United Income Focus Fund: UIF

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1 United Income Focus Fund: UIF Annual Report (For the period of 2017/2018)

2 Content Page Message from the Company 1 List of Board of Directors and Management Team 3 Supervisor Report 4 Name List of Fund Manager 8 Fund Performance 9 United Income Focus Trust Fund (Master Fund) 10 Fund Expenses 12 Fund Details of Investment, Borrowing and Obligations 13 Detail of Instruments and the Ranking of Credit of respective Instrument in the Portfolio 14 Portfolio Turnover Ratio (PTR) 15 Credit rating of the bank or financial institution 16 List of Soft Commission 17 List of Connected Person with transaction 18 Report on non-compliance of investment limit 19 Voting right and voting right exercising 20 Information on the exceeding of 1/3 unit holding 21 The amendment to the commitment 22 Auditor s report 23

3 Message from the Company To Unitholders Market Summary The global economy grew moderately amid a generally accommodative monetary policy environment. Growth in advanced economies continued to improve. The United States (US) economy is growing at a solid pace and the labor market remains strong, while both the Euro zone and Japan have upgraded their forecasts for economic growth in 2017.However, potential risks are looming, these include further tightening of global liquidity as more central banks move to normalize monetary policy. Fund s Investment Strategy Mainly invest in units of United Income Focus Trust - Class USD (Master Fund), which is set up and managed by UOB Asset Management Ltd (Singapore). The Master Fund aims to provide regular income to investors with a secondary focus on capital appreciation over the medium to long term by investing globally in a diverse set of traditional and alternative asset classes in normal circumstances, at least 80% of the net asset value of the Fund. Asset allocation as at January 31, 2018 Sector %/NAV Financials Consumer Discretionary Energy Telecommunication Services 8.33 Industrials 7.69 Health Care 7.15 Utilities 6.10 Information Technology 6.08 Others Cash United Income Focus Fund 1

4 Performance Review For the year ended January 31, 2018, the net asset value of the fund increased by 7.82%, compared with a decrease of 2.56% of the composite benchmark. United Income Focus Fund Return During Feb 1, 2017 Jan 31, 2018 Return During Feb 2, 2016* Jan 31, 2017 Fund 7.82% 5.97% Benchmark (Thai Baht)** -2.56% 4.13% * Inception date ** Benchmark:25% MSCI AC World Index, 75% Citi World Government 10+ Years Index (Hedged) converted in THB As we have managed United Income Focus Fund for a period of one year on January 31, 2018, we would like to inform the net value to unit holder, United Income Focus Fund A Fund has a net asset value 4,832,912, Baht in asset value or its earning per unit is at Baht and United Income Focus Fund N Fund has a net asset value 3,514,295, Baht in asset value or its earning per unit is at Baht. In this connection, we would like to express our sincere thanks to the trust of all Unitholders has been extended to us for your investment. United Income Focus Fund.Should you have any further question or need more information, You can monitor or follow the announcement the net asset value of the Fund in the company website. UOB Asset Management (Thailand) Co., Ltd. (Mr. Vana Bulbon) Chief Executive Officer United Income Focus Fund 2

5 Board of Directors List of Board of Directors and Management Team UOB Asset Management (Thailand) Co., Ltd. 1. Mr. Lee Wai Fai Chairman Board of Director 2. Mr. Thio Boon Kiat Director 3. Mr. Sanchai Apisaksirikul Director 4. Ms. Piyaporn Ratanaprasartporn Director 5. Mr. Vana Bulbon Director and CEO Management Team 1. Mr. Vana Bulbon Chief Executive Officer 2. Mrs. Sunaree Piboonsakkul Senior Director (Operation Division) 3. Mr. Jerdphan Nithayayon Senior Director (Investment Division) 4. Ms. Rachada Tangharat Senior Director (Business Development Division) Office Location UOB Asset Management (Thailand) Co., Ltd. 23A, 25 Floor, Asia Centre Building, 173/27-30, South Sathon Road, Thungmahamek, Sathon, Bangkok 10120, Thailand Tel : Fax : United Income Focus Fund 3

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10 No. United Income Focus Fund Name List of Fund Manager For the period of February 1, 2017 to January 31, 2018 Name List of Fund Manager 1 Ms. Vannachan Ungthavorn* 2 Mr. Eakarat Apiwattanaporn* 3 Mr. Kittiphong Kangwankiattichai* 4 Ms. Ririnda Chalothorn * Fund manager and portfolio manager in derivatives ( if any ) United Income Focus Fund 8

11 Fund Performance Registration Date Feb 02, 2016 Ending Date of Accounting Period Jan 31, 2018 United Income Focus Fund - A 3 Months between Oct 31, 2017 Jan 31, Months between Jul 31, 2017 Jan 31, Year between Jan 31, 2017 Jan 31, 2018 Since Inception between Feb 02, 2016 Jan 31, 2018 Fund Performance ( % ) Benchmark* ( % ) United Income Focus Fund - N 3 Months between Oct 31, 2017 Jan 31, Months between Jul 31, 2017 Jan 31, Year between Jan 31, 2017 Jan 31, 2018 Since Inception between Feb 02, 2016 Jan 31, 2018 Fund Performance ( % ) Benchmark* ( % ) * Citi World Government Bond Index 10+ Year Index (Hedged) Index (75%) and MSCI AC World Index (25%) - Performance measures used in this annual report comply with AIMC performance presentation standards. - Past Performance/performance comparison relating to a capital market product is not a guarantee of future results. United Income Focus Fund 9

12 United Income Focus Trust Fund-Class USD (Master Fund) United Income Focus Fund 10

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14 United Income Focus Fund Total Expenses as called from fund Table From February 1, 2017 To January 31, 2018 Called expenses from fund (Fund's direct expense) Amount Unit : Thousand Percentage of Net Assets Value Management fee 81, Trustee fee 2, Transaction fee - - Registrar fee 16, Advisory fee - - Sale Promotion - IPO - - Sale Promotion - After IPO - - Auditing Fee Other Expenses * Total Expenses ** 99, Remark * Other expense which each items is less than 0.01% of NAV ** Included VAT (if any) United Income Focus Fund 12

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17 Portfolio Turnover Ratio (PTR) United Income Focus Fund For the period of February 1, 2017 to January 31, United Income Focus Fund 15

18 Bank of deposit Credit rating of the bank or financial institution United Income Focus Fund As of January 31, 2018 Credit ratings by international institution Credit ratings by domestic institution United Overseas Bank (Thai) Pcl. Baa1 (Moody) AAA (Fitch) United Income Focus Fund 16

19 List of Soft Commission No. Brokerage Soft Commission Reason for receiving - -None- - - United Income Focus Fund 17

20 List of Connected Person with transaction For the Period of February 1, 2017 to January 31, 2018 List of Connected Persons who had transactions with Fund UOB Asset Management Ltd. Remark : The investors can verify the Connected Persons transactions of fund directly at UOB Asset Management (Thailand) Co., Ltd. or through the website of the Company ( or The Securities and Exchange Commission ( United Income Focus Fund 18

21 Date Fund Name Ratio at the end of the day (%NAV) Report on non-compliance of investment limit United Income Focus Fund For the Period of February 1, 2017 to January 31, 2018 Ratios of the project (%NAV) cause performance -None United Income Focus Fund 19

22 Voting right and voting right exercising Investors should examine guidance on voting right and voting right exercising via Asset Management Website : United Income Focus Fund 20

23 Information on the exceeding of 1/3 unit holding United Income Focus Fund As of January 31, None - Remark : The investor can verify the information on the exceeding of 1/3 unit holding through the website of the company ( United Income Focus Fund 21

24 The amendment to the commitment United Income Focus Fund For the Period of February 1, 2017 to January 31, 2018 Revised matter Reason for the amendment Approval date Effective date The rights duties and responsibilities of the unit According to S.E.C. April 12, 2017 April 17, 2017 holders. Announcement Sor. Nor. 9/2560 The termination of the fund According to S.E.C. Announcement Sor. Nor. 22/2560 July 27, 2017 August 1, 2017 United Income Focus Fund 22

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43 UOB Asset Management (Thailand) Co.,Ltd. 23A, 25 Floor, Asia Centre Building, 173/27-30, South Sathon Road, Thungmahamek, Sathon, Bangkok 10120, Thailand United Income Focus Fund 23