annual report for invest life unit trust scheme …

Asset Management and Investor Services

FOR THE YEARS ENDED 30 JUNE 2016, 2017, 2018 AND 2019

UTT ASSET MANAGEMENT ANDINVESTOR SERVICES PLC (UTT AMIS)

ANNUAL REPORT FORINVEST LIFE UNIT TRUST SCHEME

(WEKEZA MAISHA FUND)

UKWASIUhuru kwa mwekezaji

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TABLE OF CONTENTS

1. Timetable and Agenda Items ......................................................................... ii

2. Minutes of the 7th Annual General Meeting ....................................................2

3. Chairman’s Statement .................................................................................11

4. Statement of the Custodian .........................................................................14

5. Report of the Independent Auditors .............................................................16

6. Report of the Audited Financial Statements ................................................19

7. Manager’s Report ........................................................................................24

8. UTT AMIS News Bulletin .............................................................................30


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TIMETABLE AND AGENDA ITEMS

S/N TIMW ACTIVITIES RESPONSIBLE PERSON(S)

1. 02.30 - 03.00 Arrival and Registration of Investors Investors / Adminstration

2. 03.00 - 03.10 Announcements and other Adminstrative Matters MC / Adminstration

3 03.10 - 03.15 Confirmation of quorum and Opening of the Meeting Board Chairman

4. 03.15 - 03.30 Introduction of Directors, Management and Service Providers

Managing Director

5. 03.30 - 03.55 Confirmation of Minutes of the 7th Annual General Meeting

All

6. 03.55 - 04.25 Chairman’s Statement Board Chairman

7. 04.25 - 04.55 Presentation of Annual Reports:-

1. Statement of the Custodian

2. Report of the Independent Auditors on the Summary of Financial Statements

3. Report on the Audited Financial Statements

CRDB

KPMG

Director of Corporate Services

8. 04.55- 05.25 Presentation of Manager’s Report on Investments Director of Investment and Property Management

9. 05.25 - 05.45 Comments, Questions and Answers Session Board Members / Management

10. 05.45 - 05.55 Closing of the Meeting Board Chairman

UTT ASSET MANAGEMENT ANDINVESTOR SERVICES PLC (UTT AMIS)

ANNUAL GENERAL MEETING FOR INVEST LIFE UNIT TRUST SCHEME ON SUNDAY, DECEMBER 1, 2019 AT THE MWALIMU

NYERERE INTERNATIONAL CONVENTION CENTER STARTING AT 2:30PM

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Minutes of the 7th Annual General Meeting


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WALIOHUDHURIA (Kiambatisho “A”)

BODI YA WAKURUGENZI

1. Prof. J. Kuzilwa - Mwenyekiti wa Bodi

2. Bw. J. Muhimbi - Mjumbe wa Bodi

3. Bw. P. Gamara - Mjumbe wa Bodi

4. Bw. S. Mohamed - Mjumbe wa Bodi

WAJUMBE WA BODI WASIO KUWEPO KWA TAARIFA

1. Dkt. H. S. Kibola - Mkurugenzi Mtendaji

WAALIKWA

1. Bw. P. Gamara - Mwakilishi wa Msajili wa Hazina

2. Bi. E. Simon - Mwakilishi/UTT Projects and Infrastructure Development

3. Bw C. Mhagama - Mwakilishii/UTT Microfinance

4. Bw. S. Augustino - KPMG/Wakaguzi wa Mahesabu ya Mfuko

5. Bi. M. Mponda - CRDB/Waangalizi wa Mfuko

6. Bw. S. Fimbo - Alliance Insurance/Watoa Bima wa Mfuko

7. Bw. N. Mlindwa - Mwakilishi/ Capital Market and Securities Authority

MENEJIMENTI NA WAFANYAKAZI WA KAMPUNI YA UWEKEZAJI YA UTT AMIS

1. Bw. S. Migangala

2. Bw. R. Mchatta

3. Bi J. Msofe

4. Bi P. Nchimbi

5. Bw. D. Mbaga

6. Bw. I. Wahichinenda

MUHTASARI WA MKUTANO WA MASHAURIANO JUU YA MAENDELEO YA MFUKO WA WEKEZA MAISHA KWA MWAKA WA FEDHA 2014-2015 ULIOFANYIKA TAREHE 21 NOVEMBA 2015

KATIKA UKUMBI WA MIKUTANO WA HOTELI YA BLUE PEARL UBUNGO PLAZA,

DAR ES SALAAM

13. Bi. M. Mashiku

14. Bw. P. Ndunguru

15. Bi. V. Abuogo

16. Bw. F. Bwalya

17. Bw. B. John

18. Bi. J. Mlimbila

19. Bw. M. Balati

20. Bw. H. Mnongane

21. Bw. B. Liwali

22. Bw. C. Chanjarika

23. Bw. J. Joseph

24. Bi. F. Milinga

25. Bi. R. Maruma

26. Bw. A. Salmin

27. Bw. J. Masoud

28. Bw. L. Chokola

29. Bw. S. Mkomwa

30. Bw. D. Chibwana

31. Bi. M. Engel

32. Bw. B.Lukinga

33. Bw. A. Mushi

34. Bw. L.Temela

35. Bw. W. Khijja

36. Bi. S. Twakyondo

37. Bi. V. Yuda

38. Bw. E. Bakilana

39. Bw. F. Lushinge

40. Bw. D. Balima

WENYE VIPANDE NA TAARIFA YA AKIDI

Wajumbe wenye Vipande waliohudhuria walikuwa 31 ambao majina yao yameambatanishwa kwenye Kumbukumbu hizi kama Kiambatisho “A”. Mwakilishi wa Mkurugenzi Mtendaji alitoa Taarifa kwamba idadi ya Vipande vilivyowakilishwa ni 873,704.7746 kati ya jumla ya Vipande 11,345,200.3163 vya Mfuko. Kwa mujibu wa mahudhurio Vipande vilivyowakilishwa vilikuwa asilimia 7.70% ya jumla ya Vipande vyote vya Mfuko. Ilielezwa kwamba kutokana na kukosekana kwa Akidi Mkutano usingeweza kufanyika kwa sababu idadi inayohitajika kwenye Waraka wa Makubaliano (Deed of Trust) ni asilimia 10%. Baada ya majadiliano kati ya Wawakilishi wa Kampuni ya Uwekezaji ya UTT AMIS na Wawekezaji waliohudhuria iliamuliwa kwa pamoja kwamba Meneja wa Mfuko atoe Taarifa kama ilivyopangwa na baada ya hapo kufanyike Mashauriano Juu ya Maendeleo ya Mfuko kwa Mwaka wa Fedha 2014-2015.

DONDOO ZA MKUTANO

1. Utambulisho (Mwakilishi wa Msajili wa Hazina , Wajumbe wa Bodi za Makampuni ya UTT, Menejimenti ya Kampuni ya uwekezaji ya UTT AMIS, Watoa Huduma kwa Mfuko, na Wageni waalikwa)


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7. Bw. S. Bujiku

8. Bi. S. Mgaya

9. Bw. M. Zellah

10. Bw. R. Mwanga

11. Bw. M. Kimario

12. Bi. J. Swai


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2. Kuthibitisha Kumbukumbu za Mkutano Uliopita

3. Yatokanayo na Kumbukumbu za Mkutano Uliopita

4. Taarifa ya Mwenyekiti

5. Taarifa ya Mwaka Kuhusu Ukaguzi wa Hesabu za Mfuko

6. Taarifa ya Meneja wa Mfuko Kuhusu Uwekezaji

7. Taarifa ya Wakaguzi wa Mfuko

8. Taarifa ya Mwangalizi wa Mfuko

9. Kipindi cha Maswali na Majibu

10. Kufunga Mkutano

UFUNGUZI WA MKUTANO

Mwenyekiti alifungua mkutano saa 9 mchana kwa kuwakaribisha wajumbe Wawekezaji waliohudhuria Mkutano.

1.0 UTAMBULISHO

Mwakilishi wa Mkurugenzi Mtendaji wa Kampuni ya Uwekezaji ya UTT AMIS aliwatambulisha Wajumbe wa Bodi ya Wakurugenzi ya Kampuni ya UTT AMIS, Mwakilishi wa Msajili wa Hazina, Wajumbe wa Bodi za Wakurugenzi za Makampuni ya UTT Projects and Infrastructure Development na UTT Microfinance, naMenejimenti ya Kampuni ya UTT AMIS. Aliwatambulisha vilevile Wawakilishi wa Benki ya CRDB ambayo ni Waangalizi wa Mfuko pamoja na Kampuni ya KPMG ambayo ni Kampuni inayotoa Huduma za Ukaguzi wa Mahesabu ya Mfuko pamoja na Wageni wengine waalikwa.

2.0 TAARIFA YA MWENYEKITI

2.1 Mwakilishi wa Mwenyekiti kwa niaba ya Mwenyekiti aliwasilisha Taarifa ya Mfuko wa Wekeza Maisha kwa mwaka wa fedha ulioishia Juni 30, 2015.

2.2 Mwenyekiti alianza kwa kuwakaribisha wajumbe wote katika Mkutano wa Mashauriano Juu ya Maendeleo ya Mfuko wa Wekeza Maisha kwa Mwaka wa Fedha 2014-2015 ambapo alielezea furaha yake kuwa katika kipindi cha mwaka kilichoishia tarehe 30 Juni, 2015 kilikuwa cha kipekee kutokana na pato la mwaka la Mfuko kuzidi kwa kiasi kikubwa kigezo linganishi (benchmark) na pia kuzidi pato la Mfuko kwa mwaka ulioishia tarehe 30 Juni, 2014.

2.3 Taarifa ilieleza kuwa, mwaka ulioishia Juni 30, 2015 uchumi wa Tanzania uliendelea kukua kwa kiwango cha asilimia 7.2 na hivyo kuongoza katika ukanda wa Afrika Mashariki. Mwenyekiti alieleza kwamba hali nzuri ya ukuaji uchumi ilikuwa muhimu katika kusukuma maendeleo na ubora au ufanisi ndani ya masoko ya fedha ambamo Mfuko umekuwa ukiwekeza, na kwamba kutokana na

uchumi wa Tanzania kuendelea kuwa katika hali nzuri, kipindi cha mwaka ulioishia tarehe 30 Juni, 2015 ulishuhudia mfumuko wa bei ukiendelea kudhibitiwa katika kiwango cha asilimia 6.1 na kwamba pamoja na kiwango cha riba kushuka ukilinganisha na mwaka ulioishia Juni, 2014, kiwango hicho kiliendelea kuwa juu ya asilimia 13 na hivyo kuwezesha kutoa pato halisi.

2.4 Ilielezwa kwamba katika mwaka huu wa fedha 2014/2015,tumeshuhudia kwa ujumla bei za hisa zikifanya vizuri na kuongezeka katika Soko la Hisa la Dar es Salaam ,ukubwa wa soko la hisa kwa ujumla uliongezeka kwa thamani ya Tsh. Trilioni 4.8 na Tsh Trillioni 2.4 kwa ukubwa wa soko la hisa ndani ya nchi. Taarifa ilizidi kueleza kwamba, mnamo tarehe 30 mwezi wa sita mwaka 2015 ukubwawasokolahisalilifikiaTshTrilioni23.721wakati ukubwa wa soko la mitaji ya ndani ya nchi ukitajwakufikiaTrillioni9.927,

2.5 Kuhusu Ukuaji wa Mifuko inayoendeshwa na Kampuni ya Uwekezaji ya UTT AMIS, Taarifa ilieleza kuwa katika mwaka mmoja uliopita, Mifuko yote mitano (5) ilikua kwa kiwango cha asilimia 34.36 kutoka shilingi bilioni 178.7 (mwaka 2013/2014) mpaka shilingi bilioni 240.1 (mwaka 2014/2015), na kwamba idadi ya Wawekezaji nayo iliongezeka kufikia 118,811 kwa mwakawa fedha ulioishia Juni, 2015. Aidha, ilielezwa kwamba kwa Mfuko wa Wekeza Maisha pekee, Ukubwa wa Mfuko uliongezeka kwa kiwango cha asilimia 23 kutoka shilingi bilioni 2.8 mpaka shilingi bilioni 3.44 na kwamba idadi ya Wawekezaji nayo waliongezeka kutoka 2,329 mpaka 2,359. Ilielezwa kwamba mafanikio hayo yalitokana na utendaji mzuri wa soko la fedha na utaalamu wa uwekezaji unaofanywa na Meneja wa Mifuko, yaani Kampuni ya Uwekezaji ya UTT AMIS, juhudi za Meneja kuendelea kutoa elimu kwa umma, juhudi zilizoongeza uelewa juu ya faida za uwekezaji wa pamoja na hivyo kuongeza kasi ya ukuaji wa mauzo ya vipande, na matumizi ya mitandao ya simu katika kulipia manunuzi ya vipande.

2.7 Mwenyekiti pia alielezea Changamoto ambazo zilikuwa zinaikabili Kampuni katika utendaji wake, zikiwemo mabadiliko ya teknolojia iliyosababisha Meneja wa Mifuko kuendelea kuwekeza katika Teknolojia ya Habari na Mawasiliano ili kuendana naukuajiwasokopamojanakufikiamatarajioyaWawekezaji katika Mifuko, na ujenzi wa uwezo wa Menejimenti na Wafanyakazi wa Kampuni ili kuhimili ushindani katika soko la ukanda wa Afrika Mashariki.

2.8 Kuhusu Matarajio ya Kampuni ya Uwekezaji ya UTT AMIS, Mwenyekiti pia alieleza kwamba Menejimenti ya Kampuni ilikuwa imekamilisha mpango mkakati wa miaka mitano (2014-2019) wenye kutoa


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vipaumbele pamoja na mikakati ya uendeshaji wa Mifuko, na kwamba Kampuni ilikuwa na matumaini kuwa fursa mbalimbali zitakazowezesha ukuaji wa Mifuko, mapato kwa Wawekezaji kwa kutumia fursa ya ukuaji wa kimuundo wa soko la fedha la Afrika Mashariki zitajitokeza.

2.9 Mwenyekiti, kwa niaba ya Wajumbe wa Bodi ya Wakurugenzi ya Kampuni ya Uwekezaji ya UTT AMIS, alitoa shukrani kwa Wawekezaji, Serikali, Waangalizi wa Mfuko, Watoa huduma na Wadau wote ambao wamekuwa wakifanya kazi kwa karibu na Kampuni ya Uwekezaji ya UTT AMIS. Mwisho alitoa shukrani kwa Menejimenti na Wafanyakazi wote wa Kampuni kwa kuendelea kufanya kazi kwa bidii kubwa kwa manufaa ya Wawekezaji na Taifa kwa ujumla.

3.0 KUTHIBITISHA KUMBUKUMBU ZA MKUTANO ULIOPITA

Baada ya kuzipitia Kumbukumbu za Mkutano uliopita kifungu kwa kifungu, Mjumbe mmoja kwa niaba ya Wajumbe wote alisimama na kuthibitisha Kumbukumbu za Mkutano, na Wajumbe wote kwa kauli moja walipitisha na kuthibitisha Kumbukumbu za Mkutano wa Mashauriano Juu ya Maendeleo ya Mfuko kwa mwaka wa Fedha 2014 uliofanyika tarehe 22 Novemba, 2014.

4.0 YATOKANAYO NA KUMBUKUMBU ZA MKUTANO ULIOPITA

4.1 Mwakilishi wa Mkurugenzi Mtendaji wa Kampuni ya Uwekezaji ya UTT AMIS alifafanua utekelezaji wa mambo yatokanayo na Kumbukumbu za Mkutano uliopita kama ifuatavyo: Wawekezaji walipewa taarifa kwamba katika kutekeleza ahadi ya Kampuni kuangalia uwezekano wa kuandaa utaratibu wa kuwawezesha Wawekezaji katika Mfuko wa Wekeza Maisha kupata fursa ya kutumia Vipande vyao kama rehani kwa mikopo inayotolewa na Kampuni ya UTT Microfinance,Kampuni ilifanya uchambuzi wa kina juu ya suala hilo na ilionekana kwamba haitokuwa vyema kubadilisha mfumo wa uendeshaji wa Mfuko kwa sasa, kwani iwapo Mwekezaji angeruhusiwa kuweka Vipande vya Mfuko wa Wekeza Maisha kama rehani na kisha akashindwa kulipa mkopo aliouchukua itafikawakatiambapoVipandehivyovitapaswa kuuzwa ili kufidia deni hilo, na kwakufanya hivyo basi Mwekezaji atapoteza haki ya kupata kinga ya bima ambayo ni moja ya misingi mikuu ya Mfuko. Hivyo, Meneja wa Mfuko aliona ni vyema Mwekezaji ambaye angetaka kutumia Vipande vyake kama dhamana ya Mkopo awekeze katika Mifuko mingine inayosimamiwa na Kampuni ambayo inatoa fursa hiyo, yaani Mifuko ya Umoja na Jikimu.

5.0 TAARIFA YA MWAKA KUHUSU HESABU ZA MFUKO WA WEKEZA MAISHA

5.1 Mkurugenzi wa Idara ya Fedha na Utawala ya Kampuni ya Uwekezaji ya UTT AMIS aliwasilisha Taarifa ya Hesabu za Mfuko katika kipindi cha mwaka wa fedha 2014/2015 ulioishia tarehe 30 Juni, 2015.

5.2 Katika Taarifa hiyo muwasilishaji alieleza kuwa taarifa iligawanyika katika sehemu kuu nne, ambazo ni Taarifa ya Mapato na Matumizi, Taarifa ya Urari wa Hesabu za Mfuko, Taarifa ya Mabadiliko ya Thamani ya Mfuko na Taarifa ya Mabadiliko ya Mtiririko wa Fedha.

5.3 Kwa upande wa Mapato na Matumizi, ilielezwa kuwa katika kipindi cha mwaka ulioishia 30 Juni, 2015 jumla ya Mapato ya Mfuko kabla ya kodi yalikuwa shilingi 940,274,000/= ikilinganishwa na mapato ya shilingi 523,695,000/= mwaka uliopita. Pia ilelezwa kuwa jumla ya gharama za uendeshaji kwa mwaka ulioishia 30 Juni, 2015 ilikuwa shilingi 85,048,000/=, ambapo Kodi iliyotozwa na Serikali ilikuwa shilingi 20,453,000/= ikilinganishwa na shilingi 23,249,000/= mwaka uliopita. Ilielezwa kwamba Mfuko ulibaki na Faida Halisi (baada ya Kodi na Matumizi) ya shilingi 919,821,000/= ikilinganishwa na shilling 500,446,000/=zilizopatikana mwaka uliopita.

5.4 Kwa upande wa Urari wa Hesabu za Mfuko, ilielezwa kuwa Rasilimali za Mfuko zilikuwa shilingi 3,633,362,000/= ikilinganishwa na shilingi 2,879,766,000/= mwaka uliopita. Pia Dhima za Mfuko zilishuka kutoka 288,341,000/= mwaka uliopita hadi shilingi 174,418,000/= mwaka ulioishia 30 Juni, 2015. Kutokana na Taarifa hiyo, ilielezwa kwamba Thamani Halisi ya Mfuko kwa mwaka ulioishia tarehe 30 Juni, 2015 ilikuwa shilingi 3,458,944,000/= ikilinganishwa na shilingi 2,591,425,000/= mwaka uliopita.

5.5 Katika Taarifa ya Mabadiliko ya Thamani ilielezwa kuwa, mauzo ya Vipande (Sales) yalikuwa shilingi 102,156,000/= ikilinganishwa na shilingi 182,152,000 kwa mwaka wa fedha ulioishia Juni 30 2014, wakati Ununuzi wa Vipande (Repurchases) ulikuwa ni shilingi 154,458,000/= ukilinganisha na shilingi 221,484,000/= mwaka uliopita. Taarifa ilieleza kuwa Thamani Halisi ya Mfuko kwa mwaka ulioishia 30 Juni, 2015 ilikuwa shilingi 3, 458,944,000/= ikilinganishwa na shilingi 2,591, 425,000/= mwaka uliopita.

5.6 Kwa upande wa Taarifa ya Mtiririko wa Fedha, ilielezwa kuwa Mapato Halisi kabla ya marekebisho ya mtaji wa uendeshaji yalikuwa Shilingi 960,200,000/= ikilinganishwa na Shilingi 525,602,000/= mwaka uliopita. Ilielezwa kwamba Fedha iliyopatikana kutoka kwenye shughuli


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za uendeshaji baada ya marekebisho ya mtaji ilikuwa shilingi 861,018,000/= ikilinganishwa na shilingi 569,302,000/= mwaka uliopita. Pia Fedha Halisi itokanayo na shughuli za uendeshaji ilikuwa shilingi 820,927,000/= ikilinganishwa na shilingi 539,464,000/= mwaka uliopita. Taarifa ilibainisha kwamba Fedha Halisi zilizotumika katika shughuli za uwekezaji zilikuwa shilingi 1,108,313,000/= ikilinganishwa na shilingi 956,151,000/= mwaka uliopita. Kwa upande mwingine amana ya mfuko ilipungua kwa kiasi cha shilingi 52,302,000 ikilinganishwa na kiasi cha shilingi 39,332,000 kwa mwaka wa fedha 2014 na hivyo kufanya salio la fedha mwishoni mwa mwaka ulioishia Juni 30, 2015 kuwa shilingi 436,182,000 ikilinganishwa na shilingi 775,870,000 kwa mwaka ulioishia tarehe 30 Juni 2014.

6.0 TAARIFA YA MENEJA WA MFUKO KUHUSU UWEKEZAJI

6.1 Mkurugenzi wa Idara ya Uwekezaji ya Kampuni ya Uwekezaji ya UTT AMIS aliwasilisha Taarifa ya Meneja kuhusu uwekezaji katika kipindi cha mwaka wa fedha 2014/2015 ulioishia 30 Juni, 2015.

6.2 Taarifa ilieleza kuwa, Mfuko wa Wekeza Maisha uliendelea kupata ustawi unaovutia kwenye thamani ya Mfuko pamoja na kiwango cha faida katika uwekezaji. Ilielezwa kwamba kwa mwaka wa fedha ulioishia tarehe 30 Juni, 2015 Ukubwa wa Mfuko uliendelea kukua ikilinganishwa na ilivyokuwa katika miaka ya nyuma, ambapo Thamani ya Mfuko ilikua kutoka shilingi bilioni 2.59nakufikiashilingibilioni3.46mwishonimwaJuni, 2015.Pia Ilielezwa kuwa, Thamani Halisi ya Kipande nayo ilikua kutoka shilingi 222.61 kwa Kipandenakufikiashilingi302.25mwishonimwaJuni, 2015.

6.3 Aidha, ilielezwa kwamba kwa ujumla taswira ya Utendaji wa Mfuko upande wa Mapato imekuwa ya kuridhisha na yenye tija kwa Wawekezaji ukilinganisha na hali halisi ya masoko ya fedha nchini, ambapo Faida ya Mfuko toka uanzishwe ilikuwa inafikia asilimia 14.91% na Faida kwamwaka uliopita ilifikia asilimia 27.11. KuhusuUtendaji huo wa Mfuko ukilinganishwa na faida zilizotokana na Dhamana mbalimbali katika masoko ya fedha, ilielezwa kwamba Dhamana za Serikali za siku 182 zilitoa asilimia 11.47 mwishoni mwa Juni, 2015 wakati ambapo Amana za mabenki za miezi 12 zilitoa asilimia 10.78 mwishoni mwa mwezi Juni, 2015.

6.4 Taarifa hiyo iliainisha mgawanyo wa Uwekezaji wa Mfuko ambapo ilielezwa kwamba Kampuni ya Uwekezaji ya UTT AMIS ilieendelea kuzingatia serayauwekezajikatikakufikiamgawanyoanuwai

wa Hisa na Dhamana za Serikali na mabenki.Taarifa ilielezakuwa,kufikiatarehe30Juni,2015 mgawanyo wa rasilimali za Mfuko ulikuwa asilimia 39 ziliwekezwa kwenye Hisa zilizoorodheshwa, asilimia 30 katika uwekezaji wa Muda Maalumu katika mabenki, asilimia 1 kwenye Dhamana za mashirika binafsi, asilimia 29 ziliwekezwa kwenya Dhamana za Serikali na asilimia 1 kwenye Akiba za Muda Mfupi katika mabenki.

6.5 Taarifa ilisema kuwa Uchumi wa Tanzania uliendelea kukua katika kiwango cha kuridhisha ukilinganisha na makadirio yaliyokuwa yametolewa hapo awali. Pato halisi la Taifa lilikua kwa asilimia 7 katika mwaka 2015 ukilinganisha na pato la asilimia 7.3 kwa mwaka uliopitia. Ukuaji huo ulichangiwa na Hali nzuri ya hewa na uongezekaji wa shughuli za ujenzi wa miundo mbinu. Ukuaji huu wa uchumi wenye kufurahisha pia umechangiwa na biashara imara ya jumla na rejareja,usafirishaji,usindikaji na shughuli za viwanda ,amabapo shughuli za ujenzi zimechangia kwa asilia 14.1,asilimia 12.5 usafirishaji nausindikaji,asilimia10.8 shughuli zakifedha na Bima huku biashara za jumla na reja reja zikichangia kwa asilimia 10.0

6.6 Taarifa ya Meneja pia ilibainisha kwamba sekta ya fedha iliendelea kufanya vizuri, hususan mabenki, ambapo taasisi hizo zilikuwa na mitaji mikubwa na ukwasi wa kutosha. Pia katika kipindi cha mwaka cha kufikia Machi, 2015, jumla ya Mali KatikaSekta ya mabenki iliongezeka kwa asilimia 11.4 mpaka kufikia kiasi cha shilingi bilioni 23,479.1,wakati huo huo Amana za wateja ziliongezeka kwa asilimia13.9mpakakufikiakiasichashilingibilioni17,904.7.

6.7 Taarifa ilielezea kwamba hali ya Mfumuko wa bei iliendelea kubakia katika viwango vya tarakimu moja katika kipindi chote cha mwaka wa fedha ulioishia tarehe 30 Juni, 2015. Kwa ujumla kasi ya Mfumuko wa bei ilipungua hadi asilimia 6.1 Juni, 2015, kutoka asilimia 6.5 mwezi Juni, 2014. Ilielezwa kwamba kuimarika kwa kiwango cha Mfumuko wa bei kulichangiwa na sera madhubuti ya fedha, kuimarika kwa hali ya chakula, pamoja na kushuka kwa bei ya mafuta kwenye soko la dunia.

6.8 Taarifa ya Meneja ilieleza ya kwamba viwango vya Riba katika Dhamana za Serikali kutoka Benki Kuu ya Tanzania viliendelea kuwa mwongozo wa viwango vya Riba katika soko. Wastani wa Riba hizo ulishuka kwa wastani wa asilimia 12.65 Juni, 2014 hadi asilimia 10.04 mwezi Juni, 2015. Kwa kipindi cha mwaka mzima ulioishia Juni 2015, viwango hivyo vya Riba katika mabenki ya biashara vilishuka, ambapo Riba katika Amana za mabenki zilishuka mpaka wastani wa asilimia 8.89


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Juni, 2015 ukilinganisha na wastani wa asilimia 8.12 mwezi Juni, 2014.

6.9 Kwa upande wa Thamani ya shilingi ya Tanzania ikilinganishwa na fedha za kigeni taarifa ilibainisha ya kwamba shilingi ya Tanzania kwa dola moja ya Kimarekani ilipungua kwa takribani asilimia 18.40, kutoka shilingi 1,647.70 kwa dola moja kama ilivyokuwa tarehe30Juni,2014hadikufikiakiasicha shilingi 1,951.7 kwa dola moja mnamo tarehe 30 Juni, 2015.

6.10 Kwa upande wa Soko la Hisa la Dar es Salaam, katika mwaka wa fedha ulioishia mwezi Juni 30, 2015 bei za Hisa zilifanya vizuri, ambapo kulingana na takwimu za soko, mitaji ilikua mpaka kufikiashilingi 23.721 trilioni ikilinganishwa na shilingi 18,902.16 bilioni kwa kipindi kilichoishia mwezi 30 Juni, 2014.

6.11 Taarifa ya Meneja ilimalizia kwa kuwahakikishia Wawekezaji kuwa Kampuni ya Uwekezaji ya UTT AMIS itaendelea kubuni na kuvumbua mianya stahili ya uwekezaji kadri inavyojitokeza katika soko ili kuongeza mapato na faida kwa Wawekezaji na taifa kwa ujumla.

7.0 TAARIFA YA MWAKA KUHUSU UKAGUZI WA HESABU ZA MFUKO WA WEKEZA MAISHA

7.1 Mwakilishi kutoka Shirika la Wahasibu la KPMG ambao ni Wakaguzi wa Mfuko aliwasilisha Taarifa kuhusu ukaguzi wa Hesabu za Mfuko kwa mwaka ulioishia tarehe 30 Juni, 2015. Alieleza kuwa Taarifa ya Hesabu za Mfuko zilizowasilishwa yaani Taarifa ya Mapato na Matumizi, Urari wa Hesabu za Mfuko, Taarifa ya Mabadiliko ya Thamani ya Mfuko na Taarifa ya Mtiririko wa Fedha ni sehemu ya Taarifa kamili ya Hesabu za Mfuko iliyokaguliwa na kupitishwa na Bodi ya Wakurugenzi ya Kampuni ya Uwekezaji ya UTT AMIS ambayo ni Meneja wa Mfuko tarehe 30 Oktoba, 2015 na kutiwa saini na Mwenyekiti wa Bodi hiyo ya Wakurugenzi pamoja na Mjumbe mwingine wa Bodi.

7.2 Taarifa ilieleza kuwa ili kupata taswira kamili ya ufanisi wa Mfuko na Hesabu zake kwa mwaka wa fedha ulioishia tarehe 30 Juni, 2015, ni muhimu kuchambua Taarifa kamili ya Hesabu za Mfuko inayopatikanakatikaofisizaKampuniyaUwekezajiya UTT AMIS.

7.3 Mwakilishi alihitimisha Taarifa yake kwa kueleza kuwa Taarifa kamili ya Hesabu za Mfuko zimekaguliwa na Shirika la Wahasibu la KPMG na ripoti yake isiyo na kasoro juu ya hali ya Hesabu za Mfuko kwa kipindi hicho imetolewa.

8.0 TAARIFA YA MWANGALIZI WA MFUKO

8.1 Mwakilishi wa Benki ya CRDB ambayo ni Mwangalizi wa Mfuko wa Wekeza Maisha, aliwasilisha Taarifa iliyoeleza kwamba jukumu lao ni kusimamia na kuhakikisha kuwa utendaji wa Meneja wa Mfuko unazingatia Waraka wa Makubaliano ili kuhakikisha maslahi bora ya wenye Vipande.

8.2 Mwakilishi wa Benki ya CRDB alieleza kuwa katika utekelezaji wa kazi yao kama Mwangalizi wa Mfuko wana majukumu mbalimbali yakiwemo uangalizi wa mali za Mfuko, kuhakikisha Meneja wa Mfuko anatumia njia sahihi kukokotoa mahesabu ya thamani ya Mfuko sambamba na Mkataba wa Makubaliano na pia kuhakikisha viwango vya uwekezaji vinazingatiwa.

8.3 Mwakilishi wa Benki ya CRDB alisema kuwa katika kipindi cha mwaka wa fedha kilichoanzia 01/07/2014 mpaka 30/06/2015, Benki ya CRDB kama Mwangalizi wa Mfuko wa Wekeza Maisha wameendeleza uangalizi wa mwenendo wa shughuli za Meneja wa Mfuko, utekelezaji wake na kuangalia changamoto kwenye uwekezaji.

8.4 Mwakilishi wa benki ya CRDB alihitimisha kwa kuthibitishia Wawekezaji wa Mfuko kwamba shughuli za uwekezaji kwenye Mfuko wa Wekeza Maisha na wajibu wa Meneja wa Mfuko vimeendeshwa/vimetekelezwa kufuatana na vipengele vya Waraka wa Makubaliano na kwamba maslahi ya wenye Vipande ndani ya Mfuko wa Wekeza Maisha yanalindwa na kuzingatiwa ipasavyo.

9.0 KIPINDI CHA MASWALI NA MAJIBU

9.1 Wawekezaji waliuliza maswali pamoja na kutoa hoja zifuatazo:-

9.1.1 Pongezi zilitolewa kwa Kampuni ya Uwekezaji ya UTT AMIS kwa Taarifa mbalimbali na nzuri zilizowasilishwa katika Mkutano. Ilielezwa kwamba Taarifa ya Kumbukumbu za Mkutano Uliopita zilikuwa sahihi na kwamba kilichojadiliwa ndicho kilichorekodiwa. Ilielezwa pia kuwa Taarifa za Hesabu na Uwekezaji ziliambatana na takwimu nzuri zilizoonyesha mafanikio makubwa katika Mfuko wa Wekeza Maisha kwa kipindi cha mwaka mmoja uliopita, mafanikio ambayo Meneja wa Mfuko alistahili pongezi kubwa;

9.1.2 Mwekezaji alielezea masikitiko yake kuhusiana na mahudhurio madogo ya Wawekezaji katika Mfuko wa Wekeza Maisha tofauti na Mikutano ya Mifuko mingine. Ilielezwa kwamba Mkutano Mkuu uliopita nao haukuwa na mahudhurio ya kutosha, jambo ambalo alishauri kuwa Meneja wa Mfuko alitafutie ufumbuzi wa kudumu;


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9.1.3 Mwekezaji alitaka kujua kwa nini ukuaji thamani ya ongezeko la mfuko imeshuka kutoka asilimia 41 kwa mwaka 2014 mpaka asilimia 23 kwa mwaka 2015

9.1.4 Mwekezaji pia alitaka kufahamu iwapo kuna mwekezaji yeyote ambaye alishawahi kufariki na kupewa mafao yake, akashauri pia ni vizuri katika kila kikao wanachama wakajulishwa iwapo kuna mwenzao ambaye amefariki na kupewa mafao yake.

9.1.5 Pongezi zilitolewa kwa Bodi, Menejimenti na Wafanyakazi wa Kampuni ya Uwekezaji ya UTT AMIS kwa kazi nzuri wanayofanya katika kusimamia Mfuko na kuwezesha Mfuko kutoa faida kwa Wawekezaji. Mwekezaji pia alitoa ushauri wa kupunguzwa kwa rasilimali za mfuko zilizowekezwa kwenye Hisa amabazo ni asilimia 39 ya rasilimali zote za mfuko;

9.1.6 Mwekezaji kutoka Morogoro pia alitaka kufahamu idadi ya wawekezaji wapya kwa mwaka huu wa Fedha 2014/2015 walikuwa wangapi hii ilitokana na hesabu za mwaka kutoonyesha idadi ya wawekezaji wapya

9.1.7 Swali liliulizwa iwapo upo uwezekano wa kupunguza idadi ya mifuko,hii inatokana na saababu kwamba idadi ya mifuko imekuwa mingi kiasi cha baadhi ya mifuko kusahaulika kama huu wa Wekeza Maisha;

9.2 Wawakilishi wa Kampuni ya Uwekezaji ya UTT AMIS walitoa ufafanuzi ufuatao:-

9.2.1 Shukrani zilipokelewa na Wawakilishi wa Kampuni ya Uwekezaji ya UTT AMIS kutokana na pongezi mbalimbali ambazo Wawekezaji walizitoa kwao. Wawakilishi hao waliahidi kuendelea kufanya kazi kwa bidii ili waweze kutoa huduma bora zaidi kwa Wawekezaji. Aidha Ushauri mbalimbali uliotolewa pia ulipokelewa na Kampuni iliahidi kufanyia kazi mapendekezo ya Wawekezaji ili kuboresha ufanisi wa huduma katika Mfuko na ustawi na ukuaji wa Mfuko kwa ujumla;

9.2.2 Kuhusu pendekezo la kupunguza uwekezaji wa rasilimali za mfuko ambao ni asilimia 39 kwenye Hisa mwakilishi wa kampuni ya UTT AMIS alisema wao wanaongozwa na sera na taratibu za mfuko husika katika suala la wapi wawekeze na kwa kiasi gani, na kwa upande wa Hisa wanaangalia makampuni yalioolozeshwa kwenye soko la Hisa la Dar es salaam ambayo pia yanayafanya vizuri sokoni.

9.2.3 Wawakilishi wa Kampuni walielezea changamoto ambayo ilikuwa imejitokeza katika Mikutano Mikuu ya Wawekezaji wa Mfuko kwa mwaka wa pili mfululizo, hususan suala la mahudhurio madogo ya Wawekezaji wa Mfuko wa Wekeza Maisha tofauti na Mikutano ya Mifuko mingine. Ilielezwa kwamba

kama ilivyo ada katika miaka yote ya uwepo wa Mfuko, Meneja wa Mfuko alitoa Taarifa za Mkutano kwa Wananchama na wengi wao waliahidi kuhudhuria Mkutano kama ulivyopangwa. Ilielezwa pia kuwa ilikuwa ni vigumu kufahamu sababu hasa za Wawekezaji hao kushindwa kuhudhuria kwani inawezekana kabisa kwamba walipenda sana kuhudhuria lakini wakashindwa kufanya hivyo kwa sababu mbalimbali za msingi. Hata hivyo, ilielezwa kuwa Kampuni italichukulia suala hilo kwa uzito mkubwa na kulifanyia kazi ili kuhakikisha kwamba mahudhuro katika Mikutano ya Mfuko yanaimarika ili kuboresha ushiriki wa Wawekezaji katika Mfuko sambamba na Mifuko mingine;

9.2.4 Ufafanuzi ulitolewa kuhusiana na na faida ya mfuko kuwa; faida imeongezeka hii inatokana na kuongezeka kwa mauzo ya mfuko husika yaani mfuko wa wekeza maisha

9.2.5 Kuhusiana na suala la kusomewa taarifa ya wanachama ambao wamefariki, ilielezwa wapo wanachama ambao wamefariki na kupewa mafao yao,piaakasisitizakuwawatafikiliasuala lakutoataarifa kwa wanachama ambao wamefariki dunia katika vikao vijavyo kama ni vema basi watakuwa wanafanya hivyo.

9.2.6 Ufafanuzi juu ya kushuka kwa asilimia ya ukuaji wa thamani za mfuko kutoka asilimia 41 kwa mwaka 2014, ikilinganishwa na ukuaji wa asilimia 23 kwa mwaka 2015 ulitolewa ukibainisha sababu hasa kuwa ni kutokana na kushuka kwa bei za hisa ambako mfuko umewekeza katika soko la Hisa la Dar es salaam,aliongeza pia kuwa uhaba wa elimu nao umekuwa tatitzo mkubwa juu ya suala zima la uwekezaji katika mifuko ya pamoja, hii imechangia watu wengi kutojiunga na mifuko yetu ya uwekezaji wa pamoja na kutupelekea kuufanya mfuko uenedelee kubebwa na mifuko mingine

9.2.7 Kuhusu swali lililoulizwa na Mwekezaji aliyetaka kujua iwapo baada ya miaka kadhaa mathalan mitano (5) ya kuwepo katika Mfuko Mwekezaji angeweza kuongeza kiwango cha uchangiaji katika Mfuko zaidi ya kiwango chake alichokubali kuwekeza wakati anajiunga ili anufaike zaidi na mafao yaMfuko atakapofikishamiaka kumi (10),ilielezwa kuwa wakati Mwekezaji anajiunga na Mfuko wa Wekeza Maisha yeye mwenyewe huamua kiwango cha jumla cha uchangiaji kwa mwaka ambacho huchangia aidha kwa wakati mmoja ama kwa viwango tofauti ili kutimiza kiwango hicho ndani ya mwaka, hivyo basi ilibainishwa kwamba pindi Mwekezaji anapoamua hivyo Mfuko haumruhusu Mwekezaji huyo kubadili katikati ya safari kiwango chake cha jumla cha kuchangia. Wawakilishi wa Kampuni walieleza kuwa, Mwekezaji angeweza kufungua akaunti nyingine katika Mfuko ili iende sambamba na akaunti ya awali yenye kiwango


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8

tofauti cha uchangiaji. Ilielezwa pia, kwamba Mwekezaji angeweza kuwekeza katika Mifuko mingine inayosimamiwa na Kampuni ya Uwekezaji ya UTT AMIS kulingana na mahitaji yake;

10.0 KUFUNGA MKUTANO

Kwa kuwa hakukuwa na masuala zaidi ya kujadili, Mwakilishi wa Mwenyekiti wa Bodi ya Wakurugenzi ya Kampuni ya Uwekezaji ya UTT AMIS aliwashukuru Wawekezaji wote kwa kuhudhuria katika Mkutano huo. Pia aliwahakikishia ya kuwa mawazo na mapendekezo ya Wawekezaji yaliyotolewa katika Mkutano yatazingatiwa na yale yanayowezekana yatatekelezwa. Mwisho aliwatakia heri ya sikukuu za Krismasi na Mwaka Mpya 2015. Mkutano ulifungwa saa 10.30 Jioni.

................................... ...................................

MWENYEKITI KATIBU

....................................

TAREHE

KIAMBATISHO “A”

ORODHA YA WAWEKEZAJI WA MFUKO WA WEKEZA MAISHA WALIOHUDHURIA KWENYE MKUTANO WA MAJADILIANO YA MAENDELEO YA MFUKO ULIOFANYIKA KATIKA UKUMBI

WA MIKUTANO WA HOTELI YA BLUE PEARL UBUNGO PLAZA, DAR ES SALAAM TAREHE 21 NOVEMBA, 2015 KUANZIA SAA 9 MCHANA

S/No. JINA LA MWEKEZAJI CHEO1. SULEIMAN MSAKARA Mjumbe

2. JIDITH L. KACHENJE “

3. LEVINA MAXIMILLIAN “

4. TUMSIFU E. NKYA “

5. ESTHER LUVINGA “

6. HASANI H. BAKARI “

7. WILFRED MATONYA “

8. PASKAZIA BULUMBA “

9. GASON C. MKANYA “

10. DIGMA MILEN GULE “

11. RAPHAEL MATOGO “

12. ANANDE KUNDA “

13. JOUNE TESHA “

14. ABDULRAHAMANI H. “

15. FELEIX E. KWEKA “

16. GILBERT BIGILIMAN “

S/No. JINA LA MWEKEZAJI CHEO17 MOHAMED S. JABEY “

18 FAITINA R. MUSHI “

19 JOSEPHINE S. BUJIKU “

20 SEBASTIAN P. BUJIKU “

21 SHADRACK GABAGAMBI “

22 ELIERKA R. KYOMO “

23 EDGAR SHUMBUSHO “

24 LEMY SHUMBUSHO “

25 WILHERMIA A. KIFWEMA “

26 IRENE MADEJE MLOLA “

27 ANNE S. KILINDU “

28 KISSA V. KILINDU “

29 ISRAEL A. KAMUZORA “

30 MARIETH L. NGONA “

31 MFAUME M. KIMARIO “


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PB 9

ANNUAL REPORT FORINVEST LIFE UNIT TRUST SCHEME

(WEKEZA MAISHA FUND)

10

3 Chairman’s Statement


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CHAIRMAN’S STATEMENT

Introduction

Dear Investors,

On behalf of the Board of Directors, I am pleased to welcome you all to the 9th Annual General Meeting of Wekeza Maisha Fund. As new Chairman of UTT AMIS, please allow me to record my appreciation to His Excellency, John Joseph Pombe Magufuli, the President of the United Republic of Tanzania, for appointing me to lead the Board of Directors for UTT AMIS. My appreciation also goes to Honourable Dr Philip Isdor Mpango (MP), the Minister of Finance and Planning, for appointing members of the Board of Directors. I also thank you investors into Wekeza Maisha Fund for your confidence in the Fund as I understand that Annual General Meetings could not be held in 2016, 2017 and 2018 because the board was not in place. As a Board of Directors, we collectively look forward to your cooperation over the coming years.

I thank the previous Board of Directors under Chairmanship of Prof. Joseph Kuzilwa for pioneering set up of collective investment schemes in Tanzania and ensuring their successful operations. As a new Board, we have taken over where they ended and will do our best to ensure that collective investment schemes play a more significant role in the economy.

Ladies and Gentlemen, on Management of UTT AMIS, I am also pleased to inform you that, following retirement of Dr Hamis Kibola in June 2017, the Minister of Finance and Planning appointed Simon Migangala as new Managing Director for UTT AMIS. Simon was Chief Operating Officer for UTT AMIS since 2013.

Report of the Fund Ladies and Gentlemen, it is my belief that you have received and reviewed the Report of the Fund for the year ended 30 June, 2019 that includes information for years 2018, 2017 and 2016. Despite challenging market environment, I am happy to report that the performance of the Fund for the period under review is good. Returns to investors have exceeded their performance benchmark with average return of around 12% over the last five years. During the period, the Fund also continued to attract new investors mainly because of growing public confidence and awareness on the benefits of investing through collective investment schemes.

Performance of the Economy and Market EnvironmentLadies and Gentlemen, given the fact that Wekeza Maisha Fund is part of a complex system of the market, we normally make a review of the overall development of the economy so that we could assess performance of the Fund, identify emerging opportunities and make judgement regarding future outlook of economic environment. Based on the Budget Speech of the Minister of Finance and Planning for the financial year 2019/20, the economy grew by 7.1% in 2019 making Tanzania one of the five fastest growing countries in Africa.

Inflation remained single digit with 3.7% recorded in June 2019 while short term interest rates also remained within single digit levels for the last three years. As for the equity market, the situation has been challenging as reflected through the movement of the Tanzania Share Index (TSI). Review of the TSI from the end of June 2015, indicates that the Index decreased by 29.52% from 4,684.09 on 30 June 2015 to 3301.22. This implies that despite the fact that the equity market has been going up and down, it has not gone high enough to reach the price levels attained in 2015. Ladies and gentlemen, these developments, taken collectively, have implications on performance of the market and the Fund in particular.

Managed Funds Performance and other DevelopmentsLadies and Gentlemen, the amount of assets under management (AUM) is one of key indicators used in measuring asset management companies performance. UTT AMIS therefore reviews the total amount of assets being managed as part of performance review so as to determine the overall progress of the business. Despite challenging market situation, assets under management have continued to register modest growth. Generally the average increase in assets under management compares well with the overall development and capitalisation of the market.


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In order to modernise operations, UTT AMIS has continued with implementation of systems to enable investors buy units of UTT AMIS funds using mobile devices. The systems are largely implemented, up and running and can be accessed using USSD Code *150*82#. An Application Software is currently being finalised for use by smart phone users. Starting with the custodian, UTT AMIS funds can now be bought over the phone from CRDB Bank service platforms after integration of systems.

Ladies and Gentlemen, regarding benefits to investors, given the market development, the Fund’s performance has been good as it has consistently provided higher returns than the benchmark. The benchmark is based on the Tanzania Share Index return weighted by 37.5% and return provided by the 182 day Treasury Bills weighted by 62.5%. Given the prevailing market situation, Wekeza Maisha Fund is one of the best investment options in the market.

Ladies and gentlemen, please also allow me mention that towards the end of the financial year ended in June 2019, the Government made a decision to transfer operations of UTT PID to UTT AMIS. The decision was implemented from 1st May 2019. Since the schemes are operated as separate entities, this decision is not expected to have any impact on Wekeza Maisha Fund and is provided for information only.

Prospects for the financial year 2019/20Ladies and Gentlemen, further to the appointment of the Board, we have finalised development of five year Strategic Plan to 2024 for UTT AMIS. The Plan sets priorities to be implemented over the following five years. These include modernisation of operations to improve investor experience and manage risks. The Organisation will also continue working on increasing public awareness on the benefits of collective investment schemes and reaching out more investors through technology. Ongoing projects will therefore continue to be implemented to finalise automation of operations and enhance IT security. Upon completion of the projects, most of UTT AMIS operations will be automated and investors will be able to obtain most of the services using their mobile devices. Completion of the projects will also pave way for additional products and services.

AcknowledgementsLadies and Gentlemen, finally, I would like to express my appreciation to all those who supported UTT AMIS for the period under review. Special gratitude I give to the Ministry of Finance and Planning, the Office of the Treasury Registrar, the Capital Markets and Securities Authority, the Custodian of the funds under management, the Dar es Salaam Stock Exchange, investors, members of staff of UTT AMIS and all stakeholders who supported UTT AMIS during the period. It is my hope that you will all continue to extend support to UTT AMIS for the good of our investors and development of the capital market and the financial services industry in the Country.

Casmir Sumba KyukiBoard Chairman

13

4 Statement of the Custodian


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STATEMENT OF THE CUSTODIAN TO THE UNIT HOLDERS OF INVEST LIFE UNIT TRUST SCHEME

As Custodian of Wekeza Maisha Fund, our responsibility is to oversee that the Manager of the Fund performs in accordance with the Deed of Trust in ensuring that interest of the Unit holders are protected. In performing this role, interlia, Custodian responsibility includes taking into custody all property of the Scheme and holding it in trust of unit holders, ensuring that the method adopted by the Manager in calculating Net Asset Value (NAV) is adequate and in accordance to the Trust Deed and ensuring that investments undertaken by the Manager are in line with set investment objectives and are not in conflict with provisions of the Deed of Trust.

During the financial years ended 30th June, 2016, 2017, 2018 and 2019, we, Custodian of Wekeza Maisha Fund have continuously followed up on the Manager’s actions, performances and assessed limitations on funds investments.

In this regard, we wish to confirm that investment activities under Regular income Unit Trust Scheme (Wekeza Maisha Fund) and obligations of the Manager (UTT AMIS PLC) have been in accordance with the provisions of the Deed of Trust. As such, as far as unit holders’ confidence in the Scheme is concerned, we are in confirmation that unit holders’ interests under the scheme are adequately protected and the manager has managed the Fund in accordance with the provisions of the Trust Deed.

………………….........……….Abdulmajid M. NsekelaCRDB Bank PLC Date: 20/11/2019

15

5 Report of the Independent Auditors


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INDEPENDENT AUDITORS’ REPORT ON THE SUMMARY FINANCIAL STATEMENTS

KPMGCertified Public Accountants Telephone: +255 22 26003302nd Floor, The Luminary Email: [email protected] Selassie Road, Msasani Peninsula Internet: www.kpmg.co.tzP.O. Box 1160

Opinion

The summary financial statements, which comprise the summary statements of financial position as at 30 June 2016, as at 30 June 2017, as at 30 June 2018 and as at 30 June 2019, the summary statements of profit or loss and other comprehensive income, changes in net assets attributable to unit holders and cash flows for the year then ended, are derived from the audited financial statements of Invest Life Unit Trust Scheme (“the Scheme”) for the years ended 30 June 2016, 30 June 2017, 30 June 2018 and 30 June 2019.

In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, on the basis described in Note I

Summary Financial Statements

The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards (IFRS). Reading the summary financial statements and our report thereon, therefore, is not a substitute for reading the audited financial statements and our report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to that date of our report on the audited financial statements.

The Audited Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited financial statements in our reports dated 22 October 2019 for the years ended 30 June 2016, 30 June 2017 and 30 June 2018 and dated 25 November 2019 for the year ended 30 June 2019. Reports for financial years ended 30 June 2016, 30 June 2017 and 30 June 2018 include the communication of key audit matters.

Management’s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of the summary financial statements in accordance with the basis described in Note I

Auditors’ Responsibility

Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), “Engagements to Report on Summary Financial Statements.”

KPMG

Certified Public Accountants (T)

_________________________

Signed by: CPA Vincent Onjala (TACPA 2722)

Date: 20/11/2019


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Note I Disclosure of Applied CriteriaThe summary financial statements are derived from the audited financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as at 30 June 2016, 30 June 2017, 30 June 2018 and 30 June 2019 and for the years then ended.

The preparation of these summary financial statements requires management to determine the information that needs to be reflected in them so that they are consistent in all material respects with, or represent a fair summary of, the audited financial statements.

Management prepared these summary financial statements using the following criteria:

(a) the summary financial statements include a statement for each statement included in the audited financial statements;

(b) information in the summary financial statements agrees with the related information in the audited financial statements and

(c) major subtotals, totals and comparative information from the audited financial statements are included.

The audited financial statements of the Invest Life Unit Trust Scheme are available upon request by contacting UTT Asset Management and Investor Services Plc.

1818

6Report of the Audited Financial Statements

19


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STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED 30 JUNE 2016, 2017, 2018 AND 2019

2019 2018 2017 2016 2015

TZS’000 TZS’000 TZS’000 TZS’000 TZS’000

Investment income 145,866 246,514 469,928 426,215 349,645

Other income 10,036 (52,285) 95,493 (277,859) 675,677

Total income 155,902 194,229 565,421 148,356 1,025,322

Operating expenses (33,148) (60,263) (91,538) (94,259) (85,048)

Provision for loyalty bonus expenses - - (34,897) (41,530) -

Total operating expenses (33,148) (60,263) (126,435) (135,789) (85,048)

Income before tax 122,754 133,966 438,986 12,567 940,274

Tax expense (1,232) (16,376) (30,390) (28,990) (20,453)

Change in net assets attributable to unit holders 121,522 117,590 408,596 (16,423) 919,821

Other comprehensive income - - - - -

Change in net assets attributable to unit holders 121,522 117,590 408,596 (16,423) 919,821


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20 21

STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2016, 2017, 2018 AND 2019

2019 2018 2017 2016 2015


Assets

Cash and cash equivalents 25,809 81,104 386,810 248,615 436,182

Term deposits with banks - - 1,276,711 511,268 813,449

Government securities and corporate bonds 1,027,214 1,069,335 1,120,605 1,755,842 1,018,196

Equity investments 223,340 229,490 1,170,759 1,104,588 1,336,937

Other receivables - 4,442 14,547 545 28,598

Total assets 1,276,363 1,384,371 3,969,432 3,620,858 3,633,362

Liabilities

Tax payable - (2,880) (2,880) (2,880) (5,752)

Accounts payable and provisions (98,755) (55,936) (102,577 ) (151,416) (168,666 )

Total liabilities (98,755) (58,816) (105,457) (154,296 ) (174,418 )

Net-assets attributable to unit holders 1,177,608 1,325,555 3,863,975 3,466,562 3,458,944

Represented by:

Net assets attributable to unit holders 1,177,608 1,325,555 3,863,975 3,466,562 3,458,944

Outstanding number of units 2,962,781 3,547,379 11,496,274 11,525,439 11,443,870

Net Asset Value per units 397.47 373.67 336.11 300.77 302.25

Published Net Asset Value per unit 397.47 357.59 329.58 309.76 300.97


Fara ja kwa Watoto

20 21

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS FOR THE FINANCIAL YEARS ENDED 30 JUNE 2016, 2017, 2018 AND 2019

2019 2018 2017 2016 2015


Opening balance 1 July 1,325,555 3,863,975 3,466,562 3,458,944 2,591,425

Effect of adoption of IFRS 9 (47,231) -

Increase in net assets attributable to unit holders during the year

121,522 117,590 408,596 (16,423) 919,821

1,399,846 3,981,565 3,875,158 3,442,521 3,511,246

Transactions with unit holders during the year:

Sales of units during the year 60,622 86,222 158,405 321,810 102,156

Repurchase of units during the year (282,860) (2,742,232) (169,588) (297,769) (154,458)

Net transactions with unit holders during the year (222,238) (2,656,010) (11,183) 24,041 (52,302)

Closing balance 1,177,608 1,325,555 3,863,975 3,466,562 3,458,944


Fara ja kwa Watoto

22

STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEARS ENDED 30 JUNE 2016, 2017, 2018 AND 2019

2019 2018 2017 2016 2015


Income before tax 122,754 133,966 438,986 12,567 940,274

Adjustment for:

Dividend Income (5,068) (16,794) (30,143) (66,247) (64,697)

Fair value (loss)/gain during the year (6,243) (86,849) (17,788) 288,754 19,926

Operating income before changes in

working capital items: 111,443 30,323 391,055 235,074 895,503

Changes in working capital itemsIncrease/decrease in other receivables 94 (9,205) (889) 10,224 (224)

Increase/Decrease in accounts payable and provisions 39,939 (46,641) (48,839) (17,250) (114,211)

Cash generated from operations 151,476 (25,523) 341,327 228,048 781,068

Withholding tax paid (1,232) (16,376) (30,390) (31,862) (20,165)

Adjustment for fair value (loss)/gain during the year

Net cash inflow from operating activities 150,244 (41,899) 310,937 196,186 760,903

Cash flows from investing activities

Net movement in:

Term deposits with banks - 1,276,711 (765,443) 302,181 (408,166)

Government securities and corporate bonds (5,110) 97,557 786,858 (1,026,400) (320,729)

Equity instruments 12,393 981,832 (200,004) 232,349 (399,344)

Dividend received 9,416 36,104 17,030 84,076 79,950

Net cash (used in)/generated from investing activities

16,699 2,392,204 (161,559) (407,794) (1,048,289)

Cash flows from financing activities

Sales of redeemable units 62,919 86,222 158,405 321,810 102,156

Repurchase of units (285,157) (2,742,232) (169,588) (297,769) (154,458)

Net cash inflow/(outflow) from financing activities (222,238) (2,656,010) (11,183) 24,041 (52,302)

Net (decrease)/increase in cash and cash equivalents

(55,295) (305,706) 138,195 (187,567) (339,688)

Cash and cash equivalents at the beginning of the year

81,104 386,810 248,615 436,182 775,870

Cash and cash equivalents at the end of the year 25,809 81,104 386,810 248,615 436,182

.....................................Director

Date: November, 2019

.....................................Director

Date: November, 2019

23

7 Manager’s Report


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24 25

LAUNCHEDMAY, 2007

30TH JUNE, 2019

NAV PER UNIT TZS 397.37

FUND SIZE TZS 1.19 BILLION

ANNUALIZED RETURN 11.12%

Fund Manager’s Message to the Scheme Members

Invest Life Unit Trust Scheme also known as Wekeza Maisha Fund was the second scheme to be established by the Unit Trust of Tanzania in 2007 with first maturity in 2017.

Wekeza Maisha /Invest Life Unit Trust Scheme offers two fold benefits to investors including long term capital appreciation out of investment as well as Insurance cover provided by the scheme.

Fund Size and Net Asset Value per unitWekeza Maisha fund reached its maturity for the first time in the year ended 2017/18; causing significant decrease in fund size from TZS 3.44 billion recorded as at June, 2015 to TZS 1.27 billion at the year ended 30th June, 2019. In early August 2018, the fund made payment averaging TZS 2.33 billion to its unit holders/investors.

The Net Asset Value (NAV) per unit increased to TZS 397.47, reflecting 32.06% growths for the four year period under review.

Chart I: Wekeza Maisha Fund Size And NAV Movement as at 30th June, 2019

Fund Manager’s Message to the Scheme Members

Invest Life Unit Trust Scheme also known as Wekeza Maisha Fund was the second scheme to be established by the Unit Trust of Tanzania in 2007 with first maturity in 2017. Wekeza Maisha /Invest Life Unit Trust Scheme offers two fold benefits to investors including long term capital appreciation out of investment as well as Insurance cover provided by the scheme. Fund Size and Net Asset Value per unit Wekeza Maisha fund reached its maturity for the first time in the year ended 2017/18; causing significant decrease in fund size from TZS 3.44 billion recorded as at June, 2015 to TZS 1.27 billion at the year ended 30th June, 2019. In early August 2018, the fund made payment averaging TZS 2.33 billion to its unit holders/investors. The Net Asset Value (NAV) per unit increased to TZS 397.47, reflecting 32.06% growths for the four year period under review.

Chart I: Wekeza Maisha Fund Size And NAV Movement as at 30th June, 2019

LAUNCHED

MAY, 2007

30TH JUNE, 2019

NAV PER UNIT

TZS 397.37

FUND SIZE TZS 1.19 BILLION

ANNUALIZED RETURN

11.12%

0.55 0.82 1.17 1.45

1.85 2.22 2.25

2.80 3.44 3.57 3.79

1.27 1.19

0

100

200

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500

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[NAV

]

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in B

n TZ

S

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Fund Size in Bn TZS Net Asset Value [NAV]

Portfolio ManagementIn the financial year under review, UTT AMIS as the Fund Manager exercised best practice and professionalism in ensuring the scheme investment portfolio achieved a balanced asset mix in accordance with the scheme investment policy and guidelines. The portfolio position as at the end of the year 30th June, 2019 was as follows:

Chart II: Wekeza Maisha Fund Portfolio as at 30th June, 2019

Portfolio Management In the financial year under review, UTT AMIS as the Fund Manager exercised best practice and professionalism in ensuring the scheme investment portfolio achieved a balanced asset mix in accordance with the scheme investment policy and guidelines. The portfolio position as at the end of the year 30th June, 2019 was as follows: Chart II: Wekeza Maisha Fund Portfolio as at 30th June, 2019

From above graph, 76.82% of the scheme portfolio was invested in treasury bonds, followed by 17.31% which was invested in equities and 1.99% was left in call account to maintain liquidity and funding day to day financial obligations such as repurchase requests from investors. Corporate bonds had 3.89%. Returns Wekeza Maisha Fund annual returns remained strong increasing from 2.91% in Financial Year 2015/16 to 11.12% in the Year 2018/19. Table I below shows annualized returns of different periods starting from the year 2015/16 to date. Table I: Annual Returns and fund size for Wekeza Maisha as at 30th June, 2019

SN Financial Year Fund Size, TZS Bn

Performances in Percentage term Returns Benchmark

1 2018/19 1.19 11.12 -3.2 2 2017/18 1.27 8.42 4.5 3 2016/17 3.79 6.4 4.6 4 2015/16 3.58 2.91 6.41

Note: Benchmark-composite benchmark.

EQUITIES, 17.30%

TREASURY BONDS 76.82%

CORPORATE BONDS 3.89%

CALL ACCOUNT 1.99%

EQUITIES

TREASURY BONDS

CORPORATE BONDS

CALL ACCOUNT


Fara ja kwa Watoto

24 25

From above graph, 76.82% of the scheme portfolio was invested in treasury bonds, followed by 17.31% which was invested in equities and 1.99% was left in call account to maintain liquidity and funding day to day financial obligations such as repurchase requests from investors. Corporate bonds had 3.89%.

ReturnsWekeza Maisha Fund annual returns remained strong increasing from 2.91% in Financial Year 2015/16 to 11.12% in the Year 2018/19.

Table I below shows annualized returns of different periods starting from the year 2015/16 to date.

Table I: Annual Returns and fund size for Wekeza Maisha as at 30th June, 2019

SN Financial Year Fund Size, TZS Bn Performances in Percentage term

Returns Benchmark

1 2018/19 1.19 11.12 -3.2

2 2017/18 1.27 8.42 4.5

3 2016/17 3.79 6.4 4.6

4 2015/16 3.58 2.91 6.41

Note: Benchmark-composite benchmark.

For comparison, we look into Savings deposit rate in the markets as shown below:

Table II: Comparable Saving deposit rate in the Markets [Quarterly Basis]

Quarter ending Jun-18 Sept-18 Dec-18 Mar-19 Jun-19

Savings Deposit rate [%] 2.09 2.66 2.64 2.59 2.09

Table III: Comparable Saving deposit rate in the Markets [Annual Basis]

Year ending Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Savings Deposit rate [%] 3.52 3.37 3.17 2.09 2.44

Commercial banks interest rate; Source: BOT

There other major differences that one needs to consider while comparing Wekeza With Saving deposit returns:

• The rates tabled above (on comparable instruments) are on gross basis which means that there is a 10% withholding tax while the Wekeza Maisha returns are net of tax.

• Another factor that needs consideration is that Wekeza Maisha is an open- end fund providing liquidity throughout the year. So one does not need to time the investments.

• Other instruments have a fixed tenure and if there is an emergency, it entails discounting of these instruments at a sizeable loss.

• The rates highlighted in table II-III are offered by commercial bank to investor’s with Initial capital ranging at TZS 200,000.00 and above compared with TZS. 8,340.00 in Wekeza Maisha as top up estimate capital per month equivalent to TZS. 1,000,000.00 in ten years.

Investing in Wekeza Maisha is more beneficial than having a savings deposit account because the Fund provides returns over and above Savings Deposit rate prevailing in the market.


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26 27

Economic Growth

Gross Domestic Product (GDP)Growth of the economy remained strong, making Tanzania one of the fastest growing countries in Africa. Based on publications of the National Bureau of Statistics (NBS), at 2015 prices, Real gross domestic product (GDP) grew by 6.9% in 2016, 6.8% in 2017 and 7.0% in 2018. Based on the Minister of Finance and Planning Budget Speech for 2019/2020 financial year, GDP is projected to grow by 7.1% in 2019. Economic activities that grew fast were construction, which grew at 13.2 %, transport (11.1 %), and mining and quarrying (10.0 %). To a large extent, the observed growth in construction activity reflects ongoing infrastructure projects, particularly construction of a standard gauge railway, roads and bridges. The significant growth of mining and quarrying activity from a contraction of 5.7 % in the first quarter of 2018 was largely on account of increase in production of coal and diamond.

Table IV: Year on Year Real GDP Growth Rate

YEAR 2015 2016 2017 2018 2019

Gross Domestic Product (GDP) [%] 6.2 6.9 6.8 7.0 7.1

GDP; Source: NBS and Bank of Tanzania (BOT)

Inflation RateDomestic financial conditions remained stable with inflation rate pointing at 3.7 % in June 2019 compared with 3.4 % in the prior year.

Table V: Annual headline inflation from June, 2015 to June, 2019

YEAR 2015 2016 2017 2018 2019

Inflation rate [%] 6.10 5.50 5.40 3.40 3.70

Inflation rate; Source: National Bureau of Statistics (NBS)

Banking SectorThe Bank of Tanzania continued to implement an accommodative monetary policy regime throughout the year resulting in a sound and adequate level of liquidity in the financial sector. Banking industry total assets increased by TZS 0.25 trillion growing to TZS 28.83 trillion from TZS 28.58 trillion registered in June 2018.

In addition, the asset quality as measured by the ratio of non-performing loans (NPL) to total gross loans and advances (NPL ratio) continued to improve. NPL ratio improved to 11.10 % in April 2019 from 11.60 % in April 2018. In the period ended June 2019, credit risk in the market was well managed. This resulted from BOT tightening lending standards as well as commercial banks increasing investments in government securities.

The application of technology in processing customer data and automation of operations further improved public confidence in the banking sector. Agency banking and integration of mobile phone platforms in provision of banking services continued to strengthen the banking system across the country.

Government SecuritiesThe Bank of Tanzania lowered Treasury bills offer size by TZS 681.53 billion from TZS 4,348.30 billion in June, 2018 to TZS 3,666.77 billion in June 2019. Similarly, the Treasury bills demand


Fara ja kwa Watoto

26 27

decreased to TZS 4,427.05 billion reflecting a decrease of TZS 2,194.14 billion from TZS 6,621.19 billion tendered in the previous year. In contrast, yields grew by 1.90 % compared to yields recorded in the preceding year. Weighted Average Yield (WAY) moved from 6.69 % in June 2018 to 8.59 %.

As for Treasury bonds, amount offered was TZS 2,341.73 billion compared to TZS 2,527.70 billion offered in the corresponding period in 2018. Bids received significantly dropped to TZS 1,507.84 billion compared to TZS 3,244.18 billion in 2018. The successful bids declined substantially by TZS 1,652.72 billion to TZS 932.71 billion in June 2019 compared with TZS 2,585.43 billion in 2018.

In September 2018, the Bank introduced 20 year treasury bonds into the market which ended up being oversubscribed by TZS 4.90 billion trading at the yield of 17.69 %.

Interest RatesYields offered by Bank on treasury bills were slightly higher compared to yields recorded in the preceding year. The total Weighted Average Yield (WAY) of the Treasury Bills increased to an average of 8.59 % in 30th June 2019 from 6.69 % in the preceding year in 2018. Meanwhile, the overall weighted average time deposit rate for the period stood at 7.43 % compared with 8.13 % in June 2018.

The interbank money market volume was recorded at TZS 8.00 billion as on June 30th 2019 with the weighted average rate (WAR) of 5.75 %; compared to TZS 59.00 billion with weighted average rate of 1.88 % traded on June 2018.

Commercial banks’ overall lending rate was generally lower in June 2019 compared to June 2018. The overall and one-year lending rates decreased approximately by 1.18 % on overall rates to an average of 16.43 %. The reduction on lending rates was due to ongoing improvement in banks’ asset quality and loan-granting process through the use of Credit Reference Bureau as instructed by Central Bank.

During the period the Bank implemented reduction in Statutory Minimum Reserve and the discount rate. The changes implemented aimed at stimulating growth through credit facilities across economic activities. Statutory Minimum Reserve (SMRs) was reduced to 8.00 % in June 2019 compared with 10.00 % recorded in 2018. The discount rate applicable to banks borrowing from the central bank was lowered to 7.00 % from 9.00 % with effect from August 27th 2018.

ForexDuring the period under review, the shilling remained fairly stable, trading at TZS 2,300.90 per US dollar compared with TZS 2,277.74 per US dollar registered in June 2018. The depreciation of Tanzanian shilling against the US dollar is equivalent to TZS 23.16. Despite the slight currency depreciation against US dollar (TZS 23.16) and Japanese Yen (67 cents), Tanzanian currency appreciated with respect to British Pound by TZS 72.14 and Euro by TZS 26.97 respectively.

The East African Community (EAC) region, Tanzania Shilling strengthened against the Kenya Shilling by 5 cents and Burundi Franc by 41 cents. However, Ugandan shilling and Rwandan Franc appreciated against Tanzanian shilling by 5.95 % and 16.04 % respectively.

The foreign exchange market witnessed introduction of new foreign exchange (Bureau de change) regulations of 2019 to repeal the old 2015 regulations. The revision aimed at cracking down illegally operating bureaus in order to improve foreign exchange market and currency stability in Tanzania.

Stability in exchange rate is important for UTT AMIS, the schemes and the Tanzanian economy in general. Stable exchange rates assist in maintaining value of assets denominated in Tanzanian Shilling and as such improves planning and attracts investment funds from other markets through both portfolio and foreign direct investments.


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28

Capital Market PerformanceThe leading equity market indicators closed lower in June 2019 as compared to the previous year. Total Market Capitalization fell by 15.20% from TZS 21.98 trillion at 30th June 2018 to TZS 18.64 trillion at 30th June 2019. Equity turnover was TZS 46.39 million indicating a decrease of 22.62 % compared to the previous year. DSEI Share Index went down by 17.05% closing at 1,892.27 while the TSI Index decreased by 21.10% to 3,301.22 at 30 June 2019.

During the period under review the noted TZS 4.55 trillion decline in total market capitalization emanated from negative movement in prices of shares at the stock exchange. The stock market continued to experience a slowdown in trading activity on its counters which reflected liquidity constraints with unsold shares on brokers queues of orders.

Instruments in debt securities market have become more attractive to investors following the slowdown in the equity market.

For the year ended June 2019 no Initial Public Offering (IPO) were made at the exchange, while the year ended 2018 TCCIA Investment Plc and National Investment Company Ltd were listed under main market window.

During the period new corporate bonds were issued by Tanzania Mortgage Refinance Company and NMB bank raising TZS 9 Billion and TZS 83 Billion respectively. The two bonds were oversubscribed by 16 % and 333 % for both TMRC and NMB respectively indicating investors’ appetite on fixed income securities compared to equities.

Going forward, UTT AMIS wishes to assure the investing community that it will continue to explore opportunities availed by the markets to bring home good returns. Our endeavor is to exceed investor expectations and manage their wealth for their progress.

The Board and Staff of UTT AMIS wish you all a Happy Holiday Season and a Prosperous 2020.

Wekeza Uwezeshwe!

29

8 UTT AMIS News Bulletin

30

UTT AMIS News Bulletin [Containing Updates to 30th September, 2019]

31

1.0 Asset Management & Investor Services Summary• Currentlymanagingsix(6)collectiveinvestmentschemesknownasUMOJAFUND,WEKEZAMAISHA,WATOTO

FUND,JIKIMUFUND,LIQUIDFUND&BONDFUND• AssetundermanagementvaluetotalingTzs307billion• Maintainingaportfolioofaround146,589investors• Offeringcompetitivereturnsoninvestment

2.0 General Information on UTT- AMIS Launched Schemes:

SN DESCRIPTION DETAILS2.1 Umoja Fund Theschemewas launchedon16thMay,2005.This isaplainvanillaproduct suiting

dynamic investment needs of majority investors. Some important features of thisschemeareasfollows:

• UnitsaresoldatNAV [meaning there is no entry load]• Minimuminvestmentamountisequaltothesalevalueof10units• Repurchaseamountispayableafterdeducting1%exitloadonNAV• Flexibleentry/exitprovisions–soonecanbuyaswellassellunitsonanybusiness

day• Partialrepurchaseisalsoallowed

2

UMOJA FUND PORTFOLIO AS ON 3Oth September, 2019

108

62 58 62 74 84 86 97115

208 218 218 207224 217

- 100 200 300 400 500 600 700

0

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Fund Size TZS Billion Net Asset Value [NAV]

2.2 Wekeza

Maisha

[Invest Life]

A Unit Linked Insurance Plan [ULIP] offering twin benefits relating to investment and

insurance. This scheme was launched on 16th May, 2007 with following important features:

• Investors within the age group of 18 to 55 are allowed to invest • Scheme offers investment under two options: (a) Regular Contribution, and (b) Single

Contribution • Units are sold at NAV [meaning no entry load] • One can join the scheme by paying as low as Tzs. 8,340/-‐ on per month basis [applicable

where the Chosen Contribution Amount is Tzs. 1 Million] • Available Insurance Benefits are:-‐ Life Insurance, Personal Accident and Funeral Expenses

Cover • This scheme is like a ‘Systematic Investment Plan, whereby one can choose to pay his/her

regular contributions on Monthly, Half-‐Yearly or Yearly basis

FACT SHEET: The Wekeza Maisha ‘Fact Sheet’ as on 3Oth September, 2019 demonstrates the

following:

Annualized Returns [%] as on 30th September, 2019

Since Launch [May,2007] Last 5 Years Last 4 Years Last 3 Years Last 2 Years Last 1 Year

12.40% 7.88% 8.14% 13.77% 11.91% 12.93%

UMOJA FUND NAV AND FUND SIZE MOVEMENTS SINCE INCEPTION TO 3Oth SEPT, 2019

32

SN DESCRIPTION DETAILS2.2 Wekeza Maisha

[Invest Life]

AUnitLinkedInsurancePlan[ULIP]offeringtwinbenefitsrelatingtoinvestmentandinsurance. This schemewas launched on 16thMay, 2007with following importantfeatures:

• Investorswithintheagegroupof18to55areallowedtoinvest• Scheme offers investment under two options: (a) Regular Contribution, and (b)

SingleContribution• UnitsaresoldatNAV [meaning no entry load]• One can join the scheme by paying as low as Tzs. 8,340/- on permonth basis

[applicable where the Chosen Contribution Amount is Tzs. 1 Million]• Available Insurance Benefits are:- Life Insurance, Personal Accident and Funeral

ExpensesCover• Thisschemeislikea‘SystematicInvestmentPlan,wherebyonecanchoosetopay

his/herregularcontributionsonMonthly,Half-YearlyorYearlybasis

WEKEZA MAISHA NAV AND FUND SIZE MOVEMENT SINCE INCEPTION TO 30th SEPT 2019

3

WEKEZA MAISHA PORTFOLIO AS ON 3Oth September, 2019

2.3 Watoto Fund

[Children’s

Career Plan]

A child benefit oriented plan, working for overall development of children in the country. This

scheme was launched on 1st October, 2008 with following important features:

• Investments in the name of a child up to the age of 18 years can be made • Minimum Amount for Initial Investment is Tzs. 10,000/-‐ and for any subsequent additional

investments is Tzs. 5,000/-‐ • Units are sold at NAV [meaning no entry load] • Scheme offers investment under two options: (a) Scholarship Option, and (b) Growth Option • Scholarship as well as Repurchase payments are allowed on a child attaining 12 years of age

FACT SHEET: The Watoto Fund ‘Fact Sheet’ as on 3Oth September, 2019 demonstrates the

following:


Since Launch [October,2008] Last 5 Years Last 4 Years Last 3 Years Last 2 Years Last 1 Year

12.18% 5.51% 5.21% 3.20% 8.13% 5.49%

33

SN DESCRIPTION DETAILS

2.3 Watoto Fund

[Children’s Career Plan]

A child benefit oriented plan, working for overall development of children in thecountry. This schemewas launched on 1st October, 2008with following importantfeatures:

• Investmentsinthenameofachilduptotheageof18yearscanbemade• MinimumAmount for Initial Investment isTzs.10,000/-and foranysubsequent

additionalinvestmentsisTzs.5,000/-• UnitsaresoldatNAV [meaning no entry load]• Scheme offers investment under two options: (a) Scholarship Option, and (b)

GrowthOption• ScholarshipaswellasRepurchasepaymentsareallowedonachildattaining12

yearsofage

4

WATOTO FUND PORTFOLIO AS ON 3Oth September, 2019

0.72 0.79 0.71 0.97 1.10 1.39

2.392.73

2.993.48 3.29 3.22

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Billio

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2.4 Jikimu Fund

[Regular

Income

Scheme]

This scheme is suitable for those investors who wish to avail income at regular intervals, such

as Retirees. The scheme was launched on 3rd November, 2008 with following important

features:

• Investment Plans and Minimum Amount: (a) Quarterly Income Distribution Plan [Tzs. 2 Million], (b) Annual Income Distribution Plan [Tzs. 1 Million] and (c) Annual Re-‐investment Plan/ Growth [Tzs. 5,000/-‐]

• Units are sold at NAV [meaning no entry load] • Exit Load on Repurchase: (a) 2% for repurchase within 1 year, (b) 1.5% for repurchase

between 1-‐2 years, (c) 1% between 2-‐3 years and (d) Nil exit load after 3 years

FACT SHEET: The Jikimu Fund ‘Fact Sheet’ as on 3Oth September, 2019 demonstrates the

following:


Since Launch [October,2008] Last 5 Years Last 4 Years Last 3 Years Last 2 Years Last 1 Year

8.88% 7.48% 9.11% 10.32% 11.19% 11.55%

WATOTO FUND NAV AND FUND SIZE MOVEMENT SINCE INCEPTION TO 30th SEPT 2019

34

SN DESCRIPTION DETAILS2.4 Jikimu Fund

[Regular Income Scheme]

Thisschemeissuitableforthoseinvestorswhowishtoavailincomeatregularintervals,such as Retirees. The schemewas launchedon 3rdNovember, 2008with followingimportantfeatures:

• InvestmentPlansandMinimumAmount: (a)Quarterly IncomeDistributionPlan[Tzs.2Million],(b)AnnualIncomeDistributionPlan[Tzs.1Million]and(c)AnnualRe-investmentPlan/Growth[Tzs.5,000/-]

• UnitsaresoldatNAV [meaning no entry load]• ExitLoadonRepurchase:(a)2%forrepurchasewithin1year,(b)1.5%forrepurchase

between1-2years,(c)1%between2-3yearsand(d)Nilexitloadafter3years

JIKIMU FUND NAV AND FUND SIZE MOVEMENT SINCE INCEPTION TO 30th SEPT 2019

5

JIKIMU FUND PORTFOLIO AS ON 3Oth September, 2019

0.73 1.05 3.336.55 6.27 8.50

14.77

22.9927.32

21.91 20.56 20.27

- 20 40 60 80 100 120 140 160

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35

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]

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Billio

n

Time


2.5 Liquid Fund

This is a scheme suitable for investors who wish to park their funds for a short to medium

term basis at competitive rates. The scheme was launched on 1st March, 2013 with the

following features:

• Suitable for individual investors as well as institutional investors. • Minimum amount for initial investment is TZS 100,000 and for any subsequent additional

investments is TZS 10,000. • It is open for both Residents as well as Non residents • There is no exit load • Transfer of units from one unit holder to another unit holder is allowed.

FACT SHEET: The Liquid Fund ‘Fact Sheet’ as on 3Oth September, 2019 demonstrates the

following:


Since Launch [April,2013] Last 5 Years Last 4 Years Last 3 Years Last 2 Years Last 1 Year

12.88% 13.29% 13.56% 13.35% 12.69% 12.48%

35


2.5 Liquid Fund Thisisaschemesuitableforinvestorswhowishtoparktheirfundsforashorttomediumtermbasisatcompetitiverates.Theschemewaslaunchedon1stMarch,2013withthefollowingfeatures:

• Suitableforindividualinvestorsaswellasinstitutionalinvestors.• Minimum amount for initial investment is TZS 100,000 and for any

subsequentadditionalinvestmentsisTZS10,000.• ItisopenforbothResidentsaswellasNonresidents• Thereisnoexitload• Transferofunitsfromoneunitholdertoanotherunitholderisallowed.

LIQUID FUND NAV AND FUND SIZE MOVEMENT SINCE INCEPTION TO 30th SEPT 2019

6

LIQUID FUND PORTFOLIO AS ON 3Oth September, 2019

2.6 Bond Fund

An open–ended fixed income fund that invests in low risk Treasury Bonds, listed corporate

bonds and money market investments. The Fund aims at providing capital appreciation for

long term investors and distributing income, subject to distributable surplus, periodically.

The fund was launched on 16th September 2019 (IPO) with the following features:

• It is open for Tanzanians and Non Tanzanians Individual & Institutional investors

• There is no exit load

• Transfer of units from one unit holder to another unit holder is allowed.

The Scheme offers investment options under three plans:

(a) Reinvestment Plan;

(b) Monthly Income Distribution Plan; and

(c) Semi-‐annual Income Distribution Plan.

Minimum Initial Investment

(a) TZS 50,000 for reinvestment option;

(b) TZS 10 million for monthly income distribution.

(c) TZS 5 million for semi-‐annual income distribution.

Projected Annualized Returns [%] Market Determined

Annualized Return 12-‐14% [Market Determined]

Benchmark 7 Years Government Bond

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2.6 Bond Fund Anopen–endedfixedincomefundthatinvestsinlowriskTreasuryBonds,listedcorporatebondsandmoneymarketinvestments.TheFundaimsatprovidingcapitalappreciationforlongterminvestorsanddistributingincome,subjecttodistributablesurplus,periodically.

The fund was launched on 16th September 2019 (IPO) with the followingfeatures:

• It is open for Tanzanians and Non Tanzanians Individual & Institutionalinvestors

• Thereisnoexitload• Transferofunitsfromoneunitholdertoanotherunitholderisallowed.

The Scheme offers investment options under three plans:(a)ReinvestmentPlan;(b)MonthlyIncomeDistributionPlan;and(c)Semi-annualIncomeDistributionPlan.

Minimum Initial Investment(a)TZS50,000forreinvestmentoption;(b)TZS10millionformonthlyincomedistribution.(c)TZS5millionforsemi-annualincomedistribution.

2.7 RETURNS FACT SHEET:TheSchemes‘FactSheet’ason3OthSeptember,2019demonstratesthefollowing:

Projected Annualized Returns [%] Market Determined

AnnualizedReturn 12-14%[MarketDetermined]

Benchmark 7YearsGovernmentBond

Table 01:

Scheme Annualized Return

Since Inception to 30th Sept, 2019

Quarter Ending 30th Sept, 2019

UmojaFund 13.38% 11.56%

WekezaMaisha 12.40% 19.05%

WatotoFund 12.18% 12.25%

JikimuFund 8.88% 12.07%

LiquidFund 12.88% 15.13%

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3.0 Investors’ Education Column


3.1 Joining/Investing in UTT launched scheme?

Investorscaneasilyjoinandinvestinlaunchedschemesthroughthefollowingplatforms.

i. Physical Office By completing application form and depositing funds in the account of the

Fund through branches of CRDB Bank and Licensed Dealing Members of the Dar es Salaam Stock Exchange.

ii. Mobile Platforms (SimInvest)InvestorcanopenaccountofthefundviamobilephonebyusingUSSDCode

*150*82#orUTTAMISApp.AfteropeningfundsaccountinvestcanstartinvestingthroughM-PESA,TIGOPESA,AIRTELMONEYorviabankstransfer.DetailedproceduresareProvidedontheapplicationform.

• ContactUTTCallCentreat the followingTollFreeNumbers:0754800455&544[voda to voda]or0715800455&544[tigototigo]or0782800455[airtel]andobtainyourrespectivescheme’s‘InvestorAccountNumber’.

• Thereafter,visitanybranchofCRDBanddeposittheamountyouwishtoinvest [please quote your investor a/c number on the CRDB’s deposit slip].

• Within 10 business days, UTT shall issue/ dispatch a ‘Statement of Account [SOA]’ to the investor.

• Outstationinvestorscanalsoavail theservicesofUTTmanaged‘InvestorServiceCenters’locatedat:Arusha,Mwanza,Mbeya,DodomaandZanzibar [contact address provided here below].

3.2 What is inflation and how does it affect the common man?

Insimpleeconomicterms– ‘Inflation is a rise in general level of prices of goods and services in an economy over a period of time’.Whenthepricelevelrises,asaneffecteachunitofacurrencybuysfewergoodsandservices.

In an economy though there could be many factors which may contributetowardsthehighratesofinflationorhyperinflation,howeveroneoftheprimereasonsamongthem is - the ‘excessivegrowthofmoneysupply’.When inacountry themoneysupplygrowsata fasterpacecomparative to the rateofeconomicgrowth,itprovidesaneasyfueltotheinflationarypowers.

Globally,thegenerallyacceptedindicatorstomeasureinflationare:WholesalePrice Index [WPI], Consumer Price Index [CPI], Personal ConsumptionExpenditure Price Index [PCEPI], and GDP Deflator etc. The Consumer PriceIndex[CPI]inacountrymeasurespricesofaselectionofgoodsandservicesaspurchasedbyarepresentingclassofconsumers.

Fromacommonman’sperspective,itisimportanttounderstandthatthetaskof checking inflationary conditions in a country is normally vested with theCentralBank.Timeandagainsuchmonitoringauthoritytakesvariousmeasuresastheydeemfit&properinordertoeffectivelycontrolthepaceofinflationinaneconomy.

Important Lesson: In a rising inflation economy, keep investing at regularintervals even if the amount is small. By practicing a disciplined systematicinvestmentapproachyoucaneaseoffthenegativeimpactofrisinginflationonyourinvestments.

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3.3 What is ‘Magic of Compounding’?

Simplyput,compoundingreferstothere-investmentofincomeatthesamerateofreturntoconstantlygrowtheprincipalamount,yearafteryear.Cumulativefixed deposits are a prime example of compounding at work, wherein thetotalinterestthatyougetpaidfortheperiodisinexcessoftherateofinterestmultipliedbytheperiodofthedeposit.

Wouldyoucaretoomuchwhetheryourrateofreturnis10%or12%?Thefactis that if youdid, itwouldmakeabigdifference to yourwealth creationastimeprogresses.Thebenefitfromcompoundingarisesprimarilyfromthefactthat incomekeepsgrowingtheprincipal togeneratehigherabsolutereturnseachyear.Higherratesofreturnorlongerinvestmenttimeperiodsincreasetheprincipalamountingeometricproportions.

The Impact of ‘Power of Compounding’:Usetablebelow, tosee the impactof ‘powerofcompounding’ononetimeinvestmentofTZS50,000/-andTZS5,000,000/=withdifferentratesofreturnandtimeperiods.

TableI.

ThetableIIbelowalsoshowsthebenefitfrominvestingTZS50,000,000/=andTZS100,000,000/=,toseetheimpactof‘powerofcompounding’ononetimeinvestmentwithdifferentratesofreturnandtimeperiods.

TableII.

Interest Rate 12% 14%

Principle/Time 50,000/= 5,000,000/= 50,000/= 5,000,000/=

1 56,000.00 5,600,000.00 57,000.00 5,700,000.00

3 70,246.40 7,024,640.00 74,077.20 7,407,720.00

5 88,117.08 8,811,708.42 96,270.73 9,627,072.91

10 155,292.41 15,529,241.04 185,361.07 18,536,106.57

20 482,314.65 48,231,465.47 687,174.49 68,717,449.36

InterestRate

12% 14%

Principle/Time

50,000,000/= 100,000,000/= 50,000,000/= 100,000,000/=

1 56,000,000.00 112,000,000.00 57,000,000.00 114,000,000.00

3 70,246,400.00 140,492,800.00 74,077,200.00 148,154,400.00

5 88,117,084.16 176,234,168.32 96,270,729.12 192,541,458.24

10 155,292,410.42 310,584,820.83 185,361,065.71 370,722,131.41

20 482,314,654.66 964,629,309.33 687,174,493.59 1,374,348,987.19

39

ConsidertableIII,IV,VandVIbelowwhichhighlightsthebenefitandimpactofcompounding(magicofcompounding)earnedfrominvestingTZS50,000/=,TZS100,000/=,TZS500,000/=andTZS1,000,000/=onmonthlybasisfordifferentperiodoftimeandratesofreturn.

Table III. Investment of TZS 50,000/= made on every month for ten yearsassumingdifferentratesofreturnandtimeperiods.

Table IV. Investment of TZS 100,000/=made on everymonth for ten yearsassumingdifferentratesofreturnandtimeperiods.

Table V. Investment of TZS 500,000/= made on every month for ten yearsassumingdifferentratesofreturnandtimeperiods.

No. Deposits Year/ Rates 10% 12% 14%

12 1 628,278.40 634,125.15 640,037.27

36 3 2,089,091.05 2,153,843.92 2,221,139.98

60 5 3,871,853.61 4,083,483.49 4,309,756.26

120 10 10,242,248.95 11,501,934.47 12,953,445.60

240 20 37,968,441.80 49,462,768.27 65,058,300.25


12 1 1,256,556.81 1,268,250.30 1,280,074.54

36 3 4,178,182.11 4,307,687.84 4,442,279.95

60 5 7,743,707.22 8,166,966.99 8,619,512.51

120 10 20,484,497.89 23,003,868.95 25,906,891.21

240 20 75,936,883.60 98,925,536.54 130,116,600.51


12 1 6,282,784.05 6,341,251.51 6,400,372.68

36 3 20,890,910.55 21,538,439.18 22,211,399.75

60 5 38,718,536.09 40,834,834.93 43,097,562.55

120 10 102,422,489.45 115,019,344.73 129,534,456.05

240 20 379,684,417.99 494,627,682.69 650,583,002.53

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TableVI.InvestmentofTZS1,000,000/=madeoneverymonthtoyeartenwithdifferentratesofreturnandtimeperiods.

Bynow,you’veprobablyfiguredout theobviousconclusion fromtheabovetable. It is literally‘awasteoftimeandmoney’toletyourwealthlie in low-incomeyielding investments forprolongedperiodsoftime.YoualsohavetorealizethatTIMEisthemagicwandforcompounding!!

Important Lessons:(1)Lookforaninvestmentopportunity,whichcanofferyoucomparativelysuperior returns;and (2) remain invested fora longertimetoavailthebenefitof‘MagicofCompounding’.

4.0 Contact us ForanyadditionalinformationonUTTlaunchedschemes,pleasecontactusatthefollowingaddress:


12 1 12,565,568.09 12,682,503.01 12,800,745.36

36 3 41,781,821.09 43,076,878.36 44,422,799.50

60 5 77,437,072.17 81,669,669.86 86,195,125.10

120 10 204,844,978.90 230,038,689.46 259,068,912.10

240 20 759,368,835.99 989,255,365.39 1,301,166,005.06

DAR ES SALAAM OFFICETheManagingDirectorUTTAMISPlcSukariHouse,2ndFloor,SokoineDrive/OhioStreet,P.O.Box14825,DaresSalaamPhNo:+255222128460TollFree:0754/715800455&800544FaxNo:+255222137593Email:[email protected]:www.uttamis.co.tz

DODOMA OFFICE6thFloorPSSSFHouse,P.O.Box1310,MakoleStreet,Dodoma-Tanzania,Tel:+255(0)262329062Fax:+255(0)262329063Ph.No:+255262323861FaxNo:+255262323862Email:[email protected]

OTHER UTT AMIS SCHEMES


Fara ja kwa Watoto

DAR ES SALAAM OFFICETheManagingDirectorSukariHouse,2ndFloor,SokoineDrive/OhioStreet,P.O.Box14825,DaresSalaamPhNo:+255222128460TollFree:0754/715800455&800544FaxNo:+255222137593Email:[email protected]|Website:www.uttamis.co.tz

DODOMA OFFICE6thFloorPSSSFHouse,MakoleStreet,P.O.Box1310,Dodoma-Tanzania,Tel:+255(0)262329062|Fax:+255(0)262329063Ph.No:+255262323861FaxNo:+255262323862Email:[email protected]

Formoreinformation,pleasecontactus:

UTT AMIS PLC

annual report for invest life unit trust scheme …

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