Paif Ar Eng

Contents
Fund Information 2
Fund Performance 3
Statement Of Distribution And Total Return 7
Manager’s Report 8
Trustee’s Report 14
Shariah Adviser’s Report 15
Statement By Manager 16
Independent Auditors’ Report 17
Statement Of Assets And Liabilities 20
Statement Of Income And Expenditure 21
Statement Of Changes In Net Asset Value 22
Statement Of Cash Flows 23
Notes To The Financial Statements 24
Corporate Information 43
Network Of Public Mutual Branch And Agency Offices 45
Public Asia Ittikal Fund • 1

Fund Information Fund Information
Fund Name The customised benchmark index for PAIF (the “Index”) is the exclusive property of S&P Opco, LLC,
a subsidiary of S&P Dow Jones Indices LLC (“SPDJI”) and/or its affiliates. Public Mutual Berhad
has contracted with SPDJI to calculate and maintain the Index. All rights reserved. Redistribution,
Public Asia Ittikal Fund (PAIF) reproduction and/or photocopying in whole or in part are prohibited without permission of SPDJI.
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a
registered trademark of Dow Jones Trademark Holdings LLC. Neither SPDJI, its affiliates nor their
Fund Category third party licensors make any representation or warranty, express or implied, as to the ability of any
index to accurately represent the asset class or market sector that it purports to represent, nor shall
Equity (Shariah-compliant) they have any liability for any errors, omissions, or interruptions of any index or the data included
therein. For more information on any of SPDJI’s or its affiliate’s indices or its custom calculation
services, please visit www.spdji.com.
Fund Investment Objective The PAIF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited
(“FTSE”) or by Bursa Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group
To achieve capital growth over the medium to long term period by investing companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or
in a portfolio of investments in domestic and regional markets that complies representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use
of the FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX (“the Index”), and/or the figure at which
with Shariah requirements. the said Index stands at any particular time on any particular day or otherwise. The Index is compiled
and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable
(whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor
Fund Performance Benchmark BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
The benchmarks of the Fund and their respective percentages are 70% “FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence.
“BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA.
S&P Shariah BMI Asia Ex-Japan Index, 15% customised index by S&P Dow
Jones Indices, LLC based on top 20 constituents by market capitalisation of
Fund Distribution Policy
the S&P BMI Shariah Japan Index and 15% FTSE Bursa Malaysia Hijrah
Shariah Index. Incidental
The “S&P Shariah BMI Asia Ex-Japan Index” is a product of S&P Dow Jones Indices LLC or its affiliates
(“SPDJI”), and has been licensed for use by Public Mutual Berhad. Standard & Poor’s® and S&P® Fund Performance
are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks
have been licensed for use by SPDJI and sublicensed for certain purposes by Public Mutual Berhad. Average Total Return for the Following Years Ended
It is not possible to invest directly in an index. PAIF is not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P 31 October 2022
Dow Jones Indices will not make any representation or warranty, express or implied, to the owners Average Total
of the PAIF or any member of the public regarding the advisability of investing in securities generally
or in PAIF particularly or the ability of the S&P Shariah BMI Asia Ex-Japan Index to track general
Return of PAIF (%)
market performance. Past performance of an index is not an indication or guarantee of future results.
S&P Dow Jones Indices’ only relationship to Public Mutual Berhad with respect to the S&P Shariah 1 Year -30.94
BMI Asia Ex-Japan Index is the licensing of the Index and certain trademarks, service marks and/or 3 Years -2.05
trade names of S&P Dow Jones Indices and/or its licensors. The S&P Shariah BMI Asia Ex-Japan
Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Public 5 Years -2.07
Mutual Berhad or the PAIF. S&P Dow Jones Indices has no obligation to take the needs of Public
Mutual Berhad or the owners of PAIF into consideration in determining, composing or calculating the
S&P Shariah BMI Asia Ex-Japan Index. S&P Dow Jones Indices is not responsible for and have not Annual Total Return for the Financial Years Ended 31 October
participated in the determination of the prices, and amount of PAIF or the timing of the issuance or
sale of PAIF or in the determination or calculation of the equation by which PAIF is to be converted Year 2022 2021 2020 2019 2018
into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or
liability in connection with the administration, marketing or trading of PAIF. There is no assurance that PAIF (%) -30.94 8.41 25.36 12.89 -15.40
investment products based on the S&P Shariah BMI Asia Ex-Japan Index will accurately track index
performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment
or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities The calculation of the above returns is based on computation methods of Lipper.
on portfolios and the tax consequences of making any particular investment decision. Inclusion of a
security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such Notes:
security, nor is it considered to be investment advice.
1. Total return of the Fund is derived by this formulae:
( )
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS
AND/OR THE COMPLETENESS OF THE S&P SHARIAH BMI ASIA EX-JAPAN INDEX OR ANY DATA
RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR End of Period FYCurrent Year NAV per unit
-1
WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT End of Period FYPrevious Year NAV per unit
THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY
FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES (Adjusted for unit split and distribution paid out for the period)
NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS The above total return of the Fund was sourced from Lipper.
TO BE OBTAINED BY PUBLIC MUTUAL BERHAD, OWNERS OF THE PAIF, OR ANY OTHER
PERSON OR ENTITY FROM THE USE OF THE S&P SHARIAH BMI ASIA EX-JAPAN INDEX OR WITH 2. Average total return is derived by this formulae:
RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, Total Return
SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT
LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY Number of Years Under Review
HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT,
TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF
ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND PUBLIC
MUTUAL BERHAD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
2 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 3

Fund Performance Fund Performance
For the Financial Year Ended 31 October 2022 For the Financial Year Ended 31 October 2022
Other Performance Data for the Past Three Financial Years Breakdown of Distribution
Ended 31 October Financial year 2022 2021 2020
2022 2021 2020 Date of distribution 31.10.22 29.10.21 30.10.20
Unit Prices (MYR)* MYR’000 % MYR’000 % MYR’000 %
Highest NAV per unit for the year 0.4968 0.5750 0.4619 Income 37,010 100 87,046 100 57,948 100
Lowest NAV per unit for the year 0.3218 0.4493 0.3054 Capital - - - - - -
Net Asset Value (NAV) and Units in Total 37,010 100 87,046 100 57,948 100
Circulation (UIC) as at the End of
the Year Past performance is not necessarily indicative of future performance and unit
Total NAV (MYR’000) 3,082,936 4,110,578 3,436,286 prices and investment returns may go down, as well as up.
UIC (in ’000) 9,565,623 8,704,624 7,726,360
NAV per unit (MYR) 0.3223 0.4722 0.4447 Asset Allocation for the Past Three Financial Years
Total Return for the Year (%) -30.94 8.41 25.36 As at 31 October
Capital growth (%) -30.82 8.71 25.28 (Percent of NAV)
Income (%) -0.17 -0.28 0.06
2022 2021 2020
Total Expense Ratio (%) 1.70 1.69 1.69 % % %
Portfolio Turnover Ratio (time) 0.49 0.23 0.45 EQUITY SECURITIES
* All prices quoted are ex-distribution. Quoted
Malaysia
Notes: Total Expense Ratio is calculated by taking the total expenses expressed as an annual
Basic Materials 1.5 0.1 -
percentage of the Fund’s average net asset value.
Energy - - 0.7
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and Industrial - 1.2 4.4
disposals of the investments in the Fund for the year over the average net asset value
of the Fund calculated on a daily basis. 1.5 1.3 5.1
The Portfolio Turnover Ratio for the financial year 2022 rose to 0.49 times from 0.23 Outside Malaysia
times in the previous financial year on acount of higher level of rebalancing activities
Australia
performed by the Fund during the financial year.
Basic Materials 1.9 - -
Energy 1.2 - -
Distribution and Unit Split
3.1 - -
Financial year 2022 2021 2020
Date of distribution 31.10.22 29.10.21 30.10.20 Hong Kong
Communications 11.2 14.9 26.2
Distribution per unit Consumer, Cyclical 1.1 3.4 4.0
Gross (sen) 0.40 1.00 0.75 Consumer, Non-cyclical 1.1 2.8 2.1
Net (sen) 0.39 1.00 0.75 Industrial 1.8 5.3 3.5
Unit split - - - Utilities 0.4 0.6 0.6
Impact on NAV Arising from Distribution for the Financial Years 15.6 27.0 36.4
2022 2021 2020 Indonesia

Sen Sen Sen Communications 0.6 - -
per unit per unit per unit Japan
NAV before distribution 32.62 48.22 45.22 Basic Materials - 1.5 1.0
Less: Net distribution (0.39) (1.00) (0.75) Consumer, Cyclical 5.4 1.3 2.4
Consumer, Non-cyclical 5.3 4.1 3.3
NAV after distribution 32.23 47.22 44.47 Industrial 3.3 6.1 4.7
Technology 1.5 4.3 2.5
15.5 17.3 13.9

Fund Performance Statement Of Distribution And Total Return
Asset Allocation for the Past Three Financial Years (cont’d) Gross Net
Distribution Distribution Distribution
As at 31 October -------- Sen per unit ---------
(Percent of NAV)
October 2022 0.40 0.39
2022 2021 2020
% % %
Total Return of the Fund -30.94%
Korea
Basic Materials 1.3 1.9 1.4
Communications 4.1 6.9 5.7 Effects of Distribution on NAV per unit before and after
Consumer, Cyclical 2.6 - - Distribution:
Consumer, Non-cyclical - 0.7 0.8
NAV NAV
Industrial 4.0 1.8 -
Before After
Distribution Distribution Distribution
22.2 21.3 18.0 -------- MYR per unit ---------
Taiwan October 2022 0.3262 0.3223
Basic Materials 1.4 1.3 0.3
Communications 1.1 1.1 1.5
Industrial 3.5 5.0 3.9
17.5 28.3 21.4
Thailand
Industrial 1.1 - -
TOTAL QUOTED EQUITY
SECURITIES 77.1 95.2 94.8
COLLECTIVE INVESTMENT FUNDS
Quoted
Outside Malaysia
Hong Kong
Financial 0.7 0.6 -
TOTAL QUOTED COLLECTIVE
INVESTMENT FUNDS 0.7 0.6 -
SHARIAH-BASED PLACEMENTS
WITH FINANCIAL INSTITUTIONS 11.6 5.4 4.0
OTHER ASSETS & LIABILITIES 10.6 -1.2 1.2

Manager’s Report Manager’s Report
Overview Change in Portfolio Exposures from 31-Oct-21 to 31-Oct-22

This Annual Report covers the financial year from 1 November 2021 to 31-Oct-21 31-Oct-22 Change
31 October 2022. Shariah-compliant equity and
Shariah-compliant equity-related
Public Asia Ittikal Fund (PAIF or the Fund) seeks to achieve capital securities 93.8% 76.9% -16.9%
growth over the medium to long term period by investing in a portfolio of Islamic money market 6.2% 23.1% +16.9%
investments in domestic and regional markets that complies with Shariah
requirements. Returns Breakdown by Asset Class
For the financial year under review, the Fund registered a return of -30.94% Market /
as compared to its benchmark’s return of -29.38%. The Fund’s Shariah- Returns On Benchmark Benchmark Average Attributed
compliant equity portfolio registered a return of -35.13% while its Islamic Investments Returns Index Used Exposure Returns
money market portfolio registered a return of +2.06% during the financial Shariah-
year under review. A detailed performance attribution analysis is provided compliant
in the sections below. equity and
Shariah-
For the five financial years ended 31 October 2022, the Fund registered a
compliant
return of -10.37%, in line with its benchmark’s return of -10.14% over the
equity-
same period.
related
securities -35.13% -29.38% Benchmark 83.30% -29.26%
Performance of PAIF Islamic money Overnight
from 31 October 2017 to 31 October 2022 market 2.06% 1.97% Islamic Rate 16.70% 0.34%
60% less:
PAIF BENCHMARK Expenses -2.02%
45%
Total Return
Returns from Start of Period
30% for the Year -30.94%
15%
Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate
0%
Shariah-compliant Equity Portfolio Review
For the financial year under review, the Fund’s Shariah-compliant equity
-15%
portfolio registered a return of -35.13% as compared to the benchmark’s
return of -29.38%. The Fund’s Shariah-compliant equity portfolio registered
-30%
Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 a lower return as compared to the benchmark’s return as the performance
of selected technology and communications stocks held by the Fund was
The benchmark of the Fund is a composite index of 70% S&P Shariah impacted by concerns over the rise in global interest rates during the
BMI Asia Ex-Japan (S&P SAEJ) Index, 15% FTSE Bursa Malaysia Hijrah financial year under review.
Shariah Index (FBMHS) and 15% customised index by S&P Dow Jones The Fund commenced the financial year under review with a Shariah-
Indices, LLC based on the top 20 constituents by market capitalisation of compliant equity exposure of 93.8% and its Shariah-compliant equity
the S&P BMI Shariah Japan Index. exposure was reduced to 76.9% by the end of the financial year under review
Income Distribution and Impact on NAV Arising from to weather the consolidation phase in the domestic and regional markets.
Distribution Based on an average Shariah-compliant equity exposure of 83.30%, the
Shariah-compliant equity portfolio is deemed to have registered a return of
The gross distribution of 0.40 sen per unit (net distribution of 0.39 sen per -29.26% to the Fund as a whole for the financial year under review. A full
unit) for the financial year ended 31 October 2022 had the effect of reducing review of the performance of the equity markets is tabled in the following
the Net Asset Value (NAV) of the Fund after distribution. As a result, the sections.
NAV per unit of the Fund was reduced to RM0.3223 from RM0.3262 after
distribution. Country Allocation
The top 5 countries invested by the Fund are Korea, Taiwan, Hong Kong,
Japan and Australia.

Stock Market Review Shariah-compliant stocks within the Japan market, as proxied by the
S&P BMI Shariah Japan Index, commenced the financial year under
Shariah-compliant equities within the regional markets, as proxied by review at 19,056.55 points. The index declined from November 2021 to
the S&P SAEJ Index, commenced the financial year under review at February 2022 following the announcement of a conservative cabinet
149.67 points. The index retraced in November 2021 amid concerns over line-up, expectations for a faster pace of interest rate hikes by the Fed,
the prospect of earlier-than-expected United States (U.S.) interest rate hikes as well as escalating geopolitical tensions between Russia and Ukraine.
and the spread of the new Covid-19 Omicron variant, before edging higher After rebounding in March 2022, the index traded sideways from April to
in December 2021 following reports of milder symptoms for the Omicron October 2022 amid concerns of a softer economic outlook due to monetary
variant. The index subsequently declined in January 2022 on expectations tightening measures undertaken by major central banks to combat inflation,
for a faster pace of interest rate hikes as the U.S. Federal Reserve (Fed) while the weakening of the Japanese Yen against the U.S. Dollar boosted
pivoted to a more hawkish stance. The index further retraced in February the earnings of Japanese exporters. The S&P BMI Shariah Japan Index
and early March 2022 due to a resurgence of regulatory uncertainties on closed at 16,818.76 points to register a decline of 11.74% (-22.86% in
China’s Internet sector, concerns over the potential delisting of selected Ringgit terms) for the financial year under review.
Chinese companies listed in the U.S., as well as escalating geopolitical
tensions surrounding Ukraine. The index subsequently recovered some of Economic Review
its losses over the remainder of March 2022 after the Chinese government
announced policies to support the Chinese economy. Taiwan’s real GDP growth moderated to 3.6% in the first three quarters
of 2022 from 6.6% in 2021 amid slower growth in investment spending
In April 2022, regional markets fell in tandem with global markets amid and exports. Led by higher food prices and transportation costs, Taiwan’s
expectations for a faster pace of monetary tightening by the Fed as well inflation rate rose to 3.1% in the first nine months of 2022 from 2.0% in
as on concerns over the re-imposition of Covid-19 lockdown measures 2021. Since March 2022, Taiwan’s central bank has raised its policy interest
in several major Chinese cities. The S&P SAEJ Index declined further rate for the third time this year to 1.625% from 1.125% amid concerns over
in mid-May 2022 amid concerns over the potential adverse impact of elevated levels of inflation.
monetary tightening measures by major central banks on global economic
growth, before rebounding in late May 2022 as investors re-positioned South Korea’s real GDP growth eased to 3.0% in the first three quarters
into the China markets on optimism over the lifting of lockdown measures of 2022 from 4.1% in 2021 due to slower investment spending and export
in Shanghai. The index subsequently retraced in June 2022 after the growth. The inflation rate rose to 5.0% in the first three quarters of 2022
technology-heavy South Korea and Taiwan markets eased on concerns from 2.5% in 2021 on higher transportation and housing costs. In response
over the accelerated pace of monetary policy tightening by the Fed as to rising inflation, the Bank of Korea raised its policy rate to 3.0% with seven
well as the impact of a potential slowdown in global economic growth on hikes totalling 250 basis points (bps) over the August 2021-October 2022
the demand for selected technology-related products. The index declined period.
further in July 2022 following the release of China’s lower-than-expected China’s real GDP growth moderated to 3.0% in the first three quarters
real gross domestic product (GDP) growth rate for 2Q 2022 and concerns of 2022 from 8.1% in 2021 amid the ongoing lockdown restrictions in
over delayed deliveries of pre-sold property projects to homebuyers in selected Chinese cities. Growth in the services sector moderated to 2.3%
selected Chinese cities. in the first three quarters of 2022 from 8.2% in 2021. Meanwhile, growth in
In August 2022, the S&P SAEJ Index traded sideways as optimism over manufacturing activities slowed to 3.9% from 9.6% over the same period.
the announcement of additional economic relief measures by the Chinese Led by higher food prices and transportation costs, China’s inflation rate
government was weighed by concerns over the economic impact of renewed firmed to 2.0% in the first three quarters of 2022 from 0.9% in 2021.
lockdown restrictions in selected Chinese cities. The index subsequently To provide more liquidity to China’s economy, the People’s Bank of China
declined in September 2022 on concerns over a softer growth outlook for (PBoC) reduced the reserve requirement ratio (RRR) for major banks by
the regional economies and the weakening of regional currencies against a total of 125 bps over the period of July 2021 to September 2022. Over
the U.S. Dollar amid the Fed’s continued monetary tightening. The index the same period, the PBoC lowered the one-year medium-term lending
further declined in October 2022 as the U.S. imposed more restrictions on facility (MLF) and 7-day reverse repo rates by 20 bps each to 2.75% and
the sale of advanced semiconductors to China as well as on concerns over 2.00% respectively. Since May 2022, the Chinese government has unveiled
potentially tighter government policies in China after President Xi Jinping various stimulus measures amounting to an estimated RMB4.0 trillion
secured his third 5-year term at the 20th National Party Congress. The S&P (US$580 billion) to support its domestic economy. President Xi Jinping
SAEJ Index closed at 86.19 points to register a decline of 42.41% (-34.25% was formally re-elected as the head of the Chinese Communist Party for
in Ringgit terms) for the financial year under review. an unprecedented third term following the 20th Party Congress, which
The Korea, Taiwan and Hong Kong markets registered returns of -29.56%, concluded on 22 October 2022. President Xi pledged to modernise China
-30.85% and -34.18% (in Ringgit terms) respectively for the financial year and promote equitable economic growth.
under review.

Japan’s real GDP growth moderated to 1.1% in 1H 2022 from 1.7% in 2021 Table 1: Real GDP Forecasts (%)
amid a further decline in investment spending and a moderation in export
growth. Led by higher food and energy prices, Japan’s consumer price 2020 2021 2022F* 2023F*
index (CPI) rose by 2.1% in the first three quarters of 2022 compared to a
0.3% decrease in 2021. To support domestic demand, the Bank of Japan Taiwan 3.4 6.6 3.2 2.6
(BoJ) maintained its policy interest rate at -0.1%. Korea -0.7 4.1 3.0 1.9
On the global interest rate front, the Fed has embarked on a plan to China 2.2 8.1 3.3 5.0
reduce its bond holdings by not re-investing the proceeds it receives from Japan -4.5 1.7 1.6 1.4
maturing bonds. This policy entails a monthly reduction of US$47.5 billion
in its holdings of U.S. Treasury (UST) and mortgage-backed securities * Bloomberg consensus forecast as at 31 October 2022
over the June-August 2022 period. This bond-reduction programme was
As at end-October 2022, the 2023 P/E valuations of selected North Asian
subsequently increased to a maximum of US$95 billion worth of bonds a
markets were generally at discounts relative to their long-term historical
month from September 2022 onwards.
averages.
Following the Fed’s decision to raise the Federal funds rate (FFR) by 75 bps
Given the above factors, the Fund will continue to rebalance its investment
to a target range of 3.75%-4.00% at the Federal Open Market Committee
portfolio accordingly with the objective of achieving capital growth over the
(FOMC) meeting on 1-2 November 2022, the Fed has raised the FFR by a
medium to long term period by investing in a portfolio of investments in
total of 375 bps over the March-November 2022 period. The Fed projected
domestic and regional markets that complies with Shariah requirements.
its upper-bound FFR target at 4.50% by the end of 2022, and could further
raise the FFR in 2023 in light of the tight U.S. labour market and elevated Notes: Q = Quarter
inflationary pressures. However, given the lag between the monetary policy H = Half
and its impact on the economy and inflation, the Fed could slow the pace of
interest rate hikes in 2023. Cross-Trade Transactions
Outlook and Investment Strategy No cross-trade transactions were undertaken by PAIF during portfolio
rebalancing activities over the financial year under review.
Global and selected regional markets generally traded lower in the first
10 months of 2022 amid the Fed’s aggressive interest rate hikes, the Policy on Soft Commissions
ongoing Russia-Ukraine conflict, Europe’s energy crisis and China’s
The management company may receive goods and services which bring
Covid-19 lockdowns. While the global economy is expected to register
a direct benefit or advantage to the management of the funds and may be
positive growth in 2022, growth in the key economies of the U.S. and
in the form of research and advisory services that assist in the decision-
Europe is expected to slow in 2H 2022 and 2023 on the back of elevated
making process relating to the Fund’s investments.
inflationary pressures, higher interest rates, geopolitical tensions and
volatile currency movements. During the financial year under review, PAIF has received soft commissions
from brokers/dealers who have also executed trades for other funds
Looking ahead, the equity markets’ longer-term performance will depend on
managed by Public Mutual. The soft commissions were utilised for goods
the pace of recovery in the key economies of the U.S., Europe and the Asia
and services which include the provision of financial data, price quotation
Pacific region. Meanwhile, investors will focus on inflation trends and the
on securities, benchmarks for fund performance measurement, research
pace of monetary policy tightening by the major central banks.
services and investment-related publications to assist the Manager in the
Barring any unforeseen circumstances, the economic growth rates of investment decision-making process. The soft commissions received were
selected North Asian countries are projected to range between 1.6% and for the benefit of the funds and there were no churning of trades.
3.3% in 2022 compared to a range of 1.7%-8.1% in 2021. The pace of
growth for the selected economies is expected to range between 1.4% and Securities Financing Transactions
5.0% for 2023. PAIF has not undertaken any securities lending or repurchase transactions
during the financial year under review.
Changes Made to the Fund’s Prospectus

There were no changes made to PAIF’s prospectus during the financial
year under review.

Trustee’s Report Shariah Adviser’s Report
To the unit holders of PUBLIC ASIA ITTIKAL FUND (“Fund”), To the Unitholders of
PUBLIC ASIA ITTIKAL FUND
We have acted as Trustee of the Fund for the financial year ended
31 October 2022 and we hereby confirm to the best of our knowledge, after We have acted as the Shariah Adviser of PUBLIC ASIA ITTIKAL FUND.
having made all reasonable enquiries, PUBLIC MUTUAL BERHAD has Our responsibility is to ensure that the procedures and processes employed
operated and managed the Fund during the year covered by these financial by PUBLIC MUTUAL BERHAD and that the provisions of the Master Deed
statements in accordance with the following: dated 28 January 1999 and subsequent Supplemental Master Deeds
(collectively referred to as “Deeds”) are in accordance with Shariah
1. Limitations imposed on the investment powers of the management
principles.
company under the deed, securities laws and the Guidelines on Unit
Trust Funds; We hereby confirm:
2. Valuation and pricing is carried out in accordance with the deed; and To the best of our knowledge, after having made all reasonable enquiries,
3. Any creation and cancellation of units are carried out in accordance with PUBLIC MUTUAL BERHAD has operated and managed the Fund during
the deed and any regulatory requirement. the period covered by this financial statements ended 31 October 2022
in accordance with the Shariah principles and requirements and complied
We are of the opinion that the distribution of income by the Fund is appropriate with the applicable guidelines, rulings or decisions issued by the Securities
and reflects the investment objective of the Fund. Commission Malaysia pertaining to Shariah matters.
The assets of the Fund comprise instruments that have been classified
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
For AMANAHRAYA TRUSTEES BERHAD 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.
ZAINUDIN BIN SUHAIMI

Chief Executive Officer
Date: 21 November 2022
For ZICO Shariah Advisory Services Sdn Bhd
DR. AIDA OTHMAN DATUK PROF. DR. MOHAMAD AKRAM LALDIN

Director Designated Person Responsible for
Shariah Advisory
29 November 2022

Statement By Manager Independent Auditors’ Report
We, TAN SRI DATO’ SRI DR. TAY AH LEK and QUAH POH KEAT, being Independent auditors’ report to the Unitholders of
two of the directors of PUBLIC MUTUAL BERHAD, do hereby state that, PUBLIC ASIA ITTIKAL FUND
in the opinion of the Manager, the accompanying statement of assets and
Report on the audit of the financial statements
liabilities as at 31 October 2022 and the related statement of income and
expenditure, statement of changes in net asset value and statement of Opinion
cash flows for the financial year ended on that date together with the notes
thereto, are drawn up in accordance with Malaysian Financial Reporting We have audited the financial statements of PUBLIC ASIA ITTIKAL FUND
Standards and International Financial Reporting Standards so as to give a (“the Fund”), which comprise the statement of assets and liabilities as at
true and fair view of the financial position of PUBLIC ASIA ITTIKAL FUND 31 October 2022, and the statement of income and expenditure, statement
as at 31 October 2022 and of its financial performance, changes in net of changes in net asset value and statement of cash flows of the Fund for the
asset value and cash flows for the financial year then ended and comply financial year then ended, and notes to the financial statements, including
with the requirements of the Deeds. a summary of significant accounting policies, as set out on pages 20 to 42.
In our opinion, the accompanying financial statements give a true and fair
view of the financial position of the Fund as at 31 October 2022, and of its
financial performance and its cash flows for the financial year then ended
in accordance with Malaysian Financial Reporting Standards (“MFRS”) and
International Financial Reporting Standards (“IFRS”).
For and on behalf of the Manager Basis for opinion

We conducted our audit in accordance with approved standards on auditing
in Malaysia and International Standards on Auditing. Our responsibilities
under those standards are further described in the Auditors’ responsibilities
for the audit of the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
TAN SRI DATO’ SRI DR. TAY AH LEK
Independence and other ethical responsibilities
We are independent of the Fund in accordance with the By-Laws (on
Professional Ethics, Conduct and Practice) of the Malaysian Institute of
Accountants (“By-Laws”) and the International Code of Ethics for Professional
Accountants (including International Independence Standards) (“IESBA
QUAH POH KEAT Code”), and we have fulfilled our other ethical responsibilities in accordance
with the By-Laws and the IESBA Code.
29 November 2022 Information other than the financial statements and auditors’ report
thereon
The Manager of the Fund is responsible for the other information. The other
information comprises the information included in the Annual Report of the
Fund, but does not include the financial statements of the Fund and our
auditors’ report thereon.
Our opinion on the financial statements of the Fund does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Fund, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements of the Fund or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Independent Auditors’ Report (cont’d) Independent Auditors’ Report (cont’d)
Report on the audit of the financial statements (cont’d) Report on the audit of the financial statements (cont’d)
Responsibility of the Manager and Trustee for the financial statements Auditors’ responsibility for the audit of the financial statements (cont’d)
The Manager of the Fund is responsible for the preparation of financial • Conclude on the appropriateness of the Manager’s use of the going
statements of the Fund that give a true and fair view in accordance with concern basis of accounting and, based on the audit evidence obtained,
MFRS and IFRS. The Manager is also responsible for such internal control whether a material uncertainty exists related to events or conditions
as the Manager determines is necessary to enable the preparation of financial that may cast significant doubt on the Fund’s ability to continue as a
statements of the Fund that are free from material misstatement, whether going concern. If we conclude that a material uncertainty exists, we
due to fraud or error. are required to draw attention in our auditors’ report to the related
disclosures in the financial statements of the Fund or, if such disclosures
In preparing the financial statements of the Fund, the Manager is responsible
are inadequate, to modify our opinion. Our conclusions are based on the
for assessing the Fund’s ability to continue as a going concern, disclosing,
audit evidence obtained up to the date of our auditors’ report. However,
as applicable, matters related to going concern and using the going concern
future events or conditions may cause the Fund to cease to continue
basis of accounting unless the Manager either intends to liquidate the Fund
as a going concern.
or to cease operations, or has no realistic alternative but to do so.
• Evaluate the overall presentation, structure and content of the financial
The Trustee is responsible for overseeing the Fund’s financial reporting
statements of the Fund, including the disclosures, and whether the
process. The Trustee is also responsible for ensuring that the Manager
financial statements of the Fund represent the underlying transactions
maintains proper accounting and other records as are necessary to enable
and events in a manner that achieves fair presentation.
true and fair presentation of these financial statements.
We communicate with the Manager regarding, among other matters, the
Auditors’ responsibility for the audit of the financial statements
planned scope and timing of the audit and significant audit findings, including
Our objectives are to obtain reasonable assurance about whether the financial any significant deficiencies in internal control that we identify during our audit.
statements of the Fund as a whole are free from material misstatement,
Other matters
whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not This report is made solely to the unitholders of the Fund, as a body, in
a guarantee that an audit conducted in accordance with approved standards accordance with Guidelines on Unit Trust Funds issued by the Securities
on auditing in Malaysia and International Standards on Auditing will always Commission Malaysia and for no other purpose. We do not assume
detect a material misstatement when it exists. Misstatements can arise from responsibility to any other person for the content of this report.
fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in
Malaysia and International Standards on Auditing, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
Ernst & Young PLT Ng Sue Ean
• Identify and assess the risks of material misstatement of the financial 202006000003 (LLP0022760-LCA) & AF 0039 No. 03276/07/2024 J
statements of the Fund, whether due to fraud or error, design and perform Chartered Accountants Chartered Accountant
audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The Kuala Lumpur, Malaysia
risk of not detecting a material misstatement resulting from fraud is 29 November 2022
higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the Fund’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Manager.

Statement Of Assets And Liabilities Statement Of Income And Expenditure
As at 31 October 2022 For the Financial Year Ended 31 October 2022
Note 2022 2021 Note 2022 2021

MYR’000 MYR’000 MYR’000 MYR’000
Assets Income
Investments 4 2,397,738 3,939,205 Profit from Shariah-based placements 5,150 2,376
Due from the Manager, net 7 - 4,197 Distribution income 1,212 572
Other receivables 2,984 2,556 Dividend income 61,145 64,463
Shariah-based placements with financial Net (loss)/gain from investments 4 (1,338,882) 291,133
institutions 8 357,453 223,002 Net realised/unrealised foreign
Cash at banks 9 376,718 42,057 exchange gain/(loss) 41 (2,051)
3,134,893 4,211,017 (1,271,334) 356,493
Liabilities Less: Expenses
Due to brokers/financial institutions, net 10 10,171 12,912 Trustee’s fee 14 600 600
Due to the Manager, net 7 2,607 - Management fee 15 61,484 68,446
Provision for taxation 1,912 - Audit fee 7 7
Other payables 257 481 Tax agent’s fee 97 208
Distribution payable 37,010 87,046 Brokerage fee 12,201 6,089
Administrative fees and expenses 1,010 1,124
51,957 100,439
75,399 76,474
Total net assets 3,082,936 4,110,578
Net (loss)/income before taxation (1,346,733) 280,019
Net asset value (“NAV”) attributable Taxation 16 (15,044) (8,612)
to unitholders (Total equity) 11 3,082,936 4,110,578
Net (loss)/income after taxation (1,361,777) 271,407
Units in circulation (in ’000) 12 9,565,623 8,704,624
Net (loss)/income after taxation is
NAV per unit, ex-distribution (in sen) 32.23 47.22 made up as follows:
Realised 50,935 109,126
Unrealised (1,412,712) 162,281
The accompanying notes are an integral part of this statement.
(1,361,777) 271,407
Distribution for the financial year 17 37,010 87,046

Statement Of Changes In Net Asset Value Statement Of Cash Flows
Retained 2022 2021

earnings/ MYR’000 MYR’000
Unitholders’ (accumulated Cash flows from operating activities
Note capital losses) Total Proceeds from sale of investments 1,923,673 779,275
MYR’000 MYR’000 MYR’000 Purchase of investments (1,735,381) (1,165,442)
Subscription of rights (2,033) -
As at 1 November 2020 2,603,744 832,542 3,436,286
Capital repayment received 1,146 2,240
Creation of units 527,019 - 527,019
Maturity of Shariah-based placements 61,340,718 33,147,597
Cancellation of units (37,088) - (37,088)
Shariah-based placements (61,475,169) (33,233,539)
Net income after taxation - 271,407 271,407
Profit from Shariah-based placements
Distribution 17 - (87,046) (87,046)
received 5,158 2,357
As at 31 October 2021 3,093,675 1,016,903 4,110,578 Net distribution income received 1,215 583
Net dividend income received 50,912 54,884
Trustee’s fee paid (600) (600)
Management fee paid (62,864) (67,547)
As at 1 November 2021 3,093,675 1,016,903 4,110,578
Audit fee paid (7) (7)
Creation of units 387,678 - 387,678
Tax agent’s fee paid (94) (210)
Cancellation of units (16,533) - (16,533)
Payment of other fees and expenses (1,266) (834)
Net loss after taxation - (1,361,777) (1,361,777)
Taxation paid (3,447) -
Distribution 17 (2,726) (34,284) (37,010)
Net cash inflow/(outflow) from operating
As at 31 October 2022 3,462,094 (379,158) 3,082,936
activities 41,961 (481,243)
Cash flows from financing activities
The accompanying notes are an integral part of this statement. Cash proceeds from units created 395,621 523,392
Cash paid on units cancelled (16,292) (37,088)
Distribution paid (87,046) (57,948)
Net cash inflow from financing activities 292,283 428,356
Net increase/(decrease) in cash and cash
equivalents 334,244 (52,887)
Effect of changes in foreign exchange
rates 417 (2,227)
Cash and cash equivalents at the
beginning of the financial year 42,057 97,171
Cash and cash equivalents at the end of
the financial year 376,718 42,057

Notes To The Financial Statements Notes To The Financial Statements
31 October 2022 31 October 2022
1. The Fund, The Manager and Their Principal Activities 2. Summary of Significant Accounting Policies (cont’d)
The Public Asia Ittikal Fund (hereinafter referred to as “the Fund”) (a) Basis of Preparation (cont’d)
was set up pursuant to the execution of a Supplemental Master Deed
dated 2 August 2006 between the Manager, Public Mutual Berhad, Effective dates
the Trustee, AmanahRaya Trustees Berhad and the registered for financial periods
unitholders of the Fund. The Fund is governed by a Master Deed dated beginning on or after
28 January 1999 and subsequent Supplemental Master Deeds Property, Plant and Equipment - Proceeds 1 January 2022
(collectively referred to as “Deeds”). before Intended Use (Amendments to
The Fund’s objective is to achieve capital growth over the medium to MFRS 116 Property, Plant and Equipment) *
long term period by investing in a portfolio of investments in domestic Onerous Contracts - Cost of Fulfilling a 1 January 2022
and regional markets that complies with Shariah requirements. The Contract (Amendments to MFRS 137
Fund invests in investments as defined in the Deeds. The Fund was Provisions, Contingent Liabilities and
launched on 22 August 2006 and will continue its operations until Contingent Assets) *
terminated by the Trustee as provided in the Master Deed. MFRS 17 - Insurance Contracts * 1 January 2023
Amendments to MFRS 17 Insurance 1 January 2023
The Manager of the Fund is Public Mutual Berhad, a company Contracts *
incorporated in Malaysia. Its principal activities are the management of Initial Application of MFRS 17 and MFRS 9 1 January 2023
unit trusts and the sale of trust units. Its ultimate holding company is - Comparative Information (Amendment to
Public Bank Berhad, a licensed bank incorporated in Malaysia and MFRS 17 Insurance Contracts) *
listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Classification of Liabilities as Current or 1 January 2023
Securities”). Non-current (Amendments to MFRS 101
Presentation of Financial Statements)
2. Summary of Significant Accounting Policies
Disclosure of Accounting Policies 1 January 2023
(a) Basis of Preparation (Amendments to MFRS 101 Presentation
of Financial Statements)
The financial statements of the Fund have been prepared under
Definition of Accounting Estimates 1 January 2023
the historical cost convention, as modified by the revaluation of
(Amendments to MFRS 108 Accounting
financial assets and financial liabilities at fair value and comply
Policies, Changes in Accounting Estimates
with Malaysian Financial Reporting Standards (“MFRS”) and
and Errors)
International Financial Reporting Standards (“IFRS”).
Deferred Tax related to Assets and Liabilities 1 January 2023
The Fund has adopted MFRSs, Amendments and Issue arising from a Single Transaction
Committee (“IC”) Interpretations which were effective from periods (Amendments to MFRS 112 Income Taxes) *
beginning on or after 1 January 2021 and 1 April 2021. The Lease Liability in a Sale and Leaseback 1 January 2024
adoption of these MFRSs, Amendments and IC Interpretations (Amendments to MFRS 16 Leases) *
do not have any significant impact on the financial statements of Sale or Contribution of Assets between an To be announced
the Fund. Investor and its Associate or Joint Venture
(Amendments to MFRS 10 and MFRS 128) *
The Fund will adopt the following MFRSs and Amendments
when they become effective in the respective financial periods * These MFRSs and Amendments are not relevant to the Fund.
and these MFRSs and Amendments are not expected to have
material impact to the financial statements of the Fund upon the (b) Accounting Estimates and Judgements
initial application. The preparation of the Fund’s financial statements requires the
Effective dates Manager to make judgements, estimates and assumptions that
for financial periods affect the reported amounts of revenues, expenses, assets
beginning on or after and liabilities, and the disclosure of contingent liabilities at the
reporting date. However, uncertainty about these assumptions
Amendments to MFRSs contained in the 1 January 2022 and estimates could result in outcome that could require a
document entitled “Annual Improvements
material adjustment to the carrying amount of an asset or a
to MFRS Standards 2018-2020”
liability in the future.
Reference to the Conceptual Framework 1 January 2022
(Amendments to MFRS 3 Business
Combinations) *

2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(b) Accounting Estimates and Judgements (cont’d) (d) Financial Instruments (cont’d)
There are no major judgements nor key assumptions concerning i) Financial Assets (cont’d)
the future and other key sources of estimation uncertainty at the
Financial Assets at FVTPL
reporting date, that may cast significant doubt upon the Fund’s
A financial asset is classified as FVTPL if it meets the definition
ability to continue as a going concern. Therefore, the financial
of held for trading. Subsequent to initial recognition, financial
statements continue to be prepared on the going concern basis.
assets at FVTPL are measured at fair value. Changes in the
(c) Fair Value Measurement fair value of those financial instruments are recorded in “Net
gain or loss on financial assets at FVTPL”. Interest earned,
Fair value is the price that would be received to sell an asset or distribution income and dividend revenue elements of such
paid to transfer a liability in an orderly transaction between market instruments are recorded separately in “Interest income”,
participants at the measurement date. “Distribution income” and “Dividend income” respectively.
(d) Financial Instruments Exchange differences on financial assets at FVTPL are not
recognised separately in profit or loss but are included in net
Financial assets and financial liabilities are recognised in the gain or net loss on changes in fair value of financial assets
Statement of Assets and Liabilities when, and only when, the Fund at FVTPL.
becomes a party to the contractual provisions of the instrument.
Financial Assets at amortised cost
A financial asset or financial liability is considered to be held for A financial asset is measured at amortised cost if it is held
trading if: within a business model whose objective is to hold financial
assets in order to collect contractual cash flows and its
• It is acquired or incurred principally for the purpose of selling
contractual terms give rise on specified dates to cash flows
or repurchasing it in the near term; or
that are solely payments of principal and interest on the
• On initial recognition, it is part of a portfolio of identified principal amount outstanding. The Fund includes in this
financial instruments that are managed together and for category amount due from brokers/financial institutions,
which, there is evidence of a recent actual pattern of short- amount due from the Manager, other receivables, Shariah-
term profit-taking; or based placements with financial institutions and cash at banks.
• It is a derivative (except for a derivative that is a financial ii) Financial Liabilities

guarantee contract or a designated and effective hedging Financial liabilities are recognised initially at fair value and
instrument). classified according to the substance of the contractual
i) Financial Assets arrangements entered into and the definitions of a financial
liability.
The Fund determines the classification of its financial assets
at initial recognition, and the categories include financial The Fund derecognises a financial liability when the obligation
assets measured at fair value through profit or loss (“FVTPL”) under the liability is discharged, cancelled or expired.
and financial assets measured at amortised cost. Financial Liabilities at FVTPL
When financial assets are recognised initially on trade date, A financial liability is measured at FVTPL if it meets the
they are measured at fair value, plus, in the case of financial definition of held for trading.
assets not at FVTPL, directly attributable transaction costs. Financial Liabilities at amortised cost
Financial assets are derecognised on trade date when This category includes all financial liabilities, other than those
the rights to receive cash flows from the investments have measured at FVTPL. The Fund includes in this category
expired or the Fund has transferred substantially all risks and amount due to brokers/financial institutions, amounts due to
rewards of ownership. the Manager and the Trustee, and other payables.
Impairment
The Fund holds only receivables which have maturities of less
than 12 months at amortised cost and has chosen to apply the
simplified approach on all receivables.

2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(e) Foreign Currency (i) Taxation
i) Functional and Presentation Currency Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the tax authorities. The
The financial statements of the Fund are measured using tax rate and tax laws used to compute the amount are those that
the currency of the primary economic environment in which are enacted or substantively enacted by the reporting date. The
the Fund operates (“the functional currency”). The financial Fund may also incur withholding taxes on income received from
statements are presented in Malaysian Ringgit (“MYR”), financial instruments.
which is also the Fund’s functional currency.
(j) Interest from Foreign Currency Accounts
ii) Foreign Currency Transactions
A portion of the cash is maintained in foreign currency accounts
Transactions in foreign currencies are measured and outside Malaysia to facilitate the settlement of purchase and
recorded in the functional currency of the Fund on initial selling of foreign securities in a particular country. Interest earned,
recognition at exchange rates approximating those ruling if any, from these accounts is not recognised as income to the
at the transaction dates. Monetary assets and liabilities Fund. Such interest will be channelled to charitable bodies as part
denominated in foreign currencies are translated at the rate of the Fund’s cleansing process in line with the advice from the
of exchange ruling at the reporting date. Non-monetary items Shariah Adviser.
denominated in foreign currencies that are measured at
historical cost are translated using the exchange rates as at (k) Related Parties
the dates of the initial recognition.
Related parties refer to Public Bank Berhad and its subsidiaries.
Exchange differences arising from translation of monetary
items at the reporting date are recognised in profit or loss. 3. Financial Risk and Capital Management Policies
Exchange differences arising from the translation of non- The Fund is exposed to a variety of financial risks, which include market
monetary financial assets at FVTPL are included in profit or risk (such as price risk and currency risk), credit and counterparty
loss. risk, single issuer risk, liquidity risk, reclassification of Shariah status
(f) Unitholders’ Capital risk and the current COVID-19 pandemic. The overall financial risk
management objective of the Fund is to mitigate capital loss.
The Unitholders’ contributions to the Fund meet the definition of
puttable instruments and are classified as equity instruments. Financial risk management is carried out through policy reviews,
internal control systems and adherence to the investment powers and
Distribution equalisation represents the average distributable restrictions stipulated in the Guidelines on Unit Trust Funds issued by
amount included in the creation and cancellation prices of the Securities Commission Malaysia.
units. This amount is either refunded to Unitholders by way of
distribution and/or adjusted accordingly when units are cancelled. (a) Market Risk
(g) Cash and Cash Equivalents Market risk arises when the value of the securities fluctuates in
response to the activities of individual companies, and general
Cash and cash equivalents comprise cash at licensed banks market or economic environments. Market risk is managed
which are subject to an insignificant risk of changes in value. through portfolio diversification and changes in asset allocation.
(h) Income It comprises the following risks:
i) Price Risk
Income is recognised to the extent that it is probable that the
economic benefits will flow to the Fund and the income can Price risk is the risk that prices of equity securities and
be reliably measured. Income is measured at the fair value of collective investment funds rise or fall as a result of changes
consideration received or receivable, and is presented gross of in factors specific to a particular security or general market
withholding tax which is disclosed separately. conditions.
Distribution income and dividend income are recognised on the The increase/(decrease) in the NAV attributable to unitholders
date when the Fund’s right to receive the payment is established. as at reporting date, assuming equity and collective
investment funds’ prices change by +/(-) 5% with all
Profit from Shariah-based placements, income from sukuk and other variables held constant, is +/(-) MYR119,887,000
accretion of discount/amortisation of premium are recognised (2021: +/(-) MYR196,960,000). This analysis is for illustration
using the effective interest method. purpose only and not an indication of future variances.

3. Financial Risk and Capital Management Policies (cont’d) 3. Financial Risk and Capital Management Policies (cont’d)
(a) Market Risk (cont’d) (e) Reclassification of Shariah Status Risk
ii) Currency Risk The Shariah-compliant securities currently held in the portfolio of
the Fund may be reclassified to be Shariah non-compliant in the
The Fund invests in financial instruments denominated in
periodic review of the securities by the Shariah Advisory Council
currencies other than its functional currency. Consequently, (“SAC”) of the Securities Commission Malaysia, the Shariah
the Fund is exposed to risks arising from changes in the Adviser or the Shariah Boards of the relevant Islamic Indices.
exchange rate of its functional currency relative to other If this occurs, the value of the Fund may be adversely affected
foreign currencies that might significantly impact the value of where the Manager will take the necessary steps to dispose of
the Fund’s assets or liabilities denominated in currencies other such securities in accordance with the advice from the SAC of
than Malaysian Ringgit. the Securities Commission Malaysia and/or the Shariah Adviser.
The increase/(decrease) in the NAV attributable to (f) Capital Management
unitholders as at reporting date, assuming exchange
rates of foreign currencies fluctuate by +/(-) 5% with all Capital is represented by unitholders’ subscription to the Fund.
other variables held constant, is +/(-) MYR135,948,000 The amount of capital can change significantly on a daily basis
(2021: +/(-) MYR195,752,000). This analysis is for illustration as the Fund is subject to daily redemption and subscription at
purpose only and not an indication of future variances. the discretion of unitholders. The Manager manages the Fund’s
capital in accordance to its objective as stated in Note 1, while
(b) Credit and Counterparty Risk maintaining sufficient liquidity to meet unitholders’ redemption as
explained in Note (d) above.
Credit risk refers to the ability of an issuer to make timely
payments of profit and principal. Counterparty risk refers to the 4. Investments
ability of a counterparty to make timely payment of proceeds
from realisation of investments. The Manager manages credit 2022 2021
and counterparty risks by setting exposure limits and undertaking MYR’000 MYR’000
periodical credit evaluation to assess the creditworthiness of Financial assets at FVTPL
issuers and counterparties. - Equity securities 2,377,559 3,912,682
- Collective investment funds 20,179 26,523
(c) Single Issuer Risk
2,397,738 3,939,205
The Fund is restricted to invest in securities issued by any issuer
of not more than a certain percentage of its net asset value. Under The Fund’s investments are carried at fair value, which were determined
such restriction, the exposure risk to the securities of a single using prices in active markets for identical assets.
issuer is minimised.
Quoted equity securities and collective investment funds
(d) Liquidity Risk Fair value is determined directly by reference to the published market
The Fund maintains sufficient level of liquid assets to meet price at the reporting date.
anticipated payments and redemption by unitholders. Liquid The market prices of the above quoted financial instruments are
assets comprise cash, Shariah-based placements with licensed determined by reference to information made publicly available by the
financial institutions and other instruments, which can be respective stock exchanges.
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 FINANCIAL INSTRUMENTS - 31 OCTOBER 2022
and cancellation of units so as to manage liquidity risk.
The equity securities and collective investment funds held by the Fund
The Fund’s financial liabilities have contractual maturities of not are categorised based on their principal business activities according to
more than six (6) months. the Bloomberg Sector Classification System as at the reporting date of
the Statement of Assets and Liabilities.

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 EQUITY SECURITIES
Malaysia (cont’d)
Basic Materials Hong Kong (cont’d)

Petronas Chemicals Group Utilities
Berhad 3,614 31,990 31,514 1.0 Hong Kong and China Gas
Press Metal Aluminium Co. Ltd 3,632 26,928 13,251 0.4
Holdings Berhad 3,796 17,294 16,512 0.5
Indonesia
49,284 48,026 1.5
Communications
Australia PT Telkom Indonesia
(Persero) Tbk 13,569 18,633 18,050 0.6
Basic Materials
BHP Group Limited 529 65,221 59,750 1.9 Japan
Energy Consumer, Cyclical
Woodside Energy Group DENSO Corporation 190 50,011 44,640 1.5
Limited 339 33,537 36,858 1.2 Fast Retailing Co. Ltd 27 60,700 71,240 2.3
Nintendo Co., Ltd 260 50,433 50,176 1.6
Hong Kong
Communications 161,144 166,056 5.4
Alibaba Group Holding Ltd Consumer, Non-cyclical
- SW 1,701 152,015 62,939 2.0 Chugai Pharmaceutical
JD.com, Inc - SW 199 30,462 17,356 0.6 Co., Ltd 430 54,815 47,165 1.5
Meituan 1,204 123,152 90,463 2.9 Daiichi Sankyo Co Ltd 320 36,539 48,498 1.6
Tencent Holdings Ltd 1,202 254,766 148,711 4.8 Olympus Corporation 370 34,717 36,937 1.2
Xiaomi Corporation 5,043 58,467 26,744 0.9 Recruit Holdings Co., Ltd 180 23,121 26,268 0.8
Shiseido Company, Limited 35 5,818 5,736 0.2
618,862 346,213 11.2
Consumer, Cyclical 155,010 164,604 5.3
Geely Automobile Holdings Industrial
Ltd 1,492 13,622 7,581 0.3 HOYA Corporation 30 11,972 13,234 0.4
Haier Smart Home Co., Ltd 499 8,630 5,900 0.2 Keyence Corporation 32 43,710 57,298 1.9
Shenzhou International Nidec Corporation 36 15,085 9,429 0.3
Group Holdings Ltd 597 35,859 19,541 0.6 SMC Corporation 12 25,643 21,981 0.7
58,111 33,022 1.1 96,410 101,942 3.3
Consumer, Non-cyclical Technology
Nongfu Spring Co., Ltd 677 18,143 16,078 0.5 Shinko Electric Industries
WuXi Biologics (Cayman) Co., Ltd 205 35,835 23,354 0.8
Inc 874 38,915 18,678 0.6 Tokyo Electron Ltd 18 19,830 21,971 0.7
57,058 34,756 1.1 55,665 45,325 1.5
Industrial Korea
Sunny Optical Technology
(Group) Co. Ltd 539 39,365 22,073 0.7 Basic Materials
Techtronic Industries Co. LG Chem, Ltd 19 38,724 39,301 1.3
Ltd 711 30,228 31,801 1.1 Communications
Naver Corporation 79 52,542 44,373 1.4
69,593 53,874 1.8
NCsoft Corporation 20 43,204 26,376 0.9

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 EQUITY SECURITIES
(cont’d) (cont’d)
Korea (cont’d) Taiwan (cont’d)
Communications (cont’d) Technology
Samsung SDI Co., Ltd 23 32,014 55,251 1.8
ASE Technology Holding
127,760 126,000 4.1 Co., Ltd 3,440 41,491 40,540 1.3
ASMedia Technology Inc 140 39,340 11,945 0.4
Consumer, Cyclical MediaTek Inc 481 65,193 41,604 1.3
LG Energy Solution, Ltd 46 71,032 80,821 2.6
Taiwan Semiconductor
Industrial Manufacturing Co., Ltd 3,494 120,790 199,742 6.5
Daejoo Electronic Materials Tong Hsing Electronic
Co., Ltd 146 52,757 43,440 1.4 Industries, Ltd 946 40,274 23,992 0.8
ECOPRO BM Co., Ltd 67 25,860 25,422 0.8 Vanguard International
LEENO Industrial Inc 85 47,805 38,500 1.3 Semiconductor Co 1,999 29,977 19,459 0.6
LG Innotek Co., Ltd 8 8,602 7,448 0.3 Win Semiconductors Corp 977 37,826 17,474 0.6
POSCO Chemical Co., Ltd 11 5,320 7,378 0.2
374,891 354,756 11.5
140,344 122,188 4.0
Thailand
Technology
Samsung Electronics Co Industrial
Ltd 1,243 221,977 244,942 7.9 Airports of Thailand Public
SK Hynix Inc 256 72,024 70,163 2.3 Company Limited
- Foreign 3,717 32,057 34,143 1.1
294,001 315,105 10.2
COLLECTIVE
Taiwan INVESTMENT FUNDS
Basic Materials Hong Kong
Formosa Plastics
Corporation 3,317 47,486 40,405 1.3 Financial
Nan Ya Plastics The Link Real Estate
Corporation 150 1,468 1,502 0.1 Investment Trust 722 30,415 20,179 0.7
48,954 41,907 1.4 TOTAL 2,831,567 2,397,738 77.8
Communications
Chunghwa Telecom Co., Cost is translated to the Fund’s functional currency based on the
Ltd 1,450 26,814 23,595 0.8 exchange rates at the reporting date of the Statement of Assets and
Taiwan Mobile Co., Ltd 814 11,528 11,349 0.3 Liabilities.
38,342 34,944 1.1 Net (loss)/gain from investments for the financial year is as follows:
Industrial 2022 2021
Chroma Ate Inc 1,037 23,248 26,832 0.9 MYR’000 MYR’000
Delta Electronics, Inc 633 24,296 23,913 0.8 Financial assets at FVTPL
LARGAN Precision Co., - realised gain on disposal 79,172 127,193
Ltd 70 48,889 18,985 0.6
- unrealised (loss)/gain on changes in
Nan Ya Printed Circuit
fair value (1,418,054) 163,940
Board Corporation 585 44,820 18,138 0.6
Unimicron Technology (1,338,882) 291,133
Corp 1,030 28,338 18,799 0.6
169,591 106,667 3.5

5. Fair Value of Financial Instruments 7. Due from/to the Manager, Net

The Fund uses the following hierarchy for determining and disclosing The net amount due from/to the Manager represents amount receivable/
the fair value of financial instruments by valuation technique: payable for units created/cancelled after netting off management fee
payable. Amounts for units created/cancelled are receivable/payable
Level 1: Quoted prices per respective stock markets for identical within 7 business days of creation/cancellation. Management fee is
assets or liabilities. payable on a monthly basis.
Level 2: Inputs other than quoted prices included within Level 1 that 8. Shariah-Based Placements with Financial Institutions
are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices). 2022 2021
MYR’000 MYR’000
Level 3: Inputs for the asset or liability other than observable market Shariah-based placements with a related
data. licensed financial institution 357,453 223,002
As of end of the financial year, the Fund held the following financial
Weighted average rates of return for the financial year and the average
instruments carried at fair value on the Statement of Assets and remaining maturities of Shariah-based placements as of end of the
Liabilities: financial year are as follows:
Level 1 Total Weighted Average Average Remaining
2022 2021 2022 2021 Rates of Return Maturities
MYR’000 MYR’000 MYR’000 MYR’000 2022 2021 2022 2021
Financial assets at % % Day Day
FVTPL Shariah-based placements,
- Equity securities 2,377,559 3,912,682 2,377,559 3,912,682 less than 1 year 2.06 1.75 1 1
- Collective
investment 9. Cash at Banks
funds 20,179 26,523 20,179 26,523
2022 2021
2,397,738 3,939,205 2,397,738 3,939,205 MYR’000 MYR’000
Cash balances in licensed banks
There were no transfers between Level 1 and Level 2 during the current - related parties 129,605 8,614
and previous financial year. - others 247,113 33,443
The carrying amounts of financial assets and financial liabilities, 376,718 42,057
other than above, approximate fair values due to relatively short term
maturities of these financial instruments. 10. Due to Brokers/Financial Institutions, Net
6. Shariah Information of the Fund 2022 2021

MYR’000 MYR’000
The Shariah Adviser confirmed that the investment portfolio of the Fund Amount due to other stockbroking
is Shariah-compliant, which comprises: companies 10,171 12,912
i) equity securities listed on Bursa Securities which have been
classified as Shariah-compliant by the SAC of the Securities 11. Net Asset Value Attributable to Unitholders (Total Equity)
Commission Malaysia; 2022 2021
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 Unitholders’ capital 3,462,094 3,093,675
Standard & Poor’s Shariah Indices and duly verified by the Shariah Accumulated (losses)/retained earnings (379,158) 1,016,903
Adviser and/or those securities which have been reviewed and
classified as Shariah-compliant by the Shariah Adviser; 3,082,936 4,110,578
iii) collective investment funds listed in foreign markets which were Accumulated (losses)/retained earnings
verified as Shariah-compliant by the Shariah Adviser; and - realised reserves 47,992 31,341
- unrealised (losses)/reserves (427,150) 985,562
iv) cash placements and liquid assets in the local market, which are
placed in investments and/or instruments. (379,158) 1,016,903

12. Units in Circulation 16. Taxation (cont’d)

As of end of the financial year, the total number of units in circulation Effective 1 January 2022, the income arising from sources outside
is as follows: Malaysia and received in Malaysia by the Fund will be subject to income
tax in Malaysia pursuant to the Income Tax Act 1967 (ITA). Pursuant to
2022 2021
subsection 6(1)(p) and Part XX of Schedule 1 of the ITA, Malaysian
No. of units No. of units
income tax on income received from outside Malaysia for the period
(in ’000) (in ’000)
from 1 January 2022 to 30 June 2022, is charged at the rate of 3% of
At beginning of the financial year 8,704,624 7,726,360 gross. Malaysian income tax on income received from outside Malaysia
Creation of units 906,859 1,051,151 after 30 June 2022 is charged at the prevailing statutory tax rate of 24%
Cancellation of units (45,860) (72,887) of the assessable income.
At end of the financial year 9,565,623 8,704,624 The Malaysian taxation charge for the current financial year is calculated
at the applicable statutory tax rate on taxable income received from
13. Holdings of Units by the Manager outside Malaysia after 31 December 2021 net of applicable allowable
expenses, and deduct credit allowed under section 132 or 133 of the
As of end of the financial year, the total number and value of units held ITA, if any.
legally by the Manager are as follows:
A reconciliation of income tax expense applicable to net (loss)/income
2022 2021 before taxation at the statutory income tax rate to income tax expense
No. of units No. of units at the effective income tax rate of the Fund is as follows:
(in ’000) MYR’000 (in ’000) MYR’000
2022 2021
The Manager 1,820 587 4,631 2,187 MYR’000 MYR’000
14. Trustee’s Fee Net (loss)/income before taxation (1,346,733) 280,019
Trustee’s fee is computed daily based on 0.06% per annum of the net Taxation at Malaysian statutory rate - 24% (327,492) 67,205
asset value, subject to a minimum fee of MYR18,000 per annum and a - 3% 552 -
maximum fee of MYR600,000 per annum. Tax effects of:
- loss not allowed for tax deduction,
15. Management Fee net 319,546 -
Management fee is computed daily based on 1.65% per annum of the - income not subject to tax, net - (85,558)
net asset value. - expenses not deductible for tax
purposes 3,329 1,918
16. Taxation - restriction on tax deductible expenses
for unit trust funds 13,290 14,792
2022 2021 - tax deductible expenses not fully
MYR’000 MYR’000 utilised 1,030 1,643
Malaysian tax 5,359 - - tax credit allowed under section 132
Foreign withholding tax or 133 of the ITA (4,896) -
- current financial year charge 10,268 8,612
5,359 -
- reclaim of withholding tax for prior
Foreign withholding tax
financial years (583) -
- current financial year charge 10,268 8,612
9,685 8,612 - reclaim of withholding tax for prior
financial years (583) -
15,044 8,612
Tax expense 15,044 8,612
Domestic income tax is calculated at the Malaysian statutory tax rate of
24% of the estimated assessable income for the financial year.

17. Distribution 18. Transactions with Related and Other Brokers/Financial

Institutions (cont’d)
Distribution declared on 31 October 2022 (2021: 29 October 2021) to
unitholders is derived from the following sources: Percent
Percent Brokerage of Total
2022 2021 Value of of Total Fees and Fees and
MYR’000 MYR’000 Name Trade Trade Commissions Commissions
MYR’000 % MYR’000 %
Profit from Shariah-based placements 5,125 2,344
Instinet Singapore
Distribution income 1,212 572
Services Pte Ltd 176,941 5 354 4
Dividend income 27,020 53,241
UBS Securities
Net realised gain on sale of investments 77,578 98,102
Pte. Ltd. Seoul
Previous financial year’s realised gain - 9,261
Branch 175,735 5 527 6
Distribution equalisation 2,726 -
Public Bank (Hong
113,661 163,520 Kong) Limited
Less: (related party) 157,503 4 394 4
Expenses (75,399) (76,474) CLSA Securities
Attributable tax (unitholders) (1,252) - Korea Ltd 120,628 3 362 4
Macquarie Capital
(76,651) (76,474) Securities Limited,
Taiwan Branch 112,690 3 338 4
37,010 87,046
Public Investment
Gross distribution per unit (sen) 0.40 1.00 Bank Berhad
(related party) 84,004 2 189 2
Net distribution per unit (sen) 0.39 1.00 Others 306,429 9 849 10
3,659,938 100 8,743 100
Included in distribution for the financial year ended 31 October 2021 was
an amount of MYR9,261,000 made from the previous financial year’s
realised gain. Unrealised loss on investments of MYR433,829,000 is The directors of the Manager are of the opinion that transactions with
not included in the distribution made during the financial year. related parties have been entered into in the normal course of business
and have been established on terms and conditions that are not
18. Transactions with Related and Other Brokers/Financial materially different from that obtainable in transactions with unrelated
Institutions parties.
Percent 19. Total Expense and Portfolio Turnover Ratios
Percent Brokerage of Total
Value of of Total Fees and Fees and (a) Total Expense Ratio (“TER”)
Name Trade Trade Commissions Commissions
MYR’000 % MYR’000 % The TER for the financial year is 1.70% (2021: 1.69%). It is the
CLSA Singapore total expenses expressed as an annual percentage of the Fund’s
Pte Ltd 782,075 21 1,243 14 average net asset value.
Public Securities
(b) Portfolio Turnover Ratio (“PTR”)
Limited (related
party) 651,254 18 1,628 19 The PTR for the financial year is 0.49 times (2021: 0.23 times). It
Macquarie represents the average of the total acquisitions and disposals of
Securities the investments in the Fund for the financial year over the average
(Australia) net asset value of the Fund calculated on a daily basis.
Limited 406,217 11 891 10
J.P. Morgan
Securities plc 374,940 10 1,033 12
UBS Securities
Pte. Ltd. Taipei
Branch 311,522 9 935 11

Notes To The Financial Statements Corporate Information
31 October 2022
20. Segment Information Manager

Public Mutual Berhad (197501001842 (23419-A))
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: Registered Office
8th Floor, Menara Public Bank 2
2022 2021
No. 78 Jalan Raja Chulan
MYR’000 MYR’000
50200 Kuala Lumpur
(a) Investment Type
Tel: 603-20226800
Equity securities (1,271,355) 353,421
Collective investment funds (5,129) 696 Fax: 603-20226900
Shariah-based placements 5,150 2,376
Trustee of the Fund
(1,271,334) 356,493
AmanahRaya Trustees Berhad
(b) Regional Locations Tingkat 14, Wisma AmanahRaya
Malaysia (105) (117,500) No. 2, Jalan Ampang
Asia Pacific (1,271,356) 474,004 50508 Kuala Lumpur
United States 127 (11)
(1,271,334) 356,493 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

Corporate Information Network Of Public Mutual Branch And Agency Offices
Board of Directors Head Office

Menara Public Bank 2,
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman No. 78, Jalan Raja Chulan,
50200 Kuala Lumpur.
Tan Sri Dato’ Sri Dr. Tay Ah Lek Tel: 03-20226800 Fax: 03-20226900
Hotline: 03-20225000
Mr. Quah Poh Keat Web: www.publicmutual.com.my
Dato’ Mohammed Najeeb Bin Abdullah Branches and Customer Service Centres
Dato’ Mohd Hanif Bin Sher Mohamed West Malaysia
Ms. Gladys Leong 1 Utama Shopping Centre Ipoh

Lot LG-313-E, 37 & 39, Persiaran Greentown 4,
Ms. Yeoh Kim Hong 1, Lebuh Bandar Utama, Greentown Business Centre,
Bandar Utama City Centre, 30450 Ipoh, Perak.
Bandar Utama, Tel: 05-2462500 Fax: 05-2559859
Management Staff 47800 Petaling Jaya, Selangor.
Tel: 03-20225000 Fax: 03-77263811 Johor Bahru
B-19, Jalan Molek 1/5A,
Yeoh Kim Hong - Chief Executive Officer Alor Setar Taman Molek,
No. 8G, Samila Business Centre, 81100 Johor Bahru, Johor.
Chiang Kang Pey - Deputy Chief Executive Officer Lebuhraya Darulaman, Tel: 07-3607500 Fax: 07-3548600
05100 Alor Setar, Kedah.
Lum Ming Jang - Chief Investment Officer Tel: 04-7366500 Fax: 04-7364655 Klang
28, 30 & 32,
Bangsar Lorong Batu Nilam 3B,
Hang Siew Eng - Senior General Manager, 11, 15 & 17, Jalan Bangsar Utama 3, Bandar Bukit Tinggi,
Operations Bangsar Utama, 41200 Klang, Selangor.
59000 Kuala Lumpur. Tel: 03-20225000 Fax: 03-33235632
Tel: 03-20225000 Fax: 03-22835739
Senior Compliance Officer Kluang
Batu Pahat 3, Jalan Dato Teoh Siew Khor,
Abdul Samad Bin Jaafar - Deputy General Manager, 119, Jalan Chengal, 86000 Kluang, Johor.
Compliance 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,
44-2 & 44-3, 15300 Kota Bharu, Kelantan.
Cheras Commercial Centre, Tel: 09-7263500 Fax: 09-7476026
Jalan 5/101C, Off Jalan Kaskas,
56100 Cheras, Kuala Lumpur. Kuala Terengganu
Tel: 03-20225000 Fax: 03-91321022 1-C, Jalan Air Jernih,
20300 Kuala Terengganu,
Damansara Perdana Terengganu.
1 & 3, Jalan PJU 8/5 I, Tel: 09-6321500 Fax: 09-6317030
Perdana Business Centre,
Bandar Damansara Perdana, Kuantan
47820 Petaling Jaya, Selangor. 71 & 73, Jalan Haji Abdul Aziz,
Tel: 03-20225000 Fax: 03-77222475 25000 Kuantan, Pahang.
Tel: 09-5118500 Fax: 09-5161223

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

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48 • Public Asia Ittikal Fund

Paif Ar Eng

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Contents

Statement Of Distribution And Total Return 7

Shariah Adviser’s Report 15

Independent Auditors’ Report 17

Statement Of Assets And Liabilities 20

Statement Of Income And Expenditure 21

Statement Of Changes In Net Asset Value 22

Statement Of Cash Flows 23

Notes To The Financial Statements 24

Network Of Public Mutual Branch And Agency Offices 45

Public Asia Ittikal Fund • 1

2 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 3

2022 2021 2020 Indonesia

4 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 5

6 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 7

Overview Change in Portfolio Exposures from 31-Oct-21 to 31-Oct-22

30% for the Year -30.94%

8 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 9

10 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 11

Changes Made to the Fund’s Prospectus

12 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 13

ZAINUDIN BIN SUHAIMI

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

14 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 15

For and on behalf of the Manager Basis for opinion

16 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 17

18 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 19

Note 2022 2021 Note 2022 2021

The accompanying notes are an integral part of this statement.

20 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 21

Retained 2022 2021

The accompanying notes are an integral part of this statement.

22 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 23

24 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 25

• It is a derivative (except for a derivative that is a financial ii) Financial Liabilities

26 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 27

28 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 29

30 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 31

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

Basic Materials Hong Kong (cont’d)

32 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 33

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

34 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 35

5. Fair Value of Financial Instruments 7. Due from/to the Manager, Net

6. Shariah Information of the Fund 2022 2021

36 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 37

12. Units in Circulation 16. Taxation (cont’d)

14. Trustee’s Fee Net (loss)/income before taxation (1,346,733) 280,019

38 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 39

17. Distribution 18. Transactions with Related and Other Brokers/Financial

40 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 41

20. Segment Information Manager

Auditor of the Manager and the Fund

42 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 43

Board of Directors Head Office

Ms. Gladys Leong 1 Utama Shopping Centre Ipoh

44 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 45

West Malaysia (cont’d) Agency Offices

46 • Public Asia Ittikal Fund Public Asia Ittikal Fund • 47

48 • Public Asia Ittikal Fund

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