Piof Ar Eng

Contents
Fund Information 2
Fund Performance 2
Statement Of Distribution Of Returns 6
Manager’s Report 7
Trustee’s Report 15
Shariah Adviser’s Report 16
Statement By Manager 17
Independent Auditors’ Report 18
Statement Of Assets And Liabilities 21
Statement Of Income And Expenditure 22
Statement Of Changes In Net Asset Value 23
Statement Of Cash Flows 24
Notes To The Financial Statements 25
Corporate Information 46
Network Of Public Mutual Branch And Agency Offices 48
Public Islamic Opportunities Fund • 1

Fund Information Fund Performance
For the Financial Year Ended 31 July 2018
Fund Name Annual Total Return for the Financial Years Ended 31 July
Public Islamic Opportunities Fund (PIOF) Year 2018 2017 2016 2015 2014
Fund Category PIOF (%) -4.29 17.71 -0.89 5.17 14.46
Equity (Shariah-compliant) The calculation of the above returns is based on computation methods of Lipper.
Notes:
Fund Investment Objective
1. Total return of the Fund is derived by this formulae:
To achieve capital growth through investments in companies with small
market capitalisation which comply with Shariah principles.
Fund Performance Benchmark

( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1
The benchmark of the Fund is the FTSE Bursa Malaysia Small Cap Shariah The above total return of the Fund was sourced from Lipper.
Index.
2. Average total return is derived by this formulae:
The PIOF 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 Total Return
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 Number of Years Under Review
from the use of the FTSE BURSA MALAYSIA SMALL CAP 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
Other Performance Data for the Past Three Financial Years
LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and Ended 31 July
neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person
of any error therein. 2018 2017 2016
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. Unit Prices (MYR)*
“BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA. Highest NAV per unit for the year 0.4787 0.4539 0.4271
Lowest NAV per unit for the year 0.3906 0.3842 0.3653
Fund Distribution Policy
Net Asset Value (NAV) and Units
Incidental in Circulation (UIC) as at the End
of the Year
Breakdown of Unitholdings of PIOF as at 31 July 2018 Total NAV (MYR’000) 859,511 985,247 801,754
Size of holdings No. of % of No. of units UIC (in ’000) 2,097,240 2,219,462 2,079,613
unitholders unitholders held (million) NAV per unit (MYR) 0.4098 0.4439 0.3855
Total Return for the Year (%) -4.29 17.71 -0.89
5,000 and below 8,607 17.03 26
Capital growth (%) -5.70 15.82 -2.47
5,001 to 10,000 7,872 15.57 58
Income (%) 1.50 1.63 1.62
10,001 to 50,000 23,605 46.70 573
50,001 to 500,000 10,183 20.15 1,192 Management Expense Ratio (%) 1.57 1.57 1.58
500,001 and above 279 0.55 248 Portfolio Turnover Ratio (time) 0.08 0.11 0.15
Total 50,546 100.00 2,097 * 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.
Note: Excluding Manager’s Stock.
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
disposals of the investments in the Fund for the year over the average net asset value
Fund Performance of the Fund calculated on a daily basis.
Average Total Return for the Following Years Ended

31 July 2018
Average Total
Return of PIOF (%)
1 Year -4.29
3 Years 3.88
5 Years 6.88
2 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 3

Fund Performance Fund Performance
For the Financial Year Ended 31 July 2018 For the Financial Year Ended 31 July 2018
Distribution and Unit Split Asset Allocation for the Past Three Financial Years (cont’d)
Financial year 2018 2017 2016 As at 31 July
Date of distribution 31.7.18 31.7.17 29.7.16 (Percent of NAV)
Distribution per unit 2018 2017 2016
Gross (sen) 1.50 1.00 - % % %
Net (sen) 1.50 1.00 -
Unit split - - - COLLECTIVE INVESTMENT FUNDS
Quoted
Impact on NAV Arising from Distribution (Final) for the Malaysia
Financial Years Financial 3.6 3.6 4.5
2018 2017 2016 Outside Malaysia
Sen Sen Sen
per unit per unit per unit Singapore
Financial - - 2.4
Net asset value before distribution 42.48 45.39 38.55
Less: Net distribution per unit (1.50) (1.00) - TOTAL QUOTED COLLECTIVE
INVESTMENT FUNDS 3.6 3.6 6.9
Net asset value after distribution 40.98 44.39 38.55
WARRANTS
Past performance is not necessarily indicative of future performance and Quoted
unit prices and investment returns may go down, as well as up. Malaysia
Warrants 0.1 0.1 0.3
Asset Allocation for the Past Three Financial Years TOTAL QUOTED WARRANTS 0.1 0.1 0.3
As at 31 July COLLECTIVE INVESTMENT
(Percent of NAV) SCHEMES
2018 2017 2016 Unquoted
Funds 0.9 0.2 -
% % %
TOTAL UNQUOTED COLLECTIVE
EQUITY SECURITIES
INVESTMENT SCHEMES 0.9 0.2 -
Quoted
Malaysia SUKUK
Basic Materials 0.6 0.9 0.9 Unquoted
Communications 5.8 14.4 11.9 Ringgit-denominated
Consumer, Cyclical 4.4 4.2 5.2 Sukuk - 2.1 -
Consumer, Non-cyclical 11.3 10.6 13.5
Diversified 3.7 4.4 3.2 TOTAL UNQUOTED SUKUK - 2.1 -
Energy 1.5 - 0.3 SHARIAH-BASED PLACEMENTS
Financial 6.7 7.0 9.1 WITH FINANCIAL INSTITUTIONS 13.9 7.6 13.1
Industrial 34.6 29.8 21.7
Technology 12.4 7.8 5.3 OTHER ASSETS & LIABILITIES -3.9 2.9 2.5
81.0 79.1 71.1
Outside Malaysia
Hong Kong
Communications - 0.3 0.3
Singapore
Consumer, Non-cyclical 2.4 2.5 3.7
Industrial 2.0 1.6 2.1
4.4 4.1 5.8
TOTAL QUOTED EQUITY
SECURITIES 85.4 83.5 77.2

Statement Of Distribution Of Returns Manager’s Report
Sen Per Unit Overview

Gross Distribution 1.5000 This Annual Report covers the financial year from 1 August 2017 to
Net Distribution 1.5000 31 July 2018.
Total Returns -1.9100
Public Islamic Opportunities Fund (PIOF or the Fund) seeks to achieve capital
Effects of Distribution on NAV per unit before and after growth through investments in companies with small market capitalisation
Distribution: which comply with Shariah principles.
Before After For the financial year under review, the Fund registered a return of -4.29% as
Distribution Distribution compared to its Benchmark’s return of -17.47%. The Fund’s Shariah-compliant
equity portfolio registered a return of -3.39% while its sukuk and Islamic money
NAV per unit (MYR) 0.4248 0.4098 market portfolios registered returns of +2.30% and +3.12% respectively during
the financial year under review. A detailed performance attribution analysis is
provided in the sections below.
For the five financial years ended 31 July 2018, the Fund registered a total
return of +34.41% and outperformed the Benchmark’s return of -5.44% over the
same period. Consequently, it is the opinion of the Manager that the Fund has
met its objective of achieving capital growth over the said period.
Performance of PIOF
from 31 July 2013 to 31 July 2018
60%
PIOF BENCHMARK
40%
Returns from Start of Period

20%
0%
-20%
2013 2014 2015 2016 2017 2018
The FTSE Bursa Malaysia Small Cap Shariah Index (FBMSCSM) is the
selected Benchmark for PIOF as it is a free float-adjusted capitalisation-
weighted index comprising constituents of the FTSE Bursa Malaysia
Small Cap Index which are Shariah-compliant according to the screening
methodology of Securities Commission Malaysia’s Shariah Advisory
Council.
Income Distribution and Impact on NAV Arising from

Distribution
The gross distribution of 1.50 sen per unit (net distribution of 1.50 sen per
unit) for the financial year ended 31 July 2018 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 RM0.4098 from RM0.4248 after distribution.

Manager’s Report Manager’s Report
Effect of Distribution Reinvestment on Portfolio Exposures The Fund commenced the financial year under review with a Shariah-
compliant equity exposure of 85.3% and gradually increased its Shariah-
31-Jul-18 compliant equity exposure to above 90% in January 2018 to capitalise on
Before Distribution After Distribution Shariah-compliant investment opportunities in the domestic and regional
Reinvestment* Reinvestment* equity markets. The Fund subsequently locked in profits on selected
Shariah-compliant Equities Shariah-compliant equity investments and ended the financial year under
& Related Securities 89.1% 86.0% review with a Shariah-compliant equity exposure of 86.0%. Based on an
Sukuk 0.0% 0.0% average Shariah-compliant equity exposure of 87.79%, the Fund’s Shariah-
Islamic Money Market 10.9% 14.0% compliant equity portfolio is deemed to have registered a return of -2.98%
to the Fund as a whole for the financial year under review. A full review of
* Assumes full reinvestment. the performance of the equity markets is tabled in the following sections.
Change in Portfolio Exposures from 31-Jul-17 to 31-Jul-18 Sector Allocation
Average In terms of sector allocation within the Shariah-compliant equity portfolio,

31-Jul-17 31-Jul-18 Change Exposure the top 5 sectors accounted for 74.4% of the NAV of the Fund and 83.5% of
the Fund’s Shariah-compliant equity portfolio. The weightings of the top 5
Shariah-compliant Equities sectors in Malaysia (unless otherwise indicated) are in the following order:
& Related Securities 85.3% 86.0% +0.7% 87.79% Industrial (34.6%), Technology (12.4%), Consumer, Non-cyclical (11.3%),
Sukuk 2.0% 0.0% -2.0% 1.09%
Financial (10.3%) and Communications (5.8%).
Islamic Money Market 12.7% 14.0% +1.3% 11.12%
Sukuk Portfolio Review
Returns Breakdown by Asset Class
For the financial year under review, the Fund’s sukuk portfolio which
Market /
comprises corporate sukuk registered a return of +2.30%. In comparison,
Returns On Benchmark Benchmark Average Attributed
Investments Returns Index Used Exposure Returns the Quant Shop GII All Index, which tracks the performance of all
Government Investment Issues (GII) with maturities of 1 year and above,
Shariah- registered a return of +1.98% over the same period. The Fund’s sukuk
compliant portfolio outperformed the Quant Shop GII All Index as GII yields moved
Equities higher relative to corporate sukuk yields during the financial year under
& Related review.
Securities -3.39% -17.47% FBMSCSM 87.79% -2.98%
Sukuk 2.30% 1.98% Bond Index 1.09% 0.03% During the financial year under review, the Fund’s sukuk exposure was
Islamic Money Overnight zerorised following the disposal of its sukuk investments. Based on an
Market 3.12% 3.09% Islamic Rate 11.12% 0.35% average exposure of 1.09%, the sukuk portfolio is estimated to have
contributed +0.03% to the Fund’s overall return for the financial year under
less: review. For a full review of the sukuk market, please refer to the following
Expenses -1.69% sections of this report.
Total Net
Return for Islamic Money Market Portfolio Review
the Year -4.29%
For the financial year under review, the Fund’s Islamic money market
FBMSCSM = FTSE Bursa Malaysia Small Cap Shariah Index portfolio, which was invested primarily in Islamic deposits, yielded a return
Bond Index = Quant Shop GII All Index (The return is computed of +3.12%. In comparison, the Overnight Islamic Interbank Money Market
for the Fund’s sukuk investment period) Rate (Overnight Islamic Rate) recorded a return of +3.09% over the same
Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate period.
During the financial year under review, the Fund’s exposure to Islamic
Shariah-compliant Equity Portfolio Review money market investments increased from 12.7% to 14.0% following the
For the financial year under review, the Fund’s Shariah-compliant equity disposal of selected sukuk investments. Based on an average exposure of
portfolio registered a return of -3.39% as compared to its Benchmark’s return 11.12%, the Islamic money market portfolio is estimated to have contributed
of -17.47%. The Fund’s Shariah-compliant equity portfolio outperformed +0.35% to the Fund’s overall return for the financial year under review.
the Benchmark as its selected holdings within the Consumer, Financial,
Industrial and Technology sectors outperformed the broader market during
the financial year under review.

Stock Market Review Sukuk Market and Islamic Money Market Review
Starting the financial year under review at 12,717.64 points, the FTSE Commencing the financial year under review, the domestic sukuk market
Bursa Malaysia EMAS Shariah Index (FBMS) traded in a tight range from strengthened in August 2017 on the back of firmer U.S. Treasuries (UST),
August to September 2017 due to a lack of fresh leads. The Index retraced a broadly weaker U.S. Dollar as well as accelerating economic growth and
further in October and November 2017 as market sentiment was dampened lower inflation in Malaysia.
by a selldown in selected blue chips before subsequently rebounding in
December 2017 and January 2018 on the back of firmer oil prices and The domestic sukuk market subsequently retreated in September and
buying interest from foreign investors. In early February 2018, the Index October 2017, driven by the Federal Reserve’s announcement that it would
fell in tandem with global markets on concerns over the prospect of higher- start its balance sheet reduction program in October 2017, while affirming
than-expected interest rates in the U.S. the likelihood of a 25 basis points (bps) rate hike in December 2017. Buying
interest gradually returned to the domestic sukuk market in November and
The FBMS subsequently rebounded in April 2018 amid net foreign inflows December 2017 on the back of a firmer Ringgit.
before easing in early May 2018 ahead of Malaysia’s 14th General Election.
Post-election, the local market moved in a trading range before trending In January and February 2018, the domestic sukuk market softened on
lower from late May to June 2018, weighed by foreign selling amid the the back of higher UST and weaker Ringgit, coupled with Bank Negara
outflow of funds from the emerging markets. The FBMS subsequently Malaysia (BNM) increased its Overnight Policy Rate (OPR) by 25 bps to
posted a strong rebound in July 2018 amid renewed buying interest and 3.25% on 25 January 2018. While the domestic sukuk market rebounded
closed at 12,810.75 points to register a gain of 0.73% for the financial year briefly in March 2018 in tandem with a rally in UST amid concerns over
under review. rising trade tensions between the U.S. and China, the market subsequently
retreated in April through June 2018, mainly on concerns over higher U.S.
interest rates as the 10-year UST yield breached the 3.0% mark and the
FTSE Bursa Malaysia EMAS Shariah Index U.S. Dollar continued to strengthen against the Ringgit. Following the past
(31 July 2017 - 31 July 2018) months’ weaknesses, domestic sukuk market regained strength in July
14,000 2018 in tandem with most regional bond markets as selected major central
banks were showing signs of backing down on monetary normalisation.
13,600
For the financial year under review, the yield of 3-year GII eased by 4 bps
13,200 to 3.55%, while the yield of 10-year GII inched up 4 bps to close at 4.13%.
The Overnight Islamic Rate commenced the financial year under review at
Index
12,800 2.99% and ended the financial year under review higher at 3.21%.
12,400
Economic Review
12,000 Malaysia’s GDP growth eased from 5.9% in 2017 to 5.4% in 1Q 2018 on
the back of slower investment spending and export growth. Growth in
11,600
Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 manufacturing activities moderated from 6.0% in 2017 to 5.3% in 1Q 2018.
Meanwhile, growth in the services sector rose from 6.2% to 6.5% over the
same period.
The regional equity markets, as proxied by the S&P Shariah BMI Asia Ex-
Japan (S&P SAEJ) Index, commenced the financial year under review Malaysia’s export growth softened to 6.9% in the first five months of 2018
at 100.82 points. The Index moved higher for the remainder of 2017, compared to 18.9% for the whole of 2017 due mainly to slower exports
driven by improving liquidity conditions in China, a rosier global economic of electrical and electronic products. Import growth decelerated to 1.3%
outlook, robust corporate earnings as well as the strengthening of regional from 19.9% over the same period on the back of lower imports of capital
currencies against the U.S. Dollar. and intermediate goods. Malaysia’s cumulative trade surplus widened
to RM54.5 billion in the first five months of 2018 compared to RM33.0
The S&P SAEJ Index started 2018 on a strong note but subsequently billion in the corresponding period of the prior year. Due to capital inflows,
retreated from February to July 2018, weighed by concerns over the Malaysia’s foreign reserves increased to US$104.7 billion as at end-June
prospect of faster-than-expected interest rate hikes in the U.S. as well as 2018 compared to US$98.9 billion a year ago.
trade tensions between the U.S. and China. The S&P SAEJ Index closed at
108.01 points to register a gain of 7.14% (+1.72% in Ringgit terms) for the Malaysia’s inflation rate slowed to 1.6% in 1H 2018 from 3.7% in 2017
financial year under review. amid moderating food prices and transportation costs. On 25 January
2018, BNM raised the OPR by 25 bps from 3.00% to 3.25% on the back of
Regional markets, namely the Hong Kong and Singapore markets, resilient economic growth. Loans growth climbed to 5.0% in 1H 2018 from
registered returns of -1.34% and -16.10% (in Ringgit terms) respectively for 4.1% in 2017 due to higher demand from the household sector.
the financial year under review.

The Ministry of Finance (MOF) announced a new Sales and Services Tax Outlook and Investment Strategy
(SST) effective 1 September 2018. The sales tax is set at two rates of
5% and 10% for selected manufactured and imported products while the Global and regional equity markets experienced volatile trading conditions
services tax is fixed at 6% for selected services. The MOF projects the SST in 1H 2018 on concerns over the prospect of higher U.S. interest rates and
to bring in revenues amounting to RM4.0 billion for 4Q 2018. the U.S. government’s proposed protectionist measures. Fund outflows
from emerging markets to developed markets were seen in 2Q 2018 on
the back of weaker local currencies. However, selected equity markets
Malaysia’s Annual GDP Growth closed the month of July on a positive note as foreign selling subsided.
7.0 While concerns over rising interest rates in the U.S. as well as U.S.-China
6.0
6.0 5.9 trade tensions may result in volatile market conditions in the near term,
5.5 5.5
5.1 the performance of equity markets over the longer term will depend on the
5.0 4.7
4.2
economic outlook and market valuations of the U.S., Europe and the Asia
%
4.0 Pacific region.
3.0
U.S. economic growth is projected to strengthen from 2.2% in 2017 to 2.9%
2.0 in 2018, driven by higher investment spending on the back of tax reform
measures.
1.0
0.0
In the Eurozone, economic growth is envisaged to ease from 2.5% in
2012 2013 2014 2015 2016 2017 2018F 2017 to 2.2% in 2018 on expectations of a moderation in consumer and
investment spending.
Source: Bloomberg
In North Asia, China’s GDP growth is estimated to moderate from 6.9% in
In South-East Asia, Singapore’s GDP growth strengthened from 3.6% in 2017 to 6.5% in 2018, led by slower export growth amid the ongoing trade
2017 to 4.1% in 1H 2018, helped by robust services activities. tensions. Meanwhile, China’s inflation rate is projected to increase from
1.6% in 2017 to 2.1% in 2018.
In North Asia, China’s GDP growth inched down from 6.9% in 2017 to 6.8%
in 1H 2018 following a moderation in the services sector. Hong Kong’s GDP Hong Kong’s GDP growth is expected to slow from 3.8% in 2017 to 3.6%
growth gained pace from 3.8% in 2017 to 4.7% in 1Q 2018 due to higher in 2018 on the back of moderating export growth. Going forward, the Hong
consumer and investment spending. Kong government is anticipated to maintain its tightening stance on the
residential property market. However, demand for better living standards
Led by higher investment spending and export growth, U.S. GDP growth
and resilient economic growth should lend support to Hong Kong’s property
rose from 2.2% in 2017 to 2.7% in 1H 2018. Investment spending increased
market over the long term.
from 4.8% in 2017 to 5.4% in 1H 2018 due to higher non-residential
investment. Likewise, export growth expanded from 3.0% to 5.0% over the In South-East Asia, Singapore’s GDP growth is projected to ease from 3.6%
same period. At the Federal Open Market Committee (FOMC) meeting on in 2017 to 3.1% in 2018 on expectations of softening domestic demand.
12-13 June 2018, the Federal Reserve raised the Federal funds rate target
range by 25 bps from 1.50%-1.75% to 1.75%-2.00%. On the domestic front, Malaysia’s GDP growth is estimated to ease from
5.9% in 2017 to 5.5% in 2018 amid moderating export growth. However,
Eurozone GDP growth inched down from 2.5% in 2017 to 2.3% in 1H 2018 domestic demand is projected to be supported by sustained consumer
amid slower economic growth in France. At its monetary policy meeting on spending.
26 July 2018, the European Central Bank (ECB) kept its main refinancing
and deposit rates at 0.00% and -0.40% respectively. The ECB will continue As at end-July 2018, the local stock market was trading at a prospective
its quantitative easing program at a monthly pace of €30 billion until end- P/E ratio of 17.1x, which was above its 10-year average of 16.5x. The
September 2018. Thereafter, the monthly pace of bond-buying will be market’s dividend yield was 3.18%.
reduced to €15 billion until the end of the program in end-December 2018, Valuations of regional markets in North-East and South-East Asia were
subject to the medium-term inflation outlook. generally mixed relative to their historical averages following their
In a referendum held on 23 June 2016, British voters voted in favour of respective performances over the same period.
exiting the European Union (EU). The United Kingdom (UK) formally Given the above factors, the Fund will continue to rebalance its investment
notified of its exit from the EU under Article 50 on 29 March 2017 that portfolio accordingly with the objective of achieving capital growth through
commences a 2-year process of trade negotiations with the EU. investments in companies with small market capitalisation which comply
with Shariah principles.
Notes: Q = Quarter
H = Half

Manager’s Report Trustee’s Report
Cross-Trade Transactions To the Unitholders of

PUBLIC ISLAMIC OPPORTUNITIES FUND
Cross-trade transactions were undertaken by PIOF during portfolio
rebalancing activities over the financial year under review. The transactions, We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PUBLIC
which have been reviewed by the Investment Committee, were deemed to ISLAMIC OPPORTUNITIES FUND for the financial year ended 31 July 2018.
be in the best interest of the Fund and transacted through a dealer on an In our opinion, PUBLIC MUTUAL BERHAD, the Manager, has operated and
arm’s length and fair value basis. managed PUBLIC ISLAMIC OPPORTUNITIES FUND in accordance with the
limitations imposed on the investment powers of the management company
Policy on Soft Commissions under the Deed, securities laws and the applicable Guidelines on Unit Trust
Funds during the financial year then ended.
The management company may receive goods or services which include
research materials, data and quotation services and investment related We are also of the opinion that:
publications by way of soft commissions provided they are of demonstrable (a) Valuation and pricing is carried out in accordance with the Deed and any
benefit to the Fund and unitholders. regulatory requirement;
During the financial year under review, PIOF has received data and (b) Creation and cancellation of units are carried out in accordance with the
quotation services by way of soft commissions. These services were used Deed and any regulatory requirement; and
to provide financial data on securities and price quotation information to the
Fund Manager during the financial year under review. (c) The distribution of income made by PUBLIC ISLAMIC OPPORTUNITIES
FUND as declared by the Manager is appropriate and reflects the
investment objective of PUBLIC ISLAMIC OPPORTUNITIES FUND.
Yours faithfully
AMANAHRAYA TRUSTEES BERHAD
HABSAH BINTI BAKAR

Chief Executive Officer
Kuala Lumpur, Malaysia

28 August 2018

Shariah Adviser’s Report Statement By Manager
To the Unitholders of We, TAN SRI DATO’ SRI TAY AH LEK and QUAH POH KEAT, being two
PUBLIC ISLAMIC OPPORTUNITIES FUND of the directors of PUBLIC MUTUAL BERHAD, do hereby state that, in the
opinion of the Manager, the accompanying statement of assets and liabilities
We have acted as the Shariah Adviser of PUBLIC ISLAMIC as at 31 July 2018 and the related statement of income and expenditure,
OPPORTUNITIES FUND. Our responsibility is to ensure that the statement of changes in net asset value and statement of cash flows for
procedures and processes employed by PUBLIC MUTUAL BERHAD the financial year ended on that date together with the notes thereto, are
and that the provisions of the Master Deed dated 28 January 1999 and drawn up in accordance with Malaysian Financial Reporting Standards and
subsequent Supplemental Master Deeds (collectively referred to as International Financial Reporting Standards so as to give a true and fair
“Deeds”) are in accordance with Shariah principles. view of the financial position of PUBLIC ISLAMIC OPPORTUNITIES FUND
In our opinion, PUBLIC MUTUAL BERHAD has managed and administered as at 31 July 2018 and of its financial performance, changes in net asset
PUBLIC ISLAMIC OPPORTUNITIES FUND in accordance with Shariah value and cash flows for the financial year then ended and comply with the
principles and complied with the applicable guidelines, rulings and requirements of the Deeds.
decisions issued by the Securities Commission Malaysia pertaining to
Shariah matters for the financial year ended 31 July 2018.
In addition, we also confirm that the investment portfolio of PUBLIC
ISLAMIC OPPORTUNITIES FUND comprises instruments which have
been classified as Shariah-compliant by the Shariah Advisory Council
(“SAC”) of the Securities Commission Malaysia, the SAC of Bank Negara For and on behalf of the Manager
Malaysia or the Shariah Supervisory Board of Standard & Poor’s Shariah
Indices. As for the instruments which are not classified as Shariah-
compliant by the SAC of the Securities Commission Malaysia, the SAC
of Bank Negara Malaysia or the Shariah Supervisory Board of Standard &
Poor’s Shariah Indices, we have reviewed the said instruments and confirm
that these instruments are Shariah-compliant.
TAN SRI DATO’ SRI TAY AH LEK
For ZICO Shariah Advisory Services Sdn Bhd

QUAH POH KEAT
27 August 2018
DR. AIDA OTHMAN PROF. DR. MOHAMAD AKRAM LALDIN

Director Designated Person Responsible for
Shariah Advisory
27 August 2018

Independent Auditors’ Report Independent Auditors’ Report (cont’d)
Independent auditors’ report to the Unitholders of Report on the audit of the financial statements (cont’d)
PUBLIC ISLAMIC OPPORTUNITIES FUND
Responsibility of the Manager and Trustee for the financial statements
Report on the audit of the financial statements
The Manager of the Fund is responsible for the preparation of financial
Opinion statements of the Fund that give a true and fair view in accordance with
MFRS and IFRS. The Manager is also responsible for such internal control
We have audited the financial statements of PUBLIC ISLAMIC as the Manager determines is necessary to enable the preparation of
OPPORTUNITIES FUND (“the Fund”), which comprise the statement financial statements of the Fund that are free from material misstatement,
of assets and liabilities as at 31 July 2018, and the statement of income whether due to fraud or error.
and expenditure, statement of changes in net asset value and statement
of cash flows of the Fund for the financial year then ended, and notes to In preparing the financial statements of the Fund, the Manager is
the financial statements, including a summary of significant accounting responsible for assessing the Fund’s ability to continue as a going concern,
policies, as set out on pages 21 to 45. disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Manager either intends to
In our opinion, the accompanying financial statements give a true and fair liquidate the Fund or to cease operations, or has no realistic alternative
view of the financial position of the Fund as at 31 July 2018, and of its but to do so.
financial performance and its cash flows for the financial year then ended
in accordance with Malaysian Financial Reporting Standards (“MFRS”) and The Trustee is responsible for overseeing the Fund’s financial reporting
International Financial Reporting Standards (“IFRS”). process. The Trustee is also responsible for ensuring that the Manager
maintains proper accounting and other records as are necessary to enable
Basis for opinion true and fair presentation of these financial statements.
We conducted our audit in accordance with approved standards on auditing Auditors’ responsibility for the audit of the financial statements
in Malaysia and International Standards on Auditing. Our responsibilities
under those standards are further described in the Auditors’ responsibilities Our objectives are to obtain reasonable assurance about whether the
for the audit of the financial statements section of our report. We believe financial statements of the Fund as a whole are free from material
that the audit evidence we have obtained is sufficient and appropriate to misstatement, whether due to fraud or error, and to issue an auditors’
provide a basis for our opinion. report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance
Independence and other ethical responsibilities with approved standards on auditing in Malaysia and International
We are independent of the Fund in accordance with the By-Laws (on Standards on Auditing will always detect a material misstatement when it
Professional Ethics, Conduct and Practice) of the Malaysian Institute of exists. Misstatements can arise from fraud or error and are considered
Accountants (“By-Laws”) and the International Ethics Standards Board for material if, individually or in the aggregate, they could reasonably be
Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), expected to influence the economic decisions of users taken on the basis
and we have fulfilled our other ethical responsibilities in accordance with of these financial statements.
the By-Laws and the IESBA Code. As part of an audit in accordance with approved standards on auditing in
Information other than the financial statements and auditors’ report Malaysia and International Standards on Auditing, we exercise professional
thereon judgment and maintain professional skepticism throughout the audit. We
also:
The Manager of the Fund is responsible for the other information. The
other information comprises the information included in the Annual Report • Identify and assess the risks of material misstatement of the financial
of the Fund, but does not include the financial statements of the Fund and statements of the Fund, whether due to fraud or error, design and perform
our auditors’ report thereon. audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The
Our opinion on the financial statements of the Fund does not cover the risk of not detecting a material misstatement resulting from fraud is
other information and we do not express any form of assurance conclusion higher than for one resulting from error, as fraud may involve collusion,
thereon. forgery, intentional omissions, misrepresentations, or the override of
internal control.
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 • Obtain an understanding of internal control relevant to the audit in order
whether the other information is materially inconsistent with the financial to design audit procedures that are appropriate in the circumstances,
statements of the Fund or our knowledge obtained in the audit or otherwise but not for the purpose of expressing an opinion on the effectiveness
appears to be materially misstated. If, based on the work we have of the Fund’s internal control.
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 • Evaluate the appropriateness of accounting policies used and the
in this regard. reasonableness of accounting estimates and related disclosures made
by the Manager.

Independent Auditors’ Report (cont’d) Statement Of Assets And Liabilities
As at 31 July 2018
Report on the audit of the financial statements (cont’d) Note 2018 2017
MYR’000 MYR’000
Auditors’ responsibility for the audit of the financial statements (cont’d) Assets
• Conclude on the appropriateness of Manager’s use of the going concern Investments 4 773,852 881,573
basis of accounting and, based on the audit evidence obtained, whether Due from brokers/financial institutions, net 7 - 71
a material uncertainty exists related to events or conditions that may cast Tax recoverable 208 208
significant doubt on the Fund’s ability to continue as a going concern. Other receivables 780 1,012
If we conclude that a material uncertainty exists, we are required to Shariah-based placements with financial
draw attention in our auditors’ report to the related disclosures in the institutions 8 119,414 74,880
financial statements of the Fund or, if such disclosures are inadequate, Cash at banks 9 1,030 53,452
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 895,284 1,011,196
conditions may cause the Fund to cease to continue as a going concern. Liabilities
Due to brokers/financial institutions, net 7 321 9
• Evaluate the overall presentation, structure and content of the financial Due to the Manager, net 10 3,919 3,610
statements of the Fund, including the disclosures, and whether the Due to the Trustee 45 54
financial statements of the Fund represent the underlying transactions Other payables 29 81
and events in a manner that achieves fair presentation. Distribution payable 31,459 22,195
We communicate with the Manager regarding, among other matters, 35,773 25,949
the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify Total net assets 859,511 985,247
during our audit.
Net asset value (“NAV”) attributable
Other matters to unitholders (Total equity) 11 859,511 985,247
This report is made solely to the unitholders of the Fund, as a body, in Units in circulation (in ’000) 12 2,097,240 2,219,462
accordance with Guidelines on Unit Trust Funds issued by Securities
Commission Malaysia and for no other purpose. We do not assume NAV per unit, ex-distribution (in sen) 40.98 44.39
responsibility to any other person for the content of this report.
The accompanying notes are an integral part of this statement.
Ernst & Young Ng Sue Ean

AF: 0039 No. 03276/07/2020 J
Chartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia

27 August 2018

Statement Of Income And Expenditure Statement Of Changes In Net Asset Value
For the Financial Year Ended 31 July 2018 For the Financial Year Ended 31 July 2018
Note 2018 2017 Unitholders’ Retained

MYR’000 MYR’000 Note capital earnings Total
Income MYR’000 MYR’000 MYR’000
Profit from Shariah-based placements 2,427 3,391
Income from sukuk 490 384 As at 1 August 2016 673,515 128,239 801,754
Distribution income 2,212 7,606 Creation of units 166,807 - 166,807
Dividend income 23,729 20,038 Cancellation of units (115,942) - (115,942)
Net income after taxation - 154,823 154,823
Dividend income from non-permissible
Distribution 17 (4,168) (18,027) (22,195)
securities 14 403
Net (loss)/gain from investments 4 (50,621) 137,688 As at 31 July 2017 720,212 265,035 985,247
Net realised gain on sale of non-permissible
securities - 100
Amortisation of premium, net of accretion
As at 1 August 2017 720,212 265,035 985,247
of discount (21) (21)
Creation of units 49,630 - 49,630
Net realised/unrealised foreign exchange
Cancellation of units (103,468) - (103,468)
(loss)/gain (2,449) 1,732
Net loss after taxation - (40,439) (40,439)
Non-permissible income - 175
Distribution 17 - (31,459) (31,459)
(24,219) 171,496
As at 31 July 2018 666,374 193,137 859,511
Less: Expenses
Trustee’s fee 14 598 599
Management fee 15 14,942 14,963
Audit fee 7 7 The accompanying notes are an integral part of this statement.
Tax agent’s fee 3 3
Brokerage fee 428 690
Administrative fees and expenses 75 126
Payment to charitable bodies - 175
16,053 16,563
Net (loss)/income before taxation (40,272) 154,933
Taxation 16 (167) (110)
Net (loss)/income after taxation (40,439) 154,823
Net (loss)/income after taxation is made
up as follows:
Realised 47,391 35,022
Unrealised (87,830) 119,801
(40,439) 154,823
Final distribution for the financial year 17 31,459 22,195
The accompanying notes are an integral part of this statement.

Statement Of Cash Flows Notes To The Financial Statements
For the Financial Year Ended 31 July 2018 31 July 2018
Note 2018 2017 1. The Fund, The Manager and Their Principal Activities
MYR’000 MYR’000
Cash flows from operating activities The Public Islamic Opportunities Fund (hereinafter referred to as
Proceeds from sale of investments 112,490 81,394 “the Fund”) was set up pursuant to the execution of a Supplemental
Purchase of investments (55,440) (149,752) Master Deed dated 9 June 2005 between the Manager, Public Mutual
Maturity of Shariah-based placements 19,308,396 28,590,875 Berhad, the Trustee, AmanahRaya Trustees Berhad and the registered
Shariah-based placements (19,352,930) (28,560,354) unitholders of the Fund. The Fund is governed by a Master Deed
Profit from Shariah-based placements dated 28 January 1999 and subsequent Supplemental Master Deeds
received 2,422 3,410 (collectively referred to as “Deeds”).
Income from sukuk received 472 368 The Fund’s objective is to achieve capital growth through investments in
Net distribution income received 2,045 7,488 companies with small market capitalisation which comply with Shariah
Net dividend income received 23,981 20,012 principles. The Fund invests in investments as defined in the Deeds.
Interest received from foreign currency The Fund was launched on 28 June 2005 and will continue its operations
accounts 4 4 until terminated by the Trustee as provided in the Master Deed.
Non-permissible income received - 175
Trustee’s fee paid (607) (588) The Manager of the Fund is Public Mutual Berhad, a company
Management fee paid (15,178) (14,686) incorporated in Malaysia. Its principal activities are the management
Audit fee paid (7) (7) of unit trusts and the sale of trust units. Its ultimate holding company
Tax agent’s fee paid (3) (3) is Public Bank Berhad, a licensed bank incorporated in Malaysia and
Payment of other fees and expenses (125) (117) listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa
Payment to charitable bodies 6(b) (4) (177) Securities”).
Net cash inflow/(outflow) from 2. Summary of Significant Accounting Policies

operating activities 25,516 (21,958)
(a) Basis of Preparation
Cash flows from financing activities
Cash proceeds from units created 49,630 166,807 The financial statements of the Fund have been prepared under
Cash paid on units cancelled (102,923) (115,088) the historical cost convention, as modified by the revaluation of
Distribution paid (22,195) - financial assets and financial liabilities at fair value and comply
with Malaysian Financial Reporting Standards (“MFRS”) and
Net cash (outflow)/inflow from International Financial Reporting Standards (“IFRS”).
financing activities (75,488) 51,719
The Fund has adopted MFRSs, Amendments and Issue Committee
Net (decrease)/increase in cash and (“IC”) Interpretations which were effective from periods beginning
cash equivalents (49,972) 29,761 on or after 1 January 2017. The adoption of these MFRSs,
Effect of changes in foreign Amendments and IC Interpretations do not have any significant
exchange rates (2,450) 1,726 impact on the financial statements of the Fund.
Cash and cash equivalents at the
beginning of the financial year 53,452 21,965 The Fund will adopt the following MFRSs, Amendments and IC
Interpretations when they become effective in the respective
Cash and cash equivalents at the financial periods and these MFRSs, Amendments and IC
end of the financial year 1,030 53,452 Interpretations are not expected to have material impact to the
financial statements of the Fund upon the initial application.
Effective dates
The accompanying notes are an integral part of this statement. for financial periods
beginning on or after
MFRS 9 - Financial Instruments (IFRS 9 - 1 January 2018
Financial Instruments as issued by
International Accounting Standards Board
in July 2014)
MFRS 15 - Revenue from Contracts with 1 January 2018
Customers *
Clarifications to MFRS 15 Revenue from 1 January 2018
Contracts with Customers *

Notes To The Financial Statements Notes To The Financial Statements
31 July 2018 31 July 2018
2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d) (a) Basis of Preparation (cont’d)
Effective dates Effective dates
for financial periods for financial periods
beginning on or after beginning on or after
Classification and Measurement of 1 January 2018 (3) Amendments to MFRS 6 Exploration
Share-based Payment Transactions for and Evaluation of Mineral
(Amendments to MFRS 2) * Resources *
Applying MFRS 9 - Financial Instruments 1 January 2018 (4) Amendment to MFRS 14 Regulatory
with MFRS 4 - Insurance Contracts Deferral Accounts *
(Amendments to MFRS 4) * (5) Amendments to MFRS 101
Annual Improvements to MFRS Standards Presentation of Financial Statements
2014-2016 Cycle (6) Amendments to MFRS 108
(i) Amendments to MFRS 1 - First-time 1 January 2018 Accounting Policies, Changes in
Adoption of MFRSs Accounting Estimates and Errors
(ii) Amendments to MFRS 128 - 1 January 2018 (7) Amendments to MFRS 134 Interim
Investments in Associates and Joint Financial Reporting
Ventures * (8) Amendment to MFRS 137 Provisions,
Transfers of Investment Property 1 January 2018 Contingent Liabilities and
(Amendments to MFRS 140) * Contingent Assets
IC Interpretation 22 - Foreign Currency 1 January 2018 (9) Amendment to MFRS 138 Intangible
Transactions and Advance Consideration Assets *
MFRS 16 - Leases * 1 January 2019 (10) Amendment to IC Interpretation 12
Prepayment Features with Negative 1 January 2019 Service Concession Arrangements *
Compensation (Amendments to MFRS 9) * (11) Amendment to IC Interpretation 19
Plan Amendment, Curtailment or Settlement 1 January 2019 Extinguishing Financial Liabilities
(Amendments to MFRS 119 Employee with Equity Instruments *
Benefits) * (12) Amendment to IC Interpretation 20
Long-term Interests in Associates and Joint 1 January 2019 Stripping Costs in the Production
Ventures (Amendments to MFRS 128) * Phase of a Surface Mine *
Annual Improvements to MFRS Standards (13) Amendment to IC Interpretation 22
2015-2017 Cycle Foreign Currency Transactions and
(i) Previously Held Interest in a Joint 1 January 2019 Advance Consideration
Operation (Amendments to MFRS 3 (14) Amendments to IC Interpretation 132
Business Combinations) * Intangible Assets - Web Site Costs *
(ii) Previously Held Interest in a Joint 1 January 2019 MFRS 17 - Insurance Contracts * 1 January 2021
Operation (Amendments to MFRS 11 Sale or Contribution of Assets between an To be announced
Joint Arrangements) * Investor and its Associate or Joint Venture
(iii) Income Tax Consequences of Payments 1 January 2019 (Amendments to MFRS 10 and MFRS 128) *
on Financial Instruments Classified * These MFRSs, Amendments and IC Interpretation are not
as Equity (Amendments to MFRS 112 relevant to the Fund.
Income Taxes) *
(iv) Borrowing Costs Eligible for 1 January 2019 In November 2014, the Malaysian Accounting Standards Board
Capitalisation (Amendments to (“MASB”) issued the final version of MFRS 9 Financial Instruments
MFRS 123 Borrowing Costs) * that replaces MFRS 139 Financial Instruments: Recognition and
IC Interpretation 23 - Uncertainty over 1 January 2019 Measurement and all previous versions of MFRS 9. MFRS 9 brings
Income Tax Treatments * together all three aspects of the accounting for financial instruments
Amendments to References to the 1 January 2020 project: classification and measurement, impairment and hedge
Conceptual Framework in MFRS Standards accounting. MFRS 9 is effective for annual periods beginning on
(1) Amendments to MFRS 2 Share-Based
or after 1 January 2018, with early application permitted. Except
Payment *
for hedge accounting, retrospective application is required but
(2) Amendment to MFRS 3 Business
Combinations * providing comparative information is not compulsory. For hedge
accounting, the requirements are generally applied prospectively,
with some limited exceptions.
31 July 2018 31 July 2018
(a) Basis of Preparation (cont’d) (d) Financial Assets and Liabilities
During 2017, the Fund has performed a detailed impact assessment Financial assets and financial liabilities are recognised in the
of all three aspects of MFRS 9. This assessment is based on Statement of Assets and Liabilities when, and only when, the Fund
currently available information and may be subject to changes becomes a party to the contractual provisions of the instrument.
arising from further reasonable and supportable information being
i) Financial Assets
made available to the Fund in 2018 when the Fund adopts MFRS 9.
Overall, the Fund expects no significant impact on its statement of The Fund determines the classification of its financial assets
assets and liabilities except for the effect of applying the impairment at initial recognition, and the categories include financial
requirements of MFRS 9. The Fund does not expect an increase assets at fair value through profit or loss (“FVTPL”) and loans
in the loss allowance resulting in a negative impact on its assets and receivables.
as discussed below.
When financial assets are recognised initially on trade date,
Classification and measurement they are measured at fair value, plus, in the case of financial
The Fund does not expect a significant impact on its statement assets not at FVTPL, directly attributable transaction costs.
of assets and liabilities on applying the classification and
measurement requirements of MFRS 9. It expects to continue Financial assets are derecognised on trade date when the
measuring at fair value all financial assets currently ‘held for trading’. rights to receive cash flows from the investments have expired
or the Fund has transferred substantially all risks and rewards
Receivables are held to collect contractual cash flows. The of ownership.
Fund analysed the contractual cash flow characteristics of those
instruments and concluded that they meet the criteria for amortised • Financial Assets at FVTPL
cost measurement under MFRS 9. Therefore, reclassification for Financial assets are classified as financial assets at
these instruments is not required. FVTPL if they are held for trading or are designated as
Impairment such upon initial recognition. Financial assets held for
MFRS 9 requires the Fund to record expected credit losses on all trading are those acquired principally for the purpose of
of its receivables, either on a 12-month or lifetime basis. The Fund selling in the near term. Subsequent to initial recognition,
will apply the simplified approach and record lifetime expected financial assets at FVTPL are measured at fair value.
losses on all receivables. The Fund has determined that, due to Changes in the fair value of those financial instruments
the short term nature of its receivables, the loss allowance will be are recorded in “Net gain or loss on financial assets
at FVTPL”. Interest earned, distribution income and
insignificant.
dividend revenue elements of such instruments are
(b) Accounting Estimates and Judgements recorded separately in “Interest income”, “Distribution
income” and “Dividend income” respectively. Exchange
The preparation of the Fund’s financial statements requires the differences on financial assets at FVTPL are not
Manager to make judgements, estimates and assumptions that recognised separately in profit or loss but are included in
affect the reported amounts of revenues, expenses, assets and net gain or net loss on changes in fair value of financial
liabilities, and the disclosure of contingent liabilities at the reporting assets at FVTPL.
date. However, uncertainty about these assumptions and estimates
• Loans and Receivables
could result in outcome that could require a material adjustment to
the carrying amount of an asset or a liability in the future. The Fund does not have any loans throughout the
financial year. Financial assets with fixed or determinable
There are no major judgements nor key assumptions concerning payments that are not quoted in an active market are
the future and other key sources of estimation uncertainty at the classified as receivables. Such receivables include
reporting date, that may cast significant doubt upon the Fund’s amount due from brokers/financial institutions, amount
ability to continue as a going concern. Therefore, the financial due from the Manager and other receivables. Subsequent
statements continue to be prepared on the going concern basis. to initial recognition, these are measured at amortised
cost.
(c) Fair Value Measurement
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date.

31 July 2018 31 July 2018
(d) Financial Assets and Liabilities (cont’d) (e) Foreign Currency (cont’d)
i) Financial Assets (cont’d) ii) Foreign Currency Transactions (cont’d)
• Loans and Receivables (cont’d) Exchange differences arising from translation of monetary
items at the reporting date are recognised in profit or loss.
For financial assets carried at amortised cost, the Fund Exchange differences arising from the translation of non-
assesses at each reporting date whether there is any monetary financial assets at FVTPL are included in profit
objective evidence that a financial asset is impaired. If any or loss.
such evidence exists, the amount of impairment loss is
measured as the difference between the asset’s carrying (f) Unitholders’ Capital
amount and the present value of estimated future cash
flows discounted at the financial asset’s original effective The Unitholders’ contributions to the Fund meet the definition of
interest rate. The carrying amount of the financial asset puttable instruments and are classified as equity instruments.
is reduced and the amount of the loss is recognised in Distribution equalisation represents the average distributable
profit or loss with the exception of receivables. amount included in the creation and cancellation prices of units.
If in a subsequent period, the amount of the impairment This amount is either refunded to Unitholders by way of distribution
loss decreases and the decrease can be related and/or adjusted accordingly when units are cancelled.
objectively to an event occurring after the impairment (g) Cash and Cash Equivalents
was recognised, the previously recognised impairment
loss is reversed to the extent that the carrying amount Cash and cash equivalents comprise cash at licensed banks which
of the asset does not exceed its amortised cost at the are subject to an insignificant risk of changes in value.
reversal date. The amount of reversal is recognised in
(h) Income
profit or loss.
Income is recognised to the extent that it is probable that the
ii) Financial Liabilities
economic benefits will flow to the Fund and the income can
Financial liabilities are classified according to the substance of be reliably measured. Income is measured at the fair value of
the contractual arrangements entered into and the definitions consideration received or receivable, and is presented gross of any
of a financial liability. non-recoverable withholding taxes, which is disclosed separately
in the statement of income and expenditure.
Financial liabilities are recognised initially at fair value and
subsequently stated at amortised cost. The Fund includes Distribution income and dividend income are recognised on the
in this category amount due to brokers/financial institutions, date when the Fund’s right to receive the payment is established.
amounts due to the Manager and the Trustee, and other
Profit from Shariah-based placements, income from sukuk and
payables. A financial liability is derecognised when it is settled.
accretion of discount/amortisation of premium are recognised using
(e) Foreign Currency the effective interest method.
i) Functional and Presentation Currency (i) Taxation
The financial statements of the Fund are measured using Current tax assets and liabilities are measured at the amount
the currency of the primary economic environment in which expected to be recovered from or paid to the tax authorities. The
the Fund operates (“the functional currency”). The financial tax rate and tax laws used to compute the amount are those that
statements are presented in Malaysian Ringgit (“MYR”), which are enacted or substantively enacted by the reporting date. The
is also the Fund’s functional currency. Fund may also incur withholding taxes on income received from
financial instruments.
ii) Foreign Currency Transactions
(j) Interest from Foreign Currency Accounts
Transactions in foreign currencies are measured and recorded
in the functional currency of the Fund on initial recognition at A portion of the cash is maintained in foreign currency accounts
exchange rates approximating those ruling at the transaction outside Malaysia to facilitate the settlement of purchase and selling
dates. Monetary assets and liabilities denominated in foreign of foreign securities in a particular country. Interest earned, if any,
currencies are translated at the rate of exchange ruling at from these accounts is not recognised as income to the Fund. Such
the reporting date. Non-monetary items denominated in interest will be channelled to charitable bodies as part of the Fund’s
foreign currencies that are measured at historical cost are cleansing process in line with the advice of the Shariah Adviser.
translated using the exchange rates as at the dates of the
initial recognition.
31 July 2018 31 July 2018
2. Summary of Significant Accounting Policies (cont’d) 3. Financial Risk and Capital Management Policies (cont’d)
(k) Related Parties (a) Market Risk (cont’d)
Related parties refer to Public Bank Berhad and its subsidiaries. iii) Currency Risk
The Fund invests in financial instruments denominated in
3. Financial Risk and Capital Management Policies currencies other than its functional currency. Consequently,
The Fund is exposed to a variety of financial risks, which include market the Fund is exposed to risks arising from changes in the
risk (such as price risk, interest rate risk and currency risk), credit risk, exchange rate of its functional currency relative to other
foreign currencies that might significantly impact the value of
single issuer risk, liquidity risk and reclassification of Shariah status
the Fund’s assets or liabilities denominated in currencies other
risk. The overall financial risk management objective of the Fund is to than Malaysian Ringgit.
mitigate capital loss.
The increase/(decrease) in the NAV attributable to unitholders
Financial risk management is carried out through policy reviews, internal as at reporting date, assuming exchange rates of foreign
control systems and adherence to the investment powers and restrictions currencies fluctuate by +/(-) 5% with all other variables held
stipulated in the Guidelines on Unit Trust Funds issued by Securities constant, is +/(-) MYR1,920,000 (2017: +/(-) MYR4,840,000).
Commission Malaysia. This analysis is for illustration purpose only and not an
indication of future variances.
(a) Market Risk
(b) Credit Risk
Market risk arises when the value of the securities and the demand
for sukuk fluctuate in response to the activities of individual Credit risk refers to the ability of an issuer or a counterparty to make
companies, and general market or economic environments. Market timely payments of profit, principals and proceeds from realisation of
risk is managed through portfolio diversification and changes in investments. The Fund invests only in debt securities with at least
asset allocation. It comprises the following risks: investment grade credit rating by the relevant credit rating agencies.
The Manager manages credit risk by setting counterparty limits and
i) Price Risk undertaking credit evaluation to assess such risk.
Price risk is the risk that prices of equity securities and (c) Single Issuer Risk
collective investment funds rise or fall as a result of changes
The Fund is restricted to invest in securities issued by any issuer
in factors specific to a particular security or general market
of not more than a certain percentage of its net asset value. Under
conditions.
such restriction, the exposure risk to the securities of a single
The increase/(decrease) in the NAV attributable to unitholders issuer is minimised.
as at reporting date, assuming equity and collective investment (d) Liquidity Risk
funds’ prices change by +/(-) 5% with all other variables held
constant, is +/(-) MYR38,314,000 (2017: +/(-) MYR42,948,000). The Fund maintains a sufficient level of liquid assets to meet
This analysis is for illustration purpose only and not an anticipated payments and redemption by unitholders. Liquid assets
indication of future variances. comprise cash, Shariah-based placements with licensed financial
institutions and other instruments, which can be converted into cash
ii) Interest Rate Risk within 7 days. The Fund’s policy is to maintain a prudent level of
liquid assets and monitoring of the daily creation and cancellation
Interest rate risk arises from changes in interest rates which of units so as to manage liquidity risk.
affect the fair value of financial instruments. Interest rates
move inversely to sukuk prices. When interest rates rise, the The Fund’s financial liabilities have contractual maturities of not
prices of sukuk fall and vice versa. more than six (6) months.
The increase/(decrease) in the NAV attributable to unitholders (e) Reclassification of Shariah Status Risk
as at reporting date, assuming interest rates change by +/(-) 50 The Shariah-compliant securities currently held in the portfolio
basis points with all other variables held constant, is nil of Shariah-based funds may be reclassified to be Shariah non-
(2017: (-)/+ MYR383,000). This analysis is for illustration compliant in the periodic review of the securities by the Shariah
purpose only and not an indication of future variances. Advisory Council (“SAC”) of the Securities Commission Malaysia,
the Shariah Adviser or the Shariah Boards of the relevant Islamic
Indices. If this occurs, the value of the Fund may be adversely
affected where the Manager will take the necessary steps to dispose
of such securities in accordance with the advice from the SAC of
the Securities Commission Malaysia and/or the Shariah Adviser.

31 July 2018 31 July 2018
3. Financial Risk and Capital Management Policies (cont’d) 4. Investments (cont’d)

(f) Capital Management Fair Percent
Quantity Cost Value of NAV
Capital is represented by unitholders’ subscription to the Fund. MYR’000 MYR’000 MYR’000 %
The amount of capital can change significantly on a daily basis
as the Fund is subject to daily redemption and subscription at EQUITY SECURITIES
the discretion of unitholders. The Manager manages the Fund’s Malaysia
capital in accordance to its objective as stated in Note 1, while
maintaining sufficient liquidity to meet unitholders’ redemption as Basic Materials
explained in Note (d) above. Ahmad Zaki Resources
Berhad 2,786 3,940 1,379 0.1
4. Investments NTPM Holdings Berhad 6,843 6,139 4,004 0.5
2018 2017 10,079 5,383 0.6

MYR’000 MYR’000 Communications
Financial assets at FVTPL GHL Systems Berhad 15,065 15,382 25,159 2.9
- Equity securities 734,226 822,212 Sasbadi Holdings Berhad 7,213 7,240 2,525 0.3
- Collective investment funds 30,777 35,761 Star Media Group Berhad 5,426 13,848 6,619 0.8
- Warrants 1,277 997 TIME dotCom Berhad 1,894 3,119 15,529 1.8
- Collective investment schemes 7,572 2,418 39,589 49,832 5.8
- Sukuk - 20,185
Consumer, Cyclical
773,852 881,573 Bonia Corporation Berhad 7,511 5,186 3,267 0.4
Latitude Tree Holdings
The Fund’s investments are carried at fair value, which were determined Berhad 1,793 12,521 6,543 0.8
using prices in active markets for identical assets. MBM Resources Berhad 1,599 3,479 3,838 0.4
Padini Holdings Berhad 2,856 5,733 17,138 2.0
Quoted equity securities, collective investment funds and warrants Poh Huat Resources
Fair value is determined directly by reference to the published market Holdings Berhad 3,860 6,206 5,751 0.7
price at the reporting date. Prolexus Berhad 1,977 3,931 1,384 0.1
The market prices of the above quoted financial instruments are 37,056 37,921 4.4
determined by reference to information made publicly available by the
Consumer, Non-cyclical
respective stock exchanges. Apollo Food Holdings
Unquoted collective investment schemes Berhad 385 2,233 1,636 0.2
Fair value is determined based on the published net asset value per Hup Seng Industries
unit at the reporting date. Berhad 3,528 4,678 3,811 0.4
Kawan Food Berhad 1,839 5,520 4,525 0.5
Unquoted sukuk Kossan Rubber Industries
The published market prices for unquoted Ringgit-denominated Bhd 9,152 4,769 40,179 4.7
sukuk are based on information provided by the Bond Pricing Agency KPJ Healthcare Berhad 18,964 3,736 19,912 2.3
Malaysia (“BPAM”). Sarawak Plantation
Berhad 2,000 6,298 3,160 0.4
FINANCIAL INSTRUMENTS - 31 JULY 2018 Suria Capital Holdings
Berhad 3,298 8,250 5,507 0.6
The equity securities and collective investment funds held by the Fund TDM Berhad 2,725 2,249 708 0.1
are categorised based on their principal business activities according Teo Seng Capital Berhad 7,563 11,590 6,429 0.8
to the Bloomberg Sector Classification System as at the reporting date TH Plantations Berhad 6,239 8,720 4,367 0.5
of the Statement of Assets and Liabilities. TSH Resources Berhad 5,455 3,909 6,546 0.8
61,952 96,780 11.3
Diversified
Malaysian Pacific
Industries Berhad 2,925 18,803 31,409 3.7

31 July 2018 31 July 2018
4. Investments (cont’d) 4. Investments (cont’d)

Fair Percent Fair Percent
Quantity Cost Value of NAV Quantity Cost Value of NAV
MYR’000 MYR’000 MYR’000 % MYR’000 MYR’000 MYR’000 %
EQUITY SECURITIES EQUITY SECURITIES
(cont’d) (cont’d)
Malaysia (cont’d) Malaysia (cont’d)
Energy Industrial (cont’d)
Velesto Energy Berhad 44,736 13,948 13,197 1.5 V.S. Industry Berhad 28,381 33,321 47,680 5.5
Wellcall Holdings Berhad 3,377 5,086 4,187 0.5
Financial
Glomac Berhad 4,618 4,830 2,101 0.2 251,825 297,843 34.6
KSL Holdings Berhad 9,077 8,223 8,079 0.9
Syarikat Takaful Malaysia Technology
Keluarga Berhad 9,124 20,465 35,949 4.2 Globetronics Technology
Tambun Indah Land Bhd 12,856 25,930 32,139 3.8
Berhad 5,208 7,610 5,208 0.6 Inari Amertron Berhad 27,361 21,674 67,035 7.8
UEM Edgenta Berhad 1,824 5,804 3,902 0.5 KESM Industries Berhad 416 7,469 7,068 0.8
YNH Property Bhd 1,929 3,685 2,623 0.3 55,073 106,242 12.4
50,617 57,862 6.7 Hong Kong
Industrial Consumer, Cyclical
CJ Century Logistics Boshiwa International
Holdings Berhad 1,955 1,846 1,339 0.1 Holding Ltd [Note (i)] 1,898 4,748 - -
Cypark Resources Berhad 1,031 2,236 2,474 0.3
Daibochi Berhad 13,245 13,674 27,020 3.1 Singapore
Datasonic Group Berhad 6,490 8,488 5,257 0.6
Consumer, Non-cyclical
Econpile Holdings Bhd 6,359 6,929 5,755 0.7
Raffles Medical Group
Evergreen Fibreboard
Limited 6,186 14,615 20,674 2.4
Berhad 18,111 24,570 9,237 1.1
Favelle Favco Berhad 1,204 3,873 3,082 0.4 Industrial
Frontken Corporation Riverstone Holdings
Berhad 8,765 3,666 4,777 0.5 Limited 5,205 4,516 17,083 2.0
Heveaboard Berhad 14,007 20,374 12,046 1.4
Hock Seng Lee Berhad 3,120 5,763 4,274 0.5 COLLECTIVE
Lingkaran Trans Kota INVESTMENT FUNDS
Holdings Berhad 1,002 4,341 4,349 0.5 Malaysia
Magni-Tech Industries
Berhad 1,642 6,880 7,880 0.9 Financial
Muhibbah Engineering (M) Al-’Aqar Healthcare REIT 12,249 16,342 15,433 1.8
Bhd 7,290 18,278 22,162 2.6 Axis Real Estate
Naim Holdings Berhad 1,663 5,696 1,139 0.1 Investment Trust 10,229 15,819 15,344 1.8
SAM Engineering &
Equipment (M) Berhad 896 6,933 6,549 0.8 32,161 30,777 3.6
SKP Resources Bhd 18,471 25,273 27,521 3.2
Note (i): This security was suspended since 15 March 2012 and its
Supermax Corporation
valuation has been marked to zero based on the method and
Berhad 10,293 23,568 44,980 5.2 basis as approved by the Trustee.
Tasek Corporation Berhad 892 7,712 6,064 0.7
Tong Herr Resources
Berhad 136 237 466 0.1
Uchi Technologies Berhad 16,053 23,081 49,605 5.8

31 July 2018 31 July 2018
4. Investments (cont’d) 5. Fair Value of Financial Instruments

Fair Percent The Fund uses the following hierarchy for determining and disclosing
Quantity Cost Value of NAV the fair value of financial instruments by valuation technique:
MYR’000 MYR’000 MYR’000 %
Level 1: Quoted prices per respective stock markets for identical
WARRANTS assets or liabilities.
Malaysia Level 2: Inputs other than quoted prices included within Level 1 that
Daibochi Berhad - WB 1,125 - 405 * are observable for the asset or liability, either directly (as
Datasonic Group Berhad prices) or indirectly (derived from prices).
- WA 3,245 - 584 0.1
Level 3: Inputs for the asset or liability other than observable market
Econpile Holdings Bhd
data.
- WA 450 - 92 *
Poh Huat Resources As of end of the financial year, the Fund held the following financial
Holdings Berhad - WB 396 - 196 * instruments carried at fair value on the Statement of Assets and
- 1,277 0.1 Liabilities.
Level 1 Level 2 Total
COLLECTIVE MYR’000 MYR’000 MYR’000
INVESTMENT As at 31 July 2018
SCHEMES Financial assets at FVTPL
Money Market Funds - Equity securities 734,226 - 734,226
managed by the - Collective investment funds 30,777 - 30,777
Manager - Warrants 1,277 - 1,277
Public e-Islamic Cash - Collective investment
Deposit Fund 2,497 2,499 2,505 0.3 schemes - 7,572 7,572
Public Islamic Money
766,280 7,572 773,852
Market Fund 4,978 5,145 5,067 0.6
As at 31 July 2017
7,644 7,572 0.9
Financial assets at FVTPL
TOTAL 602,626 773,852 90.0 - Equity securities 822,212 - 822,212
- Collective investment funds 35,761 - 35,761
* Denote less than 0.1% of NAV. - Warrants 997 - 997
Cost is translated to the Fund’s functional currency based on the - Collective investment
exchange rate at the reporting date of the Statement of Assets and schemes - 2,418 2,418
Liabilities. - Sukuk - 20,185 20,185
Effective yield of unquoted sukuk for the financial year is as follows: 858,970 22,603 881,573
2018 2017 There were no transfers between Level 1 and Level 2 during the
% % current and previous financial year.
Unquoted sukuk
The carrying amounts of financial assets and financial liabilities,
- Sukuk 4.46 4.48
other than above, approximate fair values due to relatively short term
maturity of these financial instruments.
Net (loss)/gain from investments for the financial year is as follows:
2018 2017 6. Shariah Information of the Fund
MYR’000 MYR’000 (a) Reclassification of Shariah Status of Securities
Financial assets at FVTPL
- realised gain on disposal 33,705 19,613 TDM Berhad and YNH Property Bhd are not included in the List
- unrealised (loss)/gain on changes in of Shariah-Compliant Securities by the SAC of the Securities
fair value (84,326) 118,075 Commission Malaysia as at 25 May 2018. Boshiwa International
Holding Ltd is not included in the Standard & Poor’s Shariah
(50,621) 137,688 Indices as at 20 July 2018. These securities are therefore under
the category of Shariah non-compliant securities and will be
disposed of in accordance with the advice of the Shariah Adviser.
31 July 2018 31 July 2018
6. Shariah Information of the Fund (cont’d) 8. Shariah-based Placements with Financial Institutions
(b) Payment to Charitable Bodies (cont’d)
Weighted Average Average Remaining
The Manager has channelled the amount of interest income Rates of Return Maturities
of MYR4,182.52 derived from foreign currency accounts to
charitable bodies as part of the Fund’s cleansing process. 2018 2017 2018 2017
% % Day Day
In addition, the Shariah Adviser confirmed that the investment portfolio
of the Fund is Shariah-compliant, which comprises: Shariah-based placements,
less than 1 year 3.12 2.95 1 1
i) equity securities and collective investment funds listed on Bursa
Securities which have been classified as Shariah-compliant by the 9. Cash at Banks
SAC of the Securities Commission Malaysia;
2018 2017
ii) equity securities listed in foreign markets which have been classified MYR’000 MYR’000
as Shariah-compliant either by the Shariah Supervisory Board of Cash balances in licensed banks
Standard & Poor’s Shariah Indices and duly verified by the Shariah - related parties 393 10,452
Adviser and/or those securities which have been reviewed and - others 637 43,000
classified as Shariah-compliant by the Shariah Adviser;
1,030 53,452
iii) collective investment schemes which were verified as Shariah-
compliant by the Shariah Adviser;
10. Due to the Manager, Net
iv) sukuk as per list of approved sukuk issued by the Securities
Commission Malaysia or Bank Negara Malaysia; and The net amount due to the Manager represents amount payable
for units cancelled and/or amount payable for management fee,
v) cash placements and liquid assets in the local market, which are net of amount receivable for the units created. Amounts for units
placed in investments and/or instruments. created/cancelled are receivable/payable within 10 days of creation/
cancellation. Management fee is payable on a monthly basis.
7. Due from/to Brokers/Financial Institutions, Net
2018 2017 11. Net Asset Value Attributable to Unitholders (Total Equity)
MYR’000 MYR’000 2018 2017
Amount due from a related financial MYR’000 MYR’000
institution - 71
Unitholders’ capital 666,374 720,212
Amount due to Retained earnings 193,137 265,035
- other financial institutions 237 -
- other stockbroking companies 84 9 859,511 985,247
Retained earnings
321 9
- realised reserves 17,416 1,484
- unrealised reserves 175,721 263,551
8. Shariah-based Placements with Financial Institutions
193,137 265,035
2018 2017
MYR’000 MYR’000 12. Units in Circulation
Shariah-based placements with a related
licensed financial institution 119,414 74,880 As of end of the financial year, the total number of units in circulation
is as follows:
Weighted average rates of return for the financial year and the average 2018 2017
remaining maturities of Shariah-based placements as of end of the No. of units No. of units
financial year are as follows: (in ’000) (in ’000)
At beginning of the financial year 2,219,462 2,079,613
Creation of units 113,658 421,119
Cancellation of units (235,880) (281,270)
At end of the financial year 2,097,240 2,219,462

31 July 2018 31 July 2018
13. Holdings of Units by the Manager 17. Distribution

As of end of the financial year, the total number and value of units held Final distribution declared on 31 July 2018 (2017: 31 July 2017) to
legally by the Manager are as follows: unitholders is derived from the following sources:
2018 2017 2018 2017
No. of units No. of units MYR’000 MYR’000
(in ’000) MYR’000 (in ’000) MYR’000
Profit from Shariah-based placements 2,417 3,385
The Manager 78 32 172 76 Income from sukuk 490 284
Distribution income 2,045 7,496
14. Trustee’s Fee Dividend income 22,973 19,102
Net realised gain on sale of investments 17,104 4,042
Trustee’s fee is computed daily based on 0.06% per annum of the net Net realised gain on sale of
asset value, subject to a minimum fee of MYR18,000 per annum and a non-permissible securities - 100
maximum fee of MYR600,000 per annum. Net realised gain on foreign exchange 1,055 6
Previous financial year’s realised gain 1,428 -
15. Management Fee Distribution equalisation - 4,168
Management fee is computed daily based on 1.50% per annum of the 47,512 38,583
net asset value. Where the Fund invests in a collective investment Less: Expenses (16,053) (16,388)
scheme managed by the Manager, the management fee is charged
only once. 31,459 22,195
16. Taxation Gross distribution per unit (sen) 1.50 1.00
2018 2017 Net distribution per unit (sen) 1.50 1.00

MYR’000 MYR’000
Included in distribution for the financial year is an amount of
Malaysian withholding tax 167 110 MYR1,428,000 made from the previous financial year’s realised gain.
Domestic income tax is calculated at the Malaysian statutory tax rate 18. Transactions with Related and Other Brokers/Financial
of 24% of the estimated assessable income for the financial year. Institutions
There is no Malaysian income taxation charge for the current financial Percent
Percent Brokerage of Total
year as all income are either exempt from tax or capital in nature. Value of of Total Fees and Fees and
A reconciliation of income tax expense applicable to net (loss)/income Name Trade Trade Commissions Commissions
MYR’000 % MYR’000 %
before taxation at the statutory income tax rate to income tax expense
Public Investment
at the effective income tax rate of the Fund is as follows:
Bank Berhad
2018 2017 (related party) 62,514 38 142 43
MYR’000 MYR’000 Mercury Securities
Sdn Bhd 41,126 25 93 29
Net (loss)/income before taxation (40,272) 154,933 Hong Leong Bank
Berhad 10,151 6 - -
Taxation at Malaysian statutory rate of 24% (9,665) 37,184 Bank Islam Malaysia
Tax effects of: Berhad 10,025 6 - -
- loss not allowed for tax deduction, net 5,813 - Kenanga Investment
- income not subject to tax, net - (41,159) Bank Berhad 8,753 5 20 6
- expenses not deductible for tax purposes 253 318 TA Securities
Holdings Berhad 4,616 3 10 3
- restriction on tax deductible expenses
UBS Securities
for unit trust funds 3,239 3,253
Malaysia Sdn Bhd 4,056 3 10 3
- tax deductible expenses not fully utilised 360 404 Credit Suisse
Withholding tax 167 110 Securities
Tax expense 167 110 (Malaysia) Sdn Bhd 3,900 3 10 3

31 July 2018 31 July 2018
18. Transactions with Related and Other Brokers/Financial 20. Segment Information (cont’d)
Institutions (cont’d)
2018 2017
Percent
MYR’000 MYR’000
Percent Brokerage of Total
Value of of Total Fees and Fees and (b) Regional Location
Name Trade Trade Commissions Commissions Malaysia (17,940) 164,721
MYR’000 % MYR’000 % Asia Pacific region (6,279) 6,775
Nomura Securities
Malaysia Sdn Bhd 3,488 2 9 3 (24,219) 171,496
Public Securities
Limited (related
party) 2,776 2 7 2
Others 11,642 7 27 8
163,047 100 328 100
The directors of the Manager are of the opinion that transactions

with related parties have been entered into in the normal course of
business and have been established on terms and conditions that
are not materially different from that obtainable in transactions with
unrelated parties.
19. Management Expense and Portfolio Turnover Ratios

(a) Management Expense Ratio (“MER”)
The MER for the financial year is 1.57% (2017: 1.57%). It is the
total management expenses expressed as an annual percentage
of the Fund’s average net asset value.
(b) Portfolio Turnover Ratio (“PTR”)
The PTR for the financial year is 0.08 time (2017: 0.11 time). It
represents the average of the total acquisitions and disposals of
the investments in the Fund for the financial year over the average
net asset value of the Fund calculated on a daily basis.
20. Segment Information

For management purposes, the Fund is organised into one main
operating segment, which invests in various financial instruments and
the analysis of the Fund’s investment income is as follows:
2018 2017
MYR’000 MYR’000
(a) Investment Type
Equity securities (24,589) 160,655
Collective investment funds (3,003) 4,673
Warrants 330 2,212
Collective investment schemes 154 18
Sukuk 462 372
Shariah-based placements 2,427 3,391
Deposits - 175
(24,219) 171,496

Corporate Information Corporate Information
Manager Board of Directors

Public Mutual Berhad (23419-A)
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman
Registered Office
8th Floor, Menara Public Bank 2 Tan Sri Dato’ Sri Tay Ah Lek
No. 78 Jalan Raja Chulan
50200 Kuala Lumpur Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff
Tel: 603-20226800
Fax: 603-20226900 Mr. Quah Poh Keat
Secretaries Dato’ Mohammed Najeeb Bin Abdullah

Ms. Ting Lee Ling (MIA 16237)
Ms. Tan Yii Ting (MIA 16160) Dato’ Mohd Hanif Bin Sher Mohamed
Banker Ms. Yeoh Kim Hong

Public Bank Berhad
Trustee of the Fund
Management Staff
AmanahRaya Trustees Berhad
Tingkat 2, Wisma AmanahRaya II Yeoh Kim Hong - Chief Executive Officer
No. 21, Jalan Melaka
50100 Kuala Lumpur Lum Ming Jang - Senior General Manager, Investment
Shariah Adviser
Lee Kean Gie - Senior General Manager,
ZICO Shariah Advisory Services Sdn Bhd
Retail Business & Support
Level 7-6, Menara Milenium
Jalan Damanlela Richard Tan Koon Eam - Senior General Manager,
Pusat Bandar Damansara Information Technology
50490 Kuala Lumpur
Auditor of the Manager and the Fund Hang Siew Eng - Senior General Manager,
Ernst & Young Customer Service & Unit Trust Operations
Level 23A, Menara Milenium
Evelyn Chu Swee Yin - General Manager,
Jalan Damanlela
Business Learning & Development
Pusat Bandar Damansara
50490 Kuala Lumpur
Tax Adviser Senior Compliance Officer
KPMG Tax Services Sdn Bhd
Abdul Samad Bin Jaafar - Assistant General Manager,
Level 10, KPMG Tower
Compliance
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan

Network Of Public Mutual Branch And Agency Offices Network Of Public Mutual Branch And Agency Offices
Head Office West Malaysia (cont’d)

Menara Public Bank 2,
No. 78 Jalan Raja Chulan, Klang Penang
50200 Kuala Lumpur. 28, 30 & 32, 16, Lintang Burma,
Lorong Batu Nilam 3B, 10250 Pulau Tikus, Penang.
Tel: 03-20226800 Fax: 03-20226900
Bandar Bukit Tinggi, Tel: 04-2196500 Fax: 04-2295171
Hotline: 03-20225000
41200 Klang, Selangor. Senior Branch Manager:
Web: www.publicmutual.com.my Tel: 03-20225000 Fax: 03-33235632 Vincent Seow Weng Sim
Branch Manager:
Branches and Customer Service Centres Ng Tong Chia Puchong
39 & 41, Jalan Puteri 1/4,
West Malaysia Kluang Bandar Puteri Puchong,
3, Jalan Dato Teoh Siew Khor, 47100 Puchong, Selangor.
1 Utama Shopping Centre Butterworth 86000 Kluang, Johor. Tel: 03-20225000 Fax: 03-80653010
Lot LG-313-E, 4223, Jalan Bagan Luar, Tel: 07-7391500 Fax: 07-7736195 Branch Manager:
1, Lebuh Bandar Utama, 12000 Butterworth, Penang. Branch Manager: Bryan Koh Yi Earl
Bandar Utama City Centre, Tel: 04-3141500 Fax: 04-3317775 Tan Kheng Aun
Bandar Utama, Senior Branch Manager: Seremban
47800 Petaling Jaya, Selangor. Charmane Chew Hui Hsia Kota Bharu 1A & 1B, Jalan Tuanku Munawir,
Tel: 03-20225000 Fax: 03-77263811 PT 304 and PT 305, 70000 Seremban,
Cheras Jalan Kebun Sultan, Negeri Sembilan.
Alor Star 44-2, 44-3, 44-4 & 34-2, 15300 Kota Bharu, Kelantan. Tel: 06-6372500 Fax: 06-7644237
1888A & 1888B, Jalan Stadium, Cheras Commercial Centre, Tel: 09-7263500 Fax: 09-7476026 Branch Manager:
05100 Alor Star, Kedah. Jalan 5/101C, Off Jalan Kaskas, Branch Manager: Michael Wong Cheong Tee
Tel: 04-7366500 Fax: 04-7310178 56100 Cheras, Kuala Lumpur. Puan Abiesharni Abdul Kadir
Senior Branch Manager: Tel: 03-20225000 Fax: 03-91321022 Shah Alam
Khaw Bee Ruh Senior Branch Manager: Kuala Terengganu 54 & 56, Jalan Pahat G15/G,
Khoo Peng Seng 1-C, Jalan Air Jernih, Kompleks Otomobil,
Bangsar 20300 Kuala Terengganu, Persiaran Selangor,
11, 15 & 17, Jalan Bangsar Utama 3, Damansara Perdana Terengganu. Seksyen 15,
Bangsar Utama, 1 & 3, Jalan PJU 8/5 I, Tel: 09-6321500 Fax: 09-6317030 40200 Shah Alam, Selangor.
59000 Kuala Lumpur. Perdana Business Centre, Branch Manager: Tel: 03-20225000 Fax: 03-55139288
Tel: 03-20225000 Fax: 03-22835739 Bandar Damansara Perdana, Chia Siang Hong Branch Manager:
Senior Branch Manager: 47820 Petaling Jaya, Selangor. Eric Ng Swee Huat
Chooi Chan Yen Tel: 03-20225000 Fax: 03-77222475 Kuantan
Senior Branch Manager: 71 & 73, Jalan Haji Abdul Aziz, Sungai Petani
Batu Pahat Ong Chen Hung 25000 Kuantan, Pahang. 9D & 9E,
119, Jalan Chengal, Tel: 09-5118500 Fax: 09-5161223 Jalan Kampung Baru,
Taman Makmur, Ipoh Branch Manager: 08000 Sungai Petani, Kedah.
83000 Batu Pahat, Johor. 37 & 39, Persiaran Greentown 4, Sharon Ting Mooi Choon Tel: 04-4558500 Fax: 04-4230663
Tel: 07-4363500 Fax: 07-4326588 Greentown Business Centre, Branch Manager:
Branch Manager: 30450 Ipoh, Perak. Melaka Annie Ong Sok Nee
Rui Lee Chong Siew Tel: 05-2462500 Fax: 05-2559859 No. 929 & 930, Jalan Merdeka,
Senior Branch Manager: Taman Melaka Raya, Temerloh
Bukit Mertajam Foong Kuan Mun 75000 Melaka. 10,11 & 12, 2nd Floor,
2646-2648, 2nd Floor, Tel: 06-2855500 Fax: 06-2837354 Jalan Ahmad Shah,
Jalan Che Bee Noor, Johor Bahru Senior Branch Manager: Bandar Sri Semantan,
14000 Bukit Mertajam, B-19, Jalan Molek 1/5A, Carl Wong Yon Lian 28000 Temerloh, Pahang.
Seberang Prai Tengah, Penang. Taman Molek, Tel: 09-2955500 Fax: 09-2968060
Tel: 04-5405000 Fax: 04-5376580 81100 Johor Bahru, Johor. Muar Branch Manager:
Branch Manager: Tel: 07-3607500 Fax: 07-3548600 46, Jalan Sayang, Agnes Choong Lee Yoon
Cheryl Oon Lay Pheng Senior Branch Manager: 84000 Muar, Johor.
Teng Lee Yen Tel: 06-9562500
Fax: 06-9536830
Branch Manager:
Angie Ng Seow Mai

Network Of Public Mutual Branch And Agency Offices
East Malaysia
Bintulu Sandakan
4, Lot 2646, Jalan Tun Ahmad Zaidi, Lot 16, Block B, Ground Floor,
97000 Bintulu, Sarawak. Bandar Maju Commercial Centre,
Tel: 086-859500 Fax: 086-330221 Mile 1.5, North Road,
Branch Manager: 90000 Sandakan, Sabah.
Lilian Lo Fui Ping Postal Address:
Public Mutual Berhad,
Kota Kinabalu Sandakan Branch
Lot 1-0-10, Ground & 1st Floor, P.O. Box No. 3488,
Lorong Api-Api 1, Api-Api Centre, 90739 Sandakan, Sabah.
88000 Kota Kinabalu, Sabah. Tel: 089-231500 Fax: 089-222889
Tel: 088-327500 Senior Branch Manager:
Fax: 088-238389 Jonathan Yong Lok Sang
Branch Manager:
Lim Shaw Siang Sibu
10, Lorong 2,
Kuching Jalan Tuanku Osman,
Lot 205 & 206, Section 49, 96000 Sibu, Sarawak.
Jalan Tunku Abdul Rahman, Tel: 084-363500 Fax: 084-330269
93100 Kuching, Sarawak.
Tel: 082-226500 Fax: 082-239825 Tawau
Senior Branch Manager: TB 4437, Lot 28,
Jones Chen Chung Sze Block D, Sabindo Square,
Jalan Dunlop,
Miri 91000 Tawau, Sabah.
Lot 1380 (Ground & 1st Floor) & Tel: 089-982500 Fax: 089-765326
Lot 1381 (1st Floor), Block 10, Branch Manager:
Center Point Commercial Centre, Janice Chong Mui Lin
Phase II, Jalan Kubu,
98000 Miri, Sarawak.
Tel: 085-323500 Fax: 085-416195
Branch Manager:
Allan Ngo Say Khiang
Agency Offices
Penang (Bayan Baru) Sarawak (Sarikei)
Liang Wing Sim Agency Office Ling Chai Kua Agency Office
104, 1st Floor, No. 43, 1st Floor, Jalan Masjid Lama,
Jalan Mayang Pasir, 96100 Sarikei, Sarawak.
Taman Sri Tunas, Tel: 084-654108
Bayan Baru, Fax: 084-653318
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1
Fax: 04-6411268
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52 • Public Islamic Opportunities Fund

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Contents

Statement Of Distribution Of Returns 6

Shariah Adviser’s Report 16

Independent Auditors’ Report 18

Statement Of Assets And Liabilities 21

Statement Of Income And Expenditure 22

Statement Of Changes In Net Asset Value 23

Statement Of Cash Flows 24

Notes To The Financial Statements 25

Network Of Public Mutual Branch And Agency Offices 48

Public Islamic Opportunities Fund • 1

Fund Category PIOF (%) -4.29 17.71 -0.89 5.17 14.46

Fund Performance Benchmark

Average Total Return for the Following Years Ended

2 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 3

4 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 5

Sen Per Unit Overview

Returns from Start of Period

Income Distribution and Impact on NAV Arising from

6 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 7

Change in Portfolio Exposures from 31-Jul-17 to 31-Jul-18 Sector Allocation

Average In terms of sector allocation within the Shariah-compliant equity portfolio,

8 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 9

10 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 11

12 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 13

Cross-Trade Transactions To the Unitholders of

HABSAH BINTI BAKAR

Kuala Lumpur, Malaysia

14 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 15

For ZICO Shariah Advisory Services Sdn Bhd

DR. AIDA OTHMAN PROF. DR. MOHAMAD AKRAM LALDIN

16 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 17

18 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 19

The accompanying notes are an integral part of this statement.

Ernst & Young Ng Sue Ean

Kuala Lumpur, Malaysia

20 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 21

Note 2018 2017 Unitholders’ Retained

Final distribution for the financial year 17 31,459 22,195

The accompanying notes are an integral part of this statement.

22 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 23

Net cash inflow/(outflow) from 2. Summary of Significant Accounting Policies

24 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 25

28 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 29

32 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 33

3. Financial Risk and Capital Management Policies (cont’d) 4. Investments (cont’d)

2018 2017 10,079 5,383 0.6

34 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 35

4. Investments (cont’d) 4. Investments (cont’d)

36 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 37

4. Investments (cont’d) 5. Fair Value of Financial Instruments

40 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 41

13. Holdings of Units by the Manager 17. Distribution

16. Taxation Gross distribution per unit (sen) 1.50 1.00

2018 2017 Net distribution per unit (sen) 1.50 1.00

42 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 43

The directors of the Manager are of the opinion that transactions

19. Management Expense and Portfolio Turnover Ratios

20. Segment Information

44 • Public Islamic Opportunities Fund Public Islamic Opportunities Fund • 45

Manager Board of Directors

Secretaries Dato’ Mohammed Najeeb Bin Abdullah

Banker Ms. Yeoh Kim Hong