p Smallcap Ar Eng

Contents
Fund Information 2
Fund Performance 2
Statement Of Distribution And Total Return 7
Manager’s Report 8
Trustee’s Report 13
Statement By Manager 14
Independent Auditors’ Report 15
Statement Of Assets And Liabilities 18
Statement Of Income And Expenditure 19
Statement Of Changes In Net Asset Value 20
Statement Of Cash Flows 21
Notes To The Financial Statements 22
Appendix I 39
Corporate Information 75
Network Of Public Mutual Branch And Agency Offices 77
Public SmallCap Fund • 1

Fund Information Fund Performance
For the Financial Year Ended 31 August 2023
Fund Name Notes:
Public SmallCap Fund (P SmallCap) 1. Total return of the Fund is derived by this formulae:
Fund Category
Equity
( End of Period FYCurrent Year NAV per unit
End of Period FYPrevious Year NAV per unit )
(Adjusted for unit split and distribution paid out for the period)
-1
Fund Investment Objective The above total return of the Fund was sourced from Lipper.
To achieve high capital growth through investments in companies with 2. Average total return is derived by this formulae:
small market capitalisation with special focus on growth stocks.
Total Return
Fund Performance Benchmark Number of Years Under Review
The benchmark of the Fund is the FTSE Bursa Malaysia Small Cap Index. Other Performance Data for the Past Three Financial Years
The P SmallCap is not in any way sponsored, endorsed, sold or promoted by FTSE International Ended 31 August
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 2023 2022 2021
makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the FTSE BURSA MALAYSIA SMALL CAP INDEX (“the Index”), and/or
Unit Prices (MYR)*
the figure at which the said Index stands at any particular time on any particular day or otherwise. Highest NAV per unit for the year 0.9427 1.0231 1.0033
The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor Lowest NAV per unit for the year 0.8462 0.8361 0.7602
LSEG shall be liable (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 Net Asset Value (NAV) and Units in
person of any error therein.
Circulation (UIC) as at the End of
“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of LSEG and are used by FTSE under licence. the Year
“BURSA MALAYSIA” is a trade mark of BURSA MALAYSIA.
Total NAV (MYR’000) 1,314,951 1,188,872 1,203,240
UIC (in ’000) 1,408,697 1,349,994 1,225,940
Fund Distribution Policy NAV per unit (MYR) 0.9335 0.8806 0.9815
Incidental Total Return for the Year (%) 7.04 -9.11 28.36
Capital growth (%) 3.41 -10.33 27.51
Fund Performance Income (%) 3.51 1.36 0.67
Average Total Return for the Following Years Ended Total Expense Ratio (%) 1.55 1.56 1.56
31 August 2023 Portfolio Turnover Ratio (time) 0.08 0.14 0.15
Average Total * Prices quoted are ex-distribution and extracted based on business days of the Fund.
Return of P SmallCap (%)
Notes: Total Expense Ratio is calculated by taking the total expenses expressed as an annual
1 Year 7.04 percentage of the Fund’s average net asset value.
3 Years 8.28 Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
5 Years 5.74 disposals of the investments in the Fund for the year over the average net asset value
of the Fund calculated on a daily basis.
Annual Total Return for the Financial Years Ended 31 August The Portfolio Turnover Ratio for the financial year 2023 dropped to 0.08 times from 0.14
times in the previous financial year on account of lower level of rebalancing activities
Year 2023 2022 2021 2020 2019 performed by the Fund during the year.
P SmallCap (%) 7.04 -9.11 28.36 2.85 0.22

Distribution and Unit Split
The calculation of the above returns is based on computation methods of Lipper.
Financial year 2023 2022 2021
Date of distribution 31.8.23 31.8.22 31.8.21
Distribution per unit
Gross (sen) 1.00 1.00 2.00
Net (sen) 1.00 1.00 2.00
Unit split - - -
2 • Public SmallCap Fund Public SmallCap Fund • 3

Fund Performance Fund Performance
For the Financial Year Ended 31 August 2023 For the Financial Year Ended 31 August 2023
Impact on NAV Arising from Distribution for the Financial Years Asset Allocation for the Past Three Financial Years (cont’d)
2023 2022 2021 As at 31 August
31.8.23 31.8.22 31.8.21 (Percent of NAV)
Sen Sen Sen
per unit per unit per unit 2023 2022 2021
% % %
NAV before distribution 94.35 89.06 100.15 Japan
Net distribution 1.00 1.00 2.00 Industrial 4.0 - -
NAV after distribution 93.35 88.06 98.15 Technology 0.8 0.8 2.7
4.8 0.8 2.7
Breakdown of Distribution
Korea
Financial year 2023 2022 2021 Technology - 0.3 0.7
Date of distribution 31.8.23 31.8.22 31.8.21
Singapore
MYR’000 % MYR’000 % MYR’000 %
Industrial - - 0.9
Income 14,087 100 13,500 100 24,519 100
Taiwan
Capital - - - - - -
Industrial 0.9 0.9 1.3
Total 14,087 100 13,500 100 24,519 100
United States
Communications - - 1.3
Past performance is not necessarily indicative of future performance and unit Technology - 0.8 2.1
prices and investment returns may go down, as well as up.
- 0.8 3.4
Asset Allocation for the Past Three Financial Years TOTAL QUOTED EQUITY
As at 31 August SECURITIES 73.3 70.2 78.3
(Percent of NAV)
COLLECTIVE INVESTMENT FUNDS
2023 2022 2021 Quoted
% % % Malaysia
EQUITY SECURITIES Financial 8.9 9.5 10.7
Quoted
Outside Malaysia
Malaysia
United States
Ordinary Shares
Basic Materials 1.3 0.7 0.9 Funds 2.1 0.3 6.3
Communications 9.6 9.3 8.8 TOTAL QUOTED COLLECTIVE
Consumer, Cyclical 7.4 8.4 5.0 INVESTMENT FUNDS 11.0 9.8 17.0
Consumer, Non-cyclical 8.0 4.3 3.4
Diversified 5.6 6.6 10.9 REDEEMABLE CONVERTIBLE
Energy 0.7 0.5 0.8 UNSECURED LOAN STOCKS
Financial 11.0 10.8 11.1 Quoted
Industrial 15.0 16.8 16.8 Ringgit-denominated
Technology 5.4 6.4 7.3 Redeemable Convertible
Unsecured Loan Stocks 0.7 0.4 0.4
64.0 63.8 65.0
TOTAL QUOTED REDEEMABLE
Preference Shares
Financial 3.6 3.1 3.1 CONVERTIBLE UNSECURED
LOAN STOCKS 0.7 0.4 0.4
Outside Malaysia
Hong Kong
Consumer, Non-cyclical - - 0.6
Industrial - 0.5 0.6
- 0.5 1.2

Fund Performance Statement Of Distribution And Total Return
Asset Allocation for the Past Three Financial Years (cont’d) Gross Net
Distribution Distribution Distribution
As at 31 August --------- Sen per unit ---------
(Percent of NAV)
August 2023 1.0000 1.0000
2023 2022 2021
% % %
COLLECTIVE INVESTMENT Total Return of the Fund 7.04%
SCHEMES
Unquoted Effects of Distribution on NAV per unit before and after
Funds - - 0.4 Distribution:
TOTAL UNQUOTED COLLECTIVE NAV NAV
INVESTMENT SCHEMES - - 0.4 Before After
DEPOSITS WITH FINANCIAL Distribution Distribution Distribution
INSTITUTIONS 7.3 8.2 2.1 -------- MYR per unit --------
August 2023 0.9435 0.9335
OTHER ASSETS & LIABILITIES 7.7 11.4 1.8

Manager’s Report Manager’s Report
Overview Change in Portfolio Exposures from 31‑Aug‑22 to 31‑Aug‑23

This Annual Report covers the financial year from 1 September 2022 to 31‑Aug‑22 31‑Aug‑23 Change
31 August 2023.
Equity and equity-related securities 79.6% 84.1% +4.5%
Public SmallCap Fund (P SmallCap or the Fund) aims to achieve high Money market 20.4% 15.9% ‑4.5%
capital growth through investments in companies with small market
capitalisation with special focus on growth stocks. Returns Breakdown by Asset Class
For the financial year under review, the Fund registered a return of +7.04% Market /
as compared to its benchmark’s return of +11.77%. The Fund’s equity Returns On Benchmark Benchmark Average Attributed
portfolio registered a return of +10.19% while its money market portfolio Investments Returns Index Used Exposure Returns
registered a return of +2.85% during the financial year under review. A Equity and
detailed performance attribution analysis is provided in the sections below. equity-
related
For the five financial years ended 31 August 2023, the Fund registered a
securities 10.19% 11.77% FBMSC 78.91% 8.04%
return of +28.72% and outperformed its benchmark’s return of +11.21%
Money Overnight
over the same period.
market 2.85% 2.77% Rate 21.09% 0.60%
less:
Performance of P SmallCap Expenses ‑1.60%
from 31 August 2018 to 31 August 2023
60% Total Return
P SmallCap BENCHMARK for the Year 7.04%
40%
FBMSC = FTSE Bursa Malaysia Small Cap Index
Overnight Rate = Bank Negara Weighted Average Overnight Interbank Rate
Returns from Start of Period
20%
0% Equity Portfolio Review

For the financial year under review, the Fund’s equity portfolio registered
-20%
a return of +10.19% as compared to the benchmark’s return of +11.77%.
-40%
The Fund’s equity portfolio registered a lower return as compared to the
benchmark’s return during the financial year under review as the latter was
-60% lifted by lower‑liner stocks within the property, construction and industrial
Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23
sectors which the Fund did not invest in given their excessive valuations
and weaker fundamentals.
The Fund’s benchmark is the FTSE Bursa Malaysia Small Cap Index The Fund commenced the financial year under review with an equity
(FBMSC) which comprises eligible companies within the top 98% of the exposure of 79.6% and ended the financial year under review with a higher
Bursa Malaysia Main Market excluding constituents of the FTSE Bursa equity exposure of 84.1% as the Fund continued to capitalise on investment
Malaysia Top 100 Index. opportunities in the domestic and foreign markets. Based on an average
equity exposure of 78.91%, the Fund’s equity portfolio is deemed to have
Income Distribution and Impact on NAV Arising from registered a return of +8.04% to the Fund as a whole for the financial year
Distribution under review. A full review of the performance of the equity markets is
tabled in the following sections.
The gross distribution of 1.00 sen per unit (net distribution of 1.00 sen per
unit) for the financial year ended 31 August 2023 had the effect of reducing Sector Allocation
the Net Asset Value (NAV) of the Fund after distribution. As a result, the
The top 5 sectors in Malaysia invested by the Fund are financial, industrial,
NAV per unit of the Fund was reduced to RM0.9335 from RM0.9435 after communications, consumer (non‑cyclical) and consumer (cyclical).
distribution.

Manager’s Report Manager’s Report
Stock Market Review Over the March 2022 ‑ July 2023 period, the U.S. Federal Reserve (Fed)
raised the Federal funds rate (FFR) by a total of 525 bps to a target range
Small‑capitalisation stocks, as proxied by the FBMSC, started the of 5.25%‑5.50% to curb inflationary pressures. As the U.S. economy and
financial year under review at 14,380.26 points. The index declined in labour market have yet to slow sufficiently for the Fed to end its tightening
September 2022 following the increase in the local Overnight Policy Rate cycle, the Fed reiterated its data‑dependent approach for future interest
(OPR) and the weakening of the Ringgit against the U.S. Dollar amid rate decisions at the annual Jackson Hole Economic Symposium held on
concerns over the faster pace of U.S. rate hikes. In October 2022, the index 26 August 2023.
rebounded in tandem with the global markets, led by gains in selected
financial, healthcare, industrial and plantation stocks. The index rose Outlook and Investment Strategy
further in November 2022 with the conclusion of Malaysia’s 15th General
Election and the appreciation of the Ringgit against the U.S. Dollar. Looking ahead, the equity markets’ performance will depend on the global
policy rate path as well as the pace of economic growth, corporate earnings
In December 2022, the FBMSC traded sideways as the local market momentum and valuations of their respective markets.
awaited policy clarity from the new unity government amid concerns over
slower global growth. The index rose in tandem with the regional markets The global growth momentum is softening as pent‑up demand fades and
in January 2023, led by gains in selected technology stocks on optimism monetary tightening weighs on interest‑sensitive consumer and investment
over the re‑opening of China’s economy and expectations of a slower pace spending. Meanwhile, investors will monitor inflation trends and the
of U.S. interest rate hikes for 2023. The index subsequently declined in potential peaking of global interest rates this year as well as geopolitical
February and March 2023 following the release of lacklustre local corporate developments.
results for 2022 as well as profit‑taking on selected industrial, technology
In view of the tightening of monetary conditions, the lagged impact of
and energy stocks.
cumulative rate hikes should continue to weigh on U.S. economic growth
After rising slightly in April 2023 amid gains in the telecommunications and through the second half of this year. Despite some progress on the inflation
utilities sectors, the FBMSC declined in May and June 2023 due to the front, persistent elevated core inflation could prompt the Fed to maintain its
release of weaker‑than‑expected local corporate earnings for 1Q 2023 restrictive monetary stance for the rest of this year.
and a softer Ringgit. In July and August 2023, the index rose on optimism
In the National Budget 2023 re‑tabled on 24 February 2023, the Ministry of
over a slew of initiatives announced by the government to boost Malaysia’s
Finance (MOF) projects Malaysia’s real GDP growth to moderate to 4.5%
economy as well as amid gains in the utilities and real estate sectors. The
in 2023 from a growth rate of 8.7% in 2022 amid an expected slowdown in
FBMSC closed at 16,072.89 points to register a gain of 11.77% for the
the global economy and higher interest rates. Meanwhile, the government’s
financial year under review.
budget deficit is estimated to narrow to 5.0% of GDP in 2023 from 5.6% of
GDP for 2022.
Economic Review
On the inflation front, the MOF projects the inflation rate to range between
Malaysia’s real gross domestic product (GDP) growth moderated to 4.2%
2.8% and 3.8% in 2023 compared to 3.4% in 2022 amid a softer economic
in 1H 2023 from 8.7% in 2022, led by slower consumer spending and a
growth outlook and easing commodity prices.
decline in exports. On the supply side, growth in the services sector
slowed to 6.0% in 1H 2023 from 10.9% in 2022. Similarly, growth in the As at end‑August 2023, the FBMSC’s prospective P/E ratio of 12.7x is at a
manufacturing sector softened to 1.7% from 8.1% over the same period. discount of 45% to its 10‑year historical average of 23.0x.
Malaysia’s exports contracted by 5.9% in the first seven months of 2023 Given the above factors, the Fund will continue to rebalance its investment
compared to a growth of 24.9% in 2022 amid lower exports of chemical portfolio according to its objective of achieving high capital growth through
goods. Similarly, imports declined by 6.5% compared to a growth of 31.0% investments in companies with small market capitalisation with special
over the same period due to a decrease in imports of intermediate and focus on growth stocks.
consumption goods. The country’s cumulative trade surplus narrowed to
RM135.4 billion in the first seven months of 2023 from RM138.8 billion in Notes: Q = Quarter
the corresponding period of 2022. H = Half
Malaysia’s inflation rate eased to 3.0% in the first seven months of 2023 Cross‑Trade Transactions
from 3.4% in 2022 amid softer housing and transportation costs. To
contain elevated inflationary pressures, Bank Negara Malaysia (BNM) No cross‑trade transactions were undertaken by P SmallCap during
raised its OPR by a total of 125 basis points (bps) to 3.00% over the portfolio rebalancing activities over the financial year under review.
May 2022 ‑ May 2023 period.

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

transactions during the financial year under review.
Update on Changes Incorporated in Master Prospectus dated

28 August 2023
For AMANAHRAYA TRUSTEES BERHAD
A replacement Master Prospectus for Public Series of Funds dated
28 August 2023 was issued during the financial year under review to reflect
the various changes made to the Fund. Kindly refer to Appendix I for the full
list of changes made to the Fund.
ZAINUDIN BIN SUHAIMI

Chief Executive Officer
Date: 25 September 2023

Statement By Manager Independent Auditors’ Report
We, TAN SRI DATO’ SRI DR. TAY AH LEK and QUAH POH KEAT, being Independent auditors’ report to the Unitholders of
two of the directors of PUBLIC MUTUAL BERHAD, do hereby state that, PUBLIC SMALLCAP FUND
in the opinion of the Manager, the accompanying statement of assets and
Report on the audit of the financial statements
liabilities as at 31 August 2023 and the related statement of income and
expenditure, statement of changes in net asset value and statement of Opinion
cash flows for the financial year ended on that date together with the notes
thereto, are drawn up in accordance with Malaysian Financial Reporting We have audited the financial statements of PUBLIC SMALLCAP FUND
Standards and International Financial Reporting Standards so as to give a (“the Fund”), which comprise the statement of assets and liabilities as at
true and fair view of the financial position of PUBLIC SMALLCAP FUND as 31 August 2023, and the statement of income and expenditure, statement
at 31 August 2023 and of its financial performance, changes in net asset of changes in net asset value and statement of cash flows of the Fund
value and cash flows for the financial year then ended and comply with the for the financial year then ended, and notes to the financial statements,
requirements of the Deeds. including a summary of significant accounting policies, as set out on
pages 18 to 38.
In our opinion, the accompanying financial statements give a true and fair
view of the financial position of the Fund as at 31 August 2023, and of its
financial performance and its cash flows for the financial year then ended
in accordance with Malaysian Financial Reporting Standards (“MFRS”) and
International Financial Reporting Standards (“IFRS”).
For and on behalf of the Manager
Basis for opinion
We conducted our audit in accordance with approved standards on auditing
in Malaysia and International Standards on Auditing. Our responsibilities
under those standards are further described in the Auditors’ responsibilities
for the audit of the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and appropriate to
TAN SRI DATO’ SRI DR. TAY AH LEK provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Fund in accordance with the By-Laws (on
Professional Ethics, Conduct and Practice) of the Malaysian Institute
of Accountants (“By-Laws”) and the International Code of Ethics for
Professional Accountants (including International Independence Standards)
QUAH POH KEAT
(“IESBA Code”), and we have fulfilled our other ethical responsibilities in
accordance with the By-Laws and the IESBA Code.
27 September 2023
Information other than the financial statements and auditors’ report
thereon
The Manager of the Fund (“the Manager”) is responsible for the other
information. The other information comprises the information included in
the Annual Report of the Fund, but does not include the financial statements
of the Fund and our auditors’ report thereon.
Our opinion on the financial statements of the Fund does not cover the
other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements of the Fund, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements of the Fund or our knowledge obtained in the audit or otherwise
appears to be materially misstated.   If, based on the work we have performed,
we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Independent Auditors’ Report (cont’d) Independent Auditors’ Report (cont’d)
Report on the audit of the financial statements (cont’d) Report on the audit of the financial statements (cont’d)
Responsibility of the Manager and Trustee for the financial statements Auditors’ responsibilities for the audit of the financial statements (cont’d)
The Manager is responsible for the preparation of financial statements of • Conclude on the appropriateness of the Manager’s use of the going
the Fund that give a true and fair view in accordance with MFRS and IFRS. concern basis of accounting and, based on the audit evidence obtained,
The Manager is also responsible for such internal control as the Manager whether a material uncertainty exists related to events or conditions
determines is necessary to enable the preparation of financial statements that may cast significant doubt on the Fund’s ability to continue as a
of the Fund that are free from material misstatement, whether due to fraud going concern. If we conclude that a material uncertainty exists, we
or error. are required to draw attention in our auditors’ report to the related
In preparing the financial statements of the Fund, the Manager is disclosures in the financial statements of the Fund or, if such disclosures
responsible for assessing the Fund’s ability to continue as a going concern, are inadequate, to modify our opinion. Our conclusions are based on the
disclosing, as applicable, matters related to going concern and using the audit evidence obtained up to the date of our auditors’ report. However,
going concern basis of accounting unless the Manager either intends to future events or conditions may cause the Fund to cease to continue
liquidate the Fund or to cease operations, or has no realistic alternative as a going concern.
but to do so.
• Evaluate the overall presentation, structure and content of the financial
The Trustee is responsible for overseeing the Fund’s financial reporting statements of the Fund, including the disclosures, and whether the
process. The Trustee is also responsible for ensuring that the Manager financial statements of the Fund represent the underlying transactions
maintains proper accounting and other records as are necessary to enable and events in a manner that achieves fair presentation.
true and fair presentation of these financial statements.
We communicate with the Manager regarding, among other matters,
Auditors’ responsibilities for the audit of the financial statements the planned scope and timing of the audit and significant audit findings,
Our objectives are to obtain reasonable assurance about whether the including any significant deficiencies in internal control that we identify
financial statements of the Fund as a whole are free from material during our audit.
misstatement, whether due to fraud or error, and to issue an auditors’ Other matters
report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance This report is made solely to the unitholders of the Fund, as a body, in
with approved standards on auditing in Malaysia and International accordance with the Guidelines on Unit Trust Funds issued by the Securities
Standards on Auditing will always detect a material misstatement when it Commission Malaysia and for no other purpose. We do not assume
exists. Misstatements can arise from fraud or error and are considered responsibility to any other person for the content of this report.
material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis
of these financial statements.
As part of an audit in accordance with approved standards on auditing in
Malaysia and International Standards on Auditing, we exercise professional
judgement and maintain professional scepticism throughout the audit. We
also: Ernst & Young PLT Woo Jan Ning
202006000003 (LLP0022760-LCA) & AF 0039 No. 03713/01/2025 J
• Identify and assess the risks of material misstatement of the financial Chartered Accountants Chartered Accountant
statements of the Fund, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence Kuala Lumpur, Malaysia
that is sufficient and appropriate to provide a basis for our opinion. The
27 September 2023
risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the Fund’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Manager.

Statement Of Assets And Liabilities Statement Of Income And Expenditure
As at 31 August 2023 For the Financial Year Ended 31 August 2023
Note 2023 2022 Note 2023 2022

MYR’000 MYR’000 MYR’000 MYR’000
Assets Income
Investments 4 1,117,786 956,620 Interest income 3,900 1,311
Tax recoverable 16 - Distribution income 6,621 6,866
Other receivables 744 745 Dividend income 55,888 27,651
Deposits with financial institutions 6 96,491 97,088 Net gain/(loss) from investments 4 37,756 (135,639)
Cash at banks 7 118,228 150,321 Net realised/unrealised foreign
exchange gain 4,798 2,917
1,333,265 1,204,774
Liabilities 108,963 (96,894)
Due to brokers/financial institutions, net 8 1,123 584 Less: Expenses
Due to the Manager, net 9 3,062 1,785 Trustee’s fee 13 600 600
Provision for taxation - 1 Management fee 14 18,847 18,235
Other payables 42 32 Audit fee 7 7
Distribution payable 14,087 13,500 Tax agent’s fee 3 9
Brokerage fee 528 997
18,314 15,902 Administrative fees and expenses 62 84
Total net assets 1,314,951 1,188,872 20,047 19,932
Net asset value (“NAV”) attributable Net income/(loss) before taxation 88,916 (116,826)
to unitholders (Total equity) 10 1,314,951 1,188,872 Taxation 15 (737) (847)
Units in circulation (in ’000) 11 1,408,697 1,349,994 Net income/(loss) after taxation 88,179 (117,673)
NAV per unit, ex-distribution (in sen) 93.35 88.06 Net income/(loss) after taxation is made
up as follows:
Realised 35,814 33,291
The accompanying notes are an integral part of this statement. Unrealised 52,365 (150,964)
88,179 (117,673)
Distribution for the financial year 16 14,087 13,500
The accompanying notes are an integral part of this statement.

Statement Of Changes In Net Asset Value Statement Of Cash Flows
Unitholders’ Retained 2023 2022

Note capital earnings Total MYR’000 MYR’000
MYR’000 MYR’000 MYR’000 Cash flows from operating activities
Proceeds from sale of investments 32,468 206,534
As at 1 September 2021 737,782 465,458 1,203,240 Purchase of investments (155,987) (141,997)
Creation of units 157,291 - 157,291 Maturity of deposits 31,874,377 14,708,691
Cancellation of units (40,486) - (40,486) Placement of deposits (31,873,780) (14,780,602)
Net loss after taxation - (117,673) (117,673) Interest income received 3,896 1,302
Distribution 16 - (13,500) (13,500) Net distribution income received 6,067 5,926
As at 31 August 2022 854,587 334,285 1,188,872 Net dividend income received 55,733 27,576
Trustee’s fee paid (600) (600)
Management fee paid (18,714) (18,246)
Audit fee paid (7) (7)
As at 1 September 2022 854,587 334,285 1,188,872
Tax agent’s fee paid - (9)
Creation of units 111,753 - 111,753
Payment of other fees and expenses (55) (89)
Cancellation of units (59,766) - (59,766)
Taxation paid (37) (8)
Net income after taxation - 88,179 88,179
Distribution 16 - (14,087) (14,087) Net cash (outflow)/inflow from operating
activities (76,639) 8,471
As at 31 August 2023 906,574 408,377 1,314,951
Cash flows from financing activities
Cash proceeds from units created 111,753 157,291
The accompanying notes are an integral part of this statement. Cash paid on units cancelled (58,622) (40,962)
Distribution paid (13,500) (24,519)
Net cash inflow from financing activities 39,631 91,810
Net (decrease)/increase in cash and cash
equivalents (37,008) 100,281
Effect of changes in foreign exchange
rates 4,915 2,876
Cash and cash equivalents at the
beginning of the financial year 150,321 47,164
Cash and cash equivalents at the end of
the financial year 118,228 150,321
The accompanying notes are an integral part of this statement.

Notes To The Financial Statements Notes To The Financial Statements
31 August 2023 31 August 2023
1. The Fund, The Manager and Their Principal Activities 2. Summary of Significant Accounting Policies (cont’d)
The Public SmallCap Fund (hereinafter referred to as “the Fund”) was (a) Basis of Preparation (cont’d)
set up pursuant to the execution of a Supplemental Master Deed dated Effective dates
22 May 2000 between the Manager, Public Mutual Berhad, the Trustee, for financial periods
AmanahRaya Trustees Berhad and the registered unitholders of the beginning on or after
Fund. The Fund is governed by a Master Deed dated 28 January 1999
and subsequent Supplemental Master Deeds (collectively referred to Disclosure of Accounting Policies 1 January 2023
as “Deeds”). (Amendments to MFRS 101 Presentation
of Financial Statements)
The Fund’s objective is to achieve high capital growth through Definition of Accounting Estimates 1 January 2023
investments in companies with small market capitalisation with special (Amendments to MFRS 108 Accounting
focus on growth stocks. The Fund invests in investments as defined in
Policies, Changes in Accounting Estimates
the Deeds. The Fund was launched on 13 June 2000 and will continue
and Errors)
its operations until terminated by the Trustee as provided in the Master
Deferred Tax related to Assets and Liabilities 1 January 2023
Deed.
arising from a Single Transaction
The Manager of the Fund is Public Mutual Berhad, a company (Amendments to MFRS 112 Income Taxes) *
incorporated in Malaysia. Its principal activities are the management International Tax Reform - Pillar Two Model 1 January 2023
of unit trusts and the sale of trust units. Its ultimate holding company Rules (Amendments to MFRS 112 Income
is Public Bank Berhad, a licensed bank incorporated in Malaysia and Taxes) *
listed on the Main Market of Bursa Malaysia Securities Berhad. Lease Liability in a Sale and Leaseback 1 January 2024
(Amendments to MFRS 16 Leases) *
2. Summary of Significant Accounting Policies Non-current Liabilities with Covenants 1 January 2024
(Amendments to MFRS 101 Presentation
(a) Basis of Preparation of Financial Statements) *
The financial statements of the Fund have been prepared under Supplier Finance Arrangements 1 January 2024
the historical cost convention, as modified by the revaluation of (Amendments to MFRS 107 Statement of
financial assets and financial liabilities at fair value and comply Cash Flows and MFRS 7 Financial
with Malaysian Financial Reporting Standards (“MFRS”) and Instruments: Disclosures) *
International Financial Reporting Standards (“IFRS”). Lack of Exchangeability (Amendments to 1 January 2025
MFRS 121 The Effects of Changes in
The Fund has adopted MFRSs, Amendments and Issue Committee Foreign Exchange Rates)
(“IC”) Interpretations which were effective from periods beginning Sale or Contribution of Assets between an To be announced
on or after 1 January 2022. The adoption of these MFRSs, Investor and its Associate or Joint Venture
Amendments and IC Interpretations do not have any significant
(Amendments to MFRS 10 and MFRS 128) *
impact on the financial statements of the Fund.
* These MFRSs and Amendments are not relevant to the Fund.
The Fund will adopt the following MFRSs and Amendments when
they become effective in the respective financial periods and these (b) Accounting Estimates and Judgements
MFRSs and Amendments are not expected to have material impact
to the financial statements of the Fund upon the initial application. The preparation of the Fund’s financial statements requires the
Manager to make judgements, estimates and assumptions that
Effective dates affect the reported amounts of revenues, expenses, assets and
for financial periods liabilities, and the disclosure of contingent liabilities at the reporting
beginning on or after date. However, uncertainty about these assumptions and estimates
MFRS 17 - Insurance Contracts * 1 January 2023 could result in outcomes that could require a material adjustment to
Amendments to MFRS 17 Insurance 1 January 2023 the carrying amount of an asset or a liability in the future.
Contracts * There are no major judgements nor key assumptions concerning
Initial Application of MFRS 17 and MFRS 9 1 January 2023 the future and other key sources of estimation uncertainty at the
- Comparative Information (Amendment to reporting date, that may cast significant doubt upon the Fund’s
MFRS 17 Insurance Contracts) * ability to continue as a going concern. Therefore, the financial
Classification of Liabilities as Current or 1 January 2023 statements continue to be prepared on a going concern basis.
Non-current (Amendments to MFRS 101
Presentation of Financial Statements)
2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(c) Fair Value Measurement (d) Financial Instruments (cont’d)
Fair value is the price that would be received to sell an asset or i) Financial Assets (cont’d)
paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Financial Assets at amortised cost
A financial asset is measured at amortised cost if it is held
(d) Financial Instruments within a business model whose objective is to hold financial
assets in order to collect contractual cash flows and its
Financial assets and financial liabilities are recognised in the
Statement of Assets and Liabilities when, and only when, the Fund contractual terms give rise on specified dates to cash flows that
becomes a party to the contractual provisions of the instrument. are solely payments of principal and interest on the principal
amount outstanding. The Fund includes in this category
A financial asset or financial liability is considered to be held for amount due from brokers/financial institutions, amount due
trading if: from the Manager, other receivables, deposits with financial
• It is acquired or incurred principally for the purpose of selling institutions and cash at banks.
or repurchasing it in the near term; or ii) Financial Liabilities
• On initial recognition, it is part of a portfolio of identified financial Financial liabilities are recognised initially at fair value and
instruments that are managed together and for which, there is classified according to the substance of the contractual
evidence of a recent actual pattern of short-term profit-taking; arrangements entered into and the definitions of a financial
or
liability.
• It is a derivative (except for a derivative that is a financial
The Fund derecognises a financial liability when the obligation
guarantee contract or a designated and effective hedging
under the liability is discharged, cancelled or expired.
instrument).
Financial Liabilities at FVTPL
i) Financial Assets
A financial liability is measured at FVTPL if it meets the
The Fund determines the classification of its financial assets at definition of held for trading.
initial recognition, and the categories include financial assets
measured at fair value through profit or loss (“FVTPL”) and Financial Liabilities at amortised cost
financial assets measured at amortised cost. This category includes all financial liabilities, other than those
measured at FVTPL. The Fund includes in this category
When financial assets are recognised initially on trade date, amount due to brokers/financial institutions, amounts due to
they are measured at fair value, plus, in the case of financial the Manager and the Trustee, and other payables.
assets not at FVTPL, directly attributable transaction costs.
Impairment
Financial assets are derecognised on trade date when the The Fund holds only receivables which have maturities of less than
rights to receive cash flows from the investments have expired 12 months at amortised cost and has chosen to apply the simplified
or the Fund has transferred substantially all risks and rewards approach on all receivables.
of ownership.
(e) Foreign Currency
Financial Assets at FVTPL
A financial asset is classified as FVTPL if it meets the definition i) Functional and Presentation Currency
of held for trading. Subsequent to initial recognition, financial
assets at FVTPL are measured at fair value. Changes in the The financial statements of the Fund are measured using
fair value of those financial instruments are recorded in “Net the currency of the primary economic environment in which
gain or loss on financial assets at FVTPL”. Interest earned, the Fund operates (“the functional currency”). The financial
distribution income and dividend revenue elements of such statements are presented in Malaysian Ringgit (“MYR”), which
instruments are recorded separately in “Interest income”, is also the Fund’s functional currency.
“Distribution income” and “Dividend income” respectively.
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.

2. Summary of Significant Accounting Policies (cont’d) 2. Summary of Significant Accounting Policies (cont’d)
(e) Foreign Currency (cont’d) (i) Taxation
ii) Foreign Currency Transactions Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the tax authorities. The
Transactions in foreign currencies are measured and recorded tax rate and tax laws used to compute the amount are those that
in the functional currency of the Fund on initial recognition at are enacted or substantively enacted by the reporting date. The
exchange rates approximating those ruling at the transaction Fund may also incur withholding taxes on income received from
dates. Monetary assets and liabilities denominated in foreign financial instruments.
currencies are translated at the rate of exchange ruling at
the reporting date. Non-monetary items denominated in (j) Related Parties
foreign currencies that are measured at historical cost are Related parties refer to Public Bank Berhad and its subsidiaries.
translated using the exchange rates as at the dates of the
initial recognition. 3. Financial Risk and Capital Management Policies
Exchange differences arising from translation of monetary The Fund is exposed to a variety of financial risks, which include market
items at the reporting date are recognised in profit or loss. risk (such as price risk and currency risk), credit and counterparty risk,
Exchange differences arising from the translation of non- single issuer risk, liquidity risk and the current COVID-19 pandemic.
monetary financial assets at FVTPL are included in profit The overall financial risk management objective of the Fund is to
or loss. mitigate capital loss.
(f) Unitholders’ Capital Financial risk management is carried out through policy reviews,
internal control systems and adherence to the investment powers and
The Unitholders’ contributions to the Fund meet the definition of restrictions stipulated in the Guidelines on Unit Trust Funds issued by
puttable instruments and are classified as equity instruments. the Securities Commission Malaysia.
Distribution equalisation represents the average distributable (a) Market Risk
amount included in the creation and cancellation prices of units.
Market risk arises when the value of the securities fluctuates in
This amount is either refunded to Unitholders by way of distribution
response to the activities of individual companies, and general
and/or adjusted accordingly when units are cancelled.
market or economic environments. Market risk is managed
(g) Cash and Cash Equivalents through portfolio diversification and changes in asset allocation.
It comprises the following risks:
Cash and cash equivalents comprise cash at licensed banks which
are subject to an insignificant risk of changes in value. i) Price Risk
(h) Income Price risk is the risk that prices of equity securities and
collective investment funds rise or fall as a result of changes
Income is recognised to the extent that it is probable that the in factors specific to a particular security or general market
economic benefits will flow to the Fund and the income can conditions.
be reliably measured. Income is measured at the fair value of The increase/(decrease) in the NAV attributable to unitholders
consideration received or receivable, and is presented gross of as at reporting date, assuming equity and collective
withholding tax which is disclosed separately. investment funds’ prices change by +/(-) 5% with all
Distribution income and dividend income are recognised on the other variables held constant, is +/(-) MYR55,889,000
(2022: +/(-) MYR47,831,000). This analysis is for illustration
date when the Fund’s right to receive the payment is established.
purpose only and not an indication of future variances.
Interest income for all interest-bearing financial instruments and
ii) Currency Risk
accretion of discount/amortisation of premium are recognised using
the effective interest rate method. The Fund may invest in financial instruments denominated in
currencies other than its functional currency. Consequently,
the Fund is exposed to risks arising from changes in the
exchange rate of its functional currency relative to other
foreign currencies that might significantly impact the value of
the Fund’s assets or liabilities denominated in currencies other
than Malaysian Ringgit.

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

(a) Market Risk (cont’d) 2023 2022
MYR’000 MYR’000
ii) Currency Risk (cont’d) Financial assets at FVTPL
The increase/(decrease) in the NAV attributable to unitholders - Equity securities 964,109 835,090
as at reporting date, assuming exchange rates of foreign - Collective investment funds 144,905 117,128
currencies fluctuate by +/(-) 5% with all other variables held - Redeemable convertible unsecured loan
stocks 8,772 4,402
constant, is +/(-) MYR11,045,000 (2022: +/(-) MYR9,674,000).
This analysis is for illustration purpose only and not an 1,117,786 956,620
indication of future variances.
The Fund’s investments are carried at fair value, which were
(b) Credit and Counterparty Risk
determined using prices in active markets for identical assets.
Credit risk refers to the ability of an issuer to make timely payments
Quoted equity securities, collective investment funds and redeemable
of interest and principal. Counterparty risk refers to the ability of a
convertible unsecured loan stocks
counterparty to make timely payment of proceeds from realisation Fair value is determined directly by reference to the published market
of investments. The Manager manages credit and counterparty price at the reporting date.
risks by setting exposure limits and undertaking periodical
credit evaluation to assess the creditworthiness of issuers and The market prices of the above quoted financial instruments are
counterparties. determined by reference to information made publicly available by the
respective stock exchanges.
(c) Single Issuer Risk
FINANCIAL INSTRUMENTS - 31 August 2023
The Fund is restricted to invest in securities issued by any issuer
of not more than a certain percentage of its net asset value. Under The equity securities and collective investment funds held by the Fund
such restriction, the exposure risk to the securities of a single are categorised based on their principal business activities according
issuer is minimised. to the Bloomberg Sector Classification System as at the reporting date
of the Statement of Assets and Liabilities.
(d) Liquidity Risk
Fair Percent
The Fund maintains sufficient level of liquid assets to meet Quantity Cost Value of NAV
anticipated payments and redemption by unitholders. Liquid assets (in ’000) MYR’000 MYR’000 %
comprise cash, deposits with licensed financial institutions and other EQUITY SECURITIES
instruments, which can be converted into cash within 7 days. The
Malaysia
Fund’s policy is to maintain a prudent level of liquid assets and
monitoring of the daily creation and cancellation of units so as to Ordinary Shares
manage liquidity risk.
Basic Materials
The Fund’s financial liabilities have contractual maturities of not Hume Cement Industries
more than six (6) months. Berhad 8,860 19,376 16,923 1.3
(e) Capital Management Communications

TIME dotCom Berhad 22,926 14,668 126,091 9.6
Capital is represented by unitholders’ subscription to the Fund.
The amount of capital can change significantly on a daily basis Consumer, Cyclical
as the Fund is subject to daily redemption and subscription at AEON Co. (M) Bhd 19,089 28,643 20,234 1.5
the discretion of unitholders. The Manager manages the Fund’s APM Automotive
capital in accordance to its objective as stated in Note 1, while Holdings Berhad 3,387 15,722 7,079 0.5
Berjaya Food Berhad 35,885 14,830 24,402 1.9
maintaining sufficient liquidity to meet unitholders’ redemption as
MBM Resources Berhad 2,844 9,728 11,800 0.9
explained in Note (d) above.
Padini Holdings Berhad 7,302 7,901 28,842 2.2
Panasonic Manufacturing
Malaysia Berhad 260 8,966 5,454 0.4
85,790 97,811 7.4

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)
Malaysia (cont’d) Malaysia (cont’d)
Ordinary Shares (cont’d) Ordinary Shares (cont’d)
Consumer, Non-cyclical Industrial (cont’d)
Ajinomoto (Malaysia) SAM Engineering &
Berhad 857 15,297 13,860 1.1 Equipment (M) Berhad 10,962 35,441 51,523 3.9
Hap Seng Plantations SKP Resources Bhd 4,939 6,192 4,766 0.4
Holdings Berhad 13,529 26,680 25,435 1.9 Supercomnet Technologies
Kawan Food Berhad 4,866 10,023 8,564 0.6 Berhad 10,255 15,925 13,537 1.0
Kim Loong Resources UWC Berhad 4,921 18,111 17,223 1.3
Berhad 3,086 5,218 5,678 0.4 Wellcall Holdings Berhad 11,868 15,595 15,785 1.2
Sarawak Oil Palms
Berhad 3,408 6,676 8,691 0.7 160,804 197,202 15.0
Spritzer Bhd 156 196 242 # Technology
TA ANN Holdings Berhad 3,518 12,909 12,769 1.0 D & O Green Technologies
TSH Resources Berhad 13,586 16,016 13,993 1.1 Berhad 9,900 24,939 35,046 2.7
UEM Edgenta Berhad 10,826 19,285 10,501 0.8 Dufu Technology Corp.
United Malacca Berhad 914 6,053 4,706 0.4 Berhad 9,543 34,947 17,846 1.3
118,353 104,439 8.0 Globetronics Technology
Berhad 7,480 16,438 11,893 0.9
Diversified Infomina Berhad 3,714 6,577 6,537 0.5
Malaysian Pacific
Industries Berhad 2,564 12,038 73,838 5.6 82,901 71,322 5.4
Energy Preference Shares

Velesto Energy Berhad 37,757 14,426 8,873 0.7 Financial
Financial Allianz Malaysia Berhad -
Allianz Malaysia Berhad 3,851 31,396 63,156 4.8 Irredeemable Convertible
Crescendo Corporation Preference Shares 2,771 8,821 47,938 3.6
Berhad 4,531 6,764 6,525 0.5 Japan
IGB Berhad 20,053 33,921 41,309 3.2
Manulife Holdings Berhad 9,168 23,855 17,693 1.3 Industrial
OSK Holdings Berhad 6,497 6,445 7,992 0.6 Fujimi Incorporated 223 24,701 23,902 1.8
Paramount Corporation Toyo Tanso Co., Ltd 151 26,696 28,719 2.2
Berhad 7,998 8,688 7,798 0.6 51,397 52,621 4.0
111,069 144,473 11.0 Technology
Industrial Lasertec Corp 14 2,596 10,110 0.8
Hong Leong Industries Taiwan
Berhad 4,913 16,490 43,974 3.4
JHM Consolidation Industrial
Berhad 13,264 24,044 10,744 0.8 LOTES Co., Ltd 99 4,657 12,468 0.9
P.I.E. Industrial Berhad 13,864 29,006 39,650 3.0
# Denote less than 0.1% of NAV.

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

Quantity/ Cost/ The Fund uses the following hierarchy for determining and disclosing
Nominal Aggregate Fair Percent the fair value of financial instruments by valuation technique:
Value Cost Value of NAV
Level 1: Quoted prices per respective stock markets for identical
(in ’000)/ MYR’000 MYR’000 %
assets or liabilities.
MYR’000
COLLECTIVE Level 2: Inputs other than quoted prices included within Level 1 that
INVESTMENT FUNDS are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices).
Malaysia
Level 3: Inputs for the asset or liability other than observable market
Financial data.
AME Real Estate
Investment Trust 4,190 4,955 5,279 0.4 As of end of the financial year, the Fund held the following financial
Axis Real Estate instruments carried at fair value on the Statement of Assets and
Investment Trust 27,667 35,511 51,737 3.9 Liabilities:
CapitaLand Malaysia Trust 11,572 11,448 6,133 0.5 Level 1 Total
IGB Real Estate
Investment Trust 33,135 45,777 54,010 4.1 2023 2022 2023 2022
MYR’000 MYR’000 MYR’000 MYR’000
97,691 117,159 8.9 Financial assets at FVTPL
- Equity securities 964,109 835,090 964,109 835,090
United States
- Collective investment
Funds funds 144,905 117,128 144,905 117,128
iShares Core S&P - Redeemable
Small-Cap ETF 32 13,912 14,954 1.1 convertible
Vanguard S&P Small-Cap unsecured loan
600 ETF 30 11,527 12,792 1.0 stocks 8,772 4,402 8,772 4,402
25,439 27,746 2.1 1,117,786 956,620 1,117,786 956,620
REDEEMABLE
There were no transfers between Level 1 and Level 2 during the
CONVERTIBLE current and previous financial year.
UNSECURED
LOAN STOCKS The carrying amounts of financial assets and financial liabilities,
other than above, approximate fair values due to relatively short term
Ringgit-denominated maturities of these financial instruments.
Hume Cement Industries
Berhad - 5.00% / 2024 3,190 3,230 8,772 0.7 6. Deposits with Financial Institutions
TOTAL 813,256 1,117,786 85.0 2023 2022
MYR’000 MYR’000
Cost is translated to the Fund’s functional currency based on the Deposits with a related licensed financial
exchange rates at the reporting date of the Statement of Assets and institution 96,491 97,088
Liabilities.
Net gain/(loss) from investments for the financial year is as follows: Weighted average rates of return for the financial year and the average
remaining maturities of deposits as of end of the financial year are as
2023 2022 follows:
MYR’000 MYR’000
Financial assets at FVTPL Weighted Average Average Remaining
- realised (loss)/gain on disposal (10,818) 17,421 Rates of Return Maturities
- unrealised gain/(loss) on changes in fair 2023 2022 2023 2022
value 48,574 (153,060) % % Day Day
37,756 (135,639) Money market deposits,
less than 1 year 2.85 1.93 1 1

7. Cash at Banks 12. Holdings of Units by the Manager

2023 2022 As of end of the financial year, the total number and value of units held
MYR’000 MYR’000 legally by the Manager are as follows:
Cash balances in licensed banks
- related parties 7,267 704 2023 2022
- others 110,961 149,617 No. of units No. of units
(in ’000) MYR’000 (in ’000) MYR’000
118,228 150,321
The Manager 13 12 22 19
8. Due to Brokers/Financial Institutions, Net
13. Trustee’s Fee
2023 2022
MYR’000 MYR’000 Trustee’s fee is computed daily based on 0.06% per annum of the net
Amount due to asset value, subject to a minimum fee of MYR18,000 per annum and a
- a related financial institution 106 559 maximum fee of MYR600,000 per annum.
- other stockbroking companies 1,017 25
14. Management Fee
1,123 584
Management fee is computed daily based on 1.50% per annum of the
net asset value. Where the Fund invests in a collective investment
9. Due to the Manager, Net scheme managed by the Manager, the management fee is charged
The net amount due to the Manager represents amount payable for only once.
units cancelled and/or amount payable for management fee, net of
amount receivable for the units created. Amounts for units created/ 15. Taxation
cancelled are receivable/payable within 7 business days of creation/ 2023 2022
cancellation. Management fee is payable on a monthly basis.
MYR’000 MYR’000
Malaysian tax
10. Net Asset Value Attributable to Unitholders (Total Equity)
- current financial year charge - 9
2023 2022 - previous financial year adjustment 20 -
MYR’000 MYR’000 - withholding tax 588 496
Unitholders’ capital 906,574 854,587 608 505

Retained earnings 408,377 334,285 Foreign withholding tax
- current financial year charge 129 383
1,314,951 1,188,872 - reclaim of withholding tax for prior
Retained earnings financial years - (41)
- realised reserves 96,647 74,920 129 342
- unrealised reserves 311,730 259,365
737 847
408,377 334,285
Domestic income tax is calculated at the Malaysian statutory tax rate
11. Units in Circulation of 24% of the estimated assessable income for the financial year.
As of end of the financial year, the total number of units in circulation Effective 1 January 2022, the income arising from sources outside
is as follows: Malaysia and received in Malaysia by the Fund are subject to income
2023 2022 tax in Malaysia pursuant to the Income Tax Act 1967 (ITA). Pursuant
No. of units No. of units to subsection 6(1)(p) and Part XX of Schedule 1 of the ITA, Malaysian
(in ’000) (in ’000) income tax on income received from outside Malaysia for the period
from 1 January 2022 to 30 June 2022, is charged at the rate of 3%
At beginning of the financial year 1,349,994 1,225,940 of gross. Malaysian income tax on income received from outside
Creation of units 124,876 167,800 Malaysia after 30 June 2022 is charged at the prevailing statutory tax
Cancellation of units (66,173) (43,746) rate of 24% of the assessable income.
At end of the financial year 1,408,697 1,349,994

15. Taxation (cont’d) 16. Distribution (cont’d)

There is no Malaysian income taxation charge for the current financial 2023 2022
year after deducting allowable expenses and credit allowed under
section 132 or 133 of the ITA, if any. Gross distribution per unit (sen) 1.0000 1.0000
A reconciliation of income tax expense applicable to net income/(loss) Net distribution per unit (sen) 1.0000 1.0000
before taxation at the statutory income tax rate to income tax expense
at the effective income tax rate of the Fund is as follows: 17. Transactions with Related and Other Brokers/Financial
2023 2022 Institutions
MYR’000 MYR’000 Percent
Net income/(loss) before taxation 88,916 (116,826) Percent Brokerage of Total
Value of of Total Fees and Fees and
Taxation at Malaysian statutory rate - 24% 21,340 (28,413) Name Trade Trade Commissions Commissions
- 3% - 60 MYR’000 % MYR’000 %
Tax effects of: Public Investment
- (income) not subject to tax/loss not Bank Berhad
allowed for tax deduction (25,969) 23,764 (related party) 46,359 25 107 30
- expenses not deductible for tax Macquarie
purposes 281 398 Securities
- restriction on tax deductible expenses (Australia) Limited 25,747 14 52 15
for unit trust funds 4,077 3,947 UBS Securities LLC 21,834 12 12 3
- tax deductible expenses not fully Mercury Securities
utilised 271 328 Sdn Bhd 16,216 9 37 10
- tax credit allowed under section 132 or CLSA Singapore
133 of the ITA - (75) Pte Ltd 15,383 8 23 6
Previous financial year adjustment 20 - Instinet Singapore
Withholding tax 588 496
Services Pte Ltd 11,993 6 24 7
608 505 China International
Foreign withholding tax Capital Corp HK
- current financial year charge 129 383 Securities Ltd 10,020 5 6 2
- reclaim of withholding tax for prior Maybank
financial years - (41) Investment Bank
Berhad 8,520 4 19 5
Tax expense 737 847
Macquarie Capital
Securities
16. Distribution (Malaysia) Sdn
Bhd 6,054 3 14 4
Distribution declared on 30 August 2023 (2022: 30 August 2022) to
unitholders is derived from the following sources: Public Securities
Limited (related
2023 2022 party) 5,245 3 14 4
MYR’000 MYR’000 Public Bank (Hong
Interest income 3,843 1,258 Kong) Limited
Distribution income 72 5,588 (related party) 1,234 1 3 1
Dividend income 16,361 26,586 Others 19,641 10 47 13
20,276 33,432 188,246 100 358 100

Less: Expenses (6,189) (19,932)
14,087 13,500

Notes To The Financial Statements Appendix I
31 August 2023
18. Total Expense and Portfolio Turnover Ratios Amendments made to the Replacement Master Prospectus for
Public Series of Funds dated 28 August 2023
(a) Total Expense Ratio (“TER”)
The TER for the financial year is 1.55% (2022: 1.56%). It is the The following disclosures have been amended/incorporated in the
total expenses expressed as an annual percentage of the Fund’s Replacement Master Prospectus of Public Series of Funds dated
average net asset value. 28 August 2023 (Replacement Master Prospectus) pursuant to the
issuance of revised Guidelines of Unit Trust Funds issued on
(b) Portfolio Turnover Ratio (“PTR”) 21 December 2021 and updated on 28 November 2022:
The PTR for the financial year is 0.08 times (2022: 0.14 times). It 1. Inside Cover
represents the average of the total acquisitions and disposals of
the investments in the Fund for the financial year over the average Inclusion of the following warning statement in the inside cover of the
net asset value of the Fund calculated on a daily basis. replacement master prospectus:
IF A FUND DECLARES DISTRIBUTION OUT OF CAPITAL, THE
19. Segment Information CAPITAL OF THE FUND WILL BE ERODED IF THE DISTRIBUTION
For management purposes, the Fund is organised into one main IS ACHIEVED BY FORGOING THE POTENTIAL FOR FUTURE
operating segment, which invests in various financial instruments and CAPITAL GROWTH AND THIS CYCLE MAY CONTINUE UNTIL ALL
the analysis of the Fund’s investment income is as follows: CAPITAL IS DEPLETED.
2023 2022 2. Glossary of Terms/Abbreviations

MYR’000 MYR’000
(a) Investment Type No: Previous Current
Equity securities 91,518 (87,616)
1. Eligible Market Eligible Market
Collective investment funds 9,175 (10,065)
Warrants - 12 A market that – An exchange, government
Convertible unsecured loan stocks 4,529 (382) (a) is regulated by a securities market or an over-
Collective investment schemes - 5 regulatory authority; the-counter (OTC) market–
Deposits 3,741 1,152 (b) operates regularly; (a) that is regulated by a
(c) is open to the public; regulatory authority of
108,963 (96,894)
and that jurisdiction;
(b) Regional Locations (d) has adequate liquidity (b) that is open to
Malaysia 95,913 (59,654) for the purposes of the the public or to a
Asia Pacific 6,825 (25,650) fund in question. substantial number of
Europe & United States 6,225 (11,590) market participants; and
(c) on which financial
108,963 (96,894) instruments are
regularly traded.

Amendments made to the Replacement Master Prospectus for Amendments made to the Replacement Master Prospectus for
Public Series of Funds dated 28 August 2023 (cont’d) Public Series of Funds dated 28 August 2023 (cont’d)
2. Glossary of Terms/Abbreviations (cont’d) 2. Glossary of Terms/Abbreviations (cont’d)
No: Previous Current No: Previous Current

2. Extraordinary Resolution Special Resolution 5. - Transferable securities
A resolution passed at A resolution passed by a Transferable securities
a meeting of unitholders majority of not less than refer to:
duly convened and held three-fourth of unitholders (a) shares or securities
in accordance with the voting at a meeting of equivalent to shares;
provisions of the Deed unitholders. For the purpose (b) bonds or other forms of
and carried by a majority of terminating a fund, a securitised debt;
consisting of not less special resolution is passed (c) sukuk;
than three quarters of the by a majority in number but do not include money
unitholders voting thereat representing at least three- market instruments or any
upon a show of hands or fourth of the value of the security where the title can
if a poll is duly demanded units held by unitholders be transferred only with the
and taken by a majority voting at the meeting. consent of a third party; and
consisting of not less than (d) shares that are not
three quarters in number listed and quoted on
of the votes given on such a stock exchange but
poll. For the purposes of have been approved by
termination or winding-up the relevant regulatory
of a fund, an extraordinary authority for such listing
resolution is passed by and quotation, and are
a majority in number offered directly to the
representing at least three- funds by the issuer.
fourth of the value of the
6. - Unrestricted investment
units held by unitholders at
accounts
the meeting duly convened
and held in accordance with Investment accounts are
the provisions of the Deed. instruments offered by
3. - Debt securities Islamic banks licensed by
Bank Negara Malaysia for
Debt securities refer to the purpose of investments
bonds or other forms of and sharing of profit
securitised debt and sukuk. from Shariah-compliant
investment activities,
4. - Securities equivalent to
including for the provision of
shares
finance, in accordance with
Securities equivalent to Shariah principles such as
shares include units or mudharabah, musyarakah
shares in business trusts, and wakalah. Unrestricted
depositary receipts, investment accounts allow
participatory notes, rights, Islamic banks licensed by
warrants and any other Bank Negara Malaysia to
rights, options or interests determine the investment
that can be converted into mandate and the structure of
new shares. the investment account.

2. Glossary of Terms/Abbreviations (cont’d) 3. Information on the Funds (cont’d)

7. - Warrants 6. - Additional disclosure
incorporated under the
Securities that entitles funds’ benchmark (except
the holder to exercise his for PNVGF and PMMF):
rights to buy the underlying
stock(s) of the issuing As the fund is actively
company at a fixed price managed and its holdings
called exercise price until may differ from its
the expiry date. For the benchmark, the risk profile
purpose of these funds, the of the fund is not the same
underlying stock(s) must be as the risk profile of the
in new shares. benchmark.
7. - Insertion of Investment
3. Information on the Funds Approach for investments
The following terminologies and disclosures have been amended as in collective investment
below: scheme for Equity, Mixed
Asset, Balanced Funds and
No: Previous Current PEBF
1. Equity and equity-related Shares or securities The suitability of the

securities equivalent to shares collective investment
scheme will be evaluated to
2. Fixed income securities Bonds or other forms of ensure that the investment
securitised debt strategies of the said
3. Liquid assets which include • Money market collective investment
money market instruments instruments which include scheme are aligned to the
and deposits unrestricted investment fund’s investment strategies
accounts and objective.
• Deposits with licensed 8. Temporary defensive Temporary defensive
domestic and foreign strategy: strategy:
financial institutions
All equity funds and PTAF All equity funds and PTAF
4. Units of other collective Units or shares of other
investment schemes collective investment If the outlook for equity If the outlook for equity
schemes market is unfavourable, market is unfavourable,
the equity exposure may the shares or securities
5. Although the fund is actively Removed
be reduced to below the equivalent to shares
managed, the frequency of
range indicated above as exposure may be reduced
its trading strategy will very
a temporary defensive to below the range indicated
much depend on market
strategy. above while the exposure
opportunities.
to bonds or other forms of
securitised debt, money
market instruments and
deposits may be increased
as a temporary defensive
strategy.

3. Information on the Funds (cont’d) 3. Information on the Funds (cont’d)

8. PSMAGF PSMAGF 8. P BOND, PSBF, PSTBF and P BOND, PSBF, PSTBF and
PENTBF PENTBF
If the outlook for the If the outlook for the
respective asset classes respective asset classes is If the outlook for fixed If the outlook for bond
is unfavourable, the unfavourable, the shares income securities market market is unfavourable,
equity and/or fixed income or securities equivalent to is unfavourable, the fixed the bonds or other forms of
securities exposure may shares and/or bonds or other income securities exposure securitised debt exposure
be reduced to below the forms of securitised debt may be reduced to below may be reduced to below
range indicated above as exposure may be reduced the range indicated above the range indicated above
a temporary defensive to below the range indicated as a temporary defensive while the exposure to money
strategy. above while the exposure to strategy. market instruments and
money market instruments deposits may be increased
and deposits may be as a temporary defensive
increased as a temporary strategy.
defensive strategy.
PSMACF PSMACF 4. Risk Factors of the Funds
If the outlook for the If the outlook for the
No: Previous Current
respective asset classes respective asset classes is
is unfavourable, the fixed unfavourable, the bonds or 1. Risk associated with Risk associated with
income securities and/ other forms of securitised investments in warrants investments in warrants
or equity exposure may debt and/or shares or
be reduced to below the securities equivalent to The market price of warrants The market price of warrants
range indicated above as shares exposure may be held by the fund may be held by the fund will depend
a temporary defensive reduced to below the range impacted by changes on the current market price
strategy. indicated above while in market price of the of the underlying security,
the exposure to money underlying securities as well the exercise price of the
market instruments and as the exercise price and warrants and the time to
deposits may be increased expiry date of the warrants. expiration of the warrants.
as a temporary defensive Any adverse movements Such investments may
strategy. in the market price of the experience time decay,
warrants may impact the and the erosion of value
Balanced Funds Balanced Funds fund’s NAV and unit price. accelerates as the warrant
If the outlook for the If the outlook for equity approaches its expiry date.
respective asset classes market is unfavourable, Any adverse movements
is unfavourable, the the shares or securities in the market price of the
equity and/or fixed income equivalent to shares warrants may impact the
securities exposure may exposure may be reduced fund’s NAV and unit price.
be reduced to below the to below the range indicated
range indicated above as above while the exposure
a temporary defensive to bonds or other forms of
strategy. securitised debt, money
market instruments and
deposits may be increased
to above the range indicated
as a temporary defensive
strategy.

5. Risk Management Strategies 6. Liquidity Risk Management
No: Previous Current Previous Current

1. Equity, Mixed Asset and Equity, Mixed Asset and - Prudent liquidity management such as
Balanced Funds Balanced Funds cash flow and redemption monitoring (for
To mitigate risks arising To mitigate risks arising example, single customer exposure, risk
from significant volatilities from significant volatilities appetite limit on redemption rate* and
in times of adverse market in times of adverse market liquidity stress test) is in place to ensure
movements, foreign currency movements, foreign that the funds maintain reasonable levels of
exposure and foreign interest currency exposure and liquidity to meet any redemption request.
rate movements, the non- foreign interest rate Under exceptional circumstances where
EPF MIS funds may employ movements, the fund may the market value or fair value of a material
hedging strategies utilising employ hedging strategies portion of the funds’ assets cannot be
futures contracts, foreign utilising derivatives such as determined (which include but not limited
exchange forward contracts futures contracts, foreign to the closure of a securities exchange
and options. As for EPF-MIS exchange forward contracts or trading restrictions on a securities
funds, the funds may employ and options. exchange and an emergency or other
hedging strategies utilising Investments in warrants will state of affairs whereby there is no price
foreign exchange forward be assessed on ongoing discovery which impact a material portion
contracts to mitigate risks basis as it can potentially of the fund’s NAV), as the last recourse,
arising from foreign currency increase the volatility of the the Manager may consult trustee to
exposure. Participation in fund’s returns. suspend dealing in units. This measure is
these instruments are for taken when there is good and sufficient
hedging purposes only. reason to do so, considering the interest
Investments in warrants will be of unitholders.
assessed on ongoing basis as
it can potentially increase the If suspension of redemption is imposed,
volatility of the fund’s returns. unitholders of the fund would be unable
to redeem the units they had invested
2. Bond Funds Bond Funds in the fund temporarily. The unitholders
To mitigate risks arising from To mitigate risks arising from will have to remain invested in the fund,
foreign currency exposure and foreign currency exposure as well as continue to be subjected to
foreign interest rate movements, and foreign interest rate the risks inherent to the fund during the
the non-EPF MIS funds may movements, the fund may suspension period. Regulatory authorities
employ hedging strategies employ hedging strategies and unitholders will be informed in the
utilising futures contracts, foreign utilising derivatives such as event a redemption suspension period
exchange forward contracts futures contracts, foreign is imposed and that the suspension will
and options. As for EPF-MIS exchange forward contracts cease as soon as practicable and in any
funds, the funds may employ and options. event, within 21 days (or any other period
hedging strategies utilising as may be determined by the SC) of
foreign exchange forward the commencement of suspension. The
contracts to mitigate risks period of suspension may be extended
arising from foreign currency only if it is in the best interest of the
exposure. Participation in unitholders and will be reviewed on a
these instruments for hedging weekly basis by the fund’s trustee.
purposes will be assessed
on ongoing basis as it can * Risk appetite limit on redemption rate
potentially increase the volatility is a risk indicator to monitor the average
of the fund’s returns. redemption rate against the internal risk
threshold/limit set.
7. Permitted Investments 7. Permitted Investments (cont’d)
(i) Equity, Mixed Assets and Balanced Funds (i) Equity, Mixed Assets and Balanced Funds (cont’d)

1. • Equity and equity-related • Transferable securities 4. Futures contracts and The funds will utilise
securities such as options traded on the derivatives that are either
warrants listed in Eligible futures and options market listed or quoted on a stock
Markets. of an exchange company exchange, or dealt in the
• Stocks of IPO companies approved, or exempt OTC market (for hedging
seeking a listing in futures and options market purpose only).
Eligible Markets. declared, by the Minister
• Participation notes of under the CMSA 2007 (for
equity and equity-related hedging purpose only).
securities of companies
5. The funds may participate Removed
listed in Eligible Markets.
in lending of securities
• Listed fixed income
within the meaning of the
securities traded in
SC Guidelines on Securities
Eligible Markets.
Borrowing and Lending
• Unlisted fixed income
when permitted by the
securities traded in
SC and other relevant
Eligible Markets.
authorities.
• Sovereign fixed income
securities traded in (ii) Bond Funds
Eligible Markets.
• Malaysian Government No: Previous Current
Securities, Treasury Bills,
Bank Negara Monetary 1. • Listed fixed income • Debt securities
Notes, Government securities traded in
Investment Issues and Eligible Markets.
other Government • Unlisted fixed income
approved and/or securities traded in
guaranteed securities. Eligible Markets.
• Sovereign bonds traded
2. • Unlisted equity and • Unlisted shares in Eligible Markets.
equity-related securities • Malaysian Government
whether or not approved Securities, Treasury Bills,
for listing and quotation Bank Negara Monetary
in Eligible Markets, which Notes, Government
are offered directly by the Investment Issues and
company to the fund. other Government
3. • Deposits and money • Deposits with licensed approved and/or
market instruments domestic and foreign guaranteed securities.
with licensed domestic financial institutions 2. • Deposits and money • Deposits with licensed
and foreign financial • Money market market instruments domestic and foreign
institutions. instruments with licensed domestic financial institutions
and foreign financial • Money market
institutions. instruments

7. Permitted Investments (cont’d) 8. Investment Restrictions (cont’d)
(ii) Bond Funds (cont’d) Equity, Mixed Asset and Balanced Funds (cont’d)

3. Futures contracts and The funds will utilise Investment Spread Limits (cont’d)
options traded in the derivatives that are dealt in
1. (ii) This limit may be increased
futures and options market the OTC market (for hedging
to 35% of the fund’s NAV if
of an exchange company purpose only).
the issuing entity is, or the
approved, or exempt
issue is guaranteed by, either
futures and options market
a foreign government, foreign
declared, by the Minister
government agency, foreign
under the CMSA 2007 (for
central bank or supranational,
hedging purpose only).
that has a minimum long-term
4. The funds may participate Removed credit rating of investment
in lending of securities grade (including gradation
within the meaning of the and subcategories) by an
SC Guidelines on Securities international rating agency.
Borrowing and Lending when
2. - The following notes have been
permitted by the SC and
incorporated under the limit for
other relevant authorities.
value of placement in deposits with
any single financial institution:
(iii) Inclusion of the following note under permitted investments
for all funds: This limit does not apply to
placements of deposits arising
For EPF MIS approved funds, the investments made by the funds
from:
will be subject to EPF’s requirements.
(i) Liquidation of investments
8. Investment Restrictions prior to the termination or
maturity of the fund, where
Equity, Mixed Asset and Balanced Funds
the placement of deposits with
No: Previous Current various financial institutions
would not be in the best
Investment Spread Limits interests of unitholders; or
1. - The following notes have been (ii) Monies held for the settlement
incorporated under the limit for of redemption or other
value of investments in transferable payment obligations, where
securities and money market the placement of deposits with
instruments issued by any single various financial institutions
issuer: would not be in the best
interest of unitholders.
(i) In determining the single
issuer limit, the value of the
fund’s investments in unlisted
securities issued by the same
issuer must be included in the
calculation; and

8. Investment Restrictions (cont’d) 8. Investment Restrictions (cont’d)
Equity, Mixed Asset and Balanced Funds (cont’d) Equity, Mixed Asset and Balanced Funds (cont’d)

Investment Spread Limits (cont’d) Investment Spread Limits (cont’d)
3. For investments in Removed 5. (ii) Where the single issuer limit
derivatives:- is increased to 35% of the
(i) exposure to fund’s NAV, the single issuer
underlying aggregate limit may be raised,
assets; subject to the group limit not
(ii) value of OTC exceeding 35% of the fund’s
derivative NAV.
transaction 6. - Inclusion of limit for units or shares
with any single of a listed collective investment
counter-party scheme that invests in real estate
4. Value of investments Removed is ≤ 15% of the fund’s NAV.
in structured products 7. - The following note has been
issued by a single incorporated under the limit for
counter-party is value of investments in transferable
≤ 15% of the fund’s securities and money market
NAV. instruments issued by any group of
5. Aggregate value Aggregate value of investments companies:
of investments in, or exposure to, a single issuer In determining the group limit, the
in transferable through – value of the fund’s investments in
securities, money (a) transferable securities; unlisted securities issued by the
market instruments, (b) money market instruments; issuers within the same group of
deposits, OTC (c) deposits; companies must be included in the
derivatives and (d) underlying assets of calculation.
structured products derivatives; and
issued by or placed (e) counterparty exposure Investment Concentration Limits
with, as the case may arising from the use of OTC 1. Investments Investments in shares or securities
be, any single issuer/ derivatives. in transferable equivalent to shares is ≤ 10% of
financial institution is is ≤ 25% of the fund’s NAV. securities (other than the shares or securities equivalent
≤ 25% of the fund’s debentures) is ≤ 10% to shares issued by a single issuer.
NAV. The following notes have been
incorporated under the above limit: of the securities
issued by any single
(i) In determining the single issuer.
issuer aggregate limit, the
value of the fund’s investments
in unlisted securities issued
by the same issuer must be
included in the calculation; and

Equity, Mixed Asset and Balanced Funds (cont’d) Equity, Mixed Asset and Balanced Funds (cont’d)

Investment Concentration Limits (cont’d) Exposure Limits (cont’d)
2. Investments in Investments in debt securities is 2. Exposure from Global exposure from derivatives
debentures is ≤ 20% ≤ 20% of the debt securities issued derivatives position is position* is ≤ NAV of the fund at
of the debentures by a single issuer. ≤ NAV of the fund at all times.
issued by any single all times.
issuer. The following note has been * The global exposure from
incorporated under the above limit: the derivatives and embedded
derivatives position is calculated
This limit may be disregarded at using the commitment approach
the time of acquisition if at that time methodology. The global exposure
of acquisition the gross amount of of the funds using commitment
debt securities in issue cannot be approach are calculated as the
determined. sum of the:
Exposure Limits (i) absolute value of the exposure
of each individual derivative
1. Value of investments The aggregate value of a fund’s
not involved in netting or
in unlisted securities investment in unlisted securities is
hedging arrangements;
is ≤ 10% of the fund’s ≤ 15% of the fund’s NAV.
(ii) absolute value of the net
NAV.
Note: Subject to a maximum limit of exposure of each individual
Note: This exposure 10% of the fund’s NAV in a single derivative after netting or
limit does not apply issuer. hedging arrangements;
to:- (iii) the values of cash collateral
a) equities not received pursuant to the
listed or quoted reduction of exposure to
on a stock counterparties of OTC
exchange but derivatives.
have been
Notes:
approved by the
(i) For OTC derivatives the
relevant authority
maximum exposure of a fund
for such listing
to the counterparty must not
and quotation,
exceed 10% of the fund’s NAV;
and are offered
(ii) The counterparty of an OTC
directly to the
derivative must be a financial
fund by the
institution with a minimum long-
issuer;
term credit rating of investment
b) debentures
grade (including gradation and
traded on an
subcategories); and
organised OTC
market; and
c) structured
products.

Equity, Mixed Asset and Balanced Funds (cont’d) Bond Funds (cont’d)

Exposure Limits (cont’d) Investment Spread Limits (cont’d)
2. (iii) If the counterparty’s rating falls 1. (iii) This limit may be increased
below the minimum required, to 35% if the issuing entity is,
or the counterparty ceases or the issue is guaranteed by,
to be rated, the Manager either a foreign government,
should, within six months or foreign government agency,
sooner, if the trustee considers foreign central bank or
it to be in the best interest supranational, that has a
of the unitholders, take the minimum long-term credit rating
necessary action to ensure of investment grade (including
that the requirements are gradation and subcategories) by
complied. an international rating agency.
2. - The following notes have been
Bond Funds
incorporated under the limit for
No: Previous Current value of placement in deposits with
any single financial institution:
Investment Spread Limits
This limit does not apply to
1. Value of investments Value of investments in debt placements of deposits arising
in debentures issued securities and money market from:
by any single issuer instruments issued by any single
is ≤ 20% of the fund’s issuer is ≤ 20% of the fund’s NAV. (i) Liquidation of investments
NAV. prior to the termination or
The following notes have been maturity of the fund, where
Note: This limit may incorporated under the above limit: the placement of deposits with
be increased to 30% (i) In determining the single various financial institutions
if the debentures issuer limit, the value of the would not be in the best
are rated by any fund’s investments in debt interests of unitholders; or
domestic or global securities that are not traded (ii) Monies held for the settlement
rating agency to be of or dealt in or under the rules of redemption or other
the best quality and of an Eligible Market issued payment obligations, where
offer highest safety by the same issuer must be the placement of deposits with
for timely payment of included in the calculation. various financial institutions
interest and principal. (ii) This limit may be increased would not be in the best
to 30% if the debt security interest of unitholders.
is rated by any Malaysian or
global rating agency to have 3. For investments in Removed
the highest long-term credit derivatives:-
rating. (i) exposure to
underlying
assets is
≤ spread limits
stipulated in this
section;

Bond Funds (cont’d) Bond Funds (cont’d)

Investment Spread Limits (cont’d) Investment Spread Limits (cont’d)
3. (ii) value of OTC 5. (ii) This limit may be increased
derivative to 30% if the single issuer
transaction limit for value of investment
with any single in debt security is rated by
counter-party any Malaysian or global rating
is ≤ 10% of the agency to have the highest
fund’s NAV long-term credit rating.
(iii) Where the single issuer limit is
4. Value of investments Removed
increased to 30%, the single
in structured products
issuer aggregate limit of 25%
issued by a single
may be raised to 30%.
counter-party is
(iv) Where the single issuer limit is
≤ 15% of the fund’s
increased to 35%, the single
NAV.
issuer aggregate limit may be
5. Aggregate value Aggregate value of investments raised, subject to the group
of investments in in, or exposure to, a single issuer limit not exceeding 35%.
debentures, money through–
6. Value of investments Value of investments in debt securities
market instruments, (a) debt securities;
in debentures issued and money market instruments
deposits, OTC (b) money market instruments;
by any group of issued by any group of companies is
derivatives and (c) deposits;
companies is ≤ 30% ≤ 30% of the fund’s NAV.
structured products (d) underlying assets of
of the fund’s NAV.
issued by or placed derivatives; and The following note has been
with, as the case may (e) counterparty exposure incorporated under the above limit:
be, any single issuer/ arising from the use of OTC
institution is ≤ 25% of derivatives. In determining the group limit, the
the fund’s NAV. is ≤ 25% of the fund’s NAV. value of the fund’s investments in
debt securities that are not traded
Note: This limit Notes: or dealt in or under the rules of an
may be increased (i) In determining the single Eligible Market issued by the issuers
to 30% if the single issuer aggregate limit, the within the same group of companies
issuer limit for value of the fund’s investments must be included in the calculation.
value of investment in debt securities that are
in debentures is not traded or dealt in or Investment Concentration Limits
increased to 30%. under the rules of an Eligible 1. Investments in Investments in debt securities is
Market issued by the same debentures is ≤ 20% ≤ 20% of the debt securities issued
issuer must be included in the of the debentures by a single issuer.
calculation. issued by any single
issuer. The following note has been
incorporated under the above limit:
This limit may be disregarded at
the time of acquisition if at that time
of acquisition the gross amount of
debt securities in issue cannot be
determined.
Bond Funds (cont’d) Bond Funds (cont’d)

Exposure Limits Exposure Limits (cont’d)
1. Value of investments The aggregate value of a fund’s 2. (ii) The counterparty of an OTC
in unlisted securities investment in debt securities that derivative must be a financial
is ≤ 10% of the fund’s are not traded or dealt in or under institution with a minimum
NAV. the rules of an Eligible Market is long-term credit rating of
≤ 15% of the fund’s NAV. investment grade (including
Note: This exposure gradation and subcategories);
limit does not apply Note: Subject to a maximum limit of and
to:- 10% of the fund’s NAV in a single (iii) If the counterparty’s rating falls
i) debentures issuer. below the minimum required,
traded on an or the counterparty ceases to
organised OTC be rated, the Manager should,
market; and within six months or sooner,
ii) structured if the trustee considers it to
products. be in the best interest of the
2. Exposure from Global exposure from derivatives unitholders, take the necessary
derivatives position is position* is ≤ NAV of the fund at action to ensure that the
≤ NAV of the fund at all times. requirements are complied.
all times.
* The global exposure from the Disclosure on Compliance to the Limits and Restrictions
derivatives and embedded derivatives
position is calculated using the Previous Current
commitment approach methodology.
The global exposure of the funds The above limits and restrictions The above limits and
using commitment approach are shall be complied with at all times restrictions shall be complied
calculated as the sum of the: based on the most up-to-date with at all times based on
(i) absolute value of the exposure value of the respective funds, the most up-to-date value of
of each individual derivative and the value of their investments the respective funds, and the
not involved in netting or and instruments. However, a value of their investments and
hedging arrangements; 5 per cent allowance in excess instruments.
(ii) absolute value of the net of any limits or restrictions may
be permitted where the limit or Any breach as a result of any –
exposure of each individual a) appreciation or
derivative after netting or restriction is breached through
the appreciation or depreciation in depreciation in value of the
hedging arrangements; fund’s investments;
(iii) the values of cash collateral value of each fund’s investment
or instruments, or as a result of b) redemption of units or
received pursuant to the payment made out of the
reduction of exposure to redemption of units or payment
made from the fund. The Manager fund;
counterparties of OTC c) change in capital of a
derivatives. should, within a reasonable period
of not more than 3 months from corporation in which the
Notes: the date of the breach, take all fund has invested in; or
(i) For OTC derivatives the necessary steps and actions to d) downgrade in or cessation
maximum exposure of a fund rectify the breach. of a credit rating,
to the counterparty must not
exceed 10% of the fund’s NAV;

8. Investment Restrictions (cont’d) 9. Valuation of Permitted Investments
Disclosure on Compliance to the Limits and Restrictions (cont’d)
Previous Current 1. Listed equities, warrants Listed shares or securities
Such limits and restrictions, must be rectified as soon as and options – valuation is equivalent to shares –
however, do not apply to practicable within three months based on market price of the valuation is based on the
securities that are issued or from the date of the breach respective exchanges. If no official closing price or last
guaranteed by the Government unless otherwise specified market price is available or known transacted price on the
or Bank Negara Malaysia. in the SC Guidelines. The valuation based on market Eligible Market on which the
three-month period may be price does not represent the investment is quoted. If the
extended if it is in the best fair value of investments, the price is not representative or
interest of unitholders and securities will be valued at not available to the market,
trustee’s consent is obtained. fair value, as determined in the securities will be valued
Such extension must be subject good faith by the Manager, at fair value, as determined
to at least a monthly review by based on the methods or with due care and in good
the trustee. bases approved by the faith by the Manager, based
trustee after appropriate on the methods or bases
Such limits and restrictions, technical consultation. approved by the trustee
however, do not apply to after appropriate technical
securities that are issued or consultation.
guaranteed by the Malaysian
2. Listed and unlisted Listed and unlisted
Government or Bank Negara
fixed income securities bonds or other forms of
Malaysia.
– for listed fixed income securitised debt (including
Note: The investment securities, the last traded commercial papers) – for
restrictions and limits of the prices quoted on a listed bonds or other forms
funds may be subject to recognised exchange will be of securitised debt, valuation
changes as may be determined used. If no market price is is based on the official
by the SC from time to time, the available or valuation based closing price or last known
effective date of which shall be on market price does not transacted price on the
determined by the Manager. represent the fair value of Eligible Market on which the
the fixed income securities, investment is quoted.
the fixed income securities
will be valued at fair value, In the case of unlisted bonds
as determined in good faith or other forms of securitised
by the Manager, based debt (including commercial
on the methods or bases papers) denominated in RM,
approved by the trustee valuations are carried out
after appropriate technical on a daily basis using fair
consultation. value prices quoted by a
Bond Pricing Agency (BPA)
registered with the SC.
Other foreign unlisted bonds
or other forms of securitised
debt are valued daily based
on fair value by reference to
the average indicative yield
quoted by independent and
reputable institutions.

9. Valuation of Permitted Investments (cont’d) 9. Valuation of Permitted Investments (cont’d)

2. In the case of unlisted If the valuations are not 3. Commercial papers – Removed
fixed income securities representative or not commercial papers are
denominated in RM, available to the market, valued at purchase yields
valuations are carried out the bonds or other forms with interest accrued daily
on a daily basis using fair of securitised debt will as they are generally held
value prices quoted by a be valued at fair value, to maturity. The valuation of
Bond Pricing Agency (BPA) as determined with due commercial papers will be
registered with the SC. If care and in good faith by monitored against market
the Manager is of the view the Manager, based on value on a daily basis and
that the price quoted by the methods or bases should the market value be
the BPA for a specific fixed approved by the trustee lower by more than 5%, the
income security differs after appropriate technical commercial papers will be
from the ‘market price’ by consultation. valued at the market value
more than 20 basis points, for that particular day.
the Manager may use the
4. Deposits – the value of Unrestricted investment
‘market price’ provided that
such investments shall be accounts and deposits with
the Manager adheres to
determined on a daily basis financial institutions – the
the requirements stipulated
by reference to their nominal value of such investments
by the SC. Market price
values and the accrued shall be determined on a
for fixed income securities
interest thereon for the daily basis by reference to
are derived from market
relevant period. their principal value and the
quotations obtained from
accrued interest thereon for
the panel of at least three
the relevant period.
active financial institutions
that are governed by the 5. Units in other collective Units or shares in other
Financial Services Act investment schemes – the collective investment
2013 (FSA) and/or Islamic last published repurchase schemes – for unlisted
Financial Services Act 2013 price per unit or if not collective investment
(IFSA). Other unlisted fixed available, the units will schemes, valuation is based
income securities which be valued at fair value as on last published repurchase
include foreign unlisted fixed determined in good faith price. For listed collective
income securities are valued by the Manager, based investment schemes,
daily based on fair value by on methods or bases valuation is based on market
reference to the average approved by the trustee price of the respective
indicative yield quoted by at after appropriate technical exchanges. If no market
least three independent and consultation. price is available or valuation
established institutions. based on market price does
not represent the fair value
of investments, the shares
will be valued at fair value, as
determined with due care and
in good faith by the Manager,
based on the methods or
bases approved by the
trustee after appropriate
technical consultation.

10. Charges Imposed on Purchase and Redemption of Units 10. Charges Imposed on Purchase and Redemption of Units (cont’d)

Sales charge per unit Switching Charges (cont’d)
After 90 days
1. Sales charge per unit for Sales charge per unit for
equity, mixed asset and equity, mixed asset and 1. Switching from Bond Funds Switching from Bond Funds
balanced funds is up to balanced funds has been into Equity/Mixed Asset/ into Equity/Mixed Asset/
5.5% of NAV per unit. reduced to up to 5.0% of Balanced Funds Balanced Funds
NAV per unit. 1%-load units: Sales charge 1%-load units: Sales charge
Switching Charges of up to 4.50% of up to 4.00%
Within 90 days Low-load units: Sales Low-load units: Sales
1. Switching from Bond Funds Switching from Bonds Funds charge of up to 5.25% charge of up to 4.75%
into Equity/Mixed Asset/ into Equity/Mixed Asset/ 2. Switching from Money Switching from Money
Balanced Funds Balanced Funds Market Funds into Equity/ Market Funds into Equity/
Mixed Asset/Balanced Mixed Asset/Balanced
1%-load units: Sales charge 1%-load units: Sales charge
Funds Funds
of up to 4.50% of up to 4.00%
Loaded units: Up to RM50 Loaded units: Nil
Low-load units: Sales Low-load units: Sales charge
1%-load units: Sales charge 1%-load units: Sales charge
charge of up to 5.25% of up to 4.75%
of up to 4.50% of up to 4.00%
2. Switching from Money Switching from Money Low-load units: Sales Low-load units: Sales
Market Funds into Equity/ Market Funds into Equity/ charge of up to 5.25% charge of up to 4.75%
Mixed Asset/Balanced Mixed Asset/Balanced
Funds Funds Zero-load units: Sales Zero-load units: Sales
charge of up to 5.50% charge of up to 5.00%
Loaded units: Up to RM25 Loaded units: Nil
3. Switching from Money Switching from Money
1%-load units: Sales charge 1%-load units: Sales charge Market Funds into Bond Market Funds into Bond
of up to 4.50% of up to 4.00% Funds Funds
Low-load units: Sales Low-load units: Sales Loaded units: Up to RM50 Loaded units: Nil
charge of up to 5.25% charge of up to 4.75% 1%-load units: Up to RM50 1%-load units: Nil
Zero-load units: Sales Zero-load units: Sales
charge of up to 5.50% charge of up to 5.00% 11. Policy on Stockbroking Rebates and Soft Commissions
3. Switching from Money Switching from Money Previous Current

Market Funds into Bond Market Funds into Bond
Funds Funds The management company The Manager does not receive
does not receive any form any form of rebates from any
Loaded units: Up to RM25 Loaded units: Nil of rebates from any broker/ broker/dealer. The Manager
dealer. The management may receive goods and
1%-load units: Up to RM25 1%-load units: Nil
company may receive goods or services which bring a direct
4. Switching between money Switching between money services which include research benefit or advantage to the
market funds (within 90 days) market funds (within 90 days) materials, data and quotation management of the funds and
services and investment related may be in the form of research
Up to RM25 for all types of No charges for all types of publications by way of soft and advisory services that
load units. load units. commissions provided they are assist in the decision-making
of demonstrable benefit to the process relating to the funds’
funds and unitholders. investments.

12. Transaction Information 12. Transaction Information (cont’d)

1. Valuation Point for funds with foreign investments 3. Additional disclosures pertaining to changes in the
minimum additional investment
The valuation point may be The valuation point may be
extended to 9:00 a.m. (or extended to 5:00 p.m. (or - The Manager may vary
any other such time as may any other such time as may the minimum additional
be permitted by the relevant be permitted by the relevant investment amount from
authorities from time to time) authorities from time to time) time to time. Any permanent
on the following day in which on the following day in which changes in the minimum
the Manager is open for the Manager is open for additional investment
business. business. amount will be updated in
the annual or semi-annual
2. How to Purchase Units of the Funds
report of the funds and
Opening an Account Opening an Account may also be reflected in
• If you are not an existing • If you are not an existing the PHS and supplemental
PMO subscriber and PMO subscriber: prospectus of the funds.
would like to be one: - For first time investor 4. Payment of Redemption Proceeds
- Submit the PMO of Public Mutual,
Service Application you are required to Your redemption proceeds Your redemption proceeds
form personally at any complete the new will be paid within 10 days will be paid within
Public Mutual or Public investor form. from our receipt of your 7 Business Days from our
Bank branch. - You may register request. receipt of your request.
- Alternatively, you may online for PMO via our 5. Cooling-off Right
register online for PMO website or through our
via our website or Smart kiosks located • Applicable for first time • Applicable for first time
through our Customer at our branches or investors of Public individual investors of
Service Centre kiosks Customer Service Mutual. Public Mutual.
located at selected Centre at the 1 Utama • Full refund will be paid • The refund will be paid
Customer Service Shopping Centre. within 10 days from the within 7 Business Days
Centres/ branches date of exercise of this from the date of exercise
or Public Bank’s right. of this right.
Automated Teller • The refund for every • The refund for every unit
Machines (ATMs) if unit held will be the sum held will be the sum of
you are a Public Bank of the price of a unit on the price of a unit (i.e.
ATM user or via the day the units were original price on the day
www.pbebank.com.my purchased and the sales the units were purchased
if you are a subscriber charge imposed (and any or market price at the
of PBe. applicable taxes and/or point of exercise of
• For first time investor of duties, if any) on the day the cooling-off right,
Public Mutual, you are the units were purchased. whichever is lower) and
also required to complete • Corporates or institutions, the sales charge imposed
the new investor form. staff of the Manager and (and any applicable taxes
persons registered to and/or duties, if any) on
deal in unit trust funds are the day the units were
not entitled to the cooling- purchased.
off right.

12. Transaction Information (cont’d) 12. Transaction Information (cont’d)

5. Cooling-off Right (cont’d) 6. Distribution (cont’d)
• Staff of the Manager and • Funds with incidental
persons registered with a distribution policy may
body approved by the SC distribute out of capital
to deal in unit trust funds to return a portion of
are not entitled to the the capital growth to
cooling-off right. unitholders when the
funds have sufficient
6. Distribution
realised gains and
Declaration Declaration realised investment
• Distribution(s) paid is • Distribution(s) may be income.
subject to availability of declared out of the funds’ 7. Warning Statement under Distribution
realised income and/or net realised capital
realised gains. gains and net realised - Inclusion of the following
investment income in the new warning statements:
current financial year, Where unit splits or
and/or out of capital distribution is declared,
(derived from net realised following the issue of unit
capital gains and net splits and/or distribution, the
realised investment NAV per unit will be reduced
income brought forward) accordingly to reflect/
if the funds do not have account for the unit splits
sufficient net realised and/or distribution.
capital gains or net
realised investment Where unit splits is declared,
income from the current the value of investment
financial year. in RM terms will remain
• Should the funds unchanged after the
distribute out of capital, distribution of additional
the capital of the funds units.
may be eroded and the 8. Inclusion of warning statements
value of future returns
may be diminished. - The following warning
• Funds with regular statement has been
distribution policy (e.g. incorporated under “Do
annual) may distribute Not Pay Cash For Your
out of capital to ensure Investment”:
that the funds meet their
DO NOT MAKE DEPOSIT
investment objectives of
OR TRANSFER INTO THE
providing regular income
BANK ACCOUNT OF A UTC
to their unitholders.
OR STAFF OF PUBLIC
MUTUAL.

12. Transaction Information (cont’d) 13. The Manager (cont’d)

8. Inclusion of warning statements (cont’d) 2. Employees of the Manager Employees of the Manager
are required to obtain prior who are involved in fund
- The following warning
written approval and declare management activities
statements have been
their dealings in securities. (including, but not limited
incorporated under “Keeping
to, employees who hold
Track of Your Investments”:
senior management
This is neither a capital position, are involved in the
guaranteed nor a capital management of the funds,
protected fund. are involved in the operation
or transactions of the fund
Unit prices may go down as management activities, or
well as up. has information pertaining
Past performance of the to the management of the
fund is not an indication of funds) are required to obtain
its future performance. prior written approval and
declare their dealings in
securities and derivatives,
13. The Manager but excluding units in unit
trust scheme, investments
in equity crowdfunding and
1. - Reference is made to the peer-to-peer financing.
corporate website for further
3. Disclosure pertaining to Removed
information on Board of
Investment Committee
Directors, Corporate Profile
and Investment Team of
Public Mutual. 14. Salient Terms of the Deed
2. Related Party Transactions/ Related Party Transactions/ No: Previous Current

Conflict of Interest Conflict of Interest
1. Termination of the Funds
Where a conflict of Where a conflict of interest
interest arises due to the arises due to the director - Notwithstanding the above, the
Investment Committee holding substantial fund and/or any of the class may be
member or director holding shareholding or directorships terminated or wound-up, without the
substantial shareholding of a company, and the need to seek unitholders’ prior approval,
or directorships of public fund(s) invests in securities as proposed by the Manager with the
companies, and the fund(s) or derivatives issued by consent of the trustee (which consent
invests in that particular that particular company, the shall not be unreasonably withheld)
share or stock belonging to said director shall abstain upon the occurrence of any of the
a public listed company, the from any decision making following events, by giving not less than
said committee member or relating to such securities or three (3) months’ notice in writing to the
director shall abstain from derivatives. unitholders as hereinafter provided:-
any decision making relating (i) if any law shall be passed which
to that particular share or renders it illegal or in the opinion
stock of the fund(s). of the Manager impracticable or
inadvisable to continue the trust; or

Corporate Information
Amendments made to the Replacement Master Prospectus for Manager

Public Series of Funds dated 28 August 2023 (cont’d) Public Mutual Berhad (197501001842 (23419-A))
14. Salient Terms of the Deed (cont’d)

Registered Office
No: Previous Current 8th Floor, Menara Public Bank 2
No. 78 Jalan Raja Chulan
1. Termination of the Funds (cont’d) 50200 Kuala Lumpur
(ii) such circumstance of termination of Tel: 603-20226800
the fund and/or the class is in the Fax: 603-20226900
best interest of the unitholders; or
(iii) if in the reasonable opinion of
Trustee of the Fund
that Manager it is impracticable or
AmanahRaya Trustees Berhad
inadvisable to continue the fund
and/or the class. Tingkat 14, Wisma AmanahRaya
No. 2, Jalan Ampang
2. Unitholders’ Meeting 50508 Kuala Lumpur
- In the case of a fund or class, as
the case may be, with 1 remaining Auditor of the Manager and the Fund
unitholder, such unitholder, whether Ernst & Young PLT
present in person or by proxy, at the
Level 23A, Menara Milenium
meeting shall constitute a quorum.
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Tax Adviser
KPMG Tax Services Sdn Bhd
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan

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

Menara Public Bank 2,
Tan Sri Dato’ Sri Dr. Tay Ah Lek, Chair man No. 78, Jalan Raja Chulan,
50200 Kuala Lumpur.
Mr. Quah Poh Keat Tel: 03-20226800 Fax: 03-20226900
Hotline: 03-20225000
Dato’ Mohammed Najeeb Bin Abdullah Web: www.publicmutual.com.my
Dato’ Mohd Hanif Bin Sher Mohamed Branches and Customer Service Centres
West Malaysia
Ms. Gladys Leong
1 Utama Shopping Centre Ipoh
Ms. Yeoh Kim Hong Lot LG-313-E, 37 & 39, Persiaran Greentown 4,
1, Lebuh Bandar Utama, Greentown Business Centre,
Mr. Chiang Kang Pey Bandar Utama City Centre, 30450 Ipoh, Perak.
Bandar Utama, Tel: 05-2462500 Fax: 05-2559859
47800 Petaling Jaya, Selangor.
Tel: 03-20225000 Fax: 03-77263811 Johor Bahru
Chief Executive Officer B-19, Jalan Molek 1/5A,
Alor Setar Taman Molek,
Chiang Kang Pey No. 8G, Samila Business Centre, 81100 Johor Bahru, Johor.
Lebuhraya Darulaman, Tel: 07-3607500 Fax: 07-3548600
05100 Alor Setar, Kedah.
Tel: 04-7366500 Fax: 04-7364655 Klang
Senior Compliance Officer 28, 30 & 32,
Bangsar Lorong Batu Nilam 3B,
Abdul Samad Bin Jaafar - Deputy General Manager, 11, 15 & 17, Jalan Bangsar Utama 3, Bandar Bukit Tinggi,
Compliance Bangsar Utama, 41200 Klang, Selangor.
59000 Kuala Lumpur. Tel: 03-20225000 Fax: 03-33235632
Tel: 03-20225000 Fax: 03-22835739
Kluang
Batu Pahat 3, Jalan Dato Teoh Siew Khor,
119, Jalan Chengal, 86000 Kluang, Johor.
Taman Makmur, Tel: 07-7391500 Fax: 07-7736195
83000 Batu Pahat, Johor.
Tel: 07-4363500 Fax: 07-4326588 Kota Bharu
PT 304 & 305,
Cheras Jalan Kebun Sultan,
G-3 & G-3A, 15300 Kota Bharu, Kelantan.
Wisma Aman Elite, Tel: 09-7263500 Fax: 09-7476026
No. 3, Jalan Desa Aman 1,
Desa Aman, Kuala Terengganu
56100 Cheras, Kuala Lumpur. 1-C, Jalan Air Jernih,
Tel: 03-20225000 Fax: 03-91321022 20300 Kuala Terengganu,
Terengganu.
Damansara Perdana Tel: 09-6321500 Fax: 09-6317030
1 & 3, Jalan PJU 8/5 I,
Perdana Business Centre, Kuantan
Bandar Damansara Perdana, 71 & 73, Jalan Haji Abdul Aziz,
47820 Petaling Jaya, Selangor. 25000 Kuantan, Pahang.
Tel: 03-20225000 Fax: 03-77222475 Tel: 09-5118500 Fax: 09-5161223

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

Melaka Seremban Penang (Bayan Baru) Sarawak (Sarikei)
No. 929 & 930, Jalan Merdeka, 1A & 1B, Jalan Tuanku Munawir, Liang Wing Sim Agency Office Ling Chai Kua Agency Office
Taman Melaka Raya, 70000 Seremban, 104, 1st Floor, 1st Floor, No. 28, Jalan Nenas Lrg 2,
75000 Melaka. Negeri Sembilan. Jalan Mayang Pasir, 96100 Sarikei, Sarawak.
Tel: 06-2855500 Fax: 06-2837354 Tel: 06-6372500 Fax: 06-7644237 Taman Sri Tunas, Tel: 084-652094
Bayan Baru,
Muar Shah Alam 11950 Bayan Lepas, Penang.
46, Jalan Sayang, 54 & 56, Jalan Pahat G15/G, Tel: 04-6422170/1
84000 Muar, Johor. Kompleks Otomobil, Fax: 04-6411268
Tel: 06-9562500 Fax: 06-9536830 Persiaran Selangor,
Seksyen 15,
Penang 40200 Shah Alam, Selangor.
16, Lintang Burma, Tel: 03-20225000 Fax: 03-55139288
10250 Pulau Tikus, Penang.
Tel: 04-2196500 Fax: 04-2295171 Sungai Petani
9D & 9E,
Puchong Jalan Kampung Baru,
39 & 41, Jalan Puteri 1/4, 08000 Sungai Petani, Kedah.
Bandar Puteri Puchong, Tel: 04-4558500 Fax: 04-4230663
47100 Puchong, Selangor.
Tel: 03-20225000 Fax: 03-80653010 Temerloh
10,11 & 12, 2nd Floor,
Seberang Perai Jalan Ahmad Shah,
1797-G-04, Bandar Sri Semantan,
Kompleks Auto World, 28000 Temerloh, Pahang.
Jalan Perusahaan, Juru Interchange, Tel: 09-2955500 Fax: 09-2968060
13600 Prai, Penang.
Tel: 04-5407500 Fax: 04-5050005
East Malaysia
Bintulu Sandakan
4, Lot 2646, Jalan Tun Ahmad Zaidi, Lot 16, Block B,
97000 Bintulu, Sarawak. Bandar Maju Commercial Centre,
Tel: 086-859500 Fax: 086-330221 Mile 1.5, North Road,
90000 Sandakan, Sabah.
Kota Kinabalu Tel: 089-231500 Fax: 089-222889
Lot 1-0-10, Lorong Api-Api 1,
Api-Api Centre, Sibu
88000 Kota Kinabalu, Sabah. 10, Lorong 2,
Tel: 088-327500 Fax: 088-238389 Jalan Tuanku Osman,
96000 Sibu, Sarawak.
Kuching Tel: 084-363500 Fax: 084-330269
Lot 205 & 206, Section 49,
Jalan Tunku Abdul Rahman, Tawau
93100 Kuching, Sarawak. TB 4437, Lot 28,
Tel: 082-226500 Fax: 082-239825 Block D, Sabindo Square,
Jalan Dunlop,
Miri 91000 Tawau, Sabah.
D-G-16, Miri Times Square, Tel: 089-982500 Fax: 089-765326
Marina Parkcity,
98000 Miri, Sarawak.
Tel: 085-323500 Fax: 085-416195

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80 • Public SmallCap Fund

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Contents

Statement Of Distribution And Total Return 7

Independent Auditors’ Report 15

Statement Of Assets And Liabilities 18

Statement Of Income And Expenditure 19

Statement Of Changes In Net Asset Value 20

Statement Of Cash Flows 21

Notes To The Financial Statements 22

Network Of Public Mutual Branch And Agency Offices 77

Public SmallCap Fund • 1

Fund Name Notes:

P SmallCap (%) 7.04 -9.11 28.36 2.85 0.22

2 • Public SmallCap Fund Public SmallCap Fund • 3

4 • Public SmallCap Fund Public SmallCap Fund • 5

6 • Public SmallCap Fund Public SmallCap Fund • 7

Overview Change in Portfolio Exposures from 31‑Aug‑22 to 31‑Aug‑23

0% Equity Portfolio Review

8 • Public SmallCap Fund Public SmallCap Fund • 9

10 • Public SmallCap Fund Public SmallCap Fund • 11

P SmallCap has not undertaken any securities lending or repurchase

Update on Changes Incorporated in Master Prospectus dated

ZAINUDIN BIN SUHAIMI

12 • Public SmallCap Fund Public SmallCap Fund • 13

14 • Public SmallCap Fund Public SmallCap Fund • 15

16 • Public SmallCap Fund Public SmallCap Fund • 17

Note 2023 2022 Note 2023 2022

Distribution for the financial year 16 14,087 13,500

The accompanying notes are an integral part of this statement.

18 • Public SmallCap Fund Public SmallCap Fund • 19

Unitholders’ Retained 2023 2022

The accompanying notes are an integral part of this statement.

20 • Public SmallCap Fund Public SmallCap Fund • 21

24 • Public SmallCap Fund Public SmallCap Fund • 25

26 • Public SmallCap Fund Public SmallCap Fund • 27

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

(e) Capital Management Communications

28 • Public SmallCap Fund Public SmallCap Fund • 29

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

Energy Preference Shares

# Denote less than 0.1% of NAV.

30 • Public SmallCap Fund Public SmallCap Fund • 31

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

25,439 27,746 2.1 1,117,786 956,620 1,117,786 956,620

32 • Public SmallCap Fund Public SmallCap Fund • 33

7. Cash at Banks 12. Holdings of Units by the Manager

Unitholders’ capital 906,574 854,587 608 505

34 • Public SmallCap Fund Public SmallCap Fund • 35

15. Taxation (cont’d) 16. Distribution (cont’d)

20,276 33,432 188,246 100 358 100

36 • Public SmallCap Fund Public SmallCap Fund • 37

2023 2022 2. Glossary of Terms/Abbreviations

38 • Public SmallCap Fund Public SmallCap Fund • 39

No: Previous Current No: Previous Current

40 • Public SmallCap Fund Public SmallCap Fund • 41

No: Previous Current No: Previous Current

1. Equity and equity-related Shares or securities The suitability of the

42 • Public SmallCap Fund Public SmallCap Fund • 43

No: Previous Current No: Previous Current

44 • Public SmallCap Fund Public SmallCap Fund • 45

No: Previous Current Previous Current

No: Previous Current No: Previous Current

48 • Public SmallCap Fund Public SmallCap Fund • 49

No: Previous Current No: Previous Current

50 • Public SmallCap Fund Public SmallCap Fund • 51