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Annual Report for

31 May 2017

AmGlobal Agribusiness


TRUST DIRECTORY

Manager

AmFunds Management Berhad

9th

&10th

Floor, Bangunan AmBank Group

55 Jalan Raja Chulan

50200 Kuala Lumpur

Board of Directors

Raja Teh Maimunah Raja Abdul Aziz

Mustafa Mohd Nor

Tai Terk Lin

Sum Leng Kuang

Goh Wee Peng

Investment Committee

Sum Leng Kuang

Tai Terk Lin

Mustafa Mohd Nor

Zainal Abidin Mohd Kassim

Trustee

HSBC (Malaysia) Trustee Berhad

Auditors and Reporting Accountants

Ernst & Young

Taxation Adviser

Deloitte Tax Services Sdn Bhd


CONTENTS

1 Manager‟s Report

7 Independent Auditor‟s Report to the Unitholders

10 Statement of Financial Position

11 Statement of Comprehensive Income

12 Statement of Changes in Equity

13 Statement of Cash Flows

14 Notes to the Financial Statements

31 Statement by the Manager

32 Trustee‟s Report

33 Directory

1

MANAGER’S REPORT

Dear Unitholders,

We are pleased to present you the Manager‟s report and the audited accounts of AmGlobal

Agribusiness (“Fund”) for the financial year ended 31 May 2017.

Salient Information of the Fund

Name AmGlobal Agribusiness (“Fund”)

Category

Type

Feeder (Global equity) / Capital growth

Name of

Target Fund

DWS Global Agribusiness

Fund

Objective

AmGlobal Agribusiness aims to gain the greatest possible return on investments by

investing in global agribusiness equities from agricultural commodities to consumer

products.

Duration The Fund was established on 3 May 2007 and shall exist for as long as it appears to

the Manager and the Trustee that it is in the interests of the unitholders for it to

continue. In some circumstances, the unitholders can resolve at a meeting to

terminate the Fund.

Performance

Benchmark

The MSCI World is only used as a reference benchmark as the Fund is benchmark

independent.

(obtainable from: www.aminvest.com)

Income

Distribution

Policy

Income distribution (if any) is incidental

Breakdown of

Unit Holdings

by Size

For the financial year under review, the size of the Fund stood at 15,597,645 units.

Size of holding As at 31 May 2017 As at 31 May 2016

No of units

held

Number of

unitholders

No of units

held

Number of

unitholders

5,000 below 472,133 187 580,288 220

5,001-10,000 540,473 73 763,505 102

10,001-50,000 1,799,267 82 2,421,202 106

50,001-500,000 1,752,111 14 2,140,526 16

500,001 above 11,033,661 6 15,302,805 6

2

Fund Performance Data

Portfolio

Composition

Details of portfolio composition of the Fund for the financial years as at 31 May are

as follows:

FY

2017

%

FY

2016

%

FY

2015

%

Foreign collective investment scheme 97.90 98.12 97.01

Cash and others 2.10 1.88 2.99

Total 100.00 100.00 100.00

Note:

The abovementioned percentages are calculated based on total net asset value.

Performance

Details

Performance details of the Fund for the financial years ended 31 May are as follows:

FY

2017

FY

2016

FY

2015

Net asset value (RM)* 17,690,191 21,503,014 30,928,178

Units in circulation* 15,597,645 21,208,326 27,165,601

Net asset value per unit (RM)* 1.1342 1.0139 1.1385

Highest net asset value per unit (RM)* 1.1619 1.1882 1.1476

Lowest net asset value per unit (RM)* 0.9688 0.9003 0.9523

Benchmark performance % 20.25 4.21 17.11

Total return (%)(1)

11.87 -10.94 9.31

- Capital growth (%) 11.87 -10.94 9.31

- Income distribution (%) - - -

Gross distribution (sen per unit) - - -

Net distribution (sen per unit) - - -

Management expense ratio (%)(2)

1.28 1.32 1.23

Portfolio turnover ratio (times)(3)

0.16 0.12 0.27

* Above prices and net asset value per unit are not shown as ex-distribution.

Note:

(1) Total return is the actual return of the Fund for the respective financial years

computed based on the net asset value per unit and net of all fees.

(2) Management expense ratio (“MER”) is calculated based on the total fees and

expenses incurred by the Fund divided by the average fund size calculated on a

daily basis. The MER decreased by 0.04% as compared to 1.32% per annum for

the financial year ended 31 May 2016 mainly due to decrease in expenses.

(3) Portfolio turnover ratio (“PTR”) is calculated based on the average of the total

acquisitions and total disposals of investment securities of the Fund divided by

the average fund size calculated on a daily basis. The PTR increased by 0.04

times (33.3%) as compared to 0.12 times for the financial year ended 31 May

2016 mainly due to decrease in average fund size.

3

Average Total Return (as at 31 May 2017)

AmGlobal

Agribusiness(a)

%

MSCI

World(b)

%

One year 11.87 20.25

Three years 2.88 13.63

Five years 6.37 16.02

Ten years 1.64 3.84

Annual Total Return

Financial Years Ended

(31 May)

AmGlobal

Agribusiness(a)

%

MSCI

World(b)

%

2017 11.87 20.25

2016 -10.94 4.21

2015 9.31 17.11

2014 6.86 19.35

2013 16.98 20.15

(a) Source: Novagni Analytics and Advisory Sdn Bhd.

(b) Morgan Stanley Capital International (MSCI) World

(obtainable from: www.aminvest.com).

- The benchmark, MSCI World, is only used as a reference benchmark as the

Fund is benchmark independent.

The Fund performance is calculated based on the net asset value per unit of the

Fund. Average total return of the Fund and its benchmark for a period is computed

based on the absolute return for that period annualised over one year.

Note: Past performance is not necessarily indicative of future performance and

that unit prices and investment returns may go down, as well as up.

Fund

Performance

For the financial year under review, the Fund registered a return of 11.87% which

was entirely capital growth in nature.

Thus, the Fund‟s return of 11.87% has underperformed the benchmark‟s return of

20.25% by 8.38%.

As compared with the financial year ended 31 May 2016, the net asset value

(“NAV”) per unit of the Fund increased by 11.87% from RM1.0139 to RM1.1342,

while units in circulations decreased by 26.46% from 21,208,326 units to

15,597,645 units.

The line chart below shows comparison between the annual performances of

AmGlobal Agribusiness and its benchmark, MSCI World, for the financial years

ended 31 May.

4

Note: Past performance is not necessarily indicative of future performance and

that unit prices and investment returns may go down, as well as up.

Target Fund

Performance

Fund Performance Review of the Target Fund – DWS Global Agribusiness (the

“Target Fund”)

Fund Currency YTD 1Y 3Y 5Y

DWS Global

Agribusiness

USD 6.86 8.91 -17.29 3.39

Source: Deutsche Asset Management (Asia) Limited (the Manager of Target Fund)

Has the Fund

achieved its

objective?

For the year under review, the Fund is in line with its stated objective to gain the

greatest possible return on investments by investing in global agribusiness equities

from agricultural commodities to consumer products.

Strategies and

Policies

Employed

Strategies and Policies of the Target Fund

The Target Fund invests primarily in equities of companies, which having their

principal business activity in or profiting from the agricultural industry. The relevant

companies operate within the multi-layered food value chain. This includes

companies involved in the cultivation, harvesting, planning, production, processing,

service and distribution of agricultural products (e.g. forestry and agriculture

companies, tool and agricultural machinery manufacturers, companies in the food

industry such as grains, vegetables or fruits, meat producers (chicken, pork or beef)

and processors, restaurants, supermarkets and chemical companies).

Please be aware that the portfolio management responsibilities changed in 15th

September 2016 from Global Thematic Partners, New York back to Deutsche Asset

Management, Frankfurt. During this transition the portfolio has been restructured.

The Portfolio Management Team has considerably reduced exposure to relatively

illiquid small and mid-caps, particularly within Emerging Markets to bring down

overall volatility and to improve the liquidity situation of the Target Fund.

5

Moreover, strong single company weightings have been reduced (from 10% down to

6%) in favor of a broader and stable portfolio. Sector wise, weightings to fertilizers

have been reduced due to the oversupplied market environment and continuing fall

of nutrient prices. On the other side, multinational consumer staple companies with

pricing power for their products have been bought into the portfolio. Also new

subsectors e.g. grain transportation and storage, restaurants, tobacco, salmon

farming and food delivery have been added to the portfolio.

Source: Deutsche Asset Management S.A. (the Target Fund's manager)

Strategies and Policies of the Fund

For the financial year under review, a minimum of 95% of its NAV was invested in

the Target Fund.

Portfolio

Structure

This table below is the asset allocation of the Fund for the financial years under

review.

As at

31-5-2017

%

As at

31-5-2016

%

Changes

%

Foreign collective investment scheme 97.90 98.12 -0.22

Cash and others 2.10 1.88 0.22

Total 100.00 100.00

For the financial year under review, the Fund has invested 97.90% of its NAV in the

foreign collective investment scheme and the balance of 2.10% in cash and other net

current assets. There have been no significant changes to the asset allocation since

the last reporting.

Distribution/

unit splits

There was no income distribution and unit split declared for the financial year under

review.

State of

Affairs

There has been neither significant change to the state of affairs of the Fund nor any

circumstances that materially affect any interests of the unitholders during the

financial year under review.

Rebates

and Soft

Commission

It is our policy to pay all rebates to the Fund. Soft commission received from

brokers/dealers is retained by the Manager only if the goods and services provided

are of demonstrable benefit to unitholders of the Fund.

During the financial year under review, the Manager had received on behalf of the

Fund, soft commissions in the form of fundamental database, financial wire

services, technical analysis software and stock quotation system incidental to

investment management of the Fund. These soft commissions received by the

Manager are deem to be beneficial to the unitholders of the Fund.

Market

Review

2016 has been another year with very good global harvests, e.g. in the US, the most

important grain market globally, we have seen record level of corn yields (175.3

acre/bushels), therefore grain prices were weaker from May 2016 to May 2017 (corn

-8.09%, wheat -7.59 and soybeans -15.07%). As a consequence net farm income has

fallen again, which makes 2016/17 the 4th year in a row with less cash for the

average farmer.

6

Also, 2016/17 has been a year of important political topics and maybe the most

controversial one is on Trump. Although the general equity markets have positively

reacted after the US election via pricing-in a repatriation of profits, lower corporate

tax rates and a huge infrastructure spending program for the USA, we need to keep

in mind Trumps rhetoric on potential trade restrictions. His „America first‟ approach

and his constant tweeting via Twitter does not bode well for global trade, which is

inherently not promising for global growth in general. The US is the largest grain

exporter globally and the strength in the USD over the last quarters and potential

trade wars looming are certainly not helpful for US grain exports. Therefore while

the overall market is currently playing a reflation trend, this actually might be very

deflationary for Agriculture as a whole.

Another big topic will be the answers from regulators on the large upcoming

Mergers and Acquisitions (“M&A”) wave within Ag Chemicals, which has been

announced during 2016. While we think that there is a fair chance that most of the

proposed deals will be approved, it is in some cases far from being certain, because

of increasing market power of producers.


Market

Outlook

Overall the agriculture sector is currently undecided if we will see economic growth

and an increasing inflationary environment or keep the rather deflationary trends

that we have had over the last couple of years. Therefore we continue to believe that

a balanced approach between upstream and downstream companies is appropriate

for the time being.

Nevertheless, we believe that the current market environment provide an attractive

long-term opportunity to invest in the global Agribusiness-value chain.

According to the Food and Agriculture Organization (“FAO”), global trade in food

has grown almost threefold in value over the past decade, and rates of growth are

projected to continue to rise, with some regions becoming increasing net exporters

and others increasing net importers. By 2050 the world‟s population may reach 9.7

billion, urbanization will likely have accelerated dramatically, and these consumers

will demand higher caloric foods. To match this demand, significant investments

still need to be made. The decline in nutrient pricing over the last couple of years

has now more than offset the lower commodity prices and farm input affordability is

above historical averages by now.

Moreover, the current earning season showed us a stable to improving situation

within Seeds & Crop Protection and Agricultural Machinery, whereas the Fertilizer

space still suffers from oversupply and hence weaker pricing. We continue to think

that without an improving grain price environment (e.g. corn price above $4USD

per bushel), the upstream names will have a tough time and continuing

underperforming the overall global equity market.


Kuala Lumpur, Malaysia


7 July 2017

Independent auditors’ report to the unitholders of


Report on the audit of the financial statements

Opinion

Basis for opinion

Independence and other ethical responsibilities

Information other than the financial statements and auditors’ report thereon

We have audited the financial statements of AmGlobal Agribusiness (“the Fund”), which comprise

the statement of financial position as at 31 May 2017, and the statement of comprehensive income,

statement of changes in equity and statement of cash flows for the year then ended, and notes to the

financial statements, including a summary of significant accounting policies, as set out on pages 10

to 30.

In our opinion, the accompanying financial statements give a true and fair view of the financial

position of the Fund as at 31 May 2017, and of its financial performance and its cash flows for the

year then ended in accordance with Malaysian Financial Reporting Standards and International

Financial Reporting Standards.

We conducted our audit in accordance with approved standards on auditing in Malaysia and

International Standards on Auditing. Our responsibilities under those standards are further described

in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We

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

our opinion.

We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct

and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics

Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”),

and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the

IESBA Code.

The Manager is responsible for the other information. The other information comprises information

in the Annual Report, but does not include the financial statements of the Fund and our auditors’

report thereon.

Our opinion on the financial statements of the Fund does not cover the other information and we do

not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Fund, our responsibility is to read the

other information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements of the Fund or our knowledge obtained in the audit or otherwise

appears to be materially misstated.

7


AmGlobal Agribusiness (cont’d.)

Responsibilities of the Manager and the Trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

If based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

The Manager is responsible for the preparation of the financial statements of the Fund that give a

true and fair view in accordance with Malaysian Financial Reporting Standards and International

Financial Reporting Standards. The Manager is also responsible for such internal control as the

Manager determines is necessary to enable the preparation of financial statements of the Fund that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements of the Fund, the Manager is responsible for assessing the

Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Manager either intends to

liquidate the Fund or to cease operations, or has no realistic alternative to do so.

The Trustee is responsible for ensuring that the Manager maintains proper accounting and other

records as are necessary to enable true and fair presentation of these financial statements.

Our objectives are to obtain reasonable assurance about whether the financial statements of the Fund,

as a whole are free from material misstatement, whether due to fraud or error, and to issue an

auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is

not a guarantee that an audit conducted in accordance approved standards on auditing in Malaysia

and International Standards on Auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements.

As part of an audit in accordance with the approved standards on auditing in Malaysia and

International Standards on Auditing, we exercise professional judgment and maintain professional

skepticism throughout the planning and performance of the audit. We also:

Identify and assess the risks of material misstatement of the financial statements of the Fund,

whether due to fraud or error, design and perform audit procedures responsive to those risks,

and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Fund’s internal control.

8


AmGlobal Agribusiness (cont’d.)

Other matters

Ernst & Young Wan Daneena Liza Bt Wan Abdul Rahman

AF: 0039 No. 2978/03/18(J)

Chartered Accountants Chartered Accountant


7 July 2017

This report is made solely to the unitholders of the Fund, as a body, and for no other purpose. We do

not assume responsibility to any other person for the content of this report.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the Manager.

Conclude on the appropriateness of the Manager’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Fund’s ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are required

to draw attention in our auditors’ report to the related disclosures in the financial statements

or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the

audit evidence obtained up to the date of our auditors’ report. However, future events or

conditions may cause the Fund to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of the

Fund, including the disclosures, and whether the financial statements of the Fund represent

the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that

we identify during our audit.

9


STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2017

2017 2016

Note RM RM

ASSETS

Investment 4 17,318,109 21,098,731

Deposits with financial institutions 5 437,141 498,046

Cash at banks 2,990 3,036

TOTAL ASSETS 17,758,240 21,599,813

LIABILITIES

Amount due to Manager 6 46,760 72,384

Amount due to Trustee 7 1,288 1,474

Sundry payables and accrued expenses 20,001 22,941

TOTAL LIABILITIES 68,049 96,799

EQUITY

Unitholders’ capital 10(a) 43,726,747 49,835,432

Accumulated losses 10(b)(c) (26,036,556) (28,332,418)

TOTAL EQUITY 10 17,690,191 21,503,014

TOTAL EQUITY AND LIABILITIES 17,758,240 21,599,813

UNITS IN CIRCULATION 10(a) 15,597,645 21,208,326

NET ASSET VALUE PER UNIT 113.42 101.39 sen

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

10


STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 MAY 2017

2017 2016Note RM RM

INVESTMENT INCOME/(LOSS)

Interest income 16,262 30,630

Net gain/(loss) from investment:

− Financial assets at fair value through profit or

loss (“FVTPL”) 8 2,534,746 (2,707,674)

Gross Income/(Loss) 2,551,008 (2,677,044)

EXPENDITURE

Manager’s fee 6 (212,436) (276,997)

Trustee’s fee 7 (15,884) (20,582)

Auditors’ remuneration − current financial year (7,000) (7,000)

Auditors’ remuneration − over provision in prior

financial year 700 -

Tax agent’s fee − current financial year (3,500) (3,500)

Tax agent’s fee − over provision in prior financial year 1,000 -

Other expenses 9 (18,026) (27,971)

Total Expenditure (255,146) (336,050)

NET INCOME/(LOSS) BEFORE TAX 2,295,862 (3,013,094)

LESS: INCOME TAX 12 - -

NET INCOME/(LOSS) AFTER TAX 2,295,862 (3,013,094)

OTHER COMPREHENSIVE INCOME - -

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE

FINANCIAL YEAR 2,295,862 (3,013,094)

Total comprehensive income/(loss) comprises the following:

Realised income 821,879 729,872

Unrealised gain/(loss) 1,473,983 (3,742,966)

2,295,862 (3,013,094)


11


STATEMENT OF CHANGES IN EQUITY


Unitholders’ Accumulated Total

capital losses equity

Note RM RM RM

At 1 June 2015 56,247,502 (25,319,324) 30,928,178

Total comprehensive loss for the

financial year - (3,013,094) (3,013,094)Creation of units 10(a) 35,241,719 - 35,241,719

Cancellation of units 10(a) (41,653,789) - (41,653,789)

Balance at 31 May 2016 49,835,432 (28,332,418) 21,503,014

At 1 June 2016 49,835,432 (28,332,418) 21,503,014

Total comprehensive income for the

financial year - 2,295,862 2,295,862

Creation of units 10(a) 3,970,177 - 3,970,177

Cancellation of units 10(a) (10,078,862) - (10,078,862)

Balance at 31 May 2017 43,726,747 (26,036,556) 17,690,191


12


STATEMENT OF CASH FLOWS


2017 2016

Note RM RM

CASH FLOWS FROM OPERATING AND

INVESTING ACTIVITIES

Proceeds from sale of investment 6,315,368 6,661,135

Interest received 16,262 30,630

Manager’s fee paid (213,952) (283,698)

Trustee’s fee paid (16,070) (21,092)

Tax agent’s fee paid (3,500) (3,500)

Payments for other expenses (26,266) (31,995)

Net cash generated from operating and investing activities 6,071,842 6,351,480

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from creation of units 3,970,177 35,241,719

Payments for cancellation of units (10,102,970) (41,646,504)

Net cash used in financing activities (6,132,793) (6,404,785)

NET DECREASE IN CASH AND CASH EQUIVALENTS (60,951) (53,305)

CASH AND CASH EQUIVALENTS AT

BEGINNING OF FINANCIAL YEAR 501,082 554,387

CASH AND CASH EQUIVALENTS AT

END OF FINANCIAL YEAR 440,131 501,082

Cash and cash equivalents comprise:

Deposits with financial institutions 5 437,141 498,046

Cash at banks 2,990 3,036

440,131 501,082


13


NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL INFORMATION

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

Standards effective during the financial year

Standards issued but not yet effective

Effective for

financial periods

beginning on or after

MFRS 9: Financial Instruments

MFRS 15: Revenue From Contracts With Customers

AmGlobal Agribusiness (“the Fund”) was established pursuant to a Deed dated 2 April 2007 as

amended by Deeds Supplemental thereto (“the Deed”), between AmFunds Management Berhad

as the Manager, HSBC (Malaysia) Trustee Berhad as the Trustee and all unitholders.

1 January 2018

1 January 2018

The Fund plans to adopt the above pronouncements when they become effective in the respective

financial periods. These pronouncements are expected to have no significant impact to the

financial statements of the Fund upon their initial application except as described below:

The Fund was set up with the objective of gaining the greatest possible return on investments by

investing in the Luxembourg-based DWS Global Agribusiness (“Target Fund”) which invests

primarily in global agribusiness equities from agricultural commodities to consumer products.

Being a feeder fund, a minimum of 95% of the Fund’s net asset value will be invested in the

Target Fund, which is a separate unit trust fund managed by Deutsche Asset Management S.A.,

Luxermbourg (“Target Fund Manager”). As provided in the Deed, the “accrual period” or the

financial year shall end on 31 May and the units in the Fund were first offered for sale on 3 May

As at the date of authorisation of these financial statements, the following Standards, which are

relevant to the Fund, have been issued by MASB but are not yet effective and have not been

adopted by the Fund.

The financial statements of the Fund have been prepared in accordance with Malaysian Financial

Reporting Standards (“MFRS”) as issued by the Malaysian Accounting Standards Board

(“MASB”) and are in compliance with International Financial Reporting Standards.

The financial statements of the Fund have been prepared under the historical cost convention,

unless otherwise stated in the accounting policies.

The adoption of MFRS which have been effective during the financial year did not have any

material financial impact to the financial statements.

14

MFRS 9 Financial Instruments

3. SIGNIFICANT ACCOUNTING POLICIES

Income recognition

Income tax

Functional and presentation currency

Foreign currency conversion

Statement of cash flows

Income is recognised to the extent that it is probable that the economic benefits will flow to the

Fund and the income can be reliably measured. Income is measured at the fair value of

consideration received or receivable.

Distribution income is recognised when the Fund’s right to receive payment is established.

Interest income on short-term deposits is recognised on an accrual basis using the effective

interest method.

Current tax assets and liabilities are measured at the amount expected to be recovered from or

paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that

are enacted or substantively enacted at the reporting date.

Current taxes are recognised in profit or loss except to the extent that the tax relates to items

recognised outside profit or loss, either in other comprehensive income or directly in equity.

Transactions in currencies other than the Fund’s functional currency (foreign currencies) are

recorded in the functional currency using exchange rates prevailing at the transaction dates. At

each reporting date, foreign currency monetary items are translated into Ringgit Malaysia at

exchange rates ruling at the reporting date. All exchange gains or losses are recognised in profit or

loss.

The Fund adopts the direct method in the preparation of the statement of cash flows.

Cash equivalents are short-term, highly liquid investment that is readily convertible to cash with

insignificant risk of changes in value.

MFRS 9 reflects International Accounting Standards Board’s (“IASB”) work on the replacement

of MFRS 139 Financial Instruments: Recognition and Measurement (“MFRS 139”). MFRS 9 will

be effective for financial year beginning on or after 1 January 2018. The Fund is in the process of

quantifying the impact of the first adoption of MFRS 9.

Functional currency is the currency of the primary economic environment in which the Fund

operates that most faithfully represents the economic effects of the underlying transactions. The

functional currency of the Fund is Ringgit Malaysia which reflects the currency in which the Fund

competes for funds, issues and redeems units. The Fund has also adopted Ringgit Malaysia as its

presentation currency.

15

Distribution

Unitholders’ capital

Financial assets

(i) Financial assets at FVTPL

(ii) Loans and receivables

Financial assets are recognised in the statement of financial position when, and only when, the

Fund becomes a party to the contractual provisions of the financial instrument.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of

financial assets not at fair value through profit or loss, directly attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition, and the

categories applicable to the Fund include financial assets at fair value through profit or loss

(“FVTPL”) and loans and receivables.

The unitholders’ capital of the Fund meets the definition of puttable instruments and is classified

as equity instruments under MFRS 132 Financial Instruments: Presentation (“MFRS 132”).

Distributions are at the discretion of the Fund. A distribution to the Fund’s unitholders 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.

On disposal of investment, the net realised gain or loss on disposal is measured as the

difference between the net disposal proceeds and the carrying amount of the investment. The

net realised gain or loss is recognised in profit or loss.

Subsequent to initial recognition, financial assets at FVTPL are measured at fair value.

Changes in the fair value of those financial instruments are recorded in ‘Net gain or loss on

financial assets at fair value through profit or loss’. Interest earned element of such instrument

is recorded separately in ‘Interest income’. Exchange differences, if any, on financial assets at

FVTPL are not recognised separately in profit or loss but are included in net gains or net

losses on changes in fair value of financial assets at FVTPL.

Financial assets are classified as financial assets at FVTPL if they are held for trading or are

designated as such upon initial recognition. Financial assets held for trading by the Fund

include foreign collective investment scheme acquired principally for the purpose of selling in

the near term.

Financial assets with fixed or determinable payments that are not quoted in an active market

are classified as loans and receivables.

For investment in foreign collective investment scheme, fair value is determined based on the

closing net asset value per unit of the foreign collective investment scheme. The difference

between the cost and fair value is treated as unrealised gain or loss and is recognised in profit

or loss. Unrealised gains or losses recognised in profit or loss are not distributable in nature.

16

Impairment of financial assets

(i) Loans and receivables carried at amortised cost

Financial liabilities

A financial liability is derecognised when the obligation under the liability is extinguished. Gains

and losses are recognised in profit or loss when the liabilities are derecognised, and through the

amortisation process.

If any such evidence exists, the amount of impairment loss is measured as the difference

between the asset’s carrying amount and the present value of estimated future cash flows

discounted at the financial asset’s original effective interest rate. The impairment loss is

recognised in profit or loss.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can

be related objectively to an event occurring after the impairment was recognised, the

previously recognised impairment loss is reversed to the extent that the carrying amount of

the asset does not exceed its amortised cost at the reversal date. The amount of reversal is

recognised in profit or loss.

The Fund’s financial liabilities are recognised initially at fair value plus directly attributable

transaction costs and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are classified according to the substance of the contractual arrangements

entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial

position when, and only when, the Fund becomes a party to the contractual provisions of the

financial instrument.

Subsequent to initial recognition, loans and receivables are measured at amortised cost using

the effective interest method. Gains and losses are recognised in profit or loss when the loans

and receivables are derecognised or impaired, and through the amortisation process.

The Fund assesses at each reporting date whether there is any objective evidence that a financial

asset is impaired.

To determine whether there is objective evidence that an impairment loss on financial assets

has been incurred, the Fund considers factors such as the probability of insolvency or

significant financial difficulties of the debtor and default or significant delay in payments.

The carrying amount of the financial asset is reduced through the use of an allowance

account. When loans and receivables become uncollectible, they are written off against the

allowance account.

17

Classification of realised and unrealised gains and losses

Significant accounting estimates and judgments

4. INVESTMENT

2017 2016

RM RM

Financial assets at FVTPL

At cost:

Foreign collective investment scheme 13,604,675 18,859,280

At fair value:

Foreign collective investment scheme 17,318,109 21,098,731

Details of investment as at 31 May 2017 are as follows:

Fair

value as a

percentage of

Foreign collective Number Fair Purchase net asset

investment scheme of units value cost value

RM RM %

DWS Global Agribusiness

(“Target Fund”) 28,998 17,318,109 13,604,675 97.90

Excess of fair value over cost 3,713,434

Realised gains and losses on disposals of financial instruments classified at fair value through

profit or loss are calculated using the weighted average method. They represent the difference

between an instrument’s initial carrying amount and disposal amount.

The Fund classifies its investment as financial assets at FVTPL as the Fund may sell its

investment in the short-term for profit-taking or to meet unitholders’ cancellation of units.

No major judgments have been made by the Manager in applying the Fund’s accounting policies.

There are no key assumptions concerning the future and other key sources of estimation

uncertainty at the reporting date, that have a significant risk of causing a material adjustment to

the carrying amounts of assets and liabilities within the next financial year.

The preparation of the Fund’s financial statements requires the Manager to make judgments,

estimates and assumptions that affect the reported amounts of revenues, expenses, assets and

liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty

about these assumptions and estimates could result in outcomes that could require a material

adjustment to the carrying amount of the asset or liability in the future.

Unrealised gains and losses comprise changes in the fair value of financial instruments for the

period and from reversal of prior period’s unrealised gains and losses for financial instruments

which were realised (i.e. sold, redeemed or matured) during the reporting period.

18

2017 2016

By country % of portfolio % of portfolio

United States of America 39.1 41.7

Canada 12.2 15.3

France 7.1 4.4

Netherlands 6.8 - Germany 6.6 8.7

Brazil 5.7 8.0

Japan 4.5 - Great Britain 3.9 - Norway 3.4 - Cayman Island 1.8 - Korea 1.7 - Australia - 5.6

Switzerland - 2.2

Hong Kong - 1.6

South Africa - 1.5

Uruguay - 1.5

Thailand - 1.4

Other countries 7.2 8.1

100.0 100.0

By sector

Fertilizers and agricultural chemicals 27.0 36.6

Packaged foods and meat 17.6 18.7

Agricultural products 14.8 25.9

Tobacco 6.5 - Diversified chemicals 5.3 1.5

Specialty chemicals 5.2 - Food retail 4.8 1.2

Agricultural and farm machinery 3.7

Personal products 3.7 - Breweries 2.3 2.8

Food distributors - 4.8

Marine ports and services - 1.6

Restaurants - 1.4

Soft drinks - 1.2

Other sectors 5.9 2.7

Others 3.2 1.6

100.0 100.0

A minimum of 95% of its net asset value will be invested in the Target Fund. However, the asset

allocation may be reduced due to creation of units at the point of reporting date. The ratio will be

adjusted back to the minimum level after the reporting period, if need be.

The Target Fund’s investment objective and policy are to gain the greatest possible return on

investments by investing at least 70% in global agribusiness equities from agricultural

commodities to consumer products with a maximum of 30% in other global equities. As at the

reporting date, the investment portfolio of the Target Fund is made up of the following:

19

5. DEPOSITS WITH FINANCIAL INSTITUTIONS

2017 2016

RM RM

At nominal value:

Short-term deposits with licensed banks 437,100 498,000

At carrying value:

Short-term deposits with licensed banks 437,141 498,046

Details of deposit with financial institution as at 31 May 2017 are as follows:

Carrying

value as a

percentage of

Maturity Nominal Carrying Purchase net asset

date Bank value value cost value

RM RM RM %

Short-term deposit with a licensed bank

Public Bank

Berhad 437,100 437,141 437,100 2.47

Weighted average effective Remaining

interest rate maturity2017 2016 2017 2016

% % Day Day

Short-term deposits with

licensed banks 3.45 3.35 1 1

6. AMOUNT DUE TO MANAGER

2017 2016

RM RM

Redemption of units* (28,487) (52,595)

Manager’s fee payable (18,273) (19,789)

(46,760) (72,384)

* The amount represents amount payable to the Manager for units redeemed.

The weighted average effective interest rate and average remaining maturity of short-term

deposits are as follows:

01.06.2017

20

As the Fund is investing in a Target Fund, the Manager’s fee was charged as follows:

2017 2016

% p.a. % p.a.

0.75 0.75

1.05 1.05

1.80 1.80

Note a)

Note b)

7. AMOUNT DUE TO TRUSTEE

8. NET GAIN/(LOSS) FROM INVESTMENT

2017 2016

RM RM

Net gain/(loss) on financial assets at FVTPL comprised:

− Net realised loss on sale of investment (298,450) (53,474)

− Net realised gain on foreign currency exchange 1,359,213 1,088,766

− Net unrealised loss on changes in fair value of investment (2,008,338) (5,321,720)

− Net unrealised gain on foreign currency fluctuation of

investment denominated in foreign currency 3,482,321 1,578,754

2,534,746 (2,707,674)

The Fund’s share of Manager’s fee to the Target Fund Manager has been accounted for as

part of net unrealised changes in fair value of investment in foreign collective investment

scheme.

The normal credit period in the previous and current financial years for Trustee’s fee payable is

one month.

Deutsche Asset Management S.A., Luxembourg, on the net

asset value of the Target Fund (Note a)

Manager’s fee charged by the Manager, AmFunds Management

Manager’s fee charged by the Target Fund Manager,

Berhad, on the net asset value of investment in the Target Fund

(Note b)

Manager’s fee charged by the Manager, AmFunds Management

Trustee’s fee is at a rate of 0.08% (2016: 0.08%) per annum on the net asset value of the Fund,

calculated on a daily basis.

The normal credit period in the previous and current financial years for creation and redemption

of units is three business days.

The normal credit period in the previous and current financial years for Manager’s fee payable is

one month.

Berhad, on the remaining net asset value of the Fund (Note b)

Manager’s fee of the Fund chargeable in the Statement of Comprehensive Income relates

to 1.05% on the net asset value of investment in the Target Fund and 1.80% on the

remaining net asset value of the Fund.

21

9. OTHER EXPENSES

10. TOTAL EQUITY

Total equity is represented by:

2017 2016Note RM RM

Unitholders’ capital (a) 43,726,747 49,835,432

Accumulated losses

– Realised losses (b) (29,749,990) (30,571,869)

– Unrealised gain (c) 3,713,434 2,239,451

17,690,191 21,503,014

(a) UNITHOLDERS’ CAPITAL/UNITS IN CIRCULATION

2016

Number of Number of

units RM units RM

At beginning of the

financial year 21,208,326 49,835,432 27,165,601 56,247,502

Creation during the

financial year 3,867,267 3,970,177 31,395,610 35,241,719

Cancellation during the

financial year (9,477,948) (10,078,862) (37,352,885) (41,653,789)

At end of the financial year 15,597,645 43,726,747 21,208,326 49,835,432

(b) REALISED – DISTRIBUTABLE

2017 2016

RM RM

At beginning of the financial year (30,571,869) (31,301,741)

Total comprehensive income/(loss) for the financial year 2,295,862 (3,013,094)Net unrealised (gain)/loss attributable to investment held

transferred to unrealised reserve [Note 10(c)] (1,473,983) 3,742,966

Net increase in realised reserve for the

financial year 821,879 729,872

At end of the financial year (29,749,990) (30,571,869)

2017

Included in other expenses is Goods and Services Tax incurred by the Fund during the financial

year amounting to RM15,192 (2016: RM18,770).

22

(c) UNREALISED – NON-DISTRIBUTABLE

2017 2016

RM RM

At beginning of the financial year 2,239,451 5,982,417Net unrealised gain/(loss) attributable to investment held

transferred to unrealised reserve [Note 10(b)] 1,473,983 (3,742,966)

At end of the financial year 3,713,434 2,239,451

11. UNITS HELD BY RELATED PARTIES

12. INCOME TAX

2017 2016

RM RM

Net income/(loss) before tax 2,295,862 (3,013,094)

Taxation at Malaysian statutory rate of 24% 551,007 (723,100)

Tax effects of:

Income not subject to tax (1,165,871) (647,600)

Loss not deductible for tax purposes 553,629 1,290,000

Restriction on tax deductible expenses for unit trust fund 47,662 63,100

Non-permitted expenses for tax purposes 8,277 10,600

Permitted expenses not used and not available for future

5,296 7,000

Tax expense for the financial year - -

13. DISTRIBUTION

No distribution was declared by the Fund for the financial years ended 31 May 2017 and 31 May

2016.

financial years

Pursuant to Schedule 6 of the Income Tax Act, 1967, local interest income derived by the Fund is

exempted from tax.

A reconciliation of income tax expense applicable to net income/(loss) before tax at the statutory

income tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

Income tax payable is calculated on investment income less deduction for permitted expenses as

provided for under Section 63B of the Income Tax Act, 1967.

The Manager and parties related to the Manager did not hold any units in the Fund as at 31 May

2017 and 31 May 2016.

23

14. MANAGEMENT EXPENSE RATIO (“MER”)

2017 2016

% p.a. % p.a.

Manager’s fee 1.07 1.09

Trustee’s fee 0.08 0.08

Fund’s other expenses 0.13 0.15

Total MER 1.28 1.32

15. PORTFOLIO TURNOVER RATIO (“PTR”)

16. SEGMENTAL REPORTING

17. TRANSACTIONS WITH THE TARGET FUND MANAGER

Target Fund Manager

RM %

Deutsche Asset Management S.A., Luxermbourg 6,322,024 100.00

As stated in Note 1, the Fund is a feeder fund whereby a minimum of 95% of the Fund’s net asset

value will be invested in the Target Fund.

The PTR of the Fund, which is the ratio of average total acquisitions and disposals of investment

to the average net asset value of the Fund calculated on a daily basis, is 0.16 times (2016: 0.12

times).

The MER of the Fund is the ratio of the sum of annualised fees and expenses incurred by the

Fund to the average net asset value of the Fund calculated on a daily basis.

The Fund’s MER is as follows:

The above transactions was in respect of collective investment scheme. Transactions in this

investment do not involve any commission or brokerage.

As the Fund operates substantially as a feeder fund which invests primarily in the Target Fund, it

is not possible or meaningful to classify its investment by separate business or geographical

segments. A summary of the investment portfolio of the Target Fund is disclosed in Note 4.

Details of transactions with the Target Fund Manager for the financial year ended 31 May 2017

are as follows:

Transaction value

There was no transaction with financial institutions related to the Manager, during the financial

year.

24

18. FINANCIAL INSTRUMENTS

(a) Classification of financial instruments

Loans and Financial

receivables liabilities at

Financial at amortised amortised

assets cost cost Total

RM RM RM RM

Assets

Investment 17,318,109 - - 17,318,109

Deposit with financial institution - 437,141 - 437,141

Cash at banks - 2,990 - 2,990

Total financial assets 17,318,109 440,131 - 17,758,240

Liabilities

Amount due to Manager - - 46,760 46,760

Amount due to Trustee - - 1,288 1,288

Sundry payables and accrued

expenses - - 20,001 20,001

Total financial liabilities - - 68,049 68,049

Assets

Investment 21,098,731 - - 21,098,731

Deposit with financial institution - 498,046 - 498,046

Cash at banks - 3,036 - 3,036

Total financial assets 21,098,731 501,082 - 21,599,813

Liabilities

Amount due to Manager - - 72,384 72,384

Amount due to Trustee - - 1,474 1,474

Sundry payables and accrued

expenses - - 22,941 22,941

Total financial liabilities - - 96,799 96,799

2016

The significant accounting policies in Note 3 describe how the classes of financial instruments

are measured, and how income and expenses, including fair value gains and losses, are

recognised. The following table analyses the financial assets and liabilities of the Fund in the

statement of financial position by the class of financial instrument to which they are assigned,

and therefore by the measurement basis.

2017

25

Income, expense, gains

and losses

2017 2016

RM RM

Net gain/(loss) from financial assets at FVTPL 2,534,746 (2,707,674)

Income, of which derived from:

- Interest income from loans and receivables 16,262 30,630

(b) Financial instruments that are carried at fair value

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2:

Level 3:

Level 1 Level 2 Level 3 Total

RM RM RM RM

- 17,318,109 - 17,318,109

- 21,098,731 - 21,098,731

(c)

Deposits with financial institutions

Cash at banks

Amount due to Manager

Amount due to Trustee

Sundry payables and accrued expenses

other techniques for which all inputs which have a significant effect on the

recorded fair values are observable; either directly or indirectly; or

The following table shows an analysis of financial instruments recorded at fair value by the

level of the fair value hierarchy:

The Fund uses the following hierarchy for determining and disclosing the fair value of

financial instruments by valuation technique:

techniques which use inputs which have a significant effect on the recorded fair

value that are not based on observable market data.

2017


2016

The following are classes of financial instruments that are not carried at fair value and whose

carrying amounts are reasonable approximation of fair value due to their short period to

maturity or short credit period:

The Fund’s financial assets and liabilities at FVTPL are carried at fair value.


Financial instruments that are not carried at fair value and whose carrying amounts are

reasonable approximation of fair value

26

19. RISK MANAGEMENT POLICIES

Market risk

(i) Price risk

Percentage movements in

price by: 2017 2016

RM RM

-5.00% (865,905) (1,054,937)

+5.00% 865,905 1,054,937

(ii) Interest rate risk

The Fund is exposed to a variety of risks that include market risk, credit risk, liquidity risk, single

issuer risk, regulatory risk, country risk, management risk and non-compliance risk.

There are no financial instruments which are not carried at fair values and whose carrying

amounts are not reasonable approximation of their respective fair values.

Risk management is carried out by closely monitoring, measuring and mitigating the above said

risks, careful selection of investment coupled with stringent compliance to investment restrictions

as stipulated by the Capital Market and Services Act 2007, Securities Commission’s Guidelines on

Unit Trust Funds and the Deed as the backbone of risk management of the Fund.

Market risk, in general, is the risk that the value of a portfolio would decrease due to changes in

market risk factors such as equity prices, interest rates, foreign exchange rates and commodity

prices.

Sensitivity of the Fund’s NAV

Price risk refers to the uncertainty of an investment’s future prices. In the event of adverse

price movements, the Fund might endure potential loss on its investment in the Target Fund. In

managing price risk, the Manager actively monitors the performance and risk profile of the

investment portfolio.

The result below summarised the price risk sensitivity of the Fund’s NAV due to movements

of price by -5.00% and +5.00% respectively:

Interest rate risk will affect the value of the Fund’s investment, given the interest rate

movements, which are influenced by regional and local economic developments as well as

political developments.

Domestic interest rates on deposits and placements with licensed financial institutions are

determined based on prevailing market rates.

The result below summarised the interest rate sensitivity of the Fund’s NAV, or theoretical

value (applicable to money market deposit) due to the parallel movement assumption of the

yield curve by +100bps and -100bps respectively:

27

Parallel shift in yield

curve by: 2017 2016

RM RM

+100bps (12) (12)

-100bps 12 14

(iii) Currency risk

Percentage movements in

currencies other than the 2017 2016

Fund’s functional currency: RM RM

-5.00% (865,942) (1,054,976)

+5.00% 865,942 1,054,976

2017 2016

Assets denominated in RM % of net RM % of net

United States Dollar equivalent asset value equivalent asset value

Investment 17,318,109 97.90 21,098,731 98.12

Cash at bank 723 -* 784 -*

17,318,832 97.90 21,099,515 98.12

* represents less than 0.01%

Credit risk

Currency risk is associated with the Fund’s assets and liabilities that are denominated in

currencies other than the Fund’s functional currency. Currency risk refers to the potential loss

the Fund might face due to unfavorable fluctuations of currencies other than the Fund’s

functional currency against the Fund’s functional currency.

The result below summarised the currency risk sensitivity of the Fund’s NAV due to

appreciation/depreciation of the Fund’s functional currency against currencies other than the

Fund’s functional currency.

The net unhedged financial assets of the Fund that are not denominated in Fund’s functional

currency are as follows:

Sensitivity of the Fund's NAV, or theoretical value

The Fund, as a feeder fund, invests significantly all its assets in the Target Fund. The Target Fund

manages the risk by setting internal counterparty limits and undertaking internal credit evaluation

to minimise such risk.

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss to

the Fund by failing to discharge an obligation. Credit risk applies to short-term deposits and

distributions receivable. The issuer of such instruments may not be able to fulfill the required

interest payments or repay the principal invested or amount owing. These risks may cause the

Fund’s investment to fluctuate in value.

Sensitivity of the Fund’s NAV

28

Liquidity risk

Single issuer risk

Regulatory risk

Country risk

Management risk

Non-compliance risk

Poor management of the Fund may cause considerable losses to the Fund that in turn may affect

the net asset value of the Fund.

Any changes in national policies and regulations may have effects on the capital market and the net

asset value of the Fund.

The risk of price fluctuation in foreign securities may arise due to political, financial and economic

events in foreign countries. If this occurs, there is a possibility that the net asset value of the Fund

may be adversely affected.

This is the risk of the Manager, the Trustee or the Fund not complying with internal policies, the

Deed of the Fund, securities law or guidelines issued by the regulators. Non-compliance risk may

adversely affect the investment of the Fund when the Fund is forced to rectify the non-compliance.

Liquidity risk is defined as the risk of being unable to raise funds or borrowings to meet payment

obligations as they fall due. This is also the risk of the Fund experiencing large redemptions, when

the Investment Manager could be forced to sell large volumes of its holdings at unfavourable

prices to meet redemption requirements.

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet

anticipated payments and cancellations of units by unitholders. Liquid assets comprise of deposits

with licensed financial institutions and other instruments, which are capable of being converted

into cash within 5 to 7 days. The Fund’s policy is to always maintain a prudent level of liquid

assets so as to reduce liquidity risk.

The specific risks associated to the Target Fund include market risk, securities risk, emerging

market risk, settlement and credit risks, regulatory and accounting standards risks, political risk,

custody risk and liquidity risk.

The Fund, as a feeder fund, invests significantly all its assets in the Target Fund. The Target Fund

is restricted from investing in securities issued by any issuer in excess of a certain percentage of its

net asset value. Under such restriction, the risk exposure to the securities of any single issuer is

diversified and managed by the Target Fund Manager based on internal/external ratings.

For deposits with financial institutions, the Fund makes placements with financial institutions with

sound rating of P1/MARC-1 and above. Cash at banks are held for liquidity purposes and are not

exposed to significant credit risk.

29

20. CAPITAL MANAGEMENT

No changes were made in the objective, policies or processes during the financial years ended 31

May 2017 and 31 May 2016.

The Fund manages its capital structure and makes adjustments to it, in light of changes in

economic conditions. To maintain or adjust the capital structure, the Fund may issue new or bonus

units, make distribution payment, or return capital to unitholders by way of redemption of units.

The primary objective of the Fund’s capital management is to ensure that it maximises unitholders’

value by expanding its fund size to benefit from economies of scale and achieving growth in net

asset value from the performance of its investment.

30


STATEMENT BY THE MANAGER


7 July 2017

I, GOH WEE PENG, for and on behalf of the Manager, AmFunds Management Berhad, for

AmGlobal Agribusiness do hereby state that in the opinion of the Manager, the accompanying

statement of financial position, statement of comprehensive income, statement of changes in equity,

statement of cash flows and the accompanying notes are drawn up in accordance with Malaysian

Financial Reporting Standards and International Financial Reporting Standards so as to give a true

and fair view of the financial position of the Fund as at 31 May 2017 and the comprehensive

income, the changes in equity and cash flows of the Fund for the financial year then ended.

GOH WEE PENG

For and on behalf of the Manager


31

32

TRUSTEE’S REPORT

33

DIRECTORY

Head Office 9th Floor, Bangunan Ambank Group

55, Jalan Raja Chulan, 50200 Kuala Lumpur

Tel: (03) 2032 2888 Facsimile: (03) 2031 5210

Email: [email protected]

Postal Address AmFunds Management Berhad

P.O Box 13611, 50816 Kuala Lumpur

Related Institutional Unit Trust Agent

AmBank (M) Berhad Head Office

Company No. 8515-D 31st Floor, Menara AmBank

No. 8 Jalan Yap Kwan Seng, 50450 Kuala Lumpur

AmInvestment Bank Berhad Head Office

Company No. 23742-V 22nd

Floor, Bangunan AmBank Group

55 Jalan Raja Chulan, 50200 Kuala Lumpur

For more details on the list of IUTAs, please contact the Manager.

For enquiries about this or any of the other Funds offered by AmFunds Management Berhad

Please call 2032 2888 between 8.45 a.m. to 5.45 p.m. (Monday to Thursday),

Friday (8.45 a.m. to 5.00 p.m.)

mailto:[email protected]

Semi-Annual Report28 February 2015

03 2132 2888 | aminvest.com | [email protected]

AmFunds Management Berhad (155432-A)

Documents

Annual Report for AmGlobal Agribusiness - AmInvest · PDF fileAmGlobal Agribusiness and its ... reacted after the US election via pricing-in a repatriation of ... tax rates and a huge