Fund Information

Fund Name
Public Islamic Opportunities Fund (PIOF)

Fund Type
Capital Growth

Fund Category
Equity (Shariah-compliant)

Fund Investment Objective

To achieve capital growth through investments in companies with small
market capitalisation which comply with Shariah principles.

Fund Performance Benchmark

The benchmark for PIOF is the FTSE Bursa Malaysia Small Cap Shariah
Index, a free float adjusted capitalisation-weighted index comprising
constituents of the FTSE Bursa Malaysia Small Cap Index that are Shariah-
compliant according to the Securities Commission Malaysias Shariah
Advisory Council screening methodology.
The PIOF is not in any way sponsored, endorsed, sold or promoted by FTSE International
Limited (FTSE) or by Bursa Malaysia Berhad (BURSA MALAYSIA) or by the London
Stock Exchange Group companies (the LSEG) and neither FTSE nor BURSA MALAYSIA
nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either
as to the results to be obtained from the use of the FTSE BURSA MALAYSIA SMALL CAP
SHARIAH INDEX (the Index), and/or the figure at which the said Index stands at any
particular time on any particular day or otherwise. The Index is compiled and calculated by
FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether
in negligence or otherwise) to any person for any error in the Index and neither FTSE nor
BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any
error therein.

FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under
licence. BURSA MALAYSIA is a trade mark of BURSA MALAYSIA.

Fund Distribution Policy

Incidental

Breakdown of Unitholdings of PIOF as at 31 July 2016

Size of holdings No. of % of No. of units
unitholders unitholders held (million)
5,000 and below 6,835 15.19 21
5,001 to 10,000 7,385 16.41 54
10,001 to 50,000 20,507 45.56 492
50,001 to 500,000 9,934 22.07 1,178
500,001 and above 347 0.77 334
Total 45,008 100.00 2,079

Note: Excluding Managers Stock.

Public Islamic Opportunities Fund

Fund Performance Fund Performance
For the Financial Year Ended 31 July 2016 For the Financial Year Ended 31 July 2016

Average Total Return for the Following Years Ended 31 July 2016 Distribution and Unit Split
Average Total Financial year 2016 2015 2014
Return of PIOF (%) Date of distribution 29.7.2016 31.7.2015 31.7.2014
1 Year -0.89
Distribution per unit
3 Years 6.44
5 Years 11.54 Gross (sen) - 2.50 3.00
Net (sen) - 2.50 2.97
Annual Total Return for the Financial Years Ended 31 July Unit split - - -

Year 2016 2015 2014 2013 2012 Impact on NAV Arising from Distribution (Final) for the
PIOF (%) -0.89 5.17 14.46 22.37 8.07 Financial Years
The calculation of the above returns is based on computation methods of Lipper. 2016 2015 2014
Notes: Sen Sen Sen
per unit per unit per unit
1. Total return of the Fund is derived by this formulae:

( )
Net asset value before distribution 38.55 41.41 42.38
End of Period FYCurrent Year NAV per unit Less: Net distribution per unit - (2.50) (2.97)
-1
End of Period FYPrevious Year NAV per unit
(Adjusted for unit split and distribution paid out for the period)
Net asset value after distribution 38.55 38.91 39.41

The above total return of the Fund was sourced from Lipper. Past performance is not necessarily indicative of future performance and unit
prices and investment returns may go down, as well as up.
2. Average total return is derived by this formulae:
Total Return Asset Allocation for the Past Three Financial Years
Number of Years Under Review
As at 31 July
(Per Cent of Net Asset Value)
Other Performance Data for the Past Three Financial Years
Ended 31 July 2016 2015 2014
2016 2015 2014 % % %

Unit Prices (MYR)* EQUITY SECURITIES

Highest NAV per unit for the year 0.4271 0.4159 0.4240 Quoted
Lowest NAV per unit for the year 0.3653 0.3654 0.3579 Malaysia
Basic Materials 0.9 0.6 1.1
Net Asset Value (NAV) and Units in Communications 11.9 9.3 7.2
Circulation (UIC) as at the End of Consumer, Cyclical 5.2 2.3 4.2
the Year Consumer, Non-cyclical 13.5 11.5 12.5
Total NAV (MYR000) 801,754 842,121 686,662
Diversified 3.2 1.4 0.4
UIC (in 000) 2,079,613 2,164,309 1,742,435
Energy 0.3 1.5 8.2
NAV per unit (MYR) 0.3855 0.3891 0.3941
Financial 9.1 8.5 6.3
Total Return for the Year (%) -0.89 5.17 14.46 Industrial 21.7 12.5 16.3
Capital growth (%) -2.47 3.39 13.28 Technology 5.3 5.1 5.9
Income (%) 1.62 1.72 1.04
71.1 52.7 62.1
Management Expense Ratio (%) 1.58 1.57 1.58
Portfolio Turnover Ratio (time) 0.15 0.10 0.18 Outside Malaysia
Hong Kong
* All prices quoted are ex-distribution.
Communications 0.3 0.3 -
Notes: Management Expense Ratio is calculated by taking the total management expenses Consumer, Cyclical - - 0.1
expressed as an annual percentage of the Funds average net asset value. Industrial - 0.4 -
Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and
disposals of the investments in the Fund for the year over the average net asset value 0.3 0.7 0.1
of the Fund calculated on a daily basis.
The Portfolio Turnover Ratio for the financial year 2016 rose to 0.15 time from 0.10 time in Indonesia
the previous financial year on account of higher level of rebalancing activities performed Consumer, Non-cyclical - 0.2 0.3
by the Fund during the year.

Public Islamic Opportunities Fund Public Islamic Opportunities Fund

Fund Performance Managers Report
For the Financial Year Ended 31 July 2016

Asset Allocation for the Past Three Financial Years (contd) Overview
As at 31 July This Annual Report covers the financial year from 1 August 2015 to
(Per Cent of Net Asset Value) 31 July 2016.
2016 2015 2014 Public Islamic Opportunities Fund (PIOF or the Fund) seeks to achieve capital
% % % growth through investments in companies with small market capitalisation
which comply with Shariah principles.
Korea
Industrial - 0.4 - For the financial year under review, the Fund registered a return of -0.89%
Singapore and outperformed its Benchmarks return of -3.45%. The Funds Shariah-
Consumer, Non-cyclical 3.7 3.3 3.0 compliant equity portfolio registered a return of +0.23% while its Islamic
Industrial 2.1 1.7 1.2 money market portfolio registered a return of +3.31% during the financial
year under review. A detailed performance attribution analysis is provided
5.8 5.0 4.2 in the sections below.
TOTAL QUOTED EQUITY For the five financial years ended 31 July 2016, the Fund has registered a
SECURITIES 77.2 59.0 66.7 total return of +57.78% and outperformed the Benchmarks return of +46.28%
over the same period. Consequently, it is the opinion of the Manager that the
COLLECTIVE INVESTMENT
FUNDS Fund has met its objective to achieve capital growth over the said period.
Quoted
Malaysia Performance of PIOF
Financial 4.5 3.5 4.1 from 31 July 2011 to 31 July 2016
Outside Malaysia 90%

Singapore PIOF BENCHMARK

Financial 2.4 2.2 -
60%

Returns from Start of Period

TOTAL QUOTED COLLECTIVE
INVESTMENT FUNDS 6.9 5.7 4.1
30%
WARRANTS
Quoted
Malaysia 0%
Warrants 0.3 0.2 0.3
TOTAL QUOTED WARRANTS 0.3 0.2 0.3
-30%
2011 2012 2013 2014 2015 2016
SHARIAH-BASED PLACEMENTS
WITH FINANCIAL INSTITUTIONS 13.1 41.3 34.3
Prior to 30 April 2013, the Funds Benchmark was FTSE Bursa Malaysia
OTHER ASSETS & LIABILITIES 2.5 -6.2 -5.4 EMAS Shariah Index (FBMS).
Effective from 30 April 2013, the FTSE Bursa Malaysia Small Cap Shariah
Index (FBMSCSM) is the selected Benchmark for PIOF as it is a free float
adjusted capitalisation-weighted index comprising constituents of the FTSE
Bursa Malaysia Small Cap Index that are Shariah-compliant according to
the Securities Commission Malaysias Shariah Advisory Council screening
methodology.

Effect of Distribution Reinvestment on Portfolio Exposures

There were no distributions declared for the year ended 31 July 2016.

Public Islamic Opportunities Fund Public Islamic Opportunities Fund

Managers Report Managers Report

Change in Portfolio Exposures from 31-Jul-15 to 31-Jul-16 Islamic Money Market Portfolio Review
Average During the financial year under review, the Funds Islamic money market
31-Jul-15 31-Jul-16 Change Exposure portfolio, which was invested primarily in Islamic deposits, yielded a return of
+3.31%. In comparison, the 1-Month Islamic Interbank Money Market Rate
Shariah-compliant Equities 61.0% 84.4% +23.4% 78.27%
(1M-IIMMR) recorded a return of +3.54% over the same period.
Islamic Money Market 39.0% 15.6% -23.4% 21.73%
During the financial year under review, the Funds exposure to Islamic money
Returns Breakdown by Asset Class market investments decreased from 39.0% to 15.6% as funds were mobilised
Market / into Shariah-compliant equity investments. Based on an average exposure of
Returns On Benchmark Benchmark Average Attributed 21.73%, the Islamic money market portfolio is estimated to have contributed
Investments Returns Index Used Exposure Returns +0.72% to the Funds overall returns for the financial year under review.

Shariah- Stock Market Review

compliant
Equities 0.23% -3.45% FBMSCSM 78.27% 0.18%
Islamic Money
Market 3.31% 3.54% 1M-IIMMR 21.73% 0.72%
less:
Expenses -1.79%
Total Net
Return for
the Year -0.89%
FBMSCSM = FTSE Bursa Malaysia Small Cap Shariah Index
1M-IIMMR = 1-Month Islamic Interbank Money Market Rate
Shariah-compliant Equity Portfolio Review
For the financial year under review, the Funds Shariah-compliant equity
portfolio registered a return of +0.23% and outperformed its equity
Benchmarks return of -3.45%. The Funds Shariah-compliant equity portfolio
outperformed the Benchmark as it was overweighted in selected stocks in
the Communications and Financial sectors which outperformed the broad
market during the financial year under review.
The Fund commenced the financial year under review with a Shariah-
compliant equity exposure of 61.0%. The Fund subsequently increased its
Shariah-compliant equity weight to above 80.0% in late November 2015 to
capitalise on the Shariah-compliant investment opportunities in the domestic
and regional equity markets. The Fund ended the financial year under review
with a Shariah-compliant equity exposure of 84.4%, giving an average
Shariah-compliant equity exposure of 78.27% over the financial year under
review. The Funds Shariah-compliant equity portfolio is deemed to have
registered a return of +0.18% to the Fund as a whole for the financial year
under review. A full review of the performance of the equity markets is tabled
in the following sections.
Sector Allocations
In terms of sector allocation within the Shariah-compliant equity portfolio, the
top 5 sectors account for 66.0% of the Net Asset Value (NAV) of the Fund and
78.2% of the Funds Shariah-compliant equity portfolio. The weightings of the
top 5 sectors in Malaysia (unless otherwise indicated) are in the following
order: Industrial (21.7%), Financial (13.6%), Consumer, Non-cyclical (13.5%),
Communications (11.9%) and Technology (5.3%).
Commencing the financial year under review at 12,373.72 points, the
FTSE Bursa Malaysia EMAS Shariah (FBMS) Index retraced to a low of
10,901.91 points in late August 2015 as the Ringgit plunged to a 17-year
low and in tandem with a major correction in global equity markets amid
concerns pertaining to the growth outlook for the Chinese economy. The
Index subsequently rebounded in September 2015 as global equity markets
recovered on the back of positive U.S. economic data.
Profit-taking activities following the announcement of Budget 2016 caused
the Index to retrace towards late October 2015. The Index continued to trend
lower in November 2015 due to expectations of an increase in U.S. interest
rates in December 2015. Following the U.S. Federal Reserves decision to
hike interest rates by 25 basis points (bps) on 16 December 2015, the Index
subsequently rebounded to a high of 12,894.94 points in late December 2015
in tandem with global equity markets.
The retracement in regional and global markets as well as crude oil prices
falling below US$40/barrel caused the FBMS Index to retrace to a 4-month
low of 12,105.60 points in mid-January 2016. The revised 2016 budget
announcement on 28 January 2016, coupled with reduced volume of foreign
selling in February 2016 helped to lift market sentiment. The Index continued
its uptrend in March 2016 in tandem with higher regional markets and firmer
global sentiment.
However, the FBMS Index retraced towards late April 2016 following declines
in the regional markets and the market continued to be sold down in May
2016 as weaker-than-expected corporate earnings were recorded for the
first quarter of 2016. The FBMS Index was dampened by uncertainty arising
from Britains referendum to exit the European Union (EU) in June 2016.
Subsequently, the FBMS Index rose in mid-July 2016 amid buoyant global
markets and the unexpected move by Bank Negara Malaysia (BNM) to reduce
the Overnight Policy Rate (OPR) by 25 bps. The Index closed at 12,198.77
points and registered a decline of 1.41% for the financial year under review.

Public Islamic Opportunities Fund Public Islamic Opportunities Fund

Managers Report Managers Report

Economic Review
FTSE Bursa Malaysia EMAS Shariah Index
(31 July 2015 - 31 July 2016) Malaysias GDP growth moderated from 5.0% in 2015 to 4.2% in 1Q 2016
13,500 on the back of slower investment spending growth and a decline in exports.
Growth in the services sector sustained at 5.1% in 1Q 2016 compared to
13,000
a similar growth rate in 2015. Meanwhile, the pace of construction sector
12,500
activities slowed from 8.2% in 2015 to 7.9% in 1Q 2016.

12,000
Malaysias Annual GDP Growth
Index

11,500
9.0
8.0 7.4
11,000
7.0
6.0
10,500 6.0 5.3 5.5
4.8 5.0
5.0 4.7
4.0 - 4.5
10,000 4.0
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16
% 3.0

Starting the financial year under review at 86.00 points, regional equity
markets as proxied by the S&P Shariah BMI Asia Ex-Japan (S&P SAEJ)
Index continued its decline on the back of concerns over Chinas economic
growth outlook and an impending U.S. interest rate rise.
The S&P SAEJ Index rebounded in October 2015 following a statement
by the European Central Bank (ECB) that it was prepared to undertake
another large stimulus package. The cut in Chinas interest rates and reserve
requirement ratios for banks as well as the U.S. Federal Reserves stance
to keep its interest rate hike on hold in October 2015 also helped bolster
market sentiment. However, the Index eased in mid-November as stronger-
than-expected U.S. job market data gave rise to increased expectations of
an increase in U.S. interest rates in December 2015.
The S&P SAEJ Index continued to retrace until mid-January in tandem with
low oil prices. The Index subsequently rebounded in February and March
2016 on the back of the ECBs rate cut and expectations that the increase
in U.S. interest rates will be delayed.
The Index traded range-bound from April to June 2016 as the decision of the
U.S. Federal Reserve to keep interest rates unchanged was within market
expectations. The S&P SAEJ Index advanced in July 2016 on improving
economic momentum from China and expectations of a delay in the Federal
funds rate hike and closed at 88.05 points to register an increase of 2.38%
(+8.97% in Ringgit terms) for the financial year under review.
Regional markets, namely the Indonesia, South Korea, Singapore and Hong
Kong markets registered returns of +22.04%, +11.38%, +5.62% and -2.49%
(in Ringgit terms) respectively for the financial year under review.
2.0
1.0
0.0
-1.0
-2.0 -1.5
-3.0
2008 2009 2010 2011 2012 2013 2014 2015 2016F
Source: Bank Negara Malaysia
Following a growth of 1.9% in 2015, Malaysias exports registered a moderate
growth of 0.8% in the first five months of 2016 mainly due to slower exports
of electrical and electronic products. A decline in the imports of capital and
intermediate goods led to a 0.1% contraction in imports for the first five months
of 2016 as compared to a marginal expansion of 0.4% in 2015. Malaysias
cumulative trade surplus widened to RM36.3 billion in the first five months of
2016 compared to RM33.7 billion in the same period last year. Due to capital
outflows, Malaysias foreign reserves decreased to US$97.2 billion as at end
of June 2016 compared to US$105.5 billion a year ago.
Compared to 2.1% in 2015, Malaysia registered an average inflation rate
of 2.7% in 1H 2016 amid higher food and housing costs. BNM reduced
the OPR by 25 bps to 3.00% for the first time in 7 years, on concerns that
uncertainties in the global environment could dampen Malaysias growth.
Loans growth moderated to 6.6% in 1H 2016 from 9.0% in 2015 on lower
demand from the household sector.
On the regional front, Singapores GDP growth rose from 2.0% in 2015
to 2.2% in 1H 2016 amid faster growth in manufacturing and construction
activities. Indonesias economic growth inched up from 4.8% in 2015 to 4.9%
in 1Q 2016 on the back of higher investment spending.

Islamic Money Market Review
The 1M-IIMMR eased from 3.58% to 3.49%, averaging at 3.55% during the
financial year under review following the 25 bps cut in OPR.
In North Asia, Chinas GDP growth slowed from 6.9% in 2015 to 6.7% in
1H 2016 amid a moderation in the manufacturing and services sectors.
Growth in the manufacturing sector edged down from 6.0% in 2015 to 5.9%
in 1H 2016 while the pace of the services sector eased from 8.3% to 7.5%
over the same period. Hong Kongs GDP growth moderated from 2.4%
in 2015 to 0.8% in 1Q 2016 due to lower domestic demand and exports.
Meanwhile, South Koreas GDP growth rose from 2.6% in 2015 to 3.0% in
1H 2016 on the back of higher investment spending.

Public Islamic Opportunities Fund Public Islamic Opportunities Fund

Managers Report
On the international front, U.S. GDP growth eased from 2.6% in 2015 to
1.4% in 1H 2016 amid slower consumer and investment spending. Consumer
spending growth moderated from 3.2% to 2.5% over the same period.
Meanwhile investment spending contracted by 2.0% in 1H 2016 compared
to a growth of 5.0% in 2015 due to lower investment in the industrial sector.
At the Federal Open Market Committee (FOMC) meeting in mid-December
2015, the U.S. Federal Reserve raised the Federal funds rate for the first
time in nearly a decade to a target range of 0.25%-0.50% from 0.00%-0.25%
previously. At the FOMC meeting in mid-July 2016, the U.S. Federal Reserve
kept the Federal funds rate unchanged at a range of 0.25%-0.50%. Although
labour markets continued to improve, the U.S. Federal Reserve noted that
business fixed investment remained soft.
The Eurozones GDP growth was sustained at 1.6% in 1H 2016 compared to
a similar growth rate in 2015. At its monetary policy meeting held on 10 March
2016, the ECB reduced its main refinancing rate by 5 bps to 0.00% while the
deposit rate was reduced by 10 bps to -0.40%. The ECB also increased the
pace of its asset-buying program from 60 billion to 80 billion with effect from
April 2016 to improve the regions economic recovery and combat deflation.
In a referendum held on 23 June 2016, British voters voted in favour of exiting
the EU. Upon the United Kingdom (U.K.) governments formal notification of
an exit from the EU, the U.K. has a two-year period to negotiate new trade
treaties with the EU.
Outlook and Investment Strategy
After closing on a mixed note in 2015, global and regional equity markets
generally trended lower in the first two months of 2016 amid continued
concerns over the global economic outlook for 2016, continued weakness
in Chinese manufacturing output and the Yuans depreciation. Global and
regional markets rebounded in March 2016 amid firmer energy prices but
subsequently traded on a mixed note in 2Q 2016 on the back of renewed
global economic concerns and the consequences of Brexit on the European
economy. Global and regional markets strengthened in July 2016 amid
expectations of fresh monetary and fiscal easing around the world. Looking
ahead, the performance of equity markets will depend on the growth
momentum of economic activities in the U.S., Europe and Asia Pacific region.
U.S. economic growth is projected to moderate from 2.6% in 2015 to a
range of between 1.4% and 1.9% in 2016 due to a slowdown in investment
spending.
For the Eurozone, initial estimates of a sustained growth rate of 1.6%
in 2016 may have to be revised down due to the effects of Brexit on the
Eurozone economy.
In North Asia, Chinas GDP growth is projected to ease from 6.9% in 2015
to 6.5% in 2016 as economic growth continues to moderate. Meanwhile,
Chinas inflation rate is projected to increase from 1.4% in 2015 to 2.0% in
2016 due to higher food prices. The Chinese central bank has the flexibility
to further cut the one-year lending rate to support domestic demand. In
addition, the Chinese government may unveil more stimulus measures such
as further fiscal spending in the event the economy grows at a weaker-than-
expected pace.
Public Islamic Opportunities Fund
Managers Report
Over in Hong Kong, GDP growth is projected to slow from 2.4% in 2015 to
1.2% in 2016 amid moderating external demand and a slowdown in inbound
tourism. Going forward, the Hong Kong government is anticipated to maintain
its existing tightening stance on the residential property market. However,
ample liquidity, demand for better living standards and resilient economic
growth will underpin Hong Kongs property market over the long term.
South Koreas GDP growth is projected to grow by 2.6% in 2016 which is
similar to the growth rate in 2015 amid resilient private consumption.
In South-East Asia, Singapores GDP growth is projected to moderate from
2.0% in 2015 to 1.8% in 2016 amid moderating external demand. However,
fiscal spending and corporate tax rebates are expected to support domestic
demand. Indonesias GDP growth is projected to grow at 5.0% in 2016
propelled by firmer investment spending.
Malaysias GDP growth is anticipated to moderate from 5.0% in 2015 to
a range of 4.0%-4.5% in 2016 on the back of a moderation in consumer
spending. In the revised 2016 Budget announced on 28 January, the oil price
assumption was revised to average between US$30/barrel and US$35/barrel
versus earlier estimates of US$48/barrel. Operating and development
expenditures will be reduced by RM9 billion to maintain the 2016 fiscal
budget deficit at 3.1%.
At the end of July 2016, the local stock market was trading at a prospective
P/E of 16.0x, which is above its 10-year average of 15.9x. The markets
dividend yield of 3.19% is above the 12-Month fixed deposit rate of 3.11%.
At the end of the financial year under review, South-East Asian markets were
generally trading at a premium while North Asian markets were trading at a
discount to their historical averages following their respective performances
over the same period.
Given the above factors, the Fund will continue to rebalance its investment
portfolio accordingly with the objective of achieving capital growth through
investments in companies with small market capitalisation which comply
with Shariah principles.
Notes: Q = Quarter
H = Half
Cross-Trade Transactions
Cross-trade transactions were undertaken by PIOF during portfolio
rebalancing activities over the financial year under review.
Policy on Soft Commissions
The management company may receive goods or services which include
research materials, data and quotation services and investment related
publications by way of soft commissions provided they are of demonstrable
benefit to the Fund and unitholders.
During the financial year under review, PIOF has received data and quotation
services by way of soft commissions. These services were used to provide
financial data on securities and price quotation information to the Fund
Manager during the financial year under review.
Public Islamic Opportunities Fund
Statement Of Assets And Liabilities Statement Of Income And Expenditure
As at 31 July 2016 For the Financial Year Ended 31 July 2016

2016 2015 2016 2015

MYR000 MYR000 MYR000 MYR000
Assets Income
Investments 676,517 546,520 Profit from Shariah-based placements 5,589 10,968
Due from brokers/financial institutions, Dividend income 21,616 17,761
net 2 - Dividend income from non-permissible
Tax recoverable 208 208 securities 78 -
Other receivables 402 692 Net (loss)/gain from investments (19,864) 28,050
Cash and cash equivalents 127,366 356,237 Net realised gain on sale of
non-permissible securities 205 2
804,495 903,657 Net realised/unrealised foreign
Liabilities exchange gain 715 1,626
Due to brokers/financial institutions, net 150 4,373 8,339 58,407
Due to the Manager, net 2,479 2,887
Due to the Trustee 43 48 Less: Expenses
Other payables 69 130 Trustees fee 539 537
Distribution payable - 54,098 Management fee 13,474 13,411
Audit fee 7 7
2,741 61,536 Tax agents fee 3 3
Total net assets 801,754 842,121 Brokerage fee 763 571
Administrative fees and expenses 132 144
Net asset value (NAV) attributable Payment to charitable bodies 207 197
to unitholders (Total equity) 801,754 842,121
15,125 14,870
Units in circulation (in 000) 2,079,613 2,164,309
Net (loss)/income before taxation (6,786) 43,537
NAV per unit (in sen) 38.55 38.91 Taxation (105) (110)
Net (loss)/income after taxation (6,891) 43,427
Net (loss)/income after taxation is
made up as follows:
Realised (16,206) 45,898
Unrealised 9,315 (2,471)
(6,891) 43,427

Final distribution for the financial year - 54,098

Public Islamic Opportunities Fund Public Islamic Opportunities Fund

Statement Of Changes In Net Asset Value Statement Of Cash Flows
For the Financial Year Ended 31 July 2016 For the Financial Year Ended 31 July 2016

Unitholders Retained 2016 2015

capital earnings Total MYR000 MYR000
MYR000 MYR000 MYR000
Cash flows from operating activities
As at 1 August 2014 547,614 139,048 686,662 Proceeds from sale of investments 54,840 76,346
Creation of units 255,915 - 255,915 Purchase of investments (208,043) (102,436)
Cancellation of units (89,785) - (89,785) Subscription of rights (1,421) -
Net income after taxation - 43,427 43,427 Profit from Shariah-based placements
Distribution (6,753) (47,345) (54,098) received 5,652 10,900
Net dividend income received 21,826 17,216
As at 31 July 2015 706,991 135,130 842,121 Trustees fee paid (544) (525)
Management fee paid (13,610) (13,101)
Audit fee paid (7) (7)
As at 1 August 2015 706,991 135,130 842,121 Tax agents fee paid (3) (5)
Creation of units 70,224 - 70,224 Taxation recovered - 204
Cancellation of units (103,700) - (103,700) Payment of other fees and expenses (193) (112)
Net loss after taxation - (6,891) (6,891) Payment to charitable bodies (207) (197)
As at 31 July 2016 673,515 128,239 801,754 Net cash outflow from operating
activities (141,710) (11,717)
Cash flows from financing activities
Cash proceeds from units created 70,224 259,508
Cash paid on units cancelled (103,972) (88,107)
Distribution paid (54,098) (51,830)
Net cash (outflow)/inflow from
financing activities (87,846) 119,571
Net (decrease)/increase in cash and
cash equivalents (229,556) 107,854
Effect of change in foreign exchange
rates 685 1,600
Cash and cash equivalents at the
beginning of the financial year 356,237 246,783
Cash and cash equivalents at the end
of the financial year 127,366 356,237
Cash and cash equivalents comprise:
Cash at banks 21,965 8,834
Shariah-based placements with financial
institutions 105,401 347,403
127,366 356,237

Public Islamic Opportunities Fund Public Islamic Opportunities Fund