Public Mutual Berhad

The Securities Commission has approved the issue of, offer for subscription or purchase, or issue an invitation to
subscribe for or purchase units of the unit trust funds and a copy of this prospectus has been registered with the
Securities Commission.
The approval, and registration of this prospectus, should not be taken to indicate that the Securities Commission
recommends the funds or assumes responsibility for the correctness of any statement made or opinion or report
expressed in this prospectus.
The Securities Commission 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 prospectus. The Securities Commission makes no
representation on the accuracy or completeness of this 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.
This 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 the prospectus false or misleading.
Investors are advised to note that recourse for false or misleading statements or acts made in connection with the
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 prospectus later than one year after the date of this
prospectus.
PREFACE
This Prospectus encompasses the following thirty (30) unit trust funds:
(i) Public Savings Fund

(ii) Public Growth Fund
(iii) Public Index Fund
(iv) Public Industry Fund
(v) Public Aggressive Growth Fund
(vi) Public Regular Savings Fund
(vii) Public SmallCap Fund
(viii) Public Equity Fund
(ix) Public Focus Select Fund
(x) Public Dividend Select Fund
(xi) Public Far-East Select Fund
(xii) Public Regional Sector Fund
(xiii) Public Global Select Fund
(xiv) Public Far-East Dividend Fund
(xv) Public China Select Fund
(xvi) Public Far-East Property & Resorts Fund
(xvii) Public South-East Asia Select Fund
(xviii) Public Sector Select Fund
(xix) Public Far-East Consumer Themes Fund
(xx) Public China Titans Fund
(xxi) Public Far-East Telco & Infrastructure Fund
(xxii) Public Balanced Fund
(xxiii) Public Far-East Balanced Fund
(xxiv) Public Global Balanced Fund
(xxv) Public Bond Fund
(xxvi) Public Institutional Bond Fund
(xxvii) Public Enhanced Bond Fund
(xxviii) Public Select Bond Fund
(xxix) Public Money Market Fund
(xxx) Public Select Alpha-30 Fund
You may refer to pages 11 to 29 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 agents who are registered with the Federation of Malaysian Unit Trust
Managers. 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 207 to 209
for the Directory of Public Mutual Branch and Agency Offices.
Yeoh Kim Hong

Chief Executive Officer
CONTENTS
GLOSSARY OF TERMS/ABBREVIATIONS 3-5
MANAGER, TRUSTEES AND ADVISERS 6-9
1. KEY FEATURES OF THE FUNDS 10 - 34

1.1 Summary of Key Data of The Funds 10
1.2 Fees and Charges 28
1.3 Information on Transaction of Units 30
1.4 Free Insurance for PBF, PFEBF and PGBF 32
1.5 Distribution Policy 33
2. ABOUT UNIT TRUST FUNDS 35 - 36

2.1 The Unit Trust Fund 35
2.2 Benefits of Investing in Unit Trusts 35
2.3 Risk Factors 35
3. DETAILED INFORMATION ON THE FUNDS 37 - 117

3.1 Categories of Funds 37
3.2 Fund Profiles 38
3.3 Investment Risks and Risk Management 108
3.4 Authorised Investments 108
3.5 Investment Restrictions 110
3.6 Valuation of Authorised Investments 115
3.7 Policy on Gearing 116
4. PERFORMANCE OF THE FUNDS 118 - 145
5. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS 146 - 162

5.1 Extracts of Financial Statements of The Funds 146
5.2 Expenses Incurred by The Funds 161
6. GETTING STARTED WITH PUBLIC MUTUAL 163 - 166

6.1 Investing with Public Mutual 163
6.2 How to Buy, Sell or Switch Units of The Funds 163
6.3 Statements and Reports 165
6.4 Keeping Track of the Daily Prices of Units 166
Dedicated Services to Unitholders of Public Mutual 167 - 168
7. TRANSACTION INFORMATION 169 - 171

7.1 Determination of Prices 169
7.2 Computation of Prices 170
7.3 Computation of Cooling-Off Proceeds 171
8. FEES, CHARGES AND EXPENSES 172 - 174

8.1 Charges Imposed on Sale and Purchase of Units 172
8.2 Fees and Expenses of The Funds 173
8.3 Policy on Stockbroking Rebates and Soft Commissions 174
1
CONTENTS (CONT’D)
9. THE MANAGER 175 - 192

9.1 Corporate Profile of Public Mutual 175
9.2 Organisation of Public Mutual 175
9.3 Unit Trust Funds under Public Mutual 176
9.4 Functions, Duties and Responsibilities of The Manager 178
9.5 Compliance Unit 178
9.6 Financial Performance of Public Mutual 178
9.7 The Board of Directors 179
9.8 Profile of Key Management Staff 181
9.9 Profile of Key Investment Personnel 183
9.10 Awards Won by Public Mutual 188
9.11 Investment Management Function of The Manager 189
9.12 Related Party Transactions/Conflict of Interest 191
9.13 Policies and Procedures on Money Laundering Activities 192
9.14 Documents Available for Inspection 192
10. THE TRUSTEES 193 - 197

10.1 The Trustees’ Willingness to Assume Position 193
10.2 Duties and Responsibilities of The Trustees 193
10.3 Profile of AmanahRaya Trustees Berhad 193
10.4 Profile of Mayban Trustees Berhad 194
10.5 Profile of BHLB Trustee Berhad 196
11. SALIENT TERMS OF THE DEED 198 - 204

11.1 Unitholders’ Rights and Liabilities 198
11.2 Jointholders 198
11.3 Maximum Fees and Charges Permitted by The Deed 199
11.4 Permitted Expenses Payable Out of The Funds 202
11.5 Retirement, Removal and Replacement of The Manager 203
11.6 Retirement, Removal and Replacement of The Trustee 203
11.7 Termination of The Fund 204
11.8 Unitholders’ Meeting 204
11.9 The Deed 204
TAXATION OF THE FUNDS AND UNITHOLDERS 205 - 206
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES 207 - 208
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES 209
2
GLOSSARY OF TERMS/ABBREVIATIONS
ART AmanahRaya Trustees Berhad (766894-T)
BTB BHLB Trustee Berhad (313031-A)
Bursa Malaysia Bursa Malaysia Berhad
Bursa Securities Bursa Malaysia Securities Berhad
Business Day(s) 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 some 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.
CMSA 2007 Capital Markets and Services Act 2007
Cooling-off Right 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 of the application form and payment by Public Mutual, and 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 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 its unit trust funds.
EPF Employees Provident Fund
FMUTM The Federation of Malaysian Unit Trust Managers
Forward Pricing 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.
KLCI Kuala Lumpur Composite Index
Management Expense Management expense is the inherent costs of operating a unit trust fund; it includes
management fee, trustee fee and expenses incurred for fund administrative
services.
MER 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

x 100
Average value of the unit trust fund calculated on a daily basis
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.
3
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
Recovered = All expenses recovered from/charged to the unit trust fund

expenses as a result of the expenses incurred by the operation of the
unit trust fund, expressed as a fixed amount.
Average = The NAV of the unit trust fund, including net income value
value of the of the fund, less expenses on an accrued basis, in respect
unit trust fund of the year/period covered by the management expense
ratio, calculated on a daily basis.
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, ceteris paribus.
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 Morgan Stanley Capital International All Country Far East Ex-Japan Index
Index
MSCI All Country World Morgan Stanley Capital International All Country World Index
Index
MTB Mayban Trustees Berhad (5004-P)
NAV Net Asset Value (“NAV”) of the fund is determined by deducting the value of all
the fund’s liabilities (include all amounts payable by the fund, accrued expenses
and taxes, and any appropriate provisions for contingencies) from the value of the
fund’s 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.
NAV per unit 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.
Portfolio Turnover Ratio (Total acquisitions of the fund for the year + total disposals of the fund for the
(PTR) 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 Bank Berhad (6463-H)
Public Mutual or the Public Mutual Berhad (23419-A)

Manager
Public Series of Funds This series of funds comprises the thirty (30) non-Shariah-based unit trust funds
covered under this prospectus.
Public Series of This series of funds comprises eighteen Shariah-based unit trust funds, namely
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, 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 Balanced Fund, Public Islamic Asia Balanced Fund,
Public Islamic Bond Fund, Public Islamic Enhanced Bond Fund, Public Islamic Select
Bond Fund, Public Islamic Income Fund and Public Islamic Money Market Fund which
are governed by a separate master prospectus dated 30 April 2009 and expires on
29 April 2010.
4
GLOSSARY OF TERMS/ABBREVIATIONS (CONT’D)
RM Ringgit Malaysia
SC Securities Commission of Malaysia
SC Guidelines 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” “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 funds”/”the fund” The following thirty (30) funds covered under this prospectus are collectively called
“the funds” and individually called “the fund”:
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 Balanced Fund PBF
Public Far-East Balanced Fund PFEBF
Public Global Balanced Fund PGBF
Public Bond Fund P BOND
Public Institutional Bond Fund PIN BOND
Public Enhanced Bond Fund PEBF
Public Select Bond Fund PSBF
Public Money Market Fund PMMF
UIC Units in circulation (“UIC”) refers to the total number of units in issue at a point in time.
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. 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.
5
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 Dato’ Thong Yaw Hong (Non-Executive Independent Director/Co-Chairman)
Tan Sri Dato’ Sri Tay Ah Lek (Non-Executive Director)
Dato’ Lee Kong Lam (Non-Executive Director)
Dato’ (Dr) Mohamed Ishak Bin Haji Mohamed Ariff (Non-Executive Independent Director)
Dato’ Haji Abdul Aziz Bin Omar (Non-Executive Independent Director)
Ms. Yeoh Kim Hong (Chief Executive Officer /Executive Director)
Members of the Investment Committee
Tan Sri Dato’ Sri Dr. Teh Hong Piow
Tan Sri Dato’ Thong Yaw Hong (Independent)
Tan Sri Dato’ Sri Tay Ah Lek
Dato’ Lee Kong Lam
Dato’ (Dr) Mohamed Ishak Bin Haji Mohamed Ariff (Independent)
Dato’ Haji Abdul Aziz Bin Omar (Independent)
Ms. Yeoh Kim Hong
Members of the Audit and Compliance Committee
Tan Sri Dato’ Thong Yaw Hong
Tan Sri Dato’ Sri Tay Ah Lek
Dato’ Lee Kong Lam
Dato’ (Dr) Mohamed Ishak Bin Haji Mohamed Ariff
Dato’ Haji Abdul Aziz Bin Omar
Company Secretaries
Ms. Tang Pueh Fong (MIA 8078)
c/o Public Mutual Berhad
2nd Floor, Block B, Sri Damansara Business Park
52200 Kuala Lumpur
Ms. Pang Siew Han (MIA 6968)
2nd Floor, Block B, Sri Damansara Business Park
52200 Kuala Lumpur
TRUSTEES
AmanahRaya Trustees Berhad (766894-T)
Registered address: Business address:
Tingkat 11, Wisma AmanahRaya Tingkat 4, Wisma TAS
No. 2, Jalan Ampang No 21, Jalan Melaka
50450 Kuala Lumpur 50100 Kuala Lumpur
Tel: 03-2055 7388 Tel: 03-2036 5000 Fax: 03-2072 0320
Web: http://www.amanahraya.com.my Web: http://www.amanahraya.com.my
6
MANAGER, TRUSTEES AND ADVISERS (CONT’D)
Trustee’s Delegate
Citibank, NA, Singapore Branch
3 Temasek Avenue
#12-00 Centennial Tower
Singapore 39190
Tel: 65-6328 5082
Web: http://www.citigroup.com
Mayban Trustees Berhad (5004-P)
34th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Tel: 03-2078 8363/03-2070 8833
email: mtb@maybank.com.my
Trustee’s Delegates
Malayan Banking Berhad (3813-K)
Custody Services
14th Floor, Menara Maybank 3rd Floor, Menara Maybank
100, Jalan Tun Perak, 100, Jalan Tun Perak,
Tel: 03-2074 8158
3 Temasek Avenue
Singapore 39190
Tel : 65-6328 5082
Web: http://www.citibank.com
BHLB Trustee Berhad (313031-A)
5th Floor, Bangunan CIMB Level 7, Wisma Amanah Raya Berhad
Jalan Semantan Jalan Semantan
Damansara Heights Damansara Heights
Tel: 03-2084 8888
Trustee’s Delegates
CIMB Group Nominees (Tempatan) Sdn Bhd (274740-T)
Registered Address Business address:
5th Floor, Bangunan CIMB Level 7, Wisma Amanah Raya Berhad
Jalan Semantan Jalan Semantan
Damansara Heights Damansara Heights
Tel : 03-2084 8888 Tel : 03-2084 8888
3 Temasek Avenue
Singapore 39190
Tel : 65-6328 5082
Web: http://www.citibank.com
7
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
LEGAL ADVISER
Soon Gan Dion & Partners
1st Floor, No.19 Jalan SS21/56B
Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
PRINCIPAL BANKER
Public Bank Berhad
Menara Public Bank
No. 146, Jalan Ampang
50450 Kuala Lumpur
PRINCIPAL INSURANCE COMPANIES

Lonpac Insurance Berhad
23rd Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Etiqa Insurance Berhad

Level 19, Tower C Dataran Maybank
No.1 Jalan Maarof, Bangsar
59000 Kuala Lumpur
Great Eastern Life Assurance (Malaysia) Berhad

Menara Great Eastern
Level 20 303 Jalan Ampang
50450 Kuala Lumpur
American International Assurance Company, Limited

Level 23, Menara AIA
99 Jalan Ampang
50450 Kuala Lumpur
8
FEDERATION OF MALAYSIAN UNIT TRUST MANAGERS

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, Principal Banker and Insurers have given and
have not withdrawn their written consent to the inclusion in this Prospectus of their names and statements in
the manner and context in which such names and statements appear. Letters of consent in respect of each of
the above parties have been lodged with the SC.
9
1 KEY FEATURES OF THE FUNDS
1.1 SUMMARY OF KEY DATA OF THE FUNDS

The Manager Public Mutual Berhad (23419-A)
Fund Name Launch Category Type of Fund Trustee Approved UIC as at

Date of Fund Fund Size 1.4.2009
(Billion (Billion
Units) Units)
Public Savings Fund 29.3.1981 Equity Capital Growth ART 1.5 0.726
Public Growth Fund 11.12.1984 Equity Capital Growth ART 4.5 1.338
Public Index Fund 2.3.1992 Equity Capital Growth ART 1.5 0.996
Public Industry Fund 18.11.1993 Equity Capital Growth MTB 1.0 0.308
Public Aggressive Growth 25.4.1994 Equity Capital Growth MTB 1.0 0.420
Fund
Public Regular Savings Fund 25.4.1994 Equity Capital Growth MTB 3.0 2.148
Public SmallCap Fund 13.6.2000 Equity Capital Growth ART 0.7 0.325
Public Equity Fund 15.8.2001 Equity Capital Growth ART 5.0 1.582
Public Focus Select Fund 25.11.2004 Equity Capital Growth BTB 1.85 0.738
Public Dividend Select Fund 3.5.2005 Equity Income ART 3.0 1.335
Public Far-East Select Fund 22.11.2005 Equity Capital Growth ART 3.5 1.682
Public Regional Sector Fund 21.3.2006 Equity Capital Growth BTB 3.0 1.388
Public Global Select Fund 28.9.2006 Equity Capital Growth ART 3.0 0.618
Public Far-East Dividend Fund 28.11.2006 Equity Income ART 7.5 3.693
Public China Select Fund 5.6.2007 Equity Capital Growth ART 15.0 9.201
Public Far-East Property & 10.7.2007 Equity Capital Growth ART 3.375 2.032
Resorts Fund and Income
Public South-East Asia 2.10.2007 Equity Capital Growth ART 7.5 3.569
Select Fund
Public Sector Select Fund 13.11.2007 Equity Capital Growth ART 0.9 0.640
Public Far-East Consumer 8.1.2008 Equity Capital Growth ART 1.5 0.623
Themes Fund
Public China Titans Fund 1.4.2008 Equity Capital Growth ART 1.5 0.253
Public Far-East Telco & 8.7.2008 Equity Capital Growth ART 1.5 0.172
Infrastructure Fund
Public Select Alpha-30 Fund 7.4.2009 Equity Capital Growth ART 1.5 N/A
Public Balanced Fund 7.6.1995 Balanced Income and MTB 1.5 0.457
Capital Growth
Public Far-East Balanced Fund 23.1.2007 Balanced Income and ART 3.8 2.085
Capital Growth
Public Global Balanced Fund 23.1.2007 Balanced Income and ART 1.5 0.447
Capital Growth
Public Bond Fund 11.6.1996 Bond Income MTB 2.5 1.059
Public Institutional Bond Fund 30.4.2003 Bond Income ART 3.0 1.283
Public Enhanced Bond Fund 19.1.2005 Bond Income and ART 1.0 0.422
Capital Growth
Public Select Bond Fund 22.11.2005 Bond Income ART 1.0 0.658
Public Money Market Fund 16.12.2003 Money Income MTB 1.5 0.948
Market
Total 88.625 41.146
This section is only a summary of the salient information about the funds and investors should read
and understand the whole prospectus before making investment decisions.
10
KEY FEATURES OF THE FUNDS (CONT’D)
The fund objective, strategy, principal risks and investor profile of each of the funds is tabulated below.
Fund Fund Investment Principal Investor Benchmark

Name Objective Strategy Risks Profile
Public To achieve long- The fund invests a Market risk, Moderate Kuala Lumpur
Savings Fund term capital minimum of 40% of its specific stock Composite
appreciation NAV in KLCI index-linked risk and Index
while at the stocks with the balance liquidity risk.
same time invested in a diversified
producing a portfolio of blue chip
reasonable level stocks and companies with
of income. good growth prospects
that are listed primarily on
Bursa Securities. To achieve
increased diversification,
the fund may invest in
foreign markets if the
returns are assessed to be
promising. 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 80% of
the NAV of the fund. The
balance of the fund’s NAV
will be invested in fixed
income securities and liquid
assets.
Public To achieve long- The fund focuses on a Market risk, Moderate Kuala Lumpur
Growth Fund term capital diversified portfolio of specific stock Composite
appreciation blue chip stocks and risk and Index
with income companies with good liquidity risk.
considered growth prospects that are
incidental. listed primarily on Bursa
Securities. To achieve
increased diversification,
the fund may invest in
additional returns. Its equity
content in terms of NAV
will range in the region of
70% to 85% of the NAV
of the fund. The balance
of the fund’s NAV will be
invested in fixed income
securities and liquid assets.
11

Public Index To achieve long- The fund invests a Market risk, Moderate Kuala Lumpur
Fund term capital minimum of 60% of its specific stock Composite
appreciation NAV in KLCI index-linked risk and Index
while at the stocks with the balance liquidity risk.
same time invested in a diversified
attempting to portfolio of blue chip
outperform the stocks and companies with
KLCI. good growth prospects
that are listed on Bursa
Securities. The fund may
region of 80% to 95%
of the NAV of the fund.
The balance of the fund’s
NAV will be invested in
fixed income securities and
liquid assets.
Public To achieve The fund focuses on Market risk, Moderate Kuala Lumpur
Industry a high level a diversified portfolio specific stock Composite
Fund of capital of stocks in industries risk and Index
appreciation undergoing earnings liquidity risk.
over the recovery and growth stocks
medium to that are listed primarily on
long term Bursa Securities. To achieve
period through increased diversification,
investments the fund may invest in
in growth foreign markets if the
industries. returns are assessed to be
liquid assets.
12

Public To seek The fund focuses on a Market risk, Aggressive Kuala Lumpur
Aggressive high capital diversified portfolio of specific stock Composite
Growth Fund growth over situational stocks and risk and Index
the medium high growth stocks liquidity risk.
to long term listed primarily on Bursa
period through Securities. To achieve
investments in increased diversification,
situational and the fund may invest in
high growth foreign markets if the
stocks. returns are assessed to be
liquid assets.
Public To achieve The fund focuses on a Market risk, Moderate Kuala Lumpur
Regular consistent diversified portfolio of specific stock Composite
Savings Fund capital growth blue chip stocks and risk and Index
over the companies with good liquidity risk.
medium to long growth prospects that are
term period and listed on Bursa Securities.
to achieve a The fund may also invest
steady growth in fixed income securities
in income. to generate additional
returns. Its equity content
in terms of NAV will range
in the region of 70% to
80% of the NAV of the
fund. The balance of the
fund’s NAV will be invested
in fixed income securities
and liquid assets.
13

Public To achieve The fund focuses on a Market risk, Aggressive FTSE Bursa
SmallCap high capital diversified portfolio of specific stock Malaysia
Fund growth through companies with good risk and SmallCap
investments growth prospects with liquidity risk. Index
in companies market capitalisation of
with market RM1.25 billion and below
capitalisation of that are listed on Bursa
RM1.25 billion Securities. To achieve
and below with increased diversification,
special focus on the fund may invest in
growth stocks. foreign markets if the
liquid assets.
Public Equity To achieve The fund focuses on a Market risk, Aggressive Kuala Lumpur
Fund capital growth diversified portfolio of specific stock Composite
through the index linked companies, risk and Index
aggressive blue chip stocks and liquidity risk.
selection of growth stocks that are
growth stocks listed primarily on Bursa
from diversified Securities. To achieve
economic increased diversification,
sectors. the fund may invest in
minimum equity content
is 80% of the NAV of the
and liquid assets.
14

Public Focus To achieve The fund focuses on a Market risk, Aggressive FTSE Bursa
Select Fund capital growth diversified portfolio of specific stock Malaysia Mid
through companies with good risk and 70 Index
investments in growth prospects with liquidity risk.
medium-sized market capitalisation of
companies in between RM1.25 billion
terms of market and RM6 billion that are
capitalisation listed on Bursa Securities.
from diversified To achieve increased
economic diversification, the fund
sectors. may invest in foreign
markets if the returns are
assessed to be promising.
The fund may also invest
to generate additional
and liquid assets.
Public To provide The fund seeks to achieve Market risk, Moderate Kuala Lumpur
Dividend steady recurring its goal of providing specific stock Composite
Select Fund income by steady recurring income risk and Index
investing in a by investing in a diversified liquidity risk.
portfolio of portfolio of stocks that
stocks which offer or have the potential
offer or have to offer attractive dividend
the potential to yields. To achieve
offer attractive increased diversification,
dividend yields. the fund may invest in
liquid assets.
15

Public Far- To seek long- The fund seeks to achieve Market risk, Aggressive 30% Kuala
East Select term capital its goal of capital growth specific stock Lumpur
Fund appreciation by investing in blue chips risk, liquidity Composite
by investing in and growth stocks listed risk, currency Index and
blue chips and on Bursa Securities and risk and 70% MSCI
growth stocks selected regional markets. country risk. AC Far East
in domestic The fund may also invest Ex-Japan
and regional in fixed income securities Index
markets. to generate additional
fund. However the equity
range of the fund may be
higher or lower depending
on the Fund Manager’s
assessment of the equity
markets. The balance of
the fund’s NAV will be
invested in fixed income
securities and money
market instruments.
Public To seek long- The fund seeks to achieve Market risk, Aggressive 90% MSCI
Regional term capital its goal of capital growth specific stock AC Far East
Sector Fund appreciation by investing in the most risk, liquidity Ex-Japan
by investing in promising market sectors risk, currency Index and
selected market in the domestic and risk and 10% 3-
sectors. regional equity markets. country risk. Month Kuala
The fund will invest in a Lumpur
maximum of 6 sectors Interbank
but will maintain its Offered Rates
investments in a minimum (KLIBOR)
of 3 sectors at all times.
The fund generally
maintains equity exposures
within a range of 75%
to 90% against its NAV.
liquid assets.
16

Public Global To seek long The fund seeks to achieve Market risk, Aggressive 90% MSCI
Select Fund term capital its goal of capital growth specific stock All Country
appreciation by investing directly or risk, liquidity World Index
by investing in collective investment risk, currency and 10%
in equities schemes which focus on risk and 1-Month
and collective a diversified portfolio of country risk. Kuala Lumpur
investment blue chips, index stocks Interbank
schemes in and growth stocks listed Offered Rates
domestic and on selected global stock (KLIBOR)
global markets. markets. The fund will also
invest in blue chips, index
stocks and growth stocks
listed on selected global
stock markets. The fund
generally maintains equity
exposures within a range
of 75% to 90% against its
NAV. The balance of the
and money market
instruments.
Public Far- To provide The fund seeks to achieve Market risk, Moderate 30% Kuala
East Dividend income by its goal of providing specific stock Lumpur
Fund investing in income by investing in risk, liquidity Composite
a portfolio a diversified portfolio of risk, currency Index and
of stocks in stocks in domestic and risk and 70% MSCI
domestic regional markets that offer country risk. AC Far East
and regional or have the potential to Ex-Japan
markets which offer attractive dividend Index
offer or have yields. The fund may also
the potential to invest in fixed income
offer attractive securities to generate
dividend yields. additional returns. The
fund generally maintains
equity exposures within
a range of 75% to 90%
against its NAV. The
balance of the fund’s
fixed income securities
and money market
instruments.
17

Public China To achieve The fund seeks to Market risk, Aggressive MSCI Golden
Select Fund capital growth achieve its goal of capital specific stock Dragon Index
over the growth by investing in a risk, liquidity
medium to portfolio of investments risk, currency
long-term in the greater China risk and
period by region namely in Hong country risk.
investing in a Kong, China and Taiwan
portfolio of markets and China based
investments companies listed on
in the greater overseas markets. The
China region fund may also invest
namely in in companies listed
Hong Kong, on the domestic and
China and other foreign markets
Taiwan markets which have significant
and including or potentially significant
China based business operations in
companies the greater China region.
listed on These companies include
overseas companies which have
markets. The at least 30% of their
fund may earnings currently derived
also invest in from the greater China
companies region or have business
listed on Bursa operations in the greater
Securities and China region which are
other foreign projected to contribute
markets which at least 30% of group
have significant earnings in the next two
or potentially to three years. The fund
significant generally maintains equity
business exposures within a range
operations in of 75% to 90% against its
the greater NAV. The balance of the
China region. fund’s NAV will be invested
and money market
instruments.
18

Public Far- Seeks to The fund seeks to Market risk, Moderate Based on the
East Property achieve capital achieve its goal of capital specific stock constituents
& Resorts growth over the growth by investing risk, liquidity within the real
Fund medium to long in companies that are risk, currency estate sector
term period principally engaged in risk and of Standard
by investing in property investment and country risk. & Poor’s
companies that development, hotel and BMI Asia
are principally resorts development and Pacific Index
engaged investment and real estate customised
in property investment trusts (REITs) to 20%
investment and in domestic and regional Japan, 20%
development, markets. The fund may Australia,
hotel and also invest in companies 20% Malaysia
resorts which have significant and the
development property or real estate balance 40%
and investment assets, i.e. companies for the rest of
and real estate which have at least 70% the countries
investment of their assets comprised within the
trusts (REITs) of property or real estate index universe
in domestic assets. Its equity content currently
and regional in terms of NAV will range including
markets. The in the region of 75% to China ‘H’
fund may 90% of the NAV of the Shares,
also invest in fund. The balance of the Hong Kong,
companies fund’s NAV is invested in Indonesia,
which have fixed income securities and New Zealand,
significant liquid assets. Philippines,
property or real Singapore,
estate assets. Taiwan, Korea
and Thailand.
The real estate
sector are as
defined by
the then-
current Global
Industry
Classification
Standard
(GICS).
19

Public South- To achieve The fund seeks to achieve Market risk, Aggressive 35% Straits
East Asia capital growth its goal of capital growth specific stock Times Index,
Select Fund over the by investing in a diversified risk, liquidity 30% Kuala
medium to portfolio of blue chips, risk, currency Lumpur
long-term index stocks and growth risk and Composite
period by stocks listed on South- country risk. Index, 15%
investing in a East Asia stock markets. Jakarta
portfolio of The fund may also invest Composite
investments in in fixed income securities Index,
South-East Asia such as sovereign bonds, 15% Stock
markets. corporate debt and money Exchange
market instruments to help of Thailand
generate returns. The Index and 5%
fund generally maintains Philippines
equity exposures within Stock
a range of 75% to 95% Exchange
against its NAV. The Index
will be invested in fixed
income securities.
Public Sector To seek long- The fund seeks to Market risk, Aggressive Kuala Lumpur
Select Fund term capital achieve the long-term specific stock Composite
appreciation goal of capital growth by risk and Index
by investing identifying the market liquidity risk.
in a portfolio sectors in the domestic
of securities market which offer the
from selected most promising investment
market sectors returns. The fund will
in the domestic invest in a maximum of
market. 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 95% against its NAV.
liquid assets.
20

Public To achieve long The fund seeks to achieve Market risk, Aggressive A customised
Far-East term capital the long-term goal of specific stock index
Consumer appreciation capital growth by investing risk, liquidity based on
Themes Fund by investing in securities, mainly risk, currency constituents
in securities, equities, in the consumer risk and within the
mainly equities, sector in the domestic country risk. selected
in the consumer and foreign markets. The sectors of the
sector in the fund may also invest in Standard &
domestic multinational corporations Poor’s BMI
and foreign in the consumer sector Asia Ex-
markets. which have a presence in Japan Index
the Far-East region and are comprising
listed on the United States, Malaysia,
Europe and Australian Singapore,
markets. The fund Thailand,
generally maintains equity Indonesia,
exposures within a range Philippines,
of 75% to 90% against its Hong Kong,
NAV. The balance of the China ‘H’
fund’s NAV will be invested Shares,
in domestic fixed income Taiwan and
securities and liquid assets. South Korea.
The selected
sectors are
the Consumer
Discretionary
and
Consumer
Staples
sectors as
defined by
the then-
current Global
Industry
Classification
Standard
(GICS)
21

Public China To achieve The fund invests in Market risk, Aggressive 40% Hang
Titans Fund capital growth companies with market specific stock Seng China
over the capitalisation of RM10 risk, liquidity Enterprises
medium to billion and above in the risk, currency Index,
long-term greater China region risk and 30% Hang
period by namely China, Hong Kong country risk. Seng Index
investing in and Taiwan markets and and
companies including China based 30% TSEC
with market companies listed on Taiwan 50
capitalisation overseas markets. The Index
of RM10 billion fund generally maintains
and above in equity exposures within
the greater a range of 75% to 90%
China region against its NAV. The
namely China, balance of the fund’s
Hong Kong and NAV will be invested in
Taiwan markets fixed income securities
and including and money market
China based instruments.
companies
listed on
overseas
markets.
22

Public Far- To achieve The fund seeks to achieve Market risk, Aggressive A customised
East Telco & capital growth long-term capital growth specific stock index based
Infrastructure over the by focusing its investment risk, liquidity on the
Fund medium to long in the telecommunications, risk, currency constituents
term period infrastructure and utilities risk and within the
by investing sectors in the domestic and country risk. selected
in securities, foreign markets. The fund sectors of the
mainly generally maintains equity Standard &
equities, in the exposures within a range Poor’s BMI
telecommu- of 75% to 90% against its Asia Ex-
nications, NAV. The balance of the Japan Index
infrastructure fund’s NAV will be invested comprising
and utilities in fixed income securities Malaysia,
sectors in Far- and liquid assets. Singapore,
East markets. Thailand,
Indonesia,
Philippines,
Hong Kong,
China ‘H’
Shares,
Taiwan and
South Korea.
The selected
sectors are
customised to
the following
weights
i.e. 40%
Telecommu-
nication
Service, 30%
Construction
& Materials
and 30%
Utilities
sectors. The
above sectors
are defined
by the then-
current Global
Industry
Classification
Standard
(GICS).
23

Public Select To achieve The fund seeks to achieve Market risk, Aggressive Kuala Lumpur
Alpha-30 capital growth its goal of capital growth specific stock Composite
Fund over the by investing in up to a risk and Index
medium to long maximum of 30 stocks liquidity risk.
term period by primarily listed on Bursa
investing in up Securities. To achieve
to a maximum increased diversification,
of 30 stocks the fund may invest in
primarily listed selected foreign markets
on Bursa if the returns are assessed
Securities. to be promising. The
fund generally maintains
equity exposures within
a range of 75% to 95%
against its NAV. The
may be invested in fixed
income securities and
money market instruments
to generate additional
returns.
Public To provide a The fund invests 40% Market risk, Conservative Public
Balanced steady income to 60% of its NAV in specific stock to moderate Balanced
Fund and capital a diversified portfolio risk, interest Equity Index
growth over of blue chip stocks and rate risk, (PBEIX) is a
the medium companies with good credit risk hybrid index
to long-term growth prospects that are and liquidity whose value
period. listed primarily on Bursa risk. is subject
Securities. To achieve to the daily
increased diversification, changes in
the fund may invest in the KLCI and
foreign markets if the the 3-month
returns are assessed to Kuala Lumpur
be promising. The equity Interbank
range may be lower Offered Rates
depending on the Fund on a 60:40
Manager’s assessment basis.
of the equity markets. A
significant portion of the
balance of fund’s NAV will
be invested in fixed income
securities to generate the
required recurring income.
24

Public To provide The fund invests 40% Market risk, Conservative 60% MSCI
Far-East income to 60% of its NAV in specific stock to moderate AC Far East
Balanced and capital a diversified portfolio risk, interest Ex-Japan
Fund growth over of blue chip stocks and rate risk, Index and
the medium companies with good credit risk, 40% 3-month
to long-term growth prospects that are liquidity risk, Kuala Lumpur
period. listed on selected regional currency risk Interbank
markets. The equity range and country Offered Rates
may be lower depending risk.
on the Fund Manager’s
assessment of the equity
markets. A significant
portion of the balance of
to generate the required
recurring income.
Public Global To provide The fund seeks to achieve Market risk, Conservative 60% MSCI
Balanced income its goal of providing specific stock to moderate All Country
Fund and capital income and capital growth risk, interest World Index
growth over over the medium to long rate risk, and 40%
the medium term period by investing credit risk, 3-month
to long-term directly or in collective liquidity risk, Kuala Lumpur
period by investment schemes which currency risk Interbank
investing focus on a diversified and country Offered Rates
in equities, portfolio of blue chips, risk.
collective index stocks and growth
investment stocks listed on selected
schemes and global stock markets. The
fixed income fund will also invest in blue
securities in chips, index stocks and
domestic and growth stocks on selected
global markets. global markets.
Its equity content will
range in the region of
between 40% to 60%
liquid assets.
25

Public Bond To provide a The fund invests in a Interest rate Conservative 12-month
Fund steady stream diversified portfolio of risk, credit fixed deposits
of income fixed income securities risk and rate quoted
returns through comprising sovereign bonds, liquidity risk. by Malayan
investment private debt securities and Banking
in the money money market instruments. Berhad
market and The fund may also invest
private debt in redeemable loan stocks
securities. with convertible features
to enhance overall returns.
To achieve increased
diversification, the fund
may invest in foreign fixed
income securities if the
promising.
Public To provide The fund invests in a Interest rate Conservative Corporate

Institutional annual income diversified portfolio of risk, credit Bond Index
Bond Fund through fixed income securities risk and - 1 Year And
investment in comprising sovereign bonds, liquidity risk. Above
private debt private debt securities and
securities. money market instruments.
50% of the fund’s 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.
Public Seeks to The fund invests primarily Interest rate Conservative 12-month
Enhanced provide a in a diversified portfolio risk, credit to moderate fixed deposits
Bond Fund combination of of fixed income securities risk and rate quoted
annual income comprising sovereign bonds, liquidity risk. by Malayan
and modest private debt securities, Banking
capital growth redeemable loan stocks with Berhad
primarily convertible features and
through a money market instruments.
portfolio The fund may invest up to
allocation 20% of its NAV in equities
across quality comprising largely defensive
bonds and stocks to enhance the fund’s
equities. returns. To achieve increased
diversification, the fund may
invest in foreign securities if
the returns are assessed to
be promising.
26

Public Select To provide The fund seeks to provide Interest rate Conservative 12-month
Bond Fund annual income annual income by investing risk, credit fixed deposits
through in a portfolio of fixed risk and rate quoted
investments in income securities which liquidity risk. by Malayan
fixed income have a remaining maturity Banking
securities which of 7 years and below. Berhad
have a remaining Investments in redeemable
maturity of loan stocks with
7 years and convertible features to
below and enhance the fund’s returns
money market are also considered.
instruments.
Public Money To provide The fund invests in Interest rate Conservative 3-month
Market Fund liquidity short-term money market risk, credit Kuala Lumpur
and current instruments comprising risk and Interbank
income, while bankers’ acceptances and liquidity risk. Offered Rates
maintaining negotiable instruments
capital stability. 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.
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 183 to 187 of Chapter 9: The Manager. For
more information on the Trustees, please refer to Chapter 10: The Trustees.
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 and a forty first supplemental master deed
dated 8 July 2008.
27
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 Equity and Balanced Bond and Money Market
Funds Funds
Service Charge per Unit Purchase of units through agents: Purchase of units through agents:
Up to 5.5% of NAV per unit. Up to 0.25% of NAV per unit.
Purchase of units through the Purchase of units through the

Manager: Manager:
The Manager may at its discretion The Manager may at its discretion
charge a lower service charge charge a lower service charge
subject to qualifying criterion. subject to qualifying criterion.
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.
Repurchase Charge per Unit Nil.
Switching Charges Unitholders may incur charges on their switching transactions. Please
refer to page 31 for the charges that are involved.
Transfer Charges An administration fee of RM25 will be charged for each transfer
transaction.
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, trustee fee, custodian
fee, audit fees, and other direct administrative costs. These expenses are deducted from the gross income of the
fund.
28
This table describes the fees that you may indirectly incur when you invest in the funds.
%/RM
Fees
Equity and Balanced Funds Bond Funds Money Market Fund
Annual PSF, PGF, PIX, PIF, PAGF, PRSF, P BOND and PSBF: PMMF:
Management PBF, P SmallCap, PEF, PFSF, 0.75% per annum of the 0.375% per annum of the
Fee PDSF, PSSF and PSA30F: NAV. NAV.
1.5% per annum of the NAV.
PIN BOND:
PFES, PRSEC, PFEDF, PCSF, 0.5% per annum of the NAV.
PSEASF, PFEBF and PCTF:
1.55% per annum of the PEBF:
NAV. 1.0% per annum of the NAV.
PFEPRF, PFECTF and PFETIF:

1.70% per annum of the
NAV.
PGSF and PGBF:

1.80% per annum of NAV.
Annual Trustee PSF, PGF, PIX, P BOND: PMMF:

Fee P SmallCap, PEF, PDSF and 0.035% per annum of NAV, 0.02% per annum of NAV,
PFES: subject to a minimum fee of subject to a minimum fee of
0.06% per annum of NAV, RM18,000 and a maximum fee RM18,000 and a maximum
subject to a minimum fee of of RM400,000 per annum. fee of RM300,000 per
RM18,000 and a maximum fee annum.
of RM450,000 per annum. PIN BOND and PSBF:
0.035% per annum of NAV,
PIF, PAGF, PBF, PFSF and subject to a minimum fee of
PRSEC: RM18,000 and a maximum fee
0.07% per annum of NAV, of RM300,000 per annum.
subject to a minimum fee of
RM18,000 and a maximum fee PEBF:
of RM450,000 per annum. 0.045% per annum of NAV,
PRSF: RM18,000 and a maximum fee
0.07% per annum of NAV, of RM350,000 per annum.
RM18,000 and a maximum fee
of RM600,000 per annum.
PGSF, PFEDF, PCSF, PFEPRF,

PSEASF, PSSF, PFECTF, PCTF,
PFETIF, PSA30F, PFEBF and
PGBF:
0.08% per annum of NAV,
RM18,000 per annum.
Any other fees

payable by an Nil.
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.
29
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 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 and balanced funds
(as regulated by EPF).
The Manager may at its discretion charge a lower service charge subject to
qualifying criterion. The Manager does not impose a repurchase charge on
the sale of units of funds by investors. (Please refer to pages 170 and 171
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 some 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 Mutual’s website to notify investors. (Please refer to page 116
for more information on valuation of investments in such circumstances).
Minimum Initial & Minimum Initial Minimum Additional

Additional Investment Investment Investment
PIN BOND : RM10,000,000 RM5,000,000
PMMF : RM1,000 RM1,000
All funds except
PIN BOND and
PMMF : RM1,000 RM100
Minimum Account Balance PIN BOND : 1,000,000 units

All funds except
PIN BOND : 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.
30
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 of the
application form and payment by Public Mutual and receive a full refund of
the investment paid within 10 days of receipt of cooling-off notice by the
Manager. For EPF unitholder, 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 its unit trust funds. (Please
refer to page 171 for more information on cooling-off proceeds).
Repurchase of Units 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.
Minimum Repurchase PIN BOND : 1,000,000 units

Units All funds
except PIN BOND : 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.
Switching Between Funds Unitholders may switch their investments between funds under the Public
Series of Funds and Public Series of Shariah-Based Funds on any Business
Day.
The minimum transaction per switch is 1,000 units for all funds except PIN
BOND which is at 1,000,000 units.
The conditions for switching are set out below:
To Recipient
Fund Equity/ Money
Bond
Balanced Market
Switching funds
funds funds
From
At NAV At NAV
Equity/Balanced funds + + At NAV
RM25 RM25
At NAV At NAV
Bond/Money Market funds + + At NAV
- Loaded units # RM25 RM25
At NAV
Bond/Money Market funds + At NAV
- Low-load units ## Service + At NAV
Charge RM25
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.
31
The Manager reserves the right to reject any switching request:-
(a) that it regards as disruptive to efficient portfolio management; or
(b) if deemed by the Manager to be contrary to the best interest of the

fund; or
(c) if the switching request is made within twenty one (21) days of the
date of purchase of units/switching into that fund.
As an example, the Manager may reject switching requests based on the

investor’s history of excessive switching which is contrary to the best interest
of the funds and unitholder.
As switching of units is considered a withdrawal of investment from a unit

trust fund and an application to purchase units of another unit trust fund,
switching requests which are rejected by the Manager would be treated as
a redemption of units from a unit trust fund and a rejection of application
to purchase units in the intended unit trust fund. As such, unitholders
will receive payment of redemption proceeds in the event of a rejection in
switching request.
Transfer of Units A unitholder may fully or partially transfer his units in the fund. 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.
1.4 FREE INSURANCE FOR PBF, PFEBF and PGBF

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 PGBF, 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 PGBF.
32
1.5 DISTRIBUTION POLICY
Fund Name Distribution Policy

Equity Funds
Public Savings Fund Incidental
Public Growth Fund Incidental
Public Index Fund Incidental
Public Industry Fund Incidental
Public Aggressive Growth Fund Incidental
Public Regular Savings Fund Incidental
Public SmallCap Fund Incidental
Public Equity Fund Incidental
Public Focus Select Fund Incidental
Public Dividend Select Fund Annual income
Public Far-East Select Fund Incidental
Public Regional Sector Fund Incidental
Public Global Select Fund Incidental
Public Far-East Dividend Fund Annual income
Public China Select Fund Incidental
Public Far-East Property & Resorts Fund Annual income
Public South-East Asia Select Fund Incidental
Public Sector Select Fund Incidental
Public Far-East Consumer Themes Fund Incidental
Public China Titans Fund Incidental
Public Far-East Telco & Infrastructure Fund Incidental
Public Select Alpha-30 Fund Incidental
Balanced Funds
Public Balanced Fund Incidental
Public Far-East Balanced Fund Incidental
Public Global Balanced Fund Incidental
Bond Funds
Public Bond Fund Annual income
Public Institutional Bond Fund Annual income
Public Enhanced Bond Fund Annual income
Public Select Bond Fund Annual income
Money Market Fund
Public Money Market Fund Annual income
Each of the funds carries a distribution policy which is in line with the objective of the fund. 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.
Income distributions are declared at the end of each financial year, or for any specified period as may be approved
by the Trustee.
If income is distributed, it will be forwarded to the unitholders by cheques, to the latest address shown in the
Register. Unitholders may, however, choose to reinvest the distribution by selecting the appropriate option in the
Application Form.
33
Distribution reinvestments will be effected on the first Business Day following the distribution date. Where there
are Standing Instructions to reinvest distributions, the distributions 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 of an amount less than RM100 per account will automatically be reinvested on behalf of
the unitholder at NAV per unit, computed at the close of the first Business Day following the distribution date.
Auto-Reinvestment of Distribution Cheques upon Lapse of Six Months Cheque Validity Period
For distribution cheques which are unpresented by unitholders after expiry of the six months cheque validity period
(from the date of the distribution cheque), the Manager shall reinvest the distributions through the purchase of
additional units of the applicable fund on their behalf. The reinvestment will be executed based on the NAV per unit
of the fund on the closing of the fifteenth day of the following month or such earlier date as may be determined
by the Manager.
Prospective unitholders should read and understand the contents of the 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 35.
Past performance of the funds is not an indication of their future performance.
34
2 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 Securities Commission. The Securities Commission 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.
2. Professional Management: Unit trusts either engage or maintain in-house 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.
3. Liquidity: Unitholders may redeem all or part of their units on any business day and have their proceeds
mailed to them within 10 days.
4. Ease of Transactions: Unit trusts do not require cumbersome administrative or paperwork or record keeping
on the part of unitholder in managing his investments.
5. Capital Gains: Through participation in securities, unit trust investments provide the opportunity to reap
capital growth as part of the return on a unitholder’s investment.
2.3 RISK FACTORS

Any investment carries with it an element of risk. Keeping one’s 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 Risks: The purchase of equities represents a risk since the prices of stocks underlying the NAV of
the fund fluctuate in response to many factors. Therefore, stock values fluctuate in response to the activities
of individual companies, and general market or economic conditions. Such movements in the underlying
values of the shares of the investment portfolio will cause the NAV or prices of units to fall as well as rise,
and income produced by the fund may also fluctuate.
35
ABOUT UNIT TRUST FUNDS (CONT’D)
2. Particular Stock Risk: Any major price fluctuations of a particular stock invested by the fund may affect the
NAV and thus impact (adversely or favourably) on the prices of units. This impact can, however, be minimised
through the process of portfolio diversification by the fund managers.
3. Liquidity Risk: Liquidity risk is defined as the ease with which a security can be sold at or near its fair value
depending on the volume traded on the market. If a unit trust fund has a large portfolio of securities that
are less liquid or difficult to sell, the securities may be sold at a discount to its fair value, hence affecting
the value of the unit trust fund. This risk is minimised through the process of stock selection and portfolio
diversification by the fund managers.
Further, investment in bonds brings forth the following specific investment risks:
1. Interest Rate Risk: Generally, bond (fund) prices move in the opposite direction of interest rates. If interest
rates rise and bond (and bond fund) prices fall, this will lower the value of your investment. The interest rate
here refers to the general interest rate of the country which may affect the value of investment even if the
fund (e.g. Shariah-based fund) does not invest in interest-bearing instruments.
2. Credit Risk: Credit risk refers to an issuer’s ability to make timely payments of interest and principal. In
the event that the issuer of the instrument is faced with financial difficulties, leading to a decrease in their
credit worthiness and default in the payment of interest and principal, the value of the unit trust fund may
be adversely affected.
In addition to the above, investors of unit trust funds need also to consider the following:
1. Manager’s Risk: The risk that investment decisions undertaken by the Manager may adversely affect the
performance of the fund.
2. Loan Financing Risk: It is considered not advisable for unitholders to finance the purchase of 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 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.
3. Risk of Non-Compliance: The risk arising from non-conformance with regulations and internal policies and
procedures by the manager which may adversely affect the investment of unitholders. However the risk can
be mitigated by internal controls put in place by the Manager.
4. 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 fund’s foreign investments upon conversion to local currency and subsequently
impact the value of the unitholders’ investments.
5. 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 stock prices of listed
companies.
Please refer to Chapter 3: Detailed Information on The Funds for information on fund specific risks and risk
management.
36
3 DETAILED INFORMATION ON THE FUNDS
3.1 CATEGORIES OF FUNDS

Public Mutual currently promotes various categories of funds, namely equity fund, balanced fund, bond fund, 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 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 prospectus.
The forthcoming paragraphs under this Chapter provides further information on the funds’ profiles (paragraph 3.2),
investment risks and risk management (paragraph 3.3), authorised investments (paragraph 3.4), investment restrictions
(paragraph 3.5), valuation of authorised investments (paragraph 3.6) and policy on gearing (paragraph 3.7).
37
DETAILED INFORMATION ON THE FUNDS (CONT’D)
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 Abbreviation

Public Savings Fund PSF Pages 39 - 40
Public Growth Fund PGF Pages 41 - 42
Public Index Fund PIX Pages 43 - 45
Public Industry Fund PIF Pages 46 - 47
Public Aggressive Growth Fund PAGF Pages 48 - 49
Public Regular Savings Fund PRSF Pages 50 - 51
Public SmallCap Fund P SmallCap Pages 52 - 54
Public Equity Fund PEF Pages 55 - 56
Public Focus Select Fund PFSF Pages 57 - 59
Public Dividend Select Fund PDSF Pages 60 - 62
Public Far-East Select Fund PFES Pages 63 - 64
Public Regional Sector Fund PRSEC Pages 65 - 66
Public Global Select Fund PGSF Pages 67 - 68
Public Far-East Dividend Fund PFEDF Pages 69 - 71
Public China Select Fund PCSF Pages 72 - 73
Public Far-East Property & Resorts Fund PFEPRF Pages 74 - 76
Public South-East Asia Select Fund PSEASF Pages 77 - 78
Public Sector Select Fund PSSF Pages 79 - 80
Public Far-East Consumer Themes Fund PFECTF Pages 81 - 83
Public China Titans Fund PCTF Pages 84 - 85
Public Far-East Telco & Infrastructure Fund PFETIF Pages 86 - 87
Public Select Alpha-30 Fund PSA30F Pages 88 - 89
Balanced Funds
Public Balanced Fund PBF Pages 90 - 92
Public Far-East Balanced Fund PFEBF Pages 93 - 94
Public Global Balanced Fund PGBF Pages 95 - 96
Bond Funds
Public Bond Fund P BOND Pages 97 - 98
Public Institutional Bond Fund PIN BOND Pages 99 - 100
Public Enhanced Bond Fund PEBF Pages 101 - 103
Public Select Bond Fund PSBF Pages 104 - 105
Money Market Fund

Public Money Market Fund PMMF Pages 106 - 107
38
PUBLIC SAVINGS FUND (PSF)

Fund Profile
Category of Fund Equity fund

Type of Fund Capital growth
Equity Range of Fund 70% to 80%
Stock Selection Profile of Fund Minimum of 40% in KLCI-linked stocks, with the
balance in growth stocks
Distribution Policy Incidental
Investor’s Risk Profile Moderate
Suggested Minimum Investment Period 3 years
Designated Fund Managers Tan Chee Chin and Lum Meng Seng
The Fund Manager may adopt temporary defensive strategies by lowering the equity exposure of the fund
below the above stated range if the investment climate is deemed to be unfavourable and weakness in the
equity markets is expected. The Fund Manager may also increase the fund’s equity exposure above the stated
range if the outlook for equity markets is positive and returns are promising.
Fund Objective
To achieve long-term capital appreciation while at the same time producing a reasonable level of income.
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 highs and lows in pursuit of capital growth
Investment Policy
PSF invests in a diversified portfolio of primarily Malaysian equities and fixed income instruments to meet its
investment objective. Its equity content in terms of NAV will range in the region of 70% to 80% of the NAV of the
fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
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 reasonably good earnings growth prospect 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 fund also maintains a significant portion of its investments in fixed income securities such as sovereign bonds,
corporate debt and money market instruments to help generate income returns expected of it. 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.
39
To achieve increased diversification, the fund may invest in foreign markets if the returns are assessed to be
promising. The foreign markets which the fund may invest in include Singapore, Taiwan, South Korea, Japan, Hong
Kong, China, Thailand, Indonesia, Philippines and other approved markets. The fund’s investments may also include
listed warrants and options to enhance its returns. The fund may consider investments in unlisted equities with
attractive potential returns, particularly in companies that are expected to seek listing on the Bursa Securities or
other approved foreign markets within a timeframe of two years. The fund may also invest in collective investment
schemes both in the domestic and foreign markets.
To mitigate risks, the fund may invest in futures contracts and options to hedge against market volatility. The presence
of growth stocks in the equity portfolio, in particular, may result in the fund experiencing significant volatilities in
times of adverse market movements.
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 blue chip stocks, growth stocks, fundamentally undervalued stocks
and dividend stocks. The equity exposures of the fund are managed actively with exposures ranging from 70% to
80% 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, 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 exposures are reduced to
below the levels indicated in the table above. It should be noted that the returns from bond investments may be
adversely affected should interest rates hike up sharply. As such, exposures to bonds are managed accordingly to
minimise the risks.
The fund’s investments in foreign markets will be monitored to ensure that the potential returns are commensurate
with political risks, foreign exchange risks, liquidity risks and regulatory risks incurred as a result of investing abroad.
The fund will focus its overseas investments in markets where the prospects are promising and where political and
regulatory risks are anticipated to be within acceptable levels. 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 futures contracts, listed warrants and options can potentially enhance the fund’s returns,
these investments can also increase the volatility of the fund’s returns. As such, the fund’s investments in these
instruments will be assessed on an ongoing basis to ensure that their potential returns are commensurate with the
additional risks incurred as a result of investing in these investments. The fund’s exposure to these instruments will
also be managed accordingly to minimise these risks.
Furthermore, the above investments are subject to limits and restrictions that are precisely spelt out in the sections
titled “Authorised Investments” and “Investment Restrictions”.
Selected Performance Benchmark for PSF

The KLCI, or Kuala Lumpur Composite Index, comprises 100 major stocks representing 63% of the Bursa Securities’
total market capitalisation. The core of the fund’s equity portfolio comprises of companies that are components
of the KLCI. 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 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 KLCI and transactional information
such as last traded price, previous closing price, volume traded, high and low for the day and other information.
40
PUBLIC GROWTH FUND (PGF)

Fund Profile

Type of Fund Capital Growth
Stock Selection Profile of Fund High concentration of growth stocks
Designated Fund Managers Tan Yan Heong and Lum Peck Woon
Fund Objective
To achieve long-term capital appreciation with income considered incidental.
Investor Profile
Investment Policy
PGF invests in a diversified portfolio of primarily Malaysian equities and fixed income instruments to meet its
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 index-
linked companies, blue chip stocks and companies with growth prospects that are listed on the Bursa Securities. In
particular, companies with reasonably good earnings growth prospect 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.
The fund may also invest in fixed income securities such as sovereign bonds, corporate debt and money market
instruments to help generate returns. Where yields are attractive and interest rate trends are favourable, the
investments in bonds are increased. In general, however, the investment in bonds and fixed income assets is secondary
to the focus on equities. In other words, the allocations to bonds and fixed income assets are raised usually at the
41

and dividend stocks. There is however greater emphasis on capital growth with lower emphasis on income and
as such its equity exposures are in the moderately high range of between 70% and 85%. 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.

minimise the risks.
Selected Performance Benchmark for PGF

42
PUBLIC INDEX FUND (PIX)

Fund Profile
Category of Fund Equity - Index fund

Stock Selection Profile of Fund Minimum of 60% index-linked stocks
Designated Fund Managers Chiang Kang Pey and Liew Mun Hon
Fund Objective
To achieve long-term capital appreciation while at the same time attempting to outperform the KLCI.
Bursa Malaysia has announced that the KLCI will adopt the FTSE global index standard and be known as the FTSE
Bursa Malaysia KLCI whereby the component stocks will be reduced from 100 stocks to 30 stocks. In the event
this occurs, references to KLCI made in this section will be replaced with the FTSE Bursa Malaysia 100 index, which
comprises of 100 major stocks.
Investor Profile
• 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 instruments to meet its investment
objective. Its equity content in terms of NAV will range in the region of 80% to 95% of NAV of the fund; with a
minimum of 60% of NAV invested in KLCI component stocks. The balance of the fund’s NAV will be invested in
fixed income securities and liquid assets.
Investment Strategy
PIX is actively managed and invests mainly in KLCI index-linked 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 KLCI-linked 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 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 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-linked stocks, the fund is likely to track the
KLCI very closely. However, there may exist differences in the fund’s performance when compared to the KLCI
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
benchmark’s return. The fund undergoes portfolio rebalancing on an ongoing basis with the view of outperforming
the benchmark KLCI.
43
investment in bonds is increased. In general, however, the investment in bonds and fixed income assets are secondary
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 close link between the performance of the fund and that of the KLCI 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.

and dividend stocks that are primarily components of the KLCI. As it also maintains a fairly high equity exposure
range between 80% and 95%, its performance tend to track the KLCI more closely than the other 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.

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 exposures are reduced to below the
levels indicated in the table above. It should be noted that the returns from bond investments may be adversely
affected should interest rates hike up sharply. As such, exposures to bonds are managed accordingly to minimise
the risks.
Selected Performance Benchmark for PIX

PIX is set up to outperform the KLCI. Hence, the KLCI is the benchmark for the fund.
Note: Bursa Malaysia has announced that the KLCI will adopt FTSE global index standard and be known as the FTSE
Bursa Malaysia KLCI whereby the component stocks will be reduced from 100 stocks to 30 stocks. In the event this
occurs, the benchmark of the fund will be replaced with the FTSE Bursa Malaysia 100 Index, which comprises of
100 major stocks, as its benchmark in place of the KLCI.
“”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 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.”
44
Top 10 Holdings in % of NAV as at 1 April 2009
KLCI % Weight PIX % of

in Index NAV
1 Sime Darby Bhd 7.2% Public Bank Bhd 8.5%

2 MISC Bhd 6.4% Sime Darby Bhd 6.9%
3 Malayan Banking Bhd 6.0% Tenaga Nasional Bhd 6.8%
4 Public Bank Bhd 5.7% MISC Bhd 6.2%
5 Tenaga Nasional Bhd 5.5% Bumiputra-Commerce Holdings Bhd 5.5%
6 Bumiputra-Commerce Holdings Bhd 5.2% IOI Corporation Bhd 4.6%
7 IOI Corporation Bhd 5.0% Malayan Banking Bhd 4.0%
8 Petronas Gas Bhd 4.0% Digi.Com Bhd 3.9%
9 Digi.Com Bhd 3.4% Telekom Malaysia Bhd 3.4%
10 Plus Expressways Bhd 3.1% Genting Bhd 3.1%
Additional Disclosure
The KLCI 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
Bursa Malaysia.
PIX is targeted to track the Kuala Lumpur Composite Index which comprises 100 major stocks representing about
63% of the Bursa Securities’ total market capitalisation. The KLCI is generally accepted as a barometer of the local
stockmarket’s performance.
A minimum of 60% of the fund’s NAV will be maintained in component stocks of the KLCI. PIX is not a passive
index fund and will also invest in non-KLCI stocks with good growth prospects and attractive valuations to enhance
its investment performance.
Tracking error of the fund’s movements vs the KLCI may arise as the fund may invest in non-index stocks. Differences
in weights of index stocks held by the fund vs the respective stock’s weightings in the KLCI will also contribute to
tracking errors. As a result, there is no guarantee that the fund will exactly replicate or track the underlying
benchmark’s return. However the fund will be rebalanced on an ongoing basis to manage its tracking error
versus the benchmark KLCI.
The risk of investing in equity index funds relate to risks arising from its equity holdings which will fluctuate in line
with the stockmarket’s movements. Risk of price movements on a stock specific basis can also affect the fund’s
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 scheme may be concentrated in securities of a single issuer or several
issuers.
45
PUBLIC INDUSTRY FUND (PIF)

Fund Profile

Stock Selection Profile of Fund High concentration of stocks in recovering or high
growth sectors
Designated Fund Managers Chiang Kang Pey and Liew Mun Hon
Fund Objective
To achieve a high level of capital appreciation over the medium to long term period through investments in growth
industries.
Investor Profile
Investment Policy
PIF invests in a diversified portfolio of primarily Malaysian equities and fixed income instruments to meet its investment
objective. Its equity content in terms of NAV will range in the region of 70% to 90% of the NAV of the fund. The
balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
Investment Strategy
PIF is actively managed to achieve the 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 reasonably good earnings growth prospect 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
46

and dividend 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 90%. 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.

minimise the risks.
Selected Performance Benchmark for PIF

47
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Fund Profile

Stock Selection Profile of Fund High concentration of high growth stocks and situational
stocks
Investor’s Risk Profile Aggressive
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
Investment Policy
PAGF invests in a diversified portfolio of primarily Malaysian equities and fixed income instruments to meet its
Investment Strategy
PAGF is actively managed to achieve the 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 reasonably high earnings growth prospect 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
48

through investments in a diversified portfolio of blue chip stocks, growth stocks, fundamentally undervalued
stocks and dividend stocks with the aim of maximising long-term capital growth. In doing so, its equity exposures
is typically maintained within a high equity exposure range of between 75% and 95%. 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.

minimise the risks.
Selected Performance Benchmark for PAGF

49
PUBLIC REGULAR SAVINGS FUND (PRSF)

Fund Profile

Stock Selection Profile of Fund Blue chips and growth stocks
Designated Fund Managers Tan Yan Heong and Chen Yuet Fong
Fund Objective
To achieve consistent capital growth over the medium to long term period and to achieve a steady growth in
income.
Investor Profile
Investment Policy
PRSF invests in a diversified portfolio of Malaysian equities and fixed income instruments to meet its investment
balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
Investment Strategy
PRSF is actively managed to achieve the goal of 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 reasonably good 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,
The fund also maintains a significant portion of its investments in fixed income securities such as sovereign bonds,
corporate debt and money market instruments to help generate income returns expected of it. 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
50

and dividend stocks. The equity exposures of the fund are managed actively with exposures ranging from 70% to
80% 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.

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 exposures are reduced to below the
levels indicated in the table above. It should be noted that the returns from bond investments may be adversely
the risks.
Selected Performance Benchmark for PRSF

51
PUBLIC SMALLCAP FUND (P SmallCap)

Fund Profile
Category of Fund Equity - SmallCap fund

Stock Selection Profile of Fund Companies with market capitalisation of RM1.25 billion
and below, with special focus on growth stocks
Designated Fund Managers Tan Yan Heong and Loo See Seong
Fund Objective
To achieve high capital growth through investments in companies with market capitalisation of RM1.25 billion and
below with special focus on growth stocks.
Investor Profile
• can withstand wide fluctuations in unit prices and extended periods of volatility
Investment Policy
P SmallCap is actively managed and invests in a diversified portfolio of primarily Malaysian equities and fixed
income instruments to meet its investment objective. Emphasis is placed on the accumulation of small-cap stocks
with promising high earnings growth prospects in the medium to long-term horizon. 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. Although the fund
The fund will maintain an equity exposure of between 70% to 80% of its NAV. The balance of the fund’s NAV will
be invested in fixed income securities and liquid assets.
P SmallCap will invest in stocks with market capitalisation of up to RM1.25 billion at the point of purchase. Thereafter,
should the stock’s market capitalisation move above the stated range by a margin of up to 20% for a period of
six consecutive months, the fund’s holdings of the stock will be disposed within a 6 month period subject to the
availability of market liquidity. Should the stock’s market capitalisation move above the stated range by more than
20%, the fund’s holdings of the stock will be disposed off as expediently as possible subject to availability of market
liquidity. The rationale of the above proposal is to alleviate the fund from having to dispose of its stock holdings
as a result of short term fluctuations in market price.
52
Investment Strategy
P SmallCap focuses primarily on investing in companies with market capitalisation of RM1.25 billion and below, 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. 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.
investments in bonds are increased. In general, however, the investment in bonds and fixed income assets is 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.

The fund allows the investor the opportunity to participate in the long-term growth potential of a diversified portfolio
of promising small companies with market capitalisation of below RM1.25 billion 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 companies that trade at attractive valuations given their sound fundamentals.
The fund also offers effective risk diversification strategies as well as liquidity management for what is essentially an
investment category that suffers from lack of liquidity. To that end, the equity exposures of the fund are managed
within a more conservative range of between 70% and 80%.

minimise the risks.
53
Selected Performance Benchmark for P SmallCap

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 Board excluding constituents of the FTSE Bursa Malaysia 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.
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.”
54
PUBLIC EQUITY FUND (PEF)

Fund Profile

Equity Range of Fund At least 80%
Stock Selection Profile of Fund Growth stocks
Fund Objective
To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.
Investor Profile
Investment Policy
PEF invests in a diversified portfolio of primarily Malaysian equities and fixed income instruments to meet its
investment objective. Its minimum equity content is 80% of the NAV of the fund. The balance of the fund’s NAV
will be invested in fixed income securities and liquid assets.
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 reasonably high 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,
55

and dividend 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.

The diversification and hedging and to a lesser extent asset allocation 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
the minimum levels indicated in the table above. It should be noted that the returns from bond investments may
be adversely affected should interest rates hike up sharply. As such, exposures to bonds are managed accordingly
to minimise the risks.
Selected Performance Benchmark for PEF

56
PUBLIC FOCUS SELECT FUND (PFSF)

Fund Profile

Stock Selection Profile of Fund 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
range if the outlook for the equity market is positive and returns are promising.
Fund Objective
To achieve capital growth through investments in medium-sized companies in terms of market capitalisation from
diversified economic sectors.
Investor Profile
Investment Policy
PFSF is actively managed and invests in a diversified portfolio of primarily Malaysian equities and fixed income
instruments 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. Thereafter, should the stock’s market capitalisation fall below
or move above the stated range by a margin of up to 10% for a period of three consecutive months, the fund’s
holdings of the stock will be disposed within a 3 month period. However, if the stock’s market capitalisation were
to fall below or move above the 10% band, the stock will be disposed off as expediently as possible subject to
availability of market liquidity. The rationale of the above proposals is to alleviate the fund from having to dispose
off its stock holdings as a result of short term fluctuations in market price. Although the fund is actively managed,
the frequency of its trading strategy will very much depend on market opportunities.
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 80% against its NAV. However the
equity range of the fund may be higher or lower depending on the fund manager’s assessment of the stockmarket.
The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
57
Investment Strategy
PFSF focuses primarily on investments in medium-sized companies with market capitalisation of between RM1.25
billion and RM6 billion, 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. 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.
The fund may also invest in fixed income securities such as sovereign bonds, corporate debt securities and money
market instruments to generate additional returns. Where yields are attractive and interest rate trends are favourable,
the investment in bonds is increased. In general, however, investments in bonds and fixed income assets are 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.

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 as well as companies
which trade at attractive valuations.

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 80%.
Essentially, the asset allocation, liquidity management, diversification and hedging 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 fund’s equity exposure is reduced to below the
levels indicated in the table above.
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. As such, exposure to bonds in the portfolio are actively
managed to minimise such risks to levels that are commensurate with the potential returns.
58
Selected Performance Benchmark for PFSF

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 30 Index.
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.
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.”
59
PUBLIC DIVIDEND SELECT FUND (PDSF)

Fund Profile

Type of Fund Income
Stock Selection Profile of Fund Stocks which offer or have the potential to offer attractive
dividend yields
Distribution Policy Annual income
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.
Investor Profile
• 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 instruments to meet its
fund. The balance of the fund’s NAV is invested in fixed income securities and liquid assets.
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 strong 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,
Notwithstanding this, the fund may also invest in growth or recovery stocks that have the potential to eventually
adopt a strong dividend payout policy. In identifying such companies, the fund relies on fundamental research
considered.
The Fund Manager may adopt temporary defensive strategies by lowering the equity exposure of the fund below
the above stated range if the investment climate is deemed to be unfavourable and weakness in the equity markets
is expected. The Fund Manager may also increase the fund’s equity exposure above the stated range if the outlook
for the equity market is positive and returns are promising.
60
The fund may invest in fixed income securities such as sovereign bonds, corporate debt and money market
instruments to help generate interest income. 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 weakness
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.

The fund allows the investor the opportunity to participate in a diversified portfolio of blue chip stocks, growth
stocks and fundamentally undervalued 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
90% depending on the Fund Manager’s assessment of the market and economic environment. However, the fund’s
equity range may be higher or lower depending on the Fund Manager’s assessment of the stock market outlook.
It also maintains investments in fixed income securities to help generate interest income for the fund.

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 exposures are reduced to below the levels indicated
in the table above. It should be noted that the bond investments may be adversely affected if interest rates were to
move up sharply. As such, the fund’s exposure to bonds are managed accordingly to minimise these risks.
61
Selected Performance Benchmark for PDSF

total market capitalisation. It is also a very widely followed and easily understood representation of the Bursa
Securities.
62
PUBLIC FAR-EAST SELECT FUND (PFES)

Fund Profile

Fund Objective
To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional
markets.
Investor Profile
Investment Policy
PFES invests in a diversified portfolio of blue chips 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 90% against its NAV. However the equity range of the fund may be higher or lower depending on the
Fund Manager’s assessment of the equity markets. The balance of the fund’s 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 reasonably high 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 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 70% of the fund’s NAV can be invested in selected regional markets which include South Korea, China,
Japan, Hong Kong, Taiwan, Singapore, Philippines, Thailand, Indonesia and other approved markets.
63
The fund’s investments may also include listed warrants and options to enhance its returns. The fund may consider
investments in unlisted equities with attractive potential returns, particularly in companies that are expected to
seek listing on the Bursa Securities or other approved foreign markets within a timeframe of two years. The fund
may also invest in collective investment schemes both in the domestic and foreign markets.

portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks listed on Bursa
Securities and selected regional stock markets.

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 exposures are reduced to below the levels
indicated in the table above. Investments in fixed income securities may be adversely affected if interest rates were
to move up sharply. As such, the fund’s exposure to bonds are managed accordingly to minimise these risks.
Selected Performance Benchmark for PFES

The benchmarks of the fund and their respective percentages are as follows:
• 30% Kuala Lumpur Composite Index, and
• 70% 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 Mutual’s website at www.publicmutual.com.my.
64
PUBLIC REGIONAL SECTOR FUND (PRSEC)

Fund Profile

Stock Selection Profile of Fund Index linked, blue chip and growth stocks
Fund Objective
To seek long-term capital appreciation by investing in selected market sectors.
Investor Profile
Investment Policy
PRSEC invests in a diversified portfolio of equities and fixed income instruments 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 90% against its NAV. However
the equity range of the fund may be higher or lower depending on the Fund Manager’s assessment of the equity
markets. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
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. 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
reasonably high 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 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 fund’s NAV and up to a maximum of 90% of the fund’s NAV can be invested in selected
regional markets which include South Korea, China, Japan, Hong Kong, Taiwan, Singapore, Philippines, Thailand,
Indonesia and other approved markets.
65

portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks of performing
market sectors.

Selected Performance Benchmark for PRSEC

• 90% MSCI AC Far East Ex-Japan Index, and
• 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR)
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 Mutual’s website at
www.publicmutual.com.my.
66
PUBLIC GLOBAL SELECT FUND (PGSF)

Fund Profile

Stock Selection Profile of Fund Blue chips, index stocks & growth stocks
Designated Fund Managers Lum Ming Jang and Chiang Kang Pey
Fund Objective
To seek long-term capital appreciation by investing in equities and collective investment schemes in domestic and
global markets.
Investor Profile
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 chips,
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 90% against its NAV. However the equity range of
the fund may be higher or lower depending on the Fund Manager’s assessment of the equity markets. The balance
of the fund’s 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 chips, index stocks and growth stocks listed on selected
global markets. In identifying such companies, the fund relies on fundamental research where the financial health,
The fund will invest 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 approved markets.
67
The fund’s investments may also include listed warrants and options to enhance its returns. The fund may also
consider investments in unlisted equities with attractive potential returns, particularly in companies that are expected
to seek listing on the Bursa Securities or selected global markets within a timeframe of two years.
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 risks, the fund may also invest in futures contracts
and options to hedge against market volatility.

portfolio of blue chip stocks, index stocks, growth stocks, fundamentally undervalued stocks and dividend stocks
listed on selected global stock markets.

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 exposures are reduced
below the minimum levels indicated in the table above. Investments in fixed income securities may be adversely
affected if interest rates were to move up sharply. As such, the fund’s exposure to bonds are managed accordingly
to minimise these risks.
Selected Performance Benchmark for PGSF

• 90% MSCI All Country World Index, and
sections of the daily newspapers. The daily closing index for the MSCI All Country World Index is available
68
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Fund Profile

Type of Fund Income
Stock Selection Profile of Fund Stocks which offer or have the potential to offer
attractive dividend yields
Designated Fund Managers Chiang Kang Pey and Tan Chee Chin
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.
Investor Profile
• preference for receiving income while capital growth is secondary
Investment Policy
PFEDF invests in a diversified portfolio of equities and fixed income instruments to meet its investment objective.
Its equity content in terms of NAV will range in the region of 75% to 90% of the NAV of the fund. The balance
of the fund’s NAV is invested in fixed income securities and liquid assets.
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 strong
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,
Notwithstanding this, the fund may also invest in growth or recovery stocks that have the potential to eventually
adopt a strong dividend payout policy. In identifying such companies, the fund relies on fundamental research
considered.
Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other approved markets.
for equity markets is positive and returns are promising.
69
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 allows the investor the opportunity to participate in a diversified portfolio of blue chip stocks, growth
stocks and fundamentally undervalued 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 90% depending on the Fund Manager’s assessment of the market and economic environment. However, the
fund’s equity range may be higher or lower depending on the Fund Manager’s assessment of the outlook for equity
markets. It also maintains investments in fixed income securities to help generate interest income for the fund.

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 exposures are reduced to and below
the minimum levels indicated in the table above. It should be noted that the bond investments may be adversely
70
Selected Performance Benchmark for PFEDF

• 30% Kuala Lumpur Composite Index, and
• 70% 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 Mutual’s website at www.publicmutual.com.my.
71
PUBLIC CHINA SELECT FUND (PCSF)

Fund Profile

Stock Selection Profile of Fund Blue chips, index stocks and growth stocks
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.
Investor Profile
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 approved 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 90% against its NAV. However the equity range of the fund may be higher or lower depending on the
Fund Manager’s assessment of the equity markets. The balance of the fund’s NAV will be invested in fixed income
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 approved 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. These companies include companies which have at least 30% of their earnings currently
derived from the greater China region or have business operations in the greater China region which are projected
to contribute at least 30% of group earnings in the next two to three years. 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.
72
Up to 98% of the fund’s NAV can be invested in selected foreign markets which include Hong Kong, China, Taiwan,
Singapore, United States of America and other approved markets.
to seek listing on the markets within a timeframe of two years. The fund may also invest in collective investment
and listed options to hedge against market volatility.

portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks in the greater
China region.

the minimum levels indicated in the table above. Investments in fixed income securities may be adversely affected
if interest rates were to move up sharply. As such, the fund’s exposure to bonds are managed accordingly to
minimise these risks.
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 Mutual’s website at www.publicmutual.com.my.
73
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

Fund Profile
Category of Fund Equity

Type of Fund Capital growth and income
Stock Selection of Fund Property, hotel and resorts stocks and Real Estate
Investment Trusts
Designated Fund Managers Tan Yan Heong and Tan Chee Chin
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.
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.
Note: Medium to long term refers to a period of 3 years or more.
Investment Policy
PFEPRF invests in a diversified portfolio of equities, REITs and fixed income instruments to meet its investment
balance of the fund’s NAV is invested in fixed income securities and liquid assets.
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 fund’s 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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Japan, Taiwan, Hong Kong, Australia, New Zealand, Philippines, Indonesia, Singapore, Thailand and other
approved markets. The fund may invest in equity linked Participation Notes for selected regional stocks listed on
the Luxembourg Stock Exchange. The liquidity and movement of these notes are similar to the underlying shares
listed in their respective markets.
invest in collective investment schemes both in the domestic or selected regional markets.

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.

the minimum levels indicated in the table above. It should be noted that the bond investments may be adversely
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Selected Performance Benchmark for PFEPRF

The benchmark of the fund is based on the constituents within the real estate sector of the Standard & Poor’s 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, Korea and Thailand. The real estate sector
are as defined by the then-current Global Industry Classification Standard (GICS).
Information on the fund’s benchmark is sourced from Standard & Poor’s. The performance of the fund and its
benchmark is available on Public Mutual’s website at www.publicmutual.com.my.
“The PFEPRF’s benchmark (the “Index”) is the exclusive property of Standard & Poor’s 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

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.
Investor Profile
Investment Policy
PSEASF will invest in a diversified portfolio of blue chips, 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 95% against its NAV. The balance of the fund’s NAV will be invested in fixed income
Investment Strategy
PSEASF is actively managed to achieve the long-term goal of capital growth by investing in blue chips, index stocks and
growth stocks listed on domestic and regional markets in South-East Asia. In identifying companies for investment,
past track records of the companies are considered. Although the fund is actively managed, the frequency of its
Up to 70% of the fund’s NAV can be invested in selected regional markets which include Indonesia, Philippines,
Singapore, Thailand, Vietnam and other approved markets. The fund may invest in equity linked Participation Notes
for selected regional stocks listed on the Luxembourg Stock Exchange. The liquidity and movement of these notes
are similar to the underlying shares listed in their respective markets.
instruments to help generate returns. In general, the investment in bonds and fixed income assets is secondary to
the focus on equities.
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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.

of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks listed on domestic and
regional markets in South-East Asia.

Selected Performance Benchmark for PSEASF

• 35% Straits Times Index (STI)
• 30% Kuala Lumpur Composite Index (KLCI)
• 15% Jakarta Composite Index (JCI)
• 15% Stock Exchange of Thailand Index (SET)
• 5% Philippine Stock Exchange Index (PSEi)
The daily closing index for the Straits Times Index, Jakarta Composite Index, Stock Exchange of Thailand Index and
Philippine Stock Exchange Index are available on Bloomberg L.P. The performance of the fund and its benchmark
is available on Public Mutual’s website at www.publicmutual.com.my.
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PUBLIC SECTOR SELECT FUND (PSSF)

Fund Profile

Stock Selection Profile of Fund Index linked, blue chip and growth stocks
Fund Objective
To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the
domestic market.
Investor Profile
Investment Policy
PSSF invests in a diversified portfolio of equities and fixed income instruments 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 95% against its
NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
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
Bloomberg’s 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. 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 fund’s 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 fund’s sector exposure will be rebalanced on a dynamic basis to ensure that
the fund’s sector allocations are positioned to optimise the fund’s returns. Information on the sector selections of
PSSF are updated monthly and can be obtained from Public Mutual’s website.
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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 reasonably high earnings growth prospect
over the medium to long-term are selected. In identifying such companies, the fund relies on fundamental research

portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks of performing
market sectors.

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
Selected Performance Benchmark for PSSF

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PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Fund Profile

Stock Selection Profile of Fund Consumer sector stocks
Designated Fund Managers Lum Ming Jang and Tan Chee Chin
Fund Objective
To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the
domestic and foreign markets.
Investor Profile
Investment Policy
PFECTF invests in a diversified portfolio of equities and fixed income instruments 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 90% against its
NAV. The balance of the fund’s NAV will be invested in domestic fixed income securities and liquid assets.
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 reasonably high 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 records of the companies are considered. The fund’s 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
Up to 98% of the fund’s 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
approved markets. The fund may invest in equity linked Participation Notes for selected regional stocks listed on
the Luxembourg Stock Exchange. The liquidity and movement of these notes are similar to the underlying shares
listed in the Korea and Taiwan markets.
The fund may also invest in domestic fixed income securities such as sovereign bonds, corporate debt and money
market instruments to help generate returns. In general, the investment in bonds and fixed income assets is
secondary to the focus on equities.

portfolio of stocks in the consumer sector listed on the domestic and foreign markets.

with political risks, foreign exchange risks, liquidity risks and regulatory risks incurred as a result of investing
abroad.
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Selected Performance Benchmark for PFECTF

The benchmark of the fund is a customised index based on the constituents within the selected sectors of the
Standard & Poor’s 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 PFECTF’s benchmark (the “Index”) is the exclusive property of Standard & Poor’s Financial Services LLC (“S&P”). Public Mutual
83
PUBLIC CHINA TITANS FUND (PCTF)

Fund Profile

Stock Selection Profile of Fund Companies with market capitalisation of RM10 billion
and above, at the point of purchase
Designated Fund Managers Lum Ming Jang and Tan Chee Chin
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.
Investor Profile
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 stock’s market capitalisation move below the stated range by a margin of up to 20% for a period of
six consecutive months, the fund’s holdings of the stock will be disposed within a 6 month period subject to the
availability of market liquidity. Should the stock’s market capitalisation move below the stated range by more than
20%, the fund’s holdings of the stock will be disposed off as expediently as possible subject to availability of market
liquidity. The rationale of the above proposal is to alleviate the fund from having to dispose off its stock holdings
as a result of short term fluctuations in market price.
The fund generally maintains equity exposures within a range of 75% to 90% against its NAV. The balance of the
fund’s 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 long-term. Generally companies with
good earnings growth prospect over the medium to long term are selected. In identifying companies for investment,
the Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
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Up to 98% of the fund’s NAV can be invested in selected foreign markets which include Hong Kong, China,
Singapore, United States of America and other approved markets. The fund may invest in equity linked Participation
Notes for selected regional stocks listed on the Luxembourg Stock Exchange. The liquidity and movement of these
notes are similar to the underlying shares listed in their respective markets.
instruments to help generate returns. In general, however, the investment in bonds and fixed income assets is
secondary to the focus on equities.
to seek listing on the markets within a timeframe of two years. The fund may also invest in collective investment

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.

to the efforts to manage the risks posed to the fund. Hence, there may be situations such as when a severe
below the minimum levels indicated in the table above. Investments in fixed income securities may be adversely
with political risks, foreign exchange risks, liquidity risks and regulatory risks incurred as a result of investing
abroad.
Selected Performance Benchmark for PCTF

• 40% Hang Seng China Enterprises Index (HSCEI)
• 30% Hang Seng Index (HSI)
• 30% TSEC Taiwan 50 Index
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 Mutual’s website at
85
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE FUND (PFETIF)

Fund Profile

Stock Selection Profile of Fund Telecommunications, infrastructure and utilities stocks
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.
Investor Profile
Investment Policy
PFETIF invests in a diversified portfolio of equities and fixed income instruments 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 90% against
its NAV. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
Investment Strategy
PFETIF is actively managed to achieve the 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 reasonably high earnings growth prospect over the medium to long-term are selected. In
management quality and past track records of the companies are considered. The fund’s 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
Up to 98% of PFETIF’s NAV can be invested in selected foreign markets which include South Korea, China, Japan,
Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other approved 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 Over-the-Counter instruments designed to track designated securities. The liquidity and
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 similar manner to trading of shares.
86

of stocks in the telecommunications, infrastructure and utilities sectors in the domestic and foreign markets.

While investments in listed warrants and options can potentially enhance the fund’s returns, these investments
can also increase the volatility of the fund’s returns. As such, the fund’s investments in these instruments will be
assessed on an ongoing basis to ensure that their potential returns are commensurate with the additional risks
incurred as a result of investing in these investments. The fund’s exposure to these instruments will also be managed
accordingly to minimise these risks.
Selected Performance Benchmark for PFETIF

The benchmark of the fund is a customised index based on the constituents within the selected sectors of the
Standard & Poor’s 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. The above sectors
are defined by the then-current Global Industry Classification Standard (GICS).
“The PFETIF’s benchmark (the “Index”) is the exclusive property of Standard & Poor’s Financial Services LLC (“S&P”). Public Mutual
87
PUBLIC SELECT ALPHA-30 FUND (PSA30F)

Fund Profile

Designated Fund Managers Lum Ming Jang and Andrew Seah Saik Weng
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.
Investor Profile
Note: Medium to long-term refers to a period of 3 years or more.
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 95% against its NAV. The balance
of the fund’s 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 also invest in equity linked Participation Notes
for selected regional stocks listed on the Luxembourg Stock Exchange. The liquidity and movement of these notes
are similar to the underlying shares listed in their respective markets. In identifying companies for investment, the
Fund Manager relies on fundamental research where the financial health, industry prospects, management quality
the stated range if the investment climate is deemed to be unfavourable and the equity markets are expected to
be weak. The Fund Manager may also increase the fund’s equity exposure above the stated range if the outlook
88
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.
volatilities in times of adverse market movements. To mitigate risks, the fund may invest in futures contracts and
options to hedge against market volatility.

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.

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 exposures are reduced to and below the minimum levels
Selected Performance Benchmark for PSA30F

deemed the most appropriate benchmark for this Fund.
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PUBLIC BALANCED FUND (PBF)

Fund Profile
Category of Fund Balanced fund

Type of Fund Income and capital growth
Investor’s Risk Profile Conservative to moderate
below the above stated range if the investment climate is deemed to be unfavourable and weakness in
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 a respectable measure of capital growth
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 fund’s objective. Its equity content in terms of NAV will range between 40% to 60% of the NAV of
the fund. The balance of the fund’s NAV will be invested in fixed income securities and liquid assets.
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 fund’s 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
stocks and companies with growth prospects that are listed on the Bursa Securities. Generally, companies with
reasonably good earnings growth prospect over the medium to long-term are sought. In identifying such companies,
past track records of the companies are considered.
The non-equity portion of the fund is invested in fixed income securities such as sovereign bonds, corporate debt
and money market instruments. 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.
90
To mitigate risks, the fund may invest in futures contracts and options to hedge against market volatility. Nevertheless,
its significant exposure to equities, in particular, may result in the fund experiencing significant volatilities in times
of adverse market movements.

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.

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. In addition, participation by PBF in futures and options contracts
should also help reduce the overall risk in the fund’s portfolio by providing a useful hedging tool against undue
short-term volatilities. Nevertheless, as in other investment activities, the effectiveness of any attempts to hedge is
subject to errors of judgement and execution that may result in significant underperformance and even losses.
downturn in the equity markets is expected and liquidity risks are high, that the equity exposures are reduced
to below the above stated range. It should be noted that the returns from bond investments may be adversely
the risks.
Selected Performance Benchmark for PBF

of the KLCI. As it is also very widely followed and easily understood representation of the Bursa Securities, it is
deemed that the most appropriate benchmark for this fund is the KLCI. 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 KLCI and the 3-month Kuala
Lumpur Interbank Offered Rates on a 60:40 basis. The index is assumed to be rebalanced to 60% equity exposure
at the end of each trading day.
91
Public Balanced Equity Index (PBEIX) is a proprietary composite benchmark index comprising of a hypothetical
investment in the 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 KLCI and 40% from 3-Month KLIBOR interest earned
for the same period of time. 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 fund’s 60% equities portfolio
composition. Information on the performance of the PBEIX is available in the Interim and Annual Reports of PBF.
92
PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Fund Profile

Fund Objective
To provide income and capital growth over the medium to long-term period.
Investor Profile
• preference for receiving income and a respectable measure of capital growth
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 fund’s
objective. Its equity content will range in the region of between 40% to 60% of the NAV of the fund. The balance
of the fund’s NAV will be invested in fixed income securities and liquid assets.
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 fund’s 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.
stocks and companies with growth prospects that are listed on Bursa Securities and selected regional stock markets.
Generally, companies with reasonably good earnings growth prospect over the medium to long-term are selected. In
management quality and past track records of the companies are considered.
Up to 60% of the fund’s NAV can be invested in selected regional markets which include South Korea, China, Hong
Kong, Taiwan, Japan, Singapore, Philippines, Thailand, Indonesia and other approved markets.
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.
93
to seek listing on the Bursa Securities or other approved foreign markets within a timeframe of two years. The fund
To mitigate risks, the fund may invest in futures contracts and options to hedge against market volatility. Nevertheless,
its significant exposure to equities, in particular, may result in the fund experiencing significant volatilities in times
of adverse market movements.

portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks listed on
selected regional stock markets.

Selected Performance Benchmark for PFEBF

• 60% MSCI AC Far-East Ex-Japan Index, and
sections of the daily newspapers. The daily closing index for the MSCI AC Far East Ex-Japan Index is available
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PUBLIC GLOBAL BALANCED FUND (PGBF)

Fund Profile

Fund Objective
To provide income and capital growth over the medium to long-term period by investing in equities, collective
investment schemes and fixed income securities in domestic and global markets.
Investor Profile
• preference for receiving income and a respectable measure of capital growth
Investment Policy
To create a mix of equities and fixed income securities in the ratio of 60:40 which is in line with the fund’s objective.
Its equity content will range in the region of between 40% to 60% of the NAV of the fund. The balance of the
fund’s NAV will be invested in fixed income securities and liquid assets.
Investment Strategy
PGBF 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 fund’s 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 will comprise of collective investment schemes which focus on a diversified
portfolio of index-linked companies, blue chip stocks and growth stocks that are listed on Bursa Securities and
selected global stock markets. The fund will also invest in blue chips, index stocks and growth stocks 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.
Up to 60% of the fund’s 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, Hong Kong, Japan, China, Taiwan, Singapore, India, Thailand, Indonesia, Philippines and
other approved markets.
95
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.
The fund’s investments may include listed warrants and options to enhance its returns. The fund may also consider
investments in unlisted equities with attractive potential returns, particularly in companies that are expected to seek
listing on the Bursa Securities or selected global markets within a timeframe of two years.

portfolio of blue chip stocks, index stocks, growth stocks, fundamentally undervalued stocks and dividend stocks
listed on selected global stock markets.

Selected Performance Benchmark for PGBF

• 60% MSCI All Country World Index, and
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 World Index is available on
Bloomberg L.P. The performance of the fund and its benchmark is available on Public Mutual’s website at
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PUBLIC BOND FUND (P BOND)

Fund Profile
Category of Fund Bond fund

Type of Fund Income
Security Selection Profile of Fund Fixed income securities
Investor’s Risk Profile Conservative
Designated Fund Managers Lum Ming Jang and Zaharudin bin Ghazali
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
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 or unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s returns are included.
Investment Strategy
P BOND seeks to meet its objective of producing a steady and recurring annual income stream with some measure
of long-term capital growth 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 fund’s returns are also 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 fixed income securities if the returns are assessed to be promising. The foreign
markets which the fund may invest in include Singapore, Japan, Hong Kong, Australia, United Kingdom and other
approved markets.

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 minimum transaction block amounts to RM5 million. The fund invests in a
diversified portfolio of bonds, which comprises mainly of corporate bonds, to produce returns that are significantly
better than fixed deposits. It is also able to provide the investor with greater liquidity than fixed deposits and at
very low associated costs.

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 fund’s exposure to the potential risks and returns have to be
managed actively to achieve the risk-reward tradeoff that is reasonable to the fund.
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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.
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PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

Fund Profile

Type of Fund Income
Designated Fund Managers Zaharudin bin Ghazali and Haniza binti Yang Razali
Fund Objective
To provide annual income through investment in private debt securities.
Investor Profile
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 or unlisted). Investments in redeemable loan
stocks with convertible features to enhance the fund’s opportunity for some measure of capital gains are included.
50% of the fund’s 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 fund’s holding in
fixed income securities will be invested in bonds with minimum credit rating of A at the point of purchase.
Investment Strategy
PIN BOND seeks to meet its objective of producing a steady and recurring annual income with some measure
of long-term capital growth 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 fund’s opportunity for capital gains are also 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 fixed income securities if the returns are assessed
to be promising.

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.

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 fund’s holding in fixed income securities must be invested
in bonds of credit rating no lower than AA and the balance in bonds with 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.
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The fund’s investments in foreign markets (if any) will be monitored to ensure that the potential returns are
commensurate with political risks, foreign exchange risks, liquidity risks and regulatory risks incurred as a result of
investing abroad. The fund will focus its overseas investments (if any) in markets where the prospects are promising
and where political and regulatory risks are anticipated to be within acceptable levels. 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.
Selected Performance Benchmark for PINBOND

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.
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PUBLIC ENHANCED BOND FUND (PEBF)

Fund Profile

Security Selection Profile of Fund Fixed income securities and equities
Equity Range of Fund 0% - 20%
Designated Fund Managers Zaharudin bin Ghazali and Chiang Kang Pey
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 or unlisted) and to a lesser extent government and government-
sponsored 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 fund’s 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. However, the investments in fixed income
securities may move below the above stated range depending on the Fund Manager’s assessment of the fixed
income securities market. To produce the desired level of returns, the bond portfolio focuses primarily on private
debt securities (listed or unlisted) and to a lesser extent government and government-sponsored bonds. Investments
in redeemable loan stocks with convertible features are also 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 fixed income securities if the returns are assessed to be promising. The foreign
markets which the fund may invest in include Singapore, Taiwan, South Korea, Japan, Hong Kong, China, Thailand,
Indonesia, Philippines and other approved markets.
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 risk-
reward profile of the respective asset class.
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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 fund’s asset allocation strategies therefore lies chiefly with the bond portfolio. The fund’s 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 fund’s 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 fund’s 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. 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 and mis-priced bond issues.
As for its equity investments, the fund adopts a more market timing and bottom-up approach to investing as the
fund’s 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 equity 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 were 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 fund’s equity exposure can be invested in selected foreign markets if the returns are assessed to
be promising.
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.
invest in collective investment schemes both in the domestic or selected global markets.
The balance of the fund’s assets will be invested in cash equivalents and money market instruments.

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 fund’s equity exposure is capped to a maximum of 20% of NAV.

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.
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While investments in listed warrants and options can potentially enhance the fund’s returns, these investments
can also increase the volatility of the fund’s returns. As such, the fund’s investments in these instruments will be
assessed on an ongoing basis to ensure that their potential returns are commensurate with the additional risks
incurred as a result of investing in these investments. The fund’s exposure to these instruments will also be managed
accordingly to minimise these risks.
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
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PUBLIC SELECT BOND FUND (PSBF)

Fund Profile

Type of Fund Income
Designated Fund Managers Lum Ming Jang and Zaharudin bin Ghazali
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.
Investor Profile
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 fund’s assets will be invested in money market instruments. Investments in redeemable loan stocks with
convertible features to enhance the fund’s returns are also considered. Although the fund is actively managed, the
frequency of its trading strategy will very much depend on market opportunities.

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 minimum transaction block amounts to RM5 million. The fund invests in a
diversified portfolio of bonds, which comprise mainly of corporate bonds, to produce returns that are significantly
better than fixed deposits. It is also able to provide the investor with greater liquidity than fixed deposits and at
very low associated costs.

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 fund’s exposure to the potential risks and returns have
to be managed actively to achieve the risk-reward tradeoff that is reasonable to the fund.
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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
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PUBLIC MONEY MARKET FUND (PMMF)

Fund Profile
Category of Fund Money market

Type of Fund Income
Security Selection Profile of Fund Debentures and money market instruments
Suggested Minimum Investment Period Short term
Designated Fund Managers Zaharudin bin Ghazali and Azahari bin Ariffin
Fund Objective
To provide liquidity and current income, while maintaining capital stability.
Investor Profile
• 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 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

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, balanced or bond funds.

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.
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.
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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 3-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 3-month period is suitable for benchmarking as
the fund is likely to maintain a substantial portion of its investments in instruments that matures 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 3 months.
Investment in the fund is not the same as placements 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 AND RISK MANAGEMENT

Equity and Balanced Funds
Notwithstanding the investment strategies of the funds, all investments carry an element of risk which may lead
to capital losses arising from the volatilities of stock prices in response to the activities of individual companies,
and general market and economic conditions. The value of fixed income securities may also fluctuate based on
changes in interest rates and in the credit quality of the issuer.
To meet the challenges and risks posed to the funds, the Fund Manager may adopt various investment strategies,
such as varying the asset allocation, etc. to adjust the risk and return characteristics of the funds. However, should
the Fund Manager judge market conditions incorrectly or apply an unsuitable investment strategy, the performance
of the fund(s) may be adversely affected.
Participation in futures contracts and options may help to reduce the overall risk in the respective funds’ portfolio by
providing a useful hedging tool against undue short-term volatilities. Nevertheless, as in other investment activities,
the effectiveness of any attempt to hedge is subject to errors of judgement and execution that may adversely
impact the performance of the funds.
While investments in listed warrants and options can potentially enhance the funds’ returns, these investments can
also increase the volatility of the fund’s returns. In addition, should the Fund Manager apply an unsuitable investment
strategy in the funds’ listed warrants and options, the performance of the fund may be adversely affected.
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.
Bond and Money Market Funds

The profile of the bond portfolio in terms of credit risk, interest rate risk, and liquidity risk, and the allocation mix
between money market instruments and private debt securities, is determined based on the Fund Managers’
assessment of the economic conditions. The funds’ participation in futures contracts and options should also help
reduce the overall risk in the fund’s portfolio by providing a useful hedging tool against short-term volatilities.
Nevertheless, as in other investment activities, the effectiveness of any attempt to hedge is subject to errors of
judgement and execution that may adversely impact the performance of the funds.
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, etc. to adjust the risk and return characteristics
of the funds. However, should the Fund Manager judge market conditions incorrectly or apply an unsuitable
investment strategy, the performance of the fund(s) may be adversely affected.
While the fund may be expected to produce positive total returns over the long term, however, losses may be incurred
in any particular year. Therefore, the fund is not suitable for speculative investors seeking short term gains.
Apart from the above investment risk, there are also other risks of investing in unit trusts which have
been described under pages 35 to 36 of this Prospectus.
3.4 AUTHORISED 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 and Balanced Funds:

All equity and balanced funds except for PRSF, PIX and PSSF may invest in the following investments:
i. Securities of Malaysian companies listed on Stock Exchange(s);
ii. Securities listed on foreign stock exchanges;
iii. Unlisted securities whether or not approved for listing and quotation on Stock Exchanges, which are offered
directly by the company to the funds;
iv. Listed Private Debt Securities, unlisted loan stocks and corporate bonds traded in eligible/money markets;
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v. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
Investment Issues and other Government approved/guaranteed issues;
vi. Deposits and money market instruments with financial institutions;
vii. Units/shares of other collective investment schemes with similar objectives;
viii. Futures contracts and options traded in the futures and options market of an exchange specified under the
CMSA 2007;
ix. 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; and
x. Any other form of investments as may be agreed upon by the Manager and Trustee from time to time.
PRSF, PIX and PSSF
The funds may invest in the following investments:
ii. Listed Private Debt Securities, unlisted loan stocks and corporate bonds traded in eligible/money markets;
iii. Initial Public Offerings (IPOs) of companies seeking a listing on Bursa Securities;
iv. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
Investment Issues and other Government approved/guaranteed issues;
v. Deposits and money market instruments with financial institutions;
vi. Units/shares of other collective investment schemes with similar objectives;
vii. The funds may participate in lending of securities within the meaning of the Securities Commission Guidelines
viii. Any other form of investments as may be agreed upon by the Manager and Trustee from time to time.
Bond Funds
P BOND and PIN BOND
The funds may invest in the following investments:
i. Fixed income securities listed on Stock Exchanges;
ii. Foreign fixed income securities;
iii. Unlisted fixed income securities;
iv. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
Investment Issues and other Government approved/guaranteed securities;
v. Deposits and money market instruments with financial institutions;
vi. Units/shares of other collective investment schemes with similar objectives;
vii. Futures contracts and options traded in the futures and options market of an exchange specifed under the
CMSA 2007; and
viii. Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time.
PSBF
The fund may invest in the following investments:
ii. Unlisted fixed income securities;
iii. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
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iv. Deposits and money market instruments with financial institutions;

v. Units/shares of other collective investment schemes with similar objectives;
vi. Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time.
PEBF
ii. Securities listed on foreign stock exchanges;
iii. Unlisted securities whether or not approved for listing and quotation on Stock Exchanges, which are offered
directly by the company to the fund;
iv. Listed private debt securities, unlisted loan stocks and corporate bonds traded in eligible/money markets;
v. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
vi. Deposits and money market instruments with financial institutions;
vii. Units/shares of other collective investment schemes with similar objectives;
viii. Futures contracts and options traded in the futures and options market of an exchange specified under the
CMSA 2007;
ix. The fund may participate in lending of securities within the meaning of the Securities Commission Guidelines
x. Any other form of investments as may be agreed upon by the Manager and Trustee from time to time.
Money Market Fund

PMMF
ii. Unlisted fixed income securities;
iii. Malaysian Government Securities, Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Government
iv. Deposits and money market instruments with financial institutions;
v. Units/shares of other money market funds with similar objectives; and
vi. 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 and Balanced Funds

Investment Spread Limits
(a) The value of each of the fund’s investments in ordinary shares issued by any single issuer must not exceed
10% of the respective fund’s NAV.
(b) The value of each of the fund’s investments in transferable securities and money market instruments issued
by any single issuer must not exceed 15% of the respective fund’s NAV.
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(c) The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(d) 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 fund’s over-the-counter (OTC) derivative transaction
with any single counter-party must not exceed 10% of the respective fund’s NAV.
(e) The value of each of the fund’s investments in structured products issued by a single counter-party must not
exceed 15% of the respective fund’s NAV.
(f) The aggregate value of each of the fund’s 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 fund’s NAV.
(g) The value of each of the fund’s investments in units/shares of any collective investment scheme must not
(h) The value of each of the fund’s investments in transferable securities and money market instruments issued
by any group of companies must not exceed 20% of the respective fund’s NAV.
Note: As PIX is targeted to track the KLCI, the single issuer limit and single group limit specified in clause (a) and (h)
may be exceeded provided that the fund’s investment in any component securities does not exceed its respective
weightings in the KLCI.
Investment Concentration Limits
(a) Each of the fund’s investments in transferable securities (other than debentures) must not exceed 10% of
the securities issued by any single issuer.
(b) Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(c) Each of the fund’s 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 fund’s 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.
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 fund’s 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.
General
(a) The value of each fund’s investments in unlisted securities must not exceed 10% of the respective fund’s
NAV. This exposure limit does not apply to:-
i. 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;
ii. debentures traded on an organised over-the-counter (OTC) market; and
iii. structured products.
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(b) For PBF, listed private debt securities, unlisted loan stocks and corporate bonds invested by the fund must
either be bank guaranteed, or rated ‘BBB’ by RAM and/or other recognised rating agencies;
(c) Each fund may invest abroad based on the limits imposed by Bank Negara Malaysia. Based on internal limits
set by the Manager, holdings in foreign investments of PSF, PGF, PIF, PAGF, PBF, P SmallCap, PEF, PFSF, PDSF
and PSA30F shall not exceed 30% of the respective fund’s NAV. Holdings in foreign investments of PFES,
PFEDF and PSEASF shall not exceed 70% of the respective fund’s NAV. Holdings in foreign investments of
PRSEC shall not exceed 90% of its NAV. Holdings in foreign investments of PFEBF and PGBF shall not exceed
60% of the respective fund’s NAV. Holdings in foreign investments of PFEPRF shall not exceed 80% of its
NAV. Holdings in foreign investments of PCSF, PFECTF, PCTF and PFETIF shall not exceed 98% of the respective
fund’s NAV;
(d) Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
Bond Funds
P BOND, PIN BOND and PSBF
(a) The value of each of the fund’s investments in debentures issued by any single issuer must not exceed 20%
of the respective fund’s 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.
(b) The value of each of the fund’s placement in deposits with any single institution must not exceed 20% of
the respective fund’s NAV.
(c) 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 fund’s over-the-counter (OTC) derivative transaction
with any single counter-party must not exceed 10% of the respective fund’s NAV.
(d) The value of each of the fund’s investments in structured products issued by a single counter-party must not
(e) The aggregate value of each of the fund’s 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 fund’s NAV. However this limit may be increased to 30% of the respective fund’s NAV
if the single issuer limit is increased to 30% pursuant to item (a).
(f) The value of each of the fund’s investments in units/shares of any collective investment scheme must not
(g) The value of each of the fund’s investments in debentures issued by any group of companies must not exceed
30% of the respective fund’s NAV.
(a) Each of the fund’s investments in debentures must not exceed 20% of the debentures issued by any single
issuer.
(b) Each of the fund’s 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 fund’s investments in collective investment schemes must not exceed 25% of the units/shares
in any one collective investment scheme.
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The limits and restrictions stated shall be complied with at all times based on the most up-to-date value
of the fund, and the value of its 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 fund’s 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.
General
(a) The value of the each of the fund’s investments in unlisted securities must not exceed 10% of the respective
funds’ NAV. This exposure limit does not apply to:-
i. debentures traded on an organised over-the-counter (OTC) market; and
ii. structured products.
(b) For PIN BOND, 50% of the fund’s 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 fund’s holding in fixed income securities must be invested in bonds with
minimum credit rating of A at the point of purchase;
(c) P BOND and PIN BOND may invest abroad based on the limits imposed by Bank Negara Malaysia. Based on
internal limits set by the Manager, each of the fund’s holdings in foreign investments shall not exceed 30%
of the respective fund’s NAV;
(d) Each of the fund’s exposure from derivatives position must not exceed the NAV of the respective funds at all
times.
PEBF
(a) The value of the fund’s investments in debentures issued by any single issuer must not exceed 20% of the
fund’s 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.
(b) The value of the fund’s investments in ordinary shares issued by any single issuer must not exceed 10% of
the fund’s NAV.
(c) The value of the fund’s placement in deposits with any single institution must not exceed 20% of the fund’s
NAV.
(d) 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 fund’s over-the-counter (OTC) derivative transaction
with any single counter-party must not exceed 10% of the fund’s NAV.
(e) The value of the fund’s investments in structured products issued by a single counter-party must not exceed
15% of the fund’s NAV.
(f) The aggregate value of the fund’s 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 fund’s NAV. However this limit may be increased to 30% of the respective fund’s NAV if the
single issuer limit is increased to 30% pursuant to item (a).
(g) The value of the fund’s investments in units/shares of any collective investment scheme must not exceed
(h) The value of the fund’s investments in debentures issued by any group of companies must not exceed 30%
of the fund’s NAV.
(i) The value of the fund’s investments in transferable securities (other than debentures) and money market
instruments issued by any group of companies must not exceed 20% of the fund’s NAV.
113

(a) The fund’s investments in debentures must not exceed 20% of the debentures issued by any single issuer.
(b) The fund’s investments in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer
(c) The fund’s 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) The fund’s 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 fund’s investments in unlisted securities must not exceed 10% of the fund’s NAV. This
exposure limit does not apply to:-
i. 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;
ii. debentures traded on an organised over-the-counter (OTC) market; and
iii. structured products.
(b) The fund may invest abroad based on the limits imposed by Bank Negara Malaysia. Based on internal limits
set by the Manager, the fund’s holdings in foreign investments shall not exceed 30% of its NAV;
(c) The fund’s exposure from derivatives position must not exceed the NAV of the fund at all times.
Money Market Fund

(a) The value of the fund’s investments in debentures and money market instruments issued by any single issuer
must not exceed 20% of the fund’s 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.
(b) The value of the fund’s placement in deposits with any single financial institution must not exceed 20% of
the fund’s NAV.
(c) The value of the fund’s investments in structured products issued by a single counter-party must not exceed
(d) The aggregate value of the fund’s investments in debentures, money market instruments, deposits and
structured products issued by or placed with any single issuer/institution must not exceed 25% of the fund’s
NAV.
(e) The value of the fund’s investments in debentures and money market instruments issued by any group of
companies must not exceed 30% of the fund’s NAV.
114

(a) The fund’s investments in debentures must not exceed 20% of the securities issued by any single issuer.
(b) The fund’s investments in money market instruments must not exceed 20% of the instruments issued by
any single issuer.
(c) The fund’s investments in collective investment schemes must not exceed 25% of the units/shares in any
collective investment scheme.
General
(a) The value of the fund’s investments in permitted investments must not be less than 90% of the fund’s
NAV.
(b) The value of the fund’s investments in permitted investments which have a remaining maturity period of not
more than 365 days must not be less than 90% of the fund’s NAV.
(c) The value of the fund’s 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 fund’s NAV.
(d) 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.
3.6 VALUATION OF AUTHORISED INVESTMENTS

Listed equities, warrants and options – listed equities, warrants and options will be valued based on the last
done 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. In the case of unlisted 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 bond 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. Foreign unlisted fixed income securities will be valued daily based on valuations obtained from
at least three financial institutions. Market price for bonds are derived from market quotations obtained from the
panel of active financial institutions that are governed by the Banking and Financial Institutions Act (BAFIA). Short
term money market instruments are also marked to market daily with rates/yields obtainable from the Electronic
Trading Platform (ETP) maintained by Bursa Malaysia Berhad, Kuala Lumpur Inter-bank Offered Rate (KLIBOR),
benchmark Fixed Deposit rate and the average tender rates of new issues of money market instruments with
comparable credit ratings and tenors.
Cash/Fixed 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.
115
Units in other collective investment schemes - the last published net asset value per unit or (where considered
appropriate by the Manager and Trustee, and verified by the Auditor) a price arrived at by aggregating the last
published bid price and offered price and dividing the result by two.
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.
All foreign securities and assets will be translated into Ringgit based on the bid exchange rate quoted by Bloomberg.
If no market price is available or valuation based on market price does not represent the fair value of foreign
investments due to reasons which include abnormal events occurring after the close of the market on which the
security is traded, the securities will be valued based on methods deemed to be fair and reasonable as agreed
upon by the Manager and Trustee.
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 8 September 2009, the valuation date will be next day in which the Manager is open
for trading, that is, 9 September 2009. Thus the newspaper publication date for the prices as at 8 September
2009 will be 10 September 2009.
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 some 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.
116
A glance at the terms used in this Chapter
What does distribution policy mean?

(i) Incidental distribution implies that the main focus of the fund will be on securing capital growth.
(ii) Annual income implies that the fund concerned will distribute income annually to unitholders, on a best
effort basis.
What is investor’s risk profile?
(i) Conservative indicates an investor’s risk disposition favouring safety of principal and stability of income but
recognise that it is possible to incur losses by investing in the fund.
(ii) Conservative-to-moderate indicates an investor’s 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.
(iii) Moderate indicates an investor’s risk disposition favouring higher return and higher risk with the prospect
of gains and losses involved.
(iv) Aggressive indicates an investor’s 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 “STOCK 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.
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.
117
4 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) Page 119

Public Growth Fund (PGF) Page 120
Public Index Fund (PIX) Page 121
Public Industry Fund (PIF) Page 122
Public Aggressive Growth Fund (PAGF) Page 123
Public Regular Savings Fund (PRSF) Page 124
Public SmallCap Fund (P SmallCap) Page 125
Public Equity Fund (PEF) Page 126
Public Focus Select Fund (PFSF) Page 127
Public Dividend Select Fund (PDSF) Page 128
Public Far-East Select Fund (PFES) Page 129
Public Regional Sector Fund (PRSEC) Page 130
Public Global Select Fund (PGSF) Page 131
Public Far-East Dividend Fund (PFEDF) Page 132
Public China Select Fund (PCSF) Page 133
Public Far-East Property & Resorts Fund (PFEPRF) Page 134
Public South-East Asia Select Fund (PSEASF) Page 135
Public Sector Select Fund (PSSF) Page 136
Public Far-East Consumer Themes Fund (PFECTF) Page 137
Public Balanced Fund (PBF) Page 138
Public Far-East Balanced Fund (PFEBF) Page 139
Public Global Balanced Fund (PGBF) Page 140
Public Bond Fund (P BOND) Page 141
Public Institutional Bond Fund (PIN BOND) Page 142
Public Enhanced Bond Fund (PEBF) Page 143
Public Select Bond Fund (PSBF) Page 144
Public Money Market Fund (PMMF) Page 145
Notes:
The total returns and average annual returns of the funds presented on pages 119 to 145 are calculated on NAV-
to-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 PFETIF, PCTF and PSA30F will be having their first financial period ending on 30 April 2009, 31
May 2009 and 30 November 2009 respectively.
118
PERFORMANCE OF THE FUNDS (CONT’D)
PERFORMANCE OF PUBLIC SAVINGS FUND (PSF)

Average Annual Returns for the following periods ended 31 December 2008
1-Year 3-Year 5-Year 10-Year Since Commencement*
PSF (%) -28.32 7.25 8.76 12.23 18.25
KLCI (%) -39.33 -0.85 2.08 4.95 2.71
* The figure shown is for the period since the fund’s commencement (27 April 1981).
Annual Total Return for the Financial Years Ended 31 December

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PSF (%) 42.19 -16.67 3.59 2.72 22.65 13.91 3.67 24.24 36.77 -28.32
KLCI (%) 38.59 -16.33 2.42 -7.15 22.84 14.29 -0.84 21.83 31.82 -39.33
1-Year Fund Performance Review
The PSF outperformed the benchmark KLCI for the financial year ended 31 December 2008 with the fund
registering a total return of -28.32% against the KLCI’s return of -39.33% over the same period. The KLCI is the
selected performance benchmark for this fund as it is a generally accepted barometer of the local stockmarket’s
performance.
Asset Allocation
2006 2007 2008
Equities & Derivatives 97.3% 99.4% 72.4%
Fixed Income Securities 4.3% 6.6% 13.6%
Money Market Instruments & Others -1.6% -6.0% 14.0%
The fund’s equity weightings were increased from 97.3% (89.5% after distribution reinvestment) in financial year
2006 to 99.4% (88.6% after distribution reinvestment) in financial year 2007 to capitalise on the bullish sentiment
in the market. For the financial year ended 2008, the fund’s equity weighting was reduced to 72.4% (64.0% after
distribution reinvestment) to weather the market’s consolidation phase.
Portfolio Turnover Ratio (PTR)

2006 2007 2008
PTR (time) 0.48 0.62 0.53
The fund’s PTR increased from 0.48 time in financial year 2006 to 0.62 time in financial year 2007 due to higher
level of rebalancing activities. For the financial year ended 2008, the fund’s PTR dropped to 0.53 time due to lower
level of rebalancing activities performed by the fund.
Distribution
2006 2007 2008
Gross Distribution Per Unit (sen) 6.50 10.00 7.50
Net Distribution Per Unit (sen) 5.83 9.76 6.57
Distribution is in the form of cash.
119
PERFORMANCE OF PUBLIC GROWTH FUND (PGF)

Average Annual Returns for the following periods ended 31 July 2008
PGF (%) -7.75 15.55 17.48 19.71 26.48
KLCI (%) -15.33 8.00 12.27 18.87 12.83
* The figure shown is for the period since the fund’s commencement (9 January 1985).
Annual Total Return for the Financial Years Ended 31 July

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PGF (%) 46.19 9.90 -13.88 12.16 2.16 14.33 11.74 4.78 51.85 -7.75
KLCI (%) 90.91 3.92 -17.45 9.43 -0.14 15.74 12.40 -0.16 46.79 -15.33
The PGF outperformed the benchmark KLCI for the financial year ended 31 July 2008 with the fund generating a total
return of -7.75% against the KLCI’s return of -15.33% over the same period. The KLCI is the selected performance
benchmark for this fund as it is a generally accepted barometer of the local stockmarket’s performance.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others 1.3% -0.4% -7.1%
The fund’s equity weighting for financial year 2006 and 2007 were 96.0% (89.3% after distribution reinvestment)
and 98.3% (86.6% after distribution reinvestment) respectively. The corresponding equity weighting for financial
year 2008 was 98.3% (82.0% after distribution reinvestment). The fund was positioned to capitalise on investment
opportunities in the domestic and selected regional markets.

2006 2007 2008
PTR (time) 0.53 1.03 1.27
The fund’s PTR increased from 0.53 time for financial year 2006 to 1.03 times for financial year 2007 and 1.27
times for financial year 2008 on account of higher level of rebalancing activities to capitalise on higher liquidity
and favourable trading environment in selected regional markets.
Distribution
2006 2007 2008
120
PERFORMANCE OF PUBLIC INDEX FUND (PIX)

Average Annual Returns for the following periods ended 31 January 2009
PIX (%) -36.07 0.70 4.36 7.73 16.29
KLCI (%) -36.52 -1.08 1.60 4.95 2.91
* The figure shown is for the period since the fund’s commencement (31 March 1992).
Annual Total Return for the Financial Years Ended 31 January

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PIX (%) 43.36 -17.70 3.96 -1.73 20.78 11.02 7.49 33.29 19.82 -36.07
KLCI (%) 55.91 -21.08 -1.22 -7.52 23.19 11.88 -0.25 30.12 17.14 -36.52
The PIX outperformed the benchmark KLCI for the financial year ended 31 January 2009 with the fund registering
a total return of -36.07% against the KLCI’s return of -36.52% over the same period. The KLCI is the selected
performance benchmark for this fund as it is the generally accepted barometer of the local stockmarket’s
performance.
Asset Allocation
2007 2008 2009
The fund’s equity weightings rose from 100.7% (94.0% after distribution reinvestment) in financial year 2007 to
110.1% (89.0% after distribution reinvestment) in financial year 2008. For the financial year ended 2009, the
fund’s equity weighting was reduced to 95.9% (87.8% after distribution reinvestment) to weather the market’s
consolidation phase.

2007 2008 2009
PTR (time) 0.42 0.62 0.62
The fund’s PTR remained at 0.62 time in financial year 2008 due to ongoing rebalancing activities performed by
the fund. For the financial year ended 2009, the fund’s PTR dropped to 0.44 time due to lower level of rebalancing
activities performed by the fund.
Distribution
2007 2008 2009
121
PERFORMANCE OF PUBLIC INDUSTRY FUND (PIF)

Average Annual Returns for the following periods ended 31 October 2008
PIF (%) -40.11 4.30 5.97 12.28 5.39
KLCI (%) -38.91 -1.72 1.14 11.29 -1.49
* The figure shown is for the period since the fund’s commencement (17 December 1993).
Annual Total Return for the Financial Years Ended 31 October

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PIF (%) 45.76 -4.07 -15.35 15.51 25.50 3.74 10.91 18.05 59.69 -40.11
KLCI (%) 83.28 1.28 -20.24 9.92 23.89 5.39 5.76 8.51 43.04 -38.91
The PIF registered a total return of -40.11% for the financial year ended 31 October 2008 in comparison to the
benchmark KLCI’s return of -38.91% over the same period. The KLCI is the selected performance benchmark for
this fund as it is a generally accepted barometer of the local stockmarket’s performance.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others 1.8% -4.5% 17.5%
The fund’s equity weighting was increased from 98.2% (92.3% after distribution reinvestment) in financial year
in the market. The increase in equity exposure was also partly due to the distribution declared for the financial
year 2007. For the financial year ended 2008, the fund’s equity weighting was reduced to 82.5% (70.9% after

2006 2007 2008
PTR (time) 0.69 1.11 0.89
The fund’s PTR rose from 0.69 time in financial year 2006 to 1.11 times for the financial year ended 2007 due
to higher level of rebalancing activities. For the financial year ended 2008, the fund’s PTR dropped to 0.89 time
because of lower level of rebalancing activities performed by the fund.
Distribution
2006 2007 2008
122
PERFORMANCE OF PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Average Annual Returns for the following periods ended 31 March 2009
PAGF (%) -28.69 3.66 3.93 10.86 4.36
KLCI (%) -30.06 -1.94 -0.65 7.35 -0.78
* The figure shown is for the period since the fund’s commencement (24 May 1994).
Annual Total Return for the Financial Years Ended 31 March

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PAGF (%) 79.03 -36.93 22.46 -13.43 45.68 -3.96 12.28 42.39 9.30 -28.69
KLCI (%) 93.78 -33.55 16.78 -15.92 41.86 -3.38 6.34 34.56 0.05 -30.06

The PAGF outperformed the benchmark KLCI for the financial year ended 31 March 2009 with the fund
performance.
Asset Allocation
2007 2008 2009
The fund’s equity weight for financial year 2007 and 2008 was 95.6% (89.5% after distribution reinvestment) and
104.4% (87.2% after distribution reinvestment) respectively. The fund’s equity exposure was increased to capitalise
on investing opportunities in selected regional markets. The fund’s equity weight was reduced to 91.2% (83.4%
after distribution reinvestment) at the end of financial year 2009 as the fund locked in profits and rebalanced
accordingly.

2007 2008 2009
PTR (time) 1.43 1.98 0.89
The fund’s PTR rose from 1.43 times for financial year 2007 to 1.98 times for financial year 2008 due to higher
level of rebalancing activities. For the financial year 2009, the fund’s PTR eased back to 0.89 times due to lower
level of rebalancing activities.
Distribution
2007 2008 2009
123
PERFORMANCE OF PUBLIC REGULAR SAVINGS FUND (PRSF)

Average Annual Returns for the following periods ended 31 March 2009
PRSF (%) -23.24 1.90 3.20 10.18 10.14
KLCI (%) -30.06 -1.94 -0.65 7.35 -0.78
Annual Total Return for the Financial Years Ended 31 March

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PRSF (%) 57.58 -28.57 18.55 -8.12 41.94 -1.79 11.75 33.39 3.24 -23.24
KLCI (%) 93.78 -33.55 16.78 -15.92 41.86 -3.38 6.34 34.56 0.05 -30.06

The PRSF outperformed the benchmark KLCI for the financial year ended 31 March 2009 with the fund
performance.
Asset Allocation
2007 2008 2009
Money Market Instruments & Others 0.2% 4.2% 8.1%
The fund’s equity weight for financial year 2007 and 2008 was 98.0% (90.1% after distribution reinvestment) and
95.8% (81.6% after distribution reinvestment) respectively. The fund’s equity weight was reduced to 86.7% (80.2%
after distribution reinvestment) at the end of financial year 2009 to weather the market’s consolidation phase.

2007 2008 2009
PTR (time) 0.72 0.64 0.50
The fund’s PTR decline from 0.72 time for financial year 2007 to 0.64 time in financial year 2008 and 0.50 time in
financial year 2009 due to lower level of rebalancing activities.
Distribution
2007 2008 2009
124
PERFORMANCE OF PUBLIC SMALLCAP FUND (P SmallCap)

Average Annual Returns for the following periods ended 31 August 2008
1-Year 3-Year 5-Year Since Commencement*
P SmallCap (%) -2.13 23.22 19.84 20.74
Benchmark Index (%) -14.75 6.29 9.21 4.51
Annual Total Return for the Financial Years Ended 31 August

2001* 2002 2003 2004 2005 2006 2007 2008
P SmallCap (%) 0.00 19.09 13.46 13.15 3.80 11.42 55.60 -2.13
Benchmark Index (%) -13.45 3.52 4.49 11.39 10.34 4.88 32.96 -14.75
* The figure shown is for the period since the fund’s commencement (3 July 2000).

The P SmallCap outperformed the benchmark for the financial year ended 31 August 2008 with the fund registering
a total return of -2.13% versus the benchmark’s return of -14.75% over the same period. The FTSE Bursa Malaysia
Small Cap Index is an index which comprises eligible companies within the top 98% of the Bursa Malaysia Main
Board excluding constituents of the FTSE Bursa Malaysia 100 Index.
The KLCI is the chosen benchmark for the fund as it is widely accepted to be representative of Bursa Securities, to
which the fund is primarily focused on. To better reflect the fund’s investment objective of investing in small sized
companies, effective 30 April 2008, the fund’s benchmark was changed to FTSE Bursa Malaysia Small Cap Index
which comprises eligible companies within the top 98% of the Bursa Malaysia Main Board excluding constituents
of the FTSE Bursa Malaysia 100 Index.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others -3.1% 18.5% 8.6%
The fund’s equity weighting for financial year ended 2006 and 2007 were 94.8% (87.2% after distribution
reinvestment) and 81.5% (73.2% after distribution reinvestment) respectively. For the financial year ended 2008,
the fund’s equity weightings was increased to 91.4% (82.2% after distribution reinvestment) to participate in
investment opportunities in the domestic equity market.

2006 2007 2008
PTR (time) 0.45 1.21 0.48
The fund’s PTR rose from 0.45 time in financial year 2006 to 1.21 times in financial year 2007 due to higher level
of rebalancing activities. For financial year ended 2008, the fund’s PTR subsequently dropped back down to 0.48
time as lower level of rebalancing activities were required.
Distribution
2006 2007 2008

125
PERFORMANCE OF PUBLIC EQUITY FUND (PEF)

PEF (%) -41.53 0.67 3.76 9.33
KLCI (%) -38.91 -1.72 1.14 3.57
Annual Total Return for the Financial Years Ended 31 October

2002* 2003 2004 2005 2006 2007 2008
PEF (%) 10.69 26.83 5.42 10.51 15.26 51.35 -41.53
KLCI (%) -4.09 23.89 5.39 5.76 8.51 43.04 -38.91
* The figure shown is for the period since the fund’s commencement (4 September 2001).
The PEF underperformed the benchmark KLCI for the financial year ended 31 October 2008 with the fund
performance.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others 3.0% -4.3% -9.2%
The fund’s equity weighting for financial year ended 2006 and 2007 were 96.2% (88.5% after distribution
reinvestment) and 101.9% (89.4% after distribution reinvestment) respectively. The corresponding equity weighting
for financial year 2008 was 107.3% (86.9% after distribution reinvestment). The fund was essentially positioned
to capitalise on bargain investing opportunities in selected regional markets and rebalanced accordingly.

2006 2007 2008
PTR (time) 0.46 1.35 1.10
The fund’s PTR rose from 0.46 time for financial year 2006 to 1.35 times for financial year 2007 due to higher
level of rebalancing activities. For the financial year 2008, the fund’s PTR eased back to 1.10 times due to lower
level of rebalancing activities.
Distribution
2006 2007 2008
126
PERFORMANCE OF PUBLIC FOCUS SELECT FUND (PFSF)

Average Annual Returns for the following periods ended 31 December 2008
1-Year 3-Year Since Commencement*
PFSF (%) -32.89 4.52 4.64
Benchmark Index (%) -42.57 -2.59 -2.05
Annual Total Return for the Financial Years Ended 31 December

2005* 2006 2007 2008
PFSF (%) 4.56 30.59 29.62 -32.89
Benchmark Index (%) -0.55 21.83 31.82 -42.57
The PFSF outperformed the benchmark for the financial year ended 31 December 2008 with the fund registering
a total return of -32.89% against the benchmark’s return of -42.57% over the same period.
The KLCI is the chosen benchmark for the fund as it is widely accepted to be representative of Bursa Securities, to
which the fund is primarily focused on. To better reflect the fund’s investment objective of investing in medium
sized companies, effective 30 April 2008, the fund’s benchmark was changed to 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 30 Index.
Asset Allocation
2006 2007 2008
The fund’s equity weightings were increased from 97.4% in financial year 2006 (89.8% after distribution
reinvestment) to 112.0% (87.1% after distribution reinvestment) in financial year 2007 to capitalise on the bullish
sentiment in the market. For the financial year ended 2008, the fund’s equity weighting was reduced to 66.5%
(62.4% distribution reinvestment) to weather the market’s consolidation phase.

2006 2007 2008
PTR (time) 0.60 0.86 0.39
The fund’s PTR increased from 0.60 time in financial year 2006 to 0.86 time in financial year 2007 due to higher
level of rebalancing activities. For the financial year ended 2008, the fund’s PTR dropped to 0.39 time due to lower
level of rebalancing activities performed by the fund.
Distribution
2006 2007 2008

127
PERFORMANCE OF PUBLIC DIVIDEND SELECT FUND (PDSF)

Average Annual Returns for the following periods ended 31 May 2008
PDSF (%) 2.75 19.91 19.56
KLCI (%) -5.26 16.09 14.20
Annual Total Return for the Financial Years Ended 31 May

2006* 2007 2008
PDSF (%) 9.03 42.33 2.75
KLCI (%) 4.08 45.17 -5.26
The PDSF achieved a total return of 2.75% for the financial year ended 31 May 2008 in comparison to the benchmark
KLCI’s return of -5.26% over the same period. The KLCI is the selected performance benchmark for this fund as it
is a generally accepted barometer of the local stockmarket’s performance.
Asset Allocation
2006 2007 2008
The fund increased its equity weightings from 81.9% (78.3% after distribution reinvestment) to 96.1% (89.3%
after distribution reinvestment) in financial year 2007 to capitalise on the bullish sentiment in the market during
the period. For the financial year ended 2008, the fund’s equity weighting was reduced to 87.2% (83.0% after

2006 2007 2008
PTR (time) 0.74 0.63 0.72
The fund’s PTR dropped from 0.74 time in financial year 2006 to 0.63 time in financial year 2007 due to lower level
of rebalancing activities. For the financial year ended 2008, the fund’s PTR rose to 0.72 time because of higher level
of rebalancing activities performed by the fund.
Distribution
2006 2007 2008
128
PERFORMANCE OF PUBLIC FAR-EAST SELECT FUND (PFES)

1-Year Since Commencement*
PFES (%) 16.87 28.15
Benchmark Index (%) 2.43 16.39

2006* 2007 2008
PFES (%) 4.47 38.74 16.87
Benchmark Index (%) 5.52 29.91 2.43
The PFES outperformed the benchmark over the one year period ended 31 May 2008 with the fund achieving a total
return of 16.87% versus the benchmark’s return of 2.43% over the same period. The returns for the benchmark
are accumulated daily with 70% of Ringgit based returns from the MSCI AC Far East Ex-Japan Index and 30% of
returns from the KLCI.
Asset Allocation
2006 2007 2008
The fund’s equity weighting for financial year 2006 and 2007 was 76.7% and 106.0% (93.6% after distribution
reinvestment) respectively. The fund was positioned to capitalise on the robust sentiment in regional markets at
the end of financial year 2007. The corresponding equity weighting at the end of financial year 2008 was 92.3%
(87.9% after distribution reinvestment) as the fund locked in profits amidst elevated valuations in selected regional
markets.

2006 2007 2008
PTR (time) 1.30 1.59 2.72
The fund’s PTR increased from 1.30 times for financial year 2006 to 1.59 times for financial year 2007 and 2.72
times for financial year 2008 on account of higher level of rebalancing activities to capitalise on higher liquidity
and favourable trading environment in selected regional markets.
Distribution
2006 2007 2008
Gross Distribution Per Unit (sen) - 4.00 5.50
Net Distribution Per Unit (sen) - 3.98 5.44
129
PERFORMANCE OF PUBLIC REGIONAL SECTOR FUND (PRSEC)

PRSEC (%) 11.39 19.72

2007* 2008
PRSEC (%) 27.65 11.39
* The figure shown is for the period since the fund’s commencement (10 April 2006).
The PRSEC outperformed the benchmark over the one year period ended 31 May 2008 with the fund achieving a
total return of 11.39% versus the benchmark’s return of 5.41% over the same period. The returns for the benchmark
are accumulated daily with 90% of Ringgit based returns from the MSCI AC Far East Ex-Japan Index and 10% of
returns from the 3-Month KLIBOR.
Asset Allocation
2007 2008
Equities & Derivatives 102.0% 89.1%
Money Market Instruments & Others -2.0% 10.9%
The fund’s equity weighting for financial year 2007 was 102.0% (93.5% after distribution reinvestment). The
corresponding equity weighting for financial year 2008 was 89.1% (84.5% after distribution reinvestment) as the
fund locked in profits amidst elevated valuations in selected regional markets.

2007 2008
PTR (time) 2.14 2.54
The fund’s PTR increased from 2.14 times for financial year 2007 to 2.54 times for financial year 2008 on account
of higher level of rebalancing activities to capitalise on higher liquidity and favourable trading environment in
selected regional markets.
Distribution
2007 2008
Gross Distribution Per Unit (sen) 2.50 5.00
Net Distribution Per Unit (sen) 2.49 4.92
130
PERFORMANCE OF PUBLIC GLOBAL SELECT FUND (PGSF)

PGSF (%) -11.11 -2.79
Benchmark Index (%) -7.07 -0.48

2007* 2008
PGSF (%) 7.41 -11.11
Benchmark Index (%) 6.76 -7.07
* The figure shown is for the period since the fund’s commencement (18 October 2006).
The PGSF achieved a return of -11.11% for the financial period ended 31 May 2008 as compared to the benchmark’s
return of -7.07% over the same period. The returns for the benchmark are accumulated daily with 90% of Ringgit
based returns from the MSCI AC World Index and 10% of return from the 1-Month KLIBOR.
Asset Allocation
2007 2008
Money Market Instruments & Others 7.0% 11.4%
The fund’s equity weightings was reduced from 93.0% for the financial year ended 30 April 2007 to 88.6% for
the financial year ended 30 April 2008 to weather the consolidation phase in global equity markets.

2007 2008
PTR (time) 1.15 1.15
The fund recorded a PTR of 1.15 times for both financial year 2007 and 2008 due to ongoing rebalancing activities
performed by the fund.
Distribution
2007 2008
Gross Distribution Per Unit (sen) - -
Net Distribution Per Unit (sen) - -
131
PERFORMANCE OF PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Average Annual Returns for the following periods ended 30 November 2008
PFEDF (%) -39.86 -11.15
Annual Total Return for the Financial Years Ended 30 November

2007* 2008
PFEDF (%) 30.17 -39.86
Benchmark Index (%) 30.77 -48.91
The PFEDF registered a return of -39.86% for the financial year ended 30 November 2008 and outperformed
the benchmark return of -48.91% over the same period. The benchmark for PFEDF is a composite of 30% Kuala
Lumpur Composite Index and 70% MSCI AC Far-East Ex-Japan Index.
Asset Allocation
2007 2008
Fixed Income Securities 0.9% 4.8%
Money Market Instruments & Others 3.9% 12.6%
The fund’s equity weighting was reduced from 95.2% (89.2% after distribution reinvestment) to 82.6% (81.2% after
distribution reinvestment) by the end of the financial year 2008 to weather the market’s consolidation phase.

2007 2008
PTR (time) 1.52 0.77
The fund’s PTR declined from 1.52 times in financial year 2007 to 0.77 time in financial year 2008 on account of
lower level of rebalancing activities performed by the fund during the year.
Distribution
2007 2008
Gross Distribution Per Unit (sen) 2.00 0.35
Net Distribution Per Unit (sen) 1.91 0.29
132
PERFORMANCE OF PUBLIC CHINA SELECT FUND (PCSF)

PCSF (%) -18.72 -16.40
Annual Total Return for the Financial Year Ended 31 July

2008*
PCSF (%) -18.07
Benchmark Index (%) -6.72
* The figure shown is for the period since the fund’s commencement (25 June 2007).
The PCSF registered a total return of -18.72% for the year ended 31 July 2008 in comparison to the benchmark’s
based returns from the Hang Seng China Enterprises Index (HSCEI), 30% of returns from the Hang Seng Index (HSI)
and 30% of returns from the Taiwan (TAIEX) Index.
Asset Allocation
2008
Equities & Derivatives 84.7%
Fixed Income Securities 0.9%
Money Market Instruments & Others 14.4%
Following the fund’s commencement on 25 June 2007, it built up its equity portfolio to capitalise on investment
opportunities in the greater China markets. The fund ended the financial period with equity weightings of 84.7%.
There is no comparison figure for the previous year because the commencement date of the fund was 25 June
2007.

2008
PTR (time) 1.39
The fund recorded a PTR of 1.39 times over the period under review. There is no comparison figure for the previous
year because the commencement date of the fund was 25 June 2007.
Distribution
2008
Gross Distribution Per Unit (sen) -
Net Distribution Per Unit (sen) -
133
PERFORMANCE OF PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

PFEPRF (%) -29.04 -28.88
Annual Total Return for the Financial Year Ended 31 July

2008*
PFEPRF (%) -29.04
The PFEPRF registered a total return of -29.04% for the financial year ended 31 July 2008 in comparison to the
benchmark’s return of -32.84% over the same period. The benchmark for PFEPRF, the Dow Jones Asia Pacific Real
Estate Sector IndexSM, 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 Hong Kong, Indonesia,
New Zealand, Philippines, Singapore, Taiwan, Thailand and South Korea.
Asset Allocation
2008
Following its launch, the equity exposure of the fund was progressively increased to 80.3% by the end of the
financial year ended 31 July 2008 to capitalise on investment opportunities in domestic and regional markets. There
is no comparison figure as the date of the fund’s commencement was 30 July 2007.

2008
PTR (time) 1.28
The fund recorded a PTR of 1.28 times over the period under review. There is no comparison figure as the date of
the fund’s commencement was 30 July 2007.
Distribution
2008
134
PERFORMANCE OF PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)

PSEASF (%) -43.05 -41.00
Annual Total Return for the Financial Year Ended 31 October

2008*
PSEASF (%) -42.12
* The figure shown is for the period since the fund’s commencement (22 October 2007).
The PSEASF outperformed the benchmark over the one year period ended 31 October 2008 with the fund generating
a total return of -43.05% versus the benchmark’s return of -48.15% over the same period. The returns for the
benchmark are accumulated daily with 35% of Ringgit based returns from the Straits Times Index (STI), 30%
of returns from the Kuala Lumpur Composite Index (KLCI), 15% of Ringgit based returns each from the Jakarta
Composite Index (JCI) and the Stock Exchange of Thailand Index (SET) and 5% of Ringgit based returns from the
Philippine Stock Exchange Index (PSEi).
Asset Allocation
2008
The fund’s equity weighting for financial year ended 2008 was 87.2%. There is no comparison figure for the
previous year because the commencement date of the fund was 22 October 2007.

2008
PTR (time) 1.95
For the financial period ended 2008, the fund’s PTR averaged 1.95 times. There is no comparison figure for the
previous year because the commencement date of the fund was 22 October 2007.
Distribution
2008
135
PERFORMANCE OF PUBLIC SECTOR SELECT FUND (PSSF)

Total Return for the following period ended 31 October 2008
Since Commencement*
PSSF (%) -36.64
KLCI (%) -39.15
Annual Total Return for the Financial Year Ended 31 October

2008*
PSSF (%) -36.64
KLCI (%) -39.15
Fund Performance Review
The PSSF outperformed the benchmark KLCI for the financial period ended 31 October 2008 as the fund
registered a total return of -36.64% against the KLCI’s return of -39.15% over the same period. The KLCI is the
performance.
Asset Allocation
2008
Following its launch, the fund’s equity weighting was increased to 66.9% for the financial period ended 2008.
There is no comparison figure as the commencement date of the fund was 3 December 2007.

2008
PTR (time) 1.40
For the financial period ended 2008, the fund’s PTR averaged 1.40 times. There is no comparison figure as the
commencement date of the fund was 3 December 2007.
Distribution
2008
136
PERFORMANCE OF PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Total Return for the following period ended 30 June 2008
Since Commencement*
PFETCF (%) -5.44
Annual Total Return for the Financial Year Ended 30 June

2008*
PFECTF (%) -5.44
Benchmark Index (%) - 8.13
* The figure shown is for the period since the fund’s commencement (28 January 2008).
Fund Performance Review
The PFECTF registered a total return of -5.44% for the financial year ended 30 June 2008 in comparison to the
benchmark’s return of -8.13% over the same period. The fund’s benchmark is 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.
Asset Allocation
2008
Following its launch, the equity exposure of the fund was progressively increased to 67.1% by the end of the
financial year ended 30 June 2008 to capitalise on investment opportunities in domestic and regional markets.
There is no comparison figure as the commencement date of the fund was 28 January 2008.

2008
PTR (time) 0.62
The fund recorded a PTR of 0.62 time over the period under review. There is no comparison figure as the
commencement date of the fund was 28 January 2008.
Distribution
2008
137
PERFORMANCE OF PUBLIC BALANCED FUND (PBF)

PBF (%) 4.00 20.39 20.14 17.30 11.36
PBEIX (%) -1.35 10.99 11.67 10.63 4.35

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PBF (%) 19.70 21.52 -25.00 28.54 -2.99 16.25 7.18 11.60 38.85 4.00
PBEIX (%) 29.33 15.31 -22.95 18.66 -4.43 13.55 4.93 5.98 27.18 -1.35
The PBF outperformed the benchmark Public Balanced Equity Index (PBEIX) over the financial year ended 31 May
2008 with the fund achieving a total return of 4.00% versus the PBEIX’s return of -1.35% over the same period.
The PBEIX is an index computed based on accumulated daily returns from the KLCI and 3-month KLIBOR 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 fund’s NAV.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others 13.4% 0.8% -1.3%
The fund’s equity weightings increased from 57.7% (55.0% after distribution reinvestment) in financial year 2006
to 64.3% (58.8% after distribution reinvestment) in financial year 2007 as the portfolio was rebalanced to capitalise
on the market uptrend. The increase in equity exposure was also partly due to the distribution declared for the
financial year 2007 which caused the fund’s equity weight to increase to 64.3%. For the financial year 2008, the
fund’s equity weightings was reduced to 61.3% (57.7% after distribution reinvestment) to weather the market’s
consolidation phase. The fund’s equity weight exceeded 60% due to the distribution declared for the financial year
2008 which caused the fund’s equity weight to increase to 61.3%.

2006 2007 2008
PTR (time) 0.31 0.65 0.76
The fund’s PTR rose from 0.31 time in financial year 2006 to 0.65 time for the financial year ended 2007 due to
higher level of rebalancing activities. For the financial year ended 2008, the fund’s PTR rose further to 0.76 time
because of higher rebalancing activities amidst higher volatility in the markets.
Distribution
2006 2007 2008

138
PERFORMANCE OF PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Average Annual Returns for the following periods ended 30 April 2008
PFEBF (%) 3.72 3.79
Annual Total Return for the Financial Year Ended 30 April

2008*
PFEBF (%) 4.60
Benchmark Index (%) 9.58
* The figure shown is for the period since the fund’s commencement (12 February 2007).
The PFEBF achieved a total return of 3.72% for the financial year ended 30 April 2008 in comparison to the
benchmark’s return of 8.48% over the same period. The returns for the benchmark are accumulated daily with
60% of Ringgit based returns from the MSCI AC Far East Ex-Japan Index and 40% of returns from the 3-Month
Kuala Lumpur Interbank Offered Rates.
Asset Allocation
2008
The equity exposure of the fund was progressively increased to 63.9% (59.5% after distribution reinvestment) by
the end of the financial year ended 30 April 2008 to capitalise on the uptrend in domestic and regional markets.
The increase in equity exposure was also partly due to the distribution declared for the financial year 2008. There
is no comparison figure as the commencement date of the fund was 12 February 2007.

2008
PTR (time) 1.21
The fund recorded a PTR of 1.21 times over the period under review. There is no comparison figure as the
commencement date of the fund was 12 February 2007.
Distribution
2008
Gross Distribution Per Unit (sen) 1.75
Net Distribution Per Unit (sen) 1.68
139
PERFORMANCE OF PUBLIC GLOBAL BALANCED FUND (PGBF)

PGBF (%) -7.36 -4.63
Annual Total Return for the Financial Year Ended 30 April

2008*
PGBF (%) -5.62
The PGBF registered a return of -7.36% for the financial period ended 30 April 2008 as compared to the benchmark’s
based returns from the MSCI World Index and 40% of returns from the 3-Month KLIBOR.
Asset Allocation
2008
Following the fund’s commencement on 12 February 2007, the equity exposure of the fund was progressively
increased to 58.7% at the end of the review period to capitalise on investment opportunities in the global equity
markets. There is no comparative figure for the previous period because the commencement date of the fund was
12 February 2007.

2008
PTR (time) 1.07
The fund recorded a PTR of 1.07 times over the period under review. There is no comparative figure for the previous
period because the commencement date of the fund was 12 February 2007.
Distribution
2008
140
PERFORMANCE OF PUBLIC BOND FUND (P BOND)

P BOND (%) -1.33 3.46 4.78 10.74 12.20
12-Month FD Returns (%) 3.71 3.88 4.01 4.84 6.16
Annual Total Return for the Financial Years Ended 31 July

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
P BOND (%) 14.96 8.81 5.44 15.55 9.85 2.58 9.43 2.90 8.75 -1.33
12-Month
FD Returns (%) 5.51 3.98 4.24 4.04 3.94 3.70 3.69 3.77 3.76 3.71
P BOND registered a return of -1.33% for the financial year ended 31 July 2008 in comparison to the Benchmark
12-month fixed deposit rates (12-MFD) return of 3.71% over the same period. P BOND’s performance was impacted
by a weaker local bond market in June 2008 arising from heightened inflationary expectations. The Benchmark 12-
MFD is computed based on daily returns from 12-month fixed deposit rates quoted by Malayan Banking Berhad.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others -1.9% 1.7% -4.2%
The fund’s bond weighting declined from 101.9% (97.2% after distribution reinvestment) to 98.3% (94.0% after
distribution reinvestment) in the financial year ended 31 July 2007 as selected bonds in the fund’s bond portfolio
matured. The bond weighting however, increased to 104.2% (98.7% after distribution reinvestment) in the financial
year ended 31 July 2008 due to distribution declared for the financial year.

2006 2007 2008
PTR (time) 0.53 0.54 0.44
The fund’s PTR increased from 0.53 time to 0.54 time in the financial year ended 31 July 2007 due to higher level
of rebalancing activities. For the financial year ended 31 July 2008, the fund’s PTR declined to 0.44 time due to
lower level of rebalancing activities undertaken by the fund.
Distribution
2006 2007 2008
141
PERFORMANCE OF PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

PIN BOND (%) 2.93 3.34 3.56 3.60
CORP IV (%) 2.76 6.82 5.44 5.16
Annual Total Return for the Financial Years Ended 30 April

2004* 2005 2006 2007 2008
PIN BOND (%) 2.83 4.13 2.71 4.09 2.93
CORP IV (%) -5.87 10.71 6.45 10.13 2.76
PINBOND registered a return of 2.93% for the financial year ended 30 April 2008 in comparison to the Benchmark
CORPIV Index’s return of 2.76% over the same period. The Benchmark CORPIV 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.
Asset Allocation
2006 2007 2008
The fund’s bond weighting declined from 97.5% to 93.2% in the financial year ended 30 April 2007 as selected
bonds in the fund’s bond portfolio matured. The bond weighting however, increased to 98.1% in the financial
year ended 30 April 2008 due to purchases of bonds and distribution of income for the financial year ended 30
April 2008.

2006 2007 2008
PTR (time) 0.19 0.23 0.20
The fund’s PTR increased from 0.19 time to 0.23 time in the financial year ended 30 April 2007 due to higher level
of rebalancing activities. For the financial year ended 30 April 2008, the fund’s PTR declined to 0.20 time due to
lower level of rebalancing activities undertaken by the fund.
Distribution
2006 2007 2008
142
PERFORMANCE OF PUBLIC ENHANCED BOND FUND (PEBF)

PEBF (%) -5.62 4.29 5.21
12-Month FD Returns (%) 3.67 3.88 3.93

2006* 2007 2008 2009
PEBF (%) 7.02 10.99 7.75 -5.62
12-Month FD Returns (%) 3.64 3.84 3.70 3.67
The PEBF registered a total return of -5.62% for the financial year ended 31 January 2009 in comparison to the
benchmark 12-Month Fixed Deposit Returns (FDR) Index’s return of 3.67% over the same period. The benchmark
FDR Index is computed based on daily returns from 12-month fixed deposit rates of Malayan Banking Berhad.
Asset Allocation
2007 2008 2009
Equities and Derivatives 19.7% 20.6% 14.3%
The fund’s equity weightings were increased from 19.7% (18.9% after distribution reinvestment) in financial year
in the equity market. For the financial year ended 2009, the fund’s equity weighting was reduced to 14.3% (14.0%
after distribution reinvestment) to weather the market’s consolidation phase.
The fund’s fixed income securities weighting was increased from 74.1% (70.7% after distribution reinvestment)
in financial year 2007 to 83.0% (77.6% after distribution reinvestment) in financial year 2008 and remained high
at 81.1% (79.6% after distribution reinvestment) for the financial year ended 2009.

2007 2008 2009
PTR (time) 0.86 0.71 0.41
The fund’s PTR declined from 0.86 time in financial year 2007 to 0.71 time in 2008 and 0.41 time in 2009 because
of lower level of rebalancing activities.
Distribution
2007 2008 2009
143
PERFORMANCE OF PUBLIC SELECT BOND FUND (PSBF)

PSBF (%) 2.89 4.64
12-Month FD Returns (%) 3.70 3.84

2006* 2007 2008
PSBF (%) 1.28 6.95 2.89
12-Month FD Returns (%) 1.72 3.79 3.70
PSBF registered a return of 2.89% for the financial year ended 31 May 2008 in comparison to the Benchmark
12-month fixed deposit rates (12-MFD) return of 3.70% over the same period. PSBF’s performance was impacted
by lackluster sentiment in the local bond market as a result of weakness in the global financial markets and rising
inflationary pressures. The Benchmark 12-MFD is computed based on daily returns from 12-month fixed deposit
rates quoted by Malayan Banking Berhad.
Asset Allocation
2006 2007 2008
Money Market Instruments & Others 48.1% 39.3% -1.4%
The fund’s bond exposure was gradually increased from 51.9% to 60.7% (58.2% after distribution reinvestment)
in the financial year ended 31 May 2007 and further to 101.4% (97.4% after distribution reinvestment) in the
financial year ended 31 May 2008. The increase in the fund’s bond exposure was due to purchases of bonds and
also partly due to the distribution of income for the financial year ended 31 May 2008.

2006 2007 2008
PTR (time) 1.40 1.23 0.83
The fund’s PTR declined from 1.40 times to 1.23 times in the financial year ended 31 May 2007 and to 0.83 time
for the financial year ended 31 May 2008 due to lower level of rebalancing activities undertaken by the fund.
Distribution
2006 2007 2008
Gross Distribution Per Unit (sen) - 4.50 4.00
Net Distribution Per Unit (sen) - 4.50 4.00
144
PERFORMANCE OF PUBLIC MONEY MARKET FUND (PMMF)

PMMF (%) 3.14 3.26 3.40 3.38
3-Month KLIBOR (%) 3.58 3.78 3.58 3.58

2005* 2006 2007 2008 2009
PMMF (%) 3.77 3.00 3.21 3.13 3.14
3-Month KLIBOR (%) 3.32 2.89 3.75 3.62 3.58
During the financial year ended 31 January 2009, PMMF registered a return of 3.14% against the Benchmark 3-
month Kuala Lumpur Interbank Offered Rate (KLIBOR) which registered a return of 3.58%. The fund’s performance
was lower compared to the benchmark as the fund mainly invested in money market instruments that have a
shorter weighted average maturity period of 1 month to meet liquidity requirements.
Asset Allocation
2007 2008 2009
The fund’s money market instruments weighting was 100.0% in the financial years ended 31 January 2007 and
2008. The money market instruments weighting was reduced to 97.2% in the financial year ended 31 January
2009 as the fund invested in selected commercial papers to enhance its returns.

2007 2008 2009
PTR (time) 1.20 1.77 1.94
The fund’s PTR increased from 1.20 time to 1.77 time in the financial year ended 31 January 2008 and further to
1.94 time in the financial year ended 31 January 2009 as fresh inflow of funds led to higher volume of transactions
over the financial years.
Distribution
2007 2008 2009
145
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 prospectus:
Public Savings Fund (PSF) Page 147

Public Growth Fund (PGF) Page 147
Public Index Fund (PIX) Page 148
Public Industry Fund (PIF) Page 148
Public Aggressive Growth Fund (PAGF) Page 149
Public Regular Savings Fund (PRSF) Page 149
Public SmallCap Fund (P SmallCap) Page 150
Public Equity Fund (PEF) Page 150
Public Focus Select Fund (PFSF) Page 151
Public Dividend Select Fund (PDSF) Page 151
Public Far-East Select Fund (PFES) Page 152
Public Regional Sector Fund (PRSEC) Page 152
Public Global Select Fund (PGSF) Page 153
Public Far-East Dividend Fund (PFEDF) Page 153
Public China Select Fund (PCSF) Page 154
Public Far-East Property & Resorts Fund (PFEPRF) Page 154
Public South-East Asia Select Fund (PSEASF) Page 155
Public Sector Select Fund (PSSF) Page 155
Public Far-East Consumer Themes Fund (PFECTF) Page 156
Public Balanced Fund (PBF) Page 156
Public Far-East Balanced Fund (PFEBF) Page 157
Public Global Balanced Fund (PGBF) Page 157
Public Bond Fund (P BOND) Page 158
Public Institutional Bond Fund (PIN BOND) Page 158
Public Enhanced Bond Fund (PEBF) Page 159
Public Select Bond Fund (PSBF) Page 159
Public Money Market Fund (PMMF) Page 160
Note:
There are no extracts of Statement of Income and Expenditure and Statement of Assets and Liabilities for the
following funds as their first financial year/period end is as tabled below:
Fund Name Financial Year/Period-Ended

PFETIF 30 April 2009
PCTF 31 May 2009
PSA30F 30 November 2009

The audited financial statements of the funds are disclosed in the respective fund’s annual report.
The fund’s annual report is available upon request.
146
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS (CONT’D)
PUBLIC SAVINGS FUND (PSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 December
2008 2007 2006

RM’000 RM’000 RM’000
Investment income 96,878 172,980 78,067
Total expenses (7,109) (9,308) (10,098)
Net Investment Income 89,769 163,672 67,969
Net Income Before Taxation 92,591 162,740 63,286
Net Income After Taxation 89,161 157,808 58,957
Extract of Statement of Assets and Liabilities as at 31 December
2008 2007 2006

RM’000 RM’000 RM’000
Total investments 359,288 566,458 628,616
Total other assets 16,135 10,921 6,986
Total Assets 375,423 577,379 635,602
Total Liabilities (43,165) (62,744) (51,475)
Net Asset Value/Unitholders’ Capital 332,258 514,635 584,127
PUBLIC GROWTH FUND (PGF)

Extract of Statement of Income and Expenditure for the financial years ended 31 July
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (11,992) (13,293) (14,415)
Extract of Statement of Assets and Liabilities as at 31 July
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 664,159 845,398 861,293
Note: Unitholder’s Capital refers to the NAV attributable to unitholders.
147
PUBLIC INDEX FUND (PIX)

Extract of Statement of Income and Expenditure for the financial years ended 31 January
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses (8,222) (9,062) (8,766)
Extract of Statement of Assets and Liabilities as at 31 January
2009 2008 2007

RM’000 RM’000 RM’000
Total Assets 470,207 598,871 585,342
PUBLIC INDUSTRY FUND (PIF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (3,191) (3,923) (3,471)
Extract of Statement of Assets and Liabilities as at 31 October
2008 2007 2006

RM’000 RM’000 RM’000
Total other assets 7,401 4,340 844
Total Assets 130,923 259,625 216,450
148
PUBLIC AGGRESSIVE GROWTH FUND (PAGF)

Extract of Statement of Income and Expenditure for the financial years ended 31 March
2009 2008 2007

RM’000 RM’000 RM’000
Investment (loss)/income (12,226) 117,468 95,032
Total expenses (3,932) (6,382) (5,240)
Net Investment (Loss)/Income (16,158) 111,086 89,792
Net (Loss)/Income Before Taxation (11,138) 107,467 87,141
Net (Loss)/Income After Taxation (12,740) 105,449 85,483
Extract of Statement of Assets and Liabilities as at 31 March
2009 2008 2007

RM’000 RM’000 RM’000
Total Assets 202,224 307,590 400,572
PUBLIC REGULAR SAVINGS FUND (PRSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 March
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses (13,839) (14,772) (13,142)
Extract of Statement of Assets and Liabilities as at 31 March
2009 2008 2007

RM’000 RM’000 RM’000
Total Assets 858,166 914,099 870,246
149
PUBLIC SMALLCAP FUND (P SmallCap)

Extract of Statement of Income and Expenditure for the financial years ended 31 August
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (4,402) (4,191) (4,300)
Extract of Statement of Assets and Liabilities as at 31 August
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 237,693 334,592 258,534
PUBLIC EQUITY FUND (PEF)

Extract of Statement of Income and Expenditure for the financial years ended 31 October
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (8,327) (10,907) (11,422)
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 321,530 723,164 710,741
150
PUBLIC FOCUS SELECT FUND (PFSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 December
2008 2007 2006

RM’000 RM’000 RM’000
Investment (loss)/income (8,072) 80,043 29,090
Total expenses (2,578) (3,622) (3,926)
Net Investment (Loss)/Income (10,650) 76,421 25,164
Net (Loss)/Income Before Taxation (9,868) 75,581 24,699
Extract of Statement of Assets and Liabilities as at 31 December
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 121,780 199,760 204,118
PUBLIC DIVIDEND SELECT FUND (PDSF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May
From
13.04.05
2008 2007 to 31.05.06
RM’000 RM’000 RM’000
Total expenses (7,209) (8,602) (8,027)
Extract of Statement of Assets and Liabilities as at 31 May
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 406,785 503,174 553,725
151
PUBLIC FAR-EAST SELECT FUND (PFES)

Extract of Statement of Income and Expenditure for the financial years/period ended 31 May
From
25.10.05
2008 2007 to 31.05.06
RM’000 RM’000 RM’000
Total expenses (8,336) (7,747) (3,057)
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 555,701 449,245 460,834
PUBLIC REGIONAL SECTOR FUND (PRSEC)

Extract of Statement of Income and Expenditure for the financial year/period ended 31 May
From
22.02.06
2008 to 31.05.07
RM’000 RM’000
Investment income 119,299 94,806
Total expenses (6,801) (9,090)
Net Investment Income 112,498 85,716
Net Income Before Taxation 104,875 61,731
Net Income After Taxation 103,879 61,040
2008 2007
RM’000 RM’000
Total investments 363,048 414,531
Total other assets 29,227 12,658
Total Assets 392,275 427,189
Total Liabilities (21,665) (46,762)
Net Asset Value/Unitholders’ Capital 370,610 380,427
152
PUBLIC GLOBAL SELECT FUND (PGSF)

Extract of Statement of Income and Expenditure for the financial year/period ended 31 May
From
01.09.06
2008 to 31.05.07
RM’000 RM’000
Net Income/(Loss) Before Taxation 6,428 (2,835)
Net Income/(Loss) After Taxation 6,275 (2,840)
2008 2007
RM’000 RM’000
Total investments 140,245 292,730
Total Assets 153,555 309,059
Net Asset Value/Unitholders’ Capital 149,496 302,943
PUBLIC FAR-EAST DIVIDEND FUND (PFEDF)

Extract of Statement of Income and Expenditure for the financial year/period ended 30 November
From
06.11.06
2008 to 30.11.07
RM’000 RM’000
Net Income Before Taxation 35,999 86,622
Net Income After Taxation 32,273 82,935
Extract of Statement of Assets and Liabilities as at 30 November
2008 2007
RM’000 RM’000
Total investments 623,006 1,157,724
Total Assets 631,048 1,194,263
Net Asset Value/Unitholders’ Capital 618,810 1,096,859
153
PUBLIC CHINA SELECT FUND (PCSF)

Extract of Statement of Income and Expenditure for the financial period ended 31 July
From 13.04.07
to 31.07.08
RM’000
Investment income 3,556
Total expenses (26,504)
Net Investment Loss (22,948)
Net Loss Before Taxation (78,571)
Net Loss After Taxation (78,571)
2008
RM’000
Total investments 1,517,462
Total other assets 118,129
Total Assets 1,635,591
Total Liabilities (7,424)
Net Asset Value/Unitholders’ Capital 1,628,167
PUBLIC FAR-EAST PROPERTY & RESORTS FUND (PFEPRF)

Extract of Statement of Income and Expenditure for the financial period ended 31 July
From 28.05.07
to 31.07.08
RM’000
2008
RM’000
Total investments 337,365
Total Assets 367,464
Net Asset Value/Unitholders’ Capital 361,909
154
PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)

Extract of Statement of Income and Expenditure for the financial period ended 31 October
From 20.07.07
to 31.10.08
RM’000
Investment loss (36,286)
2008
RM’000
PUBLIC SECTOR SELECT FUND (PSSF)

Extract of Statement of Income and Expenditure for the financial period ended 31 October
From 26.09.07
to 31.10.08
RM’000
Investment loss (4,925)
2008
RM’000
Total other assets 524
Total Assets 83,389
Total Liabilities (327)
155
PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)

Extract of Statement of Income and Expenditure for the financial period ended 30 June
From 10.07.07
to 30.06.08
RM’000
Net Investment Income 3,407
Net Income Before Taxation 4,907
Net Income After Taxation 4,790
Extract of Statement of Assets and Liabilities as at 30 June
2008
RM’000
PUBLIC BALANCED FUND (PBF)

Extract of Statement of Income and Expenditure for the financial years ended 31 May
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (6,478) (6,439) (6,361)
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 383,306 435,113 389,795
156
PUBLIC FAR-EAST BALANCED FUND (PFEBF)

Extract of Statement of Income and Expenditure for the financial period ended 30 April
From 20.12.06
to 30.04.08
RM’000
Net Income Before Taxation 51,893
Net Income After Taxation 49,988
Extract of Statement of Assets and Liabilities as at 30 April
2008
RM’000
PUBLIC GLOBAL BALANCED FUND (PGBF)

Extract of Statement of Income and Expenditure for the financial period ended 30 April
From 20.12.06
to 30.04.08
RM’000
2008
RM’000
157
PUBLIC BOND FUND (P BOND)

Extract of Statement of Income and Expenditure for the financial years ended 31 July
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (9,103) (11,243) (11,127)
2008 2007 2006

RM’000 RM’000 RM’000
Total investments 996,243 1,284,716 1,177,731
Total other assets 53 59 24,793
Total Assets 996,296 1,284,775 1,202,524
Net Asset Value/Unitholders’ Capital 922,827 1,208,351 1,112,223
PUBLIC INSTITUTIONAL BOND FUND (PIN BOND)

Extract of Statement of Income and Expenditure for the financial years ended 30 April
2008 2007 2006

RM’000 RM’000 RM’000
Total expenses (6,390) (6,167) (5,999)
2008 2007 2006

RM’000 RM’000 RM’000
Total investments 1,233,243 1,198,124 1,151,372
Total other assets 52 122 29
Total Assets 1,233,295 1,198,246 1,151,401
Total Liabilities (514) (500) (12,637)
Net Asset Value/Unitholders’ Capital 1,232,781 1,197,746 1,138,764
158
PUBLIC ENHANCED BOND FUND (PEBF)

2009 2008 2007

RM’000 RM’000 RM’000
Total expenses (5,246) (6,469) (3,047)
2009 2008 2007

RM’000 RM’000 RM’000
Total other assets 2,528 200 8,121
Total Assets 415,405 615,315 394,142
PUBLIC SELECT BOND FUND (PSBF)

Extract of Statement of Income and Expenditure for the financial years/period ended 31 May
From 25.10.05
2008 2007 to 31.05.06
RM’000 RM’000 RM’000
Investment income 26,564 9,029 874
Total expenses (4,898) (1,451) (210)
Net Investment Income 21,666 7,578 664
Net Income Before Taxation 21,666 7,578 664
Net Income After Taxation 21,666 7,578 664
2008 2007 2006

RM’000 RM’000 RM’000
Total Assets 714,523 554,555 82,410
Total Liabilities (27,982) (42,245) (23)
159
PUBLIC MONEY MARKET FUND (PMMF)

2009 2008 2007

RM’000 RM’000 RM’000
Total expenses (3,098) (1,163) (1,036)
2009 2008 2007

RM’000 RM’000 RM’000
Total Assets 922,626 414,364 186,283
160
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.
Fund Management Trustee Other Total Annual
Name Fee Fee Expenses Expenses
RM’000 %# RM’000 %# RM’000 %# RM’000
PSF 6,729 1.50 269 0.06 111 0.02 7,109
PGF 11,316 1.50 450 0.06 226 0.03 11,992
PIX 7,779 1.50 311 0.06 132 0.03 8,222
PIF 2,950 1.50 138 0.07 103 0.05 3,191
PAGF 3,636 1.50 170 0.07 126 0.05 3,932
PRSF 13,015 1.50 600 0.07 224 0.03 13,839
P SmallCap 4,150 1.50 166 0.06 86 0.03 4,402
PEF 7,846 1.50 314 0.06 167 0.03 8,327
PFSF 2,395 1.50 112 0.07 71 0.04 2,578
PDSF 6,774 1.50 271 0.06 164 0.04 7,209
PFES 7,713 1.51 308 0.06 315 0.06 8,336
PRSEC 6,219 1.50 289 0.07 293 0.07 6,801
PGSF 3,024 1.44 168 0.08 145 0.07 3,337
PFEDF 13,851 1.53 726 0.08 167 0.02 14,744
PCSF 24,811 1.52 1,312 0.08 381 0.02 26,504
PFEPRF 8,052 1.66 388 0.08 152 0.03 8,592
PSEASF 13,524 1.52 711 0.08 323 0.04 14,558
PSSF 1,614 1.50 86 0.08 45 0.04 1,745
PFECTF 1,141 1.67 55 0.08 56 0.08 1,252
PBF 6,046 1.50 282 0.07 150 0.04 6,478
PFEBF 10,811 1.50 577 0.08 159 0.02 11,547
PGBF 3,045 1.58 155 0.08 102 0.05 3,302
P BOND 8,594 0.75 400 0.03 109 0.01 9,103
PIN BOND 6,072 0.50 300 0.03 18 - ^
6,390
PEBF 4,958 1.00 223 0.045 65 0.015 5,246
PSBF 4,616 0.75 215 0.035 67 0.01 4,898
PMMF 2,892 0.375 154 0.02 52 - ^
3,098
#
Reflected as a percentage of average NAV.
^
Less than 0.01%
The following funds will have their first financial year/period as follows:
Fund Name Financial Year/Period-ending

PFETIF 30 April 2009
PCTF 31 May 2009
PSA30F 30 November 2009
161
The management expense ratio (MER) of the funds for the past three (3) financial years is as follows:
Fund Name MER (%) Fund Name MER (%)

PSF PIN BOND
31 December 2008 1.58 30 April 2008 0.53
31 December 2007 1.58 30 April 2007 0.53
31 December 2006 1.59 30 April 2006 0.53
PGF PEBF
31 July 2008 1.59 31 January 2009 1.06
31 July 2007 1.58 31 January 2008 1.06
31 July 2006 1.58 31 January 2007 1.07
PIX PRSEC*
31 January 2009 1.59 31 May 2008 1.64
31 January 2008 1.58 31 May 2007 1.63
31 January 2007 1.59
PGSF*
PIF 31 May 2008 1.59
31 October 2008 1.62 31 May 2007 1.50
31 October 2007 1.62
PFEDF*
31 October 2006 1.62
30 November 2008 1.63
PAGF 30 November 2007 1.61
31 March 2009 1.62
PCSF*
31 March 2008 1.61
31 July 2008 1.62
31 March 2007 1.62
PFEPRF*
PRSF
31 July 2008 1.77
31 March 2009 1.60
31 March 2008 1.59 PSEASF*
31 March 2007 1.59 31 October 2008 1.64
P SmallCap PSSF*
31 August 2008 1.59 31 October 2008 1.62
31 August 2007 1.61
31 August 2006 1.60 PFECTF*
30 June 2008 1.83
PEF
31 October 2008 1.59 PBF
31 October 2007 1.59 31 May 2008 1.61
31 October 2006 1.59 31 May 2007 1.61
31 May 2006 1.61
PFSF
31 December 2008 1.61 PFEBF*
31 December 2007 1.61 30 April 2008 1.60
31 December 2006 1.61 PGBF*
PDSF 30 April 2008 1.71
31 May 2008 1.60 PSBF
31 May 2007 1.60 31 May 2008 0.80
31 May 2006 1.60 31 May 2007 0.81
PFES 31 May 2006 0.87
31 May 2008 1.63 PMMF
31 May 2007 1.62 31 January 2009 0.40
31 May 2006 1.64 31 January 2008 0.41
P BOND 31 January 2007 0.41
31 July 2008 0.79
31 July 2007 0.78
31 July 2006 0.78
* These funds were launched for less than 3 financial years.
162
6 GETTING STARTED WITH PUBLIC MUTUAL
6.1 INVESTING WITH PUBLIC MUTUAL

Public Mutual distributes units of the funds through a network of dedicated sales agents who are registered with
the FMUTM. Investors have the right to view the authorisation card issued by FMUTM to the attending agent,
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 207 to 209 of the 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 agent 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 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 Particulars
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 sales
agent attending to you.
For non-individual or corporate applicants, the application must be submitted together with the requisite
statutory documents. Please refer to the fund application 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 30 of Chapter 1: Key Features of The Funds.
163
GETTING STARTED WITH PUBLIC MUTUAL (CONT’D)
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 agent 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 30 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.
It is against our Company’s policy to accept cash for the purchase of units in the funds. As such
investors are advised not to make payment in cash when purchasing units of the funds via any
retail agent.
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 of the application form and payment by Public Mutual. 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/agents registered to deal in its 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 members’ provident 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 31 and 32 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.
Transfer
For transfer of units, you need to complete and submit the Transfer Form instead. An administration fee of RM25
is charged on each transfer transaction.
You can also execute your repurchase and switching requests using our phone-in voice system, TeleMutual. Please
refer to page 167 for more information on TeleMutual.
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.
164
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 loans 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: 1800-883323. Investors should be aware of the loan financing risk as stated on page 36
of this 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, theoretically speaking, return better than bank
deposits or bonds through its investments in equities or other market-related securities. But, likewise, unit trusts
cannot avoid assuming to a certain extent the market risks inherent in its portfolio investments, 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 a prolonged weak (bear) market. 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 Company’s 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 update of your investment account.
For Mutual Gold Members, additional Quarterly Account Summaries of your investments will be generated as part
of our Priority Client Service.
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.
165
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 33 to 34, 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 http://www.publicmutual.com.my. (Please refer to page
169 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.
Take full advantage of our phone-in voice response system, TeleMutual Service: 03-6279 5252 for fast
track information on fund prices, account balance enquiries, EPF next withdrawal date and for execution
of repurchase and switching requests.
You can also access Public Mutual Online, our e-commerce website for online transactions, account
enquiries and e-statements and e-reports.
166
DEDICATED SERVICES TO UNITHOLDERS OF PUBLIC MUTUAL
FINANCIAL FREEDOM
Public Mutual has a long tradition of promoting sound financial planning among unitholders and investors. Our
commitment in this arena is demonstrated by the following financial planning services/tools available to unitholders
and investors.
• Financial Freedom FP Advisor – a financial planning software that provides a wide array of financial planning
services and enables fund investment analyses to be done ‘on the spot’. Developed in-house, the Financial
Freedom FP Advisor is available exclusively to Public Mutual’s unit trust consultants to enable them to provide
personalised financial planning services with possible solutions to help their unitholders and prospective investors
achieve their financial goals in life.
• Financial Freedom Retirement and Education Planning Software – designed as user-friendly, ‘Do-it-Yourself’ tools
to enable you to determine your retirement and children’s education funding requirements, all in the comfort
of your home.
Call our Financial Planning Centre: 03-2287 7348 for more information on our
financial planning services
PUBLIC MUTUAL WEBSITE

For the latest update on the Company’s 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
PHONE-IN ENQUIRIES
TeleMutual is our Voice Response System, which is designed exclusively for the convenience of our unitholders
who do not have the time to call personally at our Offices. TeleMutual will enable you to conduct your investment
needs from the comfort of your home or office. All that’s required of you is a telephone call to 03-62795252.
TeleMutual service is available from 7.00 a.m. to 12.00 midnight, Mondays to Sundays.
Fund prices, balance inquiry, EPF next withdrawal date inquiry and other transactional services including repurchase
and switching of funds are available on TeleMutual.
For further information regarding TeleMutual, please call: 03-6207 5000
167
DEDICATED SERVICES TO UNITHOLDERS OF PUBLIC MUTUAL (CONT’D)
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 nomination service, free Public Bank credit card*, repurchase cheques within two Business Days, numerous
free switchings per annum, free Group Personal Accident with Permanent Disability insurance coverage of up to
RM750,000, complimentary magazine, Quarterly Account Summary, 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 WILL WRITING SERVICES

Unitholders who wish to ensure their legacy are passed on to their loved ones effectively and smoothly upon the
unexpected, can write a Will through Public Mutual Will Writing Services, which is offered in collaboration with
PB Trustee Services Berhad (PBTSB).
Under Public Mutual Will Writing Services, you enjoy competitive rates including free acceptance and lifetime
custodian fees; if PBTSB is appointed the executor.
Call Public Mutual Hotline: 03-6207 5000 for more information
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 our unitholders. These insurance policies/plans provide wide 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
168
7 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 8 July 2009:
Total NAV (RM) 775,250,000

UIC (units) 1,550,500,000
NAV per unit (RM) 0.50000000
(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.
Investment deposited into the collection accounts of Public Mutual before 4:00 p.m. on any Business Day will be
based on a price determined for the same Business Day. Investment deposited into the collection accounts after
4:00 p.m. on any Business Day will be based on a price determined for the next Business Day. Any payment made
on a non-Business Day shall be treated as payment made on the following Business Day.
In the event of incorrect pricing of units of the funds, the Manager shall take immediate remedial action where
that incorrect pricing –
(i) is equal or more than zero point five per centum (0.5%) of the NAV per unit; and
(ii) 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.
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 and disclose such amendment, variation or revision in the Prospectus.
169
TRANSACTION INFORMATION (CONT’D)
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 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 and
balanced funds (as regulated by EPF).
Illustration 2: Purchase of Units by Investors
Let us assume that on 8 July 2009, 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 investor’s account
Amount invested = RM10,000

20,000 units
NAV per unit RM0.50000000
Service charge per unit = NAV per unit x Service Charge (%)
= RM0.50000000 x 5.5%
= RM0.02750000
Total service charge incurred by Investor A = Service Charge per unit x Units credited to investor
= RM0.02750000 x 20,000 units
= RM550
Following the above, the total amount payable by Investor A:
= Amount invested in PEF + Service charge incurred
= RM10,000 + RM550
= RM10,550
Investors are advised not to make payment in cash when purchasing units of the funds via any retail
agent.
170
TRANSACTION INFORMATION (CONT’D)
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 funds by investors.
Illustration 3: Redemption of Units by Investors
Let us assume that on 8 July 2009, Investor B decides to redeem 20,000 units of PEF. He submits his Repurchase
Form to a branch office of Public Mutual.
Following through on Illustration 1, the NAV per unit of PEF for the Business Day of 8 July 2009 is at RM0.50000000.
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 = Units redeemed x NAV per unit
= 20,000 units x RM0.50000000
= RM10,000
Repurchase charge per unit = NAV per unit x Repurchase Charge (%)
= RM0.50000000 x 0%
= Nil
Total repurchase charge incurred by Investor B = Repurchase Charge per unit x Units redeemed
= RM0 x 20,000 units
= Nil
Following the above, the repurchase proceeds received by Investor B within 10 days from the Manager’s receipt
of his repurchase request:
= Amount redeemed from PEF – Repurchase Charge Incurred
= RM10,000 – RM0
= RM10,000
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.
171
8 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 and Balanced Funds Bond and Money Market Funds
Purchase of units through agents: Purchase of units through agents:

Purchase of units through the Manager: Purchase of units through the Manager:
The Manager may at its discretion charge a lower service charge subject to qualifying criterion. 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.
Illustration 1: Computation of Service Charge
Let us assume that on 8 July 2009, 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 x Service Charge (%)
= RM0.50000000 x 5.5%
= RM0.02750000
The service charge method of computation illustrated above is applicable to all the funds listed under this
Prospectus.
Repurchase Charge
The Manager does not impose a repurchase charge on the sale of units of funds by the investors.
Illustration 2: Computation of Repurchase Charge
Let us assume that on 8 July 2009, 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 x Repurchase Charge (%)
= RM0.50000000 x 0%
= Nil
The repurchase charge method of computation illustrated above is applicable to all the funds listed under this
Prospectus.
Charges on Switching and Transfer of Units
There are charges involved for switching and transfer transactions. Please refer to pages 31 and 32 of Chapter 1:
Key Features of The Funds for more information.
172
FEES, CHARGES AND EXPENSES (CONT’D)
8.2 FEES AND EXPENSES OF THE FUNDS

Operating a fund involves a variety of expenses for portfolio management, the manager’s fees, trustee’s fee
and custody fees, audit fees, 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
fund’s assets.
Manager’s Fee and Trustee’s Fee

%/RM
Equity and Balanced Money
Bond Funds
Funds Market Fund
Annual PSF, PGF, PIX, PIF, PAGF, PRSF, PBF, P P BOND and PSBF: PMMF:
Management SmallCap, PEF, PFSF, PDSF, PSSF and 0.75% per annum of 0.375% per annum
Fee PSA30F: the NAV. of the NAV.
PIN BOND:
PFES, PRSEC, PFEDF, PCSF, PSEASF, 0.5% per annum of the
PFEBF and PCTF: NAV.
PEBF:
PFEPRF, PFECTF and PFETIF: 1.0% per annum of the
1.70% per annum of the NAV. NAV.
PGSF and PGBF:

1.80% per annum of NAV.
Annual Trustee PSF, PGF, PIX, P SmallCap, PEF, PDSF P BOND: PMMF:
Fee and PFES: 0.035% per annum 0.02% per annum
0.06% per annum of NAV, subject of NAV, subject to of NAV, subject to
to a minimum fee of RM18,000 a minimum fee of a minimum fee of
and a maximum fee of RM450,000 RM18,000 and a RM18,000 and a
per annum. maximum fee of maximum fee of
RM400,000 per annum. RM300,000 per
PIF, PAGF, PBF, PFSF and PRSEC: annum.
0.07% per annum of NAV, subject PIN BOND and PSBF:
to a minimum fee of RM18,000 and 0.035% per annum
a maximum fee of RM450,000 per of NAV, subject to
annum. a minimum fee of
RM18,000 and a
PRSF: maximum fee of
0.07% per annum of NAV, subject RM300,000 per annum.
to a minimum fee of RM18,000 and
a maximum fee of RM600,000 per PEBF:
annum. 0.045% per annum
of NAV, subject to
PGSF, PFEDF, PCSF, PFEPRF, PSEASF, a minimum fee of
PSSF, PFECTF, PCTF, PFETIF, PSA30F, RM18,000 and a
PFEBF and PGBF: maximum fee of
0.08% per annum of NAV, subject RM350,000 per annum.
to a minimum fee of RM18,000 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.
173
FEES, CHARGES AND EXPENSES (CONT’D)
8.3 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS

The management company does not receive any form of rebates or soft commissions from brokers. All dealings
with brokers are executed at competitive market rates.
There are fees and charges involved and investors are advised to consider them before investing in
the funds.
174
9 THE MANAGER
9.1 CORPORATE PROFILE OF PUBLIC MUTUAL

The funds listed under this Prospectus are managed by Public Mutual, a member of the Public Bank Group. 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 sixty eight (68) unit trust funds with a total NAV of over RM24.2 Billion
(as at 1 April 2009) from over 2,081,000 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 management1.
Growth of Net Asset Value

(From Dec 1992 to Dec 2008 and 1 Apr 2009)
30
28
26
24
22
20
RM Billion
18
16
14
12
10
8
6
4
2
0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1-Apr-09
NAV (RM Bil) 0.16 0.82 1.47 2.13 2.37 1.78 2.25 3.83 4.11 5.03 5.80 8.23 9.88 12.08 16.19 28.39 23.32 24.23
9.2 ORGANISATION OF PUBLIC MUTUAL

Staff Strength
Public Mutual maintains a staff strength of approximately 700 personnel as of 1 April 2009 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 Mutual’s
dedicated direct sales agency force comprising individual agents registered with the FMUTM. The PB Series of Funds
is distributed by Public Mutual’s 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, TeleMutual 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 may also
take advantage of quick fund prices and other transactional services currently available on TeleMutual. Online
transactions and account enquiries are also available 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 2009
175
THE MANAGER (CONT’D)
9.3 UNIT TRUST FUNDS UNDER PUBLIC MUTUAL

Public Mutual manages 68 unit trust funds spread over various fund categories as shown below:
Category Approved Net Asset Units in

of Fund Size of Fund Value Circulation
(Billion Units) as at as at
1.4.09 1.4.09
(RM Billion) (Billion Units)
Public Series of Funds

Public Savings Fund Equity 1.5 0.369 0.726
Public Growth Fund Equity 4.5 0.493 1.338
Public Index Fund Equity 1.5 0.476 0.996
Public Industry Fund Equity 1.0 0.125 0.308
Public Aggressive Growth Fund Equity 1.0 0.201 0.420
Public Regular Savings Fund Equity 3.0 0.844 2.148
Public SmallCap Fund Equity 0.7 0.188 0.325
Public Equity Fund Equity 5.0 0.338 1.582
Public Focus Select Fund Equity 1.85 0.118 0.738
Public Dividend Select Fund Equity 3.0 0.290 1.335
Public Far-East Select Fund Equity 3.5 0.330 1.682
Public Regional Sector Fund Equity 3.0 0.243 1.388
Public Global Select Fund Equity 3.0 0.097 0.618
Public Far-East Dividend Fund Equity 7.5 0.651 3.693
Public China Select Fund Equity 15.0 1.269 9.201
Public Far-East Property & Resorts Fund Equity 3.375 0.259 2.032
Public South-East Asia Select Fund Equity 7.5 0.519 3.569
Public Sector Select Fund Equity 0.9 0.108 0.640
Public Far-East Consumer Themes Fund Equity 1.5 0.126 0.623
Public China Titans Fund Equity 1.5 0.049 0.253
Public Far-East Telco & Infrastructure Fund Equity 1.5 0.044 0.172
Public Select Alpha-30 Fund Equity 1.5 N/A N/A
Public Balanced Fund Balanced 1.5 0.285 0.457
Public Far-East Balanced Fund Balanced 3.8 0.371 2.085
Public Global Balanced Fund Balanced 1.5 0.079 0.447
Public Bond Fund Bond 2.5 1.011 1.059
Public Institutional Bond Fund Bond 3.0 1.286 1.283
Public Enhanced Bond Fund Bond 1.0 0.396 0.422
Public Select Bond Fund Bond 1.0 0.666 0.658
Public Money Market Fund Money Market 1.5 0.943 0.948
Public Series of Shariah-Based Funds

Public Ittikal Fund Equity 2.5 1.152 1.643
Public Islamic Equity Fund Equity 6.0 0.706 2.824
Public Islamic Opportunities Fund Equity 1.5 0.224 0.996
Public Islamic Dividend Fund Equity 9.0 1.389 5.685
Public Asia Ittikal Fund Equity 5.0 0.477 2.412
Public Islamic Asia Dividend Fund Equity 6.5 0.732 4.458
Public Islamic Sector Select Fund Equity 1.5 0.187 1.085
Public China Ittikal Fund Equity 7.5 0.822 5.454
Public Islamic Select Treasures Fund Equity 2.25 0.302 1.465
Public Islamic Optimal Growth Fund Equity 2.25 0.384 2.018
Public Islamic Select Enterprises Fund Equity 1.5 0.047 0.195
Public Islamic Balanced Fund Balanced 3.0 0.508 2.368
Public Islamic Asia Balanced Fund Balanced 1.5 0.102 0.552
Public Islamic Bond Fund Bond 1.8 0.643 0.635
Public Islamic Enhanced Bond Fund Bond 0.5 0.113 0.115
Public Islamic Select Bond Fund Bond 0.5 0.047 0.045
176
Category Approved Net Asset Units in

of Fund Size of Fund Value Circulation
(Billion Units) as at as at
1.4.09 1.4.09
(RM Billion) (Billion Units)
Public Series of Shariah-Based Funds

(cont’d)
Public Islamic Income Fund Fixed Income 0.5 0.006 0.005
Public Islamic Money Market Fund Money Market 1.0 0.537 0.522
PB Series of Funds
PB Growth Fund Equity 0.6 0.103 0.164
PB Asia Equity Fund Equity 2.0 0.115 0.589
PB Islamic Equity Fund (Shariah-based) Equity 2.0 0.054 0.305
PB Islamic Asia Equity Fund (Shariah-based) Equity 2.0 0.175 1.056
PB ASEAN Dividend Fund Equity 2.25 0.218 1.436
PB Euro Pacific Equity Fund Equity 2.25 0.154 1.135
PB Islamic Asia Strategic Sector Fund Equity 1.5 0.071 0.513
(Shariah-based)
PB China Pacific Equity Fund Equity 5.0 0.395 3.113
PB China ASEAN Equity Fund Equity 1.5 0.038 0.173
PB Balanced Fund Balanced 0.5 0.161 0.223
PB Asia Real Estate Income Fund Balanced 1.5 0.038 0.223
PB Fixed Income Fund Bond 0.3 0.201 0.197
PB Islamic Bond Fund (Shariah-based) Bond 0.3 0.060 0.058
PB Cash Management Fund Money Market 2.0 0.213 0.208
PB Islamic Cash Management Fund Money Market 1.0 0.050 0.049
(Shariah-based)
Wholesale Funds
PB Cash Plus Fund Money Market 2.0 1.006 1.006
PB Islamic Cash Plus Fund (Shariah-based) Money Market 2.0 0.505 0.504
Capital Protected Funds

Public Capital Protected Select Portfolio Fund Fixed Income 0.3 0.017 0.016
PB Capital Protected Dragon Fund Fixed Income 0.3 0.094 0.095
PB Capital Protected Resources Fund Fixed Income 0.2 0.015 0.014
TOTAL 172.425 24.235 84.700
177
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 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:
Senior 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 2004.
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:
2006 2007 2008

RM’000 RM’000 RM’000
Paid-Up Capital 6,000 6,000 6,000
Shareholders’ Funds 39,109 34,289 48,530
Turnover 370,012 893,142 539,752
Pretax Profit 97,288 182,880 183,325
Profit After Tax 69,811 130,960 155,367
As at 1 April 2009, 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.
178
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 seven members on the Board, of which three 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 Dato’ Thong Yaw Hong - Independent Director (Co-Chairman)
Tan Sri Dato’ Sri Tay Ah Lek - Non Independent Director
Dato’ Lee Kong Lam - Non Independent Director
Dato’ (Dr) Mohamed Ishak Bin Haji Mohamed Ariff - Independent Director
Dato’ Haji Abdul Aziz Bin Omar - 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 59 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 the Public Bank Group since its inception in December 1965. 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:
• Asia’s Commercial Banker of the Year 1991

• The ASEAN Businessman of the Year 1994
• Malaysia’s Business Achiever of the Year 1997
• Malaysia’s CEO of the Year 1998
• Best CEO in Malaysia 2004
• The Most PR Savvy CEO 2004
• 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
• Asia’s 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 2008 Award
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.
179
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 Dato’ 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 Master’s 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 Minister’s 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 Dato’ 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 Economic Council and is also a Senior Member of the Working Group of the Executive
Committee for the Economic Council and National Implementation Task Force (NITF). Tan Sri Dato’ 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.
Director – Non Independent

Tan Sri Dato’ Sri Tay Ah Lek is a Director of Public Mutual since August 1995. He has 48 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/Chief Executive Officer 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.
He holds a Master’s degree in Business Administration from Henley, United Kingdom and attended the Advanced
Management Program at Harvard Business School. He is a Fellow of 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 Finance Companies of Malaysia and the Association of Hire
Purchase Companies Malaysia. He is a Member of the National Payments Advisory Board.
Director – Non Independent

Dato’ Lee Kong Lam is a Director of Public Mutual since July 1999. He has 41 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 BNM’s Examination Department
and as a member of BNM’s Management Committee.
He is a Fellow of the Certified Practising Accountants of Australia; a Fellow of the Chartered Institute of Bankers,
United Kingdom and a Chartered Accountant of the Malaysian Institute of Accountants.
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Independent Director
Dato’ (Dr) 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 an Independent Non-Executive Director
of Public Bank, Public Investment Bank Bhd and Public Islamic Bank Bhd. He is also a member of the Board of
Directors of Galeri Shah Alam and MIMA Holdings Enterprise Sdn. Bhd.
Independent Director
Dato’ Haji Abdul Aziz Bin 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 other past experiences had been in the areas of audit and accounting, taxation,
property, plantation, hotelling, trading and manufacturing.
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, PB Trustee Services Berhad, LPI Capital Bhd and Lonpac Insurance
Bhd. In addition, he is the Co-Chairman of the Audit Committee, Risk Management Committee and Credit Risk
Management Committee of Public Bank and also Co-Chairman of Audit Committee of Public Investment Bank
Bhd.
Chief Executive Officer / Executive Director – Non Independent

Ms. Yeoh Kim Hong, CA(M), CPA, CFP, is a member of the Malaysian Association of Certified Public Accountants
and a Chartered Accountant of the Malaysian Institute of Accountants. She has accumulated more than 13 years
of experience in the unit trust industry. Ms. Yeoh joined Public Mutual in 1996 as Senior Manager - Finance 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 FMUTM and a board member of the Financial
Planning Association of Malaysia (FPAM).
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 181) 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.
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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. Lum’s 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 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 Mutual’s information technology strategies and operations.
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 Master’s 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 Mutual’s 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, AInstAM, 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. He has also contributed significantly to the development of bond
management capabilities within the in-house developed portfolio management system.
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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 and Neuro-Linguistic Programming (NLP)
practitioner with more than 16 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 Mutual’s agency
development and training operations.
Deputy 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. 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
fifteen years during which she gained extensive knowledge and experience in auditing and business process advisory
services with specialisation in fund management operations.
9.9 PROFILE OF KEY INVESTMENT PERSONNEL

Mr. Lum Ming Jang – Designated fund manager of Public Bond Fund, Public Islamic Bond Fund, Public Islamic
Equity Fund, Public Select Bond Fund, Public Islamic Dividend Fund, Public Asia Ittikal Fund, Public Global Select
Fund, Public Global Balanced 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 and PB
China Pacific Equity Fund. Mr. Lum obtained his Capital Markets Services Representative’s license on 31 December
2004. Mr. Lum’s profile is set out in Section 9.8 (page 181) of this Chapter.

Mr. Tan Yan Heong - Designated fund manager of Public Growth Fund, Public Aggressive Growth Fund, Public
Regular Savings Fund, Public Balanced Fund, Public Ittikal Fund, Public SmallCap Fund, Public Equity Fund, Public
Far-East Select Fund, Public Regional Sector Fund, Public Far-East Property and Resorts Fund, Public South-East
Asia Select Fund, Public Sector Select Fund, Public Islamic Sector Select Fund, Public Far-East Telco & Infrastructure
Fund, Public Capital Protected Select Portfolio Fund, PB Asia Equity Fund, PB ASEAN Dividend Fund, PB Asia Real
Estate Income Fund, PB China ASEAN Equity Fund, PB Capital Protected Dragon Fund and PB Capital Protected
Resources Fund. Mr. Tan obtained his Capital Markets Services Representative’s license on 31 December 2004. Mr.
Tan’s profile is set out in Section 9.8 (page 182) 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 Balanced
Fund, Public Far-East Dividend Fund, Public Islamic Optimal Growth Fund, PB Balanced Fund, PB Growth Fund, PB
Islamic Equity Fund and PB Euro Pacific Equity Fund and co-fund manager of Public Enhanced Bond Fund, Public
Global Select Fund, Public Global Balanced Fund, Public China Select Fund and PB China Pacific Equity Fund. Mr.
Chiang obtained his Capital Markets Services Representative’s license on 8 February 2005.
Mr. Chiang holds a Master of Financial Management (Dean’s 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 11 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.
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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 Representative’s 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.
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, PB Fixed Income Fund, PB Islamic Bond Fund, PB Cash
Management Fund, PB Cash Plus Fund, PB Islamic Cash Management Fund and PB Islamic Cash Plus 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 Representative’s 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 and Public Far-East Balanced Fund and co-fund manager of Public Far-East Dividend Fund, Public Far-
East Property and Resorts Fund, Public Far-East Consumer Themes Fund, Public China Titans Fund, PB Balanced
Fund and PB Asia Real Estate Income Fund. Ms. Tan obtained her Capital Markets Services Representative’s 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 stockbroking 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.
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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 Asia Balanced Fund, Public Islamic Select Enterprises Fund, PB Islamic Asia
Strategic Sector Fund and PB Islamic Asia Equity Fund and co-fund manager of Public Ittikal Fund, Public Islamic
Equity Fund, Public Islamic Dividend Fund, Public Asia Ittikal Fund, Public Islamic Enhanced Bond Fund, Public Islamic
Asia Dividend Fund, Public Islamic Sector Select Fund and Public China Ittikal Fund. En. Mat Radzuan obtained his
Capital Markets Services Representative’s 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 10 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.
Portfolio Manager – Investment, Fixed Income Section

Cik Haniza binti Yang Razali - Designated co-fund manager of Public Institutional Bond Fund, Public Islamic
Select Bond Fund, Public Islamic Income Fund, PB Fixed Income Fund, PB Islamic Bond Fund, PB Cash Plus Fund
and PB Islamic Cash Plus Fund. Cik Haniza obtained her Capital Markets Services Representative’s 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 SouthBank University, London. 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. Chen Yuet Fong - Designated co-fund manager of Public Regular Savings Fund, Public Capital Protected
Select Portfolio Fund, PB Asia Equity Fund, PB China ASEAN Equity Fund, PB Capital Protected Dragon Fund and
PB Capital Protected Resources Fund. Ms. Chen obtained her Capital Markets Services Representative’s license on
19 October 2005.
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 her present position of Portfolio
Manager – Investment, Equities Section in 2006. 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.

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 Regional Sector Fund, Public South-East Asia Select Fund,
Public Far-East Telco & Infrastructure Fund and PB ASEAN Dividend Fund. Ms. Lum obtained her Capital Markets
Services Representative’s license on 15 January 2007.
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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 and assumed her present
position as Deputy Manager – Investment, Equities Section in 2008. 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.

En. Shahnaz bin Saiful Mulok - Designated co-fund manager of Public Islamic Balanced Fund, Public Islamic
Optimal Growth Fund and PB Islamic Equity Fund. En. Shahnaz obtained his Capital Markets Services Representative’s
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.

Mr. Loo See Seong – Designated co-fund manager of Public Balanced Fund, Public SmallCap Fund and Public
Sector Select Fund. Mr. Loo obtained his Capital Markets Services Representative’s 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.

Mr. Lum Meng Seng – Designated co-fund manager of Public Savings Fund, Public Focus Select Fund, Public Dividend
Select Fund and Public Far-East Balanced Fund. Mr. Lum obtained his Capital Markets Services Representative’s
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. Mr. Lum has more than eight 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.

Mr. Liew Mun Hon – Designated co-fund manager of Public Index Fund, Public Industry Fund, PB Growth Fund
and PB Euro Pacific Equity Fund. Mr. Liew obtained his Capital Market Services Representative’s license on 7
November 2008.
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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.

Mr. Andrew Seah Saik Weng – Designated co-fund manager of Public Islamic Opportunities Fund, Public Islamic
Select Treasures Fund, Public Select Alpha-30 Fund and PB Islamic Asia Strategic Sector Fund. Mr. Seah obtained
his Capital Market Services Representative’s 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.

En. Mohd Isa bin Ibrahim – Designated co-fund manager of Public Islamic Select Enterprises Fund, Public Islamic Asia
Balanced Fund and PB Islamic Asia Equity Fund. En. Mohd Isa obtained his Capital Market Services Representative’s
license on 19 September 2008.
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 has more than 8 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, PB Cash Management Fund and PB Islamic Cash Management Fund. En. Azahari obtained his Capital Market
Services Representative’s 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.
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9.10 AWARDS WON BY PUBLIC MUTUAL

On 15 May 2008, Public Mutual won the Best Islamic Fund Manager in Asia Award by the Failaka Advisors for the
second consecutive year. Failaka Advisors, established in 1996, is a recognised leader in the field of Islamic funds
research. This achievement is a testimony of Public Mutual’s collective dedication and commitment to continuously
deliver value to investors.
In June 2008, Public Mutual emerged as the biggest winner at the Morningstar Asia (Malaysia) 2007 Fund Awards
by winning 4 out of 6 awards. The objective of the Morningstar Fund Awards is to recognise funds and fund
groups that have added the most value within the context of a relevant peer group for investors over the past one
year period. In addition, the funds must also have delivered strong three-year and five-year risk adjusted returns
in order to obtain awards.
The four awards won by Public Mutual are:
Fund Category Category Groupings
Public Ittikal Fund Equity Islamic Syariah

Public Growth Fund Equity Malaysia Equity
Public Bond Fund Fixed Income Malaysia Ringgit Bond
PB Balanced Fund Balanced Malaysia Ringgit Balanced
On 18 November 2008, Public Mutual won the Most Outstanding Islamic Fund Manager award for the second
consecutive year at the 5th KLIFF (Kuala Lumpur Islamic Finance Forum) Islamic Finance Awards 2008 ceremony.
Winning this award reinforces Public Mutual’s position in the Islamic unit trust industry and affirms its commitment
to excellence.
On 5 February 2009, Public Mutual again emerged as the biggest winner in The Edge-Lipper Malaysia Fund Awards
2009 for the sixth consecutive year. Public Mutual received the Best Overall Group Award and also won 6 best
fund awards for the year ended 31 December 2008.
Group Award
Best Overall Group Award
Fund Awards Years Category
PB Growth Fund 5 Equity Malaysia

Public SmallCap Fund 5 Equity Malaysia Small and Mid Caps
PB Balanced Fund 5 Mixed Asset Malaysian Ringgit Balanced
Public Islamic Bond Fund 5 Bond Malaysian Ringgit - Islamic
Public Bond Fund 10 Bond Malaysian Ringgit
PB Balanced Fund 10 Mixed Asset Malaysian Ringgit Balanced
On 11 March 2009, Public Mutual’s Public Islamic Bond Fund won the 2008 Morningstar Fund Award in the
Malaysian Ringgit Islamic Bond Category.
On 13 March 2009, Public Mutual won the 2008 Asia Asset Management Best of the Best Fund House Award and
Best House for Offshore Funds categories.
On 25 March 2009, Public Mutual’s Public Islamic Bond Fund won the Failaka Islamic Fund Awards for 2008 in the
Best Malaysian Islamic Bond Fund (5-year) category.
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9.11 INVESTMENT MANAGEMENT FUNCTION OF THE MANAGER

Public Mutual’s 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. The members of the
Investment Committee comprises the Board of Directors of Public Mutual.
For profiles of the members of the Investment Committee, please refer to pages 179 to 181.
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 Managers,
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.
189
Organisation Structure of the Investment Department
Investment Committee
General Manager - Investment
Fixed Income Equities
Assistant General Manager (1) Assistant General Manager (1)

Senior Portfolio Manager (1) Senior Portfolio Managers (2)
Portfolio Manager (2) Senior Managers (2)
Deputy Manager (1) Portfolio Managers (8)
Assistant Managers (2) Assistant Managers (2)
Senior Executive (1) Senior Executives (9)
Executives (7) Executives (33)
Senior Assistants (2)
Key Job Functions of the Investment Department
• 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.
• 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.
190
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 agents.
• Provides research and market intelligence feedback on the market and stocks.
Senior Portfolio Manager and Portfolio Manager – 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 Managers, 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 agents.
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 arm’s length transactions between independent parties.
The related-party transactions of the funds 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 Act, 2001 (AMLA). 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 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) The Master Deed and Supplemental Deeds;

(b) Each material contract or document referred to in this Prospectus (if any);
(c) The latest annual and interim reports of the funds;
(d) 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 Prospectus;
(e) All reports, letters or other documents, valuation and statements by any expert referred to in this Prospectus
(if any);
(f) Writ and relevant cause papers for all current material litigation and arbitration disclosed in this Prospectus
(if any); and
(g) All consents given by experts disclosed in this Prospectus.
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10 THE TRUSTEES
10.1 THE TRUSTEES’ WILLINGNESS TO ASSUME POSITION

AmanahRaya Trustees Berhad (“ART”), Mayban Trustees Berhad (“MTB”) and BHLB Trustee Berhad (“BTB”) have
indicated their willingness to assume the position of Trustee 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. To act as the custodian of the funds and safeguard the interest of the unitholders;
2. 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;
3. To ensure that the Manager manages and administers the funds in accordance with the Deed, SC Guidelines,
CMSA 2007 and securities laws;
4. To ensure proper records are kept of all transactions, dividends, interest and income received and distributed
in respect of the funds;
5. To ensure that the Manager keeps the Trustee fully informed of the details of the Manager’s policies in
investments and any changes thereof;
6. 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 ARB’s
experience of more than 43 years in trustee business. ART has been registered and approved by the SC to act as
trustee to unit trust funds. ART will subsequently substitute for ARB as the existing trustee for the 13 unit trust
funds under ARB’s trusteeship and has 109 unit trust funds under ART’s trusteeship. As at 1 April 2009, ART has
66 staff (44 Executives and 22 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) 20
Amanah Raya Nominees (Tempatan) Sdn Bhd (434217-U) 20
Amanah Raya Capital Sdn Bhd (549057-K) 20
AmanahRaya Capital Group Sdn Bhd (760289-U) 20
AmanahRaya Modal Sdn Bhd (760322-X) 10
Amanah Raya Nominees (Asing) Sdn Bhd (684546-P) 10
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THE TRUSTEES (CONT’D)
Financial Performance
The following is a summary of ART’s performance based on its audited financial statements for the financial years
ended 31 December since incorporation on 23 March 2007:
2007 2008
(Unaudited)
RM’000 RM’000
Paid-up share capital 1,000 1,000

Shareholders’ funds 6,511 5,917
Turnover 10,343 17,282
Pretax profit 7,638 11,783
After tax profit 5,511 8,515
As at 1 April 2009, 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
Dato’ Idrus Bin Harun - Chairman

Hajjah Habsah Binti Bakar - Director / Chief Executive Officer
Dato’ Ahmad Rodzi Bin Pawanteh - Director
Datin Aminah Binti Pit Abd Raman - Director
Puan Alina Binti Hashim - Director
Tuan Haji Ab. Ghani Bin Haron - Director
Dato’ Haji Ahmad Kamal Bin Abdullah Al-Yafii - Director
Encik Zainudin Bin Hj. Suhaimi - alternate to 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-1970’s and a fully operational
global custody product was launched in the early 1990’s. 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 trustee’s delegate, 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.
10.4 PROFILE OF MAYBAN TRUSTEES BERHAD (“MTB”)

MTB was incorporated 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. MTB has been registered and approved by
the SC to act as Trustee to unit trust funds.
With more than 16 years of experience as Trustee to unit trust funds, MTB has under its stewardship a total of 57
unit trust funds and 3 real estate investment trust/property trust funds. As at 1 April 2009 MTB has a total of 35
staff, comprising 24 Executives and 11 non-Executives.
194
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:
2006 2007 2008

RM’000 RM’000 RM’000
Paid-Up Share Capital 500 500 500

Turnover 7,801 8,548 9,760
Pretax Profit 6,964 7,185 7,958
Profit After Tax 5,043 5,291 5,916
Material Litigation and Arbitration
As at 1 April 2009, save for the suits mentioned herein below, neither the Trustee nor its delegates are engaged in
any material litigation as plaintiff or defendant, and the Trustee and its delegates 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 its financial position or business.
The Bondholders of the Al-Bai Bithaman Ajil (ABBA) Bonds 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 1st Suit) and cited the Trustee as one of 12 co-defendants in the same suit. The claim in the 1st
Suit is for RM157.8 Million or any other sum that the Court deems fit. The other defendants in the 1st Suit include
amongst others the Facility Agent, PASB’s Chief Executive Officer, one of PASB’s directors and associate companies
of the Chief Executive Officer and the said director. The claim, however, does not take into consideration the sum
of RM8.405 Million already paid by PASB to the ABBA Bondholders.
Connected to the above, Amanah Short Deposits Berhad, a Noteholder of the Combined Commercial Papers and/or
Medium Term Notes/Letters of Credit/Financial Guarantee Facilities (CP/MTN) totaling RM13 million and issued by
PASB, have also sued PASB for full payment under 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 2nd Suit). The Trustee was cited as
one of 5 co-defendants in the 2nd Suit. The claim in the 2nd Suit is for RM13 million or any other sum that the court
deems fit and damages. The other defendants in the 2nd Suit are the Facility Agent, PASB’s Chief Executive Officer
and one of PASB’s directors.
The Trustee is presently defending both the 1st and the 2nd Suit and does not admit liability to the same. The Trustee
is counter-claiming and also claiming indemnity, contribution or other relief from some of the other parties in the 1st
Suit and the 2nd suit. In any event, any successful claim that may be established against the Trustee will be covered
by the Trustee’s insurer and/or Malayan Banking Berhad as the ultimate holding company of the Trustee. As such,
the 1st Suit and the 2nd Suit will not materially affect the business/financial position of the Trustee.
Board of Directors
Mr. Teh Soon Poh - Independent Director & Chairman

Mr. Tong Hon Keong - Independent Director
Datuk Johar Che Mat - Non Independent Director
En. Mohd Nazlan Mohd Ghazali - Non Independent Director

Ms. Surindar Kaur G
195
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 trustee’s delegate Maybank Custody Services (“MCS”), a unit within Malayan Banking
Berhad, are as follows:
• Safekeep, reconcile and maintain assets holdings records of funds against trustee’s instructions;
• Act as settlement agent for shares and monies to counterparties against trustee’s instructions;
• Act as agents for money market placement where applicable against trustee’s 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 trustee’s 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-1970’s and a fully operational
global custody product was launched in the early 1990’s. 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 trustee’s delegate, 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.
transfer services.
10.5 PROFILE OF BHLB TRUSTEE BERHAD (“BTB”)

BTB was incorporated 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. BTB has been registered and approved
by the SC to act as Trustee to unit trust funds.
With 13 years of experience as a trustee to unit trust funds, BTB has under its stewardship a total of 64 unit trust funds and
1 Real Estate Investment Trust and a staff strength of 12 employees, comprising of 12 Executives as at 1 April 2009.
The following is a summary of the past performance of BTB based on financial statements for the past three (3)
financial years ended 31 December:
2006 2007 2008

(Restated) (Unaudited)
RM’000 RM’000 RM’000
Paid-Up Share Capital 1,750 1,750 1,750
Turnover 3,921 5,313 6,559
Pretax Profit 1,008 1,572 3,240
Profit After Tax 571 1,157 2,193
Note: The 2006 financial statement has been restated due to reversal of the Prepaid Administration Support Service
(“Passport”) income. The adjustments have been made to the Company’s income statement, balance sheet and
statement of changes in equity as at 31 December 2006.
196
As at 1 April 2009, 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
Tan Sri Dato’ Seri Haidar Bin Mohamed Nor

Kok Kong Chin
Loh Shai Weng
Yap Huey Hoong (Alternate director to Loh Shai Weng)
Yap Huey Hoong
BTB has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the custodian of the assets of the funds. CIMB
Group Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Bank Berhad and assists investment
advisors/clients, managers of domestic and international portfolios, lending banks and international custodians
in the movement and management of cash and securities. The custodian’s custody and clearing services include
settlement processing and safekeeping, corporate related services including cash and security reporting, income
collection and corporate events processing.
CIMB Group Nominees (Tempatan) Sdn Bhd has appointed Citibank N.A., Singapore Branch as their delegate for
global custody services. Citibank N.A., Singapore Branch was set up in 1902 and is today the largest foreign bank
operating in the territory. With a staff force of about 8,500 Citibank N.A., Singapore Branch provides a wide array of
banking and financial services to institutions, consumers and professional markets in the community. Citibank N.A.
in Singapore began providing Securities & Fund Services in the mid-1970’s and a fully operational global custody
product was launched in the early 1990’s. To date, Citibank N.A., Singapore’s Securities & Fund 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. The custodian acts only in accordance with
instructions from the Trustee.
The roles and duties of the Trustee’s delegate, 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.
transfer services.
197
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, 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 of the application form and payment by Public Mutual. During this period of cooling-
off, 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 its 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 Gross Asset Value 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.
198
SALIENT TERMS OF THE DEED (CONT’D)
11.3 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED
Fund Management Trustee Fee Service Repurchase

Fee Charge Charge
PSF 1.5% per Not exceeding 0.2% per annum and 7% of the NAV 5 sen per
annum of the not less than 0.08% per annum, per unit. unit.
NAV. calculated daily on the NAV.
PGF 1.5% per Not exceeding 0.2% per annum and 7% of the NAV 5 sen per
PIX 1.5% per Not exceeding 0.2% per annum and 7% of the NAV 5 sen per
PIF 1.5% per Not exceeding 0.08% per annum, 7% of the NAV 5 sen per
annum of the calculated daily on the NAV. per unit. unit.
NAV.
PAGF 1.5% per Not exceeding 0.08% per annum, 7% of the NAV 5 sen per
NAV.
PRSF 1.5% per Not exceeding 0.08% per annum, 7% of the NAV 5 sen per
annum of the calculated daily on the NAV. per unit unit.
NAV.
P SmallCap 2.0% per Not exceeding 0.15% per annum, 7% of the NAV 5 sen per
NAV.
PEF 1.5% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
annum of the calculated daily on the NAV. per unit. NAV per unit.
NAV.
PFSF 1.5% per Not exceeding 0.07% per annum, 7% of the NAV 3% of the
annum of the calculated daily on the NAV, but per unit. NAV per unit.
NAV. 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 Not exceeding 0.07% per annum, 7% of the NAV 3% of the
Trustee.
199

Fee Charge Charge
PFES 1.6% per Not exceeding 0.06% per annum, 7% of the NAV 3% of the
Trustee.
PRSEC 1.6% per Not exceeding 0.07% per annum, 7% of the NAV 3% of the
Trustee.
PGSF 2.0% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
NAV. subject to a minimum fee (inclusive of
the custodian fee) of RM18,000.00
per annum.
PFEDF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PCSF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PFEPRF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PSEASF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PSSF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
200

Fee Charge Charge
PFECTF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PCTF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PFETIF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
annum of the calculated daily on the NAV, but per unit NAV per unit.
per annum.
PSA30F 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
annum of the calculated daily on the NAV, but per unit NAV per unit.
per annum.
PBF 1.5% per Not exceeding 0.08% per annum, 7% of the NAV 5 sen per
annum of the calculated daily on the NAV. per unit unit.
NAV.
PFEBF 1.8% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
PGBF 2.0% per Not exceeding 0.08% per annum, 7% of the NAV 3% of the
per annum.
P BOND 0.75% per Not exceeding 0.04% per annum, 3% of the NAV 3 sen per
NAV.
PIN BOND 1.25% per Not exceeding 0.1% per annum, 3% of the NAV 3% of the
Trustee.
201

Fee Charge Charge
PEBF 1.5% per Not exceeding 0.07% per annum, 3% of the NAV 3% of the
Trustee.
PSBF 1.5% per Not exceeding 0.06% per annum, 7% of the NAV 3% of the
Trustee.
PMMF 1.0% per Not exceeding 0.1% per annum, 1% of the NAV 1% of the
NAV subject to any minimum fee (inclusive
Trustee.
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 prospectus.
Any increase of the fees and/or charges above that stated in the current 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) 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;
(ii) (where the custodial function is delegated by the relevant Trustee for foreign markets investment), charges/
fees paid to the sub-custodian;
(iii) tax and other duties charged on the funds by the Government and other authorities;
(iv) the fee and other expenses properly incurred by the Auditor and all professional and accounting fees and
disbursements approved by the relevant Trustee;
(v) fees for the valuation of any investment of the funds by independent valuers for the benefit of the
funds;
202
(vi) costs incurred for the modification of the deed other than those for the benefit of the Manager or the
Trustee;
(vii) costs incurred for any meeting of unitholders other than those convened by the Manager or Trustee for its
own benefit;
(viii) 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
(ix) 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) An Extraordinary Resolution to that effect has been duly passed by the unitholders at a meeting called for
that purpose;
(b) The Manager is in breach of its obligations under the Deed;
(c) 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
(d) 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,
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 Trustee may be removed and another Trustee appointed by Extraordinary Resolution of the unitholders at a
Unitholders’ Meeting convened in accordance to the Deed either by the Manager or the unitholders.
203
The Manager shall take reasonable steps to remove and replace a Trustee as soon as practicable after becoming
aware of any such circumstances:
(a) The Trustee has ceased to exist;

(b) The Trustee has not been validly appointed;
(c) The Trustee is not eligible to be appointed or to act as Trustee under section 290 of the CMSA 2007;
(d) 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;
(e) 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
(f) 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 FUND

A fund may be terminated or wound-up upon the occurrence of any of the following events:-
(a) the Securities Commission’s approval is revoked under Section 212(7)(A) of the CMSA 2007;
(b) 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;
(c) an Extraordinary Resolution is passed at a unitholders’ meeting to terminate or wind-up the fund; or
(d) the effective date of an approved transfer scheme, as defined under the Guidelines, has resulted in the
fund, which is the subject of the transfer scheme, being left with no asset/property.
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 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 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.
204
TAXATION OF THE FUNDS AND UNITHOLDERS
(Prepared for inclusion in this Prospectus)
The Board of Trustees

AmanahRaya Trustees Berhad, Mayban Trustees Berhad and BHLB Trustee Berhad
Block B, Sri Damansara Business Park
Persiaran Industri
Bandar Sri Damansara
52200 Kuala Lumpur
8 April 2009
Dear Sirs
Re: Taxation of the Funds and Unit Holders

This letter has been prepared for inclusion in this 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 Balanced Fund, Public Bond Fund, Public SmallCap Fund, Public Equity Fund, Public
Institutional Bond Fund, Public Money Market Fund, Public Focus Select Fund, Public Enhanced Bond Fund, Public
Dividend Select Fund, Public Far-East Select Fund, Public Select Bond Fund, Public Regional Sector Fund, Public
Global Select Fund, Public Far-East Dividend Fund, Public Far-East Balanced Fund, Public Global Balanced 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 and Public Select Alpha-30 Fund (“the funds”).
Taxation of the Funds

The funds are unit trusts for Malaysian tax purposes. The taxation of the funds are therefore governed principally
by Sections 61 and 63B of the Income Tax Act, 1967.
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 income tax.
Taxable dividend income earned by the funds would have suffered a tax deduction at source at the prevailing rate
of 25%. 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 dividends paid in the form of cash from ordinary shares (held continously for
90 days or more – the 90 days condition does not apply to 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 liability.
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, 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
• bonds other than convertible loan stocks, issued by any company listed in Malaysia Exchange of Securities
Dealing and Automated Quotation Berhad; or
• a bank or financial institution licensed under the Banking and Financial Institutions Act 1989 or Islamic
Banking Act 1983.
Single tier dividends received by the funds are exempt from tax.
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.
205
TAXATION OF THE FUNDS AND UNITHOLDERS (CONT’D)
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.
Discount or profit received by the funds from sale of bonds or securities issued by Pengurusan Danaharta Nasional
Berhad or Danaharta Urus Sendirian Berhad is 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, 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 manager’s 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 holder’s 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 prevailing corporate tax rate of
25% 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 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 prevailing rate of 25% is still applicable. However, the said tax rate of 20% on
chargeable income of up to RM500,000 would not apply if not 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 rates range from 1% to 27%.
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 27%). 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
Chew Theam Hock

Executive Director
KPMG Tax Services Sdn Bhd

206
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
Financial Planning Centre
No. 1 & 3, 3rd Floor,
No. 36-2 & 38-2, Jalan Maarof,
Jalan Solaris 1,
Bangsar Baru,
Solaris Mont Kiara,
59100 Kuala Lumpur
50480 Kuala Lumpur.
Tel: 03-22877348
Tel: 03-62075000
Fax: 03-22877358
Fax: 03-62036682
Branches
West Malaysia
Northern Region
Alor Star Butterworth
No. 1888, A & B, Jalan Stadium, No. 4223, Jalan Bagan Luar,
05100 Alor Star, Kedah. 12000 Butterworth, Penang.
Tel: 04-7312560 Fax: 04-7310178 Tel: 04-3317773 Fax: 04-3317775
Senior Branch Manager: Khaw Bee Ruh Senior Branch Manager: Charmane Chew Hui Hsia
Ipoh Penang
No. 37 & 39, Persiaran Greentown 4, 16 & 16A, Lintang Burma,
Greentown Business Centre, 30450 Ipoh, Perak. 10250 Pulau Tikus, Penang.
Tel: 05-2538411/5 Fax: 05-2559859 Tel: 04-2295505 Fax: 04-2295171
Senior Branch Manager: Foong Kuan Mun Senior Branch Manager: Vincent Seow Weng Sim
Sungai Petani Bukit Mertajam
9D & 9E, Jalan Kampung Baru, No. 2646 - 2648, 2nd Floor
08000 Sungai Petani, Kedah. Jalan Che Bee Noor, 14000 Bukit Mertajam
Tel: 04-4230642 Fax: 04-4230663 Seberang Prai Tengah, Penang
Branch Manager: Suresh Kumar a/l Sundram Tel : 04-5376680 Fax : 04-5376580
Assistant Branch Manager: Tong Suat Kee
Central Region
Bangsar Cheras
11 & 15, Jalan Bangsar Utama 3, 42-4, 44-2, 44-3 & 44-4,
Bangsar Utama, 59000 Kuala Lumpur. Cheras Commercial Centre, Jalan 5/101C,
Tel: 03-2282 7886 Fax: 03-22835739 Off Jalan Kaskas, 56100 Cheras, Kuala Lumpur.
Senior Branch Manager: Chooi Chan Yen Tel: 03-91327620 Fax: 03-91321022
Senior Branch Manager: Khoo Peng Seng
Damansara Perdana Klang
No. 1 & 3, Jalan PJU 8/5 I, No.28, 30 & 32, Lorong Batu Nilam 3B,
Perdana Business Centre, Bandar Bukit Tinggi,
Bandar Damansara Perdana, 41200 Klang, Selangor
47820 Petaling Jaya, Selangor. Tel: 03-33234738 Fax: 03-33235632
Tel: 03-77222470 Fax: 03-77222475 Senior Branch Manager: Ong Chen Hung
Branch Manager: Dennis Loong Tien Poh
Southern Region
Batu Pahat Johor Bahru
119A & 119B, Jalan Chengal, 30th Floor, Public Bank Tower,
Taman Makmur 19, Jalan Wong Ah Fook,
83000 Batu Pahat, Johor. 80000 Johor Bahru, Johor.
Tel: 07-4325688 Fax: 07-4326588 Tel: 07-2281098 Fax: 07-2271098
Branch Manager: Gigi Kong Siew Ping Senior Branch Manager: Teng Lee Yen
207
NETWORK OF PUBLIC MUTUAL BRANCH OFFICES (CONT’D)
Southern Region (cont’d)

Kluang Melaka
No. 3, Jalan Dato Teoh Siew Khor 173, 173-A, 173-B & 172-A,
86000 Kluang, Johor. Jalan Merdeka, Taman Melaka Raya,
Tel: 07-7736193/4 Fax: 07-7736195 75000 Melaka.
Branch Manager: Tan Kheng Aun Tel: 06-2837654 Fax: 06-2837354
Branch Manager: Carl Wong Yon Lian
Muar Seremban
No. 46, Ground & 1st Floor, Jalan Sayang, No. 1A & 1B, Ground Floor,
84000 Muar, Johor. Jalan Tuanku Munawir,
Tel: 06-9542323/5323 Fax: 06-9536830 70000 Seremban, Negeri Sembilan.
Branch Manager: Angie Ng Seow Mai Tel: 06-7616663 Fax: 06-7644237
Branch Manager: Michael Wong Cheong Tee
East Coast Region

Kota Bahru Kuala Terengganu
PT304 and PT305, Jalan Kebun Sultan, No. 8, Mezzanine Floor, Jalan Air Jernih,
15300 Kota Bharu, Kelantan. 20300 Kuala Terengganu, Terengganu.
Tel: 09-7476021 Fax: 09-7476026 Tel: 09-6317020 Fax: 09-6317030
Branch Manager: Puan Abiesharni Abdul Kadir Branch Manager: Wee Suat Hwee
Kuantan
Ground & 1st Floor,
73, Jalan Haji Abdul Aziz,
25000 Kuantan, Pahang.
Tel: 09-5178115 Fax: 09-5161223
Branch Manager: Rachel Chan Mem Fun
East Malaysia
Sabah
Kota Kinabalu Sandakan
Lot 1-0-10, Ground & 1st Floor, Lot 16, Block B, Ground Floor
Lorong Api-Api 1, Api-Api Centre, Bandar Maju Commercial Centre
88000 Kota Kinabalu, Sabah. Mile 1.5, North Road
Tel: 088-231080/2 Fax: 088-238389 90000 Sandakan, Sabah.
Branch Manager: Lim Shaw Siang Postal Address :
Public Mutual Berhad, Sandakan Branch
Tawau
P.O. Box No. 3488, 90739 Sandakan, Sabah.
TB 4437, Lot 28, Block D,
Tel: 089-222922 Fax: 089-222889
Sabindo Square, Jalan Dunlop,
Senior Branch Manager: Jonathan Yong Lok Sang
91000 Tawau, Sabah.
Tel: 089-765325 Fax: 089-765326
Branch Manager: Janice Chong Mui Lin
Sarawak
Bintulu Kuching
No. 4, Lot 2646 Lot 205 & 206, Section 49,
Jalan Tun Ahmad Zaidi, Jalan Tunku Abdul Rahman,
97000 Bintulu, Sarawak. 93100 Kuching, Sarawak.
Tel: 086-334718 Fax: 086-330221 Tel: 082-239285 Fax: 082-239825
Branch Manager: Lilian Lo Fui Ping Senior Branch Manager: Jones Chen Chung Sze
Miri Sibu
Lot 578, 1st & 2nd Floor, No. 39-41,1st Floor,
Pelita Commercial Centre, Jalan Tuanku Osman,
Jalan Pujut-Lutong, 96000 Sibu, Sarawak.
98000 Miri, Sarawak. Effective 25 May 2009:
Tel: 085-429066 Fax: 085-416195 No. 10, Lorong 2,
Branch Manager: Allan Ngo Say Khiang 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.
208
NETWORK OF PUBLIC MUTUAL AGENCY OFFICES
Penang (Bayan Baru) Selangor (Petaling Jaya)

Liang Wing Sim Agency Office Raymond Chan Agency Office
104, 1st Floor, Jalan Mayang Pasir, 25A, Jalan SS22/19,
Taman Sri Tunas, Damansara Jaya,
11950 Bayan Baru, Penang. 47400 Petaling Jaya, Selangor.
Tel: 04-6422170/1 Fax: 04-6411268 Tel: 03-77289522 Fax: 03-77289336
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PR022592-1101092

Public Mutual Berhad

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Public Mutual Berhad

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The Securities Commission has approved the issue of, offer for subscription or purchase, or issue an invitation to

(i) Public Savings Fund

Yeoh Kim Hong

GLOSSARY OF TERMS/ABBREVIATIONS 3-5

MANAGER, TRUSTEES AND ADVISERS 6-9

1. KEY FEATURES OF THE FUNDS 10 - 34

2. ABOUT UNIT TRUST FUNDS 35 - 36

3. DETAILED INFORMATION ON THE FUNDS 37 - 117

4. PERFORMANCE OF THE FUNDS 118 - 145

5. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS 146 - 162

6. GETTING STARTED WITH PUBLIC MUTUAL 163 - 166

7. TRANSACTION INFORMATION 169 - 171

8. FEES, CHARGES AND EXPENSES 172 - 174

9. THE MANAGER 175 - 192

10. THE TRUSTEES 193 - 197

11. SALIENT TERMS OF THE DEED 198 - 204

TAXATION OF THE FUNDS AND UNITHOLDERS 205 - 206

NETWORK OF PUBLIC MUTUAL BRANCH OFFICES 207 - 208

NETWORK OF PUBLIC MUTUAL AGENCY OFFICES 209

ART AmanahRaya Trustees Berhad (766894-T)

BTB BHLB Trustee Berhad (313031-A)

Bursa Malaysia Bursa Malaysia Berhad

Bursa Securities Bursa Malaysia Securities Berhad

CMSA 2007 Capital Markets and Services Act 2007

EPF Employees Provident Fund

FMUTM The Federation of Malaysian Unit Trust Managers

KLCI Kuala Lumpur Composite Index

(Fees + Recovered expenses) of the unit trust fund

Fees = All ongoing fees deducted/deductible directly from the

Recovered = All expenses recovered from/charged to the unit trust fund

MTB Mayban Trustees Berhad (5004-P)

Public Bank Public Bank Berhad (6463-H)

Public Mutual or the Public Mutual Berhad (23419-A)

SC Securities Commission of Malaysia

Public Savings Fund PSF

PRINCIPAL INSURANCE COMPANIES

Etiqa Insurance Berhad

Great Eastern Life Assurance (Malaysia) Berhad

American International Assurance Company, Limited

FEDERATION OF MALAYSIAN UNIT TRUST MANAGERS

1.1 SUMMARY OF KEY DATA OF THE FUNDS

Fund Name Launch Category Type of Fund Trustee Approved UIC as at

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Fund Fund Investment Principal Investor Benchmark

Public To provide The fund invests in a Interest rate Conservative Corporate

Fund Fund Investment Principal Investor Benchmark

1.2 FEES AND CHARGES

Charges Imposed on Sale or Purchase of Units

Purchase of units through the Purchase of units through the