Prs-Igrf Ar Eng

Contents
Fund Information 2
Fund Performance 3
Statement Of Distribution Of Returns 7
Updated Disclosures in Replacement Disclosure Document

dated 24 February 2021 8
PRS Provider’s Report 13
Scheme Trustee’s Report 21
Shariah Adviser’s Report 22
Statement By PRS Provider 23
Independent Auditors’ Report 24
Statement Of Assets And Liabilities 27
Statement Of Income And Expenditure 28
Statement Of Changes In Net Asset Value 29
Statement Of Cash Flows 30
Notes To The Financial Statements 31
Corporate Information 50
Network Of Public Mutual Branch And Agency Offices 52
Public Mutual PRS Islamic Growth Fund 1

Fund Information Fund Performance
For the Financial Year Ended 31 March 2021
Fund Name Average Total Return for the Following Years Ended
Public Mutual PRS Islamic Growth Fund (PRS-IGRF)
31 March 2021
Average Total
Fund Category Return of PRS-IGRF (%)
1 Year 41.92
Core (Growth) 3 Years 14.09
5 Years 12.17
Fund Investment Objective
The Fund seeks long-term capital growth and to a lesser extent income. Annual Total Return for the Financial Years Ended 31 March
Year 2021 2020 2019 2018 2017
Fund Performance Benchmark PRS-IGRF (%) 41.92 1.55 -1.23 6.98 5.66
The benchmarks of the Fund and their respective percentages are 35%
The calculation of the above returns is based on computation methods of Lipper.
FTSE Bursa Malaysia Hijrah Shariah Index, 35% customised index by
S&P Dow Jones Indices, LLC based on top 100 constituents by market Notes:
capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 30%
1. Total return of the Fund is derived by this formulae:
3-Month Islamic Interbank Money Market rate.
The PRS-IGRF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited
(“FTSE”) or by Bursa Malaysia Berhad (“BURSA MALAYSIA”) or by the London Stock Exchange Group
companies (the “LSEG”) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or
( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1
representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use
of the FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX (“the Index”), and/or the figure at which The above total return of the Fund was sourced from Lipper.
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 2. Average total return is derived by this formulae:
(whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor
BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein. Total Return
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. Number of Years Under Review
“BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA.
The customised benchmark index for PRS-IGRF (the “Index”) is the exclusive property of S&P Opco,
LLC, a subsidiary of S&P Dow Jones Indices LLC (“SPDJI”) and/or its affiliates. Public Mutual Berhad
Other Performance Data for the Past Three Financial Years
has contracted with SPDJI to calculate and maintain the Index. All rights reserved. Redistribution, Ended 31 March
reproduction and/or photocopying in whole or in part are prohibited without written permission of SPDJI.
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a 2021 2020 2019
registered trademark of Dow Jones Trademark Holdings LLC. Neither SPDJI, its affiliates nor their
third parties licensors make any representation or warranty, express or implied, as to the ability of Unit Prices (MYR)*
any index to accurately represent the asset class or market sector that it purports to represent, nor Highest NAV per unit for the year 0.4336 0.3232 0.3005
shall they have any liability for any errors, omissions, or interruptions of any index or the data included Lowest NAV per unit for the year 0.2801 0.2714 0.2666
therein. For more information on any of SPDJI’s or its affiliate’s indices or its custom calculation
services, please visit www.spdji.com. Net Asset Value (NAV) and Units in
Circulation (UIC) as at the End of
Fund Distribution Policy the Year
Total NAV (MYR’000) 423,253 251,137 214,067
Incidental UIC (in ’000) 1,078,651 885,634 753,212
NAV per unit (MYR) 0.3924 0.2836 0.2842
Breakdown of Unitholdings of PRS-IGRF as at 31 March 2021 Total Return for the Year (%) 41.92 1.55 -1.23
Capital growth (%) 41.47 0.56 -1.92
Size of holdings No. of % of No. of units Income (%) 0.32 0.98 0.70
members members held (million)
Management Expense Ratio (%) 1.49 1.47 1.48
5,000 and below 51,066 60.16 167 Portfolio Turnover Ratio (time) 0.41 0.41 0.47
5,001 to 10,000 10,042 11.83 75
10,001 to 50,000 18,669 22.00 424 * All prices quoted are ex-distribution.
50,001 to 500,000 5,085 5.99 393
Notes: Management Expense Ratio is calculated by taking the total management expenses
500,001 and above 20 0.02 19 expressed as an annual percentage of the Fund’s average net asset value.
Total 84,882 100.00 1,078 Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
disposals of the investments in the Fund for the year over the average net asset value
of the Fund calculated on a daily basis.
Note: Excluding PRS Provider’s Stock.
2 Public Mutual PRS Islamic Growth Fund Public Mutual PRS Islamic Growth Fund 3
Fund Performance Fund Performance
For the Financial Year Ended 31 March 2021 For the Financial Year Ended 31 March 2021
Distribution and Unit Split Asset Allocation for the Past Three Financial Years (cont’d)
Financial year 2021 2020 2019 As at 31 March
Date of distribution 31.3.21 31.3.20 29.3.19 (Percent of NAV)
Distribution per unit 2021 2020 2019

Gross (sen) 1.00 0.50 0.25 % % %
Net (sen) 1.00 0.50 0.25 Indonesia
Unit split - - - Communications - - 1.1
Impact on NAV Arising from Distribution (Final) for the Japan
Financial Years Consumer, Non-cyclical - 0.9 -
Industrial 2.4 1.5 -
2021 2020 2019 Technology 1.0 - -
Sen Sen Sen
per unit per unit per unit 3.4 2.4 -
Net asset value before distribution 40.24 28.86 28.67 Korea
Less: Net distribution per unit (1.00) (0.50) (0.25) Basic Materials 2.9 1.5 1.2
Communications 4.6 0.9 2.5
Net asset value after distribution 39.24 28.36 28.42 Industrial 1.3 - -
Technology 10.3 5.7 7.1
Past performance is not necessarily indicative of future performance and unit
prices and investment returns may go down, as well as up. 19.1 8.1 10.8
Taiwan
Asset Allocation for the Past Three Financial Years Basic Materials - 0.4 0.8
As at 31 March Industrial 3.3 1.4 2.0
(Percent of NAV) Technology 13.3 8.2 7.1
2021 2020 2019 16.6 10.0 9.9
% % %
Thailand
EQUITY SECURITIES Consumer, Non-cyclical - - 0.6
Quoted Industrial - 0.6 1.0
Malaysia
Basic Materials - 0.7 2.6 - 0.6 1.6
Consumer, Non-cyclical 1.3 2.6 2.3 United States
Energy - 1.6 1.9 Communications 3.9 2.7 6.2
Financial - 0.3 - Consumer, Cyclical 0.9 1.0 -
Industrial 2.7 2.9 5.4 Consumer, Non-cyclical 2.3 2.3 -
Technology 1.3 0.8 - Financial 2.1 1.8 2.1
Utilities - - 3.6 Technology 16.7 7.3 5.9
5.3 8.9 15.8 25.9 15.1 14.2
Outside Malaysia TOTAL QUOTED EQUITY
Australia SECURITIES 87.1 56.9 64.8
Basic Materials - 0.6 -
COLLECTIVE INVESTMENT FUNDS
Hong Kong Quoted
Communications 12.1 7.5 5.2 Hong Kong
Consumer, Cyclical 0.8 1.1 1.4 Financial - 0.2 1.7
Consumer, Non-cyclical 1.0 - -
Financial - 0.3 0.8 TOTAL QUOTED COLLECTIVE
Industrial 2.9 2.3 3.0 INVESTMENT FUNDS - 0.2 1.7
Utilities - - 1.0
16.8 11.2 11.4
Fund Performance Statement Of Distribution Of Returns
Asset Allocation for the Past Three Financial Years (cont’d) Sen Per Unit
As at 31 March Gross Distribution 1.0000
(Percent of NAV) Net Distribution 1.0000
2021 2020 2019 Total Returns 11.8800
% % %
Effects of Distribution on NAV per unit before and after
COLLECTIVE INVESTMENT Distribution:
SCHEMES
Unquoted Before After
Funds 3.0 20.3 16.1 Distribution Distribution
TOTAL UNQUOTED COLLECTIVE NAV per unit (MYR) 0.4024 0.3924
INVESTMENT SCHEMES 3.0 20.3 16.1
SUKUK
Unquoted
Ringgit-denominated
Sukuk 3.5 6.5 11.9
TOTAL UNQUOTED SUKUK 3.5 6.5 11.9
SHARIAH-BASED PLACEMENTS
WITH FINANCIAL INSTITUTIONS 7.3 6.8 4.7
OTHER ASSETS & LIABILITIES -0.9 9.3 0.8
Updated Disclosures in Replacement Disclosure Updated Disclosures in Replacement Disclosure
Document dated 24 February 2021 Document dated 24 February 2021
Pursuant to the issuance of Replacement Disclosure Document of Public 3) Age grouping under the default option
Mutual PRS-Shariah-based Series dated 24 February 2021 (Replacement
Disclosure Document), the following are the updated disclosures which Core Funds Age Group
have been incorporated in the Replacement Disclosure Document: PRS-IGRF Age below 45
1) Definitions of terminology used PRS-IMDF Age 45 to below 55
International Organization of Securities Commissions (IOSCO) PRS-ICVF Age 55 and above

Notes:
Foreign markets which are ordinary/associate members of the IOSCO
The above age group may be subject to changes as may be determined by the
include:
relevant authorities from time to time.
• Asia Pacific • United States of America
Contributions by Affected Members who had opted to remain in their existing
- Australia • Europe
core fund account based on the previous age grouping will be allocated to the
- China - France
same core fund account until the next age limit is reached according to the above
- Hong Kong - Germany
age grouping.
- India - Italy
- Indonesia - Luxembourg Please refer to Replacement Disclosure Document for definition of Affected
- Japan - Netherlands Members and previous age grouping.
- New Zealand - Spain
- Philippines - Switzerland Unless otherwise instructed, a member’s contribution will be
- Singapore - United Kingdom automatically switched (without charge) into the relevant core fund,
- South Korea before the end of the next calendar month from the day the member
- Taiwan attains the age (“Switch-in Date”) as specified in the table above.
- Thailand The switching transaction will be executed in equal proportion over a
- Vietnam 5 year period based on the number of units remaining in the relevant
Please refer to the updated list in our website at www.publicmutual.com.my. core fund. The first switching transaction will be executed on the
Switch-in Date and the subsequent 4 switching transactions will be
Shariah-compliant warrants executed no later than 10 business days from each anniversary of the
Switch-in Date.
Shariah-compliant securities that entitles the holder to exercise his
rights to buy the underlying stock(s) of the issuing company at a fixed
4) Member profile of PRS-IGRF
price called exercise price until the expiry date. For the purpose of the
funds, the underlying stock(s) must be in new shares. • Preference for long-term capital growth and to a lesser extent income
• With at least 10 years to retirement
2) Information on how to register online for Public Mutual Online • Age below 45 if contribute under the default option
(PMO)
5) Investment Strategy and Asset Allocation of PRS-IGRF
Members may register online for PMO via our website or through our
Smart kiosks located at our branches or Customer Service Centre at PRS-IGRF seeks to achieve its objective by investing primarily in
the 1 Utama Shopping Centre. Shariah-compliant equity and Shariah-compliant equity-related securities
with the balance of the Fund’s Net Asset Value (NAV) invested in
sukuk and Islamic liquid assets which include Islamic money market
instruments, Islamic investment accounts and Islamic deposits. To
achieve increased diversification, the Fund may invest in both domestic
and selected foreign markets.
Updated Disclosures in Replacement Disclosure Updated Disclosures in Replacement Disclosure
Document dated 24 February 2021 Document dated 24 February 2021
6) PPA pre-retirement withdrawal fee and transfer fee of RM25 per 10) Valuation of Islamic commercial papers and units in other
transaction (currently waived). Islamic collective investment schemes
7) Risk associated with investments in Shariah-compliant Islamic commercial papers – Islamic commercial papers are valued
at purchase yields with profit accrued daily as they are generally held to
warrants
maturity. The valuation of Islamic commercial papers will be monitored
The market price of Shariah-compliant warrants held by the fund against market value on a daily basis and should the market value be
will depend on the current market price of the underlying security, lower by more than 5%, the Islamic commercial papers will be valued
the exercise price of the Shariah-compliant warrants and the time to at the market value for that particular day.
expiration of the Shariah-compliant warrants. Such investments may
Units in other Islamic collective investment schemes – for unlisted
experience time decay, and the erosion of value accelerates as the
Islamic collective investment schemes, valuation is based on last
Shariah-compliant warrant approaches its expiry date. Any adverse
published repurchase price. For listed Islamic collective investment
movements in the market price of the Shariah-compliant warrants may
schemes, valuation is based on market price of the respective
impact the fund’s NAV and unit price.
exchanges. If no market price is available or valuation based on market
8) Additional risk management strategies price does not represent the fair value of investments, the units will be
valued at fair value, as determined in good faith by the PRS Provider,
In terms of liquidity risk management, prudent liquidity management based on the methods or bases approved by the trustee after appropriate
such as cash flow and redemption monitoring is in place to ensure technical consultation.
that the funds maintain reasonable levels of liquidity to meet any
redemption request. 11) Cross Trade Policy
The PRS Provider in consultation with the trustee may suspend Cross trade transactions between funds managed by Public Mutual
dealing in units due to exceptional circumstances (for example, Berhad as part of the portfolio rebalancing process, may be undertaken
valuation difficulties due to illiquidity, or no price discovery which if such transactions are deemed to be in the best interest of the funds
impact a significant portion of the funds’ NAV), where there is good and are transacted through a dealer or a financial institution on an
and sufficient reason to do so, considering the interest of members. arm’s length and fair value basis.
9) Exposure limits of the Fund 12) Removal of references to GST as it is no longer applicable.
Investment of the core fund into one or more Islamic collective investment 13) Pre-retirement withdrawal
schemes (target funds) is permitted in the following circumstances:
Pre-retirement withdrawal can be made for the following reasons:
a) from the launch of the Scheme, the value of a fund’s investment in
any of the target fund must not exceed 95% of the fund’s NAV; i) Death of member (withdrawals can be made in part or in full);
ii) Permanent departure of a member from Malaysia (withdrawals
b) upon reaching RM200 million NAV, the value of a fund’s must be made in full);
investment in any of the target fund must not exceed 40% of the iii) Permanent total disablement (withdrawals must be made in full);
fund’s NAV; and iv) Serious disease (withdrawals must be made in full);
c) that the investment objective of the target fund is similar to the v) Mental disability (withdrawals must be made in full);
fund. vi) Healthcare purpose (withdrawals from sub-account B can be
made in part or in full);
vii) Housing purpose (withdrawals from sub-account B can be made
in part or in full); or
viii) Withdrawal of accrued benefits from sub-account B (withdrawals
can be made in part or in full).
Please refer to the Replacement Disclosure Document for definition of
terminology used in the above pre-retirement withdrawal criteria.
A tax penalty of 8% will be deducted from the pre-retirement withdrawal

proceeds. The tax penalty does not apply to pre-retirement withdrawals
due to death, permanent departure from Malaysia, permanent total
disablement, serious disease or mental disability, healthcare and
housing purposes.
Updated Disclosures in Replacement Disclosure PRS Provider’s Report
Document dated 24 February 2021
14) Unclaimed monies Overview
If there is no transaction or instruction in relation to any Private This Annual Report covers the financial year from 1 April 2020 to
Retirement Scheme (PRS) for more than 12 months subsequent to 31 March 2021.
attaining the age of 100 years, the trustee may pay any unclaimed
accrued benefit held by the trustee to the Registrar of Unclaimed Public Mutual PRS Islamic Growth Fund (PRS-IGRF or the Fund) seeks long-
Moneys, in accordance with the provisions of the Unclaimed Moneys term capital growth and to a lesser extent income. PRS-IGRF is managed
Act 1965. to meet its investment objective by investing primarily in Shariah-compliant
equities and Shariah-compliant equity-related securities. The balance of the
15) Members of the Investment Committee and Audit, Risk and Fund’s Net Asset Value (NAV) is invested in sukuk and Islamic liquid assets
Compliance Committee, company secretary and profile of key which include Islamic money market instruments, Islamic investment accounts
and Islamic deposits.
investment personnel
For the financial year under review, the Fund registered a return of +41.92%
Please refer to the Replacement Disclosure Document for updated
as compared to its Benchmark’s return of +25.54%. The Fund’s Shariah-
information.
compliant equity portfolio registered a return of +62.11% while its sukuk and
Islamic money market portfolios registered returns of +4.10% and +1.77%
respectively during the financial year under review. A detailed performance
attribution analysis is provided in the sections below.
For the five financial years ended 31 March 2021, the Fund registered a
return of +60.90% and outperformed the Benchmark’s return of +27.24%
over the same period. The Fund has also made distributions of income for
each of its respective financial years. Consequently, it is the opinion of the
Manager that the Fund has met its objective of seeking capital growth and
to a lesser extent income over the said period.
Performance of PRS-IGRF
from 31 March 2016 to 31 March 2021
90%
PRS-IGRF BENCHMARK
75%
Returns from Start of Period
60%
45%
30%
15%
0%
-15%
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Prior to 26 May 2017, the Benchmark of the Fund was a composite index of
70% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 30% 3-Month
Islamic Interbank Money Market Rate (IIMMR).
Effective from 26 May 2017, the Fund’s equity Benchmark has been changed
to a composite index of 35% FTSE Bursa Malaysia Hijrah Shariah Index
and 35% customised index by S&P Dow Jones Indices, LLC based on the
top 100 constituents by market capitalisation of the S&P Shariah BMI Asia
Ex-Japan (S&P SAEJ) Index.
PRS Provider’s Report PRS Provider’s Report
Income Distribution and Impact on NAV Arising from The Fund commenced the financial year under review with a Shariah-
Distribution compliant equity exposure of 58.7% and increased its Shariah-compliant
equity exposure to 85.4% by the end of the financial year under review to
The gross distribution of 1.00 sen per unit (tax-exempt) for the financial capitalise on Shariah-compliant investment opportunities in the domestic and
year ended 31 March 2021 had the effect of reducing the NAV of the Fund foreign markets. Based on an average Shariah-compliant equity exposure of
after distribution. As a result, the NAV per unit of the Fund was reduced to 68.67%, the Shariah-compliant equity portfolio is deemed to have registered
RM0.3924 from RM0.4024 after distribution. a return of +42.65% to the Fund as a whole for the financial year under
review. A full review of the performance of the equity markets is tabled in
Change in Portfolio Exposures from 31-Mar-20 to 31-Mar-21 the following sections.
31-Mar-20 31-Mar-21 Change Country Allocation for Shariah-compliant Equity Portfolio
Shariah-compliant equity and The top 5 countries invested by the Fund are the United States (U.S.), Korea,
Shariah-compliant equity-related Hong Kong, Taiwan and Malaysia.
securities 58.7% 85.4% +26.7%
Sukuk 23.7% 5.9% -17.8%
Islamic money market 17.6% 8.7% -8.9%
Sukuk Portfolio Review
For the financial year under review, the Fund’s sukuk portfolio, which
Returns Breakdown by Asset Class comprises corporate sukuk and government debt securities, registered a
return of +4.10%. In comparison, the Quant Shop GII All Index, which tracks
Market / the performance of all Government Investment Issues (GII) with maturities
Returns On Benchmark Benchmark Average Attributed of 1 year and above, registered a return of +3.32% over the same period.
Investments Returns Index Used Exposure Returns The outperformance of the Fund’s sukuk portfolio was attributable to the firm
Shariah- prices of corporate sukuk during the financial year under review.
compliant
equity and During the financial year under review, the Fund’s sukuk exposure was
Shariah- reduced from 23.7% to 5.9% as the Fund locked in profits on selected sukuk
compliant investments. Based on an average exposure of 16.20%, the sukuk portfolio
equity- is estimated to have contributed +0.66% to the Fund’s overall return for the
related Equity financial year under review.
securities 62.11% 36.57% Benchmark 68.67% 42.65%
Sukuk 4.10% 3.32% Bond Index 16.20% 0.66% Stock Market Review
Islamic money Overnight
market 1.77% 1.84% Islamic Rate 15.13% 0.27% Starting the financial year under review at 10,105.08 points, the FBMS
less: rose alongside global equities from April to mid-June 2020 amid optimism
Expenses -1.66% over the deceleration in new Covid-19 cases and the gradual reopening
of economic sectors worldwide. However, renewed concerns over a
Total Net resurgence of Covid-19 cases globally led the local market lower in
Return for the latter part of June 2020. In July 2020, strong retail participation
the Year 41.92% predominantly in the healthcare and technology sectors led the index
Bond Index = Quant Shop Gll All Index higher, but profit-taking activities subsequently caused the index to retrace
Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate from August to October 2020. Positive developments on effective Covid-19
vaccines prompted investors to position for an economic recovery, leading
Shariah-compliant Equity Portfolio Review to a rebound across the local and global equity markets in November and
December 2020.
For the financial year under review, the Fund’s Shariah-compliant equity
portfolio registered a return of +62.11% as compared to the equity The FBMS subsequently retraced in January 2021 as a resurgence of local
Benchmark’s return of +36.57%. The Fund’s Shariah-compliant equity Covid-19 cases led to concerns over a slower-than-expected recovery for the
portfolio outperformed the equity Benchmark as its selected holdings within domestic economy. The gradual easing of movement restrictions and rollout of
the Technology, Communications and Consumer sectors outperformed the the national immunisation programme lifted investor sentiment and the index in
broader markets during the financial year under review. early February 2021, but concerns over inflationary pressures and rising bond
yields led the local and global equity markets lower in late February 2021. The
domestic market subsequently traded sideways in March 2021 amid rotational
interest away from growth stocks into value stocks. The FBMS closed at
12,848.17 points to register a gain of 27.15% for the financial year under review.
The Shariah-compliant regional equity markets, as proxied by the S&P SAEJ Sukuk Market Review
Index, commenced the financial year under review at 94.26 points. The index
rose from April to August 2020 following the lifting of lockdown restrictions Commencing the financial year under review, the domestic sukuk market
and the resumption of economic activities in China as well as the rest of the rose in April 2020 on expectations of a further Overnight Policy Rate (OPR)
region. However, concerns over renewed U.S.-China trade tensions led the cut at the Monetary Policy Committee (MPC) meeting in May 2020 as well
index lower in September 2020. as on improved sentiment towards emerging market assets. Subsequently,
Bank Negara Malaysia (BNM) lowered its OPR by 50 basis points (bps) in
Better-than-expected economic data out of China and optimism over progress May 2020, which led to a further decline in sukuk yields.
made towards Covid-19 vaccine approvals subsequently helped the S&P
SAEJ Index to post a rebound in 4Q 2020. The index continued to advance In June 2020, the domestic sukuk market consolidated on concerns over the
from January to mid-February 2021 on expectations of improved U.S.-China potential impact of additional supply in government debt securities, as the
relations under the new U.S. administration. Concerns over inflationary government unveiled its fourth economic stimulus package which included a
pressures and higher bond yields subsequently led the index lower in late direct fiscal injection. The supply concern subsequently eased and the domestic
February and March 2021. The S&P SAEJ Index closed at 159.21 points to sukuk market rallied following another OPR cut of 25 bps in July 2020. The yields
register a gain of 68.90% (+62.12% in Ringgit terms) for the financial year of 10-year U.S. Treasury (UST) and Government Investment Issues (GII) fell to
under review. lows of 0.53% and 2.56% respectively in end-July 2020. Domestic sukuk yields
subsequently inched up in August 2020, in line with an uptick in UST yields.
Regional markets, namely the Taiwan, Korea and Hong Kong markets,
registered returns of +89.07%, +65.86% and +33.65% (in Ringgit terms) The domestic sukuk market continued to consolidate as the OPR was
respectively for the financial year under review. maintained at 1.75% in the September 2020 MPC meeting. The domestic
sukuk market subsequently posted a mild recovery in October 2020 amid
The Shariah-compliant U.S. equity market, as proxied by the S&P U.S. expectations for further monetary policy support following a resurgence
Shariah Index, commenced the financial year under review at 207.72 points. of Covid-19 cases locally. In November 2020, the National Budget 2021
Unprecedented monetary easing measures by the Federal Reserve (Fed) and announcement raised concerns over an increase in the issuance of
economic stimulus packages amounting to US$2.7 trillion aimed at cushioning government debt securities, which led to weakness in the domestic sukuk
the impact of the viral outbreak helped the index to rise in April 2020. The market. However, domestic sukuk yields eased in December 2020 alongside
index continued to strengthen in May and early June 2020 amid better-than- a stronger Ringgit and the passing of the final parliamentary vote on the
expected corporate profits and the gradual reopening of the U.S. economy, 2021 national budget.
before retracing in the latter half of June 2020 on concerns over a resurgence
of new Covid-19 cases in several U.S. states. Encouraging results from The domestic sukuk market subsequently pulled back in January 2021 after
clinical trials of potential Covid-19 vaccines, as well as better-than-expected BNM maintained its OPR at 1.75%. In February and March 2021, the domestic
jobs data and corporate earnings releases, led the index higher from July to sukuk market continued to consolidate in tandem with higher global bond
early September 2020. yields on the back of the rapid progress in the rollout of Covid-19 vaccines.
The significant fiscal stimulus measures undertaken by various governments
The S&P U.S. Shariah Index subsequently traded range-bound for the led to a sharply improved global economic outlook and rising inflation
remainder of September and October 2020, before rallying in November expectations. This spurred speculation that policymakers may normalise
and December 2020 amid optimism following the U.S. Presidential election interest rates earlier than expected, which lifted the 10-year UST yield to
as well as positive developments on Covid-19 vaccine approvals. The index touch a 1-year high of 1.74% in end-March 2021.
extended its rally to a record high of 342.93 points on 12 February 2021 on
hopes that a larger stimulus package proposed by the Biden administration Domestic sukuk yields ended lower during the financial year under review,
would bolster the nation’s economic recovery, but concerns over inflationary with the yields of 3-year and 10-year GII falling by 76 bps and 10 bps to
pressures and higher bond yields subsequently led the index lower in late 2.14% and 3.35% respectively.
February 2021. The index rebounded in March 2021 as investors positioned The Overnight Islamic Rate commenced the financial year under review at
for an economic recovery amid the accelerated rollout of vaccinations, which 2.50% and ended the financial year under review lower at 1.75% following
led to a rotation into cyclical stocks and profit-taking in high-growth technology the OPR cuts in May and July 2020 totalling 75 bps.
stocks. The S&P U.S. Shariah Index closed at 333.23 points to register a gain
of 60.42% (+53.96% in Ringgit terms) for the financial year under review.
Economic Review The U.S.’ real GDP contracted by 3.5% in 2020 compared to a growth of
2.2% in 2019 following a decline in consumer and investment spending
Malaysia’s real gross domestic product (GDP) contracted by 5.6% in 2020 amid the economic disruptions caused by the pandemic-related lockdown
compared to a 4.3% growth in 2019 due mainly to lower consumer and measures. Consumer spending fell by 3.9% in 2020 compared to a 2.4%
investment spending amid the Covid-19 pandemic. On the supply side, growth in 2019. Meanwhile, investment spending declined by 5.3% versus
the manufacturing sector’s output shrank by 2.6% in 2020 versus a 3.8% an expansion of 1.7% over the same period.
growth in 2019. Meanwhile, the services sector’s output contracted by 5.5%
compared to a 6.1% growth over the same period. Malaysia’s Consumer Price To cushion the economic impact of Covid-19, the Federal Reserve (Fed)
Index (CPI) declined by a smaller margin of 0.1% in the first two months of reduced the Federal funds rate by a total of 150 bps (to a range of 0%-0.25%),
2021 compared to a 1.2% decrease in 2020 amid firmer transportation costs. launched an open-ended quantitative easing (QE) programme and disbursed
up to US$2.3 trillion in loans last year. On 27 August 2020, the Fed also
Malaysia’s exports rebounded by 11.7% in the first two months of 2021 announced a new monetary policy framework, focusing on a more flexible
compared to a 1.4% decline in 2020 amid higher exports of manufactured inflation policy averaging 2.0% instead of a fixed target. At the Federal Open
goods. Imports expanded by 6.6% versus a 6.3% decrease recorded over Market Committee (FOMC) meeting on 16-17 March 2021, the Fed kept the
the same period on higher imports of capital and consumption goods. The Federal funds rate unchanged and remains committed to its bond-buying
country’s cumulative trade surplus widened to RM34.5 billion in the first two programme to support the economy’s recovery. The Fed also raised its U.S.
months of 2021 from RM24.7 billion in the corresponding period of the prior GDP growth projection for 2021 to 6.5% from its December 2020 forecast
year. Meanwhile, Malaysia’s foreign reserves increased to US$109.0 billion of 4.2%.
as at end-February 2021 compared to US$103.4 billion a year ago.
Meanwhile, the U.S. government launched a US$2.7 trillion stimulus
The OPR was lowered by a total of 75 bps to 1.75% over the March-July 2020 package (12.9% of 2020 U.S. GDP) in 1H 2020, followed by an additional
period. To further support the domestic economy, the government unveiled US$0.9 trillion stimulus package (4.3% of 2020 U.S. GDP) in December 2020.
an overall economic stimulus package valued at RM340 billion, equivalent On 11 March 2021, a new Covid-19 relief stimulus of US$1.9 trillion (9.1%
to 21.7% of Malaysia’s projected 2021 GDP. of 2020 U.S. GDP) was approved to aid the recovery of the U.S. economy.
In North Asia, China’s real GDP growth slowed from 6.0% in 2019 to 2.3%
in 2020, weighed by the Covid-19 pandemic-related shutdowns to contain Outlook and Investment Strategy
the viral outbreak. Growth in the services sector decelerated from 6.9% in Global and regional markets experienced volatile trading conditions in 2020.
2019 to 2.1% in 2020. Meanwhile, growth in manufacturing activities softened After retracing sharply from late January to March 2020 amid economic
from 5.7% to 2.4% over the same period. Driven by moderating food prices, concerns over the lockdowns of major cities and supply chain disruptions
China’s CPI contracted by 0.3% in the first two months of 2021 compared across the globe, the markets subsequently rebounded on the back of
to a 2.5% increase in 2020. concerted global policy responses and the phased lifting of lockdown
Following a 20-basis point (bp) reduction in the 1-year Loan Prime Rate (LPR) restrictions. Despite concerns over rising bond yields, global markets were
in April 2020, the LPR was held unchanged at 3.85% on 22 March 2021. At generally well-supported in 1Q 2021 on expectations of a broader-based
the National People’s Congress (NPC) meeting held on 5-11 March 2021, the economic recovery amid accelerated national vaccination programmes and
Chinese government set the 2021 annual growth target at above 6%, with further U.S. fiscal stimulus.
emphasis on reform, innovation and high-quality growth. For 2021, China’s To mitigate the adverse economic impact of Covid-19, central banks and
fiscal deficit is targeted at 3.2% of GDP compared to 3.6% for 2020. governments around the world have ramped up stimulus efforts in the
Taiwan’s real GDP growth inched up to 3.1% in 2020 from 3.0% in 2019 form of policy rate cuts, liquidity injections and financial relief. As with the
amid higher government expenditure. Led by higher transportation costs, recovery of the global economy from the 2008 downturn, the combination
the CPI firmed by 0.6% in the first two months of 2021 compared to a 0.2% of accommodative monetary policies and fiscal stimulus measures should
decrease in 2020. To support domestic demand, Taiwan’s central bank cut lend support to economic activities and gradually restore consumer and
its discount rate by 25 bps to 1.125% in March 2020. business confidence.
South Korea’s real GDP contracted by 1.0% in 2020 versus a 2.0% expansion Looking ahead, the equity markets’ longer-term performance will depend on
in 2019 due to lower consumer spending and exports. The inflation rate edged the pace of recovery in the key economies of the U.S., Europe and the Asia
up to 0.9% in the first two months of 2021 from 0.5% in 2020 on higher food Pacific region. Investors will also continue to monitor new Covid-19 infections
prices. To support economic growth, the Bank of Korea lowered its benchmark with the progress of vaccinations globally.
interest rate by 25 bps to 0.50% in May 2020.
PRS Provider’s Report Scheme Trustee’s Report
For the Financial Year Ended 31 March 2021
Table 1: Real GDP Forecasts (%) To the Members of

PUBLIC MUTUAL PRS ISLAMIC GROWTH FUND
2019 2020 2021F*
We, AMANAHRAYA TRUSTEES BERHAD, have acted as Scheme Trustee
U.S. 2.2 -3.5 5.7 of PUBLIC MUTUAL PRS ISLAMIC GROWTH FUND (“the Fund”) for the
China 6.0 2.3 8.5 financial year ended 31 March 2021. In our opinion, PUBLIC MUTUAL
BERHAD (“the PRS Provider”), has operated and managed the Fund in
South Korea 2.0 -1.0 3.4 accordance with the following:
Taiwan 3.0 3.1 4.5
(a) Limitations imposed on the investment powers of the PRS Provider
Malaysia 4.3 -5.6 6.0 to 7.5^ under the Deed, securities laws and these Guidelines;
* Bloomberg consensus forecast as at 31 March 2021 (b) Valuation/pricing is carried out in accordance with the Deed and any
^ BNM Annual Report 2020 regulatory requirement;
In its annual report released on 31 March 2021, Bank Negara Malaysia (c) Creation and cancellation of units are carried out in accordance with
(BNM) projects Malaysia’s GDP to expand by 6.0%-7.5% in 2021 following the Deed and any regulatory requirement; and
a contraction of 5.6% in 2020. Malaysia’s economic recovery will be led by
strengthening domestic demand and sustained improvement in exports in (d) The distribution of income by the Fund as declared by the PRS Provider
tandem with the re-opening of its trading partners’ economies. Monetary and is appropriate and reflects the investment objective of the Fund.
fiscal measures will continue to support domestic consumer and business
confidence.
As at end-March 2021, the local stock market was trading at a prospective
P/E ratio of 13.4x, which is below its 10-year average of 16.3x. The market’s
Yours faithfully
dividend yield stood at 4.4%. Underpinned by an improving economic outlook
AMANAHRAYA TRUSTEES BERHAD
among the developed markets, the U.S. market was trading at a prospective
P/E ratio of 23.0x, which is above its 10-year average of 17.0x.
Meanwhile, selected regional markets in North-East Asia were generally
trading at premia relative to their historical averages.
Given the above factors, the Fund will continue to rebalance its investment ZAINUDIN BIN SUHAIMI
portfolio accordingly with the objective of seeking long-term capital growth Chief Executive Officer
and to a lesser extent income.
Kuala Lumpur, Malaysia
Notes: Q = Quarter 21 April 2021
H = Half
Policy on Soft Commissions

The management company may receive goods or services which include
research materials, data and quotation services and investment related
publications by way of soft commissions provided they are of demonstrable
benefit to the Fund and unitholders.
During the financial year under review, PRS-IGRF has received data and
quotation services by way of soft commissions. These services were used
to provide financial data on securities and price quotation information to the
Fund Manager during the financial year under review.
Shariah Adviser’s Report Statement By PRS Provider
To the Members of We, TAN SRI DATO’ SRI TAY AH LEK and QUAH POH KEAT, being two of the
PUBLIC MUTUAL PRS ISLAMIC GROWTH FUND directors of PUBLIC MUTUAL BERHAD, do hereby state that, in the opinion
of the PRS Provider, the accompanying statement of assets and liabilities
We have acted as the Shariah Adviser of PUBLIC MUTUAL PRS ISLAMIC as at 31 March 2021 and the related statement of income and expenditure,
GROWTH FUND. Our responsibility is to ensure that the procedures and statement of changes in net asset value and statement of cash flows for
processes employed by PUBLIC MUTUAL BERHAD and that the provisions the financial year ended on that date together with the notes thereto, are
of the Deed dated 8 November 2012 and subsequent Supplemental Deeds drawn up in accordance with Malaysian Financial Reporting Standards and
(collectively referred to as “Deeds”) are in accordance with Shariah principles. International Financial Reporting Standards so as to give a true and fair view
We hereby confirm the following: of the financial position of PUBLIC MUTUAL PRS ISLAMIC GROWTH FUND
as at 31 March 2021 and of its financial performance, changes in net asset
To the best of our knowledge, after having made all reasonable enquiries, value and cash flows for the financial year then ended and comply with the
PUBLIC MUTUAL BERHAD has operated and managed the Fund during requirements of the Deeds.
the period covered by this financial statements ended 31 March 2021 in
accordance with the Shariah principles and complied with the applicable
guidelines, rulings or decisions issued by the Securities Commission Malaysia
pertaining to Shariah matters.
The asset of the Fund comprises of instruments that have been classified
as Shariah-compliant by the Shariah Advisory Council (“SAC”) of the For and on behalf of the PRS Provider
Securities Commission Malaysia, the SAC of Bank Negara Malaysia or the
Shariah Supervisory Board of Standard & Poor’s Shariah Indices. As for
the instruments which are not classified as Shariah-compliant by the SAC
of the Securities Commission Malaysia, the SAC of Bank Negara Malaysia
or the Shariah Supervisory Board of Standard & Poor’s Shariah Indices, we
have reviewed the said instruments and confirm that these instruments are
Shariah-compliant. TAN SRI DATO’ SRI TAY AH LEK
For ZICO Shariah Advisory Services Sdn Bhd QUAH POH KEAT
10 May 2021
DR. AIDA OTHMAN PROF. DR. MOHAMAD AKRAM LALDIN

Director Designated Person Responsible for
Shariah Advisory
10 May 2021
Independent Auditors’ Report Independent Auditors’ Report (cont’d)
Independent auditors’ report to the Members of Report on the audit of the financial statements (cont’d)
PUBLIC MUTUAL PRS ISLAMIC GROWTH FUND
Responsibility of the PRS Provider and Scheme Trustee for the financial
Report on the audit of the financial statements statements
Opinion The PRS Provider of the Fund is responsible for the preparation of financial
statements of the Fund that give a true and fair view in accordance with MFRS
We have audited the financial statements of PUBLIC MUTUAL PRS and IFRS. The PRS Provider is also responsible for such internal control
ISLAMIC GROWTH FUND (“the Fund”), which comprise the statement of as the PRS Provider determines is necessary to enable the preparation of
assets and liabilities as at 31 March 2021, and the statement of income and financial statements of the Fund that are free from material misstatement,
expenditure, statement of changes in net asset value and statement of cash whether due to fraud or error.
flows of the Fund for the financial year then ended, and notes to the financial
statements, including a summary of significant accounting policies, as set In preparing the financial statements of the Fund, the PRS Provider is
out on pages 27 to 49. responsible for assessing the Fund’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
In our opinion, the accompanying financial statements give a true and fair going concern basis of accounting unless the PRS Provider either intends
view of the financial position of the Fund as at 31 March 2021, and of its to liquidate the Fund or to cease operations, or has no realistic alternative
financial performance and its cash flows for the financial year then ended but to do so.
in accordance with Malaysian Financial Reporting Standards (“MFRS”) and
International Financial Reporting Standards (“IFRS”). The Scheme Trustee is responsible for overseeing the Fund’s financial
reporting process. The Scheme Trustee is also responsible for ensuring
Basis for opinion that the PRS Provider maintains proper accounting and other records as are
We conducted our audit in accordance with approved standards on auditing necessary to enable true and fair presentation of these financial statements.
in Malaysia and International Standards on Auditing. Our responsibilities Auditors’ responsibility for the audit of the financial statements
under those standards are further described in the Auditors’ responsibilities
for the audit of the financial statements section of our report. We believe Our objectives are to obtain reasonable assurance about whether the financial
that the audit evidence we have obtained is sufficient and appropriate to statements of the Fund as a whole are free from material misstatement,
provide a basis for our opinion. whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not
Independence and other ethical responsibilities a guarantee that an audit conducted in accordance with approved standards
We are independent of the Fund in accordance with the By-Laws (on on auditing in Malaysia and International Standards on Auditing will always
Professional Ethics, Conduct and Practice) of the Malaysian Institute of detect a material misstatement when it exists. Misstatements can arise from
Accountants (“By-Laws”) and the International Code of Ethics for Professional fraud or error and are considered material if, individually or in the aggregate,
Accountants (including International Independence Standards) (“IESBA they could reasonably be expected to influence the economic decisions of
Code”), and we have fulfilled our other ethical responsibilities in accordance users taken on the basis of these financial statements.
with the By-Laws and the IESBA Code. As part of an audit in accordance with approved standards on auditing in
Information other than the financial statements and auditors’ report Malaysia and International Standards on Auditing, we exercise professional
thereon judgment and maintain professional skepticism throughout the audit. We also:
The PRS Provider of the Fund is responsible for the other information. The • Identify and assess the risks of material misstatement of the financial
other information comprises the information included in the Annual Report statements of the Fund, whether due to fraud or error, design and perform
of the Fund, but does not include the financial statements of the Fund and audit procedures responsive to those risks, and obtain audit evidence
our auditors’ report thereon. that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is
Our opinion on the financial statements of the Fund does not cover the other higher than for one resulting from error, as fraud may involve collusion,
information and we do not express any form of assurance conclusion thereon. forgery, intentional omissions, misrepresentations, or the override of
In connection with our audit of the financial statements of the Fund, our internal control.
responsibility is to read the other information and, in doing so, consider • Obtain an understanding of internal control relevant to the audit in order
whether the other information is materially inconsistent with the financial to design audit procedures that are appropriate in the circumstances,
statements of the Fund or our knowledge obtained in the audit or otherwise but not for the purpose of expressing an opinion on the effectiveness
appears to be materially misstated. If, based on the work we have performed, of the Fund’s internal control.
we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Independent Auditors’ Report (cont’d) Statement Of Assets And Liabilities
As at 31 March 2021
Report on the audit of the financial statements (cont’d) Note 2021 2020
Auditors’ responsibility for the audit of the financial statements (cont’d) MYR’000 MYR’000
Assets
• Evaluate the appropriateness of accounting policies used and the
Investments 4 396,015 210,799
reasonableness of accounting estimates and related disclosures made Due from the Private Retirement
by the PRS Provider. Scheme (“PRS”) Provider, net 7 292 -
• Conclude on the appropriateness of the PRS Provider’s use of the Other receivables 989 262
going concern basis of accounting and, based on the audit evidence Shariah-based placements with
obtained, whether a material uncertainty exists related to events or financial institutions 8 31,150 16,947
conditions that may cast significant doubt on the Fund’s ability to continue Cash at banks 9 9,095 27,655
as a going concern. If we conclude that a material uncertainty exists, 437,541 255,663
we are required to draw attention in our auditors’ report to the related
disclosures in the financial statements of the Fund or, if such disclosures Liabilities
are inadequate, to modify our opinion. Our conclusions are based on the Due to brokers/financial institutions, net 10 3,410 -
Due to PRS Provider, net 7 - 6
audit evidence obtained up to the date of our auditors’ report. However,
Due to the Scheme Trustee 14 9
future events or conditions may cause the Fund to cease to continue
Due to the Private Pension
as a going concern.
Administrator (“PPA”) 14 9
• Evaluate the overall presentation, structure and content of the financial Other payables 63 74
statements of the Fund, including the disclosures, and whether the Distribution payable 10,787 4,428
financial statements of the Fund represent the underlying transactions 14,288 4,526
and events in a manner that achieves fair presentation.
Total net assets 423,253 251,137
We communicate with the PRS Provider regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including Net asset value (“NAV”) attributable
any significant deficiencies in internal control that we identify during our audit. to members (Total equity) 11 423,253 251,137
Other matters Units in circulation (in ’000) 12 1,078,651 885,634
This report is made solely to the members of the Fund, as a body, in NAV per unit, ex-distribution (in sen) 39.24 28.36
accordance with Guidelines on Private Retirement Schemes issued by
Securities Commission Malaysia and for no other purpose. We do not assume
responsibility to any other person for the content of this report.
The accompanying notes are an integral part of this statement.
Ernst & Young PLT Ng Sue Ean

202006000003 (LLP0022760-LCA) & AF 0039 No. 03276/07/2022 J
Chartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia

10 May 2021
Statement Of Income And Expenditure Statement Of Changes In Net Asset Value
Note 2021 2020 Members’ Retained

MYR’000 MYR’000 Note capital earnings Total
MYR’000 MYR’000 MYR’000
Income
Profit from Shariah-based placements 764 441 As at 1 April 2019 206,764 7,303 214,067
Income from sukuk 772 892 Creation of units 40,351 - 40,351
Distribution income 2,063 2,109 Cancellation of units (800) - (800)
Dividend income 3,727 2,908 Net income after taxation - 1,947 1,947
Net gain/(loss) from investments 4 110,027 (531) Distribution 18 - (4,428) (4,428)
Amortisation of premium, net of
accretion of discount (3) 19 As at 31 March 2020 246,315 4,822 251,137
Net realised/unrealised foreign
exchange (loss)/gain (220) 464
As at 1 April 2020 246,315 4,822 251,137
117,130 6,302 Creation of units 76,198 - 76,198
Cancellation of units (3,841) - (3,841)
Less: Expenses
Net income after taxation - 110,546 110,546
Scheme Trustee’s fee 14 145 97
Distribution 18 - (10,787) (10,787)
PRS Provider’s fee 15 5,089 3,193
Fee of the PPA 16 145 97 As at 31 March 2021 318,672 104,581 423,253
Audit fee 7 7
Tax agent’s fee 3 3
Brokerage fee 625 441
Administrative fees and expenses 51 150 The accompanying notes are an integral part of this statement.
6,065 3,988
Net income before taxation 111,065 2,314
Taxation 17 (519) (367)
Net income after taxation 110,546 1,947
Net income after taxation is
made up as follows:
Realised 11,399 3,895
Unrealised 99,147 (1,948)
110,546 1,947
Final distribution for the financial year 18 10,787 4,428
The accompanying notes are an integral part of this statement.
Statement Of Cash Flows Notes To The Financial Statements
For the Financial Year Ended 31 March 2021 31 March 2021
Note 2021 2020 1. The Fund, The PRS Provider and Their Principal Activities
MYR’000 MYR’000
The Public Mutual PRS Islamic Growth Fund (hereinafter referred to
Cash flows from operating activities as “the Fund”) was set up pursuant to the execution of a Deed dated
Proceeds from sale/redemption of 8 November 2012 between the PRS Provider, Public Mutual Berhad,
investments 110,046 104,456 the Scheme Trustee, AmanahRaya Trustees Berhad and the registered
Purchase of investments (182,591) (113,678) members of the Fund. The Fund is governed by a Deed dated
Maturity of Shariah-based placements 10,179,794 3,338,641 8 November 2012 and subsequent Supplemental Deeds (collectively
Shariah-based placements (10,193,997) (3,345,559) referred to as “Deeds”).
Profit from Shariah-based placements
received 764 443 The Fund’s objective is to seek long-term capital growth and to a
Income from sukuk received 785 848 lesser extent income. The Fund invests in investments as defined in
Interest received from foreign currency the Deeds. The Fund was launched on 26 November 2012 and will
accounts - 1 continue its operations until terminated by the Scheme Trustee as
Net distribution income received 2,063 2,109 provided in the Deed.
Net dividend income received 2,489 2,556
Taxation refunded - 1 The PRS Provider of the Fund is Public Mutual Berhad, a company
Scheme Trustee’s fee paid (140) (95) incorporated in Malaysia. Its principal activities are the management
PRS Provider’s fee paid (4,835) (3,150) of unit trusts and the sale of trust units. Its ultimate holding company
Fee of PPA paid (140) (95) is Public Bank Berhad, a licensed bank incorporated in Malaysia and
Audit fee paid (7) (7) listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa
Tax agent’s fee paid (3) (3) Securities”).
Payment of other fees and expenses (61) (120)
Payment to charitable bodies 6 (1) (1) 2. Summary of Significant Accounting Policies
Net cash outflow from operating (a) Basis of Preparation
activities (85,834) (13,653)
The financial statements of the Fund have been prepared under
Cash flows from financing activities the historical cost convention, as modified by the revaluation of
Cash proceeds from units created 75,646 40,224 financial assets and financial liabilities at fair value and comply
Cash paid on units cancelled (3,841) (825) with Malaysian Financial Reporting Standards (“MFRS”) and
Distribution paid (4,428) (1,883) International Financial Reporting Standards (“IFRS”).
Net cash inflow from financing The Fund has adopted MFRSs, Amendments and Issue Committee
activities 67,377 37,516 (“IC”) Interpretations which were effective from periods beginning
Net (decrease)/increase in cash and on or after 1 January 2020. The adoption of these MFRSs,
cash equivalents (18,457) 23,863 Amendments and IC Interpretations do not have any significant
Effect of changes in foreign exchange impact on the financial statements of the Fund.
rates (103) 306 The Fund will adopt the following MFRSs and Amendments when
Cash and cash equivalents at the
they become effective in the respective financial periods and these
beginning of the financial year 27,655 3,486
MFRSs and Amendments are not expected to have material impact
Cash and cash equivalents at the end to the financial statements of the Fund upon the initial application.
of the financial year 9,095 27,655
Effective dates
for financial periods
beginning on or after
The accompanying notes are an integral part of this statement. Covid-19 - Related Rent Concessions 1 June 2020
(Amendment to MFRS 16 Leases) *
Interest Rate Benchmark Reform - Phase 2 1 January 2021
(Amendments to MFRS 9, MFRS 139,
MFRS 7, MFRS 4 and MFRS 16) *
Covid-19 - Related Rent Concessions 1 April 2021
beyond 30 June 2021 (Amendment to
MFRS 16 Leases) *
Notes To The Financial Statements Notes To The Financial Statements
31 March 2021 31 March 2021
2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(a) Basis of Preparation (cont’d) (c) Fair Value Measurement
Effective dates Fair value is the price that would be received to sell an asset or
for financial periods paid to transfer a liability in an orderly transaction between market
beginning on or after participants at the measurement date.
Amendments to MFRSs contained in the 1 January 2022 (d) Financial Instruments
document entitled “Annual Improvements
to MFRS Standards 2018-2020” Financial assets and financial liabilities are recognised in the
Reference to the Conceptual Framework 1 January 2022 Statement of Assets and Liabilities when, and only when, the Fund
(Amendments to MFRS 3 Business becomes a party to the contractual provisions of the instrument.
Combinations) *
Property, Plant and Equipment - Proceeds 1 January 2022 A financial asset or financial liability is considered to be held for
before Intended Use (Amendments to trading if:
MFRS 116 Property, Plant and Equipment) *
Onerous Contracts - Cost of Fulfilling a 1 January 2022 • It is acquired or incurred principally for the purpose of selling
Contract (Amendments to MFRS 137 or repurchasing it in the near term; or
Provisions, Contingent Liabilities and
• On initial recognition, it is part of a portfolio of identified financial
Contingent Assets) *
MFRS 17 - Insurance Contracts * 1 January 2023 instruments that are managed together and for which, there is
Amendments to MFRS 17 Insurance 1 January 2023 evidence of a recent actual pattern of short-term profit-taking;
Contracts * or
Classification of Liabilities as Current or 1 January 2023
• It is a derivative (except for a derivative that is a financial
Non-current (Amendments to MFRS 101
Presentation of Financial Statements) guarantee contract or a designated and effective hedging
Disclosure of Accounting Policies 1 January 2023 instrument).
(Amendments to MFRS 101 Presentation i) Financial Assets
of Financial Statements)
Definition of Accounting Estimates 1 January 2023 The Fund determines the classification of its financial assets at
(Amendments to MFRS 108 Accounting initial recognition, and the categories include financial assets
Policies, Changes in Accounting Estimates measured at fair value through profit or loss (“FVTPL”) and
and Errors) financial assets measured at amortised cost.
Sale or Contribution of Assets between an To be announced
Investor and its Associate or Joint Venture When financial assets are recognised initially on trade date,
(Amendments to MFRS 10 and MFRS 128) * they are measured at fair value, plus, in the case of financial
* These MFRSs and Amendments are not relevant to the Fund. assets not at FVTPL, directly attributable transaction costs.
(b) Accounting Estimates and Judgements Financial assets are derecognised on trade date when the
rights to receive cash flows from the investments have expired
The preparation of the Fund’s financial statements requires the or the Fund has transferred substantially all risks and rewards
PRS Provider to make judgements, estimates and assumptions of ownership.
that affect the reported amounts of revenues, expenses, assets and
liabilities, and the disclosure of contingent liabilities at the reporting Financial Assets at FVTPL
date. However, uncertainty about these assumptions and estimates A financial asset is classified as FVTPL if it meets the definition
could result in outcome that could require a material adjustment to of held for trading. Subsequent to initial recognition, financial
the carrying amount of an asset or a liability in the future. assets at FVTPL are measured at fair value. Changes in the
fair value of those financial instruments are recorded in “Net
There are no major judgements nor key assumptions concerning gain or loss on financial assets at FVTPL”. Interest earned,
the future and other key sources of estimation uncertainty at the distribution income and dividend revenue elements of such
reporting date, that may cast significant doubt upon the Fund’s instruments are recorded separately in “Interest income”,
ability to continue as a going concern. Therefore, the financial “Distribution income” and “Dividend income” respectively.
statements continue to be prepared on the going concern basis. Exchange differences on financial assets at FVTPL are not
recognised separately in profit or loss but are included in net
gain or net loss on changes in fair value of financial assets
at FVTPL.
31 March 2021 31 March 2021
2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(d) Financial Instruments (cont’d) (e) Foreign Currency (cont’d)
i) Financial Assets (cont’d) ii) Foreign Currency Transactions
Financial Assets at amortised cost Transactions in foreign currencies are measured and recorded
A financial asset is measured at amortised cost if it is held in the functional currency of the Fund on initial recognition at
within a business model whose objective is to hold financial exchange rates approximating those ruling at the transaction
assets in order to collect contractual cash flows and its dates. Monetary assets and liabilities denominated in foreign
contractual terms give rise on specified dates to cash flows that currencies are translated at the rate of exchange ruling at
are solely payments of principal and interest on the principal the reporting date. Non-monetary items denominated in
amount outstanding. The Fund includes in this category foreign currencies that are measured at historical cost are
amount due from brokers/financial institutions, amount due translated using the exchange rates as at the dates of the
from the PRS Provider, other receivables, Shariah-based initial recognition.
placements with financial institutions and cash at banks. Exchange differences arising from translation of monetary
ii) Financial Liabilities items at the reporting date are recognised in profit or loss.
Exchange differences arising from the translation of non-
Financial liabilities are recognised initially at fair value and monetary financial assets at FVTPL are included in profit
classified according to the substance of the contractual or loss.
arrangements entered into and the definitions of a financial
liability. (f) Members’ Capital
The Fund derecognises a financial liability when the obligation The Members’ contributions to the Fund meet the definition of
under the liability is discharged, cancelled or expired. puttable instruments and are classified as equity instruments.
Financial Liabilities at FVTPL Distribution equalisation represents the average distributable

amount included in the creation and cancellation prices of units.
A financial liability is measured at FVTPL if it meets the
This amount is either refunded to Members by way of distribution
definition of held for trading.
and/or adjusted accordingly when units are cancelled.
Financial Liabilities at amortised cost
This category includes all financial liabilities, other than those
(g) Cash and Cash Equivalents
measured at FVTPL. The Fund includes in this category Cash and cash equivalents comprise cash at licensed banks which
amount due to brokers/financial institutions, amounts due are subject to an insignificant risk of changes in value.
to the PRS Provider, the Scheme Trustee and the PPA, and
other payables. (h) Income
Impairment Income is recognised to the extent that it is probable that the

The Fund holds only receivables which have maturities of less than economic benefits will flow to the Fund and the income can
12 months at amortised cost and has chosen to apply the simplified be reliably measured. Income is measured at the fair value of
approach on all receivables. consideration received or receivable, and is presented gross of
withholding tax which is disclosed separately.
(e) Foreign Currency
Distribution income and dividend income are recognised on the
i) Functional and Presentation Currency date when the Fund’s right to receive the payment is established.
The financial statements of the Fund are measured using Profit from Shariah-based placements, income from sukuk and
the currency of the primary economic environment in which accretion of discount/amortisation of premium are recognised using
the Fund operates (“the functional currency”). The financial the effective interest method.
statements are presented in Malaysian Ringgit (“MYR”), which
is also the Fund’s functional currency. (i) Taxation
Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the tax authorities.
Pursuant to the Paragraph 20 of the Schedule 6 of the Malaysia
Income Tax Act, 1967, all Malaysian source of income of the Fund
is exempted from tax.
31 March 2021 31 March 2021
2. Summary of Significant Accounting Policies (cont’d) 3. Financial Risk and Capital Management Policies (cont’d)
(i) Taxation (cont’d) (a) Market Risk (cont’d)
The Fund may incur withholding taxes on income received from ii) Interest Rate Risk
foreign financial instruments.
Interest rate risk arises from changes in interest rates which
(j) Interest from Foreign Currency Accounts affect the fair value of financial instruments and sukuk that the
collective investment schemes invest in. Interest rates move
A portion of the cash is maintained in foreign currency accounts
inversely to sukuk prices. When interest rates rise, the prices
outside Malaysia to facilitate the settlement of purchase and selling
of sukuk fall and vice versa.
of foreign securities in a particular country. Interest earned, if any,
from these accounts is not recognised as income to the Fund. Such The increase/(decrease) in the NAV attributable to members
interest will be channelled to charitable bodies as part of the Fund’s as at reporting date, assuming interest rates change by
cleansing process in line with the advice of the Shariah Adviser. +/(-) 50 basis points with all other variables held constant, is
(-)/+ MYR684,000 (2020: (-)/+ MYR1,548,000). This analysis
(k) Related Parties
is for illustration purpose only and not an indication of future
Related parties refer to Public Bank Berhad and its subsidiaries. variances.
3. Financial Risk and Capital Management Policies iii) Currency Risk
The Fund is exposed to a variety of financial risks, which include market The Fund invests in financial instruments denominated in
currencies other than its functional currency. Consequently,
risk (such as price risk, interest rate risk and currency risk), credit and
the Fund is exposed to risks arising from changes in the
counterparty risk, single issuer risk, liquidity risk, reclassification of
exchange rate of its functional currency relative to other
Shariah status risk and the current COVID-19 pandemic. The overall
foreign currencies that might significantly impact the value of
financial risk management objective of the Fund is to mitigate capital
the Fund’s assets or liabilities denominated in currencies other
loss.
than Malaysian Ringgit.
Financial risk management is carried out through policy reviews, internal
The increase/(decrease) in the NAV attributable to members
control systems and adherence to the investment powers and restrictions
as at reporting date, assuming exchange rates of foreign
stipulated in the Guidelines on Private Retirement Schemes issued by
currencies fluctuate by +/(-) 5% with all other variables held
Securities Commission Malaysia.
constant, is +/(-) MYR17,618,000 (2020: +/(-) MYR7,440,000).
(a) Market Risk This analysis is for illustration purpose only and not an
indication of future variances.
Market risk arises when the value of the securities and the demand
for sukuk fluctuate in response to the activities of individual (b) Credit and Counterparty Risk
companies, and general market or economic environments. Market
risk is managed through portfolio diversification and changes in Credit risk refers to the ability of an issuer to make timely payments
asset allocation. It comprises the following risks: of profit and principal. Counterparty risk refers to the ability of a
counterparty to make timely payment of proceeds from realisation of
i) Price Risk investments. The PRS Provider manages credit and counterparty
Price risk is the risk that prices of equity securities, collective risks by setting exposure limits and undertaking periodical
investment funds and collective investment schemes (equity) credit evaluation to assess the creditworthiness of issuers and
rise or fall as a result of changes in factors specific to a counterparties.
particular security or general market conditions. (c) Single Issuer Risk
The increase/(decrease) in the NAV attributable to members as
The Fund is restricted to invest in securities issued by any issuer
at reporting date, assuming equity, collective investment funds’
of not more than a certain percentage of its net asset value. Under
and collective investment schemes’ prices change by +/(-) 5%
such restriction, the exposure risk to the securities of a single
with all other variables held constant, is +/(-) MYR18,525,000
issuer is minimised.
(2020: +/(-) MYR7,507,000). This analysis is for illustration
purpose only and not an indication of future variances.
31 March 2021 31 March 2021
3. Financial Risk and Capital Management Policies (cont’d) 4. Investments (cont’d)

(d) Liquidity Risk Unquoted collective investment schemes
Fair value is determined based on the published net asset value per
The Fund maintains sufficient level of liquid assets to meet unit at the reporting date.
anticipated payments and withdrawals by members. Liquid assets
comprise cash, Shariah-based placements with licensed financial Unquoted sukuk
institutions and other instruments, which can be converted into cash The market prices for unquoted Ringgit-denominated sukuk are based
within 7 days. The Fund’s policy is to maintain a prudent level of on information provided by the Bond Pricing Agency Malaysia (“BPAM”).
liquid assets and monitoring of the daily creation and cancellation
FINANCIAL INSTRUMENTS - 31 MARCH 2021
of units so as to manage liquidity risk.
The Fund’s financial liabilities have contractual maturities of not The equity securities held by the Fund are categorised based on
more than six (6) months. their principal business activities according to the Bloomberg Sector
Classification System as at the reporting date of the Statement of
(e) Reclassification of Shariah Status Risk Assets and Liabilities.
The Shariah-compliant securities currently held in the portfolio of Fair Percent
the Fund may be reclassified to be Shariah non-compliant in the Quantity Cost Value of NAV
periodic review of the securities by the Shariah Advisory Council (in ’000) MYR’000 MYR’000 %
(“SAC”) of the Securities Commission Malaysia, the Shariah Adviser
or the Shariah Boards of the relevant Islamic Indices. If this occurs, EQUITY SECURITIES
the value of the Fund may be adversely affected where the PRS Malaysia
Provider will take the necessary steps to dispose of such securities
Consumer, Non-cyclical
in accordance with the advice from the SAC of the Securities
Top Glove Corporation
Commission Malaysia and/or the Shariah Adviser.
Bhd 1,249 2,295 5,646 1.3
(f) Capital Management Industrial
Capital is represented by members’ contribution to the Fund. The Hartalega Holdings
PRS Provider manages the Fund’s capital in accordance to its Berhad 630 3,045 5,622 1.3
objective as stated in Note 1, while maintaining sufficient liquidity Supermax Corporation
to meet members’ withdrawals as explained in Note (d) above. Berhad 496 3,999 1,891 0.5
Vitrox Corporation Berhad 256 1,693 3,819 0.9
4. Investments
8,737 11,332 2.7
2021 2020 Technology
MYR’000 MYR’000
Inari Amertron Berhad 1,650 2,979 5,412 1.3
Financial assets at FVTPL Hong Kong
- Equity securities 368,516 142,799
- Collective investment funds - 480 Communications
- Collective investment schemes 12,865 51,068 Alibaba Group Holding
- Sukuk 14,634 16,452 Ltd - SW 58 6,217 6,855 1.6
Meituan 122 10,616 19,410 4.6
396,015 210,799 Tencent Holdings Ltd 57 10,351 18,373 4.3
Xiaomi Corporation 485 5,894 6,658 1.6
The Fund’s investments are carried at fair value, which were determined
33,078 51,296 12.1
using prices in active markets for identical assets.
Consumer, Cyclical
Quoted equity securities and collective investment funds Shenzhou International
Fair value is determined directly by reference to the published market Group Holdings Ltd 39 2,076 3,349 0.8
price at the reporting date.
Consumer, Non-cyclical
The market prices of the above quoted financial instruments are WuXi Biologics (Cayman)
determined by reference to information made publicly available by the Inc 76 3,429 3,944 1.0
respective stock exchanges.
31 March 2021 31 March 2021
4. Investments (cont’d) 4. Investments (cont’d)

Fair Percent Fair Percent
Quantity Cost Value of NAV Quantity Cost Value of NAV
(in ’000) MYR’000 MYR’000 % (in ’000) MYR’000 MYR’000 %
EQUITY SECURITIES EQUITY SECURITIES
(cont’d) (cont’d)
Hong Kong (cont’d) Taiwan (cont’d)
Industrial Technology
Sunny Optical Technology ASE Technology Holding
(Group) Co. Ltd 51 2,987 4,790 1.1 Co., Ltd 341 4,207 5,322 1.3
Techtronic Industries Media Tek Inc 63 8,445 8,794 2.1
Co. Ltd 107 4,747 7,551 1.8 Novatek Microelectronics
Corp 30 2,552 2,505 0.6
7,734 12,341 2.9
Taiwan Semiconductor
Japan Manufacturing Co., Ltd 345 13,181 29,405 6.9
Win Semiconductors Corp 93 3,717 5,280 1.2
Industrial Wiwynn Corporation 42 4,525 5,141 1.2
HOYA Corporation 7 2,571 3,170 0.8
Murata Manufacturing 36,627 56,447 13.3
Co., Ltd 21 6,429 6,898 1.6
United States
9,000 10,068 2.4
Communications
Technology Alphabet Inc - Class A 1 6,885 8,994 2.1
Fujitsu Ltd 7 4,214 4,201 1.0 Facebook Inc - Class A 6 5,802 7,702 1.8
Korea 12,687 16,696 3.9
Basic Materials Consumer, Cyclical
LG Chem, Ltd 4 10,474 12,086 2.9 The Home Depot, Inc 3 2,931 3,783 0.9
Communications Consumer, Non-cyclical
Naver Corporation 5 6,214 6,765 1.6 Danaher Corporation 4 2,611 4,151 1.0
NCsoft Corporation 1 4,204 4,635 1.1 S&P Global Inc 4 4,249 5,583 1.3
Samsung SDI Co., Ltd 3 4,308 8,220 1.9
6,860 9,734 2.3
14,726 19,620 4.6
Financial
Industrial Visa Inc 10 7,806 8,980 2.1
KHVatec Co., Ltd 66 5,707 5,374 1.3
Technology
Technology Adobe Inc 2 2,937 4,711 1.1
Eugene Technology Co. Apple Inc 38 15,627 19,473 4.6
Ltd 48 6,636 7,901 1.9 Crowdstrike Holdings, Inc 6 2,404 4,324 1.0
Samsung Electronics Microsoft Corp 17 12,607 16,679 3.9
Co Ltd 71 14,815 21,079 5.0 NVIDIA Corporation 6 8,699 13,576 3.2
SK Hynix Inc 30 11,286 14,615 3.4 Qorvo Inc 8 4,070 6,096 1.5
QUALCOMM Incorporated 9 3,651 4,809 1.1
32,737 43,595 10.3 Splunk Inc 2 1,163 997 0.3
Taiwan 51,158 70,665 16.7
Industrial
Delta Electronics, Inc 191 7,473 7,987 1.9
Hon Hai Precision Ind.
Co., Ltd 331 6,152 5,960 1.4
13,625 13,947 3.3
31 March 2021 31 March 2021
4. Investments (cont’d) 4. Investments (cont’d)

Quantity/ Net gain/(loss) from investments for the financial year is as follows:
Nominal Fair Percent
Value Cost Value of NAV 2021 2020
(in ’000)/ MYR’000 MYR’000 % MYR’000 MYR’000
MYR’000 Financial assets at FVTPL
- realised gain on disposal 10,839 1,566
COLLECTIVE - unrealised gain/(loss) on changes in fair
INVESTMENT SCHEMES value 99,188 (2,097)
Equity Fund managed by 110,027 (531)
the PRS Provider
PB Islamic Asia Equity
Fund 5,414 1,646 1,982 0.5 5. Fair Value of Financial Instruments
Sukuk Fund managed by The Fund uses the following hierarchy for determining and disclosing
the PRS Provider the fair value of financial instruments by valuation technique:
Public Islamic
Infrastructure Bond Fund 10,541 10,900 10,883 2.5 Level 1: Quoted prices per respective stock markets for identical
assets or liabilities.
UNQUOTED SUKUK
Level 2: Inputs other than quoted prices included within Level 1 that
Sukuk are observable for the asset or liability, either directly (as
Ringgit-denominated prices) or indirectly (derived from prices).
Affin Islamic Bank Berhad
- 5.05% / 2023 3,500 3,592 3,704 0.9 Level 3: Inputs for the asset or liability other than observable market
AmBank Islamic Berhad data.
- 4.88% / 2023 1,560 1,594 1,634 0.4 As of end of the financial year, the Fund held the following financial
Bank Islam Malaysia instruments carried at fair value on the Statement of Assets and
Berhad - 5.15% / 2023 5,950 6,069 6,320 1.5 Liabilities:
Tenaga Nasional Berhad
- 5.18% / 2037 500 504 536 0.1 Level 1 Level 2 Total
UEM Sunrise Berhad MYR’000 MYR’000 MYR’000
- 5.15% / 2025 2,330 2,385 2,440 0.6
As at 31 March 2021
14,144 14,634 3.5 Financial assets at FVTPL
- Equity securities 368,516 - 368,516
TOTAL 295,570 396,015 93.6 - Collective investment schemes - 12,865 12,865
- Sukuk - 14,634 14,634
Cost is translated to the Fund’s functional currency based on the
exchange rates at the reporting date of the Statement of Assets and 368,516 27,499 396,015
Liabilities. As at 31 March 2020
Financial assets at FVTPL
Effective yields of unquoted sukuk and short term corporate sukuk for
- Equity securities 142,799 - 142,799
the financial year are as follows:
- Collective investment funds 480 - 480
2021 2020 - Collective investment schemes - 51,068 51,068
% % - Sukuk - 16,452 16,452
Unquoted sukuk 143,279 67,520 210,799

- Sukuk 3.48 4.08
Short term corporate sukuk There were no transfers between Level 1 and Level 2 during the current
- Islamic commercial papers - 3.52 and previous financial year.
The carrying amounts of financial assets and financial liabilities,
other than above, approximate fair values due to relatively short term
maturities of these financial instruments.
31 March 2021 31 March 2021
6. Shariah Information of the Fund 9. Cash at Banks

Payment to Charitable Bodies 2021 2020
MYR’000 MYR’000
The PRS Provider has channelled the amount of interest income of
MYR1,224.43 derived from foreign currency accounts to charitable Cash balances in licensed banks
bodies as part of the Fund’s cleansing process. - related parties 53 12,732
- others 9,042 14,923
The Shariah Adviser confirmed that the investment portfolio of the Fund
is Shariah-compliant, which comprises: 9,095 27,655
i) equity securities listed on Bursa Securities which have been

classified as Shariah-compliant by the SAC of the Securities 10. Due to Brokers/Financial Institutions, Net
Commission Malaysia;
2021 2020
ii) equity securities listed in foreign markets which have been classified MYR’000 MYR’000
as Shariah-compliant either by the Shariah Supervisory Board of Amount due to other stockbroking
Standard & Poor’s Shariah Indices and duly verified by the Shariah companies 3,410 -
Adviser and/or those securities which have been reviewed and
classified as Shariah-compliant by the Shariah Adviser;
11. Net Asset Value Attributable to Members (Total Equity)
iii) collective investment schemes which were verified as Shariah-
compliant by the Shariah Adviser; 2021 2020
MYR’000 MYR’000
iv) sukuk as per list of approved sukuk issued by the Securities
Member’s capital 318,672 246,315
Commission Malaysia or Bank Negara Malaysia; and
Retained earnings 104,581 4,822
v) cash placements and liquid assets in the local market, which are
423,253 251,137
placed in investments and/or instruments.
Retained earnings
7. Due from/to the PRS Provider, Net - realised reserves 2,676 2,064
- unrealised reserves 101,905 2,758
The net amount due from/to the PRS Provider represents amount
receivable/payable for units created/cancelled after netting off PRS 104,581 4,822
Provider’s fee payable. Amounts for units created/cancelled are
receivable/payable within 10 days of creation/cancellation. PRS
Provider’s fee is payable on a monthly basis. 12. Units in Circulation
8. Shariah-Based Placements with Financial Institutions As of end of the financial year, the total number of units in circulation
is as follows:
2021 2020
MYR’000 MYR’000 2021 2020
No. of units No. of units
Shariah-based placements with a related (in ’000) (in ’000)
licensed financial institution 31,150 16,947
At beginning of the financial year 885,634 753,212
Creation of units 203,063 135,119
Weighted average rates of return for the financial year and the average
Cancellation of units (10,046) (2,697)
remaining maturities of Shariah-based placements as of end of the
financial year are as follows: At end of the financial year 1,078,651 885,634
Weighted Average Average Remaining
Rates of Return Maturities
2021 2020 2021 2020
% % Day Day
Shariah-based placements,
less than 1 year 1.77 2.94 1 1
31 March 2021 31 March 2021
13. Holdings of Units by the PRS Provider 17. Taxation (cont’d)

As of end of the financial year, the total number and value of units held 2021 2020
legally by the PRS Provider are as follows: MYR’000 MYR’000
2021 2020 Foreign withholding tax 519 368
No. of units No. of units
Taxation 519 367
(in ’000) MYR’000 (in ’000) MYR’000
The PRS Provider 274 108 89 25 18. Distribution
Final distribution declared on 31 March 2021 (2020: 31 March 2020) to
14. Scheme Trustee’s Fee members is derived from the following sources:
Scheme Trustee’s fee is computed daily based on 0.04% per annum 2021 2020
of the net asset value, subject to a maximum fee of MYR600,000 per MYR’000 MYR’000
annum.
Profit from Shariah-based placements 763 440
15. PRS Provider’s Fee Income from sukuk 486 592
Distribution income 2,063 2,109
PRS Provider’s fee is computed daily based on 1.50% per annum of Dividend income 2,226 2,282
the net asset value. Where the Fund invests in a collective investment Net realised gain on sale of investments 9,250 396
scheme managed by the PRS Provider, the fee is charged only once. Previous financial year’s realised gain 2,064 2,597
16,852 8,416
16. Fee of the PPA Less: Expenses (6,065) (3,988)
Fee of the PPA is computed daily based on 0.04% per annum of the 10,787 4,428
net asset value.
Gross distribution per unit (sen) 1.00 0.50
17. Taxation
Net distribution per unit (sen) 1.00 0.50
2021 2020
MYR’000 MYR’000 Included in distribution for the financial year is an amount of MYR2,064,000
Malaysian withholding tax (2020: MYR2,597,000) made from the previous financial year’s realised
- prior financial years’ adjustment - (1) gain. Unrealised loss on investments of MYR961,000 was not included
Foreign withholding tax 519 368 in the distribution made during the previous financial year.
519 367 19. Transactions with Related and Other Brokers/Financial

Institutions
All Malaysian source of income of the Fund is exempted from tax. Percent
Percent Brokerage of Total
The numerical reconciliation between net income before taxation at the
Value of of Total Fees and Fees and
Malaysian statutory tax rate and tax expense of the Fund is as follows: Name Trade Trade Commissions Commissions
2021 2020 MYR’000 % MYR’000 %
MYR’000 MYR’000 Public Securities
Net income before taxation 111,065 2,314 Limited
(related party) 39,404 16 98 19
UBS Securities
Taxation at Malaysian statutory rate of 24% 26,656 555
Pte. Ltd. Seoul
Tax effects of:
Branch 27,312 11 82 16
- income not subject to tax, net (28,111) (1,512)
China International
- expenses not deductible for tax
Capital Corp HK
purposes 1,455 957
Securities Ltd 23,460 9 3 1
Withholding tax - (1)
- (1)
31 March 2021 31 March 2021
19. Transactions with Related and Other Brokers/Financial 21. Segment Information
Institutions (cont’d)
For management purposes, the Fund is organised into one main
Percent operating segment, which invests in various financial instruments and
Percent Brokerage of Total the analysis of the Fund’s investment income is as follows:
Value of of Total Fees and Fees and
Name Trade Trade Commissions Commissions 2021 2020
MYR’000 % MYR’000 % MYR’000 MYR’000
Public Investment (a) Investment Type
Bank Berhad Equity securities 112,340 3,189
(related party) 21,240 8 48 9 Collective investment funds - (661)
CLSA Limited 18,093 7 3 1 Collective investment schemes 3,200 1,830
Public Bank (Hong Sukuk 826 1,479
Kong) Limited Short term corporate sukuk - 24
(related party) 17,512 7 44 9 Shariah-based placements 764 441
UBS Securities
Pte. Ltd. Taipei 117,130 6,302
Branch 16,454 6 49 9 (b) Regional Locations
Citigroup Global Malaysia 20,705 2,814
Markets Limited 14,421 6 2 1 Asia Pacific 68,190 901
Credit Suisse, United States 28,235 2,587
Taipei Securities
Branch 11,850 5 36 7 117,130 6,302
CLSA Securities
Korea Ltd 10,397 4 31 6
Others 52,140 21 110 22
252,283 100 506 100
The directors of the PRS Provider are of the opinion that transactions
with related parties have been entered into in the normal course of
business and have been established on terms and conditions that
are not materially different from that obtainable in transactions with
unrelated parties.
20. Management Expense and Portfolio Turnover Ratios

(a) Management Expense Ratio (“MER”)
The MER for the financial year is 1.49% (2020: 1.47%). It is the
total management expenses expressed as an annual percentage
of the Fund’s average net asset value.
(b) Portfolio Turnover Ratio (“PTR”)
The PTR for the financial year is 0.41 times (2020: 0.41 times). It
represents the average of the total acquisitions and disposals of
the investments in the Fund for the financial year over the average
net asset value of the Fund calculated on a daily basis.
Corporate Information Corporate Information
PRS Provider Board of Directors

Public Mutual Berhad (197501001842 (23419-A))
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman
Registered Office Tan Sri Dato’ Sri Tay Ah Lek
8th Floor, Menara Public Bank 2
No. 78 Jalan Raja Chulan Dato’ (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff
50200 Kuala Lumpur
Tel: 603-20226800 Mr. Quah Poh Keat
Fax: 603-20226900
Dato’ Mohammed Najeeb Bin Abdullah
Scheme Trustee Dato’ Mohd Hanif Bin Sher Mohamed
AmanahRaya Trustees Berhad
Tingkat 14, Wisma AmanahRaya Ms. Yeoh Kim Hong
No. 2, Jalan Ampang
50508 Kuala Lumpur
Management Staff
Shariah Adviser Yeoh Kim Hong - Chief Executive Officer
ZICO Shariah Advisory Services Sdn Bhd
Level 7-6, Menara Milenium Lum Ming Jang - Chief Investment Officer
Jalan Damanlela
Pusat Bandar Damansara Lee Kean Gie - Senior General Manager,
50490 Kuala Lumpur Retail Business
Richard Tan Koon Eam - Senior General Manager,

Auditor
Information Technology
Ernst & Young
Level 23A, Menara Milenium Hang Siew Eng - Senior General Manager,
Jalan Damanlela Operations
Pusat Bandar Damansara
50490 Kuala Lumpur
Senior Compliance Officer
Tax Adviser
Abdul Samad Bin Jaafar - Deputy General Manager,
KPMG Tax Services Sdn Bhd
Compliance
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Network Of Public Mutual Branch And Agency Offices Network Of Public Mutual Branch And Agency Offices
Head Office West Malaysia (cont’d)

Menara Public Bank 2,
No. 78, Jalan Raja Chulan, Kota Bharu Seberang Perai
50200 Kuala Lumpur. PT 304 and PT 305, 1797-G-04,
Jalan Kebun Sultan, Kompleks Auto World,
Tel: 03-20226800 Fax: 03-20226900
15300 Kota Bharu, Kelantan. Jalan Perusahaan, Juru Interchange,
Hotline: 03-20225000
Tel: 09-7263500 Fax: 09-7476026 13600 Prai, Penang.
Web: www.publicmutual.com.my
Senior Branch Manager: Tel: 04-5407500 Fax: 04-5050005
Branches and Customer Service Centres Puan Abiesharni Bt Abdul Kadir Senior Branch Manager:
Charmane Chew Hui Hsia
Kuala Terengganu
West Malaysia 1-C, Jalan Air Jernih, Seremban
20300 Kuala Terengganu, 1A & 1B, Jalan Tuanku Munawir,
1 Utama Shopping Centre Damansara Perdana Terengganu. 70000 Seremban,
Lot LG-313-E, 1 & 3, Jalan PJU 8/5 I, Tel: 09-6321500 Fax: 09-6317030 Negeri Sembilan.
1, Lebuh Bandar Utama, Perdana Business Centre, Branch Manager: Tel: 06-6372500 Fax: 06-7644237
Bandar Utama City Centre, Bandar Damansara Perdana, Chia Siang Hong Branch Manager:
Bandar Utama, 47820 Petaling Jaya, Selangor. Michael Wong Cheong Tee
47800 Petaling Jaya, Selangor. Tel: 03-20225000 Fax: 03-77222475 Kuantan
Tel: 03-20225000 Fax: 03-77263811 Senior Branch Manager: 71 & 73, Jalan Haji Abdul Aziz, Shah Alam
Ong Chen Hung 25000 Kuantan, Pahang. 54 & 56, Jalan Pahat G15/G,
Alor Setar Tel: 09-5118500 Fax: 09-5161223 Kompleks Otomobil,
No. 8G, Samila Business Centre, Ipoh Branch Manager: Persiaran Selangor,
Lebuhraya Darulaman, 37 & 39, Persiaran Greentown 4, Sharon Ting Mooi Choon Seksyen 15,
05100 Alor Setar, Kedah. Greentown Business Centre, 40200 Shah Alam, Selangor.
Tel: 04-7366500 Fax: 04-7364655 30450 Ipoh, Perak. Melaka
Tel: 03-20225000 Fax: 03-55139288
Senior Branch Manager: Tel: 05-2462500 Fax: 05-2559859 No. 929 & 930, Jalan Merdeka,
Branch Manager:
Khaw Bee Ruh Branch Manager: Taman Melaka Raya,
Eric Ng Swee Huat
Khew Kok Choy 75000 Melaka.
Bangsar Tel: 06-2855500 Fax: 06-2837354 Sungai Petani
11, 15 & 17, Jalan Bangsar Utama 3, Johor Bahru Senior Branch Manager: 9D & 9E,
Bangsar Utama, B-19, Jalan Molek 1/5A, Carl Wong Yon Lian Jalan Kampung Baru,
59000 Kuala Lumpur. Taman Molek, 08000 Sungai Petani, Kedah.
Tel: 03-20225000 Fax: 03-22835739 81100 Johor Bahru, Johor. Muar
Tel: 04-4558500 Fax: 04-4230663
Senior Branch Manager: Tel: 07-3607500 Fax: 07-3548600 46, Jalan Sayang,
Branch Manager:
Chooi Chan Yen Senior Branch Manager: 84000 Muar, Johor.
Annie Ong Sok Nee
Teng Lee Yen Tel: 06-9562500
Batu Pahat Fax: 06-9536830 Temerloh
119, Jalan Chengal, Klang Branch Manager: 10,11 & 12, 2nd Floor,
Taman Makmur, 28, 30 & 32, Chong Yie Shiang Jalan Ahmad Shah,
83000 Batu Pahat, Johor. Lorong Batu Nilam 3B, Bandar Sri Semantan,
Tel: 07-4363500 Fax: 07-4326588 Bandar Bukit Tinggi, Penang
28000 Temerloh, Pahang.
Branch Manager: 41200 Klang, Selangor. 16, Lintang Burma,
Tel: 09-2955500 Fax: 09-2968060
Rui Lee Chong Siew Tel: 03-20225000 Fax: 03-33235632 10250 Pulau Tikus, Penang.
Branch Manager:
Branch Manager: Tel: 04-2196500 Fax: 04-2295171
Cheras Agnes Choong Lee Yoon
Ng Tong Chia Branch Manager:
44-2, 44-3, 44-4 & 34-2, Yeoh Khye Chun
Cheras Commercial Centre, Kluang
Jalan 5/101C, Off Jalan Kaskas, 3, Jalan Dato Teoh Siew Khor, Puchong
56100 Cheras, Kuala Lumpur. 86000 Kluang, Johor. 39 & 41, Jalan Puteri 1/4,
Tel: 03-20225000 Fax: 03-91321022 Tel: 07-7391500 Fax: 07-7736195 Bandar Puteri Puchong,
Senior Branch Manager: Branch Manager: 47100 Puchong, Selangor.
Khoo Peng Seng Tan Kheng Aun Tel: 03-20225000 Fax: 03-80653010
Branch Manager:
Bryan Koh Yi Earl
Network Of Public Mutual Branch And Agency Offices
East Malaysia
Bintulu Sandakan
4, Lot 2646, Jalan Tun Ahmad Zaidi, Lot 16, Block B,
97000 Bintulu, Sarawak. Bandar Maju Commercial Centre,
Tel: 086-859500 Fax: 086-330221 Mile 1.5, North Road,
Branch Manager: 90000 Sandakan, Sabah.
Lilian Lo Fui Ping Postal Address:
Public Mutual Berhad,
Kota Kinabalu Sandakan Branch
Lot 1-0-10, Lorong Api-Api 1,
P.O. Box No. 3488,
Api-Api Centre,
90739 Sandakan, Sabah.
88000 Kota Kinabalu, Sabah.
Tel: 089-231500 Fax: 089-222889
Tel: 088-327500
Branch Manager:
Fax: 088-238389
Lai Hing Goh
Branch Manager:
Lim Shaw Siang Sibu
10, Lorong 2,
Kuching
Jalan Tuanku Osman,
Lot 205 & 206, Section 49,
96000 Sibu, Sarawak.
Jalan Tunku Abdul Rahman,
Tel: 084-363500 Fax: 084-330269
93100 Kuching, Sarawak.
Branch Manager:
Tel: 082-226500 Fax: 082-239825
Tiong Kung Kuok
Senior Branch Manager:
Jones Chen Chung Sze Tawau
TB 4437, Lot 28,
Miri
Block D, Sabindo Square,
D-G-16, Miri Times Square,
Jalan Dunlop,
Marina Parkcity,
91000 Tawau, Sabah.
98000 Miri, Sarawak.
Tel: 089-982500 Fax: 089-765326
Tel: 085-323500 Fax: 085-416195
Branch Manager:
Branch Manager:
Janice Chong Mui Lin
Allan Ngo Say Khiang
Agency Offices
Penang (Bayan Baru) Sarawak (Sarikei)
Liang Wing Sim Agency Office Ling Chai Kua Agency Office
104, 1st Floor, 1st Floor, No. 28, Jalan Nenas Lrg 2,
Jalan Mayang Pasir, 96100 Sarikei, Sarawak.
Taman Sri Tunas, Tel: 084-654108/652094
Bayan Baru,
11950 Bayan Lepas, Penang.
Tel: 04-6422170/1
Fax: 04-6411268
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56 Public Mutual PRS Islamic Growth Fund

Prs-Igrf Ar Eng

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Contents

Statement Of Distribution Of Returns 7

Updated Disclosures in Replacement Disclosure Document

PRS Provider’s Report 13

Scheme Trustee’s Report 21

Shariah Adviser’s Report 22

Statement By PRS Provider 23

Independent Auditors’ Report 24

Statement Of Assets And Liabilities 27

Statement Of Income And Expenditure 28

Statement Of Changes In Net Asset Value 29

Statement Of Cash Flows 30

Notes To The Financial Statements 31

Network Of Public Mutual Branch And Agency Offices 52

Public Mutual PRS Islamic Growth Fund 1

Distribution per unit 2021 2020 2019

1) Definitions of terminology used PRS-IMDF Age 45 to below 55

International Organization of Securities Commissions (IOSCO) PRS-ICVF Age 55 and above

A tax penalty of 8% will be deducted from the pre-retirement withdrawal

Table 1: Real GDP Forecasts (%) To the Members of

Policy on Soft Commissions

DR. AIDA OTHMAN PROF. DR. MOHAMAD AKRAM LALDIN

Ernst & Young PLT Ng Sue Ean

Kuala Lumpur, Malaysia

Note 2021 2020 Members’ Retained

The accompanying notes are an integral part of this statement.

Financial Liabilities at FVTPL Distribution equalisation represents the average distributable

Impairment Income is recognised to the extent that it is probable that the

3. Financial Risk and Capital Management Policies iii) Currency Risk

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

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

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

Unquoted sukuk 143,279 67,520 210,799

6. Shariah Information of the Fund 9. Cash at Banks

i) equity securities listed on Bursa Securities which have been

13. Holdings of Units by the PRS Provider 17. Taxation (cont’d)

519 367 19. Transactions with Related and Other Brokers/Financial

20. Management Expense and Portfolio Turnover Ratios

PRS Provider Board of Directors

Richard Tan Koon Eam - Senior General Manager,

Head Office West Malaysia (cont’d)

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56 Public Mutual PRS Islamic Growth Fund

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