5.7 Valuation of Investments
 
1. Listed Securities
 
The valuation of securities listed on the stock exchange will be based on the market price quoted on a stock exchange at the end of the business day. If such market price is not available for a period of fourteen (14) days or any shorter period as agreed by the Trustee including due to suspension of trading, the securities shall be valued at fair value. The Manager in consultation with the stock brokers and/or the authorized dealers, may consider previously quoted bids and offers, last done market price or based on the net tangible asset (NTA) of the company as approved by the Trustee, in determining the fair value. The fair value of the suspended counters is determined by the Manager subject to verification by the auditor and approved by the Trustee.
 
2. Unlisted Securities
 
The valuation of unlisted securities will be based on the fair value. The method adopted in determining the fair value may be based on the NTA of the company or initial public offer, for stock prior to listing on the Bursa Malaysia. This method shall be verified by the auditor and approved by the Trustee.
 
3. Fixed Income Securities
 
The valuation of fixed income securities traded in an eligible market are marked-to-market based on reliable market quotation obtained from reputable institutions. In the case of listed fixed income securities, the valuation will be based on the last done market price quoted on the Bursa Malaysia.

The valuation of unlisted fixed income securities will be performed on a weekly basis based on the average indicative yield of securities with similar characteristics obtained from at least three (3) independent dealers that are licensed under the Banking and Finance Institutions Act. If the indicative yields are not available, the value of fixed income securities will be based on cost-adjusted value i.e. including accrued interest and amortization of premium or accretion of discount. Under any circumstances, the method adopted for valuation of unlisted fixed income securities will be verified by the auditor and approved by the Trustee of the fund.
 
4. Cash/Fixed Deposit
 
Deposit placed with banks and other financial institutions are valued each day by reference to the nominal value and the interest/shared profit accrued thereon for the relevant period.