Fund Information Fund Name (PIDF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields*. * Stock which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts. Fund Performance Benchmark The benchmarks of the Fund and their respective percentages are 90% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 10% 3-Month Islamic Interbank Money Market (IIMM) rate. The PIDF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) or by Bursa Malaysia Berhad ( BURSA MALAYSIA ) or by the London Stock Exchange Group companies (the LSEG ) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE BURSA MALAYSIA EMAS SHARIAH INDEX ( the Index ), and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under licence. BURSA MALAYSIA is a trademark of BURSA MALAYSIA. Fund Distribution Policy Semi-annual Breakdown of Unitholdings of PIDF as at 31 October 2017 Size of holdings No. of % of No. of units unitholders unitholders held (million) 5,000 and below 35,003 11.29 99 5,001 to 10,000 48,833 15.75 364 10,001 to 50,000 150,966 48.68 3,736 50,001 to 500,000 74,159 23.92 8,414 500,001 and above 1,128 0.36 1,049 Total 310,089 100.00 13,662 Note: Excluding Manager s Stock.
Fund Performance Fund Performance Average Total Return for the Following Years Ended 31 October 2017 Average Total Return of PIDF (%) 1 Year 5.78 3 Years 2.15 5 Years 4.49 Annual Total Return for the Financial Years Ended 30 April Year 2017 2016 2015 2014 2013 PIDF (%) 7.00-3.28 2.85 10.62 11.83 The calculation of the above returns is based on computation methods of Lipper. Notes: 1. Total return of the Fund is derived by this formulae: End of Period FYCurrent Year NAV per unit End of Period FYPrevious Year NAV per unit - 1 ( ) (Adjusted for unit split and distribution paid out for the period) The above total return of the Fund was sourced from Lipper. 2. Average total return is derived by this formulae: Total Return Number of Years Under Review Other Performance Data for the Past Three Financial Periods Ended 31 October 2017 2016 2015 Unit Prices (MYR)* Highest NAV per unit for the period 0.3736 0.3674 0.3746 Lowest NAV per unit for the period 0.3632 0.3455 0.3332 Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period Total NAV (MYR 000) 5,036,715 5,086,682 4,897,322 UIC (in 000) 13,662,798 14,207,196 13,425,782 NAV per unit (MYR) 0.3686 0.3580 0.3648 Total Return for the Period (%) 2.13 3.31-1.00 Capital growth (%) 1.58 2.77-1.76 Income (%) 0.54 0.53 0.77 Management Expense Ratio (%) 1.53 1.53 1.53 Portfolio Turnover Ratio (time) 0.06 0.05 0.11 * All prices quoted are ex-distribution. Notes: Management Expense Ratio is calculated by taking the total management expenses expressed as an annual percentage of the Fund s average net asset value. Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and disposals of the investments in the Fund for the period over the average net asset value of the Fund calculated on a daily basis. Distribution and Unit Split Financial period 2017 2016 2015 Date of distribution 31.10.17 31.10.16 30.10.15 Distribution per unit Gross (sen) 0.50 0.50 0.50 Net (sen) 0.50 0.50 0.50 Unit split - - - Impact on NAV Arising from Distribution (Interim) for the Financial Periods 2017 2016 2015 Sen Sen Sen per unit per unit per unit Net asset value before distribution 37.36 36.30 36.98 Less: Net distribution per unit (0.50) (0.50) (0.50) Net asset value after distribution 36.86 35.80 36.48 Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. Asset Allocation for the Past Three Financial Periods As at 31 October (Per Cent of Net Asset Value) 2017 2016 2015 % % % EQUITY SECURITIES Quoted Malaysia Basic Materials 4.2 3.1 3.1 Communications 16.7 16.3 20.0 Consumer, Cyclical 0.7 0.9 1.4 Consumer, Non-cyclical 16.1 16.0 15.9 Diversifi ed 7.3 7.8 8.2 Energy 7.3 7.4 8.3 Financial 0.9 0.8 0.8 Industrial 9.8 8.4 9.6 Utilities 9.5 8.4 8.3 72.5 69.1 75.6 Outside Malaysia Great Britain Consumer, Non-cyclical 0.7 0.7 1.5 Hong Kong Communications 0.8 1.4 1.7 Energy 0.5 0.5 0.6 1.3 1.9 2.3 Indonesia Communications 0.9 0.6 0.5 Korea Technology - - 0.9
Fund Performance Statement Of Distribution Of Returns Asset Allocation for the Past Three Financial Periods (cont d) As at 31 October (Per Cent of Net Asset Value) 2017 2016 2015 % % % Singapore Communications 2.5 2.2 2.2 Taiwan Communications 0.9 0.6 0.4 Technology 2.6 1.9 2.1 3.5 2.5 2.5 Thailand Industrial 1.1 0.6 0.9 United States Communications 4.9 4.0 3.0 Consumer, Cyclical - 0.5 - Consumer, Non-cyclical 0.7 1.2 0.9 Energy - 0.7 0.7 Industrial 2.7 1.8 1.1 Technology 2.8 1.1 0.5 11.1 9.3 6.2 TOTAL QUOTED EQUITY SECURITIES 93.6 86.9 92.6 COLLECTIVE INVESTMENT FUNDS Quoted Malaysia Financial 1.3 1.4 1.4 Outside Malaysia Singapore Financial 0.2 0.4 0.5 TOTAL QUOTED COLLECTIVE INVESTMENT FUNDS 1.5 1.8 1.9 COLLECTIVE INVESTMENT SCHEMES Unquoted Funds 0.5 - - TOTAL UNQUOTED COLLECTIVE INVESTMENT SCHEMES 0.5 - - SUKUK Unquoted Ringgit-denominated Sukuk 0.5 0.6 0.7 TOTAL UNQUOTED SUKUK 0.5 0.6 0.7 SHARIAH-BASED PLACEMENTS WITH FINANCIAL INSTITUTIONS 5.1 9.9 3.4 Sen Per Unit Gross Distribution 0.5000 Net Distribution 0.5000 Total Returns 0.7800 Effects of Distribution on NAV per unit before and after Distribution: Before After Distribution Distribution NAV per unit (MYR) 0.3736 0.3686 OTHER ASSETS & LIABILITIES -1.2 0.8 1.4
Manager s Report Manager s Report Overview This Interim Report covers the financial period from 1 May 2017 to 31 October 2017. (PIDF or the Fund) aims to provide income by investing in a portfolio of stocks that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. For the fi nancial period under review, the Fund registered a return of +2.13% as compared to its Benchmark s return of +0.95%. The Fund s Shariah-compliant equity portfolio registered a return of +3.08% while its sukuk and Islamic money market portfolios registered returns of +2.77% and +1.48% respectively during the financial period under review. A detailed performance attribution analysis is provided in the sections below. For the fi ve financial years ended 31 October 2017, the Fund registered a return of +22.48% and outperformed the Benchmark s return of +14.56% over the same period. Returns from Start of Period 40% 30% 20% 10% 0% Performance of PIDF from 31 October 2012 to 31 October 2017 PIDF BENCHMARK -10% 2012 2013 2014 2015 2016 2017 The Fund s Benchmark is a composite index of 90% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 10% 3-Month Islamic Interbank Money Market Rate (IIMMR). Income Distribution and Impact on NAV Arising from Distribution The gross distribution of 0.50 sen per unit (net distribution of 0.50 sen per unit) for the financial period ended 31 October 2017 had the effect of reducing the Net Asset Value (NAV) of the Fund after distribution. As a result, the NAV per unit of the Fund was reduced to RM0.3686 from RM0.3736 after distribution. Effect of Distribution Reinvestment on Portfolio Exposures 31-Oct-17 Before Distribution After Distribution Reinvestment* Reinvestment* Shariah-compliant Equities & Related Securities 95.1% 93.8% Sukuk 0.5% 0.5% Islamic Money Market 4.4% 5.7% * Assumes full reinvestment. Change in Portfolio Exposures from 30-Apr-17 to 31-Oct-17 Average 30-Apr-17 31-Oct-17 Change Exposure Shariah-compliant Equities & Related Securities 89.8% 93.8% +4.0% 93.84% Sukuk 0.6% 0.5% -0.1% 0.53% Islamic Money Market 9.6% 5.7% -3.9% 5.63% Returns Breakdown by Asset Class Market / Returns On Benchmark Benchmark Average Attributed Investments Returns Index Used Exposure Returns Shariahcompliant Equities & Related Securities 3.08% 0.85% FBMS 93.84% 2.89% Sukuk 2.77% 1.97% Bond Index 0.53% 0.01% Islamic Money Overnight Market 1.48% 1.51% Islamic Rate 5.63% 0.08% less: Expenses -0.85% Total Net Return for the Period 2.13% FBMS = FTSE Bursa Malaysia EMAS Shariah Index Bond Index = Quant Shop GII All Index Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate Shariah-compliant Equity Portfolio Review For the fi nancial period under review, the Fund s Shariah-compliant equity portfolio registered a return of +3.08% and outperformed the equity Benchmark s return of +0.85%. The Fund s Shariah-compliant equity portfolio outperformed the equity Benchmark as the Fund s selected holdings of stocks within the Communications and Technology sectors outperformed the broad market during the fi nancial period under review.
Manager s Report Manager s Report The Fund commenced the financial period under review with a Shariahcompliant equity exposure of 89.8% and this was gradually increased to capitalise on Shariah-compliant investment opportunities in the domestic and foreign markets. The Fund ended the financial period under review with a Shariah-compliant equity exposure of 93.8%. Based on an average Shariah-compliant equity exposure of 93.84%, the Shariah-compliant equity portfolio is deemed to have registered a return of +2.89% to the Fund as a whole for the financial period under review. A full review of the performance of the equity markets is tabled in the following sections. Sector Allocation In terms of sector allocation within the Shariah-compliant equity portfolio, the top 5 sectors accounted for 59.4% of the NAV of the Fund and 62.5% of the Fund s Shariah-compliant equity portfolio. The weightings of the top 5 sectors in Malaysia are in the following order: Communications (16.7%), Consumer, Non-cyclical (16.1%), Industrial (9.8%), Utilities (9.5%) and Diversifi ed (7.3%). Sukuk Portfolio Review For the fi nancial period under review, the Fund s sukuk portfolio registered a return of +2.77%. In comparison, the Quant Shop GII All Index, which tracks the performance of all Government Investment Issues (GII) with maturities of 1 year and above, registered a return of +1.97% over the same period. The Fund s sukuk portfolio outperformed the Quant Shop GII All Index as the Fund s investment in longer-tenured sukuk generated higher returns amid lower bond yields during the financial period under review. During the financial period under review, the Fund s sukuk exposure decreased marginally from 0.6% to 0.5% due to the disposal of a sukuk investment. Based on an average exposure of 0.53%, the sukuk portfolio is estimated to have contributed +0.01% to the Fund s overall return for the fi nancial period under review. For a full review of the sukuk market, please refer to the following sections of this report. Islamic Money Market Portfolio Review During the financial period under review, the Fund s Islamic money market portfolio, which was invested primarily in Islamic deposits, yielded a return of +1.48%. In comparison, the Overnight Islamic Interbank Money Market Rate (Overnight Islamic Rate) registered a return of +1.51% over the same period. During the financial period under review, the Fund s exposure to Islamic money market investments decreased from 9.6% to 5.7% as funds were mobilised into selected equity investments and payment for redemption of units. Based on an average exposure of 5.63%, the Islamic money market portfolio is estimated to have contributed +0.08% to the Fund s overall return for the financial period under review. Stock Market Review Commencing the financial period under review at 12,972.49 points, the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) remained in an uptrend in mid-may, underpinned by strong foreign fund inflows, firmer regional currencies and stable oil prices. The Index subsequently traded range-bound in late May on the back of softer global energy prices. The market rose in early June amid sustained buying support for selected blue chips but moved lower in late June on softer oil prices. In July, the Index remained in a tight trading range due to a lack of fresh catalysts to draw further buying interest from foreign investors. The FBMS rose in August amid buying support for selected blue chips. The Index continued its uptrend in early September before easing lower on the back of profi t-taking activities. The Index moved higher in October amid gains in technology and energy stocks. The FBMS closed at 13,082.72 points to register a gain of 0.85% for the fi nancial period under review. Index 13,250 13,000 12,750 FTSE Bursa Malaysia EMAS Shariah Index (30 April 2017-31 October 2017) 12,500 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 The regional equity markets, as proxied by the S&P Shariah BMI Asia Ex- Japan (S&P SAEJ) Index, commenced the fi nancial period under review at 93.28 points. Driven by improving liquidity conditions in China and a better global economic outlook, the S&P SAEJ Index advanced further from May to October 2017. The Index closed at 109.04 points to register a gain of 16.90% (+14.01% in Ringgit terms) for the fi nancial period under review. Regional markets, namely the Thailand, Taiwan, Great Britain, Hong Kong, Singapore and Indonesia markets registered returns of +19.56%, +11.25%, +4.14%, +2.97%, -1.19% and -5.16% (in Ringgit terms) respectively for the fi nancial period under review. Commencing the fi nancial period under review at 176.95 points, the U.S. equity market, as proxied by the S&P U.S. Shariah Index, moved modestly higher in May 2017 on the back of strong U.S. corporate earnings and the market-friendly outcome of the French presidential election. The market subsequently declined in June amid a broad-based weakness in technology stocks. The Index rebounded in July and August amid better-than-expected U.S. corporate earnings and economic data. Following gains in September on the back of easing geopolitical tensions in the Korean peninsula, the Index rose in October amid strong corporate earnings and renewed optimism over the U.S. tax reform policy after the Senate narrowly passed the fi scal 2018 budget resolution. The S&P U.S. Shariah Index closed at 193.80 points to register a gain of 9.52% (+6.83% in Ringgit terms) for the fi nancial period under review.
Manager s Report Manager s Report Sukuk Market and Islamic Money Market Review Commencing the financial period under review, the domestic sukuk market traded higher in May 2017 on the back of a firmer Ringgit as well as the release of a better-than-expected economic growth of 5.6% for 1Q 2017 and a lower inflation rate of 4.4% for April. However, domestic sukuk yields edged up in June in tandem with higher global bond yields following the announcement of the second U.S. interest rate hike for this year coupled with the hawkish comments made by selected major central banks. There were also growing concerns that the U.S. Federal Reserve may reduce its holdings of government and mortgage bonds (also known as balance sheet reduction). Nevertheless, buying interest returned to the domestic sukuk market in August on fi rmer U.S. Treasuries, a broadly weaker U.S. Dollar as well as accelerating economic growth and lower inflation in Malaysia. The domestic sukuk market subsequently retreated following the Federal Open Market Committee (FOMC) meeting in September, where the Federal Reserve announced that it would start its balance sheet reduction program in October while affirming the likelihood of a 25 basis points (bps) rate hike in December. Domestic sukuk yields inched up in October amid higher global bond yields and a stronger U.S. Dollar, driven by increased probability of a U.S. rate hike in December. For the fi nancial period under review, the yield of 3-year GII eased by 18 bps to 3.49%, while the yield of 10-year GII edged up by 2 bps to 4.14%. The Overnight Islamic Rate commenced the financial period under review at 2.99% and ranged between 2.96% to 3.00% over the 6-month, before ending the financial period under review at 2.99%. Economic Review Malaysia s GDP growth gained pace from 4.2% in 2016 to 5.7% in 1H 2017 on the back of higher domestic demand and export growth. Growth in the services sector rose from 5.6% in 2016 to 6.1% in 1H 2017. Meanwhile, growth in manufacturing activities increased from 4.4% to 5.8% over the same period. Malaysia s export growth accelerated to 22.2% in the first eight months of 2017 from 1.2% in 2016 due mainly to higher exports of electrical and electronic products. Import growth surged to 23.0% from 1.9% over the same period. Malaysia s cumulative trade surplus widened to RM60.8 billion in the first eight months of 2017 compared to RM52.5 billion for the corresponding period of the prior year. Due to capital inflows, Malaysia s foreign reserves rose to US$101.2 billion as at end-september 2017 compared to US$97.7 billion a year ago. Malaysia s inflation rate climbed to 4.0% in the first nine months of 2017 from 2.1% in 2016 amid higher transportation costs arising from elevated fuel prices. Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3.00% to support economic activities. Loans growth inched lower to 5.2% in the first nine months of 2017 from 5.3% in 2016 on the back of slower demand from the household sector. On the regional front, Singapore s GDP growth expanded from 2.0% in 2016 to 3.3% in the fi rst three quarters of 2017 due to higher output from the manufacturing and services sectors. Indonesia s economic growth was sustained at 5.0% in 1H 2017 compared to a similar growth rate in 2016 on the back of resilient domestic demand. Led by resilient consumer spending and higher export growth, Thailand s GDP growth edged up from 3.2% in 2016 to 3.5% in 1H 2017. In North Asia, China s GDP growth expanded from 6.7% in 2016 to 6.9% in the fi rst three quarters of 2017, driven by fi rmer growth in the industrial sector. Hong Kong s GDP growth strengthened from 2.0% in 2016 to 4.0% in 1H 2017 due to higher consumer spending and export growth. Meanwhile, Taiwan s GDP growth strengthened from 1.5% in 2016 to 2.6% in the fi rst three quarters of 2017 amid higher export growth. Led by higher investment spending and export growth, U.S. GDP growth rose from 1.5% in 2016 to 2.2% in the fi rst three quarters of 2017. Investment spending increased by 3.1% in the fi rst three quarters of 2017 compared to a contraction of 1.6% in 2016 due to higher investment in equipment. Meanwhile, exports expanded by 2.9% compared to a decline of 0.3% over the same period. At the FOMC meeting on 31 October 1 November 2017, the Federal Reserve maintained the Federal funds rate target range at 1.00%-1.25%. Eurozone GDP growth gained pace from 1.8% in 2016 to 2.2% in the fi rst three quarters of 2017 on the back of higher growth in France. At its monetary policy meeting on 26 October 2017, the European Central Bank (ECB) kept its main refi nancing and deposit rates at 0.00% and -0.40% respectively. The ECB has extended its quantitative-easing program from January 2018 until September 2018 or beyond, if necessary. However, it will reduce the monthly pace of bond-buying from 60 billion to 30 billion with effect from January 2018. In a referendum held on 23 June 2016, British voters voted in favour of exiting the European Union (EU). The United Kingdom (UK) formally notifi ed of its exit from the EU under Article 50 on 29 March 2017, which commences a 2-year process of trade negotiations with the EU. Outlook and Investment Strategy After trading on a mixed note in 1H 2016, global and regional markets strengthened in 2H 2016 amid an improved outlook for the U.S. and global economies. Global and regional equity markets continued to trend higher in the fi rst 10 months of 2017 on expectations that the global economy would grow at a resilient pace. Looking ahead, the performance of the equity markets will depend on the economic growth momentum and market valuations of the U.S., Europe and the Asia Pacifi c region. U.S. economic growth is projected to edge up from 2.2% in 2017 to 2.4% in 2018, driven by higher investment spending. In the Eurozone, economic growth is envisaged to ease from 2.2% in 2017 to 1.8% in 2018 on expectations of slower export growth. In North Asia, China s GDP growth is estimated to moderate from 6.8% in 2017 to 6.4% in 2018 as China continues to transform from a manufacturing-driven and export-led economy to one underpinned by services and domestic consumption. Meanwhile, China s infl ation rate is projected to increase from 1.6% in 2017 to 2.2% in 2018.
Manager s Report Extracts Of Financial Statements Hong Kong s GDP growth is expected to ease from 3.4% in 2017 to 2.5% in 2018 amid moderating export growth. Going forward, the Hong Kong government is anticipated to maintain its tightening stance on the residential property market. However, ample liquidity, demand for better living standards and resilient economic growth should lend support to Hong Kong s property market over the long term. Meanwhile, Taiwan s GDP growth is envisaged to remain unchanged at 2.2% in 2018 compared to a similar growth rate in 2017, driven by sustained domestic demand. In South-East Asia, Singapore s GDP growth is estimated to edge down from 2.5% in 2017 to 2.4% in 2018 on expectations of moderating export growth. Indonesia s GDP growth is expected to expand from 5.2% in 2017 to 5.4% in 2018 due to robust domestic demand. Meanwhile, Thailand s GDP growth is envisaged to be sustained at 3.5% in 2018 compared to a similar growth rate in 2017 on the back of resilient domestic demand. On the domestic front, Malaysia s GDP growth is projected to ease from 5.2% in 2017 to 4.8% in 2018 amid moderating export growth. However, domestic demand will be supported by sustained consumer and investment spending backed by government measures to increase disposable incomes as well as the ongoing implementation of infrastructure projects. The budget deficit is projected to narrow to RM39.8 billion (2.8% of GDP) in 2018 from the RM39.9 billion (3.0% of GDP) estimated for 2017 while the federal revenue is forecast to expand by 6.4% to RM239.9 billion in 2018. Meanwhile, operating expenditure and net development expenditure are expected to grow by 6.5% to RM234.3 billion and 0.2% to RM45.4 billion respectively in 2018. As at end-october 2017, the local stock market was trading at a prospective P/E ratio of 16.6x, which was above its 10-year average of 16.4x. The market s dividend yield was 3.33%. Among the regional markets, South-East Asian markets were trading at premiums while North Asian markets were generally trading at discounts to their historical averages following their respective performances over the same period. Given the above factors, the Fund will continue to rebalance its investment portfolio accordingly with the objective of providing income by investing in a portfolio of stocks that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. Notes: Q = Quarter H = Half Policy on Soft Commissions The management company may receive goods or services which include research materials, data and quotation services and investment related publications by way of soft commissions provided they are of demonstrable benefi t to the Fund and unitholders. During the financial period under review, PIDF has received data and quotation services by way of soft commissions. These services were used to provide fi nancial data on securities and price quotation information to the Fund Manager during the financial period under review. The following pages are extracts of the audited fi nancial statements of the Fund for the fi nancial period ended 31 October 2017. The full set of the audited fi nancial statements together with the Independent Auditors Report is available upon request without charge. Statement of Assets and Liabilities As at 31 October 2017 31.10.2017 30.4.2017 MYR 000 MYR 000 Assets Investments 4,841,343 4,799,443 Tax recoverable 3,709 3,709 Other receivables 3,447 2,165 Shariah-based placements with fi nancial institutions 255,111 372,288 Cash at banks 37,610 133,384 5,141,220 5,310,989 Liabilities Due to brokers/fi nancial institutions, net 15,053 - Due to the Manager, net 20,357 2,106 Other payables 781 459 Distribution payable 68,314 71,585 104,505 74,150 Total net assets 5,036,715 5,236,839 Net asset value ( NAV ) attributable to unitholders (Total equity) 5,036,715 5,236,839 Units in circulation (in 000) 13,662,798 14,316,933 NAV per unit, ex-distribution (in sen) 36.86 36.58
Extracts Of Financial Statements (cont d) Extracts Of Financial Statements (cont d) Statement of Income and Expenditure 1.5.2017 1.5.2016 to to 31.10.2017 31.10.2016 MYR 000 MYR 000 Income Profi t from Shariah-based placements 2,740 5,332 Income from sukuk 682 755 Distribution income 379 - Dividend income 68,348 64,226 Dividend income from non-permissible securities - 232 Net gain from investments 85,175 130,783 Amortisation of premium, net of accretion of discount (28) (27) Net realised/unrealised foreign exchange (loss)/gain (2,163) 9,658 155,133 210,959 Less: Expenses Trustee s fee 321 321 Management fee 41,713 40,855 Audit fee 3 3 Tax agent s fee 1 1 Brokerage fee 1,558 1,229 Administrative fees and expenses 478 454 44,074 42,863 Net income before taxation 111,059 168,096 Taxation (2,590) (2,264) Net income after taxation 108,469 165,832 Net income after taxation is made up as follows: Realised 67,259 64,521 Unrealised 41,210 101,311 108,469 165,832 Interim distribution for the financial period 68,314 71,036 Statement of Changes in Net Asset Value Unitholders Retained capital earnings Total MYR 000 MYR 000 MYR 000 As at 1 May 2016 4,542,564 372,954 4,915,518 Creation of units 119,315-119,315 Cancellation of units (42,947) - (42,947) Net income after taxation - 165,832 165,832 Distribution (5,495) (65,541) (71,036) As at 31 October 2016 4,613,437 473,245 5,086,682 As at 1 May 2017 4,652,211 584,628 5,236,839 Creation of units 71,366-71,366 Cancellation of units (311,645) - (311,645) Net income after taxation - 108,469 108,469 Distribution - (68,314) (68,314) As at 31 October 2017 4,411,932 624,783 5,036,715
Extracts Of Financial Statements (cont d) Statement of Cash Flows 1.5.2017 1.5.2016 to to 31.10.2017 31.10.2016 MYR 000 MYR 000 Cash flows from operating activities Proceeds from sale/redemption of investments 359,183 356,756 Purchase of investments (306,578) (226,574) Capital distribution received 4,102 - Maturity of Shariah-based placements 22,858,903 43,169,968 Shariah-based placements (22,741,726) (43,363,934) Profi t from Shariah-based placements received 2,808 5,346 Income from sukuk received 685 851 Interest received from foreign currency accounts - 8 Distribution income received 379 - Net dividend income received 64,669 63,332 Trustee s fee paid (636) (636) Management fee paid (41,784) (40,418) Audit fee paid (4) (4) Payment of other fees and expenses (146) (418) Payment to charitable bodies (6) - Net cash inflow/(outflow) from operating activities 199,849 (35,723) Cash flows from financing activities Cash proceeds from units created 76,299 129,955 Cash paid on units cancelled (298,256) (41,993) Distribution paid (71,585) (69,935) Net cash (outflow)/inflow from financing activities (293,542) 18,027 Net decrease in cash and cash equivalents (93,693) (17,696) Effect of change in foreign exchange rates (2,081) 10,003 Cash and cash equivalents at the beginning of the financial period 133,384 120,146 Cash and cash equivalents at the end of the financial period 37,610 112,453