PB Islamic Cash Management Fund (PBICMF) Breakdown of Unitholdings of PBICMF as at 30 June 2018

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Mae Potter
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1 Fund Information Fund Name (PBICMF) Fund Category Islamic Money Market Fund Investment Objective To provide liquidity and current income, while maintaining capital stability by investing in instruments that comply with Shariah requirements. Fund Performance Benchmark The benchmarks of the Fund and their respective percentages are 90% Public Islamic Bank 1-Month Term Deposit-i and 10% Public Islamic Bank Wadiah Savings Account-i. Fund Distribution Policy Annual Breakdown of Unitholdings of PBICMF as at 30 June 2018 Size of holdings No. of unitholders % of unitholders No. of units held (million) 5,000 and below ,001 to 10, ,001 to 50, ,001 to 500, ,001 and above Total Note: Excluding Manager s Stock. Fund Performance Average Total Return for the Following Years Ended 30 June 2018 Average Total Return of PBICMF (%) 1 Year Years Years 3.31

2 Fund Performance Fund Performance Annual Total Return for the Financial Years Ended 30 June Year PBICMF (%) The calculation of the above returns is based on computation methods of Lipper. Notes: 1. Total return of the Fund is derived by this formulae: ( End of Period FYCurrent Year NAV per - 1 End of Period FYPrevious Year NAV per unit) (Adjusted for unit split and distribution paid out for the period) The above total return of the Fund was sourced from Lipper. 2. Average total return is derived by this formulae: Total Return Number of Years Under Review Other Performance Data for the Past Three Financial Years Ended 30 June Unit Prices (MYR)* Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Year Total NAV (MYR 000) 48,156 29,838 38,187 UIC (in 000) 48,095 29,886 38,178 NAV per unit (MYR) Total Return for the Year (%) Capital growth (%) Income (%) Management Expense Ratio (%) Portfolio Turnover Ratio (time) Distribution and Unit Split Financial year Date of distribution Distribution per unit Gross (sen) Net (sen) Unit split Impact on NAV Arising from Distribution (Final) for the Financial Years Sen Sen Sen per unit per unit per unit Net asset value before distribution Less: Net distribution per unit (3.00) (3.10) (4.00) Net asset value after distribution Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. Asset Allocation for the Past Three Financial Years As at 30 June (Percent of NAV) % % % SHARIAH-BASED PLACEMENTS WITH FINANCIAL INSTITUTIONS OTHER ASSETS & LIABILITIES * All prices quoted are ex-distribution. Notes: Management Expense Ratio is calculated by taking the total management expenses expressed as an annual percentage of the Fund s average net asset value. Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and disposals of the investments in the Fund for the year over the average net asset value of the Fund calculated on a daily basis.

3 Statement Of Distribution Of Returns Sen Per Unit Gross Distribution Net Distribution Total Returns Effects of Distribution on NAV per unit before and after Distribution: Before Distribution After Distribution NAV per unit (MYR) Overview This Annual Report covers the financial year from 1 July 2017 to 30 June (PBICMF or the Fund) aims to provide liquidity and current income, while maintaining capital stability by investing in instruments that comply with Shariah requirements. The investments of the Fund are largely confined to short-term Islamic money market instruments that are highly liquid and mature within 365 days or 1 year. For the financial year under review, PBICMF registered a return of +3.28% as compared to its Benchmark which registered a return of +2.85%. For the five financial years ended 30 June 2018, the Fund registered a total return of % as compared to its Benchmark s total return of % over the same period. As the Fund has made distributions for each of its respective financial year, it is the opinion of the Manager that the Fund has met its objective to provide liquidity and current income over the said period. 20% Performance of PBICMF from 30 June 2013 to 30 June 2018 PBICMF BENCHMARK 15% Returns from Start of Period 10% 5% 0% -5% Prior to 30 April 2015, the Fund s Benchmark was a composite index of 90% Public Islamic Bank 1-Month Mudharabah General Investment Account-i and 10% Public Islamic Bank Wadiah Savings Account-i. Effective from 30 April 2015, the Fund s Benchmark was changed to a composite index of 90% Public Islamic Bank 1-Month Term Deposit-i and 10% Public Islamic Bank Wadiah Savings Account-i as this Benchmark is a better representative of the Fund s investments. Income Distribution and Impact on NAV Arising from Distribution The gross distribution of 3.00 sen per unit (tax-exempt) for the financial year ended 30 June 2018 had the effect of reducing the Net Asset Value (NAV) of the Fund after distribution. As a result, the NAV per unit of the Fund was reduced to RM from RM after distribution.

4 Effect of Distribution Reinvestment on Portfolio Exposures 30-Jun-18 Before Distribution After Distribution Reinvestment* Reinvestment* Islamic Money Market 100.0% 100.0% * Assumes full reinvestment. Change in Portfolio Exposures from 30-Jun-17 to 30-Jun-18 Average 30-Jun Jun-18 Change Exposure Islamic Money Market 100.0% 100.0% 0.0% % Returns Breakdown by Asset Class Returns On Investments Market / Benchmark Benchmark Returns Index Used Average Attributed Exposure Returns Islamic Money Market 3.79% 2.85% Benchmark % 3.79% less: Expenses -0.51% Total Net Return for the Year 3.28% Islamic Money Market Portfolio Review For the financial year under review, the Fund s Islamic money market portfolio generated a return of +3.79% as compared to its Benchmark which registered a return of +2.85% over the same period. Islamic Money Market Review In the Islamic money market, the Overnight Islamic Interbank Money Market Rate increased by 21 basis points (bps) to 3.21% from 3.00% during the financial year under review as the Overnight Policy Rate (OPR) was hiked by 25 bps to 3.25% in January Since then, the OPR has remained unchanged at 3.25%. Economic Review Malaysia s GDP growth eased from 5.9% in 2017 to 5.4% in 1Q 2018 on the back of slower investment spending and export growth. Growth in manufacturing activities moderated from 6.0% in 2017 to 5.3% in 1Q Meanwhile, growth in the services sector rose from 6.2% to 6.5% over the same period. Malaysia s export growth softened to 7.8% in the first four months of 2018 compared to 18.9% for the whole of 2017 due mainly to slower exports of electrical and electronic products. Import growth decelerated to 1.6% from 19.9% over the same period on the back of lower imports of capital and intermediate goods. Malaysia s cumulative trade surplus widened to RM46.4 billion in the first four months of 2018 compared to RM27.5 billion in the corresponding period of the prior year. Due to capital inflows, Malaysia s foreign reserves increased to US$108.5 billion as at end-may 2018 compared to US$98.0 billion a year ago. Malaysia s inflation rate slowed to 1.7% in the first five months of 2018 from 3.7% in 2017 amid moderating food prices and transportation costs. On 25 January 2018, Bank Negara Malaysia (BNM) raised the OPR by 25 bps from 3.00% to 3.25% on the back of resilient economic growth. Loans growth climbed to 4.9% in the first five months of 2018 from 4.1% in 2017 due to higher demand from the household sector. % Source: Bloomberg Malaysia s Annual GDP Growth F Money Market Outlook and Investment Strategy On the domestic front, Malaysia s GDP growth is estimated to ease from 5.9% in 2017 to 5.5% in 2018 amid moderating export growth. However, domestic demand is projected to be supported by sustained consumer spending. Following the increase in the OPR at the Monetary Policy Committee meeting in January 2018, the central bank has maintained the policy rate at current levels as it is supportive of current domestic economic activities. On the external front, selected offshore interest rates are expected to trend higher, led by interest rates in the U.S. amid sustained growth in the U.S. economy. Based on the above outlook, the Fund will continue to manage its portfolio of Islamic money market instruments to provide liquidity and current income, while maintaining capital stability by investing in instruments that comply with Shariah requirements. Note: Q = Quarter

5 Statement Of Assets And Liabilities As at 30 June 2018 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, PBICMF has not received goods or services by way of soft commissions MYR 000 MYR 000 Assets Due from the Manager, net 1,493 - Other receivables Shariah-based placements with financial institutions 47,752 31,873 Cash at bank ,624 32,056 Liabilities Due to the Manager, net - 1,264 Due to the Trustee Other payables Distribution payable 1, ,468 2,218 Total net assets 48,156 29,838 Net asset value ( NAV ) attributable to unitholders (Total equity) 48,156 29,838 Units in circulation (in 000) 48,095 29,886 NAV per unit, ex-distribution (in MYR)

6 Statement Of Income And Expenditure Statement Of Changes In Net Asset Value MYR 000 MYR 000 Income Profit from Shariah-based placements 1, Non-permissible income ,196 1,000 Less: Expenses Trustee s fee Management fee Audit fee 7 7 Tax agent s fee 3 3 Administrative fees and expenses 9 11 Payment to charitable bodies Net income before taxation 1, Taxation - - Net income after taxation 1, Net income after taxation is made up as follows: Realised 1, Unrealised - - 1, Final distribution for the financial year 1, Unitholders capital MYR 000 Retained earnings MYR 000 Total MYR 000 As at 1 July ,064 1,123 38,187 Creation of units 59,432-59,432 Cancellation of units (67,677) - (67,677) Net income after taxation Distribution - (926) (926) As at 30 June ,819 1,019 29,838 As at 1 July ,819 1,019 29,838 Creation of units 69,428-69,428 Cancellation of units (50,700) - (50,700) Net income after taxation - 1,033 1,033 Distribution - (1,443) (1,443) As at 30 June , ,156

7 Statement Of Cash Flows MYR 000 MYR 000 Cash flows from operating activities Maturity of Shariah-based placements 1,609,419 3,054,902 Shariah-based placements (1,625,298) (3,046,631) Profit from Shariah-based placements received 1,000 1,086 Non-permissible income received - 22 Trustee s fee paid (20) (13) Management fee paid (121) (122) Audit fee paid (7) (7) Tax agent s fee paid (3) (3) Payment of other fees and expenses (10) (10) Payment to charitable bodies - (22) Net cash (outflow)/inflow from operating activities (15,040) 9,202 Cash flows from financing activities Cash proceeds from units created 67,860 59,815 Cash paid on units cancelled (51,894) (67,490) Distribution paid (926) (1,527) Net cash inflow/(outflow) from financing activities 15,040 (9,202) Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 50 50

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIMMF) Fund Category Islamic Money Market Fund Investment Objective To provide liquidity and current income, while maintaining capital stability by investing in instruments