Annual Report 31 December 2010

Document Sample
Annual Report 31 December 2010 Powered By Docstoc
					                     Annual Report
                             to
                        Unit Holders
                           for the
                       Financial Year
                           Ended
                    31 December 2010




www.oskuob.com.my
                GENERAL INFORMATION ABOUT THE FUND
                GENERAL INFORMATION ABOUT THE FUND
                GENERAL INFORMATION ABOUT THE FUND
Commencement Date
Commencement Date
Commencement Date
OSK-UOB Equity Trust (“the Fund”) was established on 24 July 1996. It
OSK-UOB Equity Trust (“the Fund”) was established on 24 July 1996. It
OSK-UOB Equity Trust (“the Fund”) was established on 24 July 1996. It
commenced operations on 8 August 1996.
commenced operations on 8 August 1996.
commenced operations on 8 August 1996.
Size of Fund
Size of Fund
Size of Fund
The present size of the Fund has been approved up to 750 million Units. Any further
The present size of the Fund has been approved up to 750 million Units. Any further
The present size of the Fund has been approved up to 750 million Units. Any further
increase in fund size shall be effective upon notification to the Securities Commission
increase in fund size shall be effective upon notification to the Securities Commission
increase in fund size shall be effective upon notification to the Securities Commission
of the increase subject to the requirements as per the Guidelines on Unit Trust Funds.
of the increase subject to the requirements as per the Guidelines on Unit Trust Funds.
of the increase subject to the requirements as per the Guidelines on Unit Trust Funds.
Fund Category and Type
Fund Category and Type
Fund Category and Type
Fund Category
Fund Category        -
                     -       Equity fund
                             Equity fund
Fund Category        -       Equity fund
Fund type
Fund type            -
                     -       Growth fund
                             Growth fund
Fund type            -       Growth fund
Investment Objective, Policy and Strategy
Investment Objective, Policy and Strategy
Investment Objective, Policy and Strategy
Objective of the Fund
Objective of the Fund
Objective of the Fund
This Fund aims to provide investors with capital growth through investments in
This Fund aims to provide investors with capital growth through investments in
This Fund aims to provide investors with capital growth through investments in
stocks with high growth potential over a medium to long term* period.
stocks with high growth potential over a medium to long term* period.
stocks with high growth potential over a medium to long term* period.
Strategy
Strategy
Strategy
The asset allocation of the Fund will be as follows:-
The asset allocation of the Fund will be as follows:-
The asset allocation of the Fund will be as follows:-
90% - 98% of - Investments in securities of companies that have good growth
90% - 98% of - Investments in securities of companies that have good growth
90% - 98% of - Investments in securities of companies that have good growth
Net Asset Value potential. In managing these investments, the Fund may invest
Net Asset Value potential. In managing these investments, the Fund may invest
Net Asset Value potential. In managing these investments, the Fund may invest
                  up to 50% of the Fund’s Net Asset Value in Asia ex Japan
                  up to 50% of the Fund’s Net Asset Value in Asia ex Japan
                  up to 50% of the Fund’s Net Asset Value in Asia ex Japan
                  markets.
                  markets.
                  markets.
2% - 10% of
2% - 10% of     - Investments in liquid assets including bonds, money market
                - Investments in liquid assets including bonds, money market
2% - 10% of     - Investments in liquid assets including bonds, money market
Net Asset Value instruments and deposits with financial institutions.
Net Asset Value instruments and deposits with financial institutions.
Net Asset Value instruments and deposits with financial institutions.
The above asset allocation of the Fund is only indicative and will be reviewed from
The above asset allocation of the Fund is only indicative and will be reviewed from
The above asset allocation of the Fund is only indicative and will be reviewed from
time to time depending on the judgement of the investment manager as to the general
time to time depending on the judgement of the investment manager as to the general
time to time depending on the judgement of the investment manager as to the general
economic and market conditions.
economic and market conditions.
economic and market conditions.
*Note: “medium to long term” in this context refers to a period of between 3 – 7 years.
*Note: “medium to long term” in this context refers to a period of between 3 – 7 years.
*Note: “medium to long term” in this context refers to a period of between 3 – 7 years.

                                                       OSK-UOB Unit Trust Management Bhd 1
                                                       OSK-UOB Unit Trust Management Bhd 1
                                                       OSK-UOB Unit Trust Management Bhd 1
Investment Philosophy
 Investment Philosophy
Manager
 Manager
The Manager believes that prices of securities are ultimately determined by
 The Manager believes that prices of securities are ultimately determined by
fundamental factors and superior long-term investment performance can be achieved
 fundamental factors and superior long-term investment performance can be achieved
by exploiting inefficiencies in the capital market through rigorous and intensive
 by exploiting inefficiencies in the capital market through rigorous and intensive
research.
 research.
Investment Approach
 Investment Approach
The Manager’s investment approach will evolve around the following principles:-
 The Manager’s investment approach will evolve around the following principles:-
Equities
 Equities
1) Combination of “top-down” and “bottom-up” approach ––an investment strategy
 1) Combination of “top-down” and “bottom-up” approach an investment strategy
   that isisnot mutually exclusive but closely inter-twined between asset allocation
    that not mutually exclusive but closely inter-twined between asset allocation
   and stock specific selection.
    and stock specific selection.
2) Value driven approach - -Stocks are then selected for their value.
 2) Value driven approach Stocks are then selected for their value.
3) Emphasis on growth - -Stocks are further selected for their growth potential.
 3) Emphasis on growth Stocks are further selected for their growth potential.




                                                OSK-UOB Unit Trust Management Bhd 22
                                                 OSK-UOB Unit Trust Management Bhd
            Macro Economic
            Macro Economic                              Fundamental
                                                        Fundamental
                Analysis
                 Analysis                                Analysis
                                                          Analysis
           Sectoral Analysis &
           Sectoral Analysis &                          Relative valuation
                                                        Relative valuation
            Asset Allocation
             Asset Allocation                            of stock and its
                                                          of stock and its
                                                         related securities
                                                          related securities
             Pre-select Stock                            i.e. warrants and
                                                          i.e. warrants and
             Pre-select Stock
                Universe                                 ICULS (Where
                                                          ICULS (Where
                 Universe
                                                         applicable)
                                                          applicable)
                                                        Black-Scholes
                                                        Black-Scholes
            In-depth Analysis
             In-depth Analysis                           model for warrant
                                                          model for warrant
                                                         valuation
                                                          valuation
                                                        Valuation screen
                                                        Valuation screen
             Equity Selection
             Equity Selection                            for growth, value,
                                                          for growth, value,
                                                         momentum and
                                                          momentum and
                                                         quality
                                                          quality
          Portfolio Construction
          Portfolio Construction                        Liquidity and
                                                        Liquidity and
                                                         market
                                                          market
                                                         capitalization
                                                          capitalization
                                                         consideration
                                                          consideration

The equity selection will be based on aa rigorous process which will appraise the
 The equity selection will be based on rigorous process which will appraise the
relative value of aa company in terms of:-
 relative value of company in terms of:-

   1) Price/Earnings (P.E.)
   1) Price/Earnings (P.E.)
   2) P.E. to Growth
   2) P.E. to Growth
   3) Dividend Growth
   3) Dividend Growth
   4) Dividend Yield
   4) Dividend Yield
   5) Price-Book Value
   5) Price-Book Value
   6) Quality of Earnings (Volatility, Sustainability, Visibility)
   6) Quality of Earnings (Volatility, Sustainability, Visibility)
   7) Financial Strength (Strong balance sheet)
   7) Financial Strength (Strong balance sheet)
   8) Competitive Risks
   8) Competitive Risks
   9) Profit Margin
   9) Profit Margin
   10) Cashflow Analysis
   10) Cashflow Analysis
   11) Quality of Management, Corporate Governance
   11) Quality of Management, Corporate Governance




                                                OSK-UOB Unit Trust Management Bhd 33
                                                OSK-UOB Unit Trust Management Bhd
Investment Policies and Restrictions
Investment Policies and Restrictions
This Fund may invest in securities traded on Bursa Malaysia or any other market
This Fund may invest in securities traded on Bursa Malaysia or any other market
considered as an Eligible Market, securities not listed in or traded under the rules of
considered as an Eligible Market, securities not listed in or traded under the rules of
an Eligible Market (“Unlisted Securities”), collective investment schemes,
an Eligible Market (“Unlisted Securities”), collective investment schemes,
securities/instruments in foreign markets, financial derivatives, structured products,
securities/instruments in foreign markets, financial derivatives, structured products,
liquid assets (including money market instruments and deposits with any financial
liquid assets (including money market instruments and deposits with any financial
institutions), participate in the lending of securities and any other investments
institutions), participate in the lending of securities and any other investments
approved by the Securities Commission from time to time.
approved by the Securities Commission from time to time.
Distribution Policy
Distribution Policy
Consistent with the Fund’s objective to achieve capital growth, distributions will
Consistent with the Fund’s objective to achieve capital growth, distributions will
therefore be of secondary importance. Distributions, if any, after deduction of income
therefore be of secondary importance. Distributions, if any, after deduction of income
tax expense and expenses, are generally declared annually and will be reinvested.
tax expense and expenses, are generally declared annually and will be reinvested.




                                                 OSK-UOB Unit Trust Management Bhd 4
                                                 OSK-UOB Unit Trust Management Bhd 4
MANAGER’S REPORT
MANAGER’S REPORT
MARKET REVIEW
MARKET REVIEW
Most markets performed strongly in 2010 as the recovery gained momentum. During
Most markets performed strongly in 2010 as the recovery gained momentum. During
the period under review, the FBM KLCI gained 19.30%. Among regional markets,
the period under review, the FBM KLCI gained 19.30%. Among regional markets,
Asean performed well during the period while China and Japan were laggards.
Asean performed well during the period while China and Japan were laggards.
During the first half of 2010, markets were generally volatile due to concerns about
During the first half of 2010, markets were generally volatile due to concerns about
policy tightening in China and debt problems in Europe. Gradually, investors
policy tightening in China and debt problems in Europe. Gradually, investors
increasingly took the view of a soft landing for China and that the Eurozone
increasingly took the view of a soft landing for China and that the Eurozone
sovereign debt problems would be contained. Fresh funds flowed into Asia on
sovereign debt problems would be contained. Fresh funds flowed into Asia on
expectation of stronger regional currencies and improved underlying domestic
expectation of stronger regional currencies and improved underlying domestic
economy.
economy.
Meanwhile, the Malaysian market started to recover in end May but volumes were
Meanwhile, the Malaysian market started to recover in end May but volumes were
rather anaemic in the absence of positive news flow. From mid August onwards, the
rather anaemic in the absence of positive news flow. From mid August onwards, the
FBM KLCI started to pick up pace on the back of strong corporate earnings, and
FBM KLCI started to pick up pace on the back of strong corporate earnings, and
expectations of a strengthening Ringgit, and an improvement in foreign fund flows
expectations of a strengthening Ringgit, and an improvement in foreign fund flows
into Malaysia.
into Malaysia.
Markets received a further liquidity boost in 4th quarter when the Fed announced
Markets received a further liquidity boost in 4th quarter when the Fed announced
quantitative easing initiatives. This fuelled a rally in Asian equities. The buying
quantitative easing initiatives. This fuelled a rally in Asian equities. The buying
interest and corporate activity helped to push the FBM KLCI beyond the 1,500-point
interest and corporate activity helped to push the FBM KLCI beyond the 1,500-point
psychological barrier.
psychological barrier.
ECONOMIC REVIEW AND OUTLOOK
ECONOMIC REVIEW AND OUTLOOK
In 1Q10, Malaysia’s real GDP growth surged by 10.10%. The stronger-than-
In 1Q10, Malaysia’s real GDP growth surged by 10.10%. The stronger-than-
expected growth was led by continued expansion in domestic demand and stronger
expected growth was led by continued expansion in domestic demand and stronger
external demand. Domestic demand expanded by 5.40% from 1.40% in the previous
external demand. Domestic demand expanded by 5.40% from 1.40% in the previous
quarter. The growth was mainly driven by strong increases in private (+5.10%) and
quarter. The growth was mainly driven by strong increases in private (+5.10%) and
public (+6.30) consumption.
public (+6.30) consumption.
Nonetheless, 2Q10 real GDP growth eased but remained robust at +8.90% yoy. The
growth was 2Q10 attributed to acceleration domestic demand growth (+9.00%
Nonetheless,mainly real GDP growth eased butinremained robust at +8.90% yoy. The
growth was mainly attributed to acceleration in which led by consumers and the
yoy) underpinned by consumption expenditure domestic demand growth (+9.00%
yoy) underpinned brought 1H10 GDP growth to 9.50%. Subsequently, economic
government. This by consumption expenditure which led by consumers and the
government. Thisdecelerated sharply to 5.30% yoy, 9.50%. Subsequently, economic
growth for 3Q10 brought 1H10 GDP growth to weighed down by slower export
growth (+6.60% decelerated in 2Q). 5.30% expanded at much slower pace, at
growth for 3Q10 vs. +13.80%sharply toServices yoy, weighed adown by slower export
+5.40% in 3Q vs. +13.80% in 2Q). in 2Q) expanded at a much grew pace, at
growth (+6.60% (down from +7.30% Services whilst manufacturing slower +7.50%,
+5.40% in from the +16.00% in 2Q.
decelerating 3Q (down from +7.30% in 2Q) whilst manufacturing grew +7.50%,
decelerating from the +16.00% in 2Q.

                                                OSK-UOB Unit Trust Management Bhd 5
                                                OSK-UOB Unit Trust Management Bhd 5
Meanwhile, the consumer price index (CPI) rose by 1.10% yoy in December 2009
Meanwhile, the consumer price index (CPI) rose by 1.10% yoy in December 2009
after six consecutive months of deflation as the high base effect diminished. During
after six consecutive months of deflation as the high base effect diminished. During
the subsequent months, inflation rates have been trending higher amid higher food
the subsequent months, inflation rates have been trending higher amid higher food
and non-alcohol beverage prices. Following the government’s move to reduce fuel
and non-alcohol beverage prices. Following the government’s move to reduce fuel
and sugar subsidies in July, inflation number rose to a high of 2.10% yoy before
and sugar subsidies in July, inflation number rose to a high of 2.10% yoy before
stabilizing at 2.00% yoy in November.
stabilizing at 2.00% yoy in November.
Going forward, we believe that the domestic economic recovery momentum is likely
Going forward, we believe that the domestic economic recovery momentum is likely
to moderate further amid weakening external demand and manufacturing activity.
to moderate further amid weakening external demand and manufacturing activity.
Volatility in the financial markets has increased recently on renewed concerns about
Volatility in the financial markets has increased recently on renewed concerns about
the Eurozone sovereign debt crisis and the impact of Europe’s austerity measures.
the Eurozone sovereign debt crisis and the impact of Europe’s austerity measures.
Although most investors believe that the Eurozone debt woes will be manageable,
Although most investors believe that the Eurozone debt woes will be manageable,
there is increased risk that the global growth momentum could be negatively
there is increased risk that the global growth momentum could be negatively
impacted. In fact, the US Federal Reserve has committed to purchase an additional
impacted. In fact, the US Federal Reserve has committed to purchase an additional
US$600 bn of US Treasury securities by June 2011 to boost the sluggish economy.
US$600 bn of US Treasury securities by June 2011 to boost the sluggish economy.
On the other front, the Bank of Japan also has started a new round of quantitative
On the other front, the Bank of Japan also has started a new round of quantitative
easing by cutting its overnight call rate target and established a 5 trillion Yen fund to
easing by cutting its overnight call rate target and established a 5 trillion Yen fund to
buy government bonds and other assets. Nevertheless, BNM believes that robust
buy government bonds and other assets. Nevertheless, BNM believes that robust
domestic demand would benefit from favorable employment conditions and
domestic demand would benefit from favorable employment conditions and
increasing intra-regional trade would still support the local economy's expansion. In
increasing intra-regional trade would still support the local economy's expansion. In
addition, the implementation of major infrastructure projects and entry-point projects
addition, the implementation of major infrastructure projects and entry-point projects
under the Economic Transformation Programme (ETP) is expected to lift private
under the Economic Transformation Programme (ETP) is expected to lift private
investment in the coming years. In view of that, the government has projected a
investment in the coming years. In view of that, the government has projected a
moderate growth target of between 5.00-6.00% in year 2011 from about 7.00% in
moderate growth target of between 5.00-6.00% in year 2011 from about 7.00% in
2010.
2010.
REVIEW OF FUND PERFORMANCE DURING THE YEAR
REVIEW OF FUND PERFORMANCE DURING THE YEAR
During the period, the Fund’s NAV per unit improved 19.60% compared to the
During the period, the Fund’s NAV per unit improved 19.60% compared to the
benchmark gain of 14.86%. The Fund was able to beat its benchmark as it was well
benchmark gain of 14.86%. The Fund was able to beat its benchmark as it was well
positioned in markets such as Malaysia and Indonesia, which fared better compared
positioned in markets such as Malaysia and Indonesia, which fared better compared
to North Asian markets during the period.
to North Asian markets during the period.
The Fund’s top performing holdings include Kencana Petroleum, Genting Bhd, and
The Fund’s top performing holdings include Kencana Petroleum, Genting Bhd, and
CIMB while the underperformers were Masterskill, Delta Dunia, and China Life.
CIMB while the underperformers were Masterskill, Delta Dunia, and China Life.
The Fund’s investments in equities and collective investment schemes generated
The Fund’s investments in equities and collective investment schemes generated
realised net profit and dividends amounting to RM5.30m and unrealised gain of
realised net profit and dividends amounting to RM5.30m and unrealised gain of
RM14.32m. Meanwhile, the Fund’s fixed income and cash portion generated interest
RM14.32m. Meanwhile, the Fund’s fixed income and cash portion generated interest
income of RM0.10m.
income of RM0.10m.


                                                  OSK-UOB Unit Trust Management Bhd 6
                                                  OSK-UOB Unit Trust Management Bhd 6
MARKET OUTLOOK AND STRATEGY GOING FORWARD
MARKET OUTLOOK AND STRATEGY GOING FORWARD
We see equity markets moving higher over the course of the next 12 months although
We see equity markets moving higher over the course of the next 12 months although
we see periods of increased market volatility due to policy tightening (particularly in
we see periods of increased market volatility due to policy tightening (particularly in
some Asian countries) and Eurozone sovereign debt problems.
some Asian countries) and Eurozone sovereign debt problems.
While there are external headwinds, we believe that there are investment
While there are external headwinds, we believe that there are investment
opportunities. We see commodity-related stocks doing relatively well as there are
opportunities. We see commodity-related stocks doing relatively well as there are
concerns about currency debasement, encouraging economic data, and rising
concerns about currency debasement, encouraging economic data, and rising
investment inflows.
investment inflows.
The general underperformance of China stocks has made the market look interesting.
The general underperformance of China stocks has made the market look interesting.
While there could be increased volatility in the short term due to policy tightening,
While there could be increased volatility in the short term due to policy tightening,
we believe that China stocks could do well once the tightening is in its more
we believe that China stocks could do well once the tightening is in its more
advanced stage and risk of further tightening dissipates.
advanced stage and risk of further tightening dissipates.
We would continue to be well positioned in the Malaysia market as interest could be
We would continue to be well positioned in the Malaysia market as interest could be
sustained by domestic factors including the government transformation programme,
sustained by domestic factors including the government transformation programme,
mergers and acquisition, strong commodity prices, and potential of an early general
mergers and acquisition, strong commodity prices, and potential of an early general
election. Amidst concerns about tightening, Malaysia may look relatively more
election. Amidst concerns about tightening, Malaysia may look relatively more
attractive compared to other regional markets as inflation appears better controlled
attractive compared to other regional markets as inflation appears better controlled
and risk of tightening is less as we were ahead of the curve after raising interest rates
and risk of tightening is less as we were ahead of the curve after raising interest rates
by 75 bps in 2010.
by 75 bps in 2010.




                                                  OSK-UOB Unit Trust Management Bhd 7
                                                  OSK-UOB Unit Trust Management Bhd 7
PERFORMANCE REVIEW
PERFORMANCE REVIEW
For the financial year under review, the Fund recorded a gain of 19.60% in net asset
For the financial year under review, the Fund recorded a gain of 19.60% in net asset
value terms whilst the benchmark, Equity Index recorded a gain of 14.86%. The Fund
value terms whilst the benchmark, Equity Index recorded a gain of 14.86%. The Fund
has met its objective during the year under review.
has met its objective during the year under review.
Since its launch date, the Fund has registered an average annual return of 5.53% in
Since its launch date, the Fund has registered an average annual return of 5.53% in
net asset value terms compared to the benchmark, Equity Index which recorded an
net asset value terms compared to the benchmark, Equity Index which recorded an
average annual return of 2.01%. On the longer term, the Fund has achieved its
average annual return of 2.01%. On the longer term, the Fund has achieved its
objective of providing investors with capital growth over a medium to long term
objective of providing investors with capital growth over a medium to long term
period.
period.
PERFORMANCE DATA
PERFORMANCE DATA
                     As at 1-month 3-month 6-month 9-month 12-month
                     As at 1-month 3-month 6-month 9-month 12-month
                  31/12/2010 %
                  31/12/2010 %        %
                                      %       % %
                                              % %           %
                                                            %
 OSK-UOB Equity
 OSK-UOB Equity
  Trust
  Trust
  Net Asset Value
  Net Asset Value
  Per Unit (RM)
  Per Unit (RM)    0.7349♠
                   0.7349♠    6.12 9.56 20.15 16.46 19.60
                              6.12 9.56 20.15 16.46 19.60
Equity Index
Equity Index             2.22
                         2.22           2.22
                                        2.22     4.44
                                                 4.44     15.99
                                                          15.99      13.21
                                                                     13.21   14.86
                                                                             14.86

                                           Average Annual Return
                                           Average Annual Return
                                                                            Since
                                                                            Since
                             1 Year
                             1 Year          3 Years
                                             3 Years        5 Years
                                                            5 Years       Launch
                                                                          Launch
                          31/12/2009 -
                          31/12/2009 -     31/12/2007 -
                                           31/12/2007 -   31/12/2005 -
                                                          31/12/2005 -   6/9/1996*-
                                                                         6/9/1996*-
                          31/12/2010
                          31/12/2010        31/12/2010
                                            31/12/2010     31/12/2010
                                                           31/12/2010    31/12/2010
                                                                         31/12/2010
                               %
                               %                %
                                                %              %
                                                               %             %
                                                                             %
OSK-UOB Equity
OSK-UOB Equity
 Trust
 Trust
 Net Asset Value Per
 Net Asset Value Per
 Unit
 Unit                           19.60
                                19.60          6.18
                                               6.18          15.96
                                                             15.96           5.53
                                                                             5.53
Equity Index
Equity Index                    14.86
                                14.86          (0.34)
                                               (0.34)         9.56
                                                              9.56           2.01
                                                                             2.01




                                                  OSK-UOB Unit Trust Management Bhd 8
                                                  OSK-UOB Unit Trust Management Bhd 8
                                                       Year Ended 31 December
                                                       Year Ended 31 December
                                                       Year Ended 31 December
                                            2010
                                            2010
                                                       Year Ended2008 2007
                                                       Year Ended 31 December
                                                       Year Ended2008 2007
                                                        2009
                                                        2009      31 December
                                                                  31 December                    2006
                                                                                                 2006
                                            2010
                                            2010
                                            2010        2009
                                                        2009
                                                        2009     2008 2007
                                                                 2008 2007
                                                                 2008 2007                       2006
                                                                                                 2006
                                                                                                 2006
                                              %
                                            2010
                                              %          %
                                                        2009
                                                         %        %
                                                                 2008 2007
                                                                  %       %
                                                                          %                        %
                                                                                                 2006
                                                                                                   %
                                              %
                                              %
                                              %          %
                                                         %
                                                         %        %
                                                                  %
                                                                  %       %
                                                                          %
                                                                          %                        %
                                                                                                   %
                                                                                                   %
OSK-UOB Equity Trust
OSK-UOB Equity Trust                          %          %        %       %                        %
OSK-UOB Equity Trust
OSK-UOB Equity Trust
OSK-UOB Equity
- Capital Return Trust                       9.34        23.58 (33.29) 17.00                      17.47
OSK-UOB Equity
- Capital Return Trust
  Capital Return
- Capital Return
- Capital Return
                                             9.34
                                             9.34
                                             9.34        23.58 (33.29) 17.00
                                                         23.58
                                                         23.58 (33.29) 17.00
                                                         23.58 (33.29) 17.00
                                                                                                  17.47
                                                                                                  17.47
                                                                                                  17.47
-
- Capital Return                             9.34
                                             9.34        23.58 (33.29) 17.00
                                                                 (33.29) 17.00                    17.47
                                                                                                  17.47
- Income Return
- Income Return                              9.38
                                             9.38        9.27
                                                         9.27      11.13 18.10                     7.89
- Income Return
- Income Return
- Income Return                              9.38
                                             9.38
                                             9.38        9.27
                                                         9.27
                                                         9.27      11.13 18.10
                                                                   11.13
                                                                   11.13 18.10
                                                                   11.13 18.10
                                                                                                   7.89
                                                                                                   7.89
                                                                                                   7.89
- Income Return                              9.38        9.27      11.13 18.10
                                                                          18.10                    7.89
                                                                                                   7.89
- Total Returns
- Total Returns                             19.60
                                            19.60        35.03 (25.86) 38.10
                                                         35.03 (25.86) 38.10                     26.74
                                                                                                 26.74
- Total Returns
- Total Returns
- Total Returns                             19.60
                                            19.60
                                            19.60        35.03 (25.86) 38.10
                                                         35.03 (25.86) 38.10
                                                         35.03 (25.86) 38.10                     26.74
                                                                                                 26.74
- Total Returns                             19.60        35.03 (25.86) 38.10                     26.74
                                                                                                 26.74
Equity Index
Equity Index                                14.86
                                            14.86        51.81 (42.98) 30.82                     21.73
Equity Index
Equity Index
Equity Index                                14.86
                                            14.86
                                            14.86        51.81 (42.98) 30.82
                                                         51.81
                                                         51.81 (42.98) 30.82
                                                         51.81 (42.98) 30.82
                                                                                                 21.73
                                                                                                 21.73
                                                                                                 21.73
Equity Index                                14.86        51.81 (42.98) 30.82
                                                                 (42.98) 30.82                   21.73
                                                                                                 21.73
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
                 PERFORMANCE DATA - ANNUAL TOTAL RETURNS
    Percentage
    Percentage
    Percentage
    Percentage
    Percentage
    Percentage
     60.00
     60.00
     60.00
     60.00
     60.00
     60.00                    38.10   30.82                      35.03     51.81
                              38.10   30.82                      35.03
                                                                 35.03     51.81
                                                                           51.81
     40.00
     40.00                    38.10
                              38.10   30.82
                                      30.82                      35.03     51.81
     40.00    26.74           38.10   30.82                      35.03
                                                                 35.03     51.81
                                                                           51.81
     40.00
     40.00    26.74 21.73
              26.74           38.10   30.82
     40.00    26.74 21.73                                                       19.60
                                                                                19.60   14.86
                                                                                        14.86
     20.00
     20.00    26.74 21.73
              26.74 21.73
                    21.73                                                       19.60
                                                                                19.60   14.86
                                                                                        14.86
     20.00          21.73                                                       19.60
                                                                                19.60   14.86
                                                                                        14.86
     20.00
     20.00
     20.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
    (20.00)
    (20.00)
    (20.00)
    (20.00)
    (20.00)
    (20.00)                                   (25.86)
                                              (25.86)
    (40.00)                                   (25.86)
                                              (25.86)
    (40.00)
    (40.00)                                   (25.86)
                                              (25.86) (42.98)
    (40.00)
    (40.00)                                           (42.98)
    (40.00)                                           (42.98)
    (60.00)
    (60.00)                                           (42.98)
                                                      (42.98)
    (60.00)                                           (42.98)
    (60.00)
    (60.00)      2006              2007             2008            2009            2010        Year
    (60.00)      2006              2007             2008            2009            2010        Year
                 2006
                 2006              2007
                                   2007             2008
                                                    2008            2009
                                                                    2009            2010
                                                                                    2010        Year
                                                                                                Year
                 2006
                 2006              2007
                                   2007             2008
                                                    2008            2009
                                                                    2009            2010
                                                                                    2010        Year
                                                                                                Year
                            Total returns
                            Total returns                            Equity Index
                                                                     Equity Index
                            Total returns
                            Total returns                            Equity Index
                                                                     Equity Index
                            Total returns
                            Total returns                            Equity Index
                                                                     Equity Index

♠
♠     Performance is computed based on NAV to NAV basis and is determined
      Performance is computed based on NAV to NAV basis and is determined
♠
♠     Performance is computed based on NAV to NAV basis and is determined
      Performance done prices on 30 December 2010. basis and is determined
♠
♠     based on last is computed based on NAV to NAV basis and is determined
      based on last is computed based on NAV to NAV
      Performance done prices on 30 December 2010. basis and is determined
                    is computed based on NAV to NAV
      Performance done prices on 30 December 2010.
      based on last done prices on 30 December 2010.
      based on last done prices on 30 December 2010.
      based on last done prices on 30 December 2010.
      based on last
* Being the last day of the Initial Offer Period
* Being the last day of the Initial Offer Period
* Being the last day of the Initial Offer Period
* Being the last day of the Initial Offer Period
* Being the last day of the Initial Offer Period
* Being the last day of the Initial Offer Period
Note: The performance of the Fund is benchmarked against Equity Index. The
Note: The performance of the Fund is benchmarked against Equity Index. The
       The performance of the
       The performance of the cannot benchmarked directly with Index. The
Note: The performance of the Fund is benchmarked against Equity Index. The
Note: performance of the Fund Fund is be compared against Equityany specific
Note: performance of the Fund Fund is be compared against Equityany specific
       The performance of the cannot benchmarked directly with Index. The
                                          benchmarked                 Index. The
Note: performance of the Fund Fund is be compared against Equityany specific
                                  cannot be compared directly with any specific
      performance of the Fund cannot as the FBM KLCI nor the MSCI AC Asia
      performance of benchmark such be compared directly with any specific
                                                       directly with
      performance of the Fund cannot as the FBM KLCI nor the MSCI AC Asia
      publicly availablethe Fund cannot as the FBM KLCI nor the MSCI AC Asia
      publicly available benchmark such   be compared directly with any specific
      publicly Index as the Fund such as the FBM KLCI its the Asset Value in
      publicly
      publicly available benchmark such as the FBM KLCI its the Asset Value in
      Ex-Japanavailable benchmarkmay invest up to 50% ofnor Net MSCI AC Asia
      publicly Index as the Fund such as the FBM KLCI its the Asset Value in
      Ex-Japanavailable benchmarkmay invest up to 50% ofnor Net MSCI AC Asia
                                     such
      Ex-Japanavailable benchmarkmay invest up to 50% ofnor Net MSCI AC Asia
      Ex-Japan Index as the Fund As such, up to 50% of its Net Asset Value in
      Ex-Japan Index as the Fund may invest a benchmark comprising 70% of the
      Ex-Japan Index as the Fund may invest a benchmark comprising 70% of the
      securities of foreign markets. As such, up to 50% of its Net Asset Value in
                 of foreign markets. As such, up to 50% of its Net Asset Value in
      securities Index as the Fund may invest a benchmark comprising 70% of the
                            markets.
      securities of foreign markets. As such, a benchmark comprising 70% of the
      securities of foreign FBM KLCI and 30%benchmark comprising 70% of the
      securities of foreign FBM KLCI and 30%benchmark comprising 70% of the
      performance of the markets. As such, a of the MSCI AC Asia Ex-Japan
      securities of foreign FBM KLCI and 30% of the MSCI AC Asia Ex-Japan
      performance of the markets. As such, a
      performance of the FBM KLCI and 30% of the MSCI AC Asia Ex-Japan
      performance of the FBM KLCI and 30% of the MSCI AC Asia Ex-Japan
      performance for comparative purposes.
      Index is used of the FBM KLCI and 30% of the MSCI AC Asia Ex-Japan
      Index is used for comparative purposes. of the MSCI AC Asia Ex-Japan
      performance
      Index is used of the
      Index is used for comparative purposes.
      Index is used for comparative purposes.
      Index is used for comparative purposes.
                    for comparative purposes.                   OSK-UOB Unit Trust Management Bhd 9
                                                                OSK-UOB Unit Trust Management Bhd 9
                                                                OSK-UOB Unit Trust Management Bhd 9
                                                                OSK-UOB Unit Trust Management Bhd 9
                                                                OSK-UOB Unit Trust Management Bhd 9
                                                                OSK-UOB Unit Trust Management Bhd 9
      The KLCI was discontinued on 5 July 2009. Hence, the figures herein
      The KLCI was discontinued on 5 July 2009. Hence, the figures herein
      comprise the performance of KLCI from 6 September 1999 to 5 July 2009 and
      comprise the performance of KLCI from 6 September 1999 to 5 July 2009 and
      FBM KLCI from 6 July 2009 onwards.
      FBM KLCI from 6 July 2009 onwards.
      Past performance is not necessarily indicative of future performance and unit
      Past performance is not necessarily indicative of future performance and unit
      prices and investment returns may go down, as well as up.
      prices and investment returns may go down, as well as up.
      The abovementioned performance computations have been adjusted to reflect
      The abovementioned performance computations have been adjusted to reflect
      distribution payments and unit splits wherever applicable.
      distribution payments and unit splits wherever applicable.
      The abovementioned performance figures have been independently verified by
      The abovementioned performance figures have been independently verified by
      Mercer Zainal Consulting Sdn Bhd (35090-H).
      Mercer Zainal Consulting Sdn Bhd (35090-H).
                                                    As At 31 December
                                                    As At 31 December
Fund Size
Fund Size                                     2010
                                              2010         2009
                                                           2009       2008
                                                                       2008
Net Asset Value (RM million)
Net Asset Value (RM million)                 112.38
                                             112.38       106.22
                                                          106.22      81.74
                                                                      81.74
Units In Circulation (million)
Units In Circulation (million)               153.37
                                             153.37       158.04
                                                          158.04        150.29
                                                                        150.29
Net Asset Value Per Unit (RM)
Net Asset Value Per Unit (RM)               0.7327‫٭‬
                                            0.7327‫٭‬       0.6721
                                                          0.6721        0.5439
                                                                        0.5439


                                               Year Ended 31 December
                                               Year Ended 31 December
                                             2010
                                             2010       2009
                                                        2009       2008
                                                                   2008
Historical Data
Historical Data                              RM
                                              RM        RM
                                                         RM        RM
                                                                    RM
Unit Prices
Unit Prices
NAV
NAV         -- High
                High                        0.7907
                                            0.7907        0.7208
                                                          0.7208        0.8270
                                                                        0.8270
             -- Low
                Low                         0.7335
                                            0.7335        0.5439
                                                          0.5439        0.5439
                                                                        0.5439
Distribution and Unit Split
Distribution and Unit Split
Gross Distribution Per Unit (sen)
Gross Distribution Per Unit (sen)           6.8792
                                            6.8792      6.2230
                                                        6.2230      6.0525
                                                                    6.0525
Net Distribution Per Unit (sen)
Net Distribution Per Unit (sen)             5.5909
                                            5.5909      5.3056
                                                        5.3056      4.7432
                                                                    4.7432
Ex date
Ex date                                  28 December 28 December 31 December
                                         28 December 28 December 31 December
                                             2010
                                             2010        2009
                                                         2009        2008
                                                                     2008
Payment date
Payment date                             29 December 29 December 3 February
                                         29 December 29 December 3 February
                                             2010
                                             2010         2009
                                                          2009      2009
                                                                    2009
Unit Split
Unit Split                                     --            --            --




                                             OSK-UOB Unit Trust Management Bhd 10
                                             OSK-UOB Unit Trust Management Bhd 10
                                                   Year Ended 31 December
                                                    Year
                                                 2010 Ended 31 December
                                                            2009        2008
Historical Data                                  2010
                                                 RM         2009
                                                            RM          2008
                                                                        RM
Historical Data
Reinvestment per unit                             RM
                                                0.7335       RM
                                                           0.6716        RM
                                                                      0.5552
Reinvestment per unit
NAV before distribution (cum)                   0.7335
                                                0.7848     0.6716
                                                           0.7173      0.5552
                                                                      0.5946
NAV before distribution (cum)
NAV after distribution (ex)                     0.7848
                                                0.7335     0.7173
                                                           0.6716      0.5946
                                                                      0.5439
NAV after distribution (ex)                     0.7335     0.6716      0.5439
Others
Others
Management Expense Ratio (MER) (%) #              1.61          1.61          1.59
Management Expense Ratio (MER) (%) #              1.61          1.61          1.59
 Portfolio Turnover Ratio (PTR) (times) ##          0.82           1.46           0.86
 Portfolio Turnover Ratio (PTR) (times) ##           0.82           1.46           0.86
# The MER for the financial year was consistent with the previous financial year
    (refer to note the
# The MER for14). financial year was consistent with the previous financial year
     (refer to note 14).
## The PTR for the financial year was lower compared with the previous financial year
    due to lesser investment year was lower compared with the previous financial
## The PTR for the financialactivities during the financial year (refer to note 15). year
     due to lesser investment activities during the financial year (refer to note 15).
‫ ٭‬The Net Asset Value Per Unit is determined based on fair value which is the bid
     The of Asset Value Per Unit at determined based on
‫ ٭‬priceNetthe investments held as is 30 December 2010. fair value which is the bid
     price of the investments held as at 30 December 2010.
 FINANCIAL REVIEW
 FINANCIAL REVIEW
 For the financial year under review, the Fund reported an income of RM2.68 million
 For the financial year under review, the Fund reported an income of RM2.68 million
 comprising of dividends and interest income. Taking into account net gain on
 comprising of RM16.98 million, the Fund reported a total investmentnet gain on
 investments of dividends and interest income. Taking into account income of
 investments of RM16.98 million, the Fund reported a total investment income of
 RM19.66 million. After taking into consideration the Fund’s expenses and income tax
 RM19.66 million. reported a net consideration the of RM17.33 million. However,
 expense, the FundAfter taking into income after tax Fund’s expenses and income tax
 expense, the Fund the undistributed income brought forward from previous year of
 with the inclusion ofreported a net income after tax of RM17.33 million. However,
 with the million; of realisation of unrealised brought forward from previous year of
 RM51.15inclusion thethe undistributed income gain attributable to investments sold of
 RM51.15million and realisation of unrealised gain attributable to investments sold of
 RM8.89 million; the realisation of unrealised foreign exchange loss of RM0.89
 RM8.89 million and realisation of reserve; foreign exchange unrealised gain
 million transferred from unrealised unrealisedthe transfer of the loss of RM0.89
 million transferred frominunrealised reserve; the transfer of the unrealised gain
 attributable to changes value of investments held of RM15.65 million and
 attributable to changes in value of RM1.33 held to RM15.65 million the
 unrealised loss on foreign exchange ofinvestmentsmillion of unrealised reserve, and
 unrealised loss net income of RM62.16. After the distribution for the reserve, the
 Fund achieved a on foreign exchange of RM1.33 million to unrealisedfinancial year
 Fund achieved a net the Fund RM62.16. After the distribution for the of RM54.19
 of RM7.97 million, income of has a surplus income carried forward financial year
 of RM7.97
 million. million, the Fund has a surplus income carried forward of RM54.19
 million.
 DISTRIBUTION
  DISTRIBUTION
 For the financial year under review, the Fund has declared a gross distribution of
  For the financial year net distribution of 5.5909 sen per unit gross equivalent of
 6.8792 sen per unit or aunder review, the Fund has declared awhich isdistribution to
  6.8792 sen per unit or a of distribution on the average NAV which is equivalent
 a gross distribution yield net9.75% basedof 5.5909 sen per unitfor the financial year.to
  a gross distribution yield of 9.75% based on the average NAV for the financial year.


                                                 OSK-UOB Unit Trust Management Bhd 11
                                                 OSK-UOB Unit Trust Management Bhd 11
Accordingly, the effect on the unit price prior to and subsequent to the distribution is
Accordingly, the effect on the unit price prior to and subsequent to the distribution is
as follows:
as follows:
                                              NAV
                                               NAV
                                                RM
                                                RM
Before Distribution
Before Distribution                          0.7848
                                             0.7848
After Distribution (xd)
After Distribution (xd)                      0.7335
                                             0.7335

The above distribution has been reinvested to purchase additional units in the Fund
The above distribution has been reinvested to purchase additional units in the Fund
based on the NAV of RM0.7355 per unit as at 28 December 2010 which is the first
based on the NAV of RM0.7355 per unit as at 28 December 2010 which is the first
Business Day when units are quoted ex-entitlement. The allotment date was 29
Business Day when units are quoted ex-entitlement. The allotment date was 29
December 2010.
December 2010.

PORTFOLIO STRUCTURE
PORTFOLIO STRUCTURE

As at 31 December 2010, the Fund was 94.68% invested in equities and the
As at 31 December 2010, the Fund was 94.68% invested in equities and the
remaining of 5.32% invested in cash and deposits.
remaining of 5.32% invested in cash and deposits.

           PORTFOLIO STRUCTURE AS AT 31 DECEMBER 2010
           PORTFOLIO STRUCTURE AS AT 31 DECEMBER 2010
                         Cash/Deposits   Plantation
                                         Plantation
                         Cash/Deposits                   Mining
                                          14.40%         Mining
                   Consumer 5.32%
                   Consumer 5.32%
                                          14.40%
                                                         2.50% TRS & Warrants
                                                         2.50% TRS & Warrants
         Industrial Products
         Industrial Products                                        1.55%
                                                                    1.55%
         Products 2.71%
          Products 2.71%                                         Properties
                                                                 Properties
           3.14%                                                  1.91%
                                                                   1.91%
           3.14%


            Finance
            Finance
            16.42%
            16.42%


       Exchange-Traded
       Exchange-Traded
            Fund
             Fund
           4.45%
            4.45%
                Construction
                 Construction                                   Trading/Services
                                                                Trading/Services
                   5.73%          Infrasructure                     37.39%
                                                                    37.39%
                   5.73%
                       Technology Infrasructure
                       Technology    Project
                         0.29%       Project
                         0.29%     Companies
                                   Companies
                                     4.19%
                                      4.19%




                                                      OSK-UOB Unit Trust Management Bhd 12
                                                      OSK-UOB Unit Trust Management Bhd 12
The asset allocations of the Fund as at reporting date were as follows:
The asset allocations of the Fund as at reporting date were as follows:
                                                    As at 31 December
                                                    As at 31 December
                                            2010
                                            2010           2009
                                                            2009      2008
                                                                      2008
Sectors
Sectors                                      %
                                             %               %
                                                             %         %
                                                                       %
Equities ::
Equities
Construction
Construction                                      5.73
                                                  5.73           3.02
                                                                 3.02             --
Consumer Products
Consumer Products                                 2.71
                                                  2.71           8.75
                                                                 8.75             --
Exchange-Traded Fund
Exchange-Traded Fund                              4.45
                                                  4.45              --            --
Finance
Finance                                          16.42
                                                 16.42          20.50
                                                                20.50          3.41
                                                                               3.41
Industrial Products
Industrial Products                               3.14
                                                  3.14           4.00
                                                                 4.00          0.41
                                                                               0.41
Infrastructure Project Companies
Infrastructure Project Companies                  4.19
                                                  4.19              --         1.19
                                                                               1.19
Mining
Mining                                            2.50
                                                  2.50           4.69
                                                                 4.69             --
Plantation
Plantation                                       14.40
                                                 14.40           9.83
                                                                 9.83          1.18
                                                                               1.18
Properties
Properties                                        1.91
                                                  1.91           1.37
                                                                 1.37             --
TSR & Warrants
TSR & Warrants                                    1.55
                                                  1.55           1.09
                                                                 1.09          0.01
                                                                               0.01
Technology
Technology                                        0.29
                                                  0.29              --         1.38
                                                                               1.38
Trading/Services
Trading/Services                                 37.39
                                                 37.39          32.70
                                                                32.70         23.89
                                                                              23.89
                                                 94.68
                                                 94.68          85.95
                                                                85.95         31.47
                                                                              31.47
Collective Investment Schemes
Collective Investment Schemes
Collective Investment Schemes
Collective Investment Schemes                        --             --            7.96
                                                                                  7.96
Real Estate Investment Trust
Real Estate Investment Trust                         --          2.31
                                                                 2.31             0.70
                                                                                  0.70
                                                     --          2.31
                                                                 2.31             8.66
                                                                                  8.66
Cash/Deposits
Cash/Deposits
                                                 5.32
                                                 5.32           11.74
                                                                11.74        59.87
                                                                             59.87
                                               100.00
                                               100.00          100.00
                                                               100.00       100.00
                                                                            100.00
The asset allocation was reflective of the continued buoyant market since 2009.
The asset allocation was reflective of the continued buoyant market since 2009.




                                                OSK-UOB Unit Trust Management Bhd 13
                                                OSK-UOB Unit Trust Management Bhd 13
             ASSET ALLOCATION BY COUNTRIES AS AT 31 DECEMBER 2010

        Countries
                           1.02%
               USA
                           1.31%
         Hong Kong

                                   2.75%
           Indonesia
                                           17.47%
          Singapore                                                            77.45%

           Malaysia

                    0.00    10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00
                                                                       Percentage


FUND SIZE AND PROFILE OF UNIT HOLDINGS BY SIZE

As at 31 December 2010, the Fund’s units in circulation stood at 153.37 million
units with a total of 3,253 accounts.

                                   Account Holders              No. Of Units Held*
Size of Holdings                   No.         %                (‘000)         %

5,000 and below                    1,019            31.33         2,495         1.63

5,001 to 10,000                     449             13.80         3,288         2.14

10,001 to 50,000                   1,286            39.53        28,897        18.84

50,001 to 500,000                   482             14.82        57,693        37.62

500,001 and above                    17              0.52        60,980        39.77

Total                              3,253        100.00         153,353        100.00

*Excluding Manager’s stock




                                                     OSK-UOB Unit Trust Management Bhd 14
SOFT COMMISSIONS
SOFT COMMISSIONS
It is the Manager’s policy to credit all stockbroking rebates to the account of the
It is the Manager’s policy to credit all stockbroking rebates to the account of the
Fund.
Fund.
For the financial year under review, the Manager has received soft commissions from
For the financial year under review, the Manager has received soft commissions from
brokers/dealers in consideration for directing dealings in the investments of the Fund.
brokers/dealers in consideration for directing dealings in the investments of the Fund.
These soft commissions were in the form of goods and services such as subscriptions
These soft commissions were in the form of goods and services such as subscriptions
to Bloomberg Services and Lipper Analytical Services which are of demonstrable
to Bloomberg Services and Lipper Analytical Services which are of demonstrable
benefits to the Unit Holders.
benefits to the Unit Holders.




                                                OSK-UOB Unit Trust Management Bhd 15
                                                OSK-UOB Unit Trust Management Bhd 15
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF
OSK-UOB EQUITY TRUST
OSK-UOB EQUITY TRUST
We have acted as the Trustee of OSK-UOB Equity Trust (“the Fund”) for the
We have acted as the Trustee of OSK-UOB Equity Trust (“the Fund”) for the
financial year ended 31 December 2010. In our opinion, OSK-UOB Unit Trust
financial year ended 31 December 2010. In our opinion, OSK-UOB Unit Trust
Management Bhd (“the Manager” or “the Management Company”), has operated and
Management Bhd (“the Manager” or “the Management Company”), has operated and
managed the Fund in accordance with the following:-
managed the Fund in accordance with the following:-
a)    limitations imposed on the investment powers of the Management Company
a)    limitations imposed on the investment powers of the Management Company
      and the Trustee under the Deed, the Securities Commission’s Guidelines on
      and the Trustee under the Deed, the Securities Commission’s Guidelines on
      Unit Trust Funds in Malaysia, the Capital Markets and Services Act 2007 and
      Unit Trust Funds in Malaysia, the Capital Markets and Services Act 2007 and
      other applicable laws;
      other applicable laws;
b)    valuation/pricing is carried out in accordance with the Deed and relevant
b)    valuation/pricing is carried out in accordance with the Deed and relevant
      regulatory requirements; and
      regulatory requirements; and
c)    creation and cancellation of units are carried out in accordance with the Deed
c)    creation and cancellation of units are carried out in accordance with the Deed
      and any regulatory requirement.
      and any regulatory requirement.
During the financial year, a distribution of 6.8792 sen per unit (gross) had been
During the financial year, a distribution of 6.8792 sen per unit (gross) had been
distributed to the Unit Holders of the Fund. We are of the view that the distribution is
distributed to the Unit Holders of the Fund. We are of the view that the distribution is
not inconsistent with the objective of the Fund.
not inconsistent with the objective of the Fund.



For HSBC (Malaysia) Trustee Bhd
For HSBC (Malaysia) Trustee Bhd

Manager, Trustee Operation
Manager, Trustee Operation
Kuala Lumpur, Malaysia
Kuala Lumpur, Malaysia
8 February 2011
8 February 2011




                                                OSK-UOB Unit Trust Management Bhd 16
                                                OSK-UOB Unit Trust Management Bhd 16
STATEMENT BY MANAGER
STATEMENT BY MANAGER
We, Ho Seng Yee and Lim Suet Ling, being two of the directors of OSK-UOB Unit
We, Management Bhd, do hereby state that, in the directors the Manager, the
TrustHo Seng Yee and Lim Suet Ling, being two ofthe opinion ofof OSK-UOB Unit
Trust Management Bhd, do hereby state that, pages 20 to of the drawn up in
accompanying financial statements set out on in the opinion 58 are Manager, the
accompanying financial statements set out on and 20 to 58 are drawn up in
accordance with Financial Reporting Standards pagesthe Securities Commission’s
accordance with Trust Funds in Malaysia so as and the true and Commission’s
Guidelines on UnitFinancial Reporting Standards to give a Securitiesfair view of the
Guidelines on Unit OSK-UOB Malaysia so as to 31 a true and fair and of its
financial position ofTrust Funds inEquity Trust as at giveDecember 2010view of the
financial position of and cash flows for Trust as at 31 then ended.
financial performance OSK-UOB Equity the financial yearDecember 2010 and of its
financial performance and cash flows for the financial year then ended.


On behalf of the Manager
On behalf of the Manager


Ho Seng Yee                                  Lim Suet Ling
Ho Seng Yee                                  Lim Suet Ling

Kuala Lumpur, Malaysia
8 February 2011Malaysia
Kuala Lumpur,
8 February 2011




                                               OSK-UOB Unit Trust Management Bhd 17
                                               OSK-UOB Unit Trust Management Bhd 17
 INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS OF
 OSK-UOB EQUITY TRUST
INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS OF
OSK-UOB EQUITY TRUST
 Report on the financial statements
Report on the financial statements
  We have audited the financial statements of OSK-UOB Equity Trust (the “Fund”), which
  comprise the statement of financial position as at 31 December 2010, and the statement
We have audited the financial statements of OSK-UOB Equity Trust (the “Fund”), whichof
  comprehensive income, financial of changes in equity and statement of the flows for the
comprise the statement of statement position as at 31 December 2010, and cashstatement of
  financial year then ended, and a changes significant accounting policies for the
comprehensive income, statement of summaryinofequity and statement of cash flowsand other
  explanatory then as set and summary 58.
financial yearnotes, ended,out onapages 20 to of significant accounting policies and other
explanatory notes, as set out on pages 20 to 58.
 Manager’s and Trustee’s responsibility for the financial statements

  The Manager Trustee’s is responsible for the preparation and fair
Manager’s andof the Fundresponsibility for the financial statementspresentation of these
  financial statements in is responsible Financial Reporting Standards and the of these
The Manager of the Fundaccordance withfor the preparation and fair presentation Securities
  Commission’s Guidelines on Unit Trust Funds Reporting Standards and the Securities
financial statements in accordance with Financial in Malaysia. This responsibility includes:
  designing, implementing and maintaining internal control This responsibility includes:
Commission’s Guidelines on Unit Trust Funds in Malaysia.relevant to the preparation and
  fair presentation of financial statements internal control relevant to the preparation and
designing, implementing and maintaining that are free from material misstatement, whether
  due to fraud or error; selecting and applying free from accounting policies; and making
fair presentation of financial statements that areappropriate material misstatement, whether
  accounting estimates that are and applying the circumstances. The Trustee and making
due to fraud or error; selecting reasonable in appropriate accounting policies; is responsible
  for ensuring that that are reasonable in proper accounting and other records as are
accounting estimatesthe Manager maintainsthe circumstances. The Trustee is responsible
  necessary enable Manager maintains proper accounting and
for ensuringtothat thefair presentation of these financial statements. other records as are
necessary to enable fair presentation of these financial statements.
 Auditors’ responsibility
Auditors’ responsibility express an opinion on these financial statements based on our
 Our responsibility is to
 audit. We conducted express in accordance with approved standards on auditing
Our responsibility is to our auditan opinion on these financial statements based on ourin
 Malaysia. Those standards require that we comply approved requirements auditing in
audit. We conducted our audit in accordance withwith ethical standards on and plan and
 perform Those standards require that assurance with ethical requirements and plan free
Malaysia. the audit to obtain reasonablewe comply whether the financial statements areand
 from material misstatement.
perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement. procedures to obtain audit evidence about the amounts and
  An audit involves performing
  disclosures in the financial procedures to procedures evidence about on amounts and
An audit involves performingstatements. The obtain audit selected depend the our judgement,
  including the assessment of risks of material misstatement depend on our statements,
disclosures in the financial statements. The procedures selected of the financialjudgement,
  whether due to fraud or error. of material misstatement of the we consider internal
including the assessment of risksIn making those risk assessments,financial statements,
  control relevant to the error. In making those risk assessments, we consider internal
whether due to fraud orFund’s preparation and fair presentation of the financial statements
  in order to design audit procedures that are fair presentation the financial but not for
control relevant to the Fund’s preparation and appropriate in theofcircumstances,statements
   order to design audit procedures that are appropriate in of the Fund’s internal control.
inthe purpose of expressing an opinion on the effectivenessthe circumstances, but not for
  Anpurposealso expressing an opinion on the effectiveness the the Fund’s internal control.
the audit of includes evaluating the appropriateness of of accounting policies used and
  the reasonableness of accounting estimates made by of Manager, as well as evaluating the
An audit also includes evaluating the appropriateness the the accounting policies used and
  overall presentation accounting estimates made
the reasonableness of of the financial statements. by the Manager, as well as evaluating the
overall presentation of the financial statements.




                                                       OSK-UOB Unit Trust Management Bhd 18
                                                     OSK-UOB Unit Trust Management Bhd 18
 INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS OF
 OSK-UOB EQUITY TRUST (CONTD.) TO THE UNIT HOLDERS OF
INDEPENDENT AUDITORS’ REPORT
OSK-UOB EQUITY TRUST (CONTD.)
 We believe that the audit evidence we have obtained is sufficient and appropriate to
 provide a basis the audit opinion.
We believe thatfor our auditevidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
 Opinion
Opinion
 In our opinion, the financial statements have been properly drawn up in accordance with
 Financial Reporting Standards and the have been properly drawn up in accordance with
In our opinion, the financial statements Securities Commission’s Guidelines on Unit Trust
 Funds in Malaysia Standards and true and fair Commission’s Guidelines on Unit Fund
Financial Reporting so as to give a the Securitiesview of the financial position of theTrust
 as at in December as give true and fair view of the the changes in equity Fund
Funds 31 Malaysia so2010toand ofathe financial performance,financial position of theand the
 cash flows of the 2010 and financial year performance,
as at 31 DecemberFund for theof the financialthen ended. the changes in equity and the
cash flows of the Fund for the financial year then ended.
 Other matters
Other matters
 This report is made solely to the Unit Holders of the Fund, as a body, and for no other
 purpose. is do solely to responsibility to any other person for the contents other
This reportWemadenot assumethe Unit Holders of the Fund, as a body, and for no of this
 report.
purpose. We do not assume responsibility to any other person for the contents of this
report.




 Ernst & Young                                       Chan Hooi Lam
 AF: & Young
Ernst0039                                            No. Hooi Lam
                                                    Chan2844/02/12(J)
 Chartered
AF: 0039 Accountants                                 Chartered Accountant
                                                    No. 2844/02/12(J)
Chartered Accountants                               Chartered Accountant




 Kuala Lumpur, Malaysia
 8 February 2011
Kuala Lumpur, Malaysia
8 February 2011




                                                     OSK-UOB Unit Trust Management Bhd 19
                                                    OSK-UOB Unit Trust Management Bhd 19
OSK-UOB EQUITY TRUST
     OSK-UOB EQUITY TRUST
     OSK-UOB EQUITY TRUST
STATEMENT OF COMPREHENSIVE INCOME
     OSK-UOB EQUITY TRUST
     OSK-UOB EQUITY TRUST
     STATEMENT OF COMPREHENSIVE INCOME
     STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
     STATEMENT OF COMPREHENSIVE INCOME
     STATEMENT OF COMPREHENSIVE
     FOR THE FINANCIAL YEAR ENDED INCOME 2010 2010
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
     FOR THE FINANCIAL YEAR ENDEDNote         Note 31 DECEMBER 2010
                                                    31 DECEMBER                      2009
                                                   Note
                                                   Note
                                                   Note             RM2010
                                                                        2010
                                                                        2010
                                                                        2010           RM2009
                                                                                           2009
                                                                                           2009
                                                                                           2009
INVESTMENT INCOME                                                        RM
                                                                         RM                 RM
                                                                                            RM
                                                                         RM
                                                                         RM                 RM
                                                                                            RM
     INVESTMENT INCOME
     INVESTMENT INCOME
Dividend income INCOME                                     2,593,490           1,903,166
     INVESTMENT
     INVESTMENT INCOME
     Dividend income
     Dividend income
Interest income                                                   2,593,490
                                                                  2,593,490
                                                               89,162                1,903,166
                                                                                     1,903,166
                                                                                  429,530
     Dividend income
     Dividend income                                              2,593,490
                                                                  2,593,490          1,903,166
                                                                                     1,903,166
     Interest income investments:
     Interest income
Net gain/(loss) from                                                 89,162
                                                                     89,162            429,530
                                                                                       429,530
     Interest income
     Interest incomefrom investments:                                89,162
                                                                     89,162            429,530
                                                                                       429,530
     Net gain/(loss) from investments:
     Net gain/(loss) from investments:
                       value through profit
- investments at fair from investments:
     Net gain/(loss)
     Net gain/(loss) fair value through profit
     - investments at fair value through profit
  and- loss (“FVTPL”) value through profit 7
     - investments at fair
     - investments at fair value through profit 7 16,976,722
       investments at                                                                     -
       and loss (“FVTPL”)
       and loss (“FVTPL”)
-net realised gain on sale of investments            7          16,976,722 10,609,569 -
                                                                16,976,722
                                                                       -                      -
       and loss (“FVTPL”)                            7          16,976,722                    -
       and loss (“FVTPL”)
     -net realised gain on sale of investments 7
-net unrealised gain onon sale ofin value
     -net realised gain on sale of investments
                          changes investments
                                                                16,976,722 -
                                                                           -       10,609,569
                                                                                   10,609,569
                                                                                              -
          realised gain
     -net realised gain on sale of investments
     -net unrealised gain on changes in value                              -
                                                                           -       10,609,569
                                                                                   10,609,569
     -net unrealised gain
     -net unrealised gain on changes in value
  of investments held on changes in value                              -      15,616,893
     -net unrealised gain on
     -net investments held changes in value
       of investments held
       of investments held
-net realised gain on foreign exchange                                             15,616,893
                                                                       - - 1,985,907
                                                                           -       15,616,893
       of                                                                  -       15,616,893
       of realised gainheld
     -net investmentsonon foreign exchange
-net unrealised loss on foreign exchange
     -net realised gain on foreign exchange
                         foreign exchange                              - -
                                                                           -       15,616,893
                                                                                     1,985,907
                                                                           - (1,520,556)
                                                                                     1,985,907
          realised gain
     -net realised gain on foreign exchange
     -net unrealised loss on foreign exchange                              -
                                                                           -         1,985,907
                                                                                     1,985,907
     -net unrealised loss onof
     -net unrealised loss on foreign exchange
Accretion of discount, net foreign exchange                                -
                                                                           -       (1,520,556)
                                                                                   (1,520,556)
     -net                     foreign
     -net unrealised loss on net of exchange                               -
                                                                           -       (1,520,556)
                                                                                   (1,520,556)
     Accretion of discount,
     Accretion of discount, net of
  amortisation of premium net of                                       -          284,416
     Accretion discount,
     Accretion of discount, net of
       amortisation of premium
       amortisation of premium                                             -           284,416
       amortisation of premium
       amortisation of premium                            19,659,374 - 29,308,925
                                                                           -
                                                                           -
                                                                                       284,416
                                                                                       284,416
                                                                                       284,416
                                                                19,659,374
                                                                19,659,374         29,308,925
                                                                                   29,308,925
                                                                19,659,374
                                                                19,659,374         29,308,925
                                                                                   29,308,925
EXPENSES
     EXPENSES
     EXPENSES
Manager’s fee                                   3          (1,587,648)        (1,417,455)
     EXPENSES
     EXPENSES
     Manager’s fee
     Manager’s fee
Trustee’s fee fee                               4 3  3                             (1,417,455)
                                                                 (1,587,648) (64,721)
                                                                 (1,587,648)
                                                               (74,090)            (1,417,455)
     Manager’s fee
     Manager’sfee                                    3
                                                     3           (1,587,648)
                                                                 (1,587,648)       (1,417,455)
                                                                                   (1,417,455)
     Trustee’s fee
     Trustee’s fee
Auditors’ remuneration                               4
                                                     4               (74,090)
                                                                     (74,090)
                                                                 (4,000)               (64,721)
                                                                                       (64,721)
                                                                                   (4,000)
     Trustee’s
     Trustee’s fee                                   4
                                                     4               (74,090)
                                                                     (74,090)          (64,721)
                                                                                       (64,721)
     Auditors’ remuneration
     Auditors’ remuneration
Tax agent’s feeremuneration                                           (4,000) (11,646)
                                                                      (4,000)
                                                                 (3,700)                 (4,000)
                                                                                         (4,000)
     Auditors’
     Auditors’ remuneration                                           (4,000)
                                                                      (4,000)            (4,000)
                                                                                         (4,000)
     Tax agent’s fee
     Tax agent’s fee
Administrative expenses                                               (3,700) (45,526)
                                                                      (3,700)
                                                               (39,082)                (11,646)
                                                                                       (11,646)
     Tax agent’s fee
     Tax agent’s feeexpenses                                          (3,700)
                                                                      (3,700)          (11,646)
                                                                                       (11,646)
     Administrative transaction
     Administrative expenses
Brokerage and otherexpenses fees                                     (39,082)
                                                                     (39,082)
                                                             (329,511)                 (45,526)
                                                                                       (45,526)
                                                                                          -
     Administrative expenses
     Administrative other transaction fees                           (39,082)
                                                                     (39,082)          (45,526)
                                                                                       (45,526)
     Brokerage and other transaction fees
     Brokerage and other transaction fees                          (329,511)
                                                                   (329,511) (1,543,348) -    -
     Brokerage and
     Brokerage and other transaction fees                  (2,038,031)
                                                                   (329,511)
                                                                   (329,511)                  -
                                                                                              -
                                                                 (2,038,031)
                                                                 (2,038,031)       (1,543,348)
                                                                                   (1,543,348)
                                                                 (2,038,031)       (1,543,348)
                                                                 (2,038,031) 27,765,577
                                                                                   (1,543,348)
Net income before tax                                     17,621,343
     Net income before tax
Income tax expense tax
     Net income before tax
     Net income before                          5               17,621,343 (133,133)
                                                                17,621,343
                                                             (293,694)
                                                                17,621,343
                                                                                   27,765,577
                                                                                   27,765,577
                                                                                   27,765,577
     Net income before
     Income tax expense tax
     Income tax expense                              5
                                                     5
                                                                17,621,343
                                                                   (293,694)
                                                                   (293,694)
                                                                                   27,765,577
                                                                                      (133,133)
                                                                                      (133,133)
     Income after tax, representing
Net income tax expense
     Income tax expense representing                 5
                                                     5             (293,694)
                                                                   (293,694)          (133,133)
                                                                                      (133,133)
     Net income after tax,for the year
     Net income after tax, representing
                    income
  comprehensiveafter tax, representing                    17,327,649          27,632,444
     Net income after tax, representing
     Net income
       comprehensive income for the year
       comprehensive income for the year                        17,327,649
                                                                17,327,649         27,632,444
                                                                                   27,632,444
       comprehensive income for the year
       comprehensive income for the year                        17,327,649
                                                                17,327,649         27,632,444
                                                                                   27,632,444
Net income after tax is made up of the following:
     Net income after
     Net income after tax is made up of the following:
Net realised income tax is made up of the following: 3,012,437
     Net income after tax is made up of the following:                         13,536,107
     Net income after tax is made up of the following:
     Net realised income                                                            13,536,107
                                                                  3,012,437 14,096,337
     Net realised income
Net unrealised gain
     Net realised income                                          3,012,437
                                                          14,315,212
                                                                  3,012,437         13,536,107
                                                                                    13,536,107
     Net realised income
     Net unrealised gain                                          3,012,437
                                                                14,315,212          13,536,107
                                                                                    14,096,337
     Net unrealised gain
     Net unrealised gain                                                            14,096,337
                                                                14,315,212 27,632,444
                                                          17,327,649
                                                                14,315,212          14,096,337
     Net unrealised gain                                        14,315,212
                                                                17,327,649          14,096,337
                                                                                    27,632,444
                                                                17,327,649
                                                                17,327,649          27,632,444
                                                                                    27,632,444
Distribution for the year :                                     17,327,649          27,632,444
     Distribution for the year ::
     Distribution
     Distribution for the year
Net distribution for the year ::                10          7,969,213           7,770,794
     Distribution for
     Net distribution the year
     Net distribution                                10
                                                     10           7,969,213
                                                                  7,969,213           7,770,794
                                                                                      7,770,794
Net distribution per unit (sen)
     Net distribution
     Net distribution per unit (sen)            10 1010         5.5909
                                                                  7,969,213
                                                                  7,969,213         5.3056
                                                                                      7,770,794
                                                                                      7,770,794
     Net distribution per unit (sen)
     Net distribution per unit (sen)                 10
                                                     10               5.5909
                                                                      5.5909             5.3056
                                                                                         5.3056
Gross distribution per unit (sen)
     Net distribution
     Net distribution per unit (sen)            10 1010         6.87925.5909
                                                                      5.5909        6.2230
                                                                                         5.3056
                                                                                         5.3056
     Gross distribution per unit (sen)               10
                                                     10               6.8792
     Gross distribution per unit (sen) part of the financial statements.
                                                                      6.8792             6.2230
                                                                                         6.2230
The accompanying notes are an(sen) integral
     Gross distribution per unit (sen)               10               6.8792
     Gross distribution per unitare an integral part 10 the financial statements.
                                                                      6.8792             6.2230
                                                                                         6.2230
     The accompanying notes                          of
     The accompanying notes are an integral part of the financial statements.
     The accompanying notes are an integral part of the financial statements.
     The accompanying notes are an integral part of the financial statements.
                                                       OSK-UOB Unit Trust Management Bhd 20
                                                          OSK-UOB Unit Trust Management Bhd 20
                                                          OSK-UOB Unit Trust Management Bhd 20
                                                          OSK-UOB Unit Trust Management Bhd 20
                                                          OSK-UOB Unit Trust Management Bhd 20
OSK-UOB EQUITY TRUST
 OSK-UOB EQUITY TRUST
STATEMENT OF FINANCIAL POSITION
 STATEMENT OF FINANCIAL POSITION
             EQUITY TRUST
OSK-UOBDECEMBER 2010
AS AT 31 DECEMBER 2010
 AS AT 31
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010 Note 31 December 31 December 1 January
                                 Note 31 December 31 December 1 January
                                               2010
                                               2010          2009
                                                             2009       2009
                                                                         2009
                                Note 31 December 31 December 1 January
                                                RM            RM         RM
                                                RM            RM          RM
ASSETS                                         2010          2009       2009
 ASSETS
Investments                       66 110,943,019RM            RM         RM
 Investments                           110,943,019 99,944,625 47,385,463
                                                      99,944,625 47,385,463
ASSETS
Tax recoverable                              79,272      290,792      248,368
 Tax recoverable                             79,272       290,792     248,368
Investments
Dividends receivable              6 110,943,019
                                             75,013   99,944,625 47,385,463
                                                           73,751      73,177
 Dividends receivable                        75,013        73,751      73,177
Tax recoverable
Interest receivable                          79,272
                                                680      290,792
                                                              337     248,368
                                                                       11,393
 Interest receivable                             680           337     11,393
Dividends receivable
Other receivables                            75,013
                                                790        73,751
                                                              770      73,177
                                                                          380
 Other receivables                              790            770        380
Interest receivable
Due from stockbrokers                           680
                                         1,176,437            337--    11,393
                                                                       63,434
 Due from stockbrokers                   1,176,437                     63,434
       receivables
Otherat bank - In Malaysia
Cash at bank - In Malaysia                      790
                                           592,371            770
                                                           87,767         380
                                                                       82,284
 Cash                                       592,371        87,767      82,284
Due from stockbrokers Malaysia
Cash at bank --Outside Malaysia          1,176,437
                                           771,554                     63,434
                                                                 - 41,478,245
                                                       5,974,538 41,478,245
 Cash at bank Outside                      771,554     5,974,538
Cash at bank - In Malaysia
TOTAL ASSETS                               592,371         87,767      82,284
                                       113,639,136 106,372,580 89,342,744
 TOTAL ASSETS                          113,639,136 106,372,580 89,342,744
Cash at bank - Outside Malaysia            771,554     5,974,538 41,478,245
TOTAL ASSETS
LIABILITIES                            113,639,136 106,372,580 89,342,744
 LIABILITIES
Due to stockbrokers
 Due to stockbrokers              99     1,069,251
                                         1,069,251               --         --
LIABILITIES
Due to Manager                             167,436       127,447      442,099
 Due to Manager                             167,436       127,447     442,099
Due to Trustee
Due to stockbrokers
 Due to Trustee
                                  9      1,069,251
                                              6,610
                                              6,610         6,242
                                                            6,242
                                                                 -          -
                                                                       15,680
                                                                       15,680
        Manager
Due topayables and accruals
Other payables and accruals                167,436
                                             15,089      127,447
                                                           18,273     442,099
                                                                       15,383
 Other                                       15,089        18,273      15,383
Due to Trustee
Distribution payable                          6,610--                  15,680
                                                            6,242 7,128,508
                                                                 -- 7,128,508
 Distribution payable
Other payables and accruals
TOTAL LIABILITIES                            15,089
                                         1,258,386         18,273      15,383
                                                         151,962 7,601,670
 TOTAL LIABILITIES                       1,258,386        151,962 7,601,670
Distribution payable                               -             - 7,128,508
TOTAL LIABILITIES
UNIT HOLDERS’ EQUITY                     1,258,386       151,962 7,601,670
 UNIT HOLDERS’ EQUITY
Unit Holders’ capital
 Unit Holders’ capital                  38,155,021 41,022,423 36,404,529
                                        38,155,021    41,022,423 36,404,529
UNIT HOLDERS’ EQUITY
Retained earnings                       74,225,729
 Retained earnings                      74,225,729 65,198,195 45,336,545
                                                      65,198,195 45,336,545
Unit Holders’ capitalNET ASSET
TOTAL EQUITY/ NET ASSET                 38,155,021    41,022,423 36,404,529
 TOTAL EQUITY/
Retained earnings
  VALUE (“NAV”)                         74,225,729    65,198,195 45,336,545
   VALUE (“NAV”)
TOTAL EQUITY/ NET ASSET
  ATTRIBUTABLE TO UNIT
   ATTRIBUTABLE TO UNIT
  VALUE (“NAV”)
  HOLDERS                        11 112,380,750 106,220,618 81,741,074
   HOLDERS                        11 112,380,750 106,220,618 81,741,074
  ATTRIBUTABLE TO UNIT
  HOLDERS
TOTAL EQUITY AND                 11 112,380,750 106,220,618 81,741,074
 TOTAL EQUITY AND
   LIABILITIES
    LIABILITIES                        113,639,136 106,372,580 89,342,744
                                       113,639,136 106,372,580 89,342,744
           EQUITY AND
TOTALIN CIRCULATION
UNITS IN CIRCULATION 11(a) 153,369,000 158,044,000 150,289,000
 UNITS
   LIABILITIES                         153,369,000 158,044,000 89,342,744
                                11(a) 113,639,136 106,372,580 150,289,000
NAV PER UNIT (RM)
              UNIT (RM)
 NAV PERCIRCULATION                       0.7327xd
                                          0.7327xd      0.6721xd 0.5439xd
                                                        0.6721xd 0.5439xd
UNITS IN                        11(a) 153,369,000 158,044,000 150,289,000
NAV PER UNIT (RM)                         0.7327xd      0.6721xd 0.5439xd

The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
                                                    OSK-UOB Unit Trust Management Bhd 21
                                                    OSK-UOB Unit Trust Management Bhd 21

                                                    OSK-UOB Unit Trust Management Bhd 21
OSK-UOB EQUITY TRUST
STATEMENT OF CHANGES
OSK-UOB EQUITY TRUST IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31
STATEMENT OF CHANGES IN EQUITY DECEMBER 2010
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
                                                Retained
                               Unit Holders’     earnings
                                                Retained
                                     Capital
                               Unit Holders’  Notes 11(b)
                                                earnings                            Total
                                  Note 11(a)
                                     Capital       and (c)
                                              Notes 11(b)                          Equity
                                                                                    Total
                                         RM
                                  Note 11(a)         RM
                                                   and (c)                           RM
                                                                                   Equity
Balance as at                           RM           RM                              RM
 1 January 2009
Balance as at                     36,404,529  45,336,545                       81,741,074
Total comprehensive income for
 1 January 2009                  36,404,529   45,336,545                       81,741,074
 the comprehensive income for
Totalyear                                   - 27,632,444                       27,632,444
Creation of units
 the year                            402,573
                                           -  27,632,444-                          402,573
                                                                               27,632,444
Reinvestment of untis
Creation of units                  6,496,633
                                     402,573            --                       6,496,633
                                                                                   402,573
Cancellation of units
Reinvestment of untis             (4,783,387)
                                   6,496,633            --                      (4,783,387)
                                                                                6,496,633
Distribution equalisation
Cancellation of units              2,502,075
                                  (4,783,387)           --                       2,502,075
                                                                               (4,783,387)
             (Note 10)
Distribution equalisation
Distribution                       2,502,075-  (7,770,794)
                                                        -                       (7,770,794)
                                                                                2,502,075
Balance as (Note 10)
Distributionat 31 December                 -  (7,770,794)                      (7,770,794)
 2009
Balance as at 31 December         41,022,423  65,198,195                      106,220,618
 2009                                   41,022,423          65,198,195        106,220,618
Balance as at
 1 January 2010
Balance as at                           41,022,423          65,198,195        106,220,618
Effects of adopting FRS 139
 1 January 2010                         41,022,423          65,198,195        106,220,618
 (Note 2.2)
Effects of adopting FRS 139                       -            (330,902)         (330,902)
 (Note 2.2)                             41,022,423
                                                 -          64,867,293
                                                              (330,902)       105,889,716
                                                                                 (330,902)
                                        41,022,423          64,867,293        105,889,716
Total comprehensive income for
 the comprehensive income for
Totalyear                                         -         17,327,649         17,327,649
Creation of units
 the year                                2,693,676
                                                 -          17,327,649-          2,693,676
                                                                               17,327,649
Reinvestment of
Creation of units untis                  4,103,768
                                         2,693,676                    --         4,103,768
                                                                                2,693,676
Cancellation of untis
Reinvestmentof units                    (7,764,889)
                                         4,103,768                    --        (7,764,889)
                                                                                4,103,768
Distribution of units
Cancellation equalisation               (1,899,957)
                                        (7,764,889)                   --        (1,899,957)
                                                                               (7,764,889)
Distribution (Note 10)
Distribution equalisation                         -
                                        (1,899,957)          (7,969,213)
                                                                      -         (7,969,213)
                                                                               (1,899,957)
Balance as (Note 10)
Distributionat 31 December                       -           (7,969,213)       (7,969,213)
 2010
Balance as at 31 December               38,155,021           74,225,729       112,380,750
 2010                                   38,155,021          74,225,729        112,380,750




The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
                                                      OSK-UOB Unit Trust Management Bhd 22
                                                     OSK-UOB Unit Trust Management Bhd 22
OSK-UOB EQUITY TRUST
     OSK-UOB EQUITY TRUST
STATEMENT OF CASHFLOWS
     STATEMENT OF CASHFLOWS
     OSK-UOB EQUITY TRUST
     OSK-UOB EQUITY TRUST
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 20102010
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER
     STATEMENT OF CASHFLOWS
     STATEMENT OF CASHFLOWS
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010      20102010        20092009
                                                         RM2010
                                                             RM          RM2009
                                                                             RM
CASH FLOWS FROM OPERATING AND                               2010            2009
     CASH FLOWS FROM OPERATING AND                           RM              RM
   INVESTING ACTIVITIES                                      RM              RM
        INVESTING ACTIVITIES
     CASH FLOWS FROM OPERATING AND
     CASH FLOWS FROM OPERATING AND 86,073,256
Proceeds fromfrom sale of investments
     Proceeds sale of investments
        INVESTING ACTIVITIES                          86,073,256 121,903,503
                                                                     121,903,503
        INVESTING ACTIVITIES
Purchase of investmentsof investments            (82,161,452) (155,806,045)
     Purchase from sale
     Proceeds of investments                         (82,161,452) (155,806,045)
                                                      86,073,256     121,903,503
     Proceeds from
Dividends received sale of investments
     Dividends received
     Purchase of investments
                                                      86,073,256
                                                   2,254,587         121,903,503
                                                     (82,161,452) 1,727,036
                                                                       1,727,036
                                                       2,254,587 (155,806,045)
     Purchase of investments
Interest received                                    (82,161,452) (155,806,045)
                                                      88,820         440,585
     Interest received
     Dividends received                                   88,820
                                                       2,254,587         440,585
                                                                       1,727,036
     Dividends received
Manager’s fee paid paid                                2,254,587
                                                  (1,579,753)          1,727,036
     Manager’s fee
     Interest received                                (1,579,753) (1,619,702)
                                                          88,820      (1,619,702)
                                                                         440,585
     Interest paid
Trustee’s feereceived
     Manager’sfee paid
     Trustee’s fee paid
                                                          88,820
                                                     (73,722)            440,585
                                                      (1,579,753) (74,160)
                                                         (73,722)        (74,160)
                                                                      (1,619,702)
     Manager’s fee paidpaid
Auditors’ remuneration paid                           (1,579,753)
                                                      (4,000)         (1,619,702)
                                                                      (4,000)
     Auditors’ remuneration
     Trustee’s fee paid                                   (4,000)
                                                         (73,722)         (4,000)
                                                                         (74,160)
     Trustee’s fee paid
Tax agent’s feeremuneration paid                                         (74,160)
                                                         (73,722) (10,904)
     Tax agent’spaid paid
                   fee
     Auditors’ remuneration paid                      (4,160)
                                                          (4,160)
                                                          (4,000)        (10,904)
                                                                          (4,000)
     Auditors’
Tax refund                                                (4,000)
                                                     255,467              (4,000)
                                                                            - -
     Tax refund
     Tax agent’s fee paid                                255,467
                                                          (4,160)        (10,904)
     Tax agent’s fee paid
Payment refund other fees expenses
          for other fees expenses                                        (10,904)
                                                          (4,160) (43,798)
                                                    (387,404)
     Payment for
     Tax refund                                         (387,404)
                                                         255,467         (43,798)
                                                                               -
     Tax
Distribution tofor to Unit Holders                       255,467               -
                 Unit
     Distribution Holders
     Payment for other fees expenses                 (15,740,007) (7,128,508)
                                                 (15,740,007)
                                                        (387,404)     (7,128,508)
                                                                         (43,798)
     Payment other fees expenses                        (387,404)        (43,798)
     Net used in to Unit Holders
                   operating and and
Net cashcash used in operating investing
     Distribution to Unit Holders investing          (15,740,007)     (7,128,508)
     Distribution                                    (15,740,007)     (7,128,508)
   activities used in operating and investing
     Netactivities in operating and investing
          cash used                              (11,278,368) (40,615,993)
                                                     (11,278,368) (40,615,993)
     Net cash
        activities
        activities                                   (11,278,368) (40,615,993)
                                                     (11,278,368) (40,615,993)
CASH FLOWS FROM FINANCING
     CASH FLOWS FROM FINANCING
   ACTIVITIES FROM FINANCING
        ACTIVITIES
     CASH FLOWS
CashCASH FLOWS FROM created     FINANCING
      received from units created
     Cash received from units
        ACTIVITIES                                    21,278,455 8,046,119
                                                  21,278,455           8,046,119
        ACTIVITIES
      paid received cancelled created
            on units from units
CashCash paid on units cancelled                 (16,342,970) (11,311,423)
     Cash received from units created                (16,342,970) (11,311,423)
                                                      21,278,455       8,046,119
     Cash                                             21,278,455       8,046,119
     Cashgenerated from/(used in) in) financing
Net cashcash generatedcancelled financing
                          from/(used
     Net paid on units cancelled                     (16,342,970) (11,311,423)
     Cash paid on units                              (16,342,970) (11,311,423)
   activities generated from/(used in) financing
     Netactivities                                     4,935,485 (3,265,304)
                                                   4,935,485          (3,265,304)
     Net cash generated from/(used in) financing
          cash
        activities
        activities                                     4,935,485
                                                       4,935,485      (3,265,304)
                                                                      (3,265,304)
      DECREASE IN IN CASH AND CASH
NETNET DECREASECASH AND CASH
   EQUIVALENTS IN CASH AND CASH
        EQUIVALENTS
     NET DECREASE                                 (6,342,883) (43,881,297)
                                                      (6,342,883) (43,881,297)
     NET DECREASE IN CASH AND CASH
CASH AND CASH EQUIVALENTS AT AT
     CASH AND CASH EQUIVALENTS
        EQUIVALENTS                                   (6,342,883) (43,881,297)
                                                      (6,342,883) (43,881,297)
        EQUIVALENTS
   THE BEGINNING OF THE YEAR AT                   12,256,311
        THE BEGINNING OF THE YEAR
     CASH AND CASH EQUIVALENTS AT                     12,256,311 56,137,608
                                                                      56,137,608
     CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTSYEAR
     CASH AND CASH EQUIVALENTS AT
        THE BEGINNING OF THE YEAR         AT          12,256,311      56,137,608
        THE BEGINNING OF THE                          12,256,311      56,137,608
        THE END THE EQUIVALENTS AT
   THE END OFCASHYEAR OF THE YEAR
     CASH AND CASH EQUIVALENTS AT                      5,913,428 12,256,311
                                                   5,913,428          12,256,311
     CASH AND
        THE END OF THE YEAR
        THE END OF THE YEAR                            5,913,428
                                                       5,913,428      12,256,311
                                                                      12,256,311
      and and equivalents comprise :
CashCash cashcash equivalents comprise :
      at banks
CashCash and cash equivalents comprise :
     Cash at banks                                     1,363,925 6,062,305
                                                   1,363,925           6,062,305
     Cash and cash equivalents comprise
Deposits withwith financial institutions :
                financial
     Depositsbanks institutions
     Cash at banks                                     4,549,503 6,194,006
                                                   4,549,503
                                                       1,363,925       6,194,006
                                                                       6,062,305
     Cash at                                           1,363,925       6,062,305
     Deposits with financial institutions          5,913,428
                                                       5,913,428 12,256,311
                                                       4,549,503      12,256,311
                                                                       6,194,006
     Deposits with financial institutions              4,549,503       6,194,006
                                                       5,913,428
                                                       5,913,428      12,256,311
                                                                      12,256,311
    The accompanying are are an integral of the the financial statements.
The accompanying notesnotesan integral part part offinancial statements.
    The accompanying notes are an integral part of the financial statements.
    The accompanying notes are an integral part of the financial statements.
                                                      OSK-UOB Unit Management Bhd Bhd
                                                   OSK-UOB Unit TrustTrust Management 23 23
                                                        OSK-UOB Unit Trust Management Bhd 23
                                                        OSK-UOB Unit Trust Management Bhd 23
OSK-UOB EQUITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
  OSK-UOB EQUITY TRUST
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
  NOTES TO THE FINANCIAL STATEMENTS
     FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
1.    THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES
     1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES
The Unit Trust Fund (hereinafter referred to as “the Fund”) was constituted pursuant
     The Unit Trust Deed dated 24 referred as amended via was constituted pursuant
to the execution of aFund (hereinafterJuly 1996 to as “the Fund”)its First Supplemental
     to the execution of Deed dated 24 July 1996 as amended dated 1 June 2009
Deed dated 18 Marcha1998 and Supplemental Master Deedvia its First Supplemental
     Deed referred March “Deed”) Supplemental Master Deed dated 1 Trust
(hereinafterdated 18 to as the1998 and between the Manager, OSK-UOB UnitJune 2009
     (hereinafter referred to Trustee, HSBC (Malaysia) Trustee OSK-UOB Unit
Management Bhd and the as the “Deed”) between the Manager, Bhd and theUnit Trust
Holders of the Fund. and the Trustee, HSBC (Malaysia) Trustee Bhd and the Unit
     Management Bhd
     Holders of the Fund.
The principal activity of the Fund is to invest in Authorised Investments as set out in
     The which activity securities is to invest in Authorised Investments as and
the Deedprincipal includes of the Fundof companies quoted on Bursa Malaysiaset out in
       term money market instruments. The Fund was launched on 8 Bursa 1996 and
shortthe Deed which includes securities of companies quoted on August Malaysia and
     continue its operations until terminated by the Trustee as provided August 1996
will short term money market instruments. The Fund was launched on 8 under Clause and
     will Deed.
33 of thecontinue its operations until terminated by the Trustee as provided under Clause
     33 of the Deed.
The Manager is a 70% owned subsidiary of OSK Investment Bank Bhd. It is
     The Manager in the sale of trust units and of OSK Investment Bank Bhd.
principally engagedis a 70% owned subsidiarymanagement of unit trust funds. TheIt is
     principally engaged in of sale of trust is OSK management company listed
ultimate holding company thethe Manager units andHoldings Bhd,ofa unit trust funds. The
     ultimate Market of Bursa of the Manager OSK Holdings Bhd, a company listed
on the Main holding company Malaysia. All ofisthe abovementioned companies are
incorporated in Malaysia. of Bursa Malaysia. All of the abovementioned companies are
     on the Main Market
    incorporated in Malaysia.
The financial statements were authorised for issue by the Board of Directors of the
    The in accordance with resolution of the directors on 8 Board of Directors
Managerfinancial statements awere authorised for issue by theFebruary 2011. of the
     Manager in accordance with a resolution of the directors on 8 February 2011.
2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation
     2.1 Basis of Preparation
      The financial statements of the Fund have been prepared in accordance with
          Financial Reporting Standards Fund have been Securities Commission’s
      FRSThe financial statements of the (“FRSs”) and the prepared in accordance with
         FRS Financial Trust Funds in Malaysia.
      Guidelines on Unit Reporting Standards (“FRSs”) and the Securities Commission’s
         Guidelines on Unit Trust Funds in Malaysia.
     The financial statements have been prepared on the historical cost basis except
         The financial statements have been below on are presented in Ringgit
     as disclosed in the accounting policiesprepared andthe historical cost basis except
     Malaysia (“RM”).in the accounting policies below and are presented in Ringgit
         as disclosed
          Malaysia (“RM”).




                                                   OSK-UOB Unit Trust Management Bhd 24
                                                       OSK-UOB Unit Trust Management Bhd 24
2.2 Changes in Accounting Policies
    2.2 Changes in Accounting Policies
    The accounting policies adopted are consistent with those of the previous
         The accounting for the adoption of consistent with FRSs and Issues
    financial year, exceptpolicies adopted are new and revised those of the previous
         financial year, Interpretations which are effective the FRSs year
    Committee (“IC”) except for the adoption of new and revised Fund’sand Issues
         Committee (“IC”) Interpretations which discussed below, Fund’s
    beginning on or after 1 January 2010. Except as are effective the these new year
         revised FRSs and IC January 2010. Except as rise to below, these
    and beginning on or after 1Interpretations do not givediscussedany significant new
         and the financial and IC Interpretations
    effects onrevised FRSs statements of the Fund. do not give rise to any significant
       effects on the financial statements of the Fund.
    FRS 7 Financial Instruments: Disclosures
         FRS 7 Financial Instruments: Disclosures
    Prior to 1 January 2010, information about financial instruments was disclosed
         Prior to 1 with 2010, information about 132 Financial Instruments:
    in accordance Januarythe requirements of FRSfinancial instruments was disclosed
    Disclosure and Presentation. FRS 7 introduces new disclosures to improve the
         in accordance with the requirements of FRS 132 Financial Instruments:
         Disclosure and Presentation. FRS requires new disclosures to improve
    information about financial instruments.7Itintroducesthe disclosure of qualitative the
          quantitative information about exposure to risks arising from financial
    and information about financial instruments. It requires the disclosure of qualitative
         and quantitative information minimum disclosures arising from financial
    instruments, including specified about exposure to risksabout credit risk,
         instruments, including specified sensitivity analysis to about credit
    liquidity risk and market risk, includingminimum disclosures market risk, as risk,
    shown in Note 18.and market risk, including sensitivity analysis to market risk, as
         liquidity risk
         shown in Note 18.
    In accordance with the transitional provision of FRS 7, the Fund has applied
         In accordance with the of FRS 7 provision of and hence, comparative
    the disclosure requirements transitional prospectively FRS 7, the Fund has applied
         the disclosure been provided.
    disclosures have notrequirements of FRS 7 prospectively and hence, comparative
       disclosures have not been provided.
    FRS 8 Operating Segments
         FRS 8 Operating Segments
    FRS 8, which replaces FRS 114 Segment Reporting, requires disclosure of
         FRS 8, which replaces operating segments, based on requires disclosure
    information about the Fund's FRS 114 Segment Reporting, information about of
         information about entity that is available to the based on information about
    the components of the the Fund's operating segments,chief operating decision
         the components of of entity that is available to segments and assessing
    maker for the purposes theallocating resources to the the chief operating decision
           performance, and replaces the requirement to the Fund to and assessing
    theirmaker for the purposes of allocating resourcesof the segments determine
    primary (business) and secondary (geographical) reporting segments. to determine
         their performance, and replaces the requirement of the Fund
         primary (business) and secondary (geographical) reporting segments.
    For management purposes, the Fund is managed by geographical segment.
         For of the standard has resulted is changes by geographical segment.
    Adoptionmanagement purposes, the Fund in managed in the way segment
    information is being presented. The Fund has adopted FRS 8 retrospectively.
         Adoption of the standard has resulted in changes in the way segment
         information is being presented. the related comparative information, are
    These revised disclosures, includingThe Fund has adopted FRS 8 retrospectively.
    shown in Note 16. disclosures, including the related comparative information, are
         These revised
        shown in Note 16.




                                                   OSK-UOB Unit Trust Management Bhd 25
                                                          OSK-UOB Unit Trust Management Bhd 25
 FRS 101 Presentation of Financial Statements (Revised)
 FRS 101 Presentation of Financial Statements (Revised)
                            of Financial Statements
 FRS 101 Presentation of Financial Statements (Revised)
 FRS 101 Presentationof Financial Statements (Revised)
FRS 101 Presentation introduces changes in the(Revised) and disclosures of
 FRS 101 Presentation of Financial Statements (Revised)
 FRS 101 Presentation of Financial Statements presentation
 The revised FRS 101 introduces changes in the(Revised) and disclosures of
 The revised FRS 101
 The revised FRS 101 introduces changes in the presentation and disclosures of
 financial statements. introduces changes in the presentation anddisclosures of
 The revised FRS 101 introduces changes in the presentation and disclosures of
 The revised FRS 101 The revised standard separates owner and
The revised FRS 101 introduces changes in the presentation andand non-owner
 financial FRS The revised
 The revisedequity.101 introduces changes in in presentation and non-owner
 financial statements. The revised standard separates owner and non-owner  disclosures of
                                                     separates owner disclosures of
 changes instatements. The revisedofstandardthe presentation andonlynon-owner
 financial statements. The revised standard separates owner and non-owner
 financial statements. The revised standard separates includes only details of
             statements. statement changes equity owner
financial in equity. TheThe revisedofstandard separates includesand non-owner
 changes statements. statement changes in equity owner only details of
 financial in equity.owners, with all ofstandard separatesinowner and non-owner
                        The
 changes in equity. The statement of changes in equity includes presented as of details
 transactionsequity.owners, with allof changes inequity in equity only detailsofa
 changes with The statement non-owner in equity includes only details of
 changes in with The statement of changes in equity includes only details of
changes in equity. owners, with allofchanges inchanges includes only detailsasof
 transactions           The statement changes changes
                        The statement non-owner changes includes presented as a
 transactions with standard also non-owner changes in equity presented as a
 changes in equity.owners, with allintroduces the equity in equitycomprehensive
 single line. with owners, with allintroduces the statement of comprehensive
 transactions The standard also non-ownerchanges in equity presented as a
 transactions with                       non-owner changes in equity presented as
transactions with owners, with all introduces the statement of presented as aa
 transactions with owners, incomenon-owner the recognised of comprehensive
 single          The standard                                    equity presented
 single line. The items of also non-owner changes in equity comprehensive
 income,line. The standard with allintroduces the statement ofincomprehensivea
 single line. The standard also introduces the statement of comprehensive
            with all items of income and expense statement of profit or loss,
          line. The standard also introduces
single line. The items of income and expense statement of comprehensive
 single with all standard also and expense recognised in profit or loss,
                                  also
 single line. all other items of introduces the statementexpense recognised
 income, with all items of income and expense recognised in profit or loss,
 income, with
 income,                                   and expense recognised in profit or loss,
 together with all items of incomerecognised income and expense recognised
income, with all items of incomerecognised income and expense recognised
                       other items of and expense recognised in profit or loss,
 income, with all items of incomerecognised income and in profit or loss,
 together                                  and expense recognised in profit or loss,
 income, with all other items of recognised incomeinand expense statements.
 directly in equity,other items ofsingle statement, recognisedlinked recognised
 together
 together with all other items of recognised income and expense recognised
                       either items ofsingle statement, or in twoexpense statements.
                               in one recognised income and linked recognised
together in equity, other items ofsingle statement, or in two linked statements.
             with all either in one
 together in equity, other in one recognised income and expense recognised
 directly
 directly in equity, either in one single statement, or in two linked statements.
 together          all
 The Fundwith elected to present this statement as one single linked statements.
 directly inequity, either in one single statement, or two linked statements.
directly in has elected to present single statement, onein two statement.
 The Fund has either in one this statement as or in two statement.
 directly in equity, either in one single statement, or single linked statements.
 The Fund has elected to present this statement as one in two statement.
 directly has elected to present this statement as one single statement.
               equity, either
 TheFund has elected to present this statement or singlestatement.
 The Fund has elected to present this statement as one single statement.
Theaddition, a elected to present this statementisas one singlethe beginning of the
 The Fund has
 In addition, a statement of financial position isas one singlethe beginning of the
 In
       Fund
                  statement of financial position required at
                                                       required at
                                                                     statement.
 In addition, a statement of financial position is required at the beginning of the
 Inaddition, aastatement of financial position is required at the beginning of the
    addition, a statement of financial position is required at the beginning of
 earliest comparative period following a change in accounting policy, the
In addition, a statement of financial positionchange in accounting policy, the
 In                                                 is required at the beginning of
 In addition, statement of financial positionchange in accounting policy, the
 earliest comparative period following is required at the beginning of
 earliest comparative period following a items
 correction of an error period classificationaofchangeinin accountingstatements.the
 earliest comparative period following a change in accounting policy, the
 earliest comparative period following items the financial policy, the
earliest comparative or the classificationaaofchangeinintheaccountingstatements.
 correction of an error period following
                                    following                                 policy,
                                                                financial policy, the
 earliest comparative or the classificationaofchangeinin accountingstatements.
 correction of an error or the classification of items in the financial statements.
 correction of an error or the classification of items in the financial
 correction ofan error or theclassification of items in the financial statements.
correction ofFRSerroror theadopted retrospectively in the financial statements.
                 an 101 or the                     items
 correction of an error was classification of items by the financial statements.
 The revised FRS 101 was adopted retrospectively by the Fund.
 The revised FRS 101 was adopted retrospectively by the Fund.
 The revised                                                     Fund.
 The revised FRS 101 was adopted retrospectively by the Fund.
The revised FRS 101 was adopted retrospectively by the Fund. and FRS 101
 The revised to 101 132 Financial Instruments: Presentation
 The revised FRS 101 was adopted retrospectively by the Fund.
 AmendmentsFRSFRS was adopted retrospectively by the Fund. and FRS 101
 Amendments to FRS 132 Financial Instruments: Presentation and FRS 101
 Amendments to FRS 132 Financial Instruments: Presentation and FRS 101
 Presentation of Financial Financial Instruments: Financial Instruments and
 Presentation of Financial Statements – Puttable Presentation
 Amendments to FRS 132 Financial Instruments: Presentation and FRS 101
Amendments to FRS 132 Financial Instruments: Presentation and FRS 101
 Amendments to FRS
 Amendments to FRS 132 Financial – Puttable Presentation and FRS 101
 Presentation of Financial Statements Puttable Financial Instruments and
 Obligations Arising on132 StatementsInstruments: Financial Instruments and
                  of Financial Statements
 Presentation of Financial Statements – Puttable Financial Instruments and
Presentation Arising on Liquidation –– Puttable Financial Instruments and
 Obligations of Financial Statements
 PresentationArising on Liquidation – Puttable Financial Instruments and
 PresentationArising on Liquidation – Puttable Financial Instruments and
 Obligations of Financial Statements
                             Liquidation
 ObligationsArising on Liquidation
Obligations Arising on132 and FRS 101 became effective for annual periods
 Obligations                 Liquidation
 AmendmentsArising on132 and FRS 101 became effective for annual periods
 Obligations to FRS Liquidation
 Amendments to FRSto FRS
 Amendments or after 132 and FRS 101 became effective for annual periods
 beginning on to FRS 132JanuaryFRS 101The amendment tofor annual requires
 Amendments to FRS 132 and FRS 101 became effective for annual periods
Amendments to FRS 132 and FRS 101The amendment to for annual requires
 beginning on or after and 2010. became effective FRS 132 periods
 Amendments                                      became effective
                            1 January 2010. The amendment to for annual requires  periods
 Amendments to FRS 132 and FRS 101The amendment to if the132 requires FRS
 beginning on or after 1 January 2010. became effective FRS 132 periods
 entities toon or after 11 January 2010.instruments as equity FRS 132 requires
 beginning on or after 1 January 2010. The amendment to FRS 132 requires
              classify puttable financial instruments as equity FRS 132      instruments
beginning on or after 1 January 2010. The amendment to FRS 132 requires
 beginning classify puttable financial
 beginning on or after 1 January 2010. The amendment to if the instruments
 entities to                                                             the
 entities to classify puttable financial instruments as equity The instruments
 have certain particular features and meet specific as equity ifThe amendments
 entities to classify puttable financial instruments conditions. the instruments
 entities to classify puttable financial instruments as equity if the instruments
entities to classify puttable financialmeet specific conditions.ififThe amendments
                            features and instruments as equity the instruments
 have certain particular features and instruments as equity the instruments
 have certain particulardisclosure ofmeet specific conditions.ifThe amendments
 entities to classify puttable financial certain information relating amendments
 to FRS 101particular disclosure ofmeet specific conditions. The amendments
 have certain require features and
 havecertain particular features andmeet specific conditions.
haveFRS 101particular features andofmeetspecific conditions. The amendments
 to certain require
 to FRS 101 require disclosure certain information relating to puttable
                                                                             to puttable
 have certain particular disclosure of certain information relating to puttable
 instruments classified asfeatures and meet specific conditions. The amendments
     FRS 101 require disclosure of certain information relating to puttable
 to FRS 101 require disclosure of certain information relating to puttable
                              equity.
to FRS 101 require as equity. of certain information relating to puttable
 to FRS 101 require as equity.
 instruments classified disclosure certain information relating to puttable
 to
 instruments classified as equity.
 instrumentsclassified as equity.
 instruments classified as equity.
 The Unit Holders’ as equity. the features and meets the conditions for
instruments Holders’ equity has the features and meets the conditions for
 instruments classified
                classified
 The Unit                  equity has
 The Unit Holders’ equity has the features and meets the conditions the
 The Unit Holders’ equity has the features and meets the conditions for
        Unit Holders’ equity has the features and meets the conditions for
 The Unit Holders’ equity has the Consequently, upon adoption of the
 classification as equity instruments.features and meets theadoption of for
The Unit Holders’ equity has the features and meets the conditions the
 classification as equity instruments. Consequently, upon adoption of for
 The               as equity                                              conditions for
 classification to FRS 132 instruments. Consequently, upon equity amounting
 Amendments as equity on 1 January 2010, Unit Holders’ adoption of the
 Amendments to FRS 132 instruments. Consequently, upon equity amounting
 classification as equity instruments. Consequently, upon adoption of the
 classification to equity instruments. Consequently, upon equity amounting
classification as FRS 132instruments. Consequently, upon adoption of the
 classification as equity JanuaryJanuary 2010, Unit Holders’ reclassifiedoffrom
                                 on 1
 Amendments to FRS(1 on 1 January 2010, Unit Holders’ equity amounting adoption the
 to RM106,220,618 (1 January 2009: 2010, Unit Holders’ reclassified from
 Amendments to FRS 132 on 1 January RM81,741,074) is equity amounting
Amendments to FRS 132January 2009:2010, Unit Holders’ equity amounting
 to RM106,220,618 132on 11January 2010, Unit Holders’ reclassified from
 Amendments to FRS 132 on 1 January RM81,741,074) is equity amounting
 to RM106,220,618 (1 January 2009: 2010, Unit the Fund are recognised as
                                                                   is
 Amendments                      on                         Holders’
 financial liabilities to(1 JanuaryJanuary RM81,741,074)Fundreclassified from
 to RM106,220,618to (1 January 2009: RM81,741,074) is are recognised as
 to RM106,220,618 equity. Distributions made by the Fund reclassified from
 financial liabilities to (1 DistributionsRM81,741,074) is reclassified from
to RM106,220,618 (1 January 2009: RM81,741,074) is are recognised as
 financial liabilities to equity.period2009: RM81,741,074) is are recognised as
 to RM106,220,618 equity. Distributions made by the
                                        2009: made by declared.reclassified from
 distributions in equity equity.Distributions made by the Fund are recognised as
 distributions in equity in the Distributions made are declared.
financial liabilities to equity. period in which theyby the Fund are recognised as
 financial liabilities to equity. Distributions made by the Fund
 financial liabilities to equity.period in which theyby the Fund are recognised as
 financial liabilities in the Distributions made are declared.
 distributions in equity in the period in which they are declared.
 distributions in equity in the period in which they are
distributions in equity in the period in which they are declared.
 distributions in equity in the period in which they are declared.
 FRS 139 Financial Instruments: Recognitionthey are declared.
 distributions in equity in the           in which
 FRS 139 Financial Instruments: Recognition and Measurement
 FRS 139 Financial Instruments: Recognition and Measurement
       139 Financial Instruments: Recognition and Measurement
                                       Recognition and Measurement
 FRS139 Financial Instruments: Recognition and Measurement
FRS 139 Financial Instruments: for recognising and measuring financial assets,
 FRS                                   Recognition and Measurement
                                                     and Measurement
 FRS 139 Financial Instruments: for recognising and measuring financial assets,
 FRS 139 establishes principles for recognising and measuring financial assets,
              establishes principles
              establishes principles
 FRS 139liabilities andprinciples for recognising and measuring financial assets,
 financial liabilities and some contracts to buy and sell non-financial items. The
        139 establishes principles for recognising and measuring financial assets,
 FRS 139 establishes principles for recognising and sell non-financial items. The
FRS 139 liabilities and some contracts to buy and sell non-financial items. The
 FRS
 financial establishes some contracts to buy and measuring financial assets,
 financial establishes 139 contracts to on and sell non-financial items. The
 FRS has adopted                                         and measuring financial assets,
 Fund 139 liabilities andprinciples for recognisingJanuary 2010 in accordance The
financial liabilities FRS someprospectively buy1and sell non-financial items. with
 Fund has adopted and some contracts to buy January non-financial items. The
 financial liabilities FRS 139 prospectively on 1 and sell 2010 in accordance with
 financial adopted and some contracts arising from the adoption of this standard
 Fund has adopted FRS 139The effects to on 1 January 2010 in accordance with
                        and some contracts to buy
 financial liabilities FRS 139 prospectively on 1 and sell 2010 in accordance with
                                                  buy           non-financial items. The
 the transitional provisions. prospectively on 1 January adoptionaccordance with
Fundtransitional provisions. The effects arising1from the 2010 in accordance with
 Fundhas adopted FRS 139 prospectively on January 2010 in of this standard
 Fund has adopted FRS 139The effects arising1from the adoptionaccordance with
 the transitional provisions. prospectively on January 2010 in of this standard
 Fund has accounted for 139adjusting the opening balance of retained earnings as
        has adopted FRS by prospectively                January
 the transitional provisions. The effects arising from the adoption of this standard
 the been accounted for by adjusting arising from the adoption of earnings as
 has transitional provisions. The effectsarising from the adoption of this standard
the transitional provisions. The effectsthe opening balance of retainedthisstandard
 the transitional provisions. The effects opening balance of retained earnings as
 has been accounted for by adjusting the
 the been 2010.                                             the adoption
 at 1been accounted Comparatives arethearising fromThe details ofof this standard
 has January
has 1 been accountedfor by adjusting theopening balancedetails of theearnings as
 at January 2010. for by adjusting notopening balance of retained earnings as
 has been accountedComparatives arethe opening balanceof retained earnings in
                         for by adjusting not restated. The of retained changes in
 has1 been accountedComparatives arethe opening balance of retained earnings as
 has January 2010. and by adjusting arising from the adoption of the changesare
 at 1 January 2010. Comparatives are not restated. The details of the changes as
                         for the effects         restated. The details ofthe changes in
 accounting policies Comparatives arenot restated. The details ofthe changes in
 at January2010. and the effects not restated. The details FRS 139 in
at 11JanuarypoliciesComparatives are arising from the adoptionofofthe changes are
 at 1 Januarypolicies and the effects not restated. the adoption of FRS 139 in
 accounting 2010.
 at
 accounting policies and the effects arising from The details of FRS 139 are
                 2010.
 discussed below: Comparatives arearising from the adoption of the changesare
accounting below: and the effects arising from the adoption of FRS 139 are
 accounting policies and the effects arising from the adoption of FRS 139 are
 discussed policies
 accountingbelow: and the effects arising from the adoption of FRS 139 are
                                             not restated.                                in
 accounting policies
 discussed below:                                                             FRS 139
 discussed below:
discussed below:
 discussed below:
 discussed
                                                   OSK-UOB Unit Trust Management Bhd 26
                                                    OSK-UOB Unit Trust Management Bhd 26
                                                    OSK-UOB Unit Trust Management Bhd 26
                                                    OSK-UOB Unit Trust Management Bhd 26
                                                   OSK-UOB Unit Trust Management Bhd 26
                                                    OSK-UOB Unit Trust Management Bhd 26
                                                    OSK-UOB Unit Trust Management Bhd 26
      Quoted investments
       Quoted investments
       Quoted investments
     Prior to 1 January 2010, the Fund’s investments in quoted investments are valued
       Prior to 1 January 2010, the Fund’s investments in quoted investments are valued
     at the to 1 done market price Fund’s investments in quoted investments are at the
       Prior last January 2010, the quoted on the respective stock exchanges as valued
       at the last done market price quoted on the respective stock exchanges as at the
     reporting date. The fair value adjustmentsthe respective stock were recognised the
       at the last done market price quoted on on the investments exchanges as at in
       reporting date. The fair value adjustments on the investments were recognised in
     profit or loss. The fair value adjustments on the investments were recognised in
       reporting date.
       profit or loss.
       profit or loss.
     Upon the adoption of FRS 139, these investments are classified on 1 January
       Upon the adoption of FRS 139, these investments are classified on 1 January
     2010 asthe adoption of FRS 139,FVTPLinvestments are classifiedrespective fair
       Upon financial instruments at these and are stated at their on 1 January
       2010 as financial instruments at FVTPL and are stated at their respective fair
     values.asThe determination of at FVTPL and are stated at their respective fair
       2010 financial instruments fair values of the various types of financial
       values. The determination of fair values of the various types of financial
     instruments is as described in Note 17.values of the various types of carrying
       values. The determination of fair The adjustments to their previous financial
       instruments is as described in Note 17. The adjustments to their previous carrying
     amounts areisrecognised asin adjustments to the opening their previousretained
       instruments as described Note 17. The adjustments to balance of carrying
       amounts are recognised as adjustments to the opening balance of retained
     earnings asare 1recognised as amounting to RM330,902. balance of retained
       amounts at January 2010 adjustments to the opening
       earnings as at 1 January 2010 amounting to RM330,902.
       earnings as at 1 January 2010 amounting to RM330,902.
      The following are effects arising from the above changes in accounting policies:
       The following are effects arising from the above changes in accounting policies:
       The following are effects arising from the above changes in accounting policies:
                                                                   Decrease
                                                                    Decrease As at
                                                                  As at
                                                                    Decrease
                                                                   As at
                                                          31 December 1 January
                                                                   As at           As at
                                                                                   As at
                                                           31 December 1 January
                                                                   2010 1 January
                                                           31 December             2010
                                                                    2010
                                                                    RM
                                                                    2010            2010
                                                                                    RM
                                                                                    2010
      Statement of financial position                                RM
                                                                     RM              RM
                                                                                     RM
       Statement of financial position
      Investments of financial position
       Statement                                               (324,716) (330,902)
       Investments
      Retained earnings
       Investments                                              (324,716) (330,902)
                                                                (324,716) (330,902)
                                                              (324,716)         (330,902)
       Retained earnings
       Retained earnings                                       (324,716)
                                                               (324,716)        (330,902)
                                                                                (330,902)
                                                                              Decrease
                                                                               Decrease
                                                                                    RM
                                                                               Decrease
      Statement of comprehensive income                                              RM
                                                                                     RM
       Statement of comprehensive income
      Net gain from investments income
       Statement of comprehensive                                              (324,716)
       Net gain from investments
      Net income before tax
       Net gain from investments                                                (324,716)
                                                                               (654,227)
                                                                                (324,716)
       Net income before tax
      Net income after taxtax
       Net income before                                                        (654,227)
                                                                               (654,227)
                                                                                (654,227)
       Net income after tax
       Net income after tax                                                     (654,227)
                                                                                (654,227)
2.3 Standards Issued But Not Yet Effective
 2.3 Standards Issued But Not Yet Effective
       Standards Issued But Not Yet Effective
 2.3 The Fund has not adopted the following standards and interpretations that have
       The Fund has not adopted the following standards and interpretations that have
      been issuedhas not adopted the following standards and interpretations that have
       The Fund but yet effective:
       been issued but not yet effective:
       been issued but not yet effective:                         Effective for annual
                                                                   Effective for annual
                                                                  periods beginning on
                                                                   Effective for annual
   Description                                                     periods
                                                                   periods beginning on
                                                                  or after beginning on
    Description Adoption of Financial Reporting Standards 1or after
   FRS 1: First-time
    Description                                                     July 2010
                                                                   or after
    FRS 1: First-time Adoption of Financial Reporting Standards 1 July 2010
     (Revised)
    FRS 1: First-time Adoption of Financial Reporting Standards 1 July 2010
   FRS(Revised) Combinations (revised)
        3: Business
       (Revised)                                                  1 July 2010
    FRS 3: Business Combinations (revised)
   FRS 124: Related Combinations (revised)
    FRS 3: Business Party Disclosures                              1 July 2010
                                                                  11January 2012
                                                                     July 2010
         124: Related Party Disclosures                            1 January 2012
    FRS127: Consolidated and Separate Financial Statements 11July 20102012
   FRS 124: Related Party Disclosures
    FRS                                                              January
    FRS 127: Consolidated and Separate Financial Statements 1 July 2010
    FRS 127: Consolidated and Separate Financial Statements 1 July 2010
                                                    OSK-UOB Unit Trust Management Bhd 27
                                                     OSK-UOB Unit Trust Management Bhd 27
                                                     OSK-UOB Unit Trust Management Bhd 27
                                                                   Effective for annual
                                                                   periods beginning on
 Description                                                          Effective
                                                                   or after for annual
                                                                      periods beginning on
 Amendments to FRS 1: Limited Exemption from                       1 January 2011
    Description                                                       or after
    Comparative FRS 7 Disclosures for First-time Adopters
                   to FRS 1: Limited Exemption for                    1 January 2011
    AmendmentsFRS 1: Additional ExemptionsfromFirst-time 1 January 2011
 Amendments to
       Comparative FRS 7 Disclosures for First-time Adopters
    Adopters
    AmendmentsFRS 2: Share-based Payment for First-time1 July 2010 2011
 Amendments to to FRS 1: Additional Exemptions                        1 January
       Adopters FRS 2: Group Cash-settled Share-based
 Amendments to                                                     1 January 2011
    Amendments to FRS
    Payment Transactions2: Share-based Payment                        1 July 2010
                   to FRS 2: Group Cash-settled Share-based 1 July 2010 2011
    AmendmentsFRS 5: Non-current Assets Held for Sale
 Amendments to                                                        1 January
    andPayment Transactions
         Discontinued Operations
    Amendments to FRS 5: Non-current Assets about                     1 July 2011
 Amendments to FRS 7: Improving Disclosures Held for Sale 1 January 2010
       and Discontinued Operations
    Financial Instruments
    Amendments to FRS 7: Improving Disclosures about                  1 January
    Amendments to FRS 132: Classification of Rights Issues 1 March 20102011
       Financial Instruments
 Amendments to FRS 138: Intangible Assets                          1 July 2010
       Amendments to (2010) – Amendments of Rights FRS 1 March 2010
 Improvements to FRSsFRS 132: Classification to FRS 1, Issues 1 January 2011
    Amendments FRS 138: Intangible Assets
    3, FRS 7, FRSto101, FRS 121, FRS 128, FRS 131, FRS                1 July 2010
    Improvements to FRSs (2010) – Amendments to FRS 1, FRS 1 January 2011
    132, FRS 134, FRS 139 and Amendments to IC
       3, FRS 7, 13
    InterpretationFRS 101, FRS 121, FRS 128, FRS 131, FRS
       132, FRS IC Interpretation 9: Reassessment IC
 Amendments to 134, FRS 139 and Amendments toof                    1 July 2010
       Interpretation 13
    Embedded Derivatives
    Amendments to IC Interpretation Prepayments of
 Amendments to IC Interpretation 14:9: Reassessment aof               1 July 2010
                                                                   1 July 2011
       Embedded Derivatives
    minimum Funding Requirement
    Amendments 4: Determining whether an Arrangement                  1 July 2011
 IC Interpretation to IC Interpretation 14: Prepayments of a 1 January 2011
       minimum Funding Requirement
    Contains a Lease
    IC Interpretation Service Concession Arrangements                 1 January
 IC Interpretation 12:4: Determining whether an Arrangement 1 July 2010 2011
                    Lease
       Contains a 15: Agreements for the Construction of
 IC Interpretation                                                 1 January 2012
    IC Interpretation 12: Service Concession Arrangements
    Real Estate                                                       1 July 2010
                                                                      1 January
    IC Interpretation 15: Agreements for the Construction of 1 July 2010 2012
 IC Interpretation 16: Hedges of a Net Investment in a
       Real Estate
    Foreign Operation
    IC Interpretation 16: Hedges of of Net Investment into
 IC Interpretation 17: Distributions a Non-cash Assets a              1 July 2010
                                                                   1 July 2010
       Foreign Operation
    Owners
 IC Interpretation 18:17: Distributions of from Customers to 1 January 2010
    IC Interpretation Transfer of Assets Non-cash Assets              1 July 2011
       Owners 19: Extinguishing Financial Liabilities with 1 July 2011
 IC Interpretation
    IC Interpretation 18:
    Equity Instruments Transfer of Assets from Customers              1 January 2011
                       19: Extinguishing Financial Liabilities with1 January 2011
    IC InterpretationDisclosure of Transition to IFRSs
 TR 3: Guidance on                                                    1 July 2011
 TRi-4 Equity Instruments Sale Contracts
        : Shariah Compliant                                        1 January 2011
    TR 3: Guidance on Disclosure of Transition to IFRSs               1 January 2011
                                                                      1 January 2011
    TRi-4 : Shariah Compliant Sale Contracts to FRSs and IC Interpretations upon
The adoption of the above FRSs, Amendments
their effective dates are not expected to have any significant impact to the financial
    The adoption of the
statements of the Fund. above FRSs, Amendments to FRSs and IC Interpretations upon
    their effective dates are not expected to have any significant impact to the financial
    statements of the Fund.

                                                    OSK-UOB Unit Trust Management Bhd 28

                                                       OSK-UOB Unit Trust Management Bhd 28
2.4 Summary of Significant Accounting Policies
   2.4 Summary of Significant Accounting Policies
(a) Financial Assets
   (a) Financial Assets
    Financial assets are recognised in the statement of financial position when, and
          when, assets are recognised party statement of financial position of the
    onlyFinancialthe Fund becomes a in the to the contractual provisions when, and
    financial instrument. Fund becomes a party to the contractual provisions of the
        only when, the
        financial instrument.
    When financial assets are recognised initially, they are measured at fair value,
           in financial of financial assets initially, they are measured at fair value,
    plus,Whenthe case assets are recognised not at FVTPL, directly attributable
    transactionincosts. case of financial assets not at FVTPL, directly attributable
        plus, the
        transaction costs.
    The Fund determines the classification of its financial assets at initial
        The Fund the categories classification of its FVTPL assets at initial
    recognition, and determines theinclude financial assets atfinancial and loans and
    receivables. and the categories include financial assets at FVTPL and loans and
        recognition,
        receivables.
    (i) Financial assets at FVTPL
         (i) Financial assets at FVTPL
    Financial assets are classified as financial assets at FVTPL if they are held for
         Financial designated as such as financial assets at FVTPL if they are held
    trading or are assets are classified upon initial recognition. Financial assets held for
         trading or are quoted investments acquired recognition. Financial assets
    for trading includedesignated as such upon initial principally for the purpose ofheld
    selling in the near term and deposits with financial institutions. for the purpose of
         for trading include quoted investments acquired principally
        selling in the near term and deposits with financial institutions.
    Subsequent to initial recognition, financial assets at FVTPL are measured at fair
        Subsequent in the fair value of financial assets at FVTPL are recorded in
    value. Changes to initial recognition,those financial instruments are measured at fair
          gain Changes the fair value at FVTPL’. Interest earned are recorded
    ‘Netvalue. or loss oninfinancial assets of those financial instrumentsand dividend in
        ‘Net gain or of such instruments at recorded separately in ‘Interest
    revenue elementsloss on financial assets areFVTPL’. Interest earned and dividend
        revenue ‘Gross of such instruments are recorded separately in ‘Interest
    income’ and elementsdividend income’, respectively. Exchange differences on
        income’ and FVTPL are not income’, separately in profit or differences
    financial assets at ‘Gross dividend recognisedrespectively. Exchangeloss but are on
        financial assets at FVTPL are on recognised separately in profit or loss at
    included in net gains or net losses not changes in fair value of financial assetsbut are
    FVTPL. in net gains or net losses on changes in fair value of financial assets at
        included
         FVTPL.
    (ii) Loans and receivables
        (ii) Loans and receivables
    Financial assets with fixed or determinable payments that are not quoted in an
        Financial are classified as loans and receivables. The Fund not quoted in
    active market assets with fixed or determinable payments that areincludes short an
          receivables this classification.
    termactive marketinare classified as loans and receivables. The Fund includes short
        term receivables in this classification.
    Subsequent to initial recognition, loans and receivables are measured at
        Subsequent to initial effective interest and receivables are measured
    amortised cost using the recognition, loans method. Gains and losses are at
        amortised cost using when the loans and receivables Gains and losses
    recognised in profit or loss the effective interest method. are derecognised or are
        recognised in profit or loss when process.
    impaired, and through the amortisationthe loans and receivables are derecognised or
       impaired, and through the amortisation process.

                                                    OSK-UOB Unit Trust Management Bhd 29
                                                        OSK-UOB Unit Trust Management Bhd 29
(b) Impairment of financial assets carried at amortised cost
    (b) Impairment of financial assets carried at amortised cost
     The Fund assesses at each reporting date whether there is any objective
         The that trade and each reporting date whether there is carried at
     evidence Funditsassesses atother receivables and other financial assetsany objective
         evidence that impaired.
     amortised cost, is its trade and other receivables and other financial assets carried at
         amortised cost, is impaired.
     To determine whether there is objective evidence that an impairment loss on
         To assets whether incurred, the Fund considers an impairment the
     financialdeterminehas been there is objective evidence thatfactors such as loss on
         financial insolvency or significant the Fund considers the debtor as
     probability ofassets has been incurred, financial difficulties offactors such and the
     default or significant delay in payments. financial difficulties of the debtor and
         probability of insolvency or significant
         default or significant delay in payments.
     If any such evidence exists, the amount of impairment loss is measured as the
         If any between the exists, carrying of impairment present value of
     difference such evidence asset’s the amountamount and theloss is measured as the
         difference cash flows asset’s carrying amount and original effective
     estimated futurebetween thediscounted at the financial asset’sthe present value of
         estimated future cash flows discounted at in financial asset’s
     interest rate. The impairment loss is recognisedthe profit or loss. original effective
         interest rate. The impairment loss is recognised in profit or loss.
     The carrying amount of the financial asset is reduced by the impairment loss
         The carrying amount of with the exception of trade receivables, where the
     directly for all financial assetsthe financial asset is reduced by the impairment loss
         directly for all reduced through the use of an allowance account. When a
     carrying amount isfinancial assets with the exception of trade receivables, where the
         carrying amount is reduced through it written allowance account. When
     trade receivable becomes uncollectible, theisuse of anoff against the allowance a
     account. receivable becomes uncollectible, it is written off against the allowance
         trade
          account.
     If in a subsequent period, the amount of the impairment loss decreases and the
          If in subsequent period, the amount event impairment loss decreases and
     decrease acan be related objectively to an of the occurring after the impairment the
           recognised, be previously recognised impairment loss reversed to the
     wasdecrease can the related objectively to an event occurringisafter the impairment
          was recognised, the previously asset does impairment loss is reversed at
     extent that the carrying amount of therecognised not exceed its amortised cost to the
          extent that the carrying amount of the asset does not profit its amortised cost at
     the reversal date. The amount of reversal is recognised inexceedor loss.
       the reversal date. The amount of reversal is recognised in profit or loss.
(c) Classification of Realised and Unrealised Gains and Losses
    (c) Classification of Realised and Unrealised Gains and Losses
     Unrealised gains and losses comprise changes in the fair value of financial
          Unrealised the period and from reversal of prior period’s value of financial
     instruments for gains and losses comprise changes in the fairunrealised gains
          losses for for the instruments which were of prior period’s unrealised gains
     and instrumentsfinancial period and from reversalrealised (i.e. sold, redeemed or
          and during the reporting period.
     matured)losses for financial instruments which were realised (i.e. sold, redeemed or
         matured) during the reporting period.
     Realised gains and losses on disposals of financial instruments classified as part
         Realised gains and losses on using the financial average method. They
     of ‘at FVTPL’ are calculated disposals of weighted instruments classified as part
         of ‘at FVTPL’ are calculated using the carrying average method. They
     represent the difference between an instrument’s weighted amount and disposal
     amount.
         represent the difference between an instrument’s carrying amount and disposal
         amount.




                                                     OSK-UOB Unit Trust Management Bhd 30
                                                         OSK-UOB Unit Trust Management Bhd 30
(d) Financial Liabilities
   (d) Financial Liabilities
    Financial liabilities are classified according to the substance of the contractual
        Financial entered into classified according the substance of
    arrangements liabilities areand the definitions of atofinancial liability. the contractual
         arrangements entered into and the definitions of a financial liability.
     Financial liabilities, within the scope of FRS 139, are recognised in the
     statement of financial position when, and only when, the Fund becomes a party the
         Financial liabilities, within the scope of FRS 139, are recognised in
         statement of financial position financial only when, the Fund becomes are
     to the contractual provisions of thewhen, and instrument. Financial liabilities a party
     classified as other financial liabilities. financial instrument. Financial liabilities are
         to the contractual provisions of the
         classified as other financial liabilities.
     The Fund’s financial liabilities which include trade and other payables are
         The Fund’s financial liabilities which include transaction costs and are
     recognised at fair value plus directly attributable trade and other payables are
         recognised at fair value plus cost using the effective interest costs
     subsequently measured at amortiseddirectly attributable transactionmethod.and are
         subsequently measured at amortised cost using the effective interest method.
     A financial liability is derecognised when the obligation under the liability is
         A financial liability is derecognised when the obligation loss when the
     extinguished. Gains and losses are recognised in profit orunder the liability is
         extinguished. Gains and through the amortisation profit
     liabilities are derecognised, andlosses are recognised inprocess. or loss when the
       liabilities are derecognised, and through the amortisation process.
(e) Foreign Currency
   (e) Foreign Currency
    (i) Functional and presentation currency
        (i) Functional and presentation currency
        The financial statements of the Fund are measured using the currency of the
            The economic environment in Fund the Fund operates the currency of
        primary financial statements of the whichare measured using (“the functional the
            primary The financial statements are the Fund in Ringgit Malaysia
        currency”). economic environment in whichpresented operates (“the functional
        (RM), which is also the Fund’s functional currency.
            currency”). The financial statements are presented in Ringgit Malaysia
             (RM), which is also the Fund’s functional currency.
     (ii) Foreign currency transactions
        (ii) Foreign currency transactions
        Transactions in foreign currencies are measured in the functional currency
             Transactions foreign currencies are measured in in the functional
        of the Fund andin are recorded on initial recognitionthe functional currency
             of the Fund and rates approximating those ruling at in the functional
        currencies at exchangeare recorded on initial recognition the transaction
             currencies at exchange liabilities denominated in ruling at the transaction
        dates. Monetary assets and rates approximating thoseforeign currencies are
             dates. at the rate of exchange ruling at the in foreign currencies
        translated Monetary assets and liabilities denominatedreporting date. Non- are
             translated at the rate of exchange currencies that are measured Non-
        monetary items denominated in foreign ruling at the reporting date. at
             monetary are translated using the exchange rates as that dates of the
        historical cost items denominated in foreign currencies at theare measured at
             historical cost Non-monetary items exchange rates as at the dates of
        initial transactions.are translated using thedenominated in foreign currencies the
             initial at fair value are translated items denominated rates at the date
        measured transactions. Non-monetary using the exchange in foreign currencies
        when the fair value was determined.
             measured at fair value are translated using the exchange rates at the date
             when the fair value was determined.




                                                      OSK-UOB Unit Trust Management Bhd 31
                                                          OSK-UOB Unit Trust Management Bhd 31
    Exchange differences arising on the settlement of monetary items or on
         Exchange differences arising on the settlement of monetary or loss.
    translating monetary items at the reporting date are recognised in profititems or on
         translating monetary items at the reporting of are recognised in profit or
    Exchange differences arising on the translationdatenon-monetary items carriedloss.
         Exchange differences arising on or loss for of period except for carried
    at fair value are included in profitthe translationthe non-monetary items the
         at fair value on included in of non-monetary items period except for
    differences arising arethe translation profit or loss for the in respect of which the
         differences are recognised directly of non-monetary items in respect of which
    gains and lossesarising on the translationin equity. Exchange differences arising
           such non-monetary items are also recognised directly in equity.
    fromgains and losses are recognised directly in equity. Exchange differences arising
         from such non-monetary items are also recognised directly in equity.
    The principal exchange rates used for each respective unit of foreign currency
    at the reporting date are as follows: for each respective unit of foreign currency
         The principal exchange rates used
        at the reporting date are as follows:
                                                                 2010             2009
                                                                  RM2010           RM2009
      Hong Kong Dollar                                         0.3957RM         0.4366RM
          Hong Rupiah (100)
      IndonesianKong Dollar                                    0.0343
                                                                   0.3957       0.0357
                                                                                    0.4366
      Korean Won (100) (100)
          Indonesian Rupiah                                    0.2720
                                                                   0.0343       0.2919
                                                                                    0.0357
      Singapore Dollar (100)
          Korean Won                                           2.3895
                                                                   0.2720       2.4073
                                                                                    0.2919
      Taiwan Dollar Dollar
          Singapore                                            0.1058
                                                                   2.3895       0.1057
                                                                                    2.4073
      United States Dollar
          Taiwan Dollar                                        3.0790
                                                                   0.1058       3.3856
                                                                                    0.1057
         United States Dollar                                      3.0790            3.3856
(f) Unit Holders’ Capital
   (f) Unit Holders’ Capital
    The Unit Holders’ capital of the Fund meets the definition of puttable
         The Unit Holders’ equity instruments meets the definition of puttable
    instruments classified ascapital of the Fund under the revised FRS 132.
    Consequently, the Unit Holders’ capital which was previously classified as132.
         instruments classified as equity instruments under the revised FRS
         Consequently, has been reclassified as which was previously classified
    financial liabilities, the Unit Holders’ capital equity instrument. Comparative as
    figures have been restated. been reclassified as equity instrument. Comparative
         financial liabilities, has
        figures have been restated.
    Distribution equalisation represents the average distributable amount included in
        Distribution cancellation prices of the average distributable amount included
    the creation and equalisation represents units. This amount is either refunded to in
         Holders by way of distribution and/or units. This amount is either refunded
    Unitthe creation and cancellation prices of adjusted accordingly when units are to
    cancelled.Holders by way of distribution and/or adjusted accordingly when units are
        Unit
        cancelled.
(g) Distribution
   (g) Distribution
    Distributions are at the discretion of the Fund. A distribution to the Fund’s Unit
         Distributions are the discretion of the Fund. A distribution except where
    Holders is accountedatfor as a deduction from realised reserves to the Fund’s Unit
    distribution isissourced out of distribution equalisation which is accounted for as
         Holders accounted for as a deduction from realised reserves except where
         distribution is sourced out capital. A proposed distribution accounted for
    a deduction from Unit Holders’of distribution equalisation whichisisrecognised as as
         a deduction from in Holders’ approved.
    a liability in the periodUnitwhich it is capital. A proposed distribution is recognised as
        a liability in the period in which it is approved.




                                                     OSK-UOB Unit Trust Management Bhd 32
                                                             OSK-UOB Unit Trust Management Bhd 32
(h) Cash and Cash Equivalents
   (h) Cash and Cash Equivalents
   (h) Cash and Cash Equivalents
      Cash and cash equivalents comprise cash at bank and deposits with financial
          Cash and cash equivalents comprise cash at bank and deposits with financial
      institutions which have an insignificant riskcashchanges inand deposits with financial
          Cash and cash equivalents comprise of at bank value.
          institutions which have an insignificant risk of changes in value.
          institutions which have an insignificant risk of changes in value.
(i) Income
   (i) Income
   (i) Income
      Income is recognised to the extent that it is probable that the economic benefits
          Income is recognised to the extent that it is probable that the economic benefits
      willIncometo the Fund and the extent that it is probable that the economic benefits
            flow is recognised to the income can be reliably measured. Income is
          will flow to the Fund and the income can be reliably measured. Income is
      measured at the fair value ofand the income can beorreliably measured. Income is
          will flow to the Fund consideration received receivable.
          measured at the fair value of consideration received or receivable.
          measured at the fair value of consideration received or receivable.
      Interest income, which includes the accretion of discount and amortisation of
          Interest income, which includes the accretion of discount and amortisation of
      premium onincome,income securities,the recognisedofusing the effective interest of
          Interest fixed which includes is accretion discount and amortisation
          premium on fixed income securities, is recognised using the effective interest
      method. on fixed income securities, is recognised using the effective interest
          premium
          method.
          method.
(j) Income Tax
   (j) Income Tax
   (j) Income Tax
      Current tax assets and liabilities are measured at the amount expected to be
          Current tax assets and liabilities are measured at the amount expected to be
      recovered from or paid andthe tax authorities. The taxat the and tax laws used to be
          Current tax assets to liabilities are measured rates amount expected
          recovered from or paid to the tax authorities. The tax rates and tax laws used to
      compute the amount are thosethe tax authorities.or substantively enacted by used to
          recovered from or paid to that are enacted The tax rates and tax laws the
          compute the amount are those that are enacted or substantively enacted by the
      reporting date. amount are those that are enacted or substantively enacted by the
          compute the
          reporting date.
          reporting date.
      Current taxes are recognised in profit or loss except to the extent that the tax
          Current taxes are recognised in profit or loss except to the extent that the tax
      relates to items recognised outside profit or loss, either into the comprehensive tax
          Current taxes are recognised in profit or loss except other extent that the
          relates to items recognised outside profit or loss, either in other comprehensive
      income or directly inrecognised outside profit or loss, either in other comprehensive
          relates to items equity.
          income or directly in equity.
          income or directly in equity.
(k) Segment Reporting
    (k) Segment Reporting
    (k) Segment Reporting
      For management purposes, the Fund is managed by geographical segment. Each
          For management purposes, the Fund is managed by geographical segment. Each
      segmentmanagement purposes, business activities and the operating segment. Each
          For engages in separate the Fund is managed by geographical results are
          segment engages in separate business activities and the operating results are
      regularly reviewed byin separate business activitiesthe Investment Committee. are
          segment engages the Investment Manager and and the operating results
          regularly reviewed by the Investment Manager and the Investment Committee.
      Theregularly reviewed byassumes the role Manageroperating Investment Committee.
           Investment Manager the Investment of chief and the decision maker, for
          The Investment Manager assumes the role of chief operating decision maker, for
      performance assessment purposes and role make decisions about resources for
          The Investment Manager assumes the to of chief operating decision maker,
          performance assessment purposes and to make decisions about resources
      allocated to each segment. purposes and to make decisions about resources
          performance assessment
          allocated to each segment.
          allocated to each segment.
(l) Significant Accounting Estimates and Judgements
    (l) Significant Accounting Estimates and Judgements
    (l) Significant Accounting Estimates and Judgements
      The preparation of the Fund’s financial statements requires the Manager to make
          The preparation of the Fund’s financial statements requires the Manager to make
      judgements, estimates the Fund’s financialthat affect requires the Manager to of
          The preparation of and assumptions statements the reported amounts make
          judgements, estimates and assumptions that affect the reported amounts of
      revenues, expenses, assetsand assumptions and the disclosure of contingent of
          judgements, estimates and liabilities, that affect the reported amounts
          revenues, expenses, assets and liabilities, and the disclosure of contingent
      liabilities at the reportingassets However, uncertaintythe disclosureassumptions
          revenues, expenses, date. and liabilities, and about these of contingent
          liabilities at the reporting date. However, uncertainty about these assumptions
      and liabilities at the reporting outcomes that could require aabout these assumptions
           estimates could result in date. However, uncertainty material adjustment
          and estimates could result in outcomes that could require a material adjustment
      to the carrying amount ofresultasset or liability affected in the future.
          and estimates could the in outcomes that could require a material adjustment
          to the carrying amount of the asset or liability affected in the future.
          to the carrying amount of the asset or liability affected in the future.
                                                     OSK-UOB Unit Trust Management Bhd 33
                                                        OSK-UOB Unit Trust Management Bhd 33
                                                        OSK-UOB Unit Trust Management Bhd 33
No major judgements have been made by the Manager in applying the Fund’s
    No major judgements are key assumptions Manager the future the Fund’s
accounting policies. There havenobeen made by theconcerning in applyingand other
     sources of policies. There are no key reporting date, that have a future and other
keyaccounting estimation uncertainty at theassumptions concerning thesignificant risk
of causing a material adjustment to theatcarrying amounts of assets and liabilitiesrisk
    key sources of estimation uncertainty the reporting date, that have a significant
    of next year.
within causing a material adjustment to the carrying amounts of assets and liabilities
    within next year.
3. MANAGER’S FEE
    3. MANAGER’S FEE
The Manager’s fee is computed on a daily basis at 1.50% per annum of the NAV of
    Fund before deducting the Manager’s and basis at fee for that particular day.
the The Manager’s fee is computed on a dailyTrustee’s 1.50% per annum of the NAV of
    the Fund before deducting the Manager’s and Trustee’s fee for that particular day.
4. TRUSTEE’S FEE
    4. TRUSTEE’S FEE
The Trustee’s fee is computed on a daily basis at 0.07% per annum of the NAV of
    Fund, before fee is computed on a daily Trustee’s fee for that particular day.
the The Trustee’sdeducting the Manager’s and basis at 0.07% per annum of the NAV of
    the Fund, before deducting the Manager’s and Trustee’s fee for that particular day.
5. INCOME TAX EXPENSE
    5. INCOME TAX EXPENSE
                                                                 2010                2009
                                                                  RM 2010             RM 2009
Malaysian income tax                                                  RM                  RM
- current year income tax
    Malaysian income tax                                      264,438              97,201
    - current year the prior years
- overprovision inincome tax                                   (3,975)
                                                                 264,438           (3,250)
                                                                                      97,201
    - overprovision in the prior years                        260,463
                                                                   (3,975)         93,951
                                                                                       (3,250)
Foreign income tax                                             33,231
                                                                 260,463           39,182
                                                                                      93,951
    Foreign income tax                                        293,694
                                                                   33,231        133,133
                                                                                      39,182
                                                                 293,694             133,133
Malaysian income tax is calculated at the Malaysian statutory tax rate of 25% of the
    Malaysian income tax is calculated at the Malaysian tax for tax jurisdictions is
estimated assessable income for the financial year. Incomestatutoryotherrate of 25% of the
    estimated assessable income in the financial jurisdictions.
calculated at the rates prevailing forthe respectiveyear. Income tax for other jurisdictions is
    calculated at the rates prevailing in the respective jurisdictions.
The Malaysian tax charge for the financial year is in relation to the taxable income
    The Malaysian tax charge for the tax allowable in relation the taxable income
earned by the Fund after deducting financial year isexpenses. Intoaccordance with
    earned of the Income Tax Act 1967, allowable expenses. by the Fund with
Schedule 6by the Fund after deducting taxinterest income earned In accordance is
exempted from tax. the Income Tax Act 1967, interest income earned by the Fund is
    Schedule 6 of
    exempted from tax.
A reconciliation of income tax expense applicable to net income before tax at the
    A reconciliation rate to income expense applicable to net income before of at
statutory income tax of income tax tax expense at the effective income tax ratetax the the
Fund is as follows: tax rate to income tax expense at the effective income tax rate of the
    statutory income
    Fund is as follows:




                                                      OSK-UOB Unit Trust Management Bhd 34
                                                         OSK-UOB Unit Trust Management Bhd 34
                                                              2010              2009
                                                              2010
                                                               RM
                                                              2010              2009
                                                                                 RM
                                                                                2009
Net income before tax                                          RM
                                                        17,621,343
                                                               RM                RM
                                                                          27,765,577
                                                                                 RM
Net income before tax
Net income before tax                                   17,621,343
                                                        17,621,343        27,765,577
                                                                          27,765,577
Tax at Malaysian statutory tax rate of 25%               4,405,336         6,941,394
Tax at Malaysian statutory tax rate of 25%
Tax at of different statutory taxother of 25%
Effect Malaysian tax rates in rate countries             4,405,336
                                                           (40,050)
                                                         4,405,336         6,941,394
                                                                             (39,124)
                                                                           6,941,394
Effect of different tax rates in other countries
Effect of differenton deposits and other income not
           interest tax rates in other countries           (40,050)
                                                           (40,050)          (39,124)
                                                                             (39,124)
Effect of interest on deposits and other income not
Effect of to tax on deposits and other income not
 subject interest                                       (4,910,248)       (7,495,943)
 subject to tax
Effect of to tax not deductible for tax purposes
 subject losses                                         (4,910,248)
                                                           373,094
                                                        (4,910,248)       (7,495,943)
                                                                             380,139
                                                                          (7,495,943)
Effect of losses notnot deductible for tax purposes
Effect of losses not deductible for tax purposes
           expenses deductible for tax purposes            373,094
                                                            26,107
                                                           373,094           380,139
                                                                              26,637
                                                                             380,139
Effect of expenses not deductible for tax purposes
Effect of expensesdeductible expenses for unit trust
Restriction on tax not deductible for tax purposes          26,107
                                                            26,107            26,637
                                                                              26,637
Restriction on tax deductible expenses for unit trust
 funds
Restriction on tax deductible expenses for unit trust      443,430           323,280
 funds
Over provision of tax in the prior years
 funds                                                     443,430
                                                            (3,975)
                                                           443,430           323,280
                                                                              (3,250)
                                                                             323,280
Overexpense forof tax in the prior years
Over provision of tax in the prior years
Tax provision the year                                      (3,975)
                                                           293,694
                                                            (3,975)           (3,250)
                                                                             133,133
                                                                              (3,250)
Tax expense for the year
Tax expense for the year                                   293,694
                                                           293,694           133,133
                                                                             133,133
6. INVESTMENTS
6. INVESTMENTS
6. INVESTMENTS
                                    31 December 31 December                 1 January
                                    31 December 31 December
                                              2010 31 December
                                    31 December                 2009*       1 January
                                                                                  2009
                                                                            1 January
                                              2010
                                         Financial
                                              2010              2009*
                                                                2009*             2009
                                                                                  2009
                                         Financial
                                          assets at
                                         Financial
                                          assets at
                                           FVTPL
                                          assets at
                                           FVTPL
                                           (Note 7)
                                           FVTPL             (Note 8)
                                           (Note 7)
                                               RM
                                           (Note 7)          (Note 8)
                                                                 RM
                                                             (Note 8)              RM
                                               RM
                                               RM                RM
                                                                 RM                RM
                                                                                   RM
Investments                           110,943,019        99,944,625         47,385,463
Investments
Investments                           110,943,019
                                      110,943,019        99,944,625
                                                         99,944,625         47,385,463
                                                                            47,385,463
* Prior to 1 January 2010, the investments of the Fund, although carried at fair
* value,to 1 January 2010, the classified as “financial assets at FVTPL”. at fair
* Prior to 1 January 2010, the investments of the Fund, although carried at fair
    Prior were not required to be investments of the Fund, although carried
    value, were not required to be classified as “financial assets at FVTPL”.
    value, were not required to be classified as “financial assets at FVTPL”.
7. FINANCIAL ASSETS AT FVTPL
7. FINANCIAL ASSETS AT FVTPL
7. FINANCIAL ASSETS AT FVTPL                                                         2010
                                                                                     2010
                                                                                      RM
                                                                                     2010
Financial assets held for trading:                                                    RM
                                                                                      RM
Financial assets held In Malaysia
Financial assets held for trading:
Quoted investments –for trading:                                         (a) 84,715,630
Quoted investments – In Malaysia
                         Outside Malaysia
Quoted investments – In Malaysia                                         (a) 84,715,630
                                                                         (a) 21,677,886
                                                                         (b) 84,715,630
Depositsinvestments – Outside Malaysia
Quoted with financial institutions
Quoted investments – Outside Malaysia                                    (b) 21,677,886
                                                                         (c) 4,549,503
                                                                         (b) 21,677,886
Deposits with financial institutions
Deposits with financial institutions                                            4,549,503
                                                                         (c) 4,549,503
                                                                         (c) 110,943,019
                                                                              110,943,019
                                                                              110,943,019
Net gain/(loss) on investments at FVTPL comprised:
  Realised gain investments
Net gain/(loss) on investments at FVTPL comprised:
Net gain/(loss) on disposals at FVTPL comprised:                                2,661,510
  Unrealised gain disposals
  Realised gain on disposals
  Realised gain onon changes in fair values                                     2,661,510
                                                                               14,315,212
                                                                                2,661,510
  Unrealised gain on changes in fair values
  Unrealised gain on changes in fair values                                    14,315,212
                                                                               16,976,722
                                                                               14,315,212
                                                                               16,976,722
                                                                               16,976,722
                                                   OSK-UOB Unit Trust Management Bhd 35
                                                   OSK-UOB Unit Trust Management Bhd 35
                                                   OSK-UOB Unit Trust Management Bhd 35
  a) QUOTED INVESTMENTS – IN MALAYSIA
 a) QUOTED INVESTMENTS – IN MALAYSIA
  Quoted investments in Malaysia held for trading as at 31 December 2010 are as
  detailed below:
 Quoted investments in Malaysia held for trading as at 31 December 2010 are as
 detailed below:                                    Acquisition       Fair % of
                                                           Cost
                                          Quantity Acquisition      Value % of
                                                                     Fair NAV
 Name of Counter                         Quantity           RM
                                                          Cost        RM
                                                                    Value NAV
 Main Market
Name of Counter                                            RM        RM
 Construction
Main Market
 Gamuda Bhd
Construction                               360,000 1,085,616 1,371,600 1.22
 IJM Corporation
Gamuda Bhd Bhd                             302,200 1,063,489 1,879,684 1.67
                                          360,000 1,085,616 1,371,600 1.22
 WCT Bhd
IJM Corporation Bhd                       302,200 2,717,887 3,190,000 2.84
                                         1,000,000 1,063,489 1,879,684 1.67
WCT Bhd                                               4,866,992 6,441,284 5.73
                                        1,000,000 2,717,887 3,190,000 2.84
                                                     4,866,992 6,441,284 5.73
 Consumer Products
 Proton Holdings Bhd
Consumer Products                          676,500 2,314,525 3,044,250 2.71
Proton Holdings Bhd                       676,500 2,314,525 3,044,250 2.71
 Finance
 AMMB
Finance Holdings Bhd                       409,300 1,421,644 2,861,007 2.55
 Bursa Malaysia Bhd
AMMB Holdings Bhd                          430,000 3,583,615 3,332,500 2.97
                                          409,300 1,421,644 2,861,007 2.55
 CIMB Group Holdings Bhd
Bursa Malaysia Bhd                         396,600 3,583,615 3,332,500 2.97
                                          430,000 2,096,395 3,367,134 3.00
 Malayan Banking Bhd Bhd
CIMB Group Holdings                        544,623 3,549,255 4,623,849 4.11
                                          396,600 2,096,395 3,367,134 3.00
 Public Bank Bhd Bhd
Malayan Banking                            199,466 2,209,076 2,589,069 2.30
                                          544,623 3,549,255 4,623,849 4.11
 RHB Capital Bhd
Public Bank Bhd                            193,600 973,619 1,674,640 1.49
                                          199,466 2,209,076 2,589,069 2.30
RHB Capital Bhd                           193,600 13,833,604 18,448,199 16.42
                                                       973,619 1,674,640 1.49
                                                   13,833,604 18,448,199 16.42
 Industrial Products
 Lingui Developments
Industrial Products Bhd                  1,199,000 2,101,279 2,362,030 2.10
 Petronas Chemicals Bhd
Lingui DevelopmentsGroup Bhd               211,100 1,097,720 1,163,161 1.04
                                        1,199,000 2,101,279 2,362,030 2.10
Petronas Chemicals Group Bhd                          3,198,999 3,525,191 3.14
                                          211,100 1,097,720 1,163,161 1.04
                                                     3,198,999 3,525,191 3.14
 Infrastucture Project Companies
 Time Dotcom Bhd
Infrastucture Project Companies          2,000,000 1,226,500 1,590,000 1.41
Time Dotcom Bhd                         2,000,000 1,226,500 1,590,000 1.41
 Plantation
 Genting Plantation Bhd
Plantation                                 200,000 1,698,060 1,760,000 1.57
 IOI Corporation Bhd
Genting Plantation Bhd                    200,000 4,693,248 5,815,463 5.17
                                         1,002,666 1,698,060 1,760,000 1.57
 Kuala Lumpur Kepong Bhd
IOI Corporation Bhd                        236,800 3,446,900 5,228,544 4.65
                                        1,002,666 4,693,248 5,815,463 5.17
Kuala Lumpur Kepong Bhd                               9,838,208 5,228,544 4.65
                                          236,800 3,446,900 12,804,007 11.39
                                                     9,838,208 12,804,007 11.39




                                             OSK-UOB Unit Trust Management Bhd 36
                                             OSK-UOB Unit Trust Management Bhd 36
                                                     Acquisition
                                                     Acquisition        Fair
                                                                        Fair    % of
                                                                                % of
                                          Quantity
                                          Quantity          Cost
                                                           Cost        Value
                                                                       Value    NAV
                                                                                NAV
Name of Counter
Name of Counter                                             RM
                                                            RM           RM
                                                                        RM
Properties
Properties
Eastern & Oriental Bhd
Eastern & Oriental Bhd                   1,823,000 2,225,666 2,151,140 1.91
                                         1,823,000 2,225,666 2,151,140 1.91

 TSR & Warrants
TSR & Warrants
 IJM Land Bhd Warrant A
IJM Land Bhd --Warrant A                 1,081,030 1,329,045 1,740,458 1.55
                                         1,081,030 1,329,045 1,740,458 1.55

Trading/Services
Trading/Services
Axiata Group Bhd
Axiata Group Bhd                           500,500
                                           500,500    1,782,375
                                                      1,782,375     2,357,355
                                                                    2,357,355    2.10
                                                                                 2.10
Cypark Resources Bhd
Cypark Resources Bhd                     1,070,100
                                         1,070,100    1,177,110
                                                      1,177,110     1,530,243
                                                                    1,530,243    1.36
                                                                                 1.36
Dialog Group Bhd
Dialog Group Bhd                         1,347,055
                                         1,347,055    1,186,161
                                                      1,186,161     2,411,229
                                                                    2,411,229    2.15
                                                                                 2.15
Faber Group Bhd
Faber Group Bhd                            400,000
                                           400,000    1,221,656
                                                      1,221,656     1,016,000
                                                                    1,016,000    0.90
                                                                                 0.90
Genting Bhd
Genting Bhd                                499,800
                                           499,800    3,581,710
                                                      3,581,710     5,557,776
                                                                    5,557,776    4.95
                                                                                 4.95
Kencana Petroleum Bhd
Kencana Petroleum Bhd                    2,301,326
                                         2,301,326    2,882,467
                                                      2,882,467     5,523,182
                                                                    5,523,182    4.91
                                                                                 4.91
Masterskill Education Group Bhd
Masterskill Education Group Bhd            241,000
                                           241,000      931,427
                                                        931,427       498,870
                                                                      498,870    0.44
                                                                                 0.44
Maxis Bhd
Maxis Bhd                                  291,000
                                           291,000    1,470,055
                                                      1,470,055     1,542,830
                                                                    1,542,830    1.37
                                                                                 1.37
MISC Bhd
MISC Bhd                                   248,320
                                           248,320    1,748,838
                                                      1,748,838     2,068,506
                                                                    2,068,506    1.84
                                                                                 1.84
Pos Malaysia Bhd
Pos Malaysia Bhd                           365,000
                                           365,000      956,245
                                                        956,245     1,222,750
                                                                    1,222,750    1.09
                                                                                 1.09
Salcon Bhd
Salcon Bhd                               1,100,000
                                         1,100,000      836,887
                                                        836,887       759,000
                                                                      759,000    0.68
                                                                                 0.68
Sapura Crest Petroleum Bhd
Sapura Crest Petroleum Bhd                 968,800
                                           968,800    1,926,018
                                                      1,926,018     3,003,280
                                                                    3,003,280    2.67
                                                                                 2.67
Sime Darby Bhd
Sime Darby Bhd                             322,500
                                           322,500    2,830,793
                                                      2,830,793     2,838,000
                                                                    2,838,000    2.53
                                                                                 2.53
Telekom Malaysia Bhd
Telekom Malaysia Bhd                       608,000
                                           608,000    2,094,199
                                                      2,094,199     2,134,080
                                                                    2,134,080    1.90
                                                                                 1.90
Tenaga Nasional Bhd
Tenaga Nasional Bhd                        300,000
                                           300,000    2,352,255
                                                      2,352,255     2,508,000
                                                                    2,508,000    2.23
                                                                                 2.23
                                                     26,978,196
                                                     26,978,196    34,971,101
                                                                   34,971,101   31.12
                                                                                31.12
TOTAL QUOTED INVESTMENTS IN
TOTAL QUOTED INVESTMENTS IN
 MALAYSIA AT FVTPL
 MALAYSIA AT FVTPL                                   65,811,735 84,715,630 75.38
                                                     65,811,735 84,715,630 75.38
EXCESS OF FAIR VALUE OVER
EXCESS OF FAIR VALUE OVER
 ACQUISITION COST
 ACQUISITION COST                                                  18,903,895
                                                                   18,903,895
b) QUOTED INVESTMENTS OUTSIDE MALAYSIA
b) QUOTED INVESTMENTS ––OUTSIDE MALAYSIA
 Quoted investments outside Malaysia held for trading as at 31 December 2010 are as
Quoted investments outside Malaysia held for trading as at 31 December 2010 are as
 detailed below:
detailed below:
                                                     Acquisition
                                                    Acquisition         Fair % of
                                                                        Fair % of
        of Counter
 Nameof Counter
Name                                   Quantity
                                       Quantity              Cost
                                                            Cost      Value NAV
                                                                      Value NAV
                                                             RM
                                                             RM          RM
                                                                        RM
 Quoted in: Hong Kong
Quoted in: Hong Kong
 Exchange-Traded Fund
Exchange-Traded Fund
 IShares FTSE Xinhua A50 China
IShares FTSE Xinhua A50 China
    ETF
   ETF                                   450,000 2,552,584 2,243,619 2.00
                                        450,000 2,552,584 2,243,619 2.00

                                                 OSK-UOB Unit Trust Management Bhd 37
                                                 OSK-UOB Unit Trust Management Bhd 37
                                              Acquisition       Fair % of
Name of Counter                     Quantity                       Fair % of
                                                   Acquisition Value NAV of
                                                      Cost
                                                   Acquisition     Fair % of
  Name of Counter
  Name of Counter                      Quantity Acquisition RM
                                       Quantity        RM Cost
                                                          Cost
                                                                   Fair %
                                                                  Value NAV
                                                                  Value NAV
  Name of Counter                      Quantity           Cost
                                                          RM      Value NAV
                                                                    RM
                                                          RM        RM
IShares MSCI China Tracker           320,000 3,060,225 RM2,754,072RM2.45
   IShares MSCI China Tracker
   IShares MSCI China Tracker           320,000 3,060,225 2,754,072 2.45
                                        320,000 5,612,809 4,997,691 4.452.45
   IShares MSCI China Tracker           320,000 3,060,225 2,754,072 2.45
                                                    3,060,225 2,754,072 4.45
                                                    5,612,809 4,997,691 4.45
                                                    5,612,809 4,997,691 4.45
                                                    5,612,809 4,997,691
Infrastructure Project Companies
   Infrastructure Project Companies
Beijing Enterprises Water Group Ltd 2,768,000 2,921,075 3,121,598 2.78
   Infrastructure Project Companies
   Infrastructure Project Companies 2,768,000 2,921,075 3,121,598 2.78
   Beijing Enterprises Water Group Ltd 2,768,000 2,921,075 3,121,598 2.78
   Beijing Enterprises Water Group Ltd 2,768,000 2,921,075 3,121,598 2.78
   Beijing Enterprises Water Group Ltd
Technology
   Technology
TCL Multimedia Technology
   Technology
   Technology Technology
   TCL Multimedia Technology
   Holding
   TCL Multimedia Technology            270,000      388,140      325,859 0.29
   TCL Multimedia
       Holding                             270,000      388,140      325,859 0.29
       Holding
       Holding                             270,000
                                           270,000      388,140
                                                        388,140      325,859 0.29
                                                                     325,859 0.29
Trading/Services
   Trading/Services
Mingyuan Medicare Development Ltd
   Trading/Services
   Trading/Services Development Ltd
   Mingyuan Medicare Development Ltd
   Mingyuan Medicare Development Ltd  2,420,000 1,136,549 1,005,474 0.89
   Mingyuan Medicare
Winsway Coking Coal Holdings             2,420,000 1,136,549 1,005,474 0.89
                                      1,575,000 2,750,575 2,873,079 2.560.89
                                         2,420,000 1,136,549 1,005,474 0.89
   Winsway Coking Coal Holdings          2,420,000 1,136,549 1,005,474 2.56
   Winsway Coking Coal Holdings
   Winsway Coking Coal Holdings
                                         1,575,000 3,887,124 3,878,553 3.452.56
                                         1,575,000 2,750,575 2,873,079 2.56
                                         1,575,000 2,750,575 2,873,079 3.45
                                                      2,750,575 2,873,079
                                                      3,887,124 3,878,553
                                                      3,887,124 3,878,553 3.45
                                                 12,809,148 12,323,701 10.973.45
                                                      3,887,124 3,878,553
                                                     12,809,148 12,323,701 10.97
                                                     12,809,148 12,323,701 10.97
                                                     12,809,148 12,323,701 10.97
Quoted in: Indonesia
   Quoted in: Indonesia
Mining in: Indonesia
   Quoted in: Indonesia
   Quoted
   Mining
PT Indika Energy TBK
   Mining                             1,250,000 1,612,601 2,015,125 1.79
   Mining Energy
   PT Indika Energy TBK
PT Tambang BatubaraTBK Asam
                       Bukit                          1,612,601 795,057 0.711.79
                                         1,250,000 543,547
                                        101,000                    2,015,125
   PT Indika Energy TBK
   PT Tambang Batubara Bukit Asam 1,250,000 1,612,601 2,015,125 1.79
        Indika                             101,000 1,612,601 2,015,125 0.71
   PT Tambang Batubara Bukit Asam 1,250,000 2,156,148 2,810,182 2.501.79
                                                        543,547      795,057
   PT Tambang Batubara Bukit Asam
   PT                                      101,000 2,156,148 2,810,182 0.71
                                           101,000      543,547
                                                        543,547      795,057 0.71
                                                                     795,057
                                                      2,156,148 2,810,182 2.50
                                                      2,156,148 2,810,182 2.50
                                                                             2.50
Plantation
BWPlantation TBK PT
     Plantation
   Plantation                         4,270,000 1,582,482 1,874,700 1.67
   Plantation TBK PT
   BW Plantation TBK PT                  4,270,000 1,582,482 1,874,700 1.67
   BW Plantation TBK PT
   BW Plantation                         4,270,000 1,582,482 1,874,700 1.67
                                         4,270,000 1,582,482 1,874,700 1.67
Trading/Services
   Trading/Services
PT XL Axiata TBK
   Trading/Services                   1,757,000 2,081,518 3,163,918 2.82
   Trading/Services
   PT XL Axiata TBK                      1,757,000 5,820,148 7,848,800 6.992.82
   PT XL Axiata TBK
   PT XL Axiata TBK                      1,757,000 2,081,518 3,163,918 2.82
                                         1,757,000 2,081,518 3,163,918 2.82
                                                      2,081,518 3,163,918 6.99
                                                      5,820,148 7,848,800 6.99
                                                      5,820,148 7,848,800 6.99
                                                      5,820,148 7,848,800
Quoted in: Singapore
   Quoted in: Singapore
Plantation in: Singapore
   Quoted in: Singapore
   Quoted
   Plantation
Kencana Agri Ltd
   Plantation                         1,400,000 1,079,886 1,505,385 1.34
   Plantation Ltd
   Kencana Agri Ltd                      1,400,000 1,079,886 1,505,385 1.34
   Kencana Agri Ltd
   Kencana Agri                          1,400,000 1,079,886 1,505,385 1.34
                                         1,400,000 1,079,886 1,505,385 1.34
TOTAL QUOTED INVESTMENTS
    TOTAL QUOTED INVESTMENTS
   OUTSIDE MALAYSIA AT FVTPL
    TOTAL QUOTED INVESTMENTS                     19,709,182 21,677,886 19.30
    TOTAL QUOTED INVESTMENTS
       OUTSIDE MALAYSIA AT FVTPL                     19,709,182 21,677,886 19.30
       OUTSIDE MALAYSIA AT FVTPL
       OUTSIDE MALAYSIA AT FVTPL                     19,709,182 21,677,886 19.30
                                                     19,709,182 21,677,886 19.30
EXCESS OF FAIR VALUE OVER
    EXCESS OF FAIR VALUE OVER
   ACQUISITION COST
    EXCESS OF FAIR VALUE OVER                                   1,968,704
                        VALUE
    EXCESS OF FAIR COST OVER
       ACQUISITION COST                                            1,968,704
       ACQUISITION COST                                            1,968,704
                                                                   1,968,704
       ACQUISITION
                                              OSK-UOB Unit Trust Management Bhd 38
                                                 OSK-UOB Unit Trust Management Bhd 38
                                                 OSK-UOB Unit Trust Management Bhd 38
                                                 OSK-UOB Unit Trust Management Bhd 38
c) DEPOSITS WITH FINANCIAL INSTITUTIONS
 c) DEPOSITS WITH FINANCIAL INSTITUTIONS
                                                                           2010
                                                                            2010
                                                                            RM
                                                                             RM
 Deposits with:
   Deposits with:
 - -an investment bank
     an investment bank                                                4,549,503
                                                                        4,549,503
                                                                       4,549,503
                                                                        4,549,503

Short-term placements with an investment bank in the current year was placed with
 Short-term placements with an investment bank in the current year was placed with
OSK Investment Bank Bhd, the holding company of OSK-UOB Unit Trust
 OSK Investment Bank Bhd, the holding company of OSK-UOB Unit Trust
Management Bhd, the Manager.
 Management Bhd, the Manager.
8.8. PRIOR YEAR INVESTMENTS
      PRIOR YEAR INVESTMENTS
                            31 December 2009
                             31 December 2009               11January 2009
                                                               January 2009
                                         Market
                                          Market                         Market
                                                                          Market
                                Cost
                                 Cost      value
                                            value              Cost
                                                                Cost       value
                                                                            value
                                 RM
                                  RM         RM
                                              RM               RM
                                                                RM          RM
                                                                             RM
Quoted investments in
 Quoted investments in
 Malaysia
   Malaysia                53,780,736 60,482,924
                            53,780,736 60,482,924       33,817,670 25,261,702
                                                         33,817,670 25,261,702
Quoted investments
 Quoted investments
 outside Malaysia
   outside Malaysia        24,106,132 30,809,360
                            24,106,132 30,809,360        1,028,918
                                                          1,028,918       462,946
                                                                           462,946
Collective investment
 Collective investment
 scheme in Malaysia
   scheme in Malaysia              --            --      7,107,658
                                                          7,107,658     7,083,736
                                                                         7,083,736
Collective investment
 Collective investment
 scheme outside
   scheme outside
 Malaysia
   Malaysia                 1,287,955 2,458,335
                             1,287,955 2,458,335                  --             --
Deposits with aa
 Deposits with
 financial institution
   financial institution    6,194,006 6,194,006
                             6,194,006 6,194,006        14,577,079 14,577,079
                                                         14,577,079 14,577,079
TOTAL
 TOTAL
 INVESTMENTS
   INVESTMENTS             85,368,829 99,944,625
                            85,368,829 99,944,625       56,531,325 47,385,463
                                                         56,531,325 47,385,463

The previous year’s short-term placements with an investment bank was placed with
 The previous year’s short-term placements with an investment bank was placed with
OSK Investment Bank Bhd, the holding company of OSK-UOB Unit Trust
 OSK Investment Bank Bhd, the holding company of OSK-UOB Unit Trust
Management Bhd, the Manager.
 Management Bhd, the Manager.
9.9. DUE TO STOCKBROKERS
      DUE TO STOCKBROKERS
Included in the amount due to stockbrokers was an amount of RM717,896 (2009: Nil)
 Included in the amount due to stockbrokers was an amount of RM717,896 (2009: Nil)
due to the holding company of the Manager, OSK Investment Bank Bhd, arising from
 due to the holding company of the Manager, OSK Investment Bank Bhd, arising from
the ordinary course of purchase of quoted investments.
 the ordinary course of purchase of quoted investments.


                                                OSK-UOB Unit Trust Management Bhd 39
                                                 OSK-UOB Unit Trust Management Bhd 39
10. DISTRIBUTION
    10. DISTRIBUTION
Distribution to Unit Holders declared on 28 December 2010 (2009: 28 December
    Distribution to following sources:
2009) was from the Unit Holders declared on 28 December 2010 (2009: 28 December
   2009) was from the following sources:
                                                      2010               2009
                                                       RM2010             RM2009
Dividend income                                  1,153,426RM        1,619,481RM
Previous years’ realised gain
   Dividend income                               8,652,118
                                                     1,153,426      7,494,974
                                                                        1,619,481
   Previous years’ realised gain                 9,805,544
                                                     8,652,118      9,114,455
                                                                        7,494,974
Less: Expenses                                  (1,547,974)
                                                     9,805,544     (1,343,661)
                                                                        9,114,455
      Income tax expense
   Less: Expenses                                 (288,357)
                                                    (1,547,974)              -
                                                                       (1,343,661)
          Income tax expense                     7,969,213
                                                      (288,357)     7,770,794 -
                                                    7,969,213          7,770,794
Units in circulation as at 28 December
  2010/28 December 2009 28 December
    Units in circulation as at                  142,539,000      146,464,000
       2010/28 December (sen)
Gross distribution per unit 2009                     6.8792
                                                   142,539,000         6.2230
                                                                     146,464,000
    distribution per unit (sen)
Net Gross distribution per unit (sen)                5.5909
                                                         6.8792        5.3056
                                                                           6.2230
     Net distribution per unit (sen)                     5.5909            5.3056
Included in the above distribution is a gross amount of RM8,652,118 (2009:
    Included the above distribution is a gross RM7,494,934) from previous
RM7,494,974)inand net amount RM8,596,110 (2009: amount of RM8,652,118 (2009:
years’ realised reserve. net amount RM8,596,110 (2009: RM7,494,934) from previous
    RM7,494,974) and
   years’ realised reserve.




                                              OSK-UOB Unit Trust Management Bhd 40
                                                  OSK-UOB Unit Trust Management Bhd 40
11.   TOTAL EQUITY/NAV ATTRIBUTABLE TO UNIT HOLDERS

                                                      Note       31 December           31 December              1 January
                                                                         2010                  2009                  2009*
                                                                          RM                    RM                     RM
Unit Holders’ capital                                  (a)         38,155,021            41,022,423             36,404,529
Retained earnings
- Realised                                             (b)         54,192,187                51,151,808         53,665,100
- Unrealised                                           (c)         20,033,542                14,046,387         (8,328,555)
Total Equity/NAV attributable to Unit Holders                     112,380,750               106,220,618         81,741,074

(a)   Unit Holders’ Capital

                            31 December 2010                    31 December 2009                     1 January 2009*
                         No. of units        RM              No. of units        RM              No. of units          RM
 As at 1 January
  2010/2009/2008         158,044,000     41,022,423          150,289,000    36,404,529           145,324,000    31,914,769
 Creation of units         7,795,361      2,693,676            1,459,899       402,573             4,474,794     2,374,253
 Reinvestment of units
                          10,864,639      4,103,768           24,410,101     6,496,633            24,885,206     23,663,010
 Cancellation of units   (23,335,000)    (7,764,889)         (18,115,000)   (4,783,387)          (24,395,000)   (13,841,523)
                         153,369,000     40,054,978          158,044,000    38,520,348           150,289,000     44,110,509
 Distribution
  equalisation                     -     (1,899,957)                   -        2,502,075                  -     (7,705,980)
 As at 31 December
  2010/2009/
  1 January 2009         153,369,000     38,155,021          158,044,000    41,022,423           150,289,000    36,404,529

The maximum number of units that can be issued for circulation is 750,000,000. As at 31 December 2010 the number of units
that are not in issue are 596,631,000 (2009: 591,956,000).
                                                                                        OSK-UOB Unit Trust Management Bhd 41
(b) Realised
(b) Realised
                                          31 December 31 December             1 January
                                                  2010        2009
                                          31 December 31 December                2009*
                                                                             1 January
                                                   RM
                                                 2010          RM
                                                             2009                  RM
                                                                                 2009*
Balance as at 1 January                           RM             RM                RM
 2010/2009/2008
Balance as at 1 January                     51,151,808      53,665,100       48,969,860
 2010/2009/2008                            51,151,808      53,665,100        48,969,860
Net unrealised foreign exchange
  (loss)/gain realised exchange
Net unrealised foreignduring the year
  transferred from unrealised reserve
 (loss)/gain realised during the year         (893,202)         20,829       (1,632,985)
 transferred from unrealised reserve         (893,202)          20,829       (1,632,985)
Net unrealised gain/(loss) attributable
  to investments sold transferred from
Net unrealised gain/(loss) attributable
  unrealised reserve
 to investments sold transferred from        8,890,356      (8,299,434)      37,323,704
 unrealised reserve                          8,890,356      (8,299,434)      37,323,704
Net income/(loss) for the year              17,327,649      27,632,444      (34,110,052)
Net income/(loss) for the year             17,327,649      27,632,444       (34,110,052)
Net unrealised foreign exchange
  loss/(gain) transferred to unrealised
Net unrealised foreign exchange
  reserve
 loss/(gain) transferred to unrealised       1,336,779       1,520,556       (1,460,624)
 reserve                                  1,336,779          1,520,556       (1,460,624)
Net unrealised (gain)/loss attributable
  to investments held transferred to
Net unrealised (gain)/loss attributable
  unrealised reserve
 to investments held transferred to     (15,651,990)       (15,616,893)      11,703,705
 unrealised reserve                        (15,651,990) (15,616,893)         11,703,705
Distribution for the year (Note 10)          (7,969,213) (7,770,794)          (7,128,508)
Distribution for the year (Note 10)         (7,969,213)     (7,770,794)      (7,128,508)
Net (decrease)/increase in realised
  reserve for the year
Net (decrease)/increase in realised         (4,956,775)      5,765,313      (30,995,479)
 reserve for the year                       (4,956,775)      5,765,313      (30,995,479)
Balance as at 31 December
 2010/2009/1 January 2009
Balance as at 31 December                   54,192,187      51,151,808       53,665,100
 2010/2009/1 January 2009                   54,192,187     51,151,808        53,665,100




                                                     OSK-UOB Unit Trust Management Bhd 42
                                                    OSK-UOB Unit Trust Management Bhd 42
(c) Unrealised
(c) Unrealised
                                     31 December
                                     31 December         31 December
                                                         31 December          1 January
                                                                              1 January
                                             2010
                                             2010                2009
                                                                 2009              2009*
                                                                                   2009*
                                              RM
                                              RM                  RM
                                                                  RM                 RM
                                                                                     RM
 Balance as at 1 January
 Balance as at 1 January
    2010/2009/2008
    2010/2009/2008                       14,046,387
                                         14,046,387           (8,328,555) 37,605,245
                                                              (8,328,555) 37,605,245
 Effects of adoption of FRS 139
 Effects of adoption of FRS 139            (330,902)
                                           (330,902)                   -
                                                                       -            -
                                                                                    -
                                         13,715,485
                                         13,715,485           (8,328,555) 37,605,245
                                                              (8,328,555) 37,605,245
 Net unrealised foreign exchange
 Net unrealised foreign exchange
   (loss)/gain transferred from
   (loss)/gain transferred from
   realised reserve
   realised reserve                       (1,336,779)
                                          (1,336,779)         (1,520,556)
                                                              (1,520,556)      1,460,624
                                                                               1,460,624
 Net unrealised gain/(loss)
 Net unrealised gain/(loss)
  attributable to investments held
  attributable to investments held
  transferred from realised
  transferred from realised              15,651,990
                                         15,651,990        15,616,893
                                                           15,616,893         (11,703,705)
                                                                              (11,703,705)
  reserve
  reserve
 Net unrealised foreign exchange
 Net unrealised foreign exchange
  loss/(gain) realised during the
  loss/(gain) realised during the
  year transferred to realised
  year transferred to realised              893,202
                                            893,202              (20,829)
                                                                 (20,829)      1,632,985
                                                                               1,632,985
  reserve
  reserve
 Net unrealised (gain)/loss
 Net unrealised (gain)/loss
  attributable to investments sold
  attributable to investments sold
  transferred to realised reserve
  transferred to realised reserve         (8,890,356)
                                          (8,890,356)          8,299,434
                                                               8,299,434      (37,323,704)
                                                                              (37,323,704)
 Balance as at 31 December
 Balance as at 31 December
   2010/2009/1 January 2009
   2010/2009/1 January 2009              20,033,542
                                         20,033,542           14,046,387
                                                              14,046,387       (8,328,555)
                                                                               (8,328,555)

The unrealised balance represents the net gain/(loss) arising from stating investments at
The unrealised balance represents the net gain/(loss) arising from stating investments at
their fair values.
their fair values.
*
*     The movements presented are those in financial year 2008.
      The movements presented are those in financial year 2008.
12. UNITS HELD BY A RELATED PARTY
12. UNITS HELD BY A RELATED PARTY
                                             2010
                                             2010                        2009
                                                                         2009
                                        No. of Valued at
                                        No. of Valued at             No. of Valued at
                                                                     No. of Valued at
                                         units
                                         units     NAV
                                                   NAV                units
                                                                      units     NAV
                                                                                NAV
                                                    RM
                                                    RM                           RM
                                                                                 RM
Manager
Manager                               15,701#
                                      15,701#        11,504
                                                     11,504         10,141#
                                                                    10,141#       6,816
                                                                                  6,816
#
#     The Manager is the legal and beneficial owner of the units.
      The Manager is the legal and beneficial owner of the units.

                                                    OSK-UOB Unit Trust Management Bhd 43
                                                    OSK-UOB Unit Trust Management Bhd 43
13. TRANSACTIONS WITH RELATED PARTIES, OTHER
   13.STOCKBROKING COMPANIES/ INVESTMENT BANKS AND BOND
        TRANSACTIONS WITH RELATED PARTIES, OTHER
      DEALERS
        STOCKBROKING COMPANIES/ INVESTMENT BANKS AND BOND
           DEALERS
Details of transactions with related parties, other stockbroking companies/ investment
    Details bond dealers for related parties, other stockbroking companies/ are as
banks and of transactions withthe financial year ended 31 December 2010 investment
follows: and bond dealers for the financial year ended 31 December 2010 are as
    banks
    follows:                                       % of                   % of Total
                                   Value of Total of Brokerage Brokerage
                                                       %                       % of Total
                                      Trade of Trade
                                       Value           Total        Fees          Fees
                                                                 Brokerage Brokerage
                                        RMTrade Trade %             RM Fees         %Fees
 OSK Investment Bank                        RM            %             RM              %
   Bhd* Investment Bank 34,910,624 22.95
     OSK                                                        114,991          24.88
        Kay
 UOBBhd*Hian Pte Ltd*            34,258,433 22.52
                                     34,910,624 22.95               114,991 20.06
                                                                  92,751            24.88
 J.P.Morgan Securities (S)
     UOB Kay Hian Pte Ltd*           34,258,433 22.52                92,751         20.06
     J.P.Morgan Securities (S) 13,751,445
   Pte Ltd                                          9.04          31,922          6.90
        Leong
 HongPte Ltd Investment              13,751,445         9.04         31,922           6.90
   Bank Bhd Investment 13,319,094
     Hong Leong                                     8.76          39,957          8.65
 CIMB Investment Bank
       Bank Bhd                      13,319,094         8.76         39,957           8.65
   Bhd Investment Bank 12,299,358
     CIMB                                           8.08          54,195         11.73
 Citigroup Global Markets
       Bhd                           12,299,358         8.08         54,195         11.73
   Asia Ltd Global Markets 7,114,908
     Citigroup                                      4.68          23,638          5.11
       Asia Capital
 MacquarieLtd                         7,114,908         4.68         23,638           5.11
   Securities LtdCapital
     Macquarie                    6,467,244         4.25          17,240          3.73
        Investment Bank
 RHB Securities Ltd                   6,467,244         4.25         17,240           3.73
   Bhd Investment Bank 6,179,133
     RHB                                            4.06          18,476          4.00
       Securities Hong
 OSK Bhd                              6,179,133         4.06         18,476           4.00
   Kong Ltd*
     OSK Securities Hong          4,897,841         3.22          12,245          2.65
 AmInvestment Bank Bhd
       Kong Ltd*                      4,897,841 3.183.22
                                  4,835,148                       14,505
                                                                     12,245       3.142.65
                     Boston
 Credit Suisse First Bank Bhd
     AmInvestment                     4,835,148         3.18         14,505           3.14
   (Singapore) First Boston 4,658,996
     Credit Suisse                                  3.06          14,210          3.07
 Maybank Investment
       (Singapore)                    4,658,996         3.06         14,210           3.07
   Bank Bhd Investment
     Maybank                      4,327,057         2.84          10,295          2.23
 CLSA Singapore Pte Ltd
       Bank Bhd                       4,327,057 2.342.84
                                  3,565,753                       14,263
                                                                     10,295       3.092.23
 Kenanga Investment Bank
     CLSA Singapore Pte Ltd           3,565,753         2.34         14,263           3.09
     Kenanga Investment Bank 585,010
   Bhd                                              0.38           1,755          0.38
 Deutsche Securities Asia
       Bhd                              585,010         0.38          1,755           0.38
     Deutsche Securities Asia 573,238
   Ltd                                              0.38           1,146          0.25
         &
 DMGLtd Partners                        573,238         0.38          1,146           0.25
   Securities Pte Ltd*
     DMG & Partners                 393,238         0.26             590          0.13
       Securities Pte Ltd* 152,136,520 100.000.26 462,179590 100.000.13
                                        393,238
                                  152,136,520     100.00          462,179         100.00


                                                    OSK-UOB Unit Trust Management Bhd 44
                                                       OSK-UOB Unit Trust Management Bhd 44
* OSK Investment Bank Bhd is the holding company of OSK-UOB Unit Trust
  * OSK Investment Manager, is the holding company of OSK-UOB Unit Trust
  Management Bhd, theBank Bhd while OSK Securities Hong Kong Ltd, UOB Kay
     Management DMG & Partners while OSK Securities Hong companies of the
  Hian Pte Ltd and Bhd, the Manager,Securities Pte Ltd are related Kong Ltd, UOB Kay
  Manager.Pte Ltd and DMG & Partners Securities Pte Ltd are related companies of the
     Hian
       Manager.
The directors of the Manager are of the opinion that the transactions with the related
    The directors of the Manager are of normal course the transactions have been
parties have been entered into in the the opinion that of business andwith the related
    parties on been entered into in the are not materially different from that
established have terms and conditions that normal course of business and have been
    established on terms with unrelated that are not dealings different from
obtainable in transactions and conditions parties. Thesematerially with the relatedthat
    obtainable in transactions with length basis.
parties have been transacted at arm’s unrelated parties. These dealings with the related
   parties have been transacted at arm’s length basis.
14. MANAGEMENT EXPENSE RATIO (“MER”)
    14. MANAGEMENT EXPENSE RATIO (“MER”)
The MER of the Fund is the ratio of the sum of fees and expenses incurred by the
    The the of the NAV the Fund the sum fees and basis. The fees by
Fund to MERaverage Fund isofthe ratio of calculatedofon a dailyexpenses incurredand the
    Fund to the Manager’s fee, Trustee’s fee, auditors’ on a daily basis. The fees
expenses include average NAV of the Fund calculated remuneration, tax agent’s fee and
     other administrative expenses. Trustee’s fee, auditors’ remuneration, tax 2010,
and expenses include Manager’s fee,For the financial year ended 31 Decemberagent’s fee
    and other administrative 1.61% (2009: 1.61%) and year ended as December
the MER of the Fund stood atexpenses. For the financial is calculated 31 follows: 2010,
    the MER of the Fund stood at 1.61% (2009: 1.61%) and is calculated as follows:RM
 A             = Manager’s fee                                               1,587,648RM
 B A           = Trustee’s fee fee
                    = Manager’s                                                 74,090
                                                                                1,587,648
 C B           = Auditors’ remuneration
                    = Trustee’s fee                                              4,000
                                                                                   74,090
 D C                    agent’s fee
               = TaxAuditors’ remuneration
                    =                                                            3,700
                                                                                    4,000
 E D           = Administrative expenses
                    = Tax agent’s fee                                           39,082
                                                                                    3,700
 F E           = Average NAV of the Fund
                    = Administrative expenses                             105,839,665
                                                                                   39,082
  F              = Average NAV of the Fund                                  105,839,665
MER            = (A + B + C + D + E) x 100
    MER          = (A +F + C + D + E) x 100
                         B
                          F
               =   RM1,708,520 x 100
                 RM105,839,665
                 = RM1,708,520 x 100
                    RM105,839,665
               = 1.61 %
                 = 1.61 %
The average NAV of the Fund for the financial year ended 31 December 2010 was
   The average (2009: RM95,806,268).
RM105,839,665 NAV of the Fund for the financial year ended 31 December 2010 was
   RM105,839,665 (2009: RM95,806,268).




                                                   OSK-UOB Unit Trust Management Bhd 45
                                                      OSK-UOB Unit Trust Management Bhd 45
15. PORTFOLIO TURNOVER RATIO (“PTR”)
    15. PORTFOLIO TURNOVER RATIO (“PTR”)
The PTR of the Fund is the ratio of average acquisitions and disposals of the Fund for
     financial of the the is the NAV average acquisitions and a daily basis. For the
the The PTR year toFundaverageratio of of the Fund calculated ondisposals of the Fund for
    the financial year 31 December 2010, the Fund calculated stood at basis. For
financial year ended to the average NAV ofthe PTR of the Fundon a daily 0.82 times the
(2009: 1.46 times).
    financial year ended 31 December 2010, the PTR of the Fund stood at 0.82 times
  (2009: 1.46 times).
The PTR of the Fund is calculated as follows:
   The PTR of the Fund is calculated as follows:                                  RM
 Total acquisitions of the Fund                                            84,277,637
                                                                                    RM
    Total acquisitions Fund
 Total disposals of the of the Fund                                        88,389,345
                                                                              84,277,637
   Total = (Total Acquisitions
 PTR disposals of the Fund + Total Disposals)/2                               88,389,345

   PTR                 Average NAV of the Fund
           = (Total Acquisitions + Total Disposals)/2
                              Average NAV of the Fund
             = (RM172,666,982)/2
               =RM105,839,665
                 (RM172,666,982)/2
                  RM105,839,665
             = 0.82 times
              = 0.82 times
The average NAV of the Fund for the financial year ended 31 December 2010 was
  The average (2009: RM95,806,268).
RM105,839,665 NAV of the Fund for the financial year ended 31 December 2010 was
   RM105,839,665 (2009: RM95,806,268).
16. SEGMENT INFORMATION
    16. SEGMENT INFORMATION
The primary segment reporting format is determined to be geographical segments as
     Fund’s risks segment of return format is determined to be geographical segments
the The primary and rates reporting are affected predominantly by the countries/regions as
in which the Fund invests in. of return are affected predominantly by the countries/regions
    the Fund’s risks and rates
   in which the Fund invests in.




                                                    OSK-UOB Unit Trust Management Bhd 46
                                                       OSK-UOB Unit Trust Management Bhd 46
                                                                                 United States Of       Other
                                        Hong Kong       Malaysia    Singapore           America      Countries         Total
                                              RM            RM           RM                  RM           RM            RM
2010
Dividend income                            269,487      2,050,379     234,436                   -       39,188     2,593,490
Interest income                                  -         89,162           -                   -            -        89,162
Net (loss)/gain from investments:
- investments at FVTPL                   (2,133,348)   16,976,258    (486,249)               (435)   2,620,496    16,976,722
Total segment operating
   (loss)/income for the year            (1,863,861)   19,115,799    (251,813)               (435)   2,659,684    19,659,374

Assets
Investments                             12,323,701     89,265,133   1,505,385                   -    7,848,800   110,943,019
Other assets                                     -      1,331,055   1,363,206                   -        1,856     2,696,117
Total segment assets                                                                                             113,639,136

Liabilities
Other liabilities, representing total
  segment liabilities                             -     1,069,251           -                   -            -     1,069,251




                                                                                         OSK-UOB Unit Trust Management Bhd 47
                                                                                 United States Of          Other
                                        Hong Kong      Malaysia    Singapore            America         Countries          Total
                                              RM           RM           RM                   RM              RM             RM
2009
Dividend income                            37,622      1,363,890     362,667                   -         138,987       1,903,166
Interest income                                 -        418,197           -              11,006             327         429,530
Net gain/(loss) from investments:
- net realised gain/(loss) on sale of
    investments                          2,285,194     5,944,377    2,157,184                (801)       223,615      10,609,569
- net unrealised gain on changes in
    value of investments held            2,698,100     8,735,631    1,909,530                   -       2,273,632     15,616,893
- net realised (loss)/gain on foreign
    exchange                                (2,027)            -      (91,301)         1,723,095         356,140       1,985,907
- net unrealised loss on foreign
    exchange                              (372,669)            -     (184,462)           (358,300)       (605,125)    (1,520,556)
Accretion of discount, net of
   amortisation of premium                       -      284,416             -                   -               -        284,416
Total segment operating income for
   the year                              4,646,220    16,746,511    4,153,618          1,375,000        2,387,576     29,308,925

Assets
Financial assets at FVTPL               13,300,347    66,676,930   10,432,432                       -   9,534,916     99,944,625
Other assets                                     -       453,417    5,956,871                       -      17,667      6,427,955
Total segment assets                                                                                                 106,372,580




                                                                                         OSK-UOB Unit Trust Management Bhd 48
 Expenses of the Fund are not considered part of the performance of any operating
 segment. The following table provides a reconciliation between the net reportable
Expenses of the Fund are not considered part of the performance of any operating
 segment operating income and net income after tax:
segment. The following table provides a reconciliation between the net reportable
segment operating income and net income after tax:
                                                           2010             2009
                                                            RM               RM
                                                          2010              2009
                                                           RM                RM
 Net reportable segment operating income            19,659,374       29,308,925
 Expenses                                            (2,038,031)      (1,543,348)
Net reportable segment operating income             19,659,374       29,308,925
 Net income before tax
Expenses                                             17,621,343
                                                    (2,038,031)      27,765,577
                                                                     (1,543,348)
 Income tax expense                                    (293,694)        (133,133)
Net income before tax                               17,621,343       27,765,577
             after tax
 Net incomeexpense
Income tax                                           17,327,649
                                                      (293,694)      27,632,444
                                                                       (133,133)
Net income after tax                                      17,327,649         27,632,444
 In addition, certain liabilities are not considered to be part of the net liabilities of an
 individual segment. The following table provides a reconciliation between the net
In addition, certain liabilities are not considered to be part of the net liabilities of an
 reportable segment liabilities and total liabilities of the Fund.
individual segment. The following table provides a reconciliation between the net
reportable segment liabilities and total liabilities of the Fund.
                                                                 2010                 2009
                                                                  RM                   RM
                                                                 2010                2009
                                                                  RM                  RM
 Total segment liabilities                                  1,069,251                      -
 Other payables and accruals                                   15,089               18,273
Total segment liabilities                                  1,069,251                      -
 Due to Manager                                               167,436             127,447
Other payables and accruals                                    15,089              18,273
 Due to Trustee                                                 6,610                6,242
Due to Manager                                               167,436             127,447
 Total liabilities of the Fund
Due to Trustee                                              1,258,386
                                                                6,610             151,962
                                                                                     6,242
Total liabilities of the Fund                            1,258,386               151,962
17. FINANCIAL INSTRUMENTS
17. FINANCIAL INSTRUMENTS
(a) Classification of financial instruments
(a) Classification of financial instruments
     With effect from 1 January 2010, the Fund’s financial assets and financial liabilities
     are measured on an ongoing basis at either fair value or at amortised cost based on
    With effect from 1 January 2010, the Fund’s financial assets and financial liabilities
     their respective classification. The significant accounting policies in Note 2.4
    are measured on an ongoing basis at either fair value or at amortised cost based on
     describe how the classes of financial instruments are measured, and how income
    their respective classification. The significant accounting policies in Note 2.4
     and expenses, including fair value gains and losses, are recognised. The following
    describe how the classes of financial instruments are measured, and how income
     table analyses the financial assets and liabilities of the Fund in the statement of
    and expenses, including fair value gains and losses, are recognised. The following
     financial position as at 31 December 2010 by the class of financial instrument to
    table analyses the financial assets and liabilities of the Fund in the statement of
     which they are assigned, and therefore by the measurement basis.
    financial position as at 31 December 2010 by the class of financial instrument to
    which they are assigned, and therefore by the measurement basis.




                                                       OSK-UOB Unit Trust Management Bhd 49
                                                       OSK-UOB Unit Trust Management Bhd 49
                                                              Financial
                              Financial                       Financial
                                                           liabilities at
                                                              Financial
                              Financial
                               assets at    Loans and      liabilities at
                                                             amortised
                              Financial                    liabilities at
                               assets at
                                FVTPL       Loans and
                                           receivables       amortised
                                                                     cost         Total
                               assets at    Loans and        amortised
                                FVTPL
                                   RM      receivables
                                                  RM                 cost
                                                                     RM           Total
                                                                                   RM
                                FVTPL      receivables               cost         Total
Assets                             RM             RM                 RM            RM
                                   RM             RM                 RM            RM
Assets
Quoted investments          106,393,516              -                  -   106,393,516
Assets
Quoted investments
Depositsinvestments         106,393,516              -                  -   106,393,516
Quoted with financial 106,393,516                    -                  -   106,393,516
Deposits with financial
 institutions financial       4,549,503              -                  -     4,549,503
Deposits with
 institutions
Other receivable              4,549,503-             -
                                                   790                  -     4,549,503
                                                                                    790
 institutions                 4,549,503              -                  -     4,549,503
Other receivable
Interest receivable                    -           790
                                                   680                  -           790
                                                                                    680
Other receivable                       -           790                  -           790
Interest receivable
Dividends receivable                   -           680
                                                75,013                  -           680
                                                                                 75,013
Interest receivable                    -           680                  -           680
Due from receivable
Dividendsstockbrokers                  -        75,013
                                             1,176,437                  -        75,013
                                                                              1,176,437
Dividends receivable                   -        75,013                  -        75,013
Due from stockbrokers
Cashfrom stockbrokers
      at banks                         -     1,176,437
                                             1,363,925                  -     1,176,437
                                                                              1,363,925
Due                                    -     1,176,437                  -     1,176,437
Cash at banks assets
       financial
Total at banks              110,943,019-     1,363,925
                                             2,616,845                  -
                                                                        -     1,363,925
                                                                            113,559,864
Cash                                   -     1,363,925                  -     1,363,925
       non-financial assets 110,943,019
Total financial assets
Total financial assets                       2,616,845                  -   113,559,864
                                                                                 79,272
Total                       110,943,019      2,616,845                  -   113,559,864
Total non-financial assets                                                       79,272
                                                                            113,639,136
Total non-financial assets                                                       79,272
                                                                            113,639,136
                                                                            113,639,136
Liabilities
Liabilities
Other payables and
Liabilities
Other payables and
 accruals                              -             -          15,089           15,089
Other payables and
 accruals
Due to Manager                         -             -          15,089
                                                               167,436           15,089
                                                                                167,436
 accruals                              -             -          15,089           15,089
Due to Manager
        stockbrokers                   -             -         167,436
                                                             1,069,251          167,436
                                                                              1,069,251
Due to Manager                         -             -         167,436          167,436
        stockbrokers
Due to Trustee                         -             -       1,069,251
                                                                 6,610        1,069,251
                                                                                  6,610
Due to stockbrokers                    -             -       1,069,251        1,069,251
Due to Trustee liabilities
Totalto Trustee                        -             -           6,610            6,610
Due financial                          -
                                       -             -
                                                     -       1,258,386
                                                                 6,610        1,258,386
                                                                                  6,610
Total financial liabilities            -             -       1,258,386        1,258,386
Total financial liabilities            -             -       1,258,386        1,258,386
Income
Income income
Interest                         88,441           721                   -       89,162
Income
Interest income                  88,441           721                   -       89,162
Interest income                  88,441           721                   -       89,162

(b) Financial instruments that are carried at fair value
(b) Financial instruments that are carried at fair value
(b) Financial instruments that are carried at fair value
    The Fund’s financial assets at FVTPL are carried at fair value.
    The Fund’s financial assets at FVTPL are carried at fair value.
    The Fund’s financial assets at FVTPL are carried at fair value.
    Quoted equity instruments
    Quoted equity instruments
    Fair value is determined directly by reference to their published market bid price at
    Quoted equity instruments
    the value is determined directly by reference to their published market bid price at
    Fairreporting determined directly by reference to their published market bid price at
    Fair value is date.
    the reporting date.
    the reporting date.
    For equity instruments quoted on Bursa Malaysia, the market bid prices are
    determined instruments quoted on Bursa Malaysia, the market bid prices are
    For equity by reference quoted theoretical Malaysia, the market asbid prices are
    For equity instruments to the on Bursa closing market price published by
    Bursa Malaysia.reference to the theoretical closing market price as published by
    determined by reference to bid prices of equity instruments price ason other stock
    determined by The market the theoretical closing market quoted published by
    exchanges are determined bybid prices of equity instruments quoted on other stock
    Bursa Malaysia. The market bid prices of equity instruments quoted onavailable by
    Bursa Malaysia. The market reference to information made publicly other stock
    exchanges are determined by reference to information made publicly available by
    these respectivedetermined by reference to information made publicly available by
    exchanges are stock exchanges.
    these respective stock exchanges.
    these respective stock exchanges.
                                                   OSK-UOB Unit Trust Management Bhd 50
                                                   OSK-UOB Unit Trust Management Bhd 50
                                                   OSK-UOB Unit Trust Management Bhd 50
     The determination of NAV based on last done prices of the Fund differs from the
     determination of NAV in accordance with the requirement of FRSs. A common
     difference is the measurement of on using last done of the Fund differs the the
     The determination of NAV basedNAVlast done prices prices as opposed tofromFRS
     measurement of NAV in accordance with the requirement of FRSs. A common
     determination basis (of using bid prices of investments).
     difference is the measurement of NAV using last done prices as opposed to the FRS
     measurement basis (of usingabid prices of investments). based on last done prices
     The following table shows reconciliation between NAV
     and bid prices:
     The following table shows a reconciliation between NAV based on last done prices
     and bid prices:               NAV calculated        Adjustment            NAV
                                    in accordance arising from calculated in
                                    with last done       Adjustment
                                  NAV calculated last-done prices accordance  NAV
                                                               from
                                    in accordance arisingprices calculated in
                                             prices to bid               with FRS
                                    with last done last-done prices accordance
                                                RM              RM             RM
     Invesments                                                         with FRS
                                       111,267,735 to bid prices 110,943,019
                                             prices         324,716
                                               RM               RM             RM
                                      111,267,735           324,716 110,943,019
     Invesmentsinstruments that are not carried at fair value and whose carrying
(c) Financial
    amounts are reasonable approximations of fair value
(c) Financial instruments that are not carried at fair value and whose carrying
    amounts are reasonable approximations of fair valueare not carried at fair value
    The following are classes of financial instruments that
     and whose carrying amounts are reasonable approximations of fair value:
     The following are classes of financial instruments that are not carried at fair value
      whose receivable
     and Interestcarrying amounts are reasonable approximations of fair value:
      Dividends receivable
      Interest receivable
      Other receivables/payables
      Amounts receivable
      Dividendsdue to Manager
      Other receivables/payables
      Amounts due from/to stockbrokers
      Amounts due to Manager
      Amounts due to Trustee
      Amounts due from/to stockbrokers
      Amounts due to instruments which are not carried at fair value and whose
There were no financialTrustee
carrying amounts are not reasonable approximations of their respective fair values.
There were no financial instruments which are not carried at fair value and whose
Except amounts are arising from the adoption of FRS 139 as disclosed in Note
carryingof the effects not reasonable approximations of their respective fair values.2.2, the
methods and bases for the determination of fair value of the Fund’s financial instruments
in the of the effects arising from the adoption of FRS the as disclosed in Note 2.2,
Exceptcurrent financial year were consistent with that of139 previous financial year. the
methods and bases for the determination of fair value of the Fund’s financial instruments
in the current financial year were consistent with that of the previous financial year.




                                                     OSK-UOB Unit Trust Management Bhd 51

                                                     OSK-UOB Unit Trust Management Bhd 51
18. FINANCIAL RISK MANAGEMENT
18. FINANCIAL RISK MANAGEMENT
 The Fund is exposed to a variety of risks including market risk (which includes interest
 rate risk, is exposed to currency of risks including market risk (which includes are the
The Fund price risk and a variety risk), credit risk, and liquidity risk. Whilst theseinterest
 most important types currency risk), inherent each type financial these are the
rate risk, price risk andof financial riskscredit risk,inand liquidityofrisk. Whilstinstrument,the
 Manager and types of financial risks to highlight that this list does not purport to
most important the Trustee would likeinherent in each type of financial instrument, the
 constitute an the Trustee of all like to highlight an this list in the Fund.
Manager and exhaustive listwould the risks inherent inthatinvestmentdoes not purport to
constitute an exhaustive list of all the risks inherent in an investment in the Fund.
 The Fund’s overall risk management programme seeks to minimise potential adverse
 effects on the Fund’s financial performance. seeks minimise on exposures to
The Fund’s overall risk management programme Specificto guidelines potential adverse
 individual the Fund’s certain performance. Specific guidelines on exposures of
effects on securities and financialindustries are in place for the Fund at any time as partto
 the overall financial risk management to are in place for risk exposures.
individual securities and certain industriesreduce the Fund’sthe Fund at any time as part of
the overall financial risk management to reduce the Fund’s risk exposures.
 (a) Market Risk
(a) Market Risk
 Market risk is the risk that the fair value or future cash flows of financial instruments will
 fluctuate due the risk that market variables such as interest rates, foreign exchange will
Market risk is to changes inthe fair value or future cash flows of financial instruments rates
 and equity prices. The in market variables such as financial instruments equals their fair
fluctuate due to changesmaximum risk resulting frominterest rates, foreign exchange rates
 value. Market risk managed through portfolio diversification across a their fair
and equity prices. Theismaximum risk resulting from financial instruments equalsnumber of
 sectors and industries.
value. Market risk is managed through portfolio diversification across a number of
sectors and industries.
 (i) Interest rate risk
(i) Interest rate risk
 Cash and other fixed income securities are particularly sensitive to movements in interest
 rates. When fixed rates securities are particularly sensitive to movements in interest
Cash and otherinterestincome rise, the return on cash will rise while the value of fixed
 income securities will fall rise, the return on cash will rise while the value of fixed
rates. When interest rates and vice versa, thus affecting the NAV of the Fund. When the
 interest rate trend is fall and vice rise, thus affecting the NAV of the Fund. When be
income securities will anticipated toversa, the exposure to fixed income securities willthe
 reduced to trend is anticipated
interest ratean acceptable level. to rise, the exposure to fixed income securities will be
reduced to an acceptable level.
 The Fund’s deposits with financial institutions are usually rolled-over on a daily/monthly
 basis.
The Fund’s deposits with financial institutions are usually rolled-over on a daily/monthly
basis.
 Interest rate risk sensitivity
Interest rate risk sensitivity
 The following table demonstrates the sensitivity of the Fund’s profit/(loss) for the year
 and other comprehensive income to reasonably the Fund’s profit/(loss) for the with
The following table demonstrates theasensitivity ofpossible change in interest rates, year
 all other comprehensive income
and other variables held constant. to a reasonably possible change in interest rates, with
all other variables held constant.
 The sensitivity is the effect of the assumed changes in interest rates on:
The sensitivity is the effect of the assumed changes in interest rates on:
  the net interest income for the year, based on the floating rate financial assets held
       at net interest income for period; based
 the the end of the reportingthe year,and on the floating rate financial assets held
      at the end of the reporting period; and


                                                         OSK-UOB Unit Trust Management Bhd 52
                                                        OSK-UOB Unit Trust Management Bhd 52
       changes in fair value of investments for the year, based on revaluing fixed rate
        financial assets at the end of the reporting period.
 changes in fair value of investments for the year, based on revaluing fixed rate
      financial assets at the end of the reporting period.
                     Changes in Effects on interest income                 Effects on NAV
                     basis points*          Increase/(decrease)        Increase/(decrease)
                    Changes in Effects on interest income                Effects on NAV
                                                             RM                          RM
                   basis points*          Increase/(decrease)         Increase/(decrease)
         2010             +75/-75               27,483/(27,483)            27,483/(27,483)
                                                           RM                          RM
       2010             +75/-75                27,483/(27,483)            27,483/(27,483)
 * The assumed movement in basis points for interest rate sensitivity analysis is based
        on the currently observable market environment.
* The assumed movement in basis points for interest rate sensitivity analysis is based
      on the currently observable market environment.
 Interest rate risk exposure
Interest rate risk exposure
  The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets
  and liabilities are categorised by the earlier of contractual re-pricing or maturity dates.
The following table analyses the Fund’s interest rate risk exposure. The Fund’s assets
and liabilities are categorised by the earlier of contractual re-pricing or maturity dates.
                                                                                       Effective
                                                  Non-interest                           interest
                                                                                     Effective
                                0-3 months             bearing               Total          rate*
                                                Non-interest                           interest
                                        RM                 RM                 RM          %
                               0-3 months             bearing              Total          rate*
   2010
                                       RM                 RM                 RM         %
   Assets:
 2010
   Investments                    4,549,503 106,393,516 110,943,019                         2.73
 Assets:
   Other assets                   1,363,925          1,332,192          2,696,117
 Investments                     4,549,503 106,393,516 110,943,019                        2.73
   Total assets
 Other assets                     5,913,428 107,725,708 113,639,136
                                 1,363,925          1,332,192          2,696,117
 Total assets                  5,913,428        107,725,708        113,639,136
  Liabilities:
  Other liabilities                       -        1,258,386           1,258,386
 Liabilities:
  Totalliabilities
 Other liabilities                       --        1,258,386
                                                  1,258,386            1,258,386
                                                                      1,258,386
 Total liabilities                 -        1,258,386  1,258,386
  Total interest
   sensitivity gap         5,913,428 106,467,322 112,380,750
 Total interest
  sensitivity gap        5,913,428 106,467,322 112,380,750
      * Computed based on interest-bearing assets only
     * Computed based on interest-bearing assets only
 (ii) Price risk
(ii) Price risk
       Price risk is the risk of unfavourable changes in the fair values of investments as the
       result of changes in the levels of equity indices and the value of individual shares.
     Price risk is the risk of unfavourable changes in the fair values of investments as the
       The price risk exposure arises from the Fund’s investments in quoted equity
     result of changes in the levels of equity indices and the value of individual shares.
       instruments.
     The price risk exposure arises from the Fund’s investments in quoted equity
     instruments.


                                                        OSK-UOB Unit Trust Management Bhd 53
                                                       OSK-UOB Unit Trust Management Bhd 53
 Price risk sensitivity
Price risk sensitivity
Price risk sensitivity
 Management’s best estimate of the effect on the profit/(loss) for the year due to a
 reasonably possible estimate price, effect other profit/(loss) constant is indicated a
Management’s best change in of the with allon thevariables held for the year due to in
Management’s best estimate of the effect on the profit/(loss) for the year due to a
 the table below:
reasonably possible change in price, with all other variables held constant is indicated in
reasonably possible change in price, with all other variables held constant is indicated in
the table below:
the table below:
                                                Effects on profit
                            Changes in               for the year
                                               Effects on profit
                                               Effects on profit           Effects on NAV
   Investments                 price in
                           Changes in
                           Changes    %                  Increase
                                                    for the year
                                                    for the year                    Increase
                                                                           Effects on NAV
                                                                           Effects on NAV
  Investments
  Investments                  price %
                               price %                        RM
                                                        Increase
                                                        Increase                         RM
                                                                                   Increase
                                                                                   Increase
   Equity investments                +5                5,319,676
                                                             RM
                                                             RM                   5,319,676
                                                                                        RM
                                                                                        RM
   Equity investments
  Equity investments
  Equity investments                 +3
                                     +5
                                     +5                3,191,805
                                                       5,319,676
                                                       5,319,676                  3,191,805
                                                                                  5,319,676
                                                                                  5,319,676
  Equity investments
  Equity investments                 +3
                                     +3                3,191,805
                                                       3,191,805                  3,191,805
                                                                                  3,191,805
 An equivalent decrease in changes in price shown above would have resulted in an
 equivalent, but opposite, impact.
An equivalent decrease in changes in price shown above would have resulted in an
An equivalent decrease in changes in price shown above would have resulted in an
equivalent, but opposite, impact.
equivalent, but opposite, impact.
 In practice, the actual trading results may differ from the sensitivity analysis above and
In difference actual material.
 thepractice, the actual trading results may differ from the sensitivity analysis above and
In practice, thecould betrading results may differ from the sensitivity analysis above and
the difference could be material.
the difference could be material.
 Price risk concentration
Price risk concentration
Price risk concentration
 The following table sets out the Fund’s exposure to price risk based on its portfolio of
 investments as at the reporting date.
The following table sets out the Fund’s exposure to price risk based on its portfolio of
The following table sets out the Fund’s exposure to price risk based on its portfolio of
investments as at the reporting date.
investments as at the reporting date.                               2010
                                                                   RM As a % of NAV
                                                                   2010
                                                                   2010
   Malaysia                                                 84,715,630 As a % of NAV
                                                                  RM As a % of NAV
                                                                  RM                   75.38
   Hong Kong
  Malaysia
  Malaysia                                                  12,323,701
                                                            84,715,630
                                                            84,715,630                 10.97
                                                                                      75.38
                                                                                      75.38
   Indonesia
  Hong Kong
  Hong Kong                                                  7,848,800
                                                            12,323,701
                                                            12,323,701                  6.99
                                                                                      10.97
                                                                                      10.97
   Singapore
  Indonesia
  Indonesia                                                  1,505,385
                                                             7,848,800
                                                             7,848,800                  1.34
                                                                                        6.99
                                                                                        6.99
  Singapore
  Singapore                                                  1,505,385
                                                           106,393,516
                                                             1,505,385                  1.34
                                                                                       94.68
                                                                                        1.34
                                                          106,393,516
                                                          106,393,516                 94.68
                                                                                      94.68
 The Fund’s concentration of price risk analysed by the Fund’s equity instruments by
 sectors is as follows:
The Fund’s concentration of price risk analysed by the Fund’s equity instruments by
The Fund’s concentration of price risk analysed by the Fund’s equity instruments by
sectors is as follows:
sectors is as follows:
                                                                    2010
                                                                   RM As a % of NAV
                                                                   2010
                                                                   2010
   Trading/Services                                         42,013,572 As a % of NAV
                                                                  RM As a % of NAV
                                                                  RM                   37.39
   Finance
  Trading/Services
  Trading/Services                                          18,448,199
                                                            42,013,572
                                                            42,013,572                 16.42
                                                                                      37.39
                                                                                      37.39
   Plantation
  Finance
  Finance                                                   16,184,092
                                                            18,448,199
                                                            18,448,199                 14.40
                                                                                      16.42
                                                                                      16.42
   Construction
  Plantation
  Plantation                                                 6,441,284
                                                            16,184,092
                                                            16,184,092                  5.73
                                                                                      14.40
                                                                                      14.40
   Exchange-Traded
  Construction Fund
  Construction                                               4,997,691
                                                             6,441,284
                                                             6,441,284                  4.45
                                                                                        5.73
                                                                                        5.73
   Infrastructure Project Companies
  Exchange-Traded Fund
  Exchange-Traded Fund                                       4,711,598
                                                             4,997,691
                                                             4,997,691                  4.19
                                                                                        4.45
                                                                                        4.45
   Industrial Products Companies
  Infrastructure Project Companies
  Infrastructure Project                                     3,525,191
                                                             4,711,598
                                                             4,711,598                  3.14
                                                                                        4.19
                                                                                        4.19
  Industrial Products
  Industrial Products                                        3,525,191
                                                             3,525,191                  3.14
                                                                                        3.14
                                                    OSK-UOB Unit Trust Management Bhd 54
                                                    OSK-UOB Unit Trust Management Bhd 54
                                                    OSK-UOB Unit Trust Management Bhd 54
                                                                 2010
                                                                 RM As a % of NAV
                                                                 2010
 Consumer products                                         3,044,250           2.71
                                                                RM As a % of NAV
 Mining                                                    2,810,182           2.50
 Consumer products                                         3,044,250           2.71
 Properties                                                2,151,140           1.91
 Mining                                                    2,810,182           2.50
 TSR/Warrants                                              1,740,458           1.55
 Properties                                                2,151,140           1.91
 Technology                                                  325,859           0.29
 TSR/Warrants                                              1,740,458           1.55
 Technology                                              106,393,516
                                                             325,859          94.68
                                                                               0.29
                                                        106,393,516                  94.68
(iii) Currency risk
(iii) Currency risk
       Currency risk is the risk that the value of a financial instrument will fluctuate due
       to changes in foreign exchange rates. The Fund invests in securities and other
       Currency risk is the risk that the value of a financial instrument will fluctuate due
       investments that are denominated in currencies other than Ringgit Malaysia.
       to changes in foreign exchange rates. The Fund invests in securities and other
       Accordingly, the value of the Fund’s assets may be affected favourably or
       investments that are denominated in currencies other than Ringgit Malaysia.
       unfavourably by fluctuations in currency rates therefore the Fund will necessarily
       Accordingly, the value of the Fund’s assets may be affected favourably or
       be subject to foreign exchange risk.
       unfavourably by fluctuations in currency rates therefore the Fund will necessarily
       be subject to foreign exchange risk.
       Currency risk sensitivity
      Currency risk sensitivity
      The Fund did not have any significant financial liabilities denominated in foreign
      currencies as at the reporting date. The following table indicates the currencies to
      The Fund did not have any significant financial liabilities denominated in foreign
      which the Fund had significant exposure at the reporting date on its financial
      currencies as at the reporting date. The following table indicates the currencies to
      assets. The analysis calculates the effect of a reasonably possible movement of
      which the Fund had significant exposure at the reporting date on its financial
      each currency rate against Ringgit Malaysia on equity and on profit/(loss) with all
      assets. The analysis calculates the effect of a reasonably possible movement of
      other variables held constant.
      each currency rate against Ringgit Malaysia on equity and on profit/(loss) with all
      other variables held constant.
                               Change in Effects on profit
                                 currency            for the year       Effects on NAV
                               Change in Effects on profit
                                       rate              Increase               Increase
                                currency             for the year       Effects on NAV
                                                              RM                     RM
                                      rate               Increase               Increase
       2010
                                                             RM                      RM
       HKD/RM                        +10%               1,232,370              1,232,370
       2010
       HKD/RM                         +5%                 616,185                616,185
       HKD/RM                       +10%               1,232,370               1,232,370
       IDR/RM                        +10%                 784,880                784,880
       HKD/RM                         +5%                 616,185                616,185
       IDR/RM                         +5%                 389,008                389,008
       IDR/RM                       +10%                  784,880                784,880
       SGD/RM                        +10%                 150,539                150,539
       IDR/RM                         +5%                 389,008                389,008
       SGD/RM                         +5%                  75,269                 75,269
       SGD/RM                       +10%                  150,539                150,539
       SGD/RM                         +5%                  75,269                 75,269
      An equivalent decrease in each of the currencies shown above would have resulted
      in an equivalent, but opposite, impact.
      An equivalent decrease in each of the currencies shown above would have resulted
      in an equivalent, but opposite, impact.


                                                     OSK-UOB Unit Trust Management Bhd 55
                                                     OSK-UOB Unit Trust Management Bhd 55
      In practice, the actual trading results may differ from the sensitivity analysis above
      and the difference could be material.
     In practice, the actual trading results may differ from the sensitivity analysis above
     and the difference could be material.
      Currency risk concentration
     Currency risk concentration
       The following table sets out the Fund’s exposure to foreign currency exchange
       rates on its financial sets out at Fund’s exposure
      The following table assets as thethe reporting date. to foreign currency exchange
      rates on its financial assets as at the reporting date. 2010
                                                                  2010 As a % of NAV
                                                                 RM
        HKD                                               12,323,701
                                                                RM                10.97
                                                                       As a % of NAV
        IDR
       HKD                                                 7,848,800
                                                         12,323,701                6.99
                                                                                  10.97
        SGD
       IDR                                                 1,505,385
                                                           7,848,800               1.34
                                                                                   6.99
     SGD                                                  1,505,385                    1.34
(b) Credit Risk
(b) Credit Risk
     Credit risk is the risk that the counterparty to a financial instrument will cause a
     financial is for the Fund counterparty to a financial instrument will Fund is
    Credit riskloss the risk that theby failing to discharge an obligation. The cause a
     exposed to for the Fund by failing losses that an occur as result of
    financial lossthe risk of credit-related to discharge can obligation. aThe Fund isa
     counterparty or risk of credit-related losses that can occur as a obligations
    exposed to the issuer being unable or unwilling to honour its contractualresult of a
     to make timely repayments of interest, principal and proceeds from realisation of
    counterparty or issuer being unable or unwilling to honour its contractual obligations
     investments. These credit exposures exist within and proceeds from realisation of
    to make timely repayments of interest, principal financing relationships, derivatives
     and other transactions.
    investments. These credit exposures exist within financing relationships, derivatives
     and other transactions.
      The Manager manages the Fund’s credit risk by undertaking credit evaluation and
      close monitoring of the changes to risk by undertaking credit evaluation to
     The Manager managesany Fund’s creditthe issuer/counterparty’s credit profileand
      minimise such risk. is changes policy to enter into financial instruments to
     close monitoring of Itany the Fund’sto the issuer/counterparty’s credit profilewith
      reputable counterparties. The Manager also enter monitors the creditworthiness
     minimise such risk. It is the Fund’s policy to closelyinto financial instruments with
      of the Fund’s counterparties Manager also custodian, banks, etc.) by reviewing
     reputable counterparties. The (e.g., brokers, closely monitors the creditworthiness
      their Fund’s counterparties (e.g., on a regular basis.
     of thecredit ratings and credit profile brokers, custodian, banks, etc.) by reviewing
     their credit ratings and credit profile on a regular basis.
      Credit risk exposure
     Credit risk exposure
      At the reporting date, the Fund’s maximum exposure to credit risk is represented by
      the carrying amount the Fund’s maximum exposure recognised represented of
     At the reporting date,of each class of financial assets to credit riskinisthe statementby
      financial position. None of class of financial assets recognised due impaired as
     the carrying amount of eachthe Fund’s financial assets were past in theorstatement of
      at 31 December None
     financial position.2010. of the Fund’s financial assets were past due or impaired as
     at 31 December 2010.
      Credit quality of financial assets
     Credit quality of financial assets
      For deposits in financial institutions, the Fund only make placements with financial
      institutions in financial institutions, the Fund only analyses the Fund’s portfolio of
     For depositswith sound rating. The following table make placements with financial
      cash and deposits by rating category:
     institutions with sound rating. The following table analyses the Fund’s portfolio of
     cash and deposits by rating category:


                                                       OSK-UOB Unit Trust Management Bhd 56
                                                       OSK-UOB Unit Trust Management Bhd 56
                                                   Amount
                                                  Amount                           As %
                                                                                  As aa%
     Credit rating
     Credit rating                                     RM
                                                      RM                           ofNAV
                                                                                  of NAV
     A1
     A1                                           4,549,503
                                                 4,549,503                             4.05
                                                                                      4.05
     AA
     AA                                           1,363,925
                                                 1,363,925                             1.21
                                                                                      1.21
                                                  5,913,428
                                                 5,913,428                             5.26
                                                                                      5.26

     Balances for receivables are settled within short period in accordance with
    Balances for receivables are settled within aa short period in accordance with
     industry practice and are monitored closely.
    industry practice and are monitored closely.
 (c) Liquidity Risk
(c) Liquidity Risk
     Liquidity risk defined as the risk that the Fund will encounter difficulty in meeting
    Liquidity risk isisdefined as the risk that the Fund will encounter difficulty in meeting
     obligations associated with financial liabilities that are settled by delivering cash.
    obligations associated with financial liabilities that are settled by delivering cash.
     Exposure to liquidity risk arises because of the possibility that the Fund could be
    Exposure to liquidity risk arises because of the possibility that the Fund could be
     required to pay its liabilities or redeem its units earlier than expected. The Fund
    required to pay its liabilities or redeem its units earlier than expected. The Fund isis
     exposed to cash redemptions of its units on regular basis. Units sold to Unit
    exposed to cash redemptions of its units on aa regular basis. Units sold to Unit
     Holders by the Manager are redeemable at the Unit Holder’s option based on the
    Holders by the Manager are redeemable at the Unit Holder’s option based on the
     Fund’s net asset value per unit at the time of redemption calculated in accordance
    Fund’s net asset value per unit at the time of redemption calculated in accordance
     with the Fund’s Deed. The Manager monitor the Fund’s liquidity position on daily
    with the Fund’s Deed. The Manager monitor the Fund’s liquidity position on aadaily
     basis.
    basis.
     The Manager’s policy to always maintain prudent and sufficient level of liquid
    The Manager’s policy isisto always maintain aaprudent and sufficient level of liquid
     assets so as to meet normal operating requirements and expected redemption
    assets so as to meet normal operating requirements and expected redemption
     requests by Unit Holders. Liquid assets comprise cash, deposits with financial
    requests by Unit Holders. Liquid assets comprise cash, deposits with financial
     institutions and other instruments which are capable of being converted into cash
    institutions and other instruments which are capable of being converted into cash
     within days.
    within 77days.
     The following table summarises the maturity profile of the Fund’s units in issue
    The following table summarises the maturity profile of the Fund’s units in issue
     (classified as equity instruments) and financial liabilities. Balances due within six
    (classified as equity instruments) and financial liabilities. Balances due within six
     months equal their carrying amounts, as the impact of discounting insignificant.
    months equal their carrying amounts, as the impact of discounting isisinsignificant.
     The table also analyses the maturity profile of the Fund’s financial assets
    The table also analyses the maturity profile of the Fund’s financial assets
     (undiscounted where appropriate) and equity in order to provide complete view of
    (undiscounted where appropriate) and equity in order to provide aacomplete view of
     the Fund’s contractual commitments and liquidity.
    the Fund’s contractual commitments and liquidity.
                                                                       Less than month
                                                                      Less than 11month
                                                                                    RM
                                                                                   RM
  2010
 2010
  Financial assets:
 Financial assets:
  Investments held at FVTPL
 Investments held at FVTPL                                                    110,943,019
                                                                             110,943,019
  Other assets
 Other assets                                                                   2,696,117
                                                                               2,696,117
  Total undiscounted financial assets
 Total undiscounted financial assets                                          113,639,136
                                                                             113,639,136


                                                     OSK-UOB Unit Trust Management Bhd 57
                                                    OSK-UOB Unit Trust Management Bhd 57
                                                                      Less than 1 month
                                                                      Less than 1 month
                                                                                   RM
                                                                                   RM
 Financial liabilities:
 Financial liabilities:
 Other liabilities
 Other liabilities                                                              1,258,386
                                                                                1,258,386
 Total undiscounted financial liabilities
 Total undiscounted financial liabilities                                       1,258,386
                                                                                1,258,386

 Unit Holders equity
 Unit Holders equity                                                         112,380,750
                                                                             112,380,750

 Liquidity gap
 Liquidity gap                                                                            -
                                                                                          -

Notes:
Notes:

(i)
(i)   Financial assets
      Financial assets

Analysis of financial assets at fair value through profit or loss into maturity groupings is
Analysis of financial assets at fair value through profit or loss into maturity groupings is
based on the expected date on which these assets will be realised. The Fund’s
based on the expected date on which these assets will be realised. The Fund’s
investments have been included in the “Less than 1 month category” on the assumption
investments have been included in the “Less than 1 month category” on the assumption
that these are highly liquid investments which can be realised should all of the Fund’s
that these are highly liquid investments which can be realised should all of the Fund’s
Unit Holders’ equity be required to be redeemed. For other assets, the analysis into
Unit Holders’ equity be required to be redeemed. For other assets, the analysis into
maturity groupings is based on the remaining year from the end of the reporting year to
maturity groupings is based on the remaining year from the end of the reporting year to
the contractual maturity date or if earlier, the expected date on which the assets will be
the contractual maturity date or if earlier, the expected date on which the assets will be
realised.
realised.

(ii) Financial liabilities
(ii) Financial liabilities

The maturity grouping is based on the remaining year from the end of the reporting year
The maturity grouping is based on the remaining year from the end of the reporting year
to the contractual maturity date. When a counterparty has a choice of when the amount is
to the contractual maturity date. When a counterparty has a choice of when the amount is
paid, the liability is allocated to the earliest year in which the Fund can be required to
paid, the liability is allocated to the earliest year in which the Fund can be required to
pay.
pay.

(iii) Equity
(iii) Equity

As Unit Holders can request for redemption on their units, they have been categorised as
As Unit Holders can request for redemption on their units, they have been categorised as
having a maturity of “less than 1 month”.
having a maturity of “less than 1 month”.




                                                     OSK-UOB Unit Trust Management Bhd 58
                                                     OSK-UOB Unit Trust Management Bhd 58
                    CORPORATE INFORMATION
                       CORPORATE INFORMATION
MANAGER                OSK-UOB UNIT TRUST MANAGEMENT BHD
    MANAGER                 OSK-UOB UNIT TRUST MANAGEMENT BHD
REGISTERED &           5th Floor, Plaza OSK
PRINCIPAL OFFICE
    REGISTERED &             Ampang
                       Jalan5th Floor, Plaza OSK
    PRINCIPAL OFFICE   50450 Kuala Lumpur
                            Jalan Ampang
                       E-mail: oskuob_hq-enquiry@my.oskgroup.com
                            50450 Kuala Lumpur
                       Website: www.oskuob.com.my
                            E-mail: oskuob_hq-enquiry@my.oskgroup.com
                            03-2164 www.oskuob.com.my
                       Tel: Website: 3036 Fax: 03-2164 4226
                            Tel: 03-2164 3036 Fax: 03-2164 4226
BRANCHES
    BRANCHES
1. PENANG              20-E, Penang Street
    1. PENANG          10200 Penang Street
                            20-E, Penang
                            04-264 5639
                       Tel: 10200 Penang          Fax: 04-264 5640
                            Tel: 04-264 5639          Fax: 04-264 5640
2. BUTTERWORTH         2677, Jalan Chain Ferry
    2. BUTTERWORTH Taman Inderawasih Ferry
                            2677, Jalan Chain
                       13600 Prai Inderawasih
                            Taman
                       Penang Prai
                            13600
                             04-390
                       Tel: Penang 0022           Fax: 04-390 0023
                            Tel: 04-390 0022          Fax: 04-390 0023
3. IPOH                4th Floor, 21 – 25, Jalan Seenivasagam
    3. IPOH            Greentown 21 – 25, Jalan Seenivasagam
                            4th Floor,
                       30450 Ipoh
                            Greentown
                       Perak30450 Ipoh
                            05-242
                       Tel: Perak 4311            Fax: 05-242 4312
                            Tel: 05-242 4311          Fax: 05-242 4312
4. KUANTAN             B32-34, 2nd Floor,
    4. KUANTAN              B32-34, 2nd 8, Sri
                       Lorong Tun IsmailFloor, Dagangan II
                       25000 Kuantan Ismail 8, Sri Dagangan II
                            Lorong Tun
                       Pahang Kuantan
                            25000
                            09-517
                       Tel: Pahang 3611           Fax: 09-517 3612
                            Tel: 09-517 3611          Fax: 09-517 3612
5. MELAKA              581B, Taman Melaka Raya
    5. MELAKA          75000 Melaka Melaka Raya
                            581B, Taman
                            06-284 4211
                       Tel: 75000 Melaka          Fax: 06-292 2212
                            Tel: 06-284 4211          Fax: 06-292 2212
6. BATU PAHAT          53, 53A & 53B Jalan Sultanah
    6. BATU PAHAT      83000 Batu Pahat Jalan Sultanah
                            53, 53A & 53B
                       Johor83000 Batu Pahat
                             07-438
                       Tel: Johor 0271            Fax: 07-438 0277
                            Tel: 07-438 0271          Fax: 07-438 0277
                                         OSK-UOB Unit Trust Management Bhd 59
                                             OSK-UOB Unit Trust Management Bhd 59
7. JOHOR BAHRU         2nd Floor, 21 & 23, Jalan Molek 1/30
                       Taman Molek
     7. JOHOR BAHRU          2nd Floor, 21 & 23, Jalan Molek 1/30
                       81100 Johor Bahru
                             Taman Molek
                       Johor
                             81100 Johor Bahru
                       Tel: 07- 358 3587          Fax: 07- 358 3581
                             Johor
                             Tel: 07- 358 3587         Fax: 07- 358 3581
8. KOTA KINABALU       Tingkat 5, Wisma BSN Sabah
                       Jalan Kemajuan, Karamunsing
     8. KOTA KINABALU        Tingkat 5, Wisma BSN Sabah
                       88000 Kota Kinabalu
                             Jalan Kemajuan, Karamunsing
                       Sabah
                             88000 Kota Kinabalu
                       Tel: 088-248 211           Fax: 088-232 312
                             Sabah
                             Tel: 088-248 211          Fax: 088-232 312
9. KUCHING             Lot 282, 1st Floor
                       Jalan Ban Hock
     9. KUCHING              Lot 282, 1st Floor
                       93100 Kuching
                             Jalan Ban Hock
                       Tel: 082-245 611           Fax: 082-242 712
                             93100 Kuching
                             Tel: 082-245 611          Fax: 082-242 712
10. MIRI               Lot 1268, First Floor
                       Centre Point Commercial Centre
     10. MIRI                Lot 1268, First Floor
                       Jalan Melayu
                             Centre Point Commercial Centre
                       98000 Miri
                             Jalan Melayu
                       Sarawak
                             98000 Miri
                       Tel: 085-422 788           Fax: 085-415 243
                             Sarawak
                             Tel: 085-422 788          Fax: 085-415 243
11. KOTA BHARU         1st Floor, No.3953-J
                       Jalan Kebun Sultan
     11. KOTA BHARU          1st Floor, No.3953-J
                       15350 Kota Bharu
                             Jalan Kebun Sultan
                       Kelantan
                             15350 Kota Bharu
                       Tel: 09-741 8539           Fax: 09-741 8540
                             Kelantan
                             Tel: 09-741 8539          Fax: 09-741 8540
12. PETALING JAYA      32A, Jalan SS2/63,
                       47300 Petaling Jaya,
     12. PETALING JAYA       32A, Jalan SS2/63,
                       Selangor.
                             47300 Petaling Jaya,
                       Tel: 03-7877 3733           Fax: 03-7877 8733
                             Selangor.
                             Tel: 03-7877 3733          Fax: 03-7877 8733
BOARD OF DIRECTORS Dato’ Nik Mohamed Bin Nik Yahya (Independent)
                       Dr Choong Tuck Yew (Independent)
     BOARD OF DIRECTORS Dato’ Nik Mohamed Bin Nik Yahya (Independent)
                       Encik Izlan Bin Izhab (Independent)
                             Dr Choong Tuck Yew (Independent)
                       Ms Eliza Ong Yin Suen
                             Encik Izlan Bin Izhab (Independent)
                       Mr Ho Seng Yee
                             Ms Eliza Ong Yin Suen
                       Mr Thio Boon Kiat
                             Mr Ho Seng Yee
                       Ms Lim Suet Ling (Alternate Director to
                             Mr Thio Boon Kiat
                       Mr Thio Boon Kiat)
                             Ms Lim Suet Ling (Alternate Director to
                             Mr Thio Boon Kiat)
                                          OSK-UOB Unit Trust Management Bhd 60
                                               OSK-UOB Unit Trust Management Bhd 60
TRUSTEE               HSBC (Malaysia) Trustee Bhd
   TRUSTEE
   TRUSTEE                 HSBC (Malaysia) Trustee Bhd
                           HSBC (Malaysia) Trustee Bhd
SECRETARIES           Ms Chua Siew Chuan (MAICSA 0777689)
   SECRETARIES
   SECRETARIES             Ms Chua Siew Chuan (MAICSA 0777689)
                      Ms ChinChua Siew (MAICSA 7019243)
                           Ms Mun Yee Chuan (MAICSA 0777689)
                           Ms Chin Mun Yee (MAICSA 7019243)
                           Ms Chin Mun Yee (MAICSA 7019243)
PRINCIPAL BANKER      United Overseas Bank (Malaysia) Bhd
   PRINCIPAL BANKER
   PRINCIPAL BANKER        United Overseas Bank (Malaysia) Bhd
                           United Overseas Bank (Malaysia) Bhd
AUDITORS              Ernst & Young
   AUDITORS
   AUDITORS                Ernst & Young
                           Ernst & Young
TAX ADVISERS          KPMG Tax Services Sdn Bhd
   TAX ADVISERS
   TAX ADVISERS            KPMG Tax Services Sdn Bhd
                           KPMG Tax Services Sdn Bhd
DISTRIBUTORS          Affin Bank Bhd
   DISTRIBUTORS             03-2055 9000
                      Tel: Affin Bank Bhd
   DISTRIBUTORS            Affin Bank Bhd
                           Tel: 03-2055 9000
                           Tel: 03-2055 9000
                      Alliance Bank Malaysia Bhd
                            03-2730 2844
                      Tel: Alliance Bank Malaysia Bhd
                           Alliance Bank Malaysia Bhd
                           Tel: 03-2730 2844
                           Tel: 03-2730 2844
                      AmBank (M) Bhd
                            03-2167 3000
                      Tel: AmBank (M) Bhd
                           AmBank (M) Bhd
                           Tel: 03-2167 3000
                           Tel: 03-2167 3000
                      AmInvestment Bank Bhd
                            03-2078 2633
                      Tel: AmInvestment Bank Bhd
                           AmInvestment Bank Bhd
                           Tel: 03-2078 2633
                           Tel: 03-2078 2633
                      Apex Investment Services Bhd
                            03-2693 2789
                      Tel: Apex Investment Services Bhd
                           Apex Investment Services Bhd
                           Tel: 03-2693 2789
                           Tel: 03-2693 2789
                      Citibank Bhd
                            03-2383 8833
                      Tel: Citibank Bhd
                           Citibank Bhd
                           Tel: 03-2383 8833
                           Tel: 03-2383 8833
                      CIMB Bank Bhd
                      (Please contact the nearest branch)
                           CIMB Bank Bhd
                           CIMB Bank Bhd
                           (Please contact the nearest branch)
                           (Please contact the nearest branch)
                      CIMB Investment Bank Bhd
                            03-2723 8688
                      Tel: CIMB Investment Bank Bhd
                           CIMB Investment Bank Bhd
                           Tel: 03-2723 8688
                           Tel: 03-2723 8688
                      CIMB Wealth Advisors Bhd
                            03-7718 3000
                      Tel: CIMB Wealth Advisors Bhd
                           CIMB Wealth Advisors Bhd
                           Tel: 03-7718 3000
                           Tel: 03-7718 3000
                      EON Bank Bhd
                            03-2612 8888
                      Tel: EON Bank Bhd
                           EON Bank Bhd
                           Tel: 03-2612 8888
                           Tel: 03-2612 8888
                      Hong Leong Bank Bhd
                            1-800-388-888
                      Tel: Hong Leong Bank Bhd
                           Hong Leong Bank Bhd
                           Tel: 1-800-388-888
                           Tel: 1-800-388-888
                                      OSK-UOB Unit Trust Management Bhd 61
                                         OSK-UOB Unit Trust Management Bhd 61
                                         OSK-UOB Unit Trust Management Bhd 61
DISTRIBUTORS     iFast Capital Sdn Bhd
                 Tel: 03-2149 0567
  DISTRIBUTORS       iFast Capital Sdn Bhd
                     Tel: 03-2149 0567
                 Malayan Banking Bhd
                 Tel: 1-300-88-6688
                     Malayan Banking Bhd
                     Tel: 1-300-88-6688
                 MAAKL Mutual Bhd
                 Tel: 03-2146 9536
                     MAAKL Mutual Bhd
                     Tel: 03-2146 9536
                 OCBC Bank (Malaysia) Bhd
                 Tel: 1-300-88-5000
                     OCBC Bank (Malaysia) Bhd
                     Tel: 1-300-88-5000
                 OSK Investment Bank Bhd
                 Tel: 03-2333 8228
                     OSK Investment Bank Bhd
                     Tel: 03-2333 8228
                 The Royal Bank of Scotland Bhd
                 Tel: 03-2160 9888
                     The Royal Bank of Scotland Bhd
                     Tel: 03-2160 9888
                 RHB Bank Bhd
                 Tel: 03-9206 8118
                     RHB Bank Bhd
                     Tel: 03-9206 8118
                 Standard Chartered Bank Malaysia Bhd
                 Tel: 03-2117 7777
                     Standard Chartered Bank Malaysia Bhd
                     Tel: 03-2117 7777
                 United Overseas Bank (Malaysia) Bhd
                 Tel: 03-2772 6868
                     United Overseas Bank (Malaysia) Bhd
                     Tel: 03-2772 6868
                 OSK-UOB Unit Trust Consultants
                 Tel: 03-2171 2755
                     OSK-UOB Unit Trust Consultants
                     Tel: 03-2171 2755




                                  OSK-UOB Unit Trust Management Bhd 62
                                      OSK-UOB Unit Trust Management Bhd 62

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:7
posted:10/4/2011
language:English
pages:63