Public Mutual PDF

Responsibility Statement This Master Prospectus has been reviewed and approved by the directors of Public Mutual Berhad
and they collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable inquiries, they confirm to the best of their knowledge and belief, there are no false or misleading statements, or omission of other facts which would make any statement in this Master Prospectus false or misleading. Statements of Disclaimer The Securities Commission Malaysia has approved the issue of, offer for subscription or purchase, or issue an invitation to subscribe for or purchase units of the funds and a copy of this Master Prospectus has been registered with the Securities Commission Malaysia. The approval, and registration of this Master Prospectus, should not be taken to indicate that the Securities Commission Malaysia recommends the funds or assumes responsibility for the correctness of any statement made or opinion or report expressed in this Master Prospectus. The Securities Commission Malaysia is not liable for any non-disclosure on the part of the management company responsible for the funds and takes no responsibility for the contents in this Master Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Master Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents. INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT AS TO THE ACTION TO BE TAKEN SHOULD CONSULT THEIR PROFESSIONAL ADVISERS IMMEDIATELY. Additional Statement Investors are advised to note that recourse for false or misleading statements or acts made in connection with this Master Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets and Services Act 2007.
No units will be issued or sold based on this Master Prospectus later than one year after the date of this Master Prospectus.
PREFACE
This Master Prospectus encompasses the following thirty nine (39) unit trust funds: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Public Far-East Alpha-30 Fund Public Optimal Growth Fund Public Indonesia Select Fund Public Singapore Equity Fund Public Strategic SmallCap Fund Public Tactical Allocation Fund Public Balanced Fund Public Far-East Balanced Fund Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Public Money Market Fund
You may refer to pages 10 to 38 of Chapter 1: Key Features of the Funds for a better understanding of the objective and key strategies of each of the funds, risks of investing in the funds, profile of investors suitable to invest in the funds and fees and charges payable when investing in the funds, and to help you to decide on the fund that is most compatible with your personal investment temperament and long term financial goals. Units of the funds can be bought from our unit trust consultants who are registered with the Federation of Investment Managers Malaysia. Public Mutual branch offices are located throughout the state capitals and major towns of Malaysia to service unitholders who may need to do an enquiry or a transaction with us. Please refer to pages 247 to 250 for the Directory of Public Mutual Branch and Agency Offices.
Yeoh Kim Hong Chief Executive Officer
CONTENTS
GLOSSARY OF TERMS/ABBREVIATIONS MANAGER, TRUSTEES AND ADVISERS 1. KEY FEATURES OF THE FUNDS
1.1 1.2 1.3 1.4 1.5 Summary of Key Data of The Funds Fees and Charges Information on Transaction of Units Free Insurance for PBF, PFEBF and PTAF Distribution Policy
3-6 7-9 10-38

10 31 33 36 36
2.
ABOUT UNIT TRUST FUNDS

2.1 2.2 2.3 2.4 The Unit Trust Fund Benefits of Investing in Unit Trusts Risk Factors Dollar-Cost Averaging Principle
39-41
39 39 39 41
3.
DETAILED INFORMATION ON THE FUNDS

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 Categories of Funds Fund Profiles Investment Risks Permitted Investments Investment Restrictions Valuation of Permitted Investments Policy on Gearing A Glance At the Terms Used in This Chapter
42-141
42 43 132 133 134 139 140 141
4. 5.
PERFORMANCE OF THE FUNDS HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS

5.1 5.2 Extracts of Financial Statements of The Funds Expenses Incurred by The Funds
142-178 179-200
179 198
6.
GETTING STARTED WITH PUBLIC MUTUAL

6.1 6.2 6.3 6.4 Investing with Public Mutual How to Buy, Sell or Switch Units of The Funds Statements and Reports Keeping Track of the Daily Prices of Units
201-204
201 201 203 204 205
Dedicated Services to Unitholders of Public Mutual
7.
TRANSACTION INFORMATION
7.1 7.2 7.3 Determination of Prices Computation of Prices Computation of Cooling-Off Proceeds
206-208
206 207 208
8.
FEES, CHARGES AND EXPENSES

8.1 8.2 8.3 Charges Imposed on Sale and Purchase of Units Fees and Expenses of The Funds Policy on Stockbroking Rebates and Soft Commissions
209-211
209 210 211
CONTENTS (CONTD)
9.
THE MANAGER
9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8 9.9 9.10 9.11 9.12 9.13 9.14 Corporate Profile of Public Mutual Organisation of Public Mutual Unit Trust Funds under Public Mutual Functions, Duties and Responsibilities of The Manager Compliance Unit Financial Performance of Public Mutual The Board of Directors Profile of Key Management Staff Profile of Key Investment Personnel Awards Won by Public Mutual Investment Management Function of The Manager Related Party Transactions/Conflict of Interest Policies and Procedures on Money Laundering Activities Documents Available for Inspection
212-230
212 212 213 215 215 216 216 219 221 226 226 229 230 230
10. THE TRUSTEES

10.1 10.2 10.3 10.4 10.5 The Trustees Willingness to Assume Position Duties and Responsibilities of The Trustees Profile of AmanahRaya Trustees Berhad Profile of Maybank Trustees Berhad Profile of CIMB Commerce Trustee Berhad
231-236
231 231 231 232 235
11. SALIENT TERMS OF THE DEED

11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 11.9 Unitholders Rights and Liabilities Jointholders Maximum Fees and Charges Permitted by The Deed Permitted Expenses Payable Out of The Funds Retirement, Removal and Replacement of The Manager Retirement, Removal and Replacement of The Trustee Termination of The Funds Unitholders Meeting The Deed
237-244
237 237 238 242 243 243 244 244 244
TAXATION OF THE FUNDS AND UNITHOLDERS NETWORK OF PUBLIC MUTUAL BRANCH OFFICES NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
245-246 247-249 250
GLOSSARY OF TERMS/ABBREVIATIONS
ART Bursa Malaysia Bursa Securities Business Day(s)
AmanahRaya Trustees Berhad (766894-T) Bursa Malaysia Berhad Bursa Malaysia Securities Berhad Each weekday in which Bursa Securities is open for dealing. Note: The Manager may declare certain Business Day to be a non-Business Day, although Bursa Securities is open for business, if one or more of the foreign markets in which the funds are invested therein are closed for business. This is to ensure that investors will be given a fair valuation of the funds at all times, be it when buying or redeeming units of the funds.
CCTB CMSA 2007 Cooling-off right
CIMB Commerce Trustee Berhad (313031-A) (formerly known as BHLB Trustee Berhad) Capital Markets and Services Act 2007 The right of a unitholder who is investing with Public Mutual for the first time, to change his mind and cancel an investment within 6 Business Days from the date of receipt by Public Mutual, of the application form and payment and will obtain a full refund of the said investment within 10 days of receipt of cooling-off notice by Public Mutual. For EPF unitholders, the cooling-off period will commence from the date of receipt of the application form by Public Mutual. The cooling-off right, however, does not extend to a corporation or institution, the staff of Public Mutual, and persons registered to deal in unit trust funds.
Eligible Market
A market that (a) is regulated by a regulatory authority; (b) operates regularly; (c) is open to the public; and (d) has adequate liquidity for the purposes of the fund in question. Employees Provident Fund A resolution passed at a meeting of unitholders duly convened and held in accordance with the provisions of the Deed and carried by a majority consisting of not less than three quarters of the unitholders voting thereat upon a show of hands or if a poll is duly demanded and taken by a majority consisting of not less than three-quarters in number of the votes given on such poll. For the purposes of termination or winding-up of a fund, an extraordinary resolution is passed by a majority in number representing at least three-fourth of the value of the units held by unitholders at the meeting duly convened and held in accordance with the provisions of the Deed. The Federation of Investment Managers Malaysia The selling or buying of units is based on the NAV per unit next determined or calculated after the application/repurchase order from unitholder(s) is received by the Manager in proper form. Designated Fund Manager/co-Fund Manager of the respective funds. Management Expense Ratio (MER) is the ratio of the sum of the fees and the recovered expenses of the unit trust fund to the average value of the unit trust fund calculated on a daily basis, i.e.: (Fees + Recovered expenses) of the unit trust fund Average value of the unit trust fund calculated on a daily basis x 100
EPF Extraordinary Resolution
FIMM Forward Pricing
Fund Manager MER
GLOSSARY OF TERMS/ABBREVIATIONS (CONTD)
Where: Fees = All ongoing fees deducted/deductible directly from the unit trust fund in respect of the year/period covered by the management expense ratio, expressed as a fixed amount calculated on a daily basis. This would include the annual management fee, the annual trustee fee and any other fees deducted/deductible directly from the unit trust fund. All expenses recovered from/charged to the unit trust fund as a result of the expenses incurred by the operation of the unit trust fund, expressed as a fixed amount. The NAV of the unit trust fund, including net income value of the fund, less expenses on an accrued basis, in respect of the year/period covered by the management expense ratio, calculated on a daily basis.
Recovered expenses Average value of the unit trust fund
This expense ratio is directly comparable with that of other funds (under the same fund category) in determining the fund that is more cost effective, all other things being equal or held constant. The lower the expense ratio of a fund the better, in the universal comparison of the expenses of funds. MSCI AC Far East Ex-Japan Index MSCI All Country World Index MTB NAV Morgan Stanley Capital International All Country Far East Ex-Japan Index Morgan Stanley Capital International All Country World Index Maybank Trustees Berhad (5004-P) (formerly known as Mayban Trustees Berhad) Net Asset Value (NAV) of the fund is determined by deducting the value of all the funds liabilities (include all amounts payable by the fund, accrued expenses and taxes, and any appropriate provisions for contingencies) from the value of the funds assets, at the valuation point. For the purpose of computing the annual management fee and the annual trustee fee, the NAV of the fund should be inclusive of the management fee and trustee fee for the relevant day. The NAV per unit is the NAV of a fund divided by the number of units in circulation at the valuation point. It forms the basis upon which the prices of units of a fund are calculated. (Total acquisitions of the fund for the year + total disposals of the fund for the year) / 2 Average value of the fund for the year calculated on a daily basis The annual portfolio turnover ratio will indicate whether the fund buys and sells securities frequently or whether it takes a longer term approach to investment management. A portfolio turnover ratio of 1 time means that the fund has been turned over once for that particular year/period. Public Bank Public Mutual or the Manager Public Series of Funds Public Bank Berhad (6463-H) Public Mutual Berhad (23419-A) This series of funds comprises the thirty nine (39) non-Shariah-based unit trust funds covered under this Master Prospectus.
NAV per unit
Portfolio Turnover Ratio (PTR)
Public Series of Shariah-Based Funds
This series of funds comprises twenty six Shariah-based unit trust funds, namely Public Ittikal Fund, Public Islamic Equity Fund, Public Islamic Opportunities Fund, Public Islamic Dividend Fund, Public Asia Ittikal Fund, Public Islamic Asia Dividend Fund, Public Islamic Sector Select Fund, Public China Ittikal Fund, Public Islamic Select Treasures Fund, Public Islamic Optimal Growth Fund, Public Islamic Select Enterprises Fund, Public Islamic Asia Leaders Equity Fund, Public Islamic Alpha-40 Growth Fund, Public Islamic Treasures Growth Fund, Public Ittikal Sequel Fund, Public Islamic Savings Fund, Public Islamic Mixed Asset Fund, Public Islamic Asia Tactical Allocation Fund, Public Islamic Bond Fund, Public Islamic Enhanced Bond Fund, Public Islamic Select Bond Fund, Public Islamic Infrastructure Bond Fund, Public Islamic Strategic Bond Fund, Public Sukuk Fund, Public Islamic Income Fund and Public Islamic Money Market Fund which are governed by a separate Master Prospectus dated 30 April 2012 and expires on 29 April 2013. Ringgit Malaysia Securities Commission Malaysia Guidelines on Unit Trust Funds issued by SC on 3 March 2008, and shall include any Guidance Notes, Circulars, schedules, appendices and guidelines contained therein or made pursuant thereto. The Deed means the master deed dated 28 January 1999 and all supplemental deeds entered into between the Trustee and the Manager for the registered holders of the funds. The following thirty nine (39) funds covered under this Master Prospectus are collectively called the funds and individually called the fund: Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Public Far-East Alpha-30 Fund Public Optimal Growth Fund Public Indonesia Select Fund Public Singapore Equity Fund PSF PGF PIX PIF PAGF PRSF P SmallCap PEF PFSF PDSF PFES PRSEC PGSF PFEDF PCSF PFEPRF PSEASF PSSF PFECTF PCTF PFETIF PSA30F PNREF PAUEF PFA30F POGF PINDOSF PSGEF
RM SC SC Guidelines
the Deed
the funds/the fund
Public Strategic SmallCap Fund Public Tactical Allocation Fund (formerly known as Public Global Balanced Fund) Public Balanced Fund Public Far-East Balanced Fund Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Public Money Market Fund UIC Valuation point
PSSCF PTAF PBF PFEBF P BOND PIN BOND PEBF PSBF PSTBF PENTBF PMMF
Units in circulation (UIC) refers to the total number of units in issue at a point in time. Valuation point refers to such a time(s) on a Business Day as may be decided by the Manager wherein the Net Asset Value (NAV) of the fund is calculated. Under normal circumstances, only one valuation is conducted on each Business Day. For funds with no foreign investments, the valuation of NAV of funds is conducted on each Business Day at the close of Bursa Securities. For funds with foreign investments, the valuation of funds will be conducted after the close of business of Bursa Securities for the relevant day, as certain of the foreign markets in which the funds may invest in have yet to close due to the different time zones of these countries. As such, the valuation point will thus be after the close of Bursa Securities but not later than 9:00 a.m. (or any other such time as may be permitted by the relevant authorities from time to time) on the following day in which the Manager is open for business.
MANAGER, TRUSTEES AND ADVISERS
MANAGER
Public Mutual Berhad (23419-A) Registered and business address: Block B, Sri Damansara Business Park Persiaran Industri, Bandar Sri Damansara 52200 Kuala Lumpur Tel: 03-6279 6800 Fax: 03-6277 9800 Hotline: 03-6207 5000 e-mail: customer@publicmutual.com.my Web: http://www.publicmutual.com.my Board of Directors Tan Sri Dato Sri Dr. Teh Hong Piow (Non-Executive Director/Chairman) Tan Sri Datuk Seri Utama Thong Yaw Hong (Non-Executive Independent Director/Co-Chairman) Tan Sri Dato Sri Tay Ah Lek (Non-Executive Director) Dato Sri Lee Kong Lam (Non-Executive Director) Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Non-Executive Independent Director) Dato Haji Abdul Aziz Bin Dato Dr. Omar (Non-Executive Independent Director) Mr. Quah Poh Keat (Non-Executive Independent Director) Ms. Yeoh Kim Hong (Chief Executive Officer/Executive Director) Members of the Investment Committee Tan Sri Datuk Seri Utama Thong Yaw Hong (Independent) Tan Sri Dato Sri Tay Ah Lek Dato Sri Lee Kong Lam Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Independent) Dato Haji Abdul Aziz Bin Dato Dr. Omar (Independent) Mr. Quah Poh Keat (Independent) Ms. Yeoh Kim Hong Members of the Audit and Compliance Committee Tan Sri Datuk Seri Utama Thong Yaw Hong Tan Sri Dato Sri Tay Ah Lek Dato Sri Lee Kong Lam Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff Dato Haji Abdul Aziz Bin Dato Dr. Omar Mr. Quah Poh Keat Company Secretaries Ms. Tang Pueh Fong (MIA 8078) c/o Public Mutual Berhad 2nd Floor, Block B, Sri Damansara Business Park Persiaran Industri, Bandar Sri Damansara 52200 Kuala Lumpur Ms. Pang Siew Han (MIA 6968) c/o Public Mutual Berhad 2nd Floor, Block B, Sri Damansara Business Park Persiaran Industri, Bandar Sri Damansara 52200 Kuala Lumpur
MANAGER, TRUSTEES AND ADVISERS (CONTD)
TRUSTEES
AmanahRaya Trustees Berhad (766894-T) Registered address: Tingkat 11, Wisma AmanahRaya No. 2, Jalan Ampang 50508 Kuala Lumpur Tel: 03-2055 7388 Web: http://www.artrustees.com.my Trustees Delegate Citibank, NA, Singapore Branch Registered address: 8 Marina View #21-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com Maybank Trustees Berhad (5004-P) (formerly known as Mayban Trustees Berhad) Registered and business address: 34th Floor, Menara Maybank 100, Jalan Tun Perak 50050 Kuala Lumpur Tel: 03-2078 8363/03-2070 8833 email: mtb@maybank.com.my Trustees Delegates Malayan Banking Berhad (3813-K) Custody Services Registered address: 14th Floor, Menara Maybank 100, Jalan Tun Perak 50050 Kuala Lumpur Citibank, NA, Singapore Branch Registered address: 8 Marina View #21-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com CIMB Commerce Trustee Berhad (313031-A) (formerly known as BHLB Trustee Berhad) Registered address: 5th Floor, Bangunan CIMB Jalan Semantan Damansara Heights 50490 Kuala Lumpur Tel: 03-2084 8888 Web: http://www.cimb.com Business address: Tingkat 2, Wisma TAS No. 21, Jalan Melaka 50100 Kuala Lumpur Tel: 03-2036 5000 Fax: 03-2072 0322 Web: http://www.artrustees.com.my
Business address: 8 Marina View #16-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com
Business address: 4th Floor, Menara Maybank 100, Jalan Tun Perak 50050 Kuala Lumpur Tel: 03-2074 8158 Business address: 8 Marina View #16-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com
Business address: Level 7, Wisma Amanah Raya Berhad Jalan Semantan Damansara Heights 50490 Kuala Lumpur Tel: 03-2084 8888
MANAGER, TRUSTEES AND ADVISERS (CONTD)
Trustees Delegates CIMB Group Nominees (Tempatan) Sdn Bhd (274740-T) Registered address: 5th Floor, Bangunan CIMB Jalan Semantan Damansara Heights 50490 Kuala Lumpur Tel: 03-2084 8888 Web: http://www.cimb.com Citibank, NA, Singapore Branch Registered address: 8 Marina View #21-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com
Business address: Level 7, Wisma Amanah Raya Berhad Jalan Semantan Damansara Heights 50490 Kuala Lumpur Tel: 03-2084 8888
Business address: 8 Marina View #16-00 Asia Square Tower 1 Singapore 018960 Tel: 65-6657 5440 Web: http://www.citibank.com
AUDITORS
Ernst & Young Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara Damansara Heights 50490 Kuala Lumpur
TAX AGENT
KPMG Tax Services Sdn Bhd Level 10, KPMG Tower 8, First Avenue Bandar Utama 47800 Petaling Jaya Selangor, Malaysia
Soon Gan Dion & Partners 1st Floor, No.73 Jalan SS21/1A Damansara Utama 47400 Petaling Jaya Selangor Darul Ehsan
LEGAL ADVISER
PRINCIPAL BANKER
Public Bank Berhad Menara Public Bank No. 146, Jalan Ampang 50450 Kuala Lumpur
FEDERATION OF INVESTMENT MANAGERS MALAYSIA

19-07-3, 7th Floor PNB Damansara No 19, Lorong Dungun Damansara Heights 50490 Kuala Lumpur The Trustees and Delegates, Auditors, Tax Agent, Legal Adviser and Principal Banker have given and have not withdrawn their written consent to the inclusion in this Master Prospectus of their names and statements in the manner and context in which such names and statements appear.
1 KEY FEATURES OF THE FUNDS
1.1 SUMMARY OF KEY DATA OF THE FUNDS

The Manager Fund Name Public Mutual Berhad (23419-A) Launch Date Category of Fund Type of Fund Trustee Approved Fund Size (Billion Units) 3.375 4.50 2.25 1.00 1.50 6.75 1.30 5.00 1.85 4.50 3.50 3.00 3.00 7.50 15.00 3.375 UIC as at 2.4.2012 (Billion Units) 2.542 2.146 1.439 0.337 0.948 4.444 1.090 2.993 1.353 3.025 1.735 1.324 0.477 2.003 5.781 1.428
Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund
29.3.1981 11.12.1984 2.3.1992 18.11.1993 25.4.1994 25.4.1994 13.6.2000 15.8.2001 25.11.2004 3.5.2005 22.11.2005 21.3.2006 28.9.2006 28.11.2006 5.6.2007 10.7.2007
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Income Capital Growth Capital Growth Capital Growth Income Capital Growth Capital Growth and Income Capital Growth Capital Growth Capital Growth Capital Growth
ART ART ART MTB MTB MTB ART ART CCTB ART ART CCTB ART ART ART ART
Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund
2.10.2007 13.11.2007 8.1.2008 1.4.2008
Equity Equity Equity Equity
ART ART ART ART
7.50 3.00 1.50 1.50
1.927 1.846 0.673 0.335
10
KEY FEATURES OF THE FUNDS (CONTD)
Fund Name
Launch Date
Category of Fund
Type of Fund
Trustee
Approved Fund Size (Billion Units) 1.50 1.50 1.50 2.25 1.50 1.50
UIC as at 2.4.2012 (Billion Units) 0.272 0.203 1.199 1.208 0.664 0.116
Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Public Far-East Alpha-30 Fund Public Optimal Growth Fund
8.7.2008 7.4.2009 30.6.2009 8.9.2009 6.4.2010 8.6.2010
Equity Equity Equity Equity Equity Equity
Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Income and Capital Growth Capital Growth Capital Growth Capital Growth Capital Growth Income and Capital Growth Income and Capital Growth Income Income Income and Capital Growth Income Income Income Income
ART ART ART ART ART ART
Public Indonesia Select Fund Public Singapore Equity Fund Public Strategic SmallCap Fund Public Tactical Allocation Fund Public Balanced Fund
1.9.2010 7.6.2011 20.3.2012 23.1.2007 7.6.1995
Equity Equity Equity Mixed Asset Balanced
ART ART ART ART MTB
1.50 1.50 1.50 1.50 1.50
0.364 0.740 0.078 0.301 0.577
Public Far-East Balanced Fund
23.1.2007
Balanced
ART
3.80
1.168
Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund
11.6.1996 30.4.2003 19.1.2005
Bond Bond Bond
MTB ART ART
2.50 3.00 1.00
1.329 1.676 0.295
Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Public Money Market Fund
22.11.2005 30.12.2010 20.3.2012 16.12.2003
Bond Bond Bond Money Market
ART ART ART MTB Total
2.25 0.75 0.50 1.50 113.45
1.321 0.373 0.006 0.337 50.073
This section is only a summary of the salient information about the funds and investors should read and understand the whole Master Prospectus before making investment decisions.
11
The fund objective, strategy, principal risks and investor profile of each of the funds is tabulated below. Fund Name Fund Objective Investment Strategy The fund invests a minimum of 40% of its NAV in index stocks with the balance invested in a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. The fund focuses on a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Principal Risks Market risk, specific security risk and liquidity risk. Investor Profile Moderate Benchmark FTSE Bursa Malaysia KLCI.
Public To achieve longSavings Fund term capital appreciation while at the same time producing a reasonable level of income*.
Public Growth Fund
To achieve longterm capital appreciation with income* considered incidental.
Market risk, specific security risk and liquidity risk.
Moderate
FTSE Bursa Malaysia KLCI.
12
Fund Name Public Index Fund
Fund Objective To achieve longterm capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia Top 100 Index.
Investment Strategy The fund invests a minimum of 60% of its NAV in index stocks with the balance invested in a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed on Bursa Securities. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 80% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. The fund focuses on a diversified portfolio of stocks in industries undergoing earnings recovery and growth stocks that are listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Principal Risks Market risk, specific security risk and liquidity risk.
Investor Profile Moderate
Benchmark FTSE Bursa Malaysia Top 100 Index.
Public Industry Fund
To achieve a high level of capital appreciation over the medium to long term period through investments in growth industries.
Market risk, specific security risk, liquidity risk and industry/ sector risk.
Moderate
13
Fund Name Public Aggressive Growth Fund
Fund Objective To seek high capital growth over the medium to long term period through investments in situational and high growth stocks.
Investment Strategy The fund focuses on a diversified portfolio of situational stocks and high growth stocks listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. The fund focuses on a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed on Bursa Securities. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Investor Profile Aggressive
Benchmark FTSE Bursa Malaysia KLCI.
To achieve Public consistent capital Regular Savings Fund growth over the medium to long term period and to achieve a steady growth in income*.
Moderate
FTSE Bursa Malaysia Top 100 Index.
14
Fund Name Public SmallCap Fund
Fund Objective To achieve high capital growth through investments in companies with small market capitalisation with special focus on growth stocks.
Notes: The fund will invest in companies with small market capitalisation at the point of purchase. The fund may remain invested in such counters should the stocks become medium sized companies due to movement in market price and if the growth prospects and valuation of the stocks continue to be attractive.
Investment Strategy The fund focuses on a diversified portfolio of companies with small market capitalisation with good growth prospects that are listed on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Benchmark FTSE Bursa Malaysia Small Cap Index.
Public Equity Fund
To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.
The fund focuses on a diversified portfolio of index linked companies, blue chip stocks and growth stocks that are listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its minimum equity content is 80% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Aggressive
15
Fund Name Public Focus Select Fund
Fund Objective To achieve capital growth through investments in medium-sized companies in terms of market capitalisation from diversified economic sectors.
Investment Strategy The fund focuses on a diversified portfolio of companies with good growth prospects with market capitalisation of between RM1.25 billion and RM6 billion that are listed on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. The fund seeks to achieve its goal of providing steady recurring income by investing in a diversified portfolio of stocks that offer or have the potential to offer attractive dividend yields. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Benchmark FTSE Bursa Malaysia Mid 70 Index.
Public Dividend Select Fund
To provide steady recurring income* by investing in a portfolio of stocks which offer or have the potential to offer attractive dividend yields.
Moderate
90% FTSE Bursa Malaysia Top 100 Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).
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Fund Name Public FarEast Select Fund
Fund Objective To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional markets.
Investment Strategy The fund seeks to achieve its goal of capital growth by investing in blue chip stocks and growth stocks listed on Bursa Securities and selected regional markets. The fund may also invest in fixed income securities to generate additional returns. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and money market instruments. The fund seeks to achieve its goal of capital growth by investing in the most promising market sectors in the domestic and regional equity markets. The fund will invest in a maximum of 6 sectors but will maintain its investments in a minimum of 3 sectors at all times. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Principal Risks Market risk, specific security risk, liquidity risk, currency risk and country risk.
Benchmark MSCI AC Far East Ex-Japan Index.
Public Regional Sector Fund
To seek long-term capital appreciation by investing in selected market sectors.
Market risk, specific security risk, liquidity risk, currency risk, country risk and industry/ sector risk.
Aggressive
90% MSCI AC Far East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).
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Fund Name
Fund Objective
Investment Strategy The fund seeks to achieve its goal of capital growth by investing directly or in collective investment schemes which focus on a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global stock markets. The fund will also invest in blue chip stocks, index stocks and growth stocks listed on selected global stock markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments. The fund seeks to achieve its goal of providing income by investing in a diversified portfolio of stocks in domestic and regional markets that offer or have the potential to offer attractive dividend yields. The fund may also invest in fixed income securities to generate additional returns. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments.
Benchmark 90% MSCI All Country World Index and 10% 1-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).
Public Global To seek long Select Fund term capital appreciation by investing in equities and collective investment schemes in domestic and global markets.
Public Far-East Dividend Fund
To provide income* by investing in a portfolio of stocks in domestic and regional markets which offer or have the potential to offer attractive dividend yields.
Market risk, specific security risk, liquidity risk, currency risk and country risk.
Moderate
90% MSCI AC Far East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).
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Fund Name Public China Select Fund
Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the greater China region namely in Hong Kong, China and Taiwan markets and including China based companies listed on overseas markets. The fund may also invest in companies listed on Bursa Securities and other foreign markets which have significant or potentially significant business operations in the greater China region. Seeks to achieve capital growth over the medium to long term period by investing in companies that are principally engaged in property investment and development, hotel and resorts development and investment and real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have significant property or real estate assets.
Investment Strategy The fund seeks to achieve its goal of capital growth by investing in a portfolio of investments in the greater China region namely in Hong Kong, China and Taiwan markets and China based companies listed on overseas markets. The fund may also invest in companies listed on the domestic and other foreign markets which have significant or potentially significant business operations in the greater China region. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments. The fund seeks to achieve its goal of capital growth by investing in companies that are principally engaged in property investment and development, hotel and resorts development and investment and real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have significant property or real estate assets, i.e. companies which have at least 70% of their assets comprised of property or real estate assets. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV is invested in fixed income securities and liquid assets which include money market instruments.
Benchmark MSCI Golden Dragon Index.
Public FarEast Property & Resorts Fund
Market risk, specific security risk, liquidity risk, currency risk, country risk and industry/ sector risk.
Moderate
A customized index based on the constituents within the real estate sector of S&P BMI Asia Pacific Index customised to 20% Japan, 20% Australia, 20% Malaysia and the balance 40% for the rest of the countries within the index universe currently including China H Shares, Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan, South Korea and Thailand. The real estate sector is as defined by the then-current Global Industry Classification Standard (GICS)
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Fund Name Public South-East Asia Select Fund
Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in South-East Asia markets.
Investment Strategy The fund seeks to achieve its goal of capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on South-East Asia stock markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments. The fund seeks to achieve the long-term goal of capital growth by identifying the market sectors in the domestic market which offer the most promising investment returns. The fund will invest in a maximum of 6 of the most promising sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will maintain investments in a minimum of 3 sectors at all times. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Benchmark FTSE/ASEAN 40 Index.
Public Sector Select Fund
To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the domestic market.
Market risk, specific security risk, liquidity risk and industry/ sector risk.
Aggressive
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Fund Name Public Far-East Consumer Themes Fund
Fund Objective To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the domestic and foreign markets.
Investment Strategy The fund seeks to achieve the long-term goal of capital growth by investing in securities, mainly equities, in the consumer sector in the domestic and foreign markets. The fund may also invest in multinational corporations in the consumer sector which have a presence in the Far-East region and are listed on the United States, Europe and Australian markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Principal Risks Market risk, specific security risk, liquidity risk, currency risk, country risk and industry/ sector risk.
Benchmark A customised index based on constituents within the selected sectors of the S&P BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The selected sectors are the Consumer Discretionary and Consumer Staples sectors as defined by the then-current Global Industry Classification Standard (GICS). 40% Hang Seng China Enterprises Index, 30% Hang Seng Index and 30% TSEC Taiwan 50 Index.
Public China Titans Fund
To achieve capital growth over the medium to long-term period by investing in companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets.
The fund invests in companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments.
Aggressive
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Fund Name Public FarEast Telco & Infrastructure Fund
Fund Objective To achieve capital growth over the medium to long term period by investing in securities, mainly equities, in the telecommunications, infrastructure and utilities sectors in Far-East markets.
Investment Strategy The fund seeks to achieve long-term capital growth by focusing its investment in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
Benchmark A customised index based on the constituents within the selected sectors of the S&P BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The selected sectors are customised to 40% Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors as defined by the then-current Global Industry Classification Standard (GICS). FTSE Bursa Malaysia KLCI.
Public Select Alpha-30 Fund
To achieve capital growth over the medium to long term period by investing in up to a maximum of 30 stocks primarily listed on Bursa Securities.
The fund seeks to achieve its goal of capital growth by investing in up to a maximum of 30 stocks primarily listed on Bursa Securities. To achieve increased diversification, the fund may invest in selected foreign markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and money market instruments to generate additional returns.
Aggressive
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Fund Name Public Natural Resources Equity Fund
Fund Objective To achieve capital growth over the medium to longterm period by investing in a portfolio of equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets.
Investment Strategy The fund seeks to achieve its goal of achieving capital growth by investing in a portfolio of equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets. The natural resources sectors which the fund will invest in include energy (oil and gas exploration, extraction, production, transportation and power producers), metals and mining (industrial and precious metals exploration, extraction, production and transportation), agriculture, forestry and paper. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in fixed income securities and money market instruments to generate additional returns. The fund seeks to achieve its goal of capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Australian market with the balance invested in the New Zealand and domestic markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in fixed income securities and money market instruments to help generate additional returns.
Benchmark A customised index based on selected sectors within the S&P/ Citigroup BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan, South Korea, Australia and New Zealand. The selected sectors are customised to 40% Energy Sector, 30% Metals & Mining Industry and 30% Agricultural Product SubIndustry as defined by the then-current Global Industry Classification Standard (GICS).
Public Australia Equity Fund
To achieve capital growth over the medium to longterm period by investing in the Australian market with the balance invested in the New Zealand and domestic markets.
Aggressive
S&P/ASX 200 Index.
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Fund Name Public Far-East Alpha-30 Fund
Fund Objective To achieve capital appreciation over the medium to long term period by investing in the domestic and regional markets.
Investment Strategy The fund seeks to achieve its goal of capital growth by investing in up to a maximum of 30 stocks in the domestic and regional markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and money market instruments to generate additional returns. The fund seeks to achieve its goal of achieving income and capital growth by investing in stocks which offer attractive dividend yields and growth stocks in the domestic market. 50% of the funds equity investment will be invested in a diversified portfolio of stocks which offer attractive dividend yields in the domestic market. The remaining 50% of the funds equity investment will be invested in a diversified portfolio of growth stocks that are listed on the Bursa Securities. The fund generally maintains equity exposure within a range of 75% to 98% against its NAV. The fund may also invest in fixed income securities and money market instruments.
Benchmark 80% MSCI AC Far-East Ex-Japan Index, 10% Tokyo Stock Price Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).
Public Optimal Growth Fund
To provide income* and capital growth by investing in stocks which offer attractive dividend yields and growth stocks in the domestic market.
Aggressive
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Fund Name Public Indonesia Select Fund
Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily in the Indonesia market.
Investment Strategy The fund seeks to achieve its goal of capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Indonesia market with the balance of up to 30% of its NAV in the domestic and global markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in domestic and foreign fixed income securities and money market instruments. The fund seeks to achieve its goal of capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Singapore market with the balance of up to 30% of its NAV in the domestic and global markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in domestic and foreign fixed income securities and money market instruments.
Benchmark Jakarta LQ-45 Index (LQ 45).
Public Singapore Equity Fund
To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily in the Singapore market.
Aggressive
Straits Times Index.
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Fund Name Public Strategic SmallCap Fund
Fund Objective To achieve capital appreciation over the medium to long term period through investments primarily in companies with small market capitalisation.
Notes: The fund will invest in small sized companies at the point of purchase. The fund may remain invested in such counters should the stocks become medium sized companies, if the growth prospect and valuation of the stocks continue to be attractive.
Investment Strategy The fund focuses on a diversified portfolio of companies with small market capitalisation with good growth prospects that are listed on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The fund may also invest in fixed income securities to generate additional returns. The fund generally maintains equity exposures within a range of 70% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and liquid assets which include money market instruments.
Benchmark FTSE Bursa Malaysia Small Cap Index.
To achieve capital growth over the medium to long-term period by investing in equities, collective (formerly investment known as Public Global schemes and fixed income securities Balanced in domestic and Fund) foreign markets.
Public Tactical Allocation Fund
The fund seeks to achieve its goal of providing capital growth by adopting a tactical asset allocation strategy of investing in equities, collective investment schemes and fixed income securities in domestic and foreign markets. Its equity content will range in the region of between 30% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments and deposits.
Market risk, specific security risk, interest rate risk, credit risk, liquidity risk, currency risk and country risk.
Aggressive
70% MSCI AC Far-East Ex-Japan Index and 30% 3-Month Kuala Lumpur Interbank Offered Rates.
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Fund Name Public Balanced Fund
Fund Objective To provide a steady income* and capital growth over the medium to longterm period.
Investment Strategy The fund invests 40% to 60% of its NAV in a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed primarily on Bursa Securities. To achieve increased diversification, the fund may invest in foreign markets. The balance of funds NAV will be invested in fixed income securities to generate the required recurring income. The fund invests 40% to 60% of its NAV in a diversified portfolio of blue chip stocks and companies with good growth prospects that are listed on selected regional markets. The balance of funds NAV will be invested in fixed income securities to generate the required recurring income.
Principal Risks
Investor Profile
Benchmark
Market Conservative Public Balanced to moderate Equity Index risk, (PBEIX) is a hybrid specific index whose security value is subject to risk, the daily changes interest in the FTSE Bursa rate risk, Malaysia KLCI credit and the 3-Month risk and Kuala Lumpur liquidity Interbank Offered risk. Rates on a 60:40 basis.
Public Far-East Balanced Fund
To provide income* and capital growth over the medium to long-term period.
Market Conservative 60% MSCI AC to moderate Far East Ex-Japan risk, Index and 40% specific 3-Month Kuala security Lumpur Interbank risk, Offered Rates interest (KLIBOR). rate risk, credit risk, liquidity risk, currency risk and country risk. Interest Conservative 12-month fixed deposits rate risk, rate quoted by credit Malayan Banking risk and Berhad**. liquidity risk.
Public Bond Fund
To provide a steady stream of income* returns through investment in the money market and private debt securities.
The fund invests in a diversified portfolio of fixed income securities (comprising sovereign bonds and private debt securities) and money market instruments. The fund may also invest in redeemable loan stocks with convertible features to enhance overall returns. To achieve increased diversification, the fund may invest in foreign fixed income securities. The fund generally maintains bond exposures within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments.
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Fund Name Public Institutional Bond Fund
Fund Objective To provide annual income* through investment in private debt securities.
Investment Strategy The fund invests in a diversified portfolio of fixed income securities (comprising sovereign bonds and private debt securities) and money market instruments. 50% of the funds holdings of fixed income securities must be in bonds of credit ratings no lower than AA with the balance of its bond holdings invested in bonds with minimum credit ratings of A. The fund may also invest in redeemable loan stocks with convertible features to enhance overall returns. The fund generally maintains bond exposures within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments. The fund invests primarily in a diversified portfolio of fixed income securities (comprising sovereign bonds and private debt securities), redeemable loan stocks with convertible features and money market instruments. To achieve increased diversification, the fund may invest in foreign markets. The fund generally maintains bond exposures within the range of 70% to 85% against its NAV. The fund may invest up to 20% of its NAV in equities comprising largely defensive stocks to enhance the funds returns. The balance of the funds NAV will be invested in money market instruments.
Principal Risks
Investor Profile
Benchmark
Interest Conservative Corporate Bond Index 1 Year rate risk, And Above. credit risk and liquidity risk.
Public Enhanced Bond Fund
Seeks to provide a combination of annual income* and modest capital growth primarily through a portfolio allocation across quality bonds and equities.
Interest Conservative 12-month rate risk, to moderate fixed deposits rate quoted by credit Malayan Banking risk and Berhad**. liquidity risk.
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Fund Name Public Select Bond Fund
Fund Objective To provide annual income* through investments in fixed income securities which have a remaining maturity of 7 years and below and money market instruments.
Investment Strategy The fund seeks to provide annual income by investing in a portfolio of fixed income securities which have a remaining maturity of 7 years and below. Investments in redeemable loan stocks with convertible features to enhance the funds returns are also considered. The fund generally maintains bond exposures within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments. The fund seeks to provide annual income to investors through investments in fixed income securities and money market instruments. The fund will invest at least 75% of its NAV in bonds. 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of 5 years and below. The remaining 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of more than 5 years. The balance of the funds NAV will be invested in deposits and money market instruments. To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign bonds.
Principal Risks
Investor Profile
Benchmark
Interest Conservative 12-month fixed deposits rate risk, rate quoted by credit Malayan Banking risk and Berhad**. liquidity risk.
Public Strategic Bond Fund
To provide annual income* to investors through investments in fixed income securities and money market instruments.
Interest Conservative 12-months fixed deposit rates rate risk, quoted by Public credit Bank Berhad**. risk and liquidity risk.
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Fund Name Public Enterprises Bond Fund
Fund Objective To provide annual income* through investments in fixed income securities and money market instruments.
Investment Strategy The fund seeks to meet its objective of providing annual income by investing at least 75% of its NAV in sovereign bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase. The bonds invested must have minimum credit rating of BBB for long-term instruments and P1 for short-term instruments as rated by a local or foreign rating agency, at the point of purchase. The balance of the funds NAV will be invested in other corporate bonds and money market instruments. To achieve increased diversification, the fund may invest up to 30% of its NAV in foreign fixed income securities. The fund invests in short-term money market instruments comprising bankers acceptances and negotiable instruments of deposits (NIDs) and short-dated private debt securities which include commercial papers. The fund is permitted to invest up to 10% of its NAV in fixed income instruments with maturity periods exceeding 365 days but not longer than 732 days. The fund generally invests up to 100% of its NAV in money market instruments and deposits.
Principal Risks
Investor Profile
Benchmark
Interest Conservative 12-month fixed deposit rates rate risk, quoted by Public credit Bank Berhad**. risk and liquidity risk.
Public Money Market Fund
To provide liquidity and current income*, while maintaining capital stability.
Interest Conservative 1-Month Kuala Lumpur Interbank rate risk, Offered Rates credit (KLIBOR). risk and liquidity risk.
Notes: * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy. ** The funds have the potential to deliver higher returns than its benchmark in view that the funds carry higher risk than their respective benchmark. You may refer to Chapter 3: Detailed Information on The Funds for a better understanding of the characteristics and objective of each fund, and help you to decide on the fund that is most compatible with your personal investment temperament and long term financial goals. The names of the designated Fund Managers are tabulated in Chapter 3: Detailed Information on The Funds. For profiles of designated Fund Managers, please refer to pages 221 to 226 of Chapter 9: The Manager. For more information on the Trustees, please refer to Chapter 10: The Trustees.
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There are risks involved in investing with the funds. The general risks of investing with unit trust funds are tabulated in Chapter 2: About Unit Trust Funds, while information on specific fund risks are presented in Chapter 3: Detailed Information on The Funds. The funds are governed by a master deed dated 28 January 1999, a first supplemental master deed dated 30 April 1999, a second supplemental master deed dated 28 October 1999, a third supplemental master deed dated 22 May 2000, a fourth supplemental master deed dated 29 May 2000, a fifth supplemental master deed dated 23 October 2000, a seventh supplemental master deed dated 24 July 2001, an eighth supplemental master deed dated 30 April 2002, a ninth supplemental master deed dated 22 April 2003, a tenth supplemental master deed dated 1 December 2003, an eleventh supplemental master deed dated 3 November 2004, a twelfth supplemental master deed dated 27 December 2004, a thirteenth supplemental master deed dated 13 April 2005, a sixteenth supplemental master deed dated 25 October 2005, an eighteenth supplemental master deed dated 22 February 2006, a twentieth supplemental master deed dated 1 September 2006, a twenty first supplemental master deed dated 6 November 2006, a twenty second supplemental master deed dated 20 December 2006, a twenty fourth supplemental master deed dated 13 April 2007, a twenty fifth supplemental master deed dated 28 May 2007, a twenty sixth supplemental master deed dated 27 June 2007, a twenty seventh supplemental master deed dated 10 July 2007, a twenty ninth supplemental master deed dated 20 July 2007, a thirty first supplemental master deed dated 26 September 2007, a thirty fourth supplemental master deed dated 17 December 2007, a thirty fifth supplemental master deed dated 17 December 2007, a thirty sixth supplemental master deed dated 17 March 2008, a thirty seventh supplemental master deed dated 11 April 2008, a thirty eighth supplemental master deed dated 27 May 2008, a thirty ninth supplemental master deed dated 11 June 2008, a forty first supplemental master deed dated 8 July 2008, a forty third supplemental master deed dated 8 July 2008, a forty fifth supplemental master deed dated 7 July 2009, a forty seventh supplemental master deed dated 12 November 2009, a forty eighth supplemental master deed dated 8 April 2010, a fiftieth supplemental master deed dated 13 April 2010, a fifty forth supplemental master deed dated 21 October 2010, a fifty fifth supplemental master deed dated 1 March 2011, a fifty eighth supplemental master deed dated 21 July 2011 and a fifty ninth supplemental master deed dated 19 September 2011.
1.2 FEES AND CHARGES

A summary of all fees and charges of the funds is shown below: Charges Imposed on Sale or Purchase of Units This table describes the charges that you may directly incur when you buy or redeem units of the funds. % / RM Charges Service Charge per Unit Equity, Mixed Asset and Balanced Funds Purchase of units through unit trust consultants: Up to 5.5% of NAV per unit. Purchase of units through the Manager: Up to 5.5% of NAV per unit. Investors investing under the EPF Members Investment Scheme will be levied a service charge of up to 3% of NAV per unit, as regulated by EPF. The Manager may at its discretion charge a lower service charge based on the size of investment and/or other criterion as may be determined from time to time. Repurchase Charge per Unit Switching Charges Transfer Charges Nil. Unitholders may incur charges on their switching transactions. Please refer to pages 34 and 35 for the charges that are involved. An administration fee of RM25 will be charged for each transfer transaction. Bond and Money Market Funds Purchase of units through unit trust consultants: Up to 0.25% of NAV per unit. Purchase of units through the Manager: Up to 0.25% of NAV per unit. The Manager may at its discretion charge a lower service charge based on the size of investment and/or other criterion as may be determined from time to time.
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Bank charges, courier charges and any other indirect charges incurred as a result of redemptions will be borne by the investor. Fees Incurred on Investing in The Funds There are annual operating expenses involved in running a fund such as the management fee, fees for trustee, custodian, audit, and other direct administrative costs. These expenses are deducted from the gross income of the fund. This table describes the fees that you may indirectly incur when you invest in the funds. % / RM Fees Annual Management Fee Equity, Mixed Asset and Balanced Funds PSF, PGF, PIX, PIF, PAGF, PRSF, P SmallCap, PEF, PFSF, PDSF, PSSF, PSA30F, POGF, PSSCF and PBF: 1.5% per annum of the NAV. PFES, PRSEC, PFEDF, PCSF, PSEASF, PCTF, PFA30F, PSGEF and PFEBF: 1.60% per annum of the NAV. PAUEF and PTAF: 1.65% per annum of the NAV. PFEPRF, PFECTF, PFETIF, PNREF and PINDOSF: 1.70% per annum of the NAV. PGSF: 1.80% per annum of the NAV Annual Trustee Fee 0.06% per annum of NAV, subject to a minimum fee of RM18,000 and a maximum fee of RM600,000 per annum. Nil. 0.035% per annum of NAV, subject to a minimum fee of RM18,000 and a maximum fee of RM300,000 per annum. 0.02% per annum of NAV, subject to a minimum fee of RM18,000 and a maximum fee of RM300,000 per annum. Bond Funds P BOND, PSBF, PSTBF and PENTBF: 0.75% per annum of the NAV. PIN BOND: 0.5% per annum of the NAV. PEBF: 1.0% per annum of the NAV. Money Market Fund PMMF: 0.375% per annum of the NAV.
Any other fees payable by an investor
For more details on fees, charges and expenses of the funds, you may refer to Chapter 7: Transaction Information and Chapter 8: Fees, Charges and Expenses. There are fees and charges involved and investors are advised to consider them before investing in the funds.
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1.3 INFORMATION ON TRANSACTION OF UNITS

Unit Transactions Units may be bought or sold daily on any Business Day*. Public Mutual buys from and sells units to unitholders during Business Days. This ensures that there will always be a market for the units. There is a single price for the buying and selling of units of the funds which is at NAV per unit of the respective funds. Upon the purchase of units of the funds by investors, a service charge of up to 5.5% of NAV per unit is levied for equity, mixed asset and balanced funds, whilst a service charge of up to 0.25% of NAV per unit is levied for bond and money market funds. For investors investing under the EPF Members Investment Scheme, a service charge of up to 3% of NAV per unit is levied for equity, mixed asset and balanced funds (as regulated by EPF). The Manager may at its discretion charge a lower service charge based on the size of investment and/or other criterion as may be determined from time to time. The Manager does not impose a repurchase charge on the sale of units of funds by investors. (Please refer to pages 207 and 208 for illustrations on purchase and redemption of units by investors). Unit prices of the funds are published daily under the Unit Trusts Column in major newspapers**. Note: The Manager may declare certain days to be non-Business Days, although Bursa Securities is open for business, if one or more of the foreign markets in which the funds are invested therein are closed for business. This is to ensure that investors will be given a fair valuation of the funds at all times, be it when buying or redeeming units of the funds. A notice will be posted on Public Mutuals website to notify investors. (Please refer to page 140 for more information on valuation of investments in such circumstances). Minimum Initial & Additional Investment PIN BOND PEBF PMMF All other funds Minimum Account Balance : : : : Minimum Initial Investment RM10,000,000 RM100,000 RM1,000 RM1,000 Minimum Additional Investment RM5,000,000 RM100,000 RM1,000 RM100
PIN BOND : 1,000,000 units All other funds : 1,000 units
Notes: * In the event that purchase and repurchase requests are received by the Manager on days which are non-Business Days, then such requests will automatically be carried forward to the first Business Day following therefrom. This elaboration holds particular significance on the issue of entitlement to distribution payable by a fund at the close of its financial year/period. While the Manager can ensure that the prices forwarded to the press for publication are accurate, it, however, cannot be held liable for any error in prices finally published in the press since that would be beyond its realm of control. Investors may contact the Customer Service or branch to further confirm the unit prices if they so desire.
**
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Cooling-Off Period
Investors who are investing with Public Mutual for the first time may exercise their cooling-off right within 6 Business Days from the date of receipt by Public Mutual, of the application form and payment and will receive a full refund of the investment paid within 10 days of receipt of cooling-off notice by the Manager. For EPF unitholders, the cooling-off period will commence from the date of receipt of application form by Public Mutual. This coolingoff right, however, shall not extend to a corporation or institution, the staff of Public Mutual and persons registered to deal in unit trust funds. (Please refer to page 208 for more information on cooling-off proceeds). Unitholders may redeem units on any Business Day and receive payment of repurchase proceeds within 10 days. There is no restriction on the frequency of repurchase. PIN BOND : 1,000,000 units All other funds : 1,000 units In the case of partial repurchase, the Manager may elect to repurchase the entire account if the effect thereof would be that the unitholder holds less than 1,000 units (1,000,000 units in the case of PIN BOND) in his account with the fund.
Repurchase of Units
Minimum Repurchase Units
Switching Between Funds
Switching of units is considered a withdrawal/redemption of investment from a unit trust fund and an application to purchase units of another unit trust fund. Unitholders may switch their investments between funds under the Public Series of Funds and Public Series of Shariah-Based Funds on any Business Day subject to terms and conditions. The minimum transaction per switch is 1,000 units for all funds except PIN BOND which is at 1,000,000 units. Switching of units may be subject to switching fee or service charge which is deductible from the redemption proceeds as set out below:(A) For switching made within 90 days from the date of purchase of units/ switching into that fund: To Recipient Fund Switch-out / (Exit) From Equity/Mixed Asset/ Balanced funds Bond funds - Loaded units # - Low-load units ## Equity/ Mixed Asset/ Balanced funds Switching Fee of 0.75%* Switching Fee of 0.25%* Service Charge of up to 5.5% Switching Fee of RM50 Service Charge of up to 5.5% Bond/Fixed Income funds Money Market funds
Switching Fee of 0.75%* Switching Fee of 0.25%* Switching Fee of 0.25%* Switching Fee of RM50 Switching Fee of RM50
Switching Fee of 0.75%* Switching Fee of 0.25%* Switching Fee of 0.25%* Switching Fee of RM50 Switching Fee of RM50
Money Market funds - Loaded units # - Low-load units ##
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Note: * Subject to a minimum of RM50, whichever is the higher. Switching fee in excess of administration cost may be retained by the switch-out funds.
(B) For switching made after 90 days from the date of purchase of units/ switching into that fund: To Recipient Fund Switch-out / (Exit) From Equity/Mixed Asset/ Balanced funds Bond funds - Loaded units # - Low-load units ## Equity/ Mixed Asset/ Balanced funds Switching Fee of RM25 Switching Fee of RM25 Service Charge of up to 5.5% Switching Fee of RM25 Service Charge of up to 5.5% Bond/Fixed Income funds Money Market funds
Switching Fee of RM25 Switching Fee of RM25 Switching Fee of RM25
No Switching fee No Switching fee No Switching fee
Money Market funds - Loaded units # - Low-load units ##
Switching Fee of RM25 Switching Fee of RM25
No Switching fee No Switching fee
Notes:
#
Loaded units are units which have incurred a service charge of 3% or more at the point of purchase. Low-load units are units which have incurred a service charge of 0.25% or less at the point of purchase.
##
The Manager reserves the right to reject any switching requests of unitholders of the funds if it regards the switching requests as disruptive to efficient portfolio management of the targeted funds; or if deemed by the Manager to be contrary to the best interest of the targeted funds. Switching requests that are rejected by the Manager would be treated as a redemption of units. Transfer of Units A unitholder may fully or partially transfer his units in the fund to another unitholder subject to terms and conditions. An administration fee of RM25 will be charged for each transaction. The minimum transaction per transfer is 1,000 units. This transfer facility is not available to PIN BOND.
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1.4 FREE INSURANCE FOR PBF, PFEBF and PTAF

For PBF, free Group Term Life with Total and Permanent Disability plus Group Personal Accident Insurance is provided for unitholders aged between 18 to 59 years with a minimum investment of 5,000 units at any point of time. The amount of insurance is equal to the number of units invested in the ratio of RM1 insurance coverage for 1 unit each, subject to a maximum amount of RM100,000 per unitholder of the fund. For PFEBF and PTAF, free Group Term Life with Total and Permanent Disability plus Group Personal Accident Insurance is provided for unitholders aged between 18 to 59 years with a minimum net asset value of RM5,000 at any point of time. The amount of insurance is equal to the net asset value of units held in the ratio of RM1 insurance coverage for every RM1 net asset value of units held, subject to a maximum amount of RM100,000 per unitholder of the funds. Only individual investors who are first holders (i.e. persons who are first named in the account/register) are entitled to the free insurance. Unitholders under the EPF Members Investment Scheme are also entitled to the free insurance. The terms and conditions of free insurance shall apply. Please refer to the brochure on Free Insurance for PBF, PFEBF and PTAF.
1.5 DISTRIBUTION POLICY

Fund Name Equity Funds Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Distribution Policy Incidental Incidental Incidental Incidental Incidental Incidental Incidental Incidental Incidental Annual income Incidental Incidental Incidental Annual income Incidental Annual income Incidental Incidental Incidental Incidental Incidental Incidental Incidental Incidental
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Fund Name Equity Funds (contd) Public Far-East Alpha-30 Fund Public Optimal Growth Fund Public Indonesia Select Fund Public Singapore Equity Fund Public Strategic SmallCap Fund Mixed Asset Fund Public Tactical Allocation Fund Balanced Funds Public Balanced Fund Public Far-East Balanced Fund Bond Funds Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Money Market Fund Public Money Market Fund
Distribution Policy Incidental Annual income Incidental Incidental Incidental Incidental Incidental Incidental Annual income Annual income Annual income Annual income Annual income Annual income Annual income
Each of the funds carries a distribution policy which is in line with the objective of the funds. Any distribution(s) so paid will be subject to the availability of income and/or realised gains and the provisions of the SC Guidelines. Please refer to Chapter 3: Detailed Information on The Funds for more information on the distribution policy and Chapter 4: Performance of The Funds for past distributions of the respective funds. Distribution, if any, is declared at the end of each financial year, or for any specified period as may be approved by the trustee. Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out via e-distribution by selecting the appropriate option in the Application Form. Unitholders who opt for the pay out option via e-distribution must provide their bank account details to the Manager. Distribution reinvestments will be reinvested at NAV per unit, computed at the close of the first Business Day following the distribution date. No service charge will be imposed on distribution reinvestments. A unitholder must notify the Manager within 14 Business Days prior to each date fixed for the distribution of any change in his distribution instructions. Auto-Reinvestment of Distribution Amount of Less Than RM100 Payment of distribution, if any, of an amount less than RM100 per account will automatically be reinvested (as deemed uneconomical to pay out) on behalf of the unitholder at NAV per unit, computed at the close of the first Business Day following the distribution date.
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Unclaimed Monies Any monies payable to unitholders which remain unclaimed after such period (currently being 1 year) will be paid to Register of Unclaimed Monies by the Manager in accordance with the requirements of the Unclaimed Moneys Act 1965 and (Amendment) 2002. Prospective unitholders should read and understand the contents of the Master Prospectus and, if necessary, consult their adviser(s). Unit prices and distributions payable, if any, may go down as well as up. For information concerning certain risk factors which should be considered by prospective investors, see risk factors commencing on page 39. Past performance of the funds is not an indication of their future performance.
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ABOUT UNIT TRUST FUNDS
2.1 THE UNIT TRUST FUND

A unit trust fund is a professionally managed, collective investment scheme that pools unitholders monies and invests it toward a specific goal as declared by the investment objective of the scheme. Such a scheme usually aims to provide above-average returns in the form of income distribution and capital growth with reasonable risks, to medium-to-long term investors through investing in a broadly diversified portfolio of stocks and bonds, or other specialised instruments. A unit trust scheme may be illustrated as a tripartite relationship between the Manager, the trustee and unitholders governed by a legally binding deed registered with the SC. The SC regulates the industry as well as the operations and administration of unit trust schemes through the CMSA 2007 and the Guidelines on Unit Trust Funds.
2.2 BENEFITS OF INVESTING IN UNIT TRUSTS

Besides the potential for capital growth over the long-term period, unit trusts also provides other recognised benefits that makes them attractive relative to other investment avenues. Among them are as follows: 1. Diversification: Diversification involves the process of spreading risk over a broad portfolio of stocks and bonds in different companies, sectors, countries or regions. This can only be done with substantial amounts of monies to buy a wide variety of stocks. Unit trusts facilitate the diversification process through providing small investors with an avenue to pool their savings for the purchase of a diversified portfolio of stocks and bonds that will bring returns at lower risks to unitholders compared with investing directly in stock markets. Professional Management: Unit trusts are managed by professional Fund Managers with the expertise and resources to manage the assets of the fund. The investors thus benefit from this professional fund management of their investments in the fund at an affordable (shared) cost. Liquidity: Unitholders may redeem all or part of their units on any Business Day and have their proceeds mailed to them within 10 days. Ease of Transactions: Unit trusts do not require cumbersome administrative or paperwork or record keeping on the part of unitholder in managing his investments. Capital Gains: Through participation in securities, unit trust investments provide the opportunity to reap capital growth as part of the return on a unitholders investment.
2.
3. 4. 5.
2.3 RISK FACTORS

Any investment carries with it an element of risk. Keeping ones savings in fixed term deposits may probably be the safest on an investment risk-return continuum, but it, nevertheless, carries with it the risk of negative return when the rate of inflation is higher than the rate of interest return received on fixed deposits, leading thus to the loss in purchasing power per Ringgit principal to the saver; otherwise known as the inflation or purchasing power risk. Direct investment in the share market or stocks will subject the investor to the specific risk of falling share prices without reprieve offered by the benefit of portfolio diversification or fund management expertise available under collective investment schemes. A unit trust fund is exposed to a variety of risks by nature of the investment schemes it is engaged in. Where the unit trust participates in stock market-related investments, the following risks become key considerations: 1. Market Risk: The purchase of equities represents a risk since the prices of stocks underlying the NAV of the fund fluctuate in response to various factors. Stock prices fluctuate in response to the circumstances affecting individual companies as well as general market or economic conditions. Such movements in the underlying prices of the shares of the investment portfolio will cause the funds NAV or prices of units to fall as well as rise.
39
ABOUT UNIT TRUST FUNDS (CONTD)
2.
Specific Security Risk: Adverse price movements of a particular security invested by the fund may adversely affect the funds NAV and unit price. This impact can, however, be mitigated through the process of portfolio diversification by the Fund Managers. Liquidity Risk: Liquidity risk is defined as the ease with which a security can be disposed at or near its fair value depending on the volume traded on the market. If the fund has a large portfolio of securities that are less liquid or difficult to dispose, the securities may have to be sold at a discount to fair value, hence affecting the value of the fund. In the event that the fund experiences large redemptions, the Fund Manager may be required to liquidate the funds holdings of securities at prevailing prices to meet the redemption requirement. This impact can, however, be mitigated through the process of security selection and portfolio diversification by the Fund Managers.
3.
The funds investments in warrants, options, futures and over-the-counter (OTC) options (if any) may result in the following risks: 1. Derivatives Risk: Derivatives allow for the use of leverage which may increase the volatility of the funds NAV during periods of adverse market movements. The use of non-exchange traded or over-the-counter (OTC) derivatives involve counterparty risk arising from counterparty default or a decline in the latters credit rating. In such circumstances, efforts will be taken to liquidate the derivative position or another counterparty will be sought to provide a similar derivative exposure. The use of derivatives also present liquidity risk, whereby an illiquid market could impact the efficient pricing of derivative products or prevent the fund from closing out its derivative position.
Further, investment in bonds brings forth the following specific investment risks: 1. Interest Rate Risk: Interest rates movements impact bond valuations with bond prices moving inversely with interest rates. When interest rates rise, bond prices decline and this will lower the market value of a bond funds investment in bonds. The reverse applies when interest rates fall. Credit Risk: Credit risk refers to an issuers ability to make timely payments of interest and principal. In the event that the issuer of an instrument defaults in the payment of interest and principal, the value of the fund may be adversely affected. Credit risk can be managed by holding a diversified portfolio of bonds and monitoring the issuers fundamentals on an ongoing basis.
2.
In addition to the above, investors of unit trust funds need also to consider the following: 1. Managers Risk: The risk that investment decisions pertaining to asset allocation and stock selection undertaken by the Manager may adversely impact the performance of the fund if the investment strategy adopted is not in tandem with market movements. Loan Financing Risk: It is not advisable for unitholders to finance the fund units through borrowings. The price/value of units will fluctuate with the underlying fund portfolio and unitholders may find themselves faced with the scenario of being forced to provide additional funds to top up on their loan margins (where units are used as collateral) when the market goes down, or suffer the higher cost of financing when interest rates trend upwards; both these events increase the potential for capital loss. In addition, the returns on unit trusts are not guaranteed and may not be earned evenly over time. Risk of Non-Compliance: The risk arising from non-conformance with regulations and internal policies and procedures by the Manager due to situations such as system failures and oversight may adversely affect the investment of unitholders. However the risk can be mitigated by internal controls put in place by the Manager. Currency Risk: Where a percentage of the value of a fund is invested in foreign currency or assets denominated in foreign currency, the fund may be exposed to currency fluctuation risks. Fluctuations in foreign exchange rates will affect the value of the funds foreign investments upon conversion to local currency and subsequently impact the value of the unitholders investments. Country Risk: Overseas investments of the fund may be affected by changes in the political and economic conditions of the country in which the investments are made. Such political and economic factors may influence the growth and development of business enterprises and impact the financial markets (i.e. equity and/or bond markets).
2.
3.
4.
5.
Please refer to Chapter 3: Detailed Information on The Funds for information on the fund specific risks and risk management.
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ABOUT UNIT TRUST FUNDS (CONTD)
2.4 DOLLAR-COST AVERAGING PRINCIPLE

The principle of dollar-cost averaging involves a disciplined regular investment technique which may be applied to maximum effect in unit trust investing. Based on this principle, all that an investor has to do is to invest a regular sum of money with a selected unit trust fund over a period of time. This way, he does not have to worry about market timing, or where shares prices or interest rates are headed. His regular investment amount will buy him less units when the market is up, and more units when the market is down. He will thus be able to accumulate units at an average cost which is lower than the average NAV per unit over the same period. This represents the dollar-cost averaging effect. However, investors should note that regular investments do not assure a profit and do not protect against loss in declining markets. Since such regular investment technique involves continuous investment in a selected unit trust fund, investors should consider their financial ability to continue purchases through periods of low price levels. Past performance is no guarantee of future results. Lets take a walk through the illustration below and see for yourself the benefits of dollar-cost averaging through regular savings/investments in a unit trust fund called Fund A. Illustration: Let us assume that Investor A decided to invest a monthly savings of RM400 with the fund over a period of 24 months. As shown in the tables below, with monthly investments of RM400, Investor A was able to buy/accumulate more units per investment amount of RM400 per month when the NAV per unit was lower, and less units when the NAV per unit was higher. In the first 12 months (Table 1), Investor A thus managed to accumulate a total of 8,026.47 units at an average cost of RM0.5980 per unit when the market was on the uptrend. Note that the units have an average cost of RM0.5980 whereas the average NAV per unit over the period was higher at RM0.6008. During the next 12 months (Table 2), Investor A managed to accumulate a total of 9,270.36 units at an average cost of RM0.5178 per unit when the market was on a downtrend. Once again, note that the units have an average cost of RM0.5178 which is lower than the average NAV per unit over the period at RM0.5183. By regularly investing the same amount of money in the fund irrespective of price fluctuations, the units will be bought at an actual cost which is lower than the average NAV per unit over the same period. This represents the dollar-cost averaging effect of regular investments. Although the dollar-cost averaging process can work with a series of lump sum investments, it operates better with investments made on a regular basis (ideally monthly) to maximise the advantage of the averaging process. Table 1 : Upmarket Scenario Month NAV Monthly No. of Units Per Unit Investment Units Accumulated (RM) (RM) Credited 0.5453 0.5461 0.5553 0.5615 0.5695 0.6115 0.6225 0.6248 0.6315 0.6338 0.6415 0.6662 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 733.54 732.47 720.33 712.38 702.37 654.13 642.57 640.20 633.41 631.11 623.54 600.42 733.54 1,466.01 2,186.34 2,898.72 3,601.09 4,255.22 4,897.79 5,537.99 6,171.40 6,802.51 7,426.05 8,026.47 = RM4,800 = 8,026.47 = RM0.5980 = RM0.6008 Table 2 : Downmarket Scenario Month NAV Monthly No. of Units Per Unit Investment Units Accumulated (RM) (RM) Credited 0.5453 0.5450 0.5330 0.5320 0.5210 0.5200 0.5185 0.5100 0.5025 0.4997 0.4970 0.4960 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 733.54 733.94 750.47 751.88 767.75 769.23 771.46 784.31 796.02 800.48 804.83 806.45 = = = = 733.54 1,467.48 2,217.95 2,969.83 3,737.58 4,506.81 5,278.27 6,062.58 6,858.60 7,659.08 8,463.91 9,270.36 RM4,800 9,270.36 RM0.5178 RM0.5183
1 2 3 4 5 6 7 8 9 10 11 12
13 14 15 16 17 18 19 20 21 22 23 24
First 12 months: Principal investment (RM400x12) Units accumulated Average cost of units procured Average NAV per unit over the period
Next 12 months: Principal investment (RM400x12) Units accumulated Average cost of units procured Average NAV per unit over the period
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3.1 CATEGORIES OF FUNDS

Public Mutual currently promotes various categories of funds, namely equity fund, mixed asset fund, balanced fund, bond/fixed income fund and money market fund. In terms of these fund categories, the difference among them lies with the (asset) allocation among the various asset classes i.e. between equities, bonds and money market instruments, resulting thus in different emphasis being placed on capital growth and income. Generally, to be categorised as an equity fund denotes that a higher proportion of the fund assets will be invested in stocks/shares in order to secure capital growth for unitholders, with income considered incidental. A mixed asset fund adopts a mixed asset/tactical asset allocation strategy where investments are allocated across the different asset classes based on its investment mandate. A balanced fund, in turn, would focus on attaining a balance between long-term capital growth and income by investing partly in stocks/shares (though not to the same extent as an equity fund), and partly in fixed income securities (but to a lesser extent than a bond fund). A bond/fixed income fund, concentrates chiefly on investing in fixed income securities to secure and distribute annual income to unitholders, with capital growth considered incidental to the investment process. A money market fund, on the other hand, invests primarily in short-term debentures and money market instruments to secure and distribute annual income to unitholders. For the equity funds managed by Public Mutual, it is important to note that whilst the general investment strategies pertaining to the respective funds are almost similar, however, the key difference between them lies in the selection of equity range of the individual funds and their fund-specific investment strategies as set out in this Master Prospectus. The forthcoming paragraphs under this Chapter provides further information on the funds profiles (paragraph 3.2), investment risks (paragraph 3.3), permitted investments (paragraph 3.4), investment restrictions (paragraph 3.5), valuation of permitted investments (paragraph 3.6), policy on gearing (paragraph 3.7) and a glance at the terms used in this chapter (paragraph 3.8).
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DETAILED INFORMATION ON THE FUNDS (CONTD)
3.2 FUND PROFILES

The following section lays out the investment objective, policy, strategy and other key features of each of the funds to assist the investor in making an informed judgement of the distinctive features of each fund in relation to his/ her personal investment and financial goals. Investors are requested to read the fund profile(s) carefully before making an investment decision. Equity Funds Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Public Far-East Alpha-30 Fund Public Optimal Growth Fund Public Indonesia Select Fund Public Singapore Equity Fund Public Strategic SmallCap Fund Mixed Asset Fund Public Tactical Allocation Fund (formerly known as Public Global Balanced Fund) Balanced Funds Public Balanced Fund Public Far-East Balanced Fund Bond Funds Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Money Market Fund Public Money Market Fund Abbreviation PSF PGF PIX PIF PAGF PRSF P SmallCap PEF PFSF PDSF PFES PRSEC PGSF PFEDF PCSF PFEPRF PSEASF PSSF PFECTF PCTF PFETIF PSA30F PNREF PAUEF PFA30F POGF PINDOSF PSGEF PSSCF PTAF Pages 44-45 Pages 46-47 Pages 48-50 Pages 51-52 Pages 53-54 Pages 55-56 Pages 57-58 Pages 59-60 Pages 61-63 Pages 64-65 Pages 66-67 Pages 68-69 Pages 70-71 Pages 72-73 Pages 74-75 Pages 76-77 Pages 78-79 Pages 80-81 Pages 82-84 Pages 85-87 Pages 88-90 Pages 91-92 Pages 93-94 Pages 95-96 Pages 97-98 Pages 99-100 Pages 101-102 Pages 103-104 Pages 105-107 Pages 108-110
PBF PFEBF P BOND PIN BOND PEBF PSBF PSTBF PENTBF PMMF
Pages 111-113 Pages 114-116 Pages 117-118 Pages 119-120 Pages 121-123 Pages 124-125 Pages 126-127 Pages 128-129 Pages 130-131
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PUBLIC SAVINGS FUND (PSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 70% to 98% Minimum of 40% in index stocks, with the balance in growth stocks Incidental Moderate 3 years Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve long-term capital appreciation while at the same time producing a reasonable level of income*.
Notes: * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile moderate risk-reward temperament medium to long-term investor can withstand extended periods of market highs and lows in pursuit of capital growth
Investment Policy PSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PSF is actively managed to achieve the long-term goal of capital growth by maintaining a reasonable level of exposure to equities over time. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with reasonable earnings growth prospects over the medium to long-term are sought. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate income returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market and economic environment such that it may outperform the equity market over the long run. It also maintains investments in fixed income securities to help generate income to the fund. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSF As PSF will focus its investments in the domestic market, the benchmark for PSF is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA). The FTSE BURSA MALAYSIA KLCI is calculated by FTSE. All intellectual property rights in the index values and constituent list vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.
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PUBLIC GROWTH FUND (PGF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 70% to 98% High concentration of growth stocks Incidental Moderate 3 years Lum Ming Jang and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve long-term capital appreciation with income* considered incidental.
Investment Policy PGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PGF is actively managed to achieve the long-term goal of capital growth by maintaining a reasonable level of exposure to equities over time. The equity investment of the fund comprise of a diversified portfolio of indexlinked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. In particular, companies with reasonable earnings growth prospects over the medium to long-term are selected to maximise the growth potential of the fund. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. There is however greater emphasis on capital growth with lower emphasis on income and as such its equity exposures are in the range of between 70% and 98%. It is thus potentially a stronger performer in a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be more volatile in terms of returns. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PGF As PGF will focus its investments in the domestic market, the benchmark for PGF is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC INDEX FUND (PIX)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity - Index fund Capital growth 80% to 98% Minimum of 60% index stocks Incidental Moderate 3 years Chiang Kang Pey and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve long-term capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia Top 100 Index.
Note: Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile moderate risk-reward temperament medium to long-term investor can withstand extended periods of market volatilities in pursuit of capital growth
Investment Policy PIX invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 80% to 98% of NAV of the fund; with a minimum of 60% of NAV invested in index stocks. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PIX is actively managed and invests mainly in index stocks with the objective of outperforming the Index and achieving capital growth over the long-term. The fund aims to achieve this by maintaining a reasonably high level of exposure to equities over time with a minimum of 60% of NAV invested in index stocks at all times. PIX is not a passive index fund but will invest in a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. As a result of the high equity exposure and heavy emphasis on index stocks, the fund is likely to track the benchmark very closely. However, there may exist differences in the funds performance when compared to the benchmark due to various reasons such as investments in non-index stocks, variation in equity weightings and the weighting strategies employed for the index components. As a result, the fund will not exactly replicate or track the underlying benchmarks return. The fund undergoes portfolio rebalancing on an ongoing basis with the view of outperforming the benchmark.
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The funds investments may also include listed warrants to enhance its returns. The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The fund may also invest in collective investment schemes in the domestic market. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The close link between the performance of the fund and that of the benchmark that it tracks may result in the fund experiencing significant volatilities in times of adverse market movements. The diversification and asset allocation strategies employed would help in mitigating the market risks and result in improving the performance of the fund. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks that are primarily components of the FBM 100. As it also maintains a fairly high equity exposure range between 80% and 98%, its performance tends to track the benchmark more closely than non-index funds. It is not a passive index fund but nevertheless is a useful investment vehicle for investors who wish to use it for market timing purposes. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PIX PIX is set up to outperform the FTSE Bursa Malaysia Top 100 Index (FBM 100). Hence, the FBM 100 is the benchmark for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets top 100 large and mid cap companies by full market capitalisation. To obtain the latest information on the FBM 100, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM 100 and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA). The FTSE BURSA MALAYSIA TOP 100 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent list vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.
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Top 10 Holdings in % of NAV as at 2 April 2012 FBM 100 1 2 3 4 5 6 7 8 9 10 Malayan Banking Berhad Public Bank Berhad Sime Darby Berhad CIMB Group Holdings Berhad Axiata Group Berhad Genting Berhad Tenaga National Berhad IOI Corporation Berhad Digi.Com Berhad Petronas Chemicals Group Berhad % Weight in Index 8.0 7.6 7.0 6.8 5.2 4.8 4.2 4.1 3.6 3.4 PIX Malayan Banking Berhad Public Bank Berhad CIMB Group Holdings Berhad Axiata Group Berhad Telekom Malaysia Berhad Genting Berhad LPI Capital Berhad Tenaga National Berhad RHB Capital Berhad Petronas Chemicals Group Berhad % of NAV 8.0 7.9 7.1 5.2 5.2 4.8 4.5 4.1 3.3 3.2
Additional Disclosure The FBM 100 is a market capitalisation weighted index of 100 stocks designed to measure the performance of Bursa Securities. The index is constructed to reflect the performance of listed companies that are representative of the major sectors of the Malaysian economy. The index is rebalanced periodically based on criteria as determined by the FTSE Bursa Malaysia Advisory Committee. A minimum of 60% of the funds NAV will be maintained in component stocks of the FBM 100. PIX is not a passive index fund and will also invest in non-FBM 100 stocks with good growth prospects and attractive valuations to enhance its investment performance. Tracking error of the funds movements vs the FBM 100 may arise as the fund may invest in non-index stocks. Differences in weights of index stocks held by the fund vs the respective stocks weightings in the FBM 100 will also contribute to tracking errors. As a result, there is no guarantee that the fund will exactly replicate or track the underlying benchmarks return. However the fund will be rebalanced on an ongoing basis to manage its tracking error versus the benchmark. The risk of investing in equity index funds relate to risks arising from its equity holdings which will fluctuate in line with the stockmarkets movements. Risk of price movements on a stock specific basis can also affect the funds overall returns. There is no guarantee or assurance of exact or identical replication at any time of the performance of the index. The index composition may change and component securities of the underlying index may be delisted. The investment of the fund may be concentrated in securities of a single issuer or several issuers.
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PUBLIC INDUSTRY FUND (PIF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 70% to 98% High concentration of stocks in recovering or high growth sectors Incidental Moderate 3 years Chiang Kang Pey and Tan Kok Keong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve a high level of capital appreciation over the medium to long term period through investments in growth industries.
Investment Policy PIF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PIF is actively managed to achieve the medium to long-term goal of capital growth by maintaining a reasonably high level of exposure to equities over time. The equity investment of the fund comprise of a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Companies with reasonable earnings growth prospects over the medium to long term particularly in sectors or industries that have good growth potential or are showing signs of making good recovery are selected to maximise the growth potential of the fund. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with particular attention paid to the industrial themes with good growth potential or undergoing cyclical recovery. The fund typically maintains a fairly high equity exposure range of between 70% and 98%. It is thus potentially a stronger performer in a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be more volatile in terms of returns. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PIF As PIF will focus its investments in the domestic market, the benchmark for PIF is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% High concentration of high growth stocks and situational stocks Incidental Aggressive 3 years Tan Yan Heong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To seek high capital growth over the medium to long term period through investments in situational and high growth stocks.
Investor Profile aggressive risk-reward temperament medium to long-term investor can withstand extended periods of market highs and lows in pursuit of capital growth
Investment Policy PAGF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PAGF is actively managed to achieve the medium to long-term goal of capital growth by maintaining a reasonably high level of exposure to equities over time. The equity investment of the fund comprise of a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. In particular, companies with reasonable earnings growth prospects over the medium to long-term are selected to maximise the growth potential of the fund. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track record of the companies are considered. The fund will also invest in situational plays where the risks are deemed reasonably mitigated. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks with the aim of maximising medium to long-term capital growth. In doing so, its equity exposures is typically maintained within a high equity exposure range of between 75% and 98%. It is thus set up to perform in a more aggressive manner through a more active trading strategy. Commensurate with that, it is also likely to be significantly more volatile in terms of returns. It is amongst the funds that have the highest risk-reward profiles. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bond may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PAGF As PAGF will focus its investments in the domestic market, the benchmark for PAGF is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC REGULAR SAVINGS FUND (PRSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 70% to 98% Blue chip stocks and growth stocks Incidental Moderate 3 years Lum Ming Jang and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve consistent capital growth over the medium to long term period and to achieve a steady growth in income*.
Investment Policy PRSF invests in a diversified portfolio of Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 70% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PRSF is actively managed to achieve the goal of medium to long-term capital growth by maintaining a reasonable level of exposure to equities over time. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with reasonable earnings growth prospects over the medium to long-term are sought. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The funds investments may also include listed warrants to enhance its returns. The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The fund may also invest in collective investment schemes in the domestic market. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate income returns.
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Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The equity exposures of the fund are managed actively with exposures ranging from 70% to 98% depending on the market and economic environment such that it may outperform the equity market over the long run. It also maintains investments in fixed income securities to help generate income to the fund. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PRSF The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets top 100 large and mid cap companies by full market capitalisation. To obtain the latest information on the FBM 100, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM 100 and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC SMALLCAP FUND (P SmallCap)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity SmallCap fund Capital growth 70% to 98% Companies with small market capitalisation, at the point of purchase, with special focus on growth stocks. Incidental Aggressive 3 years Tan Yan Heong and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve high capital growth through investments in companies with small market capitalisation with special focus on growth stocks.
Notes: The fund will invest in companies with small market capitalisation at the point of purchase. The fund may remain invested in such counters should the stocks become medium sized companies due to movements in market price and if the growth prospects and valuation of the stocks continue to be attractive. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile aggressive risk-reward temperament medium to long-term investor can withstand wide fluctuations in unit prices and extended periods of volatility
Investment Policy P SmallCap invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at the point of purchase. The fund may also invest in companies which at the point of purchase form the bottom 15% of the cumulative market capitalisation of the market which the stock is listed on. The fund will maintain an equity exposure of between 70% to 98% of its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy P SmallCap is actively managed and focuses primarily on investing in companies with small market capitalisation, with the aim of achieving high capital growth over the long-term through investments in such companies that possess the capacity to grow strongly. The fund seeks to achieve this goal by maintaining a reasonable level of exposure to equities over time in a diversified portfolio of small to medium sized companies with growth prospects that are listed on the Bursa Securities. Such stocks are likely to be found in business sectors that focus on high value-added manufacturing and infrastructural development, modern telecommunications, utilities, consumer products, services and information technology sectors. Generally, companies with reasonably good earnings growth prospect over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track record of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
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To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of promising companies with small market capitalisation which as an investment group is generally under researched by the investment community. The focus of the fund is on identifying companies that have strong growth potential and trade at attractive valuations. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in future contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for P SmallCap As P SmallCap will focus its investments in the domestic market, the benchmark for P SmallCap is the FTSE Bursa Malaysia Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia Top 100 Index. To obtain the latest information on the FTSE Bursa Malaysia Small Cap Index, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FTSE Bursa Malaysia Small Cap Index and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA). The FTSE BURSA MALAYSIA SMALL CAP INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent list vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.
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PUBLIC EQUITY FUND (PEF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth At least 80% Growth stocks Incidental Aggressive 3 years Lum Ming Jang and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.
Investment Policy PEF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its minimum equity content is 80% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PEF is actively managed to achieve the long-term goal of capital growth by maintaining a high level of exposure to equities of 80% and above at all times. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns.
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Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of the equity market through investments in a diversified portfolio of index stocks, blue chip stocks and growth stocks. The fund however places a lower emphasis on asset allocation by committing at least 80% of total funds to the equity market at all times. As such, the fund is likely to benefit very meaningfully from a bullish equity market. On the downside, it may have little leeway in avoiding the full brunt of a bearish market. It is thus potentially a stronger performer in a rising market than a savings oriented equity fund. Commensurate with that, it is also likely to be significantly more volatile in terms of returns. Fund Specific Risk Management The liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Nonetheless, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to the minimum levels indicated. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PEF As PEF will focus its investments in the domestic market, the benchmark for PEF is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FOCUS SELECT FUND (PFSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Equity fund Capital growth 70% to 98% Medium-sized companies with market capitalisation of between RM1.25 billion and RM6 billion, at the point of purchase, with special focus on growth stocks. Incidental Aggressive 3 years Tan Chee Chin and Lum Meng Seng
Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth through investments in medium-sized companies in terms of market capitalisation from diversified economic sectors.
Notes: The fund may remain invested in such counters should the stocks market capitalisation move above or fall below the range stated in the Investment Policy due to movements in market price and if the growth prospects and valuation of the stocks continue to be attractive. Any material changes to the investment objective of the fund would require unitholders approval.
Investment Policy PFSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. PFSF will invest in stocks with market capitalisation of between RM1.25 billion and RM6 billion at the point of purchase. Emphasis is placed on the accumulation of stocks with promising high earnings growth prospects in the medium to long-term horizon. Such stocks are found in a wide variety of business sectors from plantations to banking to information technology. The fund generally maintains equity exposures within a range of between 70% and 98% against its NAV. However the equity range of the fund may be lower depending on the fund managers assessment of the stock market. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments.
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Investment Strategy PFSF is actively managed and focuses primarily on investments in medium-sized companies with market capitalisation of between RM1.25 billion and RM6 billion at the point of purchase, with the aim of achieving high capital growth over the long-term through investments in companies with good long-term growth potential. The fund seeks to achieve this goal by maintaining a reasonable level of exposure to equities in a diversified portfolio of medium sized companies with good growth prospects that are listed on the Bursa Securities. The fund may remain invested in such counters should the stocks market capitalisation move above or fall below the range stated in the Investment Policy due to movements in market price and if the growth prospects and valuation of the stocks continue to be attractive. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track record of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to generate additional returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of promising medium sized companies with market capitalisation of between RM1.25 billion and RM6 billion. The focus of the fund is on identifying companies that have good growth potential and trade at attractive valuations. Fund Specific Risk Management The fund faces liquidity risk especially with regard to investments in shares of medium sized companies. For that reason, the equity exposures of the fund are managed within a fairly conservative range of between 70% and 98%. Essentially, the asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the funds equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions.
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Selected Performance Benchmark for PFSF As PFSF will focus its investments in the domestic market, the benchmark for PFSF is the FTSE Bursa Malaysia Mid 70 Index which comprises of the remaining 70 companies in the FTSE Bursa Malaysia Emas Index ranked by full market capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI. To obtain the latest information on the FTSE Bursa Malaysia Mid 70 Index, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FTSE Bursa Malaysia Mid 70 Index and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA). The FTSE BURSA MALAYSIA MID 70 INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent list vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.
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PUBLIC DIVIDEND SELECT FUND (PDSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Income 75% to 98% Stocks which offer or have the potential to offer attractive dividend yields. Annual income Moderate 3 years Tan Chee Chin and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To provide steady recurring income* by investing in a portfolio of stocks which offer or have the potential to offer attractive dividend yields.
Notes: * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy. Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile moderate risk-reward temperament medium to long-term investor preference for receiving regular income while capital growth is secondary
Investment Policy PDSF invests in a diversified portfolio of primarily Malaysian equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV is invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy The fund is actively managed to achieve its goal of providing steady recurring income by investing in a diversified portfolio of stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection, the fund essentially focuses on investing in companies that have demonstrated consistency in rewarding their shareholders via dividend pay outs. There is a growing number of companies listed on Bursa Securities that have demonstrated their consistency in dividend payments over the years. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery stocks that have the potential to eventually adopt a dividend payout policy. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate interest income. Fund Specific Benefits The fund allows the investor the opportunity to participate in a diversified portfolio of stocks which distribute or have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed actively with exposures ranging from 75% to 98% depending on the Fund Managers assessment of the market and economic environment. However, the funds equity range may be lower depending on the Fund Managers assessment of the stock market outlook. It also maintains investments in fixed income securities to help generate interest income for the fund. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PDSF The benchmarks of the fund and their respective percentages are as follows: 90% FTSE Bursa Malaysia Top 100 Index (FBM 100), and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). As PDSF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PDSF is a composite benchmark index comprising a hypothetical investment in the FBM 100 and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the FBM 100 and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of FBM 100 comprise top 100 large and mid cap stocks listed on Bursa Securities. The 3-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. This composite benchmark index represents an appropriate performance benchmark for PDSF as the fund is an equity fund which generally has an equity weight of 90% of its NAV over the medium to long-term. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. To obtain the latest information on the FBM 100, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM 100 and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST SELECT FUND (PFES)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks and growth stocks Incidental Aggressive 3 years Tan Yan Heong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional markets.
Investment Policy PFES invests in a diversified portfolio of blue chip stocks and growth stocks listed on Bursa Securities and selected regional stock markets to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However, the equity range of the fund may be lower depending on the Fund Managers assessment of the equity markets. The balance of the funds NAV will be invested in fixed income securities and money market instruments. Investment Strategy PFES is actively managed to achieve the long-term goal of capital growth by investing in a diversified portfolio of blue chip stocks and companies with growth prospects listed on Bursa Securities and selected regional stock markets. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Up to 98% of the funds NAV can be invested in selected regional markets which include South Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns.
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The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks and growth stocks listed on Bursa Securities and selected regional stock markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PFES The benchmark of the fund is MSCI AC Far-East Ex-Japan Index. The daily closing index for the MSCI AC Far East Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC REGIONAL SECTOR FUND (PRSEC)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Index stocks, blue chip stocks and growth stocks Incidental Aggressive 3 years Lum Ming Jang and Julian Ng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To seek long-term capital appreciation by investing in selected market sectors.
Investment Policy PRSEC invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The fund will invest in a maximum of 6 sectors but will maintain its investments in a minimum of 3 sectors at all times. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However the equity range of the fund may be lower depending on the Fund Managers assessment of the equity markets. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PRSEC is actively managed to achieve the long-term goal of capital growth by identifying the market sectors which offer the most promising investment returns. The fund will invest in a maximum of 6 of the most promising sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will maintain investments in a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the fund may temporarily invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise. The selection of market sectors to be invested by the fund is based primarily on the growth prospects of the sectors. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. A minimum of 50% of the funds NAV and up to a maximum of 98% of the funds NAV can be invested in selected regional markets which include South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of index stocks, blue chip stocks and growth stocks of performing market sectors. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PRSEC The benchmarks of the fund and their respective percentages are as follows: 90% MSCI AC Far-East Ex-Japan Index*, and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
As PRSEC generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PRSEC is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan Index and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of MSCI AC Far-East Ex-Japan Index comprise major stocks in several sectors from key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. The 3-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. This composite benchmark index represents an appropriate performance benchmark for PRSEC as the fund is an equity fund which generally has an equity weight of 90% of its NAV over the long-term. * As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index which excludes the Japan market is used as the funds equity benchmark as it is more representative of the funds investment strategy. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI AC Far East Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC GLOBAL SELECT FUND (PGSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Lum Ming Jang and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To seek long-term capital appreciation by investing in equities and collective investment schemes in domestic and global markets.
Investment Policy PGSF invests in collective investment schemes which focus in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global markets. The fund will also invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global stock markets to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However the equity range of the fund may be lower depending on the Fund Managers assessment of the equity markets. The balance of the funds NAV will be invested in fixed income securities and money market instruments. Investment Strategy PGSF is actively managed to achieve the long-term goal of capital growth by investing in collective investment schemes which focus on a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global stock markets. The fund will also invest in blue chip stocks, index stocks and growth stocks listed on selected global markets. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Up to 98% of the funds NAV can be invested in selected global markets which include United States of America, Canada, United Kingdom, Germany, France, Finland, Switzerland, Spain, Italy, Luxembourg, Australia, New Zealand, South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Malaysia, India, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected global markets within a timeframe of two years. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on selected global stock markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PGSF The benchmarks of the fund and their respective percentages are as follows: 90% MSCI All Country World Index (MSCI ACWI), and 10% 1-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
As PGSF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PGSF is a composite benchmark index comprising a hypothetical investment in the MSCI ACWI and 1-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the MSCI ACWI and 10% from 1-Month KLIBOR interest earned for the same period of time. The component stocks of MSCI ACWI comprise major stocks from key global markets including United States of America, Europe, Japan, Asia and Australia. The 1-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. This composite benchmark index represents an appropriate performance benchmark for PGSF as the fund is an equity fund which generally has an equity weight of 90% of its NAV over the long-term. Information on the 1-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI All Country World Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Income 75% to 98% Stocks which offer or have the potential to offer attractive dividend yields. Annual income Moderate 3 years Chiang Kang Pey and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To provide income* by investing in a portfolio of stocks in domestic and regional markets which offer or have the potential to offer attractive dividend yields.
Notes: * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy.
Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile moderate risk-reward temperament medium to long-term investor preference for receiving income while capital growth is secondary
Investment Policy PFEDF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV is invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy The fund is actively managed to achieve its goal of providing income by investing in a diversified portfolio of stocks that offer or have the potential to offer attractive dividend yields. In terms of stock selection, the fund essentially focuses on investing in companies that have demonstrated consistency in rewarding their shareholders via dividend pay outs. There is a growing number of companies listed on Bursa Securities and regional stock markets that have demonstrated their consistency in dividend payments over the years. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Notwithstanding this, the fund may also invest in growth or recovery stocks that have the potential to eventually adopt a dividend payout policy. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Up to 98% of the funds NAV can be invested in selected regional markets which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other permitted markets. Necessary approvals from relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected regional markets. The fund may invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate interest income. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in a diversified portfolio of stocks which distribute or have the potential to distribute reasonably attractive dividends. The equity exposures of the fund are managed actively with exposures ranging from 75% to 98% depending on the Fund Managers assessment of the market and economic environment. However, the funds equity range may be lower depending on the Fund Managers assessment of the outlook for equity markets. It also maintains investments in fixed income securities to help generate interest income for the fund. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PFEDF The benchmarks of the fund and their respective percentages are as follows: 90% MSCI AC Far-East Ex-Japan Index, and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
As PFEDF generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PFEDF is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 90:10. Therefore, the returns for the benchmark index for any given period of time would comprise of 90% from the returns of the MSCI AC Far-East Ex-Japan Index and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of MSCI AC Far-East Ex-Japan Index comprise major stocks from key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. The 3-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. This composite benchmark index represents an appropriate performance benchmark for PFEDF as the fund is an equity fund which generally has an equity weight of 90% of its NAV over the medium to long-term. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC CHINA SELECT FUND (PCSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Lum Ming Jang and Chiang Kang Pey
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the greater China region namely in Hong Kong, China and Taiwan markets and including China based companies listed on overseas markets. The fund may also invest in companies listed on Bursa Securities and other foreign markets which have significant or potentially significant business operations in the greater China region.
Investment Policy PCSF invests in a diversified portfolio of investments in the greater China region namely in Hong Kong, China and Taiwan markets. The fund will also invest in China based companies listed on overseas markets such as Singapore, United States of America and other permitted markets to meet its investment objective. The fund may also invest in companies listed on Bursa Securities and foreign markets which have significant or potentially significant business operations in the greater China region. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. However the equity range of the fund may be lower depending on the Fund Managers assessment of the equity markets. The balance of the funds NAV will be invested in fixed income securities and money market instruments. Investment Strategy PCSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and companies with growth prospects in the greater China region namely in Hong Kong, China and Taiwan markets. The fund will also invest in China based companies listed on overseas markets such as Singapore and United States of America and other permitted markets. The fund may also invest in companies listed on Bursa Securities and foreign markets which have significant or potentially significant business operations in the greater China region. In identifying such companies, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
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Up to 98% of the funds NAV can be invested in selected foreign markets which include Hong Kong, China, Taiwan, Singapore, United States of America and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks in the greater China region. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Country risks, currency risks and liquidity risks associated with the funds investments in the greater China region will be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The funds other overseas investments will also be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with the associated risks. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PCSF The benchmark for PCSF is the MSCI Golden Dragon Index which is a market capitalisation weighted index designed to represent the performance of the equity markets of China, Taiwan, and Hong Kong. The daily closing index for MSCI Golden Dragon Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth and income 75% to 98% Property, hotel and resorts stocks and Real Estate Investment Trusts Annual income Moderate 3 years Tan Yan Heong and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective Seeks to achieve capital growth over the medium to long term period by investing in companies that are principally engaged in property investment and development, hotel and resorts development and investment and real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have significant* property or real estate assets.
Notes: * Companies which have at least 70% of their assets comprised of property or real estate assets. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile moderate risk-reward temperament. medium to long-term investor. can withstand extended periods of market highs and lows in pursuit of capital growth.
Investment Policy PFEPRF invests in a diversified portfolio of equities, REITs and fixed income securities to meet its investment objective. Its equity content in terms of NAV will range in the region of 75% to 98% of the NAV of the fund. The balance of the funds NAV is invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy The fund is actively managed to achieve its goal of providing capital growth by investing in companies that are principally engaged in property investment and development, hotel and resorts development and investment and real estate investment trusts (REITs) in domestic and regional markets. The fund may also invest in companies which have significant property or real estate assets, i.e. companies which have at least 70% of their assets comprised of property or real estate assets. Given the positive demographic factors and rising affluence of the population base in the regional markets, the long term outlook for companies involved in property investment and development, hotel and resorts development and REITs is promising. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. The funds investment process also includes assessing various valuation ratios such as the Price Earnings Ratio (PER) and Price to Net Tangible Asset ratio (Price/NTA) of the stock/REIT. The dividend yields of property stocks and REITs are also considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
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Up to 98% of the funds NAV can be invested in selected regional markets which include South Korea, China, Japan, Taiwan, Hong Kong, Australia, New Zealand, Philippines, Indonesia, Singapore, Thailand and other permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the Notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected regional markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of stocks of companies that are principally engaged in property investment and development, hotel and resorts development and investment and real estate investment trusts (REITs) in domestic and regional markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PFEPRF The benchmark of the fund is based on the constituents within the real estate sector of S&P BMI Asia Pacific Index which is customised to the following weights i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of the 40% for the rest of the countries within the index universe currently including China H Shares, Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan, South Korea and Thailand. The real estate sector is as defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised index for any given period of time would comprise of the returns from the real estate sector of S&P BMI Asia Pacific Index in Japan, Australia, Malaysia and other countries in a ratio of 20:20:20:40. This customised benchmark index represents an appropriate performance benchmark for PFEPRF as it is representative of the markets that the fund is permitted to invest in over the medium to long-term. Information on the funds benchmark is sourced from Standard & Poors. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
The PFEPRFs benchmark (the Index) is the exclusive property of Standard & Poors Financial Services LLC (S&P). Public Mutual Berhad has contracted with S&P to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.
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PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Tan Yan Heong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in SouthEast Asia markets.
Investment Policy PSEASF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments. Investment Strategy PSEASF is actively managed to achieve the medium to long-term goal of capital growth by investing in blue chip stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia. In identifying companies for investment, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Up to 98% of the funds NAV can be invested in selected regional markets which include Indonesia, Philippines, Singapore, Thailand, Vietnam and other permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on domestic and regional markets in South-East Asia markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected regional markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on domestic and regional markets in South-East Asia. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSEASF The benchmark of the fund is FTSE/ASEAN 40 Index. To obtain the latest information on the FTSE/ASEAN 40 Index, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FTSE/ASEAN 40 Index and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
The PSEASF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE) or by the London Stock Exchange Plc (LSE) or by The Financial Times Limited (FT) and neither FTSE nor LSE nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE/ASEAN 40 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 in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (The Exchanges). However, neither FTSE nor LSE nor the Exchanges nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor the LSE nor the Exchanges nor FT shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and the Financial Times Limited and are used by FTSE International Limited under licence. All-World, All-Share, All-Small and FTSE4Good are trademarks of FTSE International Limited.
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PUBLIC SECTOR SELECT FUND (PSSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Index stocks, blue chip stocks and growth stocks Incidental Aggressive 3 years Tan Yan Heong and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the domestic market.
Investment Policy PSSF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The fund will invest in a maximum of 6 sectors in the domestic market but will maintain its investments in a minimum of 3 sectors at all times. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PSSF is actively managed to achieve the long-term goal of capital growth by identifying the market sectors in the domestic market which offer the most promising investment returns. Market sectors are defined as industry groups which the companies are classified based on Bloomberg classification. There are a total of 10 sectors under Bloombergs classification namely Basic Materials, Communications, Consumer Cyclical, Consumer Non Cyclical, Diversified Groups, Energy, Financials, Industrials, Technology and Utilities. The fund will invest in a maximum of 6 of the most promising sectors determined by the Fund Manager. To ensure sufficient diversification, the fund will maintain investments in a minimum of 3 sectors at all times. To facilitate the transition of one sector to another, the fund may temporarily invest in more than 6 sectors when it is undertaking the above portfolio rebalancing exercise.
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The selection of market sectors to be invested by the fund is based primarily on the growth prospects of the sectors. This analysis will include a consideration of key macro factors such as business cycles of selected sectors and income levels and demographic trends which have an effect on various industries growth prospects. After the sectors are identified, the Fund Manager will subsequently review the stocks available in the market for selected sectors and build up the funds investment portfolio accordingly. Stocks will be selected by assessing earnings growth potential and various valuation ratios such as Price Earnings Ratio (PER), Price to Net Tangible Asset ratio (Price/NTA) and dividend yield. The sector allocations for PSSF will be monitored on an ongoing basis and funds sector exposure will be rebalanced on a dynamic basis to ensure that the funds sector allocations are positioned to optimise the funds returns. Information on the sector selections of PSSF are updated monthly and can be obtained from Public Mutuals website. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The funds investments may also include listed warrants to enhance its returns. The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The fund may also invest in collective investment schemes in the domestic market. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of index stocks, blue chip stocks and growth stocks of performing market sectors. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSSF The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets top 100 large and mid cap companies by full market capitalisation. To obtain the latest information on the FBM 100, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM 100 and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Consumer sector stocks Incidental Aggressive 3 years Lum Ming Jang and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the domestic and foreign markets.
Investment Policy PFECTF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The fund will focus its investments in stocks in the consumer sector in the domestic and foreign markets. The fund may also invest in multinational corporations in the consumer sector which have their products sold in Far East markets or have distribution outlets/establishments in the Far East region and are listed in United States, Europe and Australian markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PFECTF is actively managed to achieve the long-term goal of capital growth by focusing its investment in stocks in the consumer sector in the domestic and foreign markets. The fund may also invest in multinational corporations in the consumer sector which have their products sold in Far East markets or have distribution outlets/establishments in the Far East region and are listed in United States, Europe and Australian markets. These companies should have at least 25% of their existing revenue derived from the Far East region or are projected to derive at least 25% of revenue from the Far East region in the next two to three years. The sales contribution of these companies from the Far East region will be evaluated annually.
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Given the positive demographic factors and rising affluence of the population base in the Far East region, the long term outlook for companies in the consumer sector is promising. Robust economic growth and rising disposable incomes in the Far East region is projected to lead to increased consumer spending which will benefit companies in the consumer sector. These companies include companies involved in the food, beverage, tobacco, household goods, fashion, textiles, apparel, footwear, and consumer electronics and appliances industries. The services segment within the consumer sector include companies in retailing, restaurants, services and leisure industries. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. The funds investment process also involves assessing the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Up to 98% of the funds NAV can be invested in selected foreign markets which include Japan, Korea, Taiwan, China, Hong Kong, Singapore, Thailand, Philippines, Indonesia, United States, Europe, Australia and other permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of stocks in the consumer sector listed on the domestic and foreign markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly.
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Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PFECTF The benchmark of the fund is a customised index based on the constituents within the selected sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The selected sectors are the Consumer Discretionary and Consumer Staples sectors as defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised index for any given period of time would comprise of the returns from the Consumer Discretionary and Consumer Staples sectors of S&P BMI Asia Ex-Japan Index. This customised benchmark index represents an appropriate performance benchmark for PFECTF as the fund invests in a portfolio of stocks in the consumer sector in the domestic and foreign markets. * As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index which excludes the Japan market is used as the funds equity benchmark as it is more representative of the funds investment strategy. Information on the funds benchmark is sourced from Standard & Poors. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
The PFECTFs benchmark (the Index) is the exclusive property of Standard & Poors Financial Services LLC (S&P). Public Mutual Berhad has contracted with S&P to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.
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PUBLIC CHINA TITANS FUND (PCTF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Companies with market capitalisation of RM10 billion and above, at the point of purchase. Incidental Aggressive 3 years Lum Ming Jang and Tan Chee Chin
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets.
Investment Policy The fund will invest in companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets. Should the stocks market capitalisation move below the stated range for a period of six consecutive months, the funds holdings of the stock will be disposed within a 6 month period subject to the availability of market liquidity. The Fund Manager will take into consideration factors which include trading liquidity and availability of market bids at prevailing market valuations before deciding on the manner and time frame of divestment. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and money market instruments. Investment Strategy PCTF is actively managed and focuses on investing in companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets with the aim of achieving capital growth over the medium to long-term. Generally companies with promising growth prospects over the medium to long-term are selected. The fund may also invest in companies listed on Bursa Securities and other foreign markets which have significant or potentially significant business operations in the greater China region. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
85
Up to 98% of the funds NAV can be invested in selected foreign markets which include Hong Kong, China, Singapore, United States of America and other permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of companies with market capitalisation of RM10 billion and above in the greater China region namely China, Hong Kong and Taiwan markets and including China based companies listed on overseas markets. The focus of the fund is on identifying companies that have strong growth potential and companies that trade at attractive valuations with sound fundamentals. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Country risks, currency risks and liquidity risks associated with the funds investments in the greater China region will be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The funds other overseas investments will also be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with the associated risks. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions.
86
Selected Performance Benchmark for PCTF The benchmarks of the fund and their respective percentages are as follows: 40% Hang Seng China Enterprises Index (HSCEI); 30% Hang Seng Index (HSI); and 30% TSEC Taiwan 50 Index
The benchmark chosen for PCTF is a composite benchmark index comprising a hypothetical investment in the HSCEI, HSI and TSEC Taiwan 50 Index in a ratio of 40:30:30. Therefore, the returns for the benchmark index for any given period of time would comprise of 40% from the returns of the HSCEI, 30% from HSI and 30% from TSEC Taiwan 50 Index. The component stocks of these 3 indexes comprise major stocks from their respective markets namely China H Shares, Hong Kong and Taiwan. This composite benchmark index represents an appropriate performance benchmark for PCTF as it is representative of the markets that the fund is permitted to invest in over the medium to long-term. The information on Hang Seng China Enterprises Index, Hang Seng Index and TSEC Taiwan 50 Index is obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Telecommunications, infrastructure and utilities stocks Incidental Aggressive 3 years Tan Yan Heong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long term period by investing in securities, mainly equities, in the telecommunications, infrastructure and utilities sectors in Far-East markets.
Investment Policy PFETIF invests in a diversified portfolio of equities and fixed income securities to meet its investment objective. The fund will focus its investments in stocks in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PFETIF is actively managed to achieve the medium to long-term goal of capital growth by focusing its investment in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. The funds investment process also involves assessing the various valuation ratios such as the Price Earnings Ratio (PER), Price to Net Tangible Asset Ratio (Price/NTA) and dividend yield of the stocks. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
88
Up to 98% of the funds NAV can be invested in selected foreign markets which include South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other permitted markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of stocks in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions.
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Selected Performance Benchmark for PFETIF The benchmark of the fund is a customised index based on the constituents within the selected sectors of the S&P BMI Asia Ex-Japan Index* comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The selected sectors are customised to the following weights i.e. 40% Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors as defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised index for any given period of time would comprise of the returns from the Telecommunication Service, Construction & Materials and Utilities sectors of S&P BMI Asia Ex-Japan Index in a ratio of 40:30:30. This customised benchmark index represents an appropriate performance benchmark for PFETIF as it is representative of the sectors that the fund is permitted to invest in over the medium to long-term. * As indices which focus on Asian markets have a relatively high index weight for Japanese stocks, an index which excludes the Japan market is used as the funds equity benchmark as it is more representative of the funds investment strategy. Information on the funds benchmark is sourced from Standard & Poors. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
The PFETIFs benchmark (the Index) is the exclusive property of Standard & Poors Financial Services LLC (S&P). Public Mutual Berhad has contracted with S&P to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.
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PUBLIC SELECT ALPHA-30 FUND (PSA30F)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Lum Ming Jang and Andrew Seah Saik Weng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long term period by investing in up to a maximum of 30 stocks primarily listed on Bursa Securities.
Investment Policy PSA30F will invest in up to a maximum of 30 stocks primarily listed on Bursa Securities to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and money market instruments. Investment Strategy PSA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of 30 stocks primarily listed on Bursa Securities. To achieve increased diversification, the fund may invest in selected foreign markets which include Singapore, Taiwan, South Korea, Japan, Australia, New Zealand, Hong Kong, China, Thailand, Indonesia, Philippines and other markets. The fund may invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities.
91
The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a portfolio comprising of up to 30 selected stocks listed primarily on Bursa Securities. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to and below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSA30F As PSA30F will focus its investments in the domestic market, the benchmark for PSA30F is the FTSE Bursa Malaysia KLCI (FBM KLCI), a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also a very widely followed and easily understood representation of the Bursa Securities, it is deemed the most appropriate benchmark for this fund. To obtain the latest information on the FBM KLCI, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM KLCI and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Equity fund Capital growth 75% to 98% Equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors. Incidental Aggressive 3 years Tan Yan Heong and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of equities and equityrelated securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets.
Investment Policy PNREF will invest in a portfolio of equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets. The natural resources sectors which the fund will invest in include energy (oil and gas exploration, extraction, production, transportation and power producers), metals and mining (industrial and precious metals exploration, extraction, production and transportation), agriculture, forestry and paper. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in fixed income securities and money market instruments. Investment Strategy PNREF is actively managed to achieve its goal of achieving capital growth by investing in a portfolio of equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The resources sectors which the fund will invest in include energy (oil and gas exploration, extraction, production, transportation and power producers), metals and mining (industrial and precious metals exploration, extraction, production and transportation), agriculture, forestry and paper.
93
Up to 98% of the funds NAV can be invested in selected foreign markets which include Singapore, Thailand, Indonesia, Philippines, Hong Kong, China, Taiwan, South Korea, Australia, New Zealand and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other markets within a timeframe of two years. The fund may also invest in collective investment schemes in the domestic and foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of companies that are engaged in or are substantially related to the natural resources sectors. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PNREF The benchmark of the fund is a customised index based on selected sectors within the S&P/Citigroup BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan, South Korea, Australia and New Zealand. The selected sectors are customised to the following weights i.e. 40% Energy Sector, 30% Metals & Mining Industry and 30% Agricultural Product Sub-Industry as defined by the then-current Global Industry Classification Standard (GICS). Therefore, the returns for the customised index for any given period of time would comprise of the returns from the Energy Sector, Metals & Mining Industry and Agricultural Product Sub-Industry of S&P/Citigroup BMI Asia ex Japan Index in a ratio of 40:30:30. This customised benchmark index represents an appropriate performance benchmark for PNREF as it is representative of the sectors that the fund is permitted to invest in over the medium to long-term. Information on the funds benchmark is sourced from Standard & Poors Indexes. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
The Public Natural Resources Equity Funds benchmark (the Index) is the exclusive property of Standard & Poors Financial Services LLC (S&P). Public Mutual Berhad has contracted with S&P to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.
94
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Tan Yan Heong and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in the Australian market with the balance invested in the New Zealand and domestic markets.
Investment Policy PAUEF will invest primarily in the Australian market. Up to 30% of the funds NAV can be invested in the New Zealand and domestic markets. PAUEF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in fixed income securities and money market instruments. Investment Strategy PAUEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Australian stock market to meet its investment objective. The fund can also invest in the New Zealand and domestic markets. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Australian, New Zealand and domestic markets within a timeframe of two years. The fund may also invest in collective investment schemes with similar investment objectives in the Australia, New Zealand and domestic markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns.
95
The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks in the Australian, New Zealand and domestic markets. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Country risks, currency risks and liquidity risks associated with the funds investments in the Australia market will be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The funds other overseas investments will also be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with the associated risks. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PAUEF The benchmark of the fund is the S&P/ASX 200 Index. The daily closing index for the S&P/ASX 200 is obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
96
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Chiang Kang Pey and Tan Kok Keong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital appreciation over the medium to long term period by investing in the domestic and regional markets.
Investment Policy PFA30F will invest in up to a maximum of 30 stocks in the domestic and regional markets. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and money market instruments. Investment Strategy PFA30F is actively managed to achieve its goal of achieving capital growth by investing in up to a maximum of 30 stocks in the domestic and regional markets. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Up to 98% of the funds NAV can be invested in selected Far-East markets which include South Korea, China, Taiwan, Japan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, India, Australia and other permitted markets. The fund may invest in equity linked participation notes for selected Far-East stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The funds investments may also include listed warrants and options (if any) to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected regional markets. The fund may invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to generate returns. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a portfolio comprising of up to 30 stocks listed on Bursa Securities and selected regional markets. It also maintains investments in bonds to help generate returns for the fund. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PFA30F The benchmarks of the fund and their respective percentages are as follows: 80% MSCI AC Far-East Ex-Japan Index, 10% Tokyo Stock Price Index (TOPIX), and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
As PFA30F generally maintains an equity exposure ranging between 75% to 98% of its NAV, the benchmark chosen for PFA30F is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index, TOPIX and 3-Month KLIBOR in a ratio of 80:10:10. Therefore, the returns for the benchmark index for any given period of time would comprise of 80% from the returns of the MSCI AC Far-East Ex-Japan Index, 10% from TOPIX and 10% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the MSCI AC Far-East Ex-Japan Index comprise major stocks from key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand, while the component stocks of TOPIX comprise major stocks from Japan. The 3-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. This composite benchmark index represents an appropriate performance benchmark for PFA30F as the fund is an equity fund which generally has an equity weight of 90% of its NAV over the medium to long-term. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index and Tokyo Stock Price Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC OPTIMAL GROWTH FUND (POGF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Income and capital growth 75% to 98% Stocks which offer attractive dividend yields and growth stocks. Annual income Aggressive 3 years Lum Ming Jang and Liew Mun Hon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To provide income* and capital growth by investing in stocks which offer attractive dividend yields and growth stocks in the domestic market.
Notes: * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy. Stocks which offer attractive dividend yields refer to stocks with consistency in rewarding shareholders via dividend payouts. Any material changes to the investment objective of the fund would require unitholders approval.
Investor Profile aggressive risk-reward temperament medium to long-term investor preference for receiving income and can withstand extended periods of market highs and lows in pursuit of capital growth
Investment Policy 50% of the funds equity investment will be invested in stocks which offer attractive dividend yields in the domestic market. The remaining 50% of the funds equity investment will be invested in growth stocks. The fund can also invest in fixed income securities and money market instruments. Investment Strategy POGF is actively managed to achieve its goal of achieving income and capital growth by investing in stocks which offer attractive dividend yields and growth stocks in the domestic market. 50% of the funds equity investment will be invested in a diversified portfolio of stocks which offer attractive dividend yields in the domestic market. Dividend stocks are stocks that offer or have the potential to offer attractive dividend yields. The remaining 50% of the funds equity investment will be invested in a diversified portfolio of growth stocks that are listed on the Bursa Securities. Growth stocks are stocks which are projected to achieve strong earnings growth over the medium to long term. In identifying such companies, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will depend on market opportunities.
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The funds investments may also include listed warrants to enhance its returns. The fund may participate in Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities. The fund may invest in collective investment schemes with similar investment objectives in the domestic market. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of dividend stocks and growth stocks in the domestic market. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for POGF The FTSE Bursa Malaysia Top 100 Index (FBM 100) is the benchmark for the fund. The FBM 100 is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets top 100 large and mid cap companies by full market capitalisation. To obtain the latest information on the FBM 100, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FBM 100 and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC INDONESIA SELECT FUND (PINDOSF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Tan Yan Heong and Lum Peck Woon
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily in the Indonesia market.
Investment Policy PINDOSF will invest primarily in the Indonesia market. Up to 30% of the funds NAV can be invested in the domestic and global markets. The fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in domestic and foreign fixed income securities and money market instruments. Investment Strategy PINDOSF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Indonesia market. To achieve increased diversification, the fund may invest up to 30% of its NAV in the domestic and global markets. The funds investment in the domestic and global markets is incidental to its primary focus of investing in the Indonesia market. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will depend on market opportunities. The funds investments may include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Indonesia, domestic and global markets within a timeframe of two years. The fund may also invest in collective investment schemes with similar investment objectives in the Indonesia, domestic and global markets. The fund may also invest in domestic and foreign fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns.
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The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks in the Indonesia, domestic and global markets. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Country risks, currency risks and liquidity risks associated with the funds investments in the Indonesia market will be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The funds other overseas investments will also be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with the associated risks. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PINDOSF The benchmark of the fund is the Jakarta LQ-45 Index (LQ 45). The daily closing index for the LQ 45 is obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC SINGAPORE EQUITY FUND (PSGEF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 75% to 98% Blue chip stocks, index stocks and growth stocks Incidental Aggressive 3 years Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments primarily in the Singapore market.
Investment Policy PSGEF will invest primarily in the Singapore market. Up to 30% of the funds NAV can be invested in the domestic and global markets. PSGEF will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks to meet its investment objective. The fund generally maintains equity exposures within a range of 75% to 98% against its NAV. The fund may also invest in domestic and foreign fixed income securities and money market instruments. Investment Strategy PSGEF is actively managed to achieve its goal of achieving capital growth by investing in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed on the Singapore stock market. To achieve increased diversification, the fund may invest up to 30% of its NAV in the domestic and global markets. The funds investment in the domestic and global markets is incidental to its primary focus of investing in the Singapore market. In identifying companies for investment, the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will depend on market opportunities. The funds investments may include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Singapore, domestic and global markets within a timeframe of two years. The fund may also invest in collective investment schemes with similar investment objectives in the Singapore, domestic and global markets. The fund may also invest in domestic and foreign fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns.
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The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, index stocks and growth stocks in the Singapore, domestic and global markets. Fund Specific Risk Management The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Country risks, currency risks and liquidity risks associated with the funds investments in the Singapore market will be monitored on an ongoing basis. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The funds other overseas investments will also be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with the associated risks. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSGEF The benchmark of the fund is the Straits Times Index. The daily closing index for the Straits Times Index is obtainable from Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC STRATEGIC SMALLCAP FUND (PSSCF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Equity fund Capital growth 70% to 98% Companies with small market capitalisation, at the point of purchase, with special focus on growth stocks. Incidental Aggressive 3 years Tan Yan Heong and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To achieve capital appreciation over the medium to long term period through investments primarily in companies with small market capitalisation.
Notes: The fund will invest in small sized companies at the point of purchase. The fund may remain invested in such counters should the stocks become medium sized companies, if the growth prospects and valuation of the stocks continue to be attractive. Any material changes to the investment objective of the fund would require unitholders approval.
Investment Policy PSSCF will invest primarily in small market capitalisation companies which have promising growth prospects in the medium to long term period. The fund will invest in stocks with market capitalisation of up to RM1.25 billion at the point of purchase. The fund may also invest in companies which at the point of purchase form the bottom 15% of the cumulative market capitalisation of the market which the stock is listed on. The stock universe for each market in which the stock is listed on is sorted by market capitalisation and is ranked in descending order. Beginning with stocks with the smallest market capitalisation, the market capitalisation of stocks is aggregated until the cumulative market capitalisation of these stocks reaches 15%. The fund generally maintains equity exposures within a range of 70% to 98% against its NAV. The balance of the funds NAV may be invested in fixed income securities and liquid assets which include money market instruments.
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Investment Strategy PSSCF is actively managed and focuses primarily on investing in companies with small market capitalisation, with the aim of achieving high capital growth over the medium to long-term through investments in such companies that possess the capacity to grow strongly. The fund seeks to achieve this goal by maintaining a reasonable level of exposure to equities over time in a diversified portfolio of small market capitalisation companies with reasonable earnings growth prospects that are listed on the Bursa Securities. The fund may remain invested in such counters should the stocks become medium sized companies, if the growth prospects and valuation of the stocks continue to be attractive. Generally, companies with reasonable earnings growth prospect over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track record of the companies are considered. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The fund will focus its investments in the domestic market. To achieve increased diversification, the fund may invest up to 30% of its NAV in selected foreign markets which include South Korea, China, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia, Australia, Luxembourg and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. The fund may also invest in equity linked participation notes for selected regional stocks listed on the Luxembourg Stock Exchange. Equity linked participation notes are instruments designed to track designated securities. The movement of these notes are similar to the underlying shares listed in their respective markets. These notes are issued by international foreign broking houses for investment by investors who are not able to invest directly in the underlying foreign shares. These notes are purchased and sold by investors in a similar manner to the trading of shares. Investments in equity linked participation notes involve counterparty risk whereby the issuer of the notes may not be able to fulfil its obligation. It also presents market risk as these notes may not track the movement of their underlying shares closely. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may include listed warrants and options (if any) to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected foreign markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected foreign markets. The fund may also invest in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments to help generate returns. The high equity exposures maintained at all times, in particular, may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may also invest in futures contracts and listed options (when available) to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the medium to long-term growth potential of a diversified portfolio of promising companies with small market capitalisation which as an investment group is generally under researched by the investment community. The focus of the fund is on identifying companies that have strong growth potential and trade at attractive valuations. Fund Specific Risk Management The lack of liquidity in small-capitalised stocks in the funds equity portfolio may result in the fund experiencing significant volatility in times of adverse market conditions. The asset allocation, liquidity management and diversification strategies employed are central to the efforts to manage the risks posed to the fund. There may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the funds equity exposure is reduced to below the levels indicated as a temporary defensive strategy. The fund may also invest in futures contracts and listed options (when available) to hedge against market volatility. Investments in bonds may be adversely affected if interest rates were to move up sharply. As such, the funds exposure to bonds are managed accordingly to minimise these risks.
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The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSSCF As PSSCF will focus its investments in the domestic market, the benchmark for PSSCF is the FTSE Bursa Malaysia Small Cap Index which comprises of eligible companies within the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia Top 100 Index. To obtain the latest information on the FTSE Bursa Malaysia Small Cap Index, investors can refer to the Bursa Malaysia website (www.bursamalaysia.com under Market Information Section) for a list of the component stocks of the FTSE Bursa Malaysia Small Cap Index and transactional information such as last traded price, previous closing price, volume traded, high and low for the day and other information. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA). The FTSE BURSA MALAYSIA SMALL CAP INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent list vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.
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PUBLIC TACTICAL ALLOCATION FUND (PTAF)

(Formerly known as Public Global Balanced Fund) Fund Profile Category of Fund Type of Fund Equity Range of Fund Investment Asset Selection Profile of Fund Mixed asset fund Capital growth 30% to 98% Blue chip stocks, index stocks, growth stocks, fixed income securities, money market instruments and deposits Incidental Aggressive 3 years Chiang Kang Pey and Chen Yuet Fong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. If the outlook for fixed income securities and money market instruments is also unfavourable, the fund will move its investments into deposits. Fund Objective To achieve capital growth over the medium to long-term period by investing in equities, collective investment schemes and fixed income securities in domestic and foreign markets.
Investor Profile aggressive risk-reward temperament medium to long-term investor to achieve capital growth through tactical asset allocation strategy
Investment Policy PTAF will adopt a tactical asset allocation strategy and has the flexibility to rebalance its asset allocation between the different asset classes of equities, fixed income securities and money market instruments accordingly, depending on the market outlook. Its equity content may range between 30% to 98% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments and deposits. Investment Strategy PTAF is actively managed and seeks to achieve its goal of providing capital growth over the medium to long term period by adopting a tactical asset allocation strategy of investing 30% to 98% of the funds NAV in equities. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments and deposits to help generate returns. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The fund employs both the top-down and bottom-up approach to evaluate its investments in equities, fixed income securities and money market instruments. From the top-down perspective, the fund manages its exposures to each of the asset classes of equities, fixed income securities and money market instruments actively bearing in mind the risk-reward profile of the respective asset class. Depending on the market outlook, the fund has the flexibility to rebalance its asset allocation between the different asset classes accordingly. The fund may invest up to 98% of its NAV in a portfolio of equities when the market outlook is positive.
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However, the fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments and deposits if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. If the outlook for fixed income securities and money market instruments is also unfavourable, the fund will move its investments into deposits. For its equity investments, the fund will invest in a diversified portfolio of blue chip stocks, index stocks and growth stocks listed in domestic and selected foreign stock markets. In identifying such companies, the fund adopts the bottom-up approach which relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered. The fund may also invest in collective investment schemes which invests in stocks listed in domestic and foreign markets. The funds investments may include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected foreign markets within a timeframe of two years. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. The non-equity portion of the fund is invested in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments. Where investment climate is deemed to be unfavourable and weakness in equity markets is expected, the fund will increase its holdings in fixed income securities and money market instruments. The fund will invest in bonds of various tenures which will enable it to rebalance its asset allocation and capitalise on market opportunities between the different asset classes in a timely manner. The asset allocation between long-tenured bonds, short-tenured bonds and money market instruments may be varied taking into account economic growth, interest rate trends and market liquidity conditions. Redeemable loan stocks with convertible features to enhance the funds returns may also be invested by the fund. To manage the credit risks of its fixed income securities investments, the fund will rely on credit analysis and focus on securities issued by companies with sound financial position i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the particular industry the fund is investing in. The money market instruments invested by the fund are issued by financial institutions. To manage the credit risk of these instruments, the credit ratings of the financial institutions are monitored on an ongoing basis. Up to 98% of the funds NAV can be invested in selected foreign markets which include South Korea, Hong Kong, Japan, China, Taiwan, Singapore, India, Thailand, Indonesia, Philippines, Australia, New Zealand and other permitted markets such as United States of America, Germany, France and United Kingdom. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. Fund Specific Benefits The fund allows the investor the opportunity to participate in tactical asset allocation strategy where investments are allocated between the different asset classes of equities, fixed income securities and money market instruments based on a flexible investment mandate. The fund may capitalise on potential investment opportunities if the market outlook is positive while reducing its equity exposure when weakness in the equity markets is expected. Fund Specific Risk Management The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated and the exposure to fixed income securities and liquid assets which include money market instruments are increased as a temporary defensive strategy. If the outlook for fixed income securities and money market instruments is also unfavourable, the fund will move its investments into deposits. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance of the fund may be adversely affected.
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Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PTAF The benchmarks of the fund and their respective percentages are as follows: 70% MSCI AC Far-East Ex-Japan Index*, and 30% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
As PTAF adopts a tactical asset allocation strategy with equity exposure range between 30% to 98% of the funds NAV, the benchmark chosen for PTAF is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 70:30. Therefore, the returns for the benchmark index for any given period of time would comprise of 70% from the returns of the MSCI AC Far-East Ex-Japan Index and 30% from 3-Month KLIBOR interest earned for the same period of time. The MSCI Far-East Ex-Japan Index is selected as the funds equity benchmark as it is more representative of the foreign markets that the fund invests in which include China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. This composite benchmark index represents an appropriate performance benchmark for PTAF as it is reflective of the funds asset allocation which will typically be 70% of NAV in equities over the medium to long-term. * As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index which excludes the Japan market is used as the funds equity benchmark as it is more representative of the funds investment strategy. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI AC Far-East Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC BALANCED FUND (PBF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Fixed Income Securities Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Balanced fund Income and capital growth 40% to 60% 40% to 60% Index stocks, blue chip stocks and growth stocks Incidental Conservative to moderate 3 years Tan Yan Heong and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To provide a steady income* and capital growth over the medium to long-term period.
Investor Profile conservative to moderate risk-reward temperament preference for receiving regular income and capital growth medium to long-term investor
Investment Policy To create a prudent mix of primarily Malaysian equities and fixed income securities in the ratio of 60:40 which is in line with the funds objective. Its equity content in terms of NAV will range between 40% to 60% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PBF is actively managed and seeks to meet its objectives of producing a steady and recurring income while pursuing long-term capital growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV in equities. The balance of the funds NAV would be invested in bonds and other fixed income securities to generate the required recurring income. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with reasonable earnings growth prospects over the medium to long-term are sought. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered.
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The non-equity portion of the fund is invested in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments. To generate the required recurring income, the fund will generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a portfolio of bonds of various tenures depending on economic growth, interest rate trends and market liquidity conditions. To manage credit risks of its bond investments, the fund will rely on the credit analysis and focus on bonds issued by the companies with sound financial position i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the particular industry the fund is investing in. Where yields are attractive and interest rate trends are favourable, the investments in bonds are increased. Notwithstanding the need for a stable and recurring income stream, the investment in bonds and fixed income assets is often raised at the expense of equity allocations when weaknesses in the equity markets are anticipated. Conversely, when the equity markets are expected to perform well, the funds are reallocated from fixed income assets to equities. To achieve increased diversification, the fund may invest in foreign markets which include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. The funds investment in foreign markets is incidental to its primary focus of investing in the domestic market. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants to enhance its returns. The fund may consider investments in Initial Public Offerings (IPOs) of companies seeking a listing on the Bursa Securities or other permitted foreign markets. The fund may also invest in collective investment schemes both in the domestic and foreign markets. Fund Specific Benefits The fund allows the investor the opportunity to invest in a balanced approach where investments are made in equities and fixed income securities in near equal proportion to spread out the risks. The potentially large but highly volatile returns from equity investments are moderated by the fairly stable performance from the fixed income securities. The returns of the fund should be significantly less volatile than the equity market as a result. Fund Specific Risk Management Normally, the equity content will range from 40% to 60% of the fund. In times of actual or anticipated stock market weaknesses, the equity portfolio may be reduced accordingly. The asset allocation between the various investment assets referred to above and the decision to invest, sell or trade are based on the decision of the Fund Managers who adopt an active fund management approach. The asset allocation, liquidity management and diversification strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may even be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds investments in listed warrants will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions.
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Selected Performance Benchmark for PBF To better reflect the scope and parameters of the fund especially with regards to the equity constraints of 60%, the Public Balanced Equity Index (PBEIX) was created. PBEIX is a hybrid index whose value is subject to the daily changes in the FTSE Bursa Malaysia KLCI (FBM KLCI) and the 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR) on a 60:40 basis. The index is assumed to be rebalanced to 60% equity exposure at the end of each trading day. Public Balanced Equity Index (PBEIX) is a proprietary composite benchmark index comprising of a hypothetical investment in the FBM KLCI and 3-Month KLIBOR in a 60:40 ratio. Therefore, the returns for PBEIX for any given period of time would be made up of 60% from the returns of the FBM KLCI and 40% from 3-Month KLIBOR interest earned for the same period of time. The FBM KLCI is a free-float adjusted market capitalisation weighted index which comprises the Bursa Malaysia Main Markets 30 largest companies by full market capitalisation. As it is also very widely followed and easily understood representation of the Bursa Securities, it is deemed that the most appropriate equity benchmark for this fund is the FBM KLCI. The 3-Month KLIBOR is reflective of the returns earned from the money market instruments held by the fund. For the purpose of this index, the returns for 3-Month KLIBOR is calculated by accruing interest earned on a daily basis from the daily closing quoted 3-Month KLIBOR rates. This index represents an appropriate performance benchmark for gauging the performance of PBF in view of the funds 60% equities portfolio composition. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Fund Profile Category of Fund Type of Fund Equity Range of Fund Fixed Income Securities Range of Fund Stock Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Balanced fund Income and capital growth 40% to 60% 40% to 60% Index stocks, blue chip stocks and growth stocks Incidental Conservative to moderate 3 years Tan Chee Chin and Lum Meng Seng
The fund may adopt temporary defensive strategies by lowering its equity exposure below the above stated range and increasing its investments in fixed income securities and liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the equity markets is expected. Fund Objective To provide income* and capital growth over the medium to long-term period.
Notes: Any material changes to the investment objective of the fund would require unitholders approval. * Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy.
Investor Profile conservative to moderate risk-reward temperament preference for receiving income and capital growth medium to long-term investor
Investment Policy To create a prudent mix of equities and fixed income securities in the ratio of 60:40 which is in line with the funds objective. Its equity content will range in the region of between 40% to 60% of the NAV of the fund. The balance of the funds NAV will be invested in fixed income securities and liquid assets which include money market instruments. Investment Strategy PFEBF is actively managed and seeks to meet its objective of producing income while pursuing long-term capital growth by adhering to a balanced asset allocation approach of investing 40% to 60% of the NAV in equities. The balance of the funds NAV would be invested in bonds and other fixed income securities to generate the required recurring income. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The equity investment of the fund primarily focuses on a diversified portfolio of index-linked companies, blue chip stocks and companies with growth prospects that are listed on Bursa Securities and selected regional stock markets. Generally, companies with reasonable earnings growth prospects over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research where the financial health, industry prospects, management quality and past track records of the companies are considered.
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The non-equity portion of the fund is invested in fixed income securities (such as sovereign bonds and corporate debt) and money market instruments. To generate the required recurring income, the fund will generally maintain investments in fixed income securities of 40% to 60% of its NAV. The fund will invest in a portfolio of bonds of various tenures depending on economic growth, interest rate trends and market liquidity conditions. To manage credit risks of its bond investments, the fund will rely on the credit analysis and focus on bonds issued by the companies with sound financial position i.e. gearing ratio and interest cover ratio of the issuer are within acceptable levels of the particular industry the fund is investing in. Where yields are attractive and interest rate trends are favourable, the investments in bonds are increased. Notwithstanding the need for a stable and recurring income stream, the investment in bonds and fixed income assets are often raised at the expense of equity allocations when weaknesses in the equity markets are anticipated. Conversely, when the equity markets are expected to perform well, the funds are reallocated from fixed income assets to equities. Up to 60% of the funds NAV can be invested in selected regional markets which include South Korea, China, Hong Kong, Taiwan, Japan, Singapore, Philippines, Thailand, Indonesia and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or other permitted foreign markets within a timeframe of two years. The fund may also invest in collective investment schemes both in the domestic and foreign markets. The funds equity exposures may result in the fund experiencing significant volatilities in times of adverse market movements. To mitigate such risk, the fund may invest in futures contracts and options to hedge against market volatility. Fund Specific Benefits The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio of index stocks, blue chip stocks and growth stocks listed on selected regional stock markets. Fund Specific Risk Management The asset allocation, liquidity management, diversification and hedging strategies employed are therefore central to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe downturn in the equity markets is expected and liquidity risks are high, that the equity exposure is reduced to below the levels indicated as a temporary defensive strategy. With regards to the bond portfolio of the fund, it should be noted that the performance of the portfolio might be adversely affected should interest rates rise sharply. The value of bonds may also fluctuate based on the credit quality of the issuer. As such, exposure to bonds in the portfolio are managed to minimise such risks to levels that are commensurate with the potential returns. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risk arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and options for hedging purposes and investments in listed warrants can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions.
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Selected Performance Benchmark for PFEBF The benchmarks of the fund and their respective percentages are as follows: 60% MSCI AC Far-East Ex-Japan Index*, and 40% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
The benchmark chosen for PFEBF is a composite benchmark index comprising a hypothetical investment in the MSCI AC Far-East Ex-Japan Index and 3-Month KLIBOR in a ratio of 60:40. Therefore, the returns for the benchmark index for any given period of time would comprise of 60% from the returns of the MSCI AC Far-East Ex-Japan Index and 40% from 3-Month KLIBOR interest earned for the same period of time. The component stocks of the MSCI AC Far-East Ex-Japan Index comprise major stocks from key regional markets including China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. This composite benchmark index represents an appropriate performance benchmark for PFEBF as the fund may only invests up to 60% of its NAV in a portfolio of stocks in domestic and regional markets, while the balance of the funds NAV is invested in fixed income securities and liquid assets. * As indices which focus on Far-East markets have a relatively high index weight for Japanese stocks, an index which excludes the Japan market is used as the funds equity benchmark as it is more representative of the funds investment strategy. Information on the 3-Month KLIBOR is provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The daily closing index for the MSCI AC Far East Ex-Japan Index is available on Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC BOND FUND (P BOND)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income 75% to 98% Fixed income securities Annual income Conservative 3 years Lum Ming Jang and Zaharudin bin Ghazali
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective To provide a steady stream of income* returns through investment in the money market and private debt securities.
Investor Profile conservative risk-reward temperament seek stability of annual income with some safety of principal** medium term investor
** Investors should note that P BOND is not a capital protected fund.
Investment Policy P BOND is actively managed and invests in fixed income securities and money market instruments to meet its objective of providing annual income to unitholders. Its fixed income securities investments comprise government and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan stocks with convertible features to enhance the funds returns are included. The fund generally maintains bond exposures within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments. Investment Strategy P BOND seeks to meet its objective of producing a steady and recurring annual income stream by investing in a portfolio of fixed income securities such as sovereign bonds and corporate debt with the balance invested in money market instruments. Investments in redeemable loan stocks with convertible features to enhance the funds returns are also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign fixed income securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong Kong, Australia, United Kingdom and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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Fund Specific Benefits The fund allows the investor access to the bond market, which is usually inaccessible to the average investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund invests in a diversified portfolio of bonds, which comprises fixed income securities that have different profiles in maturities, credit ratings and sectors, to produce returns that are generally higher than fixed deposits. The fund is also able to provide the investor with greater liquidity than fixed deposits as the units in the fund can be redeemed on any Business Day as compared to an early redemption of fixed deposits prior to maturity date where the depositor may be penalised by the loss of accumulated interest income. Fund Specific Risk Management The fund will seek to maximise its potential return by investing in bonds that command higher yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall, or if credit rating of the bond improves, then the fund stands to benefit from the resultant price appreciation. Nevertheless, the credit risks assumed are limited to the extent that any bond invested in must have a minimum credit rating of BBB at the point of purchase. Notwithstanding this, the funds exposure to the potential risks and returns have to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund. The fund may also invest in futures and options contracts to hedge against interest rate risks. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for P BOND The benchmark for P BOND is based on fixed deposits rates as opposed to a more conventional corporate bond index. The rationale for this is that the fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. Moreover, the general profile of the unitholders of the fund is such that their returns from the fund are more often than not compared against the returns from fixed deposits. For the purpose of this fund therefore, it is felt appropriate to benchmark the fund against an accumulation index based on the 12-month fixed deposits rates (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investors should note that the risk profile of P BOND is higher than that of a fixed deposit and therefore, it has the potential to deliver higher returns than its benchmark.
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PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income 75% to 98% Fixed income securities Annual income Conservative 3 years Zaharudin bin Ghazali and Ng Boon Hoa
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective To provide annual income* through investment in private debt securities.
** Investors should note that PIN BOND is not a capital protected fund.
Investment Policy PIN BOND is actively managed and invests in fixed income securities and money market instruments to meet its objective of providing annual income to unitholders. Its fixed income securities investments comprise government and government-sponsored bonds and private debt securities (listed and unlisted). Investments in redeemable loan stocks with convertible features to enhance the funds returns are also considered. 50% of the funds holding in fixed income securities must be in bonds with credit rating no lower than AA, as rated by RAM or its equivalent, on a standalone basis or with a bank guarantee. The remainder of the funds holding in fixed income securities will be invested in bonds with a minimum credit rating of A at the point of purchase. The fund generally maintains bond exposures within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments. Investment Strategy PIN BOND seeks to meet its objective of producing a steady and recurring annual income by investing in a portfolio of fixed income securities such as sovereign bonds and corporate debt with the balance invested in money market instruments. Investments in redeemable loan stocks with convertible features to enhance the funds opportunity for capital gains are also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign fixed income securities.
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Fund Specific Benefits The fund allows institutional investors the opportunity to invest in the bond market for returns that are potentially higher than fixed deposits. The fund essentially offers the investor the benefits of risk management, proper diversification and liquidity management. Fund Specific Risk Management The fund will seek to maximise its potential returns by investing in bonds that command higher yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall, or credit rating of the bond improves, then the fund stands to benefit from the resultant price appreciation. Nevertheless, the credit risks assumed are limited to the extent that 50% of the funds holding in fixed income securities must be invested in bonds of credit rating no lower than AA and the balance in bonds with a minimum credit rating of A at the point of purchase. Notwithstanding this, the exposure to the potential risks and returns need to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund. The fund may also invest in futures and options contracts to hedge against interest rate risks. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PIN BOND The benchmark chosen for PIN BOND will be the Corporate Bond Index 1 Year And Above (CORP1V) developed and maintained by CIMB Berhad. The bond index tracks the aggregate performance of all domestic corporate debt with maturities of 1 year and above. The rationale of the selection of this index is that it essentially represents the broad bond market that the fund will be primarily invested in. Thus, to provide above average returns relative to the market, the fund will be managed with the goal of outperforming this benchmark. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my.
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PUBLIC ENHANCED BOND FUND (PEBF)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Equity Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income and capital growth 70% to 85% Up to 20% Fixed income securities and equities Annual income Conservative to moderate 3 years Zaharudin bin Ghazali and Loo See Seong
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective Seeks to provide a combination of annual income* and modest capital growth primarily through a portfolio allocation across quality bonds and equities.
Investor Profile conservative to moderate risk reward temperament seek stability of annual income and modest capital growth potential medium to long term investor
Investment Policy PEBF is actively managed and invests primarily in fixed income securities and money market instruments to meet its objective of providing annual income to its unitholders. The fixed income securities investments of the fund comprise largely of private debt securities (listed and unlisted) and to a lesser extent government and governmentsponsored bonds. Investments in redeemable loan stocks with convertible features are also considered. The fund is allowed to participate in the equity markets with the aim of producing enhanced returns to supplement that of the bond portfolio. To that end, in view of the increased volatility or risks associated with investments in equities, the funds investments in equities are capped at 20% of the NAV of the fund. Investment Strategy PEBF aims to meet its objectives of producing a steady and recurring stream of income by committing a significant portion of between 70% to 85% of its NAV in fixed income securities. To produce the desired level of returns, the bond portfolio focuses primarily on private debt securities (listed and unlisted) and to a lesser extent government and government-sponsored bonds. Investments in redeemable loan stocks with convertible features are also considered. These loan stocks held by the fund may be redeemed at maturity or converted to equities. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest in foreign fixed income securities. The foreign markets which the fund may invest in include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand, Indonesia, Philippines and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets.
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The fund employs both the top-down and bottom-up approach to maximise its potential returns while at the same time strives to manage risks within reasonable limits. From the top-down perspective, the fund manages its exposures to each of the three main asset classes of equities, bonds and cash actively bearing in mind the riskreward profile of the respective asset class. Since the fund is primarily a bond fund i.e. the fund generates most of its returns from its investments in bonds, the focus of the funds asset allocation strategies therefore lies chiefly with the bond portfolio. The funds bond exposures are managed according to the risk-reward characteristics of the bond asset class, which is defined by the inverse relationship between bond prices and interest rates. Essentially, where interest rate trends are favourable (i.e. a trend of declining interest rates), the exposure to bonds is generally increased in view of its positive impact on bond prices. Conversely, the funds exposure to bonds is reduced when interest rates are anticipated to trend upwards. Within the bond portfolio, bond issues of longer duration are more sensitive to interest rate movements than bonds of shorter duration. The interest rate sensitivity of the bond portfolio and by extension, the funds portfolio as a whole, can be effectively managed through changing the duration or term structure of the portfolio. In short, the fund has the added option of changing its duration profile as well as overall bond exposures to meet the challenges of changing interest rates trends. To mitigate credit and liquidity risks, the fund ensures that its bond portfolio is sufficiently diversified in its investment concentration. Diversified bond portfolio comprises fixed income securities that have different profiles in maturities, credit ratings and sectors. The fund also places particular emphasis on the bottom-up approach of focusing on credit analysis to minimise such risks as well as to seek attractive investment opportunities in bond issues that potentially give better yields compared to prevailing market rates. As for its equity investments, the fund adopts a more market timing and bottom-up approach to investing as the funds equity exposure is capped at a maximum of 20%. Given that the risk tolerance of the fund is lower than that of equity or even balanced funds, the equity investments adopted by the fund would generally include stocks with defensive profiles. For example, should the downside to the equity market appear limited, the fund may look towards investing in defensive low beta blue-chip stocks that are supported by high dividend yields. Therefore, even if the equity market was to remain weak, these defensive stocks are likely to hold up relatively better than the market at large and in addition, their dividends may help mitigate declining stock prices. However, should the equity market perform well as anticipated, the same stocks should benefit meaningfully from the general rise in the market. The funds equity exposure can be invested in selected foreign markets. The fund may look favourably towards investing in redeemable bonds that are also convertible into equities as they offer downside protection, reasonable yields and upside participation in the equity position of the issuer. Separately, attractively priced initial public offerings are also viable investment options for the fund particularly in a robust and conducive equity market environment. The funds investments may also include listed warrants and options to enhance its returns. The fund may also consider investments in unlisted equities particularly in companies that are expected to seek listing on the Bursa Securities or selected regional markets within a timeframe of two years. The fund may invest in collective investment schemes both in the domestic or selected global markets. The balance of the funds assets will be invested in cash equivalents and money market instruments. Fund Specific Benefits The fund provides the usual benefits of steady income stream and low price or volatility risks of a conventional bond fund. In addition to that, the fund provides the investor with the additional benefit of participating in the upside potential of the equity market due to its equity exposure. Nevertheless, the equity upside is limited in size and scope given that the funds equity exposure is capped to a maximum of 20% of NAV.
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Fund Specific Risk Management As mentioned above, the fund adopts asset allocation, diversification and market timing strategies to manage the risks posed to the fund in its pursuit of investment returns. In particular, the fund may likely resort to having no equity exposures at all in the face of an anticipated decline in the equity market. However, under more promising equity market conditions, the fund may adopt a conservative equity investment approach to generate additional returns to supplement that of its bond investments. The fund may also employ hedging strategies to help mitigate anticipated losses to its bond and equity portfolios. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. While investments in listed warrants and options can potentially enhance the funds returns, these investments can also increase the volatility of the funds returns. As such, the funds investments in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PEBF The benchmark for PEBF is based on fixed deposits rates as opposed to a more conventional corporate bond index. The rationale for this is that the fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. Moreover, the general profile of the unitholders of the fund is such that their returns from the fund are more often than not compared against the returns from fixed deposits. For the purpose of this fund therefore, it is felt appropriate to benchmark the fund against an accumulation index based on the 12-month fixed deposits rates (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investors should note that the risk profile of PEBF is higher than that of a fixed deposit and therefore, it has the potential to deliver higher returns than its benchmark.
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PUBLIC SELECT BOND FUND (PSBF)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income 75% to 98% Fixed income securities Annual income Conservative 3 years Lum Ming Jang and Zaharudin bin Ghazali
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective To provide annual income* through investments in fixed income securities which have a remaining maturity of 7 years and below and money market instruments.
** Investors should note that PSBF is not a capital protected fund.
Investment Policy PSBF is actively managed and invests in fixed income securities which have a remaining maturity of 7 years and below. Investment Strategy PSBF seeks to meet its objective of providing annual income by investing in a portfolio of fixed income securities which have remaining maturities of 7 years and below; comprising sovereign and corporate bonds. The balance of the funds assets will be invested in money market instruments. Investments in redeemable loan stocks with convertible features to enhance the funds returns are also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. The fund generally maintains bond exposure within the range of 75% to 98% against its NAV. The balance of the funds NAV will be invested in money market instruments.
124
Fund Specific Benefits The fund allows the investor access to the bond market, which is usually inaccessible to the average investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund invests in a diversified portfolio of bonds, which comprises fixed income securities that have different profiles in maturities, credit ratings and sectors, to produce returns that are generally higher than fixed deposits. The fund is also able to provide the investor with greater liquidity than fixed deposits as the units in the fund can be redeemed on any Business Day as compared to an early redemption of fixed deposits prior to maturity date where the depositor may be penalised by the loss of accumulated interest income. Fund Specific Risk Management The fund will seek to invest in bonds that command higher yields than money market instruments. In doing so, the fund will likely be exposed to the risks of adverse interest rate movements and credit rating downgrades. On the other hand, should interest rates turn favourable i.e. fall, or if credit rating of the bond improves, then the fund stands to benefit from the resultant price appreciation. The funds exposure to the potential risks and returns have to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSBF The benchmark for PSBF is based on fixed deposits rates as opposed to a more conventional corporate bond index. The rationale for this is that the fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. Moreover, the general profile of the unitholders of the fund is such that their returns from the fund are more often than not compared against the returns from fixed deposits. For the purpose of this fund therefore, it is felt appropriate to benchmark the fund against an accumulation index based on the 12-month fixed deposits rates (FDR) quoted by Malayan Banking Berhad. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investors should note that the risk profile of PSBF is higher than that of a fixed deposit and therefore, it has the potential to deliver higher returns than its benchmark.
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PUBLIC STRATEGIC BOND FUND (PSTBF)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income At least 75% Fixed income securities and money market instruments Annual income Conservative 3 years Zaharudin bin Ghazali and Ng Boon Hoa
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective To provide annual income* to investors through investments in fixed income securities and money market instruments.
** Investors should note that PSTBF is not a capital protected fund.
Investment Policy PSTBF seeks to provide annual income to investors through investments in fixed income securities and money market instruments. The fund will invest at least 75% of its NAV in bonds. 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of 5 years and below. The remaining 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of more than 5 years. The balance of the funds NAV will be invested in deposits and money market instruments. To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign bonds. Investment Strategy The fund will invest at least 75% of its NAV in bonds. 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of 5 years and below. The remaining 50% of the funds bond investment will be invested in fixed income securities which have remaining maturities of more than 5 years. The balance of the funds NAV will be invested in deposits and money market instruments.
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The fund is actively managed and its portfolio of bond investments would be exposed to risks of adverse interest rate movements and credit rating changes. On the other hand, should interest rates decline or credit rating of the bond improves, then the fund stands to benefit from the resultant price appreciation. Notwithstanding this, the funds exposure to the potential risks and returns need to be managed actively in order to achieve the risk-reward trade-off that is reasonable to the fund. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign bonds. The foreign markets which the fund may invest in include Australia, Indonesia, South Korea, Singapore, Hong Kong, United States of America and other permitted markets. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. Fund Specific Benefits The fund allows the investor access to the bond market, which is usually inaccessible to the average investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund invests in a diversified portfolio of bonds, which comprises fixed income securities that have different profiles in maturities, credit ratings and sectors, to produce returns that are generally higher than money market deposits. Fund Specific Risk Management Notwithstanding the investment strategy of the fund, all investments will always carry an element of risk. Essentially, the risk management process in PSTBF focuses on managing the impact of changes in the general interest rate trend and credit risk profile of the individual bond issuer. The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting various investment strategies, such as varying the asset allocation between long-tenured bonds, short-tenured bonds and money market instruments to adjust the risk and return characteristics of the fund. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance of the fund may be adversely affected. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and listed options for hedging purposes can increase the volatility of the funds returns. As such, the funds participation in these instruments for hedging purposes will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PSTBF The benchmark for PSTBF is based on fixed deposits rates as opposed to a more conventional corporate bond index. The rationale being the fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. However, the risk profile of the fund is not similar to that of a fixed deposit (FD). For the purpose of this fund, it is felt appropriate to benchmark the fund against an accumulation index based on the 12-month FD rates quoted by Public Bank Berhad. The accumulation index is derived from the daily compounding of the average FD rate, which in turn is the FD rate expressed on a per annum basis divided by 365 days. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investors should note that the risk profile of PSTBF is higher than that of a fixed deposit and therefore, it has the potential to deliver higher returns than its benchmark.
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PUBLIC ENTERPRISES BOND FUND (PENTBF)

Fund Profile Category of Fund Type of Fund Fixed Income Securities Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Bond fund Income At least 75% Fixed income securities and money market instruments Annual income Conservative 3 years Ng Boon Hoa and Azahari bin Ariffin
The fund may adopt temporary defensive strategies by lowering its bond exposure below the above stated range and increasing its investments in liquid assets which include money market instruments if the investment climate is deemed to be unfavourable and weakness in the bond markets is expected. Fund Objective To provide annual income* through investments in fixed income securities and money market instruments.
Investor Profile conservative risk-reward temperament medium term investor seek stability of annual income with some safety of principal**
** Investors should note that PENTBF is not a capital protected fund.
Investment Policy PENTBF is actively managed and invests in a diversified portfolio of fixed income securities and money market instruments to meet its objective of providing annual income. Its fixed income securities investments comprise sovereign bonds and corporate bonds (listed and unlisted). The bonds invested must have a minimum credit rating of BBB for long-term instruments and P1 for short-term instruments as rated by a local or foreign rating agency, at the point of purchase. In the event the credit rating of a particular debt issue is downgraded below the stipulated minimum investment grade, the Manager will take into consideration factors which include trading liquidity and availability of market bids at prevailing market valuations before deciding on the manner and time frame of divestment. The fund will invest at least 75% of its NAV in sovereign bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase. The balance of the funds NAV will be invested in other corporate bonds and money market instruments. Redeemable loan stocks with convertible features to enhance the funds returns are also included in the funds portfolio.
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Investment Strategy PENTBF seeks to meet its objective of providing annual income by investing at least 75% of its NAV in sovereign bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase. The funds focus on these bonds will enable the fund to invest in bonds issued by larger and more stable corporations/ entities. The balance of the funds NAV will be invested in other corporate bonds and money market instruments. Investments in redeemable loan stocks with convertible features to enhance the funds returns are also considered. These loan stocks may not be converted but will be disposed prior to or held to maturity. The loan stocks which are held to maturity will not be converted to equity. Instead, the loan stocks will be redeemed for cash at its maturity date. To achieve increased diversification, the fund may invest up to 30% of its NAV in foreign fixed income securities. The foreign markets which the fund may invest in include Singapore, Japan, Hong Kong, Australia, United Kingdom, Indonesia, United States of America, South Korea and other permitted markets. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Necessary approvals from the relevant foreign regulatory authorities will be obtained before investing into the above-mentioned permitted markets. Fund Specific Benefits The fund allows the investor access to the bond market, which is usually inaccessible to the average investor as it is a market for institutions where the standard transaction block amounts to RM5 million. The fund invests in a diversified portfolio of bonds, which comprises fixed income securities that have different profiles in maturities, credit ratings and sectors, to produce returns that are generally higher than fixed deposits. The funds focus on sovereign bonds and corporate bonds issued by entities with total assets exceeding RM3 billion at the point of purchase will enable the fund to invest in bonds issued by larger and more stable corporations/entities. The fund is also able to provide the investor with greater liquidity than fixed deposits as the units in the fund can be redeemed on any Business Day as compared to an early redemption of fixed deposits prior to maturity date where the depositor may be penalised by the loss of accumulated interest income. Fund Specific Risk Management Notwithstanding the investment strategy of the fund, all investments will always carry an element of risk. Essentially, the risk management process in PENTBF focuses on managing the impact of changes in the general interest rate trend and credit risk profile of the individual bond issuer. The Fund Manager will take reasonable steps to ensure that the above potential risks are managed by adopting various investment strategies which include portfolio diversification and varying the asset allocation between longtenured bonds, short-tenured bonds and money market instruments to adjust the risk and return characteristics of the fund. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance of the fund may be adversely affected. The funds overseas investments will be monitored to focus in markets with promising prospects and acceptable risk levels as the fund seeks potential returns that are commensurate with country risks, currency risks and liquidity risks. To mitigate risks arising from factors which include foreign currency exposure and foreign interest rate movements, the fund may employ hedging strategies to manage the risks posed to the fund. Participation in futures contracts and listed options for hedging purposes can potentially enhance the funds returns and also increase the volatility of the funds returns. As such, the funds participation in these instruments will be assessed on an ongoing basis and managed accordingly. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Selected Performance Benchmark for PENTBF The benchmark for PENTBF is based on fixed deposits rates as opposed to a more conventional corporate bond index. The rationale for this is that the fund is essentially managed in a fairly conservative manner with the primary aim of outperforming fixed deposit returns. Moreover, the general profile of the unitholders of the fund is such that their returns from the fund are more often than not compared against the returns from fixed deposits. For the purpose of this fund therefore, it is felt appropriate to benchmark the fund against an accumulation index based on the 12-month fixed deposits rates (FDR) quoted by Public Bank Berhad. The accumulation index is derived from the daily compounding of the average FDR, which in turn is the FDR expressed on a per annum basis divided by 365 days. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investors should note that the risk profile of PENTBF is higher than that of a fixed deposit and therefore, it has the potential to deliver higher returns than its benchmark.
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PUBLIC MONEY MARKET FUND (PMMF)

Fund Profile Category of Fund Type of Fund Money Market Range of Fund Security Selection Profile of Fund Distribution Policy Investors Risk Profile Suggested Minimum Investment Period Designated Fund Managers Fund Objective To provide liquidity and current income*, while maintaining capital stability.
Notes: * Current income refers to distributable income. Distribution (if any) will be reinvested unless unitholders opt for distribution to be paid out. Please refer to pages 36 and 37 for more information on distribution policy. Any material changes to the investment objective of the fund would require unitholders approval.
Money market fund Income Up to 100% Debentures and money market instruments Annual income Conservative Short term Zaharudin bin Ghazali and Azahari bin Ariffin
Investor Profile conservative risk-reward temperament short term investor
Investment Policy PMMF is a money market fund that is actively managed to provide liquidity to meet the short-term cash flow requirements of its unitholders while providing a reasonable level of current income. Consequently, the fund generally invests up to 100% of its NAV in money market instruments and deposits. The investments of PMMF are largely confined to short-term money market instruments, deposit placements and short dated fixed income securities that are highly liquid. These are typically deposits and securities that mature within 365 days or 1 year. Nevertheless, the fund is permitted to invest in instruments with maturity periods exceeding 365 days but not longer than 732 days, which is equivalent to approximately 2 years. These longer dated investments are subject to a cap of 10% of the NAV of the fund. The money market instruments that the fund invests in include bankers acceptances and negotiable instruments of deposits (NIDs). Its fixed income securities investments comprise government and government-sponsored bonds and short-dated private debt securities which include commercial papers. Investment Strategy The investment focus of the fund is geared towards liquid short-term money market instruments and fixed income securities of high quality credit rating. Although the fund is actively managed, the frequency of its trading strategy will very much depend on market opportunities. Fund Specific Benefits PMMF provides a safe option for investors with low tolerance to risk who wish to park their monies on a short term basis before investing in or switching back to equity, mixed asset, balanced or bond funds. Fund Specific Risk Management At least 90% of the NAV of the fund must be invested in money market instruments and fixed income securities that mature within 365 days or 1 year. An allowance of up to 10% of the NAV of the fund is given to the fund to invest in instruments with maturity periods exceeding 365 days but not longer than 732 days.
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The money market instruments which the fund invests in are not rated instruments.These instruments are issued by licensed and rated financial institutions. In the event that the credit rating of the financial institutions is downgraded below the predetermined rating, the fund will take measures to reduce its exposure to the said institution accordingly. The credit risks assumed are limited to the extent that any bonds invested in must have a minimum credit rating of BBB for long-term instruments and P1 for short-term instruments, at the point of purchase. In the event that the credit rating of a particular debt issue is downgraded below the stipulated minimum investment grade, the Manager will take the necessary steps to divest the asset at risk. However, in order to protect the best interest of the fund, the Manager has the discretion to take into consideration all relevant factors that affect the fair value of the investment via an internal credit assessment process before deciding on the manner and time frame of the liquidation. Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections titled Permitted Investments and Investment Restrictions. Essentially, the fund has been structured such that it is confined to instruments of short duration to maturity in order to minimise the impact of fluctuations in interest rates on the performance of the fund over the short term while the credit risks it may face are mitigated by strict limits on concentration of investments and due diligence in the credit assessments by ensuring high credit ratings as mentioned above. Commensurate to this requirement for high liquidity and low tolerance to credit risk, the overall risk profile of the fund is low. Selected Performance Benchmark for PMMF The benchmark for PMMF is based on the 1-month Kuala Lumpur Interbank Offered Rates (KLIBOR) provided by Bank Negara Malaysia, which is published in the business sections of the daily newspapers. The return for any given period for this benchmark is derived by compounding the daily interest earned for KLIBOR deposits from one day to the next for each day spanning the entire period. The KLIBOR is deemed as an appropriate basis for measuring the performance of the fund as its rates are generally closer to those attainable by the fund as compared to the fixed deposits rates quoted by the banks which are often available only to deposits amounting to less than RM1 million. The 1-month period is suitable for benchmarking as the fund is likely to maintain a substantial portion of its investments in instruments that mature in the near term for liquidity requirements such that on a weighted average basis the fund as a whole may have a maturity profile of approximately 1 month. The performance of the fund and its benchmark is available on Public Mutuals website at www.publicmutual.com.my. Investment in the fund is not the same as placement in a deposit with a financial institution. There are risks involved, and investors should rely on their own evaluation to assess the merits and risks when investing in the fund.
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3.3 INVESTMENT RISKS

Specific Risks of the Funds Equity, Mixed Asset and Balanced Funds Liquidity risk Liquidity risk is defined as the ease with which a security can be disposed at or near its fair value depending on the volume traded on the market. For P SmallCap and PSSCF, the lack of liquidity in small-capitalised stocks in the funds equity portfolio may result in the fund experiencing significant volatility in times of adverse market conditions. If the fund has a large portfolio of securities that are less liquid or difficult to dispose, the securities may have to be sold at a discount to fair value, hence affecting the value of the fund. In the event that the fund experiences large redemptions, the Fund Manager may be required to liquidate the funds holdings of securities at prevailing prices to meet the redemption requirement. This impact can, however, be mitigated through the process of security selection and portfolio diversification by the Fund Managers. Country risk Funds with foreign investments may be affected by changes in the political and economic conditions of the country in which the investments are made. Such political and economic factors may influence the growth and development of business enterprises and impact the financial markets (i.e. equity and/or bond markets). Regional/country funds which may invest a greater portion of their NAV in foreign markets and may be more affected by changes in the political and economic conditions of the region/country in which the investments are made are as follows: PFES, PRSEC, PFEDF, PFEPRF, PFETIF, PFECTF, PFA30F, PTAF and PFEBF may be affected by changes in the political and economic conditions of the Far-East and regional markets. PGSF may be affected by changes in the political and economic conditions of the global markets. PCSF and PCTF may be affected by changes in the political and economic conditions of the greater China markets. PSEASF may be affected by changes in the political and economic conditions of the South-East Asian markets. PNREF may be affected by changes in the political and economic conditions of its selected foreign markets. PAUEF may be affected by changes in the political and economic conditions of Australia and New Zealand. PINDOSF may be affected by changes in the political and economic conditions of Indonesia. PSGEF may be affected by changes in the political and economic conditions of Singapore.
Industry/Sector Risk Industry/sector risk arises when the fund is predominantly invested in specific industries or sectors. Due to the reduced degree of diversification by industries/sectors, the fund may be more vulnerable to factors associated with the particular industries/sectors it is invested in. Particular investment considerations for each of the following funds are set out as below: PFEPRF: Any material changes associated with the property investment and development sector and real estate investment trusts (REITs) may have an adverse impact on the NAV of the fund. PFECTF: Any material changes associated with the consumer sector may have an adverse impact on the NAV of the fund. PFETIF: Any material changes associated with the telecommunications and infrastructure sector may have an adverse impact on the NAV of the fund. PNREF: Any material changes associated with the natural resources sector may have an adverse impact on the NAV of the fund. PIF, PRSEC and PSSF: Any material changes associated with the sectors that the funds invest in may have an adverse impact on the NAV of the funds.
Other risks of investing in equity, mixed asset and balanced funds include market risk, specific security risk, derivatives risk and currency risk which has been described on pages 39 to 40 of this Master Prospectus. Bond and Money Market Funds Risks of investing in bond and money market funds include interest rate risk, credit risk, liquidity risk and country risk which have been described on page 40 of this Master Prospectus.
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3.4 PERMITTED INVESTMENTS

The Manager has absolute discretion, subject to the Deeds, the investment policy for each of the funds and the requirements of the SC and other regulatory body, as to how the assets of the funds are invested. Equity, Mixed Asset and Balanced Funds (a) All equity, mixed asset and balanced funds may invest in the following: i. ii. iii. iv. v. vi. vii. viii. ix. x. (b) Equity securities of companies listed in the respective Eligible Markets; Initial Public Offerings (IPOs) of companies seeking a listing in the respective Eligible Markets; Listed fixed income securities traded in the respective Eligible Markets; Unlisted fixed income securities traded in the respective Eligible Markets; Sovereign bonds traded in the respective Eligible Markets; Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment Issues and other Government approved/guaranteed issues; Deposits and money market instruments with licensed domestic and foreign financial institutions; Listed and unlisted loan stocks; Units of other collective investment schemes and/or exchange traded funds; and Any other form of investments as may be agreed upon by the Manager and the trustee from time to time.
P SmallCap, PFES, PRSEC, PGSF, PFEDF, PCSF, PFEPRF, PSEASF, PFECTF, PCTF, PFETIF, PNREF, PAUEF, PFA30F, PINDOSF, PSGEF, PSSCF, PTAF and PFEBF may also invest in the following: i. ii. iii. Warrants of companies listed in the respective Eligible Markets; Unlisted equity securities whether or not approved for listing and quotation in the respective Eligible Markets, which are offered directly by the company to the funds; Futures contracts and options traded on the futures and options market of an exchange company approved, or exempt futures and options market declared, by the Minister under the CMSA 2007.
(c) (d)
PFEPRF, PSEASF, PFECTF, PCTF, PFETIF, PSA30F, PFA30F and PSSCF may also invest in participation notes of equity securities of companies listed in Eligible Markets. PSF, PGF, PIX, PIF, PAGF, PRSF, PEF, PFSF, PDSF, PSSF, PSA30F, POGF and PBF may invest in warrants issued by the underlying mother shares offered by companies listed in Bursa Securities during corporate exercises.
The funds may participate in lending of securities within the meaning of the Securities Commission Guidelines on Securities Borrowing and Lending when permitted by the SC and other relevant authorities. Bond Funds (a) All bond funds may invest in the following: i. ii. iii. iv. v. vi. vii. Listed fixed income securities traded in the respective Eligible Markets; Unlisted fixed income securities traded in the respective Eligible Markets; Sovereign bonds traded in the respective Eligible Markets; Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment Issues and other Government approved/guaranteed securities; Deposits and money market instruments with licensed domestic and foreign financial institutions; Units of other collective investment schemes and/or exchange traded funds; and Any other form of investments as may be agreed upon by the Manager and the trustee from time to time.
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(b)
P BOND, PIN BOND, PSTBF, PEBF and PENTBF may also invest in the following: i. Futures contracts and options traded in the futures and options market of an exchange company approved, or exempt futures and options market declared, by the Minister under the CMSA 2007.
(c)
PEBF may also invest in the following: i. ii. Equity securities and warrants of companies listed in the respective Eligible Markets; and Unlisted equity securities whether or not approved for listing and quotation in the respective Eligible Markets, which are offered directly by the company to the fund.
The fund may participate in lending of securities within the meaning of the Securities Commission Guidelines on Securities Borrowing and Lending when permitted by the SC and other relevant authorities. Money Market Fund (a) PMMF may invest in the following: i. ii. iii. iv. v. vi. Listed Ringgit denominated fixed income securities traded in the Eligible Markets; Unlisted Ringgit denominated fixed income securities traded in the Eligible Markets; Malaysian Government Securities, Treasury Bills, Bank Negara Monetary Notes, Government Investment Issues and other Government approved/guaranteed securities; Deposits and money market instruments with licensed domestic and foreign financial institutions; Units of other money market funds and/or exchange traded funds; and Any other form of investments which are fixed income in nature, as may be agreed upon by the Manager and the trustee from time to time.
3.5 INVESTMENT RESTRICTIONS

The funds are subject to the following investment restrictions in the course of execution of their investment policies and strategies: Equity, Mixed Asset and Balanced Funds Investment Spread Limits (a) (b) (c) (d) The value of each of the funds investments in ordinary shares issued by any single issuer must not exceed 10% of the respective funds NAV. The value of each of the funds investments in transferable securities and money market instruments issued by any single issuer must not exceed 15% of the respective funds NAV. The value of each of the funds placement in deposits with any single institution must not exceed 20% of the respective funds NAV. For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread limits stipulated in this section; and the value of each of the funds over-the-counter (OTC) derivative transaction with any single counter-party must not exceed 10% of the respective funds NAV. The value of each of the funds investments in structured products issued by a single counter-party must not exceed 15% of the respective funds NAV. The aggregate value of each of the funds investments in transferable securities, money market instruments, deposits, OTC derivatives and structured products issued by or placed with any single issuer/institution must not exceed 25% of the respective funds NAV.
(e) (f)
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(g) (h)
The value of each of the funds investments in units/shares of any collective investment scheme must not exceed 20% of the respective funds NAV. The value of each of the funds investments in transferable securities and money market instruments issued by any group of companies must not exceed 20% of the respective funds NAV. Note: For PIX, the single issuer limit and single group limit specified in clause (a) and (h) may be exceeded provided that the funds investment in any component securities does not exceed its respective weightings in the FBM 100.
Investment Concentration Limits (a) (b) (c) Each of the funds investments in transferable securities (other than debentures) must not exceed 10% of the securities issued by any single issuer. Each of the funds investments in debentures must not exceed 20% of the debentures issued by any single issuer. Each of the funds investments in money market instruments must not exceed 10% of the instruments issued by any single issuer. Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size. (d) Each of the funds investments in collective investment schemes must not exceed 25% of the units/shares in any one collective investment scheme. Note: Transferable securities refer to equities, debentures and warrants. General (a) The value of each funds investments in unlisted securities must not exceed 10% of the respective funds NAV. This exposure limit does not apply to:i. ii. iii. (b) (c) equities not listed or quoted on a stock exchange but have been approved by the relevant authority for such listing and quotation, and are offered directly to the fund by the issuer; debentures traded on an organised over-the-counter (OTC) market; and structured products.
For PBF, listed fixed income securities, unlisted loan stocks and corporate debt invested by the fund must either be bank guaranteed, or rated BBB by RAM and/or other recognised rating agencies; PSF, PGF, PIF, PAGF, P SmallCap, PEF, PFSF, PDSF, PSA30F, PSSCF and PBF may invest up to 30% of the respective funds NAV in foreign markets. Holdings in foreign investments of PFES, PFEDF, PSEASF, PRSEC, PGSF, PFEPRF, PCSF, PFECTF, PCTF, PFETIF, PAUEF, PNREF, PFA30F, PINDOSF, PSGEF and PTAF shall not exceed 98% of the respective funds NAV. Holdings in foreign investments of PFEBF shall not exceed 60% of the respective funds NAV.
(d)
Each of the funds exposure from derivatives position must not exceed the NAV of the respective funds at all times.
The above limits and restrictions shall be complied with at all times based on the most up-to-date value of the respective funds, and the value of their investments and instruments. However, a 5 per cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is breached through the appreciation or depreciation in value of each funds investment or instruments, or as a result of repurchase of units or payment made from the fund. The Manager should, within a reasonable period of not more than 3 months from the date of the breach, take all necessary steps and actions to rectify the breach. Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the Government or Bank Negara Malaysia.
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Bond Funds P BOND, PIN BOND, PSBF, PSTBF and PENTBF Investment Spread Limits (a) The value of each of the funds investments in debentures issued by any single issuer must not exceed 20% of the respective funds NAV. This single issuer limit may be increased to 30% if the debentures are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely payment of interest and principal. The value of each of the funds placement in deposits with any single institution must not exceed 20% of the respective funds NAV. For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread limits stipulated in this section; and the value of each of the funds over-the-counter (OTC) derivative transaction with any single counter-party must not exceed 10% of the respective funds NAV. The value of each of the funds investments in structured products issued by a single counter-party must not exceed 15% of the respective funds NAV. The aggregate value of each of the funds investments in debentures, money market instruments, deposits, OTC derivatives and structured products issued by or placed with any single issuer/institution must not exceed 25% of the respective funds NAV. However this limit may be increased to 30% of the respective funds NAV if the single issuer limit is increased to 30% pursuant to item (a). The value of each of the funds investments in units/shares of any collective investment scheme must not exceed 20% of the respective funds NAV. The value of each of the funds investments in debentures issued by any group of companies must not exceed 30% of the respective funds NAV.
(b) (c)
(d) (e)
(f) (g)
Investment Concentration Limits (a) (b) Each of the funds investments in debentures must not exceed 20% of the debentures issued by any single issuer. Each of the funds investments in money market instruments must not exceed 10% of the instruments issued by any single issuer. Note: The limit in (b) does not apply to money market instruments that do not have pre-determined issue size. (c) Each of the funds investments in collective investment schemes must not exceed 25% of the units/shares in any one collective investment scheme.
General (a) The value of the each of the funds investments in unlisted securities must not exceed 10% of the respective funds NAV. This exposure limit does not apply to:i. ii. (b) debentures traded on an organised over-the-counter (OTC) market; and structured products.
For PIN BOND, 50% of the funds holding in fixed income securities must comprise of bonds with credit rating no lower than AA, as rated by RAM or its equivalence, either on a standalone basis or with a bank guarantee. The remainder of the funds holding in fixed income securities must be invested in bonds with minimum credit rating of A at the point of purchase. Holdings in foreign investments of P BOND, PIN BOND and PENTBF shall not exceed 30% of the respective funds NAV. Holdings in foreign investments of PSTBF shall not exceed 25% of the funds NAV.
(c)
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(d)
Each of the funds exposure from derivatives position must not exceed the NAV of the respective funds at all times.
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date value of the respective funds, and the value of their investments and instruments. However, a 5 per cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is breached through the appreciation or depreciation in value of the each funds investment or instruments, or as a result of repurchase of units or payment made from the fund. The Manager should, within a reasonable period of not more than 3 months from the date of the breach, take all necessary steps and actions to rectify the breach. Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the Government or Bank Negara Malaysia. PEBF Investment Spread Limits (a) The value of the funds investments in debentures issued by any single issuer must not exceed 20% of the funds NAV. This single issuer limit may be increased to 30% if the debentures are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely payment of interest and principal. The value of the funds investments in ordinary shares issued by any single issuer must not exceed 10% of the funds NAV. The value of the funds placement in deposits with any single institution must not exceed 20% of the funds NAV. For investments in derivatives, the exposure to the underlying assets must not exceed the investment spread limits stipulated in this section; and the value of the funds over-the-counter (OTC) derivative transaction with any single counter-party must not exceed 10% of the funds NAV. The value of the funds investments in structured products issued by a single counter-party must not exceed 15% of the funds NAV. The aggregate value of the funds investments in transferable securities, money market instruments, deposits, OTC derivatives and structured products issued by or placed with any single issuer/institution must not exceed 25% of the funds NAV. However this limit may be increased to 30% of the funds NAV if the single issuer limit is increased to 30% pursuant to item (a). The value of the funds investments in units/shares of any collective investment scheme must not exceed 20% of the funds NAV. The value of the funds investments in debentures issued by any group of companies must not exceed 30% of the funds NAV. The value of the funds investments in transferable securities (other than debentures) and money market instruments issued by any group of companies must not exceed 20% of the funds NAV.
(b) (c) (d)
(e) (f)
(g) (h) (i)
Investment Concentration Limits (a) (b) (c) The funds investments in debentures must not exceed 20% of the debentures issued by any single issuer. The funds investments in transferable securities (other than debentures) must not exceed 10% of the securities issued by any single issuer. The funds investments in money market instruments must not exceed 10% of the instruments issued by any single issuer. Note: The limit in (c) does not apply to money market instruments that do not have pre-determined issue size.
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(d)
The funds investments in collective investment schemes must not exceed 25% of the units/shares in any one collective investment scheme.
General (a) The value of the funds investments in unlisted securities must not exceed 10% of the funds NAV. This exposure limit does not apply to:i. ii. iii. (b) (c) equities not listed or quoted on a stock exchange but have been approved by the relevant authority for such listing and quotation, and are offered directly to the fund by the issuer; debentures traded on an organised over-the-counter (OTC) market; and structured products.
The funds holdings in foreign investments shall not exceed 30% of the funds NAV. The funds exposure from derivatives position must not exceed the NAV of the fund at all times.
The above limits and restrictions stated shall be complied with at all times based on the most up-to-date value of the respective funds, and the value of their investments and instruments. However, a 5 per cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is breached through the appreciation or depreciation in value of the each funds investment or instruments, or as a result of repurchase of units or payment made from the fund. The Manager should, within a reasonable period of not more than 3 months from the date of the breach, take all necessary steps and actions to rectify the breach. Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the Government or Bank Negara Malaysia. Money Market Fund Investment Spread Limits (a) The value of the funds investments in debentures and money market instruments issued by any single issuer must not exceed 20% of the funds NAV. This single issuer limit may be increased to 30% if the debentures are rated by any domestic or global rating agency to be of the best quality and offer highest safety for timely payment of interest and principal. The value of the funds placement in deposits with any single financial institution must not exceed 20% of the funds NAV. The value of the funds investments in debentures and money market instruments issued by any group of companies must not exceed 30% of the funds NAV. The value of the funds investments in units/shares of any collective investment scheme must not exceed 20% of the funds NAV.
(b) (c) (d)
Investment Concentration Limits (a) (b) (c) The funds investments in debentures must not exceed 20% of the securities issued by any single issuer. The funds investments in money market instruments must not exceed 20% of the instruments issued by any single issuer. The funds investments in collective investment schemes must not exceed 25% of the units/shares in any collective investment scheme.
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General (a) (b) (c) (d) The value of the funds investments in permitted investments must not be less than 90% of the funds NAV. The value of the funds investments in permitted investments which have a remaining maturity period of not more than 365 days must not be less than 90% of the funds NAV. The value of the funds investments in permitted investments which have a remaining maturity period of more than 365 days but fewer than 732 days must not exceed 10% of the funds NAV. The fund may only invest in bonds with minimum credit rating of BBB for long-term instruments and P1 for short-term instruments at the point of purchase, as rated by RAM or equivalent rating by other recognised rating agencies. Note: Permitted investments refer to debentures, money market instruments and placements of deposits with financial institutions. The above limits and restrictions stated shall be complied with at all times based on the most up-to-date value of the respective funds, and the value of their investments and instruments. However, a 5 per cent allowance in excess of any limits or restrictions may be permitted where the limit or restriction is breached through the appreciation or depreciation in value of the each funds investment or instruments, or as a result of repurchase of units or payment made from the fund. The Manager should, within a reasonable period of not more than 3 months from the date of the breach, take all necessary steps and actions to rectify the breach. Such limits and restrictions, however, do not apply to securities that are issued or guaranteed by the Government or Bank Negara Malaysia.
3.6 VALUATION OF PERMITTED INVESTMENTS

Listed equities, warrants and options valuation is based on market price of the respective exchanges. Unlisted equities valuation is based on methods deemed to be fair and reasonable that are acceptable to the Manager, verified by the Auditor and approved by the trustee. Listed and Unlisted fixed income securities for listed fixed income securities, the last traded prices quoted on a recognised exchange will be used or a valuation which is deemed more reflective of the fair value as agreed upon by the Manager and the trustees. In the case of unlisted domestic fixed income securities, valuations are carried out on a daily basis using fair value prices quoted by a Bond Pricing Agency (BPA) registered with the SC. If the Manager is of the view that the price quoted by the BPA for a specific fixed income security differs from the market price by more than 20 basis points, the Manager may use the market price provided that the Manager adheres to the requirements stipulated by the SC. Market price for fixed income securities are derived from market quotations obtained from the panel of at least three active financial institutions that are governed by the Banking and Financial Institutions Act (BAFIA). Foreign unlisted fixed income securities/sukuk are valued daily based on fair value by reference to the average indicative yield quoted by at least three independent and established institutions. Commercial Papers and Money Market Instruments Commercial papers are valued at original purchase yields. Money market instruments which include negotiable instrument of deposits are valued based on the remaining tenures of maturities. Cash/Deposits the value of such investments which are deposits placed with banks and other financial institutions and bank bills, shall be determined each day by reference to their nominal values and the accrued interest thereon for the relevant period.
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Units in other collective investment schemes the last published repurchase price per unit or if not available, based on methods deemed to be fair and reasonable as agreed upon by the Manager and trustee. Futures all futures contracts are marked-to-market at the end of each trading day. Any gains or losses are immediately reflected upon marking to market. Suspended securities will be valued at their suspended price unless there is conclusive evidence to indicate that the value of such shares have gone below the suspended price, whereupon their value will be ascertained in a manner as agreed upon by the Manager and trustee. If no market price is available or valuation based on market price does not represent the fair value of investments, the securities will be based on methods deemed to be fair and reasonable as agreed upon by the Manager and trustee. All foreign securities and assets are translated into Ringgit based on the bid exchange rate quoted by Bloomberg at United Kingdom time 4.00 p.m. the same day. Note: For funds with no foreign investments, the valuation of NAV of funds is conducted on each Business Day at the close of Bursa Securities. For funds with foreign investments, the valuation of funds will be conducted after the close of business of Bursa Securities for the relevant day as certain foreign markets in which the funds may invest in have yet to close due to the different time zones of these countries. Thus, the valuation point may be after the close of Bursa Securities but not later than 9:00 a.m. (or any other such time as may be permitted by the relevant authorities from time to time) on the following day in which the Manager is open for business. As a result of having a valuation point later than 5:00 p.m., the daily prices of the funds will not be published on the next Business Day but instead will be published the next following Business Day (i.e. the prices will be 2 days old). Illustration: For the market close of 4 September 2012, the valuation date will be next day in which the Manager is open for trading, that is, 5 September 2012. Thus the newspaper publication date for the prices as at 4 September 2012 will be 6 September 2012. Investors may obtain the latest prices of units of the funds by contacting the Manager directly. The Manager may declare certain Business Days to be a non-Business Day, although Bursa Securities is open for business, if one or more of the foreign markets in which the funds are invested therein are closed for business. This is to ensure that investors will be given a fair valuation of the funds at all times, be it when buying or redeeming units of the funds.
3.7 POLICY ON GEARING

Save and except where permitted or approved by the SC, the funds are prohibited from gearing or borrowing cash or other assets (including the borrowing of securities) to finance the purchase of investments.
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3.8 A GLANCE AT THE TERMS USED IN THIS CHAPTER

What does distribution policy mean? (i) (ii) Incidental distribution implies that the main focus of the fund will be on securing capital growth. Annual income implies that the fund concerned will distribute income annually to unitholders, on a best effort basis, subject to the availability of income and/or realised gains and the provisions of the SC Guidelines.
What is investors risk profile? (i) (ii) (iii) (iv) Conservative indicates an investors risk disposition favouring safety of principal and stability of income but recognise that it is possible to incur losses by investing in the fund. Conservative-to-moderate indicates an investors risk disposition favouring a prudent mix of current income and capital growth, with a balanced risk profile which assume the prospect of gains and losses involved. Moderate indicates an investors risk disposition favouring higher return and higher risk with the prospect of gains and losses involved. Aggressive indicates an investors risk disposition favouring high capital growth and its corresponding high risk.
What is suggested minimum investment period? Suggested minimum investment period is a guide only. Investors should review their investment in the fund on a regular basis to ensure it continues to meet their investment needs or goals. Glossary of INVESTMENT-ASSETS RELATED TERMS Blue chips stocks are proven staple stocks with solid earnings/dividends and reasonable growth prospects. Growth stocks are companies with good prospects for earnings growth in the future. High growth stocks are companies with brighter earnings growth prospects than growth stocks. Index stocks are index component stocks of a selected benchmark market index. Recovering sectors are economic/business sectors that are seen to be recovering from a market downturn or economic recession. Situational stocks are companies with impending major corporate developments, and the demand for these stocks depends very much on current market focus or themes. Money market deposits refer to placements with licensed financial institutions governed by Bank Negara Malaysia. Stocks that trade at attractive valuations refer to the possibility of the stocks to be rerated positively in terms of valuations such as price earnings ratio given the potential earnings growth of the stocks. Promising refers to the potential to achieve positive returns. Stocks that have strong growth potential refer to stocks with good earnings growth potential.
Glossary of DURATION PERIODS Short term refers to a period of less than 3 years. Medium term refers to a period of 3 to 5 years. Medium to long term refers to a period of 3 years or more. Long term refers to a period of more than 5 years.
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PERFORMANCE OF THE FUNDS
This section covers the following funds that have been in operation for one (1) financial year or more: Public Savings Fund (PSF) Public Growth Fund (PGF) Public Index Fund (PIX) Public Industry Fund (PIF) Public Aggressive Growth Fund (PAGF) Public Regular Savings Fund (PRSF) Public SmallCap Fund (P SmallCap) Public Equity Fund (PEF) Public Focus Select Fund (PFSF) Public Dividend Select Fund (PDSF) Public Far-East Select Fund (PFES) Public Regional Sector Fund (PRSEC) Public Global Select Fund (PGSF) Public Far-East Dividend Fund (PFEDF) Public China Select Fund (PCSF) Public Far-East Property & Resorts Fund (PFEPRF) Public South-East Asia Select Fund (PSEASF) Public Sector Select Fund (PSSF) Public Far-East Consumer Themes Fund (PFECTF) Public China Titans Fund (PCTF) Public Far-East Telco & Infrastructure Fund (PFETIF) Public Select Alpha-30 Fund (PSA30F) Public Natural Resources Equity Fund (PNREF) Public Australia Equity Fund (PAUEF) Public Far-East Alpha-30 Fund (PFA30F) Public Optimal Growth Fund (POGF) Public Indonesia Select Fund (PINDOSF) Public Tactical Allocation Fund (PTAF) Public Balanced Fund (PBF) Public Far-East Balanced Fund (PFEBF) Public Bond Fund (P BOND) Public Institutional Bond Fund (PIN BOND) Public Enhanced Bond Fund (PEBF) Public Select Bond Fund (PSBF) Public Strategic Bond Fund (PSTBF) Public Money Market Fund (PMMF) Notes: The total returns and average annual returns of the funds presented on pages 143 to 178 are calculated on NAVto-NAV basis, and are sourced from Lipper. Average annual returns of the funds are derived by dividing the total returns of the funds with the number of years under review. Commencement date is the last day of the initial offer period. Please visit our website for the latest updates on fund performance. Performances of PSGEF, PSSCF and PENTBF are not tabulated above as the funds will be having their first financial period ending on 30 September 2012 respectively. Past performance of the funds is not an indication of their future performance. Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164 Page 165 Page 166 Page 167 Page 168 Page 169 Page 170 Page 171 Page 172 Page 173 Page 174 Page 175 Page 176 Page 177 Page 178
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PERFORMANCE OF THE FUNDS (CONTD)
PERFORMANCE OF PUBLIC SAVINGS FUND (PSF)

Average Annual Returns for the following periods ended 31 December 2011 1-Year PSF (%) Benchmark Index (%)** -5.28 0.78 3-Year 19.57 24.89 5-Year 11.10 7.92 10-Year 18.75 11.99 Since Commencement* 28.04 6.70
Annual Total Return for the Financial Years Ended 31 December 2002 PSF (%) Benchmark Index (%)** 2003 2004 2005 3.67 -0.84 2006 2007 2008 2009 43.90 45.17 2010 16.40 19.34 2011 -5.28 0.78
2.72 22.65 13.91 -7.15 22.84 14.29
24.24 36.77 -28.32 21.83 31.82 -39.33
* The figure shown is for the period since the funds commencement (27 April 1981). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PSF registered a total return of -5.28% for the financial year ended 31 December 2011 in comparison to the benchmarks return of +0.78% over the same period. Asset Allocation 2009 Equities Money Market Instruments & Others 93.3% 6.7% 2010 99.1% 0.9% 2011 81.7% 18.3%
The funds equity weighting was increased from 93.3% (83.4% after distribution reinvestment) for the financial year ended 2009 to 99.1% (87.3% after distribution reinvestment) for the financial year ended 2010 to capitalise on the investment opportunities in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was decreased to 81.7% (72.0% after distribution reinvestment) to weather the consolidation phase in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.06 2010 1.11 2011 1.08
The funds PTR increased from 1.06 times for the financial year ended 2009 to 1.11 times in the financial year ended 2010 due to higher level of rebalancing activities. The funds PTR decreased slightly to 1.08 times for the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 8.00 7.57 2010 9.00 8.84 2011 7.50 7.39
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PERFORMANCE OF PUBLIC GROWTH FUND (PGF)

Average Annual Returns for the following periods ended 31 July 2011 1-Year PGF (%) Benchmark Index (%)** 23.08 13.81 3-Year 16.06 11.07 5-Year 21.50 13.11 10-Year 21.82 13.49 Since Commencement* 36.60 16.40
Annual Total Return for the Financial Years Ended 31 July 2002 PGF (%) Benchmark Index (%)** 12.16 9.43 2003 2004 2005 11.74 12.40 2006 2007 2008 -7.75 2009 5.29 1.02 2010 14.26 15.83 2011 23.08 13.81
2.16 14.33 -0.14 15.74
4.78 51.85
-0.16 46.79 -15.33
* The figure shown is for the period since the funds commencement (9 January 1985). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PGF registered a total return of +23.08% for the financial year ended 31 July 2011, as compared to its benchmark which registered a total return of +13.81% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 98.5% 2.7% -1.2% 2010 97.9% 1.8% 0.3% 2011 92.8% 1.3% 5.9%
The funds equity weighting was reduced from 98.5% (91.3% after distribution reinvestment) in the financial year ended 2009 to 97.9% (89.0% after distribution reinvestment) in the financial year ended 2010 and reduced further to 92.8% (83.6% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the domestic and selected regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.74 2010 0.64 2011 0.67
The funds PTR declined from 0.74 times in the financial year ended 2009 to 0.64 times in the financial year ended 2010 due to lower level of rebalancing activities. The funds PTR increased to 0.67 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 4.00 3.65 2010 5.00 4.77 2011 6.00 5.87
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PERFORMANCE OF PUBLIC INDEX FUND (PIX)

Average Annual Returns for the following periods ended 31 January 2012 1-Year PIX (%) Benchmark Index (%)** 1.50 1.77 3-Year 27.07 26.39 5-Year 7.77 6.65 10-Year 16.21 12.05 Since Commencement* 29.16 8.43
Annual Total Return for the Financial Years Ended 31 January 2003 PIX (%) Benchmark Index (%)** 2004 2005 2006 7.49 -0.25 2007 2008 2009 2010 45.02 42.62 2011 23.15 23.49 2012 1.50 1.77
-1.73 20.78 11.02 -7.52 23.19 11.88
33.29 19.82 -36.07 30.12 17.14 -36.52
* The figure shown is for the period since the funds commencement (31 March 1992). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100) which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia and would least affect the investment strategy, risk profile and investors profile of the fund. The FBM 100 comprises 100 large and mid cap companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PIX registered a total return of +1.50% for the financial year ended 31 January 2012 as compared to the benchmarks return of +1.77% over the same period. Asset Allocation 2010 Equities Fixed Income Securities Money Market Instruments & Others 105.7% 0.6% -6.3% 2011 100.0% 0.0% 0.0% 2012 104.1% 0.0% -4.1%
The funds equity weighting was reduced from 105.7% (98.5% after distribution reinvestment) in financial year ended 2010 to 100.0% (92.6% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the domestic market. For the financial year ended 2012, the funds equity weighting was increased to 104.1% (95.6% after distribution reinvestment) to capitalize on investment opportunities in the domestic market. The increase in equity weighting for the financial year ended 2012 was also partly due to the distribution declared. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 0.64 2011 0.64 2012 0.39
The fund registered a PTR of 0.64 times for both the financial years ended 2010 and 2011 due to ongoing rebalancing activities performed by the fund. For the financial year ended 2012, the funds PTR was reduced to 0.39 times due to lower level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 5.00 4.68 2011 6.00 5.80 2012 6.25 5.97
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PERFORMANCE OF PUBLIC INDUSTRY FUND (PIF)

Average Annual Returns for the following periods ended 31 October 2011 1-Year PIF (%) Benchmark Index (%)** 4.21 -0.91 3-Year 20.70 24.25 5-Year 11.00 10.19 10-Year 20.51 14.85 Since Commencement* 10.75 1.93
Annual Total Return for the Financial Years Ended 31 October 2002 PIF (%) Benchmark Index (%)** 2003 2004 3.74 5.39 2005 10.91 5.76 2006 2007 2008 2009 35.63 43.96 2010 14.68 21.11 2011 4.21 -0.91
15.51 25.50 9.92 23.89
18.05 59.69 -40.11 8.51 43.04 -38.91
* The figure shown is for the period since the funds commencement (17 December 1993). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PIF achieved a total return of +4.21% for financial year ended 31 October 2011, outperforming its benchmarks return of -0.91% over the same period. Asset Allocation 2009 Equities Money Market Instruments & Others 95.6% 4.4% 2010 95.0% 5.0% 2011 93.7% 6.3%
The funds equity weighting was reduced marginally from 95.6% (88.4% after distribution reinvestment) in financial year ended 2009 to 95.0% (87.2% after distribution reinvestment) in the financial year ended 2010. For the financial year ended 2011, the funds equity weight was reduced further to 93.7% (85.5% after distribution reinvestment) to weather the markets consolidation phase. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.38 2010 1.63 2011 1.20
The funds PTR increased from 1.38 times in financial year ended 2009 to 1.63 times in financial year ended 2010 due to higher level of rebalancing activities. However, the funds PTR declined to 1.20 times in the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 4.50 4.16 2010 5.00 4.83 2011 5.00 4.90
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PERFORMANCE OF PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Average Annual Returns for the following periods ended 31 March 2012 1-Year PAGF (%) Benchmark Index (%)** -6.52 3.31 3-Year 26.18 27.65 5-Year 7.82 5.60 10-Year 16.93 11.10 Since Commencement* 10.88 3.45
Annual Total Return for the Financial Years Ended 31 March 2003 PAGF (%) Benchmark Index (%)** 2004 2005 -3.96 -3.38 2006 12.28 6.34 2007 42.39 34.56 2008 2009 2010 54.32 51.35 2011 23.78 17.00 2012 -6.52 3.31
-13.43 45.68 -15.92 41.86
9.30 -28.69 0.05 -30.06
* The figure shown is for the period since the funds commencement (24 May 1994). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PAGF registered a total return of -6.52% as compared to the benchmarks return of +3.31% for the financial year ended 31 March 2012. Asset Allocation 2010 Equities Fixed Income Securities Money Market Instruments & Others 100.2% 0.0% -0.2% 2011 97.7% 0.2% 2.1% 2012 99.8% 0.2% 0.0%
The funds equity weighting decreased from 100.2% (89.6% after distribution reinvestment) in financial year ended 2010 to 97.7% (86.9% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the domestic and regional markets. For the financial year ended 2012, the funds equity weigthing was increased slightly to 99.8% (93.2% after distribution reinvestment) to capitalize on investment opportunities in the domestic market. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 0.74 2011 0.88 2012 0.78
The funds PTR increased from 0.74 times in the financial year ended 2010 to 0.88 times in the financial year ended 2011 due to higher level of rebalancing activities. For the financial year ended 2012, the funds PTR decreased to 0.78 times due to lower rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 8.00 7.64 2011 9.00 8.82 2012 4.50 4.36
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PERFORMANCE OF PUBLIC REGULAR SAVINGS FUND (PRSF)

Average Annual Returns for the following periods ended 31 March 2012 1-Year PRSF (%) Benchmark Index (%)** 8.33 3.92 3-Year 34.07 29.44 5-Year 12.03 6.35 10-Year 20.57 11.72 Since Commencement* 22.78 3.72
Annual Total Return for the Financial Years Ended 31 March 2003 PRSF (%) Benchmark Index (%)** 2004 2005 -1.79 -3.38 2006 11.75 6.34 2007 33.39 34.56 2008 2009 2010 57.65 52.44 2011 18.41 18.88 2012 8.33 3.92
-8.12 41.94 -15.92 41.86
3.24 -23.24 0.05 -30.06
* The figure shown is for the period since the funds commencement (24 May 1994). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100) which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia. The FBM 100 comprises 100 large and mid cap companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PRSF registered a total return of +8.33% as compared to the benchmarks return of +3.92% over the financial year ended 31 March 2012. Asset Allocation 2010 Equities Fixed Income Securities Money Market Instruments & Others 97.1% 2.3% 0.6% 2011 101.2% 1.8% -3.0% 2012 98.4% 4.0% -2.4%
The funds equity weighting was increased from 97.1% (90.3% after distribution reinvestment) in financial year ended 2010 to 101.2% (93.9% after distribution reinvestment) in financial year ended 2011 to capitalise on investment opportunities in the domestic market. The increase in equity weighting for the financial year ended 2011 was also partly due to the distribution declared. For the financial year ended 2012, the funds equity weighting was reduced to 98.4% (92.2% after distribution reinvestment) to weather the consolidation phase in the domestic market. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 0.44 2011 0.32 2012 0.32
The funds PTR dropped from 0.44 times for financial year ended 2010 to 0.32 times for the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. For the financial year ended 2012, the funds PTR remained at 0.32 times. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 4.50 4.24 2011 5.00 4.83 2012 4.50 4.29
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PERFORMANCE OF PUBLIC SMALLCAP FUND (P SmallCap)

Average Annual Returns for the following periods ended 31 August 2011 1-Year P SmallCap (%) Benchmark Index (%)** -0.46 1.71 3-Year 15.84 9.02 5-Year 24.93 8.81 10-Year 29.71 10.08 Since Commencement* 26.63 6.61
Annual Total Return for the Financial Years Ended 31 August 2002 P SmallCap (%) Benchmark Index (%)** 2003 2004 2005 3.80 10.34 2006 2007 2008 -2.13 2009 9.66 10.01 2010 35.15 13.55 2011 -0.46 1.71
19.09 13.46 13.15 3.52 4.49 11.39
11.42 55.60
4.88 32.96 -14.75
* The figure shown is for the period since the funds commencement (3 July 2000). ** Prior to 30 April 2008, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 30 April 2008, the funds benchmark has been replaced with FTSE Bursa Malaysia Small Cap Index which comprises eligible companies within the top 98% of the Bursa Malaysia Main Market excluding constituents of the FTSE Bursa Malaysia Top 100 Index. This index is more representative of the funds investment objective of investing in companies with small market capitalisation. 1-Year Fund Performance Review The P SmallCap registered a total return of -0.46% for the financial year ended 31 August 2011 as compared to its benchmarks return of +1.71% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 80.7% 0.0% 19.3% 2010 99.2% 1.5% -0.7% 2011 83.7% 1.1% 15.2%
The funds equity weighting was increased from 80.7% (72.4% after distribution reinvestment) in the financial year ended 2009 to 99.2% (89.5% after distribution reinvestment) in the financial year ended 2010 to capitalise on investment opportunities in the domestic and regional markets. For the financial year ended 2011, the funds equity weight was reduced to 83.7% (71.3% after distribution reinvestment) to weather the consolidation phase in the domestic and selected regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.46 2010 0.57 2011 0.52
The funds PTR had increased from 0.46 times in the financial year ended 2009 to 0.57 times in the financial year ended 2010 due to the higher level of rebalancing activities. For the financial year ended 2011, the funds PTR had declined to 0.52 times following lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 8.00 7.51 2010 9.00 8.72 2011 12.00 11.88
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PERFORMANCE OF PUBLIC EQUITY FUND (PEF)

Average Annual Returns for the following periods ended 31 October 2011 1-Year PEF (%) Benchmark Index (%)** -2.69 -0.91 3-Year 29.36 24.25 5-Year 13.28 10.19 10-Year 22.53 14.85 Since Commencement* 21.04 11.51
Annual Total Return for the Financial Years Ended 31 October 2002* PEF (%) Benchmark Index (%)** 2003 2004 5.42 5.39 2005 10.51 5.76 2006 2007 2008 2009 58.52 43.96 2010 21.92 21.11 2011 -2.69 -0.91
10.69 26.83 -4.09 23.89
15.26 51.35 -41.53 8.57 43.04 -38.91
* The figure shown is for the period since the funds commencement (4 September 2001). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review For the financial year ended 31 October 2011, PEF registered a total return of -2.69% against the benchmarks return of -0.91% over the same period. Asset Allocation 2009 Equities Fixed Income Securities Money Market Instruments & Others 97.5% 1.0% 1.5% 2010 102.8% 0.0% -2.8% 2011 95.0% 0.0% 5.0%
The fund increased its equity weightings from 97.5% (90.8% after distribution reinvestment) in financial year ended 2009 to 102.8% (89.8% after distribution reinvestment) in the financial year ended 2010 to capitalise on the investment opportunities in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was decreased to 95.0% (85.6% after distribution reinvestment) as the fund locked in profits in the domestic and selected regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.68 2010 0.70 2011 0.72
The funds PTR increased from 0.68 times for the financial year ended 2009 to 0.70 times in the financial year ended 2010 and increased further to 0.72 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2.50 2.14 2010 4.50 4.39 2011 3.00 2.93
150
PERFORMANCE OF PUBLIC FOCUS SELECT FUND (PFSF)

Average Annual Returns for the following periods ended 31 December 2011 1-Year PFSF (%) Benchmark Index (%)** 5.17 6.22 3-Year 29.79 37.60 5-Year 12.92 12.19 Since Commencement* 17.72 13.50
Annual Total Return for the Financial Years Ended 31 December 2005* PFSF (%) Benchmark Index (%)** 4.56 -0.55 2006 30.59 21.83 2007 29.62 31.82 2008 -32.89 -42.57 2009 42.66 51.95 2010 26.16 31.79 2011 5.17 6.22
* The figure shown is for the period since the funds commencement (15 December 2004). ** Prior to 30 April 2008, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 30 April 2008, the funds benchmark has been replaced with FTSE Bursa Malaysia Mid 70 Index which comprises the remaining 70 companies in the FTSE Bursa Malaysia EMAS Index ranked by full market capitalisation, excluding the 30 members in the FTSE Bursa Malaysia KLCI. The index is more representative of the funds investment objective of investing in medium sized companies. 1-Year Fund Performance Review The PFSF achieved a total return of +5.17% for the financial year ended 31 December 2011 as compared to the benchmarks return of +6.22% over the same period. Asset Allocation 2009 Equities Money Market Instruments & Others 85.6% 14.4% 2010 88.0% 12.0% 2011 103.0% -3.0%
The funds equity weighting was increased from 85.6% (83.1% after distribution reinvestment) in financial year ended 2009 to 88.0% (81.9% after distribution reinvestment) in the financial year ended 2010 and further increased to 103.0% (95.4% after distribution reinvestment) in the financial year ended 2011 to capitalise on investment opportunities in the domestic and regional markets. The increase in equity weighting was also partly due to the distribution declared for the financial year ended 2011. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.53 2010 0.53 2011 0.89
The fund recorded a PTR of 0.53 times for both financial years ended 2009 and 2010 due to ongoing rebalancing activities performed by the fund. For the financial year ended 2011, the funds PTR increased to 0.89 times due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 0.75 0.63 2010 2.00 1.91 2011 2.00 1.97
151
PERFORMANCE OF PUBLIC DIVIDEND SELECT FUND (PDSF)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PDSF (%) Benchmark Index (%)** 26.24 21.68 3-Year 12.24 7.80 5-Year 19.99 13.94 Since Commencement* 19.54 12.69
Annual Total Return for the Financial Years Ended 31 May 2006* PDSF (%) Benchmark Index (%)** 9.03 4.08 2007 42.33 45.17 2008 2.75 -5.26 2009 -10.16 -18.18 2010 20.59 23.97 2011 26.24 21.68
* The figure shown is for the period since the funds commencement (17 May 2005). ** Prior to 30 April 2010, the funds benchmark was Kuala Lumpur Composite Index (KLCI) and subsequently changed to FTSE Bursa Malaysia Top 100 Index (FBM 100) upon the replacement of KLCI by Bursa Malaysia on 6 July 2009. Effective from 30 April 2010, the funds benchmark has been replaced with a composite index of 90% FBM 100 and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR) as this composite benchmark index is a better representative of the funds investments. 1-Year Fund Performance Review The PDSF registered a total return of +26.24% for the financial year ended 31 May 2011, as compared to its benchmark which registered a total return of +21.68% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 95.8% 6.0% -1.8% 2010 90.0% 3.8% 6.2% 2011 93.4% 1.3% 5.3%
The fund reduced its equity weightings from 95.8% (89.3% after distribution reinvestment) in financial year ended 2009 to 90.0% (80.9% after distribution reinvestment) in the financial year ended 2010 as the fund locked in profits. For the financial year ended 2011, the funds equity weighting was increased to 93.4% (84.7% after distribution reinvestment) to capitalise on the investment opportunities in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.35 2010 0.45 2011 0.58
The funds PTR increased from 0.35 times in the financial year ended 2009 to 0.45 times in the financial year ended 2010 and further increased to 0.58 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2.00 1.71 2010 3.00 2.82 2011 3.00 2.94
152
PERFORMANCE OF PUBLIC FAR-EAST SELECT FUND (PFES)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PFES (%) Benchmark Index (%)** 22.83 20.54 3-Year 4.66 1.88 5-Year 16.96 8.11 Since Commencement* 17.03 8.84
Annual Total Return for the Financial Years Ended 31 May 2006* PFES (%) Benchmark Index (%)** 4.47 5.52 2007 38.74 29.91 2008 16.87 2.43 2009 -14.49 -21.92 2010 8.54 12.24 2011 22.83 20.54
* The figure shown is for the period since the funds commencement (12 December 2005). ** Prior to 30 April 2010, the funds benchmark was a composite index of 70% MSCI AC Far East Ex-Japan Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with effect from 6 July 2009). Effective from 30 April 2010, the funds benchmark has been replaced with MSCI AC Far East Ex-Japan Index as this index is a better representative of the funds investments. 1-Year Fund Performance Review The PFES registered a total return of +22.83% for the financial year ended 31 May 2011, as compared to its benchmarks return of +20.54% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 95.5% 0.0% 4.5% 2010 92.6% 0.0% 7.4% 2011 95.3% 1.8% 2.9%
The funds equity weighting was reduced from 95.5% for the financial year ended 2009 to 92.6% (87.4% after distribution reinvestment) for the financial year ended 2010 to weather the consolidation phase in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was increased to 95.3% (90.2% after distribution reinvestment) to capitalise on investment opportunities in selected regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.66 2010 1.23 2011 1.45
The funds PTR declined from 1.66 times in the financial year ended 2009 to 1.23 times for the financial year ended 2010 due to lower level of rebalancing activities. For the financial year ended 2011, the funds PTR increased to 1.45 times due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.75 1.58 2011 1.75 1.70
153
PERFORMANCE OF PUBLIC REGIONAL SECTOR FUND (PRSEC)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PRSEC (%) Benchmark Index (%)** 21.30 18.72 3-Year 5.59 0.18 5-Year 15.00 5.76 Since Commencement* 12.85 4.44
Annual Total Return for the Financial Years Ended 31 May 2007* PRSEC (%) Benchmark Index (%)** 27.65 15.94 2008 11.39 5.41 2009 -10.60 -21.66 2010 7.70 8.08 2011 21.30 18.72
* The figure shown is for the period since the funds commencement (10 April 2006). ** The funds benchmark is a composite index of 90% MSCI AC Far East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). 1-Year Fund Performance Review The PRSEC registered a total return of +21.30% for the financial year ended 31 May 2011, as compared to its benchmarks return of +18.72% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 97.1% 0.0% 2.9% 2010 96.3% 0.0% 3.7% 2011 94.7% 1.8% 3.5%
The fund reduced its equity weighting from 97.1% in financial year ended 2009 to 96.3% (89.8% after distribution reinvestment) in the financial year ended 2010 and was reduced further to 94.7% (88.9% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.53 2010 1.21 2011 1.37
The funds PTR declined from 1.53 times in the financial year ended 2009 to 1.21 times for the financial year ended 2010 due to lower level of rebalancing activities. For the financial year ended 2011, the funds PTR increased to 1.37 times due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.75 1.66 2011 1.75 1.72
154
PERFORMANCE OF PUBLIC GLOBAL SELECT FUND (PGSF)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PGSF (%) Benchmark Index (%)** 12.30 14.57 3-Year -1.23 -4.60 Since Commencement* -1.74 -3.03
Annual Total Return for the Financial Years Ended 31 May ` PGSF (%) Benchmark Index (%)** 2007* 7.41 6.76 2008 -11.11 -7.07 2009 -19.28 -28.13 2010 6.25 4.69 2011 12.30 14.57
* The figure shown is for the period since the funds commencement (18 October 2006). ** The funds benchmark is a composite index of 90% MSCI All Country World Index and 10% 1-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). 1-Year Fund Performance Review The PGSF registered a total return of +12.30% for the financial year ended 31 May 2011 in comparison to its benchmarks return of +14.57% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 86.8% 13.2% 2010 75.5% 24.5% 2011 89.7% 10.3%
The funds equity weightings was reduced from 86.8% in financial year ended 2009 to 75.5% (72.7% after distribution reinvestment) in financial year ended 2010 amid the rise in volatility in global financial markets. For the financial year ended 2011, the funds equity weighting subsequently increased to 89.7% (86.5% after distribution reinvestment) to capitalise on the investment opportunities in the global equity markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.62 2010 0.74 2011 1.24
The funds PTR increased from 0.62 times for financial year ended 2009 to 0.74 times for the financial year ended 2010 and increased further to 1.24 times for the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 0.75 0.69 2011 0.75 0.74
155
PERFORMANCE OF PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Average Annual Returns for the following periods ended 30 November 2011 1-Year PFEDF (%) Benchmark Index (%)** -16.04 -11.50 3-Year 9.73 17.76 Since Commencement* 0.23 0.50
Annual Total Return for the Financial Years Ended 30 November 2007* PFEDF (%) Benchmark Index (%)** 30.17 30.77 2008 -39.86 -48.91 2009 44.04 58.16 2010 6.86 9.19 2011 -16.04 -11.50
* The figure shown is for the period since the funds commencement (18 December 2006). ** Prior to 30 April 2010, the funds benchmark was a composite index of 70% MSCI AC Far East Ex-Japan Index and 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with effect from 6 July 2009). Effective from 30 April 2010, the funds benchmark has been replaced with 90% MSCI AC Far East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR) as this composite benchmark index is a better representative of the funds investments. 1-Year Fund Performance Review The PFEDF registered a total return of -16.04% for the financial year ended 30 November 2011 as compared to the benchmarks return of -11.50% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 98.6% 1.4% 2010 89.4% 10.6% 2011 89.2% 10.8%
The funds equity weighting was decreased from 98.6% (97.8% after distribution reinvestment) in the financial year ended 2009 to 89.4% (87.8% after distribution reinvestment) in the financial year ended 2010 and decreased further to 89.2% (87.2% after distribution reinvestment) in the financial year ended 2011 to weather the consolidation phase in domestic and regional equity markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.31 2010 1.95 2011 1.72
The funds PTR increased from 1.31 times in financial year ended 2009 to 1.95 times in financial year ended 2010 due to higher level of rebalancing activities. For the financial year ended 2011, the funds PTR decreased to 1.72 times due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 0.25 0.21 2010 0.50 0.43 2011 0.50 0.47
156
PERFORMANCE OF PUBLIC CHINA SELECT FUND (PCSF)

Average Annual Returns for the following periods ended 31 July 2011 1-Year PCSF (%) Benchmark Index (%)** 11.68 4.59 3-Year 0.49 0.63 Since Commencement* -4.12 -1.21
Annual Total Return for the Financial Years Ended 31 July 2008* PCSF (%) Benchmark Index (%)** -18.07 -6.72 2009 0.21 3.26 2010 -9.34 -5.65 2011 11.68 4.59
* The figure shown is for the period since the funds commencement (25 June 2007). ** Prior to 1 January 2009, the funds benchmark was a composite index of 40% Hang Seng China Enterprises Index, 30% Hang Seng Index and 30% Taiwan Index. Effective from 1 January 2009, the funds benchmark has been replaced with the MSCI Golden Dragon Index as this index is a better representative of the performance of the greater China markets. 1-Year Fund Performance Review The PCSF registered a total return of +11.68% for the financial year ended 31 July 2011, as compared to the benchmarks return of +4.59% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 93.4% 6.6% 2010 94.2% 5.8% 2011 96.3% 3.7%
The funds equity weighting was increased from 93.4% in financial year ended 2009 to 94.2% in the financial year ended 2010 and was further increased to 96.3% in the financial year ended 2011 to capitalise on investment opportunities in the greater China markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.64 2010 1.17 2011 1.60
The funds PTR increased from 0.64 times for the financial year ended 2009 to 1.17 times for the financial year ended 2010 and increased further to 1.60 times for the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) 2010 2011 -
157
PERFORMANCE OF PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

Average Annual Returns for the following periods ended 31 July 2011 1-Year PFEPRF (%) Benchmark Index (%)** 14.01 12.41 3-Year 15.26 0.31 Since Commencement* 0.85 -7.86
Annual Total Return for the Financial Years Ended 31 July 2008* PFEPRF (%) Benchmark Index (%)** -29.04 -32.06 2009 25.76 -7.43 2010 1.61 -3.00 2011 14.01 12.41
* The figure shown is for the period since the funds commencement (30 July 2007). ** Prior to 1 January 2009, the funds benchmark, the Dow Jones Asia Pacific Real Estate Sector IndexSM, was customised to the following weights, i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of 40% for the rest of the countries within the index universe currently including Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan, Thailand and South Korea. Effective from 1 January 2009, the benchmark of the fund has been replaced with a customised index based on constituents within the real estate sector of the Standard & Poors BMI Asia Pacific Index which is customised to the following weights, i.e. 20% Japan, 20% Australia, 20% Malaysia and the balance of 40% for the rest of the countries within the index universe currently including China H Shares, Hong Kong, Indonesia, New Zealand, Philippines, Singapore, Taiwan, Korea and Thailand. The real estate sector is defined by the then-current Global Industry Classification Standard (GICS). The new benchmark index is more representative of the performance of the stock markets which it represents. 1-Year Fund Performance Review The PFEPRF registered a total return of +14.01% for the financial year ended 31 July 2011 versus the benchmarks return of +12.41% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 95.8% 0.0% 4.2% 2010 97.3% 0.0% 2.7% 2011 83.2% 0.8% 16.0%
The funds equity weighting was increased from 95.8% for the financial year ended 2009 to 97.3% (95.0% after distribution reinvestment) for the financial year ended 2010 to capitalise on investment opportunities in the regional markets. For the financial year ended 2011, the funds equity weighting was reduced to 83.2% (81.6% after distribution reinvestment) to weather the consolidation phase in the regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.95 2010 0.63 2011 0.68
The funds PTR declined from 0.95 times in the financial year ended 2009 to 0.63 times in the financial year ended 2010 due to lower level of rebalancing activities. The funds PTR increased slightly to 0.68 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.00 0.95 2011 0.50 0.47
158
PERFORMANCE OF PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)

Average Annual Returns for the following periods ended 31 October 2011 1-Year PSEASF (%) Benchmark Index (%)** -2.35 -1.90 3-Year 29.99 31.14 Since Commencement* 2.47 1.29
Annual Total Return for the Financial Years Ended 31 October 2008* PSEASF (%) Benchmark Index (%)** -42.12 -45.61 2009 54.73 60.09 2010 25.73 22.52 2011 -2.35 -1.90
* The figure shown is for the period since the funds commencement (22 October 2007). ** Prior to 30 April 2010, the funds benchmark was a composite index of 35% Straits Times Index (STI), 30% FTSE Bursa Malaysia KLCI (FBM KLCI) (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with effect from 6 July 2009), 15% Jakarta Composite Index (JCI), 15% Stock Exchange of Thailand Index (SET) and 5% Philippine Stock Exchange Index (PSEi). Effective from 30 April 2010, the funds benchmark has been replaced with FTSE/ASEAN 40 Index as this index is a better representative of the funds investments. 1-Year Fund Performance Review The PSEASF registered a total return of -2.35% for the financial year ended 31 October 2011 against the benchmarks return of -1.90% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 97.0% 0.0% 3.0% 2010 91.4% 5.1% 3.5% 2011 92.2% 8.5% -0.7%
The funds equity weighting decreased from 97.0% for the financial year ended 2009 to 91.4% (88.8% after distribution reinvestment) for the financial year ended 2010 to weather the consolidation phase in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was marginally increased to 92.2% (83.7% after distribution reinvestment) to capitalize on the investment opportunities in the domestic and selected South East Asia markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.67 2010 0.88 2011 0.85
The funds PTR increased from 0.67 times for the financial year ended 2009 to 0.88 times for the financial year ended 2010 due to higher level of rebalancing activities. For the financial year ended 2011, the funds PTR declined marginally to 0.85 times due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.00 0.82 2011 2.50 2.43
159
PERFORMANCE OF PUBLIC SECTOR SELECT FUND (PSSF)

Average Annual Returns for the following periods ended 31 October 2011 1-Year PSSF (%) Benchmark Index (%)** 1.25 0.54 3-Year 34.06 25.62 Since commencement* 7.18 1.94
Annual Total Return for the Financial Years Ended 31 October 2008* PSSF (%) Benchmark Index (%)** -36.64 -39.15 2009 52.90 43.96 2010 30.59 22.18 2011 1.25 0.54
* The figure shown is for the period since the funds commencement (3 December 2007). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the benchmark of the fund has been replaced by the FTSE Bursa Malaysia Top 100 Index (FBM 100) which is the closest substitute for the KLCI among the various new indices made available by Bursa Malaysia. The FBM 100 comprises 100 large and mid cap companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PSSF generated a total return of +1.25% for the financial year ended 31 October 2011 as compared to its benchmarks total return of +0.54% over the same period. Asset Allocation 2009 Equities Fixed Income Securities Money Market Instruments & Others 86.8% 0.0% 13.2% 2010 94.7% 0.2% 5.1% 2011 88.1% 0.2% 11.7%
The fund increased its equity weighting from 86.8% in the financial year ended 2009 to 94.7% (87.4% after distribution reinvestment) for the financial year ended 2010 to capitalise on the investment opportunities in the domestic market. For the financial year ended 2011, the funds equity weighting was reduced to 88.1% (82.4% after distribution reinvestment) to weather the consolidation phase in the domestic market. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.76 2010 0.78 2011 0.55
The funds PTR rose marginally from 0.76 times in the financial year ended 2009 to 0.78 times in the financial year ended 2010 due to higher level of rebalancing activities. For the financial year ended 2011, the funds PTR dropped to 0.55 times due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 2.50 2.42 2011 2.00 1.90
160
PERFORMANCE OF PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Average Annual Returns for the following periods ended 30 June 2011 1-Year PFECTF (%) Benchmark Index (%)** 19.69 28.29 3-Year 17.29 16.45 Since Commencement* 12.75 10.87
Annual Total Return for the Financial Years Ended 30 June 2008* PFECTF (%) Benchmark Index (%)** -5.44 - 8.13 2009 9.09 -10.23 2010 16.32 29.67 2011 19.69 28.29
* The figure shown is for the period since the funds commencement (28 January 2008). ** Prior to 1 January 2009, the funds benchmark was a customised index based on selected sectors within the Dow Jones Asia Pacific IndexSM comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, Taiwan and South Korea. The stock universe also includes China H Shares from the Dow Jones China Offshore IndexSM. Effective from 1 January 2009, the funds benchmark has been replaced with a customised index based on the constituents within the selected sectors of the Standard & Poors BMI Asia Ex-Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The selected sectors are the Consumer Discretionary and Consumer Staples sectors as defined by the then-current Global Industry Classification Standard (GICS). The new benchmark index is more representative of the performance of the stock markets it represents. 1-Year Fund Performance Review The PFECTF registered a total return of +19.69% for the financial year ended 30 June 2011 in comparison to the benchmarks return of +28.29% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 90.5% 9.5% 2010 97.0% 3.0% 2011 104.4% -4.4%
The funds equity weighting was increased from 90.5% for the financial year 2009 to 97.0% (85.8% after distribution reinvestment) for the financial year ended 2010 and was further increased to 104.4% (91.3% after distribution reinvestment) for the financial year ended 2011 to capitalise on investment opportunities in domestic and regional markets. The increase in equity exposure was also partly due to the distribution declared for the financial year ended 2011. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.77 2010 1.07 2011 1.29
The funds PTR increased from 0.77 times in financial year ended 2009 to 1.07 times in financial year ended 2010 and increased further to 1.29 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 3.50 3.46 2011 4.00 3.99
161
PERFORMANCE OF PUBLIC CHINA TITANS FUND (PCTF)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PCTF (%) Benchmark Index (%)** 9.67 13.89 3-Year 1.36 -1.60 Since Commencement* 1.00 -0.43
Annual Total Return for the Financial Years Ended 31 May 2009* PCTF (%) Benchmark Index (%)** -4.32 -15.17 2010 -1.76 1.70 2011 9.67 13.89
* The figure shown is for the period since the funds commencement (21 April 2008). ** The funds benchmark is a composite index of 40% Hang Seng China Enterprises Index (HSCEI), 30% Hang Seng Index (HSI) and 30% TSEC Taiwan 50 Index. 1-Year Fund Performance Review The PCTF registered a total return of +9.67% for the financial year ended 31 May 2011 in comparison to the benchmarks return of +13.89% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 88.3% 11.7% 2010 100.4% -0.4% 2011 91.1% 8.9%
The fund increased its equity weighting from 88.3% in financial period ended 2009 to 100.4% (94.0% after distribution reinvestment) in financial year ended 2010 to capitalise on investment opportunities in the greater China markets. The increase in equity exposure was also partly due to the distribution declared for the financial year ended 2010. The fund subsequently reduced its equity weighting to 91.1% in the financial year ended 2011 to weather the consolidation phase in the greater China markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.03 2010 0.98 2011 1.23
The funds PTR dropped from 1.03 times in financial period ended 2009 to 0.98 times in financial year ended 2010 due to lower level of rebalancing activities. The funds PTR rose to 1.23 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.50 1.50 2011 -
162
PERFORMANCE OF PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)

Average Annual Returns for the following periods ended 30 April 2011 1-Year PFETIF (%) Benchmark Index (%)** Annual Total Return for the Financial Years Ended 30 April 2009* PFETIF (%) Benchmark Index (%)** 15.24 -17.70 2010 17.53 5.21 2011 25.59 9.64 25.59 9.64 Since Commencement* 25.46 -1.84
* The figure shown is for the period since the funds commencement (28 July 2008). ** Prior to 1 January 2009, the funds benchmark was based on selected sectors of the Dow Jones IndexesSM customised to the following weights, i.e. 40% Telecommunications, 30% Construction & Materials and 30% Utilities sectors comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, Taiwan and South Korea, as well as China H Shares from the Dow Jones China Offshore IndexSM. Effective from 1 January 2009, the benchmark of the fund has been replaced with an index based on selected sectors of the Standard and Poors BMI Asia Ex-Japan Index customised to the following weights, i.e. 40% Telecommunication Service, 30% Construction & Materials and 30% Utilities sectors comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan and South Korea. The above sectors are defined by the then-current Global Industry Classification Standard (GICS). The new benchmark is more representative of the performance of the stock markets which it represents. 1-Year Fund Performance Review The PFETIF registered a return of +25.59% for the financial year ended 30 April 2011 as compared to the benchmarks return of +9.64% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 86.4% 13.6% 2010 102.2% -2.2% 2011 90.4% 9.6%
The funds equity weighting was increased from 86.4% in financial period ended 2009 to 102.2% (94.7% after distribution reinvestment) in financial year ended 2010 to capitalise on investment opportunities in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was reduced to 90.4% (85.3% after distribution reinvestment) to weather the consolidation phase in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 1.26 2010 0.95 2011 0.86
The funds PTR declined from 1.26 times in financial period ended 2009 to 0.95 times in financial year ended 2010 and declined further to 0.86 times in the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 2.50 2.50 2011 2.25 2.24
163
PERFORMANCE OF PUBLIC SELECT ALPHA-30 FUND (PSA30F)

Average Annual Returns for the following periods ended 30 November 2011 1-Year PSA30F(%) Benchmark Index (%)** Annual Total Return for the Financial Years Ended 30 November 2009* PSA30F (%) Benchmark Index (%)** 25.76 28.46 2010 16.11 17.96 2011 -4.26 -0.88 -4.26 -0.88 Since Commencement* 15.34 19.35
* The figure shown is for the period since the funds commencement (27 April 2009). ** Prior to 6 July 2009, the funds benchmark was Kuala Lumpur Composite Index (KLCI). Effective from 6 July 2009, Bursa Malaysia replaced the KLCI with the FTSE Bursa Malaysia KLCI (FBM KLCI). As such, the FBM KLCI has been adopted as the new benchmark for the fund. The FBM KLCI comprises 30 largest companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The PSA30F registered a total return of -4.26% for the financial year ended 30 November 2011 in comparison to the benchmarks return of -0.88% over the same period. Asset Allocation 2009 Equities & Derivatives Money Market Instruments & Others 91.4% 8.6% 2010 95.9% 4.1% 2011 93.5% 6.5%
The equity exposure of the fund was increased from 91.4% (89.3% after distribution reinvestment) for the financial period ended 2009 to 95.9% (89.2% after distribution reinvestment) for the financial year ended 2010 to capitalise on the investment opportunities in the domestic and regional markets. For the financial year ended 2011, the funds equity weighting was reduced slightly to 93.5% (86.3% after distribution reinvestment) to weather the consolidation phase in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.75 2010 1.00 2011 1.22
The funds PTR increased from 0.75 times in financial period ended 2009 to 1.00 times in financial year ended 2010 and increased further to 1.22 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 0.75 0.73 2010 2.50 2.47 2011 2.50 2.43
164
PERFORMANCE OF PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)

Average Annual Returns for the following periods ended 30 November 2011 1-Year PNREF (%) Benchmark Index (%)** Annual Total Return for the Financial Years Ended 30 November 2010* PNREF (%) Benchmark Index (%)** 12.12 24.30 2011 -19.49 -11.77 -19.49 -11.77 Since Commencement* -4.11 4.09
* The figure shown is for the period since the funds commencement (20 July 2009). ** The benchmark of the fund is a customised index based on selected sectors within the S&P/Citigroup BMI Asia ex Japan Index comprising Malaysia, Singapore, Thailand, Indonesia, Philippines, Hong Kong, China H Shares, Taiwan, South Korea, Australia and New Zealand. The selected sectors are customised to the following weights i.e. 40% Energy Sector, 30% Metals and Mining Industry and 30% Agricultural Product Sub-Industry as defined by the then-current Global Industry Classification Standard (GICS). 1-Year Fund Performance Review The PNREF registered a total return of -19.49% for the financial year ended 30 November 2011 in comparison to the benchmarks return of -11.77% over the same period. Asset Allocation 2010 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 93.9% 0.0% 6.1% 2011 69.5% 0.7% 29.8%
The equity exposure of the fund decreased from 93.9% (88.9% after distribution reinvestment) for the financial period ended 2010 to 69.5% for the financial year ended 2011 to weather the consolidation phase in the natural resources sectors. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 2.64 2011 1.21
The funds PTR decreased from 2.64 times for the financial period ended 2010 to 1.21 times for the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 1.50 1.50 2011 -
165
PERFORMANCE OF PUBLIC AUSTRALIA EQUITY FUND (PAUEF)

Average Annual Returns for the following periods ended 31 July 2011 1-Year PAUEF (%) S&P/ASX 200 Index (%) Annual Total Return for the Financial Years Ended 31 July 2010* PAUEF (%) S&P/ASX 200 Index (%) -1.84 -8.46 2011 16.18 11.48 16.18 11.48 Since Commencement* 7.66 1.12
* The figure shown is for the period since the funds commencement (28 September 2009). 1-Year Fund Performance Review The PAUEF registered a total return of +16.18% for the financial year ended 31 July 2011, in comparison to the benchmarks return of +11.48% over the same period. Asset Allocation 2010 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 92.1% 7.6% 0.3% 2011 88.2% 6.4% 5.4%
The equity exposure of the fund was reduced from 92.1% for the financial period ended 2010 to 88.2% (81.2% after distribution reinvestment) for the financial year ended 2011 to weather the consolidation phase in the Australian markets. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 1.49 2011 1.07
The funds PTR declined from 1.49 times for the financial period ended 2010 to 1.07 times for the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2011 2.25 2.25
166
PERFORMANCE OF PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)

Average Annual Returns for the following periods ended 30 November 2011 1-Year PFA30F (%) Benchmark Index (%)** Annual Total Return for the Financial Years Ended 30 November 2010* PFA30F (%) Benchmark Index (%)** 8.00 4.46 2011 -20.48 -10.93 -20.48 -10.93 Since Commencement* -8.84 -4.11
* The figure shown is for the period since the funds commencement (26 April 2010). ** The benchmark of the fund is a composite index of 80% MSCI AC Far East Ex-Japan Index, 10% Tokyo Stock Price Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). 1-Year Fund Performance Review The PFA30F registered a total return of -20.48% for the financial year ended 30 November 2011 as compared to the benchmarks return of -10.93% over the same period. Asset Allocation 2010 Equities & Derivatives Money Market Instruments & Others 87.0% 13.0% 2011 70.9% 29.1%
The funds equity weighting was decreased from 87.0% for the financial period ended 2010 to 70.9% (70.1% after distribution reinvestment) for the financial year ended 2011 to weather the consolidation phase in the domestic and regional equity markets. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 1.58 2011 1.83
The funds PTR increased from 1.58 times for the financial period ended 2010 to 1.83 times for the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2011 0.25 0.24
167
PERFORMANCE OF PUBLIC OPTIMAL GROWTH FUND (POGF)

Average Annual Returns for the following periods ended 31 July 2011 1-Year POGF (%) FBM 100 (%)** Annual Total Return for the Financial Period Ended 31 July 2011* POGF (%) FBM 100 (%)** * The figure shown is for the period since the funds commencement (28 June 2010). ** The benchmark of the fund is the FTSE Bursa Malaysia Top 100 Index (FBM 100) which comprises 100 large and mid cap companies by market capitalisation listed on the Bursa Malaysia Main Market. 1-Year Fund Performance Review The POGF registered a total return of +15.25% over the one year period ended 31 July 2011 in comparison to its benchmarks return of +16.82% over the same period. Asset Allocation 2011 Equities & Derivatives Money Market Instruments & Others 91.2% 8.8% 18.20 19.98 15.25 16.82 Since Commencement* 16.78 18.41
Following its launch, the equity exposure of the fund was progressively increased to 91.2% (86.3% after distribution reinvestment) for the financial period ended 2011 to capitalise on investment opportunities in the domestic market. There is no comparison figure as the commencement date of the fund was 28 June 2010. Portfolio Turnover Ratio (PTR) 2011 PTR (time) 1.28
The fund registered a PTR of 1.28 times for the financial period ended 2011. There is no comparison figure as the commencement date of the fund was 28 June 2010. Distribution 2011 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 1.75 1.59
168
PERFORMANCE OF PUBLIC INDONESIA SELECT FUND (PINDOSF)

Total Return for the following period ended 31 August 2011 Since Commencement* PINDOSF (%) Benchmark Index (%)** Annual Total Return for the Financial Period Ended 31 August 2011* PINDOSF (%) Benchmark Index (%)** * The figure shown is for the period since the funds commencement (21 September 2010). ** Prior to 30 April 2011, the benchmark of the fund was Jakarta Composite Index (JCI). Effective from 30 April 2011, the funds benchmark has been replaced with the Jakarta LQ-45 Index which comprises 45 largest companies by market capitalisation listed on the Indonesia Stock Exchange as this index is a better representative of the performance of the Indonesia market. Fund Performance Review The PINDOSF registered a total return of +10.96% for the financial period ended 31 August 2011 in comparison to its benchmarks return of +14.15% over the same period. Asset Allocation 2011 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 78.4% 12.2% 9.4% 10.96 14.15 10.96 14.15
Following its launch, the funds equity exposure was progressively increased to 78.4% (74.1% after distribution reinvestment) for the financial period ended 2011 to capitalise on investment opportunities in the Indonesian market. There is no comparison figure as the commencement date of the fund was 21 September 2010. Portfolio Turnover Ratio (PTR) 2011 PTR (time) 0.99
For the financial period ended 2011, the fund registered a PTR of 0.99 times. There is no comparison figure as the commencement date of the fund was 21 September 2010. Distribution 2011 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 1.50 1.50
169
PERFORMANCE OF PUBLIC TACTICAL ALLOCATION FUND (PTAF)

(Formerly known as Public Global Balanced Fund) Average Annual Returns for the following periods ended 30 April 2011 1-Year PTAF (%) Benchmark Index (%)** 2.53 6.01 3-Year -0.32 -1.01 Since Commencement* -1.55 -1.25
Annual Total Return for the Financial Years Ended 30 April 2008* PTAF (%) Benchmark Index (%)** -5.62 -2.31 2009 -15.76 -19.73 2010 14.68 13.97 2011 2.53 6.01
* The figure shown is for the period since the funds commencement (12 February 2007). ** Prior to 12 December 2011, the funds benchmark was a composite index of 60% MSCI All Country World Index and 40% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). Effective from 12 December 2011, the funds benchmark has been replaced with 70% MSCI AC Far-East ExJapan Index and 30% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR) as it is more reflective of the new investment strategy of the fund. 1-Year Fund Performance Review The PTAF registered a return of +2.53% for the financial year ended 30 April 2011 as compared to the benchmarks return of +6.01% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 58.8% 35.7% 5.5% 2010 57.6% 34.7% 7.7% 2011 59.9% 27.4% 12.7%
The fund reduced its equity weighting from 58.8% in financial year ended 2009 to 57.6% (56.4% after distribution reinvestment) in the financial year ended 2010 as the fund locked in profits. For the financial year ended 2011, the funds equity weighting was increased to 59.9% (58.7% after distribution reinvestment) to capitalise on investment opportunities in the global equity markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.31 2010 0.40 2011 0.60
The funds PTR increased from 0.31 times in financial year ended 2009 to 0.40 times in the financial year ended 2010 and increased further to 0.60 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 0.50 0.46 2011 0.50 0.48
170
PERFORMANCE OF PUBLIC BALANCED FUND (PBF)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PBF (%) PBEIX (%)** 15.79 13.68 3-Year 7.47 5.74 5-Year 15.35 9.41 10-Year 20.64 11.06 Since Commencement* 12.69 5.22
Annual Total Return for the Financial Years Ended 31 May 2002 PBF (%) PBEIX (%)** 28.54 18.66 2003 2004 2005 7.18 4.93 2006 2007 2008 4.00 -1.35 2009 -8.46 -9.87 2010 15.50 14.42 2011 15.79 13.68
-2.99 16.25 -4.44 13.55
11.60 38.85 5.98 27.18
* The figure shown is for the period since the funds commencement (6 July 1995). ** The Public Balanced Equity Index (PBEIX) is an index computed based on accumulated daily returns from the FTSE Bursa Malaysia KLCI (replacement of Kuala Lumpur Composite Index by Bursa Malaysia with effect from 6 July 2009) and 3-month Kuala Lumpur Interbank Offered Rates in the ratio of 60:40. Thus, it is the appropriate benchmark for balanced funds, which have equity weightings capped at a maximum 60% of the funds NAV. 1-Year Fund Performance Review The PBF registered a total return of +15.79% as compared to the benchmark Public Balanced Equity Index (PBEIX) which registered a return of +13.68% for the financial year ended 31 May 2011. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 63.6% 30.1% 6.3% 2010 64.6% 23.6% 11.8% 2011 61.1% 20.5% 18.4%
The fund increased its equity weighting from 63.6% (59.5% after distribution reinvestment) in financial year ended 2009 to 64.6% (59.1% after distribution reinvestment) in the financial year ended 2010 as the fund capitalised on investment opportunities in the domestic and selected regional markets. For the financial year ended 2011, the funds equity weighting was reduced to 61.1% (56.0% after distribution reinvestment) to weather the consolidation phase in the domestic and selected regional markets. The funds equity weighting for the respective financial years ended 2009, 2010 and 2011 exceeded 60% partly due to the distribution declared for the respective financial years. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.46 2010 0.41 2011 0.60
The funds PTR declined from 0.46 times in the financial year ended 2009 to 0.41 times for the financial year ended 2010 due to lower level of rebalancing activities. For the financial year ended 2011, the funds PTR increased to 0.60 times due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 5.00 4.70 2010 7.00 6.72 2011 7.00 6.84
171
PERFORMANCE OF PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Average Annual Returns for the following periods ended 30 April 2011 1-Year PFEBF (%) Benchmark Index (%)** 6.49 8.35 3-Year 2.01 1.51 Since Commencement* 2.59 3.45
Annual Total Return for the Financial Years Ended 30 April 2008* PFEBF (%) Benchmark Index (%)** 4.60 9.58 2009 -15.33 -18.43 2010 17.60 18.28 2011 6.49 8.35
* The figure shown is for the period since the funds commencement (12 February 2007). ** The funds benchmark is a composite index of 60% MSCI AC Far-East Ex-Japan Index and 40% 3-Month Kuala Lumpur Interbank Offered Rates. 1-Year Fund Performance Review The PFEBF registered a total return of +6.49% for the financial year ended 30 April 2011 in comparison to the benchmarks return of +8.35% over the same period. Asset Allocation 2009 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 59.8% 26.5% 13.7% 2010 64.4% 25.6% 10.0% 2011 60.8% 29.6% 9.6%
The fund increased its equity weighting from 59.8% in financial year ended 2009 to 64.4% (60.3% after distribution reinvestment) in the financial year ended 2010 as the fund capitalised on investment opportunities in the domestic and regional markets. For the financial year ended 2011, the fund reduced its equity weighting to 60.8% (59.5% after distribution reinvestment) to weather the consolidation phase in the domestic and regional markets. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.54 2010 0.73 2011 0.86
The funds PTR increased from 0.54 times in financial year ended 2009 to 0.73 times in the financial year ended 2010 and was further increased to 0.86 times in the financial year ended 2011 due to higher level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2010 1.50 1.45 2011 0.50 0.48
172
PERFORMANCE OF PUBLIC BOND FUND (P BOND)

Average Annual Returns for the following periods ended 31 July 2011 1-Year P BOND (%) 12-Month Fixed Deposits Rates (%)** 8.78 2.91 3-Year 8.84 2.96 5-Year 7.15 3.43 10-Year 9.90 4.13 Since Commencement* 14.12 5.96
Annual Total Return for the Financial Years Ended 31 July 2002 P BOND (%) 12-Month Fixed Deposits Rates (%)** 15.55 4.04 2003 9.85 3.94 2004 2.58 3.70 2005 9.43 3.69 2006 2.90 3.77 2007 8.75 3.75 2008 -1.33 3.71 2009 8.01 3.09 2010 7.64 2.49 2011 8.78 2.91
* The figure shown is for the period since the funds commencement (10 July 1996). ** The benchmark 12-month fixed deposits rates (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan Banking Berhad. 1-Year Fund Performance Review P BOND registered a return of +8.78% for the financial year ended 31 July 2011, as compared to its benchmark 12-month fixed deposits rates (12-MFD) return of +2.91% over the same period. Asset Allocation 2009 Fixed Income Securities Money Market Instruments & Others 98.2% 1.8% 2010 93.6% 6.4% 2011 96.7% 3.3%
The funds bond weighting decreased from 98.2% (93.1% after distribution reinvestment) in the financial year ended 2009 to 93.6% (88.9% after distribution reinvestment) in the financial year ended 2010 as the fund locked in profits on selected bond investments. The funds bond weighting was increased to 96.7% (91.8% after distribution reinvestment) in the financial year ended 2011 to capitalise on investment opportunities in the bond market. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.71 2010 0.90 2011 0.49
The funds PTR increased from 0.71 times in the financial year ended 2009 to 0.90 times for the financial year ended 2010 due to higher level of rebalancing activities. Subsequently, the funds PTR decreased to 0.49 times in the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 5.00 5.00 2010 5.00 5.00 2011 5.25 5.25
173
PERFORMANCE OF PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

Average Annual Returns for the following periods ended 30 April 2011 1-Year PIN BOND (%) CORP 1V (%)** 3.93 8.34 3-Year 4.44 8.30 5-Year 4.27 8.25 Since Commencement* 4.22 7.40
Annual Total Return for the Financial Years Ended 30 April 2004* PIN BOND (%) CORP 1V (%)** 2.83 -5.87 2005 4.13 10.71 2006 2.71 6.45 2007 4.09 10.13 2008 2.93 2.76 2009 4.37 7.39 2010 4.46 7.32 2011 3.93 8.34
* The figure shown is for the period since the funds commencement (20 May 2003). ** The benchmark CORP 1V Index is essentially a bond index developed by CIMB Berhad to track the changes in values of a basket comprising of all corporate bonds with maturities of 1 year and above. 1-Year Fund Performance Review PIN BOND registered a return of +3.93% for the financial year ended 30 April 2011 in comparison to the benchmark CORP 1V Indexs return of +8.34% over the same period. Asset Allocation 2009 Fixed Income Securities Money Market Instruments & Others 97.0% 3.0% 2010 92.9% 7.1% 2011 92.3% 7.7%
The funds bond weighting was decreased from 97.0% in the financial year ended 2009 to 92.9% in the financial year ended 2010 and declined further to 92.3% in the financial year ended 2011 as selected bonds in the funds bond portfolio matured. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.21 2010 0.14 2011 0.10
The funds PTR decreased from 0.21 times in the financial year ended 2009 to 0.14 times in the financial year ended 2010 and declined further to 0.10 times in the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 3.55 3.55 2010 3.56 3.56 2011 3.53 3.53
174
PERFORMANCE OF PUBLIC ENHANCED BOND FUND (PEBF)

Average Annual Returns for the following periods ended 31 January 2012 1-Year PEBF (%) 12-Month Fixed Deposits Rates (%)** 4.54 3.07 3-Year 7.93 2.88 5-Year 5.18 3.35 Since Commencement* 7.08 3.67
Annual Total Return for the Financial Years Ended 31 January 2006* PEBF (%) 12-Month Fixed Deposits Rates (%)** 7.02 3.64 2007 10.99 3.84 2008 7.75 3.70 2009 -5.62 3.67 2010 8.83 2.53 2011 8.81 2.80 2012 4.54 3.07
* The figure shown is for the period since the funds commencement (2 February 2005). ** The benchmark 12-month fixed deposits rates (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan Banking Berhad. 1-Year Fund Performance Review The PEBF registered a total return of +4.54% for the financial year ended 31 January 2012 as compared to the benchmark 12-month fixed deposits rates (12-MFD) return of +3.07% over the same period. Asset Allocation 2010 Equities & Derivatives Fixed Income Securities Money Market Instruments & Others 15.1% 79.8% 5.1% 2011 14.5% 77.3% 8.2% 2012 15.1% 80.5% 4.4%
The funds equity weighting was reduced from 15.1% (14.8% after distribution reinvestment) in financial year ended 2010 to 14.5% (14.1% after distribution reinvestment) for the financial year ended 2011 to weather the consolidation phase in the domestic and regional equity markets. The funds equity weighting was increased to 15.1% (14.6% after distribution reinvestment) in the financial year ended 2012 to capitalise on investment opportunities in the domestic and regional equity markets. The funds fixed income securities weighting was reduced from 79.8% (78.3% after distribution reinvestment) in the financial year ended 2010 to 77.3% (75.2% after distribution reinvestment) in financial year ended 2011 as the fund locked in profits in selected bond investments. The funds fixed income securities weighting was increased to 80.5% (77.7% after distribution reinvestment) in the financial year ended 2012 to capitalise on investment opportunities in the bond market. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 0.63 2011 0.56 2012 0.44
The funds PTR was reduced from 0.63 times in the financial year ended 2010 to 0.56 times in the financial year ended 2011 and reduced further to 0.44 times in the financial year ended 2012 due to lower level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2.00 1.91 2011 3.00 2.90 2012 3.75 3.70
175
PERFORMANCE OF PUBLIC SELECT BOND FUND (PSBF)

Average Annual Returns for the following periods ended 31 May 2011 1-Year PSBF (%) 12-Month Fixed Deposits Rates (%)** 3.57 2.86 3-Year 4.64 2.99 5-Year 5.07 3.46 Since Commencement* 4.93 3.53
Annual Total Return for the Financial Years Ended 31 May 2006* PSBF (%) 12-Month Fixed Deposits Rates (%)** 1.28 1.72 2007 6.95 3.79 2008 2.89 3.70 2009 3.78 3.29 2010 6.00 2.51 2011 3.57 2.86
* The figure shown is for the period since the funds commencement (12 December 2005). ** The benchmark 12-month fixed deposits rates (12-MFD) is computed based on daily returns from 12-MFD quoted by Malayan Banking Berhad. 1-Year Fund Performance Review PSBF registered a total return of +3.57% for the financial year ended 31 May 2011 versus the benchmark 12-month fixed deposits rates (12-MFD) return of +2.86% over the same period. Asset Allocation 2009 Fixed Income Securities Money Market Instruments & Others 98.4% 1.6% 2010 68.6% 31.4% 2011 100.9% -0.9%
The funds bond exposure was reduced from 98.4% (96.0% after distribution reinvestment) in the financial year ended 2009 to 68.6% (65.7% after distribution reinvestment) in the financial year ended 2010 due to inflows of new funds into the fund towards the end of the financial year. The funds bond exposure was increased to 100.9% (96.5% after distribution reinvestment) in the financial year ended 2011 to capitalise on investment opportunities in the bond market. Portfolio Turnover Ratio (PTR) 2009 PTR (time) 0.72 2010 0.61 2011 0.60
The funds PTR declined from 0.72 times in the financial year ended 2009 to 0.61 times in the financial year ended 2010 and declined further to 0.60 times for the financial year ended 2011 due to lower level of rebalancing activities undertaken by the fund. Distribution 2009 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2.50 2.50 2010 4.50 4.50 2011 4.50 4.50
176
PERFORMANCE OF PUBLIC STRATEGIC BOND FUND (PSTBF)

Total Return for the following period ended 31 December 2011 Since Commencement* PSTBF (%) 12-Month Fixed Deposits Rates (%)** Annual Total Return for the Financial Period Ended 31 December 2011* PSTBF (%) 12-Month Fixed Deposits Rates (%)** * The figure shown is for the period since the funds commencement (30 December 2010). ** The benchmark 12-Month Fixed Deposit Rates (12-MFD) is computed based on the daily compounding of the average 12-MFD quoted by Public Bank Berhad. Fund Performance Review The PSTBF registered a total return of +6.41% for the financial period ended 31 December 2011 as compared to the benchmark 12-month fixed deposits rates (12-MFD) return of +3.04% over the same period. Asset Allocation 2011 Fixed Income Securities Money Market Instruments & Others 86.2% 13.8% 6.41 3.04 6.41 3.04
Following its launch, the funds bond weighting was progressively increased to 86.2% (83.8% after distribution reinvestment) for the financial period ended 2011 to capitalise on investment opportunities in the bond market. There is no comparison figure as the commencement date of the fund was 30 December 2010. Portfolio Turnover Ratio (PTR) 2011 PTR (time) 1.41
The fund recorded a PTR of 1.41 times for the financial period ended 31 December 2011. There is no comparison figure as the commencement date of the fund was 30 December 2010. Distribution 2011 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 3.00 3.00
177
PERFORMANCE OF PUBLIC MONEY MARKET FUND (PMMF)

Average Annual Returns for the following periods ended 31 January 2012 1-Year PMMF (%) Benchmark Index (%)** 2.84 3.04 3-Year 2.48 2.70 5-Year 2.86 3.21 Since Commencement* 3.21 3.44
Annual Total Return for the Financial Years Ended 31 January 2005* PMMF (%) Benchmark Index (%)** 3.77 3.32 2006 3.00 2.89 2007 3.21 3.75 2008 3.13 3.62 2009 3.14 3.58 2010 2.05 2.17 2011 2.37 2.71 2012 2.84 3.04
* The figure shown is for the period since the funds commencement (16 December 2003). ** Prior to 30 April 2010, the funds benchmark was 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR). Effective from 30 April 2010, the funds benchmark has been replaced with 1-Month KLIBOR as this benchmark is a better representative of the funds investments. 1-Year Fund Performance Review PMMF registered a total return of +2.84% for the financial year ended 31 January 2012 as compared to the benchmarks return of +3.04% over the same period. Asset Allocation 2010 Fixed Income Securities Money Market Instruments & Others 20.4% 79.6% 2011 15.3% 84.7% 2012 0.0% 100.0%
The funds money market instruments weighting was increased from 79.6% (80.1% after distribution reinvestment) in the financial year ended 2010 to 84.7% (85.1% after distribution reinvestment) for the financial year ended 2011 and further increased to 100% in the financial year ended 2012 as the funds holdings of fixed income investments matured. Portfolio Turnover Ratio (PTR) 2010 PTR (time) 1.39 2011 1.21 2012 0.77
The funds PTR reduced from 1.39 times in the financial year ended 2010 to 1.21 times in the financial year ended 2011 and further reduced to 0.77 times in the financial year ended 2012 due to lower level of rebalancing activities undertaken by the fund. Distribution 2010 Gross Distribution Per Unit (sen) Net Distribution Per Unit (sen) Distribution is in the form of cash. 2.50 2.50 2011 2.50 2.50 2012 2.50 2.50
178
5 HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
5.1 EXTRACTS OF FINANCIAL STATEMENTS OF THE FUNDS

This section covers the extracts of the following funds audited Statement of Income and Expenditure and Statement of Assets and Liabilities for the past three (3) financial years preceding the date of this Master Prospectus: Public Savings Fund (PSF) Public Growth Fund (PGF) Public Index Fund (PIX) Public Industry Fund (PIF) Public Aggressive Growth Fund (PAGF) Public Regular Savings Fund (PRSF) Public SmallCap Fund (P SmallCap) Public Equity Fund (PEF) Public Focus Select Fund (PFSF) Public Dividend Select Fund (PDSF) Public Far-East Select Fund (PFES) Public Regional Sector Fund (PRSEC) Public Global Select Fund (PGSF) Public Far-East Dividend Fund (PFEDF) Public China Select Fund (PCSF) Public Far-East Property & Resorts Fund (PFEPRF) Public South-East Asia Select Fund (PSEASF) Public Sector Select Fund (PSSF) Public Far-East Consumer Themes Fund (PFECTF) Public China Titans Fund (PCTF) Public Far-East Telco & Infrastructure Fund (PFETIF) Public Select Alpha-30 Fund (PSA30F) Public Natural Resources Equity Fund (PNREF) Public Australia Equity Fund (PAUEF) Public Far-East Alpha-30 Fund (PFA30F) Public Optimal Growth Fund (POGF) Public Indonesia Select Fund (PINDOSF) Public Tactical Allocation Fund (PTAF) Public Balanced Fund (PBF) Public Far-East Balanced Fund (PFEBF) Public Bond Fund (P BOND) Public Institutional Bond Fund (PIN BOND) Public Enhanced Bond Fund (PEBF) Public Select Bond Fund (PSBF) Public Strategic Bond Fund (PSTBF) Public Money Market Fund (PMMF) Note: There are no extracts of Statement of Income and Expenditure and Statement of Assets and Liabilities for PSGEF, PSSCF and PENTBF as these funds will be having their first financial year/period ending on 30 September 2012 respectively. Past performance of the funds is not an indication of their future performance. The audited financial statements of the funds are disclosed in the respective funds annual report. The funds annual report is available upon request. Page 180 Page 180 Page 181 Page 181 Page 182 Page 182 Page 183 Page 183 Page 184 Page 184 Page 185 Page 185 Page 186 Page 186 Page 187 Page 187 Page 188 Page 188 Page 189 Page 189 Page 190 Page 190 Page 191 Page 191 Page 192 Page 192 page 193 Page 193 Page 194 Page 194 Page 195 Page 195 Page 196 Page 196 Page 197 Page 197
179
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONTD)
PUBLIC SAVINGS FUND (PSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 December 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 31 December 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 1,258,221 84,241 1,342,462 2010 RM000 933,739 44,400 978,139 2009 RM000 520,452 70,797 591,249 (67,580) 523,669 21,034 (19,710) 1,324 1,324 (557) 2010 RM000 39,843 (10,108) 29,735 29,735 27,443 2009 RM000 31,677 (7,019) 24,658 24,658 22,586
(175,091) (129,914) 1,167,371 848,225
PUBLIC GROWTH FUND (PGF)

Extract of Statement of Income and Expenditure for the financial years ended 31 July 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital Note: Unitholders Capital refers to the NAV attributable to unitholders. 1,050,984 52,793 1,103,777 (119,883) 983,894 2010 RM000 732,276 52,302 784,578 (71,128) 713,450 2009 RM000 660,451 29,765 690,216 (56,371) 633,845 75,832 (15,207) 60,625 60,625 57,427 2010 RM000 62,269 (11,382) 50,887 50,887 48,143 2009 RM000 (8,732) (8,624) (17,356) (17,356) (20,790)
180
PUBLIC INDEX FUND (PIX)

Extract of Statement of Income and Expenditure for the financial years ended 31 January 2012 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 January 2012 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 2011 RM000 2010 RM000 864,289 28,426 892,715 (89,079) 803,636 100,118 (16,000) 84,118 84,118 81,171 2011 RM000 99,898 (15,077) 84,821 84,821 81,275 2010 RM000 63,569 (11,086) 52,483 52,483 49,768
956,158 1,052,409 5,946 24,332 962,104 1,076,741 (78,940) 883,164 (91,083) 985,658
PUBLIC INDUSTRY FUND (PIF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 October 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 174,587 10,968 185,555 (18,692) 166,863 2010 RM000 174,641 19,291 193,932 (19,973) 173,959 2009 RM000 155,736 16,499 172,235 (12,952) 159,283 19,635 (3,279) 16,356 16,356 15,954 2010 RM000 17,660 (2,748) 14,912 14,912 14,523 2009 RM000 7,769 (2,348) 5,421 5,421 4,763
181
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Extract of Statement of Income and Expenditure for the financial years ended 31 March 2012 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 31 March 2012 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 584,976 11,347 596,323 (43,756) 552,567 2011 RM000 454,049 60,198 514,247 (69,325) 444,922 2010 RM000 314,026 22,440 336,466 (39,364) 297,102 (11,659) (10,689) (22,348) (22,348) (23,272) 2011 RM000 33,572 (6,343) 27,229 27,229 25,796 2010 RM000 5,869 (4,451) 1,418 1,418 179
PUBLIC REGULAR SAVINGS FUND (PRSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 March 2012 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 March 2012 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 2011 RM000 2010 RM000 214,159 (39,839) 174,320 174,320 168,066 2011 RM000 169,174 (30,625) 138,549 138,549 129,399 2010 RM000 84,821 (20,656) 64,165 64,165 58,038
2,765,854 2,290,376 1,715,050 24,802 73,346 39,759 2,790,656 2,363,722 1,754,809 (180,535) (186,743) (147,351) 2,610,121 2,176,979 1,607,458
182
PUBLIC SMALLCAP FUND (P SmallCap)

Extract of Statement of Income and Expenditure for the financial years ended 31 August 2011 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 31 August 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 544,552 18,729 563,281 (83,524) 479,757 2010 RM000 392,312 8,179 400,491 (43,100) 357,391 2009 RM000 255,768 8,834 264,602 (27,005) 237,597 (11,295) (8,468) (19,763) (19,763) (21,094) 2010 RM000 37,115 (5,466) 31,649 31,649 30,520 2009 RM000 14,862 (3,339) 11,523 11,523 10,522
PUBLIC EQUITY FUND (PEF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 October 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 717,427 47,050 764,477 (80,175) 684,302 2010 RM000 626,093 33,013 659,106 (93,514) 565,592 2009 RM000 514,478 26,597 541,075 (42,553) 498,522 21,994 (12,490) 9,504 9,504 7,842 2010 RM000 42,553 (8,359) 34,194 34,194 32,114 2009 RM000 16,370 (6,346) 10,024 10,024 7,932
183
PUBLIC FOCUS SELECT FUND (PFSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 December 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 December 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 315,642 9,409 325,051 (35,437) 289,614 2010 RM000 224,372 12,892 237,264 (20,581) 216,683 2009 RM000 149,521 9,471 158,992 (4,781) 154,211 19,242 (5,298) 13,944 13,944 13,201 2010 RM000 16,683 (2,691) 13,992 13,992 13,662 2009 RM000 6,923 (2,241) 4,682 4,682 4,143
PUBLIC DIVIDEND SELECT FUND (PDSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 699,202 43,673 742,875 (74,263) 668,612 2010 RM000 374,590 17,031 391,621 (39,588) 352,033 2009 RM000 333,679 4,381 338,060 (22,994) 315,066 43,290 (8,170) 35,120 35,120 33,092 2010 RM000 17,421 (5,955) 11,466 11,466 10,155 2009 RM000 24,699 (5,072) 19,627 19,627 17,325
184
PUBLIC FAR-EAST SELECT FUND (PFES)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 495,203 58,745 553,948 (60,833) 493,115 2010 RM000 419,350 49,795 469,145 (43,933) 425,212 2009 RM000 457,550 24,017 481,567 (14,281) 467,286 35,527 (8,265) 27,262 27,262 26,564 2010 RM000 60,651 (8,818) 51,833 51,833 50,422 2009 RM000 (50,739) (6,160) (56,899) (56,899) (58,331)
PUBLIC REGIONAL SECTOR FUND (PRSEC)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 332,871 50,188 383,059 (45,611) 337,448 2010 RM000 305,862 38,437 344,299 (32,189) 312,110 2009 RM000 332,586 9,848 342,434 (5,839) 336,595 29,311 (5,946) 23,365 23,365 22,837 2010 RM000 33,667 (6,423) 27,244 27,244 26,347 2009 RM000 (41,494) (4,494) (45,988) (45,988) (46,996)
185
PUBLIC GLOBAL SELECT FUND (PGSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other asset Total Assets Total Liabilities Net Asset Value/Unitholders Capital 106,567 9,219 115,786 (6,294) 109,492 2010 RM000 81,158 21,805 102,963 (4,354) 98,609 2009 RM000 98,931 13,518 112,449 (1,130) 111,319 6,597 (1,792) 4,805 4,805 4,593 2010 RM000 5,084 (1,989) 3,095 3,095 2,855 2009 RM000 (11,900) (1,783) (13,683) (13,683) (13,950)
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Extract of Statement of Income and Expenditure for the financial years ended 30 November 2011 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 30 November 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 397,557 44,936 442,493 (11,107) 431,386 2010 RM000 658,386 89,230 747,616 (41,933) 705,683 2009 RM000 863,940 24,029 887,969 (30,980) 856,989 (58,940) (11,548) (70,488) (70,488) (71,719) 2010 RM000 47,483 (13,233) 34,250 34,250 32,796 2009 RM000 (518) (12,580) (13,098) (13,098) (15,844)
186
PUBLIC CHINA SELECT FUND (PCSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 July 2011 RM000 Investment income/(loss) Total expenses Net Investment Loss Net Loss Before Taxation Net Loss After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 1,220,309 47,964 1,268,273 (17,519) 1,250,754 2010 RM000 1,493,370 99,083 1,592,453 (20,147) 1,572,306 2009 RM000 1,924,198 78,266 2,002,464 (2,354) 2,000,110 13,019 (27,268) (14,249) (14,249) (17,878) 2010 RM000 26,016 (30,286) (4,270) (4,270) (8,856) 2009 RM000 (316,043) (22,655) (338,698) (338,698) (342,435)
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

Extract of Statement of Income and Expenditure for the financial years ended 31 July 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 409,232 31,660 440,892 (31,736) 409,156 2010 RM000 476,792 16,474 493,266 (14,399) 478,867 2009 RM000 563,694 42,532 606,226 (21,816) 584,410 26,596 (8,771) 17,825 17,825 16,778 2010 RM000 27,651 (9,833) 17,818 17,818 16,352 2009 RM000 (20,425) (5,819) (26,244) (26,244) (27,542)
187
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 October 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 489,411 23,108 512,519 (50,781) 461,738 2010 RM000 780,595 45,030 825,625 (34,943) 790,682 2009 RM000 778,595 24,725 803,320 (15,112) 788,208 68,597 (11,423) 57,174 57,174 55,400 2010 RM000 91,262 (13,595) 77,667 77,667 75,255 2009 RM000 (22,508) (10,505) (33,013) (33,013) (36,218)
PUBLIC SECTOR SELECT FUND (PSSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 October 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 516,479 6,951 523,430 (46,896) 476,534 2010 RM000 560,599 1,124 561,723 (45,105) 516,618 2009 RM000 270,765 5,310 276,075 (1,037) 275,038 47,072 (9,190) 37,882 37,882 35,904 2010 RM000 49,986 (5,965) 44,021 44,021 42,292 2009 RM000 (1,360) (2,398) (3,758) (3,758) (4,442)
188
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Extract of Statement of Income and Expenditure for the financial years ended 30 June 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 30 June 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 184,944 9,996 194,940 (24,606) 170,334 2010 RM000 144,042 17,716 161,758 (18,697) 143,061 2009 RM000 150,167 10,024 160,191 (1,318) 158,873 7,230 (3,348) 3,882 3,882 3,670 2010 RM000 33,538 (3,241) 30,297 30,297 29,984 2009 RM000 (3,191) (2,486) (5,677) (5,677) (5,995)
PUBLIC CHINA TITANS FUND (PCTF)

Extract of Statement of Income and Expenditure for the financial years/period ended 31 May 2011 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 88,182 7,292 95,474 (823) 94,651 2010 RM000 86,951 9,833 96,784 (12,450) 84,334 2009 RM000 63,922 6,129 70,051 (51) 70,000 (2,585) (1,761) (4,346) (4,346) (4,517) 2010 RM000 6,571 (1,664) 4,907 4,907 4,693 From 1.4.08 to 31.5.09 RM000 1,699 (899) 800 800 686
189
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)

Extract of Statement of Income and Expenditure for the financial years/period ended 30 April 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 30 April 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 102,343 12,329 114,672 (7,827) 106,845 2010 RM000 86,228 2,265 88,493 (6,971) 81,522 2009 RM000 55,037 3,133 58,170 (46) 58,124 6,233 (1,527) 4,706 4,706 4,540 2010 RM000 6,546 (1,659) 4,887 4,887 4,761 From 8.7.08 to 30.4.09 RM000 1,522 (446) 1,076 1,076 1,073
PUBLIC SELECT ALPHA-30 FUND (PSA30F)

Extract of Statement of Income and Expenditure for the financial years/period ended 30 November 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 30 November 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 59,796 3,778 63,574 (4,922) 58,652 2010 RM000 78,676 4,925 83,601 (7,045) 76,556 2009 RM000 69,164 2,314 71,478 (2,760) 68,718 6,869 (1,435) 5,434 5,434 5,217 From 7.4.09 2010 to 30.11.09 RM000 RM000 7,961 (1,165) 6,796 6,796 6,549 2,424 (568) 1,856 1,856 1,758
190
PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)

Extract of Statement of Income and Expenditure for the financial year/period ended 30 November 2011 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 30 November 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 213,193 44,753 257,946 (125) 257,821 2010 RM000 231,303 52,328 283,631 (46,838) 236,793 From 30.6.09 to 31.11.10 RM000 26,925 (5,323) 21,602 21,602 21,426
(45,036) (5,307) (50,343) (50,343) (50,503)
PUBLIC AUSTRALIA EQUITY FUND (PAUEF)

Extract of Statement of Income and Expenditure for the financial year/period ended 31 July 2011 RM000 Investment income Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 312,739 28,963 341,702 (39,761) 301,941 2010 RM000 348,920 4,364 353,284 (9,319) 343,965 40,934 (6,547) 34,387 34,387 34,235 From 8.9.09 to 31.7.10 RM000 64 (4,189) (4,125) (4,125) (4,181)
191
PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)

Extract of Statement of Income and Expenditure for the financial year/period ended 30 November 2011 RM000 Investment (loss)/income Total expenses Net Investment (Loss)/Income Net (Loss)/Income Before Taxation Net (Loss)/Income After Taxation Extract of Statement of Assets and Liabilities as at 30 November 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 115,903 26,778 142,681 (1,851) 140,830 2010 RM000 174,940 45,961 220,901 (20,697) 200,204 (24,414) (3,659) (28,073) (28,073) (28,267) From 6.4.10 to 30.11.10 RM000 7,517 (1,930) 5,587 5,587 5,402
PUBLIC OPTIMAL GROWTH FUND (POGF)

Extract of Statement of Income and Expenditure for the financial period ended 31 July From 8.6.10 to 31.7.11 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 40,897 765 41,662 (2,275) 39,387 3,168 (679) 2,489 2,489 2,262
192
PUBLIC INDONESIA SELECT FUND (PINDOSF)

Extract of Statement of Income and Expenditure for the financial period ended 31 August From 1.9.10 to 31.8.11 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 August 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 84,123 4,591 88,714 (5,695) 83,019 7,655 (1,625) 6,030 6,030 5,815
PUBLIC TACTICAL ALLOCATION FUND (PTAF)

Extract of Statement of Income and Expenditure for the financial years ended 30 April 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 30 April 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 66,822 2,620 69,442 (2,507) 66,935 2010 RM000 82,317 3,048 85,365 (2,330) 83,035 2009 RM000 79,705 3,680 83,385 (306) 83,079 2,747 (1,361) 1,386 1,386 1,291 2010 RM000 1,821 (1,567) 254 254 124 2009 RM000 (2,349) (1,554) (3,903) (3,903) (4,002)
193
PUBLIC BALANCED FUND (PBF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 403,626 42,302 445,928 (52,817) 393,111 2010 RM000 343,684 36,347 380,031 (39,885) 340,146 2009 RM000 327,587 8,441 336,028 (24,258) 311,770 47,199 (6,400) 40,799 40,799 39,944 2010 RM000 19,828 (5,803) 14,025 14,025 13,195 2009 RM000 2,938 (4,924) (1,986) (1,986) (3,253)
PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Extract of Statement of Income and Expenditure for the financial years ended 30 April 2011 RM000 Investment income/(loss) Total expenses Net Investment Income/(Loss) Net Income/(Loss) Before Taxation Net Income/(Loss) After Taxation Extract of Statement of Assets and Liabilities as at 30 April 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 298,761 25,023 323,784 (10,260) 313,524 2010 RM000 370,020 42,226 412,246 (28,237) 384,009 2009 RM000 391,622 12,972 404,594 (2,749) 401,845 23,033 (6,193) 16,840 16,840 16,423 2010 RM000 29,385 (7,195) 22,190 22,190 21,355 2009 RM000 (36,329) (6,617) (42,946) (42,946) (43,503)
194
PUBLIC BOND FUND (P BOND)

Extract of Statement of Income and Expenditure for the financial years ended 31 July 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 July 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 1,389,761 12,200 1,401,961 (76,358) 1,325,603 2010 RM000 1,196,217 14,443 1,210,660 (61,238) 1,149,422 2009 RM000 973,301 5,171 978,472 (50,527) 927,945 96,785 (11,321) 85,464 85,464 85,078 2010 RM000 66,524 (8,460) 58,064 58,064 58,054 2009 RM000 55,779 (7,823) 47,956 47,956 47,974
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

Extract of Statement of Income and Expenditure for the financial years ended 30 April 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 30 April 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 1,639,497 2,613 1,642,110 (685) 1,641,425 2010 RM000 1,579,798 56 1,579,854 (656) 1,579,198 2009 RM000 1,387,092 51 1,387,143 (560) 1,386,583 64,664 (8,378) 56,286 56,286 56,286 2010 RM000 57,076 (7,467) 49,609 49,609 49,609 2009 RM000 50,572 (6,598) 43,974 43,974 43,974
195
PUBLIC ENHANCED BOND FUND (PEBF)

Extract of Statement of Income and Expenditure for the financial years ended 31 January 2012 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 January 2012 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 290,678 6,608 297,286 (11,087) 286,199 2011 RM000 302,267 6,491 308,758 (8,420) 300,338 2010 RM000 351,893 10,265 362,158 (9,685) 352,473 16,857 (3,384) 13,473 13,473 13,332 2011 RM000 16,198 (3,608) 12,590 12,590 12,394 2010 RM000 11,631 (4,130) 7,501 7,501 7,213
PUBLIC SELECT BOND FUND (PSBF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May 2011 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 May 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 1,100,397 55 1,100,452 (64,084) 1,036,368 2010 RM000 1,012,645 55,327 1,067,972 (45,572) 1,022,400 2009 RM000 665,772 6,125 671,897 (34,129) 637,768 52,884 (8,291) 44,593 44,593 44,593 2010 RM000 35,379 (5,618) 29,761 29,761 29,761 2009 RM000 25,143 (5,086) 20,057 20,057 20,057
196
PUBLIC STRATEGIC BOND FUND (PSTBF)

Extract of Statement of Income and Expenditure for the financial period ended 31 December From 30.12.10 to 31.12.11 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 December 2011 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 327,736 2,280 330,016 (9,358) 320,658 7,220 (1,086) 6,134 6,134 6,125
PUBLIC MONEY MARKET FUND (PMMF)

Extract of Statement of Income and Expenditure for the financial years ended 31 January 2012 RM000 Investment income Total expenses Net Investment Income Net Income Before Taxation Net Income After Taxation Extract of Statement of Assets and Liabilities as at 31 January 2012 RM000 Total investments Total other assets Total Assets Total Liabilities Net Asset Value/Unitholders Capital 373,520 1,833 375,353 (12,182) 363,171 2011 RM000 387,651 2,892 390,543 (9,711) 380,832 2010 RM000 523,072 86,702 609,774 (15,117) 594,657 12,175 (1,532) 10,643 10,643 10,643 2011 RM000 14,102 (2,059) 12,043 12,043 12,043 2010 RM000 17,574 (2,882) 14,692 14,692 14,692
197
5.2 EXPENSES INCURRED BY THE FUNDS

The table below shows the total annual expenses incurred by the funds in their respective preceding financial year. Management Fee Fund Name RM000 PSF PGF PIX PIF PAGF PRSF P SmallCap PEF PFSF PDSF PFES PRSEC PGSF PFEDF PCSF PFEPRF PSEASF PSSF PFECTF PCTF PFETIF PSA30F PNREF PAUEF PFA30F POGF PINDOSF PTAF PBF PFEBF P BOND PIN BOND PEBF PSBF PSTBF PMMF
# ^
Trustee Fee RM000 450 450 450 131 395 600 300 434 204 309 292 242 81 469 1,161 368 513 442 146 81 66 63 222 267 149 30 62 61 279 290 400 300 135 300 114 77 %# 0.04 0.05 0.05 0.07 0.07 0.02 0.06 0.06 0.07 0.06 0.06 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.07 0.08 0.03 0.02 0.045 0.03 0.08 0.02
Other Expenses RM000 284 248 180 100 191 399 153 201 107 143 199 178 104 185 263 149 206 15 99 64 60 47 87 99 94 27 112 70 132 99 143 17 57 95 16 42 %# 0.02 0.03 0.02 0.05 0.03 0.02 0.03 0.03 0.04 0.03 0.04 0.05 0.10 0.03 0.02 0.03 0.03 -^ 0.05 0.06 0.07 0.06 0.03 0.03 0.05 0.07 0.14 0.09 0.03 0.03 0.01 -^ 0.02 0.01 0.01 0.01
Total Annual Expenses RM000 17,827 14,187 15,056 3,023 8,863 37,809 7,971 11,473 4,664 8,170 8,265 5,946 1,792 10,040 24,651 8,329 10,973 8,940 3,348 1,761 1,527 1,286 4,987 5,880 3,205 618 1,493 1,361 6,398 6,193 11,321 8,378 3,190 8,291 1,086 1,532 %# 1.56 1.58 1.54 1.61 1.57 1.54 1.59 1.59 1.60 1.59 1.70 1.72 1.76 1.71 1.70 1.81 1.71 1.56 1.83 1.74 1.85 1.64 1.79 1.76 1.72 1.65 1.91 1.79 1.60 1.71 0.79 0.52 1.06 0.79 0.76 0.40
%# 1.50 1.50 1.47 1.49 1.47 1.50 1.50 1.50 1.49 1.50 1.60 1.60 1.58 1.60 1.60 1.70 1.60 1.48 1.70 1.60 1.70 1.50 1.68 1.65 1.59 1.50 1.69 1.62 1.50 1.60 0.75 0.50 1.00 0.75 0.67 0.37
17,093 13,489 14,426 2,792 8,277 36,810 7,518 10,838 4,353 7,718 7,774 5,526 1,607 9,386 23,227 7,812 10,254 8,483 3,103 1,616 1,401 1,176 4,678 5,514 2,962 561 1,319 1,230 5,987 5,804 10,778 8,061 2,998 7,896 956 1,413
Reflected as a percentage of average NAV. Less than 0.01%
Note : Other expenses exclude brokerage fee.
198
The following funds will have their first financial year/period as follows: Fund Name PSGEF PSSCF PENTBF The management expense ratio (MER) of the funds for the past three (3) financial years is as follows: Fund Name PSF 31 December 2011 31 December 2010 31 December 2009 PGF 31 July 2011 31 July 2010 31 July 2009 PIX 31 January 2012 31 January 2011 31 January 2010 PIF 31 October 2011 31 October 2010 31 October 2009 PAGF 31 March 2012 31 March 2011 31 March 2010 PRSF 31 March 2012 31 March 2011 31 March 2010 P SmallCap 31 August 2011 31 August 2010 31 August 2009 PEF 31 October 2011 31 October 2010 31 October 2009 MER (%) 1.56 1.59 1.59 1.58 1.59 1.59 1.54 1.57 1.58 1.61 1.64 1.65 1.57 1.61 1.61 1.54 1.55 1.56 1.59 1.59 1.60 1.59 1.59 1.60 Fund Name PFSF 31 December 2011 31 December 2010 31 December 2009 PDSF 31 May 2011 31 May 2010 31 May 2009 PFES 31 May 2011 31 May 2010 31 May 2009 PRSEC 31 May 2011 31 May 2010 31 May 2009 PGSF 31 May 2011 31 May 2010 31 May 2009 PFEDF 30 November 2011 30 November 2010 30 November 2009 PCSF 31 July 2011 31 July 2010 31 July 2009 PFEPRF 31 July 2011 31 July 2010 31 July 2009 MER (%) 1.60 1.61 1.62 1.59 1.59 1.59 1.70 1.65 1.67 1.72 1.67 1.68 1.76 1.72 1.61 1.71 1.68 1.65 1.70 1.66 1.64 1.81 1.81 1.83 30 September 2012 Financial Year/Period-ending
199
Fund Name PSEASF 31 October 2011 31 October 2010 31 October 2009 PSSF 31 October 2011 31 October 2010 31 October 2009 PFECTF 30 June 2011 30 June 2010 30 June 2009 PCTF 31 May 2011 31 May 2010 31 May 2009 PFETIF 30 April 2011 30 April 2010 30 April 2009 PSA30F 30 November 2011 30 November 2010 30 November 2009 PNREF * 30 November 2011 30 November 2010 PAUEF * 31 July 2011 31 July 2010 PFA30F * 30 November 2011 30 November 2010 POGF * 31 July 2011 PINDOSF * 31 August 2011
MER (%) 1.71 1.69 1.67 1.56 1.59 1.61 1.83 1.84 1.86 1.74 1.71 1.79 1.85 1.85 2.06 1.64 1.64 1.67 1.79 1.83
Fund Name PBF 31 May 2011 31 May 2010 31 May 2009 PFEBF 30 April 2011 30 April 2010 30 April 2009 PTAF 30 April 2011 30 April 2010 30 April 2009 P BOND 31 July 2011 31 July 2010 31 July 2009 PIN BOND 30 April 2011 30 April 2010 30 April 2009 PEBF 31 January 2012 31 January 2011 31 January 2010 PSBF 31 May 2011 31 May 2010 31 May 2009 PSTBF * 31 December 2011 PMMF 31 January 2012 31 January 2011 31 January 2010
MER (%) 1.60 1.61 1.61 1.71 1.66 1.65 1.79 1.78 1.75 0.79 0.80 0.80 0.52 0.52 0.53 1.06 1.07 1.07 0.79 0.80 0.80
1.76 1.78 1.72 1.73
0.76 0.40 0.40 0.40
1.65
1.91
* These funds were launched for less than 3 financial years.
200
GETTING STARTED WITH PUBLIC MUTUAL
6.1 INVESTING WITH PUBLIC MUTUAL

Public Mutual distributes units of the funds through a network of dedicated unit trust consultants who are registered with the FIMM. Investors have the right to view the authorisation card issued by FIMM to the attending unit trust consultant, permitting him to deal in unit trust products. Public Mutual branch offices are located throughout the state capitals and major towns of Malaysia to service unitholders who may need to do an enquiry or a transaction with us. Please refer to the Directory of Public Mutual Branch and Agency Offices on pages 247 to 250 of the Master Prospectus for details of their addresses and telephone numbers.
6.2 HOW TO BUY, SELL OR SWITCH UNITS OF THE FUNDS

Read and Understand the Prospectus of the Funds It is important that you should understand fully about unit trust investments, and what investing with the funds would mean to you in terms of the potential benefits and risks. First ask the unit trust consultant attending to you for information on the funds, and be sure to request for a copy of the prospectus. It is important that you read the prospectus carefully, and seek further clarification on any matter that may concern you. In reading the prospectus, do make sure that you understand fully: the nature of collective investment schemes; the fund category, objective and its distribution policy; the types of fund transactions available; your rights as a unitholder; the nature and amount of fees and expenses of the fund which you would have to bear; the reports that you will receive as a unitholder which keeps you fully informed about the performances of the fund.
To Open an Account For prospective PIN BOND investors, please contact our corporate sales desk at 03-6279 6829 for further assistance. For prospective investors of the funds, you would need only to complete the Fund Application Form that comes with the prospectus obtainable free upon request. Your application form, together with the investment amount made out in a cheque in favour of Public Mutual Berhad followed by the new NRIC number of the first holder (e.g. Public Mutual Berhad (New NRIC No.)), can then be submitted to any of the Public Bank branches. You are advised to write down your name, new NRIC/Passport Number and telephone number at the back of the cheque. Please retain the bank-in slip issued by the bank for your record and future reference. If you are a first time investor of Public Mutual, you are also required to complete the New Investor Form. For investors who are investing under the EPF Members Investment Scheme (of which application to invest will be subject to the approval by EPF), you are required to complete the Application Form for EPF Members Investment Scheme and KWSP 9N (AHL) Form and submit them together with a copy of your NRIC to the unit trust consultant attending to you. For non-individual or corporate applicants, the application must be submitted together with the requisite statutory documents. Please refer to the New Investor Form for details of the documents required by the different customer types i.e. a Malaysian company, partnership, sole proprietor or others. Please contact the corporate sales desk at 03-6279 6829 should you need further assistance. Minimum Initial Investment - Please refer to page 33 of Chapter 1: Key Features of The Funds.
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GETTING STARTED WITH PUBLIC MUTUAL (CONTD)
Adding Regularly to Your Account You may invest regularly into your investment account. This can be easily done through issuing Direct Debit Authorisation with Public Bank. Ask your unit trust consultant about investing regularly and get a head start on the benefits of dollar-cost-averaging that comes with the regular purchase of units. Alternatively, you may add to your investment account as and when you feel so inclined by depositing your cash/ cheque made in favour of Public Mutual Berhad followed by your fund account number, into the collection accounts maintained at Public Bank. Minimum Additional Investment - Please refer to page 33 of Chapter 1: Key Features of The Funds. Under the Deed, the Manager is given the exclusive right to effect the issue of units for the account of the fund and has absolute discretion to accept or reject in whole or in part any application for units. Mode of Payment When purchasing units of the funds, you are advised to issue a cheque made payable to Public Mutual Berhad followed by New NRIC No. of first holder (for initial investment) or Public Mutual Berhad followed by Account No. of targeted fund (for additional investment). Investors are advised not to make payment in cash to any of our unit trust consultants or staff when purchasing units of the funds. Investors who wish to pay in cash are advised to do so personally at any Public Bank branch.
Exercise of Cooling-off Right For investors who are investing with Public Mutual for the first time, the request to exercise your cooling-off right must be submitted either to the Public Mutual Head Office or to any of its branch offices within 6 Business Days from the date of receipt by Public Mutual, of the application form and payment. You will be paid a full refund of your investment principal within 10 days from the date of exercise of this cooling-off right. For EPF unitholders, the cooling-off period will commence from the date of receipt of application form by Public Mutual. Corporates or institutions, staff of the Manager and persons/unit trust consultants registered to deal in unit trust funds are not entitled to the cooling-off right. Exercise of Repurchase, Switching and Transfer of Units Repurchase Should you later need to partially or fully redeem your units, you would only need to complete and submit the Repurchase Form to your nearest Public Mutual branch office or Public Mutual Head Office. You will be paid the repurchase proceeds within 10 days from our receipt of your repurchase request. For EPF unitholders, the net repurchase proceeds will be remitted to EPF for crediting into the membersprovident accounts. Switching You may move your investments between various funds in response to changing financial goals or market conditions subject to the fees and conditions for switching laid out on pages 34 to 35 of Chapter 1: Key Features of The Funds. You need only to complete and return the Switching Form to your nearest Public Mutual branch office or Public Mutual Head Office.
202
Transfer For transfer of units, you need to complete and submit the Transfer Form. An administration fee of RM25 is charged on each transfer transaction. You can also execute your repurchase and switching requests using our e-commerce service, Public Mutual Online. Please refer to page 205 for more information on Public Mutual Online. Minimum Transaction Amount for Repurchase, Switching and Transfer The minimum transaction per repurchase, switching or transfer is 1,000 units for all funds except PIN BOND. For PIN BOND, the minimum transaction per repurchase or switching is 1,000,000 units. Account transfer facility is not available to PIN BOND. Minimum Account Balance Whatever you may do by way of repurchase, transfer or switching of funds, you must always ensure that you leave a minimum balance of 1,000 units (1,000,000 units in the case of PIN BOND) in your account at all times in order to stay invested with the fund. In the case of partial repurchase, the Manager may elect to repurchase the entire account if the effect thereof would result in the unitholder holding less than 1,000 units (1,000,000 units in the case of PIN BOND) in his/her account with the fund. Pledging of Units as Collateral Units held by you may be pledged as collateral for securing financing with Public Bank under the Unit Trust Flexi-Loan Express (UNIFLEX) Plan. The UNIFLEX Plan has many advantages. For more details on the UNIFLEX Plan, you may call Public Bank Hotline: 1800-22-9999. Investors should be aware of the loan financing risk as stated on page 40 of this Master Prospectus and are advised to read and understand the Loan Financing Risk Disclosure Statement that forms part of the Fund Application Form. Borrowing to Purchase Units Unit trusts are considered long term savings vehicles which should generally provide better returns compared to bank deposits through its investments in equities or other market-related securities. Investing in unit trusts involves market risks and it would be considered unwise for the unitholder to undertake borrowing to purchase his units as it may serve to accentuate any capital loss incurred by him in the event of prolonged weak (bear) market conditions. Consequently, investing in a unit trust fund with borrowed money is more risky than investing with your own savings. Investors are advised to read and understand fully the Loan Financing Risk Disclosure Statement that forms part of the Fund Application Form before signing off on the form. It is Our Companys Policy to Discourage the Use of Loan Financing in the Purchase of Units.
6.3 STATEMENTS AND REPORTS

Statements to Confirm and Record Transactions Computer-generated Statements will be issued to provide you a record of each and every transaction made in your account so that you may confirm the status and accuracy of your transactions, as well as an updated record of your investment account(s) with us. Annual/Interim Statement of Investment In addition, you will receive annual and interim Statements of Investment, sent together with the funds interim/ annual reports, which will provide you with the latest status of your investment account. For Mutual Gold Elite and Mutual Gold Members, additional Monthly Statement and Quarterly Statement of Accounts respectively will be generated as part of the Managers Priority Client Service.
203
Annual and Interim Reports The investment strategies, performances, portfolio holdings and accounts of the funds are detailed twice a year in annual and interim reports which are sent to all unitholders within 2 months from the close of each financial year or interim period. Statement of Distribution of Returns If distribution of returns is declared by the funds, you will receive Statements of Distribution of Returns, detailing the nature and amount of returns distributed by the funds. You may refer to pages 36 to 37, paragraph 1.5 Distribution Policy of Chapter 1: Key Features of The Funds for more information on the mode of distributions and policies and procedures on unclaimed monies/distributions.
6.4 KEEPING TRACK OF THE DAILY PRICES OF UNITS

Units are valued at their NAV per unit on every Business Day in which the Bursa Securities is open for dealing. Public Mutual buys from and sells units to unitholders during Business Days. Liquidity of your investment is thus assured. Unitholders may check for the current NAV/price of the funds by referring to the Unit Trusts Column published daily in major newspapers or by visiting our website at www.publicmutual.com.my. (Please refer to page 206 for Determination of Prices). Feel free to contact Public Mutual Hotline: 03-6207 5000 for general enquiries or specific assistance regarding your investments with us. You can also access Public Mutual Online, our e-commerce website for online transactions, account enquiries and e-statements and e-reports.
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DEDICATED SERVICES TO UNITHOLDERS OF PUBLIC MUTUAL
PUBLIC MUTUAL WEBSITE

For the latest update on the Companys development, please visit Public Mutual website at www.publicmutual.com.my. Our website carries a variety of information on services we provide including information about our funds, updates on fund prices and performances, information on unit trust investment planning, market reports on a daily, weekly, monthly and quarterly basis, and investment or financial planning related articles, all available at the tip of your hands. Surf our website in the comforts of your home to search for our funds that best suit your investment needs.
PUBLIC MUTUAL ONLINE

Investing has never been easier with Public Mutual Online, a secure and convenient facility which allows investors to conduct transactions via the internet. In addition, investors also enjoy quick access to their account details and e-statements and funds e-reports through Public Mutual Online. Call Public Mutual Hotline: 03-6207 5000 or visit www.publicmutual.com.my for more information
PRIORITY SERVICE
Mutual Gold and Mutual Gold Elite Priority Services are designed to provide value-added, time saving services and benefits to high net worth individual unitholders. The exclusive privileges Mutual Gold and Mutual Gold Elite Members will enjoy include free Will writing, free trust nominations, free Mutual Gold Co-Brand Credit Card*, repurchase cheques within two Business Days, numerous switching entitlements per annum*, free Group Personal Accident with Permanent Disability insurance coverage of up to RM750,000, complimentary magazine, Quarterly Statement of Accounts, invitations to Mutual Gold Seminars and Financial Planning Talks and many more. Mutual Gold Elite Members also enjoy other special benefits and privileges in addition to the above. * subject to terms and conditions Call Public Mutual Hotline: 03-6207 5000 for more information on terms and requirements
PUBLIC MUTUAL TRUST NOMINATION SERVICE

Public Mutual Trust Nomination allows you to name your loved ones as beneficiaries of your unit trust investments by declaring a Trust for their benefit. With trust nomination, your investment is distributed to your loved ones without them having to go through the lengthy process of Probate or Letter of Administration. Call Public Mutual Hotline : 03-6207 5000 for more information
INSURANCE COVERAGE AT ATTRACTIVE PREMIUMS

Public Mutual has arranged with established insurers to provide insurance coverage at attractive premiums exclusively for you. These insurance policies/plans provide coverage for term life, personal accident, total permanent disability, critical illnesses, hospitalisation and surgical, etc. Call Public Mutual Hotline : 03-6207 5000 for more information
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TRANSACTION INFORMATION
7.1 DETERMINATION OF PRICES

Valuation Point Valuation point refers to such a time(s) on a Business Day as may be decided by the Manager wherein the Net Asset Value (NAV) of the fund is calculated. For funds with no foreign investments, the valuation of NAV of funds is conducted on each Business Day at the close of the Bursa Securities. For funds with foreign investments, the valuation of funds will be conducted after the close of business of Bursa Securities for the relevant day, as certain of the foreign markets in which the funds may invest in have yet to close due to the different time zones of these countries. As such, the valuation point will thus be after the close of Bursa Securities but not later than 9:00 a.m. (or any other such time as may be permitted by the relevant authorities from time to time) on the following day in which the Manager is open for business. NAV per Unit The NAV per unit is obtained by dividing the NAV of the fund by the number of units in issue. Illustration 1: Computation of NAV per unit The following is a hypothetical example of the valuation carried out for PEF for the Business Day of 19 July 2012: Total NAV (RM) UIC (units) NAV per unit (RM) (Total NAV/UIC) Forward Pricing for both Buy and Sell Transactions Both the buy and sell transactions are traded at prices next determined. A transaction issued today by an investor to purchase units of the fund will be carried out at a price next determined i.e. to be calculated at the next valuation point after the application to purchase units is received and accepted by the Manager. Similarly, a transaction to redeem units by an investor will be done at the price next determined i.e. at the next valuation point after the repurchase request is received by the Manager. Investments banked in over the counter through Public Bank branches on any Business Day will be processed based on the price determined for the same Business Day. Investments transacted via electronic channels before or at 4:00 p.m. on any Business Day will be processed based on the price determined for the same Business Day; whilst investments transacted after 4:00 p.m. via these channels will be processed based on the price determined for the next Business Day. Any investment made on a non-Business Day will be treated as investments made on the following Business Day. In the event of any incorrect pricing of units of the funds, the Manager shall take immediate remedial action where that incorrect pricing (i) (ii) is equal or more than zero point five per centum (0.5%) of the NAV per unit; and results in a sum total of Ringgit Malaysia Ten (RM10.00) or more to be reimbursed to the affected unitholder for each sale or repurchase transaction. 1,625,250,000 3,250,500,000 0.50000000
Subject to any regulatory requirements, the Manager shall have the right to amend, vary or revise the abovesaid limits or threshold from time to time.
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TRANSACTION INFORMATION (CONTD)
7.2 COMPUTATION OF PRICES

Buying and selling of units are quoted and transacted at a single price, which is at the NAV per unit of the funds. Service charge and repurchase charge (if any) that are to be levied on the purchase and sale of units by investors will not be incorporated in the quoted prices of the funds. These charges will be computed and charged separately. Making an Investment Buying of units by investors is transacted at the NAV per unit of the funds. Upon the purchase of units of the funds by investors, a service charge of up to 5.5% of NAV per unit is levied for equity, mixed asset and balanced funds, whilst a service charge of up to 0.25% of NAV per unit is levied for bond and money market funds. For investors investing under the EPF Members Investment Scheme, a service charge of up to 3% of NAV per unit is levied for equity, mixed asset and balanced funds (as regulated by EPF). Illustration 2: Purchase of Units by Investors Let us assume that on 19 July 2012, Investor A decides to invest RM10,000 in PEF. Following through on illustration 1, the NAV per unit of PEF is at RM0.50000000. The service charge levied on the purchase of units in the fund is 5.5%. Based on the above, Investor A would have 20,000 units credited into his investment account as shown below: Units credited to investors account Amount invested NAV per unit Service charge per unit = = = = RM10,000 RM0.50000000 NAV per unit RM0.50000000 RM0.02750000 = = = Service Charge per unit RM0.02750000 RM550 x x Units credited to investor x x Service Charge (%) 5.5% 20,000 units
Total service charge incurred by Investor A
20,000 units
Following the above, the total amount payable by Investor A: = = = Amount invested in PEF RM10,000 RM10,550 Investors are advised not to make payment in cash to any of our unit trust consultants or staff when purchasing units of the funds. Redeeming an Investment Redemption of units by investors is transacted at the NAV per unit of the funds. The Manager does not impose a repurchase charge on the redemption of units of the funds by investors. + RM550 + Service charge incurred
207
TRANSACTION INFORMATION (CONTD)
Illustration 3: Redemption of Units by Investors Let us assume that Investor B decides to redeem 20,000 units of PEF. He submits his Repurchase Form to a branch office of Public Mutual. There is no repurchase charge levied on the sale of units of the fund by the investor. Based on the above, the amount redeemed from PEF = = = Repurchase charge per unit = = = NAV per unit RM0.50000000 Nil = = = Repurchase Charge per unit RM0 Nil x 20,000 units x Units redeemed x x Units redeemed 20,000 units RM10,000 x x NAV per unit RM0.50000000
Repurchase Charge (%) 0%
Total repurchase charge incurred by Investor B
Following the above, the repurchase proceeds received by Investor B within 10 days from the Managers receipt of his repurchase request: = = = Amount redeemed from PEF RM10,000 RM10,000 RM0 Repurchase Charge Incurred
7.3 COMPUTATION OF COOLING-OFF PROCEEDS

A cooling-off period of 6 Business Days is accorded to an investor who is investing with Public Mutual for the first time. During the cooling-off period, the investor, upon changing his mind about the unit trust investment that he has made, may proceed to exercise his cooling-off right by submitting a cooling-off request to any of the Public Mutual branch offices or Public Mutual Head Office. Under the cooling-off request, the refund for every unit held by the unitholder will be the sum of: (a) the price of a unit on the day the units were purchased; and (b) the sales charge imposed on the day the units were purchased. Essentially, the investor will receive a full refund of the initial amount paid by him on his purchase of units within 10 days of receipt of cooling-off notice by the Manager.
208
FEES, CHARGES AND EXPENSES
8.1 CHARGES IMPOSED ON SALE AND PURCHASE OF UNITS

Buying and selling of units are quoted and transacted at a single price, which is at the NAV per unit of the funds. Service charge and repurchase charge (if any) that are to be levied on the purchase and sale of units by investors will not be incorporated in the quoted prices of the funds. These charges will be computed and charged separately. For the purpose of calculating service charge and repurchase charge, the computation is based on the NAV per unit of the fund that has not been rounded up. Service Charge Service charge levied upon the purchase of units of the funds by investors is as follows: Equity, Mixed Asset and Balanced Funds Purchase of units through unit trust consultants: Up to 5.5% of NAV per unit. Purchase of units through the Manager: Up to 5.5% of NAV per unit. Bond and Money Market Funds Purchase of units through unit trust consultants: Up to 0.25% of NAV per unit. Purchase of units through the Manager: Up to 0.25% of NAV per unit.
Investors investing under the EPF Members Investment Scheme will be levied a service charge of up to 3% of NAV per unit, as regulated by EPF. The Manager may at its discretion charge a lower service charge based on the size of investment and/or other criterion as may be determined from time to time. Illustration 1: Computation of Service Charge Let us assume that Investor A decides to invest in PEF when the NAV per unit of the fund is at RM0.50000000. The service charge levied on the purchase of units in the fund is 5.5%. Service charge per unit = = = NAV per unit RM0.50000000 RM0.02750000 x x Service Charge (%) 5.5%
The service charge method of computation illustrated above is applicable to all the funds listed under this Master Prospectus. Repurchase Charge The Manager does not impose a repurchase charge on the sale of units of the funds by investors. Illustration 2: Computation of Repurchase Charge Let us assume that Investor A decides to redeem units of PEF when the NAV per unit of the fund is at RM0.50000000. There is no repurchase charge levied on the sale of units of the fund by investors. Repurchase charge per unit = = = NAV per unit RM0.50000000 Nil x x Repurchase Charge (%) 0%
The repurchase charge method of computation illustrated above is applicable to all the funds listed under this Master Prospectus. Charges on Switching and Transfer of Units There are charges involved for switching and transfer transactions. Please refer to pages 34 to 35 of Chapter 1: Key Features of The Funds for more information.
209
FEES, CHARGES AND EXPENSES (CONTD)
8.2 FEES AND EXPENSES OF THE FUNDS

Operating a fund involves a variety of expenses for portfolio management, the managers fee, fees for trustee, custodian, auditors, tax agents, administrative charges such as printing of interim and annual reports, distribution cheques, postage and other services incurred in the administration of the fund. These costs are paid out of the funds assets. Managers Fee and Trustees Fee %/RM Fee Annual Management Fee Equity, Mixed Asset and Balanced Funds PSF, PGF, PIX, PIF, PAGF, PRSF, P SmallCap, PEF, PFSF, PDSF, PSSF, PSA30F, POGF, PSSCF and PBF: 1.5% per annum of the NAV. PFES, PRSEC, PFEDF, PCSF, PSEASF, PCTF, PFA30F, PSGEF and PFEBF 1.60% per annum of the NAV. PAUEF and PTAF: 1.65% per annum of the NAV. PFEPRF, PFECTF, PFETIF, PNREF and PINDOSF: 1.70% per annum of the NAV. PGSF: 1.80% per annum of NAV. Bond Funds P BOND, PSBF, PSTBF and PENTBF: 0.75% per annum of the NAV. PIN BOND: 0.5% per annum of the NAV. PEBF: 1.0% per annum of the NAV. Money Market Fund PMMF: 0.375% per annum of the NAV.
Annual Trustee Fee
0.06% per annum of NAV, subject to a minimum fee of RM18,000 and a maximum fee of RM600,000 per annum.
The management fee is calculated and accrued daily, and payable monthly to the Manager. The trustee fee is calculated and accrued daily, and payable monthly to the Trustees.
210
FEES, CHARGES AND EXPENSES (CONTD)
8.3 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS

The management company does not receive any form of rebates from any broker/dealer. 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 funds and unit holders.
There are fees and charges involved and investors are advised to consider them before investing in the funds.
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9 THE MANAGER
9.1 CORPORATE PROFILE OF PUBLIC MUTUAL

The funds listed under this Master Prospectus are managed by Public Mutual, a wholly owned subsidiary of Public Bank Berhad. Public Mutual is a licensed fund manager and is the largest private unit trust manager in terms of NAV. Incorporated on 21 July 1975 under its former name Kuala Lumpur Mutual Fund Berhad, Public Mutual began its operations on 2 July 1980 and was among the early pioneers of the industry. Public Mutual has been managing unit trust funds in Malaysia for over two decades. The graph below shows the rapid growth in net asset value managed by Public Mutual since the early 1990s when the unit trust industry came under the purview of the Securities Commission of Malaysia. Public Mutual currently manages ninety three (93) unit trust funds with a total NAV of over 47.4 Billion (as at 2 April 2012) from over 2,713,000 account holders. In terms of NAV and market position within the Malaysian private unit trust industry, Public Mutual maintains the largest market share of assets under management.
Growth of Net Asset Value (From Dec 1992 to Dec 2011 and 2 Apr 2012)
48 46 44 42 40 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0
RM Billion
NAV (RM Bil)
1992 0.16
1993 0.82
1994 1.47
1995 2.13
1996 2.37
1997 1.78
1998 2.25
1999 3.83
2000 4.11
2001 5.03
2002 5.80
2003 8.23
2004 9.88
2005 12.08
2006 16.19
2007 28.39
2008 23.32
2009 35.58
2010 40.60
2011 2-Apr-12 44.70 47.49
9.2 ORGANISATION OF PUBLIC MUTUAL

Staff Strength Public Mutual maintains a staff strength of approximately 760 personnel as of 2 April 2012 to manage and administer its unit trust schemes. Sales Network Sale of the Public Series of Funds and Public Series of Shariah-Based Funds are conducted through Public Mutuals dedicated direct sales agency force comprising individual unit trust consultants registered with the FIMM. The PB Series of Funds is distributed by Public Mutuals appointed IUTA(s). Public Mutual has a broad network of branches located in state capitals and major towns to service its unitholders and markets. This comes in addition to a national web of support networks comprising the branches of Public Bank that act as collection centres for the banking-in of investments by unitholders. Customer Service, Mutual Gold and Public Mutual Online Customer Service of Public Mutual attends to unitholders enquiries on the status of their investment transactions, statements, distributions and other matters pertaining to their investments with the funds. Unitholders can also conduct transactions and access to their account details through Public Mutual Online. Priority clients may access the exclusive Mutual Gold Service for value-added, time saving services. Call our Hotline: 03-6207 5000 for direct access to Customer Service and Mutual Gold.
1
Source: The Edge, Lipper Fund Table, 28 February 2012
212
THE MANAGER (CONTD)
9.3 UNIT TRUST FUNDS UNDER PUBLIC MUTUAL

Public Mutual manages 93 unit trust funds spread over various fund categories as shown below: Category of Fund Approved Size of Fund (Billion Units) Net Asset Units in Value Circulation as at as at 2.4.12 2.4.12 (RM Billion) (Billion Units) 1.469 1.054 1.005 0.180 0.589 2.803 0.794 0.824 0.360 0.907 0.369 0.245 0.091 0.426 0.908 0.370 0.502 0.542 0.176 0.069 0.077 0.065 0.261 0.304 0.143 0.034 0.100 0.184 0.020 0.062 0.393 0.244 1.352 1.696 0.305 1.381 0.390 0.006 0.334 3.288 1.698 0.323 2.538 0.321 0.494 2.542 2.146 1.439 0.337 0.948 4.444 1.090 2.993 1.353 3.025 1.735 1.324 0.477 2.003 5.781 1.428 1.927 1.846 0.673 0.335 0.272 0.203 1.199 1.208 0.664 0.116 0.364 0.740 0.078 0.301 0.577 1.168 1.329 1.676 0.295 1.321 0.373 0.006 0.337 3.774 4.847 0.990 6.802 1.236 1.999
Public Series of Funds Public Savings Fund Public Growth Fund Public Index Fund Public Industry Fund Public Aggressive Growth Fund Public Regular Savings Fund Public SmallCap Fund Public Equity Fund Public Focus Select Fund Public Dividend Select Fund Public Far-East Select Fund Public Regional Sector Fund Public Global Select Fund Public Far-East Dividend Fund Public China Select Fund Public Far-East Property & Resorts Fund Public South-East Asia Select Fund Public Sector Select Fund Public Far-East Consumer Themes Fund Public China Titans Fund Public Far-East Telco & Infrastructure Fund Public Select Alpha-30 Fund Public Natural Resources Equity Fund Public Australia Equity Fund Public Far-East Alpha-30 Fund Public Optimal Growth Fund Public Indonesia Select Fund Public Singapore Equity Fund Public Strategic SmallCap Fund Public Tactical Allocation Fund Public Balanced Fund Public Far-East Balanced Fund Public Bond Fund Public Institutional Bond Fund Public Enhanced Bond Fund Public Select Bond Fund Public Strategic Bond Fund Public Enterprises Bond Fund Public Money Market Fund Public Series of Shariah-Based Funds Public Ittikal Fund Public Islamic Equity Fund Public Islamic Opportunities Fund Public Islamic Dividend Fund Public Asia Ittikal Fund Public Islamic Asia Dividend Fund
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Mixed Asset Balanced Balanced Bond Bond Bond Bond Bond Bond Money Market Equity Equity Equity Equity Equity Equity
3.375 4.50 2.25 1.00 1.50 6.75 1.30 5.00 1.85 4.50 3.50 3.00 3.00 7.50 15.00 3.375 7.50 3.00 1.50 1.50 1.50 1.50 1.50 2.25 1.50 1.50 1.50 1.50 1.50 1.50 1.50 3.80 2.50 3.00 1.00 2.25 0.75 0.50 1.50 5.00 6.00 1.50 9.00 5.00 6.50
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Category of Fund
Approved Size of Fund (Billion Units)
Net Asset Units in Value Circulation as at as at 2.4.12 2.4.12 (RM Billion) (Billion Units)
Public Series of Shariah-Based Funds (contd) Public Islamic Sector Select Fund Public China Ittikal Fund Public Islamic Select Treasures Fund Public Islamic Optimal Growth Fund Public Islamic Select Enterprises Fund Public Islamic Asia Leaders Equity Fund Public Islamic Alpha-40 Growth Fund Public Islamic Treasures Growth Fund Public Ittikal Sequel Fund Public Islamic Savings Fund Public Islamic Mixed Asset Fund Public Islamic Asia Tactical Allocation Fund Public Islamic Bond Fund Public Islamic Enhanced Bond Fund Public Islamic Select Bond Fund Public Islamic Infrastructure Bond Fund Public Islamic Strategic Bond Fund Public Sukuk Fund Public Islamic Income Fund Public Islamic Money Market Fund PB Series of Funds PB Growth Fund PB Asia Equity Fund PB Islamic Equity Fund (Shariah-based) PB Islamic Asia Equity Fund (Shariah-based) PB ASEAN Dividend Fund PB Euro Pacific Equity Fund PB Islamic Asia Strategic Sector Fund (Shariah-based) PB China Pacific Equity Fund PB China ASEAN Equity Fund PB China Australia Equity Fund PB Singapore Advantage-30 Equity Fund PB Asia Pacific Enterprises Fund PB Asia Emerging Growth Fund PB Growth Sequel Fund PB Balanced Fund PB Asia Real Estate Income Fund PB Australia Dynamic Balanced Fund PB Indonesia Balanced Fund PB Fixed Income Fund PB Infrastructure Bond Fund PB Bond Fund PB Islamic Bond Fund (Shariah-based) PB Sukuk Fund (Shariah-based) PB Cash Management Fund PB Islamic Cash Management Fund (Shariah-based)
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Mixed Asset Mixed Asset Bond Bond Bond Bond Bond Bond Fixed Income Money Market Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Balanced Balanced Balanced Balanced Bond Bond Bond Bond Bond Money Market Money Market
4.375 7.50 5.00 5.00 3.375 1.50 1.50 1.50 1.50 1.50 3.00 1.50 1.80 0.50 0.50 0.50 0.50 0.50 1.125 1.00 1.35 2.00 2.00 2.00 2.25 2.25 1.50 5.00 1.50 1.50 1.50 1.50 1.50 1.50 0.75 1.50 1.50 1.50 1.50 0.50 0.50 0.45 0.75 2.00 1.00
0.982 0.516 1.055 1.188 1.104 0.062 0.110 0.049 0.046 0.021 0.423 0.079 0.724 0.069 0.142 0.168 0.259 0.104 0.608 0.501 0.823 0.119 0.177 0.124 0.245 0.102 0.050 0.259 0.191 0.139 0.122 0.057 0.020 0.091 0.538 0.031 0.122 0.127 0.988 0.285 0.220 0.408 0.541 0.110 0.047
3.321 2.966 3.407 4.194 2.880 0.255 0.403 0.176 0.174 0.083 1.490 0.346 0.676 0.062 0.135 0.160 0.247 0.101 0.572 0.485 1.026 0.606 0.715 0.570 0.866 0.603 0.282 1.738 0.864 0.787 0.481 0.260 0.072 0.355 0.682 0.119 0.430 0.475 0.901 0.264 0.215 0.338 0.529 0.108 0.046
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THE MANAGER (CONTD)
Category of Fund
Approved Size of Fund (Billion Units)
Net Asset Units in Value Circulation as at as at 2.4.12 2.4.12 (RM Billion) (Billion Units) 0.047 2.226 1.375 47.490 0.045 2.222 1.367 108.820
Wholesale Funds PBB MTN Fund 1 PB Cash Plus Fund PB Islamic Cash Plus Fund (Shariah-based) TOTAL
Bond Money Market Money Market
0.20 3.00 3.00 235.625
9.4 FUNCTIONS, DUTIES AND RESPONSIBILITIES OF THE MANAGER

The Manager of a unit trust scheme pools together the collective investments of unitholders and professionally invests the monies within prescribed limits, restrictions and guidelines to meet the objective of the unit trust scheme. The Manager is under a fiduciary duty to act in good faith and to avoid advancing a conflicting interest and to exercise due care and diligence when managing the monies of a unitholder and when making any investments for the unit trust scheme. The fund management function of funds under the management of Public Mutual is carried out internally by Public Mutual. The general functions, duties and responsibilities of the Manager include, but is not limited to, the following: to ensure that a unit trust scheme is managed within the ambit of the Deed, the CMSA 2007, the securities laws and the relevant guidelines at all times; any application to the Securities Commission e.g. to increase the size of the unit trust scheme, the renewal of the Master Prospectus etc.; the success in the launch and sales of any unit trust scheme, and to provide customer support and distribution agency networks to best serve the unitholders of the scheme; to keep the unitholders informed of the management and performance of the unit trust scheme through the interim and annual reports; to ensure that the interest of the unitholders is best served and protected at all times.
9.5 COMPLIANCE UNIT

The Internal Audit and Compliance Department in Public Mutual maintains strict oversight of the compliance practices within each unit trust scheme and also that of the Manager in order to ensure compliance with the stringent requirements of the CMSA 2007 and Guidelines on Unit Trust Funds. The department, thus, is responsible for ensuring that Public Mutual and its unit trust schemes observe, comply, and practise high standards of regulatory and operational compliance in keeping with the fiduciary duties and responsibilities. The profile of the designated person responsible for compliance matters is as set out below: Assistant General Manager - Internal Audit and Compliance En. Abdul Samad B. Jaafar, is a Certified Internal Auditor and chartered member of the Institute of Internal Auditors Malaysia. He holds a BA (Hons) degree in Accounting and Management Control from Sheffield Hallam University, UK and a Master in Business Administration from International Islamic University Malaysia. He joined Public Mutual in 1998. He has more than fifteen years working experience in audit, compliance, finance and treasury operations. He first joined Public Mutual as the Internal Audit Manager and assumed his present post in 2010.
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THE MANAGER (CONTD)
9.6 FINANCIAL PERFORMANCE OF PUBLIC MUTUAL

The following is a summary of the past performance of Public Mutual based on the audited financial statements for the past three (3) financial years ended 31 December: 2009 RM000 Paid-up capital Shareholders funds Turnover Profit before tax Profit after tax 6,000 73,943 580,908 218,881 187,413 2010 RM000 6,000 99,388 736,621 273,838 235,445 2011 RM000 6,000 117,218 869,570 321,850 277,830
As at 2 April 2012, the Manager is not engaged in any material litigation and arbitration, either as plaintiff or defendant, and is not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings which might materially and adversely affect its business or financial position.
9.7 THE BOARD OF DIRECTORS

Responsibility of the Board The Board of Directors meets monthly, and is involved in determining the corporate policies and direction of the Company. The detailed day-to-day running of the Company is left largely with the management of Public Mutual. There are eight members on the Board, of which four are Independent Directors. The profiles of the Directors are set out below. Board Members Tan Sri Dato Sri Dr. Teh Hong Piow Non Independent Director (Chairman) Tan Sri Datuk Seri Utama Thong Yaw Hong Independent Director (Co-Chairman) Tan Sri Dato Sri Tay Ah Lek Non Independent Director Dato Sri Lee Kong Lam Non Independent Director Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff Independent Director Dato Haji Abdul Aziz Bin Dato Dr. Omar Independent Director Mr. Quah Poh Keat Independent Director Ms Yeoh Kim Hong Chief Executive Officer / Executive Director Director (Chairman) Non Independent Tan Sri Dato Sri Dr. Teh Hong Piow, is a Director of Public Mutual since September 2006. He began his banking career in 1950 and has 62 years experience in the banking and finance industry. He founded Public Bank in 1965 at the age of 35. He was appointed as a Director of Public Bank on 30 December 1965 and had been the Chief Executive Officer of Public Bank since its commencement of business operations in August 1966. He was re-designated as Chairman of Public Bank and Chairman of Public Bank Group with effect from 1 July 2002. Tan Sri Dato Sri Dr. Teh Hong Piow had won both domestic and international acclaim for his outstanding achievements as a banker and the Chief Executive Officer of a leading financial services group. Awards and accolades that he had received include: Asias Commercial Banker of the Year 1991 The ASEAN Businessman of the Year 1994 Malaysias Business Achiever of the Year 1997 Malaysias CEO of the Year 1998 Best CEO in Malaysia 2004 The Most PR Savvy CEO 2004
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The Asian Banker Leadership Achievement Award 2005 for Malaysia Award for Outstanding Contribution to the Development of Financial Services in Asia 2006 Lifetime Achievement Award 2006 Award for Lifetime Achievement in Corporate Excellence, Dedication and Industry 2006 Asias Banker of High Distinction Award 2006 The BrandLaureate Brand Personality Award 2007 ASEAN Most Astute Banker Award 2007 Lifetime Entrepreneurship Achievement Award 2007 The Pila Recognition Award 2007 Asian Banker Par Excellence Award 2008 Best CEO in Malaysia 2009 Asias Banking Grandmaster 2010 Asian Corporate Director Recognition Award 2010 Value Creator: Malaysias Outstanding CEO 2010 The BrandLaureate - Tun Dr. Mahathir Mohamad Man of the Year Award 20102011 Best CEO (Investor Relations) 2011 for Malaysia Asian Corporate Director Recognition Award 2011 The BrandLaureate Premier Brand Icon Leadership Award 2011 Best CEO (Investor Relations) 2012 for Malaysia
Tan Sri Dato Sri Dr. Teh Hong Piow was awarded the Medal For the Course of Vietnamese Banking by the State Bank of Vietnam in 2002 for his contributions to the Vietnamese banking industry over the past years. Tan Sri Dato Sri Dr. Teh Hong Piow was conferred the Recognition Award 2007 by the National Bank of Cambodia in appreciation of his excellent achievement and significant contribution to the banking industry in Cambodia. In recognition of his contributions to society and the economy, he was conferred the Doctor of Laws (Honorary) from University of Malaya in 1989. He had served in various capacities in public service bodies in Malaysia; he was a member of the Malaysian Business Council from 1991 to 1993; a member of the National Trust Fund from 1988 to 2001; a founder member of the Advisory Business Council since 2003; and is a member of the IPRM Accreditation Privy Council. He is a Fellow of several institutes which include the Institute of Bankers Malaysia; the Chartered Institute of Bankers, United Kingdom; the Institute of Administrative Management, United Kingdom; the Institute of Chartered Secretaries and Administrators, Australia and the Malaysian Institute of Management. Independent Director (Co-Chairman) Tan Sri Datuk Seri Utama Thong Yaw Hong is a Director of Public Mutual since September 2006. He was appointed as a Director of Public Bank on 23 June 1986 and was made its Chairman in October 1986. He was re-designated as Co-Chairman of Public Bank with effect from 1 July 2002. He graduated with a Bachelor of Arts (Hons) degree in Economics from University of Malaya and a Masters degree in Public Administration from Harvard University. He attended the Advanced Management Program at Harvard Business School. In June 1998, he was appointed a Pro-Chancellor of University Putra Malaysia from which he had retired in end June 2006. In September 2006, he was conferred the Doctor of Economics (Honorary) from University Putra Malaysia. He has had a distinguished career with the Government of Malaysia, primarily in the fields of socio-economic development planning and finance. He had served in the Economic Planning Unit in the Prime Ministers Department since 1957 and became its Director-General from 1971 to 1978 and served as Secretary-General, Ministry of Finance from 1979 until his retirement in 1986. Tan Sri Datuk Seri Utama Thong Yaw Hong also serves as member on the Boards of Trustees of Program Pertukaran Fellowship Perdana Menteri Malaysia, Tun Razak Foundation and the Malaysian Institute of Economic Research, among others. He is a member of the National Economic Council and is also a Senior Member of the Working Group of the Executive Committee for the National Economic Council. Tan Sri Datuk Seri Utama Thong Yaw Hong is a Distinguished Fellow of the Institute of Strategic and International Studies (ISIS) Malaysia and is also a Fellow of the Institute of Bankers Malaysia.
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THE MANAGER (CONTD)
Director Non Independent Tan Sri Dato Sri Tay Ah Lek is a Director of Public Mutual since August 1995. He has 51 years experience in the banking and finance industry. He was appointed as an Executive Director of Public Bank on 18 June 1997 and was re-designated as Managing Director with effect from 1 July 2002. He joined the Public Bank Group as a pioneer staff in 1966. He was the Executive Vice-President of Public Bank from 1995 to 1997 and prior to this appointment, he was the Executive Vice-President of the former Public Finance Bhd. Tan Sri Dato Sri Tay Ah Lek holds a Masters degree in Business Administration from Henley, United Kingdom and attended the Advanced Management Program at Harvard Business School. He is a Fellow of CPA Australia, the Financial Services Institute of Australasia, the Institute of Bankers Malaysia and the Malaysian Institute of Management. He is presently the Chairman of the Association of Hire Purchase Companies Malaysia and is a Member of the National Payments Advisory Board. Director Non Independent Dato Sri Lee Kong Lam is a Director of Public Mutual since July 1999. He has 44 years experience in the banking and finance industry. He was appointed as an Executive Director of Public Bank on 28 November 2001. He joined Public Bank in November 1996 as General Manager and was subsequently appointed Senior General Manager in 1997 and Executive Vice-President in 1998. Prior to joining Public Bank, he was with Bank Negara Malaysia (BNM) and was involved primarily in the supervision and examination of banking institutions. He retired in August 1996 as the Head of BNMs Examination Department and as a member of BNMs Management Committee. He is a Fellow of CPA Australia and the Chartered Institute of Bankers, United Kingdom; and a Chartered Accountant of the Malaysian Institute of Accountants. Independent Director Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff is a Director of Public Mutual since December 1993. He is a qualified Professional Chartered Town Planner and a Professional Landscape Architect from the University of Newcastle-upon-Tyne, England. He was honoured by the University of Newcastle-upon-Tyne, England with the Honorary Degree of Doctor in Civil Law in May 1993. He is a Fellow of the Royal Town Planning Institute London; Fellow of Malaysian Institute of Planners; and Fellow of Institute of Landscape Architects Malaysia. He had served in various State and Federal Governments before retiring in 1993. He was a member of the Advisory Board of the City of Kuala Lumpur (Dewan Bandaraya Kuala Lumpur) until December 2004. Over the years and through his involvement as a Director of several public listed companies, he has accumulated vast experiences in various sectors namely, property and housing development, hotel management, food manufacturing and expressway management. Dato Mohamed Ishak is the Chairman of Yee Lee Corporation Berhad. He is also a Trustee of Yayasan Seni Selangor (Galeri Shah Alam) and Director of MIMA Holdings Enterprise Sdn Bhd. Independent Director Dato Haji Abdul Aziz Bin Dato Dr. Omar is a Director of Public Mutual since December 1993. He qualified as a Chartered Accountant from the Institute of Chartered Accountants in England & Wales, and is also a Chartered Accountant of the Malaysian Institute of Accountants. During his previous banking experiences, he became a Fellow of the Institute of Bankers Malaysia. His 43-year experiences todate also include the areas of audit and accounting, taxation, property, plantation, hotelling, trading and manufacturing, both locally and abroad. Dato Haji Abdul Aziz sits as an Independent Non-Executive Director on the Boards of Directors of Public Bank, Public Investment Bank Bhd, Public Islamic Bank Bhd (Co-Chairman), PB Trustee Services Berhad, LPI Capital Bhd, Lonpac Insurance Bhd and ING PUBLIC Takaful Ehsan Berhad. In addition, he is the Co-Chairman of the Audit Committee, Risk Management Committee and Credit Risk Management Committee and a member of the Nomination Committee and Remuneration Committee of Public Bank. He is the Chairman of Audit Committee of Public Islamic Bank Bhd and Co-Chairman of Audit Committee of Public Investment Bank Bhd.
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THE MANAGER (CONTD)
Independent Director Mr. Quah Poh Keat, is a Director of Public Mutual since 1 September 2009. He is a Fellow of the Malaysian Institute of Taxation and the Association of Chartered Certified Accountants; and a Member of the Malaysian Institute of Accountants, the Malaysian Institute of Certified Public Accountants and the Chartered Institute of Management Accountants. He was a partner of KPMG since October 1982 and appointed Senior Partner (also known as Managing Partner in other practices) in October 2000 until 30 September 2007. He retired from the firm on 31 December 2007. He is experienced in auditing, tax and insolvency practices and had worked in Malaysia and United Kingdom; his experiences include restructuring, demergers and privatisation. Mr Quah also sits as an Independent Non-Executive Director on the Boards of Directors of Public Bank, Public Investment Bank Bhd, Public Islamic Bank Bhd, Public Financial Holdings Ltd, Public Bank (Hong Kong) Ltd, Cambodian Public Bank Plc, Campu Lonpac Insurance Plc, LPI Capital Bhd, Lonpac Insurance Bhd, IOI Corporation Bhd and Telekom Malaysia Bhd. Chief Executive Officer / Executive Director Non Independent Ms. Yeoh Kim Hong, CA(M), CPA, CFP, is a Member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. She is an Executive Director of Public Mutual since September 2004. Ms Yeoh has more than 16 years of experience in the unit trust industry. She joined Public Mutual in 1996 and was promoted to General Manager - Finance & Operations in 1999. In 2004, she was promoted to the position of Senior General Manager and was involved in the strategic planning of marketing and sales of unit trusts, customer administration and services, information technology, finance, product research and development and other areas of operations of the company. Ms. Yeoh assumed her position as Chief Executive Officer of Public Mutual in July 2007. Prior to joining Public Mutual, Ms. Yeoh was with an international public accounting firm for more than 12 years during which she gained exposures in auditing and management consultancy and advisory, both locally and in the United States. She is currently a council member of the FIMM.
9.8 PROFILE OF KEY MANAGEMENT STAFF

Chief Executive Officer / Executive Director Ms. Yeoh Kim Hong Please refer to her profile as set out in Section 9.7 (page 219) of this Chapter. Senior General Manager Investment Mr. Lum Ming Jang, holds an honours degree in Accountancy from the National University of Singapore and is a Chartered Financial Analyst. He joined Public Mutual in 2001 as Senior Manager Investment Research and assumed the position of Senior Manager Fund Management and co-designated Fund Manager of various funds in 2003. He was promoted to General Manager Investment in 2004 and subsequently Senior General Manager - Investment in 2007. Mr. Lum has more than 20 years of experience in investment research and stock broking. Prior to joining Public Mutual, Mr. Lum held management positions at various established local and foreign stock broking houses, overseeing their investment research functions and institutional sales. Mr. Lums investment research experience include assessing corporate earnings growth prospects, evaluating management track record, computation of stock valuations and financial analysis of listed companies on the Bursa Securities. He is also familiar with analysis of financial and economic trends which affect stockmarket movements. On the fund management side, Mr. Lum has served as a co-Fund Manager of selected unit trust funds managed by Public Mutual since 2003 before assuming the position of General Manager Investment in 2004 and subsequently Senior General Manager - Investment in 2007. General Manager Information Technology Mr. Richard Tan Koon Eam, holds a diploma in Computer Science and has over 20 years experience in the information technology sector. Mr. Tan possesses a wide knowledge base which includes software design & development, project management, consultancy and web-based application development. He joined Public Mutual in 2000. Prior to joining Public Mutual, he was a Chief Technical Officer of a MSC status company specialising in E-commerce solutions. He is responsible for Public Mutuals information technology strategies and operations.
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THE MANAGER (CONTD)
General Manager Agency Operations Mr. Lee Kean Gie, CFP, ChFC, graduated with an honours degree in Economics and Chinese Studies from the University of Malaya. He joined Public Mutual as Sales Manager in 1994. Prior to joining Public Mutual, he was with a leading insurance company involved in the marketing of insurance products and agency development. He was promoted to Deputy Senior Manager in 1996 and subsequently Senior Manager - Sales and Training in 1999. He was appointed as General Manager Sales & Training in 2004 and re-designated as General Manager Agency Operations in 2006. He currently oversees areas relating to nationwide agency development and monitoring performance of branches network. General Manager Marketing & Financial Planning Mr. Alex Sito Kok Chau, ChFC, CFP, M.MKTG, has accumulated 20 years of experience in the unit trust industry. He is a Chartered Financial Consultant from The American College, USA, a Certified Financial Planner licensee of the Financial Planning Standards Board Ltd., USA, and holds a Masters Degree in Marketing from the University of Newcastle, Australia. Alex has 8 years of experience distributing unit trust and insurance products in the USA, where he helped developed a successful distribution channel for a large commercial bank. Alex joined Public Mutual in 1996. He is responsible for Public Mutuals marketing & events, advertising & promotions, market research, website-marketing, and financial planning products and services. Alex is a member of the Board of Governors for FPAM (Financial Planning Association Malaysia) and a member of the AMA (American Marketing Association). General Manager Customer Administration & Service Ms. Hang Siew Eng, is a member of the Institute of Administrative Management. She joined Public Mutual in 1980 and was appointed as General Manager, Customer Administration and Service in 2007. Ms. Hang is responsible for the overall fundholder administration and the management of customer transactions and records. In addition, she is in charge of Customer Service and Mutual Gold for Public Mutual. She has more than 20 years experience in the various aspects of unit trust management. General Manager Investment Mr. Tan Yan Heong, holds a B.Sc. (Hons) Degree in Actuarial Science from University of Kent, Canterbury, England. He joined Public Mutual in early 1994 as an Investment Analyst and has since accumulated more than 15 years of working experience in investment research and management. In early 2000, he was promoted to Manager, Investment and assumed the position of co-Fund Manager of various equity and bond funds. Mr. Tan was promoted to Senior Manager, Investment and designated Fund Manager of selected funds in 2004. He assumed the position of Deputy General Manager, Investment in 2005 and subsequently General Manager - Investment in 2007. Mr. Tan has gained experience in managing equity portfolios being involved in all aspects of the work ranging from performing stock analyses and investment valuations to making strategic asset allocation decisions. In managing the bond portfolios, he is experienced in performing credit analysis and cash flow discounting as well as overseeing the day-to-day money management tasks. General Manager Finance & Operations Ms. Tang Pueh Fong, CA(M), CPA, is a member of the Malaysian Institute of Certified Public Accountants and a Chartered Accountant of the Malaysian Institute of Accountants. Ms. Tang joined Public Mutual as Deputy General Manager Finance & Operations on 1 July 2007 and assumed her position as General Manager Finance & Operations in January 2010. Ms. Tang is responsible for the day to day operations of finance, funds accounts, securities, product development, business process re-engineering, administration and properties management and secretariat of the company. Prior to joining Public Mutual, Ms. Tang was a director with an international public accounting firm for more than 15 years during which she gained extensive knowledge and experience in auditing and business process advisory services with specialisation in fund management operations. Deputy General Manager Agency Development & Training Ms. Evelyn Chu Swee Yin, CFP, graduated with an honours degree in Food Science & Nutrition from University Kebangsaan Malaysia. She is a Certified Financial Planner licensee, Member of MAPS (Malaysian Association of Professional Speakers), MAFa (Malaysian Association of Facilitators) and Neuro-Linguistic Programming (NLP) practitioner. Evelyn has more than 19 years of agency training and development exposure in both the insurance and unit trust industries. Prior to joining Public Mutual, she was with a multi-national insurance company and was involved in training, agency development and financial planning. She subsequently headed the training and financial planning operations of an agency based unit trust management company. Ms. Evelyn is responsible for Public Mutuals agency development and training operations.
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THE MANAGER (CONTD)
9.9 PROFILE OF KEY INVESTMENT PERSONNEL

Senior General Manager Investment Mr. Lum Ming Jang Designated Fund Manager of Public Growth Fund, Public Regular Savings Fund, Public Bond Fund, Public Ittikal Fund, Public Islamic Bond Fund, Public Equity Fund, Public Islamic Equity Fund, Public Select Bond Fund, Public Islamic Dividend Fund,Public Regional Sector Fund, Public Asia Ittikal Fund, Public Global Select Fund, Public Islamic Asia Dividend Fund, Public China Select Fund, Public Far-East Consumer Themes Fund, Public China Titans Fund, Public China Ittikal Fund, Public Select Alpha-30 Fund, Public Islamic Asia Leaders Equity Fund, Public Optimal Growth Fund, PB Asia Equity Fund and PB China Pacific Equity Fund. Mr. Lum obtained his Capital Markets Services Representatives license on 31 December 2004. Mr. Lums profile is set out in Section 9.8 (page 219) of this Chapter. General Manager Investment Mr. Tan Yan Heong Designated Fund Manager of Public Aggressive Growth Fund, Public Balanced Fund, Public SmallCap Fund, Public Far-East Select Fund, Public Far-East Property & Resorts Fund, Public South-East Asia Select Fund, Public Sector Select Fund, Public Islamic Sector Select Fund, Public Far-East Telco & Infrastructure Fund, Public Natural Resources Equity Fund, Public Australia Equity Fund, Public Indonesia Select Fund, Public Ittikal Sequel Fund, Public Strategic SmallCap Fund, PB ASEAN Dividend Fund, PB Asia Real Estate Income Fund, PB China ASEAN Equity Fund, PB Australia Dynamic Balanced Fund, PB China Australia Equity Fund, PB Indonesia Balanced Fund and PB Asia Emerging Growth Fund and co-Fund Manager of Public Ittikal Fund. Mr. Tan obtained his Capital Markets Services Representatives license on 31 December 2004. Mr. Tans profile is set out in Section 9.8 (page 220) of this Chapter. Assistant General Manager Investment, Equities Section Mr. Chiang Kang Pey Designated Fund Manager of Public Index Fund, Public Industry Fund, Public Islamic Mixed Asset Fund, Public Far-East Dividend Fund, Public Tactical Allocation Fund, Public Islamic Asia Tactical Allocation Fund, Public Islamic Optimal Growth Fund, Public Far-East Alpha-30 Fund, PB Balanced Fund, PB Growth Fund, PB Islamic Equity Fund, PB Euro Pacific Equity Fund, PB Asia Pacific Enterprises Fund and PB Growth Sequel Fund and co-Fund Manager of Public China Select Fund and PB China Pacific Equity Fund. Mr. Chiang obtained his Capital Markets Services Representatives license on 8 February 2005. Mr. Chiang holds a Master of Financial Management (Deans Honours List) degree from the Rotterdam School of Management, Erasmus University in the Netherlands and a Bachelor of Economics in Accounting from Monash University in Australia. He is a CFA charterholder and has over 13 years of experience in investment analysis and portfolio management. Mr. Chiang joined Public Mutual in 2004 as Manager Investment Research and was subsequently re-designated as Manager Investment, Equities Section where he was involved in managing selected equity funds. He was promoted to the position of Senior Portfolio Manager Investment, Equities Section in 2005 and assumed the position of co-Fund Manager of various equity funds. From 2006 onwards, Mr. Chiang was appointed as the designated Fund Manager of selected equity funds. He was promoted to the position of Assistant General Manager in 2008. In this capacity, he actively constructs, monitors and rebalances the equity portfolios to achieve the stated objective of the respective funds. Mr. Chiang commenced his investment career in 1995 as an equity analyst at a stockbroking firm and subsequently, joined the investment department of a life insurance company. Prior to joining Public Mutual, he was attached to an asset management company initially as Assistant Fund Manager responsible for analysing and valuing listed companies. He was later made Fund Manager, jointly managing Asia Pacific (ex-Japan) portfolios where he specialised in Malaysian and Thailand equities. Assistant General Manager Investment, Fixed Income Section Mr. Chan Kam Khoon Mr. Chan obtained his Capital Markets Services Representatives license on 8 February 2005. Mr. Chan joined Public Bank in 1974 and has more than 30 years of banking experience. He was mainly involved in various aspects of Treasury activities involving foreign exchange trading, swaps and other derivative products. In 1985, he became Head of the Swap Desk and also managed the Asian Currency Unit desk of the bank. In 1990, he was transferred to Public Finance Bhd and assumed the position of Head of Money Market Department. His functions include the optimum utilisation of funds available and he also led a team into active bond trading activities, both in private debt securities and Malaysian government securities. Apart from this, he was also an active member of the Public Finance Management team where he assisted in formulating the various funding policies of the company. In 2002, Mr. Chan was transferred back to Public Bank to head the Funding and Fixed Income Sections of the Treasury Division. In 2004, Mr. Chan assumed the position of Senior Manager Investment in Public Mutual, overseeing the Fixed Income Section of the Investment Department. He was promoted to Assistant General Manager in 2005.
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Senior Portfolio Manager Investment, Fixed Income Section En. Zaharudin bin Ghazali Designated Fund Manager of Public Institutional Bond Fund, Public Money Market Fund, Public Enhanced Bond Fund, Public Islamic Enhanced Bond Fund, Public Islamic Money Market Fund, Public Islamic Select Bond Fund, Public Islamic Income Fund, Public Islamic Infrastructure Bond Fund, Public Strategic Bond Fund, Public Islamic Strategic Bond Fund, PB Fixed Income Fund, PB Islamic Bond Fund, PB Cash Management Fund, PB Cash Plus Fund, PB Islamic Cash Management Fund, PB Islamic Cash Plus Fund, PBB MTN Fund 1 and PB Infrastructure Bond Fund and co-Fund Manager of Public Bond Fund, Public Islamic Bond Fund and Public Select Bond Fund. En. Zaharudin obtained his Capital Markets Services Representatives license on 12 September 2005. En. Zaharudin, CFP, holds a Bachelor in Library Science from Universiti Teknologi MARA. He joined Public Mutual in early 1991 as an Executive in the Investment Department. In late 1992, he was assigned to assist the Fund Managers in the cash management operations of the funds. En. Zaharudin was promoted to Assistant Manager Investment in 1997 and later to Manager Fixed Income Management in 2001. He was subsequently re-designated as Manager Investment, Fixed Income Section in 2004 and later promoted to Senior Portfolio Manager Investment, Fixed Income Section in 2006. Through his 15 years of involvement in fixed income management, he has contributed to the development and advancement of operations and system capabilities of the Investment Department. Senior Portfolio Manager Investment, Equities Section Ms. Tan Chee Chin Designated Fund Manager of Public Savings Fund, Public Focus Select Fund, Public Dividend Select Fund, Public Far-East Balanced Fund, Public Singapore Equity Fund and PB Singapore Advantage-30 Equity Fund and co-Fund Manager of Public Far-East Dividend Fund, Public Far-East Property & Resorts Fund, Public FarEast Consumer Themes Fund, Public China Titans Fund, PB Balanced Fund and PB Asia Real Estate Income Fund. Ms. Tan obtained her Capital Markets Services Representatives license on 8 February 2005. Ms. Tan graduated with a Bachelor of Commerce (Hons) in Accounting and Finance from the University of Western Australia and is a CFA charterholder. She joined Public Mutual in 2003 as Assistant Manager, Investment Research. She was made Deputy Manager - Investment, Equities Section and designated co-Fund Manager of selected funds managed by Public Mutual in 2005. Ms. Tan assumed her position of Portfolio Manager - Investment, Equities Section in 2006 and Senior Portfolio Manager - Investment, Equities Section in 2008. Ms Tan previously worked in a foreign financial institution with a global presence before embarking into a career in the financial markets. She was an investment analyst for an established local stock broking house for a period of time before moving on to the asset management industry. Ms. Tan has over 10 years experience in the Malaysian equity market. Senior Portfolio Manager Investment, Equities Section En. Mat Radzuan bin Abd Razak Designated Fund Manager of Public Islamic Opportunities Fund, Public Islamic Select Treasures Fund, Public Islamic Select Enterprises Fund, Public Islamic Alpha-40 Growth Fund, PB Islamic Asia Strategic Sector Fund and PB Islamic Asia Equity Fund and co-Fund Manager of Public Islamic Equity Fund, Public Islamic Dividend Fund, Public Asia Ittikal Fund, Public Islamic Enhanced Bond Fund, Public Islamic Asia Dividend Fund and Public China Ittikal Fund. En. Mat Radzuan obtained his Capital Markets Services Representatives license on 8 February 2005. En. Mat Radzuan holds a Bachelor of Science Degree in Actuarial Science and Finance from Roosevelt University, USA. He is a CFA charterholder and a member of the CFA Institute and CFA Malaysia. He joined Public Mutual Berhad in 2004 as Assistant Manager Investment, Equities Section and was subsequently made co-Fund Manager of selected funds managed by Public Mutual in 2005. En. Mat Radzuan assumed his position of Portfolio Manager - Investment, Equities Section in 2006 and Senior Portfolio Manager Investment, Equities Section in 2008. En. Mat Radzuan has more than 15 years of experience in the Malaysian equity market. Prior to joining Public Mutual, En. Mat Radzuan had worked with various companies including asset management, insurance, stock broking and futures broking companies. Senior Portfolio Manager Investment, Equities Section Ms. Chen Yuet Fong Designated co-Fund Manager of Public Regular Savings Fund, Public Tactical Allocation Fund, Public Islamic Asia Tactical Allocation Fund, Public Natural Resources Equity Fund, Public Australia Equity Fund, PB China ASEAN Equity Fund, PB Australia Dynamic Balanced Fund and PB China Australia Equity Fund. Ms. Chen obtained her Capital Markets Services Representatives license on 19 October 2005.
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Ms. Chen graduated with a Bachelor of Economics from the University of Malaya. She is a CFA charterholder. She joined Public Mutual in 2005 as Assistant Manager, Investment and assumed the position of Portfolio Manager Investment, Equities Section in 2006. She was subsequently promoted to Senior Portfolio Manager Investment, Equities Section in 2012. Prior to joining Public Mutual, Ms. Chen was attached to a local asset management company as a Fund Manager. Her fund management experience includes setting the investment strategy for the assets under management and management of equity and fixed income portfolios. Ms. Chen was also previously an investment analyst for a local stock broking house and her investment research experience includes assessing corporate earnings growth prospects, computation of stock valuations and financial analysis of listed companies. Portfolio Manager Investment, Fixed Income Section Cik Haniza binti Yang Razali Designated co-Fund Manager of Public Islamic Select Bond Fund, PB Islamic Bond Fund, PB Cash Plus Fund, PB Islamic Cash Plus Fund, PBB MTN Fund 1 and PB Sukuk Fund. Cik Haniza obtained her Capital Markets Services Representatives license on 8 February 2005. Cik Haniza holds a Masters in Business Administration majoring in Finance from International Islamic University Malaysia (IIUM) and BA (Hons) in Accounting & Finance from London South Bank University. She joined Public Mutual in 2004 as Assistant Manager-Investment, Fixed Income Section and assumed her present capacity as co-Fund Manager in 2005. She was re-designated as Portfolio Manager Investment, Fixed Income Section in 2006. Prior to joining Public Mutual, Cik Haniza was attached to an investment advisory company and was involved in providing portfolio management and investment services. She was also previously attached to a local unit trust management company as a designated Fund Manager and was responsible for the portfolio management and asset allocation decisions for bond and Islamic equity funds. She also has experience in developing procedures and internal guidelines and monitoring of trading activities to ensure compliance with stipulated procedures and regulations. Portfolio Manager Investment, Equities Section Ms. Lum Peck Woon Designated co-Fund Manager of Public Growth Fund, Public Aggressive Growth Fund, Public Equity Fund, Public Far-East Select Fund, Public South-East Asia Select Fund, Public Far-East Telco & Infrastructure Fund, Public Indonesia Select Fund, PB ASEAN Dividend Fund and PB Indonesia Balanced Fund. Ms. Lum obtained her Capital Markets Services Representatives license on 15 January 2007. Ms. Lum holds an honours degree in Accounting and Financial Management and Economics from the University of Sheffield, England. She is a CFA charterholder. She joined Public Mutual in 2005 as Senior Analyst, Investment. Ms. Lum was promoted to Assistant Manager Investment, Equities Section in 2007. Ms. Lum assumed her position as Deputy Manager Investment, Equities Section in 2008 and subsequently Manager Investment, Equities Section in 2011. Prior to joining Public Mutual, Ms. Lum was attached to a local asset management company as an Assistant Manager in equity investment and was responsible for assisting in portfolio management and equity research. Ms. Lum was also previously an investment analyst for a local venture capital company and her investment research experience includes assessing corporate earnings growth prospects and financial analysis of listed and unlisted companies. Portfolio Manager Investment, Equities Section En. Shahnaz bin Saiful Mulok Designated co-Fund Manager of Public Islamic Mixed Asset Fund, Public Islamic Optimal Growth Fund, PB Islamic Equity Fund and PB Asia Pacific Enterprises Fund. En. Shahnaz obtained his Capital Markets Services Representatives license on 5 October 2006. En. Shahnaz holds a Bachelor of Accountancy (Hons) from Universiti Teknologi MARA and is an affiliate of The Association of Chartered Certified Accountants (ACCA), United Kingdom. He joined Public Mutual in 2006 as Assistant Manager Investment, Equities Section and was promoted to Deputy Manager Investment, Equities Section in 2008. Prior to joining Public Mutual, En. Shahnaz was attached to a local asset management company. He started off in the asset management company as an investment analyst. His investment research experience include assessing corporate earnings growth prospects, evaluating management track record, computation of stock valuations and financial analysis of listed companies on the Bursa Securities. His fund management experience include formulating investment strategy and management of equity and fixed income portfolios.
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Portfolio Manager Investment, Equities Section Mr. Loo See Seong Designated co-Fund Manager of Public Balanced Fund, Public SmallCap Fund, Public Sector Select Fund, Public Enhanced Bond Fund and Public Strategic SmallCap Fund. Mr. Loo obtained his Capital Markets Services Representatives license on 20 January 2008. Mr. Loo graduated with a Bachelor of Economics from the University of Putra. He joined Public Mutual in 2001 as an Executive in the Investment Department. He was assigned to supervise the generation of statistics reports on stock valuation, fund and benchmark returns and fund attribution analysis. In 2004, his responsibilities were widened to include analysis of domestic and regional telecommunications stocks. He was subsequently promoted to Assistant Manager Investment in 2005 and his stock coverage was expanded. In 2008, his job scope was further expanded to include portfolio management and he was promoted to the position of Deputy Manager Investment in 2011. Portfolio Manager Investment, Equities Section Mr. Lum Meng Seng Designated co-Fund Manager of Public Savings Fund, Public Focus Select Fund, Public FarEast Balanced Fund, Public Singapore Equity Fund and PB Singapore Advantage-30 Equity Fund. Mr. Lum obtained his Capital Markets Services Representatives license on 25 October 2008. Mr. Lum holds a Bachelor of Economics (Hons) from the University of Malaya. He joined Public Mutual in 2007 as Assistant Manager Investment, Equities Section and assumed his position as Deputy Manager Investment, Equities Section in 2012. Mr. Lum has more than 10 years of experience in the Malaysia equity and fixed income markets. Prior to joining Public Mutual, Mr. Lum was attached to a local investment management company as an Assistant Manager in Investment, responsible for assisting in management of equity and fixed income portfolios. He started off his career as an investment analyst in an asset management company in 2000, responsible for equity research in the Malaysian capital market. Portfolio Manager Investment, Equities Section Mr. Liew Mun Hon Designated co-Fund Manager of Public Index Fund, Public Dividend Select Fund, Public Global Select Fund and Public Optimal Growth Fund. Mr. Liew obtained his Capital Market Services Representatives license on 7 November 2008. Mr. Liew holds an honours degree in Business from the Nanyang Technological University of Singapore and is a Chartered Financial Analyst. He joined Public Mutual in 2008 as Deputy Manager Investment, Equities Section. Mr. Liew assumed his position of Portfolio Manager Investment, Equities Section in 2008. Prior to joining Public Mutual, Mr. Liew was attached to a foreign insurance company as a Fund Manager. His fund management experience includes setting the investment strategy, constructing and rebalancing various investment mandates to achieve its stated objectives. Mr. Liew was also previously an Investment Analyst/Fund Manager at a local unit trust and asset management company where he was actively involved in the areas of portfolio management and equity research. Mr. Liew has more than 10 years of experience in the Malaysian equity market. Portfolio Manager Investment, Equities Section Mr. Andrew Seah Saik Weng Designated Fund Manager of Public Islamic Treasures Growth Fund and co-Fund Manager of Public Islamic Opportunities Fund, Public Islamic Select Treasures Fund, Public Select Alpha-30 Fund, Public Islamic Savings Fund and PB Islamic Asia Strategic Sector Fund. Mr. Seah obtained his Capital Market Services Representatives license on 25 October 2008. Mr. Seah graduated with a Bachelor of Social Science, majoring in Economics from Universiti Sains Malaysia. He joined Public Mutual in 2008 as Deputy Manager Investment, Equities Section and assumed his present position of Portfolio Manager Investment, Equities Section in 2008. Mr. Seah has worked in various local stockbroking companies and a regional research house as an equity analyst before moving on to the fund management industry. Prior to joining Public Mutual, Mr. Seah was attached to a foreign owned insurance company as a Fund Manager, where he specialised in Malaysian and Singapore equities. Mr. Seah has more than 10 years of experience in the Malaysian equity market. Portfolio Manager Investment, Equities Section En. Mohd Isa bin Ibrahim Designated Fund Manager of Public Islamic Savings Fund and co-Fund Manager of Public Islamic Sector Select Fund, Public Islamic Select Enterprises Fund, Public Islamic Asia Leaders Equity Fund, Public Islamic Alpha-40 Growth Fund, Public Islamic Treasures Growth Fund and PB Islamic Asia Equity Fund. En. Mohd Isa obtained his Capital Market Services Representatives license on 19 September 2008.
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En. Mohd Isa holds a Masters in Business Administration majoring in Applied Finance & Investment from Universiti Kebangsaan Malaysia (UKM) and BBA (Hons) in Finance from Universiti Teknologi MARA. He joined Public Mutual in August 2008 as Deputy Manager Investment, Equities Section. En. Mohd Isa assumed his position of Manager Investment, Equities Section in 2011. En. Mohd Isa has more than 10 years of experience in the Malaysian equity and fixed income markets. Prior to joining Public Mutual, he was attached to a local life insurance company as a designated Fund Manager and responsible for the portfolio management and asset allocation decisions for fixed income and equity funds. En. Mohd Isa was also previously attached to a local asset management company as a designated Fund Manager for Islamic equity funds as well as responsible in managing money market and fixed income portfolios. In his previous position, he was also involved in equity research which include assessing corporate earnings growth prospects, computation of stock valuations and financial analysis of listed companies on Bursa Securities. Portfolio Manager Investment, Fixed Income Section En. Azahari bin Ariffin Designated co-Fund Manager of Public Money Market Fund, Public Islamic Money Market Fund, Public Islamic Strategic Bond Fund, Public Sukuk Fund, Public Enterprises Bond Fund, PB Cash Management Fund, PB Islamic Cash Management Fund and PB Bond Fund. En. Azahari obtained his Capital Market Services Representatives license on 12 February 2009. En. Azahari bin Ariffin holds a Bachelor of Finance (Hons) degree from Universiti Teknologi MARA. He joined Public Mutual in December 2007 as Assistant Manager Investment, Fixed Income Section. Prior to joining Public Mutual, En. Azahari was attached to a local asset management company where he assisted in the portfolio management and asset allocation decisions for the money market fund. His experience also involved proposing various investment strategies for the assets under management and liaising with corporate clients on matters related to the fixed income funds. He was also attached to a local investment bank where he was responsible for dealing in money market and fixed income instruments of both conventional and Shariah-based markets. Portfolio Manager Investment, Fixed Income Section Mr. Ng Boon Hoa Designated Fund Manager of Public Sukuk Fund, Public Enterprises Bond Fund, PB Bond Fund and PB Sukuk Fund and co-Fund Manager of Public Institutional Bond Fund, Public Islamic Income Fund, Public Islamic Infrastructure Bond Fund, Public Strategic Bond Fund, PB Fixed Income Fund and PB Infrastructure Bond Fund. Mr. Ng obtained his Capital Market Services Representatives license on 3 June 2009. Mr. Ng is a CFA charterholder, a member of the Malaysian Institute of Certified Public Accountants and a Chartered Accountant of the Malaysian Institute of Accountants. He joined Public Mutual in 2007 as Deputy Manager Investment, Fixed Income Section overseeing the credit analysis and fixed income research functions of the section. He assumed his present position of Portfolio Manager Investment, Fixed Income Section in 2010. Mr. Ng has more than 10 years of working experience in various capacities which include serving as the Financial Controller of a subsidiary in a public listed group and subsequently as the Financial Controller of an international public relations company. Mr. Ng commenced his career in a local public accounting firm in 1994 before joining an international public accounting firm in 1995. His previous work experience includes auditing, business process advisory, due diligence review, debt restructuring as well as managing the financial, taxation, human resources and administrative matters of various companies. Portfolio Manager Investment, Equities Section Mr. Tan Kok Keong Designated co-Fund Manager of Public Industry Fund, Public Ittikal Sequel Fund, Public FarEast Alpha-30 Fund, PB Growth Fund, PB Euro Pacific Equity Fund and PB Growth Sequel Fund. Mr. Tan obtained his Capital Market Services Representatives license on 23 December 2010. Mr. Tan graduated with a Bachelor of Business from the Charles Sturt University, Australia. He joined Public Mutual in 2007 as a Senior Analyst in the Investment Department. Mr. Tan was promoted to Assistant Manager Investment, Equities Section in 2011. Prior to joining Public Mutual, Mr. Tan was attached to a local stock broking house and an asset management company as an investment analyst responsible for equity research in the Malaysian capital market.
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Portfolio Manager Investment, Equities Section Mr. Julian Ng Designated co-Fund Manager of Public Regional Sector Fund, PB Asia Equity Fund and PB Asia Emerging Growth Fund. Mr. Ng obtained his Capital Market Services Representatives license on 9 March 2011. Mr. Ng graduated with an Honours degree in Accounting and Finance from the Liverpool John Moores University, United Kingdom and a MBA in Finance from the University of Hull, United Kingdom. He joined Public Mutual in 2010 as Manager Investment, Equities Section and assumed his present position of Portfolio Manager Investment, Equities Section in 2011. Mr. Ng has 17 years of experience in the local and foreign financial services industry. Prior to joining Public Mutual, he was attached to established local and foreign stockbroking firms and involved in institutional sales in local and foreign markets. He was also previously attached to a local asset management company covering ASEAN and regional markets. Senior Manager Investment, Economic Research & Communications Section Mr. Long Shih Rome Mr. Long obtained his Capital Markets Services Representatives license on 26 September 2007. Mr. Long holds a Bachelor of Science Honours degree majoring in International Trade & Economic Development from the London School of Economics, London. He joined Public Mutual in 2003 as Manager in the Investment Department and assumed his present capacity as Senior Manager in 2007. Mr Long oversees the economics team which has developed statistical models and databases for economic research covering various regional economies. On the communications front, Mr. Long is responsible for updating the companys agents and unitholders with investment talks and regular publications about the market and economic outlook for local and foreign markets. Prior to joining Public Mutual, Mr. Long was the managing editor of an established investment magazine and had written articles covering stock market investments, unit trusts, financial planning and economics. Mr. Long was also previously a senior investment analyst with 10 years of experience covering various sectors of the Malaysia and Singapore equity markets.
9.10 AWARDS WON BY PUBLIC MUTUAL

On 20 February 2012, Public Mutual again emerged as the biggest winner in The Edge-Lipper Malaysia Fund Awards 2012 for the ninth consecutive year, winning a total of 8 awards. The awards won by funds under this Master Prospectus are as follows: Fund Awards Public Focus Select Fund Public SmallCap Fund Public SmallCap Fund Years 3 5 10 Category Equity Malaysia Small and Mid Caps Equity Malaysia Small and Mid Caps Equity Malaysia Small and Mid Caps
9.11 INVESTMENT MANAGEMENT FUNCTION OF THE MANAGER

Public Mutuals investment team comprises a group of portfolio managers and investment research analysts who possess the necessary expertise and experience to undertake the fund management of its unit trust funds. The investment methodology that is applied is mainly based on fundamental analysis. The overall responsibility to oversee and review the portfolio strategies recommended by the Fund Managers rests with the Investment Committee. Investment Committee The Investment Committee oversees the investment process of the funds, particularly with regard to reviewing the asset allocation and investment strategies proposed by the Fund Manager and his team.
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Members of the Investment Committee Tan Sri Datuk Seri Utama Thong Yaw Hong (Independent) Tan Sri Dato Sri Tay Ah Lek Dato Sri Lee Kong Lam Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff (Independent) Dato Haji Abdul Aziz Bin Dato Dr. Omar (Independent) Mr. Quah Poh Keat (Independent) Ms. Yeoh Kim Hong For profiles of the members of the Investment Committee, please refer to pages 217 to 219. The Committee meets twice a month and keeps in purview the achievement of the long-term investment objective of the funds. The detailed functions of the Investment Committee are as follows: Review the performance and portfolios of the funds. Review the performance of the markets and their respective outlook. Review and approve the portfolio strategies recommended by the Investment Department. Review the foreign portfolio strategies of the funds. Review the reports on weekly sale and purchase of investments.
Fund Management and the Investment Process The investment management of the unit trust funds under the management of Public Mutual is undertaken by the Investment Department which is headed by Mr. Lum Ming Jang, Senior General Manager Investment. He reports directly on the management of the funds to the Chief Executive Officer. Mr. Lum is assisted by Mr. Tan Yan Heong, General Manager Investment, Mr. Chiang Kang Pey, Assistant General Manager Investment, Equities Section and Mr. Chan Kam Khoon, Assistant General Manager Investment, Fixed Income Section. The team also includes several Senior Portfolio Managers and Portfolio Managers who are involved in the portfolio management of the various unit trust funds managed by Public Mutual. Additional team members comprising Senior Manager, Manager, Deputy Managers, Assistant Managers, Senior Executives and Executives provide further support in the monitoring of macro-economic variables and developments and financial analysis of various listed companies.
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Organisation Structure of the Investment Department Investment Committee
Chief Executive Officer
Senior General Manager - Investment
General Manager - Investment
Fixed Income Assistant General Manager Senior Portfolio Manager Portfolio Managers Manager Deputy Manager Assistant Managers Senior Executives Executives Senior Assistants (1) (1) (3) (1) (1) (2) (4) (7) (2)
Equities Assistant General Manager Senior Portfolio Managers Senior Manager Portfolio Managers Deputy Managers Assistant Managers Senior Executives Executives (1) (3) (1) (9) (3) (6) (13) (33)
Key Job Functions of the Investment Department Chief Executive Officer Responsible for the overall direction and asset allocation of the unit trust funds under Public Mutual. Reviews and monitors the performance of the funds. Evaluates and approves strategic investment decisions and policies recommended by the Senior General Manager - Investment. Oversees the daily management of the funds.
Senior General Manager Investment Responsible for the daily portfolio management of the unit trust funds under Public Mutual. Recommends strategic investment decisions and policies to the Chief Executive Officer for approval. Responsible in ensuring that the investments of the funds comply with their investment guidelines. Oversees and supervises the administration of the Investment Department. Presents economic and stockmarket views at investment seminars for the agency force and unitholders.
General Manager Investment Assists the Senior General Manager Investment in overseeing the key portfolio management functions of the Investment Department. Responsible for providing feedback on the fundamental outlook of the equity and fixed income markets. Assists the Senior General Manager Investment in overseeing and supervising the administration of the Investment Department. Oversees the information management system of the Investment Department.
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Assistant General Manager Investment, Equities Section Assists the Senior General Manager Investment in overseeing the key portfolio management functions of the Investment Department. Responsible for providing feedback on the fundamental outlook of the equity markets. Presents market updates and outlook at investment seminars for the agency force and unitholders.
Assistant General Manager Investment, Fixed Income Section Oversees the key management functions of the fixed income portfolios of the funds. Responsible for providing feedback on the fundamental outlook of the domestic fixed income market. Oversees the preparation of fixed income investment reports to unit trust holders. Presents updates and outlook on the bond market at investment seminars for the agency force and unitholders.
Senior Portfolio Managers and Portfolio Managers Investment, Equities Section Involves in the daily and key portfolio management functions. Analyses and prepares reports on the performance of the funds for distribution to unitholders and unit trust consultants. Provides research and market intelligence feedback on the market and stocks.
Senior Portfolio Manager and Portfolio Managers Investment, Fixed Income Section Assists in the daily management of the fixed income portfolios of the funds. Manages the daily placement and withdrawal of funds with approved financial institutions. Provides feedback on the trading activities in the money markets to facilitate the management of the bond portfolios.
Senior Manager, Manager, Deputy Managers, Assistant Managers, Senior Executives and Executives Investment Carries out the financial analysis of listed companies and monitors the performance of the economy to facilitate portfolio rebalancing and other investment decisions. Monitors corporate developments and performs in-depth evaluation of companies through site visits and meetings with the management. Assists in the preparation of investment reports for the investment team and for dissemination to unit trust holders and unit trust consultants.
9.12 RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST

All transactions carried out for or on behalf of the funds are executed on terms that are best available to the funds and which are no less favourable than arms length transactions between independent parties. The related-party transactions of the funds may include: dealings on sale and purchase of investment securities and instruments by the funds. money market deposits and placements by the funds. holding of units in the funds by related parties.
All related-party transactions of the funds are transacted at arms length and are established on terms and conditions that are stipulated in the applicable regulations of respective stock exchanges and/or other applicable laws and market convention. Where a conflict of interest arises due to the Investment Committee member or director holding substantial shareholding or directorships of public companies, and the fund(s) invests in that particular share or stock belonging to a public listed company, the said committee member or director shall abstain from any decision making relating to that particular share or stock of the fund(s). Employees of the Manager who are directly involved in the investment management of the fund(s) or who have direct and timely access to the daily trades done by the Fund Managers, are required to declare their dealings in securities.
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9.13 POLICIES AND PROCEDURES ON MONEY LAUNDERING ACTIVITIES

The Manager has established a set of policies and procedures to counter the risk involving money laundering and financing of terrorism, in compliance with the provisions of Anti-Money Laundering and Anti Terrorism Financing Act, 2001 (AMLATFA). The policies and procedures encompassed the following key initiatives: Provision of training and education on the subject matter to all employees, with emphasis on front-line personnel and members of the agency force; Setting up specific measures and controls with regard to customer identification and acceptance which include verification of the identity of customer via relevant identification documents; Ensuring prompt reporting of suspicious transactions to the Financial Intelligence Unit of Bank Negara Malaysia.
9.14 DOCUMENTS AVAILABLE FOR INSPECTION

For a period of not less than 12 months from the date of this Master Prospectus, the following documents or copies of them or other documents as may be required by the SC (where applicable) is available for inspection at the registered office of the Manager or such other place as the SC may determine: (a) (b) (c) (d) The master deed and supplemental deeds; Each material contract or document referred to in this Master Prospectus (if any); The latest annual and interim reports of the funds; The audited financial statements of the funds and the Manager for the current financial year (where applicable) and last 3 financial years or from the date of establishment/incorporation, if less than 3 years, preceding the date of this Master Prospectus; All reports, letters or other documents, valuation and statements by any expert referred to in this Master Prospectus (if any); Writ and relevant cause papers for all current material litigation and arbitration disclosed in this Master Prospectus (if any); and All consents given by experts disclosed in this Master Prospectus.
(e) (f) (g)
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10.1 THE TRUSTEES WILLINGNESS TO ASSUME POSITION

AmanahRaya Trustees Berhad (ART), Maybank Trustees Berhad (MTB) (formerly known as Mayban Trustees Berhad) and CIMB Commerce Trustee Berhad (CCTB) (formerly known as BHLB Trustee Berhad) have indicated their willingness to assume the position of Trustees to the funds and to undertake all the obligations that are attached to it under the Deed, all relevant written laws and rule of law.
10.2 DUTIES AND RESPONSIBILITIES OF THE TRUSTEES

The Trustees of the funds will perform among others, the following duties and responsibilities: 1. 2. 3. 4. 5. 6. To act as the custodian of the funds and safeguard the interest of the unitholders; To exercise all due diligence and vigilance in carrying out its functions and duties in accordance with the Deed, SC Guidelines, CMSA 2007 and securities laws; To ensure that the Manager manages and administers the funds in accordance with the Deed, SC Guidelines, CMSA 2007 and securities laws; To ensure proper records are kept of all transactions, dividends, interest and income received and distributed in respect of the funds; To ensure that the Manager keeps the Trustee fully informed of the details of the Managers policies in investments and any changes thereof; To ensure the accounts are audited at the end of each accrual period by the auditors and the Manager, on behalf of the Trustees forwards to the unitholders (at their last known registered address) a copy of the audited annual accounts within two months after the financial year end.
10.3 PROFILE OF AMANAHRAYA TRUSTEES BERHAD (ART)

ART was incorporated under the Companies Act 1965 on 23 March 2007 and registered as a trust company under the Trust Companies Act 1949. ART is a subsidiary of Amanah Raya Berhad (ARB) which is wholly owned by the Minister of Finance (Incorporated). ART took over the corporate trusteeship functions of ARB and acquired ARBs experience of more than 45 years in trustee business. ART has been registered and approved by the SC to act as trustee to unit trust funds and has 162 unit trust funds under ARTs trusteeship. As at 2 April 2012, ART has 78 staff (58 Executives and 20 Non-Executives). ART has an authorised capital of RM5,000,000. Its issued and paid-up share capital is RM2,000,000 and RM1,000,000 respectively. The shareholders of ART are: % of equity Amanah Raya Berhad (344986-V) Amanah Raya Nominees (Tempatan) Sdn Bhd (434217-U) Amanah Raya Capital Sdn Bhd (549057-K) AmanahRaya Capital Group Sdn Bhd (760289-U) AmanahRaya Modal Sdn Bhd (760322-X) Amanah Raya Nominees (Asing) Sdn Bhd (684546-P) 20 20 20 20 10 10
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Financial Performance The following is a summary of ARTs performance based on its audited financial statements for the financial years ended 31 December since incorporation on 23 March 2007: 2009 RM000 Paid-up share capital Shareholders funds Turnover Profit before tax Profit after tax 1,000 3,624 20,024 14,340 10,625 2010 RM000 1,000 3,214 24,847 18,265 13,590 2011 (Unaudited) RM000 1,000 5,263 26,908 19,954 14,549
As at 2 April 2012, the Trustee and its delegate are not engaged in any material litigation and arbitration, either as plaintiff or defendant, and the Trustee and its delegate are not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings which might materially and adversely affect their financial position or business. Board of Directors Datuk Idrus Bin Harun Chairman Datin Aminah Binti Pit Abd Raman Director Tuan Haji Ab. Gani Bin Haron Director Dato Haji Ahmad Kamal Bin Abdullah Al-Yafii Director Tuan Haji Mansor Bin Salleh Director Chief Executive Officer Puan Hajjah Habsah Binti Bakar Delegation of Custodian Function ART has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore branch. Citibank N.A in Singapore began providing a security service in the mid-1970s and a fully operational global custody product was launched in the early 1990s. To date their securities services business claims a global client base of premier banks, fund managers, broker dealers and insurance companies. The roles and duties of the trustees delegate, Citibank N.A, Singapore, are as follows: To act as sub-custodian for the selected cross-border investment of the funds including the opening of cash and custody accounts and to hold in safe keeping the assets of the funds such as equities, bonds and other assets. To act as paying agent for the selected cross-border investment which include trade settlement and fund transfer services. To provide corporate action information or entitlements arising from the above underlying assets and to provide regular reporting on the activities of the invested portfolios.
10.4 PROFILE OF MAYBANK TRUSTEES BERHAD (MTB)

MTB was incorporated under the name of Mayban Trustees Berhad on 12 April 1963 and registered as a Trust Company under the Trust Companies Act 1949 on 11 November 1963. It was one of the first local trust companies to provide trustee services with the objective of meeting the financial needs of both individual and corporate clients. The name of the company was changed to Maybank Trustees Berhad effective from 19 March 2012. MTB has been registered and approved by the SC to act as Trustee to unit trust funds. With more than 20 years of experience as Trustee to unit trust funds, MTB has under its stewardship a total of 55 unit trust funds and 3 real estate investment trust/property trust funds. As at 2 April 2012, MTB has a total of 40 staff, comprising 30 Executives and 10 non-Executives.
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Financial Performance The following is a summary of the past performance of MTB based on audited financial statements for the past 3 financial years ended 30 June: 2009 RM000 Paid-up share capital Shareholders funds Turnover Profit before tax Profit after tax 500 8,623 8,975 7,645 5,730 2010 RM000 500 3,901 9,115 3,053 2,278 2011 RM000 500 6,239 9,784 3,168 2,338
Material Litigation and Arbitration As at 2 April 2012, save for the suits mentioned herein below, the Trustee is not engaged in any material litigation as plaintiff or defendant and the Trustee is not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings which might materially and adversely affect its financial position or business. The Bondholders of the Al-Bai Bithaman Ajil [ABBA] Bonds [bondholders] issued by Pesaka Astana (M) Sdn Bhd [PASB] have sued PASB for its failure to meet its bonds payment obligations under Kuala Lumpur High Court Civil Suit No. D5(D6)-22-1810-2005 [the ABBA Suit] and cited the Trustee as one of 12 co-defendants in the ABBA Suit. The claim in the ABBA Suit is for RM149,315,000.00 or any other sum that the Court deems fit. The other defendants in the ABBA Suit include among others the Facility Agent, PASBs Chief Executive Officer, one of PASBs directors and associate companies of the Chief Executive Officer and the said director. The Trustee has defended the ABBA Suit and its trial has concluded. The Trustee had appealed against the decision made by the High Court on 30 June 2010 in respect of the ABBA Suit in awarding judgement against it and another Defendant. The appeals proceeded on 22, 23, 26, 27, 28, 29 and 30 September 2011 and 3 October 2011. The Court of Appeal had on 8 November 2011 awarded the Trustee and the Facility Agent a limited indemnity against PASB, PASBs Chief Executive Officer, one of PASBs directors and associate companies of the Chief Executive Officer and the said director but found the Trustee and the Facility Agent equally liable to the bondholders. The Trustee has filed a Notice Of Motion to the Federal Court for the Trustee to be granted leave to appeal to the Federal Court against certain parts of the decision of the Court of Appeal and it is fixed for hearing on 5 April 2012. Connected to the ABBA Suit, Amanah Short Deposits Berhad [now MIDF Amanah Investment Bank Berhad (MIDF)], a Noteholder of the Combined Commercial Papers and/or Medium Term Notes/Letters of Credit/Financial Guarantee Facilities [CP/MTN] totalling RM13 million and issued by PASB, have also sued PASB for full payment under the CP/ MTN arising from a cross-default by PASB under its ABBA Bonds, under Kuala Lumpur High Court Civil Suit No. D2-22-1085-2006 [the CP/MTN Suit]. The Trustee was cited as one of 5 co-defendants in the CP/MTN Suit. The claim in the CP/MTN Suit is for RM13 million or any other sum that the Court deems fit and damages. The other defendants in the CP/MTN Suit are the Facility Agent, PASBs Chief Executive Officer and one of PASBs directors. The Trustee is defending the CP/MTN Suit. The CP/MTN Suit is fixed for continued trial on 26 April 2012. The Trustee has obtained leave of the court to proceed with the actions against PASB given that further to an unrelated suit a provisional liquidator had been appointed against PASB. In any event, any successful claim that may be established against the Trustee will be covered by the Trustees insurer and/or Malayan Banking Berhad as the ultimate holding company of the Trustee. As such, the ABBA Suit and the CP/MTN Suit will not materially affect the business or financial position of the Trustee. Connected to the CP/MTN Suit, MIDF has under Kuala Lumpur High Court Originating Summons No. 24A-30-2011 against the Trustee and another Defendant sought a declaration that the Trustee hold in trust for MIDF the sum of RM3,453,000.00, which said sum is in the possession of the Trustee, and that the said sum be paid to MIDF upon the order of the Court [the OS]. The OS was fixed for hearing on 22 June 2011 wherein the Court granted order in terms. The Trustee has complied with the order of the Court on 28 July 2011. The OS will not materially affect the business or financial position of the Trustee.
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The sole Junior Noteholder of the Junior Notes [Junior Noteholder] issued by Aldwich Berhad [Aldwich] has sued the Trustee and the Security Agent of the Junior Notes for the sum of RM556,500,000.00 together with interest and costs under Kuala Lumpur High Court Suit No : D-22NCC-2339-2010 [the JN Suit]. The JN Suit arises in the Trustees ordinary course of business and in the performance of its duties and responsibilities to the Senior Bondholders in respect of the Senior Bonds also issued by Aldwich and in acting responsibly further to the instructions of the Senior Bondholders via special resolution in declaring an Event Of Default for the Senior Bonds [EOD For Bonds]. Subsequently, the EOD For Bonds had caused a cross default on the Junior Notes resulting in the Trustee acting responsibly in declaring an Event Of Default for the Junior Notes in order to avoid the interests of the Junior Noteholder being jeopardized. The Trustee does not admit any liability to and has defended the JN Suit. The JN Suit will not materially affect the business or financial position of the Trustee. The Trustees lawyers are of the view that the JN Suit is devoid of merit. The JN Suit trial proceeded on 15, 19, 20 and 28 July 2011 and 15 August 2011. The High Court had on 30 September 2011 dismissed the JN Suit against both the Trustee and the Security Agent. The Junior Noteholder has filed an appeal to the Court of Appeal against the decision of the High Court [Appeal]. The Court of Appeal had on 7 March 2012 dismissed the Appeal. The Trustee reiterates that it has in place a strong team of professionals with priority chiefly on protecting the interest of all stakeholders and upholding best standards of service and management practice. Board of Directors En Zainal Abidin Jamal Non-Independent Non-Executive Director & Chairman En Mohd. Hanif bin Suadi Non-Independent Executive Director Dato Dr Tan Tat Wai Independent Non-Executive Director Ms Ong Sau Yin Independent Non-Executive Director Chief Executive Officer En. Badirul Ismail Delegation of Custodian Function MTB has appointed Malayan Banking Berhad, as the custodian of the local assets of the funds. The custodian function is run under Maybank Custody Services (MCS), a unit within Malayan Banking Berhad. MCS commenced operations in 1983 and has been appointed as custodian of unit trust funds since 1989. It provides clearing and custody services for Malaysian equity and fixed income securities to domestic and foreign institutional clients. In addition, it offers global custody services to domestic institutions/clients who have foreign investments. The roles and duties of the trustees delegate Maybank Custody Services (MCS), a unit within Malayan Banking Berhad, are as follows: Safekeep, reconcile and maintain assets holdings records of funds against trustees instructions; Act as settlement agent for shares and monies to counterparties against trustees instructions; Act as agents for money market placement where applicable against trustees instructions; Disseminate listed companies announcements to and follow through for corporate actions instructions from trustee; Compile, prepare and submit holdings report to trustee and beneficial owners where relevant; and Other ad-hoc payments for work done for the funds against trustees instructions, etc.
MTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore branch. Citibank N.A in Singapore began providing a security service in the mid-1970s and a fully operational global custody product was launched in the early 1990s. To date, their securities services business claims a global client base of premier banks, fund managers, broker dealers and insurance companies. The roles and duties of the trustees delegate, Citibank N.A, Singapore, are as follows: To act as sub-custodian for the selected cross-border investment of the funds including the opening of cash and custody accounts and to hold in safe keeping the assets of the funds such as equities, bonds and other assets. To act as paying agent for the selected cross-border investment which include trade settlement and fund transfer services. To provide corporate action information or entitlements arising from the above underlying assets and to provide regular reporting on the activities of the invested portfolios.
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10.5 PROFILE OF CIMB COMMERCE TRUSTEE BERHAD (CCTB)

CCTB was incorporated under the name of BHLB Trustee Berhad on 25 August 1994. It was registered as a Trust Company under the Trust Companies Act 1949 on 3 July 1995 and commenced operations on 1 September 1995. The name of the company was changed to CIMB Commerce Trustee Berhad effective from 2 March 2012. CCTB has been registered and approved by the SC to act as Trustee to unit trust funds. With 16 years of experience as a trustee to unit trust funds, CCTB has under its stewardship a total of 69 unit trust funds and 1 Real Estate Investment Trust and a staff strength of 22 employees, comprising of 21 Executives and 1 Non-Executive as at 2 April 2012. Financial Performance The following is a summary of the past performance of CCTB based on financial statements for the past three (3) financial years ended 31 December: 2009 RM000 Paid-up share capital Shareholders funds Turnover Profit before tax Profit after tax 1,750 5,696 7,038 3,340 2,465 2010 RM000 1,750 6,497 7,113 2,588 1,936 2011 (Unaudited) RM000 1,750 6,241 6,289 1,634 995
As at 2 April 2012, the Trustee and its delegates are not engaged in any material litigation and arbitration, either as plaintiff or defendant, and the Trustee and its delegate are not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings which might materially and adversely affect their financial position or business. Board of Directors En. Zahardin Omardin Ms. Chan Swee Liang Carolina Mr. Loh Shai Weng Ms. Liew Pik Yoong (Alternate director to Ms. Chan Swee Liang Carolina) Head of Operations Ms. Lee Kooi Yoke Delegation of Custodian Function CCTB has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the Trustees delegate to perform custodial function. CIMB Group Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Bank Berhad. Its custodial function includes safekeeping, settlement and corporate action related processing and cash security reporting. CCTB has delegated its custodian function for the foreign investments of the funds to Citibank N.A, Singapore branch. Citibank N.A in Singapore began providing a security service in the mid-1970s and a fully operational global custody product was launched in the early 1990s. To date their securities services business claims a global client base of premier banks, fund managers, broker dealers and insurance companies. All investments are automatically registered in the name of the funds. CIMB Group Nominees (Tempatan) Sdn Bhd acts only in accordance with instructions from the Trustee.
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The roles and duties of the Trustees delegates, CIMB Group Nominees (Tempatan) Sdn Bhd and Citibank N.A, Singapore, are as follows: To act as sub-custodian for the selected cross-border investment of the fund(s) including the opening of cash and custody accounts and to hold in safe keeping the assets of the fund(s) such as equities, bonds and other assets. To act as paying agent for the selected cross-border investment which include trade settlement and fund transfer services. To provide corporate action information or entitlements arising from the above underlying assets and to provide regular reporting on the activities of the invested portfolios.
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11 SALIENT TERMS OF THE DEED
11.1 UNITHOLDERS RIGHTS AND LIABILITIES

A unitholder is a person registered in the register as a holder of units or fractions of units in a fund which automatically accord him rights and interests in the fund. Unitholders shall be entitled to receive the distributions of the funds (if any), participate in any increase in the capital value of the units, and to other rights and privileges as are provided for in the Deed. Unitholders are vested with the powers to call for a unitholders meeting, and to vote for the removal of the Trustee or the Manager through an Extraordinary Resolution. Investors who are investing with Public Mutual for the first time are entitled to a cooling-off period of 6 Business Days from the date of receipt by Public Mutual, of the application form and payment. During this period of coolingoff, the unitholder, upon changing his mind about the unit trust investment that he had made, may exercise his cooling-off right by issuing a cooling-off request to Public Mutual and he will be paid a full refund of his investment principal within 10 days. For EPF unitholders, the cooling-off period will commence from the date of receipt of application form by Public Mutual. This cooling-off right, however, shall not extend to a corporation or institution, the staff of Public Mutual, and persons registered to deal in unit trust funds. In addition, unitholders shall receive annual and interim reports of the funds which are sent out within two months from the close of each financial year/period. No unitholder shall be entitled to require the transfer to him of any of the assets comprised in the funds or be entitled to interfere with or question the exercise by the Trustee or the Manager on his behalf of the rights of the Trustee as owner of such assets. No unitholders shall by reason of the provisions of the Deed and the relationship created thereby between the unitholders, the Trustee and the Manager be liable for any amount in excess of the purchase price paid for the unit, and shall not be under any obligation to indemnify the Trustee and/or the Manager in the event that the liabilities incurred by the Trustee and the Manager in the name of or on behalf of the funds pursuant to and/or in the performance of the provisions of the Deed exceed the assets of the funds, and any right of indemnity of the Trustee and/or Manager will be limited to recourse to the funds.
11.2 JOINTHOLDERS
Units may be registered in the name of more than one unitholder subject to a maximum number of two jointholders. If the units are held by jointholders of whom one is a minor, the first registered unitholder must be an adult who is not less than 18 years of age. In the event of the demise of a jointholder, the Manager shall only recognise the surviving jointholder as the rightful person having title or right of interest to the units in the account. However, if the surviving jointholder is a minor, the units in the account shall be vested in the estate of the deceased jointholder upon receipt by the Manager of the necessary documentation.
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SALIENT TERMS OF THE DEED (CONTD)
11.3 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED

Fund Management Fee 1.5% per annum of the NAV. 1.5% per annum of the NAV. 1.5% per annum of the NAV. 1.5% per annum of the NAV. 1.5% per annum of the NAV. 1.5% per annum of the NAV. 2.0% per annum of the NAV. 1.5% per annum of the NAV. 1.5% per annum of the NAV. Trustee Fee Service Charge 7% of the NAV per unit. Repurchase Charge 5 sen per unit.
PSF
Not exceeding 0.2% per annum and not less than 0.08% per annum, calculated daily on the NAV. Not exceeding 0.2% per annum and not less than 0.08% per annum, calculated daily on the NAV. Not exceeding 0.2% per annum and not less than 0.08% per annum, calculated daily on the NAV. Not exceeding 0.08% per annum, calculated daily on the NAV.
PGF
7% of the NAV per unit.
5 sen per unit.
PIX
5 sen per unit.
PIF
5 sen per unit.
PAGF
Not exceeding 0.08% per annum, calculated daily on the NAV.
5 sen per unit.
PRSF
7% of the NAV per unit
5 sen per unit.
P SmallCap
5 sen per unit.
PEF
PFSF
Not exceeding 0.07% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/ or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee. Not exceeding 0.07% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/ or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee.
PDSF
1.5% per annum of the NAV.
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Fund
Management Fee 1.6% per annum of the NAV.
Trustee Fee
Service Charge 7% of the NAV per unit.
Repurchase Charge 3% of the NAV per unit.
PFES
Not exceeding 0.06% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee. Not exceeding 0.07% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum.
PRSEC
PGSF
PFEDF
PCSF
PFEPRF
PSEASF
PSSF
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Fund
Trustee Fee
Service Charge 7% of the NAV per unit.
PFECTF
Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum.
PCTF
PFETIF
PSA30F
PNREF
PAUEF
PFA30F
POGF
PINDOSF
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Fund
Trustee Fee
Service Charge 7% of the NAV per unit
PSGEF
Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee of RM18,000 per annum (inclusive of the custodian fee). Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee of RM18,000 per annum (inclusive of the custodian fee). Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV.
PSSCF
PTAF
PBF
1.5% per annum of the NAV. 1.8% per annum of the NAV.
5 sen per unit.
PFEBF
Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000 per annum. Not exceeding 0.04% per annum, calculated daily on the NAV.
P BOND
0.75% per annum of the NAV. 1.25% per annum of the NAV.
3 sen per unit.
PIN BOND
Not exceeding 0.1% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee. Not exceeding 0.07% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee.
PEBF
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Fund
Trustee Fee
Service Charge 7% of the NAV per unit
PSBF
Not exceeding 0.06% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.08% per annum, calculated daily on the NAV, but subject to a minimum fee (inclusive of the custodian fee) of RM18,000.00 per annum. Not exceeding 0.1% per annum, calculated daily on the NAV, but subject to any minimum fee (inclusive of the custodian fee) per annum and/or maximum fee (inclusive of the custodian fee) per annum as shall agreed upon by the Manager and Trustee.
PSTBF
PENTBF
PMMF
A lower fee and/or charges than what is stated in the Deed may be charged. All current fees and charges are disclosed in the Master Prospectus. Any increase of the fees and/or charges above that stated in the current Master Prospectus may be made provided that a supplemental prospectus is issued and the maximum stated in the Deed shall not be breached. Any increase of the fees and/or charges above the maximum stated in the Deed shall require unitholders approval.
11.4 PERMITTED EXPENSES PAYABLE OUT OF THE FUNDS

Only expenses directly related and necessary in operating and administering a fund may be paid out of the fund. The major expenses that are recoverable directly from the funds include: (i) (ii) (iii) (iv) (v) commission/fees paid to brokers in effecting dealings in the investments of the funds, shown on the contract notes or confirmation notes or difference accounts; (where the custodial function is delegated by the relevant Trustee for foreign markets investment), charges/ fees paid to the sub-custodian; tax and other duties charged on the funds by the Government and other authorities; the fee and other expenses properly incurred by the Auditor and all professional and accounting fees and disbursements approved by the relevant Trustee; fees for the valuation of any investment of the funds by independent valuers for the benefit of the funds;
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(vi) (vii) (viii)
(ix)
costs incurred for the modification of the Deed other than those for the benefit of the Manager or the Trustee; costs incurred for any meeting of unitholders other than those convened by the Manager or Trustee for its own benefit; the costs of printing and dispatching to unitholders the accounts of the funds, tax certificates, distribution warrants, notices of meeting of unitholders, newspaper advertisement and such other similar costs as may be approved by the relevant Trustee; and any other expenses properly incurred by the relevant Trustee in the performance of its duties and responsibilities.
11.5 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER

The Manager may retire upon giving twelve (12) months notice to the Trustee of its desire to do so, or such shorter period as the Manager and the Trustee shall agree upon, in favour of some other corporation. The Manager may be removed and another corporation appointed as manager by Extraordinary Resolution of the unitholders at a unitholders meeting convened in accordance with the Deed either by the Trustee or the unitholders. The Trustee shall take reasonable steps to remove and replace the Manager as soon as practicable after becoming aware of any such circumstances: (a) (b) (c) An Extraordinary Resolution to that effect has been duly passed by the unitholders at a meeting called for that purpose; The Manager is in breach of its obligations under the Deed; The Manager has failed or neglected to carry out its duties to the satisfaction of the Trustee and the Trustee considers that it would be in the interests of unitholders for it to do so, after the Trustee has given notice and reasons and has considered any representations made by the Manager in respect of that opinion, and after consultation with the relevant authorities and with the approval of the unitholders; or The Manager has gone into liquidation (except a voluntary liquidation for the purpose of amalgamation or reconstruction or some similar purpose) or has had a receiver appointed or has ceased to carry on business,
(d)
and the Manager shall not accept any extra payment or benefit in relation to such removal or replacement or retirement. In any of the cases aforesaid the Manager for the time being shall upon receipt of such notice by the Trustee cease to be the Manager and the Trustee shall by writing under its seal appoint some other corporation to be the Manager of the fund subject to such corporation entering into a Deed or Deeds with the Trustee and thereafter act as Manager during the remainder period of the fund.
11.6 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE

The Trustee may retire upon giving twelve (12) months notice to the Manager of its desire to do so, or such shorter period as the Manager and the Trustee shall agree upon, and may appoint a new Trustee in his stead or as additional Trustee. The Manager shall take reasonable steps to remove and replace a Trustee as soon as practicable after becoming aware of any such circumstances: (a) (b) (c) (d) The Trustee has ceased to exist; The Trustee has not been validly appointed; The Trustee is not eligible to be appointed or to act as Trustee under section 290 of the CMSA 2007; The Trustee has failed or refused to act as Trustee in accordance with the provisions or covenants of the Deed or the provision of the CMSA 2007;
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(e)
(f)
A receiver is appointed over the whole or a substantial part of the assets or undertaking of the existing Trustee and has not ceased to act under the appointment, or a petition is presented for the winding up of the existing Trustee (other than for the purpose of and followed by a reconstruction, unless during or following such reconstruction the existing Trustee becomes or is declared to be insolvent); or The Trustee is under investigation for conduct that contravenes Trust Companies Act 1949, the Trustee Act 1949, the Companies Act 1965 or any securities law.
In addition to the above, the Trustee may be removed and another Trustee appointed by Extraordinary Resolution of the unitholders at a unitholders meeting convened in accordance with the Deed either by the Manager or the unitholders.
11.7 TERMINATION OF THE FUNDS

A fund may be terminated or wound-up upon the occurrence of any of the following events:(a) (b) the Securities Commissions approval is revoked under Section 212(7)(A) of the CMSA 2007; an Extraordinary Resolution is passed at a unitholders meeting to terminate or wind-up that fund, following the occurrence of events stipulated under Section 301(1) of the CMSA 2007 and the court has confirmed the resolution, as required under Section 301(2) of the CMSA 2007; an Extraordinary Resolution is passed at a unitholders meeting to terminate or wind-up the fund; or the effective date of an approved transfer scheme, as defined under the SC Guidelines, has resulted in the fund, which is the subject of the transfer scheme, being left with no asset/property.
(c) (d)
11.8 UNITHOLDERS MEETING

A unitholders meeting may be called by the Manager, Trustee and/or unitholders. Any such meeting must be convened in accordance with the Deed and/or the SC Guidelines. Every question arising at any meeting shall be decided in the first instance by a show of hands unless a poll is demanded or if it be a question which under the Deed requires an Extraordinary Resolution, in which case a poll shall be taken. On a show of hands every unitholder who is present in person or by proxy shall have one vote. The quorum for a meeting of unitholders of a fund is five (5) unitholders of that fund, whether present in person or by proxy, provided always that for a meeting which requires an Extraordinary Resolution the quorum for that meeting shall be five (5) unitholders, whether present in person or by proxy, holding in aggregate at least twenty five percent (25%) of the units in issue for that fund at the time of the meeting. If the fund has five (5) or less unitholders, the quorum required shall be two (2) unitholders, whether present or by proxy and if the meeting requires an Extraordinary Resolution the quorum for that meeting shall be two (2) unitholders, whether present in person or by proxy, holding in aggregate at least twenty five percent (25%) of the units in issue for that fund at the time of the meeting.
11.9 THE DEED

Copies of the Deed may be obtained from the Manager at a cost of RM20 each or may be inspected free of charge during normal working hours at the offices of the Manager. All unitholders of units will be entitled to the benefit of, be bound by and be deemed to have notice of the provisions of the Deed, copies of which are available as mentioned above.
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TAXATION OF THE FUNDS AND UNITHOLDERS
The Board of Trustees AmanahRaya Trustees Berhad, Maybank Trustees Berhad and CIMB Commerce Trustee Berhad c/o Public Mutual Berhad Block B, Sri Damansara Business Park Persiaran Industri Bandar Sri Damansara 52200 Kuala Lumpur 4 April 2012 Dear Sirs
Re: Taxation of the Funds and Unit Holders

This letter has been prepared for inclusion in this Master Prospectus in connection with the offer of units in the Public Savings Fund, Public Growth Fund, Public Index Fund, Public Industry Fund, Public Aggressive Growth Fund, Public Regular Savings Fund, Public SmallCap Fund, Public Equity Fund, Public Focus Select Fund, Public Dividend Select Fund, Public Far-East Select Fund, Public Regional Sector Fund, Public Global Select Fund, Public Far-East Dividend Fund, Public China Select Fund, Public Far-East Property & Resorts Fund, Public South-East Asia Select Fund, Public Sector Select Fund, Public Far-East Consumer Themes Fund, Public China Titans Fund, Public Far-East Telco & Infrastructure Fund, Public Select Alpha-30 Fund, Public Natural Resources Equity Fund, Public Australia Equity Fund, Public Far-East Alpha-30 Fund, Public Optimal Growth Fund, Public Indonesia Select Fund, Public Singapore Equity Fund, Public Strategic SmallCap Fund, Public Balanced Fund, Public Far-East Balanced Fund, Public Tactical Allocation Fund, Public Bond Fund, Public Institutional Bond Fund, Public Enhanced Bond Fund, Public Select Bond Fund, Public Strategic Bond Fund, Public Enterprises Bond Fund and Public Money Market Fund (the funds).
Taxation of the Funds

The funds are unit trusts for Malaysian tax purposes. The taxation of the funds is therefore governed principally by Sections 61 and 63B of the Income Tax Act, 1967 (the Act). Subject to certain exemptions, the income of the funds in respect of investment income derived from or accruing in Malaysia is liable to income tax at the prevailing rate of 25%. Gains from the realisation of investments by the funds will not be subject to Malaysian income tax. Taxable Malaysian dividend income earned by the funds would have suffered a tax deduction at source at the rate of 25% for Year of Assessment (YA) 2011 and subsequent YAs. The tax deducted will be available for set off either wholly or partly against the tax liability of the funds. Any excess over the tax liability will be refundable to the funds. Based on the Finance Act 2007, only Malaysian dividends paid in the form of cash from ordinary shares (held continuously for 90 days or more the 90 days condition does not apply for dividends received from shares in public listed companies) would be entitled to tax credits. These tax credits are available for set off against the funds tax liabilities. Interest income earned by the funds from the following are exempt from tax: any savings certificates issued by the Government; or securities or bonds issued or guaranteed by the Government; or debentures or Islamic Securities, other than convertible loan stock, approved by the Securities Commission; or Bon Simpanan Malaysia issued by the Central Bank of Malaysia; or bonds or securities issued by Pengurusan Danaharta Nasional Berhad; or a bank or financial institution licensed under the Banking and Financial Institutions Act 1989 or Islamic Banking Act 1983; or Islamic securities (including sukuks) originating from Malaysia, other than convertible loan stocks, issued in any currency other than Ringgit and approved by the Securities Commission or Labuan Financial Services Authority.
The funds may receive dividends, interest and other income from investments outside Malaysia. Income derived from sources outside Malaysia and received in Malaysia by a resident unit trust is exempt from Malaysian income tax. However, such income may be subject to tax in the country from which it is derived. Any income received by the funds from a Sukuk Issue which has been issued by the Malaysia Global Sukuk Inc will be exempt from tax. Any income received by the funds from a Sukuk Ijarah, other than convertible loan stock, issued in any currency by 1Malaysia Sukuk Global Berhad will be exempt from tax.
245
TAXATION OF THE FUNDS AND UNITHOLDERS (CONTD)
Discount or profit received by the funds from sale of bonds or securities issued by Pengurusan Danaharta Nasional Berhad or Danaharta Urus Sendirian will be exempt from tax. Discounts earned by the funds from the following are also exempt from tax: securities or bonds issued or guaranteed by the Government; or debentures or Islamic Securities, other than convertible loan stock, approved by the Securities Commission; or Bon Simpanan Malaysia issued by the Central Bank of Malaysia.
Subject to the single-tier system that was effective 1 January 2008 (savings and transitional provisions for the single-tier system apply during the period from 1 January 2008 to 31 December 2013), deductions in respect of the funds expenses such as managers remuneration, expenses on maintenance of a register of unit holders, share registration expenses, secretarial, audit and accounting fees, telephone charges, printing and stationery costs and postage (permitted expenses) are allowed based on the formula subject to a minimum of 10% and a maximum of 25% of the total permitted expenses. Single tier dividends received by the funds are exempt from tax and expenses incurred by the funds in relation to such dividend income are disregarded.
Taxation of Unit Holders

Unit holders are taxed on an amount equivalent to their share of the total taxable income of the funds, to the extent that this is distributed to them. The income distribution from the funds may carry with it applicable tax credits proportionate to each unit holders share of the total taxable income in respect of the tax paid by the funds. Unit holders will be entitled to utilise the tax credit as a set off against the tax payable by them. Any excess over their tax liability will be refunded to the unit holders. No other withholding tax will be imposed on the income distribution of the funds. Corporate unit holders, resident or non resident in Malaysia, would be taxed at the corporate tax rate of 25% for YA 2011 and subsequent YAs on distributions of income from the funds to the extent of an amount equivalent to their share of the total taxable income of the funds. Corporate unit holders in Malaysia with paid-up capital in the form of ordinary shares of RM2.5 million and below will be subject to a tax rate of 20% on chargeable income of up to RM500,000. For chargeable income in excess of RM500,000, the tax rate of 25% for YA 2011 and subsequent YAs is still applicable. However, the said tax rate of 20% on chargeable income of up to RM500,000 would not apply if more than 50% of the paid up capital in respect of ordinary shares of that corporate unit holder is directly or indirectly owned by a related company which has a paid up capital exceeding RM2.5 million in respect of ordinary shares, or vice versa, or more than 50% of the paid up capital in respect of ordinary shares of both companies are directly or indirectly owned by another company. Individuals and other non-corporate unit holders who are resident in Malaysia will be subject to income tax at scale rates. The prevailing scale tax rates range from 1% to 26% for YA 2011 and subsequent YAs. Individuals and other non-corporate unit holders who are not resident in Malaysia, for tax purposes, will be subject to Malaysian income tax (the prevailing rate is 26%). Non resident unit holders may also be subject to tax in their respective jurisdictions and depending on the provisions of the relevant tax legislation and any double tax treaties with Malaysia, the Malaysian tax suffered may be creditable in the foreign tax jurisdictions. The distribution of single-tier dividends and tax exempt income by the funds will not be subject to tax in the hands of the unit holders in Malaysia. Distribution of foreign income will also be exempt in the hands of the unit holders. Units split by the funds will be exempt from tax in Malaysia in the hands of the unit holders. Any gains realised by the unit holders (other than financial institutions, insurance companies and those dealing in securities) from the transfers or redemptions of the units are treated as capital gains which are not subject to income tax in Malaysia. The tax position is based on the Malaysian tax laws and provisions as they stand at present. All prospective investors should not treat the contents of this letter as advice relating to taxation matters and are advised to consult their own professional advisers concerning their respective investments. Yours faithfully
Ong Guan Heng Executive Director KPMG Tax Services Sdn Bhd
246
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES
Head Office
Block B, Sri Damansara Business Park, Persiaran Industri, Bandar Sri Damansara, 52200 Kuala Lumpur. Tel: 03-62796800 Fax: 03-62779800 Hotline: 03-62075000 Web : http://www.publicmutual.com.my Mutual Gold Centre No. 1 & 3, 3rd Floor, Jalan Solaris 1, Solaris Mont Kiara, 50480 Kuala Lumpur. Tel: 03-62075000 Fax: 03-62036682 Financial Planning Centre 15th Floor, Bangunan PBB, No. 6 Jalan Sultan Sulaiman, 50000 Kuala Lumpur Tel: 03-20316300 Fax: 03-22732188
Branches West Malaysia

Northern Region Alor Star 1888A & 1888B, Jalan Stadium, 05100 Alor Star, Kedah. Tel: 04-7291500 Fax: 04-7310178 Senior Branch Manager: Khaw Bee Ruh Ipoh 37 & 39, Persiaran Greentown 4, Greentown Business Centre, 30450 Ipoh, Perak. Tel: 05-2106500 Fax: 05-2559859 Senior Branch Manager: Foong Kuan Mun Sungai Petani 9D & 9E, Jalan Kampung Baru, 08000 Sungai Petani, Kedah. Tel: 04-7291500 Fax: 04- 4230663 Butterworth 4223, Jalan Bagan Luar, 12000 Butterworth, Penang. Tel: 04-7291500 Fax: 04-3317775 Senior Branch Manager: Charmane Chew Hui Hsia Penang 16, Lintang Burma, 10250 Pulau Tikus, Penang. Tel: 04-7291500 Fax: 04-2295171 Senior Branch Manager: Vincent Seow Weng Sim Bukit Mertajam 2646 - 2648, 2nd Floor Jalan Che Bee Noor, 14000 Bukit Mertajam Seberang Prai Tengah, Penang Tel: 04-7291500 Fax: 04-5376580 Branch Manager: Cheryl Oon Lay Pheng
Central Region Bangsar 11 & 15, Jalan Bangsar Utama 3, Bangsar Utama, 59000 Kuala Lumpur. Tel: 03-62075000 Fax: 03-22835739 Senior Branch Manager: Chooi Chan Yen Damansara Perdana 1 & 3, Jalan PJU 8/5 I, Perdana Business Centre, Bandar Damansara Perdana, 47820 Petaling Jaya, Selangor. Tel: 03-62075000 Fax: 03-77222475 Branch Manager: Dennis Loong Tien Poh Cheras 44-2, 44-3, 44-4 & 42-4, Cheras Commercial Centre, Jalan 5/101C, Off Jalan Kaskas, 56100 Cheras, Kuala Lumpur. Tel: 03-62075000 Fax: 03-91321022 Senior Branch Manager: Khoo Peng Seng Klang 28, 30 & 32, Lorong Batu Nilam 3B, Bandar Bukit Tinggi, 41200 Klang, Selangor Tel: 03-62075000 Fax: 03-33235632 Branch Manager: Bryan Koh Yi Earl
247
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONTD)
Central Region (contd) Shah Alam 54 & 56, Jalan Pahat G15/G, Kompleks Otomobil, Persiaran Selangor, Seksyen 15, 40200 Shah Alam, Selangor. Tel: 03-62075000 Fax: 03-55139288 Senior Branch Manager: Ong Chen Hung Southern Region Batu Pahat 119, Jalan Chengal, Taman Makmur 83000 Batu Pahat Johor. Tel: 07-4325688 Fax: 07-4326588 Branch Manager: Rui Lee Chong Siew Kluang 3, Jalan Dato Teoh Siew Khor 86000 Kluang, Johor. Tel: 07-7736193/4 Fax: 07-7736195 Branch Manager: Tan Kheng Aun Muar 46, Jalan Sayang, 84000 Muar, Johor. Tel: 06-9542323/5323 Fax: 06-9536830 Branch Manager: Angie Ng Seow Mai Johor Bahru 30th Floor, Public Bank Tower, 19, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor. Tel: 07-2281098 Fax: 07-2271098 Senior Branch Manager: Teng Lee Yen Melaka 173, 173-A, 173-B, 172 & 172-A, Jalan Merdeka, Taman Melaka Raya, 75000 Melaka. Tel: 06-2837654 Fax: 06-2837354 Senior Branch Manager: Carl Wong Yon Lian Seremban No. 1A & 1B, Jalan Tuanku Munawir, 70000 Seremban, Negeri Sembilan. Tel: 06-7616663 Fax: 06-7644237 Branch Manager: Michael Wong Cheong Tee
East Coast Region Kota Bahru PT304 and PT305, Jalan Kebun Sultan, 15300 Kota Bharu, Kelantan. Tel: 09-7476021 Fax: 09-7476026 Branch Manager: Puan Abiesharni Abdul Kadir Kuantan 73, Jalan Haji Abdul Aziz, 25000 Kuantan, Pahang. Tel: 09-5178115 Fax: 09-5161223 Kuala Terengganu 1-C, Jalan Air Jernih, 20300 Kuala Terengganu, Terengganu. Tel: 09-6317020 Fax: 09-6317030 Branch Manager: Wee Suat Hwee Temerloh 10, 11 & 12, 2nd Floor, Jalan Ahmad Shah, Bandar Sri Semantan, 28000 Temerloh, Pahang. Tel: 09-2968068 Fax: 09-2968060
248
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONTD)
East Malaysia
Sabah Kota Kinabalu Lot 1-0-10 Ground & 1st Floor Lorong Api-Api 1 Api-Api Centre, 88000 Kota Kinabalu, Sabah. Tel: 088-231080/2 Fax: 088-238389 Branch Manager: Lim Shaw Siang Tawau TB 4437, Lot 28, Block D, Sabindo Square Jalan Dunlop, 91000 Tawau, Sabah. Tel: 089-765325 Fax: 089-765326 Branch Manager: Janice Chong Mui Lin Sandakan Lot 16, Block B, Ground Floor Bandar Maju Commercial Centre Mile 1.5, North Road 90000 Sandakan, Sabah. Postal Address : Public Mutual Berhad, Sandakan Branch P.O. Box No. 3488, 90739 Sandakan, Sabah. Tel: 089-222922 Fax: 089-222889 Senior Branch Manager: Jonathan Yong Lok Sang
Sarawak Bintulu 4, Lot 2646 Jalan Tun Ahmad Zaidi, 97000 Bintulu, Sarawak. Tel: 086-334718 Fax: 086-330221 Branch Manager: Lilian Lo Fui Ping Miri Lot 1380 (Ground & 1st Floor) & Lot 1381 (1st Floor) Block 10, Center Point Commercial Centre, Phase II, Jalan Kubu, 98000 Miri, Sarawak. Tel: 085-429066 Fax: 085-416195 Branch Manager: Allan Ngo Say Khiang Kuching Lot 205 & 206, Section 49, Jalan Tunku Abdul Rahman, 93100 Kuching, Sarawak. Tel: 082-239285 Fax: 082-239825 Senior Branch Manager: Jones Chen Chung Sze Sibu 10, Lorong 2, Jalan Tuanku Osman, 96000 Sibu, Sarawak. Tel: 084-317463 Fax: 084-330269
Public Mutual offices are open on Mondays to Fridays, except public holidays, from 9:00 a.m. to 5:00 p.m.
249
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
Penang (Bayan Baru) Liang Wing Sim Agency Office 104, 1st Floor, Jalan Mayang Pasir, Taman Sri Tunas, 11950 Bayan Baru, Penang. Tel: 04-6422170/1 Fax: 04-6411268
Selangor (Petaling Jaya) Raymond Chan Agency Office 25A, Jalan SS22/19, Damansara Jaya, 47400 Petaling Jaya, Selangor. Tel: 03-77289522 Fax: 03-77289336
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Responsibility Statement This Master Prospectus has been reviewed and approved by the directors of Public Mutual Berhad

Yeoh Kim Hong Chief Executive Officer

3-6 7-9 10-38

ABOUT UNIT TRUST FUNDS

DETAILED INFORMATION ON THE FUNDS

PERFORMANCE OF THE FUNDS HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS

GETTING STARTED WITH PUBLIC MUTUAL

Dedicated Services to Unitholders of Public Mutual

FEES, CHARGES AND EXPENSES

10. THE TRUSTEES

11. SALIENT TERMS OF THE DEED

245-246 247-249 250

ART Bursa Malaysia Bursa Securities Business Day(s)

CCTB CMSA 2007 Cooling-off right

EPF Extraordinary Resolution

FIMM Forward Pricing

Fund Manager MER

GLOSSARY OF TERMS/ABBREVIATIONS (CONTD)

Recovered expenses Average value of the unit trust fund

NAV per unit

Portfolio Turnover Ratio (PTR)

GLOSSARY OF TERMS/ABBREVIATIONS (CONTD)

Public Series of Shariah-Based Funds

the funds/the fund

GLOSSARY OF TERMS/ABBREVIATIONS (CONTD)

MANAGER, TRUSTEES AND ADVISERS

MANAGER, TRUSTEES AND ADVISERS (CONTD)

MANAGER, TRUSTEES AND ADVISERS (CONTD)

FEDERATION OF INVESTMENT MANAGERS MALAYSIA

1 KEY FEATURES OF THE FUNDS

1.1 SUMMARY OF KEY DATA OF THE FUNDS

2.10.2007 13.11.2007 8.1.2008 1.4.2008

Equity Equity Equity Equity

ART ART ART ART

7.50 3.00 1.50 1.50

1.927 1.846 0.673 0.335

KEY FEATURES OF THE FUNDS (CONTD)

8.7.2008 7.4.2009 30.6.2009 8.9.2009 6.4.2010 8.6.2010

Equity Equity Equity Equity Equity Equity

ART ART ART ART ART ART

1.9.2010 7.6.2011 20.3.2012 23.1.2007 7.6.1995

Equity Equity Equity Mixed Asset Balanced

ART ART ART ART MTB

1.50 1.50 1.50 1.50 1.50

0.364 0.740 0.078 0.301 0.577

Public Far-East Balanced Fund

11.6.1996 30.4.2003 19.1.2005

Bond Bond Bond

MTB ART ART

2.50 3.00 1.00

1.329 1.676 0.295

22.11.2005 30.12.2010 20.3.2012 16.12.2003

Bond Bond Bond Money Market

ART ART ART MTB Total

2.25 0.75 0.50 1.50 113.45

1.321 0.373 0.006 0.337 50.073

KEY FEATURES OF THE FUNDS (CONTD)

Public Growth Fund

To achieve longterm capital appreciation with income* considered incidental.

Market risk, specific security risk and liquidity risk.

FTSE Bursa Malaysia KLCI.

KEY FEATURES OF THE FUNDS (CONTD)

Fund Name Public Index Fund

Investor Profile Moderate