Contents

Fund Information 2

Fund Performance 2

Statement Of Distribution And Total Return 6

Manager’s Report 7

Trustee’s Report 13

Shariah Adviser’s Report 14

Statement By Manager 15

Independent Auditors’ Report 16

Statement Of Assets And Liabilities 19

Statement Of Income And Expenditure 20

Statement Of Changes In Net Asset Value 21

Statement Of Cash Flows 22

Notes To The Financial Statements 23

Corporate Information 41

Network Of Public Mutual Branch And Agency Offices 43

Public Ittikal Fund • 1

Fund Information Fund Performance
For the Financial Year Ended 31 May 2023

Fund Name Notes:

Public Ittikal Fund (P ITTIKAL) 1. Total return of the Fund is derived by this formulae:

Fund Category
Equity (Shariah-compliant)
( 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

Fund Investment Objective The above total return of the Fund was sourced from Lipper.
To achieve steady capital growth over the medium to long term period 2. Average total return is derived by this formulae:
by investing in a portfolio of investments that complies with Shariah Total Return
principles.
Number of Years Under Review
Fund Performance Benchmark
Other Performance Data for the Past Three Financial Years
The benchmark of the Fund is the FTSE Bursa Malaysia EMAS Shariah
Index. Ended 31 May
The P ITTIKAL is not in any way sponsored, endorsed, sold or promoted by FTSE International 2023 2022 2021
Limited (“FTSE”) or by Bursa Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock
Unit Prices (MYR)*
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 Highest NAV per unit for the year 0.7696 0.8480 0.8672
be obtained from the use of the FTSE BURSA MALAYSIA EMAS SHARIAH INDEX (“the Index”), Lowest NAV per unit for the year 0.6760 0.7861 0.7940
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
Net Asset Value (NAV) and Units in
in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to Circulation (UIC) as at the End of
advise any person of any error therein. the Year
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. Total NAV (MYR’000) 4,411,734 4,879,967 5,313,382
“BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA. UIC (in ’000) 5,993,986 6,286,061 6,534,873
NAV per unit (MYR) 0.7360 0.7763 0.8131
Fund Distribution Policy
Total Return for the Year (%) -3.54 -1.29 4.58
Incidental
Capital growth (%) -5.62 -2.90 3.38
Income (%) 2.20 1.66 1.16
Fund Performance
Total Expense Ratio (%) 1.52 1.51 1.51
Average Total Return for the Following Years Ended Portfolio Turnover Ratio (time) 0.35 0.24 0.20
31 May 2023 * Prices quoted are ex-distribution and extracted based on business days of the Fund.
Average Total Notes: Total Expense Ratio is calculated by taking the total expenses expressed as an annual
Return of P ITTIKAL (%) percentage of the Fund’s average net asset value.
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
1 Year -3.54 disposals of the investments in the Fund for the year over the average net asset value
3 Years -0.14 of the Fund calculated on a daily basis.
5 Years 1.03 The Portfolio Turnover Ratio for the financial year 2023 rose to 0.35 times from 0.24
times in the previous financial year on account of higher level of rebalancing activities
Annual Total Return for the Financial Years Ended 31 May performed by the Fund during the year.

Year 2023 2022 2021 2020 2019 Distribution and Unit Split
P ITTIKAL (%) -3.54 -1.29 4.58 6.01 -0.39 Financial year 2023 2022 2021
The calculation of the above returns is based on computation method of Lipper. Date of distribution 31.5.23 31.5.22 31.5.21
Distribution per unit
Gross (sen) 1.25 3.00 3.00
Net (sen) 1.25 3.00 3.00
Unit split - - -

2 • Public Ittikal Fund Public Ittikal Fund • 3

Fund Performance Fund Performance
For the Financial Year Ended 31 May 2023 For the Financial Year Ended 31 May 2023

Impact on NAV Arising from Distribution for the Financial Years Asset Allocation for the Past Three Financial Years (cont’d)
2023 2022 2021 As at 31 May
31.5.23 31.5.22 31.5.21 (Percent of NAV)
Sen Sen Sen
per unit per unit per unit 2023 2022 2021
% % %
NAV before distribution 74.85 80.63 84.31 United States
Net distribution 1.25 3.00 3.00 Communications 5.1 3.6 3.0
NAV after distribution 73.60 77.63 81.31 Consumer, Cyclical 1.6 0.7 1.7
Consumer, Non-cyclical 2.2 0.6 1.1
Breakdown of Distribution Financial 1.7 1.3 1.7
Industrial - 0.5 0.9
Financial year 2023 2022 2021 Technology 10.6 7.5 10.0
Date of distribution 31.5.23 31.5.22 31.5.21
MYR’000 % MYR’000 % MYR’000 % 21.2 14.2 18.4
Income 74,925 100 188,582 100 196,046 100 TOTAL QUOTED EQUITY
Capital - - - - - - SECURITIES 94.9 90.6 95.3
Total 74,925 100 188,582 100 196,046 100 COLLECTIVE INVESTMENT FUNDS
Quoted
Past performance is not necessarily indicative of future performance and unit Malaysia
prices and investment returns may go down, as well as up. Financial 2.7 2.5 2.2
TOTAL QUOTED COLLECTIVE
Asset Allocation for the Past Three Financial Years INVESTMENT FUNDS 2.7 2.5 2.2
As at 31 May COLLECTIVE INVESTMENT
(Percent of NAV) SCHEMES
2023 2022 2021 Unquoted
% % % Funds 0.4 0.3 0.3
EQUITY SECURITIES TOTAL UNQUOTED COLLECTIVE
Quoted INVESTMENT SCHEMES 0.4 0.3 0.3
Malaysia
Basic Materials 10.4 13.7 12.4 SHARIAH-BASED PLACEMENTS
Communications 13.6 11.9 12.9 WITH FINANCIAL INSTITUTIONS 2.8 8.0 3.2
Consumer, Cyclical 1.1 1.2 0.9 OTHER ASSETS & LIABILITIES -0.8 -1.4 -1.0
Consumer, Non-cyclical 21.1 22.4 21.1
Diversified 2.1 2.0 1.8
Energy 6.6 7.1 7.3
Financial 0.4 1.0 0.5
Industrial 9.1 9.0 11.2
Utilities 9.3 8.1 8.1
73.7 76.4 76.2
Outside Malaysia
Taiwan
Technology - - 0.7

4 • Public Ittikal Fund Public Ittikal Fund • 5

Statement Of Distribution And Total Return Manager’s Report
For the Financial Year Ended 31 May 2023

Gross Net Overview

Distribution Distribution Distribution
ƒ-------- Sen per unit ---------„ This Annual Report covers the financial year from 1 June 2022 to
31 May 2023.
May 2023 1.2500 1.2500
Public Ittikal Fund (P ITTIKAL or the Fund) seeks to achieve steady capital
growth over the medium to long term period by investing in a portfolio of
Total Return of the Fund -3.54% investments that complies with Shariah principles.

Effects of Distribution on NAV per unit before and after For the financial year under review, the Fund registered a return of
-3.54% as compared to its benchmark’s return of -7.85%. The Fund’s
Distribution:
Shariah-compliant equity portfolio registered a return of -2.46% while its
NAV NAV sukuk and Islamic money market portfolios registered returns of +6.40%
Before After and +2.75% respectively during the financial year under review. A detailed
Distribution Distribution Distribution performance attribution analysis is provided in the sections below.
ƒ-------- MYR per unit ---------„
For the five financial years ended 31 May 2023, the Fund registered a
May 2023 0.7485 0.7360 return of +5.14% and outperformed its benchmark’s return of -12.89% over
the same period.

Performance of P ITTIKAL
from 31 May 2018 to 31 May 2023
26%

P ITTIKAL BENCHMARK

13%

Returns from Start of Period

0%

-13%

-26%

-39%
May-18 May-19 May-20 May-21 May-22 May-23

The FTSE Bursa Malaysia EMAS Shariah Index (FBMS) is the selected
benchmark for P ITTIKAL as it is a free float-adjusted capitalisation-
weighted index which comprises constituents of the FTSE Bursa Malaysia
EMAS Index which have been designated as Shariah-compliant securities
by the Shariah Advisory Council of Securities Commission Malaysia.

Income Distribution and Impact on NAV Arising from

Distribution
The gross distribution of 1.25 sen per unit (net distribution of 1.25 sen per
unit) for the financial year ended 31 May 2023 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 RM0.7360 from RM0.7485 after
distribution.

6 • Public Ittikal Fund Public Ittikal Fund • 7

Manager’s Report Manager’s Report

Change in Portfolio Exposures from 31-May-22 to 31-May-23 Stock Market Review

31-May-22 31-May-23 Change Commencing the financial year under review at 11,509.63 points, the FBMS
Shariah-compliant equity and retraced from June to mid-July 2022 in tandem with the regional markets
Shariah-compliant equity-related on concerns over the potential adverse economic impact of monetary
securities 89.6% 96.0% +6.4% tightening measures by major central banks. The index subsequently
Sukuk 0.3% 0.4% +0.1% rebounded in the latter half of July 2022 amid economic optimism following
Islamic money market 10.1% 3.6% -6.5% increased expectations for a less-aggressive pace of U.S. rate hikes.
Returns Breakdown by Asset Class In August 2022, the FBMS traded sideways as Malaysia’s better-than-
expected gross domestic product (GDP) growth rate of 8.9% for 2Q 2022
Market /
was weighed by diminishing hopes for the U.S. Federal Reserve (Fed) to
Returns On Benchmark Benchmark Average Attributed
change its aggressive course of rate hikes in the months ahead. The index
Investments Returns Index Used Exposure Returns
subsequently declined in September 2022 following the increase in the
Shariah-
local Overnight Policy Rate (OPR) and the weakening of the Ringgit against
compliant
the U.S. Dollar amid concerns over the faster pace of U.S. rate hikes.
equity and
Shariah- In October 2022, the FBMS rebounded in tandem with the global
compliant markets, led by gains in selected healthcare, industrial, plantation and
equity- telecommunications stocks. The index rose further in November 2022
related following the conclusion of Malaysia’s 15th General Election but traded
securities -2.46% -7.85% FBMS 89.75% -2.21% sideways in December 2022, as the local market awaited policy clarity
Sukuk 6.40% 7.24% Bond Index 0.38% 0.02% from the new unity government amid concerns over slower global growth.
Islamic money Overnight In January 2023, the index traded higher in tandem with the regional
market 2.75% 2.55% Islamic Rate 9.87% 0.27% markets on optimism over the re-opening of China’s economy as well as
less: the strengthening of the Ringgit against the U.S. Dollar.
Expenses -1.62% The FBMS subsequently declined in February and March 2023 following
Total Return the release of lacklustre local corporate results for 2022 and profit-taking
for the Year -3.54% activities in selected industrial, basic materials and plantation stocks.
After rising slightly in April 2023 amid gains in the telecommunications
FBMS = FTSE Bursa Malaysia EMAS Shariah Index and utilities sectors, the index declined in May 2023 due to the release
Bond Index = Quant Shop Gll All Index of weaker-than-expected local corporate earnings for 1Q 2023 as well as
Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate the weakening of the Ringgit against the U.S. Dollar. The FBMS closed
at 10,606.51 points to register a decline of 7.85% for the financial year
Shariah-compliant Equity Portfolio Review under review.
For the financial year under review, the Fund’s Shariah-compliant equity Shariah-compliant equities within the U.S. market, as proxied by the
portfolio registered a return of -2.46% as compared to the benchmark’s S&P U.S. Shariah Index, commenced the financial year under review
return of -7.85%. The Fund’s Shariah-compliant equity portfolio registered at 334.55 points. The index declined in June 2022 amid economic
a smaller decline compared to the benchmark as its selected investments concerns over the faster pace of monetary tightening by the Fed and
within the technology and healthcare sectors outperformed the broader elevated inflation. Stronger-than-expected corporate results, coupled
market during the financial year under review. with expectations for a less-aggressive pace in the Fed’s interest rate
The Fund commenced the financial year under review with a Shariah-compliant hikes, subsequently led the index higher from July to mid-August 2022.
equity exposure of 89.6% and its Shariah-compliant equity exposure The index declined from mid-August to September 2022 as the Fed
was increased to 96.0% by the end of the financial year under review to lowered its economic forecasts and projected for more interest rate hikes
capitalise on Shariah-compliant investment opportunities in the domestic to combat inflationary pressures.
and foreign markets. Based on an average Shariah-compliant equity The S&P U.S. Shariah Index subsequently rose in October and November
exposure of 89.75%, the Shariah-compliant equity portfolio is deemed to 2022 amid the release of a better-than-expected U.S. GDP growth rate
have registered a return of -2.21% to the Fund as a whole for the financial of 1.9% for 3Q 2022 and expectations for a slower pace of U.S. rate
year under review. A full review of the performance of the equity markets is hikes amid signs of moderating inflation. However, concerns over slowing
tabled in the following sections. economic growth and persistently high U.S. interest rates subsequently
Sector Allocation led the index lower in December 2022. The index traded higher in
January 2023 on expectations of a slower pace of interest rate hikes as
The top 5 sectors in Malaysia invested by the Fund are consumer U.S. inflation eased.
(non-cyclical), communications, basic materials, utilities and industrial.

8 • Public Ittikal Fund Public Ittikal Fund • 9

Manager’s Report Manager’s Report

In February 2023, the S&P U.S. Shariah Index retraced on concerns that Financial market conditions have generally stabilised following the liquidity
the Fed may remain hawkish amid the release of higher-than-expected U.S. issues faced by selected U.S. regional banks and Switzerland-based Credit
jobs and inflation data for January 2023. The index eased further in early Suisse Group in March 2023. These developments in the banking sector
March 2023 following the collapse of several U.S. regional banks, before could result in tighter credit conditions for households and businesses.
rebounding in the latter half of the month after the Fed took measures to
stabilise its banking system. The index rose further in April and May 2023 With potentially tighter credit conditions and the risk of a slower-than-
amid the release of a resilient U.S. real GDP growth rate of 1.6% for expected U.S. GDP growth for 2023, the Fed may pause its interest rate
1Q 2023 and gains in the technology sector. The S&P U.S. Shariah Index hikes to take into account the cumulative impact from the tightening of its
closed at 352.33 points to register a gain of 5.32% (+11.10% in Ringgit monetary policy on labour market conditions, inflationary pressures and the
terms) for the financial year under review. banking sector.

Economic Review In the National Budget 2023 re-tabled on 24 February 2023, the Ministry
of Finance (MOF) projects Malaysia’s real GDP growth to moderate to
Malaysia’s real GDP growth moderated to 5.6% in 1Q 2023 from 8.7% in 4.5% in 2023 from a strong growth rate of 8.7% in 2022 amid an expected
2022, led by slower consumer spending and a decline in exports. On the slowdown in the global economy and higher interest rates. Meanwhile, the
supply side, growth in the services sector slowed to 7.3% in 1Q 2023 from government’s budget deficit is estimated to narrow to 5.0% of GDP in 2023
10.9% in 2022. Similarly, growth in the manufacturing sector eased to 3.2%
from 5.6% of GDP for 2022.
from 8.1% over the same period.
On the inflation front, the MOF projects the inflation rate to range between
Malaysia’s exports contracted by 2.6% in the first four months of 2023
2.8% and 3.8% in 2023 compared to 3.4% in 2022 amid a softer economic
compared to a growth of 25.0% in 2022 amid slower exports of electrical
& electronic products and chemical goods. Similarly, imports declined growth outlook and stable commodity prices.
by 0.3% compared to a growth of 31.3% over the same period due to Led by slower consumer and investment spending amid elevated
lower imports of intermediate goods. The country’s cumulative trade inflationary pressures and higher borrowing costs, the growth of the U.S.
surplus narrowed to RM77.2 billion in the first four months of 2023 from economy is projected to moderate to 1.1% in 2023 from 2.1% in 2022.
RM88.5 billion in the corresponding period of 2022.
As at end-May 2023, the FBMS’ prospective P/E ratio of 17.2x is at a
Malaysia’s inflation rate firmed to 3.5% in the first four months of 2023 from
discount of 11% to its 10-year historical average of 19.3x. The market’s
3.4% in 2022 amid elevated food prices. On 3 May 2023, Bank Negara
dividend yield stood at 3.3%.
Malaysia (BNM) raised its OPR by 25 basis points (bps) to 3.00% amid
sticky core inflation. BNM has increased the OPR by a total of 125 bps over The U.S. equity market’s prospective P/E ratio of 19.2x is slightly above its
the May 2022 - May 2023 period. 10-year historical average of 18.7x.
The U.S.’ real GDP growth moderated to 1.6% in 1Q 2023 from 2.1% in Given the above factors, the Fund will continue to rebalance its investment
2022 amid a decline in investment spending and slower consumption. portfolio accordingly with the objective of achieving steady capital
Investment spending contracted by 8.2% in 1Q 2023 compared to a growth growth over the medium to long term period by investing in a portfolio of
of 4.0% in 2022, while consumption growth slowed to 2.3% from 2.7%
investments that complies with Shariah principles.
over the same period. Meanwhile, the U.S.’ Consumer Price Index (CPI)
remained elevated at 5.6% in the first four months of 2023 due to high Note: Q = Quarter
housing and food costs.
Cross-Trade Transactions
Over the March 2022 - May 2023 period, the Fed has raised the Federal
funds rate (FFR) by a total of 500 bps to a target range of 5.00%-5.25% No cross-trade transactions were undertaken by P ITTIKAL during portfolio
to curb inflationary pressures. At the Federal Open Market Committee rebalancing activities over the financial year under review.
(FOMC) meeting on 2-3 May 2023, the Fed emphasised that future
monetary policy decisions will be data dependent; and it will continue Policy on Soft Commissions
to monitor the cumulative effect of its policy tightening on the economy, The management company may receive goods and services which
inflation and the banking sector.
bring a direct benefit or advantage to the management of the funds and
Outlook and Investment Strategy may be in the form of research and advisory services that assist in the
decision-making process relating to the Fund’s investments.
Looking ahead, the equity markets’ performance will depend on the pace
of economic growth and corporate earnings momentum in their respective
markets. On the global front, investors will monitor the potential peaking of
interest rates this year as well as geopolitical developments. Meanwhile,
the re-opening of China’s economy may help to cushion the slowdown in
global and regional economic growth.

10 • Public Ittikal Fund Public Ittikal Fund • 11

Manager’s Report Trustee’s Report

During the financial year under review, P ITTIKAL has received soft To the unit holders of PUBLIC ITTIKAL FUND (“Fund”),
commissions from brokers/dealers who have also executed trades for other
funds managed by Public Mutual. The soft commissions were utilised for We have acted as Trustee of the Fund for the financial year ended
goods and services which include the provision of financial data, price 31 May 2023 and we hereby confirm to the best of our knowledge, after
quotation on securities, benchmarks for fund performance measurement, having made all reasonable enquiries, PUBLIC MUTUAL BERHAD has
research services and investment-related publications to assist the operated and managed the Fund during the year covered by these financial
Manager in the investment decision-making process. The soft commissions statements in accordance with the following:
received were for the benefit of the funds and there were no churning of 1. Limitations imposed on the investment powers of the management
trades. company under the deed, securities laws and the Guidelines on Unit
Trust Funds;
Securities Financing Transactions
2. Valuation and pricing is carried out in accordance with the deed; and
P ITTIKAL has not undertaken any securities lending or repurchase
transactions during the financial year under review. 3. Any creation and cancellation of units are carried out in accordance with
the deed and any regulatory requirement.
Changes Made to the Fund’s Prospectus
We are of the opinion that the distribution of income by the Fund is appropriate
There were no changes made to P ITTIKAL’s prospectus during the and reflects the investment objective of the Fund.
financial year under review.

For Maybank Trustees Berhad

[Company No. : 196301000109 (5004-P)]

JUANITA BINTI SUHAIMI

Unit Head, Unit Trust Operations
Date: 27 June 2023

12 • Public Ittikal Fund Public Ittikal Fund • 13

Shariah Adviser’s Report Statement By Manager

To the Unitholders of We, TAN SRI DATO’ SRI DR. TAY AH LEK and QUAH POH KEAT, being two
PUBLIC ITTIKAL 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 ITTIKAL FUND. Our as at 31 May 2023 and the related statement of income and expenditure,
responsibility is to ensure that the procedures and processes employed by statement of changes in net asset value and statement of cash flows for
PUBLIC MUTUAL BERHAD and that the provisions of the Master Deed dated the financial year ended on that date together with the notes thereto, are
28 January 1999 and subsequent Supplemental Master Deeds (collectively drawn up in accordance with Malaysian Financial Reporting Standards and
referred to as “Deeds”) are in accordance with Shariah principles. International Financial Reporting Standards so as to give a true and fair view
We hereby confirm: of the financial position of PUBLIC ITTIKAL FUND as at 31 May 2023 and of
its financial performance, changes in net asset value and cash flows for the
To the best of our knowledge, after having made all reasonable enquiries, financial year then ended and comply with the requirements of the Deeds.
PUBLIC MUTUAL BERHAD has operated and managed the Fund during
the period covered by this financial statements ended 31 May 2023 in
accordance with the Shariah principles and requirements and complied
with the applicable guidelines, rulings or decisions issued by the Securities
Commission Malaysia pertaining to Shariah matters.
The assets of the Fund comprise instruments that have been classified
For and on behalf of the Manager
as Shariah-compliant by the Shariah Advisory Council (“SAC”) of the
Securities Commission Malaysia, the SAC of Bank Negara 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 TAN SRI DATO’ SRI DR. TAY AH LEK
Shariah-compliant.
The Boeing Company was earlier classified as Shariah-compliant and
subsequently reclassified as Shariah non-compliant by the Shariah
Supervisory Board of Standard & Poor’s Shariah Indices. This reclassified
Shariah non-compliant instrument has been fully disposed of on
8 December 2022 in accordance with the Fund’s Shariah Investment
guidelines as provided in the Fund’s Deed and disclosed in the Fund’s QUAH POH KEAT
Prospectus.
27 June 2023

For ZICO Shariah Advisory Services Sdn Bhd

DR. AIDA OTHMAN DATUK PROF. DR. MOHAMAD AKRAM LALDIN

Shariah Adviser Designated Person Responsible for
Shariah Advisory
27 June 2023

14 • Public Ittikal Fund Public Ittikal Fund • 15

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 ITTIKAL FUND
Responsibility of the Manager and Trustee for the financial statements
Report on the audit of the financial statements
The Manager is responsible for the preparation of financial statements of
Opinion the Fund that give a true and fair view in accordance with MFRS and IFRS.
The Manager is also responsible for such internal control as the Manager
We have audited the financial statements of PUBLIC ITTIKAL FUND determines is necessary to enable the preparation of financial statements
(“the Fund”), which comprise the statement of assets and liabilities as at of the Fund that are free from material misstatement, whether due to fraud
31 May 2023, and the statement of income and expenditure, statement of or error.
changes in net asset value and statement of cash flows of the Fund for the
financial year then ended, and notes to the financial statements, including In preparing the financial statements of the Fund, the Manager is responsible
a summary of significant accounting policies, as set out on pages 19 to 40. for assessing the Fund’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
In our opinion, the accompanying financial statements give a true and fair basis of accounting unless the Manager either intends to liquidate the Fund
view of the financial position of the Fund as at 31 May 2023, and of its or to cease operations, or has no realistic alternative 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’ responsibilities 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 financial
for the audit of the financial statements section of our report. We believe statements of the Fund as a whole are free from material misstatement,
that the audit evidence we have obtained is sufficient and appropriate to whether due to fraud or error, and to issue an auditors’ report that includes
provide a basis for our opinion. our opinion. Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with approved standards
Independence and other ethical responsibilities on auditing in Malaysia and International Standards on Auditing will always
We are independent of the Fund in accordance with the By-Laws (on detect a material misstatement when it exists. Misstatements can arise from
Professional Ethics, Conduct and Practice) of the Malaysian Institute of fraud or error and are considered material if, individually or in the aggregate,
Accountants (“By-Laws”) and the International Code of Ethics for Professional they could reasonably be expected to influence the economic decisions of
Accountants (including International Independence Standards) (“IESBA users taken on the basis of these financial statements.
Code”), and we have fulfilled our other ethical responsibilities in accordance As part of an audit in accordance with approved standards on auditing in
with the By-Laws and the IESBA Code. Malaysia and International Standards on Auditing, we exercise professional
Information other than the financial statements and auditors’ report judgement and maintain professional scepticism throughout the audit. We
thereon also:

The Manager of the Fund (“the Manager”) is responsible for the other • Identify and assess the risks of material misstatement of the financial
information. The other information comprises the information included in the statements of the Fund, whether due to fraud or error, design and perform
Annual Report of the Fund, but does not include the financial statements of audit procedures responsive to those risks, and obtain audit evidence
the Fund and our auditors’ report thereon. that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is
Our opinion on the financial statements of the Fund does not cover the other higher than for one resulting from error, as fraud may involve collusion,
information and we do not express any form of assurance conclusion thereon. forgery, intentional omissions, misrepresentations, or the override of
In connection with our audit of the financial statements of the Fund, our internal control.
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 performed, of the Fund’s internal control.
we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard. • Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Manager.

16 • Public Ittikal Fund Public Ittikal Fund • 17

Independent Auditors’ Report (cont’d) Statement Of Assets And Liabilities
As at 31 May 2023

Report on the audit of the financial statements (cont’d) Note 2023 2022
MYR’000 MYR’000
Auditors’ responsibilities for the audit of the financial statements (cont’d) Assets
• Conclude on the appropriateness of the Manager’s use of the going Investments 4 4,325,349 4,557,987
concern basis of accounting and, based on the audit evidence obtained, Due from brokers/financial institutions,
whether a material uncertainty exists related to events or conditions net 7 14,000 399
that may cast significant doubt on the Fund’s ability to continue as a Tax recoverable 1 -
going concern. If we conclude that a material uncertainty exists, we Other receivables 6,296 6,224
are required to draw attention in our auditors’ report to the related Shariah-based placements with financial
disclosures in the financial statements of the Fund or, if such disclosures institutions 8 124,732 390,042
are inadequate, to modify our opinion. Our conclusions are based on the Cash at banks 9 51,761 186,491
audit evidence obtained up to the date of our auditors’ report. However,
4,522,139 5,141,143
future events or conditions may cause the Fund to cease to continue Liabilities
as a going concern.
Due to brokers/financial institutions, net 7 21,728 59,815
• Evaluate the overall presentation, structure and content of the financial Due to the Manager, net 10 13,670 12,646
statements of the Fund, including the disclosures, and whether the Provision for taxation - 44
financial statements of the Fund represent the underlying transactions Other payables 82 89
and events in a manner that achieves fair presentation. Distribution payable 74,925 188,582

We communicate with the Manager regarding, among other matters, the 110,405 261,176
planned scope and timing of the audit and significant audit findings, including
Total net assets 4,411,734 4,879,967
any significant deficiencies in internal control that we identify during our audit.
Net asset value (“NAV”) attributable
Other matters
to unitholders (Total equity) 11 4,411,734 4,879,967
This report is made solely to the unitholders of the Fund, as a body, in
Units in circulation (in ’000) 12 5,993,986 6,286,061
accordance with the Guidelines on Unit Trust Funds issued by the Securities
Commission Malaysia and for no other purpose. We do not assume NAV per unit, ex-distribution (in sen) 73.60 77.63
responsibility to any other person for the content of this report.

The accompanying notes are an integral part of this statement.

Ernst & Young PLT Ng Sue Ean

202006000003 (LLP0022760-LCA) & AF 0039 No. 03276/07/2024 J
Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia

27 June 2023

18 • Public Ittikal Fund Public Ittikal Fund • 19

Statement Of Income And Expenditure Statement Of Changes In Net Asset Value
For the Financial Year Ended 31 May 2023 For the Financial Year Ended 31 May 2023

Note 2023 2022 Unitholders’ Accumulated

MYR’000 MYR’000 Note capital losses Total
Income MYR’000 MYR’000 MYR’000
Profit income from Shariah-based
placements 8,752 3,541 As at 1 June 2021 5,088,505 224,877 5,313,382
Creation of units 190,534 - 190,534
Distribution income 5,497 4,107
Cancellation of units (394,767) - (394,767)
Dividend income 152,834 154,890
Net loss after taxation - (40,600) (40,600)
Net loss from investments 4 (291,336) (127,861)
Distribution 17 - (188,582) (188,582)
Net realised/unrealised foreign exchange
gain 9,483 9,395 As at 31 May 2022 4,884,272 (4,305) 4,879,967
(114,770) 44,072
Less: Expenses
Trustee’s fee 14 600 600 As at 1 June 2022 4,884,272 (4,305) 4,879,967
Management fee 15 68,345 79,697 Creation of units 185,763 - 185,763
Audit fee 7 7 Cancellation of units (388,941) - (388,941)
Tax agent’s fee 3 14 Net loss after taxation - (190,130) (190,130)
Brokerage fee 4,954 2,363 Distribution 17 - (74,925) (74,925)
Administrative fees and expenses 208 294 As at 31 May 2023 4,681,094 (269,360) 4,411,734
74,117 82,975
Net loss before taxation (188,887) (38,903)
The accompanying notes are an integral part of this statement.
Taxation 16 (1,243) (1,697)
Net loss after taxation (190,130) (40,600)
Net loss after taxation is made up as
follows:
Realised 130,591 330,534
Unrealised (320,721) (371,134)
(190,130) (40,600)

Distribution for the financial year 17 74,925 188,582

The accompanying notes are an integral part of this statement.

20 • Public Ittikal Fund Public Ittikal Fund • 21

Statement Of Cash Flows Notes To The Financial Statements
For the Financial Year Ended 31 May 2023 31 May 2023

2023 2022 1. The Fund, The Manager and Their Principal Activities
MYR’000 MYR’000
Cash flows from operating activities The Public Ittikal Fund (hereinafter referred to as “the Fund”) was set
Proceeds from sale of investments 1,533,249 1,509,471 up pursuant to the execution of a Deed dated 4 April 1997 between
Purchase of investments (1,642,232) (951,853) the Manager, Public Mutual Berhad, the Trustee, Maybank Trustees
Maturity of Shariah-based placements 75,937,259 48,526,343 Berhad and the registered unitholders of the Fund. The Fund is
Shariah-based placements (75,671,949) (48,743,519) governed by a Master Deed dated 28 January 1999 and subsequent
Profit income from Shariah-based Supplemental Master Deeds (collectively referred to as “Deeds”).
placements received 8,763 3,528
Net distribution income received 5,395 4,089 The Fund’s objective is to achieve steady capital growth over the
Net dividend income received 151,629 159,756 medium to long term period by investing in a portfolio of investments
Trustee’s fee paid (600) (600) that complies with Shariah principles. The Fund invests in investments
Management fee paid (69,069) (80,273) as defined in the Deeds. The Fund was launched on 10 April 1997 and
Audit fee paid (7) (7) will continue its operations until terminated by the Trustee as provided
Tax agent’s fee paid (3) (13) in the Master Deed.
Payment of other fees and expenses (216) (334)
The Manager of the Fund is Public Mutual Berhad, a company
Taxation paid (45) -
incorporated in Malaysia. Its principal activities are the management
Net cash inflow from operating activities 252,174 426,588 of unit trusts and the sale of trust units. Its ultimate holding company
is Public Bank Berhad, a licensed bank incorporated in Malaysia and
Cash flows from financing activities listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa
Cash proceeds from units created 185,763 190,534
Securities”).
Cash paid on units cancelled (387,193) (391,316)
Distribution paid (188,582) (196,046) 2. Summary of Significant Accounting Policies
Net cash outflow from financing activities (390,012) (396,828)
(a) Basis of Preparation
Net (decrease)/increase in cash and cash
The financial statements of the Fund have been prepared under
equivalents (137,838) 29,760
the historical cost convention, as modified by the revaluation of
Effect of changes in foreign exchange rates 3,108 10,191
financial assets and financial liabilities at fair value and comply
Cash and cash equivalents at the beginning
of the financial year 186,491 146,540 with Malaysian Financial Reporting Standards (“MFRS”) and
International Financial Reporting Standards (“IFRS”).
Cash and cash equivalents at the end of the
financial year 51,761 186,491 The Fund has adopted MFRSs, Amendments and Issue Committee
(“IC”) Interpretations which were effective from periods beginning
on or after 1 January 2022. The adoption of these MFRSs,
Amendments and IC Interpretations do not have any significant
The accompanying notes are an integral part of this statement.
impact on the financial statements of the Fund.
The Fund will adopt the following MFRSs and Amendments when
they become effective in the respective financial periods and these
MFRSs and Amendments are not expected to have material impact
to the financial statements of the Fund upon the initial application.
Effective dates
for financial periods
beginning on or after
MFRS 17 - Insurance Contracts * 1 January 2023
Amendments to MFRS 17 Insurance 1 January 2023
Contracts *
Initial Application of MFRS 17 and MFRS 9 1 January 2023
- Comparative Information (Amendment to
MFRS 17 Insurance Contracts) *

22 • Public Ittikal Fund Public Ittikal Fund • 23

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d) (d) Financial Instruments
Effective dates Financial assets and financial liabilities are recognised in the
for financial periods Statement of Assets and Liabilities when, and only when, the Fund
beginning on or after
becomes a party to the contractual provisions of the instrument.
Classification of Liabilities as Current or 1 January 2023
A financial asset or financial liability is considered to be held for
Non-current (Amendments to MFRS 101
trading if:
Presentation of Financial Statements)
Disclosure of Accounting Policies 1 January 2023 • It is acquired or incurred principally for the purpose of selling
(Amendments to MFRS 101 Presentation or repurchasing it in the near term; or
of Financial Statements)
Definition of Accounting Estimates 1 January 2023 • On initial recognition, it is part of a portfolio of identified
(Amendments to MFRS 108 Accounting financial instruments that are managed together and for
Policies, Changes in Accounting Estimates which, there is evidence of a recent actual pattern of short-
and Errors) term profit-taking; or
Deferred Tax related to Assets and Liabilities 1 January 2023
• It is a derivative (except for a derivative that is a financial
arising from a Single Transaction
guarantee contract or a designated and effective hedging
(Amendments to MFRS 112 Income Taxes) *
instrument).
International Tax Reform - Pillar Two Model 1 January 2023
Rules (Amendments to MFRS 112 i) Financial Assets
Income Taxes) *
Lease Liability in a Sale and Leaseback 1 January 2024 The Fund determines the classification of its financial assets
(Amendments to MFRS 16 Leases) * at initial recognition, and the categories include financial
Non-current Liabilities with Covenants 1 January 2024 assets measured at fair value through profit or loss (“FVTPL”)
(Amendments to MFRS 101 Presentation and financial assets measured at amortised cost.
of Financial Statements) *
When financial assets are recognised initially on trade date,
Sale or Contribution of Assets between an To be announced
they are measured at fair value, plus, in the case of financial
Investor and its Associate or Joint Venture
(Amendments to MFRS 10 and MFRS 128) * assets not at FVTPL, directly attributable transaction costs.

* These MFRSs and Amendments are not relevant to the Fund. Financial assets are derecognised on trade date when
the rights to receive cash flows from the investments have
(b) Accounting Estimates and Judgements expired or the Fund has transferred substantially all risks and
rewards of ownership.
The preparation of the Fund’s financial statements requires the
Manager to make judgements, estimates and assumptions that Financial Assets at FVTPL
affect the reported amounts of revenues, expenses, assets and A financial asset is classified as FVTPL if it meets the
liabilities, and the disclosure of contingent liabilities at the reporting definition of held for trading. Subsequent to initial recognition,
date. However, uncertainty about these assumptions and estimates financial assets at FVTPL are measured at fair value.
could result in outcomes that could require a material adjustment to Changes in the fair value of those financial instruments are
the carrying amount of an asset or a liability in the future. recorded in “Net gain or loss on financial assets at FVTPL”.
There are no major judgements nor key assumptions concerning Profit earned, distribution income and dividend revenue
the future and other key sources of estimation uncertainty at the elements of such instruments are recorded separately in
reporting date, that may cast significant doubt upon the Fund’s “Profit income”, “Distribution income” and “Dividend income”
ability to continue as a going concern. Therefore, the financial respectively. Exchange differences on financial assets at
statements continue to be prepared on a going concern basis. FVTPL are not recognised separately in profit or loss but
are included in net gain or net loss on changes in fair value
(c) Fair Value Measurement of financial assets at FVTPL.
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.

24 • Public Ittikal Fund Public Ittikal Fund • 25

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(d) Financial Instruments (cont’d) (e) Foreign Currency (cont’d)
i) Financial Assets (cont’d) ii) Foreign Currency Transactions
Financial Assets at amortised cost Transactions in foreign currencies are measured and recorded
A financial asset is measured at amortised cost if it is held in the functional currency of the Fund on initial recognition at
within a business model whose objective is to hold financial exchange rates approximating those ruling at the transaction
assets in order to collect contractual cash flows and its dates. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at
contractual terms give rise on specified dates to cash flows
the reporting date. Non-monetary items denominated in
that are solely payments of principal and profit on the principal
foreign currencies that are measured at historical cost are
amount outstanding. The Fund includes in this category translated using the exchange rates as at the dates of the
amount due from brokers/financial institutions, amount initial recognition.
due from the Manager, other receivables, Shariah-based
placements with financial institutions and cash at banks. Exchange differences arising from translation of monetary
items at the reporting date are recognised in profit or loss.
ii) Financial Liabilities Exchange differences arising from the translation of non-
monetary financial assets at FVTPL are included in profit
Financial liabilities are recognised initially at fair value and
or loss.
classifi ed according to the substance of the contractual
arrangements entered into and the definitions of a financial (f) Unitholders’ Capital
liability.
The Unitholders’ contributions to the Fund meet the definition of
The Fund derecognises a financial liability when the obligation puttable instruments and are classified as equity instruments.
under the liability is discharged, cancelled or expired. Distribution equalisation represents the average distributable
Financial Liabilities at FVTPL amount included in the creation and cancellation prices of units.
A financial liability is measured at FVTPL if it meets the This amount is either refunded to Unitholders by way of distribution
definition of held for trading. and/or adjusted accordingly when units are cancelled.
(g) Cash and Cash Equivalents
Financial Liabilities at amortised cost
This category includes all financial liabilities, other than those Cash and cash equivalents comprise cash at licensed banks which
measured at FVTPL. The Fund includes in this category are subject to an insignificant risk of changes in value.
amount due to brokers/financial institutions, amounts due to
(h) Income
the Manager and the Trustee, and other payables.
Income is recognised to the extent that it is probable that the
Impairment economic benefits will flow to the Fund and the income can
The Fund holds only receivables which have maturities of less be reliably measured. Income is measured at the fair value of
than 12 months at amortised cost and has chosen to apply the consideration received or receivable, and is presented gross of
simplified approach on all receivables. withholding tax which is disclosed separately.
(e) Foreign Currency Distribution income and dividend income are recognised on the
date when the Fund’s right to receive the payment is established.
i) Functional and Presentation Currency
Profit income from Shariah-based placements, profit income from
The financial statements of the Fund are measured using
sukuk and accretion of discount/amortisation of premium are
the currency of the primary economic environment in which
recognised using the effective profit rate method.
the Fund operates (“the functional currency”). The financial
statements are presented in Malaysian Ringgit (“MYR”), (i) Taxation
which is also the Fund’s functional currency.
Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the tax authorities. The
tax rate and tax laws used to compute the amount are those that
are enacted or substantively enacted by the reporting date. The
Fund may also incur withholding taxes on income received from
financial instruments.

26 • Public Ittikal Fund Public Ittikal Fund • 27

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

2. Summary of Significant Accounting Policies (cont’d) 3. Financial Risk and Capital Management Policies (cont’d)
(j) Related Parties (a) Market Risk (cont’d)
Related parties refer to Public Bank Berhad and its subsidiaries. ii) Interest Rate Risk (cont’d)
The increase/(decrease) in the NAV attributable to unitholders
3. Financial Risk and Capital Management Policies as at reporting date, assuming interest rates change by
The Fund is exposed to a variety of financial risks, which include market +/(-) 50 basis points with all other variables held constant, is
risk (such as price risk, interest rate risk and currency risk), credit and (-)/+ MYR556,000 (2022: (-)/+ MYR441,000). This analysis
counterparty risk, single issuer risk, liquidity risk, reclassification of is for illustration purpose only and not an indication of future
variances.
Shariah status risk and the current COVID-19 pandemic. The overall
financial risk management objective of the Fund is to mitigate capital iii) Currency Risk
loss.
The Fund may invest in financial instruments denominated in
Financial risk management is carried out through policy reviews, internal currencies other than its functional currency. Consequently,
control systems and adherence to the investment powers and restrictions the Fund is exposed to risks arising from changes in the
stipulated in the Guidelines on Unit Trust Funds issued by the Securities exchange rate of its functional currency relative to other
Commission Malaysia. foreign currencies that might significantly impact the value of
the Fund’s assets or liabilities denominated in currencies other
(a) Market Risk than Malaysian Ringgit.
Market risk arises when the value of the securities and the demand The increase/(decrease) in the NAV attributable to unitholders
for sukuk fluctuate in response to the activities of individual as at reporting date, assuming exchange rates of foreign
companies, and general market or economic environments. Market currencies fluctuate by +/(-) 5% with all other variables held
risk is managed through portfolio diversification and changes in constant, is +/(-) MYR48,964,000 (2022: +/(-) MYR40,916,000).
asset allocation. It comprises the following risks: This analysis is for illustration purpose only and not an
indication of future variances.
i) Price Risk
(b) Credit and Counterparty Risk
Price risk is the risk that prices of equity securities and
Credit risk refers to the ability of an issuer to make timely payments
collective investment funds rise or fall as a result of changes of profit and principal. Counterparty risk refers to the ability of a
in factors specific to a particular security or general market counterparty to make timely payment of proceeds from realisation
conditions. of investments. The Manager manages credit and counterparty
The increase/(decrease) in the NAV attributable to unitholders risks by setting exposure limits and undertaking periodical
credit evaluation to assess the creditworthiness of issuers and
as at reporting date, assuming equity and collective
counterparties.
investment funds’ prices change by +/(-) 5% with all
other variables held constant, is +/(-) MYR215,376,000 (c) Single Issuer Risk
(2022: +/(-) MYR227,063,000). This analysis is for illustration
The Fund is restricted to invest in securities issued by any issuer
purpose only and not an indication of future variances.
of not more than a certain percentage of its net asset value. Under
ii) Interest Rate Risk such restriction, the exposure risk to the securities of a single
issuer is minimised.
Interest rate risk arises from changes in interest rates which
affect the fair value of sukuk that the collective investment (d) Liquidity Risk
schemes invest in. Interest rates move inversely to sukuk The Fund maintains sufficient level of liquid assets to meet
prices. When interest rates rise, the prices of sukuk fall and anticipated payments and redemption by unitholders. Liquid assets
vice versa. comprise cash, Shariah-based placements with licensed financial
institutions and other instruments, which can be converted into cash
within 7 days. The Fund’s policy is to maintain a prudent level of
liquid assets and monitoring of the daily creation and cancellation
of units so as to manage liquidity risk.
The Fund’s financial liabilities have contractual maturities of not
more than six (6) months.

28 • Public Ittikal Fund Public Ittikal Fund • 29

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

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

(e) Reclassification of Shariah Status Risk Fair Percent
Quantity Cost Value of NAV
The Shariah-compliant securities currently held in the portfolio of (in ’000) MYR’000 MYR’000 %
the Fund may be reclassified to be Shariah non-compliant in the EQUITY SECURITIES
periodic review of the securities by the Shariah Advisory Council Malaysia
(“SAC”) of the Securities Commission Malaysia, the Shariah
Adviser or the Shariah Boards of the relevant Islamic Indices. Basic Materials
If this occurs, the value of the Fund may be adversely affected Petronas Chemicals
where the Manager will take the necessary steps to dispose of Group Berhad 31,000 231,026 203,360 4.6
such securities in accordance with the advice from the SAC of Press Metal Aluminium
Holdings Berhad 55,000 156,950 253,550 5.8
the Securities Commission Malaysia and/or the Shariah Adviser.
387,976 456,910 10.4
(f) Capital Management
Communications
Capital is represented by unitholders’ subscription to the Fund. Axiata Group Berhad 60,000 315,745 166,800 3.8
The amount of capital can change significantly on a daily basis CelcomDigi Berhad 48,500 252,289 216,795 4.9
as the Fund is subject to daily redemption and subscription at the Maxis Berhad 21,750 152,028 89,392 2.0
discretion of unitholders. The Manager manages the Fund’s capital Telekom Malaysia Berhad 25,000 106,642 127,500 2.9
in accordance to its objective as stated in Note 1, while maintaining
sufficient liquidity to meet unitholders’ redemption as explained in 826,704 600,487 13.6
Note (d) above. Consumer, Cyclical
Sime Darby Berhad 14,750 29,914 30,533 0.7
4. Investments UMW Holdings Berhad 5,000 44,299 19,250 0.4
2023 2022 74,213 49,783 1.1
MYR’000 MYR’000
Financial assets at FVTPL Consumer, Non-cyclical
- Equity securities 4,186,627 4,419,372 Genting Plantations
Berhad 5,358 57,287 32,149 0.7
- Collective investment funds 120,889 121,879
IHH Healthcare Berhad 32,000 185,633 184,640 4.2
- Collective investment schemes 17,833 16,736
IOI Corporation Berhad 37,500 171,309 138,375 3.1
4,325,349 4,557,987 Kuala Lumpur Kepong
Berhad 5,250 123,857 109,620 2.5
Nestle (Malaysia) Berhad 790 100,036 105,860 2.4
The Fund’s investments are carried at fair value, which were determined PPB Group Berhad 10,000 140,928 162,600 3.7
using prices in active markets for identical assets. Sime Darby Plantation
Quoted equity securities and collective investment funds Berhad 47,244 268,422 199,371 4.5
Fair value is determined directly by reference to the published market 1,047,472 932,615 21.1
price at the reporting date.
Diversified
The market prices of the above quoted financial instruments are IJM Corporation Berhad 55,000 169,193 90,200 2.1
determined by reference to information made publicly available by the
Energy
respective stock exchanges.
Dialog Group Berhad 70,000 155,330 151,200 3.4
Unquoted collective investment schemes Petronas Dagangan
Fair value is determined based on the published net asset value per Berhad 3,000 66,263 63,360 1.5
unit at the reporting date. Petronas Gas Berhad 4,500 87,194 75,330 1.7
308,787 289,890 6.6
FINANCIAL INSTRUMENTS - 31 MAY 2023
Financial
The equity securities and collective investment funds held by the Fund Bursa Malaysia Berhad 500 3,302 3,100 0.1
are categorised based on their principal business activities according Sime Darby Property
to the Bloomberg Sector Classification System as at the reporting date Berhad 35,000 55,525 16,275 0.3
of the Statement of Assets and Liabilities.
58,827 19,375 0.4

30 • Public Ittikal Fund Public Ittikal Fund • 31

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

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

Fair Percent Fair Percent
Quantity Cost Value of NAV Quantity Cost Value of NAV
(in ’000) MYR’000 MYR’000 % (in ’000) MYR’000 MYR’000 %
EQUITY SECURITIES COLLECTIVE
(cont’d) INVESTMENT FUNDS
Malaysia (cont’d) (cont’d)
Industrial Malaysia (cont’d)
Gamuda Berhad 27,584 120,816 122,473 2.8
Hartalega Holdings Berhad 15,000 96,060 34,500 0.8 Financial (cont’d)
Kossan Rubber Industries KLCC Property Holdings
Berhad 10,000 35,656 14,800 0.3 Berhad 12,975 49,262 90,177 2.0
Lingkaran Trans Kota 71,131 120,889 2.7
Holdings Berhad 5,000 10,653 2,525 0.1
MISC Berhad 21,988 189,727 160,510 3.6 COLLECTIVE
Top Glove Corporation Bhd 60,000 151,286 68,400 1.5 INVESTMENT SCHEMES
Public Sukuk Fund,
604,198 403,208 9.1
managed by the Manager 16,337 18,276 17,833 0.4
Utilities
TOTAL 4,930,413 4,325,349 98.0
Tenaga Nasional Berhad 43,000 523,791 408,930 9.3
United States Cost is translated to the Fund’s functional currency based on the
exchange rate at the reporting date of the Statement of Assets and
Communications
Alphabet Inc - Class A 250 117,377 141,700 3.2 Liabilities.
Amazon.com, Inc 150 70,717 83,435 1.9 Net (loss) from investments for the financial year is as follows:
188,094 225,135 5.1 2023 2022
Consumer, Cyclical MYR’000 MYR’000
Ferrari N.V. 55 71,183 72,732 1.6 Financial assets at FVTPL
- realised gain on disposal 26,195 246,116
Consumer, Non-cyclical - unrealised (loss) on changes in fair value (317,531) (373,977)
Moodys Corporation 65 89,615 95,015 2.2
(291,336) (127,861)
Financial
Visa Inc 75 79,624 76,471 1.7
5. Fair Value of Financial Instruments
Technology
Accenture plc 80 107,682 112,897 2.6 The Fund uses the following hierarchy for determining and disclosing
Advanced Micro Devices, the fair value of financial instruments by valuation technique:
Inc 50 23,373 27,265 0.6 Level 1: Quoted prices per respective stock markets for identical
Apple Inc 165 124,834 134,913 3.1
assets or liabilities.
Crowdstrike Holdings, Inc 125 69,921 92,335 2.1
Microsoft Corp 65 85,519 98,466 2.2 Level 2: Inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (as
411,329 465,876 10.6
prices) or indirectly (derived from prices).
COLLECTIVE
INVESTMENT FUNDS Level 3: Inputs for the asset or liability other than observable market
data.
Malaysia
Financial
Axis Real Estate
Investment Trust 16,601 21,869 30,712 0.7

32 • Public Ittikal Fund Public Ittikal Fund • 33

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

5. Fair Value of Financial Instruments (cont’d) 7. Due from/to Brokers/Financial Institutions, Net
As of end of the financial year, the Fund held the following financial 2023 2022
instruments carried at fair value on the Statement of Assets and MYR’000 MYR’000
Liabilities: Amount due from other stockbroking
companies 14,000 399
Level 1 Level 2 Total
MYR’000 MYR’000 MYR’000 Amount due to other stockbroking
As at 31 May 2023 companies 21,728 59,815
Financial assets at FVTPL
- Equity securities 4,186,627 - 4,186,627
- Collective investment funds 120,889 - 120,889 8. Shariah-Based Placements with Financial Institutions
- Collective investment 2023 2022
schemes - 17,833 17,833 MYR’000 MYR’000
4,307,516 17,833 4,325,349 Shariah-based placements with a related
licensed financial institution 124,732 390,042
As at 31 May 2022
Financial assets at FVTPL Weighted average rates of return for the financial year and the average
- Equity securities 4,419,372 - 4,419,372
remaining maturities of Shariah-based placements as of end of the
- Collective investment funds 121,879 - 121,879
financial year are as follows:
- Collective investment
schemes - 16,736 16,736 Weighted Average Average Remaining
4,541,251 16,736 4,557,987 Rates of Return Maturities
2023 2022 2023 2022
There were no transfers between Level 1 and Level 2 during the current % % Day Day
and previous financial year. Shariah-based placements,
less than 1 year 2.75 1.79 1 1
The carrying amounts of financial assets and financial liabilities,
other than above, approximate fair values due to relatively short term 9. Cash at Banks
maturities of these financial instruments.
2023 2022
6. Shariah Information of the Fund MYR’000 MYR’000
Cash balances in licensed banks
The Shariah Adviser confirmed that the investment portfolio of the Fund - related parties 5,271 54
is Shariah-compliant, which comprises: - others 46,490 186,437
i) equity securities and collective investment funds listed on Bursa 51,761 186,491
Securities which have been classified as Shariah-compliant by the
SAC of the Securities Commission Malaysia;
10. Due to the Manager, Net
ii) equity securities listed in foreign markets which have been classified
The net amount due to the Manager represents amount payable for units
as Shariah-compliant either by the Shariah Supervisory Board of
cancelled and/or amount payable for management fee, net of amount
Standard & Poor’s Shariah Indices and duly verified by the Shariah
receivable for the units created. Amounts for units created/cancelled
Adviser and/or those securities which have been reviewed and
are receivable/payable within 7 business days of creation/cancellation.
classified as Shariah-compliant by the Shariah Adviser;
Management fee is payable on a monthly basis.
iii) collective investment schemes which were verified as Shariah-
compliant by the Shariah Adviser; and 11. Net Asset Value Attributable to Unitholders (Total Equity)
iv) cash placements and liquid assets in the local market, which are 2023 2022
placed in investments and/or instruments. MYR’000 MYR’000
Unitholders’ capital 4,681,094 4,884,272
Accumulated (losses) (269,360) (4,305)
4,411,734 4,879,967

34 • Public Ittikal Fund Public Ittikal Fund • 35

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

11. Net Asset Value Attributable to Unitholders (Total Equity) 16. Taxation
(cont’d) 2023 2022
MYR’000 MYR’000
2023 2022
Malaysian tax
MYR’000 MYR’000
- current financial year charge - 44
Accumulated (losses)
- withholding tax 471 353
- realised reserves 304,182 248,516
- unrealised (losses) (573,542) (252,821) 471 397
Foreign withholding tax
(269,360) (4,305) - current financial year charge 772 1,369
- reclaim of withholding tax for prior
12. Units in Circulation financial years - (69)

As of end of the financial year, the total number of units in circulation 772 1,300
is as follows: 1,243 1,697
2023 2022 Domestic income tax is calculated at the Malaysian statutory tax rate of
No. of units No. of units 24% of the estimated assessable income for the financial year.
(in ’000) (in ’000)
Effective 1 January 2022, the income arising from sources outside
At beginning of the financial year 6,286,061 6,534,873 Malaysia and received in Malaysia by the Fund will be subject to income
Creation of units 241,763 234,689 tax in Malaysia pursuant to the Income Tax Act 1967 (ITA). Pursuant
Cancellation of units (533,838) (483,501) to subsection 6(1)(p) and Part XX of Schedule 1 of the ITA, Malaysian
income tax on income received from outside Malaysia for the period
At end of the financial year 5,993,986 6,286,061 from 1 January 2022 to 30 June 2022, is charged at the rate of 3% of
gross. Malaysian income tax on income received from outside Malaysia
13. Holdings of Units by the Manager and Related Parties after 30 June 2022 is charged at the prevailing statutory tax rate of 24%
of the assessable income.
As of end of the financial year, the total number and value of units held
There is no Malaysian income taxation charge for the current financial
legally by the Manager and related parties are as follows:
year after deducting allowable expenses and credit allowed under
2023 2022 section 132 or 133 of the ITA.
No. of units No. of units
A reconciliation of income tax expense applicable to net (loss) before
(in ’000) MYR’000 (in ’000) MYR’000 taxation at the statutory income tax rate to income tax expense at the
The Manager 79 58 44 34 effective income tax rate of the Fund is as follows:
Directors of the 2023 2022
Manager 3 2 2 2 MYR’000 MYR’000
Net (loss) before taxation (188,887) (38,903)
14. Trustee’s Fee
Taxation at Malaysian statutory rate - 24% (45,333) (10,426)
Trustee’s fee is computed daily based on 0.06% per annum of the net - 3% - 136
asset value, subject to a minimum fee of MYR18,000 per annum and a Tax effects of:
maximum fee of MYR600,000 per annum. - loss not allowed for tax deduction/
income not subject to tax 28,320 (9,488)
15. Management Fee - expenses not deductible for tax
purposes 1,368 764
Management fee is computed daily based on 1.50% per annum of the - restriction on tax deductible expenses
net asset value. Where the Fund invests in a collective investment for unit trust funds 14,918 17,235
scheme managed by the Manager, the management fee is charged - tax deductible expenses not fully utilised 727 1,915
only once. - tax credit allowed under section 132 or
133 of the ITA - (92)
Withholding tax 471 353
471 397

36 • Public Ittikal Fund Public Ittikal Fund • 37

Notes To The Financial Statements Notes To The Financial Statements
31 May 2023 31 May 2023

16. Taxation (cont’d) 18. Transactions with Related and Other Brokers/Financial
Institutions (cont’d)
2023 2022
MYR’000 MYR’000 Percent
Foreign withholding tax Percent Brokerage of Total
- current financial year charge 772 1,369 Value of of Total Fees and Fees and
- reclaim of withholding tax for prior Name Trade Trade Commissions Commissions
financial years - (69) MYR’000 % MYR’000 %
UBS Securities
Tax expense 1,243 1,697 LLC 228,627 7 88 3
J.P. Morgan
17. Distribution Securities LLC 184,746 6 64 2
Public Investment
Distribution declared on 31 May 2023 (2022: 31 May 2022) to unitholders Bank Berhad
is derived from the following sources: (related party) 136,579 4 307 9
Macquarie
2023 2022 Securities
MYR’000 MYR’000 (Australia)
Profit income from Shariah-based Limited 21,656 1 2 #
placements 8,742 3,520 Affin Hwang
Distribution income - 3,385 Investment Bank
Dividend income 135,346 145,702 Berhad 3,572 # 8 #
Net realised gain on sale of investments 4,954 118,950
3,148,136 100 3,353 100
149,042 271,557
Less: Expenses (74,117) (82,975) # Denote less than 1%.
74,925 188,582 19. Total Expense and Portfolio Turnover Ratios
Gross distribution per unit (sen) 1.2500 3.0000 (a) Total Expense Ratio (“TER”)
Net distribution per unit (sen) 1.2500 3.0000 The TER for the financial year is 1.52% (2022: 1.51%). It is the
total expenses expressed as an annual percentage of the Fund’s
The Fund has recorded unrealised losses amounting to MYR573,542,000 average net asset value.
(2022: MYR252,821,000) as at end of the financial year.
(b) Portfolio Turnover Ratio (“PTR”)
18. Transactions with Related and Other Brokers/Financial The PTR for the financial year is 0.35 times (2022: 0.24 times). It
Institutions represents the average of the total acquisitions and disposals of
Percent the investments in the Fund for the financial year over the average
Percent Brokerage of Total net asset value of the Fund calculated on a daily basis.
Value of of Total Fees and Fees and
Name Trade Trade Commissions Commissions 20. Segment Information
MYR’000 % MYR’000 %
For management purposes, the Fund is organised into one main
Citigroup Global
operating segment, which invests in various financial instruments and
Markets Limited 908,673 29 165 5
the analysis of the Fund’s investment income is as follows:
China International
Capital Corp HK 2023 2022
Securities Ltd 650,943 21 185 5 MYR’000 MYR’000
Public Securities (a) Investment Type
Limited (related Equity securities (128,549) 34,213
party) 585,996 19 1,465 44 Collective investment funds 3,930 6,574
Public Bank Collective investment schemes 1,097 (256)
(Hong Kong) Shariah-based placements 8,752 3,541
Limited (related
party) 427,344 13 1,069 32 (114,770) 44,072

38 • Public Ittikal Fund Public Ittikal Fund • 39

Notes To The Financial Statements Corporate Information
31 May 2023

20. Segment Information (cont’d) Manager

2023 2022 Public Mutual Berhad (197501001842 (23419-A))
MYR’000 MYR’000
(b) Regional Locations Registered Office
Malaysia (177,508) (79,776) 8th Floor, Menara Public Bank 2
Asia Pacific (17,448) 5,685 No. 78 Jalan Raja Chulan
United States 80,186 118,163
50200 Kuala Lumpur
(114,770) 44,072 Tel: 603-20226800
Fax: 603-20226900

Trustee of the Fund

Maybank Trustees Berhad
8th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur

Shariah Adviser
ZICO Shariah Advisory Services Sdn Bhd
Level 13A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur

Auditor of the Manager and the Fund

Ernst & Young PLT
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur

Tax Adviser
KPMG Tax Services Sdn Bhd
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan

40 • Public Ittikal Fund Public Ittikal Fund • 41

Corporate Information Network Of Public Mutual Branch And Agency Offices

Board of Directors Head Office

Menara Public Bank 2,
Tan Sri Dato’ Sri Dr. Tay Ah Lek, Chair man No. 78, Jalan Raja Chulan,
50200 Kuala Lumpur.
Mr. Quah Poh Keat Tel: 03-20226800 Fax: 03-20226900
Hotline: 03-20225000
Dato’ Mohammed Najeeb Bin Abdullah Web: www.publicmutual.com.my

Dato’ Mohd Hanif Bin Sher Mohamed Branches and Customer Service Centres

Ms. Gladys Leong West Malaysia

1 Utama Shopping Centre Ipoh
Ms. Yeoh Kim Hong Lot LG-313-E, 37 & 39, Persiaran Greentown 4,
1, Lebuh Bandar Utama, Greentown Business Centre,
Mr. Chiang Kang Pey Bandar Utama City Centre, 30450 Ipoh, Perak.
Bandar Utama, Tel: 05-2462500 Fax: 05-2559859
47800 Petaling Jaya, Selangor.
Tel: 03-20225000 Fax: 03-77263811 Johor Bahru
Chief Executive Officer B-19, Jalan Molek 1/5A,
Alor Setar Taman Molek,
Chiang Kang Pey No. 8G, Samila Business Centre, 81100 Johor Bahru, Johor.
Lebuhraya Darulaman, Tel: 07-3607500 Fax: 07-3548600
05100 Alor Setar, Kedah.
Tel: 04-7366500 Fax: 04-7364655 Klang
Senior Compliance Officer 28, 30 & 32,
Bangsar Lorong Batu Nilam 3B,
Abdul Samad Bin Jaafar - Deputy General Manager, 11, 15 & 17, Jalan Bangsar Utama 3, Bandar Bukit Tinggi,
Compliance Bangsar Utama, 41200 Klang, Selangor.
59000 Kuala Lumpur. Tel: 03-20225000 Fax: 03-33235632
Tel: 03-20225000 Fax: 03-22835739
Kluang
Batu Pahat 3, Jalan Dato Teoh Siew Khor,
119, Jalan Chengal, 86000 Kluang, Johor.
Taman Makmur, Tel: 07-7391500 Fax: 07-7736195
83000 Batu Pahat, Johor.
Tel: 07-4363500 Fax: 07-4326588 Kota Bharu
PT 304 & 305,
Cheras Jalan Kebun Sultan,
G-3 & G-3A, 15300 Kota Bharu, Kelantan.
Wisma Aman Elite, Tel: 09-7263500 Fax: 09-7476026
No. 3, Jalan Desa Aman 1,
Desa Aman, Kuala Terengganu
56100 Cheras, Kuala Lumpur. 1-C, Jalan Air Jernih,
Tel: 03-20225000 Fax: 03-91321022 20300 Kuala Terengganu,
Terengganu.
Damansara Perdana Tel: 09-6321500 Fax: 09-6317030
1 & 3, Jalan PJU 8/5 I,
Perdana Business Centre, Kuantan
Bandar Damansara Perdana, 71 & 73, Jalan Haji Abdul Aziz,
47820 Petaling Jaya, Selangor. 25000 Kuantan, Pahang.
Tel: 03-20225000 Fax: 03-77222475 Tel: 09-5118500 Fax: 09-5161223

42 • Public Ittikal Fund Public Ittikal Fund • 43

Network Of Public Mutual Branch And Agency Offices Network Of Public Mutual Branch And Agency Offices

West Malaysia (cont’d) Agency Offices

Melaka Seremban Penang (Bayan Baru) Sarawak (Sarikei)
No. 929 & 930, Jalan Merdeka, 1A & 1B, Jalan Tuanku Munawir, Liang Wing Sim Agency Office Ling Chai Kua Agency Office
Taman Melaka Raya, 70000 Seremban, 104, 1st Floor, 1st Floor, No. 28, Jalan Nenas Lrg 2,
75000 Melaka. Negeri Sembilan. Jalan Mayang Pasir, 96100 Sarikei, Sarawak.
Tel: 06-2855500 Fax: 06-2837354 Tel: 06-6372500 Fax: 06-7644237 Taman Sri Tunas, Tel: 084-652094
Bayan Baru,
Muar Shah Alam 11950 Bayan Lepas, Penang.
46, Jalan Sayang, 54 & 56, Jalan Pahat G15/G, Tel: 04-6422170/1
84000 Muar, Johor. Kompleks Otomobil, Fax: 04-6411268
Tel: 06-9562500 Fax: 06-9536830 Persiaran Selangor,
Seksyen 15,
Penang 40200 Shah Alam, Selangor.
16, Lintang Burma, Tel: 03-20225000 Fax: 03-55139288
10250 Pulau Tikus, Penang.
Tel: 04-2196500 Fax: 04-2295171 Sungai Petani
9D & 9E,
Puchong Jalan Kampung Baru,
39 & 41, Jalan Puteri 1/4, 08000 Sungai Petani, Kedah.
Bandar Puteri Puchong, Tel: 04-4558500 Fax: 04-4230663
47100 Puchong, Selangor.
Tel: 03-20225000 Fax: 03-80653010 Temerloh
10,11 & 12, 2nd Floor,
Seberang Perai Jalan Ahmad Shah,
1797-G-04, Bandar Sri Semantan,
Kompleks Auto World, 28000 Temerloh, Pahang.
Jalan Perusahaan, Juru Interchange, Tel: 09-2955500 Fax: 09-2968060
13600 Prai, Penang.
Tel: 04-5407500 Fax: 04-5050005

East Malaysia
Bintulu Sandakan
4, Lot 2646, Jalan Tun Ahmad Zaidi, Lot 16, Block B,
97000 Bintulu, Sarawak. Bandar Maju Commercial Centre,
Tel: 086-859500 Fax: 086-330221 Mile 1.5, North Road,
90000 Sandakan, Sabah.
Kota Kinabalu Tel: 089-231500 Fax: 089-222889
Lot 1-0-10, Lorong Api-Api 1,
Api-Api Centre, Sibu
88000 Kota Kinabalu, Sabah. 10, Lorong 2,
Tel: 088-327500 Fax: 088-238389 Jalan Tuanku Osman,
96000 Sibu, Sarawak.
Kuching Tel: 084-363500 Fax: 084-330269
Lot 205 & 206, Section 49,
Jalan Tunku Abdul Rahman, Tawau
93100 Kuching, Sarawak. TB 4437, Lot 28,
Tel: 082-226500 Fax: 082-239825 Block D, Sabindo Square,
Jalan Dunlop,
Miri 91000 Tawau, Sabah.
D-G-16, Miri Times Square, Tel: 089-982500 Fax: 089-765326
Marina Parkcity,
98000 Miri, Sarawak.
Tel: 085-323500 Fax: 085-416195

44 • Public Ittikal Fund Public Ittikal Fund • 45

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48 • Public Ittikal Fund