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AmLife Insurance Berhad (Incorporated In Malaysia) 15743-P

9th Floor, Bangunan AmAssurance, 1 Jalan Lumut, 50400 Kuala Lumpur, Malaysia.

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AmLIFE INSURANCE BERHAD (Incorporated In Malaysia)Investment-Linked Funds AccountFor the year ended 31 March 2010

CONTENTS

1. Chairman’s Statement2. Corporate Profile3. Investment-Linked Funds Objective4. Market Review5. Investment Outlook and Strategy6. Fund Performance7. Sectoral And Category Breakdown8. Comparative Table : Fund Performance9. Comparative Table : Net Asset Value, Number Of Units And Unit Price10. Statement by Manager12. Report Of The Auditors13. Statements Of Assets And Liabilities14. Statements Of Income And Expenditure15. Statements Of Changes In Net Assets Value16. Cash Flow Statements17. Notes To The Financial Statements

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5-1213-1819-3132-36

3738-42

4344

45-5051-5657-6263-68

69-109

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CHAIRMAN’S STATEMENT

Dear Valued Policyholders,

Thank you for your continued support towards our Investment-Linked Policies. We are pleased to present you the AmAssurance Investment-Linked Funds report FY2010, which demonstrated our momentum in sustaining impressive performance and, which saw our funds registering significant growth despite the volatile market conditions in year 2009.

Market ReviewLast year was a testing year as Malaysia experienced the full impact of economic downturn due to the global financial crisis. Our economic growth in first quarter shrank by 6.2% year on year, and continued to decline in the second and third quarters. In the fourth quarter of 2009, the economy showed encouraging signs of turnaround as exports improved and the Government’s pump priming measures reaped results. Subsequently, our real Gross Domestic Product (GDP) rebounded strongly and grew by 4.5% year-on-year.

The dramatic rise of the global stock markets bolstered investor confidence and also bolstered asset prices, having reached its lows in March 2009. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) has recovered strongly during the period of April 2009 to March 2010 and the funds in our portfolio grew steadily with our prudent fund allocation strategies.

For the financial year ended 31 March 2010, AmAssurance had a total of 11 funds under management and the total fund size soared 53.1%, reaching RM267 million compared to the preceding year. Among the best performing funds in our portfolio are AmAssurance Equity Fund, AmAssurance Balanced Fund and AmAssurance Dana Teguh, with the Net Asset Value (NAV) increasing by 34.4%, 28.6% and 28.3% respectively, during the financial year under review.

The FY2010 also saw the launch of a new fund – AmAssurance AmAsia Recovery Capital Guaranteed Fund, which aims to provide policyholders with an exposure to participate in the Asian economic upturn upon maturity of the three-year policy, whilst enjoying the life insurance protection of up to 125% on the invested single premium.

Market OutlookAs we step into FY2011, the market is expected to remain challenging due to the deepening Europian debt crisis. The current crisis is expected to dampen global market sentiment and may weaken the precarious pace of global economic recovery.

Nevertheless, we remain optimistic on the Malaysian economic recovery, with increasing more data pointing towards an outstanding growth rate in economic conditions this year, buoyed by strengthening domestic activities and pick-up from external demand.

As a responsible insurer, our top priority is to provide you with a comprehensive insurance solution and consistent returns. Our investment team will continue its philosophy of practising a prudent investment approach and look forward to providing a wider selection of funds that will best suit your financial goals.

We look forward to sustaining our performances and take this opportunity to thank you for your loyal support towards AmAssurance.

Tan Sri Azman HashimChairmanAmBank Group

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CORPORATE PROFILE

About AmLife Insurance Berhad

AmLife Insurance Berhad (AmLife), previously known as AmAssurance Berhad, is recognised as the renowned insurer of best service in Malaysian insurance industry. Backed by a strong partnership between AmBank Group and Friends Provident, AmLife is growing bigger and stronger with its fast growing customer base and innovative products and services.

AmAssurance was incorporated on 17 September 1973 as The First Life Insurance Company (M) Berhad. Since then it has undergone various restructuring and name changes in June 2002. This happened when the Arab-Malaysian Banking Group embarked on a re-branding exercise that involved a change of name to the AmBank Group and corporate colours to reflect a new resolve to be bigger, better and simpler. In line with this, the formerly known as Arab-Malaysian Assurance Berhad later changed its name to AmAssurance Berhad on 10 June 2002.

Following a scheme of merger in June 1986, both the life and general insurance operations were brought under the ambit of a single company to provide a comprehensive range of life and general insurance services.

On 1 December 2008, AmAssurance Berhad and now carry the brand name of AmAssurance, has further re-organised its business portfolio into two specialised companies. The life insurance operations are now undertaken by AmLife Insurance Berhad.

AmAssurance’s strategic partner, Friends Provident plc is a UK-listed life and pensions company originally founded in 1832. It is one of the UK’s major financial services institutions and listed on the FTSE100 index of leading UK companies. The Friends Provident Group employs around 4,000 people and takes care of the financial needs of more than 2.5 million customers worldwide.

Friends Provident’s strategy is to operate in markets where it can deploy its award-winning strengths in technology and service to gain competitive advantage. Since demutualisation in 2001, the company has developed highly competitive offerings in pensions, saving plans and protection with an ongoing strong focus on international growth. Friends Provident distributes its products through intermediaries in the UK and around the world, and many industry awards evidence the quality of its key business lines.

AmAssurance’s vision to be the “Top Insurer Preferred for Services” has won us recognition as the Best Superior Company in Best

Business of the Year Awards 2007. Other prominent awards include the Asia Pacific Outstanding Entrepreneurship

Awards 2008 and Most Prominent Company in Malaysia Independence Award 2009.

AmLife’s business is generated from a comprehensive range of life wealth protection solutions distributed through a combination of over 200 AmBank and AmAssurance branded branch offices serviced by over 6,000 agents and representatives nationwide.

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AmAssurance Equity FundAims to provide investors with long-term capital growth, mainly through investment in securities with superior growth potential. As such, income returns will be incidental to the overall capital growth objective and a substantial portion of the income from investments will be reinvested.

Returns will be obtained via growth in unit price rather than income distribution.

AmAssurance Bond FundAims to provide investors with an opportunity to gain higher than average income over the medium to long-term by investing in a diversified portfolio consisting principally of bonds, certificates of deposits, short term money market instruments and other permissible investments.


AmAssurance Balanced FundAims to provide investors with a meaningful return that is higher than fixed deposits over the medium to long-term with a lower level of risk as compared to wholly equity funds.


AmAssurance Dana Teguh FundAims to provide investors with a return in terms of capital appreciation via exposure in syariah-compliant equities and fixed income instruments.


AmAssurance AmOasis Islamic Equity FundAmOasis Islamic Equity is a capital growth Islamic equity fund that primarily invests into global Islamic equity fund. The Fund aims to achieve moderate capital appreciation over medium to long term by investing in:

1) AmOasis Global Islamic Equity Fund (Unit Trust fund managed by AmMutual).2) Equity exposure into syariah approved counters listed in Bursa Malaysia.

Returns from the fund will be obtained via growth in unit price rather than income distribution.

AmAssurance Precious Metals FundAims to provide long-term capital appreciation through investing mainly in the Target Fund, ie. Precious Metals Fund that invests in a portfolio of global syariah-observant equity and equity-related securities of companies engaged in activities related to gold, silver, platinum or other precious metals.


AmAssurance Global Agribusiness FundAims to provide long-term capital appreciation through investing mainly in the Target Fund, ie. Global Agribusiness Fund that invests in a portfolio of quoted equities of agribusiness. Agribusiness is a generic term that refers to the various business involved in food production.


AmAssurance Global Emerging Markets FundAims to provide long-term capital appreciation through investing mainly in the Target Fund, ie. Global Emerging Markets Opportunities Fund & equity exposure into counters listed in Bursa Malaysia.


AmAssurance AmAsia Link Capital Guaranteed FundAmAsia Link Capital Guaranteed Fund is a closed-ended capital protected fund which seeks to provide capital appreciation over a 36-month investment period, while providing 100% capital protection at maturity.

The fund will invest in a 36-month zero-coupon negotiable instrument of deposit (ZNID), which seek to protect investors’ capital and an option that participates in the potential outperformance of a basket of underliers namely, Hang Seng China Enterprises Index, Asia Dollar Index and Asian Property Fund.

AmAssurance AmAsia Star Capital Guaranteed FundAmAsia Star Capital Guaranteed Fund is a closed-ended capital protected fund, which seeks to providecapital appreciation over a 36-month investment period, while providing 100% capital protection at maturity.

The fund is a 36-month structured investment, with a potential single payout at maturity that is linked to the performance of a Rotator Basket, the constituents of which are four (4) indices : commodity and equity indices and a property fund.

AmAssurance AmAsia Recovery Capital Guaranteed FundAmAsia Recovery Capital Guaranteed Fund is a closed-ended capital protected fund which seeks to provide capital appreciation over a 36-month investment period, while providing 100% capital protection at maturity.

INVESTMENT-LINKED FUNDS OBJECTIVE

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INVESTMENT MARKET REVIEW

Equity Market Review

The FBM KLCI commenced the period under review at 872.55 points as at 31 March 2009. The market sentiment was strong, on expectations that the newly appointed Prime Minister, Dato Seri Najib Abdul Razak will embark on new initiatives. In addition, the rising optimism that the economy has hit the bottom and is on track to recovery and the resolution to resolve the banking paralysis in the US have also attracted investors to re-enter the stock market.

However, FBM KLCI took a breather on fear of a swine flu outbreak. Investors were also nervous as global equities may have run a little ahead of their fundamentals. The larger 1Q09 GDP contraction of 6.2% year on year as well as the downward revision in Malaysia’s 2009 Gross Domestic Product (GDP) also dampened market sentiments. The poor market sentiment, however, was lifted towards end April 2009 on expectations that the recently concluded 1Q09 results reporting would be the worst for the companies, signifying a move towards more upgrades in consensus earnings estimates, and therefore attracted buying interests. Investors were accumulating oil and gas as well as plantation stocks, on the back of rising crude oil prices. Consequently, the FBM KLCI rallied to 1,091.17 points on 15 June 2009, and impressive 25% increase for the year-to-date.

Subsequently, sentiment was dampened again as some threats showed up in the financial market which kept investors alert. Worries over potential increase in interest rates which may derail the recovery of US economy, as reflected by the sharp increase in US bond yields, resulted in a series of sell-off. Nevertheless, selective bargain hunting reemerged ahead of mid year closing. In addition, the Invest Malaysia 2010 Conference on 30 June and 1 July 2009 also helped boost market sentiments and encouraged buying as it was reported repeatedly in the press that the Prime Minister would announce further liberalisation policies.

Profit-taking activities, however, set in following fears that the China Government would impose more controls to rein in unproductive lending which led to a significant decline in China share prices. But investors were quick to discount the news. The stock market continued to gain strength taking its cue from better Wall Street performance which was buoyed by the prospects of improving US economy as reflected by a smaller contraction of the US economy in 2Q2009. After undergoing a brief correction, the market resumed its uptrend. Although the announcements of

disappointing house and durable goods data in the US in late September, coupled with the strengthening Japanese Yen resulted in some profit takings, it was temporary. Sentiment was boosted by rising optimism about the global economy, coupled with US corporate reported estimates beating results. FBM KLCI rose to a closing high of 1,267.10 on 23 October 2009 which also coincides with the announcement of the Malaysian Budget 2010. However, lack of major catalyst led to a sell-off in the market. Persistent weakness on Wall Street on concerns over weakness in the US housing market and consumer confidence kept investors’ sentiment cautious. In the absence of any local fresh leads, the performance of the local stock market continued to be dictated by the regional market performance. The FBM KLCI languished downwards, falling to a closing low of 1,241.76 on 2 November 2009. Sentiment, thereafter, returned to the market on a strong rebound in Wall Street as investors cheered the strong US 3Q2009 Gross Domestic Product (GDP) numbers, coupled with commitment by the Federal Reserves to keep interest rates low for an extended period. On the local front, the impending re-listing of Maxis also provided excitement to the market. The FBM KLCI touched a closing high of 1,279.95 on 17 November 2009.

However, the market succumbed to a more significant correction on news that Dubai-state Corporation was not able to pay its interest bills. This shock announcement sent a wave of uncertainty rippling through markets just as investors thought the worst of the global financial instability was over. The sentiment was worsened by the 1% hike in Vietnam’s interest rate, coupled with a 5.4% devaluation of its Dong versus the US dollar. The local market recovered some lost ground, after FBM KLCI touched a closing low of 1,259.11 on 30 November 2009, on assurance from United Arab Emirates central back that it would back up the lenders. The rebound, however, was not sustained as the market sentiment was adversely affected by sell-off in the global and regional markets on concern over Greece’s skyrocketing public deficit and that the country may become insolvent. Malaysian market succumbed to more significant profit takings.

As the year end approached, the market staged a rally. Investors were cheered by a series of corporate developments on the banking and oil and gas sectors. The positive momentum continued into the new year, bolstered by the upbeat performance displayed by Wall Street on the back of more positive data supporting the strength of the global economic recovery. The local market continued to

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trade up with rising volume, backed by more positive corporate earnings in the results reporting season. Investor participation were mainly broad-based, from selected blue chips and second liners to include laggards and small capitalised stocks. The FBM KLCI rose to a closing high of 1,308.36 on 21 January 2010.

The uptrend, however, was derailed as market was spooked by a series of negative news flows. The plunge in the China stock market amidst the limits imposed by the China government on new lending and its decision to raise the reserve requirements of its banks sent stocks prices reeling. The already weak sentiment was further exacerbated by the proposal tabled by President Obama to set limits on risk-taking activities by big banks. Emergence of debt problems in several highly-indebted European nations was also putting pressure on the already fragile sentiment. The Malaysian stock market was dragged down by these events, with FBM KLCI plunging to a closing low of 1,233.86 on 9 February 2010.

Nevertheless, there was rising optimism over the likelihood of a stronger global economic recovery, supported by a series of stronger than expected economic data from US, particularly steady unemployment rate and stronger consumer confidence and spending numbers. Investors and consumer sentiment improved and market staged a recovery. Strong corporate earnings reported by the local companies during the result reporting season coupled with stronger 4Q2009 GDP numbers also lend support to the positive market momentum. Despite mild profit taking when the US Federal Reserve announced its decision to hike the discount rate by 25 basis points to 0.75%, the market was generally on the uptrend with rising volume. The FBM KLCI traded up to a high of 1,328.22 on 10 March 2010.

Worries over further policy tightening in China following the release of the country’s inflation number for the month of February which came in higher than expected prompted another round of sell down. Investors were quick to lock in gains. Subsequently, market went into a consolidation mode in the absence of fresh domestic leads.

Market sentiment started to recover thereafter fuelled by the upbeat Malaysian 2010 GDP forecasts of 4.5%-5.5% released by Central Bank in its 2009 Annual Report. Sentiment was further boosted by the rebound in the global markets as news that the European Unions and International Monetary Fund have agreed to provide financial support to Greece. Investors were also buying on the impending release of the New

Economic Model that will chart Malaysia’s economic direction in the medium term at the Invest Malaysia 2010 Conference on 30 March and 31 March 2010.

FBM KLCI Index ended at 1,320.57 points on 31 March 2010, having made an impressive run of 51% over the financial year.

(By AmInvestment Management Bhd)

Bond Market Review

In the month of March 2009, Malaysia’s local MGS yield curve flattened with the shorter-end 3-year and 5-year benchmark yield increased to 2.84% and 3.47% from 2.52% and 3.21% whilst the 10-year benchmark yields declined to 3.75% from 4.03%. The flattened yield curve saw the 10-year/3-year and 10-year/5-year spreads nosedived to 91bps and 28bps compared to 151bps and 82bps respectively last month. The delay of the initially-planned auctions of 20-year and 10-year securities continued to cause a major rally in the longer tenured benchmarks. The drop in their yields would have been more, if not for BNM Governor’s statements which led to some reversal in the rally. BNM Governor said that BNM would now focus on access to financing rather than slash interest rates further, citing that interest rates are currently at a historical low. The month of March also witnessed two reopening namely the MGS 4/14, with a bid-to-cover of 1.46 times and an average yield of 3.74% and the 3-year MGS 8/12, with a bid-to-cover ratio of 1.50 times and an average yield of 2.85%.

The top trades on the corporate bonds market in the same month continue to be the dominated by the higher rated issuers particularly within the AAA segment. The month of March also witnessed new issuances from the banking industry such as the A1/P1 RHB Cap’s RM1.1 billion CP/MTN and the AA3 OCBC’s 30 Non-Call 10. Market players in the PDS market remain very selective in increasing their credit exposures amid the tougher corporate operating environment.

In the month of April 2009, Malaysia’s MGS yield curve steepened with the 3-year benchmark yield decreased marginally while the longer-end of the curve increased as market players reacted to the no-rate cut decision by BNM. MGS yields were traded in a range of 10bps throughout the month as market players held mixed view on the OPR decision by BNM. Trading volume also rose albeit at a smaller quantum compared to a month ago.

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For the corporate bond market, compared to March2009, trading volume in the corporate bond market picked up some momentum with virtually all the rating classes registered increase in trading volume in April 2009. Notably, investors were seen picking up some papers in the AA rating category for yield pick-up. However, in line with the weaker MGS market, corporate bond yields generally were seen being traded at slightly higher levels compared to last month closing across all the rating spectrums.

In May 2009, on the MGS front, the early part of the month saw trading largely centered on the shorter tenors, with the bulk of activities in the 5-year benchmark. Buying interest on the 5-year benchmark brought its yield down 4bps MoM to close at 3.57%. The new 10.5-year MGS benchmark issue saw some buying interest after some sellers pushed its yield to cross the 4.30% level. Overall, compared to the previous month closing levels, the MGS yield curve steepened for the month of May with the yields of the 10-year MGS increasing by about 30 basis points whereas the short and mid end of the curve was relatively unchanged.

In the same month, corporate bonds were actively traded, reflecting the stronger risk appetite from the investors. Elsewhere, the government announced the formation of its financial guarantee company Danajamin Nasional Berhad, which will have an initial capital of RM1 billion. Both RAM and MARC have assigned the company with an AAA rating, bond issuances which will have the backing of Danajamin will also be accorded the similar AAA rating.

In June 2009, on the MGS market, compared to the previous month closing levels, the MGS yield curve showed a bearish flattening for the month of June with the yields of the 3-year MGS increasing by 14bps.

During the same month, trading in the corporate bonds market continued to pick up momentum, reflecting the improving risk appetite from investors. In particular, volume done on the AA segment registered the highest volume since the beginning of the year as market players continued looking for yield pick-up in the slightly more risky rating segment compared to the AAA segment. During the month, we saw a few issuers tapping the market for funding, key among these issuers are Premium Commerce Berhad, YTL Corporation Berhad as well as Hana Bank.

The month of July witnessed the RM4 billion 10-year MGS reopening and RM4.5 billion 5-year new GII issue auctions. For the 10-year reopening, demand waslower with a bid-to-cover ratio of 1.67 times, which

was lower than the 1.88 times cover in the similar auction in May 2009. Notwithstanding, the reopening generated a lower average yield of 4.29% compared with the 4.38% yield in the previous auction. For the 5-year new GII issue, the reception was considered decent with a bid-to-cover of 1.81 times with an average yield of 3.91% (high of 3.94% and low of 3.86%).

The PDS market continued its upward momentum for the month of July. Investors seem to be gradually shifting their allocation to PDS for higher portfolio running yields. PDS yields improved in the “AA” and “AAA” segment, in which yields contracted by a range from 1.6 to 5.2bps for both rating segments. During the month some of the PDS that were actively traded were Rantau Abang and Puncak Niaga bonds.

MGS yields across all sectors of the curve closed mixed for the month of August. Compared to the previous month closing levels, the MGS yield curve bullish flattened for the month of August with the benchmark yields closing at 2.87%, 3.68% and 4.13% for the 3, 5 and 10-year MGS respectively. The bullish flattening trend was due to the lack of long duration supply for the MGS following the revision in MGS/GII auction calendar in March 2009. The month of August witnessed the RM4 billion of a new tenure benchmark, the 2-year MGS and RM4.5 billion new 5-year MGS auctions. For the 2-year, demand was relatively unexciting with a bid-to-cover ratio of 1.65 times, with an average yield of 2.71%. For the 5-year new MGS issue, the reception was considered decent with a bid-to-cover of 1.71 times with an average yield of 3.74% (high of 3.75% and low of 3.72%).

In September 2009, MGS were little changed in absence of any strong catalyst in the market. Traders stayed on the sidelines. MGS yields across all sector of the curve closed mixed for the month of September 09. Overall compared to the previous month closing levels, the MGS yield curve for September remained more or less the same compared to August 09.

The PDS market continued its upward momentum for the month of September. Risk appetite seemed to have improved considerably during the past 1 to 2 months, reflected by the downward yield movements along the PDS market as investors returned to pick up these assets. An increase in the trading volumes of PDS was noted with monthly trading volume rising to RM4.5 billion in September from RM3.6 billion in January. The narrowing of credit spreads signaled stronger risk appetite.

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MGS yields across all sectors of the curve closed higher in the month of October 09. Compared to the previous month closing levels, the MGS yield curve bearishly steepened for the month of October with the benchmark yields closing at 2.93%, 3.88% and 4.28% for the 3, 5 and 10 years MGS respectively. The bearish steepening trend was due to uncertainty surrounding the tenure of 2010 MGS/GII issuance. The 2010MGS/GII auction calendar is expected to be announced in November.

In October 2009 trading activities in the secondary PDS market has normalised in recent months with total monthly traded volume hovering around the RM4.5 billion to RM5 billion region. Market players continue to take comfort that the worst is over for corporate earnings given the more positive earnings announcements so far. On the primary market, we continue to witness the return of more corporate issuers given the more conducive debt capital market for fund raising. Recent heavy weight issuers that have tapped the debt market include, among others, Genting Berhad via a special purpose vehicle, GB Services Berhad, Pengurusan Air SPV Bhd, and Sime Darby Berhad.

At the end of November 09, MGS yields closed mixed across all sectors. The yield of the 3 years MGS ended the month slightly higher whereas the yields of the 5 and 10 years MGS ended the month lower at 2.96%, 3.73% and 4.24% respectively.

Trading activities in the secondary PDS market have been concentrated along the high grade segment. During the month we saw issuers like Prasarana, MISC and Plus being traded in the market. On the primary market, we witnessed the issuance of Sime Darby, PASB and Genting (via a special purpose vehicle, GB Services Berhad) into the market.

At the end of December 09, MGS yields closed mixed across all sectors. The yield of the 3 years MGS ended the month slightly higher whereas the yields of the 5 and 10 years MGS ended the month lower at 3.24%, 3.79% and 4.25% respectively.

Trading activities in the secondary PDS market turned very quiet in December as most players were away due to the few short trading week and year end holidays. Trades were clustered around the high grade credit segment. Primary market issuances also slowed down with only a handful of issuers tapping the market, RHBBank, Public Bank Berhad and Tesco Malaysia.

At the end of January 2010, MGS yields closed mixedacross all sectors. The yield of the 3 years and 10 years

MGS ended the month slightly higher whereas the yields of the 5 years ended the month lower. The 3 years, 5 years and 10 years MGS ended the month at 3.28%, 3.76% and 4.28% respectively. The month of January 2010 also witnessed the new issuance of the RM3.5 billion, 3.5-year Islamic GII and the reopening of the RM3.5 billion 10-year MGS auction. The new issuance of the 3.5-year Islamic GII saw a bid-to-cover ratio of 2.12 times with an average yield of 3.29% (low of 3.27% and high of 3.30%). The reopening of the 10-year MGS saw a bid-to-cover of 2.08 times with and average yield of 4.32% (low of 4.30% and high of 4.36%). Concurrently, there was a private placement for the 10-year MGS amounting to RM2 billion, higher than the market expectations of RM1 billion.

Over to PDS market, trading activities on account of portfolio re-building activities and new investment mandates resulted in strong net buying activities along the PDS segment. However, the pace of buying remained skewed towards the higher grade AAA and AA1 segments. We observed that issuers like Rantau Abang, Cagamas, Sime Darby, YTL Power International and Seafield continue to attract investors’ interests.

MGS yield curve bearish flattened in the month of February 2010 amid market players’ concern over an imminent rate hike by Bank Negara Malaysia. The yield of the 3 years and 5 years MGS ended the month higher whereas the yields of the 10 years ended the month lower. The 3 years, 5 years and 10 years MGS ended the month at 3.34%, 3.85% and 4.26% respectively. The month of February witnessed the new issuance of the RM3.5 billion, 5.5-year MGS. The new issuance of the 5.5-year MGS saw a bid-to-cover ratio of 2 times with an average yield of 3.84% (low of 3.80% and high of 3.85%).

Trading activities in the corporate bond market slowed down considerably due to the festive session and the shorter trading days. Investors’ buying interest continued to cluster around the AAA and AA rated segment. However, the pace of buying remained skewed towards the higher grade AAA and AA1 segments. Primary market issuances also slowed down sharply as corporate issuers are weighting the cost benefits of raising capital in different capital markets.

In March 2010, MGS yield curve shifted down as traders focused on the moderate inflation outlook signaling an accommodative monetary accommodative stance byBNM despite the hike of 25bps during the month. Ideally a bearish flattening should have occurred but what we saw was a bullish flattening across the board.

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All in all, the yield curve mostly bull flattened. Across tenures the 3 years, 5 years and 10 years MGS ended the month lower compared to the previous month at 3.26%, 3.75% and 4.16% respectively. The month of March witnessed the new issuance of the RM3.5 billion, 7.5-year MGS and 5.5-year GII which generated decent buying interest. The new issuance of the 7.5-year MGS saw a bid-to-cover ratio of 2.14 times with an average yield of 4.01% (low of 3.99% and high of 4.02%) while the new issuance of the 5.5-year GII saw a healthy bid-to-cover ratio of 1.94 times with an average yield of 3.86% (low of 3.39% and high of 3.88%).

In the same month, the Corporate Bond market saw active trading, supported by strong flows along selected AAA and AA names. Interest was also boosted by the apparent surge in pipeline bond issuance. In the meantime, investors remained net buyers of corporate bonds, with yields declining across the AAA and AA rating segments


Dana Teguh Market Review

The FBM Syariah commenced the period under review at 6019.77 points as at 31 March 2009. The market sentiment was strong, on expectations that the newly appointed Prime Minister, Dato Seri Najib Abdul Razak will embark on new initiatives. In addition, the rising optimism that the economy has hit the bottom and is on track of recovery has also attracted investors of the resolution to resolve the banking paralysis in the US has also attracted investors to re-enter the stock market.

However, KLCI took a breather on fears of a swine flu outbreak. Investors were also nervous as global equities may have run a little ahead of their fundamentals. The larger 1Q09 GDP contraction of 6.2% year on year as well as the downward revision in Malaysia’s 2009 Gross Domestic Product (GDP) also dampened the market. The poor market, sentiment, however, was lifted towards end April. Expectation that the recently concluded 1Q09 results reporting would be the worst for the companies, leading to upgrades in consensus earnings estimates, has attracted buying interest. Investors were accumulating oil and gas as well as plantations stocks, on the back of rising crude oil prices. Consequently, the FBM Emas Syariah Index rallied to 7,615.83 points on 11 June 2009.

Subsequently, sentiment was dampened as some threats are showing up in the financial market which kept investors alert. Worries over potential increase in interest

rates which may derail the recovery of US economy, as reflected by the sharp increase in US bond yields, had resulted in a series of sell-off. Nevertheless, selective bargain hunting reemerged ahead of mid year closing. In addition, the Invest Malaysia 2010 Conference on 30 June and 1 July 2009 also helped boost market sentiments and buying as it was reported repeatedly in the press that the Prime Minister would announce further liberalisation policies.

Profit activities, however, set in following fears that the China Government would impose more controls to rein unproductive lending which led to a significant decline in China share prices. But investors were quick to discount the news. The stock market continued to gain strength taking cue of better Wall Street performance which was buoyed by the prospects of improving US economy as reflected by a smaller contraction of the US economy in 2Q2009.

After undergoing a brief correction, the market resumed its uptrend. Although the announcements of disappointing house and durable goods data in the US in late September, coupled with the strengthening Japanese yen resulted in some profit takings, it was temporary. Sentiment was boosted by rising optimism about the global economy, coupled with US corporate reported estimates-beating results. FBM Emas Syariah Index (FBMS) rose to a closing high of 8,560.50 on 23 October 2009 which also coincides with the announcement of Budget 2010. However, lack of major catalyst led to sell-off in the market. Persistent weakness in the Wall Street on concern over weakness in the US housing market and consumer confidence kept investors’ sentiment cautious. In the absence of any local fresh leads, the performance of the local stock market continued to be dictated by the regional market performance. The FBMS languished downwards, falling to a closing low of 8,392.75 on 3 November 2009. Sentiment, thereafter, returned to the market on a strong rebound in Wall Street as investors cheered the strong US 3Q2009 Gross Domestic Product (GDP) numbers, coupled with commitment by the Federal Reserves to keep interest rates low for an extended period. On the local front, the impending re-listing of Maxis also provided excitement to the market. The FBMS touched a closing high of 8,553.43 on 17 November 2009.

Subsequently, the market succumbed to a more significant correction on news that Dubai-state Corporation was not able to pay its interest bills. This shock announcement sent a wave of uncertainty rippling through markets just as investors thought the worst of the global financial instability was over.

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The sentiment was worsened by the 1% hike in Vietnam’s interest rate, coupled with a 5.4% devaluation of its dong versus the US dollar. The local market recovered some lost ground, after FBMS touched a closing low of 8,423.08 on 30 November 2009, on assurance from United Arab Emirates’ central back that it would back up the lenders. The rebound, however, was not sustained as the market sentiment was adversely affected by sell-off in the global and regional markets on concern over Greece’s skyrocketing public deficit and that the country may become insolvent. Malaysian market succumbed to more significant profit takings, pushing FBMS to a closing low of 8,384.71 on 9 December 2009.

As the year came towards the end of December, the market staged a rally. Investors were also cheered by a series of corporate developments on the banks and oil and gas sectors. The positive momentum continued into the new year, bolstered by the upbeat performance displayed by Wall Street on the back of more positive data supporting the strength of the global economic recovery. The local market continued to trade up with rising volume, backed by more positive corporate earnings in the results reporting season. Investors’ participation were broad-based, from selected blue chips and second liners to include laggards and small capitalised stocks. The FBMS rose to a closing high of 8,811.82 on 20 January 2010.

The uptrend, however, was derailed as market was spooked by a series of negative news flows. The plunged in the China stock market amid the limits imposed by the China government on new lending and its decision to raise the reserve requirements of its banks sent stocks prices reeling. The already weak sentiment was further exacerbated by the proposal tabled by President Obama to set limits on risk taking activities by big banks. Emergence of debt problems in several highly indebted European nations was also putting pressure on the already fragile sentiment. The Malaysian stock market was dragged down by these events, with FBMS plunging to a closing low of 8,359.80 on 8 February 2010.

Nevertheless, there was rising optimism over the likelihood of a stronger global economic recovery, supported by a series of stronger than expected economic data from US, particularly steady unemployment rate and stronger consumer confidence and spending numbers. Investors and consumer sentiment improved and market staged a recovery. Strong corporate earnings reported by the local companies during the result reporting season coupled

with stronger 4Q2009 GDP numbers also lend support to the positive market momentum. Despite mild profit takings when the US Federal Reserve announced its decision to hike the discount rate by 25 basis points to 0.75%, the market was generally on the uptrend with rising volume. The FBMS traded up to a high of 8,863.12 on 10 March 2010.

Worries over further policy tightening in China following the release of the country’s inflation number for the month of February which came in higher than expected prompted another round of sell down. Investors were quick to lock in gains. Subsequently, market went into a consolidation mode in the absence of fresh domestic leads.

Market sentiment started to recover thereafter fuelled by the upbeat Malaysian 2010 GDP forecasts of 4.5%-5.5% released by Central Bank in its Annual Report 2009. Sentiment was further boosted by the rebound in the global market as news that the European Unions and International Monetary Funds has agreed to provide financial support to Greece. Investors were also buying on the impending release of new economic model to chart Malaysia’s economic direction in the medium term at the Invest Malaysia 2010 Conference on 30 March and 31 March 2010.

FBM Emas Syariah Index ended at 8,925.85 points on 31 March 2010.


AmOasis Islamic Market Review (Underliers)

While the global economy is recovering, the risks to the recovery do remain high. Huge budget deficits across the globe need to be addressed with some painful measures required to be implemented. The high sovereign debt levels has lead to high cost of debt and increasing debt servicing costs, placing pressure on other areas of expenditure. The saviors of global economic growth over the past years, China and India, are showing signs of overheating economies with inflation rising rapidly and asset bubbles starting to emerge. Our portfolios are appropriately positioned for an economic recovery while providing adequate downside support should the risks highlighted above materialise in future.


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Precious Metals Market Review (Underliers)

Precious metals had a very strong performance in 2009.The year 2009 marked the ninth consecutive annual gain for the gold price in US dollars. Looking back, gold prices have increased 2.5 times over the last 5 years and 4 times over the last 9 years. The key drivers in gold’s 2009 performance were: 1) weak US dollar, 2) inflation fears, 3) massive US fiscal deficit. Other important positive developments were Central bank purchases and in particular, the partial removal of the IMF gold disposition overhang, strong investment demand and dehedgings (from one of the hedging precursor Barrick) also spurred the metal’s advance. Silver prices surged in 2009, up 48%, but also fell in December, -8.7% from November. Platinum prices were up 56.8% in 2009, and almost back to their end of 2007 levels.

On the equity front, North American and African equities recorded very strong performances in 2009 and ended the year above end of 2007 level, only the Australian gold equities are still below their 2007 level despite a 40% rise in 2009 (based on FTMI gold indices performance).

Gold ETF cumulative daily investment flows over 2009 netted out at approximately USD$16.9 billion. The value of the gold content in the funds was approximately USD$61.3 billion, a gain of 84% over the year, reflecting an increase of 565 tonnes and a net price rise of USD$213/ounce. The net increase in the value of the gold in the funds exceeded the net amount of dollars going into the instruments by some 65%. The story was similar with the silver funds, which attracted USD$1.7 billion over the year, while the value of the silver content in the funds increased by USD$3.6 billion (to USD$6.6 billion), thus outperforming the flows of funds by over 111% (Source Mineweb).

Russian Central Bank bought 30 tonnes of gold from Gokhran (State repository), worth USD$1 billion. Again, it underlines the trend that central banks worldwide are building up their gold reserves.


Global Agribusiness Market Review (Underliers)

In 2009, we focused strategically on mergers and acquisitions where performance could be derived not only from premiums for takeover companies but positive re-ratings of several sub-sectors. The involvement of supranational led us to a research focus on highlighting strategic and not easily replaceable assets that should see higher valuations. 2009 also was the year of debunking myths around agribusiness

that included: the global recession did not impact food demand, a quick move by politicians and investors would solve the food imbalances within a year, and most noteworthy: the impact of trade barriers is not worth focusing on. We have dealt with all these issues during the crisis and came up with the right solutions that are reflected in the investment performance. It also paid not to solely focus on global large cap agribusiness investments such as fertilisers. Additional alpha has been achieved through our rigorous screening of events, trends, companies and industry contacts in every (for some investors prematurely judged as too remote) corner globally that deals with food.


Global Emerging Markets Opportunities Market Review (Underliers)

The MSCI Emerging Markets index delivered very strong returns over the period and was well ahead of the MSCI World index. Markets benefited for much of the period from growing confidence about the prospects for economic recovery and increased investor risk appetite. Following this strong performance, market conditions became more volatile in the latter part of the period. In late November, investor uncertainties sparked by the Dubai government’s announcement of a debt restructuring at holding company Dubai World weighed on markets, although concerns about possible contagion quickly subsided (particularly with the announcement of USD$10 billion in financial support from the Abu Dhabi government). In the opening months of 2010, concerns about fiscal problems in Greece and in some other eurozone countries weighed on sentiment, as did concerns about policy tightening in China and elsewhere in Asia. Investor sentiments rebounded again towards the end of the period, against a background of generally favourable economic data while indications from the US Federal Reserve that it is set to leave interest rates at current low levels for some time also had a beneficial impact. A further positive was the agreement of a support plan for Greece involving eurozone member states and the IMF.


AmAsia Link Market Review (Underliers)

Morgan Stanley Asian Property Fundn Traditional measures of affordability such as price/ income or monthly mortgage burden of Asian housing may appear either alarming or unduly reliant on low interest rates to remain comfortable.

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n China property share prices have oscillated in a 17%-wide band, factoring in each round of policy measures. China property stocks are now retesting their February 2010 lows.

JPM Asia Dollar Indexn EM FX appreciation should endure through end-2010 as central banks tighten.n Strong growth and increasing inflation pressures are prompting EM central banks to tighten. JPM expects rate hikes in China, India, Malaysia, the Philippines, and Thailand by June.

Hang Seng China Enterprise Indexn Hong Kong equity market surged in April with HSCEI rising 3.6% since the last roll. n Although April-May is the dividend season for Chinese companies, dividend risk for the HSCEI Index is modest for this roll as most of the dividends are confirmed by the companies.

(By JP Morgan)

AmAsia Star Market Review (Underliers)

DAX Global Asia Financials Indexn EM Asia has proven resilient to a series of external and country-specific shocks. Neither the funding crisis in Greece nor renewed concerns about rising US Treasury yields have materially impacted the market performance or outlook for EM assets.

Morgan Stanley Asian Property Fundn Traditional measures of affordability such as price/ income or monthly mortgage burden of Asian housing may appear either alarming or unduly reliant on low interest rates to remain comfortable.n China property share prices have oscillated in a 17% wide band, factoring in each round of policy measures. China property stocks are now retesting their February 2010 lows.

S&P GSCI Industrial Metals Indexn Despite continued expectations of improved global economic growth, increased industrial metals demand, and an April gain of 1.58% in the S&P 500, the S&P GSCI Industrial Metals Index declined 2.78% on the month to bring the YTD increase back to 1.59%.n A bit disconcerting for the global economic story was the fact that the April industrial metals decline

was led by a 4.79% drop in the S&P GSCI Copper Index. Weakness in copper, the most significant of all

industrial metals signaled a bit of caution in April following the 8.13% spurt higher in March.

S&P GSCI Precious Metals Indexn The S&P GSCI Gold Index rallied 5.95% in April

for a YTD increase of 7.50%, while the S&P GSCI Silver Index ended the month with a YTD gain of 10.34%.

n The world’s most significant non-financial, non income producing store of value asset, gold, should be expected to perform well when its key competition, base interest rates, are the lowest in history.

n However, when the world’s reserve currency, the U.S. Dollar, appreciates, gold generally depreciates. Fears of potential European nations’ debt defaults have contributed to the flight to quality bid the precious metals.

(By JP Morgan)

AmAsia Recovery Market Review (Underliers)

Emerging-market stocks rose to the highest in more than 16 months in 2009, heading for their biggest yearly gain, after China pledged to maintain stimulus programmes that have helped bolster the global economy. China’s Shanghai Composite Index completed its biggest annual gain in two years, driven by a stimulus package and record lending. The Bombay Stock Exchange’s Sensitive Index has risen 81% in 2009. Growth in India’s is benefiting from record-low interest rates, tax cuts and higher government spending unveiled by policy makers since September 2008 to shield the economy from the global slump. The combined stimulus is worth more than 12% of GDP.

The Shanghai Composite Index fell 5.1% from January to March, capping the worst quarterly drop since entering a bear market in August last year, on concern faster inflation will curb corporate earnings growth. China’s inflation rate accelerated to a 2.7% pace in February 2010, the fastest in 16 months, after food prices climbed and industrial production rebounded. China’s new lending fell in February 2010 from a month earlier after the unprecedented record expansion of RMB9.59 trillion (USD$1.4 trillion) in 2009.

The Bombay Stock Exchange’s Sensitive Index was little change from January to March, up 0.26% since January. The Reserve Bank of India raised its benchmark reserve repurchase rate to 3.5% from a record-low 3.25% on March 19 and the repurchase rate to 5% from 4.75%, saying containing inflation has become imperative. The move came a month before its scheduled monetary policy meeting. Policy makers in Australia and Malaysia have also increased borrowing costs.


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INVESTMENT OUTLOOK

Equity Market Outlook

For the year 2010, we can sum up our forecast in 4 statements:

1) Growth will be positive, strong in Asia ex-Japan but sub-par in developed economies. 2) Inflation will be mild. 3) Volatility will increase in the second half of 2010. 4) Government exit policy will be controlled and moderate.

For equities, this will imply a temporary favorable condition before inflation worries set in towards the later part of 2010. Market corrections have been short-lived so far due to favorable earnings revisions and abundant liquidity. A larger correction would have provided us with more comfort. Although timing corrections are difficult, we believe that near term downside risk is not large enough to justify underweighting equities at this juncture. We view 2010 as a tale of two halves, markets rising moderately in the first half of 2010 followed by uncertainty plus volatility with price retracement in the second half of 2010 presenting buying opportunities.

Research shows that economic cycles tend to last eight to ten years and despite headwinds from the need to unwind extremely loose monetary policies, our base case is that of a typical business pattern although this cycle might be shorter than historical average (explained in Risks).

Economic activity is recovering but not exactly booming. It is worth reiterating that the bull market has moved from being liquidity to earnings driven. Current valuations provide no cushion should macro data disappoint. However, our base case assumption is for a self reinforced slow recovery.

RiskNear term risks include the weak employment markets in the US, EU and Japan and hence our concern regarding the sustainability of the recovery once policy stimulus efforts end. Can self sustaining recovery take place? Without a properly functioning credit market and a jobs recovery, the developed world will face a sub-par and volatile outlook which will impact equity performance globally.

Over the longer term, the next crisis will be a confidence crisis in governments and their ability to shoulder rising debt for fiscal support in the event of another crisis.

Fiscal policies for US, Euro, Japan and UK are nearingtheir limits of sustainability with rising public debt. Consumer borrowing is at dangerously high levels and they may no longer be willing to borrow to guarantee future growth. As a result, we have witnessed unprecedented government borrowing and budget deficits to take up the spending void left by the private sector.

These unhealthy imbalances and excesses place the G3 economies in a precarious state if they do not implement some financial discipline in the coming years. Once the limits of borrowing have been exhausted, the financial markets will act as disciplinarians when they perceive that government debt is out of control. Therefore the likelihood is that this business cycle might be shorter than the historical average. This is very much into the future and might not happen but everything depends on the level-headedness of the G3 leaders.


Bond Market Outlook

For MGS market, the development that has bearing on the supply demand dynamics of MGS market is the announcement on 12 March on the possibility of Malaysia tapping the international capital market in the form of either conventional bonds or sukuk. Again here tapping foreign capital markets signals reduced domestic issuance and lowers the risk of volatility in yields. Against this backdrop, we wish to highlight that the anticipated bearish flattening of the MGS yield curve – where yields on the shorter tenure rise faster compared to the longer tenure – typical in any interest rate hiking cycle – gave way to bullish flattening, as we write. Here the long term rates were seen decreasing faster than short term rates leading to flattening of the curve and the benchmark yield curve shifted down significantly, noted since 1 April 2010. On the flows front, demand from offshore players was seen across tenures with focus on 5 years sectors in both MGS and GII lured by bullish technical for the USD-MYR. The bullish sentiment on MYR is expected to benefit mid to long end of curve over the coming weeks as further foreign inflows provide strong support to MGS.

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Going forward, we continue advocating investment in the 5-year tenure MGS, as it offers the best value vis-à-vis other part of the MGS yield curve. For the PDS secondary market, we maintain our stance that trading activities are expected to normalise at current levels. Going forward, we expect market players to move cautiously over the credit curve for yield pick-up amid the improving corporate earning visibility. On primary issuance side, more issuers will return to the market as investors’ risk appetite improves amidst the improving debt market environment. The primary market is expected to be flush with good quality papers, especially issuances from government-related companies as well as companies tapping the Financial Guarantee Institution (FGI) guarantee facility. (By AmInvestment Management Bhd)

AmOasis Islamic Market Outlook (Underliers)

Global equity markets remained positive during the first quarter of this year, on the back of solid earnings reported by corporates for the last quarter of 2009. Many companies reported better than expected earnings with earnings growth seen for the first time in many quarters due to a “softer” year on year comparison, the impact of the cost cutting efforts during the past year as well as some recovery in global demand. Developed markets performance year to date have been mixed with the US outperforming. Concerns around the debt crisis in Greece combined with the weakening of the Euro (down -6% year to date), resulted in the Eurozone underperforming during this quarter. Major emerging markets such as China and India saw some momentum being lost due to excessive valuations and concerns around rising inflation in these countries. The increased reserve requirements in China for banks and the unexpected rise in interest rates in India, highlights the potential downside risk facing these markets in the year ahead, having been supported by loose monetary policy and foreign inflows during 2009. We continue to maintain an underweight exposure to emerging markets while having increased our exposure to the more attractively priced developed markets such as the US, in our global portfolios.


Precious Metals Market Outlook (Underliers)

The market benefits more from weakness in all major currencies (specifically Eurogold was rallying hard). Also, central banks become more involved in increasing their share of gold in their overall asset mix which supports

sentiment. Short term, we may see further upside in gold prices, especially given seasonality effects which normally last into the New Year. Nevertheless, we miss the usual leverage in the shares towards a rising gold price. A continued rise in speculative length could provide a corrective setup eventually.

As noted before, the key drivers for bullion that were in place in 2009 (heavy dehedging, central bank purchases, and growth in gold ETF’s) are noticeably absent in early 2010. Dehedging is not expected to have a significant impact on the gold market going forward as most gold producers are now unhedged. However, the start of the next Indian wedding season (March through May) has been providing a boost for jewellery buying, holding gold above the USD$1100 level. This seasonal buying could lead to bullion rising into mid May. Post the wedding season, weakness could renew itself into the summer, as this period is usually marked by weak bullion demand.


Global Agribusiness Market Outlook (Underliers)

While we continue to view the steepening yield curve, rally in the dollar and underperformance of financial equities as key indicators that market participants are beginning to discount Fed policy normalisation, it is too early for this idea to govern stock market performance. Looking back at 2009, one of catalysts for the high degree of correlation between the markets was worldwide central bank intervention led by the Fed’s quantitative easing policy. As liquidity is withdrawn at varying speeds by the different central banks - resulting in correlations continuing to breakdown between asset classes - the year 2010 could be the first year since 2007 that bottom-up analysis of equities could prove more profitable than macro asset allocation. This should leave individual equity fundamentals to play a larger role in price determination.

For 2010, we expect to see more sophistication from investors in agriculture. In the past, much of the sentiment has been driven by pricing for fertilisers, crop protection and a mostly uneducated guesses on consumer demand and trends. Our belief and basis for our investment philosophy of investing along the value chain, is likely to become clearer to other investors who unfortunately do not have the investment experience that we have developedsince we commenced the fund. The merits of agribusiness investing have improved over the last years. Disclosure of companies, liquidity and management quality currently is catching up with better researched investment segments.

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We consider ourselves as the agribusiness scouts, always looking for the right investment opportunity at the right time. Trends we expect to observe in 2010 include: • Acontinuationofmoderatesoftcroppricingwith

investors focusing on a broader range of crops rather than corn, soy and wheat only.

• Higher mergers and acquisitions activities in ourinvestment universe, potentially moving from a horizontal style of combinations to a more vertical integration.

• Realisationandimplementationofclimatechangein agribusiness stock price valuation, predominately on a regional basis.

• Focusonnewtechnologyimplementationinseeds and fertiliser (optimum release and distribution accuracy improvement).• Focus on consumer trend shifts combined with better market transparency for consumers’

purchasing decisions in terms of price and quality.• Foodqualityandsecurity.• Impact of natural hazard trends on agricultural production.• Investments focus on strategic agriculture assets

for sovereign funds.


Global Emerging Markets Opportunities Market Outlook (Underliers)

We have been somewhat cautious on the short-term outlook for emerging markets since January, and we continue to hold this view. This is because US data is pointing to stronger-than-expected growth in the near term and consequently the US dollar is strengthening which, together with a modest tightening of monetary policy which is underway in some emerging economies and ongoing uncertainties over the fiscal difficulties within the eurozone, creates the potential for continued near-term market volatility. However, whilst we remain somewhat cautious in the short term, we continue to be positive on the medium to longer-term outlook for the emerging markets, given their superior economic fundamentals and stronger growth prospects compared to the developed world.


AmAsia Link Market Outlook (Underliers)

Morgan Stanley Asian Property FundAsset Class: Real Estaten JPM positive on the medium-term outlook

for the sector though on the back of robust underlying fundamentals, and will look for signs of moderation in the policy-makers’ stance on the housing sector in the region. In Asia, preferred real estate stocks are Hong Kong, Philippines and Indonesian developers.

JPM Asia Dollar IndexAsset Class: Currencyn JPM keeps core long Asia FX positions and expect CNY revaluation to start in 2Q10. With fundamental forces such as the significant current and capital account surpluses and higher productivity growth than the US still in place, JPM believes China will allow CNY to move soon. n JPM expects CNY to resume a gradual appreciation

path in May and to reach USD/CNY 6.5 by the end of year and IDR to push below 9000 by 2Q-2010.

Hang Seng China Enterprise IndexAsset Class: Equityn The 2010 dividends for the HSCEI constituents

have increased markedly compared to 2009 dividends. A bottom-up approach based on the average of analyst estimates suggests that the HSCEI 2010E net dividend is 265.6 index points (-2.16% dividend yield), -28% higher than 2009 dividend and also 16% higher than 2008 dividend levels.

(By JP Morgan)

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AmAsia Star Market Outlook (Underliers)

DAX Global Asia Financials IndexAsset Class: Equity (Financial)n The EM will lead the recovery as strengthening external demand boosts exports while highly accommodative policies and generally healthy banking sectors support domestic demand.n EM Asia (7.9%) is forecasted to grow by more than 1%-point above its potential growth rate.

Morgan Stanley Asian Property FundAsset Class: Real Estaten JPM positive on the medium-term outlook for the

sector though on the back of robust underlying fundamentals, and will look for signs of moderation in the policy-makers’ stance on the housing sector in the region. In Asia, preferred real estate stocks are Hong Kong, Philippines and Indonesian developers.

S&P GSCI Industrial Metals IndexAsset Class: Base Metals (Commodity)n Some analysts have pointed out that both metals seem to be amply supplied, but at least for 2010 so far, the marketplace has determined that zinc is the more oversupplied of the two, relative to expected demand.

S&P GSCI Precious Metals IndexAsset Class: Real Estaten Since the end of 2008 when the ratio of gold divided by the S&P 500 reached one-to-one for the first time since 1991, this ratio has been basically fluctuating around the one-to-one level. n Although some analysts point out that gold has rallied substantially since the beginning of the “noughties,” others note that the path of least resistance remains up and this chart indicates that the metal has only consolidated, relative to the S&P 500, since the end of 2008.

(By JP Morgan)

AmAsia Recovery Market Outlook (Underliers)

The good performance in emerging markets is a reflection of the confidence of the US economy. Employment in US probably grew in March by the most in three years as the US economy expanded. Payrolls in US have climbed by 184,000 workers in March 2010, the most since March 2007, after falling by 36,000 in February 2010, according to the median estimate of 83 economists surveyed by Bloomberg News.

China is overheating intensified after gross domestic product grew 10.7% in the fourth quarter and property prices jumped the most in almost two years in February 2010. Premier Wenjiabao in March 2010 set a target of holding 2010 inflation to about 3% and for 8% economic growth. The acceleration may buttress the case for China government to consider allowing gains in the Yuan for the first time since mid-2008 and raising interest rates. The China government may allow its currency to appreciate gradually, rather than let it jump in value in a one-off revalution. China has kept the Yuan little changed at around 6.83 per dollar since July 2008 to shield exporters from the global recession and a contraction in world trade.

India’s manufacturing grew for a 12-month straight in March, increasing pressure on the central bank to raise interest rates. The case for a roll-back of monetary stimulus is gaining strength in India and China as factories step up production in the world’s fastest growing major economies. Governor Duvvuri is expected to raise interest rates by 175 basis points by mid 2011, starting with the next monetary policy announcement in April 20.


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INVESTMENT STRATEGY

Equity Investment Strategy

Moving into 2010, we prefer to start with a cautious mood by taking advantage on potential increase in volatility until the global interest rates and fiscal risks play out for greater clarity and to gradually increase exposure into quality counters as to ride onto the potential market upside.


Bond Investment Strategy

We have adopted the following investment strategies for the period under review, which are as follows:

• To overweight corporate vis-à-vis sovereign bonds, riding on the anticipated spread tightening trend. • To actively participate in new issuances via switching from existing holdings in order to take advantage of the higher yield. • To maintain neutral portfolio duration compared to benchmark especially for all MGS portfolios.


AmOasis Islamic Investment Strategy

Our portfolios are overweight developed markets relative to emerging markets with an increased exposure to the US. We continue to focus on companies in consolidating industries with lower ROE contraction risk, with a significant exposure to the telecoms, technology and healthcare sectors. This focus on quality is clearly reflected in the gap in sustained ROE between our portfolios and the global indices. Our portfolios are also well positioned for the global recovery through our substantial holdings in market leaders in the technology and industrial sectors. The significant discount our portfolios trade at relative to the global indices across various measures and our sustainably higher ROE should provide investors relative outperformance through the cycle at lower downside risk.


Precious Metals Investment Strategy

If the US Fed lift interest rates in 2010, we could see inflation fears subsiding at some point during the rate rise and the US dollar to strengthen against other currencies. As mentioned above, these were two of the key drivers for the gold price in 2009. On the other hand, given the enormous US fiscal deficits, the expected recovery of jewellery demand, and later rate hikes (thus US dollar expected to remain weak), gold is likely to remain an attractive investment. We still have some cash to invest in ideas but see the seasonal argument becoming less convincing. Therefore, we remain selective.


Global Agribusiness Investment Strategy

Livestock feed use, economic conditions, energy prices, US dollar index and speculative positions in soft commodities are key datapoints that we are monitoring on a daily basis. With short term downward pressure on soft commodities, rallying oil prices, a still strengthening USD we expect good alpha opportunities from the coming quarterly reports in our universe. We also picked up more chatter on the wheat virus, UG99 that is in a position to devastate global wheat crops in a very short time frame. Research efforts are continuing to find a remedy but this should take more than a couple of years. We identified beneficiaries in the wheat value chain that should be more shielded from the eventuality.

We also have broadened our investment research into food processors evolving and coping with potentially bigger restrictions from health care issues. Sodium, fat and sugar reduction, healthier and traceable ingredients as well as product differentiation for global markets are not an easy challenge for many big food companies that will be preemptive on this subject. There are dozens of mid sized technology, ingredient and extraction companies that we have monitored and invested in for the last three years. Now could be the time when they need to step up and deliver mainstream products such as stevia, soy extraction, and ingredient applications.


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Global Emerging Markets Investment Strategy

Schroder ISF Global Emerging Markets Opportunities (the target fund) is an unconstrained fund and can be positioned aggressively to maximise growth potential when market conditions are favourable and can also be very cautiously positioned when stockmarkets are expected to be weak. The fund can have up to 30% in cash and a further 30% in global bonds in order to protect returns during such periods. The majority of the portfolio is typically invested in emerging market equities as we believe these are likely to deliver strong returns over the longer term. The fund provides focused exposure to the best investment ideas generated by our global team of emerging market experts. It aims to have the majority of its equity content in a shortlist of core markets which we believe offer the best “top-down” investment potential. The remainder of the fund’s equity content is invested in our strongest stock-specific ideas from other emerging markets. Our best ideas can also include selective exposure to emerging markets fixed income.

Currently we have substantial exposure to cash in the portfolio to guard against the potential for near-term market volatility (although we have recently reduced the size of our cash position). Our core markets are Korea, Russia, Turkey, Thailand, Indonesia and Egypt. In Korea, valuations are attractive, earning growth is strong and the market is a beneficiary of global recovery. In Russia, economic fundamentals are improving, valuations are at attractive levels and liquidity conditions are supportive. Valuations are also attractive in Turkey, while the growth outlook is improving. An improved growth outlook and attractive valuations are positive for Thailand, while in Indonesia return on equity is strong and there have also been structural improvements in this market. In Egypt, valuations are at attractive levels.


AmAsia Link Investment Strategy

The fund remains invested in zNID for full capital protection at maturity as well as in an option of 3 underliers. The option value fluctuates depending on the performance of the 3 underliers and also the fluctuations in the USD/Ringgit Malaysia (RM) exchange rate. The fund places any remaining cash in the overnight repo to take advantage of the prevailing RM interest rates. (By JP Morgan)

AmAsia Star Investment Strategy

A structured investment issued by JP Morgan Chase Bank Berhad. Within this structured product, the bulk of assets will be invested in zNID to provide the 100% on Premium. The balance will be invested in OTC (over-the-counter) options which will provide exposure into the following assets, based on a rotator basket structure:

Underlying Basket n DAX Asia Financials Index Performance minus Cash DAXGFSRU Indexn Morgan Stanley Asia Property Fund minus Cash MORAPRI LX Equityn S&P GSCI Industrial Metals Excess Return SPGCIN Indexn S&P GSCI Precious Metals Excess Return SPGCPMP Index

(By JP Morgan)

AmAsia Recovery Investment Strategy

The potential return at maturity is linked to the highest Coppock Basket Level of the Coppock Basket. The Coppock Basket Level is observed every 3 months and the highest observed Coppock Basket Level is locked in.

The Coppock Basket return is the excess return over cash of either JP Morgan Global Govt Bond Global Unhedged USD Index, or JP Morgan Global Govt Bond Global Unhedged USD Index with a subsequent switch to MSCI Daily TR Net Emerging Markets Asia USD Index, depending on a quantitative switching mechanism.

On the Maturity Date, the return is equivalent with the value obtained by deducting 100% from the product of (i) the Participation Rate of 88%, and (ii) the highest observed Coppock Basket Level of the Coppock Basket divided by the Strike Price of 100%.

The application of the return formula means that, if on any observation date the Coppock Basket level of the Coppock Basket observed does not exceed 113.64% of the level on the initial valuation date, then on the maturity date, there shall be no return.


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FUND PERFORMANCE AmAssurance Equity Fund Performance

(i) Since Inception

Since inception, (4 February 2004 to 31 March 2010), the Fund registered a return of 32.90%, versus the Benchmark (FBM100), which gave a return of 50.19%.

(ii) Full Year Performance Vs Benchmark

For the period under review, 1 April 2009 to 31 March 2010, the Fund registered a return of 27.80%, versus the Benchmark (FBM100), which gave a return of 51.35%.

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AmAssurance Bond Fund Performance

(i) Since Inception

Since inception, (4 February 2004 to 31 March 2010), the Fund registered a return of 32.42%, outperforming the Benchmark (MGS MED), which gave a return of 30.51%.


For the period under review, 1 April 2009 to 31 March 2010, the Fund registered a return of 5.21%, outperforming with the Benchmark (MGS MED), which gave a return of 2.78%.

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AmAssurance Balanced Fund Performance

(i) Since Inception

Since inception, (4 February 2004 to 31 March 2010), the Fund registered a return of 45.62%, outperforming with the Benchmark (50% FBM100 + 50% MGS MED), which gave a return of 38.75%.


For the period under review, 1 April 2009 to 31 March 2010, the Fund registered a return of 28.65%, versus the Benchmark (50% FBM100 + 50% MGS MED), which gave a return of 28.96%.

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AmAssurance Dana Teguh Fund Performance

(i) Since Inception

Since inception, (4 February 2004 to 31 March 2010), the Fund registered a return of 36.47%, versus the Benchmark (50% FBMHijrah + 50% MGS MED), which gave a return of 50.71%.


For the period under review, 1 April 2009 to 31 March 2010, the Fund registered a return of 22.06%, outperforming with the Benchmark (50% FBMHijrah + 50% MGS MED), which gave a return of 21.23%.

AmAssurance Dana Teguh FundPerformance Since 1 Apr 2009 - 31 Mar 2010

Per

form

ance

(%)

Month

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AmOasis Islamic Equity Performance

Precious Metals Fund Performance

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Global Agribusiness Fund Performance

Global Emerging Markets Opportunities Fund Performance

The fund delivered an excellent absolute return over the period, with almost all of our country positions making a positive contribution. Our exposure to Turkey and Indonesia had the most positive impact, with these markets among the strongest performers in the emerging world. Our exposure to China, Brazil and Thailand also had a strong positive impact on fund returns. Our exposure to the UAE had a negative impact over the period.

25


AmAsia Link Capital Guaranteed Fund (Underlying Performance)

n Averaged equally weighted basket of indices - Asian Property: Morgan Stanley Asian Property Fund (BBG Ticker: MORAPRI LX Equity) - Basket of Asian Currencies: JP Morgan Asian Dollar Index (BBG Ticker: ADXY Index) - Asian Equity: Hang Seng China Enterprise Index (BBG Ticker: HSCEI Index)n Cash Index - JP Morgan 1 month Cash Index (BBG Ticker: JPCAUS1M)

*Diversified Basket: Diversified Basket here is the Equi-Weighted Basket of the monthly performance of the underlying over initial

Rising Growth Trend after March 2009. Last year the basket has revived after the financial debacle of 2008.

Performance of Diversified Basket*: From March 2009 to March 2010

Annualised Return

Annualised Volatility

Sharpe Ratio

Highest Monthly Performance

Lowest Monthly Performance

34.27%

65.49%

0.52%

93.43%

57.03%

26


• Morgan Stanley Asia Property Fund

• JPM Asia Dollar Index

• Hang Seng China Enterprise Index

Annualised Return


Information Ratio

63.39%

24.49%

2.59

Annualised Return


Information Ratio

6.99%

4.00%

1.735

Annualised Return


Information Ratio

52.72%

30.91%

1.70

27


AmAsia Star Capital Guaranteed Fund (Underlying Performance)

n JP Morgan Rotator Basket is a dynamic basket comprising of four indices:n Equity: DAXglobal Asia Financial Performance Index (BBG Ticker: DAXGFSRU Index)n Property: Morgan Stanley Asian Property Fund (BBG Ticker: MORAPRI LX Equity)n Commodity: - Industrial Metals: S&P GSCI Industrial Metals Index ER (BBG Ticker: SPGCINP ndex) - Precious Metals: S&P GSCI Precious Metals Index ER (BBG Ticker: SPGCPMP Index)n The Rotator Basket aims to achieve a realised volatility of 12.00% for which Target Volatility Factor is calculated. The Rotator Basket is rebalanced every 6 months based on Risk-Reward Ratio of its constituents over the preceding 6 months and weights are assigned according to their rankings. Constituent with the:n Highest Risk-Reward Ratio: assigned Target Weight of 50.00% of Target Volatility Factorn Second Highest Risk-Reward Ratio: assigned Target Weight of 30.00% of Target Volatility Factorn Third Highest Risk-Reward Ratio: assigned Target Weight of 20.00% of Target Volatility Factorn Lowest Risk-Reward Ratio: assigned Target Weight of 0.00% of Target Volatility Factor

n The Rotator Basket shows high performance in the period reviving well from the 2008 levels. The graph shows a rising growth trend and the return-risk is also high during the period.n The target volatility attached to the Rotator Basket keeps the volatility within range.

Performance of JP Morgan Rotator Basket: From March 2009 to March 2010

Annualised Return


Sharpe Ratio

Highest Daily Performance

Lowest Daily Performance

12.26%

7.62%

1.61%

94.89%

83.49%

28


• DAX Global Asia Financials Index

• Morgan Stanley Asian Property Fund

• S&P GSCI Industrial Metals Index

Annualised Return


Information Ratio

80.67%

27.67%

2.92

Annualised Return


Information Ratio

63.39%

24.49%

2.59

Per

cent

age

Gro

wth

Annualised Return


Information Ratio

78.22%

31.21%

2.51

29


AmAsia Recovery (Underlying Performance)

n The Coppock Basket is a basket of the Component Indices. n Equity Index: MSCI Daily TR Net Emerging Markets Asia Index (BBG Ticker: NDUEEGFA Index).n Fixed Income Index: JP Morgan Global Govt. Bond Index (BBG Ticker: JPMGGLBL Index).n The Coppock Basket is a synthetic portfolio which participates in the Fixed Income Performance until the occurrence of the Switch Point, in the Equity Performance thereafter. n Fixed Income Performance: Out-performance of Global Govt. Bond Index (JPMGGLBL Index) above Cash Index (JPCAUS1M Index), adjusted to aim for a target volatility of 7%2. n Equity Performance: Out-performance of MSCI EM Asia Total Return (NDUEEGFA Index) above Cash Index (JPCAUS1M Index), adjusted to aim for a target volatility of 7%.n Switch Point: The month where the Coppock Curve Indicator reading is higher than the preceding month (1 time switch).

Annualised Return


Information Ratio

20.48%

18.59%

1.11

• S&P GSCI Precious Metals Index

30


n The Coppock Switch Point in May 09.n The Coppock Basket shows a rise in performance after the the drop in early 2010.

MSCI Daily Net TR Emerging Market Asia Index rose 28.83% on 31 March 2010 since inception, while JP Morgan Global Government Bond Global Index gained 2.10% since inception. JP Morgan USD Cash 1 month Index showed a 0.19% increase since inception.

Performance of JP Morgan Coppock Basket since trade inception as of 31 March 2010

Annualised Return


Sharpe Ratio

Highest Daily Performance

Lowest Daily Performance

2.29%

6.49%

0.35%

103.89%

97.99%

31


Underlying Index Level

Underlying Index Performance from the Commencement Date of 7 July 2009

The Coppock Basket is participating in the Equity Performance as the Curve Indicator reading in May is higher than the April and April’s reading is negative.


32

AmAssurance Equity Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Bond Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Balanced Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Dana Teguh Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007/2006/2005/2004)

AmAssurance AmOasis Islamic Equity Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007)

AmAssurance Precious Metals Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008)

AmAssurance Global Agribusiness Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008)

AmAssurance Global Emerging Markets Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008)

AmAssurance AmAsia Link Capital Guaranteed Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008/2007)

AmAssurance AmAsia Star Capital Guaranteed Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008)

AmAssurance AmAsia Recovery Capital Guaranteed Fund Investment Composition by Sectors (as % of NAV) @ 31 Mar (2010/2009/2008)

SECTORAL AND CATEGORY BREAKDOWN

COMPARATIVE TABLE : FUND PERFORMANCE (% Return) % Annualised Return of Fund vs Benchmark for 1 year, 2 years, 3 years & since launch

COMPARATIVE TABLE : Net Asset Value, Number of Unit Price as at 31 March 2010 Fund Performance Details for the financial year ended 31 March 2010 By Fund

32


33

SECTORAL AND CATEGORY BREAKDOWN

AmAssurance Equity FundDetails of portfolio composition of AmAssurance Equity as at 31 March 2010 are as follows:

Investment Composition by Sectors as at 31 March 2010

AmAssurance Bond FundDetails of portfolio composition of AmAssurance Bond as at 31 March 2010 are as follows:


ConstructionConsumer Products FinanceIndustrial ProductsInfrastructureForeign EquitiesPropertiesSecond BoardIPCWarrantTrading/ServicesREITSPlantationsRepurchase Agreements/Cash

FY 2010%

FY 2009%

FY 2008%

FY 2007%

FY 2006%

2.903.80

17.806.60--

8.50-

1.50-

24.10-

10.0024.80

100.00

1.704.208.201.70--

0.80-

2.50-

14.70-

3.7062.50

100.00

6.204.10

15.805.20-

0.101.80-

2.900.10

28.70-

13.8021.30

100.00

7.103.80

18.506.104.30-

1.60---

36.900.209.40

12.10100.00

2.702.80

21.304.101.10-

1.700.60--

29.100.407.30

28.90100.00

Fixed Deposits/Repos/NCDs/BAs/Cash

Malaysia Unit Trusts

FY 2010%

FY 2009%

FY 2008%

FY 2007%

FY 2006%

45.90

54.10100.00

11.10

88.90100.00

2.10

97.90100.00

3.80

96.20100.00

54.90

45.10100.00


34

AmAssurance Balanced FundDetails of portfolio composition of AmAssurance Balanced as at 31 March 2010 are as follows:


AmAssurance Dana Teguh FundDetails of portfolio composition of AmAssurance Dana Teguh as at 31 March 2010 are as follows:


ConstructionConsumer Products FinanceIndustrial ProductsInfrastructure/IPCWarrantPlantationsPropertiesSecond BoardForeign StockREITSTrading/ServicesCorporate BondsMalaysia Unit TrustsRepurchase Agreements/Cash

FY 2010%

FY 2009%

FY 2008%

FY 2007%

FY 2006%

2.602.70

13.105.401.10-

8.301.70---

16.40-

13.2035.50

100.00

2.101.806.301.502.10-

2.900.50---

12.3013.8024.7032.00

100.00

3.701.20

12.203.302.100.10

11.801.50-

0.10-

21.8013.0020.608.60

100.00

4.401.50

13.204.702.40-

7.401.10--

0.6029.5015.8014.205.20

100.00

-3.30

15.202.100.70-

3.101.700.30-

0.3025.9016.5014.3016.60

100.00

ConstructionConsumer Products Industrial ProductsInfrastructureWarrantPlantationsPropertiesTrading/ServicesMalaysia Unit TrustsRepurchase Agreements/Cash

FY 2010%

FY 2009%

FY 2008%

FY 2007%

FY 2006%

7.202.109.10--

8.507.70

20.707.30

37.40100.00

4.503.200.302.60-

6.303.00

11.7017.4051.00

100.00

8.904.103.902.400.10

11.601.90

22.5016.3028.30

100.00

7.703.707.204.00-

14.204.40

23.0017.2018.60

100.00

3.001.502.203.60-

5.204.70

30.7020.5028.60

100.00


35

AmAssurance AmOasis Islamic Equity FundDetails of portfolio composition of AmAssurance AmOasis Islamic Equity as at 31 March 2010 are as follows:


AmAssurance Global Emerging Markets FundDetails of portfolio composition of AmAssurance Global Emerging Markets as at 31 March 2010 are as follows:


TechnologyCommunication HealthcareIndustrialsConsumer CyclicalBasic MaterialsEnergyUtilitiesConsumer CyclicalProperty

FY 2010%

FY 2009%

16.0017.0013.0012.0010.0012.007.004.005.004.00

100.00

17.0016.0015.0011.009.00

11.007.005.005.004.00

100.00

FinancialsTelecommunication ServicesEnergyNot ClassifiedConsumer DiscretionaryIndustrialsMaterialsConsumer StaplesUtilitiesInformation TechnologyHealth CareOthers Net Asset

FY 2010%

FY 2009%

32.657.14

10.02-

11.739.763.173.831.951.841.94

15.97100.00

27.2715.6712.009.899.677.134.764.093.652.06-

3.81100.00


36

AmAssurance Global Agribusiness FundDetails of portfolio composition of AmAssurance Global Agribusiness Fund as at 31 March 2010 are as follows:


AmAssurance Precious Metals FundDetails of portfolio composition of AmAssurance Precious Metals Fund as at 31 March 2010 are as follows:


FertisersAgricultural ProductsPackaged Foods & MeatCash & Others SectorsConstruction/ FarmDistributorsSpeciality ChemicalsDiversified BanksRestaurantsMarine Ports & ServicesMarineNot ClassifiedFood RetailsPaper ProductsPharmaceuticalsGas Utilities

FY 2010%

FY 2009%

13.7025.9023.704.00

--

1.802.903.502.50

-10.706.701.601.601.40

100.00

33.4022.4016.405.104.704.102.802.602.502.401.901.70

----

100.00

GoldSilverPlatinumDiamondCash

FY 2010%

FY 2009%

72.358.509.90-

9.25100.00

79.438.154.860.077.49

100.00


37

COMPARATIVE TABLE

Funds Performance

As at 31 March 2010

Equity FundFBM100

Bond FundMGS Med

Balanced Fund50% FBM100 + 50% MGS Med

Dana Teguh50% FBM Hijrah + 50% MGS Med

AmOasis Islamic Equity FundDow Jones Islamic Market World CR

AmAsia Link Capital Guaranteed FundCash

AmAsia Star Capital Guaranteed FundCash

Global Emerging Markets Opportunities FundMSCI EM (Emerging Markets) TR USD

Global Agribusiness FundMSCI World TR USD

Precious Metals FundFTSE Gold Mines TR

1 year 2 years 3 years

Average CompoundedAnnual Return %

Since Launch

34.4351.35

5.152.78

28.6528.96

28.3421.23

24.6847.69

(0.87) -

4.13 -

7.5781.55

12.5447.11

(1.91)18.10

2.142.89

4.303.81

3.683.35

5.340.46

(3.14)(4.40)

2.02 -

- -

-5.45

-(3.71)

- (0.12)

4.581.93

3.943.69

6.102.86

6.234.05

- -

- -

- -

-15.99

-

(5.57)

-9.47

4.856.78

4.684.39

6.415.45

5.286.88

(6.19)(0.80)

0.02 -

0.39 -

4.190.01

8.14(7.23)

(0.90)0.89

Annual Return%


38

COMPARATIVE TABLE

Net Asset Value, Number of Units and Unit Price as at 31 March 2010

Equity Fund

Performance details of the Fund for the financial year ended 31 March 2010 are as follows:

Bond Fund


Note: 1. Total return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees.

Note: 1. Annualised return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees, annualised over one year.

Net Asset Value (RM’ Million)

Units In Circulation (Million)

Net Asset Value Per Unit (RM)

Selling Price (RM/Unit)

Buying Price (RM/Unit)

Highest Selling Price (RM/Unit)

Highest Buying Price (RM/Unit)

Lowest Selling Price (RM/Unit)

Lowest Buying Price (RM/Unit)

Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2007 FY 2006FY 2008FY 2009FY 2010










Annualised Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2007 FY 2006FY 2008FY 2009FY 2010

5.8876

8.8720

0.6640

0.6640

0.6640

0.6640

0.6640

0.6310

0.6310

5.1500

5.1500

-

3.5000

5.5422

0.6315

0.6315

0.6315

0.6374

0.6374

0.5944

0.5944

3.4500

3.4500

-

3.1694

5.1926

0.6104

0.6104

0.6104

0.6104

0.6104

0.5433

0.5433

3.2300

3.2300

-

2.9185

4.9360

0.5913

0.5913

0.5913

0.5914

0.5914

0.5433

0.5433

7.2900

7.2900

-

2.4565

4.4571

0.5511

0.5511

0.5511

0.5511

0.5511

0.5295

0.5295

4.0800

4.0800

-

4.6029

6.8745

0.6708

0.6708

0.6708

0.6730

0.6730

0.5010

0.5010

34.4300

34.4300

-

2.4408

4.8912

0.4990

0.4990

0.4990

0.6663

0.6663

0.4816

0.4816

(22.4000)

(22.4000)

-

2.4655

3.8346

0.6430

0.6430

0.6430

0.7363

0.7363

0.5865

0.5865

9.6300

9.6300

-

2.2651

3.8620

0.5865

0.5865

0.5865

0.5918

0.5918

0.4213

0.4213

34.5800

34.5800

-

1.8651

4.2798

0.4358

0.4358

0.4358

0.4508

0.4508

0.4102

0.4102

(0.6800)

(0.6800)

-


39

COMPARATIVE TABLE


Balanced Fund


Dana Teguh Fund


Note: 1. Annualised return is the actual return of the Fund for the financial year, computed based on net asset value per unit and net of all fees, annualised over one year.











Annualised Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2007 FY 2006FY 2008FY 2009FY 2010

5.8011

7.9035

0.7350

0.7350

0.7350

0.7360

0.7360

0.5730

0.5730

28.6500

28.6500

-

2.8729

5.0283

0.5713

0.5713

0.5713

0.6972

0.6972

0.5508

0.5508

(16.4400)

(16.4400)

-

3.3232

4.8601

0.6837

0.6837

0.6837

0.7577

0.7577

0.6154

0.6154

11.0001

11.1000

-

4.6539

7.5629

0.6154

0.6154

0.6154

0.6233

0.6233

0.4840

0.4840

23.9000

23.9000

-

4.3086

8.6752

0.4967

0.4967

0.4967

0.4977

0.4977

0.4648

0.4648

5.3400

5.3400

-










Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2007 FY 2006FY 2008FY 2009FY 2010

2.7808

4.0512

0.6878

0.6878

0.6878

0.6880

0.6880

0.5380

0.5380

28.3400

28.3400

-

1.6482

3.0755

0.5359

0.5359

0.5359

0.6400

0.6400

0.5162

0.5162

(13.5400)

(13.5400)

-

1.6951

2.7350

0.6198

0.6198

0.6198

0.7068

0.7068

0.5283

0.5283

8.0200

8.0200

-

1.5730

2.7412

0.5738

0.5738

0.5738

0.5751

0.5751

0.4468

0.4468

26.3300

26.3300

-

1.2089

2.6618

0.4542

0.4542

0.4542

0.4626

0.4526

0.4398

0.4398

1.6600

1.6600

-


40

COMPARATIVE TABLE


AmOasis Islamic Equity Fund


AmAsia Link Capital Guaranteed Fund











Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2008FY 2009FY 2010

3.3350

8.0792

0.4128

0.4128

0.4128

0.4300

0.4300

0.3180

0.3180

24.6800

24.6800

-

2.7186

8.2108

0.3311

0.3311

0.3311

0.4660

0.4660

0.2590

0.2590

(24.7500)

(24.7500)

-

3.5068

7.9691

0.4400

0.4400

0.4400

0.5210

0.5210

0.4260

0.4260

(8.6800)

(8.6800)

-










Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2008FY 2009FY 2010

60.4472

120.6548

0.5003

0.5003

0.5003

0.5090

0.5090

0.4970

0.4970

(0.8600)

(0.8600)

-

61.7913

122.4476

0.5046

0.5046

0.5046

0.5240

0.5240

0.4700

0.4700

5.0000

5.0000

-

60.9105

126.7364

0.4806

0.4806

0.4806

0.5020

0.5020

0.4710

0.4710

-

-

-




41

COMPARATIVE TABLE


AmAsia Star Capital Guaranteed Fund


Global Emerging Markets Opportunities Fund











Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2009FY 2010

96.3960

191.3629

0.5037

0.5037

0.5037

0.5070

0.5070

0.4830

0.4830

0.8000

0.8000

-

97.7675

195.6522

0.4997

0.4997

0.4997

0.5000

0.5000

0.4610

0.4610

-

-

-










Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2009FY 2010

0.6226

1.1554

0.5388

0.5388

0.5388

0.5580

0.5580

0.4950

0.4950

7.5700

7.5700

-

0.5413

1.0807

0.5009

0.5009

0.5009

0.5010

0.5010

0.4980

0.4980

-

-

-




42

COMPARATIVE TABLE


Global Agribusiness Fund


Precious Metals Fund











Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2009FY 2010

0.6895

1.2188

0.5657

0.5657

0.5657

0.6140

0.6140

0.5020

0.5020

12.5400

12.5400

-

0.5310

1.0564

0.5027

0.5027

0.5027

0.5030

0.5030

0.5000

0.5000

-

-

-










Total Return (%)1

Capital Growth (%)

Income Growth (%)

FY 2009FY 2010

1.9337

3.9231

0.4929

0.4929

0.4929

0.5630

0.5630

0.4810

0.4810

(1.9100)

(1.9100)

-

0.5973

1.1887

0.5025

0.5025

0.5025

0.5030

0.5030

0.5000

0.5000

-

-

-



43



STATEMENT BY THE MANAGER

In the opinion of the Manager, AmLife Insurance Berhad, the financial statements set out on pages 45 to 109 have been drawn up in accordance with Financial Reporting Standards in Malaysia and the Guidelines issued by Bank Negara Malaysia and give a true and fair view of the financial position of the investment-linked funds of AmLife Insurance Berhad as at 31 March 2010 and of their results, changes in net asset value and cash flows for the year/period then ended.

On behalf of AmLife Insurance Berhad

Ng Lian Lu

Kuala Lumpur, Malaysia29 April 2010

44



REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements of investment-linked funds of AmLife Insurance Berhad (“the Manager”) (comprising the Equity, Bond, Balanced, Dana Teguh, AmOasis Islamic Equity, AmAsia Link CG, AmGlobal Emerging Markets Opportunities, AmAsia Star CG, AmA Global Agribusiness, AmA Precious Metal and AmAsia Recovery CG Fund) (“the Funds”), which comprise the statements of assets and liabilities as at 31 March 2010, and the statements of income and expenditure, statements of changes in net asset value and cash flow statements of the Funds for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 45 to 109.

Directors’ responsibility for the financial statements

The directors of the Manager are responsible for the preparation and fair presentation of these financial statements in accordance with Financial Reporting Standards and the Guidelines issued by Bank Negara Malaysia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation and fair presentation of the financial statements 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 Funds’ internal control.

An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors of the Manager, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the Guidelines issued by Bank Negara Malaysia so as to give a true and fair view of the financial position of the Funds as at 31 March 2010 and of the financial performance and cash flows of the Funds for the year then ended.

Other mattersThis report is made solely to the unitholders of the Funds, as a body, in accordance with the Guidelines issued by Bank Negara Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & YoungAF: 0039Chartered Accountants


Abdul Rauf bin RashidNo. 2305/05/10Chartered Accountant

The accompanying notes form an integral part of the financial statements.45


Equity Fund Bond Fund

2010RM

2010RM

ASSETS

Investments Corporate securities Other investments

Deferred tax assetTax recoverableSundry receivablesCash and deposits

LIABILITIES

Provision for taxationDeferred tax liabilitiesOther payables

NET ASSET VALUE OF FUNDS

REPRESENTED BY:

Net asset value as at beginning of the yearNet surplus/(deficit) after taxationNet creation of unitsNet cancellation of unitsNet asset value as at end of the year

UNITHOLDERS’ ACCOUNT

NET ASSET VALUE PER UNIT

STATEMENTS OF ASSETS AND LIABILITIES

AS AT 31 MARCH 2010

Note 2009RM

2009RM

3

4

5

4

6

3,349,804 -

3,349,804

-57,760

201,5851,105,6124,714,761

-59,19344,301

103,494

4,611,267

2,440,834859,853

1,398,833(88,253)

4,611,267

4,611,267

0.6708

915,292 -

915,292

5,01447,722

322,7391,186,3202,477,087

- -36,25336,253

2,440,834

2,465,520(555,024)667,679

(137,341)2,440,834

2,440,834

0.4990

-3,229,2083,229,208

- -

7642,736,2865,966,258

2,92415,30757,42875,659

5,890,599

3,503,867418,267

2,046,120(77,655)

5,890,599

5,890,599

0.6640

-3,015,0193,015,019

- -

4,329523,696

3,543,044

1,6601,264

36,25339,177

3,503,867

3,169,404114,814617,576

(397,927)3,503,867

3,503,867

0.6322



ASSETS

Investments Corporate/Debt securities Other investments

Deferred tax assetTax recoverableSundry receivablesCash and deposits

LIABILITIES

Deferred tax liabilitiesOther payables


REPRESENTED BY:





AS AT 31 MARCH 2010

2009RM

2009RM

Note

3

4

5

4

6

2,957,505763,378

3,720,883

-56,48284,584

2,051,3105,913,259

60,32044,250

104,570

5,808,689

2,872,898245,926

2,801,806(111,941)

5,808,689

5,808,689

0.7350

1,228,051710,133

1,938,184

-60,95851,337

867,6772,918,156

9,00536,25345,258

2,872,898

3,323,165(527,149)837,446

(760,564)2,872,898

2,872,898

0.5713

1,564,754205,351

1,770,105

-26,41912,258

1,055,8672,864,649

33,94544,25378,198

2,786,451

1,648,173511,772681,255(54,749)

2,786,451

2,786,451

0.6878

520,255287,573807,828

7,03717,2474,372

860,3791,696,863

-48,69048,690

1,648,173

1,695,076(231,550)290,809

(106,162)1,648,173

1,648,173

0.5359

Balanced Fund Dana Teguh

2010RM

2010RM

47


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

ASSETS

Investments Other investmentsDeferred tax assetSundry receivablesCash and deposits

LIABILITIES

Deferred tax liabilityProvision for taxationOther payables


REPRESENTED BY:





AS AT 31 MARCH 2010

AmOasis Islamic Equity Fund

Note 2009RM

AmAsia Link CG Fund

2009RM

3

4

5

4

6

1,780,79556,54080,817

1,488,5023,406,654

-2,690

68,95071,640

3,335,014

2,717,430653,879201,158(237,453)

3,335,014

3,335,014

0.4128

1,928,099-

40,323802,798

2,771,220

-1,898

51,89253,790

2,717,430

3,506,786(881,927)342,385(249,814)

2,717,430

2,717,430

0.3310

61,655,063-

40,488161,319

61,856,870

89,10425,550

1,294,9741,409,628

60,447,242

61,805,487(554,982)109,063 (912,326)

60,447,242

60,447,242

0.5010

62,687,067-

40,035182,686

62,909,788

-

14,5521,089,7491,104,301

61,805,487

60,910,5343,029,563

-(2,134,610)

61,805,487

61,805,487

0.5048

2010RM

2010RM

48



ASSETS

Investments Other investmentsSundry receivablesCash and deposits

LIABILITIES



REPRESENTED BY:

Net asset value as at beginning of the year/launch dateNet surplus/(deficit) after taxationNet creation of unitsNet cancellation of unitsNet asset value as at end of the year/period




AS AT 31 MARCH 2010

AmGlobal EmergingMarkets Opportunities Fund

Note 2009RM

2009RM

3

5

4

6

502,3892,387

139,987644,763

4,191956

17,03622,183

622,580

541,27941,72853,153(13,580)

622,580

622,580

0.5388

2010RM

AmAsia Star CG Fund

2010RM

-934

545,418546,352

-580

4,4935,073

541,279

-2,777

539,719(1,217)

541,279

541,279

0.5009

98,934,49225,203

709,51999,669,214

203,5596,449

3,063,1923,273,200

96,396,014

97,767,520753,25372,053

(2,196,812)

96,396,014

96,396,014

0.5037

96,914,07631,823

1,664,01898,609,917

-5,031

837,366842,397

97,767,520

-(110,753)

99,090,784(1,212,511)

97,767,520

97,767,520

0.4997

49



ASSETS


LIABILITIES



REPRESENTED BY:

Net asset value as at beginning of the year/launch dateNet surplus after taxationNet creation of unitsNet cancellation of unitsNet asset value as at end of the year/period




AS AT 31 MARCH 2010

AmA Precious Metals Fund

Note 2009RM

2009RM

3

4

5

4

6

1,130,1335,589

64,888758,925

1,959,535

-1,249

24,54425,793

1,933,742

597,325(69,622)

1,775,151(369,112)

1,933,742

1,933,742

0.4929

2010RM

2010RM

AmA Global Agribusiness Fund

--

14,013588,385602,398

-588

4,4855,073

597,325

-2,792

599,198(4,665)

597,325

597,325

0.5025

532,198-

16,262165,398713,858

6,576909

16,88524,370

689,488

531,03469,139

136,447(47,132)

689,488

689,488

0.5657

--1,230

534,650535,880

-566

4,2804,846

531,034

-2,742

532,666(4,374)

531,034

531,034

0.5027

50



ASSETS


LIABILITIES

Provision for taxationOther payables

NET ASSET VALUE OF FUND

REPRESENTED BY:

Net asset value as at launch dateNet surplus after taxationNet creation of unitsNet cancellation of unitsNet asset value as at end of the period



AmAsia Recovery CG Fund

Note

3

4

5

6

85,113,10129,859

234835,909

85,979,103

1,1701,435,0301,436,200

84,542,903

-(965,131)

86,860,009(1,351,975)

84,542,903

84,542,903

0.4944

2010RM


AS AT 31 MARCH 2010

51



Net investment incomeInterest incomeDividend income

Gain on disposal of investmentsUnrealised capital gain, net Total income

Management expenses Loss on disposal of investmentsUnrealised capital loss, net Total outgo

Excess of income over outgo/ (outgo over income) before taxation

Taxation

Excess of income over outgo/ (outgo over income) after taxation

Undistributed income brought forward

Undistributed income carried forward


2010RM

2010RM

STATEMENTS OF INCOME AND EXPENDITURE

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010

Note 2009RM

2009RM

78

9

23,45264,17287,624

- -87,624

(15,611)(41,677)

(579,360)(636,648)

(549,024)

(6,000)

(555,024)

629,532

74,508

28,16192,972

121,133

13,469307,500442,102

(8,528)--

(8,528)

433,574

(15,307)

418,267

533,026

951,293

6,803114,994121,797

6,186-

127,983

(8,030)-

(5,139)(13,169)

114,814

-

114,814

418,212

533,026

15,77676,54392,319

109,881728,032930,232

(8,788)--

(8,788)

921,444

(61,591)

859,853

74,508

934,361

52



Net investment incomeInterest incomeDividend income

Gain on disposal of investmentsUnrealised capital gain, net Total income

Management expenses Unrealised capital loss, net Total outgo


Taxation



Undistributed income carried forward


2010RM

2010RM



Note 2009RM

2009RM

78

9

23,37195,258

118,629

59,391139,128317,148

(8,802) -

(8,802)

308,346

(62,420)

245,926

1,073,218

1,319,144

31,83280,764

112,596

66,557-

179,153

(8,063)(687,139)(695,202)

(516,049)

(11,100)

(527,149)

1,600,367

1,073,218

11,02041,11152,131

68,646434,618555,395

(8,678)-

(8,678)

546,717

(34,945)

511,772

117,028

628,800

21,57837,49459,072

7,653-

66,725

(9,503)(284,772)(294,275)

(227,550)

(4,000)

(231,550)

348,578

117,028

53



Net investment incomeInterest incomeUnrealised capital gain, net Total income



Taxation


Undistributed (loss)/profit brought forward

Undistributed (losses)/income carried forward

AmOasis Islamic Equity Fund AmAsia Link CG Fund

2010RM

2010RM



Note 2009RM

2009RM

7

9

9,903595,255605,158

(7,027)-

(7,027)

598,131

55,748

653,879

(1,286,163)

(632,284)

22,369-

22,369

(4,015)(898,491)(902,506)

(880,137)

(1,790)

(881,927)

(404,236)

(1,286,163)

3,289-3,289

(445,238)(27,485)

(472,723)

(469,434)

(85,548)

(554,982)

565,888

10,906

16,6313,462,2473,478,878

(447,985)-

(447,985)

3,030,893

(1,330)

3,029,563

(2,463,675)

565,888




Management expenses Total outgo


Taxation


Undistributed income/(losses) brought forward

Undistributed income/(losses) carried forward

AmGlobal EmergingMarkets Opportunities Fund AmAsia Star CG Fund

1.4.2009 to31.3.2010

RM



Note

7

9

4,69952,38957,088

(10,793)(10,793)

46,295

(4,567)

41,728

2,777

44,505

1.6.2008 to31.3.2009

RM

1.4.2009 to31.3.2010

RM

12.5.2008 to31.3.2009

RM

7,250-

7,250

(3,893)(3,893)

3,357

(580)

2,777

-

2,777

17,7232,020,4152,038,138

(1,079,908)(1,079,908)

958,230

(204,977)

753,253

(110,753)

642,500

62,886524,076586,962

(692,684)(692,684)

(105,722)

(5,031)

(110,753)

-

(110,753)





Excess of (outgo over income)/ income over outgo before taxation

Taxation

Excess of (outgo over income)/ income over outgo after taxation


Undistributed (losses)/income carried forward

AmA Precious Metals Fund

1.4.209 to31.3.2010

RM



Note

7

9

8,257-

8,257

(12,939)(69,868)(82,807)

(74,550)

4,928

(69,622)

2,792

(66,830)

1.9.2008 to31.3.2009

RM

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

7,350-

7,350

(3,970)-

(3,970)

3,380

(588)

2,792

-

2,792

4,28182,19886,479

(10,422)-

(10,422)

76,057

(6,918)

69,139

2,742

71,881

7,076-

7,076

(3,768)-

(3,768)

3,308

(566)

2,742

-

2,742

AmA Global Agribusiness Fund

56



Net investment incomeInterest incomeManagement expensesUnrealised capital loss, net Total outgo

Excess of outgo over income before taxation

Taxation

Excess of outgo over income after taxation


21.5.2009 to31.3.2010

RM


FOR THE FINANCIAL PERIOD FROM LAUNCH DATE TO 31 MARCH 2010

Note

7

9

14,624(635,202)(373,242)

(1,008,444)

(993,820)

28,689

(965,131)



Net asset value at the beginning of the year

Net income for the year (excluding changes in unrealised investment gain/(loss))

Changes in unrealised investment gain/(loss)

Amount received for creations during the year

Amount paid for cancellations due to surrenders during the year

Net asset value at the end of the year


2010RM

2010RM

STATEMENTS OF CHANGES IN NET ASSET VALUE


2009RM

2009RM

2,440,834

131,821

728,032

1,398,833

(88,253)

4,611,267

2,465,520

24,336

(579,360)

667,679

(137,341)

2,440,834

3,503,867

110,767

307,500

2,046,120

(77,655)

5,890,599

3,169,404

119,953

(5,139)

617,576

(397,927)

3,503,867

58




Net income for the year (excluding changes in unrealised investment gain/(loss))






2010RM

2010RM



2009RM

2009RM

2,872,898

106,798

139,128

2,801,806

(111,941)

5,808,689

3,323,165

159,990

(687,139)

837,446

(760,564)

2,872,898

1,648,173

77,154

434,618

681,255

(54,749)

2,786,451

1,695,076

53,222

(284,772)

290,809

(106,162)

1,648,173

59




Net income/(loss) for the year (excluding changes in unrealised investment gain/(loss))





2010RM

2010RM



2009RM

2009RM

2,717,430

58,624

595,255

201,158

(237,453)

3,335,014


3,506,786

16,564

(898,491)

342,385

(249,814)

2,717,430

61,805,487

(527,497)

(27,485)

109,063

(912,326)

60,447,242

60,910,534

(432,684)

3,462,247

-

(2,134,610)

61,805,487

60



Net asset value at the beginning of the year/ launch date

Net (loss)/Income for the year/period (excluding changes in unrealised investment gain)

Changes in unrealised investment gain

Amount received for creations during the year/period

Amount paid for cancellations due to surrenders during the year/period

Net asset value at the end of the year/period




1.4.2009 to31.3.2010

RM

1.6.2008 to31.3.2009

RM

1.4.2009 to31.3.2010

RM

12.5.2008 to31.3.2009

RM

541,279

(10,661)

52,389

53,153

(13,580)

622,580

-

2,777

-

539,719

(1,217)

541,279

97,767,520

(1,267,162)

2,020,415

72,053

(2,196,812)

96,396,014

-

(634,829)

524,076

99,090,784

(1,212,511)

97,767,520

61



Net asset value at the beginning of the year/ launch date

Net income/(loss) for the year/period (excluding changes in unrealised investment (loss)/gain)

Changes in unrealised investment (loss)/gain

Amount received for creations during the year/period

Amount paid for cancellations due to surrenders during the year/period

Net asset value at the end of the year/period



597,325

246

(69,868)

1,775,151

(369,112)

1,933,742

AmA Precious Metals Fund AmA Global Agribusiness Fund

1.4.2009 to31.3.2010

RM

1.9.2008 to 31.3.2009

RM

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

-

2,792

-

599,198

(4,665)

597,325

531,034

(13,059)

82,198

136,447

(47,132)

689,488

-

2,742

-

532,666

(4,374)

531,034

62



Net asset value at launch date

Net loss for the period (excluding changes in unrealised investment loss)

Changes in unrealised investment loss

Amount received for creations during the period

Amount paid for cancellations due to surrenders during the period

Net asset value at the end of the period



-

(591,889)

(373,242)

86,860,009

(1,351,975)

84,542,903


21.5.2009 to31.3.2010

RM



CASH FLOWS FROMOPERATING ACTIVITIES

Excess of income over outgo/ (outgo over income) before taxationAdjustments:Investment income(Gain)/loss on disposal of investmentsUnrealised capital (gain)/loss, netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease/(decrease) in other payablesDecrease/(increase) in other receivablesDecrease/(increase) in fixed and call deposits with financial institutionsNet cash used in operating activities

CASH FLOWS FROMFINANCING ACTIVITIES

Creation of unitsCancellation of unitsNet cash generated financing activities

Net increase/(decrease) in cash and bank balancesCash and bank balances at beginning of yearCash and bank balances at end of year

CASH FLOW STATEMENTS


Note 2009RM

2009RM

5


2010RM

2010RM

921,444

(92,319)

(109,881)(728,032)

(8,788)(4,526,980)

2,911,369103,873

8,084121,154

83,952

(1,307,336)

1,398,833(88,253)

1,310,580

(549,024)

(87,624)

41,677579,360

(15,611)(199,023)

602,90781,6258,000

(260,841)

(748,000)

(530,943)

667,679(137,341)

530,338

433,574

(121,133)

(13,469)(307,500)

(8,528)(56,059)

162,839121,13321,1753,565

(2,211,879)

(1,967,754)

2,046,120(77,655)

1,968,465

114,814

(121,797)

(6,186)5,139

(8,030)(14,265)

103,000121,787(92,729)(2,719)

(327,000)

(219,956)

617,576(397,927)

219,649

5

5

3,244

320

3,564

(605)

925

320

711

696

1,407

(307)

1,003

696

64




Excess of income over outgo/ (outgo over income) before taxationAdjustments:Investment incomeGain on disposal of investmentsUnrealised capital (gain)/loss, netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of investmentsProceeds from disposal of investmentsInvestment income receivedIncrease/(decrease) in other payablesIncrease in other receivablesIncrease in fixed and call deposits with financial institutionsNet cash used in operating activities


Creation of unitsCancellation of unitsNet cash generated from financing activities

Net (decrease)/increase in cash and bank balancesCash and bank balances at beginning of yearCash and bank balances at end of year



Note 2009RM

2009RM

5


2010RM

2010RM

308,346

(118,629)(59,391)

(139,128)

(8,802)(4,007,321)

2,405,616129,525

7,997(33,247)

(1,189,090)

(2,695,322)

2,801,806(111,941)

2,689,865

(516,049)

(112,596)(66,557)

687,139

(8,063)(70,956)

550,477101,762

8,001(15,993)

(633,000)

(67,772)

837,446(760,564)

76,882

546,717

(52,131)(68,646)

(434,618)

(8,678)(1,460,369)

995,95054,402(4,437)(7,886)

(192,948)

(623,966)

681,255(54,749)

626,506

(227,550)

(59,072)(7,653)

284,772

(9,503)(253,547)

384,41262,74220,437(8,387)

(381,000)

(184,846)

290,809(106,162)

184,647

5

5

(5,457)

9,677

4,220

9,110

567

9,677

2,540

379

2,919

(199)

578

379

65




Excess of income over outgo/ (outgo over income) before taxationAdjustments:Investment incomeUnrealised capital (gain)/loss, netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of investments Proceeds from disposal of investmentsInvestment income receivedIncrease in other payables(Increase)/decrease in other receivables(Increase)/decrease in fixed and call deposits with financial institutionsNet cash generated from/(used in) operating activities


Creation of unitsCancellation of unitsNet cash (used in)/generated from financing activities

Net (decrease)/increase in cash and bank balancesCash and bank balances at beginning of yearCash and bank balances at end of year



Note 2009RM

2009RM

5


2010RM

2010RM

598,131

(9,903)(595,255)

(7,027)447,951

294,6089,903

17,058(40,494)

(688,547)

33,452

201,158(237,453)

(36,295)

(880,137)

(22,369)898,491

(4,015)-

-22,23427,127

290,893

(422,150)

(85,911)

342,385(249,814)

92,571

(469,434)

(3,289) 27,485

(445,238)-

1,019,0733,289

205,225(453)

23,145

805,041

109,063(912,326)

(803,263)

3,030,893

(16,631)(3,462,247)

(447,985)-

480,00017,012

920,913-

1,162,609

2,132,549

-(2,134,610)

(2,134,610)

5

5

(2,843)

7,381

4,538

6,660

721

7,381

1,778

126

1,904

(2,061)

2,187

126

66




Excess of income over outgo/ (outgo over income) before taxationAdjustments:Investment incomeUnrealised capital gain, netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of investmentsInvestment income receivedIncrease/(decrease) in other payables(Increase)/decrease in other receivablesDecrease/(increase) in fixed and call deposits with financial institutionsNet cash (used in)/generated from operating activities


Creation of unitsCancellation of unitsNet cash generated from/(used in) financing activities

Net (decrease)/increase in cash and bank balancesCash and bank balances at beginning of year/periodCash and bank balances at end of year/period



Note

5


46,295

(4,699)(52,389)

(10,793)(450,000)

4,43512,807(1,453)

393,925

(51,079)

53,153(13,580)

39,573

1.4.2009 to31.3.2010

RM

1.6.2008 to 31.3.2009

RM

1.4.2009 to31.3.2010

RM

12.5.2008 to31.3.2009

RM

3,357

(7,250)-

(3,893)-6,9524,493

(636)

(532,952)

(526,036)

539,719(1,217)

538,502

958,230

(17,723)(2,020,415)

(1,079,908)-

11,725(2,499,949)4,738,392

954,885

2,125,145

72,053(2,196,812)

(2,124,759)

(105,722)

(62,886)(524,076)

(692,684)(96,390,000)

61,957837,366(30,894)

(1,663,084)

(97,877,339)

99,090,784(1,212,511)

97,878,273

5

5

(11,506)

12,466

960

12,466

-

12,466

386

934

1,320

934

-

934

67




Excess of (outgo over income)/ income over outgo before taxationAdjustments:Investment incomeUnrealised capital loss/(gain), netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of InvestmentsInvestment income receivedIncrease in other payablesIncrease in other receivables(Increase)/decrease in fixed and call deposits with financial institutionsNet cash used in operating activities



Net (decrease)/increase in cash and bank balancesCash and bank balances at beginning of year/periodCash and bank balances at end of year/period



Note

5

5

5

AmA Precious Metals Fund AmA Global Agribusiness Fund

(74,550)

(8,257)69,868

(12,939)(1,200,000)

8,24620,069(50,875)

(173,976)

(1,409,475)

1,775,151(369,112)

1,406,039

(3,436)

4,361

925

1.4.2009 to31.3.2010

RM

1.9.2008 to 31.3.2009

RM

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

3,380

(7,350)-

(3,970) -7,0244,485

(13,687)

(584,024)

(590,172)

599,198(4,665)

594,533

4,361

-

4,361

76,057

(4,281)(82,198)

(10,422)(450,000)

4,28112,605(15,031)

366,668

(91,899)

136,447(47,132)

89,315

(2,584)

2,871

287

3,308

(7,076)-

(3,768)-6,7794,280

(993)

(531,779)

(525,421)

532,666(4,374)

528,292

2,871

-

2,871

68




Excess of outgo over income before taxationAdjustments:Investment incomeUnrealised capital loss, netExcess of outgo over income from operations before changes in operating assets and liabilitiesPurchase of investmentsInvestment income receivedIncrease in other payablesDecrease in other receivablesIncrease in fixed and call deposits with financial institutionsNet cash used in operating activities



Net increase in cash and bank balances representing cash and bank balances at end of period



Note

5

5


(993,820)

(14,624)373,242

(635,202)(85,486,343)

14,6241,435,030

(234)

(835,833)

(85,507,958)

86,860,009(1,351,975)

85,508,034

76

21.5.2009 to31.3.2010

RM

69


NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2010

1. THE MANAGER AND ITS PRINCIPAL ACTIVITY The investment-linked funds of AmLife Insurance Berhad (“the Manager”) comprise the Equity Fund,

Bond Fund, Balanced Fund, Dana Teguh, AmOasis Islamic Equity Fund, AmAsia Link CG Fund, AmGlobal Emerging Markets Opportunities Fund, AmAsia Star CG Fund, AmA Precious Metals Fund, AmA Global Agribusiness Fund and AmAsia Recovery CG Fund (“the Funds”).

The Manager is a public limited liability company incorporated and domiciled in Malaysia and licensed

under the Insurance Act, 1996. Its principal activity is the underwriting of life and investment-linked insurance.

Other than as stated above, there have been no significant changes in the nature of the principal activities of the Manager during the year.

2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of Accounting

The financial statements have been prepared under the historical cost convention, unless otherwise indicated in the accounting policies below, and comply with Financial Reporting Standards in Malaysia, the Insurance Act, 1996 and Guidelines/Circulars issued by Bank Negara Malaysia and where applicable, modified to comply with the principles of Syariah.

The Funds have adopted all FRSs, Issues Committee (“IC”) Interpretation and amendments to FRSs

in Malaysia except for those which have been issued but are not yet effective as described in Note 2.3.

The financial statements are presented in Ringgit Malaysia (RM).

2.2 Summary of Significant Accounting Policies

(a) Revenue Recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably.

(i) Interest income and profit from investments are recognised on an accrual basis. (ii) Dividend income is recognised on a declared basis when the right to receive payment is established. (iii) Proceeds arising from the sale of investments are set off against the weighted average cost of

investments. The resulting gains or losses are taken to the statements of income and expenditure.

70


2. SIGNIFICANT ACCOUNTING POLICIES 2.2 Summary of Significant Accounting Policies

(b) Management Fee

Management fee is charged based on the Fund’s daily net assets value, at the following rates: Equity Fund 1.60% p.a. Bond Fund 1.70% p.a. Balanced Fund 1.60% p.a. Dana Teguh 1.70% p.a. AmOasis Islamic Equity Fund 1.70% p.a. AmAsia Link CG Fund 1.95% p.a. AmGlobal Emerging Markets Opp Fund 1.95% p.a. AmAsia Star CG Fund 1.70% p.a. AmA Precious Metals Fund 1.95% p.a. AmA Global Agribusiness Fund 1.95% p.a. AmAsia Recovery CG Fund 1.70% p.a.

(c) Investments Quoted investments are stated at closing market prices as at the date of the statements of assets and liabilities. Investments in unquoted loan stocks or bonds are valued at market prices quoted Bond Pricing

Agency Malaysia Sdn Bhd.

Investment in structured products are valued at prices quoted by financial institutions.

Investment in Floating Rate Negotiable Instrument of Deposit (“FRNID”) is valued at market price quoted by issuer.

Any increase or decrease in value of these investments is taken to the statements of income

and expenditure.

(d) Income Tax

Income tax on the profit and loss for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable income for the year and is measured using the tax rates that have been enacted at the date of the statement of assets

and liabilities.

Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits that can be utilised.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the statements of assets and liabilities date. Deferred tax is recognised as income or an expense and included in the statements of income and expenditure for the year/period.

71


2. SIGNIFICANT ACCOUNTING POLICIES

2.2 Summary of Significant Accounting Policies (e) Financial Instruments

Financial instruments are recognised in the statements of assets and liabilities when the Funds have become a party to the contractual provisions of the instruments.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangements. Interest, dividends and gains and losses relating to a financial instrument classified as a liability, are reported as expense or income. Financial instruments are offset when the Funds have a legally enforceable right to offset and intend to settle either on a net basis or to realise the asset and settle the liability simultaneously.

Disclosure information for financial assets and liabilities that relate to rights and obligations arising under insurance contracts are excluded from the scope of Financial Reporting Standard 132 - Financial Instruments: Disclosure and Presentation.

(i) Receivables

Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made for doubtful debts based on a review of all outstanding amounts as at the date of the statements of assets and liabilities.

(ii) Payables

Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received.

The accounting policies on recognition and measurement of other financial instruments of the Funds are disclosed in their respective accounting policies.

(f) Cash and Cash Equivalents

For the purpose of the cash flow statements, cash and cash equivalents consist of cash on hand and at banks, excluding fixed and call deposits.

The cash flow statements have been prepared using the indirect method.

72



2.2 Summary of Significant Accounting Policies (g) Foreign Currency Transactions

Transactions in foreign currencies are initially recorded in Ringgit Malaysia at rates of exchange ruling at the dates of the transactions. At each statement of assets and liabilities date, foreign currency monetary items are translated into Ringgit Malaysia at exchange rates ruling at that date. Non-monetary items initially denominated in foreign currencies, which are carried at historical cost are translated using the historical rate as of the date of acquisition and non-monetary items which are carried at fair value are translated using the exchange rates that existed when the values were determined. All exchange rate differences are taken to the statements of income and expenditure.

2.3 Changes in Accounting Policies and Effects Arising from Adoption of New and Revised FRSs, Amendments to FRSs and IC Interpretations

At the date of authorisation of these financial statements, the following new FRSs, amendments to FRSs and IC Interpretations have been issued but are not yet effective for the current financial year and have not been adopted by the Funds:

Effective for financial periods beginning on or after 1 July 2009 FRS 8: Operating Segments Effective for financial periods beginning on or after 1 January 2010

(i) FRS 4: Insurance Contracts (ii) FRS 7: Financial Instruments-Disclosures (iii) FRS 101: Presentation of Financial Statements (revised 2009) (iv) FRS 123: Borrowing Costs (v) FRS 139: Financial Instruments - Recognition and Measurement (vi) Amendments to FRS 1: First-time Adoption of Financial Reporting Standards and FRS 127: Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (vii) Amendments to FRS 2: Share-based Payment - Vesting Conditions and Cancellation (viii) Amendments to FRS 132: Financial Instruments: Presentation (ix) Amendments to FRS 132: Financial Instruments: Presentation (Classification of Rights Issues) (x) Amendments to FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures and IC Interpretation 9: Reassessment of Embedded Derivatives (xi) Amendments to FRSs contained in the document entitled ‘Improvements to FRSs (2009)’ (xii) IC Interpretation 9: Reassessment of Embedded Derivatives (xiii) IC Interpretation 10: Interim Financial Reporting and Impairment (xiv) IC Interpretation 11: FRS 2 – Group and Treasury Share Transactions (xv) IC Interpretation 13: Customer Loyalty Programmes (xvi) IC Interpretation 14: FRS 119 – The Limit on a Defined Benefit Assets, Minimum Funding Requirements and their Interaction (xvii) TR i - 3: Presentation of Financial Statements of Islamic Financial Institutions

73




Effective for financial periods beginning on or after 1 July 2010 (i) FRS 1: First-time Adoption of Financial Reporting Standards (revised 2010) (ii) FRS 3: Business Combinations (revised 2010) (iii) FRS 127: Consolidated and Separate Financial Statements (revised 2010) (iv) Amendments to FRS 2: Share-based Payment (v) Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations (vi) Amendments to FRS 138: Intangible Assets (vii) Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives (viii) IC Interpretation 12: Service Concession Arrangements (ix) IC Interpretation 15: Agreements for the Construction of Real Estate (x) IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation (xi) IC Interpretation 17: Distributions of Non-cash Assets to Owners Effective for financial periods beginning on or after 1 January 2011

(i) Amendments to FRS 1: Limited Exemption from Comparative FRS 7 Disclosures for First-time Adopters (ii) Amendments to FRS 7: Improving Disclosures about Financial Instruments

The impact of applying FRS 4, FRS 7 and FRS 139 on the financial statements upon first adoption as required by paragraph 30(b) of FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the exemptions given in the respective FRSs. Unless otherwise described below, these pronouncements are expected to have no significant impact to the financial statements of the Funds.

(i) FRS 139: Financial Instruments - Recognition and Measurement This standard established the principles for the recognition, derecognition and measurement of a fund’s financial instruments and for hedge accounting. Requirements for presenting and disclosing information about financial instruments are as required under FRS 132: Financial Instruments: Presentation and FRS 7: Financial Instruments: Disclosures.

(ii) FRS 7: Financial Instruments-Disclosures

This standard requires both quantitative and qualitative disclosures in respect of an entity’s exposure to finanacial instruments and related risks. It also requires enchanced disclosures regarding components of its financial position and performance, and possible changes to the way of presenting certain items in the financial statements.

74




(iii) FRS 101: Presentation of Financial Statements (revised 2009)

This standard sets the overall requirements for the presentation of financial statements, guidelines for their structure and the minimum requirements for their content.

This standard separates owner and non-owner changes in equity, whereby the statements of changes in equity will include only details of transactions with owners, and all non-owner changes in equity will be presented as a single line, labelled as total comprehensive income. The standard also introduces a statement of comprehensive income, which presents all items of income and expenses recognized in the income statement, together with all other items of recognized income and expense, either in one single statement, or in two linked statements.

The Manager of the Funds is currently evaluating the format to be adopted. In addition, a statement of financial position is required at the beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the reclassification of items in the financial statements. The adoption of this revised FRS will not have any impact on the financial position and results of the Funds.

75


3. INVESTMENTS

(i) Equity Fund

Corporate securities Shares of corporations quoted in Malaysia: Cost Unrealised capital gain/(loss) Market value

The composition, cost and market value of the investments as at 31 March 2010 are as detailed below:

2010

Market Market No. of Cost Value Value as % Units RM RM of NAV

Shares of corporations quoted in Malaysia:

ConstructionIJM Corporation Bhd 15,862 53,675 71,999 1.56%YTL Corporation Bhd 7,344 52,399 55,080 1.19%

Consumer ProductsPPB Group Berhad 7,400 49,885 133,200 2.89%UMW Holdings Bhd 5,800 25,353 36,830 0.80%

FinanceCIMB Group Holdings Berhad 23,300 219,707 327,598 7.10%Hong Leong Bank Berhad 9,900 62,902 85,536 1.85%EON Capital Berhad 20,000 140,131 140,600 3.05%Public Bank Berhad 20,548 176,692 239,179 5.19%

Industrial ProductsDRB-HICOM Berhad 50,000 59,260 58,000 1.26%Lafarge Malayan Cement Berhad 4,800 22,336 30,480 0.66%Top Glove Corporation Berhad 8,900 58,167 123,710 2.68%Wah Seong Corporation Berhad 31,157 55,996 80,928 1.76%

Infrastructure Project CompanyDigi Communication Bhd 2,900 41,619 65,482 1.42%

PlantationGenting Plantations Berhad 8,700 19,369 60,465 1.31%IOI Corporation Berhad 35,440 168,386 191,022 4.14%Kuala Lumpur Kepong Berhad 11,650 126,061 194,322 4.21%

2009RM

2,629,923719,881

3,349,804

1,002,784(87,492)915,292

2010RM

76


PropertiesEastern & Oriental Berhad 200,000 189,658 195,000 4.23%SP Setia Bhd 23,900 94,348 99,902 2.17%UEM Land Holdings Bhd 50,000 79,803 84,500 1.83%

Trading & ServicesAxiata Group Berhad 36,000 94,978 138,600 3.01%Dialog Group Bhd 65,688 54,833 72,257 1.57%Genting Bhd 41,500 260,531 273,900 5.94%Malaysia Airlines System Bhd 100,000 209,785 215,000 4.66%Maxis Berhad 9,900 49,995 52,866 1.15%MISC Berhad 1,120 7,840 9,072 0.20%Parkson Holdings Bhd 22,018 110,784 129,906 2.82%PLUS Expressways Bhd 16,600 54,276 56,108 1.22%Sapuracrest Petroleum Berhad 38,300 59,360 91,920 1.99%Sime Darby Bhd 53 442 462 0.01%Tanjong Public Limited Company (“PLC”) 2,000 31,352 35,880 0.78%

Total shares of corporationsquoted in Malaysia 2,629,923 3,349,804

(ii) Bond Fund 2010 2009 RM RM

Other investments Unit trust: Cost 3,041,013 2,938,448 Unrealised capital gain 188,195 76,571 Market value 3,229,208 3,015,019


2010


Unit trust:

AmBond 2,949,048 3,041,013 3,229,208 54.82%

2010


3. INVESTMENTS

(i) Equity Fund

2010RM

2009RM

77


3. INVESTMENTS

(iii) Balanced Fund

Corporate/Debt securities Shares of corporations quoted in Malaysia: Cost 2,253,590 948,457 Unrealised capital gain/(loss), net 703,915 (102,366) Market value 2,957,505 846,091

Corporate bonds: Cost - 400,000 Unrealised capital loss, net - (18,040) Market value - 381,960 2,957,505 1,228,051

Other investments Unit trusts: Cost 719,978 696,149 Unrealised capital gain, net 43,400 13,984 Market value 763,378 710,133 Total investments 3,720,883 1,938,184


2010



ConstructionIJM Corporation Bhd 18,480 62,533 83,882 1.44%YTL Corporation Bhd 8,670 62,720 65,025 1.12%

Consumer ProductsPPB Group Bhd 8,600 94,960 154,800 2.66%

FinanceCIMB Group Holdings Bhd 20,300 184,249 285,418 4.91%Hong Leong Bank Bhd 12,700 80,693 109,728 1.89%EON Capital Berhad 20,000 140,131 140,600 2.42%Public Bank Berhad 11,256 94,012 131,020 2.26%Public Bank Berhad- Foreign 7,500 49,080 87,600 1.51%

Industrial ProductsDRB-HICOM Bhd 50,000 59,270 58,000 1.00%Lafarge Malaysian Cement Bhd 5,700 26,524 36,195 0.62%LION Industries Corporation Berhad 2,800 3,389 4,872 0.08%Top Glove Corporation Bhd 8,600 60,107 119,540 2.06%Wah Seong Corporation Bhd 36,400 65,420 94,640 1.63%

Infrastructure Project CompanyDigi Communication Bhd 2,900 49,128 65,482 1.13%

78


3. INVESTMENTS

(iii) Balanced Fund

2010



PlantationGenting Plantations Bhd 7,200 15,882 50,040 0.86%IOI Corporation Bhd 37,638 174,637 202,869 3.49%Kuala Lumpur Kepong Bhd 13,550 147,989 226,014 3.89%

PropertiesEastern & Oriental Berhad 100,000 94,830 97,500 1.68%

Trading & ServicesAxiata Group Berhad 40,100 105,048 154,385 2.66%Dialog Group Bhd 39,841 33,257 43,825 0.75%Genting Berhad 33,500 203,867 221,100 3.81%Maxis Berhad 12,600 63,630 67,284 1.16%MMC Corporation Bhd 33,600 62,022 81,984 1.41%PLUS Expressways Bhd 19,400 63,431 65,572 1.13%Sapuracrest Petroleum Bhd 34,000 52,493 81,600 1.40%Sime Darby Bhd 23,766 187,761 207,002 3.56%Tanjong PLC 1,200 16,527 21,528 0.37%

Total shares of corporations quoted in Malaysia 2,253,590 2,957,505

Unit trusts:

AmBond 697,149 719,978 763,378 13.14%

The effective interest rates at the balance sheet date and the earlier of the contractual re-pricing or maturity dates for corporate bonds of the Balanced Fund are as follows: Effective interest rates 2010 2009 % %

Corporate bonds - 9.00

Interest-bearing contractual re-pricing or maturity dates (whichever is earlier) 1 year 1 year to More than or less 5 years 5 years Total RM RM RM RM

At 31 March 2010Corporate bonds - - - -

At 31 March 2009Corporate bonds - - 381,960 381,960

2010RM

2009RM

79


3. INVESTMENTS

(iv) Dana Teguh

Corporate securitiesShares of corporations quoted in Malaysia:Cost 1,167,160 541,211Unrealised capital gain/(loss) 397,594 (20,956)Market value 1,564,754 520,255

Other investmentsUnit trusts: Cost 186,456 270,304Unrealised capital gain 18,895 17,269Market value 205,351 287,573Total investments 1,770,105 807,828


2010



ConstructionGamuda Bhd 18,500 45,461 53,650 1.93%IJM Corporation Berhad 12,628 39,756 57,320 2.06%Malaysian Resources

Corporation Bhd 23,100 29,803 38,115 1.37%WCT Engineering Bhd 19,966 27,246 54,906 1.97%

Consumer ProductsPBB Group Berhad 3,300 14,108 59,400 2.13%

Industrial ProductsAnn Joo Recources Bhd 12,300 24,648 33,702 1.21%Kossan Rubber Industrial Berhad 5,200 18,505 41,600 1.49%Lafarge Malaysian Cement Bhd 3,500 16,287 22,225 0.80%LION Industries Corporation Bhd 17,900 21,670 31,146 1.12%Top Glove Corporation Berhad 6,200 37,030 86,180 3.09%Wah Seong Corporation Berhad 16,738 26,918 43,519 1.56%

PlantationGenting Plantation Bhd 8,800 37,552 61,160 2.19%IOI Corporation Berhad 20,773 93,714 111,966 4.02%Kuala Lumpur Kepong Bhd 4,100 45,173 68,388 2.45%

2010RM

2009RM

80


3. INVESTMENTS

(iv) Dana Teguh

2010



PropertiesEastern & Oriental Bhd 40,000 37,932 39,000 1.40%IJM Land Berhad 14,400 20,218 33,552 1.20%KLCC Property Holdings Berhad 11,300 31,800 37,855 1.36%SP Setia Berhad 9,000 25,491 37,620 1.35%Sunrise Berhad 16,900 27,993 35,490 1.27%YNH Property Bhd 21,431 30,927 33,432 1.20%

Trading & ServicesKencana Petroleum Bhd 19,838 16,869 30,749 1.10%Maxis Berhad 6,000 30,300 32,040 1.15%MMC Corporation Bhd 14,400 28,889 35,136 1.26%Parkson Holdings Bhd 9,898 40,773 58,398 2.10%PLUS Expressways Bhd 11,200 36,620 37,856 1.36%Sapuracrest Petroleum Bhd 19,500 36,733 46,800 1.68%Sime Darby Bhd 39,443 324,744 343,549 12.33%

Total shares of corporations quoted in Malaysia 1,167,160 1,564,754

Unit trusts:

AmBond 182,388 186,456 205,351 7.37%

(v) AmOasis Islamic Equity Fund

Other investments Unit trusts: Cost 2,487,540 3 ,230,100 Unrealised capital loss ( 706,745) ( 1,302,001) Market value 1,780,795 1,928,099


2010


Unit trusts:

AmOasis Global Islamic Equity Fund 2,049,482 2,487,540 1,780,795 53.40%

2010RM

2009RM

2010RM

2009RM

81


3. INVESTMENTS

(vi) AmAsia Link CG Fund

Other investmentsStructured product: Cost 60,541,263 61,641,263Unrealised capital gain 1,113,800 1,045,804Market value 61,655,063 62,687,067


2010


Structured product

Outperformance MYRStructured Investment 60,541,263 60,541,263 61,655,063 102.00%

(vii) AmGlobal Emerging Markets Opportunities Fund

Other investmentsUnit trusts:Cost 450,000 -Unrealised capital gain 52,389 -Market value 502,389 -


2010


Unit trusts:

AmGlobal Emerging Markets Opportunities Fund 470,050 450,000 502,389 80.69%

2010RM

2009RM

82


3. INVESTMENTS

(viii) AmAsia Star CG Fund

Other investments Structured product: Cost 96,390,000 96,390,000 Unrealised capital gain 2,544,492 524,076 Market value 98,934,492 96,914,076


2010


Structure Product

JP Morgan Structured Product 96,390,000 96,390,000 98,934,492 102.63%

(ix) AmA Precious Metals Fund 2010 RMOther investments

Unit trusts: Cost 1,200,000Unrealised capital loss (69,867)Market value 1,130,133


2010


Unit trusts:

AmA Precious Metals Fund 1,257,659 1,200,000 1,130,133 58.44%

83


3. INVESTMENTS

(x) AmA Global Agribusiness Fund 2010 RMOther investments Structured product: Cost 450,000 Unrealised capital gain 82,198 Market value 532,198


2010


Structured Product:

AmA Global Agribusiness Fund 605,183 450,000 532,198 77.19%

(xi) AmAsia Recovery CG Fund 2010 RMOther investments

Floating Rate Negotiable Instrument of Deposit (“FRNID”)Cost 85,486,343Unrealised capital loss (373,242)Market value 85,113,101


2010


Structured Product

Floating Rate Negotiable Instrument of Deposit (“FRNID”) 85,486,343 85,486,343 85,113,101 100.67%

2010RM

2009RM

2010RM

2009RM

Tax lossesRM

Tax lossesRM

TotalRM

TotalRM

Unrealisedcapital loss

RM


RM

2010RM

2009RM

Unrealised capital gain

84


4. DEFERRED TAX LIABILITIES/(ASSETS)

(i) Equity Fund

At 1 April 2008/2009 (5,014) (5,014)Recognised in the statement of income and expenditure (Note 9) 64,207 -At 31 March 59,193 (5,014)

The net deferred tax liability/(assets) shown in the statement of assets and liabilities have been determined after appropriate offsetting as follows:

Deferred tax assets - (9,799)Deferred tax liability 59,193 4,785 59,193 (5,014)

The components and movements of deferred tax assets and liability during the financial year prior to offsetting are as follows:

Deferred tax asset

2010 At 1 April 2009 (22) (9,777) (9,799)Recognised in the statement of income and expenditure 22 9,777 9,799At 31 March 2010 - - -

2009 At 1 April 2008 (22) (9,777) (9,799)Recognised in the statement of income and expenditure 22 9,777 9,799At 31 March 2010 - - -

Deferred tax liability

At 1 April 2009/2008 4,785 4,785Recognised in the statement of income and expenditure 54,408 -At 31 March 59,193 4,785

2010RM

2009RM


2010RM

2009RM

2010RM

2009RM

2010RM

2009RM

85



(ii) Bond Fund

At 31 March 15,307 1,264

The component and movement of deferred tax liability during the financial year is as follows:

At 1 April 2009/2008 1,264 1,264Recognised in the statement of income and expenditure (Note 9) 14,043 -At 31 March 15,307 1,264

(iii) Balanced Fund

At 1 April 2009/2008 9,005 9,005Recognised in the statement of income and expenditure (Note 9) 51,315 -At 31 March 60,320 9,005

The net deferred tax liabilities shown in the statement of assets and liabilities have been determined after appropriate offsetting as follows:

Deferred tax liabilities 60,320 9,306Deferred tax assets - (301) 60,320 9,005

The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:

Deferred tax liabilities Accretion Unrealised of discounts capital gain Total RM RM RM 2010At 1 April 2009 1,239 8,067 9,306Recognised in the statement of income and expenditure - 51,014 51,014At 31 March 2010 1,239 59,081 60,320

Accretion Unrealised of discounts capital gain Total RM RM RM 2009At 1 April 2008 1,239 8,067 9,306Recognised in the statement of income and expenditure - - -At 31 March 2009 1,239 8,067 9,306

2010RM

2010RM

2009RM

2009RM


RMTotalRM

Tax lossesRM


RMTotalRM

Tax lossesRM

2010RM

2009RM

Tax losses

2010RM

2009RM


86



(iii) Balanced Fund

Deferred tax assets

2010At 1 April 2009 (52) (249) (301)Recognised in the statement of income and expenditure 52 249 301At 31 March 2010 - - -

2009At 1 April 2008 (52) (249) (301)Recognised in the statement of income and expenditure - - -At 31 March 2009 (52) (249) (301)

(iv) Dana Teguh

At 1 April 2009/2008 (7,037) (7,037)Recognised in the statement of income and expenditure (Note 9) 40,982 -At 31 March 33,945 (7,037)

The net deferred tax liability/(asset) shown in the statement of assets and liabilities have been determined after appropriate offsetting as follows:

Deferred tax asset - (10,198)Deferred tax liability 33,945 3,161 33,945 (7,037)

The components and movements of deferred tax asset and liability during the financial year prior to offsetting are as follows:

Deferred tax asset At 1 April 2009/2008 (10,198) (10,198)Recognised in the statement of income and expenditure 10,198 -At 31 March - (10,198)


At 1 April 2009/2008 3,161 3,161Recognised in the statement of income and expenditure 30,784 -At 31 March 33,945 3,161

2010RM

2009RM

2010RM

2009RM

Unrealised capital loss

2010RM

2009RM


87


2010RM

2009RM



At 31 March (56,540) -

The component and movement of deferred tax asset during the financial year prior to offsetting are as follows:

Deferred tax asset

At 1 April 2009/2008 - -Recognised in the statement of income and expenditure (Note 9) (56,540) -At 31 March (56,540) -


At 31 March 89,104 -

The component and movement of deferred tax liability during the financial year prior to offsetting are as follows:


At 1 April 2009/2008 - -Recognised in the statement of income and expenditure (Note 9) 89,104 -At 31 March 89,104 -

2010RM

2009RM

2010RM

2009RM

2010RM

2009RM


2010RM

2009RM


88


2010RM

2009RM



At 31 March 4,191 -

The component and movement of deferred tax liability during the financial year/period are as follows:


At 1 April 2009/1 June 2008 - -Recognised in the statement of income and expenditure (Note 9) 4,191 -At 31 March 4,191 -


At 31 March 203,559 -

The components and movements of deferred tax liability during the financial year/period are as follows:


At 1 April 2009/12 May 2008 - -Recognised in the statement of income and expenditure (Note 9) 203,559 -At 31 March 203,559 -

(ix) AmA Precious Metals Fund

At 31 March (5,589) -

2010RM

2009RM

2010RM

2009RM

Unrealised capital loss

2010RM

2009RM


89




The component and movement of deferred tax asset during the financial year/period are as follows:

Deferred tax asset

At 1 April 2009/1 September 2008 - -Recognised in the statement of income and expenditure (Note 9) (5,589) -At 31 March (5,589) -

(x) AmA Global Agribusiness Fund

At 31 March 6,576 -

The component and movement of deferred liability during the financial year/period are as follows:


At 1 April 2009/1 September 2008 - -Recognised in the statement of income and expenditure (Note 9) 6,576 -At 31 March 6,576 -

2010RM

2009RM

2010RM

2009RM

90



(xi) AmAsia Recovery CG Fund

2010 RM

At 31 March (29,859)

The component and movement of deferred tax asset during the financial period is as follows:

Deferred tax asset

Unrealised capital loss 2010 RM

At 21 May 2009 -Recognised in the statement of income and expenditure (Note 9) (29,859)At 31 March 2010 (29,859)

5. CASH AND DEPOSITS

(i) Equity Fund

Cash at bank 3,564 320Deposits with financial institutions 1,102,048 1,186,000 1,105,612 1,186,320

The deposits placed with licensed financial institutions have a maturity date of less than 12 months and effective interest rate of 1.60% (2009: 2.96%) per annum.

(ii) Bond Fund

Cash at bank 1,407 696Deposits with financial institution 2,734,879 523,000 2,736,286 523,696


2010RM

2009RM

2010RM

2009RM

91


2010RM

2009RM


(iii) Balanced Fund

Cash at bank 4,220 9,677Deposits with financial institution 2,047,090 858,000 2,051,310 867,677


(iv) Dana Teguh

Cash at bank 2,919 379Deposits with financial institution 1,052,948 860,000 1,055,867 860,379



Cash at bank 4,538 7,381Deposits with financial institution 1,483,964 795,417 1,488,502 802,798


2010RM

2009RM

2010RM

2009RM

92


2010RM

2009RM



Cash at bank 1,904 126Deposits with financial institutions 159,415 182,560 161,319 182,686



Cash at bank 960 12,466Deposits with financial institutions 139,027 532,952 139,987 545,418

The deposits placed with licensed financial institutions have a maturity dates of less than 12 months and effective interest rate of 1.95% (2009: 1.39%) per annum.


Cash at bank 1,320 934Deposits with financial institutions 708,199 1,663,084 709,519 1,664,018


2010RM

2009RM

2010RM

93


2010RM

2009RM









Cash at bank 76Deposits with financial institutions 835,833 835,909

The deposits placed with licensed financial institutions have a maturity date of less than 12 months and effective interest rate of 1.70% per annum.

2010No. of units RM

2009No. of units RM

2010No. of units RM

2009No. of units RM

94


6. NET ASSET VALUE PER UNIT

(i) Equity Fund

Amount received for creations during the year 2,134,343 1,398,833 1,281,888 667,679Amount paid for cancellations due to surrenders during the year (150,984) (88,253) (227,199) (137,341) 1,983,359 1,310,580 1,054,689 530,338Unitholders’ account brought forward 4,891,170 2,440,834 3,836,481 2,465,520Excess of income over outgo/ (outgo over income) for the year after taxation - 859,853 - (555,024) 6,874,529 4,611,267 4,891,170 2,440,834Net assets value per unit at 31 March 0.6708 0.4990

(ii) Bond Fund

Amount received for creations during the year 3,497,421 2,046,120 1,064,787 617,576Amount paid for cancellations due to surrenders during the year (167,601) (77,655) (715,188) (397,927) 3,329,820 1,968,465 349,599 219,649Unitholders’ account brought forward 5,542,174 3,503,867 5,192,575 3,169,404Excess of income over outgo for the year after taxation - 418,267 - 114,814 8,871,994 5,890,599 5,542,174 3,503,867Net assets value per unit at 31 March 0.6640 0.6322

2010No. of units RM

2009No. of units RM

2010No. of units RM

2009No. of units RM

95



(iii) Balanced Fund

Amount received for creations during the year 3,017,337 2,801,806 1,227,227 837,446Amount paid for cancellations due to surrenders during the year (142,164) (111,941) (1,059,708) (760,564) 2,875,173 2,689,865 167,519 76,882Unitholders’ account brought forward 5,028,320 2,872,898 4,860,801 3,323,165Excess of income over outgo /(outgo over income) for the year after taxation - 245,926 - (527,149) 7,903,493 5,808,689 5,028,320 2,872,898Net assets value per unit at 31 March 0.7350 0.5713

(iv) Dana Teguh

Amount received for creations during the year 1,076,899 681,255 527,943 290,809Amount paid for cancellations due to surrenders during the year (101,150) (54,749) (187,522) (106,162) 975,749 626,506 340,421 184,647Unitholders’ account brought forward 3,075,460 1,648,173 2,735,039 1,695,076Excess of income over outgo /(outgo over income) for the year after taxation - 511,772 - (231,550) 4,051,209 2,786,451 3,075,460 1,648,173Net assets value per unit at 31 March 0.6878 0.5359

2010No. of units RM

2009No. of units RM

2010No. of units RM

2009No. of units RM

96




Amount received for creations during the year 110,322 201,158 915,173 342,385Amount paid for cancellations due to surrenders during the year (241,874) (237,453) (673,484) (249,814) (131,552) (36,295) 241,689 92,571Unitholders’ account brought forward 8,210,775 2,717,430 7,969,086 3,506,786Excess of income over outgo /(outgo over income) for the year after taxation - 653,879 - (881,927) 8,079,223 3,335,014 8,210,775 2,717,430Net assets value per unit at 31 March 0.4128 0.3310


Amount received for creations during the year 109,051 109,063 - -Amount paid for cancellations due to surrenders during the year (1,901,889) (912,326) (4,288,843) (2,134,610) (1,792,838) (803,263) (4,288,843) (2,134,610)Unitholders’ account brought forward 122,447,594 61,805,487 126,736,437 60,910,534Excess of (outgo over income) /income over outgo for the year after taxation - (554,982) - 3,029,563 120,654,756 60,447,242 122,447,594 61,805,487Net assets value per unit at 31 March 0.5010 0.5048

2010No. of units RM

2009No. of units RM

2010No. of units RM

2009No. of units RM

97




Amount received for creations during the year/period 105,522 53,153 1,083,225 539,719Amount paid for cancellations due to surrenders during the year/period (30,757) (13,580) (2,549) (1,217) 74,765 39,573 1,080,676 538,502Unitholders’ account brought forward 1,080,676 541,279 - -Excess of income over outgo for the year/period after taxation - 41,728 - 2,777 1,155,441 622,580 1,080,676 541,279Net assets value per unit at 31 March 0.5388 0.5009


Amount received for creations during the year/period 85,917 72,053 197,628,233 99,090,784Amount paid for cancellations due to surrenders during the year/period (4,375,249) (2,196,812) (1,975,992) (1,212,511) (4,289,332) (2,124,759) 195,652,241 97,878,273Unitholders’ account brought forward 195,652,241 97,767,520 - -Excess of income over outgo /(outgo over income) for the year/period after taxation - 753,253 - (110,753) 191,362,909 96,396,014 195,652,241 97,767,520Net assets value per unit at 31 March 0.5037 0.4997

2010No. of units RM

2009No. of units RM

2010No. of units RM

2009No. of units RM

98




Amount received for creations during the year/period 3,284,643 1,775,151 1,197,988 599,198Amount paid for cancellations due to surrenders during the year/period (550,234) (369,112) (9,313) (4,665) 2,734,409 1,406,039 1,188,675 594,533Unitholders’ account brought forward 1,188,675 597,325 - -Excess of (outgo over income) /income over outgo for the year/period after taxation - (69,622) - 2,792 3,923,084 1,933,742 1,188,675 597,325Net assets value per unit at 31 March 0.4929 0.5025


Amount received for creations during the year/period 1,056,610 136,447 1,064,121 532,666Amount paid for cancellations due to surrenders during the year/period (894,232) (47,132) (7,745) (4,374) 162,378 89,315 1,056,376 528,292Unitholders’ account brought forward 1,056,376 531,034 - -Excess of income over outgo for the year/period after taxation 69,139 - 2,742 1,218,754 689,488 1,056,376 531,034Net assets value per unit at 31 March 0.5657 0.5027

2009No. of units RM

Equity Fund

2010RM

2009RM

Bond Fund

2010RM

2009RM

Balanced Fund

2010RM

2009RM

Dana Teguh

2010RM

2009RM

AmOasis IslamicEquity Fund

2010RM

2009RM

AmAsia LinkCG Fund

2010RM

2009RM

99




Amount received for creations during the period 173,658,146 86,860,009Amount paid for cancellations due to surrenders during the period (2,661,863) (1,351,975) 170,996,283 85,508,034Unitholders’ account brought forward - -Excess of outgo over income for the period after taxation - (965,131) 170,996,283 84,542,903Net assets value per unit at 31 March 0.4944

7. INTEREST INCOME

Interest income from Deposits with financial institutions 15,776 23,452 28,161 6,803

Interest income from: Deposits with financial institutions 19,229 13,881 11,020 21,578 Corporate bonds 4,142 17,951 - - 23,371 31,832 11,020 21,578

Interest income from: Deposits with financial institutions 9,903 22,369 3,289 16,631

Balanced Fund

2010RM

2009RM

Bond Fund

2010RM

2009RM

Balanced Fund

2010RM

2009RM

Dana Teguh

2010RM

2009RM

AmGlobal Emerging Markets Opportunities Fund

1.4.2009 to31.3.2010

RM

1.6.2008 to31.3.2009

RM

AmAsia StarCG Fund

1.4.2009 to31.3.2010

RM

1.6.2008 to31.3.2009

RM

Am PreciousMetals Fund

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

AmA GlobalAgribusiness Fund

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

100


7. INTEREST INCOME



AmAsia Recovery CG Fund 21.5.2009 to 31.3.2010 RM

Interest income from: Deposits with financial institutions 14,624

8. DIVIDEND INCOME

Gross dividends from: Shares of corporations quoted in Malaysia 76,543 64,172 - - Unit trusts - - 92,972 114,994 76,543 64,172 92,972 114,994

Gross dividends from: Shares of corporations quoted in Malaysia 95,258 80,764 41,111 37,494

Equity Fund

2010RM

2009RM

Bond Fund

2010RM

2009RM

Balanced Fund

2010RM

2009RM

Dana Teguh

2010RM

2009RM

101


9. TAXATION

Income tax: Current year’s provision (2,616) 6,000 1,264 -

Deferred tax: Relation to origination and reversal of temporary differences (Note 4) 64,207 - 14,043 -

Tax expense for the year 61,591 6,000 15,307 -

Income tax: Current year’s provision 11,105 11,100 (6,037) 4,000Deferred tax: Relation to origination and reversal of temporary differences (Note 4) 51,315 - 40,982 - Tax expense for the year 62,420 11,100 34,945 4,000

2010RM

2009RM


2010RM

2009RM

AmAsia LinkCG Fund


1.4.2009 to31.3.2010

RM

1.6.2008 to31.3.2009

RM

AmAsia StarCG Fund

1.4.2009 to31.3.2010

RM

12.5.2008 to31.3.2009

RM

102


9. TAXATION

Income tax: Current year’s provision 792 1,790 (3,555) 1,330

Deferred tax: Relation to origination and reversal of temporary differences (Note 4) (56,540) - 89,104 -

Tax (credit)/expense for the year (55,748) 1,790 85,549 1,330

Income tax: Current year’s provision 376 580 1,418 5,031

Deferred tax: Relation to origination and reversal of temporary differences (Note 4) 4,191 - 203,559 -

Tax expense for the year/period 4,567 580 204,977 5,031

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

AmA PreciousMetals Fund

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM


AmAsia RecoveryCG Fund12.5.2009 to

31.3.2010RM

103


9. TAXATION

Income tax: Current year’s provision 661 588 342 566

Deferred tax: Relation to origination and reversal of temporary differences (Note 4) (5,589) - 6,576 -

Tax (credit)/expense for the year/ period (4,928) 588 6,918 566

Income tax: Current year’s provision 1,170

Deferred tax: Relation to origination and reversal of temporary differences (Note 4) (29,859)

Tax credit for the period (28,689)

The tax charge on the Funds relates to investment income received and gain on disposal of investments during the year/period, at the statutory tax rate of 8% (2009: 8%) in accordance with the method prescribed under the Income Tax Act,1967 for life insurance business.

A reconciliation of income tax expense applicable to the excess of income over outgo/(outgo over income) before taxation at the income tax rate applicable to the Funds, to income tax expense at the effective income tax rate, is as follows:

Equity Fund

2010RM

2009RM

Bond Teguh

2010RM

2009RM


2010RM

2009RM

AmAsia LinkCG Fund

2010RM

2009RM

Balanced Fund

2010RM

2009RM

Dana Teguh

2010RM

2009RM

104


9. TAXATION

Excess of income over outgo /(outgo over income) before taxation 921,444 (549,024) 433,574 114,814

Taxation at Malaysian tax charge of 8% 73,716 (43,922) 34,686 9,185Income not subject to tax (12,125) (1,020) (19,379) (10,238)Expenses not deductible for tax purposes - 50,942 - 1,053 61,591 6,000 15,307 -

Excess of income over outgo /(outgo over income) before taxation 308,346 (516,049) 546,717 (227,550)

Taxation at Malaysian tax charge of 8% 24,668 (41,284) 43,737 (18,204)Income not subject to tax (91,460) (3,256) (78,682) (1,338)Expenses not deductible for tax purposes 129,212 55,640 69,890 23,542 62,420 11,100 34,945 4,000

Excess of income over outgo /(outgo over income) outgo before taxation 598,131 (880,137) 469,434) 3,030,893

Taxation at Malaysian tax charge of 8% 47,851 (70,410) (37,555) 242,471Income not subject to tax (111,932) - (51,812) (276,980)Expenses not deductible for tax purposes 8,333 72,200 174,915 35,839 (55,748) 1,790 85,548 1,330

AmGlobal Emerging Markets Opportunities Fund

1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

AmAsia StarCG Fund

1.4.2009 to31.3.2010

RM

1.5.2008 to31.3.2009

RM


1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM


1.4.2009 to31.3.2010

RM

1.9.2008 to31.3.2009

RM

21.5.2008 to31.3.2009

RM

105


9. TAXATION

Excess of income over outgo/ (outgo over income) before taxation 46,295 3,357 958,230 (105,722)

Taxation at Malaysian tax charge of 8% 3,704 269 76,658 (8,458)Income not subject to tax (5,042) - (283,649) (41,926)Expenses not deductible for tax purposes 5,905 311 411,968 55,415 4,567 580 204,977 5,031

Excess of (outgo over income) /income over outgo before taxation (74,550) 3,380 76,057 3,308

Taxation at Malaysian tax charge of 8% (5,964) 270 6,085 265Expenses not deductible for tax purposes 1,036 318 833 301 (4,928) 588 6,918 566


Excess of outgo over income before taxation (993,820)

Taxation at Malaysian tax charge of 8% (79,506)Expenses not deductible for tax purposes 50,817 (28,689)

2010RM

2009RM

2010RM

2009RM


106


10. SIGNIFICANT RELATED PARTY DISCLOSURE

(a) Related parties The related parties and their relationship with the Manager as of 31 March 2010 are as follows:

Name Relationship AmInvestment Bank Berhad (formerly known as AmMerchant Bank Bhd) Other related company

In the normal course of business, the Manager undertakes various transactions with subsidiaries and associated companies of its ultimate holding company, AMMB Holdings Berhad and other companies deemed related parties by virtue of common director’s shareholdings and a corporate shareholder’s interest in its ultimate holding company. The Directors are of the opinion that the Manager sold insurance policies to the related companies and related parties on terms and conditions no more favourable than those available on similar transactions to its other customers or employees, and other related party transactions were also carried out on terms and conditions no more favourable than those available on similar transactions to its unrelated parties, unless otherwise stated.

(b) Key management personnel In line with the group classification, the key management personnel of the Manager include the Directors

and the Chief Executive Officer.

(c) Related parties transactionsDuring the financial year, the significant related party balances of the Funds with related parties of the Manager were as follows:

Included in receivables:Included in amount owing by other related companies AmInvestment Bank Berhad 171,801 293,236 - 4,300

Balanced Fund

2010RM

2009RM

Dana Teguh

2010RM

2009RM


2010RM

2009RM

AmAsia LinkCG Fund

2010RM

2009RM


2010RM

2009RM

AmAsia StarCG Fund

2010RM

2009RM


2010RM

2009RM


2010RM

2009RM

107


10. SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS

(c) Related parties transactions

Included in receivables:Included in amount owing by other related companies AmInvestment Bank Berhad 57,267 12,040 - 3,921

Included in payables:Included in amount owing to other related companies AmInvestment Bank Berhad 29,911 1,311 749,500 532,697

Included in payables:Included in amount owing to other related companies AmInvestment Bank Berhad 8,906 - 1,654,443 144,207

Included in payables/(receivables):Included in amount owing to/(from) other related companies AmInvestment Bank Berhad 12,680 (13,663) 8,673 (914)

108


10. SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS (c) Related parties transactions

AmAsia Recovery CG Fund 2010 RMIncluded in payables:Included in amount owing to other related companies AmInvestment Bank Berhad 627,683

11. FINANCIAL INSTRUMENTS

The operations of the Funds are subject to four major areas of risk which comprise market, credit, interest rate and liquidity risks. The Fund’s risk management objective is to effectively link and manage risks with rewards in order to maximise the Funds’ value as well as to ensure the Funds are able to sustain their performance.

The Funds are guided by risk management policies and guidelines which set out their overall investment strategies and their general risk management philosophy whose principal objective is to minimise the Fund’s exposure to risks and/or costs associated with the financing, investing and operating activities of the Funds. The Funds have established processes to monitor and control the risks on an ongoing basis.

The responsibility for the formulation, establishment and approval of the Funds investment policy rests with the Board of Directors (“the Board”) of the Manager. The Board formed the Investment Committee (“IC”), which comprises four Directors of the Board. The principal role of the IC is to provide oversight on the implementation of the investment policy as approved by the Board, review the investment policy on a regular basis so that it remains appropriate and consistent with product pricing and asset/liability management strategies, ensure that the risk management functions and internal control systems relating to investments are adequate and oversee asset allocations.

(a) Market risk Market risk arises from investment activities. The investments which are independently marked-to-market on a daily basis are managed by monitoring against their predetermined market risk limits within internally approved policies.

(b) Credit risk Credit risk represents the exposure to the risk that any of the Funds’ business counterparties to investment transactions fail to perform and meet their contractual obligations. The Funds’ investment portfolio managers adopt a very stringent set of quantitative and qualitative criteria in selecting issuers of financial instruments that the Company invests in.

At the date of the statements of assets and liabilities, there were no significant concentrations of credit risk. The maximum exposure to credit risk for the Funds are represented by the carrying amount of each financial asset.

11. FINANCIAL INSTRUMENTS

(c) Interest rate riskThe Funds’ primary interest rate risk relates to interest-bearing assets. The interest-bearing assets are made up of deposits with licensed financial institutions and fixed income securities. The interest rate risks arise from changes in market interest rates.

(d) Liquidity riskPrudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Funds manage this risk by monitoring daily and monthly projected and actual cash inflows and outflows and by ensuring that a reasonable amount of financial assets are kept in liquid instruments at all times.

(e) Fair valuesGenerally, the fair values of the financial assets and liabilities of the Funds approximate their carrying values owing to their short term maturities. Quoted investments are carried at their respective market values in accordance with the policy disclosed in Note 2.2(c).

The fair value of unquoted corporate bonds are derived by reference to prices provided by Bond Pricing Agency Malaysia Sdn. Bhd. Local Unit trusts are measured based on the bid price obtained from licensed financial institutions.

The fair value of structured products and Floating Rate Negotiable Instrument of Deposit (“FRNID”) are valued at market prices quoted by the issuers respectively, whereas the fair value of fixed interest/yield-bearing deposits is the principal itself.

If the fair value cannot be measured reliably, investments are measured at cost, being the fair value of the consideration paid for acquiring the instrument or the amount received on issuing the financial liability. All transaction costs directly attributable to the acquisition are also included in the cost of the investment.

12. COMPARATIVES

The financial statements for AmAsia Recovery CG Fund have been prepared for the period from 21 May 2009 (being the launch date of the Fund) to 31 March 2010. There are no comparatives as this the first set of audited financial statements of the Fund.

The comparative financial statements of the AmGlobal Emerging Markets Opportunities Fund, AmAsia Star CG Fund, AmA Precious Metals Fund and AmA Global Agribusiness Fund have been prepared from their respective launch dates of 31 March 2009. Accordingly, statements of income and expenditure, statements of changes in net asset value, cash flows statements and the related notes thereto are not comparable.

109


110

AmLIFE INSURANCE BERHAD (Diperbadankan Di Malaysia) Dana Berkaitan Pelaburan AkaunBagi tahun berakhir 31 Mac 2010

ISI KANDUNGAN

1. Objektif Dana Berkaitan Pelaburan2. Ulasan Pasaran Pelaburan3. Tinjauan Pelaburan4. Strategi Pelaburan5. Prestasi Dana6. Huraian Sektor Dan Kategori7. Jadual Perbandingan8. Pernyataan Pengurus9. Laporan mengenai penyata kewangan10. Penyata Aset Dan Liabiliti11. Penyata Pendapatan Dan Perbelanjaan12. Penyata Perubahan Di Dalam Nilai Aset Bersih13. Penyata Aliran Tunai14. Nota-nota Kepada Penyata Kewangan - 31 MAC 2010

111112-121122-125126-127128-140141-145146-151

152153

154-159160-165166-171172-177178-218

111


Dana AmAssurance EquityBertujuan untuk memberi para pelabur dengan pertumbuhan jangka panjang, terutamanya melalui pelaburan yang mempunyai potensi pertumbuhan yang lebih baik. Oleh itu, pulangan pendapatan adalah sampingan kepada objektif keseluruhan pertumbuhan modal dan sebahagian besar daripada pendapatan daripada pelaburan yang akan dilaburkan semula.

Pulangan yang akan diperolehi adalah lebih kepada pertumbuhan harga unit berbanding pengagihan pendapatan.

Dana AmAssurance BondBertujuan untuk memberi para pelabur peluang untuk memperolehi pendapatan yang lebih tinggi dari biasa dalam tempoh sederhana hingga jangka panjang dengan melabur di dalam pelbagai pelaburan yang terdiri daripada bon, sijil simpanan, instrument pasaran wang jangka pendek dan lain-lain pelaburan yang dibenarkan.


Dana AmAssurance BalancedBertujuan untuk memberi pelabur pulangan yang lebih tinggi daripada simpanan tetap dalam tempoh sederhana hingga jangka panjang dengan tahap risiko yang lebih rendah berbanding dengan dana ekuiti menyeluruh.


Dana AmAssurance Dana TeguhBertujuan untuk memberi para pelabur pulangan berbentuk peningkatan nilai modal melalui pendedahan di dalam ekuiti yang mematuhi Shariah dan instrument pendapatan tetap.


Dana AmAssurance AmOasis Islamic EquityAmOasis Islamic Equity adalah dana ekuiti pertumbuhan modal Islam yang melabur ke dalam dana ekuiti Islam sedunia. Dana ini bertujuan untuk mencapai peningkatan nilai modal yang sederhana dalam tempoh sederhana hingga jangka panjang dengan melabur di dalam:

1) Dana AmOasis Global Islamic Equity (Unit Amanah yang diuruskan oleh AmMutual).

2) Pendedahan ekuiti ke dalam kaunter yang telah diluluskan oleh shariah yang tersenarai di dalam Bursa Malaysia.


Dana AmAssurance Precious MetalsBertujuan untuk memberi peningkatan nilai modal jangka panjang melalui pelaburan kebanyakannya dalam Dana Sasaran, iaitu Dana Precious Metals yang melabur di dalam portfolio ekuiti global yang mematuhi shariah dan pelaburan di dalam syarikat

berkaitan ekuiti yang terlibat di dalam aktiviti yang berkaitan dengan emas, perak, platinum atau lain-lain logam berharga.


Dana AmAssurance Global AgribusinessBertujuan untuk memberi peningkatan nilai modal jangka panjang melalui pelaburan kebanyakannya di dalam Dana Sasaran, iaitu Dana Global Agribusiness yang melabur di dalam portfolio perniagaan pertanian yang tersenarai. Perniagaan pertanian merujuk kepada pelbagai perniagaan yang terlibat di dalam pengeluaran makanan.


Dana AmAssurance Global Emerging MarketsBertujuan untuk memberi peningkatan nilai modal jangka panjang melalui pelaburan kebanyakannya di dalam Dana Sasaran, iaitu Dana Global Emerging Markets Opportunities & pelaburan di dalam saham yang tersenarai di dalam Bursa Malaysia.


Dana AmAssurance AmAsia Link Capital GuaranteedAmAsia Link Capital Guaranteed Fund ialah dana modal terjamin tertutup bertujuan untuk memberi peningkatan nilai modal dalam tempoh pelaburan 36-bulan, sambil memberi perlindungan modal 100% pada waktu matang.

Dana ini akan melabur di dalam instrumen simpanan boleh niaga kupon-sifar selama 36-bulan bertujuan untuk melindungi modal para pelabur serta pilihan untuk menyertai potensi menandingi Indeks Perusahaan China Hang Seng, Indeks Dollar Asia dan Dana Hartanah Asia.

Dana AmAssurance AmAsia Star Capital GuaranteedDana AmAsia Star Capital Guaranteed ialah dana modal terjamin tertutup yang bertujuan untuk memberi peningkatan nilai modal dalam tempoh pelaburan 36-bulan, sambil memberi perlindungan modal 100% pada waktu matang.

Dana ini adalah pelaburan berstruktur 36-bulan, berpotensi membuat pembayaran tunggal pada waktu matang yang berkaitan dengan prestasi ‘Rotator Basket’, terdiri daripada empat (4) indeks: indeks komoditi dan ekuiti dan dana hartanah.

Dana AmAssurance AmAsia Recovery Capital GuaranteedDana AmAsia Recovery Capital Guaranteed ialah dana modal terjamin tertutup bertujuan untuk memberi peningkatan modal selama tempoh pelaburan 36-bulan, sambil memberi perlindungan modal 100% pada waktu matang.

OBJEKTIF DANA BERKAITAN PELABURAN

112


ULASAN PASARAN PELABURAN

Ulasan Pasaran Equity

FBM KLCI memulakan tempoh di dalam ulasan pada 872.55 mata pada 31 Mac 2009. Sentimen pasaran adalah kukuh, dengan jangkaan bahawa Perdana Menteri yang baru dilantik, Dato Seri Najib Abdul Razak akan memperkenalkan inisiatif baru. Tambahan lagi, sikap optimis yang menganggap bahawa ekonomi telah mencecah paras paling bawah dan di dalam proses pemulihan dan resolusi untuk menyelesaikan kelumpuhan perbankan di AS juga telah menarik perhatian para pelabur untuk memasuki semula pasaran saham.

Walau bagaimanapun, FBM KLCI lega seketika di atas kebimbangan wabak selsema babi. Para pelabur juga cemas kerana pasaran saham global telah melebihi nilai asas pasarannya. Penguncupan KDNK suku tahun pertama 2009 yang lebih besar sebanyak 6.2%-tahun berbanding-tahun serta semakan menurun di dalam Keluaran Dalam Negara Kasar 2009 Malaysia (KDNK) juga menghambarkan sentimen pasaran. Sentimen pasaran yang lemah tersebut, walau bagaimanapun, telah meningkat menjelang akhir bulan April 2009 di atas jangkaan bahawa laporan akhir kewangan suku tahun pertama 2009 yang baru berakhir adalah merupakan yang paling buruk bagi syarikat-syarikat, menandakan perubahan ke arah penambahbaikan dan dengan itu telah menarik minat para pembeli. Para pelabur telah mengumpul saham minyak dan gas serta saham perladangan, berdasarkan harga minyak mentah yang meningkat. Dengan itu, FBM KLCI terus meningkat ke tahap 1,091.17 mata pada 15 Jun 2009, peningkatan 25% yang mengagumkan bagi tahun sehingga kini.

Sentimen kembali hambar semula apabila beberapa ancaman timbul di dalam pasaran kewangan yang menyebabkan para pelabur terus berwaspada. Kebimbangan mengenai kemungkinan peningkatan kadar faedah yang berkemungkinan menyasarkan pemulihan ekonomi AS, seperti yang ditunjukkan oleh peningkatan ketara pulangan bon AS, menyebabkan penjualan mendadak. Namun begitu, pembelian terpilih muncul semula sebelum penutupan pertengahan tahun. Tambahan lagi, Persidangan Invest Malaysia 2010 pada 30 Jun dan 1 Julai 2009 juga membantu menaikkan sentimen pasaran dan menggalakkan pembelian saham setelah dilaporkan beberapa kali di dalam akhbar bahawa Perdana Menteri akan mengumumkan polisi liberalisasi yang seterusnya.

Walau bagaimanapun, aktiviti pengambilan untung muncul berikutan kebimbangan bahawa Kerajaan China akan mengenakan kawalan lebih untuk

mengawal pemberian pinjaman yang tidak produktif yang membawa kepada penurunan yang besar di dalam harga saham di China. Walaubagaimanapun para pelabur tidak mengendahkan berita tersebut. Pasaran saham terus kukuh mengambil petanda dari prestasi Wall Street yang lebih baik berdasarkan kepada prospek ekonomi AS yang bertambah baik seperti yang dipamerkan oleh penguncupan ekonomi AS yang lebih kecil pada suku tahun kedua 2009. Selepas melalui aktiviti pengambilan untung, pasaran meneruskan trend kenaikan. Walaupun pengumuman data perumahan dan barangan tahan lama yang mengecewakan di AS pada lewat September 2009, ditambah dengan pengukuhan matawang Yen Jepun menyebabkan pengambilan untung sementara. Sentimen ditingkatkan oleh sikap optimis terhadap ekonomi global, ditambah dengan anggaran laporan kewangan korporat AS yang lebih baik. FBM KLCI ditutup kepada tahap tertinggi iaitu 1,267.10 pada 23 Oktober 2009 apabila diumumkan Belanjawan Malaysia 2010. Walau bagaimanapun, kekurangan faktor positif membawa kepada penjualan di dalam pasaran. Kelemahan yang berpanjangan di Wall Street kerana kelemahan di dalam pasaran perumahan AS dan keyakinan pengguna mengekalkan sentimen berjaga-jaga para pelabur. Dengan ketiadaan sebarang penanda, prestasi pasaran saham tempatan terus ditentukan oleh prestasi pasaran wilayah. FBM KLCI merosot kepada tahap terendah sebanyak 1,241.76 pada 2 November 2009. Sentimen kembali aktif di pasaran tempatan dengan lantunan kukuh di dalam Wall Street apabila para pelabur gembira dengan angka Keluaran Dalam Negara Kasar (KDNK) suku tahun ketiga 2009 ditambah dengan komitmen oleh Bank Rizab Persekutuan AS untuk mengekalkan kadar faedah bagi tempoh tertangguh. Di pasar tempatan, penyenaraian semula saham Maxis yang bakal berlaku menyebabkan keterujaan para pelabur di pasaran. FBM KLCI menyentuh ketinggian penutup sebanyak 1,279.95 pada 17 November 2009.

Walau bagaimanapun, pasaran mengalami penjualan yang lebih besar apabila berita Dubai-State Corporation tidak berupaya untuk membayar hutangnya. Pengumuman mengejutkan ini membawa gelombang ketidakpastian meriak ke dalam pasaran apabila para pelabur berpendapat yang terburuk pada ketidakstabilan kewangan global ini telah berakhir. Sentimen ini diburukkan lagi oleh kenaikan 1% pada kadar faedah di Vietnam, digandingkan dengan penyusutan nilai sebanyak 5.4% pada nilai Dong-nya berbanding dollar AS. Pasaran tempatan pulih semula

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selepas FBM KLCI mencecah tahap terendah pada 1,259.11 pada 30 November 2009, selepas bank pusat Emiriah Arab Bersatu (UAE) berjanji akan membantu para peminjam. Pemulihan tersebut, walau bagaimanapun, tidak kekal kerana sentimen pasaran telah dipengaruhi oleh jualan di dalam pasaran global dan wilayah di atas kebimbangan mengenai hutang awam Greece yang meningkat secara mendadak dan negara tersebut mungkin muflis. Pasaran Malaysia tunduk kepada aktiviti pengambilan untung yang lebih besar.

Menjelang akhir tahun, pasaran kembali naik. Para pelabur digembirakan oleh beberapa berita korporat di sektor perbankan dan minyak dan gas. Momentum positif tersebut berterusan hingga ke tahun baru, disandarkan oleh prestasi yang baik yang ditunjukkan oleh Wall Street berdasarkan data yang lebih positif yang menyokong keteguhan pemulihan ekonomi global. Pasaran tempatan terus meningkatkan dagangan disokong oleh perolehan korporat yang lebih positif pada musim laporan keputusan. Penyertaan pelabur adalah secara meluas, dari saham ‘blue clip’ terpilih and saham ‘second liners’ termasuk saham yang tidak berubah dan bermodal kecil. FBM KLCI meningkat kepada ketinggian penutup 1,308.36 pada 21 Januari 2010.

Trend menaik tersebut, walau bagaimanapun, tersasar apabila pasaran ditakutkan oleh beberapa berita negatif. Kejatuhan di dalam pasaran saham China apabila had yang dikenakan oleh kerajaan China ke atas pinjaman baru dan keputusannya untuk meningkatkan keperluan rizab bank-banknya menyebabkan penurunan harga saham. Sentimen yang sedia lemah semakin diburukkan oleh cadangan yang dibentangkan oleh Presiden Obama untuk menetapkan had aktiviti pengambilan risiko oleh bank-bank besar. Kemunculan masalah hutang di dalam beberapa negara Eropah yang banyak berhutang juga meletakkan tekanan ke atas sentimen rapuh yang sedia ada. Pasaran saham Malaysia dipengaruhi kejadian-kejadian ini, dengan FBM KLCI jatuh kepada tahap terendah, iaitu paras 1,233.86 pada 9 Februari 2010.

Namun, terdapat sikap optimis yang meningkat tentang kemungkinan pemulihan ekonomi global yang lebih teguh, disokong oleh beberapa data ekonomi menjangkakan kadar pengangguran yang mantap dan indeks keyakinan pengguna dan perbelanjaan pengguna yang lebih teguh. Sentimen pelabur dan pengguna bertambah baik dan pasaran menunjukkan pemulihan. Perolehan korporat yang teguh yang dilaporkan oleh syarikat-syarikat tempatan semasa musim laporan keputusan digandingkan dengan

angka KDNK suku tahun ke-empat 2009 yang lebih teguh juga membantu menyokong momentum pasaran yang positif. Walaupun terdapat aktiviti pengambilan keuntungan yang ringan apabila Bank Rizab Persekutuan AS mengumumkan keputusannya untuk meningkatkan kadar diskaun sebanyak 25 mata asas kepada 0.75%, pasaran secara amnya menunjukkan trend menaik dengan belian meningkat. FBM KLCI mencatat kenaikan dagangan tinggi kepada tahap 1,328.22 pada 10 Mac 2010.

Kebimbangan mengenai kawalan polisi yang ketat di China berikutan pengeluaran angka inflasi negara tersebut bagi bulan Februari yang lebih tinggi dari jangkaan menyebabkan sekali lagi aktiviti penjualan saham. Para pelabur pantas mengambil untung. Seterusnya, pasaran menjadi reda dengan ketiadaan petunjuk domestik yang baru.

Sentimen pasaran beransur pulih berikutan ramalan KDNK Malaysia 2010 yang memberangsangkan sebanyak 4.5%-5.5% yang dikeluarkan oleh Bank Negara pada Laporan Tahunan 2009-nya. Sentimen selanjutnya dirangsang oleh pemulihan di dalam pasaran global apabila berita bahawa Kesatuan Eropah dan Dana Kewangan Antarabangsa (IMF) bersetuju untuk memberi sokongan kewangan kepada Greece. Para pelabur juga membeli saham sebelum pengumuman Model Ekonomi Baru yang akan memacu arah tuju ekonomi Malaysia di dalam tempoh jangka masa sederhana di Persidangan Invest Malaysia 2010 pada 30 dan 31 Mac 2010.

Indeks FBM KLCI berakhir pada 1,320.57 mata pada 31 Mac 2010, setelah mencatat kenaikan mengagumkan sebanyak 51% di dalam tahun kewangan.

(Oleh AmInvestment Management Bhd)

Ulasan Pasaran Bond

Pada bulan Mac 2009, graf hasil MGS tempatan Malaysia mendatar dengan hasil tanda aras 3-tahun dan 5-tahun meningkat kepada 2.84% dan 3.47% dari 2.52% dan 3.21% manakala hasil tanda aras 10-tahun menurun kepada 3.75% dari 4.03%. Graf hasil yang mendatar menampakkan sebaran 10-tahun/3-tahun dan 10-tahun/5-tahun menurun kepada 91bps dan 28bps berbanding 151bps dan 82bps bulan lepas. Penangguhan lelongan sekuriti 20-tahun dan 10-tahun yang pada mulanya dirancang menyebabkan kenaikan yang besar di dalam bon tandaaras tempoh yang lebih panjang. Kejatuhan di dalam

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hasil sepatutnya lebih lagi, jika tidak kerana pernyataan Gabenor BNM yang membawa kepada beberapa pembalikan di dalam kenaikan tersebut. Gabenor BNM membuat kenyataan bahawa BNM akan kini memfokus kepada kemudahan kepada pembiayaan daripada memotong kadar faedah lagi, memetik bahawa kadar faedah pada masa tersebut adalah terendah dalam sejarah. Bulan Mac juga menyaksikan dua penjualan semula iaitu MGS 4/14, dengan bidaan-kepada-penutup sebanyak 1.46 kali dan purata hasil sebanyak 3.74% dan MGS 3-tahun 8/12, dengan bidaan-kepada-penutup sebanyak 1.50 kali dan purata hasil sebanyak 2.85%.

Dagangan utama pasaran bon korporat di dalam bulan yang sama terus didominasi oleh pengeluar bon bertaraf yang lebih tinggi terutamanya di dalam segmen AAA. Bulan Mac juga menyaksikan pengeluaran baru dari industri perbankan seperti RM1.1 billion CP/MTN A1/P1 RHB Cap dan 30 Non-Call 10 AA3 OCBC. Pelabur pasaran di dalam pasaran bon amat memilih pelaburan di dalam meningkatkan pendedahan kredit mereka di dalam persekitaran operasi korporat yang lebih sukar. Di dalam bulan April 2009, graf hasil MGS menjunam dengan hasil tanda aras 3-tahun menurun secara kecil manakala akhiran lebih panjang lengkungan tersebut meningkat apabila pelabur pasaran memberikan reaksi kepada keputusan tiada pemotongan kadar faedah oleh BNM. Hasil MGS didagangkan di dalam julat 10bps di sepanjang bulan apabila pelabur pasaran bercanggah pendapat kepada keputusan OPR BNM. Jumlah dagangan juga meningkat walaupun pada jumlah yang lebih kecil berbanding sebulan yang lalu.

Bagi pasaran bon korporat, berbanding dengan bulan Mac 2009, jumlah dagangan di dalam pasaran bon korporat mengalami momentum dengan hampir semua kelas penarafan yang mencatat peningkatan di dalam jumlah dagangan pada April 2009. Jelas kelihatan, para pelabur membeli beberapa bon di dalam kategori taraf AA bagi mendapatkan hasil. Walau bagaimanapun, seiring dengan pasaran MGS yang lebih lemah, dilihat hasil bon korporat secara amnya didagangkan pada tahap yang lebih tinggi sedikit berbanding penutup bulan lalu pada semua penilaian penarafan.

Pada bulan Mei 2009, pasaran MGS, pada awal bulan tersebut kelihatan dagangan secara besar berpusat pada tempoh yang lebih pendek, dengan kebanyakan aktiviti di dalam bon tanda aras 5-tahun. Minat pembelian pada tandaaras 5-tahun membawa hasil turun 4bps bulan-ke-bulan untuk ditutup pada 3.57%. Pengeluaran bon tanda aras

baru MGS 10.5-tahun dilihat menarik minat pembeli selepas beberapa penjual menolak hasilnya melintasi tahap 4.30%. Secara keseluruhannya, berbanding dengan tahap penutup bulan terdahulu, lengkungan hasil MGS mencuram bagi bulan Mei dengan hasil MGS 10-tahun meningkat sebanyak kira-kira 30 mata asas manakala akhiran pendek dan pertengahan lengkungan tersebut tidak berubah secara relatif.

Di dalam bulan yang sama, bon korporat didagangkan secara aktif, menunjukkan selera risiko yang lebih teguh dari para pelabur. Manakala, kerajaan mengumumkan pembentukan syarikat jaminan kewangannya Danajamin Nasional Berhad, yang akan mempunyai modal permulaan sebanyak RM1 billion. Kedua-dua RAM dan MARC telah memberikan syarikat tersebut taraf AAA, pengeluaran bon yang akan mempunyai sokongan Danajamin juga akan diberikan taraf AAA yang serupa.

Pada bulan Jun 2009, di pasaran MGS, berbanding tahap penutup bulan terdahulu, lengkungan hasil MGS menunjukkan pendataran menurun bagi bulan Jun dengan hasil MGS 3-tahun meningkat sebanyak 14bps.

Pada bulan yang sama, dagangan di dalam pasaran bon korporat terus meningkatkan momentum, menunjukkan selera risiko yang semakin baik dari para pelabur. Terutamanya, jumlah dagangan pada segmen AA mencatatkan jumlah tertinggi sejak permulaan tahun apabila pelabur pasaran terus mencari peningkatan hasil di dalam segmen penarafan yang lebih berisiko berbanding segmen AAA. Pada bulan ini, dapat dilihat cuma beberapa pengeluar menggunakan pasaran untuk aktiviti permodalan, di antara pengeluar-pengeluar ini adalah Premium Commerce Berhad, YTL Corporation Berhad serta Hana Bank.

Bulan Julai menyaksikan MGS 10-tahun RM4 billion dibuka semula berserta lelongan pengeluaran GII baru 5-tahun RM4.5 billion. Bagi pembukaan semula 10-tahun, permintaan adalah lebih rendah dengan nisbah bidaan-kepada-penutup sebanyak 1.67 kali, iaitu lebih rendah dari penutup 1.88 kali di dalam lelongan serupa pada Mei 2009. Meskipun begitu, pembukaan semula tersebut menghasilkan purata hasil yang lebih rendah sebanyak 4.29% berbanding hasil 4.38% di dalam lelongan terdahulu. Bagi pengeluaran GII 5-tahun yang baru, penerimaan dianggap wajar dengan bidaan-kepada-penutup sebanyak 1.81 kali dengan purata hasil 3.91% (ketinggian 3.94% dan kerendahan 3.86%).

Pasaran bon persendirian meneruskan momentum menaiknya dalam bulan Julai. Para pelabur dilihat

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secara beransur-ansur mengubah peruntukan mereka kepada PDS untuk hasil portfolio yang lebih tinggi. Hasil bon persendirian bertambah baik di dalam segmen “AA” dan “AAA”, yang mana hasil menguncup pada julat dari 1.6 hingga 5.2bps bagi kedua-dua segmen penarafan. Dalam bulan tersebut beberapa bon persendirian yang didagangkan secara aktif adalah bon Rantau Abang dan bon Puncak Niaga.

Hasil MGS di semua sektor lengkungan ditutup bercampur-campur bagi bulan Ogos. Berbanding tahap penutup bulan terdahulu, lengkungan hasil MGS menaik mendatar bagi bulan Ogos dengan hasil tanda aras ditutup pada 2.87%, 3.68% dan 4.13% bagi MGS 3, 5 dan 10-tahun berturutan. Trend mendatar menaik adalah disebabkan oleh kekurangan bekalan bon tempoh panjang bagi MGS berikutan semakan pada kalendar lelongan MGS/GII pada bulan Mac 2009. Bulan Ogos menyaksikan bon tanda aras tempoh baru sebanyak RM4 billion, bagi MGS 2-tahun serta lelongan baru MGS 5-tahun berjumlah RM4.5 billion. Bagi MGS 2-tahun, permintaan adalah tidak menarik secara relatif dengan nisbah bidaan-kepada-penutup 1.65 kali, dengan purata hasil 2.71%. Bagi pengeluaran MGS baru 5-tahun, penerimaan dianggap wajar dengan bidaan-kepada-penutup 1.71 kali dengan purata hasil 3.74% (ketinggian 3.75% dan kerendahan 3.72%).

Dalam bulan September 2009, MGS tidak banyak berubah kerana ketiadaan sebarang pemangkin teguh di pasaran. Pedagang tidak aktif. Hasil MGS di semua sektor lengkungan ditutup bercampur-campur bagi bulan September 09 secara keseluruhannya berbanding tahap penutup bulan terdahulu, lengkungan hasil MGS bagi September kekal lebih kurang sama berbanding bulan Ogos 09.

Pasaran bon persendirian meneruskan momentum kenaikan dalam bulan September. Selera risiko dilihat bertambah baik dalam masa 1 hingga 2 bulan yang lalu, ditunjukkan oleh hasil menurun dalam pasaran bon persendirian sambil para pelabur kembali membeli aset. Peningkatan di dalam jumlah dagangan bon persendirian dilihat dengan jumlah dagangan bulanan meningkat kepada RM4.5 billion dalam bulan September dari RM3.6 billion dalam bulan Januari. Pengecilan sebaran kredit menandakan selera risiko yang lebih teguh.

Hasil MGS di semua sektor lengkungan ditutup lebih tinggi di dalam bulan Oktober 09. Berbanding tahap penutup bulan terdahulu, lengkungan hasil MGS mencuram pada bulan Oktober dengan

hasil tanda aras ditutup pada 2.93%, 3.88% dan4.28% bagi MGS 3, 5 dan 10 tahun masing-masing. Trend mencuram adalah disebabkan oleh ketidakpastian yang menyelubungi tempoh pengeluaran MGS/GII 2010. Kalendar lelongan MGS/GII 2010 dijangka diumumkan pada November.

Pada bulan Oktober 2009 aktiviti dagangan di dalam pasaran bon persendirian kembali normal sejak kebelakangan dengan jumlah dagangan bulanan di sekitar RM4.5 billion hingga RM5 billion. Pelabur pasaran berkeyakinan bahawa keadaan paling buruk telah berlalu bagi perolehan korporat memandangkan pengumuman perolehan yang lebih positif setakat ini. Di pasaran pengeluaran, kita terus menyaksikan lebih banyak pengeluar korporat memandangkan pasaran modal hutang yang lebih menggalakkan untuk peningkatan dana. Di antara pengeluar bon yang dikenali yang telah menggunakan pasaran hutang termasuk, Genting Berhad melalui syarikat yang ditubuhkan khas, GB Services Berhad, Pengurusan Air SPV Bhd, dan Sime Darby Berhad.

Pada akhir bulan November 09, hasil MGS ditutup bercampur-campur di semua sektor. Hasil MGS 3-tahun mengakhiri bulan tersebut lebih tinggi sedikit manakala hasil MGS 5 dan 10 tahun mengakhiri bulan tersebut lebih rendah pada 2.96%, 3.73% dan 4.24% berturutan.

Aktiviti dagangan di dalam pasaran bon persendirian telah tertumpu di segmen gred tinggi. Dalam bulan tersebut kita melihat pengeluar bon seperti Prasarana, MISC dan Plus didagangkan di dalam pasaran. Di pasaran pengeluaran baru, kita menyaksikan pengeluaran bon Sime Darby, PASB dan Genting (melalui syarikat yang ditubuhkan khas, GB Services Berhad) ke dalam pasaran.

Pada penghujung bulan Disember 09, hasil MGS ditutup bercampur-campur di semua sektor. Hasil MGS 3-tahun mengakhiri bulan tersebut lebih tinggi manakala hasil MGS 5 dan 10 tahun diakhiri pada 3.24%, 3.79% dan 4.25% berturutan.

Aktiviti dagangan di dalam pasaran bon persendirian bertukar reda dalam bulan Disember apabila kebanyakan pelabur tiada mengambil bahagian disebabkan oleh cuti awam dan cuti akhir tahun. Dagangan tertumpu di sekitar segmen gred tinggi. Pengeluaran pasaran bon baru juga semakin berkurangan dengan hanya beberapa pengeluar mengambil bahagian seperti RHB Bank, Public Bank Berhad dan Tesco Malaysia.

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Pada penghujung bulan Januari 2010, hasil MGS ditutup bercampur-campur di semua sektor. Hasil MGS 3-tahun dan 10-tahun mengakhiri bulan tersebut lebih tinggi manakala hasil 5-tahun mengakhiri bulan tersebut lebih rendah. MGS 3-tahun, 5-tahun dan 10-tahun mengakhiri bulan tersebut pada 3.28%, 3.76% dan 4.28% berturutan. Bulan Januari 2010 juga menyaksikan pengeluaran baru bon GII Islam 3.5-tahun sebanyak RM3.5 billion dan pembukaan semula lelongan MGS 10-tahun sebanyak RM3.5 billion. Pengeluaran baru GII Islam 3.5-tahun menyaksikan nisbah bidaan-kepada-penutup 2.12 kali dengan purata hasil 3.29% (kerendahan 3.27% dan ketinggian 3.30%). Pembukaan semula MGS 10-tahun melihat bidaan-kepada-penutup 2.08 kali dengan purata hasil 4.32% (kerendahan 4.30% dan ketinggian 4.36%). Pada waktu yang sama, terdapat satu penjualan terus persendirian untuk MGS 10-tahun berjumlah RM2 billion, lebih tinggi daripada jangkaan pasaran RM1 billion.

Di pasaran bon persendirian pula, aktiviti dagangan tertumpu kepada aktiviti pembinaan semula portfolio berserta mandat pelaburan baru menyebabkan aktiviti belian lebih dari jualan. Walau bagaimanapun, aktiviti membeli lebih tertumpu kepada segmen gred tinggi AAA dan AA1. Kita dapati bahawa pengeluar bon seperti Rantau Abang, Cagamas, Sime Darby, YTL Power International dan Seafield terus menarik minat para pelabur.

Lengkungan hasil MGS mendatar di dalam bulan Februari 2010 di tengah kebimbangan peningkatan kadar yang akan dilakukan oleh Bank Negara Malaysia. Hasil MGS 3 tahun dan 5 tahun mengakhiri bulan tersebut lebih tinggi manakala hasil 10 tahun mengakhiri bulan tersebut lebih rendah. MGS 3 tahun, 5 tahun dan 10 tahun mengakhiri bulan tersebut pada 3.34%, 3.85% dan 4.26% berturutan. Bulan Februari menyaksikan pengeluaran baru MGS 5.5-tahun sebanyak RM3.5 billion. Pengeluaran baru MGS 5.5-tahun melihat nisbah bidaan-kepada-penutup 2 kali dengan purata hasil 3.84% (kerendahan 3.80% dan ketinggian 3.85%).

Aktiviti dagangan di dalam pasaran bon korporat menurun disebabkan oleh musim perayaan dan hari dagangan yang lebih pendek. Minat belian para pelabur tertumpu di sekitar segmen bertaraf AAA dan AA. Walau bagaimanapun, belian tertumpu kepada segmen gred lebih tinggi bon AAA dan AA1 gred lebih tinggi. Pasaran bon pengeluaran baru reda dengan ketara apabila pengeluar korporat menimbang manfaat kos mengeluarkan modal di dalam pasaran modal yang berbeza.

Pada bulan Mac 2010, lengkungan hasil MGS menurun apabila para pedagang tertumpu kepada tinjauan inflasi sederhana menandakan kelonggaran kewangan oleh BNM walaupun dengan peningkatan kadar faedah sebanyak 25bps pada bulan tersebut. Sepatutnya pendataran menurun berlaku tetapi apa yang kita lihat adalah peningkatan secara menyeluruh.

Secara keseluruhan, lengkungan hasil kebayakannya mendatar meningkat MGS 3-tahun, 5-tahun dan 10-tahun mengakhiri bulan tersebut lebih rendah berbanding bulan terdahulu pada 3.26%, 3.75% dan 4.16% berturutan. Bulan Mac menyaksikan pengeluaran bon baru MGS 7.5-tahun sebanyak RM3.5 billion dan GII 5.5-tahun yang menimbulkan minat pembelian yang wajar. Pengeluaran baru MGS 7.5-tahun melihat nisbah bidaan-kepada-penutup 2.14 kali dengan purata hasil 4.01% (kerendahan 3.99% dan ketinggian 4.02%) manakala pengeluaran baru GII 5.5-tahun melihat nisbah bidaan-kepada-penutup yang sihat sebanyak 1.94 kali dengan purata hasil 3.86% (kerendahan 3.39% dan ketinggian 3.88%).

Dalam bulan yang sama, pasaran bon korporat mencatat dagangan aktif, disokong oleh aliran teguh di segmen AAA dan AA yang terpilih. Minat belian ditingkatkan oleh bon yang bakal dikeluarkan. Sementara itu, para pelabur lebih banyak membeli dari menjual bon korporat, menyebabkan hasil menurun di segmen taraf AAA dan AA.


Ulasan Pasaran Dana Teguh

Syariah FBM memulakan tempoh di dalam ulasan pada 6019.77 mata pada 31 Mac 2009. Sentimen pasaran adalah teguh, di atas jangkaan bahawa Perdana Menteri yang baru dilantik, Dato’ Seri Najib Abdul Razak akan membuat inisiatif baru. Tambahan lagi, opstimisme yang meningkat bahawa ekonomi telah mencecah paras paling bawah dan di dalam proses pemulihan dan resolusi untuk menyelesaikan kelumpuhan perbankan di AS juga telah menarik perhatian para pelabur untuk memasuki semula pasaran saham.

Walau bagaimanapun, KLCI berehat sebentar di atas kebimbangan tentang wabak selsema babi. Para pelabur juga tegang kerana ekuiti global mungkin telah melebihi asasnya. Perkembangan GDP suku tahun pertama 2009 yang lebih besar sebanyak 6.2% tahun berbanding tahun serta semakan menurun di dalam Keluaran Dalam Negara Kasar 2009 Malaysia

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(GDP) juga memudarkan sentiment pasaran. Sentimen pasaran yang lemah tersebut, walau bagaimanapun, telah diangkat menjelang akhir April di atas jangkaan bahawa laporan keputusan suku tahun pertama 2009 yang baru lengkap akan merupakan yang paling buruk bagi syarikat-syarikat, menandakan perubahan ke arah penambahbaikan yang lebih di dalam anggaran perolehan konsensus, dan oleh itu telah menarik minat membeli. Para pelabur mengumpul saham minyak dan gas serta perladangan, di belakang harga minyak mentah yang meningkat. Oleh itu, Indeks FBM Emas Syariah menyatu pada 7,615.83 mata pada 11 Jun 2009.

Berikutnya, sentimen pudar semula apabila beberapa ancaman dilihat di dalam pasaran kewangan yang menyebabkan para pelabur terus berjaga-jaga. Kebimbangan mengenai potensi peningkatan di dalam kadar faedah yang mungkin menyasarkan pemulihan ekonomi AS, seperti yang ditunjukkan oleh peningkatan tajam di dalam hasil bon AS, menyebabkan satu siri penjualan. Namun begitu, pencarian tawar-menawar terpilih timbul semula sebelum penutup pertengahan tahun. Tambahan lagi, Persidangan Invest Malaysia 2010 pada 30 Jun dan 1 Julai 2009 juga membantu menaikkan sentimen pasaran dan menggalakkan pembelian kerana telah dilaporkan berulang kali di dalam akhbar bahawa Perdana Menteri akan mengumumkan polisi liberalisasi yang seterusnya.

Aktiviti pengambilan untung, walau bagaimanapun, kekal mengikut kebimbangan bahawa Kerajaan China akan mengenakan kawalan yang lebih untuk mengawal pemberian pinjaman yang tidak produktif yang membawa kepada penurunan yang besar di dalam harga saham China. Tetapi para pelabur pantas tidak mengambil kira berita tersebut. Pasaran saham terus memperolehi kekuatan mengambil petanda dari prestasi Wall Street yang lebih baik yang diapungkan oleh prospek ekonomi AS yang bertambah baik seperti yang ditunjukkan oleh perkembangan ekonomi AS yang lebih kecil di dalam suku tahun kedua 2009.

Selepas melalui pembetulan yang ringkas, pasaran meneruskan trend kenaikannya. Walaupun pengumuman data perumahan dan barangan tahan lama yang mengecewakan di AS pada lewat September, ditambah dengan yen Jepun yang semakin kukuh menyebabkan beberapa pengambilan untung, ia adalah sementara. Sentimen ditingkatkan oleh optimisme yang timbul mengenai ekonomi global, ditambah dengan anggaran laporan korporat AS menewaskan keputusan. Indeks FBM Emas Syariah Index (FBMS) meningkat kepada ketinggian penutup sebanyak 8,560.50 pada 23 Oktober 2009 yang juga berlaku

serentak dengan pengumuman Belanjawan Malaysia2010. Walau bagaimanapun, kekurangan pemangkin besar membawa kepada penjualan di dalam pasaran. Kelemahan yang berpanjangan di Wall Street di atas kebimbangan mengenai kelemahan di dalam pasaran perumahan AS dan keyakinan pengguna mengekalkan sentimen berjaga-jaga para pelabur. Dengan ketiadaan sebarang tanda-tanda baru tempatan, prestasi pasaran saham tempatan terus ditentukan oleh prestasi pasaran wilayah. FBMS merosot ke bawah, jatuh kepada kerendahan penutup sebanyak 8,392.75 pada 3 November 2009. Sentimen, selepas itu, kembali ke pasaran dengan lantunan kukuh di dalam Wall Street apabila para pelabur menyorak angka Keluaran Dalam Negara Kasar (GDP) suku tahun ketiga 2009 AS yang kukuh, bertambah lagi dengan komitmen oleh Rizab Persekutuan untuk mengekalkan kerendahan kadar faedah bagi tempoh tertangguh. Di tempatan, penyenaraian semula Maxis yang akan berlaku juga menyediakan keterujaan kepada pasaran. FBMS menyentuh ketinggian penutup sebanyak 8,553.43 pada 17 November 2009.

Seterusnya, pasaran tunduk kepada pembetulan yang lebih besar di atas khabar bahawa Dubai-state Corporation tidak berupaya untuk membayar bil-bil faedahnya. Pengumuman mengejutkan ini membawa gelombang ketidakpastian meriak ke dalam pasaran hanya apabila para pelabur menyangkakan yang terburuk ketidakstabilan kewangan global telah berakhir. Sentimen ini diburukkan lagi oleh kenaikan 1% di dalam kadar faedah Vietnam, digandingkan dengan penurunan nilai sebanyak 5.4% untuk Dong-nya berbanding dollar AS. Pasaran tempatan pulih beberapa kedudukan yang hilang, selepas FBMS mencecah kerendahan penutup 8,423.08 pada 30 November 2009, di atas kepastian dari sokongan pusat Emiriah Arab Bersatu (UAE) yang ia akan membantu para peminjam. Pemulihan tersebut, walau bagaimanapun, tidak kekal kerana sentimen pasaran telah dipengaruhi dengan buruk oleh jualan di dalam pasaran global dan wilayah di atas kebimbangan mengenai defisit awam Greece yang meningkat secara mendadak dan bahawa negara tersebut mungkin muflis. Pasaran Malaysia tunduk kepada pengambilan untung yang lebih besar, menolak FBMS kepada kerendahan penutup 8,384.71 pada 9 Disember 2009.

Menjelang penghujung Disember, pasaran mengadakan perhimpunan. Para pelabur digembirakan oleh satu siri pembangunan korporat di sektor perbankan dan minyak dan gas. Momentum positif tersebut berterusan hingga tahun baru, disandarkan oleh prestasi yang baik yang ditunjukkan oleh Wall Street

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di belakang data yang lebih positif yang menyokong keteguhan pemulihan ekonomi global. Pasaran tempatan terus meningkatkan dagangan dengan kapasiti yang meningkat, disokong oleh perolehan korporat yang lebih positif di dalam musim laporan keputusan. Penyertaan pelabur kebanyakannya secara meluas, dari ‘blue clip’ terpilih and ‘second liner’ untuk melibatkan saham yang ketinggalan dan bermodal kecil. FBMS meningkat kepada ketinggian penutup 8,811.82 pada 20 Januari 2010.

Trend kenaikan tersebut, walau bagaimanapun, tersasar apabila pasaran ditakutkan oleh satu siri aliran khabar negatif. Kejatuhan di dalam pasaran saham China di tengah-tengah had yang dikenakan oleh kerajaan China ke atas pinjaman baru dan keputusannya untuk meningkatkan syarat-syarat rizab bank-banknya menyebabkan penurunan harga saham. Sentimen yang sedia lemah semakin diburukkan oleh cadangan dibentangkan oleh Presiden Obama untuk menetapkan had aktiviti pengambilan risiko oleh bank-bank besar. Kemunculan masalah hutang di dalam beberapa negara Eropah yang banyak berhutang juga meletakkan tekanan ke atas sentimen yang sedia rapuh. Pasaran saham Malaysia terus menurun oleh kejadian-kejadian ini, dengan FBMS jatuh kepada kerendahan penutup 8,359.80 pada 8 Februari 2010.

Namun, terdapat optimisme yang meningkat tentang kemungkinan pemulihan ekonomi global yang lebih teguh, disokong oleh satu siri data ekonomi yang lebih teguh dari jangkaan dari AS, terutamanya kadar pengangguran yang mantap dan keyakinan dan angka perbelanjaan pengguna yang lebih teguh. Sentimen pelabur dan pengguna bertambah baik dan pasaran menunjukkan pemulihan. Perolehan korporat yang teguh yang dilaporkan oleh syarikat-syarikat tempatan semasa musim laporan keputusan digandingkan dengan angka KDNK suku tahun ke-empat 2009 yang lebih teguh juga membantu menyokong momentum pasaran yang positif. Walaupun dengan pengambilan keuntungan yang ringan apabila Rizab Persekutuan AS mengumumkan keputusannya untuk meningkatkan kadar diskaun sebanyak 25 mata asas kepada 0.75%, pasaran secara amnya di dalam trend menaik dengan volum yang meningkat. FBMS meningkatkan dagangan kepada ketinggian 8,863.12 pada 10 Mac 2010.

Kebimbangan mengenai penegasan polisi lanjut di China berikutan pengeluaran angka inflasi negara tersebut bagi bulan Februari yang lebih tinggi dari jangkaan menyebabkan satu lagi penurunan jualan. Para pelabur pantas mengunci perolehan. Seterusnya, pasaran memasuki mod penyatuan dengan ketiadaan pimpinan domestik yang baru.

Sentimen pasaran mula pulih selepas itu dijalankan oleh ramalan KDNK Malaysia 2010 sebanyak 4.5%-5.5% yang dikeluarkan oleh Bank Negara di dalam Laporan Tahunan 2009. Sentimen selanjutnya dirangsang oleh pemulihan di dalam pasaran global apabila khabar bahawa Kesatuan Eropah dan Dana Monetari Antarabangsa bersetuju untuk menyediakan sokongan kewangan kepada Greece. Para pelabur juga membeli di atas pengeluaran Model Ekonomi Baru yang akan berlaku yang akan memacu arah tuju ekonomi Malaysia di dalam tempoh sederhana di Persidangan Invest Malaysia 2010 pada 30 Mac dan 31 Mac 2010.

Indeks FBM Emas Syariah Index berakhir pada 8,925.85 mata pada 31 Mac 2010.


Ulasan Pasaran AmOasis Global Islamic (Pendasar)

Sementara ekonomi global pulih, risiko di atas pemulihan kekal tinggi. Defisit belanjawan yang besar di seluruh dunia perlu dihadapi dengan beberapa pendekatan yang lebih ketat perlu dilaksanakan. Tahap hutang berdaulat yang tinggi telah membawa kepada kos hutang yang tinggi dan kos perkhidmatan hutang yang meningkat, meletakkan tekanan ke atas lain-lain bidang perbelanjaan. Penyelamat pertumbuhan ekonomi global pada tahun terdahulu, China dan India, menunjukkan tanda-tanda ekonomi pemanasan lampau dengan inflasi meningkat dengan pantas dan buih aset mula timbul. Portfolio kita berkedudukan wajar bagi pemulihan ekonomi sambil menyediakan sokongan bawahan yang mencukupi jika risiko yang ditekankan di atas berlaku pada masa hadapan.


Ulasan Pasaran Precious Metals (Pendasar)

Logam berharga mempunyai prestasi yang amat kukuh pada 2009. Tahun 2009 menandakan perolehan tahunan berturut-turut ke-9 bagi harga emas di dalam dollar AS. Melihat ke belakang, harga emas mempunyai peningkatan 2.5 kali di dalam tempoh 5 tahun terakhir dan 4 kali di dalam tempoh 9 tahun terakhir. Pemacu utama di dalam prestasi emas 2009 adalah: 1) dollar AS yang lemah, 2) kebimbangan inflasi, 3) defisit fiskal AS yang besar. Lain-lain perkembangan positif yang penting adalah pembelian bank Pusat dan terutamanya, pengurangan sebahagian unjuran sifat emas IMF, permintaan pelaburan yang kukuh

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dan nyahlindung nilai (dari satu daripada pendahulu lindung nilai Barrick) juga menggalakkan kemajuan logam tersebut. Harga perak meningkat pada 2009, naik 48%, tetapi juga jatuh pada Disember, -8.7% dari November. Harga platinum naik 56.8% pada 2009, dan hampir balik kepada tahap akhir 2007-nya.

Di bahagian ekuiti, ekuiti Amerika Utara dan Afrika merekodkan prestasi amat kukuh pada 2009 dan mengakhiri tahun tersebut di atas paras akhir 2007, hanya ekuiti emas Australia masih di bawah tahap 2007-nya walaupun dengan kenaikan 40% pada 2009 (berdasarkan kepada prestasi indeks emas FTMI).

Pelaburan harian terkumpul emas ETF mengalir ke 2009 bersih pada kira-kira USD$16.9 billion. Nilai isi emas di dalam dana adalah kira-kira USD$61.3 billion, satu perolehan sebanyak 84% di dalam tahun tersebut, menunjukkan kenaikan sebanyak 565 tan dan kenaikan harga bersih sebanyak USD$213/auns. Kenaikan bersih di dalam nilai emas di dalam dana melebihi amaun bersih dollar ke dalam instrument pada kira-kira 65%. Cerita tersebut adalah serupa dengan dana perak, yang menarik USD$1.7 billion di dalam tahun tersebut, manakala nilai isi dana naik sebanyak USD$3.6 billion (kepada USD$6.6 billion), maka mengatasi prestasi aliran dana sebanyak lebih dari 111% (Sumber Mineweb).

Bank Pusat Rusia membeli 30 tan emas dari Gokhran (repositori Negeri), bernilai USD$1 billion. Sekali lagi, ia menggariskan trend bahawa bank-bank pusat seluruh dunia membina rizab emas mereka.


Ulasan Pasaran Global Agribusiness (Pendasar)

Pada 2009, kami memfokus secara strategik kepada penggabungan dan pengambilalihan yang mana prestasi boleh didapati bukan sahaja dari premium bagi syarikat yang diambilalih tetapi penarafan semula positif beberapa sub-sektor. Penglibatan yang melampaui batas negara membawa kami kepada fokus penyelidikan mengenai sorotan aset yang strategik dan tidak mudah diganti yang akan melihat penilaian yang lebih tinggi. 2009 juga merupakan tahun pendedahan mitos di sekitar agribusiness yang termasuk: kemerosotan global tidak mempengaruhi permintaan makanan, tindakan pantas oleh ahli politik dan pelabur akan menyelesaikan ketidakseimbangan makanan di dalam setahun, dan yang paling patut diberi perhatian:

impak halangan dagangan tidak patut diberi fokus. Kami telah menguruskan semua isu ini semasa krisis dan mengambil penyelesaian yang betul yang ditunjukkan di dalam prestasi pelaburan. Adalah berguna juga untuk tidak hanya memfokus kepada pelaburan agribusiness bertutup besar global seperti baja. Alfa tambahan telah dicapai melalui pemilihan ketat kami terhadap kejadian, trend, syarikat dan perhubungan industri di dalam setiap (bagi beberapa pelabur dianggap secara pra-matang sebagai terlalu jauh) sudut secara global yang menguruskan makanan.


Ulasan Pasaran Global Emerging Markets Opportunities (Pendasar)

Indeks Pasaran Memuncul MSCI memberi pulangan yang amat kukuh di dalam tempoh dan mengatasi indeks Dunia MSCI. Pasaran mendapat manfaat bagi kebanyakan tempoh dari keyakinan yang meningkat mengenai prospek pemulihan ekonomi dan selera risiko pelabur yang meningkat. Berikutan prestasi kukuh ini, keadaan pasaran menjadi bertambah naik turun di dalam bahagian kedua tempoh tersebut. Pada lewat November, ketidakpastian pelabur tercetus oleh pengumuman kerajaan Dubai mengenai penstrukturan semula hutang di syarikat pemegang Dubai World ditimbang di atas pasaran, walaupun kebimbangan mengenai kemungkinan penularan dengan pantas berkurangan (terutamanya dengan pengumuman USD$10 billion di dalam sokongan kewangan dari kerajaan Abu Dhabi). Pada bulan-bulan pembukaan 2010, kebimbangan mengenai masalah fiskal di Greece dan di beberapa negara zon euro yang lain ditimbang di atas sentimen, seperti juga kebimbangan mengenai pengetatan polisi di China dan tempat-tempat lain di Asia. Sentimen pelabur pulih semula menghampiri akhir tempoh, pada latar belakang data ekonomi yang secara amnya lebih baik manakala tanda-tanda dari Rizab Persekutuan AS yang ia bersedia mengekalkan kadar faedah pada tahap rendah semasa untuk masa yang agak lama juga mempunyai impak yang memanfaatkan. Positif yang selanjutnya adalah persetujuan rancangan sokongan bagi Greece melibatkan negara-negara ahli zon euro dan IMF.


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Ulasan Pasaran AmAsia Link (Pendasar)

Dana Hartanah Asia Morgan Stanleyn Ukuran kemampuan tradisional seperti harga/

pendapatan atau beban gadai janji bulanan perumahan Asia mungkin kelihatan sama ada membimbangkan atau terlalu bergantung kepada kadar faedah rendah untuk kekal selesa.

n Harga saham hartanah China telah terumbang-ambing di dalam julat 17%, mengambil kira setiap pusingan ukuran polisi. Saham hartanah China kini menguji semula kerendahan Februari 2010-nya.

Indeks Dollar Asia JPMn Kenaikan EM FX akan ditanggung di sepanjang

akhir 2010 apabila bank-bank pusat mengetat.n Pertumbuhan kukuh dan kenaikan tekanan inflasi

mendorong bank-bank pusat EM mengetat. JPM menjangka kenaikan kadar di China, India, Malaysia, Filipina, dan Thailand sebelum Jun.

Indeks Perusahaan China Hang Sengn Pasaran ekuiti Hong Kong meningkat pada

April dengan HSCEI meningkat 3.6% sejak gulungan terakhir.

n Walaupun April-Mei adalah musim dividen bagi syarikat-syarikat China, risiko dividen bagi Indeks HSCEI adalah sederhana bagi gulungan ini kerana kebanyakan dividen disahkan oleh syarikat-syarikat tersebut.

(Oleh JP Morgan)

Ulasan Pasaran AmAsia Star (Pendasar)

Indeks Kewangan Asia DAX Globaln EM Asia telah terbukti teguh kepada satu siri kejutan

luaran dan spesifik kepada negara. Sama ada krisis permodalan di Greece mahupun kebimbangan baru mengenai kenaikan hasil Perbendaharaan AS telah secara material mempengaruhi prestasi pasaran atau tinjauan aset-aset EM.

Dana Hartanah Asia Morgan Stanleyn Ukuran kemampuan tradisional seperti harga/

pendapatan atau beban gadai janji bulanan perumahan Asia mungkin kelihatan sama ada membimbangkan atau terlalu bergantung kepada kadar faedah rendah untuk kekal selesa.

n Harga saham hartanah China telah terumbang-ambing di dalam julat 17% mengambil kira setiap pusingan ukuran polisi. Saham hartanah China kini menguji semula kerendahan Februari 2010-nya.

Indeks Logam Perindustrian S&P GSCIn Walaupun jangkaan berterusan mengenai

pertumbuhan ekonomi global yang semakin baik, permintaan logam industri yang meningkat, dan perolehan April sebanyak 1.58% di dalam S&P 500, Indeks Logam Perindustrian S&P GSCI menurun 2.78% di atas bulan tersebut untuk membawa kenaikan tahun ke hari ini balik ke 1.59%.

n Sedikit membimbangkan bagi cerita ekonomi global adalah bahawa penurunan logam perindustrian April dimulai dengan kejatuhan 4.79% di dalam Indeks Kuprum S&P GSCI. Kelemahan di dalam kuprum, yang paling besar dari semua logam perindustrian menandakan sedikit kebimbangan pada April berikutan 8.13% muncul lebih tinggi pada Mac.

Indeks Logam Berharga S&P GSCIn Indeks Emas S&P GSCI pulih 5.95% pada April

bagi kenaikan tahun hingga hari ini sebanyak 7.50%, manakala Indeks Perak S&P GSCI mengakhiri bulan tersebut dengan perolehan tahun hingga hari ini sebanyak 10.34%.

n Simpanan terbesar di dunia yang bukan kewangan, tidak mengeluarkan pendapatan, aset bernilai, emas, dijangka berprestasi baik apabila saingan utamanya, kadar faedah asas, adalah yang terendah di dalam sejarah.

n Walau bagaimanapun, apabila matawang rizab dunia, Dollar AS, menaik, emas secara amnya menyusut. Kebimbangan mengenai potensi kegagalan hutang negara Eropah telah menyumbang kepada pelarian kepada bidaan berkualiti logam berharga.

(Oleh JP Morgan)

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Ulasan Pasaran AmAsia Recovery (Pendasar)

Saham pasaran memuncul meningkat kepada yang tertinggi di dalam lebih dari 16 bulan pada 2009, menuju ke perolehan tahunan terbesar mereka, selepas China berjanji untuk mengekalkan program stimulus yang telah membantu mengukuhkan ekonomi global. Indeks Komposit Shanghai China melengkapkan perolehan tahunan terbesarnya di dalam dua tahun, dipacu oleh pakej stimulus dan pinjaman rekod. Indeks Sensitif Pertukaran Saham Bombay meningkat 81% pada 2009. Pertumbuhan di India mendapat manfaat dari kadar faedah rendah rekod, pemotongan cukai dan perbelanjaan kerajaan yang lebih tinggi yang didedahkan oleh pembuat polisi sejak September 2008 untuk melindungi ekonomi dari kejatuhan global. Stimulus gabungan bernilai lebih daripada 12% daripada KDNK.

Indeks Komposit Shanghai jatuh 5.1% dari Januari hingga Mac, menghadkan kejatuhan suku tahunan terburuk sejak memasuki pasaran bear pada Ogos tahun lalu, di atas kebimbangan inflasi lebih pantas akan menghalang pertumbuhan perolehan korporat. Kadar inflasi China meningkat kepada kelajuan 2.7% pada Februari 2010, yang terpantas di dalam 16 bulan, selepas harga makanan meningkat dan produksi perindustrian pulih semula. Pinjaman baru China jatuh pada Februari 2010 dari sebulan sebelum selepas perkembangan rekod yang luar biasa sebanyak RMB9.59 trillion (USD$1.4 trillion) pada 2009.

Indeks Sensitif Pertukaran Saham Bombay sedikit berubah dari Januari hingga Mac, naik 0.26% sejak Januari. Bank Rizab India meningkatkan kadar pembelian semula rizab tanda arasnya kepada 3.5% dari kerendahan rekod 3.25% pada 19 Mac dan kadar pembelian semula kepada 5% dari 4.75%, mengatakan mengawal inflasi telah menjadi amat penting. Tindakan tersebut berlaku sebulan sebelum mesyuarat polisi monetari berjadualnya. Pembuat polisi di Australia dan Malaysia juga telah meningkatkan kos pinjaman.


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TINJAUAN PELABURAN

Tinjauan Pasaran Equity

Bagi tahun 2010, kami boleh meringkaskan ramalan kami di dalam 4 pernyataan:

1) Pertumbuhan akan positif, kukuh di Asia ex-Jepun tetapi sub-par di dalam ekonomi membangun.

2) Inflasi akan sederhana. 3) Naik turun akan meningkat di dalam setengah

tahun kedua 2010. 4) Polisi keluar kerajaan akan dikawal dan sederhana.

Bagi ekuiti, ini akan melibatkan keadaan sementara yang baik sebelum kebimbangan inflasi berlaku menuju bahagian terkemudian 2010. Pembetulan pasaran berjangka pendek setakat ini disebabkan oleh semakan perolehan yang baik dan kecairan yang banyak. Pembetulan yang lebih besar mungkin akan memberikan kami dengan lebih keselesaan. Walaupun pembetulan masa adalah rumit, kami percaya bahawa risiko kelemahan jangka pendek tidak cukup besar untuk memberi sebab untuk mengurangkan ekuiti pada waktu ini. Kami melihat 2010 sebagai cerita dua pertengahan, pasaran meningkat secara sederhana di dalam setengah pertama 2010 diikuti oleh ketidakpastian campur naik turun dengan ‘price’ penjejakan semula di dalam setengah kedua 2010 membentangkan peluang membeli.

Penyelidikan menunjukkan bahawa pusingan ekonomi selalunya berakhir lapan hingga sepuluh tahun dan walaupun dengan angin haluan dari keperluan untuk merehatkan polisi monetari yang terlalu longgar, kes asas kami adalah corak perniagaan tipikal walaupun pusingan ini mungkin lebih pendek dari purata sejarah (diterangkan di dalam Risiko).

Aktiviti ekonomi sedang pulih tetapi tidak aktif. Adalah bernilai menyatakan semula bahawa pasaran ‘bull’ telah berubah dari dipacu oleh kecairan kepada perolehan. Penilaian semasa tidak menyediakan kusyen jika data makro menghampakan. Walau bagaimanapun, andaian kes asas kami adalah bagi pemulihan perlahan penguatan sendiri.

RisikoRisiko jangka pendek termasuk pasaran pekerjaan yang lemah di AS, EU dan Jepun dan maka kebimbangan kami mengenai keberlanjutan pemulihan apabila usaha stimulus polisi berakhir. Bolehkah pemulihan berlanjutan sendiri berlaku? Tanpa pasaran kredit yang berfungsi sewajarnya dan pemulihan pekerjaan, dunia maju akan menghadapi tinjauan sub-par dan naik turun yang akan mempengaruhi prestasi ekuiti secara global.

Di dalam jangka lebih panjang, krisis seterusnya akan merupakan krisis keyakinan di dalam kerajaan dan kemampuan mereka untuk menanggung hutang yang meningkat bagi sokongan fiskal apabila berlaku satu lagi krisis. Polisi fiskal bagi AS, Euro, Jepun dan UK menghampiri had keberlanjutan mereka dengan hutang awam yang meningkat. Pinjaman pengguna adalah pada tahap tinggi yang merbahaya dan mereka mungkin tidak lagi mahu meminjam untuk menjamin pertumbuhan masa hadapan. Akibatnya, kami telah menyaksikan pinjaman kerajaan yang luar biasa dan defisit belanjawan untuk mendapatkan pembatalan perbelanjaan yang ditinggalkan oleh sektor persendirian.

Ketidakseimbangan dan lebihan yang tidak sihat ini meletakkan ekonomi G3 di dalam keadaan yang tidak stabil jika mereka tidak melaksanakan beberapa disiplin kewangan di dalam tahun-tahun yang akan datang. Apabila had-had pinjaman telah habis, pasaran kewangan akan bertindak sebagai jurudisiplin apabila mereka menganggap bahawa hutang kerajaan adalah di luar kawalan. Oleh itu kemungkinan adalah bahawa pusingan perniagaan ini mungkin lebih pendek daripada purata sejarah. Ini kebanyakannya pada masa hadapan dan mungkin tidak berlaku tetapi segalanya bergantung kepada kebijaksanaan ketua-ketua G3.


Tinjauan Pasaran Bond

Bagi pasaran MGS, perkembangan yang mempunyai pengaruh ke atas dinamik bekalan permintaan pasaran MGS adalah pengumuman pada 12 Mac mengenai kemungkinan Malaysia menggunakan pasaran modal antarabangsa di dalam bentuk sama ada konvensional atau sukuk. Sekali lagi di sini menggunakan pasaran modal asing menandakan pengeluaran domestik yang berkurangan dan merendahkan risiko naik turun di dalam hasil. Pada latar belakang ini, kami ingin menekankan bahawa jangkaan perataan ‘bearis’ lengkungan hasil MGS – yang mana hasil di atas tempoh yang lebih pendek meningkat lebih pantas berbanding tempoh yang lebih panjang – tipikal di dalam sebarang pusingan menaik kadar faedah – menyerah kepada perataan bulis, pada waktu kami menulis. Di sini kadar jangka panjang dilihat menurun lebih pantas daripada kadar jangka pendek membawa kepada perataan lengkungan dan lengkungan hasil tanda aras berkerak menurun secara besar, diperhatikan sejak 1 April 2010. Pada aliran, permintaan daripada pemain luar sisir dilihat di sepanjang tempoh dengan fokus ke

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atas sektor 5 tahun di dalam kedua-dua MGS dan GII ditarik oleh teknikal ‘bulish’ bagi USD-MYR. Sentimen ‘bulish’ ke atas MYR dijangka memberi menfaat kepada akhiran sederhana hingga panjang lengkungan di dalam minggu-minggu yang akan dating apabila aliran masuk asing selanjutnya memberikan sokongan yang kukuh kepada MGS. Selanjutnya, kami terus menyokong pelaburan di dalam MGS tempoh 5-tahun, kerana ia menawarkan nilai terbaik berbanding lain-lain bahagian lengkungan hasil MGS.

Bagi pasaran kedua PDS, kami mengekalkan pendirian kami bahawa aktiviti dagangan dijangka dinormalkan pada tahap semasa. Selanjutnya, kami menjangka pemain pasaran bertindak dengan berhati-hati di dalam lengkungan kredit bagi pengambilan hasil di tengah-tengah penambahbaikan perolehan korporat yang boleh dilihat. Pada bahagian pengeluaran utama, semakin banyak pengeluar akan pulang ke pasaran apabila selera risiko pelabur bertambah baik di tengah-tengah persekitaran pasaran hutang yang semakin baik. Pasaran utama dijangka mekar dengan kertas berkualiti baik, terutamanya pengeluaran dari syarikat berkaitan kerajaan serta syarikat yang menggunakan kemudahan jaminan Institusi Jaminan Kewangan (FGI). (Oleh AmInvestment Management Bhd)

Tinjauan Pasaran AmOasis Global Islamic (Pendasar)

Pasaran ekuiti global kekal positif semasa suku tahun pertama tahun ini, di belakang perolehan mantap yang dilaporkan oleh korporat bagi suku tahun terakhir 2009. Banyak syarikat melaporkan lebih baik dari jangkaan perolehan dengan pertumbuhan perolehan dilihat pada kali pertama di dalam banyak suku tahun disebabkan oleh tahun yang lebih “lembut” tahun berbanding tahun, impak usaha pemotongan kos semasa tahun lalu serta beberapa pemulihan di dalam permintaan global. Prestasi pasaran maju tahun hingga hari ini telah bercampur dengan prestasi yang mengatasi AS. Kebimbangan di sekitar krisis hutang di Greece dicampur dengan kelemahan Euro (turun -6% tahun hingga hari ini), menyebabkan prestasi rendah di dalam zon Euro semasa suku tahun ini. Pasaran memuncul besar seperti China dan India melihat beberapa momentum hilang disebabkan oleh penilaian melampau dan kebimbangan di sekitar inflasi di negara-negara ini. Syarat-syarat rizab yang meningkat di China bagi bank-bank dan kenaikan tidak dijangka di dalam kadar faedah di India, menekankan potensi risiko kurang baik yang menghadapi pasaran-pasaran ini di dalam tahun yang akan datang, yang telah disokong oleh polisi monetari yang lemah dan aliran

masuk asing semasa 2009. Kami terus mengekalkan pendedahan ringan kepada pasaran memuncul sementara menambah pendedahan kami kepada pasaran membangun yang diletakkan harga yang lebih menarik seperti AS, di dalam portfolio global kami.


Tinjauan Pasaran Precious Metals (Pendasar)

Pasaran mendapat manfaat lebih banyak dari kelemahan di dalam semua matawang besar (terutamanya Eurogold sedang pulih dengan rumitnya). Juga, bank-bank pusat menjadi lebih terlibat di dalam meningkatkan saham emas mereka di dalam keseluruhan campuran aset mereka yang menyokong sentimen. Jangka pendek, kita mungkin melihat penambahbaikan selanjutnya di dalam harga emas, terutamanya dengan kesan bermusim yang biasanya berakhir sehingga Tahun Baru. Namun, kami rindukan pengaruh biasa di dalam saham menuju harga emas yang meningkat. Peningkatan berterusan di dalam spekulasi boleh menyediakan sistem pembetulan akhirnya.

Seperti yang dilihat sebelum ini, pemacu utama bagi jongkong emas yang terdapat pada 2009 (nyahlindung nilai yang berat, pembelian bank pusat, dan pertumbuhan di dalam ETF emas) tiada secara ketara pada awal 2010. Nyahlindung nilai tidak dijangka akan mempunyai impak besar ke atas pasaran emas selanjutnya kerana kebanyakan pengeluar emas kini tidak dilindung nilai. Walau bagaimanapun, permulaan musim perkahwinan India yang akan datang (Mac hingga Mei) telah menyediakan peningkatan bagi pembelian barang kemas, memegang emas di atas paras US$1100. Pembelian bermusim ini boleh membawa kepada jongkong emas meningkat hingga pertengahan Mei. Selepas musim perkahwinan tersebut, kelemahan mungkin memperbaharuinya sendiri pada musim panas, kerana tempoh ini selalunya ditandakan dengan permintaan jongkong emas yang lemah.


Tinjauan Pasaran Global Agribusiness (Pendasar)

Sedang kami terus melihat lengkungan hasil yang semakin mencuram, pemulihan di dalam dollar dan prestasi kurang baik ekuiti kewangan sebagai penanda utama bahawa peserta pasaran mula mendiskaun normalisasi polisi Persekutuan, adalah terlalu awal

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bagi idea ini untuk mengawal prestasi pasaran saham. Melihat kembali pada 2009, satu daripada pemangkin bagi darjah tinggi kaitan di antara pasaran adalah campur tangan bank pusat dunia diketuai oleh polisi pelonggaran kuantitatif Persekutuan. Kerana kecairan dikeluarkan pada kelajuan yang pelbagai oleh bank pusat yang berbeza – menyebabkan kaitan terus gagal di antara kelas aset - tahun 2010 boleh menjadi tahun pertama sejak 2007 yang analisa ekuiti bawah ke atas boleh terbukti lebih menguntungkan daripada peruntukan aset makro. Ini akan meninggalkan asas ekuiti individu untuk memainkan peranan yang lebih besar di dalam penentuan harga.

Bagi 2010, kami menjangka akan melihat lebih kecanggihan dari pelabur di dalam agrikultur. Sebelum ini, kebanyakan sentimen telah dipacu oleh harga baja, perlindungan pertanian dan kebanyakannya tekaan tanpa pendidikan ke atas permintaan dan trend pengguna. Kepercayaan kami dan asas falsafah pelaburan kami yang melabur di sepanjang rangkaian nilai, berkemungkinan menjadi lebih jelas kepada pelabur lain yang malangnya tidak mempunyai pengalaman pelaburan yang telah berkembang sejak kami memulakan dana ini. Merit di dalam pelaburan agribusiness telah bertambah baik di dalam tahun-tahun yang lepas. Pendedahan syarikat, kecairan dan pengurusan kualiti pada masa ini sedang mengejar segmen pelaburan dengan penyelidikan yang lebih baik. Kami menganggap diri kami sebagai pengakap agribusiness, sentiasa mencari peluang pelaburan yang betul pada masa yang betul. Trend yang kami jangka akan dilihat pada 2010 termasuk:

• Penerusanhargapertanianlembutyangsederhanadengan pelabur memfokus kepada jenis pertanian yang lebih besar berbanding jagung, soya dan gandum sahaja.

• Aktiviti penggabungan dan pengambilalihanyang lebih tinggi di dalam dunia pelaburan kami, mungkin berubah dari cara kombinasi mendatar kepada integrasi yang lebih menegak.

• Realisasi dan pelaksanaan perubahan cuacadi dalam penilaian harga saham agribusiness, terutamanya berdasarkan kepada wilayah.

• Fokus kepada pelaksanaan teknologi baru didalam biji benih dan baja (pengeluaran optimum dan penambahbaikan ketepatan pengagihan).

• Fokus ke atas perubahan trend penggunadigabungkan dengan ketelusan pasaran yang lebih baik bagi keputusan pembelian pengguna di dalam hal harga dan kualiti.

• Kualitidankeselamatanmakanan.• Impak trend bahaya asli di atas pengeluaran agrikultur• Fokus pelaburan ke atas aset agrikultur strategik

bagi dana berdaulat.


Tinjauan Pasaran Global Emerging Markets Opportunities (Pendasar)

Kami telah agak berhati-hati di atas tinjauan jangka pendek bagi pasaran memuncul sejak Januari, dan kami terus memegang pandangan ini. Ini kerana data AS menuding kepada pertumbuhan yang lebih kukuh dari jangkaan di dalam jangka pendek dan oleh itu dollar AS mengukuh yang, bersama dengan pengetatan sederhana polisi monetary yang di dalam proses di dalam beberapa ekonomi memuncul dan ketidakpastian berterusan mengenai kesulitan fiskal di dalam zon euro, mencipta potensi bagi naik turun pasaran jangka pendek yang berterusan. Walau bagaimanapun, sedang kami kekal agak berhati-hati di dalam jangka pendek, kami terus positif di atas tinjauan jangka sederhana hingga panjang bagi pasaran memuncul, dengan asas ekonomi mereka yang lebih baik dan prospek pertumbuhan yang lebih kukuh berbanding dunia maju.


Tinjauan Pasaran AmAsia Link (Pendasar)

Dana Hartanah Asia Morgan Stanley Kelas Aset: Hartanahn JPM positif ke atas tinjauan jangka sederhana

bagi sektor ini di belakang asas pendasar yang kukuh, dan akan mencari tanda-tanda kawalan di dalam pendirian pembuat polisi mengenai sektor perumahan di dalam wilayah ini. Di Asia, saham hartanah pilihan adalah pembangun Hong Kong, Filipina dan Indonesia.

Indeks Dollar Asia JPM Kelas Aset: Matawangn JPM menyimpan teras panjang kedudukan

Asia FX dan menjangka penilaian semula CNY bermula pada 2Q10. Dengan kuasa asas seperti lebihan akaun semasa dan modal yang besar dan pertumbuhan produktiviti yang lebih tinggi daripada AS masih berlaku, JPM percaya China akan membenarkan CNY berubah tidak lama lagi.

n JPM menjangka CNY akan meneruskan perjalanan peningkatan berperingkat pada Mei dan akan mencapai USD/CNY 6.5 sebelum akhir tahun dan IDR akan menolak di bawah 9000 sebelum 2Q-2010

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Indeks Perusahaan China Hang Seng Kelas Aset: Ekuitin Dividen 2010 bagi asas HSCEI telah meningkat

dengan ketara berbanding dividen 2009. Pendekatan bawah ke atas berdasarkan kepada purata anggaran penganalisa mencadangkan bahawa dividen bersih HSCEI 2010E adalah 265.6 mata indeks (-2.16% hasil dividen), -28% lebih tinggi daripada dividen 2009 dan juga 16% lebih tinggi daripada tahap dividen 2008.

(Oleh JP Morgan)

Tinjauan Pasaran AmAsia Star (Pendasar)

Indeks Kewangan Asia Global DAX Kelas Aset: Ekuiti (Kewangan)n EM akan mendahului pemulihan sebagai eksport

peningkatan permintaan luaran manakala polisi yang amat membantu dan sektor perbankan yang secara amnya sihat menyokong permintaan domestik.

n EM Asia (7.9%) diramal akan tumbuh sebanyak lebih dari 1%-mata di atas potensi kadar pertumbuhannya.

Dana Hartanah Asia Morgan Stanley Kelas Aset: Hartanahn JPM positif ke atas tinjauan jangka sederhana

bagi sektor ini di belakang asas pendasar yang kukuh, dan akan mencari tanda-tanda kawalan di dalam pendirian pembuat polisi mengenai sektor perumahan di dalam wilayah ini. Di Asia, saham hartanah pilihan adalah pembangun Hong Kong, Filipina dan Indonesia.

Indeks Logam Perindustrian S&P GSCI Kelas Aset: Logam Asas (Komoditi)n Beberapa penganalisa telah menyatakan bahawa

kedua-dua logam dilihat dibekalkan dengan mencukupi, tetapi sekurang-kurangnya bagi 2010 setakat ini, pasaran telah menentukan bahawa zink adalah lebih terlebih bekalan daripada kedua-dua ini, relatif kepada jangkaan permintaan.

Indeks Logam Berharga S&P GSCI Kelas Aset: Hartanahn Sejak akhir 2008 apabila nisbah emas dibahagi

kepada S&P 500 mencecah satu kepada satu pada kali pertama sejak 1991, nisbah ini telah pada asasnya naik turun di sekitar tahap satu kepada satu.

n Walaupun beberapa penganalisa menyatakan bahawa emas telah pulih secara besar sejak

awal “noughties,” yang lain menyatakan bahawa perjalanan yang paling kurang daya tahan kekal di atas dan carta ini menandakan bahawa logam tersebut mempunyai hanya gabungan, relatif kepada S&P 500, sejak akhir 2008.

(Oleh JP Morgan)

Tinjauan Pasaran AmAsia Recovery (Pendasar)

Prestasi baik di dalam pasaran memuncul adalah gambaran keyakinan ekonomi AS. Pekerjaan di AS kemungkinan berkembang pada Mac paling banyak dalam tiga tahun apabila ekonomi AS berkembang. Senarai gaji di AS meningkat sebanyak 184,000 pekerja pada Mac 2010, terbanyak sejak Mac 2007, selepas jatuh sebanyak 36,000 pada Februari 2010, menurut anggaran median 83 ahli ekonomi diselidik oleh Bloomberg News.

China sedang kukuh dengan hangat selepas keluaran dalam Negara kasar meningkat 10.7% di dalam suku tahun keempat dan harga hartanah melompat paling tinggi di dalam hampir dua tahun pada Februari 2010. Premier Wenjiabao pada Mac 2010 meletakkan sasaran memegang inflasi 2010 kepada kira-kira 3% dan bagi 8% pertumbuhan ekonomi. Peningkatan ini mungkin menyokong kes bagi kerajaan China untuk mempertimbangkan membenarkan perolehan di dalam Yuan untuk kali pertama sejak pertengahan 2008 dan kadar faedah yang meningkat. Kerajaan China mungkin membenarkan matawangnya untuk meningkat secara berperingkat, daripada membiarkan ia melompat di dalam nilai di dalam penilaian semula tunggal. China telah mengekalkan Yuan dengan perubahan yang sedikit pada sekitar 6.83 per dollar sejak Julai 2008 untuk melindungi pengeksport dari kemerosotan global dan pengembangan di dalam dagangan dunia.

Pembuatan India berkembang untuk bulan ke-12 berturut-turut pada Mac, meningkatkan tekanan ke atas bank pusat untuk menaikkan kadar faedah. Kes bagi pembalikan stimulus monetari sedang memperolehi kekuatan di India dan China apabila kilang meningkatkan pengeluaran di dalam ekonomi besar yang paling pantas berkembang di dunia. Gabenor Duvvuri dijangka menaikkan kadar faedah sebanyak 175 mata asas sebelum pertengahan 2011, bermula dengan pengumuman polisi monetari selepas ini pada 20 April.


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STRATEGI PELABURAN

Strategi Pelaburan Equity

n Memasuki 2010, kami memilih untuk memulakannya dengan mood berhati-hati dengan mengambil kesempatan ke atas potensi peningkatan di dalam naik turun sehingga kadar faedah global dan risiko fiskal bermain untuk kejelasan yang lebih baik dan meningkatkan secara berperingkat pendedahan kepada kaunter berkualiti untuk mendapat potensi kebaikan pasaran.


Strategi Pelaburan Bond

Kami telah mengambil guna strategi pelaburan berikut bagi tempoh di bawah ulasan, yang seperti berikut:-

• Untuk melebihkan pertimbangan korporatberbanding bon berdaulat, menggunakan jangkaan trend pengetatan spread.

• Untuk secara aktif menyertai pengeluaran barumelalui pertukaran dari pemegangan tersedia untuk mengambil kesempatan hasil yang lebih tinggi.

• Untukmengekalkantempohportfolioyangneutralberbanding tanda aras terutamanya bagi semua portfolio MGS.


Strategi Pelaburan AmOasis Global Islamic

Portfolio kami adalah lebih menimbangkan pasaran maju relatif kepada pasaran memuncul dengan peningkatan pendedahan kepada AS. Kami terus memfokus kepada syarikat di dalam industri gabungan dengan risiko perkembangan ROE yang lebih rendah, dengan pendedahan besar kepada sektor telekomunikasi, teknologi dan penjagaan kesihatan. Fokus ke atas kualiti ini jelas ditunjukkan di dalam perbezaan di dalam ROE terus-menerus di antara portfolio kami dan indeks global. Portfolios kami juga berkedudukan baik bagi pemulihan global melalui pemegangan besar kami di dalam peneraju pasaran di dalam sektor teknologi dan perindustrian. Diskaun besar portfolio kami didagangkan relatif kepada indeks global di dalam pelbagai pendekatan dan ROE lebih tinggi kami yang berterusan akan memberikan pelabur prestasi yang mengatasi secara relatif melalui pusingan pada risiko kekurangan yang lebih rendah.


Strategi Pelaburan Precious Metals

Jika Persekutuan AS mengangkat kadar faedah pada 2010, kita dapat melihat kebimbangan inflasi berkurangan semasa kenaikan kadar dan dollar AS akan mengukuh pada lain-lain matawang. Seperti yang dinyatakan di atas, ini adalah dua daripada pemacu utama harga emas pada 2009. Manakala, oleh kerana defisit fiskal AS yang besar, jangkaan pemulihan permintaan permata, dan kemudian peningkatan kadar (maka dollar AS dijangka kekal lemah), emas berkemungkinan kekal sebagai pelaburan yang menarik. Kita masih mempunyai tunai untuk dilaburkan di dalam idea tetapi melihat perdebatan bermusim menjadi semakin kurang meyakinkan. Oleh itu, kita kekal memilih.


Strategi Pelaburan Global Agribusiness

Penggunaan makanan ternakan, keadaan ekonomi, harga tenaga, indeks dollar AS dan kedudukan spekulasi di dalam komoditi lembut adalah data penting yang kami pantau secara harian. Dengan tekanan menurun jangka pendek di atas komoditi lembut, rali harga minyak, USD yang masih sedang mengukuh, kami menjangka peluang yang baik dari laporan suku tahunan yang akan datang di dalam dunia kami. Kami juga mendapat lebih banyak perbincangan mengenai virus gandum, UG99 yang berkedudukan untuk merosakkan tanaman gandum global dalam jangka masa yang pendek. Usaha kajian berterusan untuk mencari rawatan tetapi ini akam mengambil masa lebih dari dua tahun. Kami mengenal pasti penerima manfaat di dalam rangkaian nilai gandum yang patut dilindungi dari kemalangan.

Kami juga telah meluaskan kajian pelaburan kami kepada pemproses makanan berkembang dan mengawal kemungkinan had yang lebih besar dari isu penjagaan kesihatan. Pengurangan sodium, lemak dan gula, bahan-bahan yang lebih sihat dan diketahui puncanya serta pembezaan produk bagi pasaran global bukan satu cabaran yang mudah bagi banyak syarikat makanan yang akan defensif di atas subjek ini. Terdapat banyak teknologi saiz sederhana, bahan dan syarikat pengekstrak yang telah kami pantau dan melabur di dalamnya sejak tiga tahun yang lepas. Kini mungkin waktunya apabila mereka perlu ke hadapan dan mengeluarkan produk arus utama seperti stevia, ekstrak soya, dan penggunaan bahan-bahan.


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Strategi Pelaburan Global Emerging Markets

Schroder ISF Global Emerging Markets Opportunities (dana sasaran) adalah dana bebas dan boleh diposisikan secara agresif untuk memaksimumkan potensi pertumbuhan apabila keadaan pasaran baik dan boleh juga diposisikan secara berhati-hati apabila pasaran saham dijangka lemah. Dana ini boleh mempunyai sehingga 30% di dalam tunai dan 30% selanjutnya di dalam bon global untuk melindungi pulangan semasa tempoh sedemikian. Majoriti portfolio selalunya dilaburkan di dalam ekuiti pasaran memuncul kerana kami percaya ini berkemungkinan memberikan pulangan yang kukuh di dalam tempoh yang lebih panjang. Dana ini menyediakan pendedahan berfokus kepada idea pelaburan terbaik dihasilkan oleh pasukan global pakar pasaran memuncul kami. Ia bertujuan untuk mempunyai majoriti kandungan ekuiti di dalam senarai pendek pasaran teras yang kami percaya menawarkan potensi pelaburan ‘top-down’ yang terbaik. Baki kandungan ekuiti dana ini dilaburkan di dalam idea spesifik saham yang terkukuh dari pasaran memuncul yang lain. Idea kami yang terbaik boleh juga termasuk pendedahan selektif kepada pendapatan tetap pasaran memuncul.

Kini kami mempunyai pendedahan yang besar kepada tunai di dalam portfolio untuk mengawal daripada potensi naik turun pasaran jangka pendek (walaupun kami telah mengurangkan saiz kedudukan tunai kami baru-baru ini). Pasaran teras kami adalah Korea, Russia, Turkey, Thailand, Indonesia dan Egypt. Di Korea, penilaian adalah menarik, pertumbuhan perolehan adalah kukuh dan pasarannya adalah penerima manfaat pemulihan global. Di Russia, asas ekonomi semakin baik, penilaian adalah pada tahap yang menarik dan keadaan kecairan adalah menyokong. Penilaian juga menarik di Turki, manakala tinjauan pertumbuhan semakin baik. Tinjauan pertumbuhan yang lebih baik dan penilaian menarik adalah positif untuk Thailand, manakala di Indonesia pulangan di atas ekuiti adalah kukuh dan terdapat juga penambahbaikan struktur di dalam pasaran ini. Di Egypt, penilaian adalah pada tahap menarik.


Strategi Pelaburan AmAsia Link

Dana ini kekal terlabur di dalam zNID untuk perlindungan modal penuh pada kematangan serta di dalam satu pilihan 3 pendasar. Nilai pilihan tersebut bergantung kepada prestasi 3 pendasar tersebut dan juga naik turun di dalam kadar pertukaran USD/Ringgit Malaysia (RM). Dana ini meletakkan sebarang baki tunai di dalam repo semalaman untuk mendapat kelebihan kadar faedah RM semasa. (Oleh JP Morgan)

Strategi Pelaburan AmAsia Star

Satu pelaburan berstruktur yang dikeluarkan oleh JP Morgan Chase Bank Berhad. Di dalam produk berstruktur ini, kebanyakan aset akan dilaburkan di dalam zNID untuk menyediakan 100% di atas Premium. Bakinya akan dilaburkan di dalam pilihan OTC (over-the-counter) yang akan menyediakan pendedahan ke dalam aset berikut, berdasarkan kepada struktur rotator bakul:

Bakul Pendasar n Prestasi Indeks DAX Asia Financials tolak Indeks

Tunai DAXGFSRUn Dana Morgan Stanley Asia Property tolak Ekuiti

Tunai MORAPRI LXn Pulangan Lebihan S&P GSCI Industrial Metals

Indeks SPGCINn Pulangan Lebihan S&P GSCI Precious Metals

Indeks SPGCPMP

(Oleh JP Morgan)

Strategi Pelaburan AmAsia Recovery

Potensi pulangan pada kematangan adalah berkaitan dengan Tahap Bakul Coppock yang tertinggi Bakul Coppock. Tahap Bakul Coppock ini diperiksa setiap 3 bulan dan Tahap Bakul Coppock yang dilihat paling tinggi disimpan.

Pulangan Bakul Coppock adalah pulangan lebihan di atas tunai sama ada Indeks USD Tidak Terlindung Nilai Global Bon Kerajaan Global JPMorgan, atau Indeks USD Tidak Terlindung Nilai Global Bon Kerajaan Global JPMorgan dengan pertukaran seterusnya kepada Indeks USD Asia Pasaran Memuncul Bersih TR Harian MSCI, bergantung kepada mekanisme pertukaran kuantitatif.

Pada Tarikh Matang, pulangan adalah sama dengan nilai yang didapati dengan memotong 100% dari produk (i) Kadar Penyertaan 88%, dan (ii) Tahap Bakul Coppock yang dilihat paling tinggi Bakul Coppock dibahagikan dengan Harga Laksana 100%.

Penggunaan rumusan pulangan bermaksud, jika pada sebarang tarikh pemeriksaan tahap Bakul Coppock Bakul Coppock yang dilihat tidak melebihi 113.64% dari tahap pada tarikh penilaian permulaan, maka pada tarikh matang, tidak aka nada pulangan.


128

AmLIFE INSURANCE BERHAD (Diperbadankan Di Malaysia) Dana Berkaitan PelaburanAkaun bagi tahun berakhir 31 Mac 2010

128

PRESTASI DANA Prestasi Dana AmAssurance Equity

(i) Sejak Permulaan

Sejak permulaan, (4 Februari 2004 hingga 31 Mac 2010), Dana ini mencatatkan pulangan sebanyak 32.90%, berbanding Tanda Aras (FBM100) yang memberikan pulangan sebanyak 50.19%.

(ii) Prestasi Tahun Penuh Berbanding Tanda Aras

Bagi tempoh di bawah ulasan, 1 April 2009 hingga 31 Mac 2010, Dana ini mencatatkan pulangan se-banyak 27.80%, berbanding Tanda Aras (FBM100) yang memberikan pulangan sebanyak 51.35%.

129


Prestasi Dana Bond AmAssurance

(i) Sejak Permulaan

Sejak permulaan, (4 Februari 2004 hingga 31 Mac 2010), Dana ini mencatatkan pulangan sebanyak 32.42%, mengatasi Tanda Aras (MGS MED) yang memberikan pulangan sebanyak 30.51%.


Bagi tempoh di bawah ulasan, 1 April 2009 hingga 31 Mac 2010, Dana ini mencatatkan pulangan sebanyak 5.21%, mengatasi Tanda Aras (MGS MED) yang memberikan pulangan sebanyak 2.78%.

130


Prestasi Dana AmAssurance Balanced

(i) Sejak Permulaan

Sejak permulaan, (4 Februari 2004 hingga 31 Mac 2010), Dana ini mencatatkan pulangan sebanyak 45.62%, mengatasi Tanda Aras (50% FBM100 + 50% MGS MED) yang memberikan pulangan sebanyak 38.75%.


Bagi tempoh di bawah ulasan, 1 April 2009 hingga 31 Mac 2010, Dana ini mencatatkan pulangan sebanyak 28.65%, berbanding Tanda Aras (50% FBM100 + 50% MGS MED) yang memberikan pulangan sebanyak 28.96%.

131


Prestasi Dana AmAssurance Dana Teguh

(i) Sejak Permulaan

Sejak permulaan, (4 Februari 2004 hingga 31 Mac 2010), Dana ini mencatatkan pulangan sebanyak 36.47%, berbanding Tanda Aras (50% FBMHijrah + 50% MGS MED) yang memberikan pulangan sebanyak 50.71%.


Bagi tempoh di bawah ulasan, 1 April 2009 hingga 31 Mac 2010, Dana ini mencatatkan pulangan sebanyak 22.06%, mengatasi tanda aras (50% FBMHijrah + 50% MGS MED) yang memberikan pulangan sebanyak 21.23%.

132


Prestasi AmOasis Islamic Equity

Prestasi Dana Precious Metals

133


Prestasi Dana Global Agribusiness

Prestasi Dana Global Emerging Markets Opportunities

Dana ini memberikan pulangan mutlak yang amat baik sepanjang tempoh, dengan hampir semua kedudukan negara membuat sumbangan positif. Pendedahan kami kepada Turki dan Indonesia mempunyai impak yang paling positif, dengan pasaran-pasaran ini di antara yang berprestasi paling kukuh di dalam dunia yang memuncul. Pendedahan kami kepada China, Brazil dan Thailand juga mempunyai impak positif yang kukuh di atas pulangan dana. Pendedahan kami kepada UAE memberi impak negatif di sepanjang tempoh.

134


Dana AmAsia Link Capital Guaranteed (Prestasi Pendasar)

n Bakul indeks purata wajaran secara saksama - Hartanah Asia: Dana Hartanah Asia Morgan Stanley (Ticker BBG: Ekuiti MORAPRI LX) - Bakul Matawang Asia: Indeks Dollar Asia JP Morgan (Ticker BBG: Indeks ADXY) - Ekuiti Asia: Indeks Perusahaan China Hang Seng (Ticker BBG: Indeks HSCEI)n Indeks Tunai - Indeks Tunai 1 bulan JP Morgan (Ticker BBG: JPCAUS1M)

*Bakul Pelbagai: Bakul Pelbagai di sini adalah Bakul Sama-Wajaran prestasi bulanan pendasar di atas permulaan

Trend Pertumbuhan Menaik selepas Mac 2009. Tahun lepas bakul ini telah bangkit semula selepas kegagalan kewangan 2008.

Prestasi Bakul Pelbagai*: Dari Mac 2009 hingga Mac 2010

Pulangan Ditahunkan

Naik Turun Ditahunkan

Nisbah Sharpe

Prestasi Bulanan Tertinggi Performance

Prestasi Bulanan Terendah

34.27%

65.49%

0.52%

93.43%

57.03%

135


• Dana Hartanah Asia Morgan Stanley

• Indeks Dollar Asia JPM

• Indeks Perusahaan China Hang Seng

Pulangan

Naik Turun

Nisbah Maklumat

63.39%

24.49%

2.59

Pulangan

Naik Turun

Nisbah Maklumat

52.72%

30.91%

1.70

Pulangan

Naik Turun

Nisbah Maklumat

6.99%

4.00%

1.735

136


Dana AmAsia Star Capital Guaranteed (Prestasi Pendasar)

n ‘Rotator Basket’ JP Morgan ialah bakul yang dinamik terdiri daripada empat indeks:n Ekuiti: Indeks Prestasi Kewangan Asia DAXglobal (Ticker BBG: Indeks DAXGFSRU)n Hartanah: Dana Hartanah Asia Morgan Stanley (Ticker BBG: Ekuiti MORAPRI LX)n Komoditi: - Logam Perindustrian: S&P GSCI Logam Perindustrian Indeks (Ticker BBG: Indeks SPGCINP) - Logam Berharga: ER Indeks Logam Berharga S&P GSCI (Cebisan BBG: Indeks SPGCPMP)n ‘Rotator Basket’ bertujuan untuk mencapai naik turun terealisasi sebanyak 12% yang mana Faktor Naik Turun Sasaran dikira. ‘Rotator Basket’ diimbangkan setiap 6 bulan berdasarkan kepada Nisbah Risiko-Imbuhan juzuknya di sepanjang 6 bulan terdahulu dan wajaran diperuntukkan mengikut penarafannya. Juzuk dengan:n Nisbah Risiko-Imbuhan Tertinggi: Wajaran Sasaran diperuntukkan sebanyak 50.00% Faktor Naik Turun Sasarann Nisbah Risiko-Imbuhan Kedua Tertinggi: Wajaran Sasaran diperuntukkan sebanyak 30.00% Faktor Naik Turun Sasarann Nisbah Risiko-Imbuhan Ketiga Tertinggi: Wajaran Sasaran diperuntukkan sebanyak 20.00% Faktor Naik Turun Sasarann Nisbah Risiko-Imbuhan Terendah: Wajaran Sasaran diperuntukkan sebanyak 0.00% Faktor Naik Turun Sasaran

n ‘Rotator Basket’ ini menunjukkan prestasi tinggi di dalam tempoh bangkit semula dari tahap 2008. Graf menunjukkan trend pertumbuhan menaik dan pulangan risiko juga tinggi dalam tempoh ini.n Naik turun sasaran yang terlampir kepada ‘Rotator Basket’ mengekalkan naik turun di dalam julat.

Prestasi ‘Rotator Basket’ JP Morgan: Mac 2009 hingga Mac 2010

Pulangan Ditahunkan

Naik Turun Ditahunkan

Nisbah Sharpe

Prestasi Harian Tertinggi

Prestasi Harian Terendah

12.26%

7.62%

1.61%

94.89%

83.49%

137


• Indeks Kewangan Asia Global DAX

• Dana Hartanah Asia Morgan Stanley

• Indeks Logam, Perindustrian S&P GSCI

Pre

stas

i (%

)

Bulan

Mac2009

Mac2010

Mei2009

Mac 2009 - Mac 2010Prestasi Ekuiti MORAPRI LX

Pulangan

Naik Turun

Nisbah Maklumat

63.39%

24.49%

2.59

Pulangan

Naik Turun

Nisbah Maklumat

80.67%

27.67%

2.92

Pulangan

Naik Turun

Nisbah Maklumat

78.22%

31.21%

2.51

138


AmAsia Recovery (Prestasi Pendasar)

n Bakul Coppock adalah bakul Indeks Komponen. n Indeks Ekuiti: Indeks Asia Pasaran Memuncul Bersih TR Harian MSCI (Ticker BBG: Indeks NDUEEGFA).n Indeks Pendapatan Tetap: Indeks Bon Kerajaan Global JP Morgan (Ticker BBG: Indeks JPMGGLBL).n Bakul Coppock adalah portfolio sintetik yang menyertai Prestasi Pendapatan Tetap sehingga kemunculan Titik Pertukaran, di dalam Prestasi Ekuiti selepas itu. n Prestasi Pendapatan Tetap: Prestasi Indeks Bon Kerajaan Global yang mengatasi (Indeks JPMGGLBL) di atas Indeks Tunai (Indeks JPCAUS1M), dilaraskan untuk mensasarkan kepada naik turun sasaran 7.2%. n Prestasi Ekuiti: Prestasi Jumlah Pulangan Asia MSCI EM yang mengatasi (Indeks NDUEEGFA) di atas Indeks Tunai (Indeks JPCAUS1M), dilaraskan untuk mensasarkan kepada naik turun sasaran 7.2%.n Titik Pertukaran: Bulan yang mana Penanda Lengkungan Coppock 1 adalah lebih tinggi daripada bulan terdahulu (pertukaran 1 kali).

• Indeks Logam Berharga S&P GSCI

20.48%

18.59%

1.11

Pulangan

Naik Turun

Nisbah Maklumat

139


n Titik Pertukaran Coppock pada Mei 2009.n Bakul Coppock menunjukkan kenaikan di dalam prestasi selepas kejatuhan pada awal 2010.

Indeks Emerging Market Asia TR Bersih Harian MSCI meningkat 28.83% pada 31 Mac 2010 sejak permulaan, manakala Indeks Global Bon Kerajaan Global JP Morgan memperolehi 2.10% sejak permulaan. Indeks 1 bulan Tunai USD JP Morgan menunjukkan 0.19% perningkatan sejak permulaan.

Prestasi Bakul Coppock JP Morgan sejak permulaan dagangan pada 31 Mac 2010

Pulangan Tahunan

Naik Turun Tahunan

Nisbah Sharpe

Prestasi Harian Tertinggi

Prestasi Harian Terendah

2.29%

6.49%

0.35%

103.89%

97.99%

140


Tahap Indeks Pendasar

Prestasi Indeks Pendasar dari Tarikh Permulaan 7 Julai 2009

Bakul Coppock menyertai Prestasi Ekuiti kerana bacaan Penanda Lengkungan pada Mei adalah lebih tinggi daripada April dan bacaan April adalah negatif.


141

HURAIAN SEKTOR DAN KATEGORI

JADUAL PERBANDINGAN :PRESTASI DANA (% Pulangan) % Pulangan Dana Disetahunkan Berbanding Tanda Aras bagi 1 tahun, 2 tahun, 3 tahun & sejak dilancarkan

JADUAL PERBANDINGAN :Nilai Aset Bersih, Jumlah harga Unit pada 31 Mac 2010 Butiran Prestasi Dana bagi tahun kewangan berakhir 31 Mac 2010 Mengikut Dana

141

AmAssurance Equity Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAB) @ 31 Mac (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Bond Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAB) @ 31 Mac (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Balanced Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008/2007/2006/2005/2004)

AmAssurance Dana Teguh Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008/2007/2006/2005/2004)

AmAssurance AmOasis Islamic Equity Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008/2007)

AmAssurance Precious Metals Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008)

AmAssurance Global Agribusiness Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008)

AmAssurance Global Emerging Markets Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008)

AmAssurance AmAsia Link Capital Guaranteed Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008/2007)

AmAssurance AmAsia Star Capital Guaranteed Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008)

AmAssurance AmAsia Recovery Capital Guaranteed Fund Komposisi Pelaburan mengikut Sektor (sebagai % dari NAV) @ 31 Mac (2010/2009/2008)


142

HURAIAN SEKTOR DAN KATEGORI

Dana AmAssurance EquityButiran komposisi portfolio AmAssurance Equity pada 31 Mac 2010 adalah seperti berikut:

Komposisi Pelaburan mengikut Sektor pada 31 Mac 2010

Dana AmAssurance BondButiran komposisi portfolio AmAssurance Bond pada 31 Mac 2010 adalah seperti berikut:


PembinaanProduk Pengguna KewanganProduk PerindustrianInfrastrukturEkuiti AsingHartanahPapan KeduaIPCWaranDagangan/PerkhidmatanREITSPerladanganPerjanjian Pembelian Semula/Tunai

TK 2010%

TK 2009%

TK 2008%

TK 2007%

TK 2006%

2.903.80

17.806.60--

8.50-

1.50-

24.10-

10.0024.80

100.00

1.704.208.201.70--

0.80-

2.50-

14.70-

3.7062.50

100.00

6.204.10

15.805.20-

0.101.80-

2.900.10

28.70-

13.8021.30

100.00

7.103.80

18.506.104.30-

1.60---

36.900.209.40

12.10100.00

2.702.80

21.304.101.10-

1.700.60--

29.100.407.30

28.90100.00

Deposit Tetap /Perjanjian Pembelian Semula /NCD/BA/Tunai

Unit Amanah Malaysia

TK 2010%

TK 2009%

TK 2008%

TK 2007%

TK 2006%

45.90

54.10100.00

11.10

88.90100.00

2.10

97.90100.00

3.80

96.20100.00

54.90

45.10100.00


143

PembinaanProduk Pengguna KewanganProduk PerindustrianInfrastruktur/IPCWaranPerladanganHartanahPapan KeduaSaham AsingREITSDagangan/PerkhidmatanBon KorporatUnit Amanah MalaysiaPerjanjian Pembelian Semula/Tunai

Dana AmAssurance BalancedButiran komposisi portfolio AmAssurance Balanced pada 31 Mac 2010 adalah seperti berikut:


Dana AmAssurance Dana TeguhButiran komposisi portfolio AmAssurance Dana Teguh pada 31 Mac 2010 adalah seperti berikut:


TK 2010%

TK 2009%

TK 2008%

TK 2007%

TK 2006%

2.602.70

13.105.401.10-

8.301.70---

16.40-

13.2035.50

100.00

2.101.806.301.502.10-

2.900.50---

12.3013.8024.7032.00

100.00

3.701.20

12.203.302.100.10

11.801.50-

0.10-

21.8013.0020.608.60

100.00

4.401.50

13.204.702.40-

7.401.10--

0.6029.5015.8014.205.20

100.00

-3.30

15.202.100.70-

3.101.700.30-

0.3025.9016.5014.3016.60

100.00

PembinaanProduk Pengguna Produk PerindustrianInfrastrukturWaranPerladanganHartanahDagangan/PerkhidmatanUnit Amanah MalaysiaPerjanjian Pembelian Semula/Tunai

TK 2010%

TK 2009%

TK 2008%

TK 2007%

TK 2006%

7.202.109.10--

8.507.70

20.707.30

37.40100.00

4.503.200.302.60-

6.303.00

11.7017.4051.00

100.00

8.904.103.902.400.10

11.601.90

22.5016.3028.30

100.00

7.703.707.204.00-

14.204.40

23.0017.2018.60

100.00

3.001.502.203.60-

5.204.70

30.7020.5028.60

100.00


144

Dana AmAssurance AmOasis Islamic EquityButiran komposisi portfolio AmAssurance AmOasis Islamic Equity pada 31 Mac 2010 adalah seperti berikut:


Dana AmAssurance Global Emerging MarketsButiran komposisi portfolio AmAssurance Global Emerging Markets pada 31 Mac 2010 adalah seperti berikut:


TeknologiKomunikasi KesihatanPerindustrianPusingan PenggunaBahan AsasTenagaUtilitiPusingan PenggunaHartanah

TK 2010%

TK 2009%

16.0017.0013.0012.0010.0012.007.004.005.004.00

100.00

17.0016.0015.0011.009.00

11.007.005.005.004.00

100.00

KewanganPerkhidmatan TelekomunikasiTenagaTiada KlasifikasiBudi Bicara PenggunaPerindustrianBahan-bahanAsas PenggunaUtilitiTeknologi MaklumatPenjagaan KesihatanLain-lain Aset Bersih

TK 2010%

TK 2009%

32.657.14

10.02-

11.739.763.173.831.951.841.94

15.97100.00

27.2715.6712.009.899.677.134.764.093.652.06-

3.81100.00


145

Dana AmAssurance Global AgribusinessButiran komposisi portfolio Dana AmAssurance Global Agribusiness pada 31 Mac 2010 adalah seperti berikut:


Dana AmAssurance Precious MetalsButiran komposisi portfolio Dana AmAssurance Precious Metals pada 31 Mac 2010 adalah seperti berikut:


BajaProduk PertanianMakanan & Daging BerbungkusTunai & Lain-lain SektorPembinaan/LadangPengedarBahan Kimia KhasBank PelbagaiRestoranPelabuhan & Perkhidmatan MarinMarinTiada KlasifikasiMakanan RuncitProduk KertasPerubatanUtiliti Gas

TK 2010%

TK 2009%

13.7025.9023.704.00

--

1.802.903.502.50

-10.706.701.601.601.40

100.00

33.4022.4016.405.104.704.102.802.602.502.401.901.70

----

100.00

EmasPerakPlatinumBerlianTunai

TK 2010%

TK 2009%

72.358.509.90-

9.25100.00

79.438.154.860.077.49

100.00


146

JADUAL PERBANDINGAN

Prestasi Dana Pada 31 Mac 2010

Dana EquityFBM100

Dana BondMGS Med

Dana Balanced50% FBM100 + 50% MGS Med

Dana Teguh50% FBM Hijrah + 50% MGS Med

Dana AmOasis Islamic EquityCR Dunia Pasaran Islam Dow Jones

Dana AmAsia Link Capital GuaranteedTunai

Dana AmAsia Star Capital Guaranteed Tunai

Dana Global Emerging MarketMSCI EM (Pasaran Memuncul) TR USD

Dana Global AgribusinessMSCI Dunia TR USD

Dana Precious MetalsFTSE Lombong Emas TR

1 tahun

Pulangan Tahunan %

2 tahun Sejak Pelancaran3 tahun

34.4351.35

5.152.78

28.6528.96

28.3421.23

24.6847.69

(0.87) -

4.13 -

7.5781.55

12.5447.11

(1.91)18.10

2.142.89

4.303.81

3.683.35

5.340.46

(3.14)(4.40)

2.02 -

- -

-5.45

-(3.71)

-(0.12)

4.581.93

3.943.69

6.102.86

6.234.05

- -

- -

- -

-15.99

-

(5.57)

-9.47

4.85 6.78

4.684.39

6.415.45

5.286.88

(6.19)(0.80)

0.02 -

0.39 -

4.190.01

8.14(7.23)

(0.90)0.89

Purata Pulangan Tahunan Berkompaun %


147

JADUAL PERBANDINGAN

Nilai Aset Bersih, Jumlah Unit dan Harga Unit : Pada 31 Mac 2010

Dana Equity

Butiran prestasi Dana bagi tahun kewangan berakhir 31 Mac 2010 adalah seperti berikut:

Dana Bond


Nota: 1. Jumlah pulangan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih dari semua yuran.

Nilai Aset Bersih (RM’ Juta)

Unit Dalam Pusingan (Juta)

Nilai Aset Bersih Seunit (RM)

Harga Jualan (RM/Unit)

Harga Belian (RM/Unit)

Harga Jualan Tertinggi (RM/Unit)

Harga Belian Tertinggi (RM/Unit)

Harga Jualan Terendah (RM/Unit)

Harga Belian Terendah (RM/Unit)

Jumlah Pulangan (%)1

Pertumbuhan Modal (%)

Pertumbuhan Pendapatan (%)

TK 2007 TK 2006TK 2008TK 2009TK 2010

4.6029

6.8745

0.6708

0.6708

0.6708

0.6730

0.6730

0.5010

0.5010

34.4300

34.4300

-

2.4408

4.8912

0.4990

0.4990

0.4990

0.6663

0.6663

0.4816

0.4816

(22.4000)

(22.4000)

-

2.4655

3.8346

0.6430

0.6430

0.6430

0.7363

0.7363

0.5865

0.5865

9.6300

9.6300

-

1.8651

4.2798

0.4358

0.4358

0.4358

0.4508

0.4508

0.4102

0.4102

(0.6800)

(0.6800)

-










Pulangan Ditahunkan (%)1



TK 2007 TK 2006TK 2008TK 2009TK 2010

5.8876

8.8720

0.6640

0.6640

0.6640

0.6640

0.6640

0.6310

0.6310

5.1500

5.1500

-

3.5000

5.5422

0.6315

0.6315

0.6315

0.6374

0.6374

0.5944

0.5944

3.4500

3.4500

-

3.1694

5.1926

0.6104

0.6104

0.6104

0.6104

0.6104

0.5433

0.5433

3.2300

3.2300

-

2.9185

4.9360

0.5913

0.5913

0.5913

0.5914

0.5914

0.5433

0.5433

7.2900

7.2900

-

2.4565

4.4571

0.5511

0.5511

0.5511

0.5511

0.5511

0.5295

0.5295

4.0800

4.0800

-

2.2651

3.8620

0.5865

0.5865

0.5865

0.5918

0.5918

0.4213

0.4213

34.5800

34.5800

-

Nota: 1. Pulangan ditahunkan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih dari semua yuran, ditahunkan sepanjang satu tahun.


148

JADUAL PERBANDINGAN


Dana Balanced


Dana Dana Teguh


Nota: 1. Pulangan ditahunkan adalah pulangan sebenar Dana bagi tahun kewangan, dikira berdasarkan kepada nilai aset bersih seunit dan bersih dari semua yuran, ditahunkan sepanjang satu tahun.











Pulangan Ditahunkan (%)1



TK 2007 TK 2006TK 2008TK 2009TK 2010

5.8011

7.9035

0.7350

0.7350

0.7350

0.7360

0.7360

0.5730

0.5730

28.6500

28.6500

-

2.8729

5.0283

0.5713

0.5713

0.5713

0.6972

0.6972

0.5508

0.5508

(16.4400)

(16.4400)

-

3.3232

4.8601

0.6837

0.6837

0.6837

0.7577

0.7577

0.6154

0.6154

11.0001

11.1000

-

4.6539

7.5629

0.6154

0.6154

0.6154

0.6233

0.6233

0.4840

0.4840

23.9000

23.9000

-

4.3086

8.6752

0.4967

0.4967

0.4967

0.4977

0.4977

0.4648

0.4648

5.3400

5.3400

-













TK 2007 TK 2006TK 2008TK 2009TK 2010

2.7808

4.0512

0.6878

0.6878

0.6878

0.6880

0.6880

0.5380

0.5380

28.3400

28.3400

-

1.6482

3.0755

0.5359

0.5359

0.5359

0.6400

0.6400

0.5162

0.5162

(13.5400)

(13.5400)

-

1.6951

2.7350

0.6198

0.6198

0.6198

0.7068

0.7068

0.5283

0.5283

8.0200

8.0200

-

1.5730

2.7412

0.5738

0.5738

0.5738

0.5751

0.5751

0.4468

0.4468

26.3300

26.3300

-

1.2089

2.6618

0.4542

0.4542

0.4542

0.4626

0.4526

0.4398

0.4398

1.6600

1.6600

-


149

JADUAL PERBANDINGAN


Dana AmOasis Islamic Equity


Dana AmAsia Link Capital Guaranteed














TK 2008TK 2009TK 2010

3.3350

8.0792

0.4128

0.4128

0.4128

0.4300

0.4300

0.3180

0.3180

24.6800

24.6800

-

2.7186

8.2108

0.3311

0.3311

0.3311

0.4660

0.4660

0.2590

0.2590

(24.7500)

(24.7500)

-

3.5068

7.9691

0.4400

0.4400

0.4400

0.5210

0.5210

0.4260

0.4260

(8.6800)

(8.6800)

-







Harga belian Tertinggi (RM/Unit)






TK 2008TK 2009TK 2010

60.4472

120.6548

0.5003

0.5003

0.5003

0.5090

0.5090

0.4970

0.4970

(0.8600)

(0.8600)

-

61.7913

122.4476

0.5046

0.5046

0.5046

0.5240

0.5240

0.4700

0.4700

5.0000

5.0000

-

60.9105

126.7364

0.4806

0.4806

0.4806

0.5020

0.5020

0.4710

0.4710

-

-

-




150

JADUAL PERBANDINGAN


Dana AmAsia Star Capital Guaranteed


Dana Global Emerging Markets Opportunities














TK 2009TK 2010

96.3960

191.3629

0.5037

0.5037

0.5037

0.5070

0.5070

0.4830

0.4830

0.8000

0.8000

-

97.7675

195.6522

0.4997

0.4997

0.4997

0.5000

0.5000

0.4610

0.4610

-

-

-













TK 2009TK 2010

0.6226

1.1554

0.5388

0.5388

0.5388

0.5580

0.5580

0.4950

0.4950

7.5700

7.5700

-

0.5413

1.0807

0.5009

0.5009

0.5009

0.5010

0.5010

0.4980

0.4980

-

-

-




151

JADUAL PERBANDINGAN


Dana Global Agribusiness


Dana Precious Metals














TK 2009TK 2010

0.6895

1.2188

0.5657

0.5657

0.5657

0.6140

0.6140

0.5020

0.5020

12.5400

12.5400

-

0.5310

1.0564

0.5027

0.5027

0.5027

0.5030

0.5030

0.5000

0.5000

-

-

-













TK 2009TK 2010

1.9337

3.9231

0.4929

0.4929

0.4929

0.5630

0.5630

0.4810

0.4810

(1.9100)

(1.9100)

-

0.5973

1.1887

0.5025

0.5025

0.5025

0.5030

0.5030

0.5000

0.5000

-

-

-



152


PERNYATAAN PENGURUS

Pada pendapat Pengurus, AmLife Insurance Berhad, penyata kewangan yang dibentangkan pada mukasurat 154 hingga 218 telah disediakan menurut Piawaian Laporan Kewangan di Malaysia dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia dan memberikan pandangan yang benar dan saksama mengenai kedudukan kewangan dana-dana berkaitan pelaburan AmLife Insurance Berhad pada 31 Mac 2010 dan hasil-hasilnya, perubahan di dalam nilai aset bersih dan aliran tunai bagi tahun/tempoh yang kemudiannya berakhir.

Bagi pihak AmLife Insurance Berhad

Ng Lian Lu



153


LAPoRAN MENGENAi PENYATA KEwANGAN

Kami telah mengaudit penyata kewangan dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) (terdiri daripada Dana Equity, Dana Bond, Dana Balanced, Dana Teguh, Dana AmOasis Islamic Equity, Dana AmAsia Link CG, Dana Global Emerging Markets Opportunities, Dana AmAsia Star CG, Dana Precious Metals, Dana Global Agribusiness dan Dana AmAsia Recovery CG) (“Dana-dana”), yang terdiri daripada penyata aset dan liabiliti pada 31 Mac 2010, dan penyata pendapatan dan perbelanjaan, penyata perubahan di dalam nilai aset bersih dan aliran tunai Dana-dana bagi tahun yang kemudiannya berakhir, dan ringkasan polisi perakaunan yang penting dan lain-lain nota penjelasan, seperti yang dibentangkan pada mukasurat 154 hingga 218.

Tanggungjawab pengarah ke atas penyata kewangan

Para pengarah Pengurus bertanggungjawab di atas penyediaan dan pembentangan saksama penyata penyata kewangan ini menurut Piawaian Laporan Kewangan dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia. Tanggungjawab ini termasuk: mereka, melaksanakan dan mengekalkan kawalan dalaman yang relevan dengan penyediaan dan pembentangan saksama penyata kewangan yang bebas daripada salah nyata yang penting, sama ada disebabkan oleh penipuan atau ralat; memilih dan menggunapakai polisi perakaunan yang wajar; dan membuat anggaran perakaunan yang wajar di dalam keadaannya.

Tanggungjawab juruaudit

Tanggungjawab kami adalah untuk menyatakan satu pendapat mengenai penyata kewangan ini berdasarkan audit kami. Kami telah menjalankan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian piawaian tersebut memerlukan kami mematuhi syarat-syarat etika dan merancang dan menjalankan audit tersebut untuk mendapatkan kepastian yang wajar sama ada penyata kewangan ini bebas dari salah nyata yang penting.

Satu audit melibatkan pelaksanaan prosedur untuk mendapatkan bukti audit mengenai jumlah dan pendedahan di dalam penyata kewangan. Prosedur yang dipilih bergantung kepada pertimbangan kami, termasuk penilaian risiko salah nyata yang penting pada penyata kewangan, sama ada disebabkan oleh penipuan atau ralat. Di dalam membuat penilaian risiko tersebut, kami mempertimbangkan kawalan dalaman yang relevan dengan penyediaan dan pembentangan saksama Dana-dana pada penyata kewangan untuk mereka prosedur audit yang wajar di dalam keadaannya, tetapi bukan untuk tujuan menyatakan satu pendapat mengenai keberkesanan kawalan dalaman Dana-dana.

Satu audit juga melibatkan penilaian kewajaran polisi perakaunan yang digunakan dan kewajaran anggaran perakaunan yang dibuat oleh para pengarah Pengurus, serta menilai keseluruhan pembentangan penyata kewangan.

Kami percaya bahawa bukti audit yang telah kami dapati adalah mencukupi dan wajar untuk memberikan asas bagi pendapat audit kami.

PendapatPada pendapat kami, penyata kewangan ini telah disediakan dengan baik menurut Piawaian Laporan Kewangan dan Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia untuk memberikan pandangan yang benar dan saksama mengenai kedudukan kewangan Dana-dana pada 31 Mac 2010 dan mengenai prestasi kewangan dan aliran tunai Dana-dana bagi tahun yang kemudiannya berakhir.

Lain-lain perkaraLaporan ini dibuat semata-mata kepada para pemegang unit Dana-dana, sebagai satu badan, menurut Garis Panduan yang dikeluarkan oleh Bank Negara Malaysia dan bukan untuk tujuan lain. Kami tidak menggalas tanggungjawab terhadap sesiapa yang lain di atas kandungan laporan ini.

Abdul Rauf bin RashidNo. 2305/05/10Akauntan Bertauliah

Ernst & YoungAF: 0039Akauntan Bertauliah



Nota-nota yang disertakan membentuk bahagian penting penyata kewangan ini.154


Dana Equity Dana Bond

2010RM

2010RM

ASET

Pelaburan Sekuriti korporat Lain-lain pelaburan

Aset cukai tertangguhCukai boleh pulihBelum terima rampaiTunai dan simpanan

LiABiLiTi

Peruntukan untuk cukaiLiabiliti cukai tertangguhLain-lain belum bayar

NiLAi ASET BERSiH DANA

DiwAKiLi oLEH:

Nilai aset bersih pada awal tahunLebihan/(defisit) bersih selepas cukaiPenciptaan bersih unitPembatalan bersih unitNilai aset bersih pada akhir tahun

AKAUN PEMEGANG UNiT

NiLAi ASET BERSiH SEUNiT

PENYATA ASET DAN LiABiLiTi

PADA 31 MAC 2010

Nota 2009RM

2009RM

3

4

5

4

6

3,349,804 -

3,349,804

-57,760

201,5851,105,6124,714,761

-59,19344,301

103,494

4,611,267

2,440,834859,853

1,398,833(88,253)

4,611,267

4,611,267

0.6708

915,292 -

915,292

5,01447,722

322,7391,186,3202,477,087

- -36,25336,253

2,440,834

2,465,520(555,024)667,679

(137,341)2,440,834

2,440,834

0.4990

-3,229,2083,229,208

- -

7642,736,2865,966,258

2,92415,30757,42875,659

5,890,599

3,503,867418,267

2,046,120(77,655)

5,890,599

5,890,599

0.6640

-3,015,0193,015,019

- -

4,329523,696

3,543,044

1,6601,264

36,25339,177

3,503,867

3,169,404114,814617,576

(397,927)3,503,867

3,503,867

0.6322



ASET

Pelaburan Sekuriti korporat/hutang Lain-lain pelaburan

Aset cukai tertangguhCukai boleh pulihBelum terima rampaiTunai dan simpanan

LiABiLiTi

Liabiliti cukai tertangguhLain-lain belum bayar


DiwAKiLi oLEH:


AKAUN PEMEGANG UNiT



PADA 31 MAC 2010

2009RM

2009RM

Nota

3

4

5

4

6

2,957,505763,378

3,720,883

-56,48284,584

2,051,3105,913,259

60,32044,250

104,570

5,808,689

2,872,898245,926

2,801,806(111,941)

5,808,689

5,808,689

0.7350

1,228,051710,133

1,938,184

-60,95851,337

867,6772,918,156

9,00536,25345,258

2,872,898

3,323,165(527,149)837,446

(760,564)2,872,898

2,872,898

0.5713

1,564,754205,351

1,770,105

-26,41912,258

1,055,8672,864,649

33,94544,25378,198

2,786,451

1,648,173511,772681,255(54,749)

2,786,451

2,786,451

0.6878

520,255287,573807,828

7,03717,2474,372

860,3791,696,863

-48,69048,690

1,648,173

1,695,076(231,550)290,809

(106,162)1,648,173

1,648,173

0.5359


2010RM

2010RM

156


ASET

Pelaburan Lain-lain pelaburanAset cukai tertangguhBelum terima rampaiTunai dan simpanan

LiABiLiTi

Liabiliti cukai tertangguhPeruntukan untuk cukaiLain-lain belum bayar


DiwAKiLi oLEH:


AKAUN PEMEGANG UNiT



PADA 31 MAC 2010

Dana Amoasis islamic Equity

Nota 2009RM

Dana AmAsia Link CG

2009RM

3

4

5

4

6

1,780,79556,54080,817

1,488,5023,406,654

-2,690

68,95071,640

3,335,014

2,717,430653,879201,158(237,453)

3,335,014

3,335,014

0.4128

1,928,099-

40,323802,798

2,771,220

-1,898

51,89253,790

2,717,430

3,506,786(881,927)342,385(249,814)

2,717,430

2,717,430

0.3310

61,655,063-

40,488161,319

61,856,870

89,10425,550

1,294,9741,409,628

60,447,242

61,805,487(554,982)109,063(912,326)

60,447,242

60,447,242

0.5010

62,687,067-

40,035182,686

62,909,788

-

14,5521,089,7491,104,301

61,805,487

60,910,5343,029,563

-(2,134,610)

61,805,487

61,805,487

0.5048

2010RM

2010RM

Nota-nota yang disertakan membentuk bahagian penting penyata kewangan ini.

157


ASET

Pelaburan Lain-lain pelaburanBelum terima rampaiTunai dan simpanan

LiABiLiTi



DiwAKiLi oLEH:

Nilai aset bersih pada awal tahun/tarikh pelancaranLebihan/(defisit) bersih selepas cukaiPenciptaan bersih unitPembatalan bersih unitNilai aset bersih pada akhir tahun/tempoh

AKAUN PEMEGANG UNiT



PADA 31 MAC 2010

Dana AmGlobal EmergingMarkets opportunities

Nota 2009RM

2009RM

3

5

4

6

502,3892,387

139,987644,763

4,191956

17,03622,183

622,580

541,27941,72853,153(13,580)

622,580

622,580

0.5388

2010RM

Dana AmAsia Star CG

2010RM

-934

545,418546,352

-580

4,4935,073

541,279

-2,777

539,719(1,217)

541,279

541,279

0.5009

98,934,49225,203

709,51999,669,214

203,5596,449

3,063,1923,273,200

96,396,014

97,767,520753,25372,053

(2,196,812)

96,396,014

96,396,014

0.5037

96,914,07631,823

1,664,01898,609,917

-5,031

837,366842,397

97,767,520

-(110,753)

99,090,784(1,212,511)

97,767,520

97,767,520

0.4997


158


ASET


LiABiLiTi



DiwAKiLi oLEH:

Nilai aset bersih pada awal tahun/tarikh pelancaranLebihan bersih selepas cukaiPenciptaan bersih unitPembatalan bersih unitNilai aset bersih pada akhir tahun/tempoh

AKAUN PEMEGANG UNiT



PADA 31 MAC 2010

Dana AmA Precious Metals

Nota 2009RM

2009RM

3

4

5

4

6

1,130,1335,589

64,888758,925

1,959,535

-1,249

24,54425,793

1,933,742

597,325(69,622)

1,775,151(369,112)

1,933,742

1,933,742

0.4929

2010RM

2010RM

Dana AmA Global Agribusiness

--

14,013588,385602,398

-588

4,4855,073

597,325

-2,792

599,198(4,665)

597,325

597,325

0.5025

532,198-

16,262165,398713,858

6,576909

16,88524,370

689,488

531,03469,139

136,447(47,132)

689,488

689,488

0.5657

--1,230

534,650535,880

-566

4,2804,846

531,034

-2,742

532,666(4,374)

531,034

531,034

0.5027


159


ASET


LiABiLiTi

Peruntukan untuk cukaiLain-lain belum bayar


DiwAKiLi oLEH:

Nilai aset bersih pada tarikh pelancaranLebihan bersih selepas cukaiPenciptaan bersih unitPembatalan bersih unitNilai aset bersih pada akhir tempoh

AKAUN PEMEGANG UNiT


Dana AmAsiaRecovery CG

Nota

3

4

5

6

85,113,10129,859

234835,909

85,979,103

1,1701,435,0301,436,200

84,542,903

-(965,131)

86,860,009(1,351,975)

84,542,903

84,542,903

0.4944

2010RM


PADA 31 MAC 2010


160


Pendapatan pelaburan bersihPendapatan faedahPendapatan dividen

Keuntungan di atas pelupusan pelaburanKeuntungan modal tidak terealisasi, bersih Jumlah pendapatan

Perbelanjaan pengurusan Kerugian di atas pelupusan pelaburanKerugian modal tidak terealisasi, bersih Jumlah perbelanjaan

Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) sebelum cukai

Cukai

Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) selepas cukai

Pendapatan tidak teragih dibawa ke hadapan

Pendapatan tidak teragih dihantar ke hadapan


2010RM

2010RM

PENYATA PENDAPATAN DAN PERBELANJAAN

BAGi TAHUN KEwANGAN BERAKHiR 31 MAC 2010

Nota 2009RM

2009RM

78

9

23,45264,17287,624

- -87,624

(15,611)(41,677)

(579,360)(636,648)

(549,024)

(6,000)

(555,024)

629,532

74,508

28,16192,972

121,133

13,469307,500442,102

(8,528)--

(8,528)

433,574

(15,307)

418,267

533,026

951,293

6,803114,994121,797

6,186-

127,983

(8,030)-

(5,139)(13,169)

114,814

-

114,814

418,212

533,026

15,77676,54392,319

109,881728,032930,232

(8,788)--

(8,788)

921,444

(61,591)

859,853

74,508

934,361


161


Pendapatan pelaburan bersihPendapatan faedahPendapatan dividen

Keuntungan di atas pelupusan pelaburanKeuntungan modal tidak terealisasi, bersih Jumlah pendapatan

Perbelanjaan pengurusan Kerugian modal tidak terealisasi, bersih Jumlah perbelanjaan


Cukai



Pendapatan tidak teragih dihantar ke hadapan

Dana Balanced Dana Teguh

2010RM

2010RM



Nota 2009RM

2009RM

78

9

23,37195,258

118,629

59,391139,128317,148

(8,802) -

(8,802)

308,346

(62,420)

245,926

1,073,218

1,319,144

31,83280,764

112,596

66,557-

179,153

(8,063)(687,139)(695,202)

(516,049)

(11,100)

(527,149)

1,600,367

1,073,218

11,02041,11152,131

68,646434,618555,395

(8,678)-

(8,678)

546,717

(34,945)

511,772

117,028

628,800

21,57837,49459,072

7,653-

66,725

(9,503)(284,772)(294,275)

(227,550)

(4,000)

(231,550)

348,578

117,028


162


Pendapatan pelaburan bersihPendapatan faedahKeuntungan modal tidak terealisasi, bersih Jumlah pendapatan

Perbelanjaan pengurusan Kerugian modal tidak terealisasi, bersih Jumlah perbelanjan


Cukai


(Kerugian)/keuntungan tidak teragih dibawa ke hadapan

(Kerugian)/keuntungan tidak teragih dibawa ke hadapan

Dana Amoasis islamic Equity Dana AmAsia Link CG

2010RM

2010RM



Nota 2009RM

2009RM

7

9

9,903595,255605,158

(7,027)-

(7,027)

598,131

(55,748)

653,879

(1,286,163)

(632,284)

22,369-

22,369

(4,015)(898,491)(902,506)

(880,137)

(1,790)

(881,927)

(404,236)

(1,286,163)

3,289-3,289

(445,238)(27,485)

(472,723)

(469,434)

(85,548)

(554,982)

565,888

10,906

16,6313,462,2473,478,878

(447,985)-

(447,985)

3,030,893

(1,330)

3,029,563

(2,463,675)

565,888





Perbelanjaan pengurusan Jumlah perbelanjaan


Cukai


Pendapatan/(Kerugian) tidak teragih dibawa ke hadapan

Pendapatan/(Kerugian) tidak teragih dihantar ke hadapan

Dana AmGlobal EmergingMarkets opportunities Dana AmAsia Star CG

1.4.2009 hingga31.3.2010

RM



Nota

7

9

4,69952,38957,088

(10,793)(10,793)

46,295

(4,567)

41,728

2,777

44,505

1.6.2008 hingga31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

12.5.2008 hingga31.3.2009

RM

7,250-

7,250

(3,893)(3,893)

3,357

(580)

2,777

-

2,777

17,7232,020,4152,038,138

(1,079,908)(1,079,908)

958,230

(204,977)

753,253

(110,753)

642,500

62,886524,076586,962

(692,684)(692,684)

(105,722)

(5,031)

(110,753)

-

(110,753)




Perbelanjaan pengurusan Kerugian modal tidak terealisasi, bersih Jumlah perbelanjaan

Lebihan (perbelanjaan tolak pendapatan)/ pendapatan tolak perbelanjaan/ sebelum cukai

Cukai

Lebihan (perbelanjaan tolak pendapatan)/ pendapatan tolak perbelanjaan/ selepas cukai


(Kerugian)/Pendapatan tidak teragih dihantar ke hadapan


1.4.2009 hingga31.3.2010

RM



Nota

7

9

8,257-

8,257

(12,939)(69,868)(82,807)

(74,550)

4,928

(69,622)

2,792

(66,830)

1.9.2008 hingga31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

7,350-

7,350

(3,970)-

(3,970)

3,380

(588)

2,792

-

2,792

4,28182,19886,479

(10,422)-

(10,422)

76,057

(6,918)

69,138

2,742

71,881

7,076-

7,076

(3,768)-

(3,768)

3,308

(566)

2,742

-

2,742


165


Pendapatan pelaburan bersihPendapatan faedahPerbelanjaan pengurusanKerugian modal tidak terealisasi, bersih Jumlah perbelanjaan

Lebihan pendapatan tolak perbelanjaan sebelum cukai

Cukai

Lebihan perbelanjaan tolak pendapatan selepas cukai


21.5.2009 hingga31.3.2010

RM


BAGi TEMPoH KEwANGAN DARi TARiKH PELANCARAN HiNGGA 31 MAC 2010

Nota

7

9

14,624(635,202)(373,242)

(1,008,444)

(993,820)

28,689

(965,131)




Nilai aset bersih pada awal tahun

Pendapatan bersih bagi tahun (tidak termasuk perubahan di dalam keuntungan/(kerugian) pelaburan tidak terealisasi)

Perubahan di dalam keuntungan/ (kerugian) pelaburan tidak terealisasi

Jumlah diterima untuk penciptaan di dalam tahun

Jumlah berbayar untuk pembatalan disebabkan oleh serahan di dalam tahun

Nilai aset bersih pada akhir tahun


2010RM

2010RM

PENYATA PERUBAHAN Di DALAM NiLAi ASET BERSiH


2009RM

2009RM

2,440,834

131,821

728,032

1,398,833

(88,253)

4,611,267

2,465,520

24,336

(579,360)

667,679

(137,341)

2,440,834

3,503,867

110,767

307,500

2,046,120

(77,655)

5,890,599

3,169,404

119,953

(5,139)

617,576

(397,927)

3,503,867

167



Pendapatan bersih bagi tahun (tidak termasuk perubahan di dalam keuntungan/(kerugian) pelaburan tidak terealisasi)

Perubahan di dalam keuntungan/(kerugian) pelaburan tidak terealisasi





2010RM

2010RM



2009RM

2009RM

2,872,898

106,798

139,128

2,801,806

(111,941)

5,808,689

3,323,165

159,990

(687,139)

837,446

(760,564)

2,872,898

1,648,173

77,154

434,618

681,255

(54,749)

2,786,451

1,695,076

53,222

(284,772)

290,809

(106,162)

1,648,173


168



Pendapatan/(kerugian) bersih bagi tahun (tidak termasuk perubahan di dalam keuntungan /(kerugian) pelaburan tidak terealisasi)

Perubahan di dalam Keuntungan/(kerugian) pelaburan tidak terealisasi




2010RM

2010RM



2009RM

2009RM

2,717,430

58,624

595,255

201,158

(237,453)

3,335,014


3,506,786

16,564

(898,491)

342,385

(249,814)

2,717,430

61,805,487

(527,497)

(27,485)

109,063

(912,326)

60,447,242

60,910,534

(432,684)

3,462,247

-

(2,134,610)

61,805,487


169


Nilai aset bersih pada awal tahun/tarikh pelancaran

(Kerugian)/Pendapatan bersih bagi tahun/tempoh (tidak termasuk perubahan di dalam keuntungan pelaburan tidak terealisasi)

Perubahan di dalam keuntungan pelaburan tidak terealisasi

Jumlah diterima untuk penciptaan di dalam tahun/tempoh

Jumlah berbayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh

Nilai aset bersih pada akhir tahun/tempoh





1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

12.5.2008 hingga31.3.2009

RM

541,279

(10,661)

52,389

53,153

(13,580)

622,580

-

2,777

-

539,719

(1,217)

541,279

97,767,520

(1,267,162)

2,020,415

72,053

(2,196,812)

96,396,014

-

(634,829)

524,076

99,090,784

(1,212,511)

97,767,520

170


Nilai aset bersih pada awal tahun/tarikh pelancaran

Pendapatan/(kerugian) bersih bagi tahun/tempoh (tidak termasuk perubahan di dalam keuntungan /(kerugian)pelaburan tidak terealisasi) Perubahan di dalam (kerugian)/ keuntungan pelaburan tidak terealisasi

Jumlah diterima untuk penciptaan di dalam tahun/tempoh

Jumlah berbayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh

Nilai aset bersih pada akhir tahun/tempoh



597,325

246

(69,868)

1,775,151

(369,112)

1,933,742

Dana AmA Precious Metals Dana AmA Global Agribusiness

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga 31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

-

2,792

-

599,198

(4,665)

597,325

531,034

(13,059)

82,198

136,447

(47,132)

689,488

-

2,742

-

532,666

(4,374)

531,034


171


Nilai aset bersih pada tarikh pelancaran

Kerugian bersih bagi tahun (tidak termasuk perubahan di dalam kerugian pelaburan tidak terealisasi)

Perubahan di dalam kerugian pelaburan tidak terealisasi

Jumlah diterima untuk penciptaan di dalam tempoh

Jumlah berbayar untuk pembatalan disebabkan oleh serahan di dalam tempoh

Nilai aset bersih pada akhir tempoh



-

(591,889)

(373,242)

86,860,009

(1,351,975)

84,542,903


21.5.2009 hingga31.3.2010

RM




ALiRAN TUNAi DARiAKTiViTi oPERASi

Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) sebelum cukaiPelarasan:Pendapatan pelaburan(Pendapatan)/kerugian di atas pelupusan pelaburan(Keuntungan)/kerugian modal tidak terealisasi, bersih Lebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanHasil daripada pelupusan pelaburanPendapatan pelaburan diterimaKenaikan/(penurunan) di dalam lain-lain belum bayarPenurunan/(kenaikan) di dalam lain-lain belum terimaPenurunan/(kenaikan) di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih digunakan di dalam aktiviti operasi

ALiRAN TUNAi DARiAKTiViTi PEMBiAYAAN

Penciptaan unitPembatalan unitTunai bersih terhasil daripada aktiviti pembiayaan

Kenaikan/(penurunan) bersih di dalam baki tunai dan di bankBaki tunai dan di bank pada awal tahunBaki tunai dan di bank pada akhir tahun

PENYATA ALiRAN TUNAi


Nota 2009RM

2009RM

5


2010RM

2010RM

921,444

(92,319)

(109,881)

(728,032)

(8,788)(4,526,980)

2,911,369103,873

8,084

121,154

83,952

(1,307,336)

1,398,833(88,253)

1,310,580

(549,024)

(87,624)

41,677

579,360

(15,611)(199,023)

602,90781,625

8,000

(260,841)

(748,000)

(530,943)

667,679(137,341)

530,338

433,574

(121,133)

(13,469)

(307,500)

(8,528)(56,059)

162,839121,133

21,175

3,565

(2,211,879)

(1,967,754)

2,046,120(77,655)

1,968,465

114,814

(121,797)

(6,186)

5,139

(8,030)(14,265)

103,000121,787

(92,729)

(2,719)

(327,000)

(219,956)

617,576(397,927)

219,649

5

5

3,244

320

3,564

(605)

925

320

711

696

1,407

(307)

1,003

696

173



Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) sebelum cukaiPelarasan:Pendapatan pelaburanKeuntungan di atas pelupusan pelaburan(Keuntungan)/kerugian modal tidak terealisasi, bersih Lebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanHasil daripada pelupusan pelaburanPendapatan pelaburan diterimaKenaikan/(penurunan) di dalam lain-lain belum bayarKenaikan di dalam lain-lain belum terimaKenaikan di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih digunakan di dalam aktiviti operasi


Penciptaan unitPembatalan unitTunai bersih terhasil daripada/ aktiviti pembiayaan

(Penurunan)/kenaikan bersih di dalam baki tunai dan di bankBaki tunai dan di bank pada awal tahunBaki tunai dan di bank pada akhir tahun



Nota 2009RM

2009RM

5


2010RM

2010RM

308,346

(118,629)(59,391)

(139,128)

(8,802)(4,007,321)

2,405,616129,525

7,997

(33,247)

(1,189,090)

(2,695,322)

2,801,806(111,941)

2,689,865

(516,049)

(112,596)(66,557)

687,139

(8,063)(70,956)

550,477101,762

8,001

(15,993)

(633,000)

(67,772)

837,446(760,564)

76,882

546,717

(52,131)(68,646)

(434,618)

(8,678)(1,460,369)

995,95054,402

(4,437)

(7,886)

(192,948)

(623,966)

681,255(54,749)

626,506

(227,550)

(59,072)(7,653)

284,772

(9,503)(253,547)

384,41262,742

20,437

(8,387)

(381,000)

(184,846)

290,809(106,162)

184,647


5

5

(5,457)

9,677

4,220

9,110

567

9,677

2,540

379

2,919

(199)

578

379

174



Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) sebelum cukaiPelarasan:Pendapatan pelaburan(Keuntungan)/kerugian modal tidak terealisasi, bersih Lebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanHasil daripada pelupusan pelaburanPendapatan pelaburan diterimaKenaikan di dalam lain-lain belum bayar(Kenaikan)/penurunan di dalam lain-lain belum terima(Kenaikan)/penurunan di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih terhasil daripada/ (digunakan di dalam) aktiviti operasi


Penciptaan unitPembatalan unitTunai bersih (digunakan di dalam)/ terhasil daripada aktiviti pembiayaan

(Penurunan)/kenaikan bersih di dalam baki tunai dan di bankBaki tunai dan di bank pada awal tahunBaki tunai dan di bank pada akhir tahun



Nota 2009RM

2009RM

5


2010RM

2010RM

(880,137)

(22,369)

898,491

(4,015)-

-22,23427,127

290,893

(422,150)

(85,911)

342,385(249,814)

92,571

(469,434)

(3,289)

27,485

(445,238)-

1,019,0733,289

205,225

(453)

23,145

805,041

109,063(912,326)

(803,263)

3,030,893

(16,631)

(3,462,247)

(447,985)

480,00017,012

920,913

-

1,162,609

2,132,549

-(2,134,610)

(2,134,610)


5

5

(2,843)

7,381

4,538

6,660

721

7,381

1,778

126

1,904

(2,061)

2,187

126

598,131

(9,903)

(595,255)

(7,027)447,951

294,6089,903

17,058

(40,494)

(688,547)

33,452

201,158(237,453)

(36,295)

175



Lebihan pendapatan tolak perbelanjaan/ (perbelanjaan tolak pendapatan) sebelum cukaiPelarasan:Pendapatan pelaburanKeuntungan modal tidak terealisasi, bersihLebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanPendapatan pelaburan diterimaKenaikan di dalam lain-lain belum bayarPenurunan di dalam lain-lain belum terimaPenurunan/(kenaikan) di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih (digunakan di dalam)/ terhasil daripada aktiviti operasi


Penciptaan unitPembatalan unitTunai bersih terhasil daripada/(digunakan di dalam) aktiviti pembiayaan

(Penurunan)/kenaikan bersih di dalam baki tunai dan di bankBaki tunai dan di bank pada awal tahun/tempohBaki tunai dan di bank pada akhir tahun/tempoh



Nota

5


46,295

(4,699)(52,389)

(10,793)(450,000)

4,43512,807(1,453)

393,925

(51,079)

53,153(13,580)

39,573

1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga 31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

12.5.2008 hingga31.3.2009

RM

3,357

(7,250)-

(3,893)-6,9524,493

(636)

(532,952)

(526,036)

539,719(1,217)

538,502

958,230

(17,723)(2,020,415)

(1,079,908)-

11,725(2,499,949)4,738,392

954,885

2,125,145

72,053(2,196,812)

(2,124,759)

(105,722)

(62,886)(524,076)

(692,684)(96,390,000)

61,957837,366(30,894)

(1,663,084)

(97,877,339)

99,090,784(1,212,511)

97,878,273


5

5

(11,506)

12,466

960

12,466

-

12,466

386

934

1,320

934

-

934

176



Lebihan (perbelanjaan tolak perbelanjaan)/ pendapatan tolak perbelanjaan sebelum cukaiPelarasan:Pendapatan pelaburan(Kerugian)/keuntungan modal tidak terealisasi, bersihLebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanPendapatan pelaburan diterimaKenaikan di dalam lain-lain belum bayarKenaikan di dalam lain-lain belum terima(Kenaikan)/penurunan di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih digunakan di dalam aktiviti operasi



(Penurunan)/kenaikan bersih di dalam baki tunai dan di bankBaki tunai dan di bank pada awal tahun/tempohBaki tunai dan di bank pada akhir tahun/tempoh



Nota

5

5

5

Dana AmA Precious Metals Dana AmA Global Agribusiness

(74,550)

(8,257)

69,868

(12,939)(1,200,000)

8,246

20,069

(50,875)

(173,976)

(1,409,475)

1,775,151(369,112)

1,406,039

(3,436)

4,361

925

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga 31.3.2009

RM

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

3,380

(7,350)

-

(3,970)-7,024

4,485

(13,687)

(584,024)

(590,172)

599,198(4,665)

594,533

4,361

-

4,361

76,057

(4,281)

(82,198)

(10,422)(450,000)

4,281

12,605

(15,031)

366,668

(91,899)

136,447(47,132)

89,315

(2,584)

2,871

287

3,308

(7,076)

-

(3,768)-6,779

4,280

(993)

(531,779)

(525,421)

532,666(4,374)

528,292

2,871

-

2,871


177



Lebihan perbelanjaan tolak pendapatan sebelum cukaiPelarasan:Pendapatan pelaburanKerugian modal tidak terealisasi, bersihLebihan perbelanjaan tolak pendapatan dari operasi sebelum perubahan di dalam aset dan liabiliti operasiPembelian pelaburanPendapatan pelaburan diterimaKenaikan di dalam lain-lain belum bayarPenurunan di dalam lain-lain belum terimaKenaikan di dalam simpanan tetap dan panggilan dengan institusi kewanganTunai bersih digunakan di dalam aktiviti operasi



Kenaikan bersih di dalam baki tunai dan di bank, mewakili baki tunai dan di bank pada akhir tempoh



Nota

5

5


(993,820)

(14,624)373,242

(635,202)(85,486,343)

14,6241,435,030

(234)

(835,833)

(85,507,958)

86,860,009(1,351,975)

85,508,034

76

21.5.2009 hingga31.3.2010

RM


178


NOTA-NOTA KEPADA PENYATA KEWANGAN - 31 MAC 2010

1. PENGURUS DAN AKTIVITI UTAMANYA Dana-dana berkaitan pelaburan AmLife Insurance Berhad (“Pengurus”) terdiri daripada Dana Equity,

Dana Bond, Dana Balanced, Dana Teguh, Dana AmOasis Islamic Equity, Dana AmAsia Link CG, Dana Global Emerging Markets Opportunities, Dana AmAsia Star CG, Dana AmA Precious Metals, Dana Global Agribusiness dan Dana AmAsia Recovery CG (“Dana-dana”).

Pengurus merupakan syarikat liabiliti terhad awam yang diperbadankan dan bermastautin di Malaysia

dan berlesen di bawah Akta Insurans, 1996. Aktiviti utamanya adalah pengunderaitan insurans hayat dan berkaitan pelaburan.

Selain daripada yang dinyatakan di atas, tiada perubahan penting di dalam sifat aktiviti utama Pengurus di dalam tahun ini.

2. POLISI PERAKAUNAN YANG PENTING 2.1 Asas Perakaunan

Penyata kewangan ini telah disediakan di bawah konvensyen kos sejarah, kecuali dinyatakan sebaliknya di dalam polisi perakaunan di bawah, dan mematuhi Piawaian Laporan Kewangan di Malaysia, Akta Insurans, 1996 dan Garis Panduan/Pekeliling yang dikeluarkan oleh Bank Negara Malaysia dan di mana boleh digunapakai, diubahsuai untuk mematuhi prinsip-prinsip Syariah.

Dana-dana ini telah mengambil guna semua FRS, Tafsiran Jawatankuasa Isu (“IC”) dan pindaan kepada FRS di Malaysia kecuali bagi yang telah dikeluarkan tetapi belum berkuatkuasa, seperti yang diterangkan sepenuhnya di dalam Nota 2.3. Penyata kewangan ini dibentangkan di dalam Ringgit Malaysia (RM).

2.2 Ringkasan Polisi Perakaunan yang Penting

(a) Pengiktirafan Hasil

Hasil diiktiraf apabila ia berkemungkinan bahawa manfaat ekonomi yang berkaitan dengan transaksi tersebut akan mengalir kepada perniagaan dan jumlah hasil boleh diukur dengan tepat.

(i) Pendapatan faedah dan keuntungan daripada pelaburan diiktiraf berdasarkan akruan. (ii) Pendapatan dividen diiktiraf berdasarkan pengisytiharan apabila hak menerima pembayaran

ditetapkan (iii) Hasil yang timbul daripada penjualan pelaburan ditolak selesai pada kos purata wajaran

pelaburan. Hasil keuntungan atau kerugian dibawa ke penyata pendapatan dan perbelanjaan.

179


2. POLISI PERAKAUNAN YANG PENTING 2.2 Ringkasan Polisi Perakaunan yang Penting

(b) Yuran Pengurusan

Yuran pengurusan dicaj berdasarkan kepada nilai aset bersih harian Dana, pada kadar berikut: Dana Equity 1.60% p.a. Dana Bond 1.70% p.a. Dana Balanced 1.60% p.a. Dana Teguh 1.70% p.a. Dana AmOasis Islamic Equity 1.70% p.a. Dana AmAsia Link CG 1.95% p.a. Dana AmGlobal Emerging Markets Opportunities 1.95% p.a. Dana AmAsia Star CG 1.70% p.a. Dana Precious Metals 1.95% p.a. Dana Global Agribusiness 1.95% p.a. Dana AmAsia Recovery CG 1.70% p.a.

(c) Pelaburan Pelaburan tersiar harga dinyatakan pada harga penutup pasaran pada tarikh penyata aset dan liabiliti. Pelaburan di dalam saham atau bon tidak tersiar harga dinilai pada harga pasaran yang disiarkan

oleh Bond Pricing Agency Sdn. Bhd.

Pelaburan di dalam produk berstruktur dinilai pada harga yang disiarkan oleh institusi kewangan. Pelaburan di dalam instrumen Deposit Boleh Niaga Kadar Berubah (“FRNID”) dinilai pada harga pasaran yang disiarkan oleh pengeluar.

Sebarang kenaikan atau penurunan di dalam nilai pelaburan ini dibawa kepada penyata pendapatan

dan perbelanjaan.

(d) Cukai Pendapatan

Cukai pendapatan ke atas keuntungan dan kerugian bagi tahun ini terdiri daripada cukai semasa dan tertangguh. Cukai semasa adalah jumlah jangkaan cukai pendapatan yang harus dibayar berkenaan dengan pendapatan boleh cukai bagi tahun tersebut dan diukur menggunakan kadar cukai yang telah dikuatkuasakan pada tarikh penyata aset dan liabiliti.

Cukai tertangguh diperuntukkan, menggunakan kaedah liabiliti. Pada prinsipnya, liabiliti cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh cukai dan aset cukai tertangguh diiktiraf bagi semua perbezaan sementara boleh potong, kerugian cukai yang tidak digunakan dan kredit cukai yang tidak digunakan yang boleh digunakan.

Cukai tertangguh diukur pada kadar cukai yang dijangka dikenakan di dalam tempoh apabila aset tersebut direalisasi atau liabiliti tersebut diselesaikan, berdasarkan kepada kadar cukai yang telah dikuatkuasakan atau dikuatkuasakan secara substantif pada tarikh penyata aset dan liabiliti. Cukai tertangguh diiktiraf sebagai pendapatan atau perbelanjaan dan termasuk di dalam keuntungan atau kerugian bagi tahun/tempoh tersebut, kecuali apabila ia timbul daripada transaksi yang diiktiraf secara langsung di dalam ekuiti, yang mana cukai tertangguh juga diiktiraf secara langsung di dalam ekuiti.

180


2. POLISI PERAKAUNAN YANG PENTING

2.2 Ringkasan Polisi Perakaunan yang Penting (e) Instrumen Kewangan

Instrumen kewangan diiktiraf di dalam penyata aset dan liabiliti apabila Dana-dana telah menjadi pihak kepada peruntukan berkontrak instrumen tersebut.

Instrumen kewangan diklasifikasi sebagai liabiliti atau ekuiti menurut isi kandungan perjanjian berkontrak. Faedah, dividen dan keuntungan dan kerugian yang berkaitan dengan instrumen kewangan tersebut diklasifikasi sebagai liabiliti, dilaporkan sebagai perbelanjaan atau pendapatan. Instrumen kewangan ditolak selesai apabila Dana-dana mempunyai hak yang boleh dikuatkuasa secara perundangan untuk menolak selesai dan berhasrat untuk menyelesaikan sama ada pada asas bersih atau untuk merealisasikan aset dan menyelesaikan liabiliti tersebut secara serentak.

Maklumat pendedahan bagi aset dan liabiliti kewangan yang berkaitan dengan hak dan obligasi yang timbul di bawah kontrak insurans tidak termasuk di dalam skop Piawaian Laporan Kewangan 132 - Instrumen Kewangan: Pendedahan dan Pembentangan.

(i) Belum terima

Belum terima dibawa pada nilai jangkaan boleh realisasi. Hutang lapuk dihapus kira apabila dikenal pasti. Satu anggaran dibuat bagi hutang ragu berdasarkan kepada penilaian semua jumlah tertunggak pada tarikh penyata aset dan liabiliti.

(ii) Belum bayar

Belum bayar dinyatakan pada kos yang merupakan nilai saksama pertimbangan untuk dibayar pada masa hadapan bagi barangan dan perkhidmatan yang diterima.

Polisi perakaunan bagi pengiktirafan dan ukuran lain-lain instrumen kewangan Dana-dana didedahkan di dalam polisi perakaunannya masing-masing.

(f) Tunai dan Tunai Setara

Untuk tujuan penyata aliran tunai, tunai dan tunai setara terdiri daripada tunai di tangan dan di bank, tidak termasuk simpanan tetap dan panggilan.

Penyata aliran tunai telah disediakan menggunakan kaedah tidak langsung.

181



2.2 Ringkasan Polisi Perakaunan yang Penting (g) Transaksi Matawang Asing

Transaksi di dalam matawang asing pada mulanya direkodkan di dalam Ringgit Malaysia pada kadar pertukaran yang berkuatkuasa pada tarikh transaksi tersebut. Pada setiap tarikh penyata aset dan liabiliti, butiran monetari matawang asing ditukarkan kepada Ringgit Malaysia pada kadar pertukaran yang berkuatkuasa pada tarikh tersebut. Butiran bukan monetari yang pada mulanya di dalam matawang asing, yang dibawa pada kos sejarah ditukarkan menggunakan kadar sejarah pada tarikh pengambilan dan butiran bukan monetari yang dibawa pada nilai saksama ditukarkan menggunakan kadar pertukaran yang wujud apabila nilai tesebut ditentukan. Semua perbezaan kadar pertukaan dibawa kepada penyata pendapatan dan perbelanjaan.

2.3 Perubahan di dalam Polisi Perakaunan dan Kesan yang Timbul daripada Pengambilgunaan FRS yang Baru dan Bersemak, Perubahan kepada FRS dan Tafsiran IC

Pada tarikh kebenaran penyata kewangan ini, FRS baru, perubahan kepada FRS dan Tafsiran IC yang berikut telah dikeluarkan tetapi belum berkuatkuasa untuk tahun kewangan semasa dan belum

digunakan oleh Dana-dana: Berkuatkuasa bagi tempoh kewangan bermula pada atau selepas 1 Julai 2009

FRS 8: Segmen Operasi

Berkuatkuasa bagi tempoh kewangan bermula pada atau selepas 1 Januari 2010

(i) FRS 4: Kontrak Insurans (ii) FRS 7: Instrumen Kewangan-Pendedahan (iii) FRS 101: Pembentangan Penyata Kewangan (semakan 2009) (iv) FRS 123: Kos Meminjam

(v) FRS 139: Instrumen Kewangan - Pengiktirafan dan Ukuran (vi) Perubahan kepada FRS 1: Pengambilgunaan Kali Pertama Piawaian Laporan Kewangan dan FRS 127: Penyata Kewangan Gabungan dan Berasingan: Kos Pelaburan di dalam Subsidiari, Entiti Kawalan Bersama atau Rakan Kongsi

(vii) Perubahan kepada FRS 2: Pembayaran Berasaskan Saham - Syarat Letak Hak dan Pembatalan(viii) Perubahan kepada FRS 132: Instrumen Kewangan: Pembentangan (ix) Perubahan kepada FRS 132: Instrumen Kewangan: Pembentangan (Classification of Rights Issues) (x) Perubahan kepada FRS 139: Instrumen Kewangan: Pengiktirafan dan Ukuran, FRS 7: Instrumen Kewangan: Pendedahan dan Tafsiran IC 9: Penilaian Semula Derivatif Terangkum (xi) Perubahan kepada FRS yang terkandung di dalam dokumen bertajuk ‘Penambah-baikan kepada FRSs (2009)’ (xii) Tafsiran IC 9: Penilaian Semula Derivatif Terangkum (xiii) Tafsiran IC 10: Laporan Kewangan Interim dan Penjejasan (xiv) Tafsiran IC 11: FRS 2 – Transaksi Saham Kumpulan dan Perbendaharaan (xv) Tafsiran IC 13: Program Kesetiaan Pelanggan (xvi) Tafsiran IC 14: FRS 119 – Had ke atas Aset Manfaat Bertakrif, Syarat-syarat Permodalan Minimum dan Interaksinya (xvii) TR i - 3: Pembentangan Penyata Kewangan Institusi Kewangan Islam

182




Berkuatkuasa bagi tempoh kewangan bermula pada atau selepas 1 Julai 2010

(i) FRS 1: Pengambilgunaan Kali Pertama Piawaian Laporan Kewangan (semakan 2010) (ii) FRS 3: Kombinasi Perniagaan (semakan 2010) (iii) FRS 127: Penyata Kewangan Gabungan dan Berasingan (semakan 2010) (iv) Perubahan kepada FRS 2: Pembayaran Berasaskan Saham (v) Perubahan kepada FRS 5: Aset Bukan Semasa Dipegang untuk Jualan dan Operasi Terhenti (vi) Perubahan kepada FRS 138: Aset tak Ketara (vii) Perubahan kepada Tafsiran IC 9: Penilaian Semula Derivatif Terangkum (viii) Tafsiran IC 12: Susunan Konsesi Perkhidmatan (ix) Tafsiran IC 15: Persetujuan bagi Pembinaan Hartanah (x) Tafsiran IC 16: Lindung Nilai Pelaburan Bersih di dalam Operasi Asing (xi) Tafsiran IC 17: Pengagihan Aset Bukan Tunai kepada Pemilik

Berkuatkuasa untuk tempoh kewangan bermula pada atau selepas 1 Januari 2011

(i) Perubahan kepada FRS 1: Pengecualian Terhad dari Pendedahan FRS 7 Perbandingan untuk Pengambilguna Kali Pertama

(ii) Perubahan kepada FRS 7: Menambahbaik Pendedahan mengenai Instrumen Kewangan

Impak penggunaan FRS 4, FRS 7 dan FRS 139 ke atas penyata kewangan pada penggunaan pertama seperti yang diperlukan oleh perenggan 30(b) FRS 108 Polisi Perakaunan, Perubahan di dalam Anggaran Perakaunan dan Ralat tidak didedahkan memandangkan pengecualian yang diberikan di dalam FRS masing-masing. Kecuali diterangkan sebaliknya di bawah, pengumuman ini dijangka tidak mempengaruhi penyata kewangan Dana-dana secara besar.

(i) FRS 139: Instrumen Kewangan - Pengiktirafan dan Ukuran

Piawaian ini menetapkan prinsip bagi pengiktirafan, nyahiktiraf dan ukuran instrumen kewangan dana dan bagi perakaunan lindung nilai. Syarat-syarat bagi membentangkan dan mendedahkan maklumat mengenai instrumen kewangan seperti yang diperlukan di bawah FRS 132: Instrumen Kewangan: Pembentangan dan FRS 7: Instrumen Kewangan: Pendedahan.

(ii) FRS 7: Instrumen Kewangan-Pendedahan

Piawaian ini memerlukan kedua-dua pendedahan kuantitatif dan kualitatif berkenaan dengan pendedahan entiti kepada instrumen kewangan dan risiko yang berkaitan. Ia juga memerlukan pendedahan yang dipertingkatkan mengenai komponen kedudukan kewangan dan prestasinya, dan kemungkinan perubahan kepada cara pembentangan beberapa butiran di dalam penyata kewangan.

183




(iii) FRS 101: Pembentangan Penyata Kewangan (semakan 2009)Piawaian ini menetapkan keseluruhan syarat-syarat bagi pembentangan penyata kewangan, garis panduan bagi strukturnya dan syarat-syarat minimum bagi isi kandungannya.

Piawaian ini mengasingkan perubahan pemilik dan bukan pemilik di dalam ekuiti, yang mana penyata perubahan di dalam ekuiti akan termasuk hanya butiran transaksi dengan pemilik, dan semua perubahan bukan pemilik di dalam ekuiti akan dibentangkan sebagai garis tunggal, dilabelkan sebagai pendapatan komprehensif menyeluruh. Piawaian ini juga memperkenalkan penyata pendapatan komprehensif, yang membentangkan semua butiran pendapatan dan perbelanjaan yang teriktiraf di dalam penyata pendapatan bersama dengan semua butiran lain pendapatan dan perbelanjaan teriktiraf, sama ada di dalam penyata tunggal, atau di dalam dua penyata yang berkaitan.

Pengurus Dana-dana pada masa ini sedang menilai format untuk diambil guna. Tambahan lagi, penyata kedudukan kewangan diperlukan pada awal tempoh perbandingan terawal berikutan perubahan di dalam polisi perakaunan, pembetulan ralat atau klasifikasi semula butiran di dalam penyata kewangan. Pengambilgunaan semakan FRS ini tidak akan mempunyai sebarang impak ke atas kedudukan dan keputusan kewangan Dana-dana.

184


3. PELABURAN

(i) Dana Equity

Sekuriti korporat Saham syarikat-syarikat tersiar harga di Malaysia: Kos Keuntungan/(kerugian) modal tidak terealisasi Nilai pasaran

Komposisi, kos dan nilai pasaran pelaburan pada 31 Mac 2010 diterangkan secara terperinci di bawah:

2010

Nilai Nilai Pasaran Jumlah Kos Pasaran sebagai % Unit RM RM NAB

Saham syarikat-syarikat tersiar harga di Malaysia:

PembinaanIJM Corporation Bhd 15,862 53,675 71,999 1.56%YTL Corporation Bhd 7,344 52,399 55,080 1.19%

Produk PenggunaPPB Group Berhad 7,400 49,885 133,200 2.89%UMW Holdings Bhd 5,800 25,353 36,830 0.80%

KewanganCIMB Group Holdings Berhad 23,300 219,707 327,598 7.10%Hong Leong Bank Berhad 9,900 62,902 85,536 1.85%EON Capital Berhad 20,000 140,131 140,600 3.05%Public Bank Berhad 20,548 176,692 239,179 5.19%

Produk PerindustrianDRB-HICOM Berhad 50,000 59,260 58,000 1.26%Lafarge Malayan Cement Berhad 4,800 22,336 30,480 0.66%Top Glove Corporation Berhad 8,900 58,167 123,710 2.68%Wah Seong Corpration Berhad 31,157 55,996 80,928 1.76%

Syarikat Projek InfrastrukturDigi Communication Bhd 2,900 41,619 65,482 1.42%

PerladanganGenting Plantations Berhad 8,700 19,369 60,465 1.31%IOI Corporation Berhad 35,440 168,386 191,022 4.14%Kuala Lumpur Kepong Berhad 11,650 126,061 194,322 4.21%

2009RM

2,629,923719,881

3,349,804

1,002,784 (87,492)915,292

2010RM

185


2010

Nilai Nilai Pasaran Jumlah Kos Pasaran sebagai %

Unit RM RM NAB

HartanahEastern & Oriental Berhad 200,000 189,658 195,000 4.23%SP Setia Bhd 23,900 94,348 99,902 2.17%UEM Land Holdings Bhd 50,000 79,803 84,500 1.83%

Perdagangan & PerkhidmatanAxiata Group Berhad 36,000 94,978 138,600 3.01%Dialog Group Bhd 65,688 54,833 72,257 1.57%Genting Bhd 41,500 260,531 273,900 5.94%Malaysia Airlines System Bhd 100,000 209,785 215,000 4.66%Maxis Berhad 9,900 49,995 52,866 1.15%MISC Berhad 1,120 7,840 9,072 0.20%Parkson Holdings Bhd 22,018 110,784 129,906 2.82%PLUS Expressways Bhd 16,600 54,276 56,108 1.22%Sapuracrest Petroleum Berhad 38,300 59,360 91,920 1.99%Sime Darby Bhd 53 442 462 0.01%Tanjong Public Limited Company(“PLC”) 2,000 31,352 35,880 0.78%

Jumlah saham syarikat-syarikat tersiar harga di Malaysia 2,629,923 3,349,804

(ii) Dana Bond 2010 2009 RM RM

Lain-lain pelaburan Unit amanah: Kos 3,041,013 2,938,448 Keuntungan modal tidak terealisasi 188,195 76,571 Nilai pasaran 3,229,208 3,015,019


2010


Unit amanah:

AmBond 2,949,048 3,041,013 3,229,208 54.82%

3. PELABURAN

(i) Dana Equity

2010RM

2009RM

186


3. PELABURAN

(iii) Dana Balanced

Sekuriti korporat/hutang Saham syarikat-syarikat tersiar harga di Malaysia: Kos 2,253,590 948,457 Keuntungan/(kerugian) modal tidak terealisasi, bersih 703,915 (102,366) Nilai pasaran 2,957,505 846,091

Bon korporat: Kos - 400,000 Kerugian modal tidak terealisasi, bersih - (18,040) Nilai pasaran - 381,960 2,957,505 1,228,051

Lain-lain pelaburan Unit amanah: Kos 719,978 696,149 Keuntungan modal tidak terealisasi, bersih 43,400 13,984 Nilai pasaran 763,378 710,133 Jumlah pelaburan 3,720,883 1,938,184


2010



PembinaanIJM Corporation Bhd 18,480 62,533 83,882 1.44%YTL Corporation Bhd 8,670 62,720 65,025 1.12%

Produk PenggunaPPB Group Bhd 8,600 94,960 154,800 2.66%

KewanganCIMB Group Holdings Bhd 20,300 184,249 285,418 4.91%Hong Leong Bank Bhd 12,700 80,693 109,728 1.89%EON Capital Berhad 20,000 140,131 140,600 2.42%Public Bank Berhad 11,256 94,012 131,020 2.26%Public Bank Berhad- Foreign 7,500 49,080 87,600 1.51%

Produk PerindustrianDRB-HICOM Bhd 50,000 59,270 58,000 1.00%Lafarge Malaysian Cement Bhd 5,700 26,524 36,195 0.62%LION Industries Corporation Berhad 2,800 3,389 4,872 0.08%Top Glove Corporation Bhd 8,600 60,107 119,540 2.06%Wah Seong Corporation Bhd 36,400 65,420 94,640 1.63%

Syarikat Projek InfrastrukturDigi Communication Bhd 2,900 49,128 65,482 1.13%

187


3. PELABURAN

(iii) Dana Balanced

2010



PerladanganGenting Plantations Bhd 7,200 15,882 50,040 0.86%IOI Corporation Bhd 37,638 174,637 202,869 3.49%Kuala Lumpur Kepong Bhd 13,550 147,989 226,014 3.89%

HartanahEastern & Oriental Berhad 100,000 94,830 97,500 1.68%

Perdagangan & PerkhidmatanAxiata Group Berhad 40,100 105,048 154,385 2.66%Dialog Group Bhd 39,841 33,257 43,825 0.75%Genting Berhad 33,500 203,867 221,100 3.81%Maxis Berhad 12,600 63,630 67,284 1.16%MMC Corporation Bhd 33,600 62,022 81,984 1.41%PLUS Expressways Bhd 19,400 63,431 65,572 1.13%Sapuracrest Petroleum Bhd 34,000 52,493 81,600 1.40%Sime Darby Bhd 23,766 187,761 207,002 3.56%Tanjong PLC 1,200 16,527 21,528 0.37%

Jumlah saham syarikat-syarikat tersiar harga di Malaysia 2,253,590 2,957,505 Unit amanah:

AmBond 697,149 719,978 763,378 13.14%

Kadar faedah efektif pada tarikh lembaran imbangan dan penentuan semula harga atau tarikh matang, yang mana lebih awal, bagi bon korporat Dana Imbangan adalah seperti berikut:

Kadar faedah efektif 2010 2009 % % Bon korporat - 9.00

Penentuan semula harga berfaedah atau tarikh matang (yang mana lebih awal) 1 tahun 1 tahun hingga Lebih dari atau kurang 5 tahun 5 tahun Jumlah RM RM RM RM

Pada 31 Mac 2010Bon korporat - - - -

Pada 31 Mac 2009Bon korporat - - 381,960 381,960

2010RM

2009RM

188


(iv) Dana Teguh

Sekuriti korporat Saham syarikat-syarikat tersiar harga di Malaysia: Kos 1,167,160 541,211 Keuntungan/(kerugian) modal tidak terealisasi 397,594 (20,956) Nilai pasaran 1,564,754 520,255

Lain-lain pelaburan Unit amanah: Kos 186,456 270,304 Keuntungan modal tidak terealisasi 18,895 17,269 Nilai pasaran 205,351 287,573 Jumlah pelaburan 1,770,105 807,828


2010



PembinaanGamuda Bhd 18,500 45,461 53,650 1.93%IJM Corporation Berhad 12,628 39,756 57,320 2.06%Malaysian Resources Corporation Bhd 23,100 29,803 38,115 1.37%WCT Engineering Bhd 19,966 27,246 54,906 1.97%

Produk PenggunaPBB Group Berhad 3,300 14,108 59,400 2.13%

Produk PerindustrianAnn Joo Recources Bhd 12,300 24,648 33,702 1.21%Kossan Rubber Industrial Berhad 5,200 18,505 41,600 1.49%Lafarge Malaysian Cement Bhd 3,500 16,287 22,225 0.80%LION Industries Corporation Bhd 17,900 21,670 31,146 1.12%Top Glove Corporation Berhad 6,200 37,030 86,180 3.09%Wah Seong Corporation Berhad 16,738 26,918 43,519 1.56%

PerladanganGenting Plantation Bhd 8,800 37,552 61,160 2.19%IOI Corporation Berhad 20,773 93,714 111,966 4.02%Kuala Lumpur Kepong Bhd 4,100 45,173 68,388 2.45%

2010RM

2009RM

189


3. PELABURAN

(iv) Dana Teguh

2010



HartanahEastern & Oriental Bhd 40,000 37,932 39,000 1.40%IJM Land Berhad 14,400 20,218 33,552 1.20%KLCC Property Holdings Berhad 11,300 31,800 37,855 1.36%SP Setia Berhad 9,000 25,491 37,620 1.35%Sunrise Berhad 16,900 27,993 35,490 1.27%YNH Property Bhd 21,431 30,927 33,432 1.20%

Perdagangan & PerkhidmatanKencana Petroleum Bhd 19,838 16,869 30,749 1.10%Maxis Berhad 6,000 30,300 32,040 1.15%MMC Corporation Bhd 14,400 28,889 35,136 1.26%Parkson Holdings Bhd 9,898 40,773 58,398 2.10%PLUS Expressways Bhd 11,200 36,620 37,856 1.36%Sapuracrest Petroleum Bhd 19,500 36,733 46,800 1.68%Sime Darby Bhd 39,443 324,744 343,549 12.33%

Jumlah saham syarikat-syarikat tersiar harga di Malaysia 1,167,160 1,564,754

Unit amanah:

AmBond 182,388 186,456 205,351 7.37%

(v) Dana AmOasis Islamic Equity

Lain-lain pelaburan Unit amanah: Kos 2,487,540 3 ,230,100 Keuntungan modal tidak terealisasi (706,745) (1,302,001) Nilai pasaran 1,780,795 1,928,099


2010


Unit amanah:

Dana AmOasis Islamic Equity 2,049,482 2,487,540 1,780,795 53.40%

2010RM

2009RM

2010RM

2009RM

190


3. PELABURAN

(vi) Dana AmAsia Link CG

Lain-lain pelaburan Produk berstruktur: Kos 60,541,263 61,641,263 Keuntungan modal tidak terealisasi 1,113,800 1,045,804 Nilai pasaran 61,655,063 62,687,067


2010


Produk berstruktur

Pelaburan Berstruktur ‘Outperformance’ MYR 60,541,263 60,541,263 61,655,063 102.00%

(vii) Dana Global Emerging Markets Opportunities

Lain-lain pelaburan Unit amanah: Kos 450,000 - Keuntungan modal tidak terealisasi 52,389 - Nilai pasaran 502,389 -


2010


Unit amanah:

Dana AmGlobal Emerging Markets Opportunities 470,050 450,000 502,389 80.69%

2010RM

2009RM

191


3. PELABURAN

(viii) Dana AmAsia Star CG

Lain-lain pelaburan Produk berstruktur: Kos 96,390,000 96,390,000 Keuntungan modal tidak terealisasi 2,544,492 524,076 Nilai pasaran 98,934,492 96,914,076


2010


Produk Berstruktur

Produk Berstruktur JP Morgan 96,390,000 96,390,000 98,934,492 102.63%

(ix) Dana AmA Precious Metals 2010 RMLain-lain pelaburan Unit amanah: Kos 1,200,000 Keuntungan modal tidak terealisasi (69,867) Nilai pasaran 1,130,133


2010

Nilai Nilai Pasaran Jumlah Kos Pasaran sebagai % Units RM RM NAB

Unit amanah:

Dana AmA Precious Metals 1,257,659 1,200,000 1,130,133 58.44%

192


3. PELABURAN

(x) Dana AmA Global Agribusiness 2010 RMLain-lain pelaburan Produk berstruktur: Kos 450,000 Keuntungan modal tidak terealisasi 82,198 Nilai pasaran 532,198


2010


Produk Berstruktur

Dana AmA Global Agribusiness 605,183 450,000 532,198 77.19%

(xi) Dana AmAsia Recovery CG 2010 RMLain-lain pelaburan Instrument Deposit Boleh Niaga Kadar Berubah (“FRNID”) Kos 85,486,343 Kerugian modal tidak terealisasi (373,242) Nilai pasaran 85,113,101


2010


Produk Berstruktur

Instrument Deposit Boleh Niaga Kadar Berubah (“FRNID”) 85,486,343 85,486,343 85,113,101 100.67%

2010RM

2009RM

2010RM

2009RM

2010RM

2009RM

Keuntungan modaltidak terealisasi

Kerugian cukaiRM

Kerugian cukaiRM

JumlahRM

JumlahRM

Kerugian modaltidak terealisasi

RM

Kerugian modaltidak terealisasi

RM

193


4. LIABILITI/(ASET) CUKAI TERTANGGUH

(i) Dana Equity

Pada 1 April 2009/2008 (5,014) (5,014)Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 64,207 -Pada 31 Mac 59,193 (5,014)

Liabiliti/(aset) cukai tertangguh bersih yang ditunjukkan di dalam penyata aset dan liabiliti telah ditentukan selepas tolak selesai yang wajar seperti berikut:

Aset cukai tertangguh - (9,799)Liabiliti cukai tertangguh 59,193 4,785 59,193 (5,014)

Komponen dan pergerakan liabiliti cukai tertangguh di dalam tahun kewangan sebelum tolak selesai adalah seperti berikut:

Aset cukai tertangguh

2010Pada 1 April 2009/2008 (22) (9,777) (9,799)Diiktiraf di dalam penyata pendapatan dan perbelanjaan 22 9,777 9,799Pada 31 Mac 2010 - - -

2009Pada 1 April 2008 (22) (9,777) (9,799)Diiktiraf di dalam penyata pendapatan dan perbelanjaan - - -Pada 31 Mac 2009 (22) (9,777) (9,799)

Liabiliti cukai tertangguh

Pada 1 April 2009/2008 4,785 4,785Diiktiraf di dalam penyata pendapatan dan perbelanjaan 54,408 -Pada 31 Mac 59,193 4,785

2010RM

2009RM

Keuntungan modaltidak terealisasi

2010RM

2009RM

2010RM

2009RM

2010RM

2009RM

194



(ii) Dana Bond

Pada 31 Mac 15,307 1,264

Komponen dan pergerakan liabiliti cukai tertangguh di dalam tahun kewangan adalah seperti berikut:

Pada 1 April 2009/2008 1,264 1,264Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 14,043 -Pada 31 Mac 15,307 1,264

(iii) Dana Balanced

Pada 1 April 2009/2008 9,005 9,005Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 51,315 -Pada 31 Mac 60,320 9,005

Liabiliti cukai tertangguh bersih yang ditunjukkan di dalam penyata aset dan liabiliti telah ditentukan selepas tolak selesai yang wajar seperti berikut:

Liabiliti cukai tertangguh 60,320 9,306Aset cukai tertangguh - (301) 60,320 9,005

Komponen dan pergerakan liabiliti dan aset cukai tertangguh di dalam tahun kewangan sebelum tolak selesai adalah seperti berikut:

Liabiliti cukai tertangguh Pertambahan Keuntungan modal diskaun tidak terealisasi Jumlah RM RM RM 2010Pada 1 April 2009 1,239 8,067 9,306Diiktiraf di dalam penyata pendapatan dan perbelanjaan - 51,014 51,014Pada 31 Mac 2010 1,239 59,081 60,320

Pertambahan Keuntungan modal diskaun tidak terealisasi Jumlah RM RM RM 2009Pada 1 April 2008 1,239 8,067 9,306Diiktiraf di dalam penyata pendapatan dan perbelanjaan - - -Pada 31 Mac 2009 1,239 8,067 9,306

Kerugian modal tidak terealisasi

RM


RM

JumlahRM

JumlahRM

Kerugian cukaiRM

Kerugian cukaiRM

2010RM

2010RM

2009RM

2009RM

2010RM

2009RM

Kerugian Cukai

2010RM

2009RM

Keuntungan modal tidak terealisasi

195



(iii) Dana Balanced


2010Pada 1 April 2009 (52) (249) (301)Diiktiraf di dalam penyata pendapatan dan perbelanjaan 52 249 301Pada 31 Mac 2010 - - -

2009Pada 1 April 2008 (52) (249) (301)Diiktiraf di dalam penyata pendapatan dan perbelanjaan - - -Pada 31 Mac 2009 (52) (249) (301)

(iv) Dana Teguh

Pada 1 April 2009/2008 (7,037) (7,037)Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 40,982 -Pada 31 Mac 33,945 (7,037)

Liabiliti/(aset) cukai tertangguh bersih yang ditunjukkan di dalam penyata aset dan liabiliti telah ditentukan selepas tolak selesai yang wajar seperti berikut:

Aset cukai tertangguh - (10,198)Liabiliti cukai tertangguh 33,945 3,161 33,945 (7,037)

Komponen dan pergerakan liabiliti dan aset cukai tertangguh di dalam tahun kewangan sebelum tolak selesai adalah seperti berikut:


Pada 1 April 2009/2008 (10,198) (10,198)Diiktiraf di dalam penyata pendapatan dan perbelanjaan 10,198 -Pada 31 Mac - (10,198)


Pada 1 April 2009/2008 (3,161) 3,161Diiktiraf di dalam penyata pendapatan dan perbelanjaan 30,784 -Pada 31 Mac 33,945 3,161

2010RM

2009RM

2010RM

2009RM


2010RM

2009RM


196


2010RM

2009RM

4. (ASET)/LIABILITI CUKAI TERTANGGUH


Pada 31 Mac (56,540) -

Komponen dan pergerakan aset cukai tertangguh di dalam tahun kewangan adalah seperti berikut:


Pada 1 April 2009/2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) (56,540) -Pada 31 Mac (56,540) -


Pada 31 Mac 89,104 -

Komponen dan pergerakan liabiliti cukai tertangguh di dalam tahun kewangan adalah seperti berikut:


Pada 1 April 2009/2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 89,104 -Pada 31 Mac 89,104 -

2010RM

2009RM

2010RM

2009RM

2010RM

2009RM


2010RM

2009RM


197


2010RM

2009RM

4. (ASET)/LIABILITI CUKAI TERTANGGUH

(vii) Dana AmGlobal Emerging Markets Opportunities

Pada 31 Mac 4,191 -

Komponen dan pergerakan liabiliti cukai tertangguh di dalam tahun/tempoh kewangan adalah seperti berikut:


Pada 1 April 2009/1 Jun 2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 4,191 -Pada 31 Mac 4,191 -


Pada 31 Mac 203,559 -



Pada 1 April 2009/12 Mei 2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 203,559 -Pada 31 Mac 203,559 -

(ix) Dana AmA Precious Metals

Pada 31 Mac (5,589) -

2010RM

2009RM

2010RM

2009RM


2010RM

2009RM


198




Komponen dan pergerakan aset cukai tertangguh di dalam tahun/tempoh kewangan dalah seperti berikut:


Pada 1 April 2009/1 September 2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) (5,589) -Pada 31 Mac (5,589) -

(x) Dana AmA Global Agribusiness

Pada 31 Mac 6,576 -



Pada 1 April 2009/1 September 2008 - -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) 6,576 -Pada 31 Mac 6,576 -

2010RM

2009RM

2010RM

2009RM

199



(xi) Dana AmAsia Recovery CG

2010 RM

Pada 31 Mac (29,859)

Komponen dan pergerakan aset cukai tertangguh di dalam tempoh kewangan adalah seperti berikut:


Kerugian modal tidak terealisasi 2010 RM

Pada 21 Mei 2009 -Diiktiraf di dalam penyata pendapatan dan perbelanjaan (Nota 9) (29,859)Pada 31 Mac 2010 (29,859)

5. TUNAI DAN SIMPANAN

(i) Dana Equity

Tunai di bank 3,564 320Simpanan dengan institusi kewangan 1,102,048 1,186,000 1,105,612 1,186,320

Simpanan yang diletakkan di institusi kewangan berlesen mempunyai tarikh matang kurang dari 12 bulan dan kadar faedah efektif sebanyak 1.60% (2009: 2.96%) setahun.

(ii) Dana Bond

Tunai di bank 1,407 696Simpanan dengan institusi kewangan 2,734,879 523,000 2,736,286 523,696


2010RM

2009RM

2010RM

2009RM

200


2010RM

2009RM


(iii) Dana Balanced

Tunai di bank 4,220 9,677Simpanan dengan institusi kewangan 2,047,090 858,000 2,051,310 867,677

Simpanan yang diletakkan di institusi kewangan berlesen memepunyai tarikh matang kurang dari 12 bulan dan kadar faedah efektif sebanyak 1.60% (2009: 2.84%) setahun.

(iv) Dana Teguh

Tunai di bank 2,919 379Simpanan dengan institusi kewangan 1,052,948 860,000 1,055,867 860,379



Tunai di bank 4,538 7,381Simpanan dengan institusi kewangan 1,483,964 795,417 1,488,502 802,798


2010RM

2009RM

2010RM

2009RM

201


2010RM

2009RM



Tunai di bank 1,904 126Simpanan dengan institusi kewangan 159,415 182,560 161,319 182,686



Tunai di bank 960 12,466Simpanan dengan institusi kewangan 139,027 532,952 139,987 545,418



Tunai di bank 1,320 934Simpanan dengan institusi kewangan 708,199 1,663,084 709,519 1,664,018


2010RM

2009RM

2010RM

2009RM

2010RM

202










Tunai di bank 76Simpanan dengan institusi kewangan 835,833 835,909

Simpanan yang diletakkan di institusi kewangan berlesen mempunyai tarikh matang kurang dari 12 bulan dan kadar faedah efektif sebanyak 1.70% setahun.

2010Jumlah unit RM

2009Jumlah unit RM

2010Jumlah unit RM

2009Jumlah unit RM

203


6. NILAI ASET BERSIH SEUNIT

(i) Dana Equity

Jumlah diterima untuk penciptaan di dalam tahun 2,134,343 1,398,833 1,281,888 667,679Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (150,984) (88,253) (227,199) (137,341) 1,983,359 1,310,580 1,054,689 530,338Akaun pemegang unit dibawa ke hadapan 4,891,170 2,440,834 3,836,481 2,465,520Lebihan pendapatan melebihi perbelanjaan/ (perbelanjaan melebihi pendapatan) bagi tahun selepas cukai - 859,853 - (555,024) 6,874,529 4,611,267 4,891,170 2,440,834Nilai aset bersih seunit pada 31 Mac 0.6708 0.4990

(ii) Dana Bond

Jumlah diterima untuk penciptaan di dalam tahun 3,497,421 2,046,120 1,064,787 617,576Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (167,601) (77,655) (715,188) (397,927) 3,329,820 1,968,465 349,599 219,649Akaun pemegang unit dibawa ke hadapan 5,542,174 3,503,867 5,192,575 3,169,404Lebihan pendapatan melebihi perbelanjaan bagi tahun selepas cukai - 418,267 - 114,814 8,871,994 5,890,599 5,542,174 3,503,867Nilai aset bersih seunit pada 31 Mac 0.6640 0.6322

2010Jumlah unit RM

2009Jumlah unit RM

2010Jumlah unit RM

2009Jumlah unit RM

204



(iii) Dana Balanced

Jumlah diterima untuk penciptaan di dalam tahun 3,017,337 2,801,806 1,227,227 837,446Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (142,164) (111,941) (1,059,708) (760,564) 2,875,173 2,681,865 167,519 76,882Akaun pemegang unit dibawa ke hadapan 5,028,320 2,872,898 4,860,801 3,323,165Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) bagi tahun selepas cukai - 245,926 - (527,149) 7,903,493 5,808,689 5,028,320 2,872,898Nilai aset bersih seunit pada 31 Mac 0.7350 0.5713

(iv) Dana Teguh

Jumlah diterima untuk penciptaan di dalam tahun 1,076,899 681,255 527,943 290,809Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (101,150) (54,749) (187,522) (106,162) 975,749 626,506 340,421 184,647Akaun pemegang unit dibawa ke hadapan 3,075,460 1,648,173 2,735,039 1,695,076Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) bagi tahun selepas cukai - 511,772 - (231,550) 4,051,209 2,786,451 3,075,460 1,648,173Nilai aset bersih seunit pada 31 Mac 0.6878 0.5359

2010Jumlah unit RM

2009Jumlah unit RM

2010Jumlah unit RM

2009Jumlah unit RM

205




Jumlah diterima untuk penciptaan di dalam tahun 110,322 201,158 915,173 342,385Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (241,874) (237,453) (673,484) (249,814) (131,552) (36,295) 241,689 92,571Akaun pemegang unit dibawa ke hadapan 8,210,775 2,717,430 7,969,086 3,506,786Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) bagi tahun selepas cukai - 653,879 - (881,927) 8,079,223 3,335,014 8,210,775 2,717,430Nilai aset bersih seunit pada 31 Mac 0.4128 0.3310


Jumlah diterima untuk penciptaan di dalam tahun 109,051 109,063 - -Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun (1,901,889) (912,326) (4,288,843) (2,134,610) (1,792,838) (803,263) (4,288,843) (2,134,610)Akaun pemegang unit dibawa ke hadapan 122,447,594 61,805,487 126,736,437 60,910,534Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) bagi tahun selepas cukai - (554,982) - 3,029,563 120,654,756 60,447,242 122,447,594 61,805,487Nilai aset bersih seunit pada 31 Mac 0.5010 0.5048

2010Jumlah unit RM

2009Jumlah unit RM

2010Jumlah unit RM

2009Jumlah unit RM

206




Jumlah diterima untuk penciptaan di dalam tahun/tempoh 105,522 53,153 1,083,225 539,719Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh (30,757) (13,580) (2,549) (1,217) 74,765 39,573 1,080,676 538,502Akaun pemegang unit dibawa ke hadapan 1,080,676 541,279 - -Lebihan pendapatan melebihi perbelanjaan bagi tahun/tempoh selepas cukai - 41,728 - 2,777 1,155,441 622,580 1,080,676 541,279Nilai aset bersih seunit pada 31 Mac 0.5388 0.5009


Jumlah diterima untuk penciptaan di dalam tahun/tempoh 85,917 72,053 197,628,233 99,090,784Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh (4,375,249) (2,196,812) (1,975,992) (1,212,511) (4,289,332) (2,124,759) 195,652,241 97,878,273Akaun pemegang unit dibawa ke hadapan 195,652,241 97,767,520 - -Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) bagi tahun/tempoh selepas cukai - 753,253 - (110,753) 191,362,909 96,396,014 195,652,241 97,767,520Nilai aset bersih seunit pada 31 Mac 0.5037 0.4997

2010Jumlah unit RM

2009Jumlah unit RM

2010Jumlah unit RM

2009Jumlah unit RM

207




Jumlah diterima untuk penciptaan di dalam tahun/tempoh 3,284,643 1,775,151 1,197,988 599,198Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh (550,234) (369,112) (9,313) (4,665) 2,734,409 1,406,039 1,188,675 594,533Akaun pemegang unit dibawa ke hadapan 1,188,675 597,325 - -Lebihan (perbelanjaan melebihi pendapatan) /pendapatan melebihi perbelanjaan bagi tahun/tempoh selepas cukai - (69,622) - 2,792 3,923,084 1,933,742 1,188,675 597,325Nilai aset bersih seunit pada 31 Mac 0.4929 0.5025


Jumlah diterima untuk penciptaan di dalam tahun/tempoh 1,056,610 136,447 1,064,121 532,666Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh (894,232) (47,132) (7,745) (4,374) 162,378 89,315 1,056,376 528,292Akaun pemegang unit dibawa ke hadapan 1,056,376 531,034 - -Lebihan pendapatan melebihi perbelanjaan bagi tahun/tempoh selepas cukai 69,139 - 2,742 1,218,754 689,488 1,056,376 531,034Nilai aset bersih seunit pada 31 Mac 0.5657 0.5027

2009Jumlah unit RM

Dana Equity

2010RM

2009RM

Dana Bond

2010RM

2009RM

Dana Balanced

2010RM

2009RM

Dana Teguh

2010RM

2009RM

Dana AmOasisIslamic Equity

2010RM

2009RM

Dana AmAsiaLink CG

2010RM

2009RM

208




Jumlah diterima untuk penciptaan di dalam tahun/tempoh 173,658,146 86,860,009Jumlah dibayar untuk pembatalan disebabkan oleh serahan di dalam tahun/tempoh (2,661,863) (1,351,975) 170,996,283 85,508,034Akaun pemegang unit dibawa ke hadapan - -Lebihan perbelanjaan melebihi pendapatan bagi tempoh selepas cukai - (965,131) 170,996,283 84,542,903Nilai aset bersih seunit pada 31 Mac 0.4944

7. PENDAPATAN FAEDAH

Pendapatan faedah daripada Simpanan dengan institusi kewangan 15,776 23,452 28,161 6,803

Pendapatan faedah daripada Simpanan dengan institusi kewangan 19,229 13,881 11,020 21,578 Bon korporat 4,142 17,951 - - 23,371 31,832 11,020 21,578


Dana Equity

2010RM

2009RM

Dana Bond

2010RM

2009RM

Dana Balanced

2010RM

2009RM

Dana Teguh

2010RM

2009RM

Dana AmGlobal Emerging Markets Opportunities

1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga31.3.2009

RM

Dana AmAsiaStar CG

1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga31.3.2009

RM

Dana AmAPrecious Metals

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

Dana AmA GlobalAgribusiness

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

209


7. PENDAPATAN FAEDAH



Dana AmAsia Recovery CG 21.5.2009 hingga 31.3.2010 RM

Pendapatan faedah daripada Simpanan dengan institusi kewangan 14,624

8. PENDAPATAN DIVIDEN

Dividen kasar daripada: Saham syarikat-syarikat tersiar harga di Malaysia 76,543 64,172 - -Unit amanah - - 92,972 114,994 76,543 64,172 92,972 114,994

Dividen kasar daripada: Saham syarikat-syarikat tersiar harga di Malaysia 95,258 80,764 41,111 37,494

Dana Equity

2010RM

2009RM

Dana Bond

2010RM

2009RM

Dana Balanced

2010RM

2009RM

Dana Teguh

2010RM

2009RM

210


9. CUKAI

Cukai pendapatan: Peruntukan tahun semasa (2,616) 6,000 1,264 - Peruntukan cukai berlebihan di dalam tahun terdahulu - - - -

Cukai tertangguh: Kaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) 64,207 - 14,043 -

Perbelanjaan cukai bagi tahun 61,591 6,000 15,307 -

Cukai pendapatan: Peruntukan tahun semasa 11,105 11,100 (6,037) 4,000 Peruntukan cukai berlebihan di dalam tahun terdahulu - - - -


Perbelanjaan cukai bagi tahun 62,420 11,100 34,945 4,000

2010RM

2009RM

Dana AmOasisIslamic Equity

2010RM

2009RM

Dana AmAsiaLink CG


1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga31.3.2009

RM

Dana AmAsiaStar CG

1.4.2009 hingga31.3.2010

RM

12.5.2008 hingga31.3.2009

RM

211


9. CUKAI

Cukai pendapatan: Peruntukan tahun semasa 792 1,790 (3,555) 1,330 Peruntukan cukai berlebihan di dalam tahun terdahulu - - - -

Cukai tertangguh: Kaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (56,540) - 89,104 -

(Kredit)/perbelanjaan cukai bagi tahun (55,748) 1,790 85,549 1,330

Cukai pendapatan: Peruntukan tahun semasa 376 580 1,418 5,031 Peruntukan cukai berlebihan di dalam tahun/tempoh terdahulu - - - -


Perbelanjaan cukai bagi tahun/tempoh 4,567 580 204,977 5,031

Dana AmAsia Recovery CG

21.5.2009 hingga31.3.2010

RM

Dana AmAPrecious Metals

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM


1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

212


9. CUKAI

Cukai pendapatan: Peruntukan tahun semasa 661 588 342 566 Peruntukan cukai berlebihan di dalam tahun/tempoh terdahulu - - - -

Cukai tertangguh: Kaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (5,589) - 6,576 -

(Kredit)/perbelanjaan cukai bagi tahun/ tempoh (4,928) 588 6,918 566

Cukai pendapatan: Peruntukan tahun semasa 1,170

Cukai tertangguh: Kaitan dengan pengasalan dan pembalikan perbezaan sementara (Nota 4) (29,859) Kredit cukai bagi tempoh (28,689)

Caj cukai ke atas Dana-dana adalah berkaitan dengan pendapatan pelaburan yang diterima dan hasil pelupusan pelaburan semasa tahun/tempoh, pada kadar cukai berkanun sebanyak 8% (2009: 8%) menurut kaedah yang telah ditetapkan di bawah Akta Cukai Pendapatan, 1967 untuk perniagaan insurans hayat.

Satu penyesuaian perbelanjaan cukai pendapatan yang boleh diguna pakai kepada lebihan pendapatan melebihi perbelanjaan/(perbelanjaan melebihi pendapatan) sebelum cukai pada kadar cukai pendapatan yang boleh diguna pakai kepada Dana-dana, kepada perbelanjaan cukai pendapatan pada kadar cukai pendapatan efektif, adalah seperti berikut:

Dana Equity

2010RM

2009RM

Dana Bond

2010RM

2009RM


2010RM

2009RM

Dana AmAsiaLink CG

2010RM

2009RM

Dana Balanced

2010RM

2009RM

Dana Teguh

2010RM

2009RM

213


9. CUKAI

Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) sebelum cukai 921,444 (549,024) 433,574 114,814

Cukai pada caj cukai Malaysia sebanyak 8% 73,716 (43,922) 34,686 9,185Pendapatan tidak tertakluk kepada cukai (12,125) (1,020) (19,379) (10,238)Perbelanjaan tidak boleh dipotong untuk tujuan cukai - 50,942 - 1,053 61,591 6,000 15,307 -

Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) sebelum cukai 308,346 (516,049) 546,717 (227,550)

Cukai pada caj cukai Malaysia sebanyak 8% 24,668 (41,284) 43,737 (18,204)Pendapatan tidak tertakluk kepada cukai (91,460) (3,256) (78,682) (1,338)Perbelanjaan tidak boleh dipotong untuk tujuan cukai 129,212 55,640 69,890 23,542 62,420 11,100 34,945 4,000

Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) sebelum cukai 598,131 (880,137) 469,434) 3,030,893

Cukai pada caj cukai Malaysia sebanyak 8% 47,851 (70,410) (37,555) 242,471Pendapatan tidak tertakluk kepada cukai (111,932) - (51,812) (276,980)Perbelanjaan tidak boleh dipotong untuk tujuan cukai 8,333 72,200 174,915 35,839 (55,748) 1,790 85,548 1,330


1.4.2009 hingga31.3.2010

RM

1.6.2008 hingga31.3.2009

RM

Dana AmAsiaStar CG

1.4.2009 hingga31.3.2010

RM

1.5.2008 hingga31.3.2009

RM

Dana AmA PreciousMetals

1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM


1.4.2009 hingga31.3.2010

RM

1.9.2008 hingga31.3.2009

RM

214


9. CUKAI

Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) sebelum cukai 46,295 3,357 958,230 (105,722)

Cukai pada caj cukai Malaysia sebanyak 8% 3,704 269 76,658 (8,458)Pendapatan tidak tertakluk kepada cukai (5,042) - (283,649) (41,926)Perbelanjaan tidak boleh dipotong untuk tujuan cukai 5,905 311 411,968 55,415 4,567 580 204,977 5,031

Lebihan pendapatan melebihi perbelanjaan /(perbelanjaan melebihi pendapatan) sebelum cukai (74,550) 3,380 76,057 3,308

Cukai pada caj cukai Malaysia sebanyak 8% (5,964) 270 6,085 265Perbelanjaan tidak boleh dipotong untuk tujuan cukai 1,036 318 833 301 (4,928) 588 6,918 566

Dana AmAsia Recovery CG 21.5.2009 hingga 31.3.2010 RM

Lebihan perbelanjaan melebihi pendapatan sebelum cukai (993,820)

Cukai pada caj cukai Malaysia sebanyak 8% (79,506)Perbelanjaan tidak boleh dipotong untuk tujuan cukai 108,195 (28,689)

Dana Equity

2010RM

2009RM

Dana Bond

2010RM

2009RM

215


10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING

(a) Pihak berkaitan Pihak yang berkaitan dan hubungannya dengan Pengurus pada 31 Mac 2010 adalah seperti berikut

Name Hubungan AmInvestment Bank Berhad (terdahulu dikenali sebagai AmMerchant Bank Bhd) Lain-lain syarikat berkaitan

Di dalam urusniaga normal, Pengurus menjalankan pelbagai transaksi dengan syarikat-syarikat subsidiari dan bersekutu syarikat pemegang utamanya, AMMB Holdings Berhad dan lain-lain syarikat yang dianggap sebagai pihak berkaitan memandangkan pemegangan saham pengarah yang sama dan kepentingan pemegang saham korporat di dalam syarikat pemegang utamanya. Para pengarah berpendapat bahawa Pengurus telah menjual polisi-polisi insurans kepada syarikat-syarikat berkaitan dan pihak berkaitan di atas terma dan syarat-syarat yang tidak berbeza atau lebih baik daripada transaksi serupa yang dibuat dengan para pelanggan atau kakitangannya, dan transaksi pihak berkaitan yang lain juga dijalankan pada terma dan syarat yang tidak berbeza atau lebih baik daripada transaksi serupa yang dibuat dengan pihak yang tidak berkaitan dengannya, kecuali dinyatakan sebaliknya

(b) Kakitangan pengurusan utama Seiring dengan klasifikasi kumpulan, kakitangan pengurusan utama Pengurus termasuk para Pengarah

dan Ketua Pegawai Eksekutif.

(c) Transaksi pihak berkaitan Di dalam tahun kewangan, baki yang signifikan pihak berkaitan Dana-dana dengan pihak berkaitan Pengurus adalah seperti berikut:

Termasuk di dalam belum terima:Termasuk di dalam jumlah terhutang oleh lain-lain syarikat berkaitan AmInvestment Bank Berhad 171,801 293,236 - 4,300

Dana Balanced

2010RM

2009RM

Dana Teguh

2010RM

2009RM


2010RM

2009RM

Dana AmAsiaLink CG

2010RM

2009RM


2010RM

2009RM

Dana AmAsiaStar CG

2010RM

2009RM


2010RM

2009RM

Dana AmA GlobalAgribusiness

2010RM

2009RM

216


10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING

(c) Transaksi pihak berkaitan

Termasuk di dalam belum terima:Termasuk di dalam jumlah terhutang oleh lain-lain syarikat berkaitan AmInvestment Bank Berhad 57,267 12,040 - 3,921

Termasuk di dalam belum bayar:Termasuk di dalam jumlah terhutang kepada lain-lain syarikat berkaitan AmInvestment Bank Berhad 29,911 1,311 749,500 532,697

Termasuk di dalam belum bayar:Termasuk di dalam jumlah terhutang kepada lain-lain syarikat berkaitan AmInvestment Bank Berhad 8,906 - 1,654,443 144,207

Termasuk di dalam belum bayar/(terima):Termasuk di dalam jumlah terhutang kepada/(oleh) lain-lain syarikat berkaitan AmInvestment Bank Berhad 12,680 (914) 8,673 (13,663)

217


10. PENDEDAHAN PIHAK BERKAITAN YANG PENTING (c) Transaksi pihak berkaitan

Dana AmAsia Recovery CG 2010 RMTermasuk di dalam belum bayar:Termasuk di dalam jumlah terhutang kepada lain-lain syarikat berkaitan AmInvestment Bank Berhad 627,683

11. INSTRUMEN KEWANGAN

Operasi Dana-dana tertakluk kepada empat bahagian risiko yang besar yang terdiri daripada risiko pasaran, kredit, kadar faedah dan kecairan. Objektif pengurusan risiko Dana-dana adalah untuk mengaitkan dan menguruskan risiko dengan imbuhan secara efektif untuk memaksimumkan nilai Dana-dana serta memastikan Dana-dana boleh mengekalkan prestasinya.

Dana-dana adalah berpandukan kepada polisi dan garis panduan risiko yang menyatakan keseluruhan strategi pelaburannya dan falsafah pengurusan risiko amnya yang mana objektif utama adalah untuk meminimumkan pendedahan Dana-dana kepada risiko dan/atau kos yang berkaitan dengan aktiviti pembiayaan, pelaburan dan oprasi Dana-dana. Dana-dana ini telah menetapkan proses untuk memanta dan mengawal risiko secara berterusan.

Tanggungjawab merumus, menetapkan dan meluluskan polisi pelaburan Dana-dana terletak kepada Lembaga Pengarah (“Lembaga”) Pengurus. Lembaga membentuk Jawatankuasa Pelaburan (“IC”), yang terdiri daripada empat Pengarah Lembaga. Peranan utama IC adalah untuk menyediakan pemerhatian ke atas pelaksanaan polisi pelaburan seperti yang telah diluluskan oleh Lembaga, menilai polisi pelaburan secara berkala agar ia kekal wajar dan konsisten dengan strategi penentuan harga produk dan pengurusan aset/liabiliti, memastikan bahawa fungsi pengurusan risiko dan sistem kawalan dalaman yang berkaitan.

(a) Risko pasaran Risiko pasaran timbul dari aktiviti pelaburan. Pelaburan yang secara berasingan ditanda-kepada-pasaran secara harian diuruskan dengan memantau pada had risiko pasaran yang telah ditentukan terdahulu di dalam lingkungan polisi dalaman yang telah diluluskan.

(b) Risiko kredit Risiko kredit mewakili pendedahan kepada risiko bahawa sebarang pihak bertentangan perniagaan Dana-dana untuk transaksi pelaburan gagal menjalankan dan menjelaskan obligasi berkontrak mereka. Para pengurus portfolio pelaburan Dana-dana menggunakan satu set kriteria kuantitatif dan kualitatif yang amat ketat di dalam memilih pengeluar instrumen kewangan yang mana Syarikat melabur di dalamnya.

Pada tarikh penyata aset dan liabiliti, tiada konsentrasi risiko kredit yang besar. Pendedahan maksimum kepada risiko kredit bagi Dana-dana diwakili oleh amaun dibawa setiap aset kewangan.

218


11. INSTRUMEN KEWANGAN

(c) Risiko kadar faedahRisiko kadar faedah utama Dana-dana adalah berkaitan dengan aset berfaedah. Aset berfaedah terdiri daripada simpanan dengan institusi kewangan berlesen dan sekuriti pendapatan tetap. Risiko kadar faedah timbul dari perubahan di dalam kadar faedah pasaran.

(d) Risiko kecairanPengurusan risiko kecairan berhemah melibatkan pengekalan tunai yang mencukupi dan sekuriti yang boleh dipasarkan. Dana-dana menguruskan risiko ini dengan memantau alir masuk dan alir keluar tunai jangkaan dan sebenar harian dan bulanan dan dengan memastikan bahawa jumlah aset kewangan yang wajar disimpan di dalam instrumen cair setiap masa.

(e) Nilai saksama Secara amnya, nilai saksama aset dan liabiliti kewangan Dana-dana menganggarkan nilai dibawanya

disebabkan oleh kematangan jangka pendeknya. Pelaburan tersiar harga dibawa pada nilai pasarannya masing-masing menurut polisi yang didedahkan di dalam Nota 2.2(c).

Nilai saksama bon korporat tidak tersiar harga didapati dengan merujuk kepada harga yang disediakan oleh Bond Pricing Agency Malaysia Sdn. Bhd. Unit amanah diukur menggunakan teknik penilaian berdasarkan kepada andaian yang disokong oleh harga dari transaksi pasaran semasa yang boleh dilihat. Nilai saksama produk berstruktur dan Instrumen Deposit Boleh Niaga Kadar Berubah (“FRNID”) dinilai pada harga pasaran yang disiarkan oleh pengeluar masing-masing, sementara nilai saksama deposit faedah tetap/berkaitan hasil adalah pokoknya sendiri.

Jika nilai saksama tersebut tidak boleh diukur dengan pasti, pelaburan diukur pada kos, yang merupakan nilai saksama pertimbangan berbayar untuk mendapatkan instrumen atau amaun yang diterima di atas pengeluaran liabiliti kewangan. Semua kos transaksi yang boleh dikaitkan dengan pengambilan tersebut juga dimasukkan di dalam kos pelaburan.

12. PERBANDINGAN

Penyata kewangan AmAsia Recovery CG Fund telah disediakan untuk tempoh dari 21 Mei 2009 (yang merupakan tarikh pelancaran Dana tersebut) hingga 31 Mac 2010. Tiada perbandingan kerana ini merupakan set pertama penyata kewangan beraudit Dana ini.

Penyata kewangan perbandingan AmGlobal Emerging Markets Opportunities Fund, AmAsia Star CG Fund, AmA Precious Metals Fund dan AmA Global Agribusiness Fund telah disediakan dari tarikh-tarikh pelancarannya masing-masing hingga 31 Mac 2009. Begitu juga, penyata-penyata pendapatan dan perbelanjaan, penyata-penyata perubahan di dalam nilai aset bersih, penyata-penyata aliran tunai dan nota-nota yang berkaitan dengannya tidak boleh dibandingkan.

amlife ilf ar cover-mas 4(front)

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