Quaterly fund review q4 2010

1

Q U A R T E R L Y F U N D R E V I E WQUARTER 4, 2010

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1Global markets retreat onin�ationaryconcerns

2FBM KLCI hits all time high of 1,524.7 points

7FBM KLCI breaks 1,000 points

8FBM KLCI breaks 1,300 points

9Global markets retreat on concerns over the European sovereign debt crisis

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10FBM KLCI strengthens admist rebound in o�shore markets

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11FBM KLCI hits all time high of 1,531.9 points

3Oil prices touches record high of US$146/barrel

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4FBM KLCI hits 2008 low of 801.27 points

5U.S. government bails out Fannie Mae, Freddie Mac and takes control of AIG

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6Global markets retreat on a slower economic activities

T R A C K I N G T H E F B M K L C I : 1 J A N U A R Y 2 0 0 7 T O 3 0 D E C E M B E R 2 0 1 0

2

1

64

35

7

810

9

11

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10

Index

30 December 2005 - 30 December 2010

Inde

x

899.791,096.24

1,445.03

876.75

1,272.78

1,518.91

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Performance of FTSE Bursa Malaysia KLCIQuarterly Stock Market Report for 4Q 2010FBM KLCI Remained Firm in Fourth Quarter of 2010After rising by 11.4% in 3Q 2010, the FBM KLCI continued to strengthen in 4Q 2010 to register a gain of 3.8% and close at 1,518.9 points. Commencing the quarter at 1,463.5 points, the FBM KLCI briefly rose above 1,500 points in mid-October 2010 in line with the rebound in offshore markets. The FBM KLCI strengthened further to touch a record high of 1,531.9 points on 10 November 2010 supported by buying of blue chip index stocks. The FBM KLCI subsequently closed at 1,518.9 points to register a gain of 3.8% for the quarter.

Regional markets continued to strengthen in 4Q 2010 on optimism that global economic activities will continue to improve. In North Asia, the South Korea and Taiwan markets rose by 9.5% and 8.9% respectively following resilient domestic economic activities. In South East Asia, the Thailand and Indonesia markets rose by 5.9% and 5.8% respectively in 4Q 2010 on expectations that a more stable outlook for global economic activities would lead to a rebound in exports.

On Wall Street, the Dow remained well supported in October 2010 and rose to a 25-month high of 11,451.5 points on 5 November 2010 after the U.S. Federal Reserve announced that it will purchase US$600 billion of Treasury securities up till June 2011 to boost the U.S. economy. However, profit taking caused the Dow to retreat towards the end of November 2010. The Dow subsequently rebounded in December 2010 following a series of positive economic data. Sentiment was also lifted by moves by the U.S. Congress to extend the Bush-era tax cuts for another two years. The Dow closed the quarter at 11,577.5 points to register a gain of 7.3% in 4Q 2010 while the Nasdaq rose by wider margin of 12.0% to close at 2,652.9 points over the same period.

Key Stock Exchange Indices

6-month 1-year 2-year 3-year 5-year 10-year

Dow Jones Industrial Index, % 18.45 11.02 31.92 -12.72 8.02 7.33

FTSE Bursa Malaysia KLCI, % 15.59 19.34 73.24 5.11 68.81 123.49

Economic Pulse

2007 2008 2009 2010(f) 2011(f)

Real GDP Growth, % 6.5 4.7 -1.7 7.1 5.5Per Capita Income, RM 23,033 25,784 23,842 26,355 27,950 Inflation Rate, % 2.0 5.4 0.6 2.0 3.0Unemployment Rate, % 3.2 3.3 3.5 3.4 3.33-Month KLIBOR, % 3.6 3.4 2.2 2.9 3.3Average Base Lending Rate, % 6.7 6.5 5.6 6.3 6.5

12-Month Fixed DepositAverage Interest Rate, % 3.7 3.7 2.5 3.0 3.3

Source: Bank Negara Malaysia Annual Report 2009, Economic Report 2010/2011, MOF.f = Consensus Forecast

Comparison of Stock Market Performance as at 31 December 2010

^Index as at 30 December 2010

As at Performance (%)Index 31 December 2010 2009 3Q 2010 4Q 2010 2010

South East AsiaIndonesia 3,703.5^ +87.0 +20.2 +5.8 +46.1Thailand 1,032.8^ +63.2 +22.3 +5.9 +40.6Philippines 4,201.1^ +63.0 +21.6 +2.5 +37.6Malaysia 1,518.9^ +45.2 +11.4 +3.8 +19.3Singapore 3,190.0 +64.5 +9.2 +3.0 +10.1

North AsiaSouth Korea 2,051.0^ +49.7 +10.3 +9.5 +21.9Taiwan 8,972.5 +78.3 +12.4 +8.9 +9.6Hong Kong 23,035.5 +52.0 +11.1 +3.0 +5.3HS China Enterprises 12,692.4 +62.1 +8.2 +2.3 -0.8TOPIX 898.8^ +5.6 -1.4 +8.4 -1.0Shanghai Composite 2,808.1 +80.0 +10.7 +5.7 -14.3

U.S. & Europe Nasdaq 2,652.9 +43.9 +12.3 +12.0 +16.9German Index 6,914.2^ +23.8 +4.4 +11.0 +16.1Dow Jones 11,577.5 +18.8 +10.4 +7.3 +11.0FTSE 100 5,899.9 +22.1 +12.8 +6.3 +9.0Australia 4,745.2 +30.8 +6.5 +3.5 -2.6

2

Malaysia’s export growth rose to 5.3% in November from 1.3% in October on higher exports of commodities. Meanwhile, import growth slowed to 6.1% from 12.5% over the same period. As imports outpaced exports, the cumulative trade surplus for the first eleven months of 2010 narrowed by 5.4% to RM100.5 billion compared to the same period last year.

On the regional front, the People’s Bank of China raised the reserve requirement ratio by 150 basis points in 4Q 2010 to 18.5% to curb inflationary pressures and excess liquidity in the market. Furthermore, the 1-year lending rate and 1-year fixed deposit rate were increased by 50 basis points to 5.81% and 2.75% respectively in 4Q 2010.

In the U.S., the manufacturing sector expanded with the Institute of Supply Management’s Purchasing Managers Index (PMI) rising to a 7-month high of 57.0 in December from 56.6 in November as new orders and employment remained resilient.

Meanwhile, the U.S. labour market continued to strengthen as non-farm jobs rose for the second consecutive month by 39,000 jobs in November compared to 172,000 jobs created in October as firms in the services sector continued to hire.

On 7 December 2010, the U.S. Congress agreed to extend the Bush-era income tax cuts for another two years to help bolster consumer and investment spending. The tax cut package is estimated to cost the government US$857.8 billion over the next 10 years with 43.6% of the total amount expected to be incurred in 2011. As a result, U.S. GDP growth for 2011 is revised up to 3.0% from earlier estimates of 1.5% - 2.0% as the extension of tax cuts is expected to boost consumer and investment spending and increase 2011 real GDP growth by between 0.5% and 1.2%.

After rising by 5.7% in 3Q 2010, crude oil prices rose to a 26-month high of US$91.49/barrel on 28 December 2010 on expectations that a recovery in economic activities will fuel global demand for energy. Oil prices closed at US$91.38/barrel to register a gain of 14.3% in 4Q 2010.

Stock Market Outlook Most global and regional markets strengthened in 4Q 2010 on expectations that the global and regional economies will continue to register resilient growth in 2011. To some extent, the recent increase in government bond yields in developed countries such as the U.S. and Germany reflect investors’ expectations of sustained recovery in their economies. However, central banks’s policy interest rates remain low and combined with quantitative easing policies in the U.S., may cause potential inflationary pressures in the future.

On the regional front, inflationary pressures in several regional economies continue to build up on the back of higher food prices, rents and wages. Despite two recent interest rate hikes by the Chinese central bank, China’s real interest rates remain negative and monetary conditions continue to be accommodative. In general, nominal interest rates in regional economies are expected to continue to trend up in the year ahead to contain both consumer and asset price inflationary pressures.

On the local front, the normalisation of Bank Negara’s overnight policy rate is expected to continue with a potential 25 to 50 basis points hike to 3% - 3.25% in 2011 after the 75 basis points hike this year. This auger well for domestic demand as real interest rates, after accounting for a projected inflation rate of 3%, will continue to remain low.

At the KLCI’s closing level of 1,518.9 points on 30 December 2010, the local stock market is trading at a prospective P/E of 16.5x on 2011 earnings, which is comparable to its 10-year average P/E ratio of 16.7x. The local market is supported by a gross dividend yield of about 3.5%, which exceeds the current 12-month fixed deposit rate of 2.85%.

Bond Market Review & Outlook For the quarter ended 31 December 2010, the U.S. Treasury market weakened as better-than-expected U.S. economic data reduced trading interest in U.S. Treasury bonds. The 3, 5 and 10-year Treasury yields rose by between 36 basis points (bps) and 75 bps to 0.99%, 2.01% and 3.29% respectively for the quarter.

Looking ahead, U.S. Treasury bond prices are expected to remain supported amidst the extension of the Federal Reserve’s continued accommodative monetary policies and sustained demand for safe-haven assets.

Malaysian Government Securities (MGS) closed generally lower on expectations of higher government bond issuance in 2011 following a larger-than-expected budget deficit of 5.4% projected for 2011 by the government. The 5 and 10-year MGS yields rose by 10 bps and 38 bps to 3.34% and 4.00% respectively in 4Q 2010 while the 3-year MGS yield fell by 4 bps to 3.11% over the same period.

The local corporate bond market strengthened with the 5 and 10-year AAA corporate bond yields declining by 3 bps and 9 bps to 4.16% and 4.88% respectively over the quarter. Meanwhile, the 3-year AAA corporate bond yields remained unchanged at 3.85% over the same period.

In the money market, the spread of the 3-month Kuala Lumpur Interbank Offer Rate (KLIBOR) over the 3-month U.S. Treasury bill rate widened from 278 bps in September 2010 to 286 bps in December 2010 as the 3-month KLIBOR rose by 5 bps to 2.98% while the 3-month U.S. Treasury bill fell by 3 bps to 0.12% over the quarter.

Economic ReviewOn the domestic front, Malaysia’s GDP growth eased to 5.3% in 3Q 2010 from 8.9% in 2Q 2010 due to slower growth in the manufacturing and services sector. For the first nine months of 2010, Malaysia’s GDP expanded by 8.0% compared to a decline of 1.7% in 2009 amidst a rebound in exports and private investment.

Malaysia’s GDP Growth by Sector

f = Consensus Forecast

* in basis points ^ as at 30 December 2010

Monthly Interest Rates & Bond Yields

Tenor/ Date 31 December 2010 30 September 2010 Change* (%) (%) (bps)

3 Months KLIBOR 2.98^ 2.93 +5.0U.S. Treasury bill 0.12 0.15 -3.0

3 Year Bonds‘AAA’ Corporate 3.85^ 3.85 -MGS 3.11^ 3.15 -4.0U.S. Treasury bond 0.99 0.63 +36.0

5 Year Bonds‘AAA’ Corporate 4.16^ 4.19 -3.0MGS 3.34^ 3.24 +10.0U.S. Treasury bond 2.01 1.26 +75.0

10 Year Bonds‘AAA’ Corporate 4.88^ 4.97 -9.0MGS 4.00^ 3.62 +38.0U.S. Treasury bond 3.29 2.51 +78.0

On the domestic front, the MGS market is expected to be supported by continued demand for sovereign bonds, moderate inflationary pressures and Bank Negara’s supportive monetary policy to sustain economic growth. Over the longer term, the local bond market is projected to benefit from resilient demand for quality corporate bonds and sustained liquidity in the domestic economy.

Note: Q = Quarter

Quarterly Annual

(%) YoY 3Q 4Q 1Q 2Q 3Q 2009 2010f 2011f 2009 2009 2010 2010 2010

Agriculture -0.4 5.9 6.8 2.4 2.7 0.4 3.1 3.8

Mining -3.6 -2.8 2.1 1.1 -1.1 -3.8 0.4 1.4

Manufacturing -8.6 5.0 17.0 16.0 7.5 -9.4 11.0 4.9

Construction 7.9 9.3 8.7 4.2 2.8 5.8 4.8 4.3

Services 3.4 5.2 8.5 7.3 5.4 2.6 6.8 6.0

Real GDP Growth -1.2 4.4 10.1 8.9 5.3 -1.7 7.1 5.5

3

5

To achieve long-term capital appreciation while at the same time producing a reasonable level of income.

Fund Objective

PUBLIC SAvINGS FUND (PSF)

Asset Allocation as at 30 December 2010

Performances of PSF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

Money Market Instruments& Others12.64%

Equities & Derivatives87.36%

Security Name

Public Bank Berhad

CIMB Group Holdings Berhad

Malayan Banking Berhad

IOI Corporation Berhad

Indofood Agri Resources Limited

Top 5 Holdings as at 30 December 2010

NAv : RM963.49 Million

UNITS : 1,295.21 Million

Current Fund Size :(Cum Distribution)

Financial Year End : 31 December

Launch Date : 29.03.1981

Investor’s Risk Profile Moderate

Approved Fund Size : 1.5 Billion Units

PSF Benchmark PSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 16.40 19.34 16.40 19.343-year 20.07 5.11 6.29 1.685-year 104.02 68.81 15.32 11.0310-year 214.45 123.49 12.12 8.36

Performance of Public Savings Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Morningstar RatingTM (Overall) : Malaysia EquityMorningstar CategoryTM :

Lipper Leaders (Overall Ratings) :

ConsistentReturn

[Lipper Equity Malaysia Funds Classification calculated out of 125 funds] Preservation Total Return

* Commencement Date - 27 April 1981

Benchmark: Kuala Lumpur Composite Index (prior to 6 July 2009). FTSE Bursa Malaysia KLCI (w.e.f. 6 July 2009). Index data are sourced from Lipper.

5

Annual Returns for Financial Years Ended December 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PSF (%) 3.59 2.72 22.65 13.91 3.67 24.24 36.77 -28.32 43.90 16.40

Benchmark Index (%) 2.42 -7.15 22.84 14.29 -0.84 21.83 31.82 -39.33 45.17 19.34

Unit Split 1 for 20 1 for 10 1 for 6 - - - - - - -

Distribution (Sen) 3.00 1.00 1.50 4.00 5.00 6.50 10.00 7.50 8.00 9.00

Distribution Yield (%) 4.7 1.7 2.3 6.6 8.6 9.6 12.6 14.7 12.4 13.6

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 5.0 4.25 4.5 4.75 5.0 5.15 5.8 4.5 5.65 -

Note:(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 15.8 and is classified as “High” (source : Lipper).

3-yearFund Volatility

Lipper Analytics

high15.8

(1)

15 Dec 10

4

Asset Allocation by CountryMalaysia 68.63%Singapore 9.13%China 4.55%Hong Kong 2.65%United States of America 0.77%Australia 0.75%Indonesia 0.48%Taiwan 0.40%

Sector Name % NAv

Financial 33.56

Consumer, Non-cyclical 18.06

Industrial 11.61

Consumer, Cyclical 9.22

Communications 6.00

Top 5 Sectors as at 30 December 2010

PSF Benchmark

Tota

l Ret

urns

-100%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

1000%

Apr-81 Apr-87 Mar-93 Feb-99 Jan-05 Dec-10

4

To achieve long-term capital appreciation with income considered incidental.

Fund Objective

PUBLIC GROWTH FUND (PGF)



Fixed Income Securities2.14%



Performance of Public Growth Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PGF Benchmark PGF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 17.79 19.34 17.79 19.343-year 14.59 5.11 4.64 1.685-year 101.21 68.81 15.00 11.0310-year 201.32 123.49 11.64 8.36

Security Name

Public Bank Berhad

Tenaga Nasional Berhad


RHB Capital Berhad

Malaysia Airports Holdings Berhad




Current Fund Size :

Financial Year End : 31 July





ConsistentReturn



Lipper Analytics15 Dec 10

very high20.4

(1)

Sector Name % NAv

Financial 36.55

Communications 17.17

Industrial 13.01


Utilities 7.47


Tota

l Ret

urns

PGF Benchmark

-100%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

1000%

Jan-85 Mar-90 May-95 Aug-00 Oct-05 Dec-10

Performances of PGF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

* Commencement Date - 9 January 1985


Annual Returns for Financial Years Ended July 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PGF (%) -13.88 12.16 2.16 14.33 11.74 4.78 51.85 -7.75 5.29 14.26

Benchmark Index (%) -17.45 9.43 -0.14 15.74 12.40 -0.16 46.79 -15.33 1.02 15.83

Unit Split 1 for 20 1 for 10 1 for 20 - - - - - - -

Distribution (Sen) 1.00 1.50 - 2.50 3.50 4.00 9.00 10.00 4.00 5.00

Distribution Yield (%) 2.1 3.1 - 5.3 7.1 8.4 14.7 20.9 8.5 10.4

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0


Note:(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 20.4 and is classified as “very High” (source : Lipper).

Asset Allocation by CountryMalaysia 66.69%China 13.35%United States of America 6.88%Taiwan 2.91%Indonesia 2.32%Japan 1.44%Hong Kong 1.12%Korea 0.49%

34 4

5

To achieve long-term capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia Top 100 Index.

Fund Objective

PUBLIC INDEX FUND (PIX)


Security Name

Public Bank Berhad



Sime Darby Berhad

Genting Berhad





Performance of Public Index Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIX Benchmark PIX Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 21.09 21.76 21.09 21.763-year 8.29 7.05 2.69 2.305-year 86.06 71.92 12.97 11.4410-year 178.88 127.60 10.78 8.56

NAv : RM1,003.46 Million


Current Fund Size :

Financial Year End : 31 January





ConsistentReturn


4 3 3



high18.0

(1)

Annual Returns for Financial Years Ended January 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PIX (%) -17.70 3.96 -1.73 20.78 11.02 7.49 33.29 19.82 -36.07 45.02

Benchmark Index (%) -21.08 -1.22 -7.52 23.19 11.88 -0.25 30.12 17.14 -36.52 42.62

Unit Split - 1 for 10 1 for 10 - - - 1 for 10 - - -

Distribution (Sen) - - - - 6.00 5.00 7.50 20.00 5.00 5.00

Distribution Yield (%) - - - - 7.9 6.5 7.9 23.9 10.5 7.8

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0



Tota

l Ret

urns

-60%

0%

60%

120%

180%

240%

300%

360%

420%

480%

540%

600%

Mar-92 Dec-95 Sep-99 Jun-03 Mar-07 Dec-10

PIX Benchmark

Performances of PIX and Benchmark Index (Since Fund Commencement* to 30 December 2010)

* Commencement Date - 31 March 1992

Benchmark: Kuala Lumpur Composite Index (prior to 6 July 2009). FTSE Bursa Malaysia Top 100 Index (w.e.f. 6 July 2009). Underlying index data are sourced from Lipper.

Sector Name % NAv

Financial 35.16



Industrial 9.15

Diversified 8.21


Asset Allocation by CountryMalaysia 95.76%

6

To achieve a high level of capital appreciation over the medium to long term period through investments in growth industries.

Fund Objective

PUBLIC INDUSTRY FUND (PIF)



Security Name

Public Bank Berhad


Apple Incorporation


Golden Agri-Resources Limited




Performance of Public Industry Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIF Benchmark PIF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 9.94 19.34 9.94 19.343-year -7.89 5.11 -2.70 1.685-year 73.11 68.81 11.59 11.0310-year 175.78 123.49 10.66 8.36


UNITS : 334.39 Million

Current Fund Size :

Financial Year End : 31 October





ConsistentReturn




very high18.8

(1)

Annual Returns for Financial Years Ended October 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PIF (%) -15.35 15.51 25.50 3.74 10.91 18.05 59.69 -40.11 35.63 14.68

Benchmark Index (%) -20.24 9.92 23.89 5.39 5.76 8.51 43.04 -38.91 43.96 21.11

Unit Split - - 1 for 6 - - - - - - -

Distribution (Sen) 5.00 - - 2.50 4.50 5.00 10.00 7.50 4.50 5.00

Distribution Yield (%) 12.0 - - 4.8 8.5 8.6 12.4 17.5 8.7 9.2

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0



Performances of PIF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

* Commencement Date - 17 December 1993


Asset Allocation by CountryMalaysia 69.42%United States of America 5.88%China 5.30%Singapore 4.30%Korea 4.18%Indonesia 2.13%Taiwan 2.13%Hong Kong 1.12%

Sector Name % NAv

Financial 26.44


Industrial 12.63


Technology 8.98


Tota

l Ret

urns

PIF Benchmark

-80%

-40%

0%

40%

80%

120%

160%

200%

240%

Dec-93 May-97 Oct-00 Mar-04 Aug-07 Dec-10

2 2 2

7

Tota

l Ret

urns

PAGF Benchmark

-80%

-40%

0%

40%

80%

120%

160%

200%

240%

May-94 Sep-97 Jan-01 May-04 Sep-07 Dec-10

To seek high capital growth over the medium to long term period through investments in situational and high growth stocks.

Fund Objective

PUBLIC AGGRESSIvE GROWTH FUND (PAGF)


Performances of PAGF and Benchmark Index (Since Fund Commencement* to 30 December 2010)



Investor’s Risk Profile Aggressive

Performance of Public Aggressive Growth Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PAGF Benchmark PAGF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 19.52 19.34 19.52 19.343-year 6.33 5.11 2.07 1.685-year 114.91 68.81 16.52 11.0310-year 219.06 123.49 12.28 8.36



Current Fund Size :

Financial Year End : 31 March



* Commencement Date - 24 May 1994



ConsistentReturn


14 4

Annual Returns for Financial Years Ended March 31

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PAGF (%) -36.93 22.46 -13.43 45.68 -3.96 12.28 42.39 9.30 -28.69 54.32

Benchmark Index (%) -33.55 16.78 -15.92 41.86 -3.38 6.34 34.56 0.05 -30.06 51.35

Unit Split - 1 for 10 1 for 10 - - - - - - -

Distribution (Sen) 4.00 - - - 3.50 4.50 6.00 15.00 5.00 8.00

Distribution Yield (%) 8.0 - - - 5.9 7.3 7.5 20.6 10.5 12.2

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0


Security Name

Public Bank Berhad


RHB Capital Berhad


Telekom Malaysia Berhad




very high23.3

(1)



Asset Allocation by CountryMalaysia 63.29%China 13.76%United States of America 5.94%Taiwan 2.80%Indonesia 2.26%Japan 1.43%Hong Kong 1.16%Korea 0.52%

Sector Name % NAv

Financial 32.83



Industrial 10.25

Utilities 7.49



8

Tota

l Ret

urns

PRSF Benchmark

-120%

-60%

0%

60%

120%

180%

240%

300%

360%

420%

May-94 Sep-97 Jan-01 May-04 Sep-07 Dec-10

To achieve consistent capital growth over the medium to long term period and to achieve a steady growth in income.

Fund Objective

PUBLIC REGULAR SAvINGS FUND (PRSF)


Performances of PRSF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

Annual Returns for Financial Years Ended March 31



Security Name

Public Bank Berhad







Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PRSF (%) -28.57 18.55 -8.12 41.94 -1.79 11.75 33.39 3.24 -23.24 57.65

Benchmark Index (%) -33.55 16.78 -15.92 41.86 -3.38 6.34 34.56 0.05 -30.06 52.44

Unit Split - 1 for 5 1 for 5 - - - - - - -



12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0


Performance of Public Regular Savings Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PRSF Benchmark PRSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 24.34 21.76 24.34 21.763-year 20.80 7.05 6.50 2.305-year 102.27 71.92 15.12 11.4410-year 220.46 127.60 12.33 8.56




Current Fund Size :

Financial Year End : 31 March






ConsistentReturn


3



very high18.3

(1)



5 5

Sector Name % NAv

Financial 44.22


Industrial 10.06


Utilities 8.40



9

Tota

l Ret

urns

PBF PBEIX

-80%

-40%

0%

40%

80%

120%

160%

200%

Jul-95 Aug-98 Sep-01 Oct-04 Nov-07 Dec-10

To provide a steady income and capital growth over the medium to long-term period.

Fund Objective

PUBLIC BALANCED FUND (PBF)


Performances of PBF and Public Balanced Equity Index (PBEIX) (Since Fund Commencement* to 30 December 2010)

Annual Returns for Financial Years Ended May 31




Security Name

Public Bank Berhad



RHB Investment Bank Berhad - 5.30% / 2012 / 2017*

Netflix, Incorporation


Investor’s Risk Profile Conservative to moderate

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PBF (%) -25.00 28.54 -2.99 16.25 7.18 11.60 38.85 4.00 -8.46 15.50

Benchmark Index - PBEIX (%) -22.95 18.66 -4.44 13.55 4.72 5.98 27.18 -1.35 -9.87 14.42

Unit Split 1 for 20 0.7 for 100 - - - - - - - -

Distribution (Sen) 2.00 1.80 - 3.00 3.50 4.00 9.00 15.00 5.00 7.00

Distribution Yield (%) 3.8 2.9 - 4.5 5.2 5.5 9.9 18.4 7.3 9.8

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0


Performance of Public Balanced Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PBF (%) PBEIX (%) PBF (%) PBEIX (%) Total Total Annualised Annualised Return Return Return Return1-year 10.72 12.48 10.72 12.483-year 9.67 7.50 3.12 2.445-year 73.98 47.60 11.71 8.0910-year 167.89 87.63 10.34 6.48

Benchmark: Public Balanced Equity Index (PBEIX) is a composite of 60% the returns of the Kuala Lumpur Composite Index (prior to 6 July 2009), 60% FTSE Bursa Malaysia KLCI (w.e.f. 6 July 2009) and 40% the returns on 3MKlibor.

The Index is an appropriate performance benchmark for balanced fund. Index data are sourced from Lipper and Bank Negara Malaysia.



Current Fund Size :

Financial Year End : 31 May



* Commencement Date - 6 July 1995

Morningstar RatingTM (Overall) : MYR BalancedMorningstar CategoryTM :


ConsistentReturn

[Lipper Mixed Asset MYR Balanced Classification calculated out of 44 funds] Preservation Total Return

24 4



moderate14.4

(1)

Note:(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 14.4 and is classified as “Moderate” (source : Lipper).

Asset Allocation by CountryMalaysia 32.24%China 14.49%United States of America 7.28%Taiwan 2.26%Indonesia 1.94%Japan 0.95%Hong Kong 0.94%

Sector Name % NAv

Financial 26.77

Communications 8.65

Utilities 7.04

Industrial 6.44



Note: * Bonds.

10

Morningstar RatingTM (Overall) : MYR BondMorningstar CategoryTM :


ConsistentReturn

[Lipper Bond MYR Classification calculated out of 67 funds] Total Return

P BOND 12-Month FD

Tota

l Ret

urns

-40%

0%

40%

80%

120%

160%

200%

240%

Jul-96 Jun-99 Apr-02 Mar-05 Feb-08 Dec-10

Fund Award WonTo provide a steady stream of income returns through investment in the money market and private debt securities.

Fund Objective

PUBLIC BOND FUND (P BOND)


Performances of P BOND and 12-Month Fixed Deposits Rate (Since Fund Commencement* to 30 December 2010)



Security Name

Public Bank Berhad - 5.10% / 2016 / 2036

EON Bank Berhad - 8.25% / 2019 / 2039

Malakoff Corporation Berhad - 6.682% / 2022

RHB Investment Bank Berhad - 5.30% / 2012 / 2017

RHB Bank Berhad - 5.50% / 2017 / 2022


Investor’s Risk Profile Conservative

Source: Malayan Banking Berhad

Performance of Public Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

P BOND (%) 12-M FD (%) P BOND (%) 12-M FD (%) Total Total Annualised Annualised Return Return Return Return1-year 7.62 2.75 7.62 2.753-year 16.83 9.32 5.32 3.025-year 30.39 17.69 5.45 3.3110-year 95.23 42.44 6.91 3.59

- The Edge-Lipper Malaysia Fund Awards 2010 :• BondMYR,10years



Current Fund Size :




Preservation


Annual Returns for Financial Years Ended July 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

P BOND (%) 5.44 15.55 9.85 2.58 9.43 2.90 8.75 -1.33 8.01 7.64

Benchmark Index - 12-Month FD (%) 4.24 4.04 3.94 3.70 3.69 3.77 3.75 3.71 3.09 2.49

Unit Split - - 1 for 25 1 for 25 1 for 50 - - - - -



12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0




very low2.8

(1)

Note:(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 2.8 and is classified as “very Low” (source : Lipper).

45 5

11

43 3

P ITTIKAL Benchmark

Tota

l Ret

urns

-80%

-40%

0%

40%

80%

120%

160%

200%

240%

280%

May-97 Jan-00 Oct-02 Jul-05 Apr-08 Dec-10

Benchmark: Kuala Lumpur Syariah Index (prior to 1 November 2007). FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007). Uderlying index data are sourced from Lipper.

To achieve steady capital growth over the medium to long term period by investing in a portfolio of investments that complies with Shariah Principles.

Fund Objective

PUBLIC ITTIKAL FUND (P ITTIKAL)


Performances of P ITTIKAL and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Islamic Money Market Instruments& Others8.77%

Shariah-compliant Equities & Islamic Derivatives91.04%


Performance of Public Ittikal Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

P ITTIKAL Benchmark P ITTIKAL Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 14.10 18.20 14.10 18.203-year 0.80 -4.51 0.27 -1.535-year 75.27 69.85 11.87 11.1710-year 205.82 106.34 11.81 7.50



Current Fund Size :





Morningstar RatingTM (Overall) : Islamic Syariah EquityMorningstar CategoryTM :


ConsistentReturn




high17.2

(1)

Annual Returns for Financial Years Ended May 31 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

P ITTIKAL (%) -18.42 18.84 1.23 28.95 7.24 12.91 46.13 2.98 -16.07 14.25

Benchmark Index (%) -37.09 22.05 -8.25 21.29 1.00 7.12 48.04 -1.95 -19.04 16.35

Unit Split 1 for 4 - - - - - - - - -



12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0



Islamic Debt Securities0.19%

Security Name



Samsung Electronics Company Limited

Petronas Chemicals Group Berhad

PLUS Expressways Berhad


Fund Award Won- The Edge-Lipper Malaysia Fund Awards 2010 :• EquityMalaysia-Islamic,10years

Asset Allocation by CountryMalaysia 64.08%China 11.51%Korea 7.65%Taiwan 3.27%Japan 2.29%United States of America 1.07%Singapore 1.05%Indonesia 0.12%

Sector Name % NAv


Industrial 15.62



Utilities 8.98


12

P SmallCap Benchmark

Tota

l Ret

urns

-40%

0%

40%

80%

120%

160%

200%

240%

280%

320%

360%


To achieve high capital growth through investments in companies with small market capitalisation with special focus on growth stocks.

Fund Objective

PUBLIC SMALLCAP FUND (P SmallCap)


Performances of P SmallCap and Benchmark Index (Since Fund Commencement* to 30 December 2010)




Fund Award Won- The Edge-Lipper Malaysia Fund Awards 2010 :• EquityMalaysiaSmall&MidCaps,3years• EquityMalaysiaSmall&MidCaps,5years

Performance of Public SmallCap Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

P SmallCap Benchmark P SmallCap Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 32.82 24.19 32.82 24.193-year 34.55 6.39 10.40 2.095-year 180.62 70.86 22.91 11.3010-year 379.57 126.20 16.94 8.49

Benchmark: Kuala Lumpur Composite Index (prior to 30 April 2008). FTSE Bursa Malaysia Small Cap Index (w.e.f. 30 April 2008). Underlying index data are sourced from Lipper.



Current Fund Size :

Financial Year End : 31 August


Approved Fund Size : 700 Million Units




ConsistentReturn

[LipperEquityMalaysiaSmall&MidCapClassification calculated out of 15 funds] Preservation Total Return

45 5

Annual Returns for Financial Years Ended August 31 Year 22001 2002 2003 2004 2005 2006 2007 2008 2009 2010

P SmallCap (%) 0.00 19.09 13.46 13.15 3.80 11.42 55.60 -2.13 9.66 35.15

Benchmark Index (%) -13.45 3.52 4.49 11.39 10.34 4.88 32.96 -14.75 10.01 13.55

Unit Split - - - - - - - - - -

Distribution (Sen) - 4.00 3.50 5.00 6.00 5.00 9.00 8.00 8.00 9.00

Distribution Yield (%) - 7.7 6.3 8.7 11.1 9.0 11.4 11.9 12.1 11.2

12-Month FD Average (%) 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0


**



very high18.7

(1)

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 18.7 and is classified as “very High” (source : Lipper).


Security Name

Media Prima Berhad

Time DotCom Berhad

Manulife Holdings Berhad

Unisem (Malaysia) Berhad

KrisAssets Holdings Berhad


Asset Allocation by CountryMalaysia 67.35%China 17.46%Indonesia 1.90%Singapore 1.57%Thailand 1.26%Australia 0.76%Korea 0.44%

Sector Name % NAv

Financial 26.28


Industrial 12.81




13

55

Tota

l Ret

urns

PI BOND 12-Month GIA

-20%

0%

20%

40%

60%

80%

100%

Sep-01 Mar-03 Oct-04 May-06 Nov-07 Jun-09 Dec-10


Performances of PI BOND and 12-Month General Investment Account (GIA) Rates (Since Fund Commencement* to 30 December 2010)

Annual Returns for Financial Years Ended October 31


Security Name

Malakoff Corporation Berhad - 5.783% / 2013*

Binariang GSM Sendirian Berhad - 5.90% / 2016*

Special Power vehicle Berhad - 3.00% / 2020*




**

To provide annual income to investors through investment in Islamic Debt Securities.

Fund Objective

PUBLIC ISLAMIC BOND FUND (PI BOND)



Performance of Public Islamic Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PI BOND 12-M GIA PI BOND 12-M GIA (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 6.95 2.92 6.95 2.923-year 22.18 9.68 6.90 3.135-year 33.10 17.76 5.88 3.32Since Commencement

78.78 36.16 6.43 3.37

Source: Bank Negara Malaysia



Current Fund Size :




* Commencement Date - 4 September 2001

Morningstar RatingTM (Overall) : Islamic Global BondMorningstar CategoryTM :


ConsistentReturn

[Lipper Bond MYR Classification calculated out of 67 funds] Preservation Total Return

3

Note: * Sukuk (Islamic Bonds).

Fund Award Won- The Edge-Lipper Malaysia Fund Awards 2010 :• BondMYR-Islamic,3years• BondMYR-Islamic,5years



very low3.2

(1)

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 3.2 and is classified as “very Low” (source : Lipper).

Year 2002 2003 2004 2005 2006 2007 2008 2009 2010

PI BOND (%) 5.82 7.91 5.51 10.72 3.90 4.10 3.27 10.07 7.75

Benchmark Index - 12-Month GIA (%) 4.09 3.52 3.32 3.31 3.45 3.69 3.55 3.03 2.89

Unit Split - 1 for 20 1 for 25 1 for 20 - - - - 1 for 25

Distribution (Sen) 4.75 4.00 4.50 5.00 3.75 4.00 4.00 4.00 5.00

Distribution Yield (%) 4.7 3.8 4.5 4.9 3.8 4.1 4.1 3.9 4.7

12-Month GIA Rates Average (%) 3.5 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 4.25 4.5 4.75 5.0 5.15 5.8 4.5 5.65 -

14

PEF Benchmark

Tota

l Ret

urns

-40%

0%

40%

80%

120%

160%

200%

240%

Sep-01 Mar-03 Oct-04 May-06 Nov-07 Jun-09 Dec-10

To achieve capital growth through the aggressive selection of growth stocks from diversified economic sectors.

Fund Objective

PUBLIC EQUITY FUND (PEF)


Performances of PEF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

Annual Returns for Financial Years Ended October 31



Year 2002 2003 2004 2005 2006 2007 2008 2009 2010

PEF (%) 10.69 26.83 5.42 10.51 15.26 51.35 -41.53 58.52 21.92

Benchmark Index (%) -4.09 23.89 5.39 5.76 8.57 43.04 -38.91 43.96 21.11

Unit Split - 1 for 20 - - - - - - -

Distribution (Sen) - 1.80 2.00 2.50 3.00 6.00 5.00 2.50 4.50

Distribution Yield (%) - 5.8 6.8 8.3 9.4 14.3 24.4 8.7 14.8

12-Month FD Average (%) 4.0 3.7 3.7 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 4.25 4.5 4.75 5.0 5.15 5.8 4.5 5.65 -

**

Performance of Public Equity Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PEF Benchmark PEF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 17.32 19.34 17.32 19.343-year 14.71 5.11 4.68 1.685-year 97.07 68.81 14.52 11.03Since Commencement 230.01 120.86 13.66 8.87

Security Name

Public Bank Berhad



RHB Capital Berhad





Current Fund Size :








ConsistentReturn


24 4



very high21.0

(1)



Asset Allocation by CountryMalaysia 63.40%China 14.95%United States of America 5.23%Indonesia 2.26%Taiwan 2.19%Japan 1.44%Hong Kong 1.02%Korea 1.01%

Sector Name % NAv

Financial 36.32


Industrial 10.74


Utilities 7.50



15

PIEF Benchmark

Tota

l Ret

urns

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Jun-03 Sep-04 Dec-05 Mar-07 Jun-08 Sep-09 Dec-10

To achieve capital growth through a diverse selection of growth stocks that complies with Shariah Principles.

Fund Objective

PUBLIC ISLAMIC EQUITY FUND (PIEF)



Performances of PIEF and Benchmark Index(Since Fund Commencement* to 30 December 2010)



Security Name

Axiata Group Berhad

Sime Darby Berhad



PPB Group Berhad


Benchmark: Kuala Lumpur Syariah Index (prior to 1 November 2007). FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007). Underlying index data are sourced from Lipper.

Performance of Public Islamic Equity Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIEF Benchmark PIEF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 17.53 18.20 17.53 18.203-year 2.58 -4.51 0.85 -1.535-year 81.93 69.85 12.71 11.17Since Commencement 147.82 106.12 12.79 10.06



Current Fund Size :





* Commencement Date - 17 June 2003



ConsistentReturn


3

Annual Returns for Financial Years Ended May 31 Year 2004 2005 2006 2007 2008 2009 2010

PIEF (%) 20.32 8.10 9.41 45.36 3.16 -13.88 15.47

Benchmark Index (%) 18.34 1.00 7.12 48.04 -1.95 -19.04 16.35

Unit Split - - - - - - -

Distribution (Sen) 1.00 1.50 1.50 4.25 6.50 1.75 1.75

Distribution Yield (%) 3.7 5.4 5.1 11.0 18.4 6.4 6.0

12-Month FD Average (%) 3.7 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 4.75 5.0 5.15 5.8 4.5 5.65 -

**



high15.0

(1)

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 15.0 and is classified as “High” (source : Lipper).

3 2

Sector Name % NAv



Industrial 13.42

Diversified 12.23




16

To provide liquidity and current income, while maintaining capital stability.

Fund Objective

PUBLIC MONEY MARKET FUND (PMMF)





MYR Money Market

Morningstar RatingTM (Overall) : Morningstar CategoryTM :



Current Fund Size :




Tota

l Ret

urns

PMMF Benchmark

-4%

0%

4%

8%

12%

16%

20%

24%

28%

Dec-03 Feb-05 Apr-06 Jun-07 Aug-08 Oct-09 Dec-10

Performances of PMMF and Benchmark Index (Since Fund Commencement* to 30 December 2010)


Annual Returns for Financial Years Ended January 31 Year 2005 2006 2007 2008 2009 2010

PMMF (%) 3.77 3.00 3.21 3.13 3.14 2.05

Benchmark Index (%) 3.32 2.89 3.75 3.62 3.58 2.17

Unit Split 1 for 75 - - - - -

Distribution (Sen) 2.25 3.25 4.00 3.00 3.00 2.50

Distribution Yield (%) 2.2 3.3 4.0 3.0 3.0 2.5

12-Month FD Average (%) 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 5.0 5.15 5.8 4.5 5.65 -

Performance of Public Money Market Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PMMF Benchmark PMMF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 2.31 2.63 2.31 2.633-year 7.78 8.75 2.53 2.835-year 14.71 16.84 2.78 3.16Since Commencement 22.31 23.91 2.90 3.09




very low0.2

(1)


Security Name

RHB Capital Berhad - 7.20% / 2011**

Rantau Abang Capital Berhad - 4.39% / 2011***

Public Islamic Bank Berhad - 02/03/2011*

Pengurusan Air SPv Berhad - 08/02/2011****


Notes: * Negotiable Islamic Debt Certificate (NIDC).** Bonds.*** Sukuk (Islamic Bonds).**** Islamic Commercial Papers (ICP).

**

Benchmark: 3-Month Kuala Lumpur Interbank Offered Rates (prior to 30 April 2010). 1-Month Kuala Lumpur Interbank Offered Rates (w.e.f. 30 April 2010). Index data are sourced from Bank Negara Malaysia.

17

To achieve capital growth through investments in medium-sized companies in terms of market capitalisation from diversified economic sectors.

Fund Objective

PUBLIC FOCUS SELECT FUND (PFSF)


Security Name

S P Setia Berhad

LPI Capital Berhad

Dialog Group Berhad

Kencana Petroleum Berhad

KFC Holdings (Malaysia) Berhad





Performance of Public Focus Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFSF Benchmark PFSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 26.16 31.79 26.16 31.793-year 20.79 15.00 6.50 4.775-year 104.47 84.69 15.37 13.05SinceCommencement 113.79 83.67 13.40 10.58



Current Fund Size :




Tota

l Ret

urns

PFSF Benchmark

-32%

-16%

0%

16%

32%

48%

64%

80%

96%

112%

128%

Dec-04 Mar-06 May-07 Jul-08 Oct-09 Dec-10

Performances of PFSF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

Benchmark: Kuala Lumpur Composite Index (prior to 30 April 2008). FTSE Bursa Malaysia Mid 70 Index (w.e.f. 30 April 2008). Underlying index data are sourced from Lipper.* Commencement Date - 15 December 2004



ConsistentReturn


4 3 4



high16.6

(1)

Annual Returns for Financial Years Ended December 31 Year 2005 2006 2007 2008 2009 2010

PFSF (%) 4.56 30.59 29.62 -32.89 42.66 26.16

Benchmark Index (%) -0.55 21.83 31.82 -42.57 51.95 31.79

Unit Split - 1 for 8 - - - -

Distribution (Sen) 0.85 2.50 7.50 1.25 0.75 2.00

Distribution Yield (%) 3.6 8.5 29.5 7.7 3.4 7.7

12-Month FD Average (%) 3.7 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 5.0 5.15 5.8 4.5 5.65 -

**


Asset Allocation by CountryMalaysia 68.60%China 5.47%Hong Kong 4.75%Singapore 3.03%

Sector Name % NAv

Financial 28.35


Industrial 15.23


Energy 5.56


(Cum Distribution)

18

Seeks to provide a combination of annual income and modest capital growth primarily through a portfolio allocation across quality bonds and equities.

Fund Objective

PUBLIC ENHANCED BOND FUND (PEBF)


Security Name

Public Bank Berhad - 5.10% / 2016 / 2036*

RHB Bank Berhad - 5.00% / 2012 / 2017*


EON Bank Berhad - 8.25% / 2019 / 2039*

LPI Capital Berhad



Performance of Public Enhanced Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PEBF (%) 12-M FD (%) PEBF (%) 12-M FD (%) Total Total Annualised Annualised Return Return Return Return1-year 8.29 2.75 8.29 2.753-year 11.27 9.32 3.62 3.025-Year 34.56 17.69 6.11 3.31Since Commencement 43.08 21.63 6.25 3.37



Current Fund Size :




PEBF 12-Month FD

Tota

l Ret

urns

-6%

0%

6%

12%

18%

24%

30%

36%

42%

48%

Feb-05 Apr-06 Jun-07 Aug-08 Oct-09 Dec-10

Performances of PEBF and 12-Month Fixed Deposits Rate (Since Fund Commencement* to 30 December 2010)

Source: Malayan Banking Berhad

* Commencement Date - 2 February 2005

Morningstar RatingTM (Overall) : MYR BondMorningstar CategoryTM :


ConsistentReturn

[Lipper Mixed Asset Other Conservative Classification calculated out of 11 funds] Preservation Total Return

4 2

Year 2006 2007 2008 2009 2010

PEBF (%) 7.02 10.99 7.75 -5.62 8.83

Benchmark Index - 12-Month FD (%) 3.64 3.84 3.70 3.67 2.53

Unit Split 1 for 35 1 for 20 - - -

Distribution (Sen) 3.50 5.00 7.25 2.00 2.00

Distribution Yield (%) 3.4 4.7 7.1 2.1 2.0

12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 5.15 5.8 4.5 5.65 -

Annual Returns for Financial Years Ended January 31




5

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 4.7 and is classified as “Low” (source : Lipper).



low4.7

(1)

**

Asset Allocation by CountryMalaysia 13.47%China 1.78%

Note: * Bonds.

19

PDSF Benchmark

Tota

l Ret

urns

-20%

0%

20%

40%

60%

80%

100%

120%

May-05 Jul-06 Aug-07 Sep-08 Nov-09 Dec-10

To provide steady recurring income by investing in a portfolio of stocks which offer or have the potential to offer attractive dividend yields.

Fund Objective

PUBLIC DIvIDEND SELECT FUND (PDSF)




Security Name

Public Bank Berhad




Kuala Lumpur Kepong Berhad



Performance of Public Dividend Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PDSF Benchmark PDSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 23.06 20.30 23.06 20.303-year 19.97 5.76 6.26 1.895-Year 102.31 69.85 15.13 11.17Since Commencement 111.36 71.45 14.23 10.06




Current Fund Size :







ConsistentReturn


Year 2006 2007 2008 2009 2010

PDSF (%) 9.03 42.33 2.75 -10.16 20.59

Benchmark Index (%) 4.08 45.17 -5.26 -18.18 23.97

Unit Split - - - - -



12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0


**

Annual Returns for Financial Years Ended May 31



moderate15.1

(1)

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 15.1 and is classified as “Moderate” (source : Lipper).

Benchmark: Kuala Lumpur Composite Index (prior to 6 July 2009). FTSE Bursa Malaysia Top 100 Index (w.e.f. 6 July 2009 to 29 April 2010), 90% FTSE Bursa Malaysia Top 100 Index and 10% 3-Month Kuala Lumpur

Interbank Offered Rates (KLIBOR) (w.e.f. 30 April 2010). Underlying index data are sourced from Lipper and Bank Negara Malaysia.

5

Sector Name % NAv

Financial 43.71




Industrial 5.45


Asset Allocation by CountryMalaysia 87.94%Singapore 5.28%Hong Kong 1.37%

5

Performances of PDSF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

4

20

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

Fund Objective

PUBLIC ISLAMIC OPPORTUNITIES FUND (PIOF)




Shariah-compliant Equities & Islamic Derivatives96.97%NAv : RM363.52 Million


Current Fund Size :




PIOF Benchmark

Tota

l Ret

urns

-20%

0%

20%

40%

60%

80%

100%

120%

140%


Benchmark: Kuala Lumpur Syariah Index (prior to 1 November 2007). FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007). Underlying index data are sourced from Lipper.* Commencement Date - 12 July 2005

Performance of Public Islamic Opportunities Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIOF Benchmark PIOF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 18.46 18.20 18.46 18.203-year 17.72 -4.51 5.59 -1.535-Year 123.00 69.85 17.39 11.17 Since Commencement 126.51 64.04 16.12 9.47

Year 2006 2007 2008 2009 2010

PIOF (%) 9.80 72.21 -15.20 6.59 24.47

Benchmark Index (%) 2.64 54.87 -16.72 -0.10 12.35




12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0


Annual Returns for Financial Years Ended July 31

**



ConsistentReturn


3

Security Name

KPJ Healthcare Berhad

QSR Brands Berhad

Time DotCom Berhad

Malaysian Resources Corporation Berhad

Kossan Rubber Industries Berhad




very high18.6

(1)


5

Asset Allocation by CountryMalaysia 84.17%Singapore 4.46%China 3.43%Korea 2.63%Australia 2.28%

Sector Name % NAv

Industrial 30.00


Energy 12.19


Communications 5.41


Performances of PIOF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

4

21

3

To provide steady income and capital growth over the medium to long-term period by investing in a portfolio of investments that complies with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC BALANCED FUND (PIBF)


Security Name

Sime Darby Berhad

Axiata Group Berhad







Current Fund Size :

Financial Year End : 30 November



Note: * Negotiable Islamic Debt Certificate (NIDC).

Morningstar RatingTM (Overall) : Islamic BalancedMorningstar CategoryTM :


ConsistentReturn

[Lipper Mixed Asset MYR Balanced Classification calculated out of 44 funds] Preservation Total Return

Performance of Public Islamic Balanced Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIBF PIBX PIBF PIBX (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 10.10 11.82 10.10 11.823-year -0.25 1.54 -0.08 0.515-Year 47.39 48.26 8.06 8.19SinceCommencement 47.45 44.84 7.72 7.35

12



low11.1

(1)

Year 2006 2007 2008 2009 2010

PIBF (%) 17.90 21.72 -26.42 24.68 10.98

Benchmark Index - PIBX (%) 11.80 23.80 -25.80 25.30 10.93




12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0


Annual Returns for Financial Years Ended November 30

**


Sector Name % NAv


Industrial 8.81

Communications 8.38

Diversified 8.35

Basic Materials 4.95






Asset Allocation by CountryMalaysia 48.29%Taiwan 2.84%China 2.21%Australia 1.76%Indonesia 1.27%Korea 1.15%United States of America 1.06%

PIBF PIBX

Tota

l Ret

urns

-6%

0%

6%

12%

18%

24%

30%

36%

42%

48%

54%

Oct-05 Aug-06 Jul-07 May-08 Mar-09 Feb-10 Dec-10

Benchmark: Public Islamic Balanced Index (PIBX) is a composite of 60% the returns of the KLSI and 40% the returns on 3-Month Islamic Interbank Money Market rate.

Effective from 1 November 2007 Bursa Securities replaced KLSI with FTSE Bursa Malaysia EMAS Shariah Index.

The Index is an appropriate performance benchmark for balanced fund. Underlying index data are sourced from Lipper and Bank Negara Malaysia.

* Commencement Date - 10 October 2005

Performances of PIBF and Public Islamic Balanced Index (PIBX)(Since Fund Commencement* to 30 December 2010)

22

Asset Allocation by CountryChina 59.50%Malaysia 13.72%Korea 7.51%Taiwan 6.15%Hong Kong 5.79%Indonesia 2.06%Australia 0.98%Philippines 0.50%

To seek long-term capital appreciation by investing in blue chips and growth stocks in domestic and regional markets.

Fund Objective

PUBLIC FAR-EAST SELECT FUND (PFES)





Annual Returns for Financial Years Ended May 31 Year 2006 2007 2008 2009 2010

PFES (%) 4.47 38.74 16.87 -14.49 8.54

Benchmark Index (%) 5.52 29.91 2.43 -21.92 12.24


Distribution (Sen) - 4.00 5.50 - 1.75

Distribution Yield (%) - 13.2 17.7 - 6.7

12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0


**

Security Name

Public Bank Berhad

China National Building Material Company Limited - H Shares

Bank of China Limited - H Shares

Intime Department Store (Group) Company Limited

China Unicom (Hong Kong) Limited




Current Fund Size :




Tota

l Ret

urns

PFES Benchmark

-28%

-14%

0%

14%

28%

42%

56%

70%

84%

98%

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10

Performances of PFES and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PFES is a composite of 70% MSCI AC Far East Ex-Japan Index and 30% Kuala Lumpur Composite Index (prior to 6 July 2009), 30% FTSE Bursa Malaysia KLCI (6 July 2009 to 29 April 2010).

MSCI Far East Ex-Japan Index (w.e.f. 30 April 2010). Underlying index data are sourced from Lipper and expressed in

Ringgit terms.


Performance of Public Far-East Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFES Benchmark PFES Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 0.15 8.26 0.15 8.263-year -3.49 -7.87 -1.18 -2.705-Year 76.07 41.55 11.97 7.19Since Commencement 76.22 45.18 11.87 7.66

Morningstar RatingTM (Overall) : Asia-Pacific Ex-Japan EquityMorningstar CategoryTM :


ConsistentReturn

[Lipper Equity Asia Pacific Ex-Japan Classification calculated out of 31 funds] Preservation Total Return

15 5



very high25.8

(1)


Sector Name % NAv

Financial 25.97


Industrial 20.42


Technology 3.91



23

To provide annual income through investments in fixed income securities which have a remaining maturity of 7 years and below and money market instruments.

Fund Objective

PUBLIC SELECT BOND FUND (PSBF)





Annual Returns for Financial Years Ended May 31 Year 2006 2007 2008 2009 2010

PSBF (%) 1.28 6.95 2.89 3.78 6.00

Benchmark Index - 12-Month FD (%) 1.72 3.79 3.70 3.29 2.51

Unit Split - 1 for 25 - - -

Distribution (Sen) - 4.50 4.00 2.50 4.50

Distribution Yield (%) - 4.3 4.1 2.5 4.4

12-Month FD Average (%) 3.7 3.7 3.7 2.5 3.0


**

Security Name

Malayan Banking Berhad - 4.00% / 2012 / 2017

RHB Capital Berhad - 08/07/2011*

RUN Holding SPv Berhad - 2.50% / 2011

Berjaya Land Berhad - 8.00% / 2011

RHB Capital Berhad - 4.80% / 2015




Current Fund Size :




Tota

l Ret

urns

PSBF 12-Month FD

-4%

0%

4%

8%

12%

16%

20%

24%

28%

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10

Performances of PSBF and 12-Month Fixed Deposits Rate (Since Fund Commencement* to 30 December 2010)

Source: Malayan Banking Berhad* Commencement Date - 12 December 2005

Performance of Public Select Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PSBF 12-M FD PSBF 12-M FD (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 4.04 2.75 4.04 2.753-year 13.46 9.32 4.30 3.025-Year 25.14 17.69 4.59 3.31Since Commencement 25.36 17.90 4.57 3.31

3 Morningstar RatingTM (Overall) : MYR BondMorningstar CategoryTM :


ConsistentReturn


5 3



very low1.5

(1)


Note: * Commercial Papers.

24

To provide income by investing in a portfolio of stocks that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields.

Fund Objective

PUBLIC ISLAMIC DIvIDEND FUND (PIDF)





Security Name

Axiata Group Berhad

Sime Darby Berhad






Annual Returns for Financial Years Ended April 30 Year 2007 2008 2009 2010

PIDF (%) 40.69 4.55 -14.51 27.73

Benchmark Index (%) 49.12 0.04 -24.21 31.44

Unit Split - - - -

Distribution (Sen) 1.60 2.00 1.25 1.25

Distribution Yield (%) 5.0 6.5 4.9 4.0

12-Month FD Average (%) 3.7 3.7 2.5 3.0

EPF Dividend Rate (%) 5.8 4.5 5.65 -

**

Performance of Public Islamic Dividend Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIDF Benchmark PIDF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 18.78 17.15 18.78 17.153-year 11.10 -5.36 3.57 -1.82Since Commencement 80.32 63.66 13.01 10.76



Current Fund Size :

Financial Year End : 30 April



Tota

l Ret

urns

PIDF Benchmark

-14%

0%

14%

28%

42%

56%

70%

84%

98%

Mar-06 Feb-07 Feb-08 Jan-09 Jan-10 Dec-10

Performances of PIDF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

Benchmark: Kuala Lumpur Syariah Index (prior to 1 November 2007). FTSE Bursa Malaysia EMAS Shariah Index (1 November 2007 to 29 April

2010), 90% FTSE Bursa Malaysia EMAS Shariah Index and 10% 3-Month Islamic Interbank Money Market Rate (w.e.f. 30 April 2010).

Underlying index data are sourced from Lipper and Bank Negara Malaysia.




ConsistentReturn


3 5 3



moderate13.4

(1)

Notes:* The figure shown is for period since fund commencement.(1) Based on the fund’s portfolio returns as at 15 December 2010, the volatility Factor (vF) for this fund is 13.4 and is classified as “Moderate” (source : Lipper).

Sector Name % NAv



Diversified 12.35

Industrial 10.04

Utilities 8.24


Asset Allocation by CountryMalaysia 93.93%Singapore 1.13%

25

PRSEC Benchmark

Tota

l Ret

urns

-42%

-28%

-14%

0%

14%

28%

42%

56%

70%

Apr-06 Mar-07 Feb-08 Feb-09 Jan-10 Dec-10

To seek long-term capital appreciation by investing in selected market sectors.

Fund Objective

PUBLIC REGIONAL SECTOR FUND (PRSEC)


Asset Allocation as at 30 December 2010Money Market Instruments& Others1.56%

Performances of PRSEC and Benchmark Index(Since Fund Commencement* to 30 December 2010)


Benchmark: Benchmark for PRSEC is a composite of 90% MSCI AC Far East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).

Underlying index data are sourced from Lipper and Bank Negara Malaysia and expressed in Ringgit terms.

Annual Returns for Financial Years Ended May 31 Year 2007 2008 2009 2010

PRSEC (%) 27.65 11.39 -10.60 7.70

Benchmark Index (%) 15.94 5.41 -21.66 8.08

Unit Split - - - -

Distribution (Sen) 2.50 5.00 - 1.75

Distribution Yield (%) 9.0 18.4 - 7.6

12-Month FD Average (%) 3.7 3.7 2.5 3.0


**

Security Name

Public Bank Berhad




Zhuzhou CSR Times Electric Company Limited - H Shares




Current Fund Size :





Performance of Public Regional Sector Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PRSEC Benchmark PRSEC Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year -2.52 4.30 -2.52 4.303-year -2.53 -11.35 -0.85 -3.93Since Commencement 51.11 19.86 9.13 3.91



ConsistentReturn

[Lipper Equity Asia Pacific Classification calculated out of 11 funds] Preservation Total Return

1



very high25.5

(1)


5 5

Fund Award Won- The Edge-Lipper Malaysia Fund Awards 2010 :• EquityAsiaPacific,3years

Asset Allocation by CountryChina 55.64%Malaysia 13.45%Korea 6.27%Taiwan 5.79%Hong Kong 5.07%Indonesia 4.68%Thailand 2.12%Australia 2.07%Singapore 1.11%Philippines 0.49%

Sector Name % NAv

Financial 26.56

Industrial 26.49






26

Tota

l Ret

urns

PAIF Benchmark

-42%

-28%

-14%

0%

14%

28%

42%

56%

Sep-06 Jul-07 May-08 Apr-09 Feb-10 Dec-10

To achieve capital growth over the medium to long term period by investing in a portfolio of investments in domestic and regional markets that complies with Shariah requirements.

Fund Objective

PUBLIC ASIA ITTIKAL FUND (PAIF)



Performances of PAIF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Performance of Public Asia Ittikal Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Benchmark: Benchmark for PAIF is a composite of 30% Kuala Lumpur Syariah Index (prior to 1 November 2007), 30% FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007) and 70% Dow Jones Islamic Market Asia Ex-Japan IndexSM(priorto1January2009),70%S&PShariahBMIAsiaEx-Japan Index (w.e.f. 1 January 2009).

Underlying index data are sourced from Standard and Poor’s, Financial ServicesLLC(“S&P”)andLipperandexpressedinRinggitterms.



PAIF Benchmark PAIF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 3.89 8.86 3.89 8.863-year -3.39 -9.30 -1.14 -3.20SinceCommencement 31.32 26.70 6.53 5.65

Security Name


Taiwan Semiconductor Manufacturing Company Limited

Hon Hai Precision Industrial Company Limited

Sime Darby Berhad

Axiata Group Berhad


Annual Returns for Financial Years Ended October 31 Year 2007 2008 2009 2010

PAIF (%) 44.01 -41.76 41.90 5.89

Benchmark Index (%) 47.40 -49.22 45.16 11.48

Unit Split - - - -

Distribution (Sen) 2.00 - 0.50 1.00

Distribution Yield (%) 6.3 - 1.9 3.8

12-Month FD Average (%) 3.7 3.7 2.5 3.0


**



Current Fund Size :






ConsistentReturn

[Lipper Equity Asia Pacific Classification calculated out of 11 funds] Preservation Total Return

24 4 Morningstar RatingTM (Overall) : Islamic Syariah EquityMorningstar CategoryTM :



high18.1

(1)


Asset Allocation by CountryTaiwan 21.57%Malaysia 19.61%Korea 19.36%China 17.48%Singapore 9.46%Hong Kong 3.32%Australia 3.16%Japan 2.00%Thailand 1.28%

Sector Name % NAv

Industrial 28.49

Technology 14.93





27

To seek long term capital appreciation by investing in equities and collective investment schemes in domestic and global markets.

Fund Objective

PUBLIC GLOBAL SELECT FUND (PGSF)




Security Name

DWS (CH) - U.S. Equities

Public Bank Berhad

DWS Invest European Equities - FC

SPDRS&P500ETFTrust

LPI Capital Berhad



Annual Returns for Financial Years Ended May 31 Year 2007 2008 2009 2010

PGSF (%) 7.41 -11.11 -19.28 6.25

Benchmark Index (%) 6.76 -7.07 -28.13 4.69

Unit Split - - - -

Distribution (Sen) - - - 0.75

Distribution Yield (%) - - - 4.1

12-Month FD Average (%) 3.7 3.7 2.5 3.0


**



Current Fund Size :




Tota

l Ret

urns

PGSF Benchmark

-48%

-40%

-32%

-24%

-16%

-8%

0%

8%

16%

24%

Oct-06 Aug-07 Jun-08 Apr-09 Feb-10 Dec-10

Performances of PGSF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PGSF is a composite of 90% MSCI All Country World Index and 10% 1-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).



Performance of Public Global Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PGSF Benchmark PGSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 2.80 -0.68 2.80 -0.683-year -15.51 -20.62 -5.46 -7.41Since Commencement -10.03 -16.59 -2.48 -4.22


ConsistentReturn

Preservation Total Return

4 2 4[Lipper Equity Global Classification calculated out of 34 funds]

Morningstar RatingTM (Overall) : Global Large-Cap Blend EquityMorningstar CategoryTM :



high16.9

(1)


Asset Allocation by CountryUnited States of America 34.16%Malaysia 19.71%China 11.53%European Region 8.31%Indonesia 6.83%Korea 3.98%Australia 3.04%Taiwan 2.66%Japan 1.41%Hong Kong 0.71%India 0.66%Thailand 0.48%

Sector Name % NAv

Financial 26.19

Trusts 21.72

Funds 10.41

Communications 8.98

Industrial 8.72


28

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.

Fund Objective

PUBLIC FAR-EAST DIvIDEND FUND (PFEDF)




Security Name

Public Bank Berhad


LPI Capital Berhad

Air China Limited - H Shares

Far Eastern Department Stores Limited



Annual Returns for Financial Years Ended November 30Year 2007 2008 2009 2010

PFEDF (%) 30.17 -39.86 44.04 6.86

Benchmark Index (%) 30.77 -48.91 58.16 9.19

Unit Split - - - -



12-Month FD Average (%) 3.7 3.7 2.5 3.0


**



Current Fund Size :




Performances of PFEDF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PFEDF is a composite of 70% MSCI AC Far-East Ex-Japan Index (prior to 30 April 2010) and 30% Kuala Lumpur Composite Index (prior to 6 July 2009), 30% FTSE Bursa Malaysia KLCI (6 July 2009 to 29 April 2010).

90% MSCI AC Far-East Ex-Japan Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR) (w.e.f. 30 April 2010).


Tota

l Ret

urns

PFEDF Benchmark

-48%

-36%

-24%

-12%

0%

12%

24%

36%

48%

Dec-06 Oct-07 Jul-08 May-09 Mar-10 Dec-10


Performance of Public Far-East Dividend Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFEDF Benchmark PFEDF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year -0.63 6.99 -0.63 6.993-year -11.94 -8.95 -4.15 -3.08SinceCommencement 18.56 17.64 4.31 4.11



ConsistentReturn

[Lipper Equity Asia Pacific Ex-Japan Classification calculated out of 31 funds] Preservation Total Return

1 1



very high21.9

(1)

Fund Award Won- The Edge-Lipper Malaysia Fund Awards 2010 :• EquityAsiaPacificEx-Japan,3years


2

Asset Allocation by CountryChina 39.74%Malaysia 14.72%Korea 10.68%Taiwan 10.38%Australia 7.73%Singapore 3.63%Hong Kong 3.48%Indonesia 2.30%

Sector Name % NAv


Financial 19.72

Industrial 18.42


Communications 8.97


29

Asset Allocation by CountryMalaysia 8.40%Korea 3.43%China 2.79%Singapore 1.94%Taiwan 1.22%

Seeks to provide a combination of annual income and modest capital growth primarily through a portfolio allocation across Islamic debt securities and equities which comply with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC ENHANCED BOND FUND (PIEBF)








Current Fund Size :




Security Name

Diversified venue Sendirian Berhad - 6.10% / 2013*

CJ Capital Sendirian Berhad - 4.20% / 2014*


Kapar Energy ventures Sendirian Berhad - 6.55% / 2012*

MTD Infraperdana Berhad - 5.30% / 2020*



Performance of Public Islamic Enhanced Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIEBF 12-M GIA PIEBF 12-M GIA (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 4.87 2.92 4.87 2.923-year 10.07 9.68 3.25 3.13Since Commencement 16.47 13.88 3.85 3.27

Tota

l Ret

urns

PIEBF 12-Month GIA

-4%

0%

4%

8%

12%

16%

20%

Dec-06 Aug-07 Apr-08 Dec-08 Aug-09 Apr-10 Dec-10

* Commencement Date - 18 December 2006Source: Bank Negara Malaysia

Performances of PIEBF and 12-Month General Investment Account (GIA) Rates (Since Fund Commencement* to 30 December 2010)

Annual Returns for Financial Years Ended December 31Year 2007 2008 2009 2010

PIEBF (%) 5.81 -4.73 10.18 4.87

Benchmark Index - 12-Month GIA (%) 3.83 3.49 3.00 2.92

Unit Split - - - -



12-Month FD Average (%) 3.7 3.7 2.5 3.0


**

Note:* The figure shown is for period since fund commencement.



ConsistentReturn


22 1

(Cum Distribution)

30

To provide income and capital growth over the medium to long-term period.

Fund Objective

PUBLIC FAR-EAST BALANCED FUND (PFEBF)




Security Name

Public Bank Berhad

Public Bank Berhad - 5.10% / 2016 / 2036*



Samsung SDI Company Limited




Performance of Public Far-East Balanced Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFEBF Benchmark PFEBF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 2.75 3.92 2.75 3.923-year -1.73 -3.06 -0.58 -1.03SinceComencement 10.07 12.71 2.50 3.13

Annual Returns for Financial Years Ended April 30Year 2008 2009 2010

PFEBF (%) 4.60 -15.33 17.60

Benchmark Index (%) 9.58 -18.43 18.28

Unit Split - - -

Distribution (Sen) 1.75 - 1.50

Distribution Yield (%) 7.6 - 7.1

12-Month FD Average (%) 3.7 2.5 3.0

EPF Dividend Rate (%) 4.5 5.65 -

**



Current Fund Size :




Performances of PFEBF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PFEBF is a composite of 60% MSCI AC Far-East Ex-Japan Index and 40% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).


Tota

l Ret

urns

PFEBF Benchmark

-32%

-24%

-16%

-8%

0%

8%

16%

24%

32%

Feb-07 Nov-07 Aug-08 Jun-09 Mar-10 Dec-10


Morningstar RatingTM (Overall) : Asia BalancedMorningstar CategoryTM :


ConsistentReturn

[Lipper Mixed Asset MYR Balanced-Global Classification calculated out of 15 funds] Preservation Total Return

13 2

Asset Allocation by CountryKorea 12.03%Malaysia 11.79%China 11.71%Hong Kong 7.70%Taiwan 5.96%Singapore 5.04%Japan 1.52%Indonesia 0.31%

Sector Name % NAv


Financial 14.93

Industrial 11.33

Technology 5.51






high16.1

(1)

Note: * Bonds.

31

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.

Fund Objective

PUBLIC GLOBAL BALANCED FUND (PGBF)






Performance of Public Global Balanced Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PGBF Benchmark PGBF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 3.39 0.61 3.39 0.613-year -9.11 -10.46 -3.13 -3.62SinceCommencement -6.17 -7.88 -1.63 -2.09

Security Name


DWS (CH) - U.S. Equities

Syarikat Bekalan Air Selangor Sendirian Berhad - 3.00% / 2017*

Public Bank Berhad

Rantau Abang Capital Berhad - 4.39% / 2011*


Annual Returns for Financial Years Ended April 30Year 2008 2009 2010

PGBF (%) -5.62 -15.76 14.68

Benchmark Index (%) -2.31 -19.73 13.97

Unit Split - - -

Distribution (Sen) - - 0.50

Distribution Yield (%) - - 2.4



**



Current Fund Size :




Tota

l Ret

urns

PGBF Benchmark

-36%

-30%

-24%

-18%

-12%

-6%

0%

6%

12%

Feb-07 Nov-07 Aug-08 Jun-09 Mar-10 Dec-10

Performances of PGBF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PGBF is a composite of 60% MSCI All Country World Index and 40% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).



Morningstar RatingTM (Overall) : Dollar Moderate BalancedMorningstar CategoryTM :


ConsistentReturn

[Lipper Mixed Asset MYR Balanced-Global Classification calculated out of 15 funds] Preservation Total Return

21 1

Asset Allocation by CountryUnited States of America 23.04%Malaysia 13.51%China 6.58%European Region 5.56%Indonesia 3.76%Australia 1.99%Taiwan 1.92%Korea 1.59%Japan 1.15%Thailand 0.29%

Sector Name % NAv

Financial 18.50

Trusts 17.61

Funds 6.34

Communications 4.44

Industrial 3.62




low11.3

(1)


Note: * Bonds.

32

PIADF Benchmark

Tota

l Ret

urns

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Apr-07 Dec-07 Jul-08 Feb-09 Oct-09 May-10 Dec-10

To provide income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields.

Fund Objective

PUBLIC ISLAMIC ASIA DIvIDEND FUND (PIADF)




Security Name

DiGi.Com Berhad



Sime Darby Berhad

China Mobile Limited



Annual Returns for Financial Years Ended April 30

Performance of Public Islamic Asia Dividend Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIADF Benchmark PIADF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 8.68 8.86 8.68 8.863-year -5.24 -9.30 -1.78 -3.20Since Commencement 7.24 5.86 1.91 1.56



Current Fund Size :




Performances of PIADF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PIADF is a composite of 30% Kuala Lumpur Syariah Index (prior to 1 November 2007), 30% FTSE Bursa Malaysia EMAS Shariah Index (w.e.f. 1 November 2007) and 70% Dow Jones Islamic Market Asia Ex-Japan IndexSM (priorto1January2009),70%S&PShariahBMIAsiaEx-Japan Index (w.e.f. 1 January 2009).

Underlying index data are sourced from Standard & Poor’s, FinancialServicesLLC(“S&P”)andLipperandexpressedinRinggitterms.


Year 2008 2009 2010

PIADF (%) -1.83 -21.35 27.85

Benchmark Index (%) 4.55 -29.26 30.13

Unit Split - - -

Distribution (Sen) 0.40 0.25 0.75

Distribution Yield (%) 1.8 1.4 3.5



**

Asset Allocation by CountryMalaysia 35.41%Taiwan 21.74%China 13.93%Singapore 13.23%Korea 9.80%Thailand 2.07%Hong Kong 1.21%

Sector Name % NAv


Industrial 23.12

Technology 11.19

Diversified 9.53





ConsistentReturn


33 2[Lipper Equity Asia Pacific Ex-Japan Classification calculated out of 31 funds]



very high18.4

(1)


33

PCSF Benchmark

Tota

l Ret

urns

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10

Security Name

Apple Incorporation


China Construction Bank Corporation - H Shares

Industrial and Commercial Bank of China Limited - H Shares

Far Eastern Department Stores Limited

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.

Fund Objective

PUBLIC CHINA SELECT FUND (PCSF)




Performances of PCSF and Benchmark Index(Since Fund Commencement* to 30 December 2010)



Benchmark: Benchmark for PCSF is a composite of 40% Hang Seng China Enterprises Index (HSCEI), 30% Hang Seng Index (HSI) and 30% Taiwan (TAIEX) Index (prior to 1 January 2009), MSCI Golden Dragon Index (w.e.f. 1 January 2009).

Underlying index data are sourced from Lipper and expressed in Ringgit terms.



Current Fund Size :





Annual Returns for Financial Years Ended July 31Year 2008 2009 2010

PCSF (%) -18.07 0.21 -9.34

Benchmark Index (%) -6.72 3.26 -5.65

Unit Split - - -

Distribution (Sen) - - -

Distribution Yield (%) - - -



**

Performance of Public China Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PCSF Benchmark PCSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year -5.49 -1.05 -5.49 -1.053-year -26.67 -12.21 -9.82 -4.25Since Commencement -19.98 0.69 -6.14 0.20

Asset Allocation by CountryChina 59.15%Taiwan 27.22%United States of America 6.71%Hong Kong 2.06%

Sector Name % NAv

Financial 22.36

Industrial 22.00



Technology 6.61


Morningstar RatingTM (Overall) : China EquityMorningstar CategoryTM :


ConsistentReturn


1[Lipper Equity Greater China Funds Classification calculated out of 11 funds]

N/A N/A



very high26.9

(1)


34

To provide liquidity and current income, while maintaining capital stability by investing in instruments that comply with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC MONEY MARKET FUND (PIMMF)



Security Name

Rantau Abang Capital Berhad - 4.39% / 2011**


Pengurusan Air SPv Berhad - 08/02/2011***



Top 5 Holdings as at 30 December 2010 PIMMF Benchmark PIMMF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 2.24 2.51 2.24 2.513-year 7.50 8.64 2.44 2.80SinceCommencement 9.10 10.86 2.47 2.93

Performance of Public Islamic Money Market Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Islamic Money Market Instruments & Others90.10%

Notes: * Negotiable Islamic Debt Certificate (NIDC).** Sukuk (Islamic Bonds).*** Islamic Commercial Papers (ICP).



Current Fund Size :

Financial Year End : 30 June



Annual Returns for Financial Years Ended June 30Year 2008 2009 2010

PIMMF (%) 3.06 2.60 1.90

Benchmark Index (%) 3.25 3.03 2.29

Unit Split - - -





**


Morningstar RatingTM (Overall) : Islamic Money MarketMorningstar CategoryTM :

PIMMF Benchmark

Tota

l Ret

urns

-2%

0%

2%

4%

6%

8%

10%

12%

Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10

Performances of PIMMF and Benchmark Index(Since Fund Commencement* to 30 December 2010)


Benchmark: 3-Month Islamic Interbank Money Market Rates (IIMMR) (prior to 30 April 2010). 1-Month Islamic Interbank Money Market Rates (IIMMR) (w.e.f. 30 April 2010).Source: Bank Negara Malaysia



very low0.2

(1)


35

Tota

l Ret

urns

PFEPRF Benchmark

-64%

-56%

-48%

-40%

-32%

-24%

-16%

-8%

0%

8%

16%

Jul-07 Apr-08 Dec-08 Aug-09 Apr-10 Dec-10

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.

Fund Objective

PUBLICFAR-EASTPRoPERTY&RESoRTSFUnD(PFEPRF)



PFEPRF Benchmark PFEPRF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 3.75 8.22 3.75 8.223 Year -1.10 -26.76 -0.37 -9.86 SinceCommencement -2.64 -29.58 -0.78 -9.74

PerformanceofPublicFar-EastProperty&ResortsFundvsitsBenchmark Index Over the Following Periods Ended 30 December 2010

Security Name

CDL Hospitality Trusts

IGB Corporation Berhad

Suntec Real Estate Investment Trust

Sunway Real Estate Investment Trust

CapitaCommercial Trust




Benchmark: Benchmark for PFEPRF is a customised Asia Pacific Real Estate Sector Index by Dow Jones IndexesSM (prior to 1 January 2009), customised index based on the constituents within the real estate sector of Standard&Poor’sBMIAsiaPacificIndex(w.e.f.1January2009).

Index data is sourced from Standard & Poor’s, Financial Services LLC(“S&P”)andexpressedinRinggitterms.



Current Fund Size :






PFEPRF (%) -29.04 25.76 1.61

Benchmark Index (%) -32.06 -7.43 -3.00

Unit Split - - -





**


Asset Allocation by CountryMalaysia 36.92%Singapore 34.96%China 10.03%Indonesia 4.02%Australia 3.03%Thailand 2.70%Korea 1.08%Philippines 0.80%Hong Kong 0.58%

Sector Name % NAv

REITS 43.24

Real Estate 30.12

Retail 5.64

Engineering&Construction/RealEstate 5.22

Home Builders 2.84


Morningstar RatingTM (Overall) : Sector Equity Real Estate Indirect-AsiaMorningstar CategoryTM :


ConsistentReturn


1[Lipper Equity Sector Real Estate Asia Pacific Funds Classification calculated out of 4 funds]

N/A N/A

Performances of PFEPRF and Benchmark Index(Since Fund Commencement* to 30 December 2010)


36

To provide annual income through investments in Islamic debt securities which have remaining maturities of 7 years and below and Islamic money market instruments.

Fund Objective

PUBLIC ISLAMIC SELECT BOND FUND (PISBF)




Security Name


CJ Capital Sendirian Berhad - 3.30% / 2011*



Cagamas Berhad - 4.62% / 2014*





Current Fund Size :






PISBF (%) 0.25 7.10 5.88

Benchmark Index - 12-Month GIA (%) 3.67 3.17 2.84

Unit Split - - 1 for 50





**


5 Morningstar RatingTM (Overall) : Islamic Global BondMorningstar CategoryTM :


ConsistentReturn


33

PISBF 12-M GIA PISBF 12-M GIA (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 4.65 2.92 4.65 2.923-year 14.68 9.68 4.67 3.13 SinceCommencement 15.82 11.38 4.39 3.20

Performance of Public Islamic Select Bond Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Tota

l Ret

urns

PISBF 12-Month GIA

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Jul-07 Apr-08 Dec-08 Aug-09 Apr-10 Dec-10

Source: Bank Negara Malaysia


Performances of PISBF and 12-Month General Investment Account (GIA) Rates (Since Fund Commencement* to 30 December 2010)

37

To provide income and capital growth over the medium to long-term period by investing in a portfolio of investments in domestic and regional markets that complies with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC ASIA BALANCED FUND (PIABF)








Current Fund Size :




Tota

l Ret

urns

PIABF Benchmark

-42%

-36%

-30%

-24%

-18%

-12%

-6%

0%

6%

12%

Sep-07 May-08 Jan-09 Sep-09 May-10 Dec-10

Benchmark: Benchmark for PIABF is a composite of 60% Dow Jones Islamic Market Asia Ex-Japan IndexSM(priorto1January2009),60%S&PShariahBMIAsia Ex-Japan Index (w.e.f. 1 January 2009) and 40% 3-month Islamic Interbank Money Market (IIMM) rate.

Underlying index data are sourced from Standard & Poor’s, FinancialServicesLLC(“S&P”)andBanknegaraMalaysiaandexpressedinRinggitterms.


Security Name

Kapar Energy ventures Sendirian Berhad - 7.00% / 2014*


Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang - 5.75% / 2011*





Annual Returns for Financial Years Ended October 31Year 2008 2009 2010

PIABF (%) -28.88 25.08 4.18

Benchmark Index (%) -30.12 27.21 6.49

Unit Split - - -





**


Asset Allocation by CountryKorea 22.60%Malaysia 13.95%China 10.26%Taiwan 7.41%Singapore 3.13%Hong Kong 1.92%Japan 0.86%

Sector Name % NAv

Industrial 13.39


Technology 8.70





Lipper Leaders (Overall Ratings) : [Lipper Mixed Asset MYR Balanced-Global Classification calculated out of 15 funds]

PIABF Benchmark PIABF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 2.08 4.23 2.08 4.233-year -7.82 -2.59 -2.68 -0.87SinceCommencement -4.99 -1.87 -1.53 -0.57

Performance of Public Islamic Asia Balanced Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Performances of PIABF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

ConsistentReturn


1 13

38

To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in South-East Asia markets.

Fund Objective

PUBLIC SOUTH-EAST ASIA SELECT FUND (PSEASF)



Security Name

Public Bank Berhad


CDL Hospitality Trusts

DBS Group Holdings Limited

United Overseas Bank Limited






Current Fund Size :




Performances of PSEASF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

PSEASF Benchmark

Tota

l Ret

urns

-56%

-48%

-40%

-32%

-24%

-16%

-8%

0%

8%

16%

Oct-07 Jun-08 Jan-09 Sep-09 May-10 Dec-10

Benchmark: Benchmark for PSEASF is a composite of 35% Straits Times Index, 30% Kuala Lumpur Composite Index (prior to 6 July 2009), 30% FTSE Bursa Malaysia KLCI (w.e.f. 6 July 2009), 15% Jakarta Composite Index, 15% Stock Exchange of Thailand Index and 5% Philippine Stock Exchange Index (prior to 30 April 2010), FTSE/ASEAN 40 Index (w.e.f. 30 April 2010).




PSEASF (%) -42.12 54.73 25.73

Benchmark Index (%) -45.61 60.09 22.52

Unit Split - - -





**


Performance of Public South-East Asia Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PSEASF Benchmark PSEASF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-Year 18.44 14.82 18.44 14.823-year 8.77 5.28 2.84 1.73Since Commencement 12.90 6.93 3.87 2.12

Asset Allocation by CountryMalaysia 34.90%Singapore 30.10%Indonesia 20.46%Thailand 3.50%Philippines 1.01%

Sector Name % NAv

Financial 47.63

Industrial 12.23


Utilities 6.17



Morningstar RatingTM (Overall) : ASEAN EquityMorningstar CategoryTM :


ConsistentReturn


2[Lipper Equity ASEAN Funds Classification calculated out of 5 funds]

N/A N/A


39

To seek long-term capital appreciation by investing in a portfolio of securities from selected market sectors in the domestic market.

Fund Objective

PUBLIC SECTOR SELECT FUND (PSSF)



Security Name

Public Bank Berhad



RHB Capital Berhad




Equities & Derivatives94.19%NAv : RM587.81 Million


Current Fund Size :




Performances of PSSF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Tota

l Ret

urns

PSSF Benchmark

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Dec-07 Jul-08 Feb-09 Oct-09 May-10 Dec-10



PSSF (%) -36.64 52.90 30.59

Benchmark Index (%) -39.15 43.96 22.18

Unit Split - - -





**


Performance of Public Sector Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PSSF Benchmark PSSF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 29.30 21.76 29.30 21.763-year 26.23 7.05 8.07 2.30Since Commencement 29.92 8.99 8.88 2.84


Sector Name % NAv

Financial 37.96


Industrial 12.54


Utilities 8.67






ConsistentReturn

[Lipper Equity Malaysia Fund calculated out of 125 funds] Preservation Total Return

3 55

40

To seek long-term capital appreciation by investing in a portfolio of securities, mainly equities, that complies with Shariah requirements from market sectors in the domestic market.

Fund Objective

PUBLIC ISLAMIC SECTOR SELECT FUND (PISSF)



PISSF FBMS Index PISSF FBMS Index (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 30.64 18.20 30.64 18.203-year 21.70 -4.51 6.77 -1.53Since Commencement 24.09 -1.66 7.27 -0.54

Performance of Public Islamic Sector Select Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

Security Name



AirAsia Berhad

Time DotCom Berhad

Axiata Group Berhad






Current Fund Size :




Tota

l Ret

urns

PISSF FBMS Index

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%


Performances of PISSF and FTSE Bursa Malaysia EMAS Shariah (FBMS) Index (Since Fund Commencement* to 30 December 2010)

Benchmark: Index data are sourced from Lipper.


Annual Returns for Financial Years Ended November 30Year 2008 2009 2010

PISSF (%) -32.20 35.46 32.45

Benchmark Index - FBMS (%) -41.22 42.76 16.68

Unit Split - - -

Distribution (Sen) - 0.50 1.00

Distribution Yield (%) - 2.2 3.5



**



Sector Name % NAv




Industrial 12.70

Utilities 9.55





ConsistentReturn

[Lipper Equity Malaysia Fund calculated out of 125 funds] Preservation Total Return

3 55

41

PCIF Benchmark

Tota

l Ret

urns

-56%

-48%

-40%

-32%

-24%

-16%

-8%

0%

8%


To achieve capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant investments in the greater China region and the balance in the domestic market.

Fund Objective

PUBLIC CHINA ITTIKAL FUND (PCIF)



Performance of Public China Ittikal Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PCIF Benchmark PCIF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year -0.91 4.35 -0.91 4.353-year -17.22 -11.48 -6.10 -3.98SinceCommencement -17.12 -11.33 -5.96 -3.86

Security Name



Hon Hai Precision Industry Company Limited

CNOOC Limited

China National Building Material Company Limtied - H Shares






Current Fund Size :




Performances of PCIF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Benchmark: Benchmark for PCIF is a composite of 50% Dow Jones Islamic Market Hong Kong IndexSM (prior to 1 January 2009), 50% S&P Shariah BMIHong Kong and China ‘H’ Shares Index (w.e.f. 1 January 2009), 30% Dow Jones Islamic Market Taiwan IndexSM(priorto1January2009),30%S&PShariah BMI Taiwan Index (w.e.f. 1 January 2009) and 20% FTSE Bursa Malaysia EMAS Shariah Index.

Underlying index data are sourced from Standard & Poor’s, FinancialServicesLLC(“S&P”)andLipperandexpressedinRinggitterms.


Annual Returns for Financial Years Ended November 30Year 2008 2009 2010

PCIF (%) -43.24 42.07 3.27

Benchmark Index (%) -48.48 54.74 8.20

Unit Split - - -

Distribution (Sen) - - -

Distribution Yield (%) - - -



**


Asset Allocation by CountryChina 44.74%Taiwan 33.33%Malaysia 12.96%Hong Kong 6.37%Singapore 0.71%

Sector Name % NAv

Industrial 25.26



Energy 11.64

Technology 11.61




ConsistentReturn


2[Lipper Equity Greater China Funds Classification calculated out of 11 funds]

N/A N/A

42

Asset Allocation by CountryChina 25.36%Korea 22.91%Hong Kong 12.85%Malaysia 12.00%Singapore 10.40%Taiwan 2.83%Indonesia 2.09%

To achieve long-term capital appreciation by investing in securities, mainly equities, in the consumer sector in the domestic and foreign markets.

Fund Objective

PUBLIC FAR-EAST CONSUMER THEMES FUND (PFECTF)



Performances of PFECTF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Performance of Public Far-East Consumer Themes Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFECTF Benchmark PFECTF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 7.50 16.50 7.50 16.50SinceCommencement 40.99 28.85 12.47 9.06

Tota

l Ret

urns

PFECTF Benchmark

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10

Security Name

Public Bank Berhad

Hyundai Motor Corporation

LPI Capital Berhad

LG Electronics Incorporation

Ports Design Limited


Benchmark: Benchmark for PFECTF is a customised index based on consumer sectors by Dow Jones IndexesSM (prior to 1 January 2009), customised index based on consumer sectors of Standard & Poor’s BMI Asia Ex-JapanIndex (w.e.f. 1 January 2009).




Current Fund Size :

Financial Year End : 30 June



* Commencement Date - 28 January 2008



Annual Returns for Financial Years Ended June 30Year 2008 2009 2010

PFECTF (%) -5.44 9.09 16.32

Benchmark Index (%) -8.13 -10.23 29.67

Unit Split - - -





**


Sector Name % NAv



Financial 16.12

Industrial 11.55

Technology 5.00


43

To achieve capital growth through investment in companies with market capitalisation of up to RM6 billion which comply with Shariah requirements in the domestic market.

Fund Objective

PUBLIC ISLAMIC SELECT TREASURES FUND (PISTF)



Performance of Public Islamic Select Treasures Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PISTF FBMS Index PISTF FBMS Index (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 23.99 18.20 23.99 18.20SinceCommencement 31.63 19.99 10.36 6.75

Security Name

KFC Holdings (Malaysia) Berhad

Malaysian Resources Corporation Berhad

KPJ Healthcare Berhad

Genting Plantations Berhad

S P Setia Berhad






Current Fund Size :




Performance of PISTF and FTSE Bursa Malaysia EMAS Shariah (FBMS) Index (Since Fund Commencement* to 30 December 2010)

Tota

l Ret

urns

PISTF FBMS Index

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Mar-08 Oct-08 Apr-09 Nov-09 Jun-10 Dec-10



Annual Returns for Financial Years Ended May 31Year 2009 2010

PISTF (%) -5.20 13.80

Benchmark Index - FBMS (%) -12.42 16.35

Unit Split - -

Distribution (Sen) - 1.25

Distribution Yield (%) - 4.9

12-Month FD Average (%) 2.5 3.0

EPF Dividend Rate (%) 5.65 -

**


Sector Name % NAv

Industrial 27.78



Financial 10.55

Energy 10.35



44

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.

Fund Objective

PUBLIC CHINA TITANS FUND (PCTF)



Performance of PCTF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Performance of Public China Titans Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PCTF Benchmark PCTF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year -7.97 -4.35 -7.97 -4.35SinceCommencement 1.64 -3.01 0.61 -1.13

PCTF Benchmark

Tota

l Ret

urns

-48%

-40%

-32%

-24%

-16%

-8%

0%

8%

16%

Apr-08 Nov-08 May-09 Nov-09 Jun-10 Dec-10

Security Name

China Construction Bank Corporation - H Shares


Industrial and Commercial Bank of China Limited - H Shares

China Life Insurance Company Limited - H Shares





Benchmark: Benchmark for PCTF is a composite of 40% Hang Seng China Enterprises Index (HSCEI), 30% Hang Seng Index (HSI) and 30% TSEC Taiwan 50 Index.




Current Fund Size :





Annual Returns for Financial Years Ended May 31Year 2009 2010

PCTF (%) -4.32 -1.76

Benchmark Index (%) -14.82 1.70

Unit Split - -





**


Asset Allocation by CountryChina 53.72%Taiwan 22.76%Hong Kong 15.03%Singapore 1.62%

Sector Name % NAv

Financial 35.36

Industrial 12.82


Communications 9.18

Technology 7.39


45

To provide income and capital growth by investing in Shariah-compliant stocks which offer attractive dividend yields and growth stocks in the domestic market.

Fund Objective

PUBLIC ISLAMIC OPTIMAL GROWTH FUND (PIOGF)



Performance of PIOGF and FTSE Bursa Malaysia EMAS Shariah (FBMS) Index (Since Fund Commencement* to 30 December 2010)

PIOGF FBMS Index

Tota

l Ret

urns

-40%

-32%

-24%

-16%

-8%

0%

8%

16%

24%

Apr-08 Nov-08 May-09 Dec-09 Jun-10 Dec-10

Security Name

Sime Darby Berhad



Axiata Group Berhad

APM Automotive Holdings Berhad







Current Fund Size :





Annual Returns for Financial Years Ended January 31Year 2009 2010

PIOGF (%) -24.08 34.59

Benchmark Index - FBMS (%) -34.87 40.67

Unit Split - -

Distribution (Sen) 0.30 0.50

Distribution Yield (%) 1.6 2.0



**


Performance of Public Islamic Optimal Growth Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PIOGF FBMS Index PIOGF FBMS Index (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 17.70 18.20 17.70 18.20SinceCommencement 20.50 8.72 7.22 3.17

Sector Name % NAv



Diversified 13.19


Industrial 10.24



46

Tota

l Ret

urns

PFETIF Benchmark

-48%

-32%

-16%

0%

16%

32%

48%

64%

Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Dec-10

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.

Fund Objective

PUBLICFAR-EASTTELCo&InFRASTRUCTUREFUnD(PFETIF)


Performance of PFETIF and Benchmark Index (Since Fund Commencement* to 30 December 2010)

PerformanceofPublicFar-EastTelco&InfrastructureFundvs its Benchmark Index Over the Following Periods Ended 30 December 2010

PFETIF Benchmark PFETIF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 6.09 1.32 6.09 1.32SinceCommencement 49.63 -6.54 18.08 -2.75

Benchmark: Benchmark for PFETIF is a customised index based on Telecommunications, Construction & Materials & Utilities sectors byDow Jones IndexesSM (prior to 1 January 2009), customised index based onTelecommunications,Construction&Materials&UtilitiessectorsofStandard&Poor’sBMIAsiaEx-JapanIndex(w.e.f.1January2009).




Current Fund Size :








Security Name



Zhuzhou CSR Times Electric Company Limited - H Shares


China Telecom Corporation Limited - H Shares


Annual Returns for Financial Years Ended April 30Year 2009 2010

PFETIF (%) 15.24 17.53

Benchmark Index (%) -17.70 5.21

Unit Split - -





**


Asset Allocation by CountryChina 53.48%Malaysia 21.31%Singapore 7.70%Hong Kong 3.84%Korea 3.30%Indonesia 3.23%Thailand 2.01%Philippines 0.49%

Sector Name % NAv

Telecommunications 31.97

Airlines 11.20

Engineering&Construction/Transportation 10.53

Electric 9.38

Building Materials 7.77


47

PCPSPF 12-Month FD

Tota

l Ret

urns

-2%

0%

2%

4%

6%

8%

10%

12%

14%

Sep-08 Feb-09 Aug-09 Jan-10 Jul-10 Dec-10

Seeks to achieve capital appreciation over the tenure of the Fund while providing capital protection upon maturity of the Fund.

Fund Objective

PUBLIC CAPITAL PROTECTED SELECT PORTFOLIO FUND (PCPSPF)


Performance of PCPSPF and 12-Month Fixed Deposits (12M-FD) Rates (Since Fund Commencement* to 30 December 2010)

Performance of Public Capital Protected Select Portfolio Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PCPSPF 12M-FD (PBK) PCPSPF 12M-FD (PBK) (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 3.85 2.75 3.85 2.75SinceCommencement 12.64 6.58 5.31 2.81



Current Fund Size :

Financial Year End : 31 August




Source: Public Bank Berhad




Note: * Negotiable Instruments of Deposit (NID).

Security Name

Public Bank Berhad - 0% / 22/09/2011*

The Royal Bank of Scotland Berhad - 0% / 22/09/2011*

RHB Bank Berhad - 0% / 22/09/2011*

AmBank Berhad - 0% / 22/09/2011*

Standard Chartered Bank (Malaysia) Berhad - 0% / 22/09/2011*


Annual Returns for Financial Years Ended August 31Year 2009 2010

PCPSPF (%) 6.18 2.70

Benchmark Index - 12-Month FD (%) 2.85 2.65

Unit Split - -

Distribution (Sen) - -

Distribution Yield (%) - -



**


Asset Allocation by CountryChina 7.18%Australia 0.71%

48

PISEF FBMS Index

Tota

l Ret

urns

-36%

-24%

-12%

0%

12%

24%

36%

48%

60%


To achieve capital growth through investments in the largest 50 companies in terms of market capitalisation (at the point of purchase) listed on Bursa Securities which comply with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC SELECT ENTERPRISES FUND (PISEF)



Performance of Public Islamic Select Enterprises Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PISEF FBMS Index PISEF FBMS Index (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 19.10 18.20 19.10 18.20SinceCommencement 51.31 34.54 19.52 13.62





Current Fund Size :




Security Name

Sime Darby Berhad


Axiata Group Berhad




Annual Returns for Financial Years Ended July 31Year 2009 2010

PISEF (%) 20.64 10.61

Benchmark Index - FBMS (%) 8.45 12.35

Unit Split - -





**


Sector Name % NAv


Industrial 18.46


Diversified 12.38

Energy 9.69





Performance of PISEF and FTSE Bursa Malaysia EMAS Shariah (FBMS) Index (Since Fund Commencement* to 30 December 2010)

49

Tota

l Ret

urns

PI INCOME 12-Month GIA

-2%

0%

2%

4%

6%

8%

10%

12%

14%


To provide annual income over the medium to long-term period by investing in sukuk and Islamic money market instruments.

Fund Objective

PUBLIC ISLAMIC INCOME FUND (PI INCOME)



Performance of PI INCOME and 12-Month General Investment Account (GIA) Rates (Since Fund Commencement* to 30 December 2010)

Performance of Public Islamic Income Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PI INCOME 12-M GIA PI INCOME 12-M GIA (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 4.75 2.92 4.75 2.92SinceCommencement 13.16 7.12 5.46 3.00





Current Fund Size :




* Commencement Date - 3 September 2008Source: Bank Negara Malaysia

Annual Returns for Financial Years Ended July 31Year 2009 2010

PI INCOME (%) 5.48 5.01

Benchmark Index - 12-Month GIA (%) 2.86 2.84

Unit Split - 1 for 25





**


Security Name

Binariang GSM Sendirian Berhad - 5.90% / 2016*


Pengurusan Air SPv Berhad - 08/02/2011**

National Bank of Abu Dhabi - 4.90% / 2020*



Note: * Sukuk (Islamic Bonds).** Islamic Commercial Papers.

50

Tota

l Ret

urns

PSA30F Benchmark

-10%

0%

10%

20%

30%

40%

50%

60%

Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10

To achieve capital growth over the medium to long term period by investing in up to maximum of 30 stocks primarily listed on Bursa Securities.

Fund Objective

PUBLIC SELECT ALPHA-30 FUND (PSA30F)





Current Fund Size :




Annual Returns for Financial Years Ended November 30Year 2009 2010

PSA30F (%) 25.76 16.11

Benchmark Index (%) 28.46 17.96

Unit Split - -





**


Security Name



Public Bank Berhad

Sime Darby Berhad

Genting Berhad




Performances of PSA30F and and Benchmark Index(Since Fund Commencement* to 30 December 2010)



Sector Name % NAv

Financial 36.56


Diversified 10.08

Communications 8.89



Asset Allocation by CountryMalaysia 88.64%China 3.92%Hong Kong 1.01%Performance of Public Select Alpha-30 Fund vs its Benchmark

Index Over the Following Periods Ended 30 December 2010

PSA30F Benchmark PSA30F Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 17.29 19.34 17.29 19.34SinceCommencement 50.03 54.97 27.37 29.86

51

PNREF Benchmark

-12%

-6%

0%

6%

12%

18%

24%

30%

36%

Jul-09 Nov-09 Feb-10 May-10 Sep-10 Dec-10

Tota

l Ret

urns

To achieve capital growth over the medium to long-term period by investing in a portfolio of equities and equity-related securities of companies that are engaged in or are substantially related to the natural resources sectors in the domestic and overseas markets.

Fund Objective

PUBLIC NATURAL RESOURCES EQUITY FUND (PNREF)




Current Fund Size :




Performance of PNREF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Security Name

BorneoLumbungEnergi&MetalTbk,PT

OCI Company Limited

Petronas Chemicals Group Berhad

BHP Billiton Limited



Benchmark: Benchmark for PNREF is a customised index based on 40% Energy Sector, 30% Metals and Mining Industry and 30% Agricultural Product Sub-IndustryofS&P/CitigroupBMIAsiaEx-JapanIndex.


Sector Name % NAv

Mining 19.90

Iron/Steel 12.24

Electric 10.53

Coal 9.22

Chemicals 9.21





Asset Allocation by CountryChina 31.56%Australia 26.70%Indonesia 12.74%Malaysia 8.74%Korea 5.87%United States of America 1.42%

Performance of Public Natural Resources Equity Fund vs its Benchmark Index Over the Following Periods Ended30 December 2010

PNREF Benchmark PNREF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 9.06 7.43 9.06 7.43SinceCommencement 16.17 30.34 10.91 20.10

Annual Returns for Financial Year Ended November 30Year 2010

PNREF (%) 12.12

Benchmark Index (%) 24.30

Unit Split -

Distribution (Sen) 1.50

Distribution Yield (%) 5.6

12-Month FD Average (%) 3.0

EPF Dividend Rate (%) -

**



52

PAUEF Benchmark

Tota

l Ret

urns

-24%

-18%

-12%

-6%

0%

6%

12%

18%

Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

To achieve capital growth over the medium to long-term period by investing in the Australian market with the balance invested in the New Zealand and domestic markets.

Fund Objective

PUBLIC AUSTRALIA EQUITY FUND (PAUEF)





Current Fund Size :




Performance of PAUEF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Security Name

Commonwealth Bank of Australia

Australia and New Zealand Banking Group Limited

Westpac Banking Corporation

National Australia Bank Limited

BHP Billiton Limited


Benchmark: S&P/ASX200Index. Index data are sourced from Lipper.


Sector Name % NAv

Financial 37.78



Industrial 7.46



Asset Allocation by CountryAustralia 86.99%




Performance of Public Australia Equity Fund vs its Benchmark Index Over the Following Periods Ended 30 December 2010

PAUEF Benchmark PAUEF Benchmark (%) (%) (%) (%) Total Total Annualised Annualised Return Return Return Return1-year 9.07 -0.31 9.07 -0.31 SinceCommencement 12.56 5.77 9.89 4.57

Annual Returns for Financial Year Ended July 31Year 2010

PAUEF (%) -1.84

Benchmark Index (%) -8.46

Unit Split -

Distribution (Sen) -

Distribution Yield (%) -



**


53

PIALEF Benchmark

Tota

l Ret

urns

-12%

-8%

-4%

0%

4%

8%

12%

16%

Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10

To achieve capital growth over the medium to long-term period by investing mainly in stocks of companies with market capitalisation of US$1 billion and above in domestic and regional markets that complies with Shariah requirements.

Fund Objective

PUBLIC ISLAMIC ASIA LEADERS EQUITY FUND (PIALEF)




Current Fund Size :




Performance of PIALEF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Security Name




POSCO

Celltrion, Incorporation


Sector Name % NAv

Industrial 22.48

Technology 22.17





Benchmark: Benchmark for PIALEF is a 90% customised index based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 10% 3-month Islamic Interbank Money Market (IIMM) rate.

Underlying indexdataaresourcedfromStandard&Poor’s,FinancialServicesLLC(“S&P”),LipperandbanknegaraMalaysiaandexpressedin Ringgit terms.





Asset Allocation by CountryKorea 42.30%Taiwan 22.44%China 13.96%Malaysia 11.06%Singapore 3.46%Indonesia 2.49%Hong Kong 1.30%


PIALEF (%) 5.96


Unit Split -

Distribution (Sen) 0.75

Distribution Yield (%) 2.9



**


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Tota

l Ret

urns

PFA30F Benchmark

-12%

-8%

-4%

0%

4%

8%

12%

Apr-10 Jun-10 Aug-10 Sep-10 Nov-10 Dec-10

To achieve capital appreciation over the medium to long term period by investing in the domestic and regional markets.

Fund Objective

PUBLIC FAR-EAST ALPHA-30 FUND (PFA30F)




Current Fund Size :




Performance of PFA30F and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Security Name

Public Bank Berhad

First Tractor Company Limited - H Shares

Hyundai Motor Corporation

Tencent Holdings Limited

Baidu, Incorporation - ADR


Sector Name % NAv

Industrial 16.83



Financial 11.95






Asset Allocation by CountryChina 35.41%Indonesia 12.82%Korea 10.76%Malaysia 9.51%Taiwan 5.31%Australia 4.21%Singapore 4.05%Hong Kong 2.45%

Benchmark: Benchmark for PFA30F is a composite 80% MSCI AC Far-East Ex-Japan Index, 10% Tokyo Stock Price Index and 10% 3-Month Kuala Lumpur Interbank Offered Rates (KLIBOR).




PFA30F (%) 8.00


Unit Split -

Distribution (Sen) -

Distribution Yield (%) -



**


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Tota

l Ret

urns

POGF FBM Top 100 Index

-4%

0%

4%

8%

12%

16%

20%

Jun-10 Aug-10 Sep-10 Nov-10 Dec-10

To provide income and capital growth by investing in stocks which offer attractive dividend yields and growth stocks in the domestic market.

Fund Objective

PUBLIC OPTIMAL GROWTH FUND (POGF)




Current Fund Size :




Performance of POGF and Benchmark Index(Since Fund Commencement* to 30 December 2010)

Sector Name % NAv

Financial 30.94



Diversified 8.03

Energy 7.03






Security Name

Public Bank Berhad


Sime Darby Berhad




Benchmark: FTSE Bursa Malaysia Top 100 Index (w.e.f. 6 July 2009). Index data are sourced from Lipper.


56

Investors are advised that there are prospectuses issued in relation to the unit trust funds being reviewed here as follows:

Where a free copy of Prospectus can be obtained : Agents of Public Mutual or contact Public Mutual Hotline: 03-6207 5000 for assistance.

Investors are advised to read and understand the contents of the above Prospectuses. If in doubt, please consult a professional adviser; merchant bank, accountant, auditor, lawyer, stockbroking company or independent financial adviser.Applications by investors to purchase units of any of the funds listed above must come in the form of a duly completed Application Form referred to and accompanying the (relevant) Prospectus.Investors should note that there are fees and charges affecting this investment. Therefore, you should consider carefully the fees and charges before making an investment decision.Unit prices and distributions payable, if any, may go down as well as up.Past performance of the funds should not be taken as an indication of future performance. Neither the Manager nor the Trustee guarantees the performance of any of the funds or the repayment of capital.The funds’ past distribution is not a guarantee of future distributions. Where unit split or distribution is declared, investors are advised that following the issue of additional units and/or distribution, the net asset value per unit will be reduced accordingly to reflect/account for the unit split and/or distribution.

Where a unit split is declared, investors should note that the value of their investment in Ringgit Malaysia terms will remain unchanged after the distribution of additional units.While it is the Manager’s policy to discourage loan financing in the purchase of units, nevertheless, this facility is available to interested investors. However, YOU are advised to read and understand the contents of the unit trust loan financing risk disclosure statement before deciding to borrow to purchase units.For capital protected funds, capital protection only applies to unitholders who hold their investment until the maturity date or until the date specified in the prospectus. Any redemption made before the maturity/specified date would be based on the NAV of the fund on that day and would be charged an exit fee. Capital protection does not apply in this case. There may be a dilution of performance due to the capital protection structure being in place, compared with a conventional fund without capital protection. Investor are advised to read the prospectus for further details of the capital protection structure.

Public Savings FundPublic Growth FundPublic Index FundPublic Industry FundPublic Aggressive Growth FundPublic Regular Savings FundPublic Balanced FundPublic Bond FundPublic SmallCap FundPublic Equity FundPublic Money Market FundPublic Focus Select FundPublic Enhanced Bond FundPublic Dividend Select FundPublic Far-East Select FundPublic Select Bond FundPublic Regional Sector FundPublic Global Select FundPublic Far-East Dividend FundPublic Far-East Balanced FundPublic Global Balanced FundPublic China Select FundPublicFar-EastProperty&ResortsFundPublic South-East Asia Select FundPublic Sector Select FundPublic Far-East Consumer Themes FundPublic China Titans FundPublicFar-EastTelco&InfrastructureFundPublic Select Alpha-30 FundPublic Natural Resources Equity FundPublic Australia Equity FundPublic Far-East Alpha-30 Fund

Master Prospectus of Public Series of Funds dated 30 April 2010 and expires

on 29 April 2011.

A copy of the Prospectuses have been registered by, and lodged with, the Securities Commission, which shall not be interpreted to mean that the Commission recommends the

investment.

The Securities Commission shall not be liable for any non-disclosure on the part of the management company and

takes no responsibility for the contents of the Prospectus, makes no representation as to its accuracy or completeness

and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole

or any part of the contents of the Prospectus.

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.

Name of Funds Prospectus and Date of Issue Statements of Disclaimer

Master Prospectus of Public Series of Shariah-Based Funds dated 30 April 2010

and expires on 29 April 2011.

Supplemental Prospectus of Public Islamic DividendFund&PublicIslamicBalanced

Fund dated 1 November 2010 and expires on 29 April 2011.

2nd Supplemental Prospectus of Public Islamic Equity Fund dated 1 December

2010 and express on 29 April 2011.

Public Ittikal FundPublic Islamic Bond FundPublic Islamic Equity FundPublic Islamic Opportunities FundPublic Islamic Balanced FundPublic Islamic Dividend FundPublic Asia Ittikal FundPublic Islamic Enhanced Bond FundPublic Islamic Asia Dividend FundPublic Islamic Money Market FundPublic Islamic Select Bond FundPublic Islamic Asia Balanced FundPublic Islamic Sector Select FundPublic China Ittikal FundPublic Islamic Select Treasures FundPublic Islamic Optimal Growth FundPublic Islamic Select Enterprises FundPublic Islamic Income FundPublic Islamic Asia Leaders Equity Fund

Public Capital Protected Select Portfolio Fund

Public Optimal Growth Fund

Prospectus of Public Capital Protected Select Portfolio Fund dated 29 July 2008

and expires on 11 September 2008.

Prospectus of Public Optimal Growth Fund dated 8 June 2010 and expires on

29 April 2011.

57

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60

Lipper Leaders :Total ReturnLipper ratings for Total Return reflect funds’ historical total return performance relative to peers.

Consistent ReturnLipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers.

PreservationLipper ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolutes measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than fixed income funds.The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return and Preservation metrics over overall period. The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1.Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.Lipper Leaders (overall) - All Ratings as of 30 December 2010 - Ratings for Total Return reflect funds’ historical total return performance relative to peers. Ratings for Consistent Return reflect funds’ historical risk-adjusted returns relative to peers. Lipper ratings for Preservation are relative, rather than absolute. Lipper Leader ratings DO NOT take into account the effects of sales charges. Ratings are based on an equal-weighted average of percentile ranks for each measure over overall period. More information is available at www.lipperweb.com.

Morningstar RatingTM

The Morningstar RatingTM is a quantitative assessment of a fund’s past performance, incorporating fee, return and risk, as measured from one to five stars. It uses focused comparison groups - the Morningstar Categories - to measure the fund’s risk-adjusted performance and it places stronger emphasis on downside variations. The Top 10% of funds in a category will receive five stars, the next 22.5% will receive four stars, the middle 35% will receive three stars, the next 22.5% will receive two stars and the bottom 10% will receive one star.© 2010 Morningstar Asia Limited All Rights Reserved. The information contained herein:• isproprietarytoMorningstar;• maynotbecopied(save(i)asincidentallynecessaryinthecourseofviewingitonline,and(ii)inthecourseofprintingoffsinglecopiesofwebpagesonwhichit

appears for the personal non-commercial use of those authorised to view it on-line), adapted or distributed; and• isnotwarrantedtobeaccurate,completeortimely.This Morningstar-sourced information is provided to you by Public Mutual Berhad and is at your own risk. You agree that Morningstar is not responsible for any damages or losses arising from any use of this information and that the information must not be relied upon by you the user without appropriate verification. Public Mutual Berhad informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performances is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.

For more information, please contact any of our authorised agents, agency offices, branchesor call Public Mutual Hotline at 03-6207 5000 (8.30am - 5.30pm, Monday to Friday)or visit us at our website at http://www.publicmutual.com.my

Quarterly Fund Review is prepared quarterly by the Product Development Department.

notes: • Thetotalreturnistheoverallreturnofthefundovertheperiod. • Theannualisedreturnisthecompoundedannualrateofreturnofthefundoverthespecifiedperiod. • Fundperformanceshouldbeevaluatedagainstthebenchmarkindex. • TheperformancesoffundsarecalculatedonnAV-to-nAVbasisandsourcedfromLipper. • Commencementdateisthelastdayoftheinitialofferperiod.

• Thedistributionyieldsoffundsarecomputedbydividinggrossdistributionforthefinancialyear/periodovertheEx-nAVperunitanditisnotdirectlycomparable with EPF rate and Fixed Deposit rate. The distribution yields for the financial year/period prior to 1 July 2007 was computed by dividing gross distribution for the financial year/period over average selling price. These distribution yields have been adjusted by dividing gross distribution over the Ex-NAv per unit for purpose of comparability in presentation.

• TheassetallocationpresentedhavebeenverifiedbytheTrustees. • Thestocksinvestedbythefundareclassifiedaccordingtovariouscriteriawhichincludethecountryclassificationassignedbyinternational index

providers and the company’s main business interests in terms of geographical segmentation.

“ The PSEASF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”), the London Stock Exchange Plc (“LSE”) or by The Financial Times Limited (“FT”) and neither FTSE nor LSE nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE ASEAN 40 Index (“the Index”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is complied and calculated by FTSE in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (The “Exchanges”). However, neither FTSE nor LSE nor the Exchanges nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor the LSE nor the Exchanges nor FT shall be under any obligation to advise any person of any error thein.”

““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”). “All-World”, “All-Share” and “All-Small” and “FTSE4Good” are trade marks of FTSE International Limited”.

The FTSE BURSA MALAYSIA KLCI INDEX, FTSE BURSA MALAYSIA TOP 100 INDEX, FTSE BURSA MALAYSIA EMAS SHARIAH INDEX, FTSE BURSA MALAYSIA SMALL CAP INDEX and FTSE BURSA MALAYSIA MID 70 INDEX are 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.”

TheIndexeslistedbelowaretheexclusivepropertiesofStandard&Poor’s,FinancialServicesLLC(“S&P”).PublicMutualBerhadhascontractedwithS&PtomaintainandcalculatetheIndexes.S&PshallhavenoliabilityforanyerrorsoromissionsincalculatingtheIndexes.S&PShariahBMIAsiaEx-JapanIndex;S&PShariahBMIHongKongandChina‘H’SharesIndex;S&PShariahBMITaiwanIndex;thecustomisedbenchmarkofPFEPRF;thecustomisedbenchmarkofPFECTF;thecustomisedbenchmark of PFETIF and the customised benchmark of PNREF.

Public Mutual Berhad (23419-A)Block B, Sri Damansara Business Park, Persiaran Industri,Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia.Tel : 03-6279 6800 Fax : 03-6277 9800

Lipper Fund VolatilityThe volatility Factor (vF) means there is a possibility for the fund in generating an upside return or downside return around this vF. The volatility Class (vC) is assigned by Lipper based on quintile ranks of vF for qualified funds. vF is subject to monthly revision and vC is revised every six months. The volatility banding for the “very Low”, “Low”, “Moderate”, “High” and “very High” vCs as at 30 June 2010 are 0.000 ≤ vF ≤ 4.255, 4.255 < vF ≤ 12.280, 12.280 < vF ≤ 16.115, 16.115 < vF ≤ 19.230 and vF more than 19.230 respectively. For this period to 31 December 2010 the vCs for the funds are based on the vFs of the respective funds as at 30 June 2010. The fund’s portfolio may have changed since this date and there is no guarantee that the fund will continue to have the same vF or vC in the future. Presently, only funds launched in the market for at least 36 months will display the vF and its vC.

Quaterly fund review q4 2010

Economy & Finance

Transcript of Quaterly fund review q4 2010