eastspring investments islamic income fund · [email protected]. dear valued investor, greetings...

FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019

INTERIM REPORT

EASTSPRING INVESTMENTSISLAMIC INCOME FUND

Eastspring Investments Berhad 200001028634 (531241-U)

Level 22, Menara Prudential, Persiaran TRX Barat55188 Tun Razak Exchange, Kuala LumpurT: (603) 2778 3888 F: (603) 2789 7220eastspring.com/my

Client ServicesT: (603) 2778 1000 [email protected]

Dear Valued Investor,

Greetings from Eastspring Investments Berhad!

First and foremost, we would like to take this opportunity to thank you for choosing to invest with Eastspring Investments Berhad.

We are pleased to enclose a copy of the Annual/Interim/Quarterly Fund Reports of Eastspring Investments Berhad’s fund(s) for the reporting period ended 30 September 2019.

You may also download these reports from our website at www.eastspring.com/my

Should you require any assistance, please do not hesitate to contact our Client Services at 03-2778 1000.

Yours sincerely,

Raymond Tang Chee Kin Non-Independent, Executive Director and Chief Executive Officer

TABLE OF CONTENTS

Fund Information 1

Key Performance Data 3

Manager’s Report 5

Market Review 9

Rebates and Soft Commissions 9

Statement by the Manager 12

Trustee’s Report to the Unit Holders of

Eastspring Investments Islamic Income Fund 13

Shariah Adviser’s Report to the Unit Holders of

Eastspring Investments Islamic Income Fund 14

Unaudited Statement of Comprehensive Income 15

Unaudited Statement of Financial Position 16

Unaudited Statement of Changes in Equity 17

Unaudited Statement of Cash Flows 18

Summary of Significant Accounting Policies 19

Notes to the Unaudited Financial Statements 25

Corporate Directory 42

FUND INFORMATION

Name of Fund Eastspring Investments Islamic Income Fund (the “Fund’’)

Fund Category/ Type

Islamic money market/income

Fund Objective The Fund seeks to provide liquidity and a steady income* stream by investing in Islamic money market instruments and/or Islamic Deposits.

ANY MATERIAL CHANGES TO THE FUND’S OBJECTIVE WOULD REQUIRE UNIT HOLDERS’ APPROVAL.

* Income distributed to a Unit Holder will be reinvested into additional Units unless Unit Holder opts for the distribution to be paid out.

Performance Benchmark

The performance benchmark of the Fund is Maybank Islamic overnight deposit rate.

Source: www.maybank2u.com.my

Note: The risk profile of the Fund is different from the risk profile of the performance benchmark.

Fund Income Distribution Policy

At least once a month, subject to the availability of income.

1Client Services : 03-2778 1000

Interim Report

Breakdown of Unit Holdings by Size

As at 30 September 2019, the size of Eastspring Investments Islamic Income fund stood at 4,893.656 million units

Fund Size

Breakdown of Unit Holdings

FUND INFORMATION (CONTINUED)

Un

its

(Mill

ion

)

Apr2019

May2019

Jun2019

Jul2019

Aug2019

Sep2019

6,000

5,000

4,000

3,000

2,000

1,000

0

Unit Holdings

No. of Unit

Holders %

No of Units* (‘000) %

5,000 units and below 13 7.14 17 -

5,001 to 10,000 units 4 2.20 26 -

10,001 to 50,000 units 10 5.49 206 -

50,001 to 500,000 units 44 24.18 7,464 0.15

500,001 units and above 111 60.99 4,885,942 99.85

Total 182 100.00 4,893,655 100.00

* excludes units held by the Manager.

Client Services : 03-2778 10002

Eastspring Investments Islamic Income Fund

Category 30.9.2019 30.9.2018 30.9.2017

(%) (%) (%)

Cash and other assets 100.00 100.00 100.00 Total 100.00 100.00 100.00

Net Asset Value (NAV) (RM'000) 2,545,176 1,868,128 1,957,610 Units In Circulation (Units '000) 4,893,656 3,591,284 3,763,072 Net Asset Value Per Unit (RM) 0.5201 0.5202 0.5202 Highest Net Asset Value Per Unit (RM)# 0.5201 0.5201 0.5202 Lowest Net Asset Value Per Unit (RM)# 0.5189 0.5190 0.5190 Total Return (%) - Capital Growth 0.02 0.02 (0.02) - Income Distribution 0.02 1.81 1.78 Total Return (%) 1.82 1.83 1.77 Gross Distribution Per Unit (RM) 0.0093 0.0093 0.0092 Net Distribution Per Unit (RM) 0.0093 0.0093 0.0092 Management Expense Ratio (MER) (%)* 0.15 0.15 0.15 Portfolio Turnover Ratio (PTR) (times)^ 5.70 4.64 2.94

# Figure shown as ex-distribution.

* There were no significant changes to the MER during the period under review.

^ There were no significant changes to the PTR during the period under review.

KEY PERFORMANCE DATAFOR THE FINANCIAL PERIOD ENDED


Interim Report

1 year1.10.2018 to

30.9.2019

3 years1.10.2016 to

30.9.2019

5 years1.10.2014 to

30.9.2019

(%) (%) (%)

Average total return 3.70 3.64 3.69

Year ended1.4.2018 to

31.3.20191.4.2017 to

31.3.20181.4.2016 to

31.3.20171.4.2015 to

31.3.20161.4.2014 to

31.3.2015

(%) (%) (%) (%) (%)

Annual total return 3.70 3.56 3.70 3.82 3.48

Source: The above total return of the Fund was sourced from Lipper for Investment Management.

KEY PERFORMANCE DATA (CONTINUED)

Bases of calculation and assumptions made in calculating returns:

Percentage growth =

NAVt = NAV at the end of the period

NAV0 = NAV at the beginning of the period Performance annualised = (1 + Percentage Growth)1/n - 1

Adjusted for unit split and distribution paid out for the period

n = Number of years

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

NAVt -1NAV0



MANAGER’S REPORT

Fund Performance Over the 5-year period, the Fund recorded a return of 19.90%, outperforming its benchmark return of 9.42% by 10.48%.

During the period under review, the Fund registered a return of 1.82%, outperforming its benchmark return of 0.83% by 0.99%.

The outperformance of the Fund was attributed to the investment in short-term Islamic deposits and Islamic money market placements of diversified maturities while maintaining its liquidity requirements.

The performance is calculated on NAV-to-NAV basis withgross income or dividend reinvested.

Benchmark: Maybank Islamic overnight deposit rate

Source: Lipper for Investment Management and www.maybank2u.com.my, as at 30 September 2019.

Past performance of the Fund is not necessarily indicative of its future performance.

Eastsprint Investments Islamic Income Fund Benchmark

5 Y

ears

% R

etu

rn

Eastspring Investments Islamic Income Fund - 5 Years Return Vs Benchmark

Sep2014

Jan2015

May2015

Sep2015

Jan2016

May2016

Sep2016

Jan2017

May2017

Sep2017

Jan2018

May2018

Sep2018

Jan2019

May2019

Sep2019

25%

20%

15%

10%

5%

0%

25%

20%

15%

10%

5%

0%


Interim Report

Analysis of Fund Performance

For the financial period ended 30 September 2019:

Income Return

Capital Return*

Total Return

Total Return of Benchmark

(%) (%) (%) (%)

0.02 0.02 1.82 0.83

* Capital return components (NAV per unit to NAV per unit).

Distribution/ Unit Split

Ex-date 08-Apr-19 06-May-19 07-Jun-19

Distribution Per Unit (RM) (RM) (RM)

Gross 0.0014 0.0016 0.0015Net 0.0014 0.0016 0.0015

Ex-date 08-Jul-19 06-Aug-19 06-Sep-19

Distribution Per Unit (RM) (RM) (RM)

Gross 0.0017 0.0016 0.0015Net 0.0017 0.0016 0.0015

Impact on NAV arising from distribution for the financial period ended 30 September 2019.

Ex-date 08-Apr-19 06-May-19 07-Jun-19

(RM per Unit)

(RM per Unit)

(RM per Unit)

Net Asset Value before distribution 0.5205 0.5206 0.5206

Less: distribution (0.0014) (0.0016) (0.0015)

Net Asset Value after distribution 0.5191 0.5190 0.5191

MANAGER’S REPORT (CONTINUED)



Distribution/ Unit Split(continued)

Ex-date 08-Jul-19 06-Aug-19 06-Sep-19

(RM per Unit)

(RM per Unit)

(RM per Unit)

Net Asset Value before distribution 0.5207 0.5204 0.5204

Less: distribution (0.0017) (0.0016) (0.0015)

Net Asset Value after distribution 0.5190 0.5188 0.5189

No unit split were declared for the financial period ended 30 September 2019.

Investment Strategy During the Period Under Review

While seeking potential reasonable returns, the Fund aims to ensure liquidity and preservation of capital.

For the period under review, the Fund invested in a portfolio of short-term Islamic deposits and Islamic money market placements with diversified maturities.



Interim Report

Asset Allocation

Asset Allocation30-Sep

201931-Mar

2019 Changes

(%) (%) (%)

Cash and other assets 100.00 100.00 0.00

There were no significant changes in asset allocation of the Fund for the period under review.

State of Affairs of the Fund

There have been neither significant change to the state of affairs of the Fund nor any circumstances that materially affect any interests of the unit holders during the period under review.


Asset Allocation as at 30 September 2019

Cash and other assets 100%



MARKET REVIEW

For the period under review, Bank Negara Malaysia (“BNM”) reduced the Overnight Policy Rate (“OPR”) by 25bps to 3.00% in May 2019. In the recent Monetary Policy Committee (“MPC”) meeting in September 2019, BNM maintained the OPR at 3.00%. BNM cited that global economy expansion remained moderate amid slower momentum in most major advanced and emerging economies. BNM cautioned on the recent escalation of trade tensions that point to weaker global trade and spillover to domestic economic activity in several countries. While the prospects of monetary easing in the major economies have eased global financial conditions, heightened policy uncertainty from prolonged trade disputes and geopolitical developments could lead to excessive financial market volatility.

For the Malaysia economy, growth is underpinned by conducive labour market conditions and capacity expansion in key sectors in manufacturing and services. Despite the downside risks from global economy, BNM’s baseline growth forecast for 2019 remained within 4.3%-4.8%. Headline inflation is expected to remain low due to policy measures on domestic cost factors, dependent on global oil prices. The MPC viewed that at the current level of the OPR, the stance of monetary policy remained accommodative. The MPC will continue to assess the balance of risks surrounding the outlook for domestic growth and inflation.

Reflecting the 25bps cut in OPR from 3.25% to 3.00% in May 2019, the interbank short-term rates were adjusted downwards and maintained their tight trading range thereafter amidst ample liquidity in the market. The overnight and 1-week rates fell from 3.20%-3.36% at the beginning period to 2.98%-3.08% respectively, while the 1-month rates were traded lower by 25-27bps to 3.15%-3.16%.

Similarly, the rate cut effect spilled over to the short-term Bills market, shifting the yields lower across the curve. Both 1-month and 1-year yields plunged by 21-25bps to close the month at 3.05% and 3.08% respectively.

REBATES AND SOFT COMMISSIONS

During the period under review, the Manager and its delegates (if any) did not receive any soft commissions from stockbrokers.


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EASTSPRING INVESTMENTS ISLAMIC INCOME FUND UNAUDITED FINANCIAL STATEMENTS



Interim Report



STATEMENT BY THE MANAGER

We, Tang Chee Kin and Iskander Bin Ismail Mohamed Ali, being two of the Directors of Eastspring Investments Berhad, do hereby state that, in the opinion of the Manager, the accompanying unaudited financial statements set out on pages 15 to 41 are drawn up in accordance with the provisions of the Deed and give a true and fair view of the financial position of the Fund as at 30 September 2019 and of its financial performance, changes in equity and cash flows for the six months financial period ended on that date in accordance with the Malaysian Financial Reporting Standards and International Financial Reporting Standards.

For and on behalf of the Manager,EASTSPRING INVESTMENTS BERHAD

TANG CHEE KINExecutive Director/Chief Executive Officer

ISKANDER BIN ISMAIL MOHAMED ALI Independent, Non-Executive Director

Kuala LumpurDate: 22 November 2019


Interim Report

TRUSTEE’S REPORT TO THE UNIT HOLDERS OF EASTSPRING INVESTMENTS ISLAMIC INCOME FUND

We have acted as Trustee for Eastspring Investments Islamic Income Fund (the “Fund”) for the financial period ended 30 September 2019. To the best of our knowledge, for the financial period under review, Eastspring Investments Berhad (the “Manager”) has operated and managed the Fund in accordance with the following:-

a. limitations imposed on the investment powers of the Manager under the Deed(s), the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

b. valuation and pricing for the Fund is carried out in accordance with the Deed(s) of the Fund and any regulatory requirements; and

c. creation and cancellation of units for the Fund are carried out in accordance with the Deed(s) of the Fund and any regulatory requirements.

We are of the view that the distributions made during this financial period ended 30 September 2019 by the Manager are not inconsistent with the objectives of the Fund.

For Deutsche Trustees Malaysia Berhad

Ng Hon Leong Richard Lim Hock Seng Head, Trustee Operations Chief Executive Officer




SHARIAH ADVISER’S REPORT TO THE UNIT HOLDERSOF EASTSPRING INVESTMENTS ISLAMIC INCOME FUND

We have acted as the Shariah Adviser of Eastspring Investments Berhad, the Manager of Eastspring Investments Islamic Income Fund (“the Fund”) for the financial period ended 30 September 2019.

Our responsibility is to ensure that the procedures and processes employed by the Manager as well as the provisions of the Fund’s Deed registered with the Securities Commission (“SC”) are all in accordance with Shariah principles.

In our opinion, based on the periodic reports submitted to us, the Manager has managed and administered the Fund in accordance with Shariah principles and has complied with applicable guidelines, rulings and decisions issued by the Shariah Advisory Council (“SAC”) of the SC for the for the financial period ended 30 September 2019.

We confirm that the investment portfolio of the Fund comprises instruments which have been classified as Shariah-compliant by the SAC of Bank Negara Malaysia (“BNM”). As for instruments which have not been classified by the SAC of BNM, we have reviewed and determined the Shariah status of the said instruments.

For and on behalf of the Shariah Adviser,BIMB SECURITIES SDN BHD

IR. DR. MUHAMAD FUAD ABDULLAHDesignated Shariah Person



Interim Report

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019

Note

6-months financial

period ended

30.9.2019

6-months financial

period ended

30.9.2018

RM RM

INVESTMENT INCOMEProfit income from financial assets measured at fair value through profit or loss (“FVTPL”) 55,157,626 38,541,201

EXPENSESManagement fee 3 (3,564,006) (2,465,257) Trustee fee 4 (570,241) (394,441) Audit fee (3,700) (4,109) Tax agent fee (1,700) (2,906) GST charges (440) (57,020) Other expenses (11,279) (16,611)

(4,151,366) (2,940,344)

PROFIT BEFORE TAXATION 51,006,260 35,600,857

TAXATION 6 - -

PROFIT AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME 51,006,260 35,600,857

Profit after taxation is made up of the following: Realised amount 51,006,260 35,600,857

The accompanying summary of significant accounting policies and notes to the unaudited financial statements form an integral part of these unaudited financial statements.




UNAUDITED STATEMENT OF FINANCIAL POSITIONAS AT 30 SEPTEMBER 2019

Note 2019 2018

RM RM

ASSETSBank balance with a licensed bank 30,473,676 18,484,796Financial assets at fair value through profit or loss 7 2,517,301,342 1,857,877,859TOTAL ASSETS 2,547,775,018 1,876,362,655

LIABILITIESAmount due to Manager 1,941,520 7,725,309Accrued management fee 547,203 416,296Amount due to Trustee 87,552 66,607Other payables and accruals 22,688 26,842TOTAL LIABILITIES 2,598,963 8,235,054

NET ASSET VALUE OF THE FUND 2,545,176,055 1,868,127,601

EQUITYUnit holders’ capital 2,515,046,308 1,846,041,056Retained earnings 30,129,747 22,086,545

NET ASSET ATTRIBUTABLE TO UNIT HOLDERS 2,545,176,055 1,868,127,601

NUMBER OF UNITS IN CIRCULATION 9 4,893,656,168 3,591,283,971

NET ASSET VALUE PER UNIT (EX-DISTRIBUTION) (RM) 0.5201 0.5202


Interim Report

UNAUDITED STATEMENT OF CHANGES IN EQUITYFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019

NoteUnit holders’

capitalRetainedearnings Total

RM RM RM

Balance as at 1 April 2019 2,764,611,020 29,535,087 2,794,146,107

Movement in unit holders’ contribution:Creation of units from applications 1,533,677,202 - 1,533,677,202Creation of units from distributions 46,585,693 - 46,585,693Cancellation of units (1,829,386,233) - (1,829,386,233)Distributions (Gross/Net: 0.93 sen) 5 (441,374) (50,411,600) (50,852,974)Total comprehensive income for the financial period - 51,006,260 51,006,260

Balance as at 30 September 2019 2,515,046,308 30,129,747 2,545,176,055

Balance as at 1 April 2018 1,671,214,576 20,141,142 1,691,355,718

Movement in unit holders’ contribution:Creation of units from applications 1,388,380,866 - 1,388,380,866Creation of units from distributions 32,447,498 - 32,447,498Cancellation of units (1,244,470,537) - (1,244,470,537)Distributions (Gross/Net: 0.93 sen) 5 (1,531,347) (33,655,454) (35,186,801)Total comprehensive income for the financial period - 35,600,857 35,600,857

Balance as at 30 September 2018 1,846,041,056 22,086,545 1,868,127,601




UNAUDITED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019


6-monthsfinancial

period ended

30.9.2019

6-monthsfinancial

period ended

30.9.2018

RM RM

CASH FLOWS FROM OPERATING ACTIVITIESProceeds from maturity of Islamic deposits with licensed financial institutions 16,430,108,036 9,033,096,108Placement of Islamic deposits with licensed financial institutions (16,092,680,000) (9,201,620,000)Profit income received from Islamic deposits with licensed financial institutions 55,157,626 38,541,201Management fee paid (3,569,939) (2,474,143)Trustee fee paid (571,191) (395,864)Payment for other fees and expenses (21,780) (113,641)Net cash generated from/(used in) operating

activities 388,422,752 (132,966,339)

CASH FLOWS FROM FINANCING ACTIVITIESCash proceeds from units created 1,533,677,202 1,388,380,866Payments for cancellation of units (1,896,905,250) (1,238,345,228)Distribution paid (4,267,281) (2,739,303)Net cash (used in)/generated from financing

activities (367,495,329) 147,296,335

NET INCREASE IN CASH AND CASH EQUIVALENTS 20,927,423 14,329,996

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL PERIOD 9,546,253 4,154,800

CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL PERIOD 30,473,676 18,484,796


Interim Report

The following accounting policies have been used in dealing with items which are considered material in relation to the financial statements.

A. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention in accordance with the Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”), as modified by financial assets at fair value through profit or loss.

The preparation of financial statements in conformity with the MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported financial period. It also requires the Manager to exercise their judgment in the process of applying the Fund’s accounting policies. Although these estimates and judgment are based on the Manager’s best knowledge of current events and actions, actual results may differ.

The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note J to the financial statements.

a. Standards, amendments to published standards and interpretations that are effective:

The Fund has applied the following amendments for the first time for the financial year beginning on 1 April 2019:

• Amendments to MFRS 112 ‘Income Taxes’ (effective from 1 April 2019) clarify that where income tax consequences of dividends on financial instruments classified as equity1 is recognised (either in profit or loss, other comprehensive income or equity) depends on where the past transactions that generated distributable profits were recognised.

Accordingly, the tax consequences are recognised in profit or loss when an entity determines payments on such instruments are distribution of profits (that is, dividends). Tax on dividend should not be recognised in equity merely on the basis that it is related to a distribution to owners.

This standard is not expected to have a significant impact on the Fund’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019

1 For the purpose of the investment made by the Fund, equity refers to Shariah-compliant equity instruments.



B. INCOME RECOGNITION

Profit income earned from Islamic deposits with licensed financial institutions is recognised on an accrual basis, using the effective profit rate method.

C. TAXATION

Current tax expense is determined according to the Malaysian tax laws at the current rate based upon the taxable income earned during the financial period.

D. PRESENTATION AND FUNCTIONAL CURRENCY

Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is the Fund’s presentation and functional currency.

E. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

i. Classification

The Fund classify its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through other comprehensive income (“OCI”) or through profit or loss), and

• those to be measured at amortised cost

The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Fund is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The contractual cash flows of the Fund’s debt instruments2 are solely principal and interest3, however, these instruments are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss.


Interim Report

The Fund classifies cash and cash equivalents as financial assets at amortised cost as these financial assets are held to collect contractual cash flows consisting of the amount outstanding.

The Fund classifies accrued management fee, amount due to Manager, amount due to Trustee and other payables and accruals as financial liabilities measured at amortised cost.

ii. Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade date, the date on which the Fund commits to purchase or sell the asset. Shariah-compliant investments are initially recognised at fair value and transaction costs are expensed in the statement of comprehensive income.

Financial assets are derecognised when the rights to receive cash flows from the Shariah-compliant investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

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

Financial liability is derecognised when the obligation under the liability it is extinguished; i.e when the obligation specified in the contract is discharged or cancelled or expired.

Islamic deposits with licensed financial institutions are stated at cost plus accrued profit calculated on the effective profit method over the period from the date of placement to the date of maturity of the respective Islamic deposits.

Receivables and other financial liabilities are subsequently carried at amortised cost using the effective profit method.

2 For the purposes of the investments made by the Fund, debt instruments refer to sukuk.3 For the purposes of this Fund, interest refers to profits earned from Shariah-compliant investments.



iii. Impairment for assets carried at amortised costs

The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management consider both historical analysis and forward looking information in determining any expected credit loss. Management considers the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on 12 months expected credit losses as any such impairment would be wholly insignificant to the Fund.

Significant increase in credit risk

A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due.

Definition of default and credit-impaired financial assets

Any contractual payment which is more than 90 days past due is considered credit impaired.

Write-off

The Fund writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The assessment of no reasonable expectation of recovery is based on unavailability of obligor’s sources of income or assets to generate sufficient future pay the amount. The Fund may write-off financial assets that are still subject to enforcement activity. Subsequent recoveries of amounts previously written off will result in impairment gains. There are no write-offs/recoveries during the financial period.

F. CASH AND CASH EQUIVALENTS

For the purpose of the statement of cash flows, cash and cash equivalents comprise bank balance and Islamic deposits with licensed financial institutions that is readily convertible to known amounts of cash and which is subject to an insignificant risk of changes in value.


Interim Report

G. UNIT HOLDERS’ CAPITAL

The unit holders’ contributions to the Fund meet the criteria to be classified as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include:

• the units entitle the holder to a proportionate share of the Fund’s net assets value; • the units are the most subordinated class and class features are identical; • there is no contractual obligations to deliver cash or another financial asset other than the obligation on the Fund to repurchase; and• the total expected cash flows from the units over its life are based substantially on the profit or loss of the Fund.

The outstanding units are carried at the redemption amount that is payable at each financial year if unit holder exercises the right to put the unit back to the Fund.

Units are created and cancelled at prices based on the Fund’s net asset value per unit at the time of creation or cancellation. The Fund’s net asset value per unit is calculated by dividing the net assets attributable to unit holders with the total number of outstanding units.

H. DISTRIBUTIONS

A distribution to the Fund’s unit holders is accounted for as a deduction from realised reserves. A proposed distribution is recognised as a liability in the period in which it is approved.

I. SEGMENTAL INFORMATION

Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Investment Committee of the Fund’s Manager that makes strategic decisions.



J. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The Fund makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. To enhance the information contents on the estimates, certain key variables that are anticipated to have material impact to the Funds’ results and financial position are tested for sensitivity to changes in the underlying parameters.

Estimates and judgments are continually evaluated by the Manager and the Trustee and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In undertaking any of the Fund’s Shariah-compliant investment, the Manager will ensure that all assets of the Fund under management will be valued appropriately, that is at fair value and in compliance with Securities Commission Guidelines on Unit Trust Funds.

However, the Manager is of the opinion that in applying the accounting policies, no significant judgment was required.


Interim Report

1. INFORMATION ON THE FUND

Eastspring Investments Islamic Income Fund (the “Fund”) was constituted pursuant to the execution of a Deed dated 10 January 2007 as modified by a Master Supplemental Deed dated 12 July 2007 and the Second Supplemental Master Deed dated 30 November 2009 between HSBC (Malaysia) Trustee Bhd (“HSBC Trustee”) and Eastspring Investments Berhad (the “Manager”). The Fund replaced HSBC Trustee with Deutsche Trustees Malaysia Berhad (the “Trustee”) effective 1 October 2010. A Supplemental Master Deed (“Deed”) was entered into between the Manager and the Trustee on 30 July 2010 to effect the change of trustee from HSBC Trustee to the Trustee followed by Second Supplemental Master Deed dated 28 January 2011, Third Supplemental Master Deed dated 9 March 2011, Fourth Supplemental Master Deed dated 20 January 2012, Fifth Supplemental Master Deed dated 26 March 2014, Sixth Supplemental Master Deed dated 2 January 2015, Seventh Supplemental Master Deed dated 11 July 2016, Eighth Supplemental Master Deed dated 25 January 2017, Ninth Supplemental Master Deed dated 11 December 2017 and Tenth Supplemental Master Deed dated 4 June 2018 (collectively referred to as the “Deed”).

The Fund was launched on 8 February 2007 and will continue its operations until terminated by the Trustee and the Manager as provided under Part 12 of the Deed.

The Fund invests in a portfolio of Islamic money market instruments and/or Islamic Deposits approved by the Securities Commission (“SC”) from time to time. All Shariah-compliant investments will be subjected to the SC Guidelines on Unit Trust Funds, the Deed and the objective of the Fund.

The Fund seeks to provide liquidity and a steady income stream by investing in Islamic money market instruments and/or Islamic deposits.

The Manager is a company incorporated in Malaysia, is related to Prudential Plc., a public listed company in the United Kingdom. The principal activity of the Manager is the establishment and management of unit trust funds and fund management services.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTSFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2019



2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks, which include market risk (inclusive of exposure to interest rate risk), liquidity risk, credit/default risk, fund management risk, non-compliance risk and capital risk.

Financial risk management is carried out through internal control processes adopted by the Manager and adherence to the investment restrictions as stipulated in the Deed.

Financial instruments of the Fund are as follows:

Note

Financial assets at

amortised cost

Financial assets at

fair value through

profit or loss Total

RM RM RM

2019

Bank balance with a licensed bank 30,473,676 - 30,473,676Islamic deposits with licensed financial institutions 7 - 2,517,301,342 2,517,301,342

30,473,676 2,517,301,342 2,547,775,018

Note Receivables

Financial assets at

fair value through

profit or loss Total

RM RM RM

2018

Bank balance with a licensed bank 18,484,796 - 18,484,796Islamic deposits with licensed financial institutions 7 - 1,857,877,859 1,857,877,859

18,484,796 1,857,877,859 1,876,362,655

All liabilities are financial liabilities which are carried at amortised cost.


Interim Report

Market risk

i. Exposure to interest rate risk

Fair value interest rate risks is the risk that the value of financial instrument will fluctuate due to changes in market interest rates.

Interest rate is a general economic indicator that will have an impact on the management of the Fund regardless whether it is an Islamic Unit Trust Fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments. All the investments are carried out for the Fund are in accordance with Shariah requirements.

The Fund’s investments in Islamic deposits with licensed financial institutions are short-term in nature. Therefore, exposure to interest rate fluctuations is minimal.

As at the date of the statement of financial position, all the financial assets and financial liabilities have no exposure to interest rate movement except for Islamic deposits with licensed financial institutions of RM2,517,301,342 (2018: RM1,857,877,859) which have weighted average maturities of less than 116 days (2018: 108 days).

The fund is not exposed to cash flow interest rate risk as the Fund does not hold any financial instruments at variable profit rate.

Liquidity risk

Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial obligations.

Generally, all investments are subject to a certain degree of liquidity risk depending on the nature of the investment instruments, market, sector and other factors. For the purpose of the Fund, the Manager will attempt to balance the entire portfolio by investing in a mix of assets with satisfactory trading volume and those that occasionally could encounter poor liquidity. This is expected to reduce the risks for the entire portfolio without limiting the Fund’s growth potentials.

The Fund maintains sufficient level of Islamic liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellations of units by unit holders. Islamic liquid assets comprise cash, Islamic deposits with licensed financial institutions and other Shariah-compliant instruments which are capable of being converted into cash within 7 days.



The table below summarises the Fund’s financial liabilities into relevant maturity groupings based on the remaining period as at the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

Less than 1 month

Between1 monthto 1 year Total

RM RM RM

2019

Amount due to Manager 1,941,520 - 1,941,520Accrued management fee 547,203 - 547,203Amount due to Trustee 87,552 - 87,552Other payables and accruals - 22,688 22,688

Contractual cash outflows 2,576,275 22,688 2,598,963

2018

Amount due to Manager 7,725,309 - 7,725,309Accrued management fee 416,296 - 416,296Amount due to Trustee 66,607 - 66,607Other payables and accruals - 26,842 26,842

Contractual cash outflows 8,208,212 26,842 8,235,054

Credit/Default risk

Credit risk refers to the ability of an issuer or a counter party to make timely payments of profit, principals and proceeds from realisation of Shariah-compliant investments. The Manager manages the credit risk by undertaking credit evaluation to minimise such risk.

Credit risk arising from placements of Islamic deposits with licensed financial institutions is managed by ensuring that the Fund will only place Islamic deposits in reputable licensed financial institutions.


Interim Report

The following table sets out the credit risk concentrations of the Fund.

Financial assets at fair value through

profit or lossCash and cash

equivalents Total

RM RM RM

2019

Finance- AAA 1,281,492,446 - 1,281,492,446- AA1 - 30,473,676 30,473,676- AA2 665,370,549 - 665,370,549- AA3 469,526,018 - 469,526,018- NR 100,912,329 - 100,912,329

2,517,301,342 30,473,676 2,547,775,018

2018

Finance- AAA 1,136,567,290 - 1,136,567,290- AA1 340,397,877 18,484,796 358,882,673- AA2 380,912,692 - 380,912,692

1,857,877,859 18,484,796 1,876,362,655

None of these assets are past due or impaired.

Fund management risk

There is the risk that the management company may not adhere to the investment mandate of the respective Fund. With close monitoring by the investment committee, back office system being incorporated with limits and controls, and regular reporting to the senior management team, the management company is able to manage such risk. The Trustee has an oversight function over management of the Fund by the management company to safeguard the interests of unit holders.



Non-compliance risk

Non-compliance risk arises when the Manager and others associated with the Fund are not compliant to the rules set out in the Fund’s constitution or the law that governs the Fund or applicable internal control procedures, or act fraudulently or dishonestly.

The non-compliance may expose the Fund to higher risks which may result in a fall in the value of the Fund which in turn may affect its investment goals. However, the risk can be mitigated by the internal controls and compliance monitoring undertaken by the Manager.

Capital risk

The capital of the Fund is represented by equity consisting of unit holders’ capital of RM2,515,046,308 (2018: RM1,846,041,056) and retained earnings of RM30,129,747 (2018: RM22,086,545). The amount of equity can change significantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unit holders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unit holders and benefits for other stakeholders and to maintain a strong capital base to support the development of the Shariah-compliant investment activities of the Fund.

Fair value estimation

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

The fair value of financial assets traded in active market (such as trading Shariah-compliant securities) are based on quoted market prices at the close of trading on the period end date. The Fund utilises the last traded market price for financial assets where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is representative of the fair value.

An active market is a market in which transactions for the asset take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of financial assets that are not traded in an active market is determined by using valuation techniques.


Interim Report

Fair value hierarchy

i. The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

• Level 1: Quoted prices (unadjusted) in active market for identical assets or

liabilities.• Level 2: Inputs other than quoted prices included within Level 1 that are

observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

• Level 3: Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.



The following table analyses within the fair value hierarchy the Fund’s financial assets (by class) measured at fair value:

Level 1 Level 2 Level 3 Total

RM RM RM RM

2019

Financial assets at fair value through profit or loss: Islamic deposits with licensed financial institutions - 2,517,301,342 - 2,517,301,342

2018

Financial assets at fair value through profit or loss: Islamic deposits with licensed financial institutions - 1,857,877,859 - 1,857,877,859

The financial assets are short term Shariah-compliant financial instruments for which the carrying amount approximates the fair values.

Financial instruments that trade in markets that are considered to be active but not valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2 these include Islamic deposits with licensed financial institutions. As Level 2 instruments include positions that are not traded in active markets and/or subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available markets information. The Fund’s policies on valuation of these financial assets are stated in Note E to the financial statements.

ii. The carrying value of cash and cash equivalents and all liabilities are a reasonable approximation of their fair values due to their short term nature.


Interim Report

3. MANAGEMENT FEE

In accordance with the Deed, the Manager is entitled to a management fee at a rate not exceeding 2.50% per annum on the net asset value of the Fund calculated on daily basis.

For the financial period ended 30 September 2019, the management fee is recognised at a rate of 0.25% (2018: 0.25%) per annum of the net asset value of the Fund, calculated at a daily basis.

There will be no further liability to the Manager in respect of the management fee other than the amounts recognised above.

4. TRUSTEE FEE

In accordance with the Deed, the Trustee is entitled to an annual fee at a rate not exceeding 0.50% per annum on the net asset value of the Fund, subject to a minimum fee of RM18,000 per annum (excluding foreign custodian fees and charges).

For the financial period ended 30 September 2019, the Trustee fee is recognised at a rate of 0.04% (2018: 0.04%) per annum on the net asset value of the Fund, calculated on daily basis.

There will be no further liability to the Trustee in respect of the trustee fee other than the amounts recognised above.



5. DISTRIBUTIONS

6-months financial

period ended 30.9.2019

6-months financial


RM RM

Distributions to unit holders are from the following sources:Profit income earned from Islamic deposits 51,351,849 36,563,395Distribution equalisation (Memorandum account) 441,374 1,531,347Gross realised income 51,793,223 38,094,742Less: Expenses (940,249) (2,907,941)

50,852,974 35,186,801

During the financial period ended 30 September 2019, distributions were made as follows:

2019 2018

RM/unit RM/unit

8 April/6 April 0.0014 0.00146 May/7 May 0.0016 0.00167 June/6 June 0.0015 0.00168 July/6 July 0.0017 0.00156 August 0.0016 0.00166 September 0.0015 0.0016

0.0093 0.0093

Gross distribution is derived using total income less total expenses. Gross distribution per unit is derived from gross realised income less expenses divided by the number of units in circulation, while net distribution for unit is derived from gross realised income less expenses and taxation divided by the number of units in circulation.

Included distributions for the current financial period is an amount of RM38,734,652 (2018: RM23,479,721) made from previous year’s realised income.

Gross/net distribution


Interim Report

Distribution equalisation represents the average amount of distributable income included in the creation and cancellation prices of units. It is computed as at each date of creation and cancellation of units. For the purpose of determining amount available for distribution, distribution equalisation is included in the computation of realised gains or income available for distribution.

6. TAXATION

6-months financial


6-months financial


RM RM

Tax charged for the financial period: Current taxation - local - -

The numerical reconciliation between profit before taxation multiplied by the Malaysian statutory tax rate and tax expense of the Fund is as follows:

6-months financial


6-months financial


RM RM

Profit before taxation 51,006,260 35,600,857

Tax at Malaysian statutory rate of 24% (2018: 24%) 12,241,502 8,544,205

Tax effect of: Shariah-compliant investment income not subject to tax (13,237,830) (9,249,888) Expenses not deductible for tax purposes 140,078 113,035 Restriction on tax deductible expenses for Unit Trust Funds 856,250 592,648

Taxation - -



7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

2019 2018

RM RM

Designated at fair value through profit or loss: Islamic deposits with licensed financial institutions* 2,517,301,342 1,857,877,859

* Includes profit receivable of RM42,381,342 (2018: RM34,117,859).

The effective weighted average rate of return of Islamic deposits with licensed financial institutions per annum as at the date of the statement of financial position are as follows:

2019 2018

% %

Islamic deposits with licensed financial institutions 3.86 3.79

The Islamic deposits have a weighted average maturity of 116 days (2018: 108 days).

The Fund’s investments in Islamic deposits with licensed financial institutions are short term in nature. Therefore, the fair value of Islamic deposits with licensed financial institutions is taken to approximate its carrying values.

8. SHARIAH INFORMATION OF THE FUND The Shariah Adviser confirmed that the investments portfolio of the Fund comprises instruments which have been classified as Shariah-compliant by the Shariah Advisory Council of Bank Negara Malaysia.


Interim Report

9. UNITS IN CIRCULATION

2019 2018

No. of units No. of units

At the beginning of the financial period 5,372,310,327 3,252,067,472

Creation of units during the financial period:Arising from applications 2,950,647,891 2,670,898,118Arising from distributions 89,763,343 62,525,320Cancellation of units during the financial period (3,519,065,393) (2,394,206,939)

At the end of the financial period 4,893,656,168 3,591,283,971



10. TRANSACTIONS WITH FINANCIAL INSTITUTIONS

Details of transactions with financial institutions are as follows:

Name of financial institutionsValue

of trades Percentage

of total trades

RM %

2019(Transactions were effected with a total of 9 financial institutions only)CIMB Islamic Bank Berhad 13,395,970,000 83.24AmBank Islamic Berhad 883,780,000 5.49Bank Islam Malaysia Berhad 463,410,000 2.88Public Islamic Bank Berhad 430,080,000 2.67Hong Leong Islamic Bank Berhad 394,440,000 2.45Malayan Banking Berhad (Islamic Banking) 161,000,000 1.00RHB Islamic Bank Berhad 160,000,000 1.00Maybank Islamic Berhad 104,000,000 0.65OCBC Al-Amin Bank Berhad 100,000,000 0.62

16,092,680,000 100.00

2018(Transactions were effected with a total of 8

financial institutions only)CIMB Islamic Bank Berhad 6,715,060,000 72.98Hong Leong Islamic Bank Berhad 1,078,850,000 11.72Public Islamic Bank Berhad 354,640,000 3.85Bank Islam Malaysia Berhad 326,320,000 3.55RHB Islamic Bank Berhad 289,500,000 3.15AmBank Islamic Berhad 263,250,000 2.86Malayan Banking Berhad (Islamic Banking) 93,000,000 1.01Maybank Islamic Berhad 81,000,000 0.88

9,201,620,000 100.00

All financial institutions highlighted above are not related to the Manager.


Interim Report

11. MANAGEMENT EXPENSE RATIO (“MER”)

2019 2018

% %

MER 0.15 0.15

MER is derived from the following calculation:

MER = (A + B + C + D + E)X 100

F

A = Management fee

B = Trustee fee

C = Audit fee

D = Tax agent fee

E = Other expenses

F = Average net asset value of the Fund calculated on a daily basis

The average net asset value of the Fund for the financial period calculated on a daily basis is RM2,851,182,073 (2018: RM1,966,801,058).

12. PORTFOLIO TURNOVER RATIO (“PTR”)

2019 2018

PTR (times) 5.70 4.64

PTR is derived from the following calculation:

(Total acquisitions for the financial period + total disposals for the financial period) ÷ 2

Average net asset value of the Fund for the financial period calculated on a daily basis

where:total acquisitions for the financial period = RM16,092,680,000 (2018: RM9,201,620,000)total disposals for the financial period = RM16,430,108,036 (2018: RM9,033,096,108)



13. UNITS HELD BY THE MANAGER

The related party of and its relationship with the Fund is as follows:

Related party Relationship

Eastspring Investments Berhad The Manager

2019 2018

No. of units RM No. of units RM

Eastspring Investments Berhad 1,320 687 1,273 662

The above units were transacted at the prevailing market price.

The units are held legally by the Manager and are within the prescribed limit allowed by SC’s Guidelines on Unit Trust Funds. Other than the above, there were no units held by the Directors or parties related to the Manager.

14. SEGMENTAL INFORMATION

The internal reporting provided to the chief operating decision-maker for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of MFRS and IFRS. The chief operating decision-maker is responsible for the performance of the Fund and considers the business to have a single operating segment located in Malaysia. Asset allocation decisions are based on a single, integrated investment strategy and the Fund’s performance is evaluated on an overall basis.

The reportable operating segment derives its income by seeking investments to achieve targeted returns consummate with an acceptable level of risk within the portfolio. These return consist of profit income earned from cash and cash equivalents.

There were no changes in the reportable operating segments during the financial period.


Interim Report

15. MFRS 9 FINANCIAL INSTRUMENTS

The Fund has adopted MFRS 9, which resulted in changes to the accounting policies and adjustments to the financial position. The main changes are as follows.

Transition

In accordance with the transitional provisions provided in MFRS 9, comparative figures have not been restated. The amendments made by MFRS 9 to MFRS 101 introduced the requirement to present ‘profit income calculated using the effective profit rate’ for financial assets that are measured at amortised cost as a separate line item in the statement of comprehensive income.

As a result, the Fund has reclassified comparative profit income from financial assets measured at FVTPL i.e. Islamic deposits with licensed financial institutions to ‘profit income from financial assets measured at FVTPL’ line for the financial period ended

30 September 2018.

16. APPROVAL OF FINANCIAL STATEMENTS

The financial statements have been approved for issue by the Manager on 22 November 2019.



CORPORATE DIRECTORY

NAME

EASTSPRING INVESTMENTS BERHAD

COMPANY NO.

200001028634 (531241-U)

REGISTERED OFFICE

Level 25, Menara Hong Leong

No. 6, Jalan Damanlela

Bukit Damansara

50490 Kuala Lumpur

BUSINESS OFFICE

Level 22, Menara Prudential

Persiaran TRX Barat

55188 Tun Razak Exchange

Kuala Lumpur

TELEPHONE NO.

603-2778 3888

FAX NO.

603-2789 7220

EMAIL

[email protected]

WEBSITE

www.eastspring.com/my

TRUSTEENAMEDEUTSCHE TRUSTEES MALAYSIA BERHAD

COMPANY NO.763590-H

REGISTERED OFFICE & BUSINESS OFFICELevel 20, Menara IMCNo. 8, Jalan Sultan Ismail50250 Kuala Lumpur

TELEPHONE NO.603-2053 7522

FAX NO.603-2053 7526

SHARIAH ADVISERNAME

BIMB SECURITIES SDN BHD

COMPANY NO.

290163-X

REGISTERED ADDRESS& BUSINESS ADDRESS

Level 32, Menara Multi Purpose

Capital Square

No. 8, Jalan Munshi Abdullah

50100 Kuala Lumpur

TELEPHONE NO.

603-2613 1600

FAX NO.

603-2613 1799

EMAIL

[email protected]

WEBSITE

www.bimbsec.com.my


Interim Report

SALE & PURCHASE OF UNITSEastspring Investments BerhadLevel 22, Menara Prudential

Persiaran TRX Barat

55188 Tun Razak Exchange

Kuala Lumpur

TELEPHONE NO.

603-2778 1000

BRANCHESPetaling JayaEastspring Investments Berhad A-17-P1 & MBlock A, Jaya One72A, Jalan Universiti46200 Petaling Jaya, Selangor


Kota KinabaluEastspring Investments BerhadSuite E3, 9th FloorCPS Tower, Centre Point SabahNo. 1, Jalan Centre Point88000 Kota Kinabalu, Sabah


ENQUIRIESCLIENT SERVICES

603-2778 1000


INTERIM REPORT

EASTSPRING INVESTMENTSISLAMIC INCOME FUND

Eastspring Investments Berhad 200001028634 (531241-U)

Level 22, Menara Prudential, Persiaran TRX Barat55188 Tun Razak Exchange, Kuala LumpurT: (603) 2778 3888 F: (603) 2789 7220eastspring.com/my

Client ServicesT: (603) 2778 1000 [email protected]

eastspring investments islamic income fund · [email protected]. dear valued investor, greetings...

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