Fund Information Fund Name (PRS-GRF) Fund Category Core (Growth) Fund Investment Objective The Fund seeks long-term capital growth and to a lesser extent income. Fund Performance Benchmark The benchmarks of the Fund and their respective percentages are 35% FTSE Bursa Malaysia KLCI (FBM KLCI), 35% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index and 30% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR). The PRS-GRF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) or by Bursa Malaysia Berhad ( BURSA MALAYSIA ) or by the London Stock Exchange Group companies (the LSEG ) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE BURSA MALAYSIA KLCI ( the Index ), and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under licence. BURSA MALAYSIA is a trade mark of BURSA MALAYSIA. Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Public Mutual Berhad. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the MSCI Parties ) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all the warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Fund Distribution Policy Incidental Breakdown of Unitholdings of PRS-GRF as at 30 September 2017 Size of holdings No. of % of No. of units members members held (million) 5,000 and below 32,834 51.66 96 5,001 to 10,000 2,720 4.28 20 10,001 to 50,000 24,726 38.90 594 50,001 to 500,000 3,260 5.13 235 500,001 and above 20 0.03 20 Total 63,560 100.00 965 Note: Excluding PRS Provider s Stock. Fund Performance Average Total Return for the Following Years Ended 30 September 2017 Average Total Return of PRS-GRF (%) 1 Year 7.80 3 Years 1.83
Fund Performance Fund Performance Annual Total Return for the Financial Years Ended 31 March Year 2017 2016 2015 2014 PRS-GRF (%) 4.71-3.61 2.26 8.20* * The figure shown is for period since Fund commencement (16 December 2012). The calculation of the above returns is based on computation methods of Lipper. Notes: 1. Total return of the Fund is derived by this formulae: End of Period FYCurrent Year NAV per ( End of Period FYPrevious Year NAV per unit) (Adjusted for unit split and distribution paid out for the period) The above total return of the Fund was sourced from Lipper. 2. Average total return is derived by this formulae: Total Return Number of Years Under Review Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. Other Performance Data for the Past Three Financial Periods Ended 30 September 2017 2016 2015 Unit Prices (MYR) Highest NAV per unit for the period 0.2683 0.2534 0.2688 Lowest NAV per unit for the period 0.2532 0.2417 0.2401 Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period Total NAV (MYR 000) 255,582 206,388 166,413 UIC (in 000) 965,403 818,179 670,318 NAV per unit (MYR) 0.2647 0.2523 0.2483 Total Return for the Period (%) 4.37 1.37-6.48 Capital growth (%) 3.28 0.38-7.44 Income (%) 1.06 0.99 1.04 Management Expense Ratio (%) 1.46 1.59 1.58 Portfolio Turnover Ratio (time) 0.38 0.05 0.15 Notes: Management Expense Ratio is calculated by taking the total management expenses expressed as an annual percentage of the Fund s average net asset value. Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and disposals of the investments in the Fund for the period over the average net asset value of the Fund calculated on a daily basis. The Portfolio Turnover Ratio for the financial period 2017 rose to 0.38 time from 0.05 time in the previous fi nancial period on account of higher level of rebalancing activities performed by the Fund during the period. - 1 Asset Allocation for the Past Three Financial Periods As at 30 September (Per Cent of Net Asset Value) 2017 2016 2015 % % % EQUITY SECURITIES Quoted Malaysia Basic Materials 0.2-0.7 Communications 5.5 7.5 10.5 Consumer, Cyclical 6.5 4.6 2.4 Consumer, Non-cyclical 2.4 8.8 2.5 Diversifi ed 2.2 1.9 4.6 Energy 1.5 1.5 3.4 Financial 12.5 10.3 11.7 Industrial 3.1 9.3 10.5 Technology 1.5 2.8 0.7 Utilities 2.3 2.0 3.8 37.7 48.7 50.8 Outside Malaysia Hong Kong Communications 4.5 1.6 - Consumer, Cyclical - 1.2 1.5 Consumer, Non-cyclical - - 1.8 Energy - 0.7 0.8 Financial 5.4 6.1 4.2 9.9 9.6 8.3 Indonesia Communications 0.4 0.4 0.4 Korea Technology 4.1 - - Singapore Consumer, Cyclical - - 0.2 Consumer, Non-cyclical 0.5 0.9 - Technology - 1.6-0.5 2.5 0.2 Taiwan Industrial 1.2 1.8 - Technology 4.0 - - 5.2 1.8 - Thailand Industrial - - 0.2 United States Communications 4.7 - - Energy - 0.8 0.8 4.7 0.8 0.8 TOTAL QUOTED EQUITY SECURITIES 62.5 63.8 60.7
Fund Performance PRS Provider s Report Asset Allocation for the Past Three Financial Periods (cont d) As at 30 September (Per Cent of Net Asset Value) 2017 2016 2015 % % % COLLECTIVE INVESTMENT FUNDS Quoted Malaysia Financial - 0.9 1.6 TOTAL QUOTED COLLECTIVE INVESTMENT FUNDS - 0.9 1.6 WARRANTS Quoted Malaysia Warrants 1.1 - - TOTAL QUOTED WARRANTS 1.1 - - COLLECTIVE INVESTMENT SCHEMES Unquoted Funds - 4.6 6.1 TOTAL UNQUOTED COLLECTIVE INVESTMENT SCHEMES - 4.6 6.1 FIXED INCOME SECURITIES Unquoted Ringgit-denominated Redeemable Non-convertible Bonds 21.4 18.0 21.2 TOTAL UNQUOTED FIXED INCOME SECURITIES 21.4 18.0 21.2 DEPOSITS WITH FINANCIAL INSTITUTIONS 13.9 7.5 5.3 OTHER ASSETS & LIABILITIES 1.1 5.2 5.1 Overview This Interim Report covers the fi nancial period from 1 April 2017 to 30 September 2017. (PRS-GRF or the Fund) seeks long-term capital growth and to a lesser extent income. PRS-GRF is managed to meet its investment objective by investing up to 70% of its Net Asset Value (NAV) in equities with the balance of the Fund s NAV invested in fi xed income securities and liquid assets which include money market instruments and deposits. For the fi nancial period under review, the Fund registered a return of +4.37% as compared to its Benchmark s return of +5.17%. The Fund s equity portfolio registered a return of +6.84% while its bond and money market portfolios registered returns of +2.68% and +1.55% respectively during the fi nancial period under review. A detailed performance attribution analysis is provided in the sections below. From its commencement on 16 December 2012 (being the last day of the initial offer period) to 30 September 2017, the Fund generated a total return of +16.55% as compared to its Benchmark s return of +16.87% over the same period. Returns from Start of Period Performance of PRS-GRF from 16 December 2012 (Commencement Date) to 30 September 2017 25% 20% 15% 10% 5% 0% PRS-GRF BENCHMARK -5% Dec-12 Nov-13 Nov-14 Oct-15 Oct-16 Sep-17 Prior to 26 May 2017, the Benchmark of the Fund is a composite index of 70% FTSE Bursa Malaysia Top 100 Index (FBM100) and 30% 3-Month Kuala Lumpur Interbank Offered Rate (KLIBOR). Effective from 26 May 2017, the Fund s equity Benchmark has been replaced with a composite index of 35% FTSE Bursa Malaysia KLCI (FBM KLCI) and 35% customised index by MSCI based on the Top 30 constituents of MSCI AC Far-East Ex-Japan Index, as it is a better representative of the Fund s investments. Effect of Distribution Reinvestment on Portfolio Exposures There were no distributions declared for the period ended 30 September 2017.
PRS Provider s Report PRS Provider s Report Change in Portfolio Exposures from 31-Mar-17 to 30-Sep-17 Average 31-Mar-17 30-Sep-17 Change Exposure Equities & Related Securities 66.6% 63.6% -3.0% 66.02% Bonds & Other Fixed Income Securities 20.7% 21.4% +0.7% 24.00% Money Market 12.7% 15.0% +2.3% 9.98% Returns Breakdown by Asset Class Market / Returns On Benchmark Benchmark Average Attributed Investments Returns Index Used Exposure Returns Equities & Related Equity Securities 6.84% 6.67% Benchmark 66.02% 4.52% Bonds & Other Fixed Income Securities 2.68% 3.28% Bond Index 24.00% 0.64% Overnight Money Market 1.55% 1.48% Rate 9.98% 0.15% less: Expenses -0.94% Total Net Return for the Period 4.37% Bond Index = Quant Shop MGS All Index Overnight Rate = Bank Negara Weighted Average Overnight Interbank Rate Equity Portfolio Review For the financial period under review, the Fund s equity portfolio registered a return of +6.84% and outperformed the equity Benchmark s return of +6.67%. The Fund s equity portfolio outperformed the equity Benchmark as its holdings in the Communications and Consumer, Cyclical sectors outperformed the broader market during the financial period under review. The Fund commenced the financial period under review with an equity exposure of 66.6%. The Fund s equity weight was reduced to below 60% in April 2017 before being increased to end the financial period under review with an equity exposure of 63.6%. Based on an average equity exposure of 66.02%, the Fund s equity portfolio is deemed to have registered a return of +4.52% to the Fund as a whole for the financial period under review. A full review of the performance of the equity markets is tabled in the following sections. Country Allocation In terms of country allocation within the equity portfolio, the Fund s equity investments in Malaysia accounted for 38.8% of the NAV of the Fund. Other than Malaysia, the top 5 countries accounted for 24.4% of the NAV of the Fund and 38.4% of the Fund s equity portfolio. The weightings of the top 5 countries excluding Malaysia are in the following order: Hong Kong/ China (9.9%), Taiwan (5.2%), the United States (4.7%), Korea (4.1%) and Singapore (0.5%). Bonds and Other Fixed Income Securities Portfolio Review For the financial period under review, the Fund s bond portfolio registered a return of +2.68%. In comparison, the Quant Shop MGS All Index, which tracks the performance of all Malaysian Government Securities (MGS) with maturities of 1 year and above, registered a return of +3.28% over the same period. The Fund s bond portfolio registered lower returns than the Quant Shop MGS All Index as MGS yields moved lower relative to corporate bond yields during the financial period under review. During the financial period under review, the Fund s bond exposure increased from 20.7% to 21.4% as the Fund continued to capitalise on investment opportunities in the bond market. Based on an average exposure of 24.00%, the bond portfolio is estimated to have contributed +0.64% to the Fund s overall return for the financial period under review. For a full review of the bond market, please refer to the following sections of this report. Money Market Portfolio Review During the financial period under review, the Fund s money market portfolio, which was invested primarily in deposits, yielded a return of +1.55%. In comparison, the Bank Negara Weighted Average Overnight Interbank Rate (Overnight Rate) registered a return of +1.48% over the same period. During the financial period under review, the Fund s exposure to money market investments increased from 12.7% to 15.0% following the disposal of selected equity investments coupled with inflows of new funds. Based on an average exposure of 9.98%, the money market portfolio is estimated to have contributed +0.15% to the Fund s overall return for the financial period under review. Stock Market Review Commencing the financial period under review at 1,740.09 points, the FBM KLCI remained in an uptrend from April to mid-may 2017, underpinned by strong foreign fund inflows. The Index subsequently traded range-bound in late May on the back of softer global energy prices. The market rose in early June amid sustained buying interest in selected blue chips but moved lower in late June on softer oil prices. In July, the Index remained in a tight trading range due to a lack of fresh catalysts to draw further buying interest from foreign investors. The FBM KLCI rose in August amid buying support for selected blue chips. The Index continued its uptrend in early September before easing lower on the back of profit-taking activities. The FBM KLCI closed at 1,755.58 points to register a gain of 0.89% for the financial period under review.
PRS Provider s Report PRS Provider s Report Index 1,840 1,810 1,780 1,750 1,720 1,690 1,660 1,630 FTSE Bursa Malaysia KLCI (31 March 2017-30 September 2017) Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 The regional equity markets, as proxied by the Morgan Stanley Capital International All Country Far-East Ex-Japan (MSCI FExJ) Index, commenced the financial period under review at 545.39 points. Resilient corporate earnings supported the uptrend in regional markets in April. Driven by improving liquidity conditions in China and a better global economic outlook, the Index advanced further from May and August. Regional markets traded range-bound in September as the U.S. Federal Reserve s decision to maintain its interest rate was within market expectations. The MSCI FExJ Index closed at 625.20 points to register a gain of 14.63% (+9.38% in Ringgit terms) for the financial period under review. Foreign markets which the Fund invested in during the financial period under review, namely the Hong Kong, Korea, Taiwan, Indonesia and Singapore markets registered returns of +8.49%, +3.26%, +1.04%, +0.04% and -0.44% (in Ringgit terms) respectively for the financial period under review. Commencing the financial period under review at 2,362.72 points, the U.S. equity market, as proxied by the Standard & Poor s (S&P) 500 Index, moved modestly higher in April and May on the back of strong U.S. corporate earnings and the market-friendly outcome of the French presidential election. In June, the market rose further as weakness in technology stocks was outweighed by strong performances of banking stocks. The Index continued to surge in July and August amid better-than-expected U.S. corporate earnings and economic data, and traded higher in September as geopolitical tensions in the Korean peninsula eased. The S&P 500 Index closed at 2,519.36 points to register a gain of 6.63% (+1.74% in Ringgit terms) for the financial period under review. Bond Market and Money Market Review Commencing the financial period under review, the domestic bond market staged a rebound which was sustained through May on the back of a firmer Ringgit as well as the release of a better-than-expected economic growth of 5.6% for 1Q 2017 and a lower inflation rate of 4.4% for April. Domestic bond yields edged up in June in tandem with higher global bond yields following the announcement of the second U.S. interest rate hike for this year coupled with the hawkish comments made by selected major central banks. There were also growing concerns that the U.S. Federal Reserve may reduce its holdings of government and mortgage bonds (also known as balance sheet reduction). However, buying interest returned to the domestic bond market in August on firmer U.S. Treasuries, a broadly weaker U.S. Dollar as well as accelerating economic growth and lower inflation in Malaysia. The domestic bond market retreated following the Federal Open Market Committee (FOMC) meeting in September, where the Federal Reserve announced that it would start its balance sheet reduction program in October while affirming a 25 basis points (bps) rate hike in December. For the financial period under review, the yields of 3-year and 10-year MGS eased by 14 bps and 21 bps respectively to 3.39% and 3.92%. The Overnight Rate decreased from 3.00% to 2.90%, averaging at 2.98% over the financial period under review. Economic Review Malaysia s GDP growth gained pace from 4.2% in 2016 to 5.7% in 1H 2017 on the back of higher domestic demand and export growth. Growth in the services sector rose from 5.6% in 2016 to 6.1% in 1H 2017. Meanwhile, growth in manufacturing activities increased from 4.4% to 5.8% over the same period. Malaysia s export growth accelerated to 22.3% in the first seven months of 2017 from 1.2% in 2016 due mainly to higher exports of electrical and electronic products. Import growth surged to 23.0% from 1.9% over the same period. Malaysia s cumulative trade surplus widened to RM51.0 billion in the first seven months of 2017 compared to RM43.8 billion for the corresponding period of the prior year. Due to capital inflows, Malaysia s foreign reserves rose to US$100.5 billion as at end-august 2017 compared to US$97.5 billion a year ago. Malaysia s inflation rate climbed to 3.9% in the first eight months of 2017 from 2.1% in 2016 amid higher transportation costs arising from elevated fuel prices. Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3.00% to support economic activities. Loans growth increased to 5.8% in the first eight months of 2017 from 5.3% in 2016 on the back of higher demand from the manufacturing and construction sectors. On the regional front, Singapore s GDP growth expanded from 2.0% in 2016 to 2.7% in 1H 2017 due to higher output from the manufacturing and services sectors. Indonesia s economic growth was sustained at 5.0% in 1H 2017 compared to a similar growth rate in 2016 on the back of resilient domestic demand. In North Asia, China s GDP growth expanded from 6.7% in 2016 to 6.9% in 1H 2017, driven by firmer growth in the industrial sector. Hong Kong s GDP growth strengthened from 2.0% in 2016 to 4.0% in 1H 2017 due to higher consumer spending and export growth.
PRS Provider s Report PRS Provider s Report South Korea s GDP growth was sustained at 2.8% in 1H 2017 compared to a similar growth rate in 2016 as resilient domestic demand mitigated slower export growth. Meanwhile, Taiwan s GDP growth gained pace from 1.5% in 2016 to 2.4% in 1H 2017 amid higher investment spending and export growth. Led by higher investment spending and export growth, U.S. GDP growth rose from 1.5% in 2016 to 2.1% in 1H 2017. Investment spending increased by 2.5% in 1H 2017 compared to a contraction of 1.6% in 2016 due to higher investment in equipment. Meanwhile, exports expanded by 3.2% compared to a decline of 0.3% over the same period. At the FOMC meeting in September 2017, the Federal Reserve maintained the Federal funds rate target range at 1.00%-1.25%. The central bank also stated that its balance sheet reduction plan would begin in October 2017. Eurozone GDP growth gained pace from 1.8% in 2016 to 2.1% in 1H 2017 on the back of higher export growth. At its monetary policy meeting on 7 September 2017, the European Central Bank (ECB) kept its main refinancing and deposit rates at 0.00% and -0.40% respectively, while maintaining the monthly pace of bond-buying at 60 billion until end-december 2017. In a referendum held on 23 June 2016, British voters voted in favour of exiting the European Union (EU). The United Kingdom (UK) formally notified of its exit from the EU under Article 50 on 29 March 2017, which commences a 2-year process of trade negotiations with the EU. Outlook and Investment Strategy After trading on a mixed note in 1H 2016, global and regional markets strengthened in 2H 2016 amid an improved outlook for the U.S. and global economies. Global and regional equity markets continued to trend higher in the first nine months of 2017 on expectations that the global economy would grow at a resilient pace. Looking ahead, the performance of equity markets will depend on the economic growth momentum and market valuations of the U.S., Europe and the Asia Pacific region. U.S. economic growth is projected to edge up from 2.2% in 2017 to 2.3% in 2018, driven by higher investment spending. In the Eurozone, economic growth is envisaged to ease from 2.1% in 2017 to 1.8% in 2018 on expectations of slower export growth. In North Asia, China s GDP growth is estimated to moderate from 6.7% in 2017 to 6.3% in 2018 as China continues to transform from a manufacturingdriven and export-led economy to one underpinned by services and domestic consumption. Meanwhile, China s inflation rate is projected to increase from 1.7% in 2017 to 2.2% in 2018. Hong Kong s GDP growth is expected to ease from 3.4% in 2017 to 2.5% in 2018 amid moderating external demand. Going forward, the Hong Kong government is anticipated to maintain its tightening stance on the residential property market. However, ample liquidity, demand for better living standards and resilient economic growth should lend support to Hong Kong s property market over the long term. South Korea s GDP growth is anticipated to inch lower from 2.8% in 2017 to 2.7% in 2018 as investment spending eases. Meanwhile, Taiwan s GDP growth is projected to remain unchanged at 2.2% in 2018 compared to a similar growth rate in 2017, driven by sustained domestic demand. In South-East Asia, Singapore s GDP growth is estimated to edge down from 2.5% in 2017 to 2.4% in 2018 on expectations of moderating export growth. Indonesia s GDP growth is expected to expand from 5.2% in 2017 to 5.4% in 2018 due to robust domestic demand. On the domestic front, Malaysia s GDP growth is projected to inch down from 5.1% in 2017 to 4.8% in 2018 amid moderating export growth. However, domestic demand will be supported by sustained consumer and investment spending backed by government measures to increase disposable incomes as well as the ongoing implementation of infrastructure projects. The budget deficit is projected to widen to RM40.3 billion (3.0% of GDP) in 2017 from RM38.4 billion (3.1% of GDP) in 2016, with revenue expanding by 3.4% to RM219.7 billion. Meanwhile, operating expenditure and net development expenditure for 2017 are expected to register growth rates of 2.2% to RM214.8 billion and 11.4% to RM45.3 billion respectively. As at end-september 2017, the local stock market was trading at a prospective P/E ratio of 16.4x, which was in line with its 10-year average. The market s dividend yield was 3.25%. Among the regional markets, South-East Asian markets were trading at premiums while North Asian markets were generally trading at discounts to their historical averages following their respective performances over the same period. Given the above factors, the Fund will continue to rebalance its investment portfolio accordingly with the objective of seeking long-term capital growth and to a lesser extent income. Notes: Q = Quarter H = Half Policy on Soft Commissions The management company may receive goods or services which include research materials, data and quotation services and investment related publications by way of soft commissions provided they are of demonstrable benefit to the Fund and unitholders. During the financial period under review, PRS-GRF has received data and quotation services by way of soft commissions. These services were used to provide financial data on securities and price quotation information to the Fund Manager during the financial period under review.
Extracts Of Financial Statements Extracts Of Financial Statements (cont d) The following pages are extracts of the audited financial statements of the Fund for the financial period ended 30 September 2017. The full set of the audited fi nancial statements together with the Independent Auditors Report is available upon request without charge. Statement of Assets and Liabilities As at 30 September 2017 30.9.2017 31.3.2017 MYR 000 MYR 000 Assets Investments 217,248 210,358 Due from brokers/financial institutions, net - 1,136 Tax recoverable 1 2 Other receivables 408 349 Deposits with financial institutions 35,607 16,121 Cash at banks 2,755 14,854 256,019 242,820 Liabilities Due to brokers/financial institutions, net 9 1,407 Due to the Private Retirement Scheme ( PRS ) Provider, net 352 376 Due to the Scheme Trustee 9 9 Due to the Private Pension Administrator ( PPA ) 9 9 Other payables 58 67 Distribution payable - 6,473 437 8,341 Total net assets 255,582 234,479 Net asset value ( NAV ) attributable to members (Total equity) 255,582 234,479 Units in circulation (in 000) 965,403 924,744 NAV per unit (in sen) 26.47 25.36 Statement of Income and Expenditure 1.4.2017 1.4.2016 to to 30.9.2017 30.9.2016 MYR 000 MYR 000 Income Interest income 1,527 1,069 Distribution income 1,100 352 Dividend income 2,089 2,362 Net gain/(loss) from investments 8,996 (83) Amortisation of premium, net of accretion of discount (3) 5 Net realised/unrealised foreign exchange (loss)/gain (611) 878 13,098 4,583 Less: Expenses Scheme Trustee s fee 53 42 PRS Provider s fee 1,781 1,551 Fee of the PPA 53 42 Audit fee 3 3 Tax agent s fee 2 2 Brokerage fee 413 57 Administrative fees and expenses 49 46 2,354 1,743 Net income before taxation 10,744 2,840 Taxation (56) (55) Net income after taxation 10,688 2,785 Net income after taxation is made up as follows: Realised 4,939 2,814 Unrealised 5,749 (29) 10,688 2,785
Extracts Of Financial Statements (cont d) Extracts Of Financial Statements (cont d) Statement of Changes in Net Asset Value (Accumulated loss)/ Members retained capital earnings Total MYR 000 MYR 000 MYR 000 As at 1 April 2016 197,217 (5,898) 191,319 Creation of units 13,769-13,769 Cancellation of units (1,485) - (1,485) Net income after taxation - 2,785 2,785 As at 30 September 2016 209,501 (3,113) 206,388 As at 1 April 2017 236,164 (1,685) 234,479 Creation of units 12,914-12,914 Cancellation of units (2,499) - (2,499) Net income after taxation - 10,688 10,688 As at 30 September 2017 246,579 9,003 255,582 Statement of Cash Flows 1.4.2017 1.4.2016 to to 30.9.2017 30.9.2016 MYR 000 MYR 000 Cash flows from operating activities Proceeds from sale/redemption of investments 113,799 12,286 Purchase of investments (112,313) (16,947) Capital distribution received 141 - Maturity of deposits 1,893,235 1,369,068 Placement of deposits (1,912,721) (1,374,092) Interest income received 1,269 1,122 Distribution income received 1,100 352 Net dividend income received 1,970 2,095 Scheme Trustee s fee paid (53) (42) PRS Provider s fee paid (1,780) (1,547) Fee of PPA paid (53) (42) Audit fee paid (4) (4) Tax agent s fee paid - (1) Taxation recovered 1 - Payment of other fees and expenses (57) (52) Net cash outflow from operating activities (15,466) (7,804) Cash flows from financing activities Cash proceeds from units created 12,969 13,867 Cash paid on units cancelled (2,579) (1,485) Distribution paid (6,473) (5,380) Net cash inflow from financing activities 3,917 7,002 Net decrease in cash and cash equivalents (11,549) (802) Effect of change in foreign exchange rates (550) 849 Cash and cash equivalents at the beginning of the financial period 14,854 10,322 Cash and cash equivalents at the end of the financial period 2,755 10,369