Morgan Stanley Saudi Equity Fund
Morgan Stanley Saudi Equity Fund (Managed By Morgan Stanley Saudi Arabia Company) UNAUDITED INTERIM FINANCIAL STATEMENTS 30 June 2016
Morgan Stanley Saudi Equity Fund INTERIM BALANCE SHEET (UNAUDITED)
As at 30 June 2016
ASSETS Bank balance Trading investments Dividend receivable
Notes
30 June 2016 (Unaudited) SR
31 December 2015 (Audited) SR
30 June 2015 (Unaudited) SR
5,467,461 79,115,327 47,912 ────────── 84,630,700 ──────────
5,732,565 79,506,578 ──────── 85,239,143 ────────
3,543,848 108,423,640 ────────── 111,967,488 ──────────
836,024 ────────── 836,024 ──────────
451,519 ──────── 451,519 ────────
665,693 ────────── 665,693 ──────────
83,794,676 ══════════
84,787,624 ════════
111,301,795 ══════════
Units in issue
313,318 ══════════
313,318 ════════
322,442 ══════════
Per unit value
267.44 ══════════
270.61 ════════
345.18 ══════════
LIABILITY Accrued expenses
UNITHOLDERS’ FUNDS Net assets
4
5
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 2
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF OPERATIONS (UNAUDITED) For the six-month period ended 30 June 2016
Notes INCOME Trading (loss) income, net Special commission income
EXPENSES Management fees Other expenses
NET (LOSS) INCOME FROM OPERATIONS
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
6
(116,929) 552 ──────── (116,377) ────────
27,452,315 964 ──────── 27,453,279 ────────
7 8
692,656 183,915 ──────── 876,571 ────────
1,054,450 236,682 ──────── 1,291,132 ────────
(992,948) ════════
26,162,147 ════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 3
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) For the six-month period ended 30 June 2016
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR OPERATING ACTIVITIES Net (loss) income from operations Adjustments for: Unrealized gains on trading investments, net Changes in operating assets and liabilities: Trading investments, net Dividend receivable Accrued expenses Net cash (used in) from operating activities FINANCING ACTIVITIES Proceeds from sale of units Value of units redeemed Net cash used in financing activities NET (DECREASE) INCREASE IN BANK BALANCE Bank balance at the beginning of the period BANK BALANCE AT THE END OF THE PERIOD Operational cash flows from dividends and special commission income Dividends received Special commission income received
(992,948)
26,162,147
(5,057,091) ───────── (6,050,039)
(7,399,925) ───────── 18,762,222
5,448,342 (47,912) 384,505 ───────── (265,104) ─────────
(4,097,961) 29,472 167,900 ───────── 14,861,633 ─────────
───────── ─────────
27,700,000 (41,704,063) ───────── (14,004,063) ─────────
(265,104)
857,570
5,732,565 ───────── 5,467,461 ═════════
2,686,278 ───────── 3,543,848 ═════════
2,016,500 552 ═════════
2,081,026 964 ═════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 4
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) For the six-month period ended 30 June 2016
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR NET ASSETS AT THE BEGINNING OF THE PERIOD NET (LOSS) INCOME FROM OPERATIONS CHANGE FROM UNIT TRANSACTIONS: Proceed from sale of units Value of units redeemed Net change from unit transactions NET ASSETS AT THE END OF THE PERIOD
84,787,624 (992,948) ──────── ──────── 83,794,676 ════════
99,143,711 26,162,147 27,700,000 (41,704,063) ──────── (14,004,063) ──────── 111,301,795 ════════
UNIT TRANSACTIONS Transactions in units for the six month period ended 30 June are summarized as follows: For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) Units Units UNITS AT THE BEGINNING OF THE PERIOD Units sold Units redeemed UNITS AT THE END OF THE PERIOD
313,318 ──────── 313,318 ════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 5
353,490 90,452 (121,500) ──────── 322,442 ════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) 30 June 2016
1
GENERAL
Morgan Stanley Saudi Equity Fund (“the Fund”) is an open ended investment fund created by an agreement between Morgan Stanley Saudi Arabia Company (“the Fund Manager”) and investors (“the Unitholders”) in the Fund. The objective of the Fund is to seek long-term capital appreciation and growth. The fund invests in the Saudi equity market. The Fund has appointed HSBC Saudi Arabia Limited (“the Administrator”) to act as its custodian, administrator and registrar. The fees for the custodian and adminisrator services are paid directly by the Fund. The approval from the Capital Market Authority (“the CMA”) for the establishment of the Fund was obtained vide letter no. RH/639 dated 15 Shaban 1429H (corresponding to 16 August 2008). The Fund commenced operations on 7 January 2009. The interim results may not be indicative of the annual results of the Fund’s operations. The books and records of the Fund are maintained in Saudi Riyals (“SR”) . 2
REGULATING AUTHORITY
The Fund is governed by the Investment Fund Regulations published by CMA on 2 Dhul Hijja 1427H (corresponding to 12 January 2007) detailing requirements for all funds operating within the Kingdom of Saudi Arabia. 3
SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the accounting standard on interim financial reporting issued by the Saudi Organization for Certified Public Accountants (“SOCPA”). The significant accounting policies used in the preparation of these interim financial statements are consistent with those used and disclosed in the annual financial statements for the year ended 31 December 2015. Accounting convention The interim financial statements are prepared under the historical cost convention modified to include the measurement of trading investments at fair value. Revenue recognition Dividend income is recognized when the Fund’s right to receive the dividend is established. Trading income includes all gains and losses from changes in fair value (realized and unrealized) of financial assets held as trading investments and gains/losses on the disposal of such investments and dividends from such investments. Special commission income is recognized on an accruals basis. Investment valuation Equity investments are valued at their quoted market prices as at the valuation date. Investment transactions Investments which are purchased for trading purposes are valued at their market price as at the balance sheet date. Zakat and income tax Zakat and income tax is the obligation of the unitholders and is therefore not provided for in these interim financial statements. Expenses Expenses are recognized on an accrual basis. The management fee, payable quarterly in arrears, is calculated and accrued at each valuation date based on the Fund’s net asset value. 6
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 4
TRADING INVESTMENTS
The composition of the trading investments portfolio on the last valuation day of the period is summarized below: 30 June 2016 (Unaudited) % of Market value Sectors Banking and financial services Retail Petrochemical industries Insurance Transportation Telecommunication and information technology Cement Real estate Industrial investment Agriculture and food industries
28.17% 15.98% 13.47% 9.98% 7.98% 7.31% 6.77% 4.47% 3.30% 2.57% ─────── 100.00% ═══════
Cost SR
Market value SR
Unrealised gain (loss) SR
29,061,056 12,730,412 9,502,095 5,587,547 7,061,138 5,839,103 6,220,331 3,432,598 2,529,320 2,968,333 ──────── 84,931,933 ════════
22,283,063 12,638,971 10,660,647 7,892,854 6,313,178 5,779,646 5,358,373 3,540,260 2,613,577 2,034,758 ──────── 79,115,327 ════════
(6,777,993) (91,441) 1,158,552 2,305,307 (747,960) (59,457) (861,958) 107,662 84,257 (933,575) ──────── (5,816,606) ════════
Cost SR
Market value SR
Unrealised gain (loss) SR
31 December 2015 (Audited) Description Sectors Banking and financial services Retail Transportation Building and construction Insurance Telecommunication and information technology Petrochemical industries Hotel and tourism Agriculture and food industries Industrial investment Real estate
% of Market value 27.88% 11.43% 9.35% 9.21% 8.01% 7.64% 7.26% 6.31% 5.70% 5.28% 1.93% ──────── 100.00% ════════
27,841,104 10,039,680 7,646,248 9,423,163 5,193,258 5,816,323 7,655,647 5,359,145 5,115,594 4,754,641 1,535,472 ──────── 90,380,275 ════════
22,170,207 9,089,307 7,434,902 7,320,658 6,371,838 6,072,068 5,769,375 5,015,668 4,530,312 4,196,771 1,535,472 ──────── 79,506,578 ════════
30 June 2015 (Unaudited) % of Market value Sectors Banking and financial services Petrochemical industries Transportation Retail Industrial investment Agriculture and food industries Hotel and tourism Telecommunication and information technology Cement
38.49% 14.97% 11.94% 9.24% 7.59% 7.20% 4.29% 3.15% 3.13% ─────── 100.00% ═══════
7
(5,670,897) (950,373) (211,346) (2,102,505) 1,178,580 255,745 (1,886,272) (343,477) (585,282) (557,870) ──────── (10,873,697) ════════
Cost SR
Market value SR
Unrealised gain (loss) SR
40,150,003 17,257,195 10,226,695 9,209,992 8,105,842 7,214,936 3,751,661 3,342,878 3,505,063 ──────── 102,764,265 ════════
41,731,532 16,231,375 12,946,165 10,021,306 8,224,503 7,809,526 4,650,521 3,413,206 3,395,506 ──────── 108,423,640 ════════
1,581,529 (1,025,820) 2,719,470 811,314 118,661 594,590 898,860 70,328 (109,557) ──────── 5,659,375 ════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 4
TRADING INVESTMENTS (continued)
Trading investments are listed on the Saudi stock exchange (“Tadawul”). The Fund Manager seeks to limit risk for the Fund by monitoring exposures in each investment sector and individual securities. 5
ACCRUED EXPENSES
Accrued management fees Accrued audit fees Accrued fund administration fees Accrued custodian fees Others
6
30 June 2016 (Unaudited) SR
31 December 2015 (Audited) SR
30 June 2015 (Unaudited) SR
692,656 59,891 37,295 27,971 18,211 ──────── 836,024 ════════
385,180 40,000 12,740 9,555 4,044 ──────── 451,519 ════════
525,843 59,836 30,564 20,419 29,031 ──────── 665,693 ════════
TRADING (LOSS) INCOME, NET For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
Realized (losses) gains, net Movement in unrealized gains, net Dividend income
7
(7,238,432) 5,057,091 2,064,412 ───────── (116,929) ═════════
17,971,364 7,399,925 2,081,026 ───────── 27,452,315 ═════════
TRANSACTIONS WITH RELATED PARTIES
The Fund is charged a management fee calculated at the rate of 1.75% per annum on net assets value of the Fund at each valuation date. Management fees expense is disclosed in the interim statement of operations and accrued management fees is disclosed in note 5. The Unitholders’ account at included units held as follows: 30 June 2016 (Unaudited) Units Held by the Fund Manager Held by employees of the Fund Manager
66,016 ───────── 66,016 ═════════
8
31 December 2015 (Audited) Units 66,016 ───────── 66,016 ═════════
30 June 2015 (Unaudited) Units 66,016 324 ───────── 66,340 ═════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 8
OTHER EXPENSES For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
Fund administration fees Custodian fees Transaction fees Audit fees Director fees Others
9
74,590 55,943 22,838 19,891 5,967 4,686 ───────── 183,915 ═════════
90,436 60,871 53,888 19,836 5,951 5,700 ───────── 236,682 ═════════
LAST VALUATION DAY
The last valuation day for the six month period ended 30 June 2016 was 30 June 2016 (six month period ended 30 June 2015: 30 June 2015).
9
Morgan Stanley Saudi Equity Fund INTERIM BALANCE SHEET (UNAUDITED)
As at 30 June 2016
ASSETS Bank balance Trading investments Dividend receivable
Notes
30 June 2016 (Unaudited) SR
31 December 2015 (Audited) SR
30 June 2015 (Unaudited) SR
5,467,461 79,115,327 47,912 ────────── 84,630,700 ──────────
5,732,565 79,506,578 ──────── 85,239,143 ────────
3,543,848 108,423,640 ────────── 111,967,488 ──────────
836,024 ────────── 836,024 ──────────
451,519 ──────── 451,519 ────────
665,693 ────────── 665,693 ──────────
83,794,676 ══════════
84,787,624 ════════
111,301,795 ══════════
Units in issue
313,318 ══════════
313,318 ════════
322,442 ══════════
Per unit value
267.44 ══════════
270.61 ════════
345.18 ══════════
LIABILITY Accrued expenses
UNITHOLDERS’ FUNDS Net assets
4
5
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 2
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF OPERATIONS (UNAUDITED) For the six-month period ended 30 June 2016
Notes INCOME Trading (loss) income, net Special commission income
EXPENSES Management fees Other expenses
NET (LOSS) INCOME FROM OPERATIONS
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
6
(116,929) 552 ──────── (116,377) ────────
27,452,315 964 ──────── 27,453,279 ────────
7 8
692,656 183,915 ──────── 876,571 ────────
1,054,450 236,682 ──────── 1,291,132 ────────
(992,948) ════════
26,162,147 ════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 3
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) For the six-month period ended 30 June 2016
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR OPERATING ACTIVITIES Net (loss) income from operations Adjustments for: Unrealized gains on trading investments, net Changes in operating assets and liabilities: Trading investments, net Dividend receivable Accrued expenses Net cash (used in) from operating activities FINANCING ACTIVITIES Proceeds from sale of units Value of units redeemed Net cash used in financing activities NET (DECREASE) INCREASE IN BANK BALANCE Bank balance at the beginning of the period BANK BALANCE AT THE END OF THE PERIOD Operational cash flows from dividends and special commission income Dividends received Special commission income received
(992,948)
26,162,147
(5,057,091) ───────── (6,050,039)
(7,399,925) ───────── 18,762,222
5,448,342 (47,912) 384,505 ───────── (265,104) ─────────
(4,097,961) 29,472 167,900 ───────── 14,861,633 ─────────
───────── ─────────
27,700,000 (41,704,063) ───────── (14,004,063) ─────────
(265,104)
857,570
5,732,565 ───────── 5,467,461 ═════════
2,686,278 ───────── 3,543,848 ═════════
2,016,500 552 ═════════
2,081,026 964 ═════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 4
Morgan Stanley Saudi Equity Fund INTERIM STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) For the six-month period ended 30 June 2016
For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR NET ASSETS AT THE BEGINNING OF THE PERIOD NET (LOSS) INCOME FROM OPERATIONS CHANGE FROM UNIT TRANSACTIONS: Proceed from sale of units Value of units redeemed Net change from unit transactions NET ASSETS AT THE END OF THE PERIOD
84,787,624 (992,948) ──────── ──────── 83,794,676 ════════
99,143,711 26,162,147 27,700,000 (41,704,063) ──────── (14,004,063) ──────── 111,301,795 ════════
UNIT TRANSACTIONS Transactions in units for the six month period ended 30 June are summarized as follows: For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) Units Units UNITS AT THE BEGINNING OF THE PERIOD Units sold Units redeemed UNITS AT THE END OF THE PERIOD
313,318 ──────── 313,318 ════════
The accompanying notes 1 to 9 form an integral part of these interim financial statements. 5
353,490 90,452 (121,500) ──────── 322,442 ════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) 30 June 2016
1
GENERAL
Morgan Stanley Saudi Equity Fund (“the Fund”) is an open ended investment fund created by an agreement between Morgan Stanley Saudi Arabia Company (“the Fund Manager”) and investors (“the Unitholders”) in the Fund. The objective of the Fund is to seek long-term capital appreciation and growth. The fund invests in the Saudi equity market. The Fund has appointed HSBC Saudi Arabia Limited (“the Administrator”) to act as its custodian, administrator and registrar. The fees for the custodian and adminisrator services are paid directly by the Fund. The approval from the Capital Market Authority (“the CMA”) for the establishment of the Fund was obtained vide letter no. RH/639 dated 15 Shaban 1429H (corresponding to 16 August 2008). The Fund commenced operations on 7 January 2009. The interim results may not be indicative of the annual results of the Fund’s operations. The books and records of the Fund are maintained in Saudi Riyals (“SR”) . 2
REGULATING AUTHORITY
The Fund is governed by the Investment Fund Regulations published by CMA on 2 Dhul Hijja 1427H (corresponding to 12 January 2007) detailing requirements for all funds operating within the Kingdom of Saudi Arabia. 3
SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the accounting standard on interim financial reporting issued by the Saudi Organization for Certified Public Accountants (“SOCPA”). The significant accounting policies used in the preparation of these interim financial statements are consistent with those used and disclosed in the annual financial statements for the year ended 31 December 2015. Accounting convention The interim financial statements are prepared under the historical cost convention modified to include the measurement of trading investments at fair value. Revenue recognition Dividend income is recognized when the Fund’s right to receive the dividend is established. Trading income includes all gains and losses from changes in fair value (realized and unrealized) of financial assets held as trading investments and gains/losses on the disposal of such investments and dividends from such investments. Special commission income is recognized on an accruals basis. Investment valuation Equity investments are valued at their quoted market prices as at the valuation date. Investment transactions Investments which are purchased for trading purposes are valued at their market price as at the balance sheet date. Zakat and income tax Zakat and income tax is the obligation of the unitholders and is therefore not provided for in these interim financial statements. Expenses Expenses are recognized on an accrual basis. The management fee, payable quarterly in arrears, is calculated and accrued at each valuation date based on the Fund’s net asset value. 6
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 4
TRADING INVESTMENTS
The composition of the trading investments portfolio on the last valuation day of the period is summarized below: 30 June 2016 (Unaudited) % of Market value Sectors Banking and financial services Retail Petrochemical industries Insurance Transportation Telecommunication and information technology Cement Real estate Industrial investment Agriculture and food industries
28.17% 15.98% 13.47% 9.98% 7.98% 7.31% 6.77% 4.47% 3.30% 2.57% ─────── 100.00% ═══════
Cost SR
Market value SR
Unrealised gain (loss) SR
29,061,056 12,730,412 9,502,095 5,587,547 7,061,138 5,839,103 6,220,331 3,432,598 2,529,320 2,968,333 ──────── 84,931,933 ════════
22,283,063 12,638,971 10,660,647 7,892,854 6,313,178 5,779,646 5,358,373 3,540,260 2,613,577 2,034,758 ──────── 79,115,327 ════════
(6,777,993) (91,441) 1,158,552 2,305,307 (747,960) (59,457) (861,958) 107,662 84,257 (933,575) ──────── (5,816,606) ════════
Cost SR
Market value SR
Unrealised gain (loss) SR
31 December 2015 (Audited) Description Sectors Banking and financial services Retail Transportation Building and construction Insurance Telecommunication and information technology Petrochemical industries Hotel and tourism Agriculture and food industries Industrial investment Real estate
% of Market value 27.88% 11.43% 9.35% 9.21% 8.01% 7.64% 7.26% 6.31% 5.70% 5.28% 1.93% ──────── 100.00% ════════
27,841,104 10,039,680 7,646,248 9,423,163 5,193,258 5,816,323 7,655,647 5,359,145 5,115,594 4,754,641 1,535,472 ──────── 90,380,275 ════════
22,170,207 9,089,307 7,434,902 7,320,658 6,371,838 6,072,068 5,769,375 5,015,668 4,530,312 4,196,771 1,535,472 ──────── 79,506,578 ════════
30 June 2015 (Unaudited) % of Market value Sectors Banking and financial services Petrochemical industries Transportation Retail Industrial investment Agriculture and food industries Hotel and tourism Telecommunication and information technology Cement
38.49% 14.97% 11.94% 9.24% 7.59% 7.20% 4.29% 3.15% 3.13% ─────── 100.00% ═══════
7
(5,670,897) (950,373) (211,346) (2,102,505) 1,178,580 255,745 (1,886,272) (343,477) (585,282) (557,870) ──────── (10,873,697) ════════
Cost SR
Market value SR
Unrealised gain (loss) SR
40,150,003 17,257,195 10,226,695 9,209,992 8,105,842 7,214,936 3,751,661 3,342,878 3,505,063 ──────── 102,764,265 ════════
41,731,532 16,231,375 12,946,165 10,021,306 8,224,503 7,809,526 4,650,521 3,413,206 3,395,506 ──────── 108,423,640 ════════
1,581,529 (1,025,820) 2,719,470 811,314 118,661 594,590 898,860 70,328 (109,557) ──────── 5,659,375 ════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 4
TRADING INVESTMENTS (continued)
Trading investments are listed on the Saudi stock exchange (“Tadawul”). The Fund Manager seeks to limit risk for the Fund by monitoring exposures in each investment sector and individual securities. 5
ACCRUED EXPENSES
Accrued management fees Accrued audit fees Accrued fund administration fees Accrued custodian fees Others
6
30 June 2016 (Unaudited) SR
31 December 2015 (Audited) SR
30 June 2015 (Unaudited) SR
692,656 59,891 37,295 27,971 18,211 ──────── 836,024 ════════
385,180 40,000 12,740 9,555 4,044 ──────── 451,519 ════════
525,843 59,836 30,564 20,419 29,031 ──────── 665,693 ════════
TRADING (LOSS) INCOME, NET For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
Realized (losses) gains, net Movement in unrealized gains, net Dividend income
7
(7,238,432) 5,057,091 2,064,412 ───────── (116,929) ═════════
17,971,364 7,399,925 2,081,026 ───────── 27,452,315 ═════════
TRANSACTIONS WITH RELATED PARTIES
The Fund is charged a management fee calculated at the rate of 1.75% per annum on net assets value of the Fund at each valuation date. Management fees expense is disclosed in the interim statement of operations and accrued management fees is disclosed in note 5. The Unitholders’ account at included units held as follows: 30 June 2016 (Unaudited) Units Held by the Fund Manager Held by employees of the Fund Manager
66,016 ───────── 66,016 ═════════
8
31 December 2015 (Audited) Units 66,016 ───────── 66,016 ═════════
30 June 2015 (Unaudited) Units 66,016 324 ───────── 66,340 ═════════
Morgan Stanley Saudi Equity Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS (UNAUDITED) (continued)
30 June 2016 8
OTHER EXPENSES For the six month period ended 30 June 2016 30 June 2015 (Unaudited) (Unaudited) SR SR
Fund administration fees Custodian fees Transaction fees Audit fees Director fees Others
9
74,590 55,943 22,838 19,891 5,967 4,686 ───────── 183,915 ═════════
90,436 60,871 53,888 19,836 5,951 5,700 ───────── 236,682 ═════════
LAST VALUATION DAY
The last valuation day for the six month period ended 30 June 2016 was 30 June 2016 (six month period ended 30 June 2015: 30 June 2015).
9
