 August 2015) - 35% Quantshop All MGS

Index; 35% J.P. Morgan Asia Credit Investment Grade Index; 15% FBM

KLCI and 15% MSCI AC Asia Pacific ex Japan

* Benchmark (With effective from 13 August 2015) - 70% 12 month fixed

deposit rate by Malayan Banking Berhad and 30% FBM KLCI

* Prior to that, the benchmark of the Fund was 35% Quantshop All MGS

Index (obtainable at www.quantshop.com); 35% J.P. Morgan Asia Credit

Investment Grade Index (obtainable at www.jpmorgan.com); 15% FBM KLCI

(obtainable at www.bursamalaysia.com) and 15% MSCI AC Asia Pacific ex

Japan (obtainable at www.msci.com).

Note: Past performance is not necessarily indicative of future

performance and that unit prices and investment returns may go down,

as well as up. All performance figures have been extracted from

Bloomberg.

Equities

Given the volatile market conditions, we focused on the Malaysia market

given its defensiveness. While the performance of the overall Malaysia

market was lacklustre during the period, the fund managed to outperform due

to stock selection. Among the top contributors to the portfolio performance

included Pentamaster, Hume Industries, and SAM Engineering.

Performance

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19

United Income Plus Fund Benchmark*

.

5

2.5 Strategies and

policies employed

2.6

Assets As at 31

July 2019

As at 31

July 2018

Changes

(%) (%) (%)

Equities 19.53 25.47 -5.94

66.89 71.49 -4.60

Cash 13.58 3.04 10.54

Total 100.00 100.00 --

2.7 Income

distribution/

Unit splits

0.0040 0.5111 0.5071

0.0040 0.5112 0.5072

0.0040 0.5369 0.5329

0.0040 0.5562 0.5522

0.0068 0.5578 0.5510

Total 0.0228

2.8 State of affairs

As at 31 July 2019, the asset allocation of the Fund stood at 19.53% in

equities, 66.89% in fixed income securities and 13.58% in cash. Given the

heightened volatility in the market, we employed a more defensive asset

allocation strategy by increasing the portfolio cash holdings.

29 October 2018

Distribution Date Gross/Net

Distribution

per unit

(RM)

Cum - NAV

per unit

(RM)

Ex - NAV per

unit (RM)

25 April 2019

The Fund did not carry out any unit split exercise during the financial year

under review.

28 January 2019

Asset allocation

There has been neither significant change to the state of affairs of the Fund nor

any circumstances that materially affect any interests of the unit holders during

the financial year under review.

Reason for the differences in asset allocation

29 July 2019

This table below shows the asset allocation of the Fund for the financial years

ended 31 July.

Fixed Income

12 July 2019

For the financial year under review, the Fund has declared the following

income distribution:

Fixed income securities

For fixed income, we invested mainly in Ringgit corporate and emerging

market debts. We continued to favour Ringgit corporate debts as we expect

the market to be supported by demand from local investors due to ample

market liquidity, favourable demand supply dynamics and expectations of

interest rate cut by Bank Negara Malaysia ("BNM"). We remain constructive

on emerging market debts especially the more defensive investment grade

sovereigns given their improving fundamentals. In addition, the emerging

market debts offer relatively attractive yields compared to the developed

markets. On currency management, we entered into foreign exchange ("FX")

forward contracts to hedge out the portfolio’s foreign currency risk.

(continued)

6

2.9 Rebates and soft

commission

2.10 Market review Equity

During the financial year under review, the Manager had received on behalf of

the Fund, soft commissions in the form of fundamental database, financial

wire services, technical analysis software and stock quotation system

incidental to investment management of the Fund. These soft commissions

received by the Manager are deemed to be beneficial to the unit holders of the

Fund.

It is our policy to channel all rebates to the Fund. Soft commissions received

from brokers/dealers are retained by the Manager only if the goods and

services provided are of demonstrable benefit to unit holders of the Fund and

in the form of research and advisory services that assist in the decision making

process relating to the Fund's investments and such dealings are executed on

terms which are the most favourable for the Fund.

Towards the end of the period, the inversion of the U.S. Treasury ("UST")

yield curve (proxied by the 2-10 year spread) spooked financial markets. The

inversion of the U.S. yield curve has been a good predictor of a U.S. recession

in the past.

Meanwhile, Malaysia’s performance was lacklustre with the FBM KLCI and

BM Emas index declining 8.4% and 8.3% respectively over the period.

Besides the uncertainties from the external sector, the weakness was also

driven by policy uncertainty under the new government (although we are

seeing improvements towards the end of the period) and portfolio outflows.

The period under review was a volatile one for global equity markets. During

the period, Developed Markets generally fared better compared to Emerging

Markets.

The United States of Americe ("U.S.") market, which had been doing well in

the beginning of the period under review, succumbed to selling pressure in

early October. The U.S. market had its worst performance in the month of

December in decades due to worries about a potential slowdown in global

growth and President Trump’s criticism of U.S. Federal Reserve ("Fed")

Chairman Jerome Powell.

Following a challenging December 2018, global markets staged a rebound at

the start of 2019 as the U.S. Fed sounded a more ‘patient’ tone in its approach

to interest rate policy. Financial markets were supported by expectations of

easing monetary policy.

Post the G20 meeting in July 2019, the trade truce between U.S. and China

provided some relief to financial markets. However, the trade truce proved to

be shortlived as both sides engaged in tit-for-tat tariff measures.

7

2.10 Market review

2.11 Market outlook Equities

Fixed Income

(continued)

The lower yields in developed markets boosted the demand for emerging

market bonds. Global investors are seeking yield at a time when bond yields in

Europe and Japan are near or at negative territory. At the end of the period, the

JPM EMBI Global spread narrowed to 333 bps from 354 bps.

We believe that slowing growth and developments in the U.S.-China trade war

would continue to be major drivers on market direction. There are signs of

slowing growth although there is no conclusive evidence of a recession despite

the inversion of the yield curve. Based on historical evidence, there is a lag

impact from the inversion of the yield curve to the start of a recession. As for

financial markets, the S&P 500 has historically peaked about 17 months on

average after the yield curve inverts while the average return is > 20%.

The outcome of the U.S.-China trade war remains difficult to forecast. The

possibility of a U.S. economic weakness or recession in 2020, which coincides

with President Trump’s reelection campaign, could be a motivating factor for

President Trump to negotiate with China on trade.

Ringgit government bond yields rose post the announcement of Budget 2019

on the back of higher projections for the budget deficit. Subsequently, Ringgit

bond yields fell towards year end and during the first quarter of 2019 on

concerns about the continued U.S.–China trade conflict and a possible global

economic slowdown.

Ringgit bonds traded lower in April following the announcement of the

Norwegian sovereign wealth fund’s decision to trim emerging market debts as

well as the potential removal of Malaysia from the FTSE World Government

Bond Index ("WGBI").

As a pre-emptive move, BNM cut the Overnight Policy Rate ("OPR") by 25

basis points ("bps") to 3.00% on 7 May, citing downside risks to the global

and domestic economy.

Ringgit debts rallied in the following months taking cue from the lower global

bond yields on concerns about global economic growth and increased

expectations of monetary easing by global central banks. At close, the 3-, 5-, 7-

and 10-year MGS benchmarks decreased by 27 to 48 bps to 3.29%, 3.43%,

3.55%, 3.59% respectively.

Meanwhile, UST yields rose initially as the U.S. Fed continued to hike interest

rates by 25 bps each in September and December. Treasury yields declined

following dovish comments from the U.S. Fed amid heightened trade tensions

and a fragile global economy. The 10-year treasury yield fell briefly below the

2.00% key support level to a low of 1.94% before closing at 2.01%. The

benchmark 10-year UST eased 95 bps during the period.

8

2.11 Market outlook

Kuala Lumpur, Malaysia

UOB Asset Management (Malaysia) Berhad

23 September 2019

Meanwhile, BNM kept the OPR stable at its policy meeting on 9 July. The

central bank maintained its Gross Domestic Product ("GDP") growth forecast

of between 4.3-4.8% in 2019 with downside risks arising from heightened

uncertainties in the global and domestic environment, worsening trade

tensions, and weakness in commodity-related sectors. We expect the positive

spillover from the earlier rate cut as well as the revival of major infrastructure

projects to support growth in 2H2019. BNM is likely to keep the policy rate

stable during the forthcoming MPC meeting in September while accessing the

impact from the earlier rate cut.

Looking forward, all eyes will be focusing on the rate decision of the

September FOMC meeting, U.S.-China trade negotiations, Brexit deal, FTSE

Russell’s decision on the status of Malaysia in its World Government Bond

Index, and Malaysia’s Budget 2020 announcement.

As expected, the Federal Open Market Committee ("FOMC") lowered the

federal funds rate by 25 bps to 2.00%-2.25% range on 31 July, citing

implications of global development for the economic outlook as well as muted

inflation pressures. The Fed Chair further commented that the interest rate cut

was not the beginning of a long easing cycle but rather a mid-cycle

adjustment. In addition, the Fed also ended its balance sheet reduction

program two months earlier than planned.

Fixed Income

(continued)

The mitigation is easier monetary policy from the U.S. Fed, which would

provide some support for equity markets.

Amidst the external uncertainty, we would adopt a more defensive approach to

investing. This includes favouring domestic centric companies (that are less

affected by trade flows), companies with high dividend yield, and technology

sector for growth opportunities.

9

(B) TRUSTEE’S REPORT

TO THE UNIT HOLDERS OF UNITED INCOME PLUS FUND

(a)

(b)

(c)

For Deutsche Trustees Malaysia Berhad

Ng Hon Leong Richard Lim Hock Seng

Head, Trustee Operations Chief Executive Officer


23 September 2019

We have acted as Trustee for United Income Plus Fund (“the Fund”) for the financial year ended

31 July 2019. To the best of our knowledge, for the financial year under review, UOB Asset

Management (Malaysia) Berhad (“the Manager”) has operated and managed the Fund in accordance

with the following:

limitations imposed on the investment powers of the Manager under the Deed(s), the

Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and

Services Act 2007 and other applicable laws;

valuation and pricing for the Fund is carried out in accordance with the Deed(s) of the

Fund and any regulatory requirements; and

creation and cancellation of units for the Fund are carried out in accordance with the

Deed(s) of the Fund and any regulatory requirements.

We are of the view that the distributions made during this financial year ended 31 July 2019 by the

Manager are not inconsistent with the objective of the Fund.

10

(C) STATEMENT BY MANAGER

For and on behalf of the Manager,

UOB Asset Management (Malaysia) Berhad

LIM SUET LING SEOW LUN HOO

Executive Director / Director

Chief Executive Officer


We, Lim Suet Ling and Seow Lun Hoo, being two of the directors of UOB Asset Management

(Malaysia) Berhad, do hereby state that, in the opinion of the Manager, the accompanying financial

statements set out on pages 16 to 49 are drawn up in accordance with Malaysian Financial

Reporting Standards and International Financial Reporting Standards so as to give a true and fair

view of the financial position of United Income Plus Fund as at 31 July 2019 and of its financial

performance, changes in net asset value and cash flows for the financial year then ended and

comply with requirements of the Deed(s).

23 September 2019

11

(D) Independent auditors’ report to the unitholders of

United Income Plus Fund

Report on the audit of the financial statements

Opinion

Basis for opinion

Independence and other ethical responsibilities

Information other than the financial statements and auditors’ report thereon

We have audited the financial statements of United Income Plus Fund ("the Fund"), which

comprise the statement of financial position as at 31 July 2019, and the statement of

comprehensive income, statement of changes in net asset value and statement of cash flows of the

Fund for the financial year then ended, and notes to the financial statements, including a summary

of significant accounting policies, as set out on pages 16 to 49.

In our opinion, the accompanying financial statements give a true and fair view of the financial

position of the Fund as at 31 July 2019 and of its financial performance and cash flows for the

financial year then ended in accordance with Malaysian Financial Reporting Standards ("MFRS")

and International Financial Reporting Standards ("IFRS").

We conducted our audit in accordance with approved standards of auditing in Malaysia and

International Standards on Auditing. Our responsibilities under those standards are further

described in the Auditors' 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 opinion.

We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct

and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics

Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”),

and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the

IESBA Code.

The Manager is responsible for the other information. The other information comprises the

information included in the annual report of the Fund, but does not include the financial statements

of the Fund and our auditors’ report thereon. The annual report is expected to be made available to

us after the date of this auditors' report.

Our opinion on the financial statements of the Fund does not cover the other information and we

do not express any form of assurance conclusion thereon.

12

Independent auditors’ report to the unitholders of

United Income Plus Fund (continued)

Information other than the financial statements and auditors’ report thereon (continued)

Responsibilities of the Manager and Trustee for the financial statements

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the

Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an

auditors' report that includes our opinion. Reasonable assurance is high level of assurance, but is

not a guarantee that an audit conducted in accordance with approved standards on auditing in

Malaysia and International Standards on Auditing 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.

The Trustee is responsible for ensuring that the Manager maintains proper accounting and other

records as are necessary to enable true and fair presentation of these financial statements.

In connection with our audit of the financial statements of the Fund, our responsibility is to read

the other information and, in doing so, consider whether the other information is materially

inconsistent with the financial statements of the Fund 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.

When we read the annual report, if we conclude that there is a material misstatement therein, we

are required to communicate the matter to the Manager of the Fund and take appropriate action.

The Manager is responsible for the preparation and fair presentation of the financial statements of

the Fund in accordance with MFRS and IFRS. The Manager is also responsible for such internal

control as the Manager determines is necessary to enable the preparation of financial statements of

the Fund that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements of the Fund, 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

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

13



Auditors’ responsibilities for the audit of the financial statements (continued)

Evaluate the overall presentation, structure and content of the financial statements of the Fund,

including the disclosures, and whether the financial statements of the Fund 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.

As part of an audit in accordance with approved standards of auditing in Malaysia and

International Standards on Auditing, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements of the Fund,

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 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 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 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 auditors’ report to the related disclosures in the financial statements of the Fund 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 auditors' report. However, future events or conditions

may cause the Fund to cease to continue as a going concern.

14



Other Matter

Ernst & Young Chan Hooi Lam

AF: 0039 No. 02844/02/2020 J

Chartered Accountants Chartered Accountant


23 September 2019

This report is made solely to the unitholders of the Fund, as a body, and for no other purpose. We

do not assume responsibility to any other person for the content of this report.

15


STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2019

2019 2018

Note RM RM

ASSETS

Investments 3 33,195,307 52,278,952

Amount due from brokers 2,983,795 -

Dividend receivables 48,578 3,062

Deposits with a licensed financial institution 5 1,400,115 -

Cash at a bank 600,546 3,012,683

TOTAL ASSETS 38,228,341 55,294,697

LIABILITIES

Forward foreign currency contracts 4 15,709 -

Amount due to Manager 6 114,274 248,387

Amount due to Trustee 7 2,217 3,247

Amount due to brokers - 1,702,829

Accruals 35,594 31,795

TOTAL LIABILITIES 167,794 1,986,258

UNITHOLDERS’ EQUITY

Unitholders’ capital 8 33,127,597 50,336,625

Retained earnings 8 4,932,950 2,971,814

8 38,060,547 53,308,439

TOTAL EQUITY AND LIABILITIES 38,228,341 55,294,697

UNITS IN CIRCULATION 8 (a) 69,222,499 102,357,400

NET ASSET VALUE PER UNIT (RM) 0.5498 0.5208

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

TOTAL EQUITY, REPRESENTING NET

ASSET VALUE (“NAV”) ATTRIBUTABLE

TO UNITHOLDERS

(E) FINANCIAL STATEMENTS

16


STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 JULY 2019

2019 2018

Note RM RM

INVESTMENT INCOME

Dividend income from quoted equities 188,371 254,644

Income distributions from financial assets at fair value

through profit or loss (“FVTPL”) 20,194 112,405

Interest income from unquoted fixed income securities 1,412,999 2,957,658

Interest income from deposits with licensed

financial institutions 34,357 51,380

Net gain/(loss) on investments at FVTPL: 3

- net realised gain/(loss) on sale of investments at FVTPL 998,503 (3,539,637)

- net unrealised gain on changes in fair value 8(c) 1,702,222 728,781

Amortisation of premium, net of accretion of discount (4,809) (30,288)

Net realised loss on foreign currency exchange (83,615) (609,167)

Net realised gain on forward foreign currency contracts 35,604 2,117,634

Net unrealised gain/(loss) on foreign currency exchange 8(c) 1,409 (649)

Net unrealised loss on forward foreign currency

contracts 8(c) (15,710) (115,455)

4,289,525 1,927,306

EXPENSES

Manager’s fee 9 (604,483) (1,236,086)

Trustee’s fee 10 (28,580) (64,042)

Auditors’ remuneration (9,300) (9,300)

Tax agent’s fee (7,000) (7,000)

Other expenses (17,160) (110,931)

(666,523) (1,427,359)

NET INCOME BEFORE TAXATION 3,623,002 499,947

Tax expense 11 (4,167) (24,011)

3,618,835 475,936

Net income after taxation is made up of the following:

Realised amount 8(b) 1,930,914 (136,741)

Unrealised amount 8(c) 1,687,921 612,677

3,618,835 475,936

Distributions for the financial year 12 1,657,699 3,086,490


NET INCOME AFTER TAXATION,

REPRESENTING TOTAL COMPREHENSIVE

INCOME FOR THE FINANCIAL YEAR

17


STATEMENT OF CHANGES IN NET ASSET VALUE


Note RM RM RM

Balance as at 1 August 2017 147,597,979 5,582,368 153,180,347

Movement in net asset value:

Total comprehensive income

for the financial year - 475,936 475,936

Creation of units 8(a) 4,782,541 - 4,782,541

Reinvestment of units 8(a) 3,086,490 - 3,086,490

Cancellation of units 8(a) (105,130,385) - (105,130,385)

Distributions 12 - (3,086,490) (3,086,490)

Balance as at 31 July 2018 50,336,625 2,971,814 53,308,439

Balance as at 1 August 2018 50,336,625 2,971,814 53,308,439

Movement in net asset value:

Total comprehensive income

for the financial year - 3,618,835 3,618,835

Creation of units 8(a) 7,370,592 - 7,370,592

Reinvestment of units 8(a) 1,657,699 - 1,657,699

Cancellation of units 8(a) (26,237,319) - (26,237,319)

Distributions 12 - (1,657,699) (1,657,699)

Balance as at 31 July 2019 33,127,597 4,932,950 38,060,547


Unitholders’

capital

Retained

earnings

Total net asset

value

18


STATEMENT OF CASH FLOWS


2019 2018

RM RM

CASH FLOWS FROM OPERATING AND

INVESTING ACTIVITIES

Proceeds from sale/redemption of investments 53,345,332 141,767,296

Purchase of investments (36,445,838) (49,984,670)

Cash received from capital reduction - 426,546

Dividend received from quoted equities 142,810 559,294

Income distributions received from financial assets at FVTPL 20,194 112,405

Interest received from unquoted fixed income securities 1,607,896 3,421,035

Interest received from deposits with licensed financial institutions 34,357 51,380

Manager’s fee paid (630,850) (1,279,113)

Trustee’s fee paid (29,610) (70,155)

Tax agent’s fee paid (4,585) (6,548)

Auditors’ remuneration paid (9,299) (9,001)

Payment of other fees and expenses (15,776) (131,671)

Foreign withholding tax (4,167) (24,011)

Net realised gain on forward foreign currency contracts 35,604 2,117,634

Net realised loss on foreign currency exchange (83,615) (609,167)

Net cash generated from operating and investing activities 17,962,453 96,341,254

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from creation of units 7,047,352 5,690,664

Payment for cancellation of units (26,021,827) (106,828,991)

Net cash used in financing activities (18,974,475) (101,138,327)

NET DECREASE IN CASH AND CASH EQUIVALENTS (1,012,022) (4,797,073)

CASH AND CASH EQUIVALENTS AT THE

BEGINNING OF THE FINANCIAL YEAR 3,012,683 7,809,756

CASH AND CASH EQUIVALENTS AT THE

END OF THE FINANCIAL YEAR 2,000,661 3,012,683

Cash and cash equivalents comprise the following:

Deposits with a licensed financial institution (Note 5) 1,400,115 -

Cash at a bank 600,546 3,012,683

2,000,661 3,012,683


19


NOTES TO THE FINANCIAL STATEMENTS

1. INFORMATION ON THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of the financial statements

Financial instruments

The United Income Plus Fund (hereinafter referred to as “the Fund”) was constituted pursuant to the

execution of the Deed dated 30 April 2014 as amended by a First Supplemental Deed dated 26

February 2015 and Second Supplemental Deed dated 2 January 2019 (collectively referred to as “the

Deeds”) between UOB Asset Management (Malaysia) Berhad (“the Manager”) and Deutsche

Trustees Malaysia Berhad (“the Trustee”).

The Fund seeks to provide investors with income and capital appreciation over the medium to long

term by investing primarily in fixed income securities with the remaining investing in equities and

equity-related securities. The Fund was launched on 9 February 2015 and commenced for operation

on 2 March 2015. As provided in the Master Deed, the accrual period or financial year shall end on

31 July.

The Manager is a subsidiary of UOB Asset Management Limited, headquartered in Singapore.

The financial statements were authorised for issue by the Manager on 23 September 2019.

The financial statements of the Fund have been prepared in accordance with Malaysian Financial

Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”).

The financial statements have been prepared on the historical cost basis except as disclosed in the

accounting policies below and are presented in Ringgit Malaysia (“RM”).

In the current year the Fund has adopted MFRS 9 Financial Instruments. Comparative figures for the

year ended 31 July 2018 have not been restated although there was no material impact upon adoption

of MFRS 9. Therefore, financial instruments in the comparative year were accounted for in

accordance with MFRS 139 Financial Instruments: Recognition and Measurement.

20

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.1 Basis of preparation of the financial statements (continued)

(a)

(b)

(c)

Financial assets

(i) Financial assets measured at amortised cost

On initial recognition, it is part of a portfolio of identified financial instruments that are

managed together; or

It is a derivative (except for a derivative that is a financial guarantee contract or a designated and

effective hedging instrument).

The Fund classifies its financial assets as subsequently measured at amortised cost or measured at fair

value through profit or loss ("FVTPL") on the basis of both the entity’s business model for managing

the financial assets and the contractual cash flow characteristics of the financial asset.

A debt instrument is measured at amortised cost if it is held within a business model whose

objective is to hold financial asset in order to collect contractual cash flows and its contractual

terms give rise on specified dates to cash flows that are solely payments of principal and interest

on the principal amount outstanding. The Fund includes in this category amount due from

brokers, dividend receivables, deposits with a licensed financial institution and cash at a bank.

It is acquired or incurred principally for the purpose of selling or repurchasing it in the near

term; or

Financial instruments (continued)

Classification - Policy effective from 1 August 2018

In accordance with MFRS 9, the Fund classifies its financial assets and financial liabilities at initial

recognition into the categories of financial assets and financial liabilities discussed below.

In applying that classification, a financial asset or financial liability is considered to be held for

trading if:

21



Financial assets (continued)

(ii) Financial assets at FVTPL

A financial asset is measured at fair value through profit or loss if:

(a)

(b)

(c)

Financial liabilities

(i) Financial liabilities measured at fair value through profit or loss (FVTPL)

A financial liability is measured at FVTPL if it meets the definition of held for trading.

(ii)

Its contractual terms do not give rise to cash flows on specified dates that are solely

payments of principal and interest ("SPPI") on the principal amount outstanding; or

It is held within a business model whose objective is to sell; or

At initial recognition, it is irrevocably designated as measured at FVTPL when doing so

eliminates or significantly reduces a measurement or recognition inconsistency that

would otherwise arise from measuring assets or liabilities or recognising the gains and

losses on them on different bases.

The Fund includes in this category debt and equity instruments. These include investments that are

held under a business model to manage them on a fair value basis for investment income and fair

value gains.

Financial liabilities measured at amortised cost

This category includes all financial liabilities, other than those measured at fair value through

profit or loss. The Fund includes in this category amount due to Manager, amount due to

Trustee, and amount due to brokers.

22



Impairment of financial assets

Policy effective from 1 August 2018 (MFRS 9)

2.2 Changes in accounting policies

MFRS 9 Financial Instruments: Classification and measurement

i)

ii)

iii)

Standards issued and effective

The accounting policies adopted that could have material impact to the financial statements are

consistent with those of the previous financial year other than the adoption of MFRS 9 as discussed

above.

The Fund has adopted MFRS 9 Financial Instruments on 1 August 2018. MFRS 9 replaces MFRS

139 Financial Instruments: Recognition and Measurement and introduces new requirements for

classification and measurement, impairment and hedge accounting. MFRS 9 is not applicable to

items that have already been derecognised at 1 August 2018, the date of initial application.

The Fund has assessed the classification of financial instruments as at the date of initial application

and has applied such classification retrospectively. Based on that assessment:

All financial assets previously held at fair value continue to be measured at fair value.

Debt and equity instruments are acquired for the purpose of generating short-term profit.

Therefore, they meet the held-for-trading criteria and are required to be measured at FVTPL.

Financial assets previously classified as loans and receivables are held to collect contractual cash

flows and give rise to cash flows representing solely payments of principal and interest. Thus,

such instruments continue to be measured at amortised cost under MFRS 9.

The Fund holds only trade receivables with no financing component and which have maturities of

less than 12 months at amortised cost and, as such, has chosen to apply an approach similar to the

simplified approach for expected credit losses ("ECL") under MFRS 9 to all its trade receivables.

Therefore the Fund does not track changes in credit risk, but instead recognises a loss allowance

based on lifetime ECL at each reporting date. The Fund’s approach to ECL reflects a probability-

weighted outcome, the time value of money and reasonable and supportable information that is

available without undue cost or effort at the reporting date about past events, current conditions and

forecasts of future economic conditions.

23


2.2 Changes in accounting policies (Continued)

MFRS 9 Financial Instruments: Classification and measurement (continued)

iv)

MFRS 9 Financial Instruments: Impairment

Impact of adoption of MFRS 9

The classification and measurement requirements of MFRS 9 have been adopted retrospectively as of

the date of initial application on 1 August 2018, however, the Fund has chosen to take advantage of

the option not to restate comparatives. Therefore, the 31 July 2018 figures are presented and

measured under MFRS 139. The following table shows the original measurement categories in

accordance with MFRS 139 and the new measurement categories under MFRS 9 for the Fund’s

financial assets and financial liabilities as at 1 August 2018.

Standards issued and effective (continued)

The classification of financial liabilities under MFRS 9 remains broadly the same as under

MFRS 139. The main impact on measurement from the classification of liabilities under MFRS

9 relates to the element of gains or losses for financial liabilities designated as at FVTPL

attributable to changes in credit risk. MFRS 9 requires that such element be recognised in other

comprehensive income ("OCI"), unless this treatment creates or enlarges an accounting

mismatch in profit or loss, in which case, all gains and losses on that liability (including the

effects of changes in credit risk) should be presented in profit or loss. The Fund has not

designated any financial liabilities at FVTPL. Therefore, this requirement has no impact on the

Fund.

MFRS 9 requires the Fund to record ECL on all of its debt securities, loans and trade receivables,

either on a 12-month or lifetime basis. Given the limited exposure of the Fund to credit risk, this

amendment has not had a material impact on the financial statements. The Fund only holds trade

receivables with no financing component and which have maturities of less than 12 months at

amortised cost and therefore has adopted an approach similar to the simplified approach to ECL.

The Fund has not applied hedge accounting under MFRS 139 nor will it apply hedge accounting

under MFRS 9.

24


2.2 Changes in accounting policies (Continued)

Standards issued and effective (continued)

Impact of adoption of MFRS 9

Financial assets at 1 August 2018

MFRS 139 MFRS 139 MFRS 9 MFRS 9

classification measurement classification measurement

RM RM

Investments Held for trading Held for trading

at FVTPL 52,278,952 at FVTPL 52,278,952

Dividend receivables Loans and Amortised

receivables 3,062 cost 3,062

Cash at a bank Loans and Amortised

receivables 3,012,683 cost 3,012,683

Financial liabilities at 1 August 2018

Amount due to Amortised Amortised

Manager cost 248,387 cost 248,387

Amount due to Trustee Amortised Amortised

cost 3,247 cost 3,247

Amount due to Amortised Amortised

brokers cost 1,702,829 cost 1,702,829

In line with the characteristics of the Fund’s financial instruments as well as its approach to their

management, the Fund neither revoked nor made any new designations on the date of initial

application. MFRS 9 has not resulted in changes in the carrying amount of the Fund's financial

instruments due to changes in measurement categories. All financial assets that were classified as

FVTPL under MFRS 139 are still classified as FVTPL under MFRS 9. All financial assets that were

classified as loans and receivables and measured at amortised cost continue to be carried at amortised

cost.

The carrying amounts of amortised cost instruments continued to approximate these instruments' fair

values on the date of transition after transitioning to MFRS 9 due to their short period to maturity or

settlement.

25


2.3 Summary of significant accounting policies

(a) Classification of realised and unrealised gains and losses

(b) Derivative financial instruments

(c) Functional and presentation currency

(d) Foreign currency translation

The method of recognising the resulting gain or loss depends on whether the derivative is

designated as a hedging instrument, and the nature of the item being hedged. Derivatives that do

not qualify for hedge accounting are classified as held for trading and accounted for in accordance

with the accounting policy on FVTPL.

The financial statements of the Fund are measured using the currency of the primary economic

environment in which the Fund operates (“the functional currency”). The financial statements are

presented in RM, which is also the Fund’s functional currency.

Transactions in currencies other than the Fund’s functional currency (foreign currencies) are

recorded in the functional currency using exchange rates prevailing at the transaction dates. At

each reporting date, foreign currency monetary items are translated into RM at exchange rates

ruling at the reporting date. All exchange gains or losses are recognised in the profit or loss.

Unrealised gains and losses comprise changes in the fair value of financial instruments at FVTPL.

Realised gains and losses on disposals of financial instruments at FVTPL are calculated using

weighted average method. They represent the difference between an instrument’s initial carrying

amount and disposal amount.

Return on investments, income distribution from collective investment schemes, foreign exchange

translation differences of cash at bank balances denominated in foreign currencies and accrued

interest on deposits which have not matured as at the reporting date are classified as realised

income in the financial statements.

Derivatives are financial assets or liabilities at FVTPL categorised as held for trading unless they

are designated hedges.

The Fund’s derivative financial instruments comprise forward foreign currency contracts.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into

and are subsequently re-measured at their fair value.

26


2.3 Summary of significant accounting policies (Continued)

(e) Unitholders’ capital

(f) Distribution of income

(g) Cash and cash equivalents

(h) Income recognition

Unitholders’ capital of the Fund meets the definition of puttable instruments classified as equity

instruments under the revised MFRS 132 Financial Instruments: Presentation and is classified as

equity instruments. Any distribution to unitholders is recorded as a reduction from retained

earning within equity.

Distribution of income is made at the discretion of the Manager. A distribution to the Fund’s

unitholders is accounted for as a deduction from realised reserves except where distribution is

sourced out of distribution equalisation which is accounted for as a deduction from unitholders’

capital. A proposed distribution is recognised as a liability in the period in which it is approved.

Cash and cash equivalents comprise deposits with a licensed financial institution and cash at a

bank with a maturity of less than 3 months which have an insignificant risk of changes in value.

Income is recognised to the extent that it is probable that the economic benefits will flow to the

Fund and the income can be reliably measured. Income is measured at the fair value of

consideration received or receivable.

Dividend income from quoted equities and income distribution from collective investment

schemes, are recognised when the Fund's right to receive payment is established.

Interest income from deposits with licensed financial institutions and interest income from

unquoted fixed income securities are recognised using the effective interest method.

27


2.3 Summary of significant accounting policies (Continued)

(i) Net asset value attributable to unitholders

(j) Income tax

No deferred tax is recognised as there are no material temporary differences.

(k) Segment reporting

(l) Significant accounting estimates and judgments

The preparation of the Fund’s financial statements requires the Manager to make judgments,

estimates and assumptions that affect the reported amounts of revenues, expenses, assets and

liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty

about these assumptions and estimates could result in outcomes that could require a material

adjustment to the carrying amount of the asset or liability in the future.

No major judgments have been made by the Manager in applying the Fund’s accounting policies.

There are no key assumptions concerning the future and other key sources of estimation

uncertainty at the reporting date that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year.

Net asset value attributable to unitholders represents the redemption amount that would be payable

if the unitholders exercised the right to redeem units of the Fund at the end of the reporting year.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid

to the tax authorities. The tax rates and tax laws used to compute the amount are those that are

enacted or substantively enacted by the reporting date.

For internal management reporting purposes, all of the investments of the Fund are managed as

one portfolio and reviewed as such by the Manager. The Manager is the decision maker for

performance assessment purposes and makes decisions about resource allocation. Accordingly, the

Fund does not have any operating segment information to be disclosed in the financial statements.

28

3. INVESTMENTS

2019 2018

RM RM

Investments designated as FVTPL:

- Collective investment schemes - foreign 3,976,500 336,965

- Quoted investments - local 6,325,650 7,687,872

- Quoted investments - foreign 1,107,736 4,837,376

- Unquoted fixed income securities 21,785,421 39,416,739

33,195,307 52,278,952

2019 2018

RM RM

Net gain/(loss) on investments at FVTPL comprised:

- net realised gain/(loss) on sale of investments at FVTPL 998,503 (3,539,637)

- net unrealised gain on changes in fair value 1,702,222 728,781

2,700,725 (2,810,856)

Investments designated as FVTPL as at 31 July 2019 are as follows:

Fair value

expressed as a

percentage of

value of the

Name of Counter Quantity Cost Fair Value Fund

RM RM %

COLLECTIVE INVESTMENT SCHEMES

- FOREIGN

United Emerging Markets Bond

Fund - Class USD 1,000,000 3,889,680 3,976,500 10.45

TOTAL COLLECTIVE INVESTMENT

SCHEMES - FOREIGN 3,889,680 3,976,500 10.45

QUOTED INVESTMENTS - LOCAL

Malaysia

Consumer Discretionary

Genting Malaysia Berhad 185,000 683,531 715,950 1.88

Magnum Berhad 290,000 662,061 777,200 2.04

1,345,592 1,493,150 3.92

Energy

Yinson Holdings Berhad 103,000 598,114 715,850 1.88

29

3. INVESTMENTS (CONTINUED)

Investments designated as FVTPL as at 31 July 2019 are as follows: (Continued)

Fair value

expressed as a

percentage of

value of the

Name of Counter Quantity Cost Fair Value Fund

RM RM %

QUOTED INVESTMENTS - LOCAL

(CONTINUED)

Industrial Products

Dufu Technology Corporation

Berhad 150,000 282,271 274,500 0.72

Pentamaster Corporation Berhad 500,000 919,300 1,755,000 4.61

Sam Engineering & Equipment (M)

Berhad 93,000 762,344 781,200 2.05

1,963,915 2,810,700 7.38

Technology

V.S. Industry Berhad 560,000 685,878 672,000 1.77

Telecommunication Services

Telekom Malaysia Berhad 155,000 515,013 633,950 1.67

TOTAL QUOTED

INVESTMENTS - LOCAL 5,108,512 6,325,650 16.62

QUOTED INVESTMENTS - FOREIGN

Hong Kong

Consumer Discretionary

Galaxy Entertainment Group

Limited 8,000 223,858 227,812 0.60

Sands China Limited 26,400 551,188 530,422 1.39

775,046 758,234 1.99

Telecommunication Services

Tencent Holdings Limited 1,800 317,533 349,502 0.92

TOTAL QUOTED

INVESTMENTS - FOREIGN 1,092,579 1,107,736 2.91

30



Fair value

expressed as a

percentage of

Nominal Adjusted value of the

Maturity Credit value Cost Fair Value Fund

date Issuer rating RM RM RM %

UNQUOTED FIXED INCOME SECURITIES

CORPORATE BONDS

12.11.2020 MMC

Corporation

Berhad AA- IS 3,000,000 3,034,192 3,063,232 8.05

25.05.2021 CIMB Group

Holdings

Berhad A1 4,700,000 4,749,292 4,871,445 12.80

07.02.2022 Affin

Bank

Berhad A1 2,000,000 2,052,260 2,118,880 5.57

15.03.2022 AMMB

Holdings

Berhad AA3 1,800,000 1,835,645 1,888,043 4.96

29.03.2022 Al Dzahab

A

A

Assets

Berhad AAA 2,500,000 2,541,952 2,601,302 6.83

13.12.2024 Malaysia

Airport

Holdings

Berhad AA2 700,000 737,801 752,982 1.98

22.08.2025 GENM

Capital

Berhad

AAA

(S) 1,000,000 1,021,077 1,071,377 2.81

31.03.2027 GENM

Capital

Berhad

AAA

(S) 3,000,000 3,051,164 3,238,664 8.51

20.04.2028 UMW

Holdings

Berhad A1 1,000,000 1,017,571 1,146,911 3.01

04.06.2029 Pengurusan

Air Spv

Berhad AAA 1,000,000 1,006,595 1,032,585 2.71

31



Fair value

expressed as a

percentage of

Nominal Adjusted value of the

Maturity Credit value Cost Fair Value Fund

date Issuer rating RM RM RM %

UNQUOTED FIXED INCOME SECURITIES (CONTINUED)

CORPORATE BONDS (CONTINUED)

TOTAL UNQUOTED FIXED INCOME

SECURITIES 21,047,549 21,785,421 57.24

TOTAL INVESTMENTS 31,138,320 33,195,307 87.22

2,056,987

The weighted average effective yield on unquoted fixed income securities is as follows:

2019 2018

% %

Corporate bonds 4.16 5.03

Less than 1 1 year to More than

year 5 years 5 years

RM RM RM

Corporate bonds - 14,000,000 6,700,000

Corporate bonds 5,000,000 19,000,000 14,700,000

2018

EXCESS OF FAIR VALUE OVER

ADJUSTED COST

Analysis of the remaining maturity by nominal value of unquoted fixed income securities as at

31 July 2019 and 31 July 2018 are as follows:

2019

32

4. FORWARD FOREIGN CURRENCY CONTRACTS

5. DEPOSITS WITH A LICENSED FINANCIAL INSTITUTION

2019 2018

RM RM

1,400,115 -

2019 2018

Weighted average effective interest rate 3.00 -

Average maturities 2 days -

6. AMOUNT DUE TO MANAGER

2019 2018

RM RM

Creation of units 323,240 -

Cancellation of units (394,456) (178,963)

Manager's fee payable (43,058) (69,424)

(114,274) (248,387)

Deposits with a licensed financial institution include interest receivables of RM115 (2018: RM nil)

The normal credit period for the Manager’s fee payable is one month (2018: one month).

As at the date of statement of financial position, there are 3 (2018: nil) forward foreign currency

contracts outstanding.

The notional principal amount of the outstanding forward foreign currency contracts amounted to RM

5,223,796 (2018: RM nil).

The forward foreign currency contracts entered into were for hedging against the currency exposure

arising from the investments denominated in Hong Kong Dollar (HKD) and United States Dollar

(USD).

As the Fund has not adopted hedge accounting, the change in fair value of the forward foreign currency

contract is recognised immediately in profit or loss.

Deposits with a licensed financial institution

33

7. AMOUNT DUE TO TRUSTEE

2019 2018

RM RM

Amount due to Trustee 2,217 3,247

Amount due to Trustee represents Trustee’s fee payable.

8. UNITHOLDERS’ EQUITY

Net asset value attributable to unitholders is represented by:

2019 2018

Note RM RM

Unitholders’ capital (a) 33,127,597 50,336,625

Retained earnings

- Realised gain (b) 2,918,148 2,644,933

- Unrealised gain (c) 2,014,802 326,881

4,932,950 2,971,814

Total equity, representing NAV attributable to unitholders 38,060,547 53,308,439

(a) UNITHOLDERS’ CAPITAL/ UNITS IN CIRCULATION

Units RM Units RM

At the beginning of the

financial year 102,357,400 50,336,625 282,749,971 147,597,979

Creation of units during

the financial year 13,514,798 7,370,592 8,756,945 4,782,542

Reinvestment for the

financial year 3,125,651 1,657,699 5,802,217 3,086,489

Cancellation of units during

the financial year (49,775,350) (26,237,319) (194,951,733) (105,130,385)

At the end of the financial

year 69,222,499 33,127,597 102,357,400 50,336,625

2019 2018

The Manager and parties related to the Manager did not hold any units in the Fund as at 31 July

2019 (2018: Nil).

34

8. UNITHOLDERS’ EQUITY (CONTINUED)

(b) RETAINED EARNINGS - REALISED

2019 2018

RM RM

At the beginning of the financial year 2,644,933 5,868,164

Total comprehensive income for the financial year 3,618,835 475,936

Net unrealised gain attributable to investments and

others held transferred to unrealised reserve (1,687,921) (612,677)

Distributions for the financial year (1,657,699) (3,086,490)

Net increase/(decrease) in realised reserve for the financial year 273,215 (3,223,231)

At the end of the financial year 2,918,148 2,644,933

(c) RETAINED EARNINGS - UNREALISED

2019 2018

RM RM

At the beginning of the financial year 326,881 (285,796)

Net unrealised gain attributable to investments and

others held transferred to unrealised reserve:

- Investments at FVTPL 1,702,222 728,781

- Forward foreign currency contracts (15,710) (115,455)

- Foreign currency exchange 1,409 (649)

1,687,921 612,677

At the end of the financial year 2,014,802 326,881

9. MANAGER'S FEE

The management fee provided in the financial statements is 1.50% (2018: 1.50%) per annum based on

the net asset value of the Fund, calculated on a daily basis for the financial year.

There will be no further liability to the Manager in respect of Manager’s fee other than the amount

recognised in the financial statements.

Schedule 8 of the Deed provides that the Manager shall be entitled to a fee at a rate agreed between the

Manager and the Trustee which the rate shall not exceed 2.00% (2018: 2.00%) per annum of the net

asset value of the Fund, calculated on a daily basis.

35

10. TRUSTEE'S FEE

11. INCOME TAX EXPENSE

2019 2018

RM RM

Net income before taxation 3,623,002 499,947

Tax calculated at a tax rate of 24% 869,520 119,987

Tax effects of:

- Income not subject to tax (1,053,324) (1,486,131)

- Loss not deductible for tax purposes 23,838 1,023,578

- Restriction on tax deductible expenses for unit trust funds 149,555 302,012

- Expenses not deductible for tax purposes 10,411 40,554

(869,520) (119,987)

Foreign withholding tax 4,167 24,011

Tax expense for the financial year 4,167 24,011

A reconciliation of income tax expense applicable to net income before taxation at the statutory income

tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

Schedule 9 of the Deed provides that the Trustee shall be entitled to a fee at a rate agreed between the

Manager and the Trustee which the rate shall not exceed 0.20% (2018: 0.20%) per annum of the net

asset value of the Fund, calculated on a daily basis; subject to a minimum fee of RM15,000 (2018:

RM15,000) per annum (excluding foreign custodian fees and charges).

The Trustee’s fee provided in the financial statements is 0.07% (2018: 0.07%) per annum based on the

net asset value of the Fund, calculated on a daily basis for the financial year.

There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount

recognised in the financial statements.

Income from deposit placements is exempted from tax in accordance with Schedule 6, Paragraph 35 of

the Income Tax Act ("ITA"), 1967. Distribution income derived from sources outside Malaysia and

received in Malaysia is exempted from tax in accordance with Schedule 6, Paragraph 28 of the ITA,

1967. Pursuant to Section 61(1)(b) of the ITA, 1967, gains from realisation of investment will not be

treated as income of the Fund and hence are not subject to income tax. In accordance with Sections 61

and 63B of the ITA, 1967, interest income and gain on sale of investment are exempted from tax.

36

12. DISTRIBUTIONS

Final distributions to unitholders is derived from the following sources:

2019 2018

RM RM

Realised income from previous financial year 2,328,389 4,537,860

Less:

Expenses (666,523) (1,427,359)

Tax expense (4,167) (24,011)

(670,690) (1,451,370)

Net distributable amount 1,657,699 3,086,490

Details of distributions to unitholders during the financial year are as follows:

Distributions Reinvestment Distributions Total

Ex-date settlement date per unit distributions

RM RM

Financial year ended 31 July 2019

29 October 2018 0.0040 335,251

28 January 2019 0.0040 310,474

25 April 2019 0.0040 273,580

12 July 2019 0.0040 272,123

29 July 2019 0.0068 466,271

0.0228 1,657,699

Financial year ended 31 July 2018

27 October 2017 0.0040 857,633

22 January 2018 0.0041 663,412

25 April 2018 0.0040 507,862

26 July 2018 0.0105 1,057,583

0.0226 3,086,490

13. MANAGEMENT EXPENSE RATIO (“MER”)

2019 2018

% %

Manager’s fee 1.48 1.35

Trustee’s fee 0.07 0.07

Other expenses 0.08 0.14

Total MER 1.63 1.56

30 October 2017

23 January 2018

26 April 2018

27 July 2018

The MER of the Fund is the ratio of the sum of fees and expenses incurred by the Fund to the average

NAV of the Fund calculated on a daily basis.

30 October 2018

29 January 2019

26 April 2019

15 July 2019

31 July 2019

37

14. PORTFOLIO TURNOVER RATIO (“PTR”)

2019 2018

PTR (times) 1.12 1.06

15. TRANSACTIONS WITH BROKERS AND FINANCIAL INSTITUTIONS

Percentage

Percentage of total

Value of of total Brokerage brokerage

Brokers/Financial institutions trades trades fees fees

RM % RM %

Alliance Bank Malaysia Berhad 15,039,578 14.55 - -

CIMB Investment Bank Berhad 13,987,832 13.53 50,527 27.11

Maybank Investment Bank Berhad 10,321,453 9.99 27,000 14.49

Malayan Banking Berhad 8,202,009 7.94 231 0.12

UOB Kay Hian Securities (M)

Sdn. Bhd.* 7,394,900 7.15 21,271 11.41

Kenanga Investment Bank Berhad 6,445,187 6.24 16,212 8.70

CIMB Bank Berhad 5,187,767 5.02 - -

Affin Hwang Investment Bank

Berhad 4,967,946 4.81 14,549 7.81

China International Capital

Corporation Hong Kong

Securities Limited 4,346,470 4.21 13,378 7.18

Deutsche Bank (Malaysia) Bhd 3,889,680 3.76 - -

Others 23,574,652 22.80 43,222 23.18

103,357,474 100.00 186,390 100.00

* A company related to the Manager.

Details of transactions with brokers and financial institutions by the Fund for the financial year ended

31 July 2019 are as follows:

The PTR of the Fund is the ratio of average acquisitions and disposals of the Fund for the financial

period to the average NAV of the Fund calculated on a daily basis.

38

16. FINANCIAL INSTRUMENTS (CONTINUED)

(a) Classification of financial instruments

(i)

(ii)

(iii)

(iv)

Financial Financial Financial

assets and assets at liabilities at

liabilities at amortised amortised

FVTPL cost cost Total

RM RM RM RM

2019

Assets

Investments 33,195,307 - - 33,195,307

Amount due from brokers - 2,983,795 - 2,983,795

Dividend receivables - 48,578 - 48,578

Deposits with a licensed

financial institution - 1,400,115 - 1,400,115

Cash at a bank - 600,546 - 600,546

Total financial assets 33,195,307 5,033,034 - 38,228,341

Liabilities

Forward foreign currency

contracts 15,709 - - 15,709

Amount due to Manager - - 114,274 114,274

Amount due to Trustee - - 2,217 2,217

Total financial liabilities 15,709 - 116,491 132,200

The Fund’s financial assets and financial liabilities are measured on an ongoing basis based on

their respective classification. The significant accounting policies in Note 2.2 describe how the

classes of financial instruments are measured, and in Note 2.4 on how income and expenses are

recognised:

the Fund’s investments, comprising quoted equities, collective investment schemes and

unquoted fixed income securities, are classified as financial assets at FVTPL which are

measured at fair value;

the Fund’s financial assets, comprising amount due from brokers, dividend receivables,

deposits with a licensed financial institution and cash at a bank, are classified as loans and

receivables which are measured at amortised cost;

the Fund’s financial liabilities, comprising amount due to Manager, amount due to

Trustee and amount due to brokers, are classified as other financial liabilities which are

measured at amortised cost; and

the Fund’s forward foreign currency contracts are derivatives which are measured at

FVTPL.

39


(a) Classification of financial instruments (continued)

Financial Loans and Financial

assets and receivables at liabilities at

liabilities at amortised amortised

FVTPL cost cost Total

RM RM RM RM

2018

Assets

Investments 52,278,952 - - 52,278,952

Dividend receivables - 3,062 - 3,062

Cash at a bank - 3,012,683 - 3,012,683

Total financial assets 52,278,952 3,015,745 - 55,294,697

Liabilities

Amount due to Manager - - 248,387 248,387

Amount due to Trustee - - 3,247 3,247

Amount due to brokers - - 1,702,829 1,702,829

Total financial liabilities - - 1,954,463 1,954,463

(b)

Level 1:

Level 2:

Level 3:

Financial instruments that are carried at fair value

The Fund uses the following hierarchy for determining and disclosing the fair value of financial

instruments by valuation technique:

Inputs are quoted prices (unadjusted) in active markets for identical assets or liability that

the entity can access at the measurement date;

Inputs are inputs, other than quoted prices included within level 1, that are observable for

the asset or liability, either directly or indirectly; and

Inputs are unobservable inputs for the asset or liability.

40


(b)

Level 1 Level 2 Level 3 Total

RM RM RM RM

2019


at FVTPL

- Collective investment

schemes - 3,976,500 - 3,976,500

- Forward foreign currency

contracts - (15,709) - (15,709)

- Quoted investments 7,433,386 - - 7,433,386

- Unquoted fixed income

securities - 21,785,421 - 21,785,421

7,433,386 25,746,212 - 33,179,598

2018


at FVTPL

- Collective investment

schemes - 336,965 - 336,965

- Quoted investments 12,525,248 - - 12,525,248

- Unquoted fixed income

securities - 39,416,739 - 39,416,739

12,525,248 39,753,704 - 52,278,952

(c)

• Amount due from brokers

• Dividend receivables

•

•

•

•

•

There were no financial instruments which are not carried at fair values and whose carrying

amounts are not reasonable approximation of their respective fair values.

Amount due to Manager

Amount due to Trustee

Amount due to brokers

The following table shows an analysis of financial instruments recorded at fair value by the level

of the fair value hierarchy:

Financial instruments that are not carried at fair value and whose carrying amounts are

reasonable approximations of fair value

The following are classes of financial instruments that are not carried at fair value and whose

carrying amounts are reasonable approximation of fair value due to their short period to maturity

or short credit period:

Deposits with a licensed financial institution

Cash at a bank

Financial instruments that are carried at fair value (continued)

41

17.

(a) Market risk

The Fund’s overall exposure to market risk was as follows:

2019 2018

RM RM

Investments at fair value through profit or loss 33,195,307 52,278,952

Impact on

Change in profit after

price of Market tax and net

investments value asset value

% RM RM

2019

-5 31,535,542 (1,659,765)

0 33,195,307 -

5 34,855,072 1,659,765

2018

-5 49,665,004 (2,613,948)

0 52,278,952 -

5 54,892,900 2,613,948

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks, which include market risk, manager risk, inflation risk,

non-compliance risk, currency risk, liquidity risk, credit risk, interest rate risk, geographical risk

and income distribution risk.

Financial risk management is carried out through internal control processes adopted by the

Manager and adherence to the investment restrictions as stipulated in the SC Guidelines on Unit

Trust Funds.

Market risk refers to potential losses that may arise from changes in the market conditions which

in turn affect the market prices of the investments of the Fund. Market conditions are generally

affected by, amongst others, social environment, political and economic stability. The Fund that

seeks to invest in various geographical markets will be subjected to risks arising from general and

sector specific economic conditions in the markets in which the Fund invests. However, if one of

the markets which the Fund invests in suffers a downturn or instability due to economic and/or

political conditions, the possible adverse impact on the Fund’s value may be softened by the fact

that the Fund is also invested in other markets that are not experiencing similar downturn or

instability. In the event the downturn or instability affects multiple markets within the region or

globally, the benefits of diversification in multiple markets enjoyed by the Fund will be reduced as

each of the markets it invests in experiences the downturn or instability.

The table below summarises the sensitivity of the Fund’s net asset value and profit after tax to

movements in prices of investments. The analysis is based on the assumption that the price of the

investments fluctuates by 5% with all other variables held constant.

42

17.

(b) Manager risk

(c) Inflation risk

(d) Non-compliance risk

(e) Currency risk


The performance of the Fund depends on, amongst other things, the expertise of the Manager. A

failure on the part of the Manager to display the requisite experience and expertise expected of

them in making investment decisions for the Fund may jeopardize the Fund’s performance and

returns.

Inflation risk is a risk of an investor’s investment not growing at a rate that keeps pace with

inflation rate, thereby decreasing the investor’s purchasing power even though the investment in

monetary terms may have increased.

Non-adherence with laws, rules, regulations, prescribed practices, internal policies and procedures

may result in tarnished reputation, limited business opportunities and reduced expansion potential

for the management company. Investment goals may also be affected should the Manager not

adhere to the investment mandate, such as the Fund’s investment objective and investment policy

and strategy. The non-adherence may be the outcome from human error, for instance the oversight

of the Manager or system failure causing unnecessary downtime. The magnitude of such risk and

its impact on the Fund and/or unitholders are dependent on the nature and severity of the non-

compliance. In order to mitigate this risk, the Manager has stringent internal controls and ensures

that compliance monitoring processes are undertaken.

This risk is associated with investments denominated in currencies different from the base

currency of the Fund. As the Fund is denominated in RM, investments in countries other than

Malaysia will cause the Fund to be exposed to currency risks. When foreign currencies move

unfavourably against the RM, these investments may face currency loss in addition to any capital

gains or losses, which will affect the net asset value of the Fund, and consequently the net asset

value per unit of the Fund. The Manager may mitigate this risk by hedging the foreign currency

exposure. However, by employing this hedging, it will limit the potential upside of these

currencies where investors would not be able to enjoy the additional returns when these currencies

move favourably against the RM.

43

17.

(e) Currency risk (continued)

The following table sets out the foreign currency risk concentrations of the Fund.

2019 RM

Hong Kong Dollar ("HKD")

1,107,736

Forward foreign currency contracts (6,289)

Dividend receivables 6,453

1,107,900

United States Dollar ("USD")

3,976,500

Forward foreign currency contracts (9,420)

3,967,080

2018

Hong Kong Dollar ("HKD")

1,246,566

Indonesia Rupiah ("IDR")

2,249,093

Korean won ("KRW")

815,823

United States Dollar ("USD")

862,859 Investments at FVTPL

The table below summarises the sensitivity of the Fund’s net asset value and profit after tax to

changes in foreign exchange movements. The analysis is based on the assumption that the foreign

exchange rate changes by 5%, with all other variables remaining constant. Any increase/decrease

in foreign exchange rate will result in a corresponding decrease/increase in the net assets

attributable to unitholders by approximately 5%. Disclosures below are shown in absolute terms,

changes and impact could be positive or negative.

Investments at FVTPL






44

17.

(e) Currency risk (Continued)

Change in Impact in

foreign profit after

exchange rate tax / net

% asset value

RM

2019

HKD 55,395 +5/-5 (55,395)

USD 198,354 +5/-5 (198,354)

2018

HKD 62,328 +5/-5 (62,328)

IDR 112,455 +5/-5 (112,455)

KRW 40,791 +5/-5 (40,791)

USD 43,143 +5/-5 (43,143)

(f) Liquidity risk

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Liquidity risk refers to the ease of liquidating an investment depending on the investment’s

volume traded in the market. Generally, if the Fund holds many securities that are illiquid, or

difficult to dispose of, the value of the Fund may be affected when it has to sell such securities at

an unfavourable price. This in turn will depress the value of the Fund. This risk may be mitigated

by avoiding securities or markets with poor liquidity.

The table below summarises the Fund’s financial assets and liabilities into relevant maturity

groupings based on the remaining period from the statement of financial position date to the

contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

45

17.

(f) Liquidity risk (Continued)

0 - 1 1 - 2 2 - 3 3 - 4 4 - 5 More than

year years years years years 5 years

RM RM RM RM RM RM

Financial assets

Investments 1,098,658 8,719,927 6,968,679 343,536 344,362 7,703,093

Dividend receivables 48,578 - - - - -

Deposits with a licensed

financial institution 1,400,115 - - - - -

Cash at a bank 600,546 - - - - -

Total financial assets 3,147,897 8,719,927 6,968,679 343,536 344,362 7,703,093


Amount due to Manager 114,274 - - - - -

Amount due to Trustee 2,217 - - - - -

Total financial liabilities 116,491 - - - - -

Financial assets

Investments 7,038,451 1,799,273 9,422,211 12,667,547 1,699,873 15,492,033

Dividend

receivables 3,062 - - - - -

Cash at a bank 3,012,683 - - - - -

Total financial assets 10,054,196 1,799,273 9,422,211 12,667,547 1,699,873 15,492,033


Amount due

to Manager 248,387 - - - - -

Amount due to Trustee 3,247 - - - - -

Total financial liabilities 251,634 - - - - -


Contractual cash flows (undiscounted)

2019

2018

46

17.

(g) Credit risk

Unquoted fixed Cash and Other As a % of

income cash financial net asset

securities equivalents assets* Total value

RM RM RM RM

2019

- AAA 3,633,887 - - 3,633,887 9.55

- AA1 - 600,546 - 600,546 1.58

- AA2 752,982 - - 752,982 1.98

- AA3 1,888,043 - - 1,888,043 4.96

- A1 8,137,236 1,400,115 - 9,537,351 25.06

- AA- IS 3,063,232 - 3,063,232 8.05

- AAA (S) 4,310,041 - - 4,310,041 11.32

- Others - - 3,032,373 3,032,373 7.96

21,785,421 2,000,661 3,032,373 26,818,455 70.46

2018

- AAA 5,617,509 - - 5,617,509 10.54

- AA1 5,038,079 3,012,683 - 8,050,762 15.10

- AA2 736,030 - - 736,030 1.38

- A1 9,840,869 - - 9,840,869 18.46

- A3 1,015,159 - - 1,015,159 1.90

- AA- IS 3,046,994 - - 3,046,994 5.72

- AAA (S) 4,045,447 - - 4,045,447 7.59

- Non-Rated 10,076,652 - - 10,076,652 18.91

- Others - - 3,062 3,062 0.01

39,416,739 3,012,683 3,062 42,432,484 79.61


This refers to the creditworthiness of the issuers of fixed income securities and/or money

market instruments and its expected ability to make timely payment of interest and/or

principal. Default happens when the issuers are not able to make timely payments of interest

and/or principal. Fixed income securities and/or money market instruments is subject to

both actual and perceived measures of creditworthiness. The downgrading of a rated fixed

income securities or adverse publicity and investor perception could decrease the value and

liquidity of the fixed income securities and/or money market instruments, particularly in a

thinly traded market.

Deposits that the Fund has placed with financial institutions are also exposed to

credit/default risk. If the financial institutions become insolvent, the Fund may suffer capital

losses with regards to the capital invested and interest foregone, causing the performance of

the Fund to be adversely affected. Placement of deposits with a licensed financial institution

will also be made based on prudent selection by the Manager according to its analysis on

credit worthiness of the financial institutions.

The following table sets out maximum exposure to credit risk and the credit risk

concentrations of the Fund.

47

17.

(g) Credit risk (continued)

The financial assets of the Fund are neither past due nor impaired.

(h) Interest rate risk

2019 2018

RM RM

% Change in interest rate

+1% (217,854) (394,167)

-1% 217,854 394,167

(i) Geographical risk

This Fund is also subject to interest rate risk. Interest rate is a general indicator that will

have an impact on the management of the Fund. This risk refers to the effect of interest rate

changes on the market value of a portfolio of fixed income securities. In the event of rising

interest rates, prices of fixed income securities will generally decrease and vice versa.

Meanwhile, fixed income securities with longer maturities and lower coupon/profit rates are

more sensitive to interest rate changes.

The table below summarises the sensitivity of the Fund’s net asset value and profit after tax

to movements in prices of unquoted fixed income securities held by the Fund as a result of

movement in interest rate. The analysis is based on the assumptions that the interest rate

increased and decreased by 1% with all other variables held constant.

Impact on profit after tax/

net asset value

The Fund is also subject to geographical risk. The value of the assets of the Fund may also

be affected by the economic and political climate, restriction on currency repatriation or

other developments in the law or regulations of the countries in the Asia Pacific region

excluding Japan in which the Fund may invest. Further, when investing in foreign markets,

there are countries which may require prior approvals before investments can take place. For

example, if and when the Fund invests in countries such as China, Taiwan, South Korea,

India and Vietnam, such countries require the prior application or registration of an

investment license or investor code before any investment can be made in these countries.

As such, if investments in such countries are undertaken, there may be a risk that the

registration or license may be revoked or is not renewed by the relevant authority and the

Fund’s investment in these countries may be affected. The effect on the Fund’s investments

will depend on the regulatory requirements of the respective countries. For example, if a

foreign market requires the Fund to obtain an investment license which is subject to renewal

and if such investment license is not renewed in a timely manner, this may result in the

Fund’s investment account in that country being frozen by the regulator resulting in

investment activities for the Fund in that country being suspended. To mitigate this, the

Manager will monitor closely the adherence of investment regulatory requirements in such

countries.

* Comprise amount due from brokers and dividend receivables.


48

17.

(j) Income distribution risk

18. CAPITAL MANAGEMENT

It should be noted that the distribution of income is not guaranteed. Circumstances

preventing the distribution of income include, among others, unavailability of sufficient

realised returns to enable income distribution as distribution of income may only be made

from realised gains or realised income.

The capital of the Fund can vary depending on the demand for redemptions and subscriptions to

the Fund. The Fund’s units in issue at the end of the financial year are disclosed in Note 8(a).

No changes were made to the Fund’s objectives, policies or processes during the current financial

year.


49

(F) CORPORATE INFORMATION

Manager UOB Asset Management (Malaysia) Berhad

(219478-X)

Level 22, Vista Tower

The Intermark

348, Jalan Tun Razak

50400 Kuala Lumpur

Tel: 03-2732 1181 Fax: 03-2164 8188

Website: www.uobam.com.my

Board of Directors Mr Wong Kim Choong

Mr Thio Boon Kiat

(alternate to Mr Wong Kim Choong)

Mr Seow Lun Hoo

Mr Seow Voon Ping

(alternate to Mr Seow Lun Hoo)

Mr Wong Yoke Leong

Mr Lim Kheng Swee

En Syed Naqiz Shahabuddin Bin Syed Abdul Jabbar

Ms Lim Suet Ling (Executive Director & CEO)

Trustee Deutsche Trustees Malaysia Berhad

(763590-H)

Fund Valuation Deutsche Trustees Malaysia Berhad

Service Provider (763590-H)

Auditor of the Fund Ernst & Young

(AF0039)

Tax Agent of the Fund Ernst & Young Tax Consultants Sdn Bhd

(179793-K)

50

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