Annual Report for

AmIncome
31 March 2018
TRUST DIRECTORY

Manager
AmFunds Management Berhad
9th & 10th Floor, Bangunan AmBank Group
55 Jalan Raja Chulan
50200 Kuala Lumpur

Board of Directors
Raja Maimunah Binti Raja Abdul Aziz
Dato’ Mustafa Bin Mohd Nor
Tai Terk Lin
Goh Wee Peng
Sum Leng Kuang

Investment Committee
Sum Leng Kuang
Tai Terk Lin
Dato’ Mustafa Bin Mohd Nor
Zainal Abidin Bin Mohd Kassim
Goh Wee Peng

Trustee
HSBC (Malaysia) Trustee Berhad

Auditors and Reporting Accountants

Ernst & Young

Taxation Adviser
Deloitte Tax Services Sdn Bhd

AmIncome
CONTENTS

1 Manager’s Report
9 Independent Auditor’s Report to the Unitholders
12 Statement of Financial Position
13 Statement of Comprehensive Income
15 Statement of Changes In Equity
16 Statement of Cash Flows
17 Notes to the Financial Statements
42 Statement by the Manager
43 Trustee’s Report
44 Directory

AmIncome
MANAGER’S REPORT

Dear Unitholders,

We are pleased to present you the Manager’s report and the audited accounts of AmIncome (“Fund”)
for the financial year ended 31 March 2018.

Salient Information of the Fund

Name AmIncome (“Fund”)

Category/ Fixed Income/Income

Type

Objective AmIncome aims to provide you with a regular stream of monthly income* by
investing in money market and other fixed income instruments.

Note: *The income could be in the form of units or cash.

Duration The Fund was established on 20 January 2000 and shall exist for as long as it appears
to the Manager and the Trustee that it is in interests of the unitholders for it to
continue. In some circumstances, the unitholders can resolve at a meeting to terminate
the Fund.

Performance Malayan Banking Berhad 1-Month Fixed Deposit Rate.

Benchmark (obtainable from: www.maybank2u.com.my)

Note: The benchmark does not imply that the risk profile of the Fund is the same as
the risk profile of the benchmark. Investors of the Fund will assume a higher risk
compared to the benchmark. Hence, the returns of the Fund may be potentially higher
due to the higher risk faced by the investors.

Income Income is calculated daily and paid monthly within 14 days after the last day of each
Distribution month or on full redemption.
Policy

Breakdown of For the financial year under review, the size of the Fund stood at 3,041,867,608 units.
Unit Holdings
by Size Size of holding As at 31 March 2018 As at 31 March 2017
No of Number of No of Number of
units held unitholders units held unitholders
5,000 and below 830,206 355 939,340 412
5,001-10,000 1,670,559 227 1,859,386 251
10,001-50,000 17,114,292 704 17,584,472 726
50,001-500,000 171,690,111 947 180,008,434 977
500,001 and above 2,850,562,440 631 3,479,378,917 714

1
Fund Performance Data

Portfolio Details of portfolio composition of the Fund for the financial years as at 31 March are
Composition as follows:

FY FY FY
2018 2017 2016
% % %
Corporate bonds 46.96 44.90 49.60
Commercial papers 3.23 - -
Cagamas bonds - - -
Malaysian Government
Securities - 0.27 -
Quasi-Government bonds - 0.76 -
Cash and others 49.81 54.07 50.40
Total 100.00 100.00 100.00

Note: The abovementioned percentages are calculated based on total net asset value.

Performance Performance details of the Fund for the financial years ended 31 March are as follows:
Details
FY FY FY
2018 2017 2016
Net asset value (RM)* 3,096,863,089 3,731,666,854 3,942,659,183
Units in circulation* 3,041,867,608 3,679,770,549 3,893,537,176
Net asset value per unit
(RM)* 1.0181 1.0141 1.0126
Highest net asset value per
unit (RM)* 1.0181 1.0141 1.0126
Lowest net asset value per
unit (RM)* 1.0000 1.0000 1.0000
Benchmark performance (%) 3.00 3.00 3.16
Total return (%)(1) 3.27 3.18 3.18
- Capital growth (%) - - -
- Income distribution (%) 3.27 3.18 3.18
Gross distribution (RM) 104,254,971 119,447,771 129,199,537
Net distribution (RM) 104,254,971 119,447,771 129,199,537
Management expense ratio
(%)(2) 0.85 0.85 0.85
Portfolio turnover ratio
(times)(3) 0.30 0.21 0.32

* Above price and net asset value per unit are shown as ex-distribution.

Note:
(1) Total return is computed based on the income return of the Fund net of all fees.
(2) Management expense ratio (“MER”) is calculated based on the total fees and
expenses incurred by the Fund divided by the average fund size calculated on a
daily basis.
(3) Portfolio turnover ratio (“PTR”) is calculated based on the average of the total
acquisitions and total disposals of investment securities of the Fund divided by the
average fund size calculated on a daily basis. The PTR increased by 0.09 times

2
 (42.9%) as compared to 0.21 times for the financial year ended 31 March 2017
mainly due to increase in investing activities.

Average Total Return (as at 31 March 2018)

AmIncome(a) MBB(b)
% %
One year 3.27 3.00
Three years 3.21 3.05
Five years 3.08 3.05
Ten years 2.93 2.87

Annual Total Return

Financial Years Ended AmIncome (a) MBB(b)

(31 March) % %
2018 3.27 3.00
2017 3.18 3.00
2016 3.18 3.16
2015 3.02 3.11
2014 2.75 3.00

(a) Source: Novagni Analytics and Advisory Sdn Bhd.

(b) Malayan Banking Berhad 1-month fixed deposit rate (“MBB”)
(Obtainable from: www.maybank2u.com.my).

The Fund performance is calculated based on daily returns of the Fund. Average total
return of the Fund and its benchmark for a period is computed based on the
accumulated returns for that period annualised over one year.

Note: Past performance is not necessarily indicative of future performance and

that unit prices and investment returns may go down, as well as up.

Fund For the financial year under review, the Fund registered a return of 3.27% which was
Performance entirely income distribution in nature.

Thus, the Fund’s return of 3.27% has outperformed the benchmark’s return of 3.00%
by 0.27%.

As compared with the financial year ended 31 March 2017, the net asset value
(“NAV”) per unit of the Fund increased by 0.39% from RM1.0141 to RM1.0181,
while units in circulation decreased by 17.34% from 3,679,770,549 units to
3,041,867,608 units.

The line chart below shows comparison between the annual performances of
AmIncome and its benchmark, MBB, for financial years ended 31 March.

3
 Note: Past performance is not necessarily indicative of future performance and
that unit prices and investment returns may go down, as well as up.

Has the Fund The Fund has achieved its objective to provide investors with a regular stream of
achieved its monthly income* by investing in money market and other fixed income instruments.
objective?
Note: *The income could be in the form of units or cash.

Strategies For the financial year under review, the Fund seeks to achieve its objective by invested
and Policies in RM-denominated short to medium-term fixed income instruments (i.e. debt
Employed instruments with maturity of no longer than five (5) years) with minimum credit rating
of:

Minimum credit rating Short-Term Long-Term

RAM P2 A3
MARC MARC2 A-
S&P A2 A-
Moody’s P2 A3
Fitch F2 A-

If the credit rating of the instruments falls below the minimum rating, the Fund may
dispose of the investment. However, the Fund reserves the right to maintain the
investment if the downgrade is a temporary event. The Fund’s investments are
structured to mature as follows:

a. At least 10% of the investments within 7 days;

b. At least 20% of the investments within 31 days.

With the exception of unforeseeable circumstances (e.g. in the event of a default, the
restructuring or the recovery process may take longer than the maturity of the debt
instrument), the weighted average maturity of the Fund’s investments would not
exceed one year.

4
Portfolio This table below is the asset allocation of the Fund for the financial years under
Structure review.

As at As at
31-3-2018 31-3-2017 Changes
% % %
Corporate bonds 46.96 44.90 2.06
Commercial papers 3.23 - 3.23
Malaysian Government Securities - 0.27 -0.27
Quasi-Government bonds - 0.76 -0.76
Cash and others 49.81 54.07 -4.26
Total 100.00 100.00

For the financial year under review, the Fund exposure to corporate bonds stood at
46.96% while the remaining 3.23% and 49.81% of the Fund are made up of
commercial papers exposure and cash holdings.

Cross For the financial year under review, cross trades are conducted between the Fund and
Trades other funds; and private mandates managed by the Manager amounting to:

Financial Institutions Transaction Value

(RM)
RHB Investment Bank Berhad 2,007,134.25
Total 2,007,134.25

Funds Transaction Value

(RM)
Private Mandates by the Manager 1,000,000.00
AmAl-Amin 1,007,134.25
Total 2,007,134.25

Note: The above cross trades were done in the month of June 2017 and August 2017.

Distribution / The Fund distributes the entire income on a monthly basis. For the financial year
Unit splits under review, the Fund has distributed income totaling RM104,201,471 and no unit
split was declared.

State of There has been neither significant change to the state of affairs of the Fund nor any
Affairs circumstances that materially affect any interests of the unitholders during the
financial year under review.

Rebates It is our policy to pay all rebates to the Fund. Soft commission received from
and Soft brokers/dealers are retained by the Manager only if the goods and services provided
Commission are of demonstrable benefit to unitholders of the Fund.

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 deem
to be beneficial to the unitholders of the Fund.

Market In April 2017, Malaysia announced its March 2017 Consumer Price Index (“CPI”)
Review number which crossed 5% at 5.1% YoY (expectation 5.2%, Feb 4.5%). While
5
February 2017 numbers were tempered by the base effect from Chinese New Year,
March 2017 numbers finally show the impact of the two 20 sen price hikes in RON95
price in January and February, which bring inflation up from 1.8% YoY in December
2016 (Jan: 3.2%, Feb: 4.5%) to well past 5% on primary effects alone. Incidentally
petrol prices remained unchanged in Mar 2017 with RON95 at RM2.30/litre and
RON97 at RM2.60/litre, but Diesel price was hiked 5 sen to RM2.20/litre.
Meanwhile, Exports continued to pick up to 26.5% YoY in February, its quickest pace
in almost seven years, partly on the back of a recovery in global demand and partly a
low base effect.

In May 2017, Malaysia reported its 1Q2017 real Gross Domestic Product (“GDP”)
growth, which recorded a stronger growth of 5.6% YoY, up from 4.5% in 4Q16, on
the back of stronger external activities and domestic demand. The current account
(“CA”) surplus in the balance of payments narrowed to MYR5.3bn in 1Q17, due to a
smaller surplus in the merchandise trade balance.

In June 2017, Bank Negara Malaysia (“BNM”) added another USD1.9b to its foreign
reserves which totals USD98.7b as at mid-June. The reserves are equivalent to 8.1
months of retained imports and provide a 1.1 times coverage of short-term external
debt. The increase in reserves was aided by a reversal of foreign flows in Malaysia’s
bond market as foreign funds bought +RM10.1b in May and +RM6.8b in April
respectively. This followed the huge sell off which started in November 2016 and
lasted till March 2017 totalling -RM62.7b. The reversal in sentiment came after
BNM’s latest liberalisation of bond and foreign exchange hedging measures,
impressive 1Q2017 GDP figures, and a softer US dollar outlook. In the same month,
confirmation of Malaysia’s better outlook came from S&P which reaffirmed Malaysia
at A-/Sta on expectations of continued prudence by the Government in undertaking
Malaysia’s economic and budgetary policies. Nevertheless, S&P did raise concerns on
the country’s high household debt as well as uncertainty in refinancing cost amidst
negative news flow from 1MDB. Finally, the banking sector’s loan growth for May
slipped to 5.5% YoY from 6.1% YoY in the previous month. The moderation in
May’s loan growth was caused by a slower non-household loan growth of +6.1% YoY
(Apr: 7.5%) whilst household loan maintained its pace at 5.1% YoY.

In July 2017, Malaysia reported its June 2017 CPI figure, which moderated to 3.6%
YoY (May: 3.9%, consensus estimate: 3.9%), the third consecutive month of decline.
Core inflation for June came in at 2.6% YoY, slightly below May’s reading of 2.6%
and within BNM’s comfort range of 2.3% -2.5%. Transport costs were once again a
key driver of CPI, accounting for over 20% of the rise. Meanwhile, BNM added USD
0.2b to its foreign reserves which totals USD99.1b as at mid-July, up from USD 98.9b
at end July. The reserves are equivalent to 7.9 months of retained imports and provide
a 1.1 times coverage of short-term external debt. June saw a slight outflow of foreign
funds to the tune of MYR 400m after significant foreign inflows of RM10.1b in May
and RM6.8b in April respectively. Malaysia’s May exports figures remain strong,
growing more than 30% YoY. Trade surplus continue to be positive albeit lower.
Finally, the banking sector’s loan growth for June increased to 5.7% YoY from 5.5%
YoY in the previous month, the pick-up in loans growth was attributed to faster
growth in business loans. The banking system’s asset quality continued to be strong
with system-wide net NPL ratio at 1.2%.

In August 2017, Malaysia reported 2Q2017 real GDP which recorded a stronger
growth of 5.8% YoY, up from +5.6% in 1Q, on the back of stronger external activities
and private consumption. Meanwhile, the CA surplus in Malaysia’s balance of
payments widened to MYR9.6bn in 2Q17, due to a larger surplus in the merchandise
6
trade balance. However, this surplus was expected to narrow amid a stronger import
growth outlook that would likely outpace the increase in exports and a higher deficit in
the services and income accounts. On rating actions, Fitch affirmed Malaysia’s A-
rating with a stable outlook on the back of strong GDP growth, sustained CA
surpluses, mitigated by higher government debt compared to its A-rated peers and
sizeable contingent liabilities.

In September 2017, the banking sector’s loan growth for August increased to 5.8%
YoY from 5.6% YoY in the previous month. The marginally stronger growth was
attributed to business loans which increased by 6.8% while household loan growth
remained steady at 5.0%.

In October 2017, the Malaysian government announced its 2018 budget, following are
the highlights:

 2017 GDP is revised up to 5.2-5.7% (from 4.3-4.8%), on the back of better

performance in the agriculture, manufacturing and services sectors.
 2018 GDP is forecast to expand by 5.0-5.5%, driven by the manufacturing,
construction and services sectors.
 The government remains committed to a gradual fiscal consolidation, with the
deficit target moderating to 2.8% in 2018 (3.0% in 2017).
 Exports growth expected to jump 16.6% to RM917.5b for 2017, supported by
strong demand in manufactured goods and commodities. This would normalize to
3.4% in 2018.
 CA surplus estimated to be sustained at RM32.3b or 2.5% of GNI for 2017 and
forecast to be marginally higher at RM32.9b or 2.3% of GNI for 2018.
 Revenue growth of 6.5% (6.1% in 2017) balanced by a 6.5% increase in operating
expenditure, while development expenditure remains unchanged.
 The 2018 Budget is based on an oil price assumption of USD52 per barrel (USD50
in 2017 and current price of ≈USD59).
 GST collection is projected to increase to RM43.8b (RM41.5b in 2017).
 Inflation is expected to be benign at 2.5-3.5% in 2018 (3.0-4.0% in 2017).
 2% point reduction in RM20,000-70,000 personal income tax band, translating to
about RM1.5b of foregone revenue.

In November 2017, Malaysia reported 3Q2017 real GDP which grew by a stronger
6.2% YoY vs 5.8% in 2Q17, on the back of stronger export growth and overall
domestic demand/private investment. This is the key driver for the strengthening of
MYR as it reinforced rate hike expectations. Similarly, the CA surplus increased to
MYR12.5b in 3Q17, mainly due to a larger surplus in the merchandise trade balance.
The external outlook continues to be supported by improving global growth prospects,
strong and stable global demand for E&E and commodity products.

In December 2017, it was shown that Malaysia’s labour force grew by 2.2% YoY to
15.1m in October while unemployment rate remains at a healthy level 3.4%. Due to
the strong economic performance in the past year, jobs creation has been steadily
gaining momentum and thus outpacing unemployment growth since March 2017.
Finally, the Government announced that it has agreed to provide RM929.4m for the
subsidy and rebate of 1.80sen/kWh for the period of Jan 1 to June 30, 2018, hence
sparing consumers the potential of an electricity rate hike for the next six months.

In January 2018, BNM raised its policy rate by 25 basis points during its Monetary
Policy Committee (“MPC”) held on 25 January 2018. The rate hike raised the
7
 Overnight Policy Rate (“OPR”) to 3.25% – the first increase since July 2014. In its
statement following the rate hike BNM stated that the OPR hike was not monetary
tightening but rather normalisation of the degree of monetary accommodation. It
further added that the MPC wants to pre-emptively ensure that the policy stance is
appropriate, to prevent a build-up of risks that could arise from interest rates being too
low for too long.

In February 2018, Malaysia’s 4Q2017 GDP was released. Real GDP grew 5.9% YoY,
slightly slower than the 6.2% recorded in 3Q2017. The slower pace was dragged down
by slower export growth. Full year growth was stellar at 5.9%, the fastest in three
years supported by a surge in exports, and resilient domestic demand. Full year current
account surplus in the balance of payment remained healthy at RM40.3 billion or 3%
of GDP (2.4% GDP 2016).

In March 2018, Bank Negara Malaysia maintained the OPR at 3.25% during its March
meeting, stating that the current level remains appropriate for steady economic growth
and inflation moderation. In its annual report for 2017 BNM laid it out expectations
for the Malaysian economy in 2018. Malaysian GDP growth is projected to remain
robust at 5.5%- 6.0% whilst CPI inflation is expected to average between 2%-3% in
2018. BNM stated that the recovery in global commodity prices and the continued
growth of domestic demand would together support the growth performance.

Market As widely expected the Federal Reserve increased the federal funds by rate by 25bps
Outlook during its March 2018 meeting. In its statement the Fed continued to signal a total of 3
hikes for 2018, increased GDP forecast for 2018 to 2.7% from 2.5% and maintained
forecast inflation at 1.9%. Despite the rate hike the Fed’s statement was less hawkish
than market expectations with the USD falling by 0.65% and the 10 year UST yield
declining 6bps in overnight trading.

Concerns of a trade war loom over the market after the US announced planned tariffs
of 25% on USD 5b of imports from China. These tariffs follow the imposition of
tariffs on Chinese steel and aluminum by the US which led China to reciprocate by
imposing tariffs on USD 3b of American imports to China. The subdued inflationary
environment and downside risk to trade should support to global bond yields.

On the domestic front BNM’s expectation of sustained economic growth and

declining inflation means that monetary policy is not expected to deviate significantly
from its current state.

Kuala Lumpur, Malaysia

AmFunds Management Berhad

7 May 2017

8
Independent auditors’ report to the unitholders of
AmIncome

Report on the financial statements

Opinion

We have audited the financial statements of AmIncome (“the Fund”), which comprise the statement
of financial position as at 31 March 2018, and the statement of comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, as set out on pages 12 to 41.

In our opinion, the accompanying financial statements give a true and fair view of the financial
position of the Fund as at 31 March 2018, and of its financial performance and cash flows for the
year then ended in accordance with Malaysian Financial Reporting Standards and International
Financial Reporting Standards.

Basis for opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and
International Standards on Auditing. Our responsibilities under those standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Independence and other ethical responsibilities

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.

Information other than the financial statements and auditors’ report thereon

The Manager is responsible for the other information. The other information comprises information
in the Annual Report, 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.

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.

9
Independent auditors’ report to the unitholders of
AmIncome (cont’d.)

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

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 and take appropriate action.

Responsibilities of the Manager and the Trustees for the financial statements

The Manager is responsible for the preparation of the financial statements of the Fund that give a
true and fair view in accordance with Malaysian Financial Reporting Standards and International
Financial Reporting Standards. 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 to do so.

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.

Auditor’s 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 a high level of assurance, but is
not a guarantee that an audit conducted in accordance 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.

As part of an audit in accordance with the approved standards on auditing in Malaysia and
International Standards on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the planning and performance of 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.

10
Independent auditors’ report to the unitholders of
AmIncome (cont’d.)

 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 the Manager’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the 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
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.

 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.

Other matters

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.

Ernst & Young Wan Daneena Liza Bt Wan Abdul Rahman

AF: 0039 No. 02978/03/2020(J)
Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia

7 May 2018

11
AmIncome

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2018

2018 2017
Note RM RM

ASSETS
Investments 4 1,554,270,159 1,714,169,503
Deposits with financial institutions 5 1,552,581,205 2,022,803,222
Cash at banks 789,512 7,829,193

TOTAL ASSETS 3,107,640,876 3,744,801,918

LIABILITIES
Amount due to Manager 6 2,034,700 2,778,286
Amount due to Trustee 7 127,273 162,372
Distributions payable and to be reinvested 8,359,033 9,979,399
Sundry payables and accrued expenses 203,281 215,007

TOTAL LIABILITIES 10,724,287 13,135,064

EQUITY
Unitholders’ capital 9(a) 3,041,867,608 3,679,770,549
Retained earnings/(accumulated losses) 9(b) 137,873 (152)
Available-for-sale reserve 9(c) 3,151,450 1,830,452
Capital reserve 11 51,759,658 50,066,005

TOTAL EQUITY 9 3,096,916,589 3,731,666,854

TOTAL EQUITY AND LIABILITIES 3,107,640,876 3,744,801,918

UNITS IN CIRCULATION 9(a) 3,041,867,608 3,679,770,549

NET ASSET VALUE PER UNIT

− EX DISTRIBUTION 101.81 sen 101.41 sen

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

12
AmIncome

STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

2018 2017
Note RM RM

INVESTMENT INCOME
Interest income 133,896,021 154,127,648
Other income 73,496 71,983
Net gain from investments:
− Gain on disposals of available-for-sale investments 54,942 388,716

Gross Income 134,024,459 154,588,347

EXPENDITURE
Manager’s fee 6 (24,687,288) (28,936,880)
Trustee’s fee 7 (1,656,607) (1,929,125)
Auditors’ remuneration − current financial year (14,700) (11,000)
Auditors’ remuneration − under provision in prior
financial year (2,700) -
Tax agent’s fee − current financial year (4,100) (4,000)
Tax agent’s fee − under provision in prior financial year (100) -
Other expenses 8 (1,625,815) (1,891,139)

Total Expenditure (27,991,310) (32,772,144)

NET INCOME BEFORE TAX 106,033,149 121,816,203

LESS: INCOME TAX 13 - -

NET INCOME AFTER TAX 106,033,149 121,816,203

OTHER COMPREHENSIVE INCOME THAT MAY BE

RECLASSIFIED TO PROFIT OR LOSS IN
SUBSEQUENT PERIODS:
− Fair value revaluation gain 1,375,940 794,582
− Reclassification of gain on financial investments
available-for-sale to profit or loss, net (54,942) (388,716)

1,320,998 405,866

TOTAL COMPREHENSIVE INCOME FOR THE

FINANCIAL YEAR 107,354,147 122,222,069

(Forward)

13
AmIncome

STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 (CONT’D.)

2018 2017
Note RM RM

Total comprehensive income comprises the following:

Realised income 106,033,149 121,816,203
Unrealised gain 1,320,998 405,866

107,354,147 122,222,069

Distributions for the financial year:

Gross/net distributions 14 104,201,471 129,199,537

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

14
AmIncome

STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

Retained
earnings/ Available-
Unitholders’ (accumulated for-sale Capital Total
capital losses) reserve reserve equity
Note RM RM RM RM RM

At 1 April 2016 3,893,537,176 (5,295) 1,424,586 47,702,716 3,942,659,183

Total comprehensive income
for the financial year - 121,816,203 405,866 - 122,222,069
Transfer to capital
reserve 11 - (2,363,289) - 2,363,289 -
Creation of units 9(a) 4,272,531,144 - - - 4,272,531,144
Reinvestments of
distributions 9(a) 117,071,096 - - - 117,071,096
Cancellation of units 9(a) (4,603,368,867) - - - (4,603,368,867)
Distributions 14 - (119,447,771) - - (119,447,771)

Balance at 31 March 2017 3,679,770,549 (152) 1,830,452 50,066,005 3,731,666,854

At 1 April 2017 3,679,770,549 (152) 1,830,452 50,066,005 3,731,666,854

Total comprehensive income
for the financial year - 106,033,149 1,320,998 - 107,354,147
Transfer to capital
reserve 11 - (1,693,653) - 1,693,653 -
Creation of units 9(a) 1,144,558,269 - - - 1,144,558,269
Reinvestments of
distributions 9(a) 103,101,552 - - - 103,101,552
Cancellation of units 9(a) (1,885,562,762) - - - (1,885,562,762)
Distributions 14 - (104,201,471) - - (104,201,471)

Balance at 31 March 2018 3,041,867,608 137,873 3,151,450 51,759,658 3,096,916,589

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

15
AmIncome

STATEMENT OF CASH FLOWS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018

2018 2017
RM RM

CASH FLOWS FROM OPERATING AND

INVESTING ACTIVITIES
Proceeds from maturity/sale of investments 1,149,829,121 891,198,130
Interest received 145,413,634 172,651,170
Other income received 73,496 71,983
Manager’s fee paid (25,430,874) (28,675,035)
Trustee’s fee paid (1,691,706) (1,934,516)
Tax agent’s fee paid (4,100) (4,000)
Payments for other expenses (1,655,041) (1,865,294)
Purchase of investments (890,069,614) (1,072,910,476)

Net cash generated from/(used in) operating and

investing activities 376,464,916 (41,468,038)

CASH FLOWS FROM FINANCING

ACTIVITIES
Proceeds from creation of units 1,144,558,269 4,272,531,144
Payment for cancellation of units (1,885,562,762) (4,603,368,867)
Distributions paid (2,720,285) (3,057,414)

Net cash used in financing activities (743,724,778) (333,895,137)

NET DECREASE IN CASH AND

CASH EQUIVALENTS (367,259,862) (375,363,175)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF FINANCIAL YEAR 1,524,336,524 1,899,699,699

CASH AND CASH EQUIVALENTS AT

END OF FINANCIAL YEAR 1,157,076,662 1,524,336,524

Cash and cash equivalents comprise:

Deposits with financial institutions 1,156,287,150 1,516,507,331
Cash at banks 789,512 7,829,193

1,157,076,662 1,524,336,524

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

16
AmIncome

NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL INFORMATION

AmIncome (“the Fund”) was established pursuant to a Deed dated 17 January 2000 as amended by Deeds
Supplemental thereto (“the Deed”), between AmFunds Management Berhad as the Manager, HSBC
(Malaysia) Trustee Berhad as the Trustee and all unitholders.

The Fund was set up with the objective of providing investors with a high stream of income returns. As
provided in the Deed, the “accrual period” or financial year shall end on 31 March and units in the Fund were
first offered for sale on 20 January 2000.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting
Standards (“MFRS”) as issued by the Malaysian Accounting Standards Board (“MASB”) and are in
compliance with International Financial Reporting Standards.

The financial statements of the Fund have been prepared under the historical cost convention, unless otherwise
stated in the accounting policies.

Standards effective during the financial year

The adoption of MFRS which have been effective during the financial year did not have any material financial
impact to the financial statements.

Standards issued but not yet effective

As at the date of authorisation of these financial statements, the following Standards, which are relevant to the
Fund, have been issued by MASB but are not yet effective and have not been adopted by the Fund.

Effective for
financial periods
beginning on or after

MFRS 9: Financial Instruments 1 January 2018

MFRS 15: Revenue From Contracts With Customers 1 January 2018

The Fund plans to adopt the above pronouncements when they become effective in the respective financial
periods. These pronouncements are expected to have no significant impact to the financial statements of the
Fund upon their initial application except as described below:

17
MFRS 9 Financial Instruments

In November 2014, MASB issued the final version of MFRS 9 Financial Instruments which reflects all phases
of the financial instruments project and replaces MFRS 139 Financial Instruments: Recognition and
Measurement and all previous versions of MFRS 9. The standard introduces new requirements for
classification and measurement, impairment and hedge accounting. MFRS 9 is effective for annual periods
beginning on or after 1 January 2018. Retrospective application is required, but comparative information is
not compulsory.

MFRS 9 will require all financial assets, other than equity instruments and derivatives, to be classified on the
basis of two criteria, namely the entity’s business model for managing the assets, as well as the instruments’
contractual cash flow characteristics. Financial assets will be measured at amortised cost if they are held
within a business model whose objective is to hold financial assets in order to collect contractual cash flows
that are solely payments of principal and interest. If the financial assets are held within a business model
whose objective is achieved by both selling financial assets and collecting contractual cash flows that are
solely payments of principal and interest, the assets shall be measured at fair value through other
comprehensive income (“FVOCI”). Any financial assets that are not measured at amortised cost or FVOCI
will be measured at fair value through profit or loss (“FVTPL”). MFRS 9 will also allow entities to continue
to irrevocably designate instruments that qualify for amortised cost or FVOCI as FVTPL, if doing so
eliminates or significantly reduces a measurement or recognition inconsistency. Equity instruments are
normally measured at FVTPL; nevertheless entities are allowed to irrevocably designate equity instruments
that are not held for trading as FVOCI, with no subsequent reclassification of gains or losses to the profit or
loss.

MFRS 9 will fundamentally change the impairment methodology for financial assets. The standard will
replace MFRS 139’s incurred loss approach with a forward-looking expected credit loss ("ECL") approach.
The impairment requirements based on ECL approach is applicable for all debt financial assets not held at
FVTPL, as well as loan commitments and financial guarantee contracts. The allowance for expected losses
shall be determined based on the expected credit losses associated with the probability of default in the next
twelve months unless there has been a significant increase in credit risk since origination, in which case, the
allowance is based on the probability of default over the lifetime of the asset.

The Fund plans to adopt MFRS 9 on the required effective date and, as permitted by the new standard, will
not restate comparative information.

During the financial year, the Fund has performed a detailed impact assessment on all aspects of MFRS 9.
This assessment is based on currently available information and may be subject to changes arising from
further reasonable and supportable information being made available to the Fund in financial year ending 31
March 2019 when the Fund will adopt MFRS 9. The estimable impact from the adoption of MFRS 9 based on
currently available information are as discussed below.

The adoption of MFRS 9 is not expected to result in any significant impact to the classification and
measurement of financial instruments as the investments in fixed income securities, which are held within an
investment model whose objective is achieved by both selling the financial assets and collection of contractual
cash flows that are solely payments of principal and interest over their tenure, will continue to be measured at
FVOCI. In addition, deposits with financial institutions, which are held for collection of contractual cash flows
that are solely payments of principal and interest over their tenure, will continue to be measured at amortised
cost.

18
 There will be no impact on the Fund’s accounting for financial liabilities, as the new requirements only affect
the accounting for financial liabilities that are designated at FVTPL and the Fund does not have any such
liabilities.

Based on the assessments undertaken to date, the Fund expects an increase in the loss allowance by
approximately 0.03% of the Fund's net asset value in respect of the investments in fixed income securities. A
negative adjustment will be made to retained earnings on 1 April 2018 to recognise the additional loss
allowance.

3. SIGNIFICANT ACCOUNTING POLICIES

Income recognition

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.

Interest income on fixed income securities and short-term deposits are recognised on an accrual basis using the
effective interest method, which includes the accretion of discounts and amortisation of premiums.

Income tax

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 at the reporting date.

Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised
outside profit or loss, either in other comprehensive income or directly in equity.

Functional and presentation currency

Functional currency is the currency of the primary economic environment in which the Fund operates that
most faithfully represents the economic effects of the underlying transactions. The functional currency of the
Fund is Ringgit Malaysia which reflects the currency in which the Fund competes for funds, issues and
redeems units. The Fund has also adopted Ringgit Malaysia as its presentation currency.

Statement of cash flows

The Fund adopts the direct method in the preparation of the statement of cash flows.

Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with
insignificant risk of changes in value.

Distribution

Distributions are at the discretion of the Fund. A distribution to the Fund’s unitholders is accounted for as a
deduction from realised reserves. A proposed distribution is recognised as a liability in the period in which it
is approved.

19
Unitholders’ capital

The unitholders’ capital of the Fund meets the definition of puttable instruments and is classified as equity
instruments under MFRS 132 Financial Instruments: Presentation (“MFRS 132”).

Capital reserve

Capital reserve of the Fund represents non-distributable amount as determined by the Manager that may be
applied to make good any losses incurred by the Fund and to meet unitholders’ cancellation of units, in order
to maintain the Fund’s prices at RM1.00 per unit, as approved by the Securities Commission.

Financial assets

Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes
a party to the contractual provisions of the financial instrument.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial
assets not at fair value through profit or loss, directly attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition, and the categories
applicable to the Fund include available-for-sale investments and loans and receivables.

(i) Available-for-sale investments

Available-for-sale investments are measured at fair value. Any gains or losses from changes in fair value
of the investments are recognised in other comprehensive income, except that impairment losses, foreign
exchange gains and losses on monetary instruments and interest calculated using the effective interest
method are recognised in profit or loss. The cumulative gain or loss previously recognised in other
comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when
the investment is derecognised.

For investments in fixed income securities, fair value is determined based on the indicative prices from
Bond Pricing Agency Malaysia Sdn Bhd plus accrued interest, which includes the accretion of discount
and amortisation of premium.

(ii) Loans and receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified
as loans and receivables.

Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective
interest method. Gains and losses are recognised in profit or loss when the loans and receivables are
derecognised or impaired, and through the amortisation process.

Impairment of available-for-sale

For financial investments AFS, the Fund assesses at each reporting date whether there is objective evidence
that an investment is impaired. The amount of any impairment loss identified is measured as the difference
between the asset’s carrying amount and the present value of estimated future cash flows (excluding future
expected credit losses that have not yet been incurred).

20
The present value of the estimated future cash flows is discounted at the financial asset’s original effective
interest rate. However, the amount recorded for impairment is the cumulative loss measured as the difference
between the amortised cost and the current fair value, less any impairment loss on that investment previously
recognised in profit or loss.

If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively
related to an event occurring after the impairment loss was recognised in the profit or loss, the impairment loss
is reversed through the profit or loss.

Impairment of loans and receivables

The Fund assesses at each reporting date whether there is any objective evidence that a financial asset is
impaired.

To determine whether there is objective evidence that an impairment loss on financial assets has been
incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of
the debtor and default or significant delay in payments.

If any such evidence exists, the amount of impairment loss is measured as the difference between the assets’s
carrying amount and the present value of estimated future cash flows discounted at the financial asset’s
original effective interest rate. The impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced through the use of an allowance account. When loans
and receivables become uncollectible, they are written off against the allowance account.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related
objectively to an event occurring after the impairment was recognised, the previously recognised impairment
loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the
reversal date. The amount of reversal is recognised in profit or loss.

Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and
the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when,
and only when, the Fund becomes a party to the contractual provisions of the financial instrument.

The Fund’s financial liabilities are recognised initially at fair value plus directly attributable transaction costs
and subsequently measured at amortised cost using the effective interest method.

A financial liabilities derecognised when the obligation under the liability is extinguished. Gains and losses
are recognised in profit and loss when the liabilities are derecognised, and through the amortisation process.

Classification of realised gains and losses

Realised gains and losses on disposals of financial instruments are calculated using the weighted average
method. They represent the difference between an instrument’s initial carrying amount and disposal amount.

21
 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.

4. INVESTMENTS

2018 2017
Available-for-sale investments RM RM

At nominal value:
Commercial paper 100,000,000 -
Corporate bonds 1,418,800,000 1,634,888,000
Malaysian Government Securities - 10,000,000
Quasi-Government Bonds - 28,000,000

1,518,800,000 1,672,888,000

At amortised cost:
Commercial paper 99,903,717 -
Corporate bonds 1,451,214,992 1,673,959,438
Malaysian Government Securities - 10,081,561
Quasi-Government Bonds - 28,298,052

1,551,118,709 1,712,339,051

At fair value:
Commercial paper 99,903,717 -
Corporate bonds 1,454,366,442 1,675,701,280
Malaysian Government Securities - 10,143,577
Quasi-Government Bonds - 28,324,646

1,554,270,159 1,714,169,503

22
Details of investments as at 31 March 2018 are as follows:

Fair value as
a percentage
Maturity Credit Nominal Fair Amortised of net asset
date Issuer rating value value cost value
RM RM RM %

Commercial paper

09.04.2018 Sunway Berhad NR 100,000,000 99,903,717 99,903,717 3.23

Corporate bonds

11.05.2018 Jimah Energy

Ventures
Sdn Bhd AA 43,000,000 44,675,546 44,654,936 1.45
22.06.2018 Sarawak Energy
Berhad AA 15,000,000 15,206,125 15,198,383 0.49
27.07.2018 Besraya (M)
Sdn Bhd AA 7,300,000 7,362,758 7,359,634 0.24
24.08.2018 YTL Power
International
Berhad AA 90,000,000 90,424,085 90,407,985 2.92
25.09.2018 Malayan Banking
Berhad AA 30,000,000 30,324,469 30,250,921 0.98
25.09.2018 Public Bank
Berhad AA 25,000,000 25,079,976 25,083,869 0.81
05.10.2018 CIMB Bank
Berhad AA 48,000,000 50,066,387 49,993,183 1.62
29.10.2018 Public Bank
Berhad AA 30,000,000 30,673,344 30,672,186 0.99
12.11.2018 Jimah Energy
Ventures
Sdn Bhd AA 12,000,000 12,725,393 12,688,553 0.41
15.11.2018 Public Bank
Berhad AA 20,000,000 20,400,474 20,401,737 0.66
30.11.2018 DRB-Hicom
Berhad A 9,000,000 9,117,009 9,126,949 0.29
30.11.2018 Hong Leong
Financial
Group Berhad AA 10,000,000 10,162,879 10,142,898 0.33
10.12.2018 Malaysia Building
Society Berhad AA 60,000,000 60,805,726 60,751,697 1.96
27.12.2018 BGSM
Management
Sdn Bhd AA 8,000,000 8,144,073 8,125,815 0.26

(Forward)

23
 Fair value as
a percentage
Maturity Credit Nominal Fair Amortised of net asset
date Issuer rating value value cost value
RM RM RM %

Corporate bonds

29.01.2019 Malayan Banking

Berhad AA 10,000,000 10,113,333 10,093,065 0.33
25.02.2019 Media Chinese
International
Limited AA 5,000,000 5,028,206 5,030,979 0.16
29.03.2019 RHB Bank
Berhad A 57,800,000 59,749,499 59,575,650 1.93
17.04.2019 OCBC Bank
(Malaysia)
Berhad AA 30,000,000 31,601,959 31,510,801 1.02
15.05.2019 RHB Islamic
Bank Berhad AA 25,000,000 25,617,986 25,540,432 0.83
30.05.2019 Etiqa Family
Takaful Berhad AA 40,800,000 41,481,684 41,467,963 1.34
05.06.2019 PBFIN Berhad AA 54,200,000 57,308,971 57,102,533 1.85
25.06.2019 YTL Corporation
Berhad AA 5,000,000 5,067,057 5,056,150 0.16
28.06.2019 TF Varlik
Kiralama A.S. AA 18,000,000 18,338,178 18,313,609 0.59
18.07.2019 Sabah
Development
Bank Berhad AA 60,000,000 61,012,200 60,611,272 1.97
08.08.2019 AMMB Holdings
Berhad AA 25,000,000 25,145,274 25,015,193 0.81
09.08.2019 Sarawak Hidro
Sdn Bhd AAA 30,000,000 30,169,948 30,181,424 0.97
16.08.2019 Sabah
Development
Bank Berhad AA 45,000,000 45,355,919 45,256,894 1.46
21.08.2019 Sabah
Development
Bank Berhad AA 16,500,000 16,626,347 16,588,678 0.54
29.08.2019 Celcom Networks
Sdn Bhd AA 15,000,000 14,914,915 15,043,380 0.48
08.11.2019 GB Services
Berhad AAA 80,000,000 82,713,951 82,597,431 2.67
25.11.2019 Manjung Island
Energy Berhad AAA 10,000,000 10,139,511 10,127,081 0.33
17.12.2019 RHB Bank
Berhad A 37,300,000 39,257,238 39,107,833 1.27

(Forward)

24
 Fair value as
a percentage
Maturity Credit Nominal Fair Amortised of net asset
date Issuer rating value value cost value
RM RM RM %

Corporate bonds

27.12.2019 BGSM
Management
Sdn Bhd AA 77,500,000 81,787,088 80,969,029 2.64
07.02.2020 Hong Leong
Assurance
Berhad AA 39,700,000 39,828,400 39,811,612 1.29
03.04.2020 CIMB Group
Holdings
Berhad AA 35,000,000 37,098,499 37,123,108 1.20
09.04.2020 Danga Capital
Berhad AAA 20,000,000 20,377,304 20,390,904 0.66
29.04.2020 RHB Bank
Berhad AA 4,700,000 4,919,509 4,889,652 0.16
06.07.2020 Krung Thai Bank
Public Company
Limited AA 10,000,000 10,253,573 10,246,093 0.33
18.11.2020 Encorp Systembilt
Sdn Bhd AA 5,000,000 5,143,860 5,144,011 0.17
03.12.2020 Rantau Abang
Capital Berhad AAA 40,000,000 40,701,582 40,564,896 1.31
11.12.2020 UEM Sunrise
Berhad AA 25,000,000 25,457,182 25,394,946 0.82
21.12.2020 AmBank Islamic
Berhad* AA 20,000,000 20,588,282 20,296,082 0.67
23.04.2021 Bank Pembangunan
Malaysia
Berhad AAA 5,000,000 5,410,006 5,416,432 0.17
23.06.2021 Sarawak Energy
Berhad AA 5,000,000 5,181,726 5,154,874 0.17
08.10.2021 Kesas Sdn Bhd AA 5,000,000 5,150,499 5,110,760 0.17
25.04.2022 Public Bank
Berhad AA 10,000,000 10,275,945 10,272,805 0.33
10.06.2022 YTL Power
International
Berhad AA 5,000,000 5,063,785 5,064,424 0.16
14.10.2022 AmBank (M)
Berhad * AA 25,000,000 25,485,730 25,560,479 0.82
23.11.2022 Gamuda Berhad AA 20,000,000 20,464,655 20,360,474 0.66

(Forward)

25
 Fair value as
a percentage
Maturity Credit Nominal Fair Amortised of net asset
date Issuer rating value value cost value
RM RM RM %

Corporate bonds

30.11.2022 CIMB Group

Holdings
Berhad AA 80,000,000 81,222,247 81,310,247 2.62
23.02.2023 AMMB Holdings
Berhad** A 10,000,000 10,143,916 10,053,016 0.33
29.03.2023 CIMB Bank
Berhad AA 5,000,000 5,002,234 5,002,034 0.16

1,418,800,000 1,454,366,442 1,451,214,992 46.96

Total investments 1,518,800,000 1,554,270,159 1,551,118,709 50.19

Excess of fair value over cost 3,151,450

* Licensed financial institutions related to the Manager.

** Ultimate holding company of the Manager

The weighted average effective yield on unquoted investments are as follows:

Effective yield
2018 2017
% %

Commercial paper 3.98 -

Corporate bonds 4.48 4.42
Malaysian Government Securities - 3.26
Quasi-Government Bonds - 3.53

Analyses of the remaining maturity of unquoted investments as at 31 March 2018 and 31 March 2017 are as
follows:

Less than 1 year to

1 year 5 years
RM RM
2018
At nominal value:
Corporate bonds 480,100,000 938,700,000
Commercial paper 100,000,000 -

2017
At nominal value:
Corporate bonds 700,938,000 933,950,000

(Forward)
26
 Less than 1 year to
1 year 5 years
RM RM

Malaysian Government Securities 10,000,000 -

Quasi-Government Bonds 28,000,000 -

5. DEPOSITS WITH FINANCIAL INSTITUTIONS

2018 2017
RM RM

At nominal value:
Fixed deposits with a licensed bank 395,000,000 500,000,000
Short-term deposits with licensed banks 1,153,000,000 1,514,000,000

1,548,000,000 2,014,000,000

At carrying value:
Fixed deposits with a licensed bank 396,294,055 506,295,891
Short-term deposits with licensed banks 1,156,287,150 1,516,507,331

1,552,581,205 2,022,803,222

Details of deposits with financial institutions as at 31 March 2018 are as follows:

Carrying
value as a
percentage
Maturity Nominal Carrying Purchase of net asset
date Bank value value cost value
RM RM RM %

Fixed deposits with licensed banks

17.04.2017 Kenanga Investment

Bank Berhad 100,000,000 100,223,562 100,000,000 3.24
14.05.2018 Public Bank Berhad 100,000,000 100,527,945 100,000,000 3.24
28.05.2018 Public Bank Berhad 45,000,000 45,171,863 45,000,000 1.46
06.06.2018 Public Bank Berhad 50,000,000 50,146,027 50,000,000 1.62
12.06.2018 Public Bank Berhad 100,000,000 100,224,658 100,000,000 3.24

Total fixed deposit 395,000,000 396,294,055 395,000,000 12.80

Short-term deposits with licensed banks

02.04.2018 AmBank Berhad* 150,000,000 150,028,767 150,000,000 4.84

02.04.2018 Malayan Banking
Berhad 150,000,000 150,028,767 150,000,000 4.84

(Forward)

27
 Carrying
value as a
percentage
Maturity Nominal Carrying Purchase of net asset
date Bank value value cost value
RM RM RM %
Short-term deposits with licensed banks

02.04.2018 Public Bank Berhad 28,000,000 28,005,370 28,000,000 0.90

05.04.2018 Hong Leong Investment 30,000,000 30,009,123 30,000,000 0.97
Bank
06.04.2018 KAF Investment Bank
Berhad 50,000,000 50,009,863 50,000,000 1.61
06.04.2018 AmBank (M)
Berhad* 145,000,000 145701781 145000000 4.71
09.04.2018 Public Bank
Berhad 100,000,000 100,245,754 100,000,000 3.24
13.04.2018 AmBank (M)
Berhad* 100,000,000 100,515,068 100,000,000 3.25
02.05.2018 AmBank (M)
Berhad* 50,000,000 50,169,863 50,000,000 1.62
02.05.2018 Public Bank
Berhad 100,000,000 100,651,506 100,000,000 3.26
14.05.2018 Public Bank
Berhad 50,000,000 50,258,356 50,000,000 1.62
15.05.2018 AmBank (M)
Berhad* 50,000,000 50,246,575 50,000,000 1.62
04.04.2018 KAF Investment Bank
Berhad 70,000,000 70,082,110 70,000,000 2.26
13.04.2018 Kenanga Investment
Bank Berhad 50,000,000 50,252,055 50,000,000 1.62
07.05.2018 Kenanga Investment
Bank Berhad 30,000,000 30,082,192 30,000,000 0.97

Total short-term deposit 1,153,000,000 1,156,287,150 1,153,000,000 37.33

Total deposits with financial

institutions 1,548,000,000 1,552,581,205 1,548,000,000 50.13

* A licensed bank related to the Manager.

The weighted average effective interest rate and average remaining maturity of short-term deposits are as
follows:

Weighted average effective Remaining

interest rate maturity
2018 2017 2018 2017
% % Days Days

Fixed deposits with a licensed bank 4.09 3.89 67 49

Short-term deposits with
licensed banks 3.81 3.63 15 13
28
6. AMOUNT DUE TO MANAGER

Manager’s fee was charged at a rate of 0.75% (2017: 0.75%) per annum on the net asset value of the Fund,
calculated on a daily basis.

The normal credit period in the previous and current financial years for Manager’s fee payable is one month.

7. AMOUNT DUE TO TRUSTEE

Trustee’s fee was charged at a rate of 0.05% (2017: 0.05%) per annum on the net asset value of the Fund,
calculated on a daily basis.

The normal credit period in the previous and current financial years for Trustee’s fee payable is one month.

8. OTHER EXPENSES

Included in other expenses is Goods and Services Tax incurred by the Fund during the financial year
amounting to RM1,584,370 (2017: RM1,853,641).

9. TOTAL EQUITY

Total equity is represented by:

2018 2017
Note RM RM

Unitholders’ capital (a) 3,041,867,608 3,679,770,549

Retained earnings/(accumulated losses)
− Realised gain/(loss) (b) 137,873 (152)
Available-for-sale reserve (c) 3,151,450 1,830,452
Capital reserve 11 51,759,658 50,066,005

3,096,916,589 3,731,666,854

(a) UNITHOLDERS’ CAPITAL/UNITS IN CIRCULATION

2018 2017
Number of Number of
units RM units RM

At beginning of the financial year 3,679,770,549 3,679,770,549 3,893,537,176 3,893,537,176

Creation during the financial year 1,144,558,269 1,144,558,269 4,272,531,144 4,272,531,144
Distributions reinvested 103,101,552 103,101,552 117,071,096 117,071,096
Cancellation during the
financial year (1,885,562,762) (1,885,562,762) (4,603,368,867) (4,603,368,867)

At end of the financial year 3,041,867,608 3,041,867,608 3,679,770,549 3,679,770,549

29
 (b) REALISED – DISTRIBUTABLE

2018 2017
RM RM

At beginning of the financial year (152) (5,295)

Total comprehensive income for the financial year 106,033,149 121,816,203

Transfer to capital reserve (Note 11) (1,693,653) (2,363,289)
Distributions out of realised reserve (Note 14) (104,201,471) (119,447,771)

Net increase in realised reserve for the financial year 138,025 5,143

At end of the financial year 137,873 (152)

(c) AVAILABLE-FOR-SALE RESERVE/(DEFICIT)

2018 2017
RM RM

At beginning of the financial year 1,830,452 1,424,586

Fair value revaluation gain 1,375,940 794,582
Reclassification of (gain) on financial investment
available-for-sale to profit or loss, net (54,942) (388,716)

At end of the financial year 3,151,450 1,830,452

10.NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS

In line with the adoption of MFRS 139, unquoted available-for-sale investments have been valued at the
indicative prices at the close of business. However, the valuation, creation and cancellation of units will be
based on RM1.00 per unit as stated in the trust deed.

11.CAPITAL RESERVE

2018 2017
RM RM

At beginning of the financial year 50,066,005 47,702,716

Transfer from realised income [Note 9(b)] 1,693,653 2,363,289

At end of the financial year 51,759,658 50,066,005

30
12.UNITS HELD BY RELATED PARTIES

2018 2017
Number of Number of
units RM units RM

Subsidiaries and associates

of AMMB Holdings Berhad* 3,115,317 61,219,882 536,624,288 536,624,288

* The related party is the legal and beneficial owners of the units. The Manager did not hold any units in the
Fund as at 31 March 2018 and 31 March 2017.

13.INCOME TAX

Income tax payable is calculated on investment income less deduction for permitted expenses as provided for
under Section 63B of the Income Tax Act, 1967.

Pursuant to Schedule 6 of the Income Tax Act, 1967, local interest income derived by the Fund is exempted
from tax.

A reconciliation of income tax expense applicable to net income before tax at the statutory income tax rate to
income tax expense at the effective income tax rate of the Fund is as follows:

2018 2017
RM RM

Net income before tax 106,033,149 121,816,203

Taxation at Malaysian statutory rate of 24% (2017: 24%) 25,447,956 29,236,000

Tax effects of:
Income not subject to tax (32,165,871) (37,084,000)
Restriction on tax deductible expenses for unit trust fund 5,344,872 6,260,800
Non-permitted expenses for tax purposes 779,168 908,900
Permitted expenses not used and not available for
future financial years 593,875 678,300

Tax expense for the financial year - -

14.DISTRIBUTIONS

2018 2017
RM RM

On redemption of units 1,334,147 1,189,990

Income entitlement distributed on:
30 April 2017/2016 9,705,508 10,116,511
31 May 2017/2016 10,301,416 10,271,306

(Forward)

31
 2018 2017
RM RM

30 June 2017/2016 9,652,205 9,842,588

31 July 2017/2016 8,694,060 10,257,374
31 August 2017/2016 8,516,278 10,133,826
30 September 2017/2016 7,977,335 9,801,139
31 October 2017/2016 8,422,413 10,010,891
30 November 2017/2016 7,866,792 9,475,506
31 December 2017/2016 7,940,483 9,639,365
31 January 2018/2017 7,974,444 9,584,177
28 February 2018/2017 7,457,357 9,145,699
31 March 2018/2017 8,359,033 9,979,399

104,201,471 119,447,771

Distributions to unitholders are from the following sources:

2018 2017
RM RM

Interest income 132,192,781 152,219,915

Less: Expenses (27,991,310) (32,772,144)

Total amount of distributions 104,201,471 119,447,771

Distributions made out of:

Realised reserve [Note 9(b)] 104,201,471 119,447,771

Comprising:
Distributions reinvested 93,259,724 106,632,889
Distributions to be reinvested 8,245,546 9,845,605
Cash distributions 2,696,201 2,969,277

104,201,471 119,447,771

The gross and net distributions of the Fund are of similar amounts as the Fund is not subject to tax. The above
distributions have no implication on unit prices as the net asset value per unit of the Fund was maintained at
RM1.00 throughout the financial year.

15.MANAGEMENT EXPENSE RATIO (“MER”)

The Fund’s MER is as follows:

2018 2017
% p.a. % p.a.

Manager’s fee 0.75 0.75

(Forward)
32
 2018 2017
% p.a. % p.a.

Trustee’s fee 0.05 0.05

Fund’s other expenses 0.05 0.05

Total MER 0.85 0.85

The MER of the Fund is the ratio of the sum of annualised fees and expenses incurred by the Fund to the
average net asset value of the Fund calculated on a daily basis.

16.PORTFOLIO TURNOVER RATIO (“PTR”)

The PTR of the Fund, which is the ratio of average total acquisitions and disposals of investments to the
average net asset value of the Fund calculated on a daily basis, is 0.30 times (2017: 0.21 times).

17.SEGMENTAL REPORTING

In accordance with the objective of the Fund, substantially all of the Fund’s investments are made in the form
of fixed income securities in Malaysia. The Manager is of the opinion that the risk and rewards from these
investments are not individually or segmentally distinct and hence the Fund does not have a separately
identifiable business or geographical segments.

18.TRANSACTIONS WITH THE FINANCIAL INSTITUTIONS

Details of transactions with financial institutions for the financial year ended 31 March 2018 are as follows:

Financial institutions Transaction value

RM %

AmBank (M) Berhad* 386,601,962 34.69

Standard Chartered Bank Malaysia Berhad 284,148,791 25.50
Kenanga Investment Bank Berhad 199,358,904 17.89
CIMB Bank Berhad 141,552,904 12.70
Malayan Banking Berhad 55,948,192 5.02
RHB Investment Bank Berhad 46,767,634 4.20

Total 1,114,378,387 100.00

* A financial institution related to the Manager. The Manager and the Trustee are of the opinion that the
above transactions have been entered in the normal course of business and have been established under
terms that are no less favourable than those arranged with independent third parties.

33
 The above transactions were in respect of fixed income instruments. Transactions in these investments do
not involve any commission or brokerage.

19. FINANCIAL INSTRUMENTS

(a) Classification of financial instruments

The significant accounting policies in Note 3 describe how the classes of financial instruments are
measured, and how income and expenses, including fair value gains and losses, are recognised. The
following table analyses the financial assets and liabilities of the Fund in the statement of financial
position by the class of financial instrument to which they are assigned, and therefore by the
measurement basis.

Loans and Financial

Available- receivables liabilities at
for-sale at amortised amortised
investments cost cost Total
RM RM RM RM

2018
Assets
Investments 1,554,270,159 - - 1,554,270,159
Deposits with financial
institutions - 1,552,581,205 - 1,552,581,205
Cash at banks - 789,512 - 789,512

Total financial assets 1,554,270,159 1,553,370,717 - 3,107,640,876

Liabilities
Amount due to Manager - - 2,034,700 2,034,700
Amount due to Trustee - - 127,273 127,273
Distributions payable and
to be reinvested - - 8,359,033 8,359,033
Sundry payables and
accrued expenses - - 203,281 203,281

Total financial liabilities - - 10,724,287 10,724,287

2017
Assets
Investments 1,714,169,503 - - 1,714,169,503
Deposits with financial
institutions - 2,022,803,222 - 2,022,803,222
Cash at banks - 7,829,193 - 7,829,193

Total financial assets 1,714,169,503 2,030,632,415 - 3,744,801,918

(Forward)

34
 Loans and Financial
Available- receivables liabilities at
for-sale at amortised amortised
investments cost cost Total
RM RM RM RM

2017
Liabilities
Amount due to Manager - - 2,778,286 2,778,286
Amount due to Trustee - - 162,372 162,372
Distributions payable and
to be reinvested - - 9,979,399 9,979,399
Sundry payables and
accrued expenses - - 215,007 215,007

Total financial liabilities - - 13,135,064 13,135,064

Income, expense, gains

and losses
2018 2017
RM RM
Net gain from disposals of investments
- Available-for-sale investments 54,942 388,716
Income, of which derived from:
- Interest income from available-for-sale investments 72,243,032 79,109,967
- Interest income from loans and receivables 60,032,832 75,017,681

(b) Financial instruments that are carried at fair value

The Fund’s financial assets and liabilities are carried at fair value.

The Fund uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair
values are observable; either directly or indirectly; or

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are
not based on observable market data.

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

35
 Level 1 Level 2 Level 3 Total
RM RM RM RM

2018
Investments - 1,554,270,159 - 1,554,270,159

2017
Investments - 1,714,169,503 - 1,714,169,503

(c) Financial instruments that are not carried at fair value and whose carrying amounts are
reasonable approximation 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 financial institutions

 Cash at banks
 Amount due to Manager
 Amount due to Trustee
 Distributions payable and to be reinvested
 Sundry payables and accrued expenses

There are no other financial instruments which are not carried at fair values and whose carrying
amounts are not reasonable approximation of their respective fair values.

20. RISK MANAGEMENT POLICIES

The Fund is exposed to a variety of risks that include market risk, credit risk, liquidity risk, single issuer
risk, regulatory risk, management risk and non-compliance risk.

Risk management is carried out by closely monitoring, measuring and mitigating the above said risks,
careful selection of investments coupled with stringent compliance to investment restrictions as stipulated
by the Capital Markets and Services Act 2007, Securities Commission’s Guidelines on Unit Trust Funds
and the Deed as the backbone of risk management of the Fund.

Market risk

Market risk, in general, is the risk that the value of a portfolio would decrease due to changes in market
risk factors such as equity prices, foreign exchange rates, interest rates (yield curve) and commodity prices.

(i) Interest rate risk

Interest rate risk will affect the value of the Fund’s investments, given the interest rate movements,
which are influenced by regional and local economic developments as well as political developments.

Domestic interest rates on deposits and placements with licensed financial institutions are determined
based on prevailing market rates.

36
 The result below summarised the interest rates sensitivity of the Fund’s NAV, or theoretical value
(applicable to money market deposit) due to the parallel movement assumption of the yield curve by
+100bps and -100bps respectively:

Parallel shift in Sensitivity of the Fund’s NAV, or theoretical value

yield curve by: 2018 2017
RM RM

+100 bps (22,418,708) (24,723,729)

-100 bps 23,023,614 25,306,618

Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss to the Fund
by failing to discharge an obligation. The Fund invests up to 100% of its net asset value in money market
instruments, local fixed income securities and Malaysian Government Securities. As such the Fund would
be exposed to the risk of bond issuers and financial institutions defaulting on its repayment obligations
which in turn would affect the net asset value of the Fund.

(i) Credit quality of financial assets

The following table analyses the Fund’s portfolio of debt securities by rating category as at 31 March
2018 and 31 March 2017:

As a % of As a % of net
Credit rating RM debt securities asset value

2018
AAA 189,512,302 12.19 6.11
AA 1,146,586,478 73.77 37.03
A 118,267,662 7.61 3.82
NR* 99,903,717 6.43 3.23

1,554,270,159 100.00 50.19

2017
AAA 304,839,181 17.78 8.18
AA 1,280,311,993 74.69 34.30
A 90,550,106 5.28 2.42
NR* 38,468,223 2.25 1.03

1,714,169,503 100.00 45.93

* Non-rated

For deposits with financial institutions, the Fund only makes placements with financial institutions with
sound rating. The following table presents the Fund᾽s portfolio of deposits by rating category as at 31
March 2018 and 31 March 2017:

37
 As a % of As a % of net
Credit rating RM deposits asset value

2018
P1/MARC-1 1,552,581,205 100.00 50.13

2017
P1/MARC-1 2,022,803,222 100.00 54.21

Cash at banks are held for liquidity purposes and are not exposed to significant credit risk.

(ii) Credit risk concentration

Concentration of risk is monitored and managed based on sectorial distribution. The table below
analyses the Fund’s portfolio of debt securities by sectorial distribution as at 31 March 2018 and 31
March 2017:

As a % of As a % of net
Sector RM debt securities asset value

2018
Diversified holdings 165,194,113 10.63 5.33
Construction and engineering 125,512,232 8.07 4.05
Financial services 909,350,184 58.51 29.37
Infrastructure and utilities 241,014,291 15.51 7.79
Property and real estate 25,457,182 1.64 0.82
Trading and services 87,742,157 5.64 2.83

1,554,270,159 100.00 50.19

2017
Asset backed securities 10,067,541 0.59 0.27
Diversified holdings 149,939,393 8.75 4.02
Financial services 1,168,088,563 68.14 31.29
Infrastructure and utilities 340,047,286 19.84 9.11
Property and real estate 8,153,062 0.47 0.22
Public Finance 10,143,577 0.59 0.27
Trading and services 27,730,081 1.62 0.75

1,714,169,503 100.00 45.93

There is no geographical risk as the Fund invests only in investments in Malaysia.

Liquidity risk

Liquidity risk is defined as the risk of being unable to raise funds or borrowings to meet payment
obligations as they fall due. The Fund maintains sufficient level of liquid assets, after consultation with the
Trustee, to meet anticipated payments and cancellation of units by unitholders. Liquid assets comprise of
deposits with licensed financial institutions and other instruments, which are capable of being converted
into cash within 5 to 7 days. The Fund’s policy is to always maintain a prudent level of liquid assets so as
to reduce liquidity risk.
38
 Objectives and assumptions

For each security in the Fund, the cash flows are projected according to its asset class. Each asset class,
if any, follows the calculation method as below:

(i) For bonds

(a) For zero-coupon bonds, the nominal amount will be returned at maturity date.
(b) For coupon-bearing bonds, the coupons could be paid on annual, bi-annual or quarterly
basis.

Cash received from bonds are calculated as follows:

$ = cash received
R = coupon rate p.a.
F = coupon frequency

 For zero coupon bonds, F = 0

At maturity: $ = Nominal

 For F > 0
Before maturity: coupon payment, $ = Nominal * (R/F)
At maturity: maturity payment, $ = Nominal + (Nominal * R/F)

(ii) For money market instruments and deposits

The nominal amount and interest will be paid at maturity date. Cash received are calculated as
follows:

$ = cash received
R = interest rate p.a.
F = time to maturity (days)
At maturity: $ = Nominal + (Nominal*R*F/365)

The following table presents the undiscounted contractual cash flows from different asset and liability
classes in the Fund:

Contractual cash flows (undiscounted)

0–1 1–2 2–3 3–4 4–5
year years years years years
RM RM RM RM RM
2018
Financial assets
Investments 651,643,822 649,126,709 174,235,751 23,111,753 162,220,479
Deposits
with financial
institutions 1,556,929,082 - - - -
Cash at banks 789,512 - - - -

Total assets 2,209,362,416 649,126,709 174,235,751 23,111,753 162,220,479

(Forward)

39
 Contractual cash flows (undiscounted)
0–1 1–2 2–3 3–4 4–5
year years years years years
RM RM RM RM RM

2018
Financial liabilities
Other liabilities 2,478,741 - - - -

2017
Financial assets
Investments 819,062,876 402,648,258 490,473,966 103,929,932 10,358,349
Deposits
with financial
institutions 2,028,607,693 - - - -
Cash at banks 7,829,193 - - - -

Total assets 2,855,499,762 402,648,258 490,473,966 103,929,932 10,358,349

Financial liabilities
Other liabilities 3,289,459 - - - -

Single issuer risk

Internal policy restricts the Fund from investing in securities issued by any issuer of not more than a
certain percentage of its net asset value. Under such restriction, the risk exposure to the securities of any
single issuer is diversified and managed by issuer is managed based on internal/external ratings.

Regulatory risk

Any changes in national policies and regulations may have effects on the capital market and the net asset
value of the Fund.

Management risk

Poor management of the Fund may cause considerable losses to the Fund that in turn may affect the net
asset value of the Fund.

Non-compliance risk

This is the risk of the Manager, the Trustee or the Fund not complying with internal policies, the Deed of
the Fund, securities law or guidelines issued by the regulators. Non-compliance risk may adversely affect
the investments of the Fund when the Fund is forced to rectify the non-compliance.

40
21. CAPITAL MANAGEMENT

The primary objective of the Fund’s capital management is to ensure that it maximises unitholders’ value
by expanding its fund size to benefit from economies of scale and achieving growth in net asset value from
the performance of its investments.

The Fund manages its capital structure and makes adjustments to it, in light of changes in economic
conditions. To maintain or adjust the capital structure, the Fund may issue new or bonus units, make
distribution payment, or return capital to unitholders by way of redemption of units.

No changes were made in the objective, policies or processes during the financial years ended 31 March
2018 and 31 March 2017.

41
AmIncome

STATEMENT BY THE MANAGER

I, GOH WEE PENG, for and on behalf of the Manager, AmFunds Management Berhad, for

AmIncome do hereby state that in the opinion of the Manager, the accompanying statement of

financial position, statement of comprehensive income, statement of changes in equity, statement of

cash flows and the accompanying notes 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 the Fund as at 31 March 2018 and the comprehensive income, the

changes in equity and cash flows of the Fund for the financial year then ended.

GOH WEE PENG

For and on behalf of the Manager
AmFunds Management Berhad

Kuala Lumpur, Malaysia

7 May 2018

42
TRUSTEE’S REPORT

43
DIRECTORY

Head Office 9th Floor, Bangunan Ambank Group

55, Jalan Raja Chulan, 50200 Kuala Lumpur
Tel: (03) 2032 2888 Facsimile: (03) 2031 5210
Email: enquiries@aminvest.com

Postal Address AmFunds Management Berhad

P.O Box 13611, 50816 Kuala Lumpur

Related Institutional Unit Trust Agent

AmBank (M) Berhad Head Office

Company No. 8515-D 31st Floor, Menara AmBank
No. 8 Jalan Yap Kwan Seng, 50450 Kuala Lumpur

AmInvestment Bank Berhad Head Office

Company No. 23742-V 22nd Floor, Bangunan AmBank Group
55 Jalan Raja Chulan, 50200 Kuala Lumpur

For more details on the list of IUTAs, please contact the Manager.

For enquiries about this or any of the other Funds offered by AmFunds Management Berhad
Please call 2032 2888 between 8.45 a.m. to 5.45 p.m. (Monday to Thursday),
Friday (8.45 a.m. to 5.00 p.m.)

44
 Semi-Annual Report
28 February 2015

03 2132 2888 | aminvest.com | enquiries@aminvest.com

AmFunds Management Berhad (155432-A)