CIMB ISLAMIC AL-AZZAM EQUITY FUND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017

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1 FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017

2 CONTENTS PAGE(S) INVESTORS LETTER 1 MANAGER S REPORT 2-7 Fund Objective and Policy Performance Data Market Review Fund Performance Portfolio Structure Market Outlook Investment Strategy Unit Holdings Statistics Soft Commissions and Rebates STATEMENT BY MANAGER 8 TRUSTEE S REPORT 9 SHARIAH ADVISER S REPORT 10 INDEPENDENT AUDITORS REPORT STATEMENT OF COMPREHENSIVE INCOME 15 STATEMENT OF FINANCIAL POSITION 16 STATEMENT OF CHANGES IN EQUITY 17 STATEMENT OF CASH FLOWS 18 NOTES TO THE FINANCIAL STATEMENTS DIRECTORY 47 LIST OF CWA (an Agency force of CIMB-Principal) OFFICES 48-52

3 INVESTORS' LETTER Dear Valued Investors, Happy New Year! Thank you for your continued support and for the confidence that you have placed in us. We are pleased to share that CIMB-Principal Asset Management Berhad ("CIMB-Principal") Malaysia concluded the year with RM48 billion in Asset Under Management ( AUM ) and the CIMB-Principal s Group AUM has increased by 7.6% to RM67.6 billion, for 1-year period ending 31 December Our AUM for Private Retirement Scheme ("PRS") business has increased by 27% year-on-year ("y-o-y") to RM343 million as at 31 December We continue to achieve prestigious recognitions from The Edge Thomson Reuters Lipper Fund Awards: The Edge Thomson Reuters Lipper Malaysia Fund Awards 2017 Best Equity Global, 3 years & 5 years : CIMB-Principal Global Titans Fund Best Equity Asia Pacific Ex-Japan, 5 years : CIMB-Principal Asian Equity Fund Best Equity Asia Pacific Ex-Japan - Malaysia Islamic, 5 years : CIMB Islamic Asia Pacific Equity Fund Thomson Reuters Lipper Fund Award Global Islamic 2016 Best Equity Asia Pacific Ex-Japan (Islamic), 3 years : CIMB Islamic Asia Pacific Equity Fund These awards reflect our consistent fund performance, in tandem with our commitment to provide the best customer experience to you. CIMB-Principal was recently awarded Fund House of the Year in Malaysia by AsianInvestor for its Asset Management Awards 2017, its second consecutive win. This industry recognition reflects our success in scaling up its investment capabilities while building up a solid track record and earning the trust of our clients over time. As part of our on-going effort to further expand the payment options offered, CIMB-Principal has introduced the Virtual Account facility effective 7 December Please contact your servicing CWA Consultant or our Customer Care Centre at to find out more. Thank you once again and we wish you a happy and prosperous new year ahead. Yours faithfully, for CIMB-Principal Asset Management Berhad Munirah Khairuddin Chief Executive Officer/Executive Director 1

4 MANAGER S REPORT FUND OBJECTIVE AND POLICY What is the investment objective of the Fund? The Fund aims to achieve consistent capital growth over the medium to long-term. Has the Fund achieved its objective? For the financial year under review, the Fund has performed in line with its stated objective. What are the Fund investment policy and principal investment strategy? The Fund seeks to achieve its objective by investing a minimum of 70% and up to 98% of its Net Asset Value ("NAV") in Shariah-compliant Malaysian equities. The fund manager may also invest up to 30% of the Fund's NAV in other Shariah-compliant investments, such as Sukuk, and Shariahcompliant liquid assets, with at least 2% of the Fund's NAV maintained in the form of Shariahcompliant liquid assets such as Islamic money market instruments and/or Shariah-compliant Deposits for liquidity purpose. For this Fund, the investment in Sukuk must satisfy a minimum credit rating of A3 or P2 by RAM Ratings ("RAM") or equivalent rating by Malaysian Rating Corporation Berhad ("MARC"); BBB by Standard & Poor's ("S&P") or equivalent rating by Moody's or Fitch. In line with its objective, the investment strategy and policy of the Fund is to rebalance the portfolio to suit market conditions in order to reduce short-term volatility and provide consistency in capital growth. Fund category/type Equity (Shariah-compliant)/Growth How long should you invest for? Recommended three (3) years or more Indication of short-term risk (low, moderate, high) High When was the Fund launched? 1 August 2012 What was the size of the Fund as at 28 February 2017? RM53.28 million ( million units) What is the Fund s benchmark? Financial Times Stock Exchange ("FTSE") Bursa Malaysia ("FBM") Emas Shariah ("FBMS") Index What is the Fund distribution policy? Given its investment objective, the Fund is not expected to pay any distribution. However, distribution, if any, will be incidental and will vary from period to period depending on the interest rates*, market conditions and the performance of the Fund. *Note: The Fund does not invest in interest bearing instruments; the interest rate referred herein is to the general interest rate of the country, which may affect the value of the investments of the Fund. What was the net income distribution for the financial year ended 28 February 2017? The Fund distributed a total net income of RM1.48 million to unit holders for the financial year ended 28 February As a result, the NAV per unit dropped from RM to RM on 13 April

5 PERFORMANCE DATA Details of portfolio composition of the Fund for the last three financial years are as follows: % % % Shariah-compliant quoted securities - Construction Consumer Products Finance Industrials Infrastructure Project Companies ( IPC ) Plantation Properties Real Estate Investment Trust ("REIT") Technology Trading/Services Cash and other net assets Performance details of the Fund for the last three financial years are as follows: NAV (RM Million) Units in circulation (Million) NAV per unit (RM) Highest NAV per unit (RM) Lowest NAV per unit (RM) Total return (%) 0.67 (0.07) Capital growth (%) (6.77) (0.07) (3.30) - Income distribution (%) Management Expense Ratio ("MER") (%) ^ Portfolio Turnover Ratio ("PTR") (times) # ^ The Fund s MER decreased from 1.78% to 1.77% mainly due to the decrease in expenses excluding transaction costs during the financial year. # The Fund s PTR increase from 1.73 times to 2.13 times due to an increase in volatility in the equity market during the financial year. Date of distribution Gross distribution per unit (sen) Net distribution per unit (sen)

6 PERFORMANCE DATA (CONTINUED) Since inception to % % % % % Annual total return 0.67 (0.07) (0.52) (Launch date: 1 August 2012) Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go down, as well as up. All performance figures for the financial year have been extracted from Lipper. MARKET REVIEW (1 MARCH 2016 TO 28 FEBRUARY 2017) During the financial year under review, the FBMS Index rose by 1.13% to end the year at 12,388 points. The local bourse suffered a correction for the first two months of the financial year on the back of a massive sell-off in China on renewed fears of capital controls as well as expectations of disappointing market earning season. The market however ended the first quarter hitting the year high, shrugging off concerns of a weaker European market as well as fears of capital controls in China. Rallying regional market lifting local sentiments as most markets underwent a strong risk on rally, which also saw commodity prices rebound from their lows in January The second quarter saw some foreign funds flowing back, while the Malaysian Ringgit ( MYR ) moved back above the RM4.00 against US Dollar ( USD ) mark and touched the RM3.90 level. This however was not sustainable as investors were rattled by news of 1Malaysia Development Bhd ( 1MDB ) bond default during the period, driving concerns that one default on interest payment will trigger a cross default on two other notes. Towards mid-year, the Index shrugged off the surprise for Brexit vote due to window dressing activities. The Index extended its gains again in August 2016 driven by optimism of early elections in 2017 as well as on the back of being a laggard performer in the region. September 2016 was a volatile month for Malaysia as the Index rose on the back of some stability returning to regional markets and Wall Street, before reversing all gains due to concerns over the health of Deutsche Bank, Germany s largest bank. A divided US Federal Reserve (the Fed ) left its policy interest rate unchanged at the September 2016 Federal Open Market Committee ( FOMC ) meeting to await more evidence of progress towards its goals. Meanwhile, the Bank of Japan ( BOJ ) shifted the focus of its monetary policy to controlling bond yields. By end of October 2016, the Index gave back all its gain ahead of the pre-budget 2017 run-up on the back of a weaker MYR and slightly lower Brent crude oil price. Financials outperformed, led by CIMB Group Bhd and Alliance Financial Group Bhd on company-specific drivers. Industrials outperformed, led by Sime Darby Bhd, on expectations of a Permodalan Nasional Bhd ( PNB )-led change. Meanwhile, the defensive telecommunications and utilities sectors continued to underperform. By November 2016, the local market gave back all its gains on Donald Trump s surprise election win and market performance continued to waiver towards year-end uncertain of impact on his inauguration come next year. For 2017, the market ended the financial year on a stronger note rallying by 3.1% over January 2017 and February 2017 driven by net foreign inflows. The Government-Linked Companies ( GLCs ) restructuring story continued to unfold, led by UMW Holdings Bhd and Sime Darby Bhd in the consumer discretionary and industrial sectors. Concerns about the large 10-year Malaysian Government Securities ( MGS ) redemptions were unwarranted, as yield remained stable at 4.04%, while the MYR firmed at 0.3% month-on-month ( m-o-m ) to RM4.44 against the USD. 4

7 FUND PERFORMANCE 1 year to years to Since inception to % % % Income Capital (6.77) (9.89) Total Return Benchmark 1.13 (3.94) 9.60 Average Total Return For the financial year under review, the Fund s total return rose by 0.67% versus the benchmark s rise of 1.13%. The Fund overperformed its benchmark by 0.46%. On 3-years and since inception, the Fund has a total return of 2.55% and 26.30% respectively. 35% 30% CIMB Islamic Al-Azzam Equity Fund FBMS Index 25% 20% 15% 10% 5% 0% -5% Changes in NAV Changes % NAV (RM Million) NAV/Unit (RM) (6.69) The Fund s NAV rose by % to RM53.28 million as at 28 February Meanwhile NAV per unit dropped by 6.69% during the financial year under review due to the Fund s income distribution. Performance data represents the combined income and capital return as a result of holding units in the Fund for the specified length of time, based on NAV to NAV price. The performance data assumes that all earnings from the Fund are reinvested and are net of management and trustee fees. Past performance is not reflective of future performance and income distributions are not guaranteed. Unit prices and income distributions, if any, may fall and rise. All performance figures for the financial year have been extracted from Lipper. 5

8 PORTFOLIO STRUCTURE Asset allocation (% of NAV) Shariah-compliant quoted securities Cash and other net assets TOTAL Cash and other net assets as a percentage of NAV decreased from to 17.73% over the financial year. MARKET OUTLOOK* The global reflationary theme continued to play out in Asian markets in February We expect the current surge of economic indicators around the world to persist, led by inventory restocking, increased corporate Capital Expenditure ( CAPEX ) in response to tighter capacity utilisation, as well as healthy consumption as wages rise and employment grows. Global growth is likely to exceed consensus forecast in We expect the Fed to raise rates 3 times over the year, with the 10-year US Treasury ( UST ) bond yield ranging from 2.4% to 3.0%. With global inflation having bottomed in 2016 and inching higher in 2017, and global growth surprising on the upside, global bond yields are likely to rise. We maintain our central scenario for the USD Index to increase to 108 (from 100) by the year end. Despite widespread fears regarding Trump and his protectionist inclinations, the US has not initiated a trade war with its major trading partners. We expect any concrete plans on disruptive trade deals and tax changes to be delayed beyond the current year, and any implementation of such to take a few years and gradually phased in. Do note that Trump s Make US Great Again agenda is rebalancing the global trade equation towards what the US considers fair trade. Any shifts in trade policy is likely to be intertwined with the proposed new tax policy. The key features of Trump s reforms are: (i) Border Tax; (ii) Border Adjustment Tax; (iii) Potential US- China and US-Mexico trade wars; (iv) trade tariffs on selected industries; and (v) Bilateral Trade Renegotiations. The Organisation for Economic Co-operation and Development ( OECD ) has estimated that a permanent of 10% rise in trade cost can lower global Gross Domestic Product ( GDP ) by 1% in the medium term. On a ballpark basis, any impact from the border adjustment tax could be offset by a rising USD due to the shrinking US deficit. There will be increased protectionism but not a trade war. Any new trade deals will take 4 years to conclude. For Asia, Japan, Korea and Taiwan are most vulnerable if existing exchange rate policies are used. If the UST redefines what is a major trading partner, Vietnam and Thailand would be at risk. *This market outlook does not constitute an offer, invitation, commitment, advice or recommendation to make a purchase of any investment. The information given in this article represents the views of CIMB-Principal or based on data obtained from sources believed to be reliable by CIMB-Principal. Whilst every care has been taken in preparing this, CIMB-Principal makes no guarantee, representation or warranty and is under no circumstances liable for any loss or damage caused by reliance on, any opinion, advice or statement made in this market outlook. 6

9 INVESTMENT STRATEGY The local market remains well bid with bullish undertones led by foreign flows that remain very underweight on Malaysia. Year-to-date ( YTD ) foreign inflows continued to trend higher with inflows amounting to USD293 million. We anticipate that corrections would be shallow and the market is likely to scale to 1,750 points in the short term. Fourth quarter of 2016 earnings season has just ended in a mixed bag, but the earnings revision ratio remains much higher than in the previous quarter, indicating very low earnings expectations. We anticipate upgrades will continue to drive the market higher. We continue to remain at 85% to 95% on our asset allocation strategy. Sector rotation remains a key strategy and we have started to rotate towards more cyclical sectors like oil and gas, banks, consumer discretionary and aviation in anticipation of a cyclical economic recovery in Malaysia. GLCs restructuring and e-commerce plays remain core holdings in our portfolios. UNIT HOLDINGS STATISTICS Breakdown of unit holdings by size as at 28 February 2017 are as follows: Size of unit holdings (units) No. of unit holders No. of units held % of units held (million) 5,000 and below ,001-10, ,001-50,000 1, , , ,001 and above Total 2, SOFT COMMISSIONS AND REBATES CIMB-Principal Asset Management Berhad (the Manager ) and the Trustee (including their officers) will not retain any form of rebate or soft commission from, or otherwise share in any commission with, any broker in consideration for directing dealings in the investments of the Funds unless the soft commission received is retained in the form of goods and services such as financial wire services and stock quotations system incidental to investment management of the Funds. All dealings with brokers are executed on best available terms. During the financial year under review, the Manager and the Trustee did not receive any rebates from the brokers or dealers but have retained soft commission in the form of goods and services such as financial wire services and stock quotations system incidental to investment management of the Funds. 7

10 STATEMENT BY MANAGER TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND CIMB ISLAMIC AL-AZZAM EQUITY FUND We, being the Directors of CIMB-Principal Asset Management Berhad (the Manager ), do hereby state that, in the opinion of the Manager, the accompanying audited financial statements set out on pages 15 to 46 are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the financial position of the Fund as at 28 February 2017 and of its financial performance, changes in equity and cash flows for the financial year then ended in accordance with the provisions of the Malaysian Financial Reporting Standards ( MFRS ) and International Financial Reporting Standards ( IFRS ). For and on behalf of the Manager CIMB-Principal Asset Management Berhad (Company No.: K) MUNIRAH KHAIRUDDIN Chief Executive Officer/Executive Director ALEJANDRO ECHEGORRI Executive Director Kuala Lumpur 28 April

11 TRUSTEE S REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of CIMB ISLAMIC AL-AZZAM EQUITY FUND for the financial year ended 28 February In our opinion, CIMB-PRINCIPAL ASSET MANAGEMENT BERHAD, the Manager, has operated and managed CIMB ISLAMIC AL- AZZAM EQUITY FUND in accordance with the limitations imposed on the investment powers of the management company under the Deed, securities laws the applicable Guidelines on Unit Trust Funds during the financial year then ended. We are of the opinion that: (a) (b) (c) Valuation and pricing is carried out in accordance with the Deed and other regulatory requirements; Creation and cancellation of units are carried out in accordance with the Deed and other regulatory requirement; and The distribution of income made by CIMB ISLAMIC AL-AZZAM EQUITY FUND as declared by the Manager is appropriate and reflects the investment objective of CIMB ISLAMIC AL- AZZAM EQUITY FUND Yours faithfully Amanahraya Trustee Berhad HABSAH BAKAR Chief Executive Officer Kuala Lumpur 28 April

12 SHARIAH ADVISER S REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND CIMB ISLAMIC AL-AZZAM EQUITY FUND We have acted as the Shariah Adviser of CIMB Islamic Al-Azzam Equity Fund (the Fund ) for the financial year ended 28 February Our responsibility is to ensure that the procedures and processes employed by CIMB-Principal Asset Management Berhad (the Manager ) are in accordance with Shariah and Shariah Investment Guidelines. In our opinion, the Manager has managed and administered the Fund in accordance with the Shariah Investment Guidelines of the Fund and complied with applicable guidelines, rulings or decisions issued by the Securities Commission Malaysia pertaining to Shariah matters for the financial year ended 28 February In addition, we also confirm that the investment portfolio of the Fund comprises securities which have been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission Malaysia and/or Shariah Advisory Council of Bank Negara Malaysia. For investments other than the abovementioned, we have reviewed the same and are of the opinion that these investments were in accordance with the Shariah Investment Guidelines of the Fund. This report is made solely to the unit holders of the Fund, as a body, and for no other purpose. We do not assume responsibility to any other person for the content of this report and we shall not be liable for any errors or non-disclosure on the part of the Manager. For and on behalf of Shariah Adviser CIMB Islamic Bank Bhd ASHRAF GOMMA ALI Group Head, Shariah & Governance/Designated Person Responsible for Shariah Advisory Kuala Lumpur 28 April

13 INDEPENDENT AUDITORS REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND CIMB ISLAMIC AL-AZZAM EQUITY FUND REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Our opinion In our opinion, the financial statements of CIMB Islamic Al-Azzam Equity Fund (the Fund ) give a true and fair view of the financial position of the Fund as at 28 February 2017, and of its financial performance and its cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. What we have audited We have audited the financial statements of the Fund, which comprise the statement of financial position as at 28 February 2017, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 15 to 46. Basis for opinion We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence and other ethical responsibilities We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants ( By-Laws ) and the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants ( IESBA Code ), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. 11

14 INDEPENDENT AUDITORS REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND (CONTINUED) CIMB ISLAMIC AL-AZZAM EQUITY FUND REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) Information other than the financial statements and auditors report thereon The Manager of the Fund are responsible for the other information. The other information comprises Manager s report but does include the financial statements of the Fund and our auditor s report thereon. Our opinion on the financial statements of the Fund does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements of the Fund, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the Fund or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager for the financial statements The Manager of the Fund are responsible for the preparation of the financial statements of the Fund that give a true and fair view in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards in Malaysia. The Manager is also responsible for such internal control as the Manager determine is necessary to enable the preparation of financial statements of the Fund that are free from material misstatement, whether due to fraud or error. In preparing the financial statements of the Fund, the Manager is responsible for assessing the Fund s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.. 12

15 INDEPENDENT AUDITORS REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND (CONTINUED) CIMB ISLAMIC AL-AZZAM EQUITY FUND REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) Auditors responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements of the Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: (a) (b) (c) (d) (e) Identify and assess the risks of material misstatement of the financial statements of the Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager. Conclude on the appropriateness of the Manager s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Fund to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements of the Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 13

16 INDEPENDENT AUDITORS REPORT TO THE UNIT HOLDERS OF CIMB ISLAMIC AL-AZZAM EQUITY FUND (CONTINUED) CIMB ISLAMIC AL-AZZAM EQUITY FUND REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) Auditors responsibilities for the audit of the financial statements (continued) We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. OTHER MATTERS This report is made solely to the unit holders of the Fund and for no other purpose. We do not assume responsibility to any other person for the content of this report. PRICEWATERHOUSECOOPERS (No. AF: 1146) Chartered Accountants Kuala Lumpur 28 April

17 STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017 CIMB ISLAMIC AL-AZZAM EQUITY FUND Note RM RM INVESTMENT INCOME Dividend income 716, ,230 Profit income 4 118,058 91,415 Net gain on financial assets at fair value through profit or loss 9 445,674 34,949 1,280,170 1,026,594 1 EXPENSES Management fee 5 438, ,612 Trustee s fee 6 14,612 15,354 Audit fee 12,120 8,240 Tax agent s fee 4,000 12,700 Transaction costs 429, ,845 Other expenses 71,543 61, , ,261 PROFIT BEFORE TAXATION 309, ,333 Taxation 8 - (435) PROFIT AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 309, ,898 Profit after taxation is made up as follows: Realised amount 302,604 3,749,132 Unrealised amount 7,099 (3,639,234) 309, ,898 The accompanying notes to the financial statements form an integral part of the audited financial statements. 15

18 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY Note RM RM ASSETS Cash and cash equivalents (Shariah-compliant) 10 13,952,603 3,228,843 Financial assets at fair value through profit or loss (Shariah-compliant) 9 43,816,613 16,756,901 Amount due from stockbrokers 2,446, ,957 Amount due from Manager 1,234,471 52,898 Dividends receivable 72,739 25,275 TOTAL ASSETS 61,523,341 20,516,874 LIABILITIES Amount due to stockbrokers 8,087,728 63,776 Amount due to Manager 79,181 - Accrued management fee 51,903 24,480 Amount due to Trustee 1, Donation to charitable bodies 4,158 29,847 Other payables and accruals 23,003 17,372 TOTAL LIABILITIES 8,247, ,291 NET ASSET VALUE OF THE FUND 53,275,638 20,380,583 EQUITY Unit holders capital 47,759,381 13,698,603 Retained earnings 5,516,257 6,681,980 NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS 53,275,638 20,380,583 NUMBER OF UNITS IN CIRCULATION (UNITS) ,017,837 68,550,252 NET ASSET VALUE PER UNIT (RM) The accompanying notes to the financial statements form an integral part of the audited financial statements. 16

19 STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017 CIMB ISLAMIC AL-AZZAM EQUITY FUND Unit holders Retained capital earnings Total Note RM RM RM Balance as at 1 March ,698,603 6,681,980 20,380,583 Movement in unit holders contributions: - Creation of units from applications 41,149,278-41,149,278 - Creation of units from distribution 1,475,426-1,475,426 - Cancellation of units (8,563,926) - (8,563,926) Total comprehensive income for the financial year - 309, ,703 - Distribution 7 - (1,475,426) (1,475,426) Balance as at 28 February ,759,381 5,516,257 53,275,638 Balance as at 1 March ,845,073 6,572,082 48,417,155 Movement in unit holders contributions: - Creation of units from applications 1,556,098-1,556,098 - Cancellation of units (29,702,568) - (29,702,568) Total comprehensive income for the financial year - 109, ,898 Balance as at 29 February ,698,603 6,681,980 20,380,583 The accompanying notes to the financial statements form an integral part of the audited financial statements. 17

20 STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017 CIMB ISLAMIC AL-AZZAM EQUITY FUND Note RM RM CASH FLOWS FROM OPERATING ACTIVITIES Proceeds from disposal of Shariah-compliant quoted securities 47,161,194 67,944,926 Purchase of Shariah-compliant quoted securities (68,175,080) (41,778,264) Dividend income received 668, ,842 Profit income received from Shariah-compliant deposits with licensed Islamic financial institutions and Hibah earned 118,058 91,415 Management fee paid (410,927) (493,272) Trustee s fee paid (13,698) (16,443) Payments for other fees and expenses (82,032) (84,118) Tax refunded - 12,601 Donation to charitable bodies (25,689) - Net cash (used in)/generated from operating activities (20,759,200) 26,676,687 CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from units created 39,967,705 1,566,319 Payments for cancellation of units (8,484,745) (30,477,374) Net cash generated/(used in) from financing activities 31,482,960 (28,911,055) Net increase/(decrease) in cash and cash equivalents 10,723,760 (2,234,368) Cash and cash equivalents at the beginning of the financial year 3,228,843 5,463,211 Cash and cash equivalents at the end of the financial year 10 13,952,603 3,228,843 The accompanying notes to the financial statements form an integral part of the audited financial statements. 18

21 STATEMENT OF FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITY CIMB ISLAMIC AL-AZZAM EQUITY FUND CIMB Islamic Al-Azzam Equity Fund (the Fund ) is governed by a Principal Master Deed dated 15 May 2008, a Thirteenth Supplemental Master Deed dated 23 February 2012 and a Seventeenth Supplemental Master Deed dated 25 March 2015 (collectively referred to as the Deeds ), made between CIMB-Principal Asset Management Berhad (the Manager ) and AmanahRaya Trustees Berhad (the Trustee ). The Fund seeks to achieve its objective by investing a minimum of 70% and up to 98% of its NAV in Shariah-compliant Malaysian equities. The fund manager may also invest up to 30% of the Fund s NAV in other Shariah-compliant investments, such as Sukuk, and Shariahcompliant liquid assets, with at least 2% of the Fund s NAV maintained in the form of Shariahcompliant liquid assets such as Islamic money market instruments and/or Shariah-compliant Deposits for liquidity purpose. For this Fund, the investment in Sukuk must satisfy a minimum credit rating of A3 or P2 by RAM or equivalent rating by MARC; BBB by S&P or equivalent rating by Moody s or Fitch. In line with its objective, the investment strategy and policy of the Fund is to rebalance the portfolio to suit market conditions in order to reduce short-term volatility and provide consistency in capital growth. All investments are subjected to the Securities Commission Malaysia ( SC ) Guidelines on Unit Trust Funds, SC requirements, the Deeds, except where exemptions or variations have been approved by the SC, internal policies and procedures and the Fund s objective. The Manager, a company incorporated in Malaysia, is a subsidiary of CIMB Group Sdn Bhd and regards CIMB Group Holdings Berhad as its ultimate holding company. The Manager is also an associate of Principal International (Asia) Limited, which is a subsidiary of Principal Financial Group Inc. The principal activities of the Manager are the establishment and management of unit trust funds and fund management activities. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements: (a) Basis of preparation The financial statements have been prepared in accordance with the provisions of the MFRS and IFRS. The financial statements have been prepared under the historical cost convention, as modified by financial assets at fair value through profit or loss. The preparation of financial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported year. It also requires the Manager to exercise their judgment in the process of applying the Fund s accounting policies. Although these estimates and assumptions are based on the Manager s best knowledge of current events and actions, actual results may differ. 19

22 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Basis of preparation (continued) The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2(l). Standards, amendments to published standards and interpretations to existing standards that are effective: The Fund has applied the following amendments for the first time for the financial year beginning 1 March 2016: Annual improvements to MFRS 101 Presentation of Financial Statements - Disclosure Initiative provide clarifications on a number of issues including: Materiality an entity should not aggregate or disaggregate information in a manner that obscures useful information. Where items are material, sufficient information must be provided to explain the impact on the financial position or performance. Disaggregation and subtotals line items specified in MFRS 101 may need to be disaggregated where this is relevant to an understanding of the entity s financial position or performance. There is also new guidance on the use of subtotals. Notes confirmation that the notes do not need to be presented in a particular order. Other comprehensive income ( OCI ) arising from investments accounted for under the equity method the share of OCI arising from equity-accounted investments is grouped based on whether the items will or will not subsequently be reclassified to profit or loss. Each group should then be presented as a single line item in the statement of other comprehensive income. According to the transitional provisions, the disclosures in MFRS 108 regarding the adoption of new standards/accounting policies are not required for these amendments. Annual Improvements to MFRS Cycle The adoption of these amendments did not have any impact on the current financial year or any prior year and is not likely to affect future years. The standards, amendments to published standards and interpretations to existing standards that are applicable to the Fund but not yet effective and have not been early adopted are as follows: 20

23 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Basis of preparation (continued) (i) Financial year beginning on/after 1 March 2017 Amendments to MFRS 107 Statement of Cash Flows Disclosure Initiative (effective from 1 January 2017) introduce an additional disclosure on changes in liabilities arising from financing activities. The Fund will apply this standard when effective. This standard is not expected to have a significant impact on the Fund s financial statements. (ii) Financial year beginning on/after 1 March 2018 MFRS 15 Revenue from Contracts with Customers (effective from 1 January 2018) replaces MFRS 118 Revenue and MFRS 111 Construction Contracts and related interpretations. The core principle in MFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognised when a customer obtains control of goods or services, i.e. when the customer has the ability to direct the use of and obtain the benefits from the goods or services. A new five-step process is applied before revenue can be recognised: Identify contracts with customers; Identify the separate performance obligations; Determine the transaction price of the contract; Allocate the transaction price to each of the separate performance obligations; and Recognise the revenue as each performance obligation is satisfied. Key provisions of the new standard are as follows: Any bundled goods or services that are distinct must be separately recognised, and any discounts or rebates on the contract price must generally be allocated to the separate elements. If the consideration varies (such as for incentives, rebates, performance fees, royalties, success of an outcome etc), minimum amounts of revenue must be recognised if they are not at significant risk of reversal. The point at which revenue is able to be recognised may shift: some revenue which is currently recognised at a point in time at the end of a contract may have to be recognised over the contract term and vice versa. There are new specific rules on licenses, warranties, non-refundable upfront fees, and consignment arrangements, to name a few. As with any new standard, there are also increased disclosures. 21

24 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Basis of preparation (continued) (ii) Financial year beginning on/after 1 March 2018 (continued) MFRS 9 Financial Instruments (effective from 1 January 2018) will replace MFRS 139 Financial Instruments: Recognition and Measurement. MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and establishes three primary measurement categories for financial assets: amortised cost, fair value through profit or loss and fair value through OCI. The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments 1 are always measured at fair value through profit or loss with an irrevocable option at inception to present changes in fair value in OCI (provided the instrument is not held for trading). A debt instrument 2 is measured at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest 3. For liabilities, the standard retains most of the MFRS 139 requirements. These include amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives 1. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity s own credit risk is recorded in OCI rather than the income statement, unless this creates an accounting mismatch. MFRS 9 introduces an expected credit loss model on impairment that replaces the incurred loss impairment model used in MFRS 139. The expected credit loss model is forward-looking and eliminates the need for a trigger event to have occurred before credit losses are recognised. The Fund will apply this standard when effective. This standard is not expected to have a significant impact on the Fund s financial statements. (b) Financial assets and financial liabilities Classification The Fund designates its investment in Shariah-compliant quoted securities as financial assets at fair value through profit or loss at inception. Financial assets are designated at fair value through profit or loss when they are managed and their performance evaluated on a fair value basis. Financing and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and have been included in current assets. The Fund s financing and receivables comprise cash and cash equivalents, amount due from stockbrokers, amount due from Manager and dividends receivable. Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability. ¹ For the purposes of the investments made by the Fund, equity instruments and derivatives refers to Shariahcompliant equity instruments and Shariah-compliant derivatives. ² For the purposes of the investments made by the Fund, debt instruments refers to Sukuk. ³ For the purposes of this Fund, interest refers to profits earned from Shariah-compliant investments. 22

25 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (b) Financial assets and financial liabilities (continued) Classification (continued) The Fund classifies amount due to stockbrokers, amount due to Manager, accrued management fee, amount due to Trustee, donation to charitable bodies, and other payables and accruals as other financial liabilities. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Fund commits to purchase or sell the asset. Shariah-compliant investments are initially recognised at fair value. Transaction costs are expensed in the statement of comprehensive income. Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the rights to receive cash flows from the Shariah-compliant investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expired. Unrealised gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss are presented in the statement of comprehensive income within net gain or loss on financial assets at fair value through profit or loss in the financial year which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the statement of comprehensive income as part of gross dividend income when the Fund s right to receive payments is established. Shariah-compliant quoted securities in Malaysia are valued at the last done market price quoted on Bursa Malaysia Securities Bhd ( Bursa Securities ) at the date of the statement of financial position. If a valuation based on the market price does not represent the fair value of the Shariah-compliant quoted securities, for example during abnormal market conditions or when no market price is available, including in the event of a suspension in the quotation of the Shariah-compliant quoted securities for a period exceeding 14 days, or such shorter period as agreed by the Trustee, then the Shariah-compliant quoted securities are valued as determined in good faith by the Manager, based on the methods or basis approved by the Trustee after appropriate technical consultation. Shariah-compliant deposits with licensed Islamic financial institutions are stated at cost plus accrued profit calculated on the effective profit method over the period from the date of placement to the date of maturity of the respective deposits. Financing and receivables and other financial liabilities are subsequently carried at amortised cost using the effective profit method. 23

26 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (b) Financial assets and financial liabilities (continued) Impairment for assets carried at amortised costs For assets carried at amortised cost, the Fund assesses at the end of the reporting year whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event ) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset s original effective profit rate. The asset s carrying amount is reduced and the amount of the loss is recognised in statement of comprehensive income. If financing and receivables has a variable profit rate, the discount rate for measuring any impairment loss is the current effective profit rate determined under the contract. As a practical expedient, the Fund may measure impairment on the basis of an instrument s fair value using an observable market price. If, in a subsequent financial year, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor s credit rating), the reversal of the previously recognised impairment loss is recognised in statement of comprehensive income. When an asset is uncollectible, it is written off against the related allowance account. Such assets are written off after all the necessary procedures have been completed and the amount of the loss has been determined. (c) Income recognition Dividend income is recognised on the ex-dividend date when the right to receive payment is established. Profit income from Shariah-compliant deposits with licensed Islamic financial institutions is recognised on a time proportionate basis using the effective profit rate method on an accrual basis. Realised gain or loss on disposal of Shariah-compliant quoted securities is accounted for as the difference between the net disposal proceeds and the carrying amount of Shariah-compliant quoted securities, determined on a weighted average cost basis. (d) Functional and presentation currency Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the functional currency ). The financial statements are presented in Ringgit Malaysia ( RM ), which is the Fund s functional and presentation currency. 24

27 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (e) Cash and cash equivalents For the purpose of statement of cash flows, cash and cash equivalents comprise bank balances and Shariah-compliant deposits held in highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (f) Taxation Current tax expense is determined according to Malaysian tax laws at the current rate based upon the taxable profit earned during the financial year. (g) Distribution A distribution to the Fund s unit holders is accounted for as a deduction from realised reserve. A proposed distribution is recognised as a liability in the financial year in which it is approved by the Trustee. (h) Transaction costs Transaction costs are costs incurred to acquire or dispose financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the statement of comprehensive income as expenses. (i) Amount due from/to stockbrokers Amounts due from/to stockbrokers represent receivables for Shariah-compliant quoted securities sold and payables for Shariah-compliant quoted securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. These amounts are recognised initially at fair value and subsequently measured at amortised cost using the effective profit method, less provision for impairment for amount due from stockbrokers. A provision for impairment of amount due from stockbrokers is established when there is objective evidence that the Fund will not be able to collect all amounts due from the relevant stockbroker. Significant financial difficulties of the stockbroker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are considered indicators that the amount due from stockbrokers is impaired. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, profit income is recognised using the rate of profit used to discount the future cash flows for the purpose of measuring the impairment loss. 25

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