AmPRS-Asia Pacific REITs 31 August 2018

Transcription

1 Annual Report for AmPRS-Asia Pacific REITs 31 August 2018

2 TRUST DIRECTORY PRS Provider AmFunds Management Berhad 9 th & 10 th Floor, Bangunan AmBank Group 55 Jalan Raja Chulan Kuala Lumpur Board of Directors Dato Mustafa Bin Mohd Nor Tai Terk Lin Sum Leng Kuang Seohan Soo Goh Wee Peng Investment Committee Sum Leng Kuang Tai Terk Lin Dato Mustafa Bin Mohd Nor Zainal Abidin Bin Mohd Kassim Goh Wee Peng Audit Committee Sum Leng Kuang Tai Terk Lin Dato Mustafa Bin Mohd Nor Trustee Deutsche Trustees Malaysia Berhad Auditors and Reporting Accountants Ernst & Young Taxation Adviser Deloitte Tax Services Sdn Bhd AmPRS Asia Pacific REITs

3 CONTENTS 1 PRS Provider s Report 9 Independent Auditor s Report to the Members 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 33 Statement by the PRS Provider 34 Scheme Trustee s Report 35 Directory AmPRS Asia Pacific REITs

4 PRS PROVIDER S REPORT Dear Members, We are pleased to present you the PRS Provider s report and the audited accounts of AmPRS Asia Pacific REITs ( Fund ) for the financial year ended 31 August Salient Information of the Fund Name AmPRS Asia Pacific REITs ( Fund ) Category/Type Real estate (REITs) Objective The Fund aims to provide income* and to a lesser extent capital appreciation over the Medium to Long Term by primarily investing in real estate investment trusts (REITs). *Note: Income distribution (if any) will be reinvested in the form of units. Performance Benchmark S&P Pan Asia REITs Index (obtainable from: and Bloomberg L.P.) DISCLAIMER: The S&P Pan Asia REITs Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by AmFunds Management Berhad. Copyright 2018 by S&P Dow Jones Indices LLC, a subsidiary of the McGraw-Hill Companies, Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC s indices please visit S&P is a registered trademark of Standard & Poor s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Income Distribution Policy Breakdown of Unit Holdings by Size Subject to availability of income, distribution (if any) is paid at least once a year and will be reinvested. Note: Income distribution (if any) will be in the form of units. For the financial year under review, the size of the Fund for Class D stood at 10,253,848 units and for Class I stood at 8,704,393 units. Class D Size of holding As at 31 August 2018 As at 31 August 2017 No of units held Number of members No of units held Number of members 5,000 and below 3,787,891 2,796 3,680, (Forward) 1

5 Size of holding As at 31 August 2018 As at 31 August 2017 No of units held Number of members No of units held Number of members 5,001-10,000 2,491, ,730, ,001-50,000 3,231, ,342, , , , ,055, ,001 and above Class I Size of holding As at 31 August 2018 As at 31 August 2017 No of units held Number of members No of units held Number of members 5,000 and below 2,035,941 1,828 1,541, ,001-10,000 1,758, ,240, ,001-50,000 2,913, ,276, , ,000 1,996, ,803, ,001 and above Fund Performance Data Portfolio Composition Details of portfolio composition of the Fund for the financial years as at 31 August are as follows: FY 2018 % FY 2017 % FY 2016 % Collective investment schemes Cash and others Total Note: The abovementioned percentages are based on total investment carrying value plus cash. Performance Details Performance details of the Fund for the financial years ended 31 August are as follows: FY 2018 FY 2017 FY 2016 Net asset value (RM) - Class D 6,801,493* 5,871,482 1,798,113 - Class I 5,805,130* 4,586,055 2,579,278 Units in circulation - Class D 10,253,848* 8,809,450 2,819,915 - Class I 8,704,393* 6,862,390 4,045,659 Net asset value per unit (RM) - Class D * Class I * (Forward) 2

6 FY 2018 FY 2017 FY 2016 Highest net asset value per unit (RM) - Class D * Class I * Lowest net asset value per unit (RM) - Class D * Class I * Benchmark performance (%) - Class D Class I Total return (%) (1) - Class D Class I Capital growth (%) - Class D Class I Income distribution (%) - Class D Class I Gross distribution in respective class (sen per unit) - Class D Class I Net distribution in respective class (sen per unit) - Class D Class I Management expense ratio (%) (2) Portfolio turnover ratio (times) (3) * Above prices and net asset value per unit are shown as ex-distribution. Note: (1) Total return is the actual return of the Fund for the respective financial years computed based on the net asset value per unit and 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. The MER decreased by 0.09% as compared to 0.28% per annum for the financial year 31 August 2017 mainly due to increase in average fund size. (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 decreased by 0.25 times (61.0%) as compared to 0.41 times for the financial year ended 31 August 2017 mainly due to decrease in investing activities. 3

7 Average Total Return (as at 31 August 2018) AmPRS-Asia Pacific REITs (a) S&P Pan Asia REITs Index (b) % % One year - Class D Class I Three years - Class D Class I Since launch (19 November 2014) - Class D Class I Annual Total Return Financial Years/Period Ended (31 August) AmPRS-Asia Pacific REITs (a) S&P Pan Asia REITs Index (b) % % Class D Class I Class D Class I Class D Class I (c) - Class D Class I (a) Source: Novagni Analytics and Advisory Sdn Bhd. (b) S&P Pan Asia REITs Index (Obtainable form: and Bloomberg L.P.). (c) Total actual return for the financial period from 19 November 2014 (date of commencement) to 31 August The Fund performance is calculated based on the net asset value per unit of the Fund. Average total return of the Fund and its benchmark for a period is computed based on the absolute return 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 Performance Class D For the financial year under review, the Fund registered a return of 1.93% comprising of negative 0.47% growth and 2.40% income distribution. 4

8 Thus, the Fund s return of 1.93% has outperformed the benchmark s negative return of 0.38% by 2.31%. As compared with the financial year ended 31 August 2017, the net asset value ( NAV ) per unit of the Fund decreased by 0.48% from RM to RM0.6633, while units in circulation increased by 16.40% from 8,809,450 units to 10,253,848 units. Class I For the financial year under review, the Fund registered a return of 2.19% comprising of negative 0.20% growth and 2.39% income distribution. Thus, the Fund s return of 2.19% has outperformed the benchmark s negative return of 0.38% by 2.57%. As compared with the financial year ended 31 August 2017, the net asset value ( NAV ) per unit of the Fund decreased by 0.21% from RM to RM0.6669, while units in circulation increased by 26.84% from 6,862,390 units to 8,704,293 units. The line chart below shows comparison between the annual performances of AmPRS Asia Pacific REITs for Class D and Class I and its benchmark, S&P Pan Asia REITs Index, for the financial period/years ended 31 August. 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 achieved its objective? The Fund paid out a distribution of 1.6 sen in August as well as capital growth by primarily investing in real estate investment trusts (REITs). 5

9 Strategies and Policies Employed For the financial year under review, to achieve the investment objective, 70% and 98% of the Fund s net asset value ( NAV ) will be invested in REITs listed in the Asia Pacific region, which includes but not limited to Australia, Hong Kong, Japan, Malaysia, New Zealand, Singapore, South Korea, Taiwan and Thailand. In addition to country diversification, the Fund will also diversify into different REITs sectors such as residential, commercial and industrial. The Fund will hold between 2% to 30% of its NAV in liquid assets. The Investment Manager employs an active allocation strategy, which means the asset allocation decisions will be made after reviewing the macroeconomic trends and REITs market outlook of the respective countries in the Asia Pacific region. The Manager will be targeting REITs that have been generating regular income returns and have potential for capital growth. In evaluating the suitability of a REIT, the Investment Manager, amongst other factors, will review the track record, investment portfolio, financial status, income distribution policy and cost factors of the REIT. In an adverse market condition, the Investment Manager may increase its assets allocation to lower risk assets such as liquid assets to safeguard the investment of the Fund. During this period, the Fund s investment may differ from the stipulated investment strategy. In order to achieve the investment objective, the Investment Manager will invest in REITs directly. However, the Fund may opt to invest at least 95% of its NAV in a REITs fund managed by AmFunds Management Berhad ( AFM ) i.e. AmAsia Pacific REITs, which has similar investment objective with the Fund, for a period of five (5) years form the commencement of the Fund or upon reaching a fund size of RM20million, whichever is earlier. Portfolio Structure This table below is the asset allocation of the Fund for the financial years under review. As at % As at % Changes % Collective investment schemes Cash and others Total For the financial year under review, the Fund was invested in units of a REITs Fund managed by AmFunds Management Berhad ( AFM ) i.e. AmAsia Pacific REITs as the fund size is below the minimum size of RM20million, as was the case in the previous comparable year. The marginally higher proportion of cash was due to inflows into the Fund. Cross Trades Distribution/ Unit split There are no cross trades for the Fund during this financial year under review. During the financial year under review, the Fund declared income distributions, detailed as follows: 6

10 Class D 1.60 sen per unit income distribution Change in the unit price prior and subsequent to the income distribution Before income distribution on 24 August 2018 (RM) After income distribution on 24 August 2018 (RM) Net asset value per unit Class I 1.60 sen per unit income distribution Change in the unit price prior and subsequent to the income distribution Before income distribution on 24 August 2018 (RM) After income distribution on 24 August 2018 (RM) Net asset value per unit There was no unit split declared for the financial year under review. State of Affairs There has been neither significant change to the state of affairs of the Fund nor any circumstances that materially affect any interests of the members during the financial year under review. Note: The Manager has appointed Deutsche Trustees Malaysia Berhad ( DTMB ) to carry out the fund accounting and valuation services for all funds effective 20th June Rebates and Soft Commission It is our policy to pay 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 members 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 members of the Fund. Market Review Geopolitical events that took place in 3Q17 include escalated tensions in the Korean Peninsula; the unveiling of the US tax reform plans which included the reduction in corporate tax rate from 35% to 20%; Angela Merkel winning the German elections, cementing her position for the fourth term. In October, The 19th National Congress of the Communist Party of China was held in Beijing, with the new leadership team announced. The Indian government announced a plan to recapitalize state-owned banks. China and South Korea agree to mend ties after the Terminal High Altitude Area Defense (THAAD) feud. The ECB its extension of quantitative easing by nine months to Sept 18, at a reduced pace of 30bn/month. Positive macroeconomic data with solid 3Q17 corporate earnings were supportive of global equity market performance closed with a number of surprises as global markets continued to trend higher despite concerns on headwinds from political uncertainty (Trump as US President), US Fed rate hikes, election risks in Eurozone in addition to geopolitical tensions in North Korea and the Middle East. The global market was well supported by 1) the robust economic growth across the globe; 2) stronger corporate earnings, especially 7

11 from the technology sector; 3) recovery of the oil price; 4) low inflation and interest rate environment; and 5) strong job market that boosted the consumer confidence, hence the recovery of consumer spending. Despite robust economic data reported in the US (the U.S. economy +2.6% in 4Q17 driven by consumer spending, business capital expenditure and resilient employment growth), 1Q18 proved to be a challenging quarter as global markets were held ransom by trade wars between the US and China starting with the US imposing steel and aluminium tariffs on China in March; subsequently plans by the US to impose tariffs on USD60b worth of imports from China along with new restrictions on technology transfer. It did not help that investors were concerned about a potentially overheating US economy (risk of more than expected rate hikes by the Fed). Much of market volatility in 2Q18 can be attributed to the ongoing trade/tariff war between the US and China; in April, the US threatened to impose an additional USD100b tariffs on China products, to which China retaliated by imposing tariffs of up to 25% of USD3b in food imports from the US. The Federal Reserve left its rate unchanged in April while Brent crude prices traded higher as Trump decided to pull out of the US-Iran nuclear deal. ASEAN market performance was weighted by concerns on USD strengthening. Performance in July and August continued to be held ransom by newsflow on the US- China trade war and the risk of a slowdown of the economy in China as well as the already-weakened RMB as a result of this. To compound this, there was the concern that the economic crisis in Turkey would have significant contagion effects. ASEAN markets underwent a relief rally following the sell-off in 1H18 while currency depreciation in the Indonesian Rupiah and Filipino Peso took a breather. On a brigher note, US equity markets were positive in August on account of the strong earnings reported for 2Q18. Brent crude oil prices rebounded, closing the month at US$77/bbl, (+4.3% m.o.m) on concerns of Iran oil exports with US sanctions taking effect from November. Market Outlook Additional Information The focus will continue to be on segments where there are good underlying fundamentals for the REITs to weather the macro-related headwinds. These include economic growth, strong supply-demand dynamics as well as high quality management. The following information has been updated: 1. Raja Maimunah Binti Raja Abdul Aziz has resigned from her position as a Non- Independent Non-Executive Director for AmFunds Management Berhad with effect from 1st July Seohan Soo has been appointed as a Non-Independent Non-Executive Director for AmFunds Management Berhad with effect from 1st August Kuala Lumpur, Malaysia AmFunds Management Berhad 23 October

12 Independent auditors report to the members of AmPRS Asia Pacific REITs Report on the audit of the financial statements Opinion We have audited the financial statements of AmPRS Asia Pacific REITs ( the Fund ), which comprise the statement of financial position as at 31 August 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 32. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 August 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 Provider is responsible for the other information. The other information comprises 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 and will 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 identified above 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

13 Independent auditors report to the members of AmPRS Asia Pacific REITs (cont d.) 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 Provider and Trustee of the Fund and take appropriate action to seek to have the uncorrected material misstatement appropriately brought to the attention of users for whom the auditors report is prepared. Responsibilities of the Provider and the Trustees for the financial statements The Provider 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 Provider is also responsible for such internal control as the Provider 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 Provider 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 Provider 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 Provider maintains proper accounting and other records as are necessary to enable true ad 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

14 Independent auditors report to the members of AmPRS Asia Pacific REITs (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 Provider. Conclude on the appropriateness of the Provider 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 Provider 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 members 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 AF: 0039 Chartered Accountants Wan Daneena Liza Bt Wan Abdul Rahman No /03/2020 J Chartered Accountant Kuala Lumpur, Malaysia 23 October

15 AmPRS Asia Pacific REITs STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST Note RM RM ASSETS Investment 4 12,224,777 10,159,432 Amount due from Provider 5 20,436 - Distributions receivable 251,575 - Cash at bank 460, ,848 TOTAL ASSETS 12,956,838 10,501,280 LIABILITIES Net amount due to Provider 5-31,793 Amount due to Trustee Amount due to Private Pension Administrator ( PPA ) Sundry payables and accrued expenses 8 349,206 11, ,215 43,747 EQUITY Members capital 11(a)(b) 11,539,520 9,356,913 Retained earnings 11(c)(d) 1,067,103 1,100,620 TOTAL EQUITY 11 12,606,623 10,457,533 TOTAL EQUITY AND LIABILITIES 12,956,838 10,501,280 NET ASSETS ATTRIBUTABLE TO MEMBERS CLASS D 6,801,493 5,871,478 CLASS I 5,805,130 4,586,055 12,606,623 10,457,533 UNITS IN CIRCULATION CLASS D 11(a) 10,253,848 8,809,450 CLASS I 11(b) 8,704,393 6,862,390 NET ASSET VALUE PER UNIT CLASS D sen sen CLASS I sen sen The accompanying notes form an integral part of the financial statements. 12

16 AmPRS Asia Pacific REITs STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 AUGUST Note RM RM INVESTMENT INCOME Gross distribution income 675, ,479 Rebate management fee 163,709 99,810 Net (loss)/gain from investment: Financial assets at fair value through profit or loss ( FVTPL ) 9 (398,540) 297,683 Gross Income 440, ,972 EXPENDITURE Management fee 5 (157,270) (96,628) Trustee s fee 6 (4,527) (2,910) PPA administrative fee 7 (4,527) (2,910) Auditors remuneration - current financial year (1,500) (1,500) Auditors remuneration - under provision in prior financial year - (1,500) Tax agent s fee (3,000) (3,000) Other expenses 10 (7,430) (10,724) Total Expenditure (178,254) (119,172) NET INCOME BEFORE TAX 262, ,800 LESS: INCOME TAX NET INCOME AFTER TAX 262, ,800 OTHER COMPREHENSIVE INCOME - - TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 262, ,800 Total comprehensive income comprises the following: Realised income 662, ,781 Unrealised (loss)/gain (400,363) 270, , ,800 (Forward) 13

17 AmPRS Asia Pacific REITs STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2018 (CONT D.) RM RM Distribution for the financial year: Net distribution ,881 - Gross/net distributions per unit in respective class Class D Class I sen sen - The accompanying notes form an integral part of the financial statements. 14

18 AmPRS Asia Pacific REITs STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2018 Members Members capital capital Retained Total Class D Class I earnings equity Note RM RM RM RM At 1 September ,509,119 2,213, ,820 4,377,391 Total comprehensive income for the financial year , ,800 Creation of units 11(a)(b) 4,285,481 2,525,127-6,810,608 Cancellation of units 11(a)(b) (483,578) (692,688) - (1,176,266) Balance at 31 August ,311,022 4,045,891 1,100,620 10,457,533 At 1 September ,311,022 4,045,891 1,100,620 10,457,533 Total comprehensive income for the financial year , ,364 Creation of units 11(a)(b) 1,296,801 1,838,999-3,135,800 Reinvestments of distributions 11(a)14 160, , ,881 Cancellation of units 11(a)(b) (498,378) (750,696) - (1,249,074) Distributions (295,881) (295,881) Balance at 31 August ,269,510 5,270,010 1,067,103 12,606,623 The accompanying notes form an integral part of the financial statements. 15

19 AmPRS Asia Pacific REITs STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 AUGUST RM RM CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIES Proceeds from sale of investment 613, ,927 Distribution received 423, ,892 Management fee rebate 1,981 - Trustee s fee paid (4,460) (2,570) PPA administration fees paid (4,267) (2,568) Tax agent s fee paid (3,000) - Payments for other expenses (8,696) (5,452) Purchase of investment (2,739,874) (6,211,694) Net cash used in operating and investing activities (1,720,753) (5,467,465) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from creation of units 3,166,035 6,863,849 Payments for cancellation of units (1,327,080) (1,098,260) Net cash generated from financing activities 1,838,955 5,765,589 NET INCREASE IN CASH AND CASH EQUIVALENTS 118, ,124 CASH AND CASH EQUIVALENTS AT BEGINNING OF FINANCIAL YEAR 341,848 43,724 CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR 460, ,848 Cash and cash equivalents comprise: Cash at bank 460, ,848 The accompanying notes form an integral part of the financial statements. 16

20 AmPRS Asia Pacific REITs NOTES TO THE FINANCIAL STATEMENTS 1. GENERAL INFORMATION AmPRS Asia Pacific REITs ( the Fund ) was established pursuant to a Deed dated 4 December 2012 as amended by Deeds Supplemental thereto ( the Deed ), between AmFunds Management Berhad as the PRS Provider ( the Provider ), Deutsche Trustees Malaysia Berhad as the Trustee and the members. The Fund aims to provide income and to a lesser extent capital appreciation over the medium to long term by primarily investing in real estate investment trusts (REITs). As provided in the Deed, the accrual period or financial year shall end on 31 August and the units in the Fund were first offered for sale on 19 November 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 MFRS 15: Revenue From Contracts With Customers 1 January January

21 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 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 August 2019 when the Fund will adopt MFRS 9. Based on the detailed impact assessment, the adoption of MFRS 9 is not expected to result in any significant impact as the investment in collective investment schemes, which is held for trading, will continue to be measured at FVTPL and is not subjected to the impairment requirements of MFRS 9. 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. 18

22 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. Distribution income is recognised when the Fund s right to receive payment is established. 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 investment 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 members 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. Members capital The members capital of the Fund meets the definition of puttable instruments and is classified as equity instruments under MFRS 132 Financial Instruments: Presentation ( MFRS 132 ). 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. 19

23 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 financial assets at fair value through profit or loss ( FVTPL ) and loans and receivables. (i) Financial assets at FVTPL Financial assets are classified as financial assets at FVTPL if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading by the Fund include collective investment scheme acquired principally for the purpose of selling in the near term. Subsequent to initial recognition, financial assets at FVTPL are measured at fair value. Changes in the fair value of those financial instruments are recorded in Net gain or loss on financial assets at fair value through profit or loss. Distribution revenue element of such instrument is recorded separately in Gross distribution income. For investment in collective investment scheme, fair value is determined based on the closing net asset value per unit of the collective investment scheme. The difference between the cost and fair value is treated as unrealised gain or loss and is recognised in profit or loss. Unrealised gains or losses recognised in profit or loss are not distributable in nature. On disposal of investment, the net realised gain or loss on disposal is measured as the difference between the net disposal proceeds and the carrying amount of the investment. The net realised gain or loss is recognised in profit or loss. (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 financial assets The Fund assesses at each reporting date whether there is any objective evidence that a financial asset is impaired. (i) Loans and receivables carried at amortised cost 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. 20

24 If any such evidence exists, the amount of impairment loss is measured as the difference between the asset 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 liability is derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Classification of realised and unrealised gains and losses Unrealised gains and losses comprise changes in the fair value of financial instruments for the period and from reversal of prior period s unrealised gains and losses for financial instruments which were realised (i.e. sold, redeemed or matured) during the reporting period. Realised gains and losses on disposals of financial instruments classified at fair value through profit or loss are calculated using the weighted average method. They represent the difference between an instrument s initial carrying amount and disposal amount. Significant accounting estimates and judgments The preparation of the Fund s financial statements requires the Provider 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. 21

25 The Fund classifies its investment as financial assets at FVTPL as the Fund may sell its investment in the short-term for profit-taking or to meet members cancellation of units. No major judgments have been made by the Provider 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. INVESTMENT Financial assets at FVTPL RM RM At cost: Collective investment scheme 11,997,476 9,531,768 At fair value: Collective investment scheme 12,224,777 10,159,432 Details of investment as at 31 August 2018 are as follows: Fair value as a percentage Number of Fair Purchase of net Collective investment scheme units value cost asset value RM RM % Collective investment scheme in Malaysia AmAsia Pacific REITs* 16,170,104 12,224,777 11,997, Excess of fair value over cost 227,301 * This collective investment scheme is managed by the Provider. 5. NET AMOUNT DUE FROM/(TO) PROVIDER RM RM Net creation/(redemption) of units* 12,796 (34,975) Management fee receivable 7,640 3,182 20,436 (31,793) 22

26 * The amount represents net amount receivable/(payable to) from the Provider for units created/(redeemed). Management fee is at 1.50% (2017: 1.50%) per annum for Class D and 1.25% (2017: 1.25%) per annum for Class I on the net asset value of the Fund calculated on a daily basis for previous and current financial years. As this Fund invests in units of the AmAsia Pacific REITs, any management fee charged to the collective investment scheme is fully refunded via the rebate management fee to this Fund. Accordingly, there is no double charging of management fee. The normal credit period in the previous and current financial years for creation and redemption of units is three business days. 6. AMOUNT DUE TO TRUSTEE Trustee s fee is at rate of 0.04% (2017: 0.04%) per annum for both Class D and Class I 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. 7. AMOUNT DUE TO PPA PPA administrative fee is at a rate of 0.04% (2017: 0.04%) per annum for both Class D and Class I 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 PPA s administrative fee payable is one month. 8. SUNDRY PAYABLES Included in dunsry payable was amount owing to the Provider for outstanding contract where settlement was not due as follow: RM RM Amount owing to the Provider - collective investment scheme 337,700 - The normal trade credit period is three business days. 23

27 9. NET (LOSS)/GAIN FROM INVESTMENT RM RM Net (loss)/gain on financial assets at FVTPL comprised: Net realised gain on sale of investment 1,823 27,664 Net unrealised (loss)/gain on changes in fair values of investment (400,363) 270, OTHER EXPENSES (398,540) 297,683 Included in other expenses is Goods and Services Tax incurred by the Fund during the financial year amounting to RM693 (2017: RM1,209). 11. TOTAL EQUITY Total equity is represented by: Note RM RM Members capital - Class D (a) 6,269,510 5,311,022 Members capital - Class I (b) 5,270,010 4,045,891 Retained earnings Realised income (c) 839, ,956 Unrealised gain (d) 227, ,664 (a) MEMBERS CAPITAL/UNITS IN CIRCULATION - CLASS D 12,606,623 10,457, Number of Number of units RM units RM At beginning of the financial year 8,809,450 5,311,022 2,819,915 1,509,119 Creation during the financial year 1,958,844 1,296,801 6,721,695 4,285,481 Distributions reinvested 242, , Cancellation during the financial year (756,531) (498,378) (732,160) (483,578) At end of the financial year 10,253,848 6,269,510 8,809,450 5,311,022 24

28 (b) MEMBERS CAPITAL/UNITS IN CIRCULATION - CLASS I Number of Number of units RM units RM At beginning of the financial year 6,862,390 4,045,891 4,045,659 2,213,452 Creation during the financial year 2,778,977 1,838,999 3,899,961 2,525,127 Distributions reinvested 204, , Cancellation during the financial year (1,141,301) (750,696) (1,083,230) (692,688) At end of the financial year 8,704,393 5,270,010 6,862,390 4,045,891 (c) REALISED DISTRIBUTABLE RM RM At beginning of the financial year 472, ,175 Total comprehensive income for the financial year 262, ,800 Net unrealised loss/(gain) attributable to investment held transferred to unrealised reserve [Note 11(d)] 400,363 (270,019) Distributions out of realised reserve (Note 14) (295,881) - Net increase in realised reserve for the financial year 366, ,781 At end of the financial year 839, ,956 (d) UNREALISED NON-DISTRIBUTABLE RM RM At beginning of the financial year 627, ,645 Net unrealised (loss)/gain attributable to investment held transferred from realised reserve [Note 11(c)] (400,363) 270,019 At end of the financial year 227, , UNITS HELD BY RELATED PARTIES The Provider and parties related to the Provider did not hold any units in the Fund as at 31 August 2018 and 31 August

29 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, 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: RM RM Net income before tax 262, ,800 Taxation at Malaysian statutory rate of 24% (2017: 24%) 62, ,992 Tax effects of: Income not subject to tax (162,546) (111,639) Loss not deductible for tax purposes 96,087 - Restriction on tax deductible expenses for unit trust funds 253 1,960 Non-permitted expenses for tax purposes 3,210 2,469 Permitted expenses not used and not available for future years Tax expense for the financial year DISTRIBUTION Distributions to members declared on 24 August 2018 are from the following sources: RM RM Gross distribution income 472,858 - Net realised gain on sale of investments 1, ,135 - Less: Expenses (178,254) - Total amount of distribution 295,881 - Gross/net distribution per unit in respective class: Class D 1.60 sen - Class I 1.60 sen - (Forward) 26

30 RM RM Distribution made out of: - Realised reserve [Note 11(c)] 295,881 - Comprising: Distribution reinvested 295, MANAGEMENT EXPENSE RATIO ( MER ) The Fund s MER is as follows: % p.a. % p.a. Management fee - - Trustee s fee PPA Administrative fee Fund s other expenses Total MER 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 investment to the average net asset value of the Fund calculated on a daily basis, is 0.16 times (2017: 0.41 times). 17. SEGMENTAL REPORTING As the Fund invests primarily in the collective investment scheme, it is not possible or meaningful to classify its investment by separate business or geographical segments. 18. TRANSACTIONS WITH THE PROVIDER Details of transactions with the Provider for the financial year ended 31 August 2018 are as follows: Provider Transaction value RM % AmFunds Management Berhad 3,691,

31 There was no transaction with financial institutions related to the Provider, during the financial year. The Provider 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. The above transactions were in respect of collective investment scheme. Transactions in this investment 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 Financial receivables liabilities assets at at amortised at amortised FVTPL cost cost Total RM RM RM RM 2018 Assets Investment 12,224, ,224,777 Amount due from Provider - 20,436-20,436 Distributions receivable - 251, ,575 Cash at bank - 460, ,050 12,224, ,061-12,956,838 Liabilities Amount due to Trustee Amount due to PPA Sundry payables and accrued expenses , , , , Assets Investment 10,159, ,159,432 Cash at bank - 341, ,848 (Forward) 10,159, ,848-10,501,280 28

32 Loans and Financial Financial receivables liabilities assets at at amortised at amortised FVTPL cost cost Total RM RM RM RM 2017 Liabilities Net amount due to Provider ,793 31,793 Amount due to Trustee Amount due to PPA Sundry payables and accrued expenses ,272 11, ,747 43, RM RM Net (loss)/gain from financial assets at FVTPL (398,540) 297,683 Income, of which derived from: Gross distribution income from financial assets at FVTPL 675, ,479 (b) Financial instrument that are carried at fair value The Fund s financial assets and liabilities at FVTPL 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: Level 2: Level 3: quoted (unadjusted) prices in active markets for identical assets or liabilities; other techniques for which all inputs which have a significant effect on the recorded fair values are observable; either directly or indirectly; or 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: Level 1 Level 2 Level 3 Total RM RM RM RM 2018 Financial assets at FVTPL - 12,224,777-12,224, Financial assets at FVTPL - 10,159,432-10,159,432 29

33 (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: Net amount due from/to Provider Distributions receivable Cash at bank Amount due to Trustee Amount due to PPA Sundry payables and accrued expenses There are no 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 investment coupled with stringent compliance to investment restrictions as stipulated by the Capital Market and Services Act 2007, Securities Commission s Guidelines on Private Retirement Schemes 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, interest rates, foreign exchange rates and commodity prices. (i) Price risk Price risk refers to the uncertainty of an investment s future prices. In the event of adverse price movements, the Fund might endure potential loss on its investment. In managing price risk, the Provider actively monitors the performance and risk profile of the investment portfolio. The result below summarised the price risk sensitivity of the Fund s NAV due to movements of price by -5.00% and +5.00% respectively. Percentage movements in Sensitivity of the Fund s NAV price by: RM RM -5.00% (611,239) (507,972) +5.00% 611, ,972 30

34 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. Credit risk applies to distributions receivable. The issuer of such instruments may not be able to fulfill the required interest payments or repay the principal invested or amount owing. These risks may cause the Fund s investment to fluctuate in value. Cash at bank is held for liquidity purposes and is not exposed to significant credit risk. 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. This is also the risk of the Fund experiencing large redemptions, when the Investment Manager could be forced to sell large volumes of its holdings at unfavourable prices to meet redemption requirements. The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellations of units by members. 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. The Fund s financial liabilities have contractual maturities of not more than six months. 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 Provider, 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 investment of the Fund when the Fund is forced to rectify the non-compliance. 21. CAPITAL MANAGEMENT The primary objective of the Fund s capital management is to ensure that it maximises members value by expanding its fund size to benefit from economies of scale and achieving growth in net asset value from the performance of its investment. 31

35 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 members by way of redemption of units. No changes were made in the objective, policies or processes during the financial years ended 31 August 2018 and 31 August

36 AmPRS Asia Pacific REITs STATEMENT BY THE PROVIDER I, GOH WEE PENG, for and on behalf of the Provider, AmFunds Management Berhad, for AmPRS Asia Pacific REITs do hereby state that in the opinion of the Provider, 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 August 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 Provider AmFunds Management Berhad Kuala Lumpur, Malaysia 23 October

37 TRUSTEE S REPORT TO THE MEMBERS OF AMPRS - ASIA PACIFIC REITS We have acted as Trustee for AmPRS - Asia Pacific REITs (the Fund ) for the financial year ended 31 August To the best of our knowledge, for the financial year under review, AmFunds Management Berhad (the PRS Provider ) has operated and managed the Fund in accordance with the following:- a) b) c) limitations imposed on the investment powers of the PRS Provider under the Deed(s), the Securities Commission s Guidelines on Private Retirement Schemes, 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 distribution made during this financial year ended 31 August 2018 by the PRS Provider is not inconsistent with the objectives of the Fund. For Deutsche Trustees Malaysia Berhad Soon Lai Ching Senior Manager, Trustee Operations Ng Hon Leong Head, Trustee Operations Kuala Lumpur, Malaysia 8 October

38 DIRECTORY Head Office Postal Address AmFunds Management Berhad 9 th & 10 th Floor, Bangunan AmBank Group 55, Jalan Raja Chulan, Kuala Lumpur Tel: (03) Facsimile: (03) aminvestprs@aminvest.com AmFunds Management Berhad P.O Box 13611, Kuala Lumpur Distributors For more details on the list of distributors, please contact the PRS Provider. For enquiries about this Scheme and any other funds offered by the PRS Provider, please call between 8.45 a.m. to 5.45 p.m. (Monday-Thursday) 8.45 a.m. to 5.00 p.m. (Friday) 35

39 Semi-Annual Report 28 February aminvest.com. AmFunds Management Berhad ( A)