RPT Pidf 30042014

Contents
Fund Information 2
Fund Performance 3
Managers Report 6
Trustees Report 16
Shariah Advisers Report 17
Statement By Manager 18
Independent Auditors Report 19
Statement Of Assets And Liabilities 21
Statement Of Income And Expenditure 22
Statement Of Changes In Net Asset Value 23
Statement Of Cash Flows 24
Notes To The Financial Statements 25
Corporate Information 43
Directors And Senior Management 45
Network Of Public Mutual Branch Offices 50
Network Of Public Mutual Agency Offices 52
Public Islamic Dividend Fund 1

Fund Information Fund Performance
For the Financial Year Ended 30 April 2014
Fund Name Average Total Return for the Following Years Ended 30 April 2014
Public Islamic Dividend Fund (PIDF) Average Total
Return of PIDF (%)
Fund Type
1 Year 10.62
Income 3 Years 11.81
5 Years 20.24
Fund Category
Equity (Shariah-compliant) Annual Total Return for the Financial Years Ended 30 April
Year 2014 2013 2012 2011 2010
Fund Investment Objective
PIDF (%) 10.62 11.83 9.52 16.29 27.73
To provide income by investing in a portfolio of stocks that complies with
Shariah requirements and which offer or have the potential to offer attractive The calculation of the above returns is based on computation methods of Lipper.
dividend yields*. Notes:
* Stocks which offer attractive dividend yields refer to stocks with consistency 1. Total return of the Fund is derived by this formulae:
( )
in rewarding shareholders via dividend payouts.
End of Period FYCurrent Year NAV per unit
-1
Fund Performance Benchmark End of Period FYPrevious Year NAV per unit
The benchmarks of the Fund and their respective percentages are 90% FTSE (Adjusted for unit split and distribution paid out for the period)
Bursa Malaysia EMAS Shariah Index (FBMS) and 10% 3-Month Islamic The above total return of the Fund was sourced from Lipper.
Interbank Money Market (IIMM) rate.
2. Average total return is derived by this formulae:
The PIDF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited
(FTSE) or by Bursa Malaysia Berhad (BURSA MALAYSIA) or by the London Stock Exchange Group Total Return
companies (the LSEG) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty
or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the Number of Years Under Review
use of the FTSE BURSA MALAYSIA EMAS SHARIAH INDEX (the Index), and/or the figure at which
the said Index stands at any particular time on any particular day or otherwise. The Index is compiled
and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable
Other Performance Data for the Past Three Financial Years
(whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor Ended 30 April
BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein.
2014 2013 2012
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. Unit Prices (MYR)*
Highest NAV per unit for the year 0.4128 0.3930 0.3739
Fund Distribution Policy Lowest NAV per unit for the year 0.3700 0.3450 0.3096
Semi-annual Net Asset Value (NAV) and Units
in Circulation (UIC) as at the
Breakdown of Unitholdings of PIDF as at 30 April 2014 End of the Year
Total NAV (MYR000) 4,151,514 3,346,220 2,481,198
Size of holdings No. of % of No. of units UIC (in 000) 10,847,907 8,962,748 7,046,394
unitholders unitholders held (million) NAV per unit (MYR) 0.3827 0.3733 0.3521
5,000 and below 25,020 9.44 87 Total Return for the Year (%) 10.62 11.83 9.52
5,001 to 10,000 42,161 15.90 311 Capital growth (%) 8.84 9.94 7.60
10,001 to 50,000 138,662 52.30 3,376 Income (%) 1.64 1.72 1.78
50,001 to 500,000 58,575 22.10 6,383
500,001 and above 691 0.26 663 Management Expense Ratio
(MER) (%) 1.54 1.54 1.54
Total 265,109 100.00 10,820 Portfolio Turnover Ratio (time) 0.22 0.15 0.16
Note: Excluding Managers Stock. * All prices quoted are ex-distribution.
Notes: MER is calculated by taking the total management expenses expressed as an annual
Additional Fund Information percentage of the Funds average net asset value.
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
The following information has been revised and disclosed in the Master disposals of the investments in the Fund for the year over the average net asset value
Prospectus dated 30 April 2014 as follows: of the Fund calculated on a daily basis.
The Portfolio Turnover Ratio for the financial year 2014 rose to 0.22 time from 0.15 time in
The distribution policy of the Fund has been changed from annual to semi- the previous financial year on account of higher level of rebalancing activities performed
annual. by the Fund during the year.
2 Public Islamic Dividend Fund Public Islamic Dividend Fund 3
Fund Performance Fund Performance
For the Financial Year Ended 30 April 2014 For the Financial Year Ended 30 April 2014
Distribution and Unit Split Asset Allocation for the Past Three Financial Years (contd)
Financial year 2014 2013 2012 As at 30 April
Date of distribution 30.4.14 30.4.13 30.4.12 (Per Cent of Net Asset Value)
Distribution per unit 2014 2013 2012
Gross (sen) 3.00 2.00 2.00 % % %
Net (sen) 2.99 1.97 1.92 Singapore
Unit split - - -
Communications 2.2 2.0 -
Industrial - 1.0 -
Impact on NAV Arising from Distribution (Final) for the
Financial Years 2.2 3.0 -
2014 2013 2012 Taiwan
Sen Sen Sen Communications - 1.1 0.8
per unit per unit per unit Technology 0.6 - -
Net asset value before distribution 41.26 39.30 37.13 0.6 1.1 0.8
Less: Net distribution per unit (2.99) (1.97) (1.92)
United States
Net asset value after distribution 38.27 37.33 35.21 Communications 0.6 - -
Consumer, Non-cyclical 1.5 - -
Past performance is not necessarily indicative of future performance and unit Industrial 1.1 - -
prices and investment returns may go down, as well as up.
3.2 - -
Asset Allocation for the Past Three Financial Years TOTAL QUOTED EQUITY
As at 30 April SECURITIES 81.1 85.1 82.7
(Per Cent of Net Asset Value)
COLLECTIVE INVESTMENT FUNDS
2014 2013 2012 Quoted
% % % Malaysia
Financial 1.6 0.1 0.2
EQUITY SECURITIES
Quoted Outside Malaysia
Malaysia Singapore
Basic Materials 3.6 3.7 4.5 Financial 0.7 1.1 1.0
Communications 17.5 22.9 23.8
Consumer, Cyclical 2.5 3.8 5.7 TOTAL QUOTED COLLECTIVE
Consumer, Non-cyclical 15.2 14.5 15.9 INVESTMENT FUNDS 2.3 1.2 1.2
Diversified 6.7 9.3 8.7 SUKUK
Energy 9.3 7.7 5.8 Unquoted
Financial 1.4 2.3 1.4 Ringgit-denominated
Industrial 6.6 7.4 9.8 Sukuk 1.4 1.0 2.5
Utilities 10.2 9.4 6.3
TOTAL UNQUOTED SUKUK 1.4 1.0 2.5
73.0 81.0 81.9
SHARIAH-BASED PLACEMENTS
Outside Malaysia WITH FINANCIAL INSTITUTIONS 20.7 16.5 16.4
Germany
Industrial 0.8 - - OTHER ASSETS & LIABILITIES -5.5 -3.8 -2.8
Indonesia
Communications 0.7 - -
Korea
Consumer, Cyclical 0.6 - -

Managers Report Managers Report
Overview Effect of Distribution Reinvestment on Portfolio Exposures

This Annual Report covers the financial year from 1 May 2013 to 30-April-14
30 April 2014. Before Distribution After Distribution
Reinvestment* Reinvestment*
Public Islamic Dividend Fund (PIDF or the Fund) seeks to provide income by
investing in a portfolio of stocks that complies with Shariah requirements and Shariah-compliant Equities 83.4% 77.3%
which offer or have the potential to offer attractive dividend yields. Sukuk 1.4% 1.3%
Islamic Money Market 15.2% 21.4%
For the financial year under review, the Fund registered a return of +10.62%
as compared to its Benchmarks return of +12.29%. The Funds Shariah- * Assumes full reinvestment.
compliant equity portfolio registered a return of +13.42% while its sukuk and
Islamic money market portfolios registered returns of +1.87% and +2.98% Change in Portfolio Exposures from 30-Apr-13 to 30-Apr-14
respectively during the financial year under review. A detailed performance
attribution analysis is provided in the sections below. Average
30-Apr-13 30-Apr-14 Change Exposure
For the five financial years ended 30 April 2014, the Fund has generated a
return of +101.26% and outperformed the Benchmarks return of +87.28% Shariah-compliant Equities 82.0% 77.3% -4.7% 88.93%
over the same period. As the Fund had made distribution of income for each Sukuk 0.9% 1.3% +0.4% 0.81%
of its respective financial years, the Manager is of the opinion that the Fund Islamic Money Market 17.1% 21.4% +4.3% 10.26%
had met its objective to provide income by investing in a portfolio of stocks
that complies with Shariah requirements and which offer or have the potential Returns Breakdown by Asset Class
to offer attractive dividend yields.
Market /
Returns On Benchmark Benchmark Average Attributed
Performance of PIDF Investments Returns Index Used Exposure Returns
from 30 April 2009 to 30 April 2014
Shariah-
120%
PIDF BENCHMARK compliant
100%
Equities 13.42% 13.30% FBMS 88.93% 11.93%
Sukuk 1.87% 1.36% Bond Index 0.81% 0.02%
Islamic Money
Returns from Start of Period
80%
Market 2.98% 3.11% 1M-IIMMR 10.26% 0.31%
60%
less:
Expenses -1.64%
40%
Total Net
20%
Return for
the Year 10.62%
0%
2009 2010 2011 2012 2013 2014
FBMS = FTSE Bursa Malaysia EMAS Shariah Index
Bond Index = Quant Shop GII All Index
1M-IIMMR = 1-Month Islamic Interbank Money Market Rate
Prior to 30 April 2010, the Funds Benchmark was FTSE Bursa Malaysia
EMAS Shariah Index (FBMS).
Shariah-compliant Equity Portfolio Review
Effective from 30 April 2010, the Funds Benchmark has been replaced with
90% FBMS and 10% 3-Month Islamic Interbank Money Market (IIMM) rate For the financial year under review, the Funds Shariah-compliant equity
as this composite Benchmark index is a better representative of the Funds portfolio registered a return of +13.42% as compared to the Benchmarks
investments. return of +13.30%.
Income Distribution and Impact on NAV Arising from

Distribution
The gross distribution of 3.00 sen per unit (net distribution of 2.99 sen per
unit) for the financial year ended 30 April 2014 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 RM0.3827 from RM0.4126 after distribution.

The Fund commenced the financial year under review with a Shariah- Stock Market Review
compliant equity exposure of 82.0% and subsequently increased its Shariah-
compliant equity exposure to above 90% in November 2013 to capitalise Commencing the financial year under review at 11,663.19 points, the FTSE
on Shariah-compliant investment opportunities in the domestic equity Bursa Malaysia EMAS Shariah (FBMS) Index rose to the 12,500-point level in
market. The Fund subsequently locked in profits on its Shariah-compliant mid-May 2013 before consolidating towards the 12,000-point level in late June
equities and ended the financial year under review with a Shariah-compliant 2013. The Index subsequently resumed its uptrend to above the 12,500-point
equity exposure of 77.3%. Based on an average Shariah-compliant equity level in late July 2013 before cautious offshore sentiment caused the Index
exposure of 88.93%, the Shariah-compliant equity portfolio is deemed to to ease to a 3-month low of 11,722.02 points in late August 2013. The Index
have registered a return of +11.93% to the Fund as a whole for the financial subsequently rebounded in tandem with global equity markets on the back of
year under review. A full review of the performance of the equity market is the U.S. Federal Reserves decision to delay tapering its monetary stimulus
tabled in the following sections. program in mid-September 2013.
Sector Allocations Expectations that Malaysias 2014 Budget would address concerns pertaining
to the countrys fiscal sustainability helped the FBMS Index to rise above the
In terms of sector allocation within the Shariah-compliant equity portfolio, the 12,500-point level in late October 2013. The Index further rallied to above
top 5 sectors account for 58.9% of the Net Asset Value (NAV) of the Fund and the 13,000-point level in late December 2013 on the back of Malaysias
70.6% of the Funds Shariah-compliant equity portfolio. The weightings of the better-than-expected 3Q 2013 GDP growth and buying interest in selected
top 5 sectors in Malaysia (unless otherwise indicated) are in the following blue chip stocks. The Index retraced in January 2014 in tandem with global
order: Communications (17.5%), Consumer, Non-cyclical (15.2%), Utilities equity markets on concerns over the pace of slowing growth in China and the
(10.2%), Energy (9.3%) and Diversified (6.7%). potential impact of the gradual withdrawal of Quantitative Easing in the U.S.
Sukuk Portfolio Review The FBMS Index subsequently rebounded in February 2014 in tandem with
global equity markets on easing concerns over the weak U.S. economic data.
For the financial year under review, the Funds sukuk portfolio registered a However, geopolitical concerns over Russias military intervention in Ukraine
return of +1.87%. In comparison, the Quant Shop GII All Index which tracks and tepid economic data out of China caused global equity markets to ease in
the performance of all Government Investment Issues (GII) with maturities of early March 2014. Buying interest in selected blue chip stocks subsequently
1 year and above registered a return of +1.36% over the same period. The helped the FBMS to rally from late March 2014 to April 2014 and close at
Funds sukuk portfolio outperformed the Quant Shop GII All Index as during a new all-time high of 13,214.50 points to register a gain of 13.30% for the
the financial year under review, GII yields moved higher relative to corporate financial year under review.
sukuk yields as a result of foreign fund outflows amid rising global bond yields.
During the financial year under review, the Funds sukuk exposure increased FTSE Bursa Malaysia EMAS Shariah Index
from 0.9% to 1.3% as the Fund capitalised on investment opportunities in the (30 April 2013 - 30 April 2014)
sukuk market. Based on an average exposure of 0.81%, the sukuk portfolio 13,500
is estimated to have contributed +0.02% to the Funds overall returns for the
financial year under review. For a full review of the sukuk market, please 13,000
refer to the following sections of this report.
12,500
Islamic Money Market Portfolio Review
Index
During the financial year under review, the Funds Islamic money market 12,000
portfolio, which was invested primarily in Shariah-based deposits, yielded
a return of +2.98%. In comparison, the 1-Month Islamic Interbank Money 11,500
Market Rate (1M-IIMMR) registered a return of +3.11% over the same period.
During the financial year under review, the Funds exposure to Islamic money 11,000
Apr-13 Jul-13 Oct-13 Jan-14 Apr-14
market investments increased from 17.1% to 21.4% following the disposal
of selected Shariah-compliant equity investments. Based on an average
exposure of 10.26%, the Islamic money market portfolio is estimated to
have contributed +0.31% to the Funds overall returns for the financial year
under review.

Starting the financial year under review at 84.01 points, regional equity The S&P U.S. Shariah Index subsequently retraced on concerns over the
markets as proxied by the S&P Shariah BMI Asia Ex-Japan (S&P SAEJ) potential impact of reduced monetary stimulus in the U.S. on emerging
Index rose to a high of 85.80 points in mid-May 2013 before retracing in markets and softer-than-expected economic data from the U.S. and China.
June 2013 after the U.S. Federal Reserve stated that the Quantitative Easing Positive corporate earnings releases and the attribution of severe winter
program may be scaled down. The Index rebounded to around the 80-points weather conditions for the soft U.S. economic data helped the Index to
level in July 2013 before retreating in late August 2013 amidst a sell-down rally to a new all-time high of 142.89 points in early April 2014. The Index
in emerging markets over their weakening current account balances. The subsequently retreated in mid-April 2014 on concerns over the elevated
Index subsequently rebounded in tandem with global equity markets on the valuations of high-growth stocks before rebounding on the back of robust
back of the U.S. Federal Reserves decision to delay tapering its monetary corporate earnings results. The S&P U.S. Shariah Index closed at 141.49
stimulus program in mid-September 2013. After retracing in late September points to register a gain of 20.45% (+29.24% in Ringgit terms) for the financial
2013 ahead of the U.S. debt ceiling deadline, regional markets rebounded in year under review.
mid-October 2013 following the resolution of the debt ceiling issue. Starting the financial year under review at 94.70 points, the Germany equity
Optimism from the economic reforms outlined by China and positive U.S. market as proxied by the S&P Germany Shariah Index rose towards late
economic data helped the S&P SAEJ Index to remain firm in November 2013. May 2013 following the European Central Banks (ECB) move to cut its
The Index subsequently retraced in December 2013 on the back of the U.S. benchmark interest rate. The Index subsequently eased to a 4-month low
Federal Reserves decision to begin tapering its bond-buying program and of 90.83 points in late June 2013 as global equity markets were sold down
concerns that Chinas economic activities may be dampened by the tighter after the U.S. Federal Reserve chairman stated that its Quantitative Easing
liquidity conditions. Concerns over the potential impact of reduced monetary program may be scaled down. Statements regarding easy monetary policies
stimulus in the U.S. on emerging markets as well as weak economic data and by the ECB and Bank of England amidst positive Euro-area economic data
credit risks in China put further downward pressure on the Index in January subsequently helped the Index to rebound into late August 2013. The Index
2014. The Index subsequently rebounded in February 2014 in tandem with continued to strengthen towards the end of 2013 following increasing signs
global equity markets on easing concerns over the weak U.S. economic data. of the Eurozones economic recovery gaining traction and expectations of
monetary stimulus from the ECB.
Geopolitical concerns over Russias military intervention in Ukraine as well as
Chinas disappointing economic data caused global equity markets to ease The S&P Germany Shariah Index rose to a new all-time high of 113.24
in early March 2014. The S&P SAEJ Index subsequently rebounded in late points in mid-January 2014 before retracing in early February 2014. Positive
March 2014 as geopolitical concerns eased and Chinas weak economic Euro-area economic data helped the Index to subsequently rebound before
data fuelled optimism that the pace of policy easing by the government may retracing in early March 2014 amid political sanctions against Russias military
accelerate. The Index further strengthened to a 6-year high of 88.88 points intervention in Ukraine. The S&P Germany Shariah Index subsequently
in early April 2014 on the back of the Chinese governments announcements rebounded on the back of continued improvement in Euro-area economic
of a mini-stimulus package and the allowance of cross-border stock trading confidence levels and closed at 110.40 points to register a gain of 16.57%
between Hong Kong and China on a trial basis. The S&P SAEJ Index closed (+31.54% in Ringgit terms) for the financial year under review.
at 87.12 points to register a gain of 3.71% (+11.31% in Ringgit terms) for the
financial year under review. Sukuk Market and Money Market Review
Regional markets, namely the Taiwan, South Korea, Singapore and Indonesia Commencing the financial year under review, the domestic sukuk market
markets registered returns of +15.70%, +13.81%, +0.90% and -17.62% (in consolidated in tandem with global bond markets towards the end of 2Q
Ringgit terms) respectively for the financial year under review. 2013 following the U.S. Federal Reserves statement that its bond purchases
would be scaled back if the U.S. economy strengthens.
Commencing the financial year under review at 117.46 points, the U.S. equity
market as proxied by the S&P U.S. Shariah Index strengthened to above the In July, Fitch Ratings revised Malaysias sovereign rating outlook from
125-point level in early August 2013 on the back of improving U.S. economic stable to negative amid concerns over the nations rising public debt and
data and positive corporate earnings reports. Renewed concerns over the Government budget deficit. Domestic sukuk yields continued to rise in August
Federal Reserves tapering measures caused the Index to ease towards late led by foreign outflows amid rising U.S. Treasury yields. The domestic sukuk
August 2013 before rebounding into mid-September 2013 when the tapering market subsequently recovered in September after the U.S. Federal Reserve
of the monetary stimulus program was delayed. The Index subsequently unexpectedly announced that the pace of its bond buying programme will
retraced in late September 2013 ahead of the U.S. debt ceiling deadline be maintained.
before firming in late October 2013 following the resolution of the debt ceiling
issue. Despite the Federal Reserves decision in mid-December 2013 to
begin tapering its bond-buying program, positive U.S. economic data and
corporate earnings reports helped the Index to rally to near the 140-point
level in mid-January 2014.

The domestic sukuk market continued to strengthen in October following the After registering an average inflation rate of 1.7% in 2012, Malaysias inflation
release of the National Budget for 2014 which reaffirmed the Governments rate rose to 2.1% in 2013 due to higher transportation and fuel prices.
commitment to fiscal consolidation and budgetary reforms. However, the Malaysia registered an average inflation of 3.5% in 1Q 2014 compared
sukuk market consolidated towards the end of 2013 when the U.S. Federal to 3.0% in 4Q 2013 on the back of higher prices of utilities. The Overnight
Reserve announced that it will start to taper its QE program by January Policy Rate (OPR) was maintained at 3.00% to support domestic demand
2014. The commencement of the U.S. Federal Reserves QE tapering and given uncertain global economic conditions. Loans growth was sustained at
rising domestic inflationary pressures due to the subsidy rationalisation 10.6% in 2013 compared to 10.4% in 2012 on the back of resilient household
measures led to further consolidation of the domestic sukuk market in 1Q loan demand.
2014. However, the domestic sukuk market recovered towards the end of the Singapores GDP growth rebounded to 4.1% in 2013 from 1.9% in 2012
financial year under review as U.S. Treasuries firmed amidst mixed economic amid stronger growth in manufacturing and services activities. For 1Q 2014,
data in the U.S. and concerns over the geopolitical crisis in Ukraine. Singapores GDP growth moderated to 5.1% from 5.5% in 4Q 2013 on the
For the financial year under review, the yields of the 3-year and 10-year back of weaker retail trade and financial activities.
Government Investment Issues (GII) rose by 25 basis points and 72 basis Indonesias GDP growth slowed to 5.8% in 2013 from 6.3% in 2012 as the
points respectively to 3.42% and 4.23%. While Bank Negara Malaysia kept pace of investment spending moderated amid tighter liquidity conditions.
the Overnight Policy Rate (OPR) at 3.00% unchanged since May 2011, For 1Q 2014, Indonesias GDP slowed to a 4-year low of 5.2% from 5.7% in
short-term Islamic money market rates were on an upward bias since late 4Q 2013 as exports eased following the ban on mineral ore exports.
2013. The 1-Month Islamic Interbank Money Market Rate increased from
3.09% to 3.15% during the financial year under review. Led by a recovery in investment spending, South Koreas GDP growth gained
pace to 3.0% in 2013 from 2.3% in 2012. For 1Q 2014, South Koreas GDP
Economic Review growth rose to 3.9% from 3.7% in 4Q 2013 on the back of higher private
consumption spending and exports. Taiwans GDP growth rose to 2.1% in
Malaysias GDP growth moderated to 4.7% in 2013 from 5.6% in 2012 amidst 2013 from 1.5% in 2012 on the back of a recovery in Taiwans exports to
lower growth in the manufacturing and services sectors. The manufacturing Asia and Europe. For 1Q 2014, Taiwans GDP growth was sustained at 3.0%
sectors growth eased to 3.4% from 4.8% while the services sector grew at as buoyant net exports was mitigated by a slowdown in domestic demand.
a slower pace of 5.9% compared to 6.4% over the same period.
On the international front, growth of the U.S. economy moderated to 1.9% in
Led by exports of electrical and electronics goods, Malaysias export growth 2013 from 2.8% in 2012 on the back of a slowdown in investment spending
strengthened to 10.9% in the first three months of 2014 from 2.4% in 2013. and a decline in government spending. For 1Q 2014, U.S. GDP growth
Import growth eased to 5.5% in the first three months of 2014 from 7.0% in slowed to 2.3% from 2.6% in 4Q 2013 as higher consumer spending was
2013. As exports outpaced imports, Malaysias cumulative trade surplus in mitigated by a slowdown in residential investment spending. However, the
the first three months of 2014 widened by 61.4% to RM26.4 billion compared Federal Open Market Committee (FOMC) continued to reduce its monthly
to RM16.3 billion in the same period last year. Due to portfolio outflows and bond buying program at a measured pace from US$85 billion in December
a smaller trade balance, Malaysias foreign reserves decreased to RM424.6 2013 to US$45 billion in May 2014. The Federal Reserve noted that the
billion as at end of March 2014 compared to a high of RM446.2 billion in slowdown in U.S. economic activities in early 2014 was partly attributed to
October 2013. adverse weather conditions.
Due to weak investment spending, the Eurozones GDP contracted by 0.4% in
Malaysias Annual GDP Growth 2013 following a decline of 0.6% in 2012. On a quarterly basis, the Eurozone
9.0 economy managed to register moderate growth of 0.5% in 4Q 2013 on the
8.0 7.4 back of firmer consumer spending.
7.0
6.0 5.6
5.0
4.8
5.1
4.7 4.5 - 5.5 Outlook and Investment Strategy
4.0
Global markets generally ended 2013 on a strong note and remained well-
3.0
%
2.0
supported in early 2014 despite the U.S. central banks decision at the FOMC
1.0 meeting on 17 - 18 December to moderately scale down its bond buying
0.0 program. Looking forward, the direction of global and regional markets will
-1.0 depend on the impact of the Federal Reserves easing monetary stimulus
-2.0 -1.5 policy on global and regional economic activities in the year ahead.
-3.0
2008 2009 2010 2011 2012 2013 2014F
After sustaining slower growth due to harsh weather conditions in 1Q 2014,
the U.S. economy is expected to regain its momentum with growth projected
Source: Bank Negara Malaysia
at 2.6% in 2014 compared to 1.9% in 2013 amidst the on-going recovery in
the housing and job markets. As the Federal Reserves bond buying program
is anticipated to end by late 2014, the impact of potentially higher interest
rates on consumer and investment spending will have to be monitored in
the second half of 2014.
The Eurozones economy is envisaged to register a modest recovery of Policy on Soft Commissions
1.0% in 2014 after a contraction of 0.4% in 2013 as consumer spending
and exports are projected to strengthen in selected core and peripheral The management company may receive goods or services which include
countries. The Eurozones real consumer spending is envisaged to benefit research materials, data and quotation services and investment related
from low inflationary pressures and an improvement in the outlook for publications by way of soft commissions provided they are of demonstrable
business activities. benefit to the Fund and unitholders.
For Singapore, GDP growth is projected to sustain at 3.8% - 4.0% in 2014 During the financial year under review, PIDF has received data and quotation
versus 4.1% registered in 2013 as the manufacturing sector continues to services by way of soft commissions. These services were used to provide
gain momentum. Indonesias GDP growth is envisaged to be sustained at financial data on securities and price quotation information to the Fund
5.4% in 2014 compared to 5.8% in 2013 as private consumer spending Manager during the financial year under review.
regains its momentum after adjusting to the fuel-related inflationary effects
that occurred in 2H 2013.
An improvement in global demand for electronics exports is expected to help
South Korea and Taiwan to register stronger GDP growth rates of 3.6% and
3.2% respectively in 2014 compared to 3.0% and 2.1% respectively in 2013.
On the domestic front, Malaysias 2014 GDP growth is anticipated to firm
moderately to 5.0% from 4.7% in 2013 amid an improvement in exports.
Private consumption is envisaged to be supported by an environment of
moderately accommodative interest rates and stable job market conditions.
Meanwhile, the Ministry of Finance projected the 2014 Federal Government
budget deficit to improve to -3.5% of GDP from -3.9% in 2013. With effect from
1 April 2015, the government will replace the current Sales & Services Tax
with a 6% Goods & Services Tax (GST). The Federal Governments revenue
is projected to grow by 1.7% in 2014 while total expenditure is envisaged to
be slightly higher by 0.3%. The Federal Governments debt is estimated to
increase by 7.9% to RM541.3 billion which is equivalent to 54.8% of GDP
as at end-2013 compared to 53.3% of GDP as at end-2012.
At the end of April 2014, the local stock market was trading at a prospective
P/E of 17.8x, which is above its 10-year average P/E ratio of 16.5x. The
markets dividend yield of about 3% is below the 12-Month fixed deposit
rate of 3.15%.
At the end of the financial year under review, South-East Asian markets were
generally trading at a premium while North Asian markets were trading at a
discount to their historical averages following their respective performances
over the same period.
Given the above factors, the Fund will continue to rebalance its investment
portfolio accordingly with the objective of providing income by investing in a
portfolio of stocks that complies with Shariah requirements and which offer
or have the potential to offer attractive dividend yields.
Notes: Q = Quarter
H = Half
Cross-Trade Transactions
Cross-trade transactions were undertaken by PIDF during portfolio
rebalancing activities over the financial year under review.

Trustees Report Shariah Advisers Report
For the Financial Year Ended 30 April 2014
To the Unitholders of To the Unitholders of

PUBLIC ISLAMIC DIVIDEND FUND PUBLIC ISLAMIC DIVIDEND FUND
We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PUBLIC We have acted as the Shariah Adviser of PUBLIC ISLAMIC DIVIDEND FUND.
ISLAMIC DIVIDEND FUND for the financial year ended 30 April 2014. In our Our responsibility is to ensure that the procedures and processes employed
opinion, PUBLIC MUTUAL BERHAD, the Manager, has managed PUBLIC by PUBLIC MUTUAL BERHAD and that the provisions of the Master Deed
ISLAMIC DIVIDEND FUND in accordance with the limitations imposed on dated 28 January 1999 and subsequent Supplemental Master Deeds
the investment powers of the management company and the Trustee under (collectively referred to as Deeds) are in accordance with Shariah principles.
the Deed, other provisions of the Deed, the applicable Guidelines on Unit
Trust Funds, the Capital Markets and Services Act 2007 and other applicable In our opinion, PUBLIC MUTUAL BERHAD has managed and administered
laws during the financial year then ended. PUBLIC ISLAMIC DIVIDEND FUND in accordance with Shariah principles
and complied with the applicable guidelines, rulings and decisions issued
We are of the opinion that: by the Securities Commission of Malaysia pertaining to Shariah matters for
the financial year ended 30 April 2014.
(a) the procedures and processes employed by the Manager to value and/
or price the units of PUBLIC ISLAMIC DIVIDEND FUND are adequate In addition, we also confirm that the investment portfolio of PUBLIC
and that such valuation/pricing is carried out in accordance with the ISLAMIC DIVIDEND FUND comprises securities which have been classified
Deed and other regulatory requirement; as Shariah-compliant by the Shariah Advisory Council of the Securities
Commission of Malaysia and/or the Shariah Supervisory Board of Standard
(b) creation and cancellation of units are carried out in accordance with the
& Poors Shariah Indices. As for the securities which are not certified by
Deed and other regulatory requirement; and
the Shariah Advisory Council of the Securities Commission of Malaysia and/
(c) the distribution of returns made by PUBLIC ISLAMIC DIVIDEND FUND or the Shariah Supervisory Board of Standard & Poors Shariah Indices,
as declared by the Manager is in accordance with the investment we have reviewed the said securities and confirm that these securities are
objective of PUBLIC ISLAMIC DIVIDEND FUND. Shariah-compliant.
Yours faithfully For ZICOlaw Shariah Advisory Services Sdn Bhd

AMANAHRAYA TRUSTEES BERHAD (formerly known as ZI Shariah Advisory Services Sdn Bhd)
HABSAH BINTI BAKAR DR. AIDA OTHMAN DR. MOHAMAD AKRAM LALDIN
Chief Executive Officer Director Designated Person Responsible
for Shariah Advisory
Kuala Lumpur, Malaysia
26 May 2014 Kuala Lumpur, Malaysia
20 May 2014

Statement By Manager Independent Auditors Report
We, TAN SRI DATO SRI TAY AH LEK and QUAH POH KEAT, being two of the Independent auditors report to the Unitholders of
directors of PUBLIC MUTUAL BERHAD, do hereby state that in the opinion PUBLIC ISLAMIC DIVIDEND FUND
of the Manager, the accompanying statement of assets and liabilities as at
Report on the financial statements
30 April 2014 and the related statement of income and expenditure, statement
of changes in net asset value and statement of cash flows for the financial We have audited the financial statements of PUBLIC ISLAMIC DIVIDEND
year ended on that date together with the notes thereto, are drawn up in FUND, which comprise statement of assets and liabilities as at 30 April 2014,
accordance with Malaysian Financial Reporting Standards and International and statement of income and expenditure, statement of changes in net asset
Financial Reporting Standards so as to give a true and fair view of the financial value and statement of cash flows for the financial year then ended, and a
position of PUBLIC ISLAMIC DIVIDEND FUND as at 30 April 2014 and of summary of significant accounting policies and other explanatory information,
its financial performance, changes in net asset value and cash flows for the as set out on pages 21 to 42.
financial year then ended and comply with the requirements of the Deeds.
Managers and Trustees responsibility for the financial statements
The Manager of the Fund is responsible for the preparation of financial
statements so as to give a true and fair view in accordance with Malaysian
Financial Reporting Standards and International Financial Reporting
Standards. The Manager is also responsible for such internal control as
the Manager determines is necessary to enable the preparation of financial
For and on behalf of the Manager statements that are free from material misstatement, whether due to fraud
or error. The Trustee is responsible for ensuring that the Manager maintains
proper accounting and other records as are necessary to enable true and
fair presentation of these financial statements.
Auditors responsibility
TAN SRI DATO SRI TAY AH LEK Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with approved
standards on auditing in Malaysia. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
QUAH POH KEAT the amounts and disclosures in the financial statements. The procedures
selected depend on our judgement, including the assessment of risks of
Kuala Lumpur, Malaysia material misstatement of the financial statements, whether due to fraud
20 May 2014 or error. In making those risk assessments, we consider internal control
relevant to the Funds preparation of the financial statements that give a
true and fair view 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 Funds internal control. An audit also includes evaluating
the appropriateness of the accounting policies used and the reasonableness
of accounting estimates made by the Manager, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Independent Auditors Report (contd) Statement Of Assets And Liabilities
As at 30 April 2014
Opinion Note 2014 2013

MYR000 MYR000
In our opinion, the financial statements give a true and fair view of the financial
position of the Fund as at 30 April 2014 and of its financial performance, Assets
changes in net asset value and cash flows for the financial year then ended in Investments 4 3,519,783 2,921,074
accordance with Malaysian Financial Reporting Standards and International Due from brokers/financial institutions,
Financial Reporting Standards. net 7 4,294 -
Due from the Manager, net 8 12,277 5,751
Other matters Tax recoverable 3,344 4,730
This report is made solely to the unitholders of the Fund, as a body, in Other receivables 3,232 5,311
accordance with Securities Commissions Guidelines on Unit Trust Funds Cash and cash equivalents 9 933,489 590,408
in Malaysia and for no other purpose. We do not assume responsibility to 4,476,419 3,527,274
any other person for the content of this report.
Liabilities
Due to brokers/financial institutions, net 7 - 4,074
Other payables 787 679
Distribution payable 324,118 176,301
324,905 181,054
Ernst & Young Yeo Beng Yean Total net assets 4,151,514 3,346,220
AF: 0039 No. 3013/10/14 (J)
Net asset value (NAV) attributable
Chartered Accountants Chartered Accountant
to unitholders (Total equity) 10 4,151,514 3,346,220
Kuala Lumpur, Malaysia Units in circulation (in 000) 11 10,847,907 8,962,748

20 May 2014
NAV per unit, ex-distribution (in sen) 38.27 37.33
The accompanying notes are an integral part of this statement.

Statement Of Income And Expenditure Statement Of Changes In Net Asset Value
For the Financial Year Ended 30 April 2014 For the Financial Year Ended 30 April 2014
Note 2014 2013 Unitholders Retained

MYR000 MYR000 Note capital earnings Total
MYR000 MYR000 MYR000
Income
Profit from Shariah-based placements 10,279 9,690 As at 1 May 2012 1,947,243 533,955 2,481,198
Income from sukuk 1,539 2,473 Creation of units 772,498 - 772,498
Dividend income 120,161 92,282 Cancellation of units (55,788) - (55,788)
Net gain from investments 4 328,951 272,905 Net income after taxation - 324,613 324,613
Amortisation of premium, net of Distribution 16 (10,636) (165,665) (176,301)
accretion of discount (148) (411)
Net realised/unrealised foreign exchange As at 30 April 2013 2,653,317 692,903 3,346,220
gain/(loss) 1,625 (1,056)
462,407 375,883
As at 1 May 2013 2,653,317 692,903 3,346,220
Less: Expenses
Creation of units 765,238 - 765,238
Trustees fee 13 600 537
Cancellation of units (30,460) - (30,460)
Management fee 14 60,521 45,642
Net income after taxation - 394,634 394,634
Audit fee 7 6
Distribution 16 (22,335) (301,783) (324,118)
Tax agents fee 3 3
Brokerage fee 4,413 2,384 As at 30 April 2014 3,365,760 785,754 4,151,514
Administrative fees and expenses 870 727
66,414 49,299
Net income before taxation 395,993 326,584
Taxation 15 (1,359) (1,971)
Net income after taxation 394,634 324,613
Net income after taxation is made up
as follows:
Realised 296,840 143,737
Unrealised 97,794 180,876
394,634 324,613
Final distribution for the financial year 16 324,118 176,301

Statement Of Cash Flows Notes To The Financial Statements
For the Financial Year Ended 30 April 2014 30 April 2014
2014 2013 1. The Fund, The Manager and Their Principal Activities
MYR000 MYR000
The Public Islamic Dividend Fund (hereinafter referred to as the Fund)
Cash flows from operating and investing was set up pursuant to the execution of a Supplemental Master Deed
activities dated 17 January 2006 between the Manager, Public Mutual Berhad, the
Proceeds from sale/redemption of investments 795,664 185,296 Trustee, AmanahRaya Trustees Berhad and the registered unitholders
Purchase of investments (1,070,025) (753,304) of the Fund. The Fund is governed by a Master Deed dated 28 January
Subscription of rights (8,199) (190) 1999 and subsequent Supplemental Master Deeds (collectively referred
Cash received from capital distribution - 67,953 to as Deeds).
Profit from Shariah-based placements received 10,540 9,482
The Funds objective is to provide income by investing in a portfolio
Income from sukuk received 1,262 2,788
of stocks that complies with Shariah requirements and which offer or
Net dividend income received 119,499 86,290
have the potential to offer attractive dividend yields. The Fund invests
Trustees fee paid (600) (537)
in investments as defined in the Deeds. The Fund was launched on
Management fee paid (59,322) (44,562)
14 February 2006 and will continue its operations until terminated by
Audit fee paid (6) (9)
the Trustee as provided in the Master Deed.
Tax agents fee paid (3) (3)
Taxation recovered 2,520 - The Manager of the Fund is Public Mutual Berhad, a company
Payment of other fees and expenses (765) (416) incorporated in Malaysia. Its principal activities are the management
of unit trusts and the sale of trust units. Its ultimate holding company
Net cash outflow from operating and is Public Bank Berhad, a licensed bank incorporated in Malaysia and
investing activities (209,435) (447,212) listed on the Main Market of Bursa Malaysia Securities Berhad (Bursa
Cash flows from financing activities Malaysia).
Cash proceeds from units created 757,513 815,388
Cash paid on units cancelled (30,460) (55,788) 2. Summary of Significant Accounting Policies
Distribution paid (176,301) (135,324) (a) Basis of Preparation
Net cash inflow from financing activities 550,752 624,276 The financial statements of the Fund have been prepared under
the historical cost convention, as modified by the revaluation of
Net increase in cash and cash equivalents 341,317 177,064
financial assets and financial liabilities at fair value and comply
Effect of change in foreign exchange rates 1,764 (1,168)
with Malaysian Financial Reporting Standards (MFRS) and
Cash and cash equivalents at the beginning
International Financial Reporting Standards (IFRS).
of the financial year 590,408 414,512
The Fund has adopted MFRS, Amendments and Issue Committee
Cash and cash equivalents at the end of the
(IC) Interpretations which were effective from periods beginning on
financial year 933,489 590,408
or after 1 January 2013. The adoption of these MFRS, Amendments
Cash and cash equivalents comprise: and IC Interpretations do not have any significant impact on the
Cash at banks 73,114 37,222 financial statements of the Fund.
Shariah-based placements with financial The Fund has not early adopted the following Amendments,
institutions 860,375 553,186 IC Interpretations and MFRS which have effective dates as follows:
933,489 590,408 Effective dates
for financial periods
beginning on or after
Offsetting Financial Assets and Financial 1 January 2014
Liabilities (Amendments to MFRS 132)
Investment Entities (Amendments to 1 January 2014
MFRS 10, MFRS 12 and MFRS 127) *
Recoverable Amount Disclosures for 1 January 2014
Non-Financial Assets (Amendments to
MFRS 136) *
Novation of Derivatives and Continuation 1 January 2014
of Hedge Accounting (Amendments to
MFRS 139) *
Defined Benefit Plans: Employee 1 July 2014
Contributions (Amendments to MFRS 119) *
Notes To The Financial Statements Notes To The Financial Statements
30 April 2014 30 April 2014
2. Summary of Significant Accounting Policies (contd) 2. Summary of Significant Accounting Policies (contd)
(a) Basis of Preparation (contd) (c) Financial Assets and Liabilities (contd)
Effective dates i) Financial Assets (contd)
for financial periods Financial Assets at FVTPL
beginning on or after
Financial assets are classified as financial assets at
Amendments to MFRS contained in the 1 July 2014 FVTPL if they are held for trading or are designated as
document entitled Annual Improvements such upon initial recognition. Financial assets held for
to MFRS 2010-2012 Cycle trading are those acquired principally for the purpose of
Amendments to MFRS contained in the 1 July 2014 selling in the near term. Subsequent to initial recognition,
document entitled Annual Improvements financial assets at FVTPL are measured at fair value.
to MFRS 2011-2013 Cycle Changes in the fair value of those financial instruments
IC Interpretation 21 - Levies * 1 January 2014 are recorded in Net gain or loss on financial assets
MFRS 9 - Financial Instruments To be announced at FVTPL. Interest earned and dividend revenue
(Hedge Accounting and amendments to elements of such instruments are recorded separately
MFRS 9, MFRS 7 and MFRS 139) in Interest income and Dividend income respectively.
* These Amendments and IC Interpretations are not relevant to Exchange differences on financial assets at FVTPL are
the Fund. not recognised separately in profit or loss but are included
in net gain or net loss on changes in fair value of financial
(b) Accounting Estimates and Judgements assets at FVTPL.
The preparation of the Funds financial statements requires the Loans and Receivables
Manager to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and The Fund does not have any loans throughout the
financial year. Financial assets with fixed or determinable
liabilities, and the disclosure of contingent liabilities at the reporting
payments that are not quoted in an active market are
date. However, uncertainty about these assumptions and estimates
classified as receivables. Such receivables include
could result in outcome that could require a material adjustment to
amount due from brokers/financial institutions, amount
the carrying amount of an asset or a liability in the future.
due from the Manager and other receivables. Subsequent
There are no major judgements nor key assumptions concerning to initial recognition, these are measured at amortised
the future and other key sources of estimation uncertainty at the cost.
reporting date, that may cast significant doubt upon the Funds For financial assets carried at amortised cost, the Fund
ability to continue as a going concern. Therefore, the financial assesses at each reporting date whether there is any
statements continue to be prepared on the going concern basis. objective evidence that a financial asset is impaired. If any
(c) Financial Assets and Liabilities such evidence exists, the amount of impairment loss is
measured as the difference between the assets carrying
Financial assets and financial liabilities are recognised in the amount and the present value of estimated future cash
Statement of Assets and Liabilities when, and only when, the Fund flows discounted at the financial assets original effective
becomes a party to the contractual provisions of the instrument. interest rate. The carrying amount of the financial asset
is reduced and the amount of the loss is recognised in
i) Financial Assets
profit or loss with the exception of receivables.
The Fund determines the classification of its financial assets If in a subsequent period, the amount of the impairment
at initial recognition, and the categories include financial loss decreases and the decrease can be related
assets at fair value through profit or loss (FVTPL) and loans objectively to an event occurring after the impairment
and receivables. was recognised, the previously recognised impairment
When financial assets are recognised initially on trade date, loss is reversed to the extent that the carrying amount
they are measured at fair value, plus, in the case of financial of the asset does not exceed its amortised cost at the
assets not at FVTPL, directly attributable transaction costs. reversal date. The amount of reversal is recognised in
profit or loss.
Financial assets are derecognised on trade date when the
rights to receive cash flows from the investments have expired ii) Financial Liabilities
or the Fund has transferred substantially all risks and rewards Financial liabilities are classified according to the substance of
of ownership. the contractual arrangements entered into and the definitions
of a financial liability.
30 April 2014 30 April 2014
2. Summary of Significant Accounting Policies (contd) 2. Summary of Significant Accounting Policies (contd)
(c) Financial Assets and Liabilities (contd) (g) Income (contd)
ii) Financial Liabilities (contd) Dividend income is recognised when the Funds right to receive
payment is established.
Financial liabilities are recognised initially at fair value and
subsequently stated at amortised cost. The Fund includes Profit from Shariah-based placements, income from sukuk,
in this category amount due to brokers/financial institutions, accretion of discount and amortisation of premium are recognised
amounts due to the Manager and the Trustee, and other using the effective interest method.
payables. A financial liability is derecognised when it is settled.
(h) Taxation
(d) Foreign Currency
Current tax assets and liabilities are measured at the amount
i) Functional and Presentation Currency 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 also incurs foreign withholding taxes imposed by certain
statements are presented in Malaysian Ringgit (MYR), which countries on dividend and interest income derived from foreign
is also the Funds functional currency. financial instruments.
ii) Foreign Currency Transactions (i) Interest from Foreign Currency Accounts
Transactions in foreign currencies are measured and recorded A portion of the cash is maintained in foreign currency accounts
in the functional currency of the Fund on initial recognition at outside Malaysia to facilitate the settlement of purchase and selling
exchange rates approximating those ruling at the transaction of foreign securities in a particular country. Interest earned, if any,
dates. Monetary assets and liabilities denominated in foreign from these accounts is not recognised as income to the Fund. Such
currencies are translated at the rate of exchange ruling at interest will be channelled to charitable bodies as part of the Funds
the reporting date. Non-monetary items denominated in cleansing process in line with the advice of the Shariah Adviser.
foreign currencies that are measured at historical cost are (j) Related Parties
translated using the exchange rates as at the dates of the
initial recognition. Related parties refer to Public Bank Berhad and its subsidiaries.
Exchange differences arising from translation of monetary 3. Financial Risk and Capital Management Policies
items at the reporting date are recognised in profit or loss.
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 risk (such as price risk, interest rate risk and currency risk), credit risk,
or loss. single issuer risk, liquidity risk and reclassification of Shariah status
risk. The overall financial risk management objective of the Fund is to
(e) Unitholders Capital mitigate capital loss.
The Unitholders contributions to the Fund meet the definition of
Financial risk management is carried out through policy reviews,
puttable instruments and are classified as equity instruments.
internal control systems and adherence to the investment powers and
Distribution equalisation represents the average distributable restrictions stipulated in the Securities Commissions Guidelines on Unit
amount included in the creation and cancellation prices of units. Trust Funds in Malaysia.
This amount is either refunded to Unitholders by way of distribution
(a) Market Risk
and/or adjusted accordingly when units are cancelled.
Market risk arises when the value of the securities and the demand
(f) Cash and Cash Equivalents
for sukuk fluctuate in response to the activities of individual
Cash and cash equivalents comprise cash at banks and Shariah- companies, and general market or economic environments. Market
based placements with financial institutions which have an risk is managed through portfolio diversification and changes in
insignificant risk of changes in value. asset allocation. It comprises the following risks:
(g) Income i) Price Risk
Income is recognised to the extent that it is probable that the Price risk is the risk that prices of equity securities and
economic benefits will flow to the Fund and the income can collective investment funds rise or fall as a result of changes
be reliably measured. Income is measured at the fair value of in factors specific to a particular security or general market
consideration received or receivable. conditions.
30 April 2014 30 April 2014
3. Financial Risk and Capital Management Policies (contd) 3. Financial Risk and Capital Management Policies (contd)
(a) Market Risk (contd) (d) Liquidity Risk
i) Price Risk (contd) The Fund maintains a sufficient level of liquid assets to meet
anticipated payments and redemption by unitholders. Liquid assets
The increase/(decrease) in the NAV attributable to unitholders
comprise cash, Shariah-based placements with licensed financial
as at reporting date, assuming equity and collective
institutions and other instruments, which can be converted into cash
investment funds prices change by +/(-) 5% with all other within 7 days. The Funds policy is to maintain a prudent level of
variables held constant, is +/(-)MYR173,010,000 (2013: liquid assets and monitoring of the daily creation and cancellation
+/(-) MYR144,458,000). This analysis is for illustration purpose of units so as to manage liquidity risk.
only and not an indication of future variances.
The Funds financial liabilities have contractual maturities of not
ii) Interest Rate Risk more than six (6) months.
Interest rate risk arises from changes in interest rates which (e) Reclassification of Shariah Status Risk
affect the fair value of financial instruments. Interest rates move
inversely to sukuk prices. When interest rates rise, the prices The currently held Shariah-compliant securities in the portfolio
for sukuk fall and vice versa. of Shariah-based funds may be reclassified to be Shariah non-
compliant in the periodic review of the securities by the Shariah
The increase/(decrease) in the NAV attributable to unitholders Advisory Council of the Securities Commission (SACSC), the
as at reporting date, assuming interest rates change by Shariah Adviser or the Shariah Boards of the relevant Islamic
+/(-) 50 basis points with all other variables held constant, is Indices. If this occurs, the value of the Fund may be adversely
(-)/+ MYR1,328,000 (2013: (-)/+ MYR636,000). This analysis affected where the Manager will take the necessary steps to dispose
is for illustration purpose only and not an indication of future of such securities in accordance with the advice from the SACSC
variances. and/or the Shariah Adviser.
iii) Currency Risk (f) Capital Management
The Fund invests in financial instruments denominated in Capital is represented by unitholders subscription to the Fund.
currencies other than its functional currency. Consequently, The amount of capital can change significantly on a daily basis
the Fund is exposed to risks arising from changes in the as the Fund is subject to daily redemption and subscription at
exchange rate of its functional currency relative to other the discretion of unitholders. The Manager manages the Funds
foreign currencies that might significantly impact the value of capital in accordance to its objective as stated in Note 1, while
the Funds assets or liabilities denominated in currencies other maintaining sufficient liquidity to meet unitholders redemption as
than Malaysian Ringgit. explained in Note (d) above.
The increase/(decrease) in the NAV attributable to unitholders
4. Investments
as at reporting date, assuming exchange rates of foreign
currencies fluctuate by +/(-) 5% with all other variables held 2014 2013
constant, is +/(-) MYR21,974,000 (2013: +/(-) MYR10,637,000). MYR000 MYR000
This analysis is for illustration purpose only and not an Financial assets at FVTPL
indication of future variances. - Equity securities 3,365,769 2,847,555
(b) Credit Risk - Collective investment funds 93,781 41,234
- Warrants 644 366
Credit risk refers to the ability of an issuer or a counterparty to make - Sukuk 59,589 31,919
timely payments of profit, principals and proceeds from realisation of
3,519,783 2,921,074
investments. The Fund invests only in debt securities with at least
investment grade credit rating by the relevant credit rating agencies. The Funds investments are carried at fair value, which were determined
The Manager manages credit risk by setting counterparty limits and using prices in active markets for identical assets.
undertaking credit evaluation to assess such risk.
Quoted equity securities, collective investment funds and warrants
(c) Single Issuer Risk Fair value is determined directly by reference to the published market
The Fund is restricted to invest in securities issued by any issuer price at the reporting date.
of not more than a certain percentage of its net asset value. Under The market prices of the above quoted financial instruments are
such restriction, the exposure risk to the securities of a single determined by reference to information made publicly available by the
issuer is minimised. respective stock exchanges.
30 April 2014 30 April 2014
4. Investments (contd) 4. Investments (contd)

Unquoted sukuk Per Cent
The published market prices for unquoted Ringgit-denominated sukuk of Net
Fair Asset
are based on information provided by the Bond Pricing Agency (BPA).
Quantity Cost Value Value
(in 000) MYR000 MYR000 %
FINANCIAL INSTRUMENTS - 30 APRIL 2014
EQUITY SECURITIES
The equity securities and collective investment funds held by the Fund
(contd)
are categorised based on their principal business activities according
to the Bloomberg Sector Classification System as at the date of the Malaysia (contd)
Statement of Assets and Liabilities.
Consumer, Non-cyclical
Per Cent (contd)
of Net
Nestle (Malaysia) Berhad 1,103 43,812 75,576 1.8
Fair Asset
Quantity Cost Value Value Westports Holdings
(in 000) MYR000 MYR000 % Berhad 3,593 9,643 9,054 0.2
EQUITY SECURITIES 527,242 632,517 15.2
Malaysia Diversified
IJM Corporation Berhad 8,880 45,121 56,653 1.4
Basic Materials MMC Corporation Berhad 12,373 39,823 34,645 0.8
Petronas Chemicals Sime Darby Berhad 19,850 164,496 187,387 4.5
Group Berhad 21,951 133,042 147,731 3.6 249,440 278,685 6.7
Communications Energy
Axiata Group Berhad 38,297 174,530 257,735 6.2 Dialog Group Berhad 20,493 54,290 73,571 1.8
DiGi.Com Berhad 31,838 92,492 176,382 4.3 Gas Malaysia Berhad 10,869 26,825 39,237 0.9
Maxis Berhad 23,201 144,950 161,248 3.9 Malaysia Marine and
Star Publications Heavy Engineering
(Malaysia) Berhad 1,356 4,738 3,500 0.1 Holdings Berhad 2,784 13,836 10,998 0.3
Telekom Malaysia Berhad 20,175 49,295 125,086 3.0 Petronas Dagangan
Berhad 4,219 39,189 127,823 3.1
466,005 723,951 17.5 SapuraKencana
Consumer, Cyclical Petroleum Berhad 20,466 69,505 88,208 2.1
UMW Oil & Gas
Parkson Holdings Berhad 10,459 57,142 30,750 0.7
Corporation Berhad 10,936 36,439 44,072 1.1
UMW Holdings Berhad 6,927 66,608 74,539 1.8
240,084 383,909 9.3
123,750 105,289 2.5
Financial
Consumer, Non-cyclical BIMB Holdings Berhad 866 3,791 3,680 0.1
Bintulu Port Holdings IJM Land Berhad 8,217 15,368 24,816 0.6
Berhad 3,172 18,549 23,791 0.6 IOI Properties Group
Felda Global Ventures Berhad 2,686 6,788 7,200 0.1
Holdings Berhad 14,111 71,707 63,780 1.6 UEM Sunrise Berhad 10,377 29,117 23,866 0.6
Genting Plantations
55,064 59,562 1.4
Berhad 4,117 25,846 45,704 1.1
IHH Healthcare Berhad 26,670 99,915 106,948 2.6 Industrial
IJM Plantations Berhad 3,075 9,751 10,886 0.2 Gamuda Berhad 18,114 68,828 83,506 2.0
IOI Corporation Berhad 26,172 113,285 130,861 3.1 Lafarge Malaysia Berhad 5,875 38,357 53,402 1.3
KPJ Healthcare Berhad 11,126 15,407 36,049 0.9 Lingkaran Trans Kota
Kuala Lumpur Kepong Holdings Berhad 15,836 41,979 61,760 1.5
Berhad 3,934 82,900 95,212 2.3 MISC Berhad 6,454 53,953 42,013 1.0
MSM Malaysia Holdings Naim Holdings Berhad 873 4,054 3,485 0.1
Berhad 7,220 36,427 34,656 0.8 POS Malaysia Berhad 3,802 11,711 17,107 0.4
Top Glove Corporation Bhd 2,522 8,792 12,108 0.3

30 April 2014 30 April 2014
4. Investments (contd) 4. Investments (contd)

Per Cent Per Cent
of Net Quantity/ of Net
Fair Asset Nominal Fair Asset
Quantity Cost Value Value Value Cost Value Value
(in 000) MYR000 MYR000 % (in 000)/ MYR000 MYR000 %
MYR000
EQUITY SECURITIES
(contd) EQUITY SECURITIES
(contd)
Malaysia (contd)
United States
Industrial (contd)
Wah Seong Corporation Communications
Berhad 999 2,925 1,967 - Google Incorporation
230,599 275,348 6.6 - Class A 8 15,073 13,534 0.3
Google Incorporation
Utilities - Class C 8 15,073 13,326 0.3
Petronas Gas Berhad 5,984 101,424 140,629 3.4
Tenaga Nasional Berhad 23,832 166,658 283,603 6.8 30,146 26,860 0.6
268,082 424,232 10.2 Consumer, Non-cyclical

Procter & Gamble Co. 128 32,942 34,599 0.8
Germany The Coca-Cola Company 208 27,176 27,662 0.7
Industrial 60,118 62,261 1.5
Deutsche Post AG 256 23,267 31,404 0.8
Industrial
Indonesia United Parcel Service
Communications Incorporation 139 46,128 44,782 1.1
PT Telekomunikasi COLLECTIVE
Indonesia Tbk 46,660 27,377 29,803 0.7 INVESTMENT FUNDS
Korea Malaysia
Consumer, Cyclical Financial
Kia Motors Corporation 127 22,265 22,995 0.6 Al-Aqar Healthcare REIT 2,538 2,287 3,503 0.1
Singapore KLCC Property Holdings
Berhad 9,048 43,606 60,262 1.5
Communications
Singapore 45,893 63,765 1.6
Telecommunications Singapore
Limited 4,855 42,723 48,342 1.2
StarHub Limited 3,854 39,078 41,582 1.0 Financial
Sabana Shariah
81,801 89,924 2.2 Compliant REIT 11,264 31,119 30,016 0.7
Taiwan WARRANTS
Technology Malaysia
Taiwan Semiconductor KPJ Healthcare Berhad - WB 947 - 644 -
Manufacturing Company
Limited 2,070 26,070 26,516 0.6 UNQUOTED SUKUK
Sukuk
Ringgit-denominated
Anih Berhad - 4.60% / 2016 9,000 9,227 9,254 0.2

30 April 2014 30 April 2014
4. Investments (contd) 5. Fair Value of Financial Instruments

Per Cent The Fund uses the following hierarchy for determining and disclosing
of Net the fair value of financial instruments by valuation technique:
Nominal Fair Asset
Value Cost Value Value Level 1: Quoted prices per respective stock markets for identical
MYR000 MYR000 MYR000 % assets or liabilities.
UNQUOTED SUKUK Level 2: Inputs other than quoted prices included within Level 1 that
(contd) are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices).
Sukuk (contd)
Ringgit-denominated Level 3: Inputs for the asset or liability other than observable market
(contd) data.
Bank Muamalat Malaysia As at 30 April 2014, the Fund held the following financial instruments
Berhad - 5.15% / 2016 5,000 5,184 5,181 0.1 carried at fair value on the Statement of Assets and Liabilities.
BGSM Management
Sendirian Berhad Level 1 Level 2 Total
- 5.90% / 2016 13,718 14,494 14,525 0.4 MYR000 MYR000 MYR000
Celcom Transmission (M) As at 30 April 2014
Sendirian Berhad Financial assets at FVTPL
- 3.60% / 2017 3,500 3,521 3,481 0.1 - Equity securities 3,365,769 - 3,365,769
Celcom Transmission (M) - Collective investment funds 93,781 - 93,781
Sendirian Berhad - Warrants 644 - 644
- 3.75% / 2019 3,500 3,522 3,441 0.1 - Sukuk - 59,589 59,589
Projek Lebuhraya
Usahasama Berhad 3,460,194 59,589 3,519,783
- 4.40% / 2022 500 510 500 - As at 30 April 2013
Sarawak Energy Berhad Financial assets at FVTPL
- 4.50% / 2022 5,000 4,963 4,963 0.1 - Equity securities 2,792,756 54,799 2,847,555
Sistem Penyuraian Trafik - Collective investment funds 41,234 - 41,234
KL Barat Sendirian - Warrants 366 - 366
Berhad - 6.30% / 2020 5,000 5,502 5,493 0.1 - Sukuk - 31,919 31,919
Tanjung Bin Energy Issuer
Berhad - 5.95% / 2029 7,500 7,768 7,783 0.2 2,834,356 86,718 2,921,074
Tanjung Bin O&M Berhad
- 4.80% / 2021 5,000 4,960 4,968 0.1 6. Shariah Information of the Fund
59,651 59,589 1.4 Reclassification of Shariah Status of Securities
TOTAL 2,747,143 3,519,783 84.8 Parkson Holdings Berhad was reclassified as Shariah non-compliant on
29 November 2013 by the Shariah Advisory Council of the Securities
Cost is translated to the Funds functional currency based on the Commission of Malaysia. This security will be disposed of in accordance
exchange rate at the date of the Statement of Assets and Liabilities. with the advice of the Shariah Adviser.
Effective yield of unquoted sukuk for the financial year is as follows: In addition, the Shariah Adviser confirmed that the investment portfolio
of the Fund is Shariah-compliant, which comprises:
2014 2013
% % i) equity securities listed on Bursa Malaysia which have been classified
as Shariah-compliant by the Shariah Advisory Council of the
Unquoted sukuk
Securities Commission of Malaysia;
- Sukuk 4.47 3.90
ii) equity securities in foreign markets which have been classified
MYR000 MYR000 as Shariah-compliant either by the Shariah Supervisory Board of
Net gain from investments: Standard & Poors Shariah Indices and duly verified by the Shariah
Financial assets at FVTPL Adviser and/or those securities which have been reviewed and
- realised gain on disposal 232,522 91,507 classified as Shariah-compliant by the Shariah Adviser;
- unrealised gain on changes in fair value 96,429 181,398
iii) investment in collective investment funds which was verified as
328,951 272,905 Shariah-compliant by the Shariah Adviser;
30 April 2014 30 April 2014
6. Shariah Information of the Fund (contd) 10. Net Asset Value Attributable to Unitholders (Total Equity)
iv) sukuk as per list of approved sukuk issued by the Securities 2014 2013
Commission of Malaysia; and MYR000 MYR000
v) cash placements and liquid assets in local market, which are placed
Unitholders capital 3,365,760 2,653,317
in investments and/or instruments.
Retained earnings 785,754 692,903
7. Due from/to Brokers/Financial Institutions, Net 4,151,514 3,346,220
2014 2013 Retained earnings
MYR000 MYR000 - realised reserves 4,329 9,272
Amount due from - unrealised reserves 781,425 683,631
- a related financial institution 1,079 -
785,754 692,903
- other stockbroking companies 3,215 -
4,294 - 11. Units in Circulation
Amount due to other stockbroking companies - 4,074 As of end of the financial year, the total number of units in circulation
is as follows:
8. Due from the Manager, Net
2014 2013
The net amount due from the Manager represents amount receivable No. of units No. of units
for units created after netting off management fee payable and amount (in 000) (in 000)
payable for the units cancelled. Amounts for units created/cancelled are
receivable/payable within 10 days of creation/cancellation. Management At beginning of the financial year 8,962,748 7,046,394
fee is payable on a monthly basis. Creation of units 1,962,853 2,064,702
Cancellation of units (77,694) (148,348)
9. Cash and Cash Equivalents
At end of the financial year 10,847,907 8,962,748
2014 2013
MYR000 MYR000 12. Holdings of Units by the Manager
Shariah-based placements with licensed
As of end of the financial year, the total number and value of units held
Islamic banks
- a related party 838,325 483,186 legally by the Manager are as follows:
- others 22,050 70,000 2014 2013
860,375 553,186 No. of units No. of units
(in 000) MYR000 (in 000) MYR000
Cash at banks
- related parties 61 60 The Manager 27,643 10,579 20,838 7,779
- others 73,053 37,162
13. Trustees Fee
73,114 37,222
Trustees fee is computed daily based on 0.06% per annum of the net
933,489 590,408
asset value, subject to a minimum fee of MYR18,000 per annum and a
Weighted average rates of return for the financial year and the average maximum fee of MYR600,000 per annum. Prior to 1 October 2012, the
remaining maturities of Shariah-based placements as of end of the maximum Trustees fee was MYR450,000 per annum.
financial year are as follows:
14. Management Fee
Weighted Average Average Remaining
Rates of Return Maturities Management fee is computed daily based on 1.50% per annum of the
2014 2013 2014 2013 net asset value.
% % Days Days
Shariah-based placements,
less than 1 year 2.98 2.98 2 9

30 April 2014 30 April 2014
15. Taxation 16. Distribution (contd)

2014 2013 2014 2013
MYR000 MYR000 MYR000 MYR000
Malaysian tax Less:
- current financial year charge - 1,475 Expenses (66,414) (49,299)
- withholding tax 135 31 Attributable tax (unitholders) (1,319) (2,954)
135 1,506 (67,733) (52,253)
Foreign withholding tax 1,224 465
324,118 176,301
1,359 1,971
Gross distribution per unit (sen) 3.00 2.00
Domestic income tax is calculated at the Malaysian statutory tax rate of Net distribution per unit (sen) 2.99 1.97
25% of the estimated assessable income for the financial year.
There is no Malaysian taxation charge for the current financial year after Included in distribution for the financial year is an amount of
deducting tax allowable expenses. MYR10,122,000 (2013: MYR34,528,000) made from previous financial
years net realised income.
A reconciliation of income tax expense applicable to net income before
taxation at the statutory income tax rate to income tax expense at the
effective income tax rate of the Fund is as follows: 17. Transactions with Related and Other Brokers/Financial
Institutions
2014 2013
MYR000 MYR000 Value of Per Cent Brokerage Per Cent
Trade of Total Fees and of Total
Net income before taxation 395,993 326,584
Trade Commissions Fees and
Taxation at Malaysian statutory rate of 25% 98,998 81,646 Name Commissions
Tax effects of: MYR000 % MYR000 %
- income not subject to tax, net (114,466) (91,338)
- expenses not deductible for tax Public Investment
purposes 1,293 747 Bank Berhad
- restriction on tax deductible expenses (related party) 849,280 46 1,834 49
for unit trust funds 13,780 10,420 Mercury Securities
- tax deductible expenses not fully Sdn Bhd 617,812 34 1,380 37
utilised 395 - Macquarie Bank
Withholding tax 135 31 Limited (Hong
Kong Branch) 85,696 5 90 2
135 1,506
J.P. Morgan
Foreign withholding tax 1,224 465
Securities Limited 80,059 4 123 3
Tax expense 1,359 1,971 Public Bank Berhad
(related party) 33,434 2 - -
16. Distribution Goldman Sachs.
Final distribution declared on 30 April 2014 (2013: 30 April 2013) to & Co. 28,885 1 17 1
unitholders is derived from the following sources: UBS Securities Pte.
Ltd. Taipei Branch 16,960 1 51 1
2014 2013 CLSA Limited 16,774 1 3 -
MYR000 MYR000
Credit Suisse,
Profit from Shariah-based placements 10,210 9,393 Taipei Securities
Income from sukuk 753 2,094 Branch 12,638 1 38 1
Dividend income 115,649 82,852 Macquarie Capital
Net realised gain on sale/redemption of Securities Limited,
investments 232,522 89,584 Taiwan Branch 12,052 1 36 1
Net realised gain/(loss) on foreign exchange 260 (533) Others 82,786 4 198 5
Previous financial years net realised income 10,122 34,528
Distribution equalisation 22,335 10,636 1,836,376 100 3,770 100
391,851 228,554
Notes To The Financial Statements Corporate Information
30 April 2014
17. Transactions with Related and Other Brokers/Financial Manager

Institutions (contd) Public Mutual Berhad (23419-A)
The directors of the Manager are of the opinion that transactions Registered Office
with related parties have been entered into in the normal course of Block B, Sri Damansara Business Park
business and have been established on terms and conditions that Persiaran Industri, Bandar Sri Damansara
are not materially different from that obtainable in transactions with 52200 Kuala Lumpur
unrelated parties. Tel: 603-62796800
Fax: 603-62779800
18. Management Expense and Portfolio Turnover Ratios
Secretaries
(a) Management Expense Ratio (MER)
Ms. Tang Pueh Fong (MIA 8078)
The MER for the financial year is 1.54% (2013: 1.54%). It is the Ms. Pang Siew Han (MIA 6968)
total management expenses expressed as an annual percentage
of the Funds average net asset value.
Banker
Public Bank Berhad
(b) Portfolio Turnover Ratio (PTR)
Trustee of the Fund
The PTR for the financial year is 0.22 time (2013: 0.15 time). It AmanahRaya Trustees Berhad
represents the average of the total acquisitions and disposals of Tingkat 2, Wisma TAS
the investments in the Fund for the financial year over the average No. 21, Jalan Melaka
net asset value of the Fund calculated on a daily basis. 50100 Kuala Lumpur
19. Segment Information Shariah Adviser
ZICOlaw Shariah Advisory Services Sdn Bhd
For management purposes, the Fund is organised into one main
(formerly known as ZI Shariah Advisory Services Sdn Bhd)
operating segment, which invests in various financial instruments and
Suite 2-4, Level 2
the analysis of the Funds investment income by segments is as follows:
Tower Block, Menara Milenium
2014 2013 Jalan Damanlela
MYR000 MYR000 Pusat Bandar Damansara
(a) Investment Type 50490 Kuala Lumpur
Equity securities 432,859 349,695
Auditor of the Manager and the Fund
Collective investment funds 17,403 14,120
Warrants 754 176 Ernst & Young
Sukuk 1,112 2,202 Level 23A, Menara Milenium
Shariah-based placements 10,279 9,690 Jalan Damanlela
Pusat Bandar Damansara
462,407 375,883
Damansara Heights
(b) Regional Location 50490 Kuala Lumpur
Malaysia 440,089 348,591
Asia Pacific region 7,597 27,292 Tax Adviser
Europe & United States 14,721 - KPMG Tax Services Sdn Bhd
Level 10, KPMG Tower
462,407 375,883
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor

Corporate Information Directors And Senior Management
Management Staff Tan Sri Dato Sri Dr. Teh Hong Piow
Non-independent Director / Chairman
Yeoh Kim Hong Tan Sri Dato Sri Dr. Teh Hong Piow is a Director of Public Mutual since
Chief Executive Officer / Executive Director September 2006. He began his banking career in 1950 and has 64 years
experience in the banking and finance industry. He founded Public Bank Bhd.
Lum Ming Jang in 1965 at the age of 35. He was appointed as a Director of Public Bank Bhd.
on 30 December 1965 and had been the Chief Executive Officer of Public
Senior General Manager - Investment Bank Bhd. since its commencement of business operations in August 1966.
He was re-designated as Chairman of Public Bank Bhd. and Chairman of
Lee Kean Gie Public Bank Group with effect from 1 July 2002.
Senior General Manager - Agency Operations Tan Sri Dato Sri Dr. Teh Hong Piow had won both domestic and international
acclaim for his outstanding achievements as a banker and the Chief Executive
Richard Tan Koon Eam Officer of a leading financial services group. Awards and accolades that he
General Manager - Information Technology had received include:
Asias Commercial Banker of the Year 1991
Alex Sito Kok Chau The ASEAN Businessman of the Year 1994
Malaysias Business Achiever of the Year 1997
General Manager - Marketing & Financial Planning Malaysias CEO of the Year 1998
Best CEO in Malaysia 2004
Hang Siew Eng The Most PR Savvy CEO 2004
General Manager - Customer Administration & Service The Asian Banker Leadership Achievement Award 2005 for Malaysia
Award for Outstanding Contribution to the Development of Financial
Services in Asia 2006
Tang Pueh Fong Lifetime Achievement Award 2006
General Manager - Finance & Operations Award for Lifetime Achievement in Corporate Excellence, Dedication
and Industry 2006
Asias Banker of High Distinction Award 2006
Evelyn Chu Swee Yin The BrandLaureate Brand Personality Award 2007
General Manager - Agency Development & Training ASEAN Most Astute Banker Award 2007
Lifetime Entrepreneurship Achievement Award 2007
The Pila Recognition Award 2007
Asian Banker Par Excellence Award 2008
Senior Compliance Officer Best CEO in Malaysia 2009
Asias Banking Grandmaster 2010
Abdul Samad Bin Jaafar Asian Corporate Director Recognition Award 2010 for Malaysia
Assistant General Manager - Compliance Value Creator: Malaysias Outstanding CEO 2010
The BrandLaureate - Tun Dr. Mahathir Mohamad Man of the Year
Award 2010 - 2011
Best CEO (Investor Relations) 2011 for Malaysia
Asian Corporate Director Recognition Award 2011 for Malaysia
The BrandLaureate Premier Brand Icon Leadership Award 2011
BrandLaureate Banker of the Year Award 2012 - 2013
Tan Sri Dato Sri Dr. Teh Hong Piow was awarded the Medal For the Course of
Vietnamese Banking by the State Bank of Vietnam in 2002 for his contributions
to the Vietnamese banking industry over the past years. Tan Sri Dato Sri
Dr. Teh Hong Piow was conferred the Recognition Award 2007 by the National
Bank of Cambodia in appreciation of his excellent achievement and significant
contribution to the banking industry in Cambodia.
In recognition of his contributions to society and the economy, he was conferred
the Doctor of Laws (Honorary) from University of Malaya in 1989.
He had served in various capacities in public service bodies in Malaysia;
he was a member of the Malaysian Business Council from 1991 to 1993;
a member of the National Trust Fund from 1988 to 2001; a founder member
of the Advisory Business Council since 2003; and is a member of the IPRM
Accreditation Privy Council. He is an Emeritus Fellow of the Malaysian
Institute of Management and is a Fellow of the Institute of Bankers Malaysia;
the Chartered Institute of Bankers, United Kingdom; the Institute of
Administrative Management, United Kingdom; and the Institute of Chartered
Secretaries and Administrators, Australia.
Directors And Senior Management Directors And Senior Management
Tan Sri Datuk Seri Utama Thong Yaw Hong Dato Sri Lee Kong Lam Non-independent Director
Independent Director / Co-Chairman Dato Sri Lee Kong Lam is a Director of Public Mutual since July 1999. He
has 46 years experience in the banking and finance industry. He joined Public
Tan Sri Datuk Seri Utama Thong Yaw Hong is a Director of Public Mutual Bank Bhd. in November 1996 as General Manager and was subsequently
since September 2006. He was appointed as a Director of Public Bank Bhd. appointed Senior General Manager in 1997 and Executive Vice-President
on 23 June 1986 and was made its Chairman in October 1986. He was re- in 1998. He was appointed as an Executive Director of Public Bank Bhd.
designated as Co-Chairman of Public Bank Bhd. with effect from 1 July 2002. on 28 November 2001 and was re-designated as Non-Independent Non-
Executive Director of Public Bank Bhd. with effect from 28 November 2013,
He graduated with a Bachelor of Arts (Hons) degree in Economics from following his retirement as Executive Director/Deputy Chief Executive Officer
University of Malaya and a Masters degree in Public Administration from of Public Bank Bhd.
Harvard University. He attended the Advanced Management Program at Prior to joining Public Bank Bhd., he was with Bank Negara Malaysia (BNM)
Harvard Business School. In June 1998, he was appointed a Pro-Chancellor and was involved primarily in the supervision and examination of banking
institutions. He retired in August 1996 as the Head of BNMs Examination
of University Putra Malaysia from which he had retired in end June 2006. Department and as a member of BNMs Management Committee.
In September 2006, he was conferred the Doctor of Economics (Honorary)
He is a Fellow of CPA Australia and the Chartered Institute of Bankers,
from University Putra Malaysia. United Kingdom; and a Chartered Accountant of the Malaysian Institute of
He has had a distinguished career with the Government of Malaysia, primarily Accountants.
in the fields of socio-economic development planning and finance. He had
served in the Economic Planning Unit in the Prime Ministers Department Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff
Independent Director
since 1957 and became its Director-General from 1971 to 1978 and served as
Secretary-General, Ministry of Finance from 1979 until his retirement in 1986. Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff is a Director of Public
Mutual since December 1993. He is a qualified Professional Chartered
Tan Sri Datuk Seri Utama Thong Yaw Hong also serves as member on Town Planner and a Professional Landscape Architect from the University
of Newcastle-upon-Tyne, England. He was honoured by the University
the Boards of Trustees of Program Pertukaran Fellowship Perdana Menteri of Newcastle-upon-Tyne, England with the Honorary Degree of Doctor in
Malaysia and Tun Razak Foundation, among others. He is a member of the Civil Law in May 1993. He is a Fellow of the Royal Town Planning Institute
National Economic Council and is also a Senior Member of the Working London; Fellow of Malaysian Institute of Planners; and Fellow of Institute of
Group of the Executive Committee for the National Economic Council. Tan Landscape Architects Malaysia.
Sri Datuk Seri Utama Thong Yaw Hong is a Distinguished Fellow of the He had served in various State and Federal Governments before retiring in
Institute of Strategic and International Studies (ISIS) Malaysia and is also a 1993. He was a member of the Advisory Board of the City of Kuala Lumpur
Fellow of the Institute of Bankers Malaysia. (Dewan Bandaraya Kuala Lumpur) until December 2004. Over the years and
through his involvement as a Director of several public listed companies,
he has accumulated vast experiences in various sectors namely, property
Tan Sri Dato Sri Tay Ah Lek Non-independent Director and housing development, hotel management, food manufacturing and
expressway management.
Tan Sri Dato Sri Tay Ah Lek is a Director of Public Mutual since August
Dato Mohamed Ishak is the Chairman of Yee Lee Corporation Berhad. He is
1995. He has 53 years experience in the banking and finance industry. He also a Trustee of Yayasan Seni Selangor (Galeri Shah Alam) and Director of
was appointed as an Executive Director of Public Bank Bhd. on 18 June MIMA Holdings Enterprise Sdn Bhd.
1997 and was re-designated as Managing Director with effect from 1 July
2002. He joined the Public Bank Group as a pioneer staff in 1966. He was Dato Haji Abdul Aziz Bin Dato Dr. Omar Independent Director
the Executive Vice-President of Public Bank Bhd. from 1995 to 1997 and
prior to this appointment, he was the Executive Vice-President of the former Dato Haji Abdul Aziz Bin Dato Dr. Omar is a Director of Public Mutual since
December 1993. He qualified as a Chartered Accountant from the Institute
Public Finance Bhd. of Chartered Accountants in England & Wales, and is also a Chartered
Accountant of the Malaysian Institute of Accountants.
Tan Sri Dato Sri Tay Ah Lek holds a Masters degree in Business
Administration from Henley, United Kingdom and attended the Advanced During his previous banking experiences, he became a Fellow of the Institute
Management Program at Harvard Business School. He is an Emeritus of Bankers Malaysia. He was the President and Chief Executive Officer of
Fellow of the Malaysian Institute of Management and is a Fellow of CPA a Malaysian bank from 1986 to 1993. His 44 years experience also include
the areas of audit and accounting, taxation, property, plantation, hotelling,
Australia, the Financial Services Institute of Australasia and the Institute of trading and manufacturing, both locally and abroad.
Bankers Malaysia.
Dato Haji Abdul Aziz is a Non-Independent Non-Executive Director of
He is presently the Chairman of the Association of Hire Purchase Companies Public Bank Bhd. He is also a Member of the Boards of Directors of Public
Malaysia and is a Member of the National Payments Advisory Board. Investment Bank Bhd., Public Islamic Bank Bhd. (Co-Chairman), PB
Trustee Services Berhad, LPI Capital Bhd., Lonpac Insurance Bhd. and AIA
PUBLIC Takaful Berhad. In addition, he is the Co-Chairman of the Credit
Risk Management Committee and is a member of the Audit Committee, the
Nomination Committee, the Remuneration Committee and Risk Management
Committee of Public Bank Bhd. He is the member of Audit Committee of
Public Islamic Bank Bhd. and Public Investment Bank Bhd.
Directors And Senior Management Directors And Senior Management
Mr. Quah Poh Keat Non-independent Director Mr. Lum Ming Jang Senior General Manager - Investment
Mr. Quah Poh Keat is a Director of Public Mutual since 1 September 2009. Mr. Lum Ming Jang holds an honours degree in Accountancy from the
He was appointed as Deputy Chief Executive Officer II of Public Bank Bhd. National University of Singapore and is a Chartered Financial Analyst. He
on 1 October 2013 and was redesignated as Deputy Chief Executive Officer joined Public Mutual in 2001 as Senior Manager - Investment Research
on 28 November 2013. He is a Fellow of the Malaysian Institute of Taxation and assumed the position of Senior Manager - Fund Management and
and the Association of Chartered Certified Accountants; and a Member of the co-designated fund manager of various funds in 2003. He was promoted to
Malaysian Institute of Accountants, the Malaysian Institute of Certified Public General Manager - Investment in 2004 and subsequently Senior General
Accountants and the Chartered Institute of Management Accountants. Manager - Investment in 2007.
He was a partner of KPMG since October 1982 and appointed Senior Partner Mr. Lum has more than 25 years of experience in fund management, investment
(also known as Managing Partner in other practices) in October 2000 until research and stockbroking. Prior to joining Public Mutual, Mr. Lum held
30 September 2007. He retired from the firm on 31 December 2007. He management positions at various established local and foreign stockbroking
is experienced in auditing, tax and insolvency practices and had worked houses, overseeing their investment research functions and institutional sales.
in Malaysia and United Kingdom; his experiences include restructuring, Mr. Lums investment research experience include assessing corporate
demergers and privatisation. earnings growth prospects, evaluating management track record, computation
of stock valuations and financial analysis of listed companies on the Bursa
Mr. Quah also sits as a Director on the Boards of Directors of Public Financial Securities. He is also familiar with analysis of financial and economic trends
Holdings Ltd, Public Bank (Hong Kong) Ltd, Cambodian Public Bank Plc, which affect stockmarket movements. On the fund management side,
Campu Lonpac Insurance Plc, LPI Capital Bhd. and Lonpac Insurance Bhd. Mr. Lum has served as a co-fund manager of selected unit trust funds
managed by Public Mutual since 2003 before assuming the position of
Ms. Yeoh Kim Hong General Manager - Investment in 2004 and subsequently Senior General
Chief Executive Officer / Executive Director Manager - Investment in 2007.
Ms. Yeoh Kim Hong, CA(M), CPA, CFP, has more than 18 years experience
in the unit trust industry. Ms. Yeoh is the Chief Executive Officer of Public
Mutual since July 2007. She is also a member of the Board of Directors and
the Investment Committee of Public Mutual.
Ms. Yeoh has played an active role in the development of the unit trust
industry. She holds the position of Director in the Federation of Investment
Managers Malaysia (FIMM) and is a member of the Rules Committee and
Audit Committee. Prior to that, Ms. Yeoh was a member of the Board of
Governors as well as the Chairman of the Education and Examination
Committee in the Financial Planning Association Malaysia (FPAM).
Prior to joining Public Mutual, Ms. Yeoh was with an international public
accounting firm for more than 12 years during which she gained exposures
in auditing and management consultancy and advisory, both locally and in
the United States. She is a member of the Malaysian Institute of Certified
Public Accountants and the Malaysian Institute of Accountants.

Network Of Public Mutual Branch Offices Network Of Public Mutual Branch Offices
Head Office West Malaysia (contd)

Block B, Sri Damansara Business Park, Persiaran Industri,
Melaka Shah Alam
Bandar Sri Damansara, 52200 Kuala Lumpur. No. 929 & 930, Jalan Merdeka, 54 & 56, Jalan Pahat G15/G,
Tel: 03-62796800 Fax: 03-62779800 Taman Melaka Raya, Kompleks Otomobil,
Hotline: 03-62075000 75000 Melaka. Persiaran Selangor,
Web: http://www.publicmutual.com.my Tel: 06-2837654 Fax: 06-2837354 Seksyen 15,
Senior Branch Manager: 40200 Shah Alam, Selangor.
West Malaysia Carl Wong Yon Lian Tel: 03-62075000 Fax: 03-55139288
Alor Star Ipoh Muar Senior Branch Manager:
1888A & 1888B, Jalan Stadium, 37 & 39, Persiaran Greentown 4, 46, Jalan Sayang, Ong Chen Hung
05100 Alor Star, Kedah. Greentown Business Centre, 84000 Muar, Johor. Sungai Petani
Tel: 04-3055000 Fax: 04-7310178 30450 Ipoh, Perak. Tel: 06-9542323/5323 9D & 9E,
Senior Branch Manager: Tel: 05-2105000 Fax: 05-2559859 Fax: 06-9536830 Jalan Kampung Baru,
Khaw Bee Ruh Senior Branch Manager: Branch Manager: 08000 Sungai Petani, Kedah.
Angie Ng Seow Mai Tel: 04-3055000 Fax: 04-4230663
Bangsar Foong Kuan Mun Branch Manager:
11, 15 & 17, Jalan Bangsar Utama 3, Penang
Johor Bahru 16, Lintang Burma, Annie Ong Sok Nee
Bangsar Utama, B-19, Jalan Molek 1/5A,
59000 Kuala Lumpur. 10250 Pulau Tikus, Penang. Temerloh
Taman Molek, Tel: 04-3055000 Fax: 04-2295171 10,11 & 12, 2nd Floor,
Tel: 03-62075000 Fax: 03-22835739 81100 Johor Bahru, Johor. Senior Branch Manager:
Senior Branch Manager: Jalan Ahmad Shah,
Tel: 07-3607888 Fax: 07-3548600 Vincent Seow Weng Sim Bandar Sri Semantan,
Chooi Chan Yen Senior Branch Manager: Seremban 28000 Temerloh, Pahang.
Batu Pahat Teng Lee Yen Tel: 09-2968068 Fax: 09-2968060
1A & 1B, Jalan Tuanku Munawir,
119, Jalan Chengal, 70000 Seremban, Branch Manager:
Taman Makmur, Klang
Negeri Sembilan. Agnes Choong Lee Yoon
83000 Batu Pahat, Johor. 28, 30 & 32,
Lorong Batu Nilam 3B, Tel: 06-7616663 Fax: 06-7644237
Tel: 07-4325688 Fax: 07-4326588 Branch Manager:
Branch Manager: Bandar Bukit Tinggi,
41200 Klang, Selangor. Michael Wong Cheong Tee
Rui Lee Chong Siew
Tel: 03-62075000 Fax: 03-33235632 East Malaysia
Bukit Mertajam Branch Manager:
2646-2648, 2nd Floor, Bryan Koh Yi Earl Bintulu Sandakan
Jalan Che Bee Noor, 4, Lot 2646, Jalan Tun Ahmad Zaidi, Lot 16, Block B, Ground Floor,
14000 Bukit Mertajam, Kluang 97000 Bintulu, Sarawak. Bandar Maju Commercial Centre,
Seberang Prai Tengah, Penang. 3, Jalan Dato Teoh Siew Khor, Tel: 086-334718 Fax: 086-330221 Mile 1.5, North Road,
Tel: 04-3055000 Fax: 04-5376580 86000 Kluang, Johor. Branch Manager: 90000 Sandakan, Sabah.
Branch Manager: Tel: 07-7736193/4 Fax: 07-7736195 Lilian Lo Fui Ping Postal Address:
Cheryl Oon Lay Pheng Branch Manager: Kota Kinabalu Public Mutual Berhad
Tan Kheng Aun Lot 1-0-10, Ground & 1st Floor, Sandakan Branch
Butterworth P.O. Box No. 3488,
4223, Jalan Bagan Luar, Kota Bharu Lorong Api-Api 1, Api-Api Centre,
88000 Kota Kinabalu, Sabah. 90739 Sandakan, Sabah.
12000 Butterworth, Penang. PT 304 and PT 305, Tel: 089-222922 Fax: 089-222889
Tel: 088-231080/2
Tel: 04-3055000 Fax: 04-3317775 Jalan Kebun Sultan, Fax: 088-238389 Senior Branch Manager:
Senior Branch Manager: 15300 Kota Bharu, Kelantan. Branch Manager: Jonathan Yong Lok Sang
Charmane Chew Hui Hsia Tel: 09-7476021 Fax: 09-7476026 Lim Shaw Siang Sibu
Cheras Branch Manager: Kuching 10, Lorong 2,
44-2, 44-3, 44-4 & 34-2, Puan Abiesharni Abdul Kadir Lot 205 & 206, Section 49, Jalan Tuanku Osman,
Cheras Commercial Centre, Kuala Terengganu Jalan Tunku Abdul Rahman, 96000 Sibu, Sarawak.
Jalan 5/101C, Off Jalan Kaskas, 1-C, Jalan Air Jernih, 93100 Kuching, Sarawak. Tel: 084-317463 Fax: 084-330269
56100 Cheras, Kuala Lumpur. 20300 Kuala Terengganu, Tel: 082-239285 Fax: 082-239825 Branch Manager:
Tel: 03-62075000 Fax: 03-91321022 Terengganu. Senior Branch Manager: Wayne Moh Yuon Fat
Senior Branch Manager: Tel: 09-6317020/40 Fax: 09-6317030 Jones Chen Chung Sze Tawau
Khoo Peng Seng Branch Manager: Miri TB 4437, Lot 28,
Damansara Perdana Wee Suat Hwee Lot 1380 (Ground & 1st Floor) & Block D, Sabindo Square,
1 & 3, Jalan PJU 8/5 I, Lot 1381 (1st Floor) Block 10, Jalan Dunlop,
Perdana Business Centre, Kuantan Center Point Commercial Centre, 91000 Tawau, Sabah.
Bandar Damansara Perdana, 71 & 73, Jalan Haji Abdul Aziz, Phase II, Jalan Kubu, Tel: 089-765325 Fax: 089-765326
47820 Petaling Jaya, Selangor. 25000 Kuantan, Pahang. 98000 Miri, Sarawak. Branch Manager:
Tel: 03-62075000 Fax: 03-77222475 Tel: 09-5178115 Fax: 09-5161223 Tel: 085-429066 Fax: 085-416195 Janice Chong Mui Lin
Senior Branch Manager: Branch Manager: Branch Manager:
Michelle Wong Mong Sien Melvin Tan Wee Kuan Allan Ngo Say Khiang

Network Of Public Mutual Agency Offices
Penang (Bayan Baru) Sarawak (Sarikei)

Liang Wing Sim Agency Office Ling Chai Kua Agency Office
104, 1st Floor, No. 43, 1st Floor, Jalan Masjid Lama,
Jalan Mayang Pasir, 96100 Sarikei, Sarawak.
Taman Sri Tunas, Tel: 084-654108
Bayan Baru, Fax: 084-653318
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1
Fax: 04-6411268
52 Public Islamic Dividend Fund

RPT Pidf 30042014

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RPT Pidf 30042014

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Contents

Shariah Advisers Report 17

Independent Auditors Report 19

Statement Of Assets And Liabilities 21

Statement Of Income And Expenditure 22

Statement Of Changes In Net Asset Value 23

Statement Of Cash Flows 24

Notes To The Financial Statements 25

Directors And Senior Management 45

Network Of Public Mutual Branch Offices 50

Network Of Public Mutual Agency Offices 52

Public Islamic Dividend Fund 1

4 Public Islamic Dividend Fund Public Islamic Dividend Fund 5

Overview Effect of Distribution Reinvestment on Portfolio Exposures

Income Distribution and Impact on NAV Arising from

6 Public Islamic Dividend Fund Public Islamic Dividend Fund 7

8 Public Islamic Dividend Fund Public Islamic Dividend Fund 9

10 Public Islamic Dividend Fund Public Islamic Dividend Fund 11

14 Public Islamic Dividend Fund Public Islamic Dividend Fund 15

To the Unitholders of To the Unitholders of

Yours faithfully For ZICOlaw Shariah Advisory Services Sdn Bhd

16 Public Islamic Dividend Fund Public Islamic Dividend Fund 17

18 Public Islamic Dividend Fund Public Islamic Dividend Fund 19

Opinion Note 2014 2013

Kuala Lumpur, Malaysia Units in circulation (in 000) 11 10,847,907 8,962,748

The accompanying notes are an integral part of this statement.

20 Public Islamic Dividend Fund Public Islamic Dividend Fund 21

Note 2014 2013 Unitholders Retained

The accompanying notes are an integral part of this statement.

22 Public Islamic Dividend Fund Public Islamic Dividend Fund 23

4. Investments (contd) 4. Investments (contd)

EQUITY SECURITIES 527,242 632,517 15.2

32 Public Islamic Dividend Fund Public Islamic Dividend Fund 33

4. Investments (contd) 4. Investments (contd)

268,082 424,232 10.2 Consumer, Non-cyclical

34 Public Islamic Dividend Fund Public Islamic Dividend Fund 35

4. Investments (contd) 5. Fair Value of Financial Instruments

38 Public Islamic Dividend Fund Public Islamic Dividend Fund 39

15. Taxation 16. Distribution (contd)

17. Transactions with Related and Other Brokers/Financial Manager

42 Public Islamic Dividend Fund Public Islamic Dividend Fund 43

48 Public Islamic Dividend Fund Public Islamic Dividend Fund 49

Head Office West Malaysia (contd)

50 Public Islamic Dividend Fund Public Islamic Dividend Fund 51

Penang (Bayan Baru) Sarawak (Sarikei)

52 Public Islamic Dividend Fund

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