ASNB Unit Trusts Explained — ASB, ASM & How They Work

ASNB (Amanah Saham Nasional Berhad) is probably the first investment most Malaysians encounter — often because a parent or grandparent opened an account for them as a child. It is a subsidiary of PNB (Permodalan Nasional Berhad), one of the largest fund management companies in Southeast Asia, and manages a family of unit trust funds that collectively hold hundreds of billions of ringgit in assets.

Despite being so widely held, ASNB is genuinely misunderstood. Many investors think ASB is the only fund. Others assume all ASNB funds are restricted to Bumiputera. Some treat it as a savings account rather than an investment. This guide breaks down what ASNB actually is, which funds are available, the full recent dividend history, how the fees work, who is eligible, and how it compares to other investment options in Malaysia.

Last updated 25 October 2026 · money.com.my Editorial

What Is ASNB and How Does It Fit In?#

ASNB is PNB's wholly owned unit trust management company — the entity that distributes the funds. When you buy units in ASB or ASM, ASNB handles your account, and ASNB's product pages name Permodalan Nasional Berhad as the investment manager.

The scale is significant. PNB's 19 December 2025 press release says its assets under management rose 4.5% to RM364 billion and that it is on track for its LEAP-6 target of RM400 billion by 2027. ASNB manages 18 unit trust funds, with approximately 280 billion units in circulation over more than 15 million accounts (the release also says unique account holders are steady at 13 million). We did not re-check the 1978 founding year (HELD).

PNB invests in a diversified portfolio of Malaysian and international equities, fixed income, private investments, and real estate. It is one of the largest institutional investors on Bursa Malaysia, holding significant stakes in blue-chip companies such as Maybank, Tenaga Nasional, and CIMB.

This matters because ASNB funds are backed by PNB's institutional-grade portfolio management — not a small boutique fund house. The scale and diversification provide stability that individual investors would struggle to replicate on their own.

The Key ASNB Funds#

ASB (Amanah Saham Bumiputera) — The Flagship#

• Eligibility: Bumiputera (Malaysian Bumiputera aged 18 and above); ASNB also admits Malaysians of Siamese/Thai descent, Portuguese/Eurasian descendants and non-Bumiputera Muslim converts
• Unit price: Fixed at RM1.00 (ASNB lists it as a fixed-price fund; this is not a capital guarantee)
• Maximum investment: 300,000 units (RM300,000) in the Akaun Dewasa, per ASNB's product page
• Minimum investment: RM10 initial, RM1 additional
• Sales charge: None
• Repurchase charge: None (payment on-the-spot).
• Management fee: 0.35% a year of the fund's value (Class A; the deed allows up to 1.0% for Class B) (ASNB's Master Prospectus section 4.2.1 as replaced by the Fifth Supplementary Master Prospectus dated 25 May 2026), charged within the fund rather than as an upfront fee
• Returns: Annual dividend declared by PNB each year, for the financial year ending 31 December

ASB is the flagship ASNB fund, with 11.4 million unitholders per PNB's December 2025 release. The fixed unit price means the price of each unit does not fluctuate — RM10,000 invested buys 10,000 units priced at RM1.00 (not a capital guarantee, and not covered by PIDM). Returns come entirely from the annual dividend, which PNB declares based on fund performance.

ASB 2 (Amanah Saham Bumiputera 2)#

• Eligibility: Bumiputera only
• Unit price: Fixed at RM1.00
• Maximum investment: RM300,000 per individual
• Minimum investment: RM10
• Financial year: Ends 31 March (offset from ASB's December year)
• Key difference: A separate RM300,000 cap on top of ASB's, not a higher one. ASNB's page shows 300,000 units for each fund, so an eligible investor can hold up to 300,000 units in each (the earlier 200,000-unit cap was raised to 300,000 by the Second Supplementary Master Prospectus dated 1 April 2023). ASB 2 also runs a March financial year, and paid 5.25 sen for FYE March 2024 and 5.50 sen for both FYE March 2025 and 2026 (ASNB product page), so it has recently matched ASB's 2023 to 2025 range of 5.25 to 5.75 sen per unit. It accepts EPF-MIS money. Useful for Bumiputera investors who have maxed out their ASB allocation and want additional fixed-NAV exposure.

ASM (Amanah Saham Malaysia)#

• Eligibility: All Malaysian citizens (all races)
• Unit price: Fixed at RM1.00 — ASNB lists ASM as a fixed-price fund, the same category as ASB
• Maximum investment: No stated cap. ASNB states "Unlimited, subject to availability of units of the Fund" — so unlike ASB, ASM is not limited to a set number of units, but it can be closed to new money when the fund's unit allocation runs out.
• Minimum investment: RM10
• Financial year: Ends 31 March
• Sales charge: None, per ASNB's product page.
• Management fee: 1.0% a year of the fund's value (Fifth Supplementary Master Prospectus dated 25 May 2026), charged within the fund.

ASM is the most accessible ASNB fund for non-Bumiputera Malaysians, and it is fixed-price: at RM1.00 a unit, your capital value does not move with the market, exactly as with ASB. Returns come from the annual income distribution rather than from capital appreciation; ASNB's table shows 4.75 sen (FYE March 2024), 5.00 sen (2025) and 5.00 sen (2026). The practical constraint on ASM is not price risk but availability — the fund is uncapped per investor, yet units are only sold while the allocation lasts, so it can be temporarily closed to new purchases.

ASM 2 Wawasan (Amanah Saham Malaysia 2 - Wawasan)#

• Eligibility: All Malaysian citizens
• Unit price: Fixed at RM1.00 — ASNB lists ASM 2 Wawasan as a fixed-price fund
• Maximum investment: No stated cap — "Unlimited, subject to availability of units of the Fund"
• Minimum investment: RM10 cash, or RM1,000 through the EPF Members Investment Scheme (ASNB page)
• Financial year: Ends 31 August
• Recent distribution: 4.75 sen per unit for the year ended 31 August 2025
• Key feature: Accepts EPF Members Investment Scheme money, which ASB does not

You may also see an older fund called ASW 2020 (Amanah Saham Wawasan 2020) referenced in dated articles. It has no current ASNB product page. The shared "Wawasan" in the name is suggestive, but we have not found ASNB stating a link, so we are not claiming one — ask ASNB if you hold ASW 2020 units.

ASM 3 (Amanah Saham Malaysia 3)#

• Eligibility: All Malaysian citizens
• Unit price: Fixed at RM1.00 — ASNB lists ASM 3 as a fixed-price fund
• Maximum investment: No stated cap — "Unlimited, subject to availability of units of the Fund"
• Financial year: Ends 30 September
• Recent distributions: ASNB's headline shows 4.75 sen for the year ended 30 September 2025. Its table also carries a 2026 column with figures we could not interpret (gross 5.00 sen; class A and B net figures), so treat the latest figure as HELD.
• Key feature: A fixed-price fund open to all Malaysians that also accepts EPF-MIS money (minimum RM1,000 via EPF) — structurally close to ASM. We did not re-check its launch date (HELD).

A note on "AS 1Malaysia". Older articles (including earlier versions of this guide) list a fund called AS 1Malaysia as the open-to-all option alongside ASM. ASNB no longer publishes a product page under that name — we tried six URL variants and every one returned "page not found", while every other fund named on this page resolves. The only AS 1Malaysia material still on asnb.com.my is a set of press releases from the fund's SEDIC-era launch.

We are not going to tell you what it became. ASNB does rename funds, and when it renamed Amanah Saham Didik the new name kept the old word in it — Amanah Saham Bumiputera 3 - Didik. Nothing similar links AS 1Malaysia to any current fund, so any specific claim about where it went would be our guess dressed up as a fact. If you hold or are looking for AS 1Malaysia, ask ASNB directly what your units are now called. If you are simply looking for a fixed-price ASNB fund open to all Malaysians, that is ASM, ASM 2 Wawasan or ASM 3.

ASB 3 Didik (formerly Amanah Saham Didik, "ASD")#

• Eligibility: Bumiputera aged 18 and above in the adult account. ASNB also admits Malaysians of Siamese/Thai descent, Portuguese/Eurasian descendants, and non-Bumiputera Muslim converts. Minors are held through a guardian in the Akaun Bijak
• Unit price: Fixed at RM1.00
• Maximum investment: Unlimited, subject to availability of units
• Financial year: Ends 30 June
• Recent distribution: 5.25 sen per unit for the year ended 30 June 2025 (ASNB headline); its table also carries a 2026 column (gross 5.50 sen) that we could not interpret (HELD)
• Purpose: An education-themed fund — the objective mentions education costs, but nothing restricts how you spend the money

This fund was renamed. ASNB's own annual report carries the line "Dahulu dikenali sebagai Amanah Saham Didik, 'ASD'" — formerly known as Amanah Saham Didik. If you hold an old ASD statement, the current product page is Amanah Saham Bumiputera 3 - Didik. Note also that it is not a children-only fund, and it has no RM50,000 ceiling; both claims appeared in earlier versions of this guide and neither is in ASNB's product terms.

What's Actually Inside ASB#

A fair question rarely answered plainly: where does the money go? PNB, as the fund manager, runs a diversified institutional portfolio spread across Malaysian public equities, fixed income and money-market instruments, private investments, and real estate. The equity portion is the largest driver of ASB's returns, which is why the dividend rises in strong Bursa Malaysia years (an inference; we did not source the KLCI link).

An honest caveat: PNB does not publish a live, fund-by-fund asset-allocation breakdown for ASB specifically to retail investors. The most detailed portfolio disclosure appears in PNB's annual report at the group level, not as a real-time ASB-only split. So treat any precise "ASB is X% equities" figure you see on comparison sites with caution unless it cites a dated PNB source — the exact per-fund allocation is best confirmed from PNB's own annual report. What is verifiable is the shape: an equity-tilted, Malaysia-heavy portfolio managed by one of the country's largest institutional investors, which is what gives ASB its above-fixed-deposit return with fixed-price stability.

ASB Dividend History (2019–2025)#

Here is the recent distribution record for ASB's flagship fund, in sen per unit (which, on the RM1.00 fixed price, is equivalent to the percentage return on your holding): income distribution plus bonus for each financial year ending 31 December. ASNB's product page confirms 2023 to 2025; the 2019 to 2022 rows were not re-checked against ASNB and are HELD.

A few things this table tells you that a single year's headline does not:

• 2020 was the lowest payout in this table at 4.25 sen (3.50 income distribution plus a 0.75 bonus); the 2019 to 2022 rows were not re-checked against ASNB (HELD), and we did not source the cause or the one-off 2020 "Ehsan" payment this guide previously described. The table is the honest reminder that ASB dividends are not fixed: they move with markets.
• 2024 and 2025 (5.75 sen) are the highest in this table. PNB's release says FY2025 came with the FBM KLCI at -0.3% price return for the year to date and the ringgit up 8.7% to RM4.09 per USD. We did not source the 2018 figure.
• ASB out-earned PNB's fixed-deposit benchmark. For FY2025, PNB says ASB's 5.75 sen distribution beat the average Maybank 12-month fixed deposit rate of 2.29% by 346 basis points, an improved spread. That is PNB's comparison; we could not read Maybank's site. ASB dividends are described as tax-exempt here, which we did not re-check against LHDN (HELD).

ASB 2 and ASM run a 31 March financial year, so their numbers are offset from ASB's. The declarations on ASNB's pages: ASB 2 paid 5.25 sen (FYE March 2024) and 5.50 sen (2025 and 2026), and ASM — the fixed-price fund open to all Malaysians — paid 4.75 sen (2024) and 5.00 sen (2025 and 2026).

For a full side-by-side of ASB dividends against current fixed deposit rates, with worked examples, see our FD vs ASNB returns comparison.

How Your ASB Dividend Is Calculated#

One detail that trips up many unitholders: the dividend is not calculated on your closing balance, or even your simple average balance. PNB's press release says the computation of the income distribution for ASB is based on the average minimum monthly balance held throughout the fund's financial year. In plain terms, for each month the fund takes the lowest balance your account touched, and your dividend is based on the average of those monthly lows.

Why it matters in practice:

• Invest early in the year, not in December. Money added in January earns a full year of dividend base; money added in November barely counts toward that year's payout.
• Avoid dipping into the account. A withdrawal that briefly drops your balance mid-month lowers that whole month's minimum, which drags down the average — even if you put the money straight back.
• Treat ASB as set-and-forget, not a transaction account. Re-invested units for FY2025 were credited on 1 January 2026 (PNB press release), so they start compounding into the next year's base.

This is also why the "Auto Labur" standing-instruction feature is worth using: a fixed monthly top-up early in each month steadily lifts your minimum-balance base over time.

How ASNB Fees Work#

This is where ASNB stands apart from every other unit trust in Malaysia — at least for its fixed-price flagship funds.

Sales charge: Zero. When you invest RM10,000 in ASB through myASNB, all RM10,000 buys units. No upfront fee is deducted.

Management fee: ASNB's product pages state no sales charge and no repurchase charge. The management fee is in the Master Prospectus: the Fifth Supplementary Master Prospectus (25 May 2026) lists 0.35% a year of the fund's value for ASB, ASB 2 and ASB 3 Didik, and 1.0% a year for ASM, ASM 2 Wawasan and ASM 3, each calculated daily and charged within the fund, plus a trustee fee. So the earlier statements that PNB absorbs the fee for ASB, and that ASM carries one, were half right: ASM does, and so does ASB at the lower rate. Conventional unit trusts also deduct a management fee from the fund; check each fund's figure.

Redemption fee: None for ASB (ASNB product page); check each other fund's page.

What this means in practice: For illustration only: a fund charging 1.5% a year on RM100,000 costs RM1,500 in the first year, and more as the balance grows. The ASNB management fees above (0.35% or 1.0% a year for Class A) are ongoing costs even though there is no sales charge.

Financing Your ASB Investment (ASB Loan)#

Because ASB has a fixed RM1.00 unit price and pays a dividend most years, some Bumiputera investors borrow to invest — an "ASB loan" or ASB financing. The idea: take a bank loan (limits and tenures vary by bank), buy ASB units with it, and profit from the gap between the ASB dividend and the loan's interest cost. Because ASB has a fixed price (a fixed price, not a capital guarantee, and not covered by PIDM), the risk is different from a share-margin loan — but it is not risk-free, since the dividend can drop below your loan rate (we did not re-check the 2020 and 2022 payouts, HELD), leaving you paying more in interest than the fund earned.

Whether that spread actually works in your favour depends on the loan rate you are offered, the tenure, and how ASB performs over the years you hold it. We run the full numbers — including whether an ASB loan beats simply paying cash, and how it stacks up against topping up your EPF instead — in these two guides:

• Is an ASB loan worth it? — the maths on ASB financing, with worked scenarios
• ASB loan vs EPF top-up — which does more for your long-term wealth

ASNB vs Conventional Unit Trusts#

When ASNB wins: If you want low-cost, low-risk exposure, ASNB fixed-price funds are hard to beat on upfront cost: there is no sales charge, so your whole investment buys units from day one.

When conventional unit trusts win: If you want exposure to specific sectors (global technology, China equities, healthcare), higher-growth equity funds, or asset classes ASNB does not cover, conventional unit trusts offer far more variety. If you are weighing that route, our guide on how to buy unit trusts online in Malaysia walks through the low-cost platforms (like FSMOne's 0% sales charge) that make conventional funds far cheaper than buying through a bank branch.

ASNB vs Robo-Advisors#

Robo-advisors offer global diversification that ASNB cannot match — your money is spread across international ETFs covering multiple countries and asset classes. For a Malaysian investor whose portfolio is entirely in ASNB and EPF, adding a robo-advisor provides geographic diversification beyond the Malaysian market.

However, robo-advisors' portfolios can fall in value in a bad year, whereas ASB's unit price is fixed at RM1.00 (a fixed price, not a guarantee). The fee comparison is closer than a 0% label suggests: ASB's management fee is 0.35% a year within the fund, against 0.2% to 0.8% for a robo-advisor's management fee. For an investor who wants a simple, fixed-price option, ASB may suit as a core holding; a robo-advisor can serve as the growth-and-diversification layer on top.

Read our best robo-advisor in Malaysia comparison, our StashAway review, and our Wahed Invest review for detailed platform breakdowns.

Can Non-Bumiputera Invest? ASB vs ASM#

The single most common question about ASNB from non-Bumiputera Malaysians: can I invest at all? Yes — just not in ASB.

• ASB and ASB2 are restricted to Bumiputera Malaysians (Malay, Orang Asli, and natives of Sabah and Sarawak). ASNB also extends eligibility to certain other groups — for example, Malaysians of Thai/Siamese and Portuguese/Eurasian descent — so if you are unsure, confirm your eligibility directly with ASNB.
• Everything else is open to all Malaysians. The fixed-price funds ASM (Amanah Saham Malaysia) and ASM 3, and the variable-price ASN Equity, ASN Imbang and ASN Sara funds, can be bought by any Malaysian citizen subject to each fund's eligibility on ASNB's product page.

The practical trade-off for a non-Bumiputera investor is not fixed vs variable price — ASM is a fixed-price fund at RM1.00, just like ASB, so your capital does not move with the market in either. The real differences are two or three: the management-fee treatment (not stated on ASNB's pages, HELD); ASM runs a March financial year against ASB's December; and where ASB caps you at 300,000 units, ASM is uncapped per investor but sold only while its unit allocation lasts, so it can be closed to new purchases at times. In practice ASM's recent payouts (5.00 sen for FYE March 2025 and 2026) have been close to ASB's 5.25 to 5.75 sen in 2023 to 2025, so for someone ineligible for ASB it is a genuinely close substitute rather than a riskier one.

Who Should Invest in ASNB#

Bumiputera investors: ASB should be your first stop. The combination of no sales charge, a fixed RM1.00 unit price and recent distributions of 5.25 to 5.75 sen per unit (2023 to 2025) makes it a strong low-risk option. We did not re-check the tax-exemption claim against LHDN in this pass (HELD). Max out ASB (RM300,000) and ASB 2 (a separate RM300,000) before looking elsewhere for conservative allocations.

Non-Bumiputera investors: ASM and ASM 3 are open to all Malaysians, and both are fixed-price funds at RM1.00 — there is no NAV price risk to weigh, contrary to what is often written about them. Neither carries a stated per-investor cap, though units are sold only while the fund's allocation lasts. The near-zero upfront cost makes them competitive against bank-distributed unit trusts charging a 3–5% sales charge.

Conservative investors: If capital preservation with modest returns above FD rates is your goal, ASNB fixed-price funds fit perfectly. You will not see 15% returns in a good year, but you also will not see double-digit losses.

First-time investors: The RM10 minimum and absence of a sales charge make ASNB an ideal starting point. You can begin investing with pocket money and build the habit before committing larger sums.

How to Invest in ASNB#

Option 1 — myASNB app or website (asnb.com.my) Register online with your MyKad, link a bank account, and invest directly. This is the easiest route for most people. You can set up a standing instruction (the app's "Auto Labur" feature) to auto-invest a fixed amount monthly, from as little as RM10.

Option 2 — ASNB branches and agent banks Invest over the counter at any ASNB branch, or through agent banks. PNB's December 2025 release names Affin Bank, AmBank, Alliance Bank, Bank Islam, Bank Muamalat, Bank Simpanan Nasional, CIMB Bank, Hong Leong Bank, Maybank, RHB Bank and Pos Malaysia, with 32 ASNB branch offices and more than 2,700 agents. Useful for first-time registration if you prefer in-person service.

Option 3 — EPF i-Invest Some ASNB funds are approved under the EPF i-Invest scheme, allowing you to invest a portion of your EPF Akaun Persaraan (Account 1) savings into ASNB funds. See our EPF i-Invest guide for the full process.

Tax Treatment#

ASNB dividends are generally understood to be tax-exempt for individual Malaysian investors. We did not re-check this against LHDN (HELD), so confirm it before relying on it. ASNB's Master Prospectus (tax adviser's letter) says exempt distributions are not taxed in unit holders' hands and taxable distributions carry a tax credit, but it does not state in terms that ASB distributions are exempt for individuals. For how this compares with fixed deposit interest, see our FD vs ASNB comparison.

Note that ASNB itself carries no tax relief — unlike SSPN, which adds up to RM8,000/year in tax deduction on top of its dividend. If you are saving specifically for a child's education, our SSPN vs ASNB comparison weighs that tax relief against ASB's higher raw dividend.

The Bottom Line#

ASNB funds are not glamorous. They will not make you rich quickly. But the combination of no sales charge, low risk and steady recent distributions makes them one of the strongest foundation investments available to Malaysian retail investors.

If you are Bumiputera and have not maxed out ASB, that should be a priority before exploring higher-risk investments. If you are non-Bumiputera, ASM and ASM 3 offer a low-cost entry point into unit trust investing without the fee drag that eats into conventional fund returns.

Start with ASNB. Build the habit. Then diversify into robo-advisors, EPF i-Invest, or conventional unit trusts as your knowledge and risk appetite grow.

Related Guides#

• FD vs ASNB — Which Gives Better Returns in Malaysia? — ASB dividends vs current FD rates, with worked examples
• ASB vs Fixed Deposit Malaysia 2026 — a focused head-to-head on returns, risk, and liquidity
• SSPN vs ASNB Malaysia — Which Is Better for Education Savings? — comparing SSPN's tax relief against ASNB's dividend history
• Is an ASB Loan Worth It? — the maths on borrowing to invest in ASB
• ASB Loan vs EPF Top-Up — which builds more long-term wealth
• How to Buy Unit Trusts Online in Malaysia — the low-cost platforms beyond ASNB

Amendment, 17 October 2026. We re-read ASNB's product pages for ASB, ASB 2, ASM, ASM 2 Wawasan, ASM 3, ASB 3 Didik and ASN Equity 3, and PIDM's deposit-insurance brochure, and saved them in docs/verification-log/evidence-batch-a-oct17. Confirmed: ASB RM1.00 unit price, 300,000-unit maximum, RM10 minimum initial investment, no sales charge, no repurchase charge, financial year end 31 December, eligibility groups, EPF-MIS not accepted; ASB distributions 2023 (4.25 + 1.00 = 5.25), 2024 (5.50 + 0.25 = 5.75), 2025 (5.20 + 0.55 = 5.75 sen); ASB 2 and ASM March year ends and 300,000 units / unlimited-subject-to-availability caps; ASM 2 Wawasan 4.75 sen for FYE August 2025 and RM1,000 minimum via EPF; ASB 3 Didik 5.25 sen for FYE June 2025 and unlimited cap; ASM 2 Wawasan, ASM 3 and ASB 2 accept EPF-MIS; PIDM protects up to RM250,000 per depositor per bank. Corrected: ASB 2 paid 5.25 sen (FYE March 2024) and 5.50 sen in both 2025 and 2026 (the guide said "5.50, up from 5.25 the prior year"); ASM paid 4.75 (2024) and 5.00 in both 2025 and 2026 (the guide said "5.00, up from 4.75"). Removed as unsupported: "PNB absorbs the management fee" and "ASM carries a management fee" (neither is stated on ASNB's product pages or in the press release), "KLCI up about 10% in 2024", "ASB never lost capital", "payouts of 7 to 8 sen in the 2010s" and the 2018 payout of 7.00 sen. Confirmed from PNB's press release of 19 December 2025 (sha256 c123dd89...): 5.75 sen for FY2025, RM10.4 billion total payout, 11.4 million ASB unitholders, 18 unit trust funds, about 280 billion units over more than 15 million accounts, PNB AUM RM364 billion with a RM400 billion target by 2027, Maybank 12-month FD average 2.29% and a 346 basis-point spread, the average-minimum-monthly-balance method, units credited on 1 January, and the agent bank list. Where the guide quoted RM347 billion at end 2024 the figure is now RM364 billion. Removed: the paragraph saying FD interest is taxable at your marginal rate, with its 3.25% to 2.4% after-tax illustration and the 24% to 26% range. Interest from licensed banks is exempt for resident individuals (see the repo's FD vs ASNB guide), so the premise was wrong. The tax-exemption claim for ASNB distributions is now HELD. Also made consistent: the 2020 "weakest payout of fifteen years" and "never lost NAV" lines. Held: ASB 2019 to 2022 payouts, ASM 3 and ASB 3 Didik 2026-column figures, ASM 3 launch date, tax exemption of ASNB distributions (LHDN), Budget 2023 cap change and the PNB 1978 founding year, conventional unit trust charges.

Dividend figures are ASNB/PNB declared income distributions for the financial years shown, compiled from PNB press releases and ASNB announcements. ASNB dividend rates are not guaranteed and depend on fund performance each year. Past performance does not predict future results. money.com.my is not a licensed financial adviser — this guide is informational, not financial advice.

This guide is AI-assisted.

Amendment, 17 October 2026 (EPF account names, follow-up). A further sweep of the EPF account names. Where this page still used the pre-May 2024 labels for current accounts, it now says Account 1 as Akaun Persaraan on first use in a section and the plain new name afterwards. The old names stay only where they describe the past (the 70/30 split before 11 May 2024, balances held before the restructuring, COVID-era schemes), in earlier amendment notes, and in the titles of linked guides. The links between the new names and the old account numbers are our reading, not KWSP's wording: the RTM report of 6 July 2026 and the malaysia.gov.my page "Jenis Akaun Simpanan KWSP" name the three accounts and the 75% / 15% / 10% split but do not use the words "Account 1", "Account 2" or "Account 3" (evidence in docs/verification-log/followups-g5-oct17/). Only labels changed; no figure, rate or withdrawal rule was changed.

Amendment, 17 October 2026 (follow-up, evidence batch I). We re-read ASNB's product pages and its Master Prospectus with the First to Fifth Supplementary Master Prospectuses (the 2020 original is over 3 MB, so its hash is in not-stored.txt and extracts are saved) in docs/verification-log/evidence-batch-i-oct17. Sourced (was HELD): annual management fees of 0.35% a year of the fund's value for ASB, ASB 2 and ASB 3 Didik and 1.0% for ASM, ASM 2 Wawasan and ASM 3 (Fifth Supplementary, 25 May 2026); the ASB cap rose from 200,000 to 300,000 units under the Second Supplementary Master Prospectus (1 April 2023). Corrected: the "0%" fee entries in the ASNB versus robo-advisor table and the "not stated" fee entry in the conventional unit trust table; "you cannot lose your principal under normal conditions" and "always worth RM10,000" now say the fixed price is not a capital guarantee; the unsourced conventional unit trust sales-charge and minimum ranges are marked HELD. Still HELD: ASB tax exemption (the prospectus's tax letter does not state it for individuals), Budget 2023, the PNB founding year, 2019 to 2022 payouts, and the ASM 3 and ASB 3 Didik 2026 columns.

Amendment, 17 October 2026 (review follow-up). The management fees of 0.35% and 1.0% a year are the Class A fees in the Fifth Supplementary Master Prospectus; the same table notes that the deed allows up to 1.0% for Class B of ASB, ASM and ASM 2 Wawasan and up to 1.5% for Class B of ASB 2, ASB 3 Didik and ASM 3. The guide now says Class A at the first mention and in the comparison table. No figure changed.

Amendment, 25 October 2026 (fixed price wording). The ASB financing paragraph said "Because the unit price cannot fall". Evidence batch I could not verify a no-loss record, and the guide elsewhere says the fixed price is not a capital guarantee and not covered by PIDM, so the sentence now says ASB has a fixed price (not a capital guarantee, not covered by PIDM). Removed: "cannot fall". Evidence: docs/verification-log/followups-batch2-oct25/evidence.md.