TA GLOBAL ASSET ALLOCATOR FUND - Interim Report TA Investment - TA Investment - TA Investment Management

 
TA GLOBAL ASSET ALLOCATOR FUND - Interim Report TA Investment - TA Investment - TA Investment Management
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TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Contents

Contents                                        1
Key Performance Data                            2
Manager’s Report                                4
Market Review                                   7
Market Outlook And Investment Strategy          8
Size Of Unitholdings                            8
Soft Commission                                 8
Trustee’s Report                                9
Statement By The Manager                       10
Unaudited Statement Of Comprehensive Income    11
Unaudited Statement Of Financial Position      12
Unaudited Statement Of Changes In Equity       13
Unaudited Statement Of Cash Flows              14
Notes To The Unaudited Financial Statements    15
Corporate Information                          32

                                           1
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Key Performance Data

                                                                      6 months           6 months            6 months
                                                                         ended              ended               ended
                                                                     31/01/2020         31/01/2019          31/01/2018

PORTFOLIO COMPOSITION (% OF NAV)

Exchange Traded Fund                                                       98.21              96.44               94.92
Unit Trust                                                                  0.04               0.03                0.02
Cash (Net of Liabilities)                                                   1.75               3.53                5.06
Total Investment                                                          100.00             100.00              100.00

Total Net Asset Value (RM'000)                                           1,656 #              1,989               2,837
Units In Circulation (Units '000)                                          3,312              4,109               5,356
Net Asset Value Per Unit (RM)                                           0.4999 #           0.4841 #              0.5297
Management Expense Ratio (MER) (%) *                                        2.53               2.25                1.56
Portfolio Turnover Ratio (PTR) (times) **                                   0.48               0.77                0.20
# Refer to unaudited account Note 9.

* The MER for the current interim period has increased as compared to the previous period. This is due to decrease in the
average net asset value of the Fund.
** The PTR for the current interim period has decreased compared to previous interim period due to decrease in average
transaction value of the Fund.

UNIT PRICES ^

NAV Per Unit (RM)                                                         0.4999             0.4841              0.5297
Highest NAV Per Unit for the Period (RM)                                  0.5080             0.5361              0.5484
Lowest NAV Per Unit for the Period (RM)                                   0.4895             0.4469              0.5275
^ Ex-distribution

TOTAL RETURN (%)

Capital Return                                                              0.26               -8.26               -2.54
Income Return                                                                  -                   -                   -
Total Return of Fund                                                        0.26               -8.26               -2.54
Total Return of the Benchmark                                               1.32               -2.41               -1.96
- Equities : Morgan Stanley Capital International AC World Index
- Fixed Income Securities : JP Morgan Global Government Bond
  Global Unhedged USD Index
- Property : S&P Developed REIT Index
- Commodities : S&P Goldman Sachs Commodity Index

                                                           2
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

AVERAGE TOTAL RETURN (%)

                                                                                              Fund        Benchmark
Period
1 Year (31/01/2019 - 31/01/2020)                                                               3.26                6.70
3 Years (31/01/2017 - 31/01/2020)                                                             -2.44                1.89
5 Years (31/01/2015 - 31/01/2020)                                                              0.18                4.32

ANNUAL TOTAL RETURN (%)

                                                                                              Fund        Benchmark
Period
31/01/2019 - 31/01/2020                                                                        3.26               6.70
31/01/2018 - 31/01/2019                                                                       -8.61               1.22
31/01/2017 - 31/01/2018                                                                       -1.60              -2.06
31/01/2016 - 31/01/2017                                                                       10.44              17.35
31/01/2015 - 31/01/2016                                                                       -1.64              -0.43

Source : Lipper for Investment Management
Past performance is not necessarily indicative of future performance. Unit prices and investment returns may go down, as
well as up.

                                                           3
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Manager’s Report
TA Global Asset Allocator Fund

 Fund Category/Type      Fund of Funds (Global Mixed Asset) / Growth & Income

 Fund Objective          The Fund aims to provide investors with long-term capital
                         growth by investing in a diversified portfolio of collective
                         investment schemes or similar schemes globally that invests
                         in equities, fixed income instruments, property-related
                         securities and commodity related securities.

 Performance                 Equities: Morgan Stanley Capital International (MSCI)
 Benchmark(s)                 AC World Index - 25%
                             Fixed Income Securities: JP Morgan Global Government
                              Bond Global Unhedged USD Index - 25%
                             Property: S&P Developed REIT Index - 25%
                             Commodities: S&P Goldman Sachs Commodity Index
                              (GSCI) Index - 25%

 Fund’s Distribution     The Fund may declare annual/interim distribution (if any)
 Policy                  during its financial year.

 Fund’s Performance      The Fund was managed within its investment objective for the
 and Investment          period under review and met its objective of providing capital
 Strategies Employed     returns. The Fund posted a return of 0.26% during the interim
                         six-month period under review but underperformed its
                         benchmark’s return of 1.32% in the same period.

                         The Fund was positioned to capitalise on the continued
                         economic recovery and improvement in corporate earnings.

 Analysis of Fund’s                              31/01/20       31/07/19    % Change
 Performance
                         NAV/ unit (RM)           0.4999~        0.4986            0.26

                         Total NAV                 1,656~           1,876       -11.73
                         (RM’000)
                         ~ Refer to unaudited account Note 9.

                              Income             Capital Return #       Total Return
                          Distribution (%)             (%)                  (%)

                                  -                    0.26                 0.26

                                           4
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

                         #
                             Capital Return components:
                               Collective investment schemes
                               Cash and cash equivalents

                                                       31/01/20          31/07/19       % Change

                         Benchmark                       131.89             130.17            1.32

 Performance Chart
                                                                     Benchmark 23.59%

                                                                  TAGAAF 0.89%

 Distribution/Unit       None were declared for the interim period under review 31
 Split                   January 2020.

 Asset Allocation                     31/01/20                                   31/07/19

                                           Cash (Net of                        Cash (Net of
                                Unit Trust Liabilities) 1.75%       Unit Trust Liabilities) 3.49%
                                0.04%                               0.03%

                             Exchange Traded Fund 98.21%          Exchange Traded Fund 96.48%

                         The Fund Manager continued to use asset allocation
                         strategies to manage the Fund. Throughout the period, the
                         Fund’s investment level was maintained above 90%.

 Top Investments         Top 5 Investments

                         As at 31/01/20                                                     % NAV

                         SPDR Bloomberg Barclays Global Aggregate                            17.29
                         Bond Etf

                                              5
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

                         Ossiam Shiller Barclays Cape USD                     11.30

                         SPDR S&P 500 Low Volatility UCITs Etf                10.52

                         SPDR Global Convertible Bond                          8.78

                         SPDR Euro Stoxx Low Volatility Etf                    7.20

                         As at 31/07/19                                     % NAV

                         DBX II Global Aggregate Bond 1D                      21.19

                         Ossiam Shiller Barclays Cape USD                     10.93

                         SPDR Global Convertible Bond                          8.47

                         SPDR Euro Stoxx Low Volatility Etf                    7.33

                         Lyxor Russel 1000 Growth                              5.58

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

                                           6
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Market Review
Global equities underwent a volatile start to the second half of 2019 as the trade dispute
between the United States (“US”) and China worsened and investors sold equities but
loaded up on bonds in August, 2019. Market sentiment was also fragile with the United
Kingdom’s (“UK”) new Prime Minister, Boris Johnson bent on taking Britain out from the
European Union on 31 October 2019 with or without a deal. The US Dow Jones Industrial
index fell 1.7% in August 2019, which was relatively mild compared to the MSCI Asia
Pacific Index’s drop of 3.4%. By September 2019, the European Central Bank (“ECB”)
reduced its deposit rate by 10 bps to -0.5% and relaunched its Quantitative Easing (“QE”)
program for “as long as necessary to reinforce the accommodative impact of its policy
rates” amid a slowdown in Europe, with Germany’s real Gross Domestic Product (“GDP”)
at its lowest since quarter one of 2013 (0% Year-on-Year in quarter two 2019). A strong
showing of Quarter three 2019 US corporate earnings lifted the Dow Jones and S&P 500
indices to almost historic high levels in September 2019. Sentiment was further stoked
after the US Federal Reserve (“the Fed”) cut interest rates by 25 basis points (“bps”) for
the third time in 2019 while other central banks were also on rate-cutting mode. Despite
House Democrats’ impeachment proceedings against US President Trump, US stock
markets continued their record-breaking streak throughout November 2019 up until
January 2020. The Dow Jones index surged 1.7% in December 2019 and 22.3% for the
whole year of 2019. The longest expansion in history, now in its 11th year, remains on
track thanks to the Fed cutting interest rates three times in 2019.

Sentiment improved in 2020 following the conclusion of the Phase 1 deal between the US
and China. But the improved sentiment did not last long when news emerged on the novel
coronavirus, causing global stocks to plummet again. Market sentiment dipped further with
the rapid spread of the virus and the increase in deaths within China and the subsequent
spread around the world. The number of confirmed cases surpassed the total number of
infections of the nine-month Severe Acute Respiratory Syndrome (“SARS”) outbreak of
2003 in less than a month and the World Health Organization formally declared the
pneumonia-like virus a global health emergency. Consequently, traders remained on edge
and took a longer Chinese New Year break. US equity markets were, however, less
impacted as The Dow Jones Industrial index and S&P 500 index fell 1% and 0.2%
respectively while the Nasdaq climbed 2% in January 2020.

In August 2019, US Treasury yields on the benchmark 30-year Treasury bond sank to an
all-time low of less than 2% while the US yield curve inverted, sparking fears of a
recession ahead. Brent crude oil plunged 7.3% due to worries of an impending global
economic slowdown and Organization of the Petroleum Exporting Countries (“OPEC’s”)
forecast that there would be excess supply in 2020 as rivals continue to increase
production. Crude oil rose slightly by 0.6% in September 2019 despite a sharp spike
immediately after a drone attack on a Saudi Arabian oilfield. Brent crude oil climbed 5.7%
in December 2019 and 22.7% for the whole year of 2019 due to the drop in US crude
inventories, greater investors’ risk appetite and overall effort by the Organization of the
Petroleum Exporting Countries (“OPEC”) and allies including Russia to curb production.
The Brent crude oil price retreated 11.9% in January 2020 as fears grew over the impact
of the virus outbreak on demand, particularly with the transportation lockdown in China
and airlines suspending flights, and China’s weak 2019 GDP growth of 6.1%, the weakest
in just under three decades.

                                            7
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Market Outlook And Investment Strategy
Global markets started 2020 well spurred by possible resolutions to some of the key
issues plaguing the world economy in 2019. The US and European equity indices reached
new highs as investors hope to put the trade war and Brexit debacles behind them. Is
such optimism justified? We believe global markets would likely overshoot expectations on
such “feel good” sentiment if no new concern emerges. However, the world is increasingly
volatile and it is wishful thinking to assume that things could quiet down this year. The
recent outbreak of the Wuhan coronavirus is an extremely good example of how market
trends can easily be disrupted.

Size Of Unitholdings
- 31 January 2020
  Size of Holdings     No. of         % of       No. of Units    % of Unit
       (units)       Unitholders   Unitholders   Held ('000)       Held
 5,000 and below              28        18.79%             90         2.72%
 5,000-10,000                 27        18.12%            197         5.96%
 10,001-50,000                80        53.69%          1,646        49.69%
 50,000-500,000               14         9.40%          1,379        41.63%
 500,001 and above           -             -              -             -
Total                        149       100.00%           3,312      100.00%

Soft Commission
The Manager retains soft commissions received from brokers only if the goods and
services are of demonstrable benefits to the unitholders as allowed under the Securities
Commission's Guidelines on Unit Trust Funds. The soft commission received include
research and advisory services which are used to support the investment decision making
process and are of demonstrable benefit to Unitholders of the Fund.

                                                 8
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

TRUSTEE'S REPORT
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020

TO THE UNITHOLDERS OF TA GLOBAL ASSET ALLOCATOR FUND

We have acted as Trustee for TA GLOBAL ASSET ALLOCATOR FUND ("the Fund") for the
financial period ended 31 January 2020. To the best of our knowledge, TA Investment
Management Berhad (“the Manager”) has managed the Fund in the financial period under review
in accordance with the following:

(a)   Limitations imposed on the investment powers of the Manager under the deeds, securities
      laws and Guidelines on Unit Trust Funds;

(b)   Valuation and pricing of the Fund are carried out in accordance with the deeds and any
      regulatory requirement; and

(c)   Creation and cancellation of units are carried out in accordance with the deeds and any
      regulatory requirement.

For Maybank Trustees Berhad
[Co. No.: 196301000109 (5004-P)]

JULIA BINTI MUSTAFFA
Chief Executive Officer

Kuala Lumpur, Malaysia
18 March 2020

                                           9
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

STATEMENT BY THE MANAGER

We, CHOO SWEE KEE and MOHAMMED A'REEFF BIN ABDUL KHALID, being two of the
directors of TA INVESTMENT MANAGEMENT BERHAD, do hereby state that, in the opinion of
the Manager, the accompanying unaudited financial statements set out on page 11 to 31, are
drawn up in accordance with Malaysian Financial Reporting Standards ("MFRS") 134 Interim
Financial Reporting so as to give a true and fair view of the financial position of TA GLOBAL
ASSET ALLOCATOR FUND as at 31 January 2020 and of its unaudited financial performance
and unaudited cash flows for the financial period then ended.

On behalf of the Manager,

CHOO SWEE KEE                                     MOHAMMED A'REEFF BIN ABDUL KHALID

Kuala Lumpur, Malaysia
18 March 2020

                                           10
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020

                                                                   01.08.2019       01.08.2018
                                                                           to               to
                                                                   31.01.2020       31.01.2019
                                                       Note               RM               RM

INCOME/(LOSS)
Dividend income                                                             8,988      20,378
Net gain/(loss) on:
  - financial assets at fair value through profit
    or loss ("FVTPL")                                      6            39,118        (151,302)
                                                                        48,106        (130,924)

EXPENSES
Manager's fee                                              3            15,542         20,917
Trustee's fee                                              4             5,080          7,591
Auditors' remuneration                                                   3,000          3,000
Tax agent's fee                                                          1,380          2,140
Investment committee's remuneration                                      3,600          3,600
Brokerage and other transaction fees                                    10,981         19,097
Administrative fees and expenses                                         3,851         14,658
                                                                        43,434         71,003

Net income/(loss) before tax                                             4,672        (201,927)
Less: Income tax expense                                   5            (1,675)         (4,193)
Net income/(loss) after tax, representing total
  comprehensive income for the financial period                             2,997     (206,120)

Net income/(loss) after tax is made up of the following:
 Net realised income/(loss)                                             29,690         (17,363)
 Net unrealised loss                                                   (26,693)       (188,757)
                                                                         2,997        (206,120)

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

                                                11
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2020

                                                                   31.01.2020    31.07.2019
                                                     Note                 RM            RM

ASSETS
Investments                                            6             1,623,925    1,808,101
Amount due from the Manager                            7                     -            2
Other receivable                                                            12           10
Cash at banks                                                           90,738       83,815
TOTAL ASSETS                                                         1,714,675    1,891,928

LIABILITIES
Amount due to the Manager                              7                50,603       5,665
Amount due to Trustee                                                       80       1,000
Other payables and accruals                                             10,930      11,650
TOTAL LIABILITIES                                                       61,613      18,315

EQUITY
Unitholders' capital                                  8(a)             480,081       62,641
Retained earnings                                   8(b),(c)         1,172,981    1,810,972
NET ASSET VALUE ("NAV") ATTRIBUTABLE
 TO UNITHOLDERS                                                      1,653,062    1,873,613

TOTAL EQUITY AND LIABILITIES                                         1,714,675    1,891,928

NUMBER OF UNITS IN CIRCULATION                        8(a)           3,312,279    3,762,396

NAV PER UNIT                                           9                0.4991      0.4980

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

                                            12
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020

                                                 Unitholders'       Retained
                                                      capital       earnings          Total
                                                    Note 8(a)    Note 8(b),(c)         NAV
                                                         RM               RM            RM

At 1 August 2018                                      725,528        1,963,459    2,688,987
Total comprehensive loss for the period                     -         (206,120)    (206,120)
Creation of units                                           -                -            -
Cancellation of units                                (495,432)               -     (495,432)
At 31 January 2019                                    230,096        1,757,339    1,987,435

At 1 August 2019                                       62,641        1,810,972    1,873,613
Total comprehensive income for the period                   -            2,997        2,997
Creation of units                                      24,588                -       24,588
Cancellation of units                                (248,136)               -     (248,136)
Distribution equalisation                             640,988         (640,988)           -
At 31 January 2020                                    480,081        1,172,981    1,653,062

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

                                            13
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

UNAUDITED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020

                                                                   01.08.2019       01.08.2018
                                                                           to               to
                                                                   31.01.2020       31.01.2019
                                                                          RM               RM

CASH FLOWS FROM OPERATING AND INVESTING
 ACTIVITIES

Proceeds from sales of investments                                     941,095       2,025,184
Purchases of investments                                              (717,801)     (1,543,790)
Dividend received                                                        8,988          20,753
Tax paid                                                                (1,675)         (4,193)
Manager's fee paid, net of rebate                                      (12,942)        (17,950)
Trustee's fee paid                                                      (6,000)         (9,000)
Payments for other fees and expenses                                   (23,532)        (19,259)
Net cash generated from operating and investing activities             188,133         451,745

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created                                        24,590           7,567
Cash paid on units cancelled                                          (205,800)       (499,491)
Net cash used in financing activities                                 (181,210)       (491,924)

NET INCREASE/ (DECREASE) IN CASH AND
 CASH EQUIVALENTS                                                           6,923      (40,179)
CASH AND CASH EQUIVALENTS AT THE BEGINNING
 OF THE FINANCIAL PERIOD                                                83,815        125,409
CASH AND CASH EQUIVALENTS AT THE END
 OF THE FINANCIAL PERIOD                                                90,738         85,230

CASH AND CASH EQUIVALENTS COMPRISE:

Cash at banks                                                           90,738         85,230
Cash and cash equivalents                                               90,738         85,230

The accompanying notes form an integral part of the financial statements.
                                            14
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD ENDED 31 JANUARY 2020

1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

   TA Global Asset Allocator Fund ("the Fund") was constituted pursuant to the execution of a
   Deed of Trust ("the Deed") dated 17 May 2006 between the Manager, TA Investment
   Management Berhad, the Trustee, HSBC (Malaysia) Trustees Berhad and the registered
   holders of the Fund.

   Effective 6 May 2013, HSBC Trustee has ceased to become the Trustee of the Fund. With
   the execution of First Supplemental Deed ("First Deed") dated 3 April 2013, Maybank
   Trustees Berhad ("MTB") has been appointed as the Trustee of the Fund effective 7 May
   2013. MTB shall resume the roles and responsibilities as Trustee for the Fund and any
   reference made to "Trustee" of the Fund from 7 May 2013 shall refer to MTB. The First Deed
   shall be read in concurrent with the Deed of the Fund.

   The principal activity of the Fund is to invest in "Authorised Investments" as defined under
   Division 7.1 of the Deed, which include all types of collective investment schemes including
   unlisted and listed unit trusts that are regulated and registered/authorised/approved by the
   relevant authorities in their home jurisdiction and money market instruments. The Fund aims
   to provide investors with long term capital growth by investing in a diversified portfolio of
   collective investment schemes or similar schemes globally that invests in equity, fixed income
   instruments, property-related securities and commodity related securities. The Fund
   commenced operations on 12 June 2006 and will continue its operations until terminated by
   the Trustee as provided under Divisions 12.2 and 12.3 of the Deed.

   The Manager, TA Investment Management Berhad, a company incorporated in Malaysia, is a
   wholly owned subsidiary of TA Securities Holdings Berhad. Its ultimate holding company is
   TA Enterprise Berhad, a company listed on the Main Market of Bursa Malaysia Securities
   Berhad. Its principal activities are the establishment and management of unit trust funds and
   fund management. The Manager is licensed to carry out dealing in securities and fund
   management activities under the Capital Markets and Services Act 2007.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   2.1 Basis of Preparation

         (a) Statement of compliance

             The financial statements of the Fund have been prepared in accordance with
             Malaysian Financial Reporting Standards ("MFRS") and International Financial
             Reporting Standards ("IFRS"), collectively known as the "Standards".

             The following are accounting standards, amendments and interpretations of the
             MFRS framework that have been issued by the Malaysian Accounting Standards
             Board (“MASB”) but have not been adopted by the Fund:

                                            15
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.1 Basis of Preparation (contd.)

         (a) Statement of compliance (contd.)

             MFRSs, Interpretations and amendments effective for annual periods
             beginning on or after 1 January 2020
             •   MFRS 16, Leases
             •   IC Interpretation 23, Uncertainty over Income Tax Treatments
             •   Amendments to MFRS 3, Business Combinations (Annual Improvements to
                 MFRS Standards 2015-2017 Cycle)
             •   Amendments to MFRS 9, Financial Instruments – Prepayment Features with
                 Negative Compensation
             •   Amendments to MFRS 11, Joint Arrangements (Annual Improvements to
                 MFRS Standards 2015-2017 Cycle)
             •   Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS
                 Standards 2015-2017 Cycle)
             •   Amendments to MFRS 119, Employee Benefits – Plan Amendment,
                 Curtailment or Settlement
             •   Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS
                 Standards 2015-2017 Cycle)
             •   Amendments to MFRS 128, Investments in Associates and Joint Ventures –
                 Long-term Interests in Associates and Joint Ventures

             MFRSs, Interpretations and amendments effective for annual periods
             beginning on or after 1 January 2021
             •   Amendments to MFRS 2, Share-based Payment
             •   Amendments to MFRS 3, Business Combinations
             •   Amendments to MFRS 6, Exploration for and Evaluation of Mineral Resources
             •   Amendment to MFRS 14, Regulatory Deferral Accounts
             •   Amendments to MFRS 101, Presentation of Financial Statements
             •   Amendments to MFRS 108, Accounting Policies, Changes in Accounting
                 Estimates and Errors
             •   Amendments to MFRS 134, Interim Financial Reporting
             •   Amendments to MFRS 137, Provision, Contigent Liabilities and Contingent
                 Assets
             •   Amendments to MFRS 138, Intangible Assets
             •   Amendments to IC Interpretation 12, Service Concession Arrangements
             •   Amendments to IC Interpretation 19, Extinguishing Financial Liabilities with
             •   Amendments to IC Interpretation 20, Stripping Costs in the Production Phase
                 of a Surface Mine
             •   Amendments to IC Interpretation 22, Foreign Currency Transactions and
                 Advance Consideration
             •   Amendments to IC Interpretation 132, Intangible Assets – Web Site Costs

             MFRSs, Interpretations and amendments effective for annual periods
             beginning on or after 1 January 2022
             •   MFRS 17, Insurance Contracts

                                           16
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.1 Basis of Preparation (contd.)

         (a) Statement of compliance (contd.)

             MFRSs, Interpretations and amendments effective for annual periods
             beginning on or after a date yet to be confirmed

             •    Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128,
                  Investments in Associates and Joint Ventures – Sale or Contribution of Assets
                  between an Investor and its Associate or Joint Venture

             The Fund plans to adopt the abovementioned accounting standards, amendments
             and interpretations:

             •    from the annual period beginning on 1 August 2020 for those accounting
                  standard, amendments and intepretations that are effective for annual periods
                  beginning on or after 1 January 2020 except for Amendments to MFRS 11,
                  Amendments to MFRS112, Amendments to MFRS 119, Amendments to MFRS
                  123 and Amendments to MFRS 128; and

             •    from the annual period beginning on 1 August 2021 for those accounting
                  standard, amendments and interpretation that are effective for annual periods
                  beginning on or after 1 January 2021, except for Amendments to MFRS 2,
                  Amendments to MFRS 3, Amendments to MFRS 6, Amendments to MFRS 14
                  and Amendments to IC Interpretation 20 which are not applicable to the Fund.

             The Fund does not plan to apply MFRS 17, Insurance Contracts that is effective for
             annual periods beginning on 1 January 2021 as it is not applicable to the Fund.

             The initial application of the abovementioned accounting standards, amendments or
             interpretations are not expected to have any material impacts to the financial
             statements of the Fund except as mentioned below:

             MFRS 9: Financial Instruments

             MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition
             and Measurement on the classification and measurement of financial assets and
             financial liabilities, and on hedge accounting.

             In respect of impairment of financial assets, MFRS 9 replaces the “incurred loss”
             model in MFRS 139 with an “expected credit loss” (ECL) model. The new
             impairment model applies to financial assets measured at amortised cost, contract
             assets and sukuk investments measured at fair value through other comprehensive
             income, but not to investments in Shariah-compliant equity instruments.

                                            17
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.1 Basis of Preparation (contd.)

         (a) Statement of compliance (contd.)

             Estimated impact of the adoption of MFRS 9

             The Fund has assessed that the initial application of MFRS 9 on its financial
             statements for the year ending 31 July 2020 will have no material impact on the net
             assets and net income of the Fund.

         (b) Basis of measurement

             The financial statements of the Fund have been prepared on the historical cost
             basis, unless otherwise indicated in Note 2.2.

         (c) Functional and presentation currency

             The financial statements are presented in Ringgit Malaysia ("RM"), which is the
             Fund's functional currency.

   2.2 Significant Accounting Policies

        (a) Financial Assets

             Financial assets are recognised in the statement of financial position when, and only
             when, the Fund becomes a party to the contractual provisions of the financial
             instrument.
             When financial assets are recognised initially, they are measured at fair value, plus,
             in the case of financial assets not at FVTPL, directly attributable transaction costs.

             A financial asset is derecognised when the asset is disposed and the contractual
             right to receive cash flows from the asset has expired. On derecognition of a
             financial asset, the difference between the carrying amount and the sum of the
             consideration received is recognised in profit or loss.

             Financial assets and liabilities are offset and the net amount reported in the financial
             statement when there is a legally enforceable right to offset the recognised amounts
             and there is an intention to settle on a net basis or realise the asset and settle the
             liability simultaneously.

             The Fund determines the classification of its financial assets at initial recognition,
             and the categories include financial assets at FVTPL and receivables.

                                             18
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.2 Significant Accounting Policies

        (a) Financial Assets (contd.)

             (i)   Financial assets at FVTPL

                   Financial assets are classified as financial assets at FVTPL if they are held for
                   trading or are designated as such upon initial recognition. Financial assets held
                   for trading include collective investment scheme acquired principally for the
                   purpose of selling in the near term.

                   Subsequent to initial recognition, financial assets at FVTPL are measured at
                   fair value. Changes in the fair value of those financial instruments are recorded
                   in "Net gain or loss on financial assets at FVTPL". Interest earned of such
                   instruments is recorded in 'Interest income'. Exchange differences on financial
                   assets at FVTPL are not recognised separately in profit or loss but are included
                   in net gain or net loss on changes in fair value of financial assets at FVTPL.

             (ii) Receivables

                   Financial assets with fixed or determinable payments that are not quoted in an
                   active market are classified as receivables. The Fund includes short-term
                   receivables in this classification.

                   Subsequent to initial recognition, financial assets categorised as receivables
                   are measured at amortised cost using the effective interest rate method. Gains
                   and losses are recognised in profit or loss when such financial assets are
                   derecognised or impaired, and through the amortisation process.

        (b) Impairment of Financial Assets

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

             Receivables and other financial assets carried at amortised cost

             To determine whether there is objective evidence that an impairment loss on
             financial assets has been incurred, the Fund considers factors such as the
             probability of insolvency or significant financial difficulties of the receivable and
             default or significant delay in payments.

             If any such evidence exists, the amount of impairment loss is measured as the
             difference between the asset's carrying amount and the present value of estimated
             future cash flows discounted at the financial asset's original effective interest rate.
             The impairment loss is recognised in profit or loss.

                                               19
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.2 Significant Accounting Policies (Contd.)

        (c) Classification of Realised and Unrealised Gains and Losses

             The carrying amount of the financial asset is reduced by the impairment loss directly
             for all financial assets with the exception of receivables, where the carrying amount
             is reduced through the use of an allowance account. When a receivable becomes
             uncollectible, it is written off against the allowance account.

             If in a subsequent period, the amount of the impairment loss decreases and the
             decrease can be related objectively to an event occurring after the impairment was
             recognised, the previously recognised impairment loss is reversed to the extent that
             the carrying amount of the asset does not exceed its amortised cost at the reversal
             date. The amount of reversal is recognised in profit or loss.

             Unrealised gains and losses comprise changes in the fair value of financial
             instruments for the period and from reversal of prior period's unrealised gains and
             losses for financial instruments which were realised (i.e. sold, redeemed or
             matured) during the financial period.

             Realised gains and losses on disposals of financial instruments classified as part of
             'at FVTPL' are calculated using weighted average method. They represent the
             difference between an instrument's initial carrying amount and disposal amount.

        (d) Financial Liabilities

             Financial liabilities are classified according to the substance of the contractual
             arrangements entered into and the definitions of a financial liability.

             Financial liabilities, within the scope of MFRS 139, are recognised in the statement
             of financial position when, and only when, the Fund becomes a party to the
             contractual provisions of the financial instrument.

             The Fund's financial liabilities are recognised initially at fair value plus any directly
             attributable transaction costs and subsequently measured at amortised cost using
             the effective interest rate method.

             A financial liability is derecognised when the obligation under the liability is
             extinguished. Gains and losses are recognised in profit or loss when the liabilities
             are derecognised, and through the amortisation process.

                                              20
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.2 Significant Accounting Policies (contd.)

        (e) Foreign Currency

              (i)   Functional and presentation currency

                    The financial statements of the Fund are measured using the currency of the
                    primary economic environment in which the Fund operates ("the functional
                    currency"). The financial statements are presented in RM, which is also the
                    Fund's functional currency.

              (ii) Foreign currency transactions

                    Transactions in foreign currencies are measured in the functional currency of
                    the Fund and are recorded on initial recognition in the functional currency at
                    exchange rates approximating those ruling at the transaction dates. Monetary
                    assets and liabilities denominated in foreign currencies are translated at the
                    rate of exchange ruling at the reporting date. Non-monetary items denominated
                    in foreign currencies measured at fair value are translated using the exchange
                    rates at the date when the fair value was determined.

                    Exchange differences arising on the settlement of monetary items or on
                    translating monetary items at the reporting date are recognised in profit or loss.
                    Exchange differences arising on the translation of non-monetary items carried
                    at fair value are included in profit or loss for the period except for the
                    differences arising on the translation of non-monetary items in respect of which
                    gains and losses are recognised directly in other comprehensive income or
                    equity. Exchange differences arising from such non-monetary items are also
                    recognised directly in other comprehensive income or equity.

        (f)   Unitholders’ Capital

              The unitholders' capital of the Fund is classified as an equity instrument.

            Distribution equalisation represents the average distributable amount included in the
            creation and cancellation prices of units. This amount is either refunded to
            unitholders by way of distribution and/or adjusted accordingly when units are
            cancelled.
        (g) Distribution

              Distribution is at the discretion of the Fund. A distribution to the Fund's unitholders is
              accounted for as a deduction from realised reserves except where distribution is
              sourced out of distribution equalisation which is accounted for as a deduction from
              unitholders' capital. A proposed distribution is recognised as a liability in the period
              which it is approved.

                                               21
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.2 Significant Accounting Policies (contd.)

        (h) Cash and Cash Equivalents

              Cash and cash equivalents comprise cash at banks and short-term deposit with
              financial institution that are readily convertible to known amount of cash and which
              are subject to an insignificant risk of changes in value.

        (i)   Income Recognition

              Income is recognised to the extent that it is probable that the economic benefits will
              flow to the Fund and the income can be reliably measured. Income is measured at
              the fair value of consideration received or receivable.

              Dividend income is recognised when the Fund's right to receive payment is
              established.

              Interest income is recognised using the effective interest rate method.

        (j)   Income Tax

              Current tax assets and liabilities are measured as at reporting date are measured at
              the net amount expected to be recovered from or paid to the tax authorities. The tax
              rates and tax laws used to compute the tax expense for the financial period are
              those that are enacted or substantively enacted by the reporting date.

              Current taxes are recognised in profit or loss except to the extent that the tax relates
              to items recognised outside profit or loss, either in other comprehensive income or
              directly in equity.

              Deferred tax is provided for, using the liability method, on taxable temporary
              differences at the reporting date between the tax bases of assets and liabilities and
              their carrying amounts in the financial statements. In principle, deferred tax liabilities
              are recognised for all taxable temporary differences and deferred tax assets are
              recognised for all deductible temporary differences.

        (k) Segment Reporting

              For management purposes, the Fund is managed by two main portfolios, namely
              equity instruments and money market instruments. Each segment engages in
              separate investment activities and the operating results are reviewed by the
              Investment Manager and Investment Committee. The Investment Committee
              assumes the role of chief operating decision maker, for performance assessment
              purposes and to make decisions about resources allocated to each investment
              segment.

                                               22
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.)

   2.2 Significant Accounting Policies (contd.)

        (l)   Significant Accounting Estimates and Judgments

              The preparation of the Fund's financial statements requires the Manager to make
              judgments, estimates and assumptions that affect the reported amounts of
              revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities
              at the reporting date. However, uncertainty about these assumptions and estimates
              could result in outcomes that could require a material adjustment to the carrying
              amount of the asset or liability in the future.

              The Manager classifies its quoted equity securities as financial assets at FVTPL as
              the Fund is an open-ended Fund that may sell its investments in the short-term for
              profit-taking or to meet unitholders' redemptions.

              No other major judgments have been made by the Manager in applying the Fund's
              accounting policies. There are no key assumptions concerning the future and other
              key sources of estimation uncertainty at the reporting date, that have a significant
              risk of causing a material adjustment to the carrying amounts of assets and
              liabilities within the next financial period.

3. MANAGER'S FEE

   The Manager's fee is computed on a daily basis at 1.8% (2019: 1.8%) per annum of the NAV
   of the Fund, as agreed by the Trustee and the Manager.

4. TRUSTEE'S FEE

   Trustee's fee is computed on a daily basis at 0.055% (2019: 0.055%) per annum of the NAV
   of the Fund, subject to a minimum of RM12,000 (2019: RM12,000) per annum.

5. INCOME TAX EXPENSE

                                                                          01.08.2019     01.08.2018
                                                                                  to             to
                                                                          31.01.2020     31.01.2019
                                                                                 RM             RM
   Tax expense for the financial period
    - Foreign tax                                                               1,675          4,193

   Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2019: 24%) of
   the estimated assessable profit for the financial period. Dividend, interest and other income
   derived from sources outside Malaysia are exempted from Malaysian income tax. However,
   such income may be subject to tax in the country from which it is derived.

                                              23
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

5. INCOME TAX EXPENSE (CONTD.)

   The taxation charge for the financial period is on taxable dividend income derived from
   countries, calculated at the rate prevailing in these countries. In accordance with Schedule 6
   of the Income Tax Act 1967, interest income earned by the Fund is exempted from Malaysian
   tax.

   A reconciliation of income tax expense applicable to net income/(loss) before tax at the
   statutory income tax rate to income tax expense at the effective income tax rate of the Fund
   is as follows:
                                                                        01.08.2019    01.08.2018
                                                                                to            to
                                                                        31.01.2020    31.01.2019
                                                                               RM            RM

   Net income/(loss) before tax                                             4,672       (201,927)

   Taxation at Malaysian statutory rate of 24% (2019: 24%)                   1,121       (48,462)
   Effects of tax withheld on income from other countries                      320           819
   Effects of income not subject to tax                                    (16,596)      (10,506)
   Effects of expenses not deductible for tax purposes                      12,380        56,602
   Restriction on tax deductible expenses for unit trust funds               4,450         5,740
   Income tax expense for the financial period                               1,675         4,193

6. INVESTMENTS

                                                                        31.01.2020    31.07.2019
                                                                               RM            RM
   Financial assets at FVTPL:
     Quoted exchange traded funds outside Malaysia                       1,623,298     1,807,490
     Quoted collective investment scheme outside Malaysia                      627           611
                                                                         1,623,925     1,808,101

   Net gain/(loss) on financial assets at FVTPL comprises:
    Realised net gain on disposals                                          65,811        73,762
    Unrealised loss on net changes in fair value                           (26,693)     (130,868)
                                                                            39,118       (57,106)

   Financial assets at FVTPL as at 31 January 2020 are as detailed belows:

   (a) Quoted exchange traded funds outside Malaysia

        Name of Counter                     Quantity             Cost   Fair Value     % of NAV
                                               Unit               RM           RM             %
        Energy Select
         Sector SPDR                              160        46,438        35,014           2.12
        HSCB Japan ETF                            470        62,680        64,788           3.92

                                             24
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

6. INVESTMENTS (CONTD.)

   (a) Quoted exchange traded funds outside Malaysia (contd.)

        Name of Counter                    Quantity         Cost    Fair Value   % of NAV
                                              Unit           RM            RM           %
        Invesco Nasdaq - 100 Dist               60        36,257        54,332        3.29
        Ishares Euro HY Corp                   117        57,546        55,519        3.36
        Ishares MSCI EM ETF USD                500        74,313        69,292        4.19
        L&G Robo Global
          Robotics&Aut                          1,050     67,224       70,284         4.25
        LYX FTSE E/N GL
          DE ETF DUSD                            969      68,277       85,940         5.20
        Lyxor Russell 1000 Growth                128      92,219      114,990         6.96
        Ossiam Shiller BRLY
          Cape USD                                58     156,509      186,794       11.30
        SPDR BBGBARC Global
          AGG ETF                               2,269    290,088      285,866       17.29
        SPDR Dow Jones Reit ETF                   198     76,143       83,082        5.03
        SPDR EURO STOXX
          LOW VOL ETF                            618     107,221      119,028         7.20
        SPDR Global
          Convertible Bond                       919     130,822      145,091         8.78
        SPDR S&P 500
          Low Volatility                         690     166,561      173,920       10.52
        SPDR S&P GL
          Nat Resources                          457      81,918       79,358         4.80
        Total Quoted
          Exchange Traded
          Funds outside Malaysia                8,663   1,514,216   1,623,298       98.21

   (b) Quoted collective investment scheme outside Malaysia

        Name of Counter                    Quantity         Cost    Fair Value   % of NAV
                                              Unit           RM            RM           %

        Lionglobal China
          Growth Fund                             94         417          627         0.04

        Total Quoted Collective
         Investment Scheme
         outside Malaysia                         94         417          627         0.04

        TOTAL FINANCIAL
         ASSETS AT FVTPL                        8,757   1,514,633   1,623,925       98.25

        EXCESS OF FAIR VALUE OVER COST                                109,292

                                           25
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

7. AMOUNT DUE FROM/(TO) THE MANAGER

   Amount due from/(to) the Manager relate to amounts payable from/(to) the Manager arising
   from creation/cancellation of units and accruals for Manager's fee at the end of the financial
   period. The normal credit term for creation/cancellation of units is 10 days (2019: 10 days)
   and the normal credit term for Manager's fee is 30 days (2019: 30 days).

8. NET ASSET VALUE ATTRIBUTABLE TO UNITHOLDERS

                                                                         31.01.2020    31.07.2019
                                                            Note                RM            RM

   Unitholders' capital                                       (a)           480,081          62,641
   Retained earnings
    - Realised reserve (distributable)                        (b)         1,000,443     1,611,741
    - Unrealised reserve (non-distributable)                  (c)           172,538       199,231
                                                                          1,653,062     1,873,613

   (a) Unitholders' capital

                                                  31.01.2020                    31.07.2019
                                           No of units              RM   No of units           RM
        At beginning of the
          financial period/year             3,762,396         62,641      5,096,241       725,528
        Creation of units                      49,116         24,588         61,451        30,784
        Cancellation of units                (499,233)      (248,136)    (1,395,296)     (693,671)
        Distribution equalisation                   -        640,988              -             -
        At end of the financial
          period/year                       3,312,279        480,081      3,762,396          62,641

   (b) Realised reserve - Distributable
                                                                         31.01.2020    31.07.2019
                                                                                RM            RM

        At beginning of the financial period/year                         1,611,741     1,633,360
        Net realised income/(loss) for the financial period/year             29,690       (21,619)
        Distribution equalisation                                          (640,988)            -
        At end of the financial period/year                               1,000,443     1,611,741

   (c) Unrealised reserve - Non-distributable
                                                                         31.01.2020    31.07.2019
                                                                                RM            RM

        At beginning of the financial period/year                           199,231       330,099
        Net unrealised loss for the financial period/year                   (26,693)     (130,868)
        At end of the financial period/year                                 172,538       199,231

                                             26
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

9. NAV PER UNIT

   The quoted financial assets have been valued at the bid prices at the close of business. In
   accordance with the Deed, quoted financial assets are stated at the last done market price in
   the calculation of NAV attributable to unitholders per unit for the issuance and redemption of
   units.

   A reconciliation of NAV attributable to unitholders for the purpose of issuance/redemption of
   units at end of reporting period and the NAV attributable to unitholders as disclosed in the
   financial statements is as follows:
                                                 31.01.2020                  31.07.2019
                                                 RM      RM/Unit              RM      RM/Unit
   NAV attributable to unitholders
     for issuing/redeeming of units        1,655,824        0.4999     1,876,012         0.4986
   Effect from adopting bid prices
     as fair value                            (2,762)      (0.0008)        (2,399)      (0.0006)
   NAV attributable to unitholders
     per financial statements              1,653,062        0.4991     1,873,613         0.4980

10. TRANSACTIONS WITH INVESTMENT BANKS/BROKERS

   Details of the transactions with investment banks/brokers during the financial period are as
   follows:
                                                                                   Percentage
                                                      Percentage                        to total
                                                          to total Brokerage        brokerage
   Name of investment banks/               Value of      value of      fees and       fees and
     brokers                                   trade        trade commission commission
                                                 RM             %           RM                %

   CGS CIMB Securities (Singapore) LTD 1,483,370             90.33         8,102          73.78
   DBS Vickers (Hong Kong) Ltd           158,735              9.67         2,879          26.22
                                       1,642,105            100.00        10,981         100.00

   The directors of the Manager are of the opinion that the dealings with the immediate holding
   company to the Manager have been transacted on an arm's length basis.

11. MANAGEMENT EXPENSE AND PORTFOLIO TURNOVER RATIOS

   (a) Management Expense Ratio

        The management expense ratio for the financial period ended 31 January 2020 is 2.53%
        (2019: 2.25%). This ratio represents total management expenses expressed as an
        annualised percentage of the Fund's average NAV, calculated on a daily basis.
        Brokerage and other transaction fees on financial assets at FVTPL are trading related
        and are not classified as management expenses.

                                            27
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

    11. MANAGEMENT EXPENSE AND PORTFOLIO TURNOVER RATIOS (CONTD.)

        (b) Portfolio Turnover Ratio

             The portfolio turnover ratio for the financial period ended 31 January 2020 is 0.48
             times (2019: 0.77 times). This ratio represents the average of the total
             acquisitions and disposals of the Fund for the financial period over the average
             NAV of the Fund for the financial period calculated on a daily basis.

    12. SEGMENT INFORMATION

        The Manager and Investment Committee of the Fund are responsible for allocating
        resources available to the Fund in accordance with the overall investment strategies as
        set out in the Investment Guidelines of the Fund. The Fund is managed by two
        segments:

        - A portfolio of equity in quoted exchange traded funds;
        - A portfolio of money market instruments including deposits with financial institutions.

        The investment objective is to achieve steady capital appreciation by investing in
        instruments with the potential of substantial value appreciation over the medium to long
        term period. There have been no changes in reportable segments in the current
        financial period.

    13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES

        The Fund maintains investment portfolio in a variety of listed and unlisted financial
        instruments as dictated by its Deed and investment management strategy.

        The Fund is exposed to a variety of market risks, which include economic risk and fund
        manager risk, special market and emerging market risks, currency risk, repatriation
        risk, credit and settlement risks, derivatives risk, and liquidity risk. The overall financial
        risk management objective of the Fund is to mitigate capital losses, ensure
        preservation of value and minimal erosion of capital.

        Risk management is carried out through strict adherence to the Manager's internal
        policies and control procedures and also to the powers and restrictions vested by the
        regulators as contained in the Securities Commission’s Guidelines on Unit Trust Funds
        in Malaysia ("the Guidelines").

                                                   28
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

    13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)

        (a) Economic Risk and Fund Manager Risk

             Prospective investors should be aware that the price of units and the income from
             their investments may go down or up in response to changes in interest rates,
             foreign exchange, economic and political conditions and the earnings of
             corporations making up in the portfolio of the Fund. Economic risk is managed
             through portfolio diversification and asset allocation and monitoring of investment
             portfolio by professional fund manager and the investment committee, with the
             aim to minimise securities exposure in the event of anticipated market
             weaknesses. It is the Fund's policy to invest in a minimum of five Real Estate
             Investment Trusts, Exchange Traded Funds or collective investment schemes at
             all times and not more than 30% of the Fund's NAV shall be invested in any one
             unit of a Real Estate Investment Trust, Exchange Traded Fund or collective
             investment scheme at any one time.

        (b) Special Market and Emerging Market Risks

             The Fund invests primarily in Exchange Traded Funds quoted or listed on
             recognised stock exchanges and collective investment schemes globally. While
             this may present greater opportunities for capital appreciation, it also involves
             greater risk than is customarily associated with the securities of companies
             quoted or listed on the stock exchanges or publicly traded in more developed
             countries. The marketability of quoted securities or collective investment schemes
             of some markets may be limited due to foreign investment restrictions, wide
             dealing spreads, restricted opening hours of stock exchanges or a narrow range
             of investors. Trading volume and market capitalisation may be lower than in more
             developed stock markets. This may result in a lower degree of liquidity for the
             Fund’s investments. The Manager shall approve any deviations from the single
             country limit under specific conditions such as potential sharp downturn in any
             market or other defensive conditions for the best interest of the Fund.

        (c) Currency Risk

             As the investments of the Fund may be denominated in foreign currencies,
             fluctuations of the exchange rates of foreign currencies against the RM may affect
             the value of the units of the Fund. To mitigate this risk, the Manager may from
             time to time employ currency hedging techniques to manage the impact of the
             exchange rate fluctuations on the Fund and/or for the purpose of efficient portfolio
             management.

                                                29
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

    13. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)

        (d) Repatriation Risk

              Certain countries may impose limitations with respect to the Fund’s ability to
              repatriate investment income, capital or the proceeds from sales of securities. The
              Fund would be adversely affected by delays in, or a refusal to grant, any required
              governmental approval for repatriation of capital as well or the application of
              restrictions on investments to the Fund. Repatriation risk is managed through
              portfolio diversification and asset allocation and monitoring of investment portfolio
              by professional fund manager and the investment committee, with the aim to
              minimise securities exposure in the event of any repatriation risks.

        (e) Credit and Settlement Risks

              Credit risk refers to the ability of an issuer or a counterparty to make timely
              payments of interest, principals and proceeds from realisation of investments.
              Trading and settlement practices of some of the markets in which the Fund may
              invest may not be the same as those in more developed markets, and this may
              increase settlement risk and/or result in delays in realising investments made by
              the Fund. In addition, the Fund will be exposed to credit risk on parties with whom
              it trades and will bear the risk of settlement default. The Fund Manager manages
              the credit risk by setting counterparty limits and undertaking credit evaluation to
              minimise such risk.

        (f)   Derivatives Risk

              The Fund may from time to time invest in derivatives, which are financial contracts
              whose values depend on, or are derived from, the value of an underlying asset,
              reference rate or index. Such assets, rates and indices may include bonds,
              shares, interest rates, foreign exchange rates, bond indices and stock indices.
              While the judicious use of derivatives by professional investment managers can
              be beneficial, derivatives involve risks different from, and, in some cases, greater
              than, the risks presented by more traditional securities investments. Some of the
              risks associated with derivatives are market risk, management risk, credit risk,
              liquidity risk and leverage risk. The Manager do not intend to use derivatives
              transactions for speculation or leverage but may use them for efficient portfolio
              management and to hedge existing positions. The Manager will attempt to
              minimise the risks through careful selection of reputable counterparties and
              constant monitoring of the Fund’s derivatives positions.

        (g) Liquidity Risk

              The Fund maintains sufficient level of liquid assets, after consultation with the
              Trustee, to meet anticipated payments and cancellation of units by unitholders.
              Liquid assets comprise cash, deposits with licensed financial institutions and other
              instruments, which are capable of being converted into cash within 7 business
              days. The Fund’s policy is to always maintain a prudent level of liquid assets so as
              to reduce the liquidity risk.

                                                  30
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

    14. COMPARATIVE FIGURES

        The current period's figures and comparative figures are presented as follows:

            - The unaudited Statement of Fund Financial Position and its relevant notes are as
              at 31 January 2020 and 31 July 2019, respectively.

            - The unaudited Statement of Comprehensive Income, Statement of Changes in
              Equity and Statement of Cash Flows and its relevant notes are for the period from
              1 August 2019 to 31 January 2020 and 1 August 2018 to 31 January 2019
              respectively.

    15. UNAUDITED ACCOUNT

        The interim accounts for the six months ended 31 January 2020 are unaudited.

                                                31
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Corporate Information
 Manager                   TA Investment Management Berhad (340588-T)

 Registered Office         34th Floor, Menara TA One
                           22 Jalan P. Ramlee
                           50250 Kuala Lumpur

 Board of Directors        En. Mohammed A'reeff Bin Abdul Khalid (Non-Independent
                           / Executive Director)
                           Mr. Choo Swee Kee (Non-Independent / Executive
                           Director)
                           Dr. Wong Hong Meng (Independent / Non-Executive
                           Director)
                           Mr. Chew Chin Guan (Independent / Non-Executive
                           Director)

 Investment Committee      Choo Swee Kee (Non-Independent)
 Members                   Kaladher A/L Govindan (Non-Independent)
                           Dato' Tay Kian Chuan (Independent)
                           Dr. Wong Hong Meng (Independent)

 Trustee of the Fund       Maybank Trustees Berhad
                           8th Floor, Menara Maybank
                           100 Jalan Tun Perak
                           50050 Kuala Lumpur

 Auditor of the Manager    KPMG PLT
 and the Fund              Chartered Accountants
                           Level 10, KPMG Tower
                           8 First Avenue, Bandar Utama
                           47800 Petaling Jaya
                           Selangor

 Banker                    Malayan Banking Bhd
                           Ground Floor, Wisma Genting
                           Jalan Sultan Ismail
                           50250 Kuala Lumpur

 Secretaries               Chuah Wen Pin (MAICSA 7014581)
                           Tan Kit Yee (MAICSA 7061042)

                                           32
TA Global Asset Allocator Fund
(For the 6 months ended 31 January 2020)

Corporate Information (cont’d)

 Management Staff          Wong Mien                     Tee Ling Ling
                           Chief Executive Officer       Head of Sales & Marketing

                           Presley Chua Chung            Alicia Khor
                           Leong                         Head of Operations
                           Head of Compliance

 Investment Team           Choo Swee Kee
                           Chief Investment Officer

                           Jennifer Mak Fong Ching       Lam Chee Mun
                           Fund Manager                  Fund Manager

 Head Office               23rd Floor, Menara TA One
                           22 Jalan P. Ramlee
                           50250 Kuala Lumpur

                              Toll Free:    1-800-38-7147

                                    Tel:    (603) 2031 6603

                                   Fax:     (603) 2031 4479

                               Website:     http://www.tainvest.com.my

                                 E-mail:    investor.taim@ta.com.my

                                           33
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                                      248463

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