MASTER PROSPECTUS 2008/2009
Preface
The Unit Holders of AMB Family of Funds
Dear Sir/Madam,
On behalf of Amanah Mutual Berhad (“the Manager”), we wish to inform that this Master Prospectus is in
respect of the following thirteen (13) Funds:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
AMB Unit Trust Fund
AMB Balanced Trust Fund
AMB Income Trust Fund
AMB Index-Linked Trust Fund
AMB Ethical Trust Fund
AMB Value Trust Fund
AMB Enhanced Bond Trust Fund
AMB SmallCap Trust Fund
AMB Lifestyle Trust Fund Today
AMB Lifestyle Trust Fund 2009
AMB Lifestyle Trust Fund 2014
AMB Dividend Trust Fund
PNB Structured Investment Fund
Unit Holders of the Funds may refer to Chapter 1 : Summary of Key Features of the Funds for a better
understanding of the respective Fund’s investment objectives, key strategies, asset allocation and profile of
investors.
You should also be aware of the inherent risks of investing in the AMB Family of Funds which as detailed
out in Chapter 2 of the Prospectus.
There are fees and charges that will be directly and indirectly incurred by investors when Units of the
respective Fund is purchased or redeemed. Further details of these fees and charges are disclosed in
Chapter 7 of the Prospectus. All Units of the Fund can be purchased or redeemed at any Maybank
Distribution Branches, being AMB’s sales distribution channel. A list of Maybank Distribution Branches is
found in Chapter 22 of this Prospectus. However, for PNB Structured Investment Fund, you could also
purchase or redeem at our office located at 34th floor, Menara PNB, Jalan Tun Razak, Kuala Lumpur.
We recommend potential investors to read and understand the contents of this Prospectus in its entirety
before making any investment decision.
As always, thanking you for allowing us to be of service to you.
Yours faithfully,
Amanah Mutual Berhad
Aldilla@Zilfalila binti Abdul Halim
Chief Executive Officer
(i)
MASTER PROSPECTUS 2008/2009
Responsibility Statement
This Prospectus has been reviewed and approved by the Directors of Amanah Mutual Berhad, and they
collectively and individually accept full responsibility for the accuracy of the information. Having made all
reasonable enquiries, they confirm to the best of their knowledge and belief, there are no false or misleading
statements, or omission of other facts which would make any statement herein false or misleading.
Statement of Disclaimer
The Securities Commission has approved the issue of, offer for subscription or purchase, or issue an
invitation to subscribe for or purchase units of the Fund and a copy of this Prospectus has been registered
with the Securities Commission.
The approval, and registration of this Prospectus, should not be taken to indicate that the Securities
Commission recommends the Fund or assumes responsibility for the correctness of any statement made or
opinion or report expressed in this Prospectus.
The Securities Commission is not liable for any non-disclosure on the part of the management company
responsible for the Fund and takes no responsibility for the contents of this Prospectus. The Securities
Commission makes no representation on the accuracy or completeness of this Prospectus, and expressly
disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of the contents of
this 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 ON THE
ACTION TO BE TAKEN SHOULD CONSULT THEIR PROFESSIONAL ADVISORS IMMEDIATELY.
Additional Statement
No Units will be issued or sold based on this Prospectus later than one (1) year after the date of this
Prospectus.
Investors are advised to note that recourse for false or misleading statements or acts made in connection
with the Prospectus is directly available through Sections 248, 249 and 357 of the Capital Markets and
Services Act 2007.
(ii)
MASTER PROSPECTUS 2008/2009
Contents
Glossary of Terms/Abbreviation……………………………………………………………………………........
Corporate Information……………………………………………………………………………………………...
4
8
1
1.1
1.2
1.3
1.4
1.5
1.6
Summary of Key Features of the Funds………………………………………………………………
General Information
Fund Information …………………………………………………………………………………………...
Fees and Charges ……………………………………………………………………...…………..……..
Information on Transactions ……………………………………………..……………………………….
Special Benefit ………………………………............……………………………………………………
Other Information ………………………………………………………………………………………….
11
11
12
20
24
26
26
2
2.1
2.2
Risk Factor ….…………………………………………………………………………………………….
Risks of Investing in Unit Trust …………………………………………………………………………...
Control Of Risk ……………………………………………………………………………………………..
28
28
29
3
3.1
3.2
3.2.1
3.3
3.4
Detailed Information on the Funds ……………………………………………………………….........
AMB Unit Trust Fund ………………………………………………………………………………………..
AMB Balanced Trust Fund …………………………………………………………………………………
AMB Income Trust Fund ……………………………………………………………………………………
AMB Index-Linked Trust Fund ……………………………………………………………………………..
AMB SmallCap Trust Fund …………………………………………………………………………………
AMB Enhanced Bond Trust Fund ………………………………………………………………………….
AMB Ethical Trust Fund …………………………………………………………………………………….
AMB Value Trust Fund ……………………………………………………………………………………...
AMB Lifestyle Trust Fund Today …………………………………………………………………………..
AMB Lifestyle Trust Fund 2009 ……………………………………………………………………………
AMB Lifestyle Trust Fund 2014 ……………………………………………………………………………
AMB Dividend Trust Fund ………………………………………………………………………………….
PNB Structured Investment Fund ………………………………………………………………………….
Permitted Investment ………………………………………………………………………………………
Investment in Warrants and Options ………………………………………………………………………
Investment Restrictions ……………………………………………………………………………………..
Exception and Exclusion Applicable to the Funds ……………………………………………………….
30
30
33
36
39
42
45
49
54
58
61
66
71
75
80
82
82
84
4
4.1
4.2
4.3
4.4
Investment Process of the Funds ………………………………………………………………………
Investment Philosophy of the Funds ………………………………………………………………………
Investment Process of the Funds …………………………………………………………………………
Bases of Valuation of Investments ………………………………………………………………………..
Policy on Gearing and Liquid Assets ……………………………………………………………………..
85
85
87
93
95
5
Performance of the Fund …………………………………………………………………………………
AMB Unit Trust Fund ……………………………………………………………………………………….
AMB Balanced Trust Fund …………………………………………………………………………………
AMB Income Trust Fund ……………………………………………………………………………………
AMB Index-Linked Trust Fund ……………………………………………………………………………..
AMB SmallCap Trust Fund …………………………………………………………………………………
AMB Enhanced Bond Trust Fund ………………………………………………………………………….
AMB Ethical Trust Fund …………………………………………………………………………………….
AMB Value Trust Fund ……………………………………………………………………………………...
AMB Lifestyle Trust Fund Today …………………………………………………………………………..
AMB Lifestyle Trust Fund 2009 ……………………………………………………………………………
AMB Lifestyle Trust Fund 2014 ……………………………………………………………………………
AMB Dividend Trust Fund ………………………………………………………………………………….
96
96
97
98
99
100
101
102
103
104
105
106
107
AMB Client Services : 03-2034 0800
1
MASTER PROSPECTUS 2008/2009
6
6.1.1
6.1.2
6.1.3
6.1.4
6.1.5
6.1.6
6.1.7
6.1.8
6.1.9
6.1.10
6.1.11
6.1.12
6.2
Historical Financial Highlights of the Fund …………………………………………………………...
AMB Unit Trust Fund ……………………………………………………………………………….............
AMB Balanced Trust Fund………………………………………………………………………………….
AMB Income Trust Fund………………………………………………………………………………........
AMB Index-Linked Trust Fund……………………………………………………………………………...
AMB SmallCap Trust Fund………………………………………………………………………………….
AMB Enhanced Bond Trust Fund…………………………………………………………………………..
AMB Ethical Trust Fund……………………………………………………………………………….........
AMB Value Trust Fund………………………………………………………………………………...........
AMB Lifestyle Trust Fund Today…………………………………………………………………………...
AMB Lifestyle Trust Fund 2009…………………………………………………………………………….
AMB Lifestyle Trust Fund 2014 ……………………………………………………………………………
AMB Dividend Trust Fund ………………………………………………………………………………….
Total Annual Expenses incurred by the Funds in the last Financial Year …………………………….
109
109
110
110
111
111
112
112
113
113
114
114
115
115
7
7.1
7.2
7.3
7.4
7.5
7.6
7.7
7.8
7.9
7.10
7.11
Understanding Fees and Expenses …………………………………………………………………….
Sales Charge ………………………….………………………………………………………………….....
Redemption Fee …...……………………………………………………………………………….............
Management Fee ……………………………………………………………………………………………
Trustee Fee ………...………………………………………………………………………………………..
Custodian Fee ……………………………………………………………………………………………….
Fund’s Expenses …………………………………………………………………………………………….
Transfer of Units ……………………………………………………………………………………………..
Switching ……………………………………………………………………………………………….........
Management Expense Ratio (MER)…………………………………………………………………….....
Portfolio Turnover Ratio (PTR)……………………………………………………………………….........
Policy on Brokerage Rebates and Soft Commissions …………………………………………….........
117
117
117
118
118
119
119
119
119
120
120
120
8
8.1
8.2
8.3
8.4
8.5
8.6
8.7
8.8
8.9
8.10
8.11
8.12
Purchasing and Redeeming of Units …………………………………………………………………..
Single Pricing Policy ………………………………………………………………………………………...
Valuation of Units ……………………………………………………………………………………………
Error in Pricing ……………………………………………………………………………………………….
Purchasing and Redeeming of Units …………………………………………………………………......
Determination of Prices and Charges……………….………………………………….…………………
Minimum Balance of Investment …………………………….………………………………………….....
Cooling-Off Right ………………………………………….………………………………………………...
How to Purchase and Redeem Units of the Fund………………………………...……………………...
Where to Purchase and Redeem……………………....………………………………………………….
Invest your EPF Savings …………………………………………………………………………………...
Transfer of Units …………………………………………………………………………………………….
The Flexibility to Switch your Investment …………………………………………………………………
121
121
121
121
121
122
123
123
124
124
125
125
125
9
9.1
9.2
9.3
9.4
9.5
9.6
Understanding Income Distributions and Reinvestment Plan …………………………………....
Distribution Policy …………………………………………………………………………………………...
What Comprises Income Distribution? ……..……………………………………………………….........
How is Income Distributions Calculated?………………………………………………………………….
What options do I have in receiving an income distribution?...…………………………………………
Distribution Reinvestment Plan for the Funds ……………………………………………………………
Policy on Unclaimed Monies …………………………………………..…………………………………..
126
126
126
126
126
127
127
10
10.1
10.2
10.3
10.4
10.5
Communications with Unit Holders …………………………………………………………………….
Customer Information Service ……………………………………………………………………….........
Regular Reports on your Investment ……………………………………………………………………...
Register of Unit Holders …………………………………………………………………………………….
Policies Adopted by AMB to Avoid Money Laundering Activities ………………………………………
Material Contracts …………………………………………………………………………………………..
128
128
128
128
129
129
11
11.1
11.2
Rights and Liabilities of a Unit Holder …………………………………………………………………
Rights of a Unit Holder ……………………………………………………………………………………...
Liabilities of a Unit Holder …………………………………………………………………………………..
130
130
130
AMB Client Services : 03-2034 0800
2
MASTER PROSPECTUS 2008/2009
12
12.1
12.2
12.3
12.3.1
12.3.2
12.4
12.5
12.5.1
12.6
12.6.1
12.6.2
12.7
12.7.1
12.7.2
12.7.3
12.7.4
12.7.5
12.8
12.9
12.10
12.11
The Management and Administration of the Funds …………………………………………………
Corporate Profile of the Manager ………………………………………………………………………....
Past Performance of the Manager ………………………………..……………………………………....
Profile of the Board of Directors of the Manager ……………..……………………………………….....
Company Secretary …………………………………………………………………………………………
Senior Compliance Officer ………………………………………………………………………………....
Profile of the Key Management Staff of the Manager …………………………………..……………….
The Investment Committee of the Funds managed by the Manager .…………………………..........
Roles & Responsibilities of the Investment Committee… ………………………………………………
The Ethical Panel of Advisors …………………………………………………………………………......
Roles & Responsibilities of the Ethical Panel of Advisors ………………………………………………
Profile of Ethical Panel Advisors …………………………………. ………………………………………
Profile of the External Investment Managers …………………………………………………………….
Permodalan Nasional Berhad (PNB) ……………………………………………………………………...
Mayban Investment Management Sdn Bhd (MIM) ………………………………………………………
UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) ………………………………………………
HwangDBS Investment Management Berhad (HwangDBS IM) ……………………………………….
Duties of The External Investment Managers………………..…………………………………………...
Designated Investment Managers of the Funds …………………………………………………………
Management Company’s Delegates ………………………………………………………………………
Conflict of Interest……………………………………………………………………………………………
Material Litigation and Arbitration ………………………………………………………………………….
131
131
132
132
134
134
135
135
135
136
136
136
137
137
138
139
140
141
142
143
143
143
13
13.1
13.1.1
13.1.2
13.2
13.2.1
13.2.2
13.2.3
13.3
13.3.1
13.3.2
13.3.3
13.4
13.4.1
13.4.2
13.5
13.6
13.7
The Trustees of the Funds ………………………………………………………………………………
Profile of Universal Trustee (Malaysia) Berhad (UTMB) ………………………………………………..
Trustee’s Responsibilty Statement ………………………………………………………………………..
Trustee’s Disclosure of Material Litigation & Arbitration ………………………………………………...
Profile of HSBC (Malaysia) Trustee Berhad (HSBC) ……………………………………………………
Trustee’s Responsibilty Statement ………………………………………………………………………..
Trustee’s Disclosure of Material Litigation & Arbitration ………………………………………………...
Trustee’s Delegate ………………………………………………………………………………………….
Profile of Malaysian Trustees Berhad (MTB) …………………………………………………………….
Trustee’s Responsibilty Statement ………………………………………………………………………..
Trustee’s Disclosure of Material Litigation & Arbitration ………………………………………………...
Trustee’s Delegate ………………………………………………………………………………………….
Profile of AmanahRaya Trustees Berhad (ART)………………………………………………………….
Trustee’s Responsibilty Statement ………………………………………………………………………..
Trustee’s Disclosure of Material Litigation & Arbitration ………………………………………………...
Duties and Obligations of Trustees ..………………………………………………………………………
Retirement, Removal or Replacement of the Trustee …...……………………………………………...
Power of the Trustee to Remove or Replace the Manager …………………………………………….
144
144
145
145
145
147
147
147
148
149
149
149
150
151
152
152
153
153
14
15
16
17
18
19
20
21
22
Salient Terms of Deed ………………………………………………………………………………….....
Variations Granted by the SC ……………………………………………………………………………
Related Party Transactions/Conflict of Interest ………….…………………………………………..
Tax Advisors’ Letter .......................................................................................................................
Consents …………………………………………………………………………………………………….
Documents Available for Inspection .............................................................................................
Directors’ Declaration ………………………………………………………………………………….....
List of Offices ………………………………………………………………………………………………
Maybank Distribution Branch …………………………………………………………………..........
154
157
159
161
172
173
174
175
176
AMB Client Services : 03-2034 0800
3
MASTER PROSPECTUS 2008/2009
Glossary of Terms / Abbreviation
The following words or abbreviations shall have the following meanings in the current Prospectus unless otherwise
stated:
“Act”
The Capital Markets and Services Act, 2007 including all amendments
thereto and all regulations rules and guidelines issued in connection
therewith.
“AMB” or “Manager”
Amanah Mutual Berhad (AMB) (195414-U).
“AMB Family of Funds”
All Funds under the management of the Manager.
“ASNB”
Amanah Saham Nasional Berhad (47457-V), the holding company of the
Manager.
“AMBUTF”
“AMBBTF”
“AMBITF”
“AMBILTF”
“AMBSCTF”
“AMBEBTF”
“AMBETF”
“AMBVTF”
“AMBLTF Today”
“AMBLTF 2009”
“AMBLTF 2014”
“AMBDTF”
“PNB SIF”
AMB Unit Trust Fund
AMB Balance Trust Fund
AMB Income Trust Fund
AMB Index-Linked Trust Fund
AMB Smallcap Trust Fund
AMB Enhanced Bond Trust Fund
AMB Ethical Trust Fund
AMB Value Trust Fund
AMB Lifestyle Trust Fund Today
AMB Lifestyle Trust Fund 2009
AMB Lifestyle Trust Fund 2014
AMB Dividend Trust Fund
PNB Structured Investment Fund
“Bursa Malaysia”
Bursa Malaysia Securities Berhad (635998-W).
“Business Day(s)”
A day on which the Bursa Malaysia Securities Berhad is open for trading
in Securities.
“BAFIA”
Banking and Financial Institution Act 1989, including all amendments
thereto and all regulations, rules and guidelines issued in connection
therewith.
“Capital Raised”
The total amount of money available for the purchase of investments for
the Fund on the Commencement Date and is the total sum of all the Units
sold during the Initial Offer Period.
“Cooling-off Period”
The cooling-off period of the Funds is 6 Business Days commencing from
the date of purchase i.e. the date on which the Manager receives the
application form and the investment amount.
“Cooling-off Right”
The right of a qualified Unit Holder to change his mind and cancel an
investment in the Funds within the Cooling-off Period commencing from
the date of purchase.
“DBMB”
Deutsche Bank (Malaysia) Berhad (312552-W).
“Deeds”
The Deeds including any supplementary Deeds between the Manager,
the Trustees and the Unit Holders for AMBUTF, AMBBTF, AMBITF,
AMBILTF, AMBETF, AMBVTF, AMBEBTF, AMBSCTF, AMBLTF Today,
AMBLTF 2009, AMBLTF 2014, AMBDTF and PNB SIF.
“Distribution Branch”
Any branch, outlet or any other premises of the IUTA used as distribution
channel for the purpose of marketing and distribution of Units.
AMB Client Services : 03-2034 0800
4
MASTER PROSPECTUS 2008/2009
“Ethical Panel of Advisors”
The Panel of Advisors appointed by the Manager to AMBETF.
“EPF”
Employees Provident Fund.
“External Investment Manager”
Mayban Investment Management Sdn. Bhd. (MIM) for AMBUTF,
AMBBTF, AMBITF, AMBILTF, AMBSCTF and AMEBTF, UOB-OSK Asset
Management Sdn. Bhd. (UOB-OSKAM) for AMBETF, AMBVTF, AMBLTF
Today, AMBLTF 2009 and AMBLTF 2014, HwangDBS Investment
Management Berhad (HwangDBS IM) for AMBDTF and Permodalan
Nasional Berhad (PNB) for PNB SIF.
“FMUTM”
The Federation of Malaysian Unit Trust Manager.
“Forward Pricing”
The NAV per Unit of the Fund used for the purpose of calculating a price
is the NAV per Unit as at the next valuation point after an application or a
request is received.
“FBM Emas Index”
FTSE Bursa Malaysia Emas Index.
“FBM Emas Shariah Index”
FTSE Bursa Malaysia Emas Shariah Index
“Fund”
Any of the Funds under the management of the Manager.
“Funds”
AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBETF, AMBVTF, AMBEBTF,
AMBSCTF, AMBLTF Today, AMBLTF 2009, AMBLTF 2014, AMBDTF,
PNB SIF.
“Guidelines”
The Guidelines on Unit Trust Funds and any other relevant guidelines on
Unit Trust Funds issued by the Securities Commission as amended,
modified or varied by any notes, circular and guidelines issued from time
to time by the SC.
“HSBC”
HSBC (Malaysia) Trustee Berhad (HSBC) (001281-T) as trustee for
AMBILTF, AMBETF, AMBVTF,AMBLTF Today, AMBLTF 2009, AMBLTF
2014 and AMBDTF.
“Investment Committee”
The Investment Committee of the Manager primarily responsible for
formulating, implementing and monitoring the investment management
strategies of the Funds in accordance with the respective investment
objectives of the Funds.
“Investment Management Agreement”
The agreement setting out the terms and conditions upon which the
respective External Investment Manager has been appointed and has
agreed to act as the External Investment Manager of the respective Fund.
“IPOs”
Initial Public Offerings, which are offers by a company to the public to buy
its shares before listing on Bursa Malaysia.
“IUTA” or “Distributor”
Maybank and any other Institutional Unit Trust Agent, which is an
institution, a corporation or an organisation that is registered with FMUTM
in accordance with their guidelines to distribute the Units.
“KLCI”
Kuala Lumpur Composite Index.
“KLIBOR”
Kuala Lumpur Inter-Bank Offered Rates.
“LPD”
August 18, 2008, being the latest practicable date for the purposes of
ascertaining the information contained in this Prospectus.
“MARC”
Malaysia Rating Corporation Berhad (364803-V).
AMB Client Services : 03-2034 0800
5
MASTER PROSPECTUS 2008/2009
“Management Expense Ratio” or
“MER”
Expenses
The ratio of the sum of the fees and the recovered expenses of the Fund
to the average value of the Fund calculated on a daily basis, i.e.:
Fees of the Fund  recovered expenses of the Fund
x 100
Average value of the Fund calculated on a daily basis
Where:
Fees
= All ongoing fees deducted/deductible directly from the
Fund in respect of the period covered by the
management expense ratio expressed, as a fixed
amount calculated on a daily basis. This would include
the annual management fee, the annual trustee fee
and any other fees deducted/deductible direct from the
Fund;
Recovered = All expenses recovered from /charged to the Fund as a
result of the expenses incurred by the operation of the
Fund, expressed as a fixed amount. This should not
include expenses that would otherwise be incurred by
an individual investor (e.g. brokerage, taxes and
levies);and
Average
Value of
The Fund
= The NAV of the Fund, including net value income less
expenses on an accrued basis, in respect of the period
covered by the management expense ratio, calculated
on a daily basis.
“Maturity Date”
The respective Maturity Date of the Funds (where applicable) was stated
in the Deeds and as set out in Section 1.2 of this Prospectus.
“Maybank”
Malayan Banking Berhad (3813-K).
“MESDAQ”
Malaysian Exchange for Securities Dealings and Automated Quotation.
“Net Asset Value / NAV of the Fund”
The NAV of the Fund is determined by deducting the value of all the
Fund’s liabilities from the value of all the Fund’s assets, at the valuation
point. For the purpose of computing the annual management fee and
annual trustee fee, the NAV of the Fund should be inclusive of the
management fee and trustee fee for the relevant day.
“Net Asset Value / NAV per Unit”
The NAV of the Fund divided by the number of Units in Circulation, at
the valuation point.
“Non-Trustee Stock”
Securities of the kind not permissible, as referred to in Section 5 of the
Trustee Act 1949 (Act 208).
“Portfolio Turnover Ratio” or “PTR”
The ratio of the average sum of the acquisitions and disposals of the
Fund for the year to the average value of the Fund for the year
calculated on a daily basis, i.e.:
[Total acquisitions of the Fund for the year 
Total disposals of the Fund for the year] / 2
Average value of the Fund for the year calculated on a daily basis
“PNB”
Permodalan Nasional Berhad (38218-X), the ultimate holding company
of the Manager.
“PHNB”
Pelaburan Hartanah Nasional Berhad (175967-W), being the manager
of PNB REIT.
AMB Client Services : 03-2034 0800
6
MASTER PROSPECTUS 2008/2009
“PNB REIT”
PNB Real Estate Investment Trust, a private and unlisted REIT.
“Properties”
The properties that PNB REIT has acquired, namely, Menara PNB, PNB
Darby Park, PNB Damansara, Menara Tun Ismail Mohamed Ali, Wisma
KPMG, Menara Pelangi/Plaza Pelangi and Pelangi Leisure Mall.
“Purchasing of Units”
The buying of Units by Unit Holders in a Fund is calculated at NAV per
Unit.
“Redeeming of Units”
The redeeming of Units by Unit Holders in a Fund is calculated at NAV
per Unit.
“REIT”
Real Estate Investment Trust.
“REITs Guidelines”
The Guidelines on Real Estate Investment Trusts issued by the SC as
may be amended from time to time.
“RAM”
Rating Agency of Malaysia Holdings Berhad (208095-U).
“RM”
Ringgit Malaysia.
“SC”
Securities Commission.
“Structured Products”
Structured products which have been issued in accordance with such
relevant regulatory requirements as may be imposed by the Securities
Commission and Bank Negara Malaysia.
“Trustees”
Universal Trustee (Malaysia) Berhad (UTMB) (17540-D) as trustee for
AMBUTF, AMBBTF and AMBITF;
HSBC (Malaysia) Trustee Berhad (HSBC) (001281-T) as trustee for
AMBILTF, AMBETF, AMBVTF, AMBLTF Today, AMBLTF 2009,
AMBLTF 2014 and AMBDTF;
Malaysian Trustees Berhad (MTB) (21666-V) as trustee for AMBSCTF
and AMBEBTF; and
AmanahRaya Trustees Berhad (766894-T) as trustee for PNB SIF.
“Trustee"
Any of the Trustees.
“Unit Holder(s)”
A person or persons registered as holder(s) of a Unit or Units of the
Funds and whose name appears in the Register of Unit Holders.
“Units”
Units of any Fund.
“Units in Circulation”
A Unit of the Fund created and fully paid.
Definitions or meanings of words not otherwise expressed above shall follow the meaning or interpretation as
ascribed in the Guidelines on Unit Trust Funds issued by the SC and any other relevant laws governing unit
trust funds.
AMB Client Services : 03-2034 0800
7
MASTER PROSPECTUS 2008/2009
Corporate Information
MANAGER
Amanah Mutual Berhad (195414-U)
Registered Office
4th Floor, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Telephone : 03-2050 5100
Facsimile : 03-2163 3477
Principal Office
34th Floor, Menara PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Telephone
: 03-2034 0800
Facsimile
: 03-2162 5958 / 2163 3212
AMB Client Services : 03-2034 0800
Email
: ambcare@pnb.com.my
Website
: http//www.ambmutual.com.my
ETHICAL PANEL OF ADVISORS

Dato' Kamilia binti Ibrahim
Chairman

Encik Sreesanthan Eliathamby

Encik Spencer Lee Tien Chye
AUDIT COMMITTEE OF PNB
• Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd.
Noordin
(Independent member)
• Tan Sri Dato' Md Desa bin Pachi
(Independent member)
• Datuk Burhanuddin Bin Ahmad Tajuddin
(Independent member)
BOARD OF DIRECTORS
 Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid
Chairman
(Non-Executive/Non-Independent Director)
• Tan Sri Dato’ Hamad Kama Piah bin Che Othman
(Non-Executive/Non-Independent Director)
COMPLIANCE COMMITTEE OF PNB
• Tan Sri Dato' Hamad Kama Piah bin Che
Othman
(Non-Independent member)
• Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin
(Non-Executive/Independent Director)
• Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd.
Noordin
(Independent member)
• Tan Sri Dato' Md. Desa bin Pachi
(Non-Executive/Independent Director)
• Datuk Burhanuddin Bin Ahmad Tajuddin
(Independent member)
• Encik Idris bin Kechot
(Non-Executive/Non-Independent Director)
• Encik Paisol bin Ahmad
(Independent member)
INVESTMENT COMMITTEE MEMBERS
COMPANY SECRETARY
• Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid
Chairman
(Non-Executive/Non-Independent member)
Puan Adibah Khairiah binti Ismail @ Daud
(MIA 13755)
4th Floor, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
• Tan Sri Dato' Hamad Kama Piah bin Che Othman
(Non-Independent member)
• Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin
(Independent member)
• Tan Sri Dato' Md. Desa bin Pachi
(Independent member)
AMB Client Services : 03-2034 0800
8
MASTER PROSPECTUS 2008/2009
EXTERNAL INVESTMENT MANAGERS
Permodalan Nasional Berhad (38218-X)
4th Floor, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Telephone : 03-2050 5100
Website : www.pnb.com.my
Mayban Investment Management Sdn Bhd
(421779-M)
Level 13, MaybanLife Tower
Dataran Maybank
No.1, Jalan Maarof
59000 Kuala Lumpur
Telephone : 03-2297 7888
Facsimile : 03-2297 7880
UOB-OSK Asset Management Sdn Bhd
(219478-X)
Level 13, Menara UOB
Jalan Raja Laut
50350 Kuala Lumpur
Telephone: 03-2732 1181
Facsimile : 03-2732 1100
HwangDBS Investment Management Berhad
(429786-T)
Suite 12-03, 12th Floor, Menara Keck Seng,
203, Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone : 03-2142 1881
Facsimile : 03-2141 1886 / 03-2143 1881
Toll free line : 1-800-88-7080
Email
: hdbsim@hdbs.com.my
Website
: www.hdbsim.com.my
Malaysian Trustees Berhad’s Delegate
Mayban Custody & Services
3rd Floor Menara Maybank
100 Jalan Tun Perak
50050 Kuala Lumpur
Telephone: 03-2074 7111
Facsimile : 03-2032 1572
Registered and Business Office:
HSBC (Malaysia) Trustee Berhad (001281-T)
Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing,
No 1, Leboh Ampang,
50100 Kuala Lumpur.
Telephone: 03-2074 3200 (General Line)
Facsimile : 03-2078 0145
HSBC (Malaysia) Trustee Berhad’s Delegate
The Hongkong And Shanghai Banking Corporation
Limited
(As Custodian) and assets held through:
HSBC Nominees (Tempatan) Sdn Bhd (258854-D)
No 2 Leboh Ampang
50100 Kuala Lumpur
Telephone : (603)2070 0744
Facsimile : (603)2072 9787
HSBC Institutional Trust Services (Asia) Limited
6th Floor, Tower One
HSBC Centre
No 1 Sham Mong Road
Kowloon, Hong Kong
Telephone : (852)25336333
Facsimile : (852)28696120
TRUSTEES
Registered and Business Office:
Universal Trustee (Malaysia) Berhad
(17540-D)
No. 1, 3rd Floor
Jalan Ampang
50450 Kuala Lumpur
Telephone: 03-2070 8050
Facsimile : 03-2031 8715/ 2032 3194
Email Address: info@utmb.com.my
Website : www.universaltrustee.com.my
Registered and Business Office:
Malaysian Trustees Berhad (21666-V)
Level 2, Menara Prudential
No.10, Jalan Sultan Ismail
50250 Kuala Lumpur
Telephone: 03-2176 1066
Facsimile : 03-2032 1222
Email Address: mtb@mytrustees.com.my
AMB Client Services : 03-2034 0800
Registered and Business Office:
AmanahRaya Trustees Berhad (766894-T)
Tingkat 4, Wisma TAS
No. 21, Jalan Melaka
50100, Kuala Lumpur
Telephone : (603)2036 5000
Facsimile : (603)2072 0322
Website
: www.amanahraya.com.my
AUDITOR
Messrs. Ernst & Young
Chartered Accountants
Level 23A Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
9
MASTER PROSPECTUS 2008/2009
TAX ADVISORS
PricewaterhouseCoopers Taxation Services Sdn Bhd
(AMBUTF, AMBITF and AMBBTF)
11th Floor Wisma Sime Darby
Jalan Raja Laut
50706 Kuala Lumpur
Ernst & Young Tax Consultants Sdn Bhd
(AMBILTF, AMBETF, AMBVTF, AMBEBTF, AMBSCTF,
AMBLTF TODAY, AMBLTF 2009, AMBLTF 2014, AMBDTF,
PNB SIF)
Level 23A Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
PRINCIPAL BANKER
Malayan Banking Berhad (3813-K)
Kuala Lumpur Main Office
100 Jalan Tun Perak
50050 Kuala Lumpur
SOLICITORS
Messrs. Othman Hashim & Co
Suite 18.04
Menara MAA
No. 12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Messrs. Zainal Abidin & Co.
Suite 1803 – 1806, 18th Floor
Plaza Permata, Jalan Kampar
Off Jalan Tun Razak
50400 Kuala Lumpur.
FEDERATION OF MALAYSIAN UNIT TRUST MANAGERS
19-07-3, 7th Floor,
PNB Damansara,
19, Lorong Dungun,
Damansara Heights,
50490 Kuala Lumpur.
Telephone: 03-2093 2600
Facsimile : 03-2093 2700
Email Address: info@fmutm.com.my
AMB Client Services : 03-2034 0800
10
MASTER PROSPECTUS 2008/2009
1 Summary of Key Features of the Funds
This section is only a summary of the salient information about the Fund. Investors should read understand the
whole Prospectus before making investment decisions.
1.1 General Information
FUND
TRUSTEE
AMBUTF
Universal Trustee
(Malaysia) Berhad
(17540-D)
EXTERNAL
INVESTMENT
MANAGER
Mayban Investment
Management Sdn Bhd
(421779-M)
LAUNCH DATE
FINANCIAL
YEAR END
UNITS IN
CIRCULATION
AS AT LPD
March 26, 1992
June 30
276,826,837
Universal Trustee
(Malaysia) Berhad
(17540-D)
Mayban Investment
Management Sdn Bhd
(421779-M)
September 19, 1994
September 30
235,724,885
Universal Trustee
(Malaysia) Berhad
(17540-D)
Mayban Investment
Management Sdn Bhd
(421779-M)
June 19, 1996
June 30
190,225,187
HSBC (Malaysia)
Trustee Berhad
(001281-T)
Mayban Investment
Management Sdn Bhd
(421779-M)
May 16, 2002
October 31
22,779,000
AMBSCTF
Malaysian
Trustees Berhad
(21666-V)
Mayban Investment
Management Sdn Bhd
(421779-M)
March 3, 2004
July 31
310,051,500
AMBEBTF
Malaysian
Trustees Berhad
(21666-V)
Mayban Investment
Management Sdn Bhd
(421779-M)
May 27, 2003
March 31
76,817,300
AMBETF
HSBC (Malaysia)
Trustee Berhad
(001281-T)
UOB-OSK Asset
Management Sdn Bhd
(219478-X)
January 7, 2003
August 31
19,508,600
AMBVTF
HSBC (Malaysia)
Trustee Berhad
(001281-T)
UOB-OSK Asset
Management Sdn Bhd
(219478-X)
January 7, 2003
August 31
18,173,700
AMBLTF
Today
HSBC (Malaysia)
Trustee Berhad
(001281-T)
UOB-OSK Asset
Management Sdn Bhd
(219478-X)
November 25, 2004
September 30
24,595,000
AMBLTF
2009
HSBC (Malaysia)
Trustee Berhad
(001281-T)
UOB-OSK Asset
Management Sdn Bhd
(219478-X)
November 25, 2004
September 30
14,395,000
AMBLTF
2014
HSBC (Malaysia)
Trustee Berhad
(001281-T)
UOB-OSK Asset
Management Sdn Bhd
(219478-X)
November 25, 2004
September 30
4,300,000
AMBDTF
HSBC (Malaysia)
Trustee Berhad
(001281-T)
HwangDBS Investment
Management Berhad
(429786-T)
June 6, 2006
April 30
57,980,000
PNB SIF
AmanahRaya
Trustees Berhad
(766894-T)
Permodalan Nasional
Berhad (38218-X)
May 12, 2008
July 31
2,447,850,000
AMBBTF
AMBITF
AMBILTF
AMB Client Services : 03-2034 0800
11
MASTER PROSPECTUS 2008/2009
1.2 Fund Information
FEATURES
AMBUTF
AMBBTF
Category of Fund
Equity Fund
Balanced Fund
Type of Fund
Growth Fund
Growth and Income Fund
Objective of the Fund
To achieve a steady long-term income
(over 5 years) and capital growth through
a
diversified
portfolio
of
equity
investments in larger capitalized stocks
(prime focus on main board and liquid
stocks).
(Refer to page 30 for details of investment
objective of the Fund).
The Fund invests primarily in blue chip
and high growth stocks that can increase
the potential for better long-term returns.
(Refer to page 31 for details of investment
strategy of the Fund).
To provide a balance between income
and long-term (over 5 years) capital
appreciation.
(Refer to page 33 for details of investment
objective of the Fund).
Asset Allocations
 Min 40% Max 90% in equities
 Min 10% in liquid asset
(Refer to page 32 for details of asset
allocation of the Fund)
• Min 20% Max 60% in equities
• Min 20% Max 60% in fixed income
securities
• Min 10% in liquid assets
(Refer to page 35 for details of asset
allocation of the Fund)
Benchmark
KLCI.
• 60% KLCI.
• 40% 12-month fixed deposit rate.
Principal risks of
investing in the Fund
The principal risks of investing in the Fund
are as follows:
 Stock market risk
 Individual stock risk
 Liquidity risk
(Refer to page 31 for details of potential
risks associated with the Fund)
The principal risks of investing in the Fund
are as follows:
 Stock or bond market risk
 Individual stock risk
 Credit/ default risk
 Interest rate risk
 Liquidity risk
(Refer to page 34 for details of potential
risk associated with the Fund)
Investor Profile
The Fund is suitable for all investors
whose primary interest is in investments
for the long term and capital growth of
their investment. It is for those who are
seeking investment in larger blue chips
and growth stocks.
The Fund is suitable for all investors who
are seeking a fully managed and balanced
portfolio of investments and who have an
investment horizon of 5 years or more.
Distribution Policy
Income (if any) is expected to be
distributed annually at the Manager’s
discretion.
Income (if any) is expected to be
distributed annually at the Manager’s
discretion.
Approved Fund size
1.5 billion Units
1.15 billion Units
Investment Strategy
AMB Client Services : 03-2034 0800
The Fund invests in a wide variety of
assets, balancing its investment across
potentially high yielding share investments
aiming to increase long term returns.
(Refer to page 35 for details of investment
strategy of the Fund)
12
MASTER PROSPECTUS 2008/2009
FEATURES
AMBITF
AMBILTF
Category of Fund
Bond Fund
Equity Fund
Type of Fund
Income Fund
Index Fund
Objective of the Fund
To maximise returns over the medium
term (over two years) and at the same
time offer stability of capital and regular
income.
(Refer to page 36 for details of investment
objective of the Fund).
To achieve an investment result that tracks
the performance of the benchmark KLCI.
(Refer to page 39 for details of investment
objective of the Fund).
Investment Strategy
The Fund’s investment strategy is to
create a prudent mix in its portfolio to
comply with its investment objective and
to provide professional assessment of
investment prospects by its External
Investment Manager in line with the
economic outlook.
(Refer to page 37 for details of investment
strategy of the Fund)
The Fund’s policy is to remain fully
invested at all times to minimize the
tracking error.
(Refer to page 40 for details of investment
strategy of the Fund)
Asset Allocations
• Min 40% Max 90% in fixed income
securities
• Up to 60% in cash and money market
(Refer to page 38 for details of asset
allocation of the Fund)
• 90.0% to 99.5% in equities
• 0.5% to 10.0% in liquid assets
The percentage is based on portfolio
valuation.
(Refer to page 41 for details of asset
allocation of the Fund)
Benchmark
12-month fixed deposit rate.
KLCI.
Principal risks of
investing in the Fund
The principal risks of investing in the
Fund are as follows:
 Bond market risk
 Credit / default risk
 Interest rate risk
 Liquidity risk
(Refer to page 36 for details of potential
risks associated with the Fund)
The principal risks of investing in the Fund
are as follows:
 Stock market risk
 Individual stock risk
 Liquidity risk
(Refer to page 39 for details of potential
risks associated with the Fund)
Investor Profile
The Fund is suitable for investors seeking
a medium to long-term investment with
regular interest income and some
potential for moderate capital growth.
The Fund is suitable for investors who: • Desire returns that are consistent with the
performance of the KLCI.
• Have a medium to high-risk tolerance
Distribution Policy
Income (if any) is expected to be
distributed annually at the Manager’s
discretion.
It is not the main objective of the Fund to
distribute income as the main focus of the
Fund is to secure capital growth in line with
the performance of the KLCI. Any
distribution declared (if any) is at the
Manager’s discretion.
Approved Fund Size
600 million Units
400 million Units
AMB Client Services : 03-2034 0800
13
MASTER PROSPECTUS 2008/2009
FEATURES
Category of
Fund
Type of Fund
Objective of
the Fund
AMBSCTF
AMBEBTF
Equity Fund
Bond Fund
Growth Fund
To achieve medium to long-term capital growth
by primarily investing into securities of small and
medium sized companies, listed on the Bursa
Malaysia’s Main Board, Second Board,
MESDAQ and/or any other board as approved
by the SC with market capitalisation of not more
than RM750 million which have the potential for
capital appreciation over the medium to long
term (2 to 5 years).
(Refer to page 42 for details of investment
objective of the Fund)
Income and Growth Fund
To provide a stable income stream and an
opportunity for capital appreciation over the
medium to long-term horizon.
(Refer to page 45 for details of investment
objective of the Fund)
Investment
Strategy
The Fund invests primarily in selected small and
medium sized companies listed on the Main
Board and Second Board of the Bursa Malaysia
(including Bursa Malaysia MESDAQ) with
market capitalization of not more than RM750
million which have the potential for capital
appreciation over the medium to long term.
Criteria for selection include companies that
operate in the high growth sector, which are
expected to register high earnings per share
growth and have sound management.
(Refer to page 44 for details of investment
strategy of the Fund)
The Fund seeks to achieve its objective
through a policy of diversified investment in
convertible debt securities, redeemable debt
securities,
government
backed
bonds/
securities, rated private debt securities, money
market instruments and equities.
(Refer to page 47 for details of investment
strategy of the Fund)
Asset
Allocations
 Min 40% Max 95% in stocks and shares of 
Benchmark
FBM Emas Index.
3-month fixed deposit rate.
Principal risks
ofinvesting in
the Fund
The principal risks of investing in the Fund are
Stock market risk, Individual stock risk and
Liquidity risk.
(Refer to page 43 for details of potential risks
associated with the Fund)
Investor
Profile
The Fund is suitable for investors who:
 Are seeking long term capital growth through
investment in small to medium sized
companies.
 Are willing to accept higher level of risk in
order to obtain higher growth of their capital.
 Have a medium to long-term investment
horizon.
It is not the main objective of the Fund to
distribute income as the main focus of the Fund
is to secure capital growth in line with the
performance of the KLCI. Any distribution
declared (if any) is at the Manager’s discretion.
The principal risks of investing in the Fund are
Stock/ bond market risk, Individual stock risk,
IPO risk, Interest rate risk, Credit / default risk
and Liquidity risk.
(Refer to page 46 for details of potential risks
associated with the Fund)
The Fund is suitable for investors who:
 Prefer a conservative investment approach
but are willing to exploit opportunities
presented in the capital markets.
 Possess an investment horizon in excess of
5 years.
Distribution
Policy
Approved
Fund Size
Min 85% in fixed income securities and
small and medium cap companies.
money market .
 Min 5% Max 60% in liquid assets and short-  Min 15% in IPOs. If no good quality IPOs, are
term money market investments.
available then the Fund will have all its
(Refer to page 44 for details of asset allocation
assets in fixed income securities and money
of the Fund)
market.
(Refer to page 47 for details of asset allocation
of the Fund)
600 million Units
AMB Client Services : 03-2034 0800
Income (if any) is expected to be distributed
annually at the Manager’s discretion.
500 million Units
14
MASTER PROSPECTUS 2008/2009
FEATURES
Category of
Fund
AMBETF
AMBVTF
Equity Fund
Equity Fund
Type of Fund
Income and Capital Growth Fund
Capital Growth Fund
Objective of
the Fund
To provide investors with income and capital
growth for medium to long term through
investments that comply with ethical principles
as defined in this Fund.
(Refer to page 49 for details of investment
objective of the Fund)
Investment
Strategy
The Fund seeks to maximize total returns by
providing investors with capital appreciation,
while reducing risk through diversified
investments mainly in equities listed in the Bursa
Malaysia that comply with ethical principles as
defined in this Fund.
(Refer to page 52 for details of investment
strategy of the Fund)
To provide investors with capital growth
through investments into securities that are
trading at a discount to their intrinsic values,
while maximize the risk in the medium to long
term.
(Refer to page 54 for details of investment
objective of the Fund)
The Fund seeks to maximize total returns by
providing investors with capital appreciation
while reducing risk through diversified
investments, mainly in equities listed in the
Bursa Malaysia.
(Refer to page 56 for details of investment
strategy of the Fund)
Asset
Allocations
• Min 50% in equities and/ or bonds
• Max 90% to 98% in equities and/ or bonds
• 2% to 10% in short term money market
instruments.
(Refer to page 53 for details of asset allocation
of the Fund)
• Min 50% in equities and/ or bonds
• Max 90% to 98% in equities and/ or debt
instruments.
• 2% to 10% in cash/money market instruments
(Refer to page 57 for details of asset allocation
of the Fund)
Benchmark
FBM Emas Shariah Index and Finance Indices
on an 80:20 basis ratio respectively.
KLCI.
Principal risks
of investing in
the Fund
The principal risks of investing in the Fund are
as follows:
• Stock market risk
• Individual stock risk
• Interest rate risk
• Credit/ default risk
• Liquidity risk
(Refer to page 50 for details of potential risks
associated with the Fund)
The principal risks of investing in the Fund are
as follows:
 Stock market risk
 Individual stock risk
 Interest rate risk
 Credit / default risk
 Liquidity risk
(Refer to page 55 for details of potential risks
associated with the Fund)
Investor
Profile
The Fund is suitable for investors who:
 Desire income and capital returns from the
equity markets.
 Would like to channel their resources to
companies
that
demonstrate
socially
responsible practices
relating to the
environment and community.
The Fund is suitable for investors who:
 Are willing to accept risks for returns
presented by the stock market.
 Want to capitalize on the value investment
approach when investing in equity markets.
 Have an investment horizon in excess of 5
years.
Distribution
Policy
Income (if any) is expected to be distributed
annually at the Manager’s discretion
It is not the main objective of the Fund to
distribute income as the main focus of the Fund
is to secure capital growth in line with the
performance of the KLCI. Any distribution
declared (if any) is at the Manager’s discretion.
Approved
Fund Size
300 million Units
300 million Units
AMB Client Services : 03-2034 0800
15
MASTER PROSPECTUS 2008/2009
FEATURES
AMBLTF Today
AMBLTF 2009
AMBLTF 2014
Category of
Fund
Bond Fund
Balanced Fund
Balanced Fund
Type of Fund
Income Fund
Growth Fund
Growth Fund
Objective of
the Fund
To seek regular income stream and
moderate
capital
growth
through
investments into Fixed Income securities
and dividend yielding equities.
(Refer to page 58 for details of investment
objective of the Fund)
To provide capital
growth for investors
through a
well-diversified balanced
portfolio that is specially
catered for a 5 year
investment
period. The Fund,over its
investment period,
shall progressively
adopt more defensive
investment strategies as
the Fund
approaches
closer
to
maturity.
(Refer to page 61 for
details
of
investment
objective of the Fund)
To
provide
capital
growth for investors
through
a
welldiversified
balanced
portfolio that is specially
catered for a 10 year
investment period. The
Fund,
over
its
investment period, shall
progressively
adopt
more
defensive
investment strategies as
the Fund approaches
closer to maturity.
(Refer to page 66 for
details of investment
objective of the Fund)
Investment
strategy
To achieve its investment objective of a
regular income stream, the Fund will
allocate at least 80% of its assets into the
Malaysian Fixed Income markets with the
balance in dividend yielding equities to
enhance the returns for the portfolio. To
reduce the volatility of our equity
investments, we may diversify by
investing in both the local and Asian
markets. The equity portion can and will
be reduced to zero point in times of
market uncertainties. Futures may also be
employed from time to time to hedge the
portfolio.
In formulating the investment strategy, the
Managers will consider the following to
determine the portion of investment to be
in foreign markets (within permitted
amounts):
(a) Comparison of economic outlook of
Asian
economies
against
the
Malaysian economy to determine the
growth prospects and economic
cycles.
(b) Assess country, political and social
risks.
(c) Determine liquidity flows in all the
Asian countries.
(d) Identify risks or attractions specific to
countries/region.
(e) Assess currency risks.
(Refer to page 60 for details of investment
strategy of the Fund)
To achieve its investment objectives, the Funds will
invest in Malaysian equities and fixed income
securities where appropriate. Foreign equities may be
included to further diversify the Funds. In formulating
the investment strategy, the Managers will consider
the following to determine the portion of asset class to
be in foreign investments (within permitted amounts):-
AMB Client Services : 03-2034 0800
(a) Comparison of economic outlook of Asian
economies against the Malaysian economy to
determine the growth prospects and economic
cycles for each country.
(b) Assess country, political and social risks.
(c) Determine liquidity flows in all the Asian countries.
(d) Identify
risks
or
attractions
specific
to
countries/region.
(e) Assess currency risks.
(Refer to page 63 for AMBLTF 2009 & page 68 for
AMBLTF 2014 for details of investments strategy of
the Funds)
16
MASTER PROSPECTUS 2008/2009
FEATURES
Asset
Allocation
Benchmark
AMBLTF TODAY
 0% - 20% in equities
 80% -100% in bonds and
money market/cash.
(Refer to page 60 for details
of asset allocation of the
Fund.)
(80% x 12-month fixed
deposit rate) + (20% x %
change in FBM Emas Index)
AMBLTF 2009
Targeted Asset Allocation (TAA)
TAA 1
29% - 34% in equities
66% - 71% in bonds and money
market
TAA 2
22% - 27% in equities
73% - 78% in bonds and money
market
(Refer to page 65 for details of
asset allocation of the Fund.)
TAA 1
(34% x % change in FBM Emas
Index) + (66% x % fixed deposit
return)
TAA 2
(27% x % change in FBM Emas
Index) + (73% x % fixed deposit
return)
AMBLTF 2014
TAA 1
41% - 46% in equities
54% - 59% in bonds and
money market
TAA 2
35% - 40% in equities
60% - 65% in bonds and
money market
TAA 3
29% - 34% in equities
66% - 71% in bonds and
money market
TAA 4
22% - 27% in equities
73% - 78% in bonds and
money market
(Refer to page 70 for details of
asset allocation of the Fund.)
TAA 1
(46% x % change
Emas Index) + (54%
deposit return)
TAA 2
(40% x % change
Emas Index) + (60%
deposit return)
in FBM
x %fixed
in FBM
x %fixed
TAA 3
(34% x % change in FBM
Emas Index) + (66% x %fixed
deposit return)
Principal
risks of
investing in
the Fund
Investor
Profile
Distribution
Policy
Approved
Fund Size
TAA 4
(27% x % change in FBM
Emas Index) + (73% x %fixed
deposit return)
The principal risks of investing are stock/bond market risk, credit/default risk, liquidity risk, individual
stock risk, currency risk, country risk, interest rate risk.
(Refer to page 59 for AMBLTF Today, page 62 for AMBLTF 2009 and page 67 for AMBLTF 2014 for
more details of potential risks associated with the Funds.
The Fund is suitable for The Fund is suitable for
The Fund is suitable for
investors who:investors who: investors who:  Seek
a
defensive  Seek an investment solution for • Seek an investment solution
investment solution that
a period of 5 years or more.
for a period of 10 years or
comprises fixed income  Seek
returns
from
more.
instruments and a minor
professionally managed Fund • Seek
returns
from
a
portion of equity.
that is well diversified across
professionally managed Fund
 Seek
returns from a
various asset classes.
that is well diversified across
professionally managed  Desire to have a Fund that
various asset classes.
Fund
that
is
well
would automatically become • Desire to have a Fund that
diversified across various
more defensive over time.
would automatically become
asset classes.
more defensive over time.
Income (if any) is expected
to be distributed annually at
the Manager’s discretion.
Income (if any) is expected to be
distributed annually at the
Manager’s discretion.
Income (if any) is expected to
be distributed annually at the
Manager’s discretion.
250 million Units
250 million Units
250 million Units
Tenure
N/A
5 years
10 years
Maturity Date
N/A
December 22, 2009
December 22, 2014
AMB Client Services : 03-2034 0800
17
MASTER PROSPECTUS 2008/2009
Features
AMB Dividend Trust Fund
Category of Fund
Equity Fund
Type of Fund
Objective of the
Fund
Income and Growth Fund
To provide investors with a regular income stream and to attain medium-to-long-term
capital appreciation through investing in high (and potentially high) dividend yielding
equities (including foreign equities).
(Refer to page 71 for details of investment objective of the Fund)
Investment Strategy
The Fund will invest primarily in high dividend yielding stocks both in Malaysia and in Asian
ex-Japan markets (the latter being subject to a maximum of 30% of the Fund’s size). The
selection of appropriate equities will be driven by the External Investment Manager’s
internal screening process whereby emphasis will be placed on sustainability of dividends,
price-to-earnings ratios, gearing levels, historical volatility as well as liquidity.
Where in the opinion of the External Investment Manager a defensive strategy is
appropriate, up to 30% of the Fund may be invested in Malaysian fixed income instruments.
For fixed income securities, the Fund will mainly invest in fixed income securities carrying a
minimum credit rating of AA3/P1 (RAM or equivalent) to provide investors with a regular
stream of income, while minimizing principal volatility.
The Fund’s equities investment will range from a minimum of 70% to a maximum of 99.8%.
Up to 30% of the Fund may be invested in Malaysian fixed income securities should a
defensive strategy be appropriate.
(Refer to page 73 for details of investment strategy of the Fund)
Asset Allocations
 70% - 99.80% in equities
 0.20% - 30% in fixed income securities and cash
Up to 30% of the Fund size may be invested overseas and the External Investment
Manager may choose to invest solely in the domestic market.
(Refer to page 74 for details of asset allocation of the Fund)
Benchmark
A weighted average of the KLCI performance and current Maybank 12-month fixed deposit
rate on a 70:30 basis.
Principal Risks of
Investing in the
Fund
Potential risks associated with securities and instruments invested by AMBDTF:
 Market risk
 Liquidity risk
 Inflation risk
 Stock risk
 Interest rate risk
 Credit/default risk
Specific and peculiar risks when investing in the Fund:
 Individual stock risk
 Compliance risk
 Currency risk
 Country risk
(Refer to page 72 for details of potential risks associated with the Fund)
Investor Profile
Distribution Policy
Approved Fund Size
The Fund is suitable for investors with the following profile: Conservative and prefers receiving regular and steady income in the form of distributions.
 Moderate risk appetite.
The first distribution, if any, shall be made on the relevant distribution date at the end of the
second financial year. Subsequently, distribution, if any, shall be made semiannually or
annually at the discretion of the Manager.
800 million Units
AMB Client Services : 03-2034 0800
18
MASTER PROSPECTUS 2008/2009
Features
PNB Structured Investment Fund
Category of Fund
Mixed Assets
Type of Fund
Objective of the Fund
Income and Growth Fund
The Fund seeks to provide investment opportunities that generate reasonable
returns and growth over the tenure of the Fund while endeavouring to provide capital
protection to Unit Holders.
(Refer to page 75 for details of the investment objective of the Fund)
Investment Strategy
To achieve this objective, the Fund will be investing in RM denominated Structured
Products, PNB REIT, cash equivalent instruments and any other investments
permitted by the Deed. The Structured Products are principal protected upon
maturity.
The Fund will also be investing in Units of PNB REIT which offer potential regular
income and upside potential through exposure in properties. PNB REIT has principal
protection features whereby its Properties have a buy-back option from the
respective vendors to repurchase the Properties at the highest price offered by third
party purchasers and subject to the REITs Guidelines.
The Fund will also be investing in cash equivalent instruments to meet its liquidity
requirements.
(Refer to page 75 for details of the investment strategy of the Fund)
Asset Allocations

Up to 80% in Structured Products

Up to 50% in PNB REIT

Min 2% in cash and money market instruments for liquidity purposes
(Refer to page 76 for details of the asset allocation of the Fund)
Benchmark
12-month Maybank fixed deposit rate.
Principal Risks of
Investing in the Fund
Potential risks associated with securities and instruments invested by PNB SIF:
 Market risk
 Credit/counterparty risk
 Funding risk
 Liquidity risk
 Operational risk
 Currency risk
 Legal risk
 Prepayment/commitment risk
 Individual asset risk
 Early redemption risk
 Borrowing risk
 Credit/default risk
(Refer to page 77 for details of potential risks associated with the Fund)
Investor Profile
The Fund is suitable for investors with the following profile: Seek capital protection
 Wish to participate in the potential upside of global equities, interest rates
 Have low risk tolerance
 Have a medium-term investment horizon
Distribution Policy
The Fund will distribute earnings from its income, if any, to Unit Holders at the
discretion of the Manager, subject to approval from the Trustee.
Approved Fund Size
3 billion Units
Tenure
5 years
Commencement Date
July 7, 2008
Maturity Date of the Fund
July 5, 2013
AMB Client Services : 03-2034 0800
19
MASTER PROSPECTUS 2008/2009
1.3 Fees and Charges
This table describes the fees and charges that you may directly incur when you purchase or redeem Units of the
Funds.
Maximum Sales Charge Redemption Charge
Switching
Transfer
EPF Service
FUNDS
(% of NAV per Unit)
(% of NAV per Unit)
Fees
Fees
Charge
AMBUTF
7%
Nil
There is an
Investors
administrative
investing under
AMBBTF
7%
Nil
fee of RM25
the EPF
AMBITF
2%
Nil
per transaction. An
Member’s
AMBILTF
5%
Nil
AMBETF
7%
Nil
administrative Investment
Units switched
Scheme will be
AMBVTF
7%
Nil
fee of RM3
are transacted
levied a service
AMBEBTF
2%
Nil
will be
from the Funds’
charge of up to
AMBSCTF
7%
Nil
charged for
NAV per Unit.
3% of NAV per
each
AMBLTF Today
2%
Nil
unit as regulated
transaction.
AMBLTF 2009
4%
Nil
(Refer to
by EPF.
section 7.8 on
AMBLTF 2014
6%
Nil
(Refer
to
page 119 for
Investing under
section 7.7
AMBDTF
6%
Nil
more details).
the EPF Members
on
page
119
2.5% - 1st year
Investment
for more
2.0% - 2nd year
Scheme is not
details).
1.5% - 3rd year
allowed for PNB
PNB SIF
1.5%
Nil
1.0% - 4th year
SIF and AMBDTF.
0.5% - 5th year
Nil – On Maturity Date
The Manager at its discretion may allow for lower sales charge to specific groups, as deemed fit by the Manager
under specific circumstances on a case to case basis.
This table describes the fees and charges that you may indirectly incur when you invest in the Funds.
ANNUAL
MANAGEMENT FEE
1.00% to 1.50% per annum of
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day) calculated on a daily
basis.
(Refer to section 7.3 on page
118 for more details)
ANNUAL
TRUSTEE FEE
As per the rate mentioned in
section 7.4 on page 118 on the
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day), calculated on a daily
basis.
AMBBTF
0.75% to 1.50% per annum of
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day) calculated on a daily
basis. (Refer to section 7.3 on
page 118 for more details)
As per the rate mentioned in
section 7.4 on page 118 the
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day), calculated on a daily
basis.
0.035% per annum of the
value of the stock and shares
portfolio subject to a minimum
of RM60,000 per annum and a
maximum of RM150,000 per
annum. (Refer to section 7.5
on page 119 for more details)
AMBITF
1.00% to 1.50% per annum of
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day) calculated on a daily
basis.
(Refer to section 7.3 page on
118 for more details)
0.035% per annum on the
NAV of the Fund (before
deducting annual management
fee and Trustee fee for the
day), calculated on a daily
basis up to a maximum value
of
RM100
million
and
thereafter at a rate of 0.01%
per annum. (Refer to section
7.4 on page 118 for more
details)
N/A
FUNDS
AMBUTF
CUSTODIAN FEE
0.035% per annum of the
value of the stock and shares
portfolio subject to a minimum
of RM40,000 per annum and a
maximum of RM120,000 per
annum.
(Refer to section 7.5 on page
119 for more details)
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds
AMB Client Services : 03-2034 0800
20
MASTER PROSPECTUS 2008/2009
ANNUAL
MANAGEMENT FEE
1.00% per annum of NAV of the Fund (before
deducting annual management fee and
Trustee fee for the day) calculated on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
ANNUAL
TRUSTEE FEE
0.08% per annum of the NAV of the Fund (before
deducting annual management fee and Trustee
fee for the day), subject to a minimum of
RM18,000 per annum calculated on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
AMBETF
1.50% per annum of NAV of the Fund (before
deducting annual management fee and
Trustee fee for the day) calculated on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
0.08% per annum of the NAV of the Fund (before
deducting annual management fee and Trustee
fee for the day), subject to a minimum of
RM18,000 per annum calculated on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
AMBVTF
1.50% per annum of NAV of the Fund (before
deducting annual management fee and
Trustee fee for the day) calculated on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
0.08% per annum of the NAV of the Fund (before
deducting annual management fee and Trustee
fee for the day), subject to a minimum of
RM18,000 per annum calculated on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
AMBEBTF
The Fund shall generally comprise of bond
instruments thereby its’ base annual
management fee is the standard 1.0% per
annum.
0.07% per annum of the NAV of the Fund (before
deducting annual management fee and Trustee
fee for the day), subject to a minimum of
RM18,000 per annum calculated on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
FUNDS
AMBILTF
Bond Portion
1.0% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
(Refer to section 7.3 on page 118 for more
details)
Equity Portion
*1.75% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
*The portion of the portfolio that is channeled
to IPOs is levied an additional charge of
0.75% on top of 1.0% to cover the in depth
IPO research expenses.
(Refer to section 7.3 on page 118 for more
details)
AMBSCTF
1.50% per annum of NAV of the Fund (before
deducting annual
management fee and
Trustee fee for the day) calculated on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
0.07% per annum of the NAV of the Fund (before
deducting annual management fee and Trustee
fee for the day), subject to a minimum of
RM18,000 per annum calculated on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds
AMB Client Services : 03-2034 0800
21
MASTER PROSPECTUS 2008/2009
FUNDS
AMBLTF
Today
ANNUAL
MANAGEMENT FEE
1.00 to 1.10% per annum of NAV of the Fund
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
Bond Portion
1.0% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
Equity Portion
1.5% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
(Refer to section 7.3 on page 118 for more
details)
AMBLTF
2009
1.10% to 1.17% per annum of NAV of the
Fund (before deducting annual management
fee and Trustee fee for the day) calculated on
a daily basis.
Bond Portion
1.0% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
Equity Portion
1.5% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day), calculated on a
daily basis.
(Refer to section 7.3 on page 118 for more
details)
AMBLTF
2014
1.10% to 1.23% per annum of NAV of the
Fund (before deducting annual management
fee and Trustee fee for the day) calculated on
a daily basis.
Bond Portion
1.0% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
Equity Portion
1.5% per annum of the NAV of the Fund,
(before deducting annual management fee
and Trustee fee for the day) calculated on a
daily basis.
(Refer to section 7.3 on page 118 for more
details)
ANNUAL
TRUSTEE FEE
If the Fund is invested locally only, the rate is
0.07% per annum (including local custodian fee)
of the NAV of the Fund (before deducting annual
management fee and Trustee fee for the day)
calculated on a daily basis, subject to a minimum
fee of RM18,000 per annum.
OR
If the Fund is invested locally and abroad, the
rates are 0.07% per annum on the local NAV of
the Fund (including local custodian fee) and
0.07% per annum on the foreign NAV of the Fund
(excluding foreign custodian fee, before deducting
annual management fee and Trustee fee for the
day), calculated on a daily basis, subject to a
minimum fee of RM18,000 per annum.
(Refer to section 7.4 on page 119 for more
details)
If the Fund is invested locally only, the rate is
0.07% per annum (including local custodian fee)
of the NAV of the Fund (before deducting annual
management fee and Trustee fee for the day)
calculated on a daily basis, subject to a minimum
fee of RM18,000 per annum.
OR
If the Fund is invested locally and abroad, the
rates are 0.07% per annum on the local NAV of
the Fund (including local custodian fee) and
0.07% per annum on the foreign NAV of the Fund
(excluding foreign custodian fee), (before
deducting annual management fee and Trustee
fee for the day), calculated on a daily basis,
subject to a minimum fee of RM18,000 per
annum.
(Refer to section 7.4 on page 119 for more
details)
If the Fund is invested locally only, the rate is
0.07% per annum (including local custodian fee)
on NAV of the Fund, (before deducting annual
management fee and Trustee fee for the day),
calculated on a daily basis, subject to a minimum
fee of RM18,000 per annum.
OR
If the Fund is invested locally and abroad, the
rates are 0.07% per annum on the local NAV of
the Fund (including local custodian fee) and
0.07% per annum on the foreign NAV of the Fund
(excluding foreign custodian fee), (before
deducting annual management fee and Trustee
fee for the day), calculated on a daily basis,
subject to a minimum fee of RM18,000 per
annum.
(Refer to section 7.4 on page 119 for more
details)
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds
AMB Client Services : 03-2034 0800
22
MASTER PROSPECTUS 2008/2009
FUNDS
AMBDTF
ANNUAL
MANAGEMENT FEE
1.50% per annum of NAV of the Fund (before
deducting annual management fee and
Trustee fee for the day) calculated on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
ANNUAL
TRUSTEE FEE
If the Fund is invested locally only, the rate is
0.07% per annum (including local custodian fee)
on NAV of the Fund, (before deducting annual
management fee and Trustee fee for the day),
calculated on a daily basis, subject to a minimum
fee of RM18,000 per annum.
OR
If the Fund is invested locally and abroad, the
rates are 0.07% per annum on the local NAV of
the Fund (including local custodian fee) and
0.07% per annum on the foreign NAV of the Fund
(excluding foreign custodian fee), (before
deducting annual management fee and Trustee
fee for the day), calculated on a daily basis,
subject to a minimum fee of RM18,000 per
annum.
(Refer to section 7.4 on page 119 for more
details)
PNB SIF
Up to 1.0% of the NAV of the Fund (before
deducting management fees and trustee fees
for the day) calculated and accrued on a daily
basis.
(Refer to section 7.3 on page 118 for more
details)
Up to 0.08% of the NAV of the Fund (before
deducting management fees and trustee fees for
the day) subject to a minimum of RM18,000 per
annum, calculated and accrued on a daily basis.
(Refer to section 7.4 on page 119 for more
details)
This table describes other expenses that you may indirectly incur when you invest in the Funds.
Expenses
Other Annual Operating Expenses
• the auditor’s fees, tax agents’ fee and other relevant professional
fees;
• the costs of printing & distribution of annual and interim reports, tax
vouchers and warrants.
• cost of modification of the Deeds other than those for the benefits of
the Manager and/or Trustee; and
• other notices to Unit Holders as well as expenses that are directly
related and necessary for the administration of the Fund as set out in
the Deed.
These costs have been factored into the quoted NAV per Unit as they
are related and necessary to the business of the Funds.
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds.
AMB Client Services : 03-2034 0800
23
MASTER PROSPECTUS 2008/2009
1.4
Information on Transactions
Minimum Initial
Investment
Application for Units for AMBUTF, AMBBTF, AMBITF and AMBEBTF; must be for a minimum of
RM1,000.
Application for Units for AMBILTF, AMBETF, AMBVTF, AMBSCTF, AMBLTF Today, AMBLTF
2009, AMBLTF 2014 and AMBDTF, must be for a minimum of RM500.
Application for Units for PNB SIF, must be a minimum of 10,000 Units for individual and 50,000
Units for non-individual.
(Refer to section 8.6 on page 123 for more details)
Minimum
Subsequent
Investment
Subsequent additional investments can be made at a minimum of RM100 for AMBUTF,
AMBBTF, AMBITF, AMBILTF, AMBETF, AMBVTF, AMBSCTF, AMBLTF Today, AMBLTF 2009,
AMBLTF 2014 and AMBDTF, RM500 for AMBEBTF and for PNB SIF, 1,000 Units for individual
and 5,000 Units for non-individual.
Purchasing of
Units
The investment amount payable by the Unit Holders for the purchase of a Unit is calculated at
NAV per Unit. In addition to the investment amount, a sales charge will also be imposed to the
Unit Holders. For PNB SIF, only Units repurchased by the Manager may be resold based on the
NAV per Unit at that point in time. (Refer to section 8.4 on page 121 for more details)
For investors investing under the EPF Member’s Investment Scheme, a service charge of up to
3% of NAV per unit is levied as regulated by EPF.
The NAV per Unit is computed on Forward Pricing basis and published daily in major
newspapers. The Manager has taken necessary procedures to ensure accuracy of information
of pricing sent to the Bernama and the respective newspapers. However, the Manager would
not be held liable for the errors or omission of the printed information on the prices of its Funds
in the newspapers. (Refer to section 8.5 on page 122 for more details)
Redeeming of
Units
The redemption amount payable to the Unit Holders for the redemption of a Unit is calculated at
NAV per Unit.
The NAV per Unit is computed on a Forward Pricing basis and published daily in major
newspapers (Refer to section 8.5 on page 122 for more details).
Cooling-off
Period
This is within 6 Business Days commencing from the date of purchase i.e. the date on which the
Manager receives the application form and the investment amount. (Refer to section 8.7, page
123 for more details)
Cooling-off Right
The Cooling-off Right is only given to a qualified Unit Holder who is investing in any AMB Family
of Funds for the first time.
Redemption
Period
The Manager will pay the redemption proceeds to Unit Holders within 10 days upon receipt of
the request to redeem.
Frequency of
Redemption
There is no restriction on the frequency of redemption.
Redemption Fee
There is no fee applicable on redemption for the Funds except for PNB SIF. For more details on
the redemption charge of PNB SIF, please refer to section 7.2 on page 117.
Switching
This facility enables Unit Holders to convert Units of one Fund to units of other Funds managed
by the Manager with conditions as stipulated in the section 7.8 and section 119. The minimum
investment that can be switched per transaction is 1,000 Units. An administrative fee of RM25
will be charged per transaction. (Please refer to section 7.8 on page 119 and section 8.12 on
page 125 for more details).
Please note that switching facility is not available for PNB SIF and Unitholders who invest under
the EPF Members Investment Scheme are not allowed to switch to AMBDTF.
AMB Client Services : 03-2034 0800
24
MASTER PROSPECTUS 2008/2009
Minimum
Redemption
amount
AMBUTF, AMBBTF, AMBITF,
AMBILTF, AMBETF,
AMBVTF, AMBEBTF and
AMBSCTF
There
is
no
minimum
redemption amount imposed
on a Unit Holder. However, for
partial
redemption,
the
minimum balance of Units
remaining in the account must
always be 100 Units.
(Refer to section 8.6 on page
123 for more details)
AMBLTF Today, AMBLTF
2009, AMBLTF 2014 and
AMBDTF
There
is
no
minimum
redemption amount imposed
on a Unit Holders. However,
for partial redemption, the
minimum balance of Units
remaining in the account must
always be 1,000 Units.
(Refer to section 8.6 on page
123 for more details)
There is no minimum
redemption amount imposed
on a Unit Holders. However,
for partial redemption, the
minimum balance of Units
remaining in the account
must always be 10,000
Units.
(Refer to section 8.6 on
page 123 for more details)
Minimum
Holdings to
Maintain
Accounts
The minimum balance of Units
remaining in the account must
always be 100 Units.
The minimum balance of Units
remaining in the account must
always be 1,000 Units.
The minimum balance of
Units remaining in the
account must always be
10,000
Units.
(Both
individual
and
nonindividual)
Transfer Of Units
A Unit Holder may fully or
partially transfer his Units in
aFund to another Unit Holder.
However, for partial transfer,
the minimum balance of Units
remaining in the account must
always be 100 Units. An
administrative fee of RM3 will
be charged for each transfer.
(Refer to section 8.11 on page
125 for more details)
A Unit Holder may fully or
partially transfer his Units in a
Fund to another Unit Holder.
However for partial transfer,
the minimum balance of Units
remaining in the account must
always be 1,000 Units. An
administrative fee of RM3 will
be charged for each transfer.
(Refer to section 8.11 on page
125 for more details)
A Unit Holder may fully or
partially transfer his Units in
the Fund to any person in
accordance with the Deed.
However,
for
partially
transfer,
the
minimum
balance of Units remaininig
in the account must always
be
10,000
Units.
An
administrative fee of RM3
will be charged for each
transfer.
(Refer to section 8.11 on
page 125 for more details)
PNB SIF
Note:
The Manager will ensure that the prices forwarded to the press for publication are accurate. However, the
Manager cannot be held liable for any error in prices finally published in the press. Investors may contact any
Distribution Branch to further confirm the Unit prices.
AMB Client Services : 03-2034 0800
25
MASTER PROSPECTUS 2008/2009
1.5
Special Benefit
Free Insurance Protection Coverage For AMBUTF and AMBBTF
Eligible Unit Holders aged between 18 and 69 years with a minimum investment of 10,000 Units of AMBUTF and
AMBBTF will be given free Group Personal Accident (GPA) insurance with Total Permanent Disability (TPA). This
coverage provides accident protection up to a maximum of RM10,000 per Unit Holder of either Funds.
(Refer to Chapter 3 for more details)
Free Insurance Protection Coverage For AMBETF, AMBVTF and AMBSCTF
Eligible Unit Holders of AMBETF, AMBVTF and AMBSCTF will be given free Personal Accident (PA) Insurance
coverage. Unit Holders holding a minimum of 2,000 Units and above will automatically be covered under the PA
insurance coverage.The sum covered would be RM0.50 for every Unit held subject to a minimum investment of 2,000
Units and maximum coverage of RM200,000.
(Refer to Chapter 3 for more details.)
Free Insurance Protection Coverage for AMBLTF 2009 and AMBLTF 2014
Eligible Unit Holders of AMBLTF 2009 and AMBLTF 2014 will be given free standard GPA coverage. Unit Holders
holding a minimum amount of 2,000 Units and above will automatically be covered under the standard GPA insurance
for accidental death and TPD. The sum insured would be RM0.50 for every Unit held subject to a minimum
investment of 2,000 Units and maximum coverage of RM150,000. (Refer to Chapter 3 for more details).
Free Insurance Protection Coverage for AMBDTF
Eligible Unit Holders of AMBDTF will be given free GPA coverage. Unit Holders holding a minimum amount of 4,000
Units and above will automatically be covered under the GPA iInsurance for accidental death and TPD. The sum
insured would be RM0.25 for every Unit held subject to a minimum investment of 4,000 Units and maximum coverage
of RM200,000. (Refer to Chapter 3 for more details).
Option to Investors of AMBLTF 2009 and AMBLTF 2014 at Maturity
These Funds are open-ended with fixed lifespan of 5 and 10 years respectively from the commencement date of the
Funds and maturing on the 5th and 10th anniversary respectively. At maturity, the Unit Holders are given an option to
redeem their entire investment or to reinvest into AMBLTF Today at Net Asset Value.
Free Insurance Protection Coverage for PNB SIF
Eligible Unit Holders aged between 18-69 with a minimum investment of 10,000 Units at any point of time in PNB SIF
will be given free GPA Takaful insurance. The sum insured would be RM1.00 for every Unit held subject to a
maximum coverage of RM100,000 per Unit Holder of the Fund.
The terms and conditions of the free insurance scheme as administered by the Manager shall apply. Please contact
the Manager on the terms and conditions of the free insurance scheme.
1.6
Other Information
Unit Holders may refer to the following Deeds and its Supplemental Deeds for more specific information of the Funds,
which are available at the principal office of the Manager.
1.
Deed in relation to AMBUTF dated March 6, 1992.

First Supplemental Deed in relation to AMBUTF dated August 23, 1994.

Second Supplemental Deed in relation to AMBUTF dated April 16, 1999.

Third Supplemental Deed in relation to AMBUTF dated June 7, 1999.

Fourth Supplemental Deed in relation to AMBUTF dated March 23, 2000.

Fifth Supplemental Deed in relation to AMBUTF dated February 8, 2002.

Sixth Supplemental Deed in relation to AMBUTF dated January 30, 2003.

Seventh Supplemental Deed in relation to AMBUTF dated September 12, 2003.

Eighth Supplemental Deed in relation to AMBUTF dated May 26, 2005.
2.
Deed in relation to AMBBTF dated September 14, 1994.

First Supplemental Deed in relation to AMBBTF dated April 16, 1999.

Second Supplemental Deed in relation to AMBBTF dated March 23, 2000.

Third Supplemental Deed in relation to AMBBTF dated May 28, 2001.

Fourth Supplemental Deed in relation to AMBBTF dated February 8, 2002.

Fifth Supplemental Deed in relation to AMBBTF dated September 12, 2003.

Sixth Supplemental Deed in relation to AMBBTF dated May 26, 2005.
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3.
Deed in relation to AMBITF dated May 15, 1996.

First Supplemental Deed in relation to AMBITF dated April 16, 1999.

Second Supplemental Deed in relation to AMBITF dated August 18, 1999.

Third Supplemental Deed in relation to AMBITF dated March 23, 2000.

Fourth Supplemental Deed in relation to AMBITF dated February 13, 2001.

Fifth Supplemental Deed in relation to AMBITF dated February 8, 2002.

Sixth Supplemental Deed in relation to AMBITF dated September 12, 2003.

Seventh Supplemental Deed in relation to AMBITF dated May 26, 2005.
4.
Deed in relation to AMBILTF dated April 8, 2002.
5.
Deed in relation to AMBSCTF dated February 11, 2004.

First Supplemental Deed in relation to AMBSCTF dated May 26, 2005.
6.
Deed in relation to AMBEBTF dated May 7, 2003.
 First Supplemental Deed in relation to AMBEBTF dated May 26, 2005.
7.
Deed in relation to AMBETF dated December 4, 2002.
8.
Deed in relation to AMBVTF dated December 4, 2002.
9.
Deed in relation to AMBLTF Today dated October 28, 2004.
 First Supplemental Deed in relation to AMBLTF Today dated May 26, 2005.
10. Deed in relation to AMBLTF 2009 dated October 28, 2004.
 First Supplemental Deed in relation to AMBLTF 2009 dated May 26, 2005.
11. Deed in relation to AMBLTF 2014 dated October 28, 2004.
 First Supplemental Deed in relation to AMBLTF 2014 dated May 26, 2005.
12. Deed in relation to AMBDTF dated May 2, 2006.
13. Deed in relation to PNB SIF dated March 7, 2008.
Prospective Unit Holders should read and understand the contents of this Prospectus and if necessary,
consult your professional advisor.
Unit prices and distributions payable, if any, may go down as well as up.
For information concerning certain risk factors which should be considered by prospective investors see
“risk factors” commencing on page 28.
Past performance of the Funds are not an indication of its future performance.
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds.
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2 Risk Factors
2.1
Risks of Investing in Unit Trusts
All investments carry some form of risk. It is important to note that when you invest you should be prepared to accept
a degree of risk, as most investments are affected by ever changing market conditions, some of which impact
positively and some negatively. Therefore, no matter how experienced a fund manager may be, certain factors, which
will affect the value of investments, may be beyond their control. So, the value of your investments may go down as
well as up. One should consider the following when investing in a unit trust fund: Stock or Bond Market Risk
For a unit trust that has stocks or bonds in its portfolio, fluctuations in the market performance due to factors such as
fluctuation in interest rates, changes in economic climate, political and social environment that will affect the stock or
bond market as a whole, will also affect the value of investment either in a positive or negative way.
Individual Stock Risk
The performance of a fund that invests in stocks is affected by every individual stock that the said fund has invested
in. The volatility of prices in each stock will affect the fund’s value daily.
Compliance Risk
This is the risk that the manager and others associated with the scheme will not follow the rules set out in the
scheme’s constitution and internal policies, or the law that governs the scheme, or will act fraudulently or dishonestly.
However, this risk is greatly reduced via stringent internal controls and constant cross-departmental checking
employed by the manager. In addition, a yearly or any unscheduled internal audit exercise will be conducted to check
any compliance matters that might have been inadvertently overlooked by compliance department. The presence of
the trustee whose duty is to ensure that the fund’s investment mandate is complied with will further add to the
reduction of such risks.
Inflation Risk
Ideally the purpose of any investment is to secure returns that are greater than the inflation rate. While a fund will
constantly seek to maximise returns and exceed inflation rate, it may occasionally experience losses, which result in
returns that will not keep pace with inflation in the short run.
Liquidity Risk
The various securities that are purchased by a fund may encounter liquidity risk. Liquidity risk relates to the fund’s
ability to quickly and easily trade, at a reasonable price, in and out of positions. Should a fund comprise a security that
has become temporarily or permanently illiquid or difficult to sell, the fund manager may need to sell the security at a
discount to its fair value, which eventually affects the fund’s value.
Management Risk
Performance of the fund depends on the experience, expertise, knowledge and investment techniques of the fund
manager. Poor management of a fund can cause considerable losses to the fund, which in turn may affect the capital
invested.
Institutional Risk
The risk that the institution, which operates the fund, will collapse.
Returns Not Guaranteed
As a result of market risks, the manager is unable to guarantee the distribution payout to unit holders or the
investment returns of the fund. However, the manager will take reasonable steps to ensure that this risk is minimized
through a prudent investment approach, which is centred on fundamental stocks and market analysis.
Loan Financing Risk
Investors who take end-financing loans to purchase units in a unit trust fund must be prepared to accept gearing risks
as the prices of the units can go down as well as up. The investor may be required to top up the difference in the
event the unit price goes below the margin of advance.
Interest Rate Risk
Fixed income securities and bonds are particularly sensitive to movements in interest rates. When interest rates rise,
the value of fixed income securities and bond prices fall and vice versa, thus affecting the net asset value of the fund.
The general interest rate of the country may affect the value of the investment even if the fund (e.g. syariah fund)
does not invest in interest bearing instruments.
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Credit/Default Risk
Credit risk refers to the possibility that the issuer of a fixed income security or bond may not be able to make interest
payments or repay the principal in a timely manner. This will translate to losses that will reduce the value of a fund.
Currency Risk
Currency risk is also known as foreign exchange risk. It is risk associated with investments that are denominated in
foreign currencies. When the foreign currencies fluctuate in an unfavorable movement against Ringgit Malaysia, the
investments will face currency losses in addition to the capital gains/losses. This willl lead to a lower net asset value
of the fund.
Country Risk
The foreign investments of the Fund may be affected by risks specific to the country, which it invests in. Such risks
include changes in a country’s economic fundamentals, social and political stability, currency movements and foreign
policies etc. These may have an adverse impact on the prices of securities of listed companies.
Force Majeure Risk
The risk of exposure to force majeure events, where events are not within the control of Manager. This includes
terrorist attacks, politically instability, natural disasters and spread of disease where risks are generally unforeseen
and may have direct impact on the business.
2.2
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed
by:(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, the External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
Please refer to Chapter 3 : Detailed Information on the Funds for information on fund specific risks and risk
management.
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3 Detailed Information on the Funds
3.1 Introduction
The key distinguishing features of the 13 Funds are shown below in order to assist investors in making an informed
judgement of the distinctive features of each Fund in relation to their personal investment and financial goals.
AMB Unit Trust Fund
Type of Fund
Growth Fund
Category of Fund
Equity Fund
Investment Philosophy
AMBUTF is an equity fund that consists of a diversified portfolio of blue chip and high growth stocks listed on the
Bursa Malaysia. By investing in a diversified portfolio of blue chip and high growth stocks in Malaysia, AMBUTF
provides a better spread of investments than could be achieved by investors with a small amount of money to invest.
Investment Objective
The primary objective of AMBUTF is to achieve a steady long-term income (over 5 years) and capital growth through
a diversified portfolio of equity investments in larger capitalised stocks (prime focus on main board and liquid stocks).
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBUTF
The approved fund size for AMBUTF is 1.5 billion Units.
Investor Profile
AMBUTF is particularly suited to investors who are seeking a diversified portfolio of equity investment. Our investment
team aims to maintain a portfolio of stocks, listed on the Bursa Malaysia, which have a strong potential for growth.
AMBUTF is appropriate for investors who are attracted to the share market by the prospect of capital gains and
dividends but are discouraged by the need to be kept informed of market developments and constant monitoring of
their investments. The Fund is suited to an investor who has an investment horizon of 5 years or more.
Benefits for Investors
Shares historically provided returns superior to other investment instruments over the long term. The volatility of
returns associated with this type of investment is reduced by diversifying the Fund’s investments across a variety of
companies operating in different industries.
Specific Benefits of Investing in AMBUTF
Free Insurance Protection Coverage for AMBUTF
Eligible Unit Holders of AMBUTF will be given free GPA and TPD insurance coverage. Unit Holders holding a
minimum of 10,000 Units and above will automatically be covered under the GPA and TPD insurance coverage.
Coverage ceases automatically if the number of Units held is reduced to less than 10,000 Units.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Only eligible principal Unit Holders will be covered under the GPA insurance coverage.
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBUTF.
Affordability
Investors can invest with just RM1,000 as initial investment and subsequent investments can be made with a
minimum of RM100.
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Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBUTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBUTF
Stock Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock market as a whole.
Individual Stock Risk
AMBUTF is subject to the volatility of prices in the share market. The volatility of prices in each stock will affect the
Fund’s value daily. The performance of individual stocks, which make up the portfolio, will fluctuate according to
changes in the market value of the investments. The fluctuations can be significant in the short-term. This accounts for
the market risk when investing in this Fund. However, this impact is minimised through the investment process of
portfolio diversification by our External Investment Manager.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
Investment Approach
Under normal circumstances, the Fund will endeavour to be fully invested in Malaysian equities, unless the equity
market outlook is less attractive.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, the External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
Investment Strategy/Investment Mechanism
AMBUTF invests primarily in blue chips and high growth stocks that can increase the potential for better long-term
returns by focusing on corporations with the following characteristics:

Industry leader, good earnings track record, potential strong growth and strength of management. AMBUTF
invests largely in companies with market capitalisation of more than RM700 million.
In times of actual or anticipated stock market weakness, the equity portfolio may be reduced accordingly. There are,
however, no restrictions on the proportions that can be held in fixed income investments.
The Fund’s fixed income investments comprise short term private debt securities and money market instruments to
achieve a prudent mix in the portfolio and also to provide a steady income stream.
The asset allocation between the various investment assets referred to above and the decision to invest, sell or trade
is based on the decision of the External Investment Manager who will adopt an active fund management approach.
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Policy and Strategy on Listed and Unlisted Securities
AMBUTF’s policy and strategy is to concentrate on quality listed equities that can increase the potential for better
long-term returns, by focusing on securing capital growth for Unit Holders, with income considered incidental to the
investment process. The capital growth is achieved through a diversified portfolio of equity investment in larger
capitalised stocks with prime focus on main board and liquid stocks.
The investment process for unlisted securities is similar to the process used for the listed securities. Decision will be
made after thorough assessment on the companies, using in-house fundamental research supported by external
research and companies’ prospectuses. The main focus would be on companies, which are industry leaders, with
good earnings track record, potential strong growth based on good medium to long-term earnings visibility, quality
management as well as good corporate governance. The process also involves constant monitoring of the current
investment to ensure that it complies with the objectives of the Fund.
The External Investment Manager may invest up to 10% of the Net Asset Value of the Fund in securities that are not
traded in or under the rules of an eligible market.
Asset Allocation
• Min 40% max 90% in equities
• Min 10% in liquid assets
The equity allocation may be reduced to below the minimum levels indicated at the discretion of the Manager only
during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is insufficient liquidity in equity for the Fund to transact efficiently; and/ or
iii) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBUTF will be benchmarked against the KLCI return, which is obtainable from Bursa Malaysia.
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AMB Balanced Trust Fund
Type of Fund
Growth and Income Fund
Category of Fund
Balanced Fund
Investment Philosophy
AMBBTF aims to provide the investor with a broad exposure to different asset classes including shares with less
fluctuation in value and fixed income securities. This is a growth and income Fund that pursues steady income and
long-term growth through diversified investment in equities, bonds, convertibles, warrants and short-term money
market instruments.
Investment Objective
The objective of AMBBTF is to provide a balance between income and long-term (over 5 years) capital appreciation.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBBTF
The approved fund size of AMBBTF is 1.15 billion Units.
Investors’ Profile
AMBBTF is appropriate for investors who are seeking a fully managed balanced portfolio of investments with an
investment horizon of 5 years or more. AMBBTF aims to provide investors with a combination of income and capital
gains over the medium to long term.
Benefits for Investors
Diversification
When structuring an investment portfolio, diversification is one of the main tools used to reduce investment risk and
enhance returns. Diversification should be within investment sectors (investing in a diverse range of shares) as well as
across a variety of investment instruments (for example shares, fixed income securities and short-term money market
instruments). In this manner, investors can usually access a broader range of securities than they could have by
investing on their own. Such a diversified portfolio reduces risks, as should some investments drop in value there may
be increases in value of other investments thus mitigating the downside risk.
Because of the diversified nature of AMBBTF, risks associated with a downturn in a particular investment are reduced.
Specific Benefits of Investing in AMBBTF
Free Insurance Protection Coverage for AMBBTF
Eligible Unit Holders of AMBBTF will be given free GPA and TPD insurance coverage. Unit Holders holding a
minimum of 10,000 Units and above will automatically be covered under the GPA and TPD insurance coverage.
Coverage ceases automatically if the number of Units held is reduced to less than 10,000 Units.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Only eligible principal Unit Holders will be covered under the GPA insurance coverage.
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBBTF.
Affordability
Investors can invest with just RM1,000 as initial investment and subsequent investments can be made with a
minimum of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
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EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBBTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBBTF
Stock or Bond Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock or bond market as a whole. They will also
affect the value of investment either in a positive or negative way.
Individual Stock Risk
AMBBTF is subject to the volatility of prices in the share market. The volatility of prices in each stock will affect the
Fund’s value daily. The performance of individual stocks, which make up the portfolio, will fluctuate according to
changes in the market value of the investments. The fluctuations can be significant in the short-term. This accounts for
the market risk when investing in this Fund. However, this impact is minimised through the investment process of
portfolio diversification by our External Investment Manager.
Credit/Default Risk
AMBBTF invests in fixed income securities, so its portfolio is subject to credit risk. This is the risk that the issuer of the
security may default and not be able to make timely principal and interest payments on the security. The lower-rated
corporate debt securities will normally have greater risk of defaults.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise, the value of
fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions. To
reduce the overall risk exposure, our External Investment Manager adopts an investment strategy by diversifying the
investments into different asset classes. By investing in different market segments and by staggering the maturity
dates of fixed income securities, the overall portfolio risk is significantly reduced.
Investment Approach
The Fund endeavours to create a prudent mix of primarily equities and fixed income securities which is in line with the
Fund’s objective.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, The External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing withadverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
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Investment Strategy/Investment Mechanism
Equities
AMBBTF invests in potentially high yielding blue-chip stocks, aiming to increase long-term returns by focusing on
corporations with good earnings track records, sound management and strong growth potential.
Fixed Income
AMBBTF invests in a variety of fixed interest investments. They range from investments in high quality, short-term
government and corporate debt securities and money market instruments to longer-dated government and corporate
bonds. AMBBTF balances its investments between potentially high yielding share investments and lower risk fixed
interest investments. Specific investments are chosen, mainly those that offer good potential for income and growth.
The External Investment Manager will change the Fund’s asset allocation mix depending on the prevailing economic
conditions and market outlook for both equity and bonds. This strategy aims to reduce risk and achieve consistency of
returns.
Policy and Strategy on Listed and Unlisted Securities
AMBBTF would focus on attaining a balance between long-term income and capital growth. It would invest partly in
equities and partly in fixed income securities. AMBBTF’s strategy provides a careful selection of quality listed
equities and listed/unlisted bonds, carrying at least BBB rating by RAM or an equivalent rating by MARC.
The investment process for unlisted securities is similar to the process used for the listed securities. Decisions will
be made after thorough assessment of the companies, using in-house fundamental research supported by external
research and companies prospectuses.
Investment in securities involves an analysis of the general economic and market conditions. With an approach that
considers the risk return tradeoff, AMBBTF focuses on securities that would deliver favorable return in light of the
risks.
AMBBTF aims to increase long term returns on stocks by focusing on corporations with good earnings track record,
sound management and having reasonable growth potential.
The Fund invests in a variety of fixed income instruments, ranging from high quality, short-term government and
corporate debt securities and money market instruments to longer dated government and corporate bonds. It
considers obligations with a more favorable or improving credit or industry outlook that provide the potential for capital
appreciation.
Asset Allocation
• Min 20% max 60% in equities
• Min 20% max 60% in fixed income securities
• Min 10% in liquid assets
The equity and fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
Manager only during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
iii) When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact efficiently;
and/or
iv) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBBTF will be benchmarked against the KLCI return, which is based on 60% of the
performance of the KLCI and 40% of the 12-month fixed deposit rate. These are obtainable from Bursa Malaysia and
from commercial banks respectively.
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AMB Income Trust Fund
Type of Fund
Income Fund
Category of Fund
Bond Fund
Investment Philosophy
AMBITF is an income-oriented fund, which invests primarily in a portfolio of fixed income securities. It is structured to
earn income on a regular basis and to achieve capital appreciation through interest rate fluctuations. The Unit price
will change to reflect movements in the value of the Fund’s assets.
Investment Objective
The primary objective of AMBITF is to maximise returns over the medium term (over 2 years) and at the same time
offer stability of capital and regular income.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBITF
The approved fund size of AMBITF is 600 million Units.
Investors’ Profile
Fixed income investments are an essential part of any diversified investment portfolio. AMBITF is an appropriate
investment vehicle for investors looking for a medium to long-term investment with regular interest income and some
potential for moderate capital growth. The Fund is suited to investors who have an investment horizon of 3 to 5 years.
Benefits for Investors
Generally, returns from fixed income investments are lower than shares over the medium to longer term. Because
income streams from fixed income securities are generally secure, income as a proportion of AMBITF’s total return is
usually high, especially when interest rates are high.
Specific Benefits of Investing in AMBITF
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBITF.
Affordability
Investors can invest with just RM1,000 as initial investment and subsequent investments can be made with a
minimum of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBITF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBITF
Bond Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the bond market as a whole. They will also affect
the value of investment either in a positive or negative way.
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Credit/Default Risk
AMBITF invests in fixed income securities, thus its portfolio is subject to credit risk. This is the risk that the issuer of
the security may default and not be able to make timely principal and interest payments on the security. The lowerrated corporate debt securities will normally have greater risk of defaults.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise, the value of
fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Liquidity Risk
Liquidity risks relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
To reduce the overall risk exposure, our External Investment Manager adopts an investment strategy by diversifying
the investments into different assets classes. By investing in different market segments and by staggering the maturity
dates of fixed income securities, the overall portfolio risk is significantly reduced.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, The External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
Investment Policy/Approach
The Fund invests in fixed income securities and money market instruments to meet its objectives of providing a steady
stream of interest income and potential long-term capital gains. Its fixed income securities investments comprise
government bonds, private debt securities, which are rated BBB or higher by RAM and MARC, and money market
instruments, which will ensure a regular income yield to AMBITF.
Investment Strategy/Investment Mechanism
AMBITF’s investment strategy is to create a prudent mix in its portfolio to meet its investment objective and to
provide professional assessment of investment prospects by its External Investment Manager in line with the
economic outlook. Longer term fixed income securities such as bonds are also attractive because the rate of interest
payable is generally higher than that available from cash or short-term deposits. Long term bonds (5 years to 10
years) will form the core holdings of the portfolio due to its higher returns and thus will be held for a considerable
period of time. The size of this core holdings may vary from time to time to accommodate changing market
conditions, but is generally expected to be around 60-75% of the portfolio.
The portfolio also will consists of short term bonds (1month to 1year duration) which will provide liquidity for
redemptions as well as opportunity for the External Investment Manager to make tactical switch in view of changing
interest rate and market conditions.
The asset allocation between the longer and shorter-term maturities of the fixed income securities are subject to
change, depending on the prevailing economic and market conditions.
In addition investment consideration will also be given on securities that are undervalued relative to their ratings,
potential credit upgrade candidates, and situational issues with potential for improvement in the credit quality.
Furthermore movements in the yield curve may uncover further opportunities. The External Investment Manager will
also seek to diversify the portfolio across the sectors and issuers (to reduce sector and credit risk) and across duration
(to reduce price risk).
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MASTER PROSPECTUS 2008/2009
Policy and Strategy on Listed and Unlisted Securities
AMBITF is to concentrate on investing in quality listed/unlisted debt securities, which provide good yields, for the
medium to long-term period. The portfolio aims at preserving the principle investment whilst achieving returns better
than the prevailing fixed deposit interest rates on an annualized basis, at an acceptable level of risk. The portfolio
shall invest in investment grade debt securities that are deemed to be fundamentally sound. In addition, the portfolio
also concentrates on securities that have attractive yields and trading opportunities.
The investment process for unlisted securities is similar to the process used for listed securities. Decisions will be
made after thorough assessment on companies, using in-house fundamental research supported by external
research and companies prospectuses.
Investments shall be made in fixed income securities with minimum credit ratings of P2 or MARC2 for short term
papers or A3/A- for long term papers by RAM or MARC. The External Investment Manager shall undertake to
conduct a thorough and rigorous credit assessment of potential investments and constant monitoring of current
investments. A filtration process is employed for securities selection to ensure superior selection that compliments
the objective of the portfolio. The filtration processes include debt rating, financial ratio analysis, management quality
assessment and structure of a particular instrument.
Asset Allocation
• Min 40% max 90% in fixed income securities
• Up to 60% in cash and money market
The fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the Manager
only during exceptional circumstances. Exceptional circumstances would include situations:
i) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
ii) When there is insufficient liquidity in fixed income instruments for the Fund to transact efficiently; and/or
iii) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBITF will be benchmarked against 12-month fixed deposit rate from commercial banks, which
is a commonly used industry practice.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
AMB Index-Linked Trust Fund
Type of Fund
Index Fund
Category of Fund
Equity Fund
Investment Philosophy
AMBILTF is an open-ended indexed Fund that invests in the KLCI component stocks that will closely mirror the KLCI
movements.
Investment Objective
To achieve an investment result that tracks the performance of the KLCI’s benchmark.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBILTF
The approved fund size for AMBILTF is 400 million Units.
Investors’ Profile
The Fund is expected to appeal to individuals or institutions which desire returns that are consistent with the
performance of the KLCI. As such, investors of this Fund are expected to possess a moderate to high-risk tolerance
and have an investment horizon exceeding 5 years to withstand the business cycles capital markets are exposed to.
Benefits for Investors
The Fund is an affordable avenue for investors to have an indirect participation in the Malaysian equity markets
through ownership of component stocks that make up the KLCI. As the Fund’s investment results closely correspond
to the KLCI, investors are capable of gauging their investment performance with relative ease. Since AMBILTF adopts
a passive management philosophy, the fees levied for managing the Fund are lower when compared to an actively
managed fund. This allows the AMBILTF to be both an attractive and economical equity investment alternative.
Specific Benefits of Investing in AMBILTF
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBILTF.
Affordability
Investors can invest with just RM500 as initial investment and subsequent investments can be made with a minimum
of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBILTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBILTF
Due to the Fund’s passive management philosophy, investors should understand that while it is possible to obtain
returns during a market upturn, it is equally likely that losses can be incurred during its downturn. This is due to the
Fund’s high concentration of investments in the equity markets.
Stock Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock market as a whole.
Individual Stock Risk
AMBILTF is subject to the volatility of price in the share market. The volatility of prices in each stock will affect the
Fund’s value daily. The performance of individual stocks, which make up the portfolio, will fluctuate according to
changes in the market value of the investments. The fluctuations can be significant in the short-term. This accounts for
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MASTER PROSPECTUS 2008/2009
the market risk when investing in this Fund. However, this impact is minimised through the investment process of
portfolio diversification by our External Investment Manager.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, The External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing withadverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
Investment Policy/Approach
The Fund invests primarily in securities listed on the Bursa Malaysia, which will enable it to track the movement of the
KLCI. As such, investments consist of the KLCI component stocks that will closely mirror the KLCI’s performance. The
investment horizon is medium term with an aim to benefit from capital appreciation as the Malaysian economy
recovers. The NAV of the Fund will therefore, fluctuate with the KLCI.
Investment Strategy/Investment Mechanism
It is the Fund’s policy to remain fully invested at all times. The Fund under normal circumstances will be up to 99.5%
invested. However, there are periods when the Fund needs to liquidate its holding of equities to meet redemption by
Unit Holders. The heavy investment in equities is to ensure that the performance of the Fund reflects or mirrors that of
the index as closely as possible.
The underlying index
The Fund is designed to track or replicate the performance of the underlying KLCI. Excluding the cash portion, the
Fund focuses on 8 sectors, namely trading/services, finance, consumer products, industrial products, plantation,
construction, technology and infrastructure project companies.
The Fund’s investment strategy and how the representative sample is constituted.
Unlike the traditional way of investing in all of the component stocks, the Fund solely invests in a representative
sample of the underlying component stocks of the KLCI. At any one time, the parameter of equity investment
exposure stands at 90% to 99.5% of the Fund with the balance in cash. The representative sample consists of only 40
stocks compared to 100 stocks in the underlying KLCI. The weightings of the representative sample are derived by
increasing the weightings of the representative sample stocks proportionately with the reduced numbers of the
adjusted component stocks.
Circumstances that lead to tracking error and strategies to minimise the error.
Tracking error happens when the replicating portfolio does not perfectly match the performance of the underlying
index (KLCI). Transaction costs and fewer numbers of stocks in the portfolio (compared to investment in all of the
component stocks) are the constant factors that lead to the tracking error. The former is manageable as the Fund has
lower trading costs given its passive characteristics. As for the latter, tracking error happens when price of the sample
stocks fluctuates sharper than the KLCI. However, tracking error is minimised when balancing of the Fund is
undertaken to ensure close tracking of the Fund to the KLCI.
Policy on re-balancing the portfolio.
Rebalancing of the portfolio will only be carried out when there is huge withdrawal or injection or when the tracking
error is off track.
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MASTER PROSPECTUS 2008/2009
Weightings of the top 10 component stocks of the underlying index as at LPD
1. Sime Darby Bhd
2. Tenaga Nasional Berhad
3. Malayan Banking Berhad
4. Public Bank Bhd
5. MISC Bhd
6. IOI Corporation Bhd
7. CIMB Bank Bhd
8. TM International Bhd
9. Genting Berhad
10. Petronas Gas Berhad
6.77%
6.24%
6.16%
6.04%
5.57%
4.97%
4.37%
4.00%
3.57%
3.32%
Weightings of the top 10 component stocks in the representative sample as at LPD
(Based on NAV)
1. Sime Darby Bhd
2. Tenaga Nasional Berhad
3. Malayan Banking Berhad
4. Public Bank Bhd
5. MISC Bhd
6. IOI Corporation Bhd
7. CIMB Bank Bhd
8. TM International Bhd
9. Genting Berhad
10. Petronas Gas Berhad
8.31%
6.83%
5.75%
7.17%
6.47%
5.42%
5.06%
4.79%
5.49%
4.15%
There is no guarantee or assurance of exact or identical replication at any time of the performance of the
KLCI. The index composition may change and component securities of the underlying index may be
delisted.
Policy and Strategy on Listed and Unlisted Securities
AMBILTF invests primarily in securities listed on the Bursa Malaysia, which will enable it to track the movement of the
KLCI. As such investments consist of the KLCI component stocks that will closely mirror the KLCI’s performance. The
investment horizon is medium term with the view to benefit from capital appreciation as the Malaysian economy
recovers. The NAV of the Fund will therefore fluctuate with the KLCI. It is the Fund’s policy to remain fully invested at
all times to minimise the tracking error. The Fund under normal circumstances will be up to 99.5% invested. However,
there are periods when the Fund needs to liquidate its holding of equities to meet redemption by Unit Holders. The
heavy investment in equities is to ensure that the performance of the Fund reflects or mirrors that of the index as
closely as possible.
The investment process for unlisted securities is similar to the process used for the listed securities. Decisions will be
made after thorough assessment on the companies, using in-house fundamental research supported by external
research and companies’ prospectuses.
Asset Allocation
• 90.0% to 99.5% in equities
• 0.5% to 10.0% in liquid assets
This investment portfolio enables the reduction in tracking error for the AMBILTF. Any excess in liquidity should be
regularized within a period of 1 month. However, the minimum level of liquid assets to be maintained may be reviewed
from time to time with the approval of the Investment Committee upon consultation with the Trustee.
The equity allocation may be reduced to below the minimum levels indicated at the discretion of the Manager only
during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there insufficient liquidity in equity for the Fund to transact efficiently; and/or
iii) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBILTF will be benchmarked against the KLCI return. The latest index information and other
news of the index may be obtained at Bursa Malaysia.
AMB Client Services : 03-2034 0800
41
MASTER PROSPECTUS 2008/2009
AMB SmallCap Trust Fund
Type of Fund
Growth Fund
Category of Fund
Equity Fund (Small Cap)
Investment Philosophy
AMBSCTF will invest in a diversified portfolio of stocks, in companies which operate in high growth sectors, hence
have the potential to register high growth in earnings per share. A systematic and in-depth fundamental analysis is
applied for the selection of stocks and the monitoring thereafter.
Investment Objective
To achieve medium to long-term capital growth by primarily investing into securities of small and medium sized
companies listed on the Bursa Malaysia’s Main Board, Second Board, MESDAQ and or any other board as approved
by the SC with market capitalisation of not more than RM750 million which have the potential for capital appreciation
over the medium to long term.
Any material changes to the investment objective of the Fund would require Unit Holder’s approval.
Approved Fund Size of AMBSCTF
The approved fund size for AMBSCTF is 600 million Units.
Investors’ Profile
The Fund is suitable for investors with the following profile: • Seeking long term capital growth through investment in small to medium sized companies;
• Willing to accept higher level of risk in order to obtain higher growth of their capital; and
• Possessing a medium to long-term investment horizon.
Benefits for Investors
AMBSCTF offers a higher potential for capital growth relative to the underlying market given its low base and strong
growth potential. The specific risks associated with the Fund can be reduced and mitigated through effective sectors
and stocks diversification.
Specific Benefits of Investing in AMBSCTF
Free Insurance Protection Coverage for AMBSCTF
Eligible Unit Holders (natural persons) of AMBSCTF will be given free GPA insurance coverage. Unit Holders holding
a minimum of 2,000 Units and above will automatically be covered under the GPA insurance coverage. The sum
covered would be RM0.50 for every Unit held subject to a minimum investment of 2,000 Units and maximum coverage
of RM200,000.
The GPA insurance coverage covers:
(i) Death due to accidental causes only;
(ii) TPD due to accidental causes; and
(iii) Funeral expenses as follows:
Units
2,000 to 49,999
50,000 and above
Funeral Expenses
RM1,000
RM2,000
While the policy is in force, the amount of coverage shall be based on the amount of Units held at the time of accident
which led to claim.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered under the GPA
insurance coverage but the sum covered will be shared equally.
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MASTER PROSPECTUS 2008/2009
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBSCTF.
Affordability
Investors can invest with just RM500 as initial investment and subsequent investments can be made with a minimum
of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBSCTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBSCTF
While attempts are made to reduce risks encountered by the portfolio, investors should be advised that the following
risks are inherent in such investments: Stock Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock market as a whole. The stocks of small
cap companies may be traded less actively than those of larger cap companies. As a result small cap stocks tend to
fluctuate relatively more in reaction to a volatile market. Small cap companies may have limited financial resources
compared to larger cap companies, which tend to make them more vulnerable to market and economic downturns.
Individual Stock Risk
AMBSCTF is subject to the volatility of price in the share market. The volatility of prices in each stock will affect the
Fund’s value daily. The performance of individual stocks, which make up the portfolio, will fluctuate according to
changes in the market value of the investments. The fluctuations can be significant in the short-term. This accounts for
the market risk when investing in this Fund. However, this impact is minimised through the investment process of
portfolio diversification by our External Investment Manager.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, The External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Fund over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
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MASTER PROSPECTUS 2008/2009
Investment Strategy/Investment Mechanism
The Fund invests primarily in selected small and medium sized companies listed on the Main Board and Second
Board of the Bursa Malaysia (including MESDAQ) with market capitalization of not more than RM750 million which
have the potential for capital appreciation over the medium to long term.
Criteria for selection include companies with sound management which operate in the high growth sector, and/or
those expected to register high earnings per share growth. The Fund may also invest in companies with market
capitalization exceeding RM750 million in order to increase the benefit of diversification and enhance the stability of
the Fund. Emphasis is given to companies with reasonably good earnings, growth prospects in the medium to longer
term horizon, quality management and good corporate governance.
The Fund employs an active investment strategy and periodical review of the asset allocation is made in response to
changes in economic fundamentals, interest rates and stock market conditions. In equity investment, to seek outperformance caused by market inefficiencies by identifying undervalued investments whose potentials are yet to be
realized.
Investment Policies and Restrictions (Unlisted Securities)
The Fund is allowed to invest in securities of companies which have obtained approval from the relevant authorities
for listing on either the Main Board or Second Board of Bursa Malaysia (including MESDAQ). The market
capitalisations of the companies are calculated by multiplying the offer price and the enlarged share capital.
The Fund may consider investment in unlisted equities. However, investment in unlisted equities is limited to a
maximum of 10% of the Net Asset Value of the Fund. The investment process of unlisted securities is similar to the
process used for listed securities.
Asset Allocation
• Min 40% Max 95% in stocks and shares of small and medium cap companies.
• Min 5% Max 60% in liquid assets and short-term money market investments.
The equity allocation may be reduced to below the minimum levels indicated at the discretion of the Manager only
during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is insufficient liquidity in equity for the Fund to transact efficiently; and/ or
iii) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBSCTF will be benchmarked against the FBM Emas Index, which is obtainable at Bursa
Malaysia.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
AMB Enhanced Bond Trust Fund
Type of Fund
Income and Growth Fund
Category of Fund
Bond Fund
Investment Philosophy
AMBEBTF will invest in fixed income securities with a view to the enhancement of the returns on the Fund through
selective participation in IPOs.
Investment Objective
The investment objective of AMBEBTF is to provide a stable income stream and an opportunity for capital
appreciation over the medium to long term horizon.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBEBTF
The approved fund size of AMBEBTF is 500 million Units.
Investors’ Profile
The Fund is suitable for investors with the following profile: • Seeking a conservative investment approach but willing to exploit opportunities presented in the capital markets; and
• Possessing an investment horizon in excess of 5 years.
Benefits for Investors
Access to investment
The Fund seeks to achieve its objective through a policy of diversified investment in convertible debt securities,
redeemable debt securities, government backed bonds/securities, rated private debt securities, money market
instruments and equities/IPOs.
Given the asset mix, the Fund is designed to provide investors with affordable access to a portfolio of fixed income
securities with an equity exposure to improve yields. The Fund is primarily suited to investors who prefer more stable
investment returns than those provided by equity funds and those who are conservative with a need to receive steady
income.
Initial and subsequent outlay
Only a small initial outlay and subsequent investment is required to build a well-diversified bond portfolio as compared
to investing in the aforesaid instruments directly.
Other Benefits
Additionally, the Fund seeks to enhance the returns of the portfolio through participation in IPOs. Participation in IPOs
offers investors the opportunity to experience the rewards of owning fast-growing innovative companies before they
become household names. In subscribing to IPOs, which have been the subject of comprehensive research and
analysis, investors will have the opportunity to benefit, from the full growth potential of such companies.
The Fund also provides investors with the opportunity to invest in a diverse selection of IPOs that may not otherwise
be accessible to individuals. Due to intense demand for a limited number of shares of certain “hot issues”, individual
investors acting alone may have difficulty in obtaining shares of IPOs at the offer price. A “hot issue” is any newly
issued security, which is usually over-subscribed at the time of its offering and trades in the aftermarket at a price in
excess of its offer price. By virtue of its size and institutional nature, the Fund may have greater access to IPOs at the
offer price. However, there is no assurance that the Fund will be able to obtain allocations of “hot issues”. Investments
may be made in both large and small capitalisation companies.
Specific Benefits of Investing in AMBEBTF
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to invest in AMBEBTF.
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MASTER PROSPECTUS 2008/2009
Affordability
Investors can invest with just RM1,000 as initial investment and subsequent investments can be made with a
minimum of RM500.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBEBTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBEBTF
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised that the
following risks are inherent in such investments: Stock/ Bond Market Risk
These are risks that affect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will also decline.
Individual Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risks include but are
not limited to changes in consumer tastes and demand, legal suits, competitive operating environments, changing
industry conditions and management omissions and errors. This risk can be minimised through investing in a wide
range of companies in different sectors, which thus function independently from one another.
IPO Risk
This risk could be in the form of under-subscription of IPO shares, a delay in or abortion of the listing due to poor
market conditions and listing approval not granted by the Bursa Malaysia. Additionally, given that there is no prior
market for the IPO shares, there is also no assurance that the issue or offer price will correspond to the price at which
the IPO shares will trade upon or subsequent to the listing.
Interest Rate Risks
Bonds are particularly sensitive to movements in interest rates. Prices of bonds move inversely to interest rate
movements. Therefore, as interest rates rise, the prices of bonds decrease and vice versa. Furthermore, bonds with
longer maturity and lower yield coupon rates are more susceptible to interest rate movements.
Credit/Default Risk
Bonds are subject to credit / default risk in the event that the issuers of the instruments encounter financial difficulties,
which may decrease their credit worthiness. This in turn may lead to a default in the payment of principal and interest.
Liquidity Risk
Liquidity refers to the ease of converting an investment into cash without incurring an overly significant loss in value.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the fixed income securities and equities are carefully selected through company visits,
fundamental analysis and portfolio diversification. In the case of fixed income securities, The External Investment
Manager will also focus on the credit quality of the fixed income securities, which must be of good investment
grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
b) investing the Fund over a wide range of fixed income securities and equities of different companies which provides
diversification across a number of sectors and industries, minimising the risk not only of any single company’s
securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions.
c) lengthening or shortening the Fund’s average maturity period of the fixed income investments (within the Fund’s
objective) in anticipation of changing interest rates.
d) selecting investments that are bank or government guaranteed or secured against assets to mitigate default risk.
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MASTER PROSPECTUS 2008/2009
The External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process adopted and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economical, political and other conditions, that may be
inconsistent with the Fund’s principal strategy.
Investment Approach
The Fund seeks to achieve its objective through a policy of diversified investment in convertible debt securities,
redeemable debt securities, government backed bonds/securities, rated private debt securities, money market
instruments and equities.
Unlike the present money market and bond funds, which primarily invest in such instruments only, the AMBEBTF
widens its asset universe by participating in a minimum of 85% of its Net Asset Value in fixed income securities and
money market and no more than 15% in IPOs. The appointed External Investment Manager shall capitalise on the
stringent value investment methodology to select such securities for inclusion in its portfolio.
Typically, many IPOs worldwide are priced at a discount to its industry. This practice is due to a need to encourage
greater subscription of such securities while reducing the pressure imposed on its underwriters. Upon listing the IPOs
will generally attain a value similar to its peers thereby presenting opportunities to the subscriber and also to this
Fund.
For IPOs (after market) securities however, some may be neglected by the market place and thus become
undervalued relative to their peers. Similarly, this presents opportunities for the Fund to exploit.
Through channeling a minor portion of the Fund’s portfolio to the participation in these securities, the portfolio aims to
achieve an enhancement in its bond yields without increasing risks extensively.
Investment Strategy/Investment Mechanism
Investment Strategy for Fixed Income Investments
AMBEBTF’s approach is one that recognised the need to exploit anomalies and opportunities as they arise. At the
same time, AMBEBTF also seeks to optimise returns (based on our interest rate outlook) at minimal risk; hence, a well
diversified portfolio with stringent credit analysis will be adopted in the portfolio.
Investment Strategy for Equity Investments
In managing the equity portfolios, AMBEBTF will employ a combination of “top down” and “bottom up” investment
techniques, recognising that these are not mutually exclusive processes. The disciplines governing these processes
are closely intertwined and the interaction between asset allocation determination and stock selection is a strong one.
Although AMBEBTF take into account the macroeconomic picture, our approach is value driven with emphasis on
growth.
AMBEBTF will constantly assess all upcoming IPOs and use research and statistical information on IPOs in selecting
stocks for the equity portfolio. This research analyses the business, fundamentals, financial results, management
control issues and proposed valuation of the IPO. AMBEBTF also employs proprietary statistical information on IPO
performance trends, number of pending IPOs, industry sectors and valuation trends to determine the overall tone of
market activity. Other information sources used by us include the IPO’s prospectus, the results of discussions and
meetings with management, periodic corporate financial reports, press releases, general economic and industry data
supplied by government agencies and trade associations and research reports prepared by brokers.
Investment Policy
AMBEBTF is a bond fund that offers investors an opportunity to invest in fixed income securities with a view to
enhance the returns on the Fund through selective participation in IPOs.
Asset Allocation
The Fund may invest a minimum of 85% of its Net Asset Value in fixed income securities and money market and no
more than 15% in IPOs. If no good quality IPOs are available, then the Fund will have all its assets in fixed income
securities and money market.
The equity and fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
Manager only during exceptional circumstances. Exceptional circumstances would include situations:
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MASTER PROSPECTUS 2008/2009
i) Where there is an expected sharp downturn in the equity market;
ii) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
iii) When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact efficiently;
and/or
iv) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBEBTF will be benchmarked against the 3-month fixed deposit rate, from commercial banks
which is a commonly used industry practice.
AMB Client Services : 03-2034 0800
48
MASTER PROSPECTUS 2008/2009
AMB Ethical Trust Fund
Type of Fund
Income and Capital Growth Fund
Category of Fund
Equity Fund
Investment Philosophy
We believe superior long-term investment performance can be achieved by exploiting inefficiencies in capital markets
through rigorous and intensive research within a disciplined investment process.
Investment Objective
The Fund’s primary objective is to provide investors with income and capital growth for medium to long term through
investments that comply with ethical principles as defined in this Fund.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBETF
The approved fund size for AMBETF is 300 million Units.
Investors’ Profile
• Suitable for individual or institutional investors who desires income and capital returns from the equity markets;
• Suitable for investors who would like to channel their resources to companies that demonstrate socially responsible
practices relating to the environment and community; and
• Suitable for those with an investment horizon exceeding 5 years.
Benefits for Investors
AMBETF is essentially a socially responsible Fund, which caters for Malaysians who increasingly want a say in how
their money is invested. The Fund accomplishes this by channeling pooled funds to companies that are befitting to the
agreed upon ethical standards that are defined in the Fund.
The Fund represents an affordable investment tool and also rewards companies that are viewed as performing an
invaluable service to Malaysia through its ethical activities.
Specific Benefits of Investing in AMBETF
Free Insurance Protection Coverage for AMBETF
Eligible Unit Holders (natural persons) of AMBETF will be given free GPA insurance coverage. Unit Holders holding a
minimum of 2,000 Units and above will automatically be covered under the GPA insurance coverage. The sum
covered would be RM0.50 for every Unit held subject to a minimum investment of 2,000 Units and maximum coverage
of RM200,000.
The GPA insurance coverage covers:
(i) Death due to accidental causes only;
(ii) TPD due to accidental causes; and
(iii) Funeral expenses as follows:
Units
Funeral Expenses
2,000 to 49,999
RM1,000
50,000 and above
RM2,000
While the policy is in force, the amount of coverage shall be based on the amount of Units held at the time of accident
which led to claim.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered under the GPA
insurance coverage but the sum covered will be shared equally.
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MASTER PROSPECTUS 2008/2009
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBETF.
Affordability
Investors can invest with just RM500 as initial investment and subsequent investments can be made with a minimum
of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBETF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBETF
As the Fund invests only in securities of companies which comply with the ethical principles, certain securities which
may provide better growth potential but do not comply with the ethical principles are therefore excluded in the portfolio.
Hence, the returns of the Fund may be limited when compared to a Fund that has no investment restrictions. Other
risks associated with the Fund are described below: Stock Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock market as a whole.
Individual Stock Risk
The performance of each individual stock that a Fund invested in will be reflected in the price per unit.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise, the value of
fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Credit/Default Risk
Credit risk refers to the possibility that the issuer of a fixed income security will be unable to make interest payments
or repay the principal in a timely manner.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
(a)
actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through site
visits, fundamental analysis and portfolio diversification. In the case of fixed income securities, The External
Investment Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
(b)
investing the Funds over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business
conditions. The External Investment Manager will seek to reduce all these risks associated with the Fund by
virtue of its experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that maybe inconsistent
with the Fund’s principal strategy .
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MASTER PROSPECTUS 2008/2009
Investment Policy
1) The diagram below displays the investment policy practiced by the AMBETF: -
COMPANIES LISTED ON THE
BURSA MALAYSIA
PERFORMANCE FILTER
NEGATIVE FILTER TO REMOVE
INAPPROPRIATE INVESTMENTS;
- principal business in the promotion of
gaming, tobacco and alcohol
POSITIVE FILTER;
- Environmentally friendly
- Promote healthy social values
- Good corporate governance
IDENTIFY SUITABLE COMPANIES
FOR INVESTMENT PURPOSES
2) To achieve the objective of the AMBETF, the Fund will only invest in companies that are deemed to meet our
stringent value investment criterion. For further details, please refer to the section entitled ‘Investment Approach’.
3) As the Fund places heavy emphasis on the need to invest only in ethical companies, the Fund will screen its
investments and remove companies whose principal business involves the promotion of gambling, tobacco and
alcohol. This screen is known as the Negative Filter. The Fund may also abstain from investing in companies
that have violated ethical principles during the management of this Fund. The remaining securities after the
negative filters are deemed as ‘Ethical’.
4) Besides having a Negative Filter, the Fund will also have a Positive Filter. This filter encourages companies to
practice the following activities as listed below: -
POSITIVE FILTERS
Environmentally friendly
Promote healthy social values
Maintain good corporate
governance
AMB Client Services : 03-2034 0800
EXAMPLES
• Provides eco-friendly products and services
• Prevention of pollution
• Recycling
• Promotes sports, community projects
• Fulfils social obligations e.g. Housing for the poor, education and
medical care
• Charitable
• Good community relations
• Ensure compliance to regulations and proper dissemination of
information to stakeholders and employees
• Steering management to enhance well-being of employees and
customers
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MASTER PROSPECTUS 2008/2009
5) Few companies shall fulfill the entire criterion as laid out by the positive filters. This is where the External
Investment Manager will encourage these companies to practise the above principles if the Fund has them within
its portfolio. This will be known as our Shareholder Activism Programme. The External Investment Manager shall
leverage on the expertise of the Ethical Panel of Advisors to accomplish successful practice of the above
procedures.
6) Further to our Shareholder Activism Programme, the External Investment Manager may from time to time vote on
company resolutions, after considering the Fund’s financial interests and social objectives. However, there may be
instances in which the External Investment Manager may not vote if the resolution is irrelevant or unimportant.
7) Should any of the securities within our portfolio deviate from the Fund’s objectives then the deviation procedures
will commence. Please refer to the section entitled Deviation Procedure.
8) There is no specific percentage or monetary limit on the Fund’s investment in a single industry or security.
However, the limitations will be subject to prevailing regulatory Guidelines.
Investment Approach
Our investment approach combines a macro-economic and market analysis “top-down” approach to decide on
strategic asset allocation with a rigorous “bottom-up” approach for stock selection which will emphasise on value and
growth potential of the stocks.
Macro Economic Analysis
Monitor and assess investment
environment to identify emerging
investment trends and themes.
Strategic Asset Allocation
Stock Selection
Portfolio Construction
• Fundamental Analysis;
• Valuation screen for growth,
value, momentum and quality;
• Liquidity and market
capitalisation consideration.
The equity selection will be based on a rigorous process, which will appraise the relative value of a company in terms
of: 










Price/Earnings (P.E.)
P.E. to growth
Dividend growth
Dividend yield
Price-book value
Quality of earnings (Volatility, Sustainability, Visibility)
Financial strength
Competitive risks
Profit margin
Cash flow analysis
Quality of management
Investment Strategy/Investment Mechanism
The Fund seeks to maximise total returns by providing investors with capital appreciation while reducing risk through
diversified investments, mainly in equities listed in the Bursa Malaysia that comply with ethical principles as defined in
this Fund. Asset allocation in equities and/or bonds will be subjected to a maximum of 90-98%. The Fund will maintain
a minimum of 2-10% in short-term money market instruments.
The Fund will invest primarily in equities. However, the Fund is not restricted from participating in bonds/fixed income
instruments when deemed appropriate.
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MASTER PROSPECTUS 2008/2009
Asset Allocation
• 90% to 98% in equities and/or bonds
• 2% to 10% in short term money market instruments
• Min 50% in equities and/or bonds
The above asset allocation of the Fund is only indicative and will be reviewed from time to time depending on
economic and market conditions.
The bulk of investments will be invested over a medium to long-term period with active disposal and liquidation of the
investments, a strategy to control risk as well as to optimise capital gains. This is especially so when the full growth
potential of the investment is deemed to have been reduced over a prolonged bull run and the resultant liquidity may
prove handy for further investments along similar lines when the market has sufficiently eased off. The External
Investment Manager in making its investment decision shall at all times comply with the investment restrictions and
requirements as set out in the Deed.
The equity and fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
Manager only during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
iii) When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact efficiently;
and/or
iv) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBETF will be benchmarked against an internally created benchmark comprising of the FBM
Emas Syariah Index and Finance Indices on an 80:20 basis. These 2 indices are available from the Bursa Malaysia.
Deviation Procedure
When any of the stocks contained within the portfolio has deviated from the Fund’s ethical objectives, the External
Investment Manager needs to undertake several measures. However it is necessary that the actions can only be
undertaken when the infringement is a publicly known factor is uncontestable in nature.
During such events a Deviation Report will be issued and a meeting between the External Investment Manager and
the Ethical Panel of Advisors, will be held to discuss the issue. The deviation report should be accompanied with proof
of the deviation. The meeting will require them to assess the nature of the infringement, the frequency of such
infringements, and the extent of damage created by the infringement in terms of contingent liabilities.
Once the Fund reaches a consensus the Manager will then undertake to perform any of the following actions: 1) Communicate with the company to voice our concerns;
2) Reduce our portfolio holdings in the company; and/or
3) Remove the company from our investment portfolio with a classification of the stock as not investable over a
period of 5 years.
The duration for the above actions will be a maximum of 2 years. Where the infringement is serious (i.e. possible
occurrence of huge contingent liabilities, regulatory actions etc.) the Fund will perform phase 3 without going through
phases 1 – 2, and the time frame for such actions shall not exceed 6 months.
Shareholder Activism Programme
This programme entails that the External Investment Manager will encourage companies to adopt the activities as laid
out in the positive filters. This can only be conducted if the Fund has an active stake over the company. The program
is conducted through an open dialogue with the company. The Fund will neither protest nor conduct strikes to enforce
its recommendations.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
AMB Value Trust Fund
Type of Fund
Capital Growth Fund
Category of Fund
Equity Fund
Investment Philosophy
Investment of AMBVTF will invest into securities which are trading below their intrinsic values. The Fund is structured
to provide investors with capital growth in the medium to long term.
Investment Objective
The primary objective of AMBVTF is to provide investors with capital growth through investments into securities that
are trading at a discount to their intrinsic values, while minimising the risk in the medium to long term.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBVTF
The approved fund size of AMBVTF is 300 million Units.
Investors’ Profile
The ideal investor for this fund should have the following characteristics: (i) Willing to accept risks for returns presented by the stock market;
(ii) Want to capitalise on the value investment approach when investing in equity markets; and
(iii) Possessing an investment horizon in excess of 5 years.
Benefits for Investors
Provides investors with an alternative approach when investing in equity markets. Value Investments do not behave in
a similar fashion when compared to growth oriented investments.
This is generally due to the fact that value funds are normally associated with neglected or “out-of-favour stocks” while
growth funds are involved with well-analysed stocks.
Specific Benefits of Investing in AMBVTF
Free Insurance Protection Coverage for AMBVTF
Eligible Unit Holders (natural persons) of AMBVTF will be given free GPA insurance coverage. Unit Holders holding a
minimum of 2,000 Units and above will automatically be covered under the GPA insurance coverage. The sum
covered would be RM0.50 for every Unit held subject to a minimum investment of 2,000 Units and maximum coverage
of RM200,000.
The GPA Insurance Coverage covers:
(i) Death due to accidental causes only;
(ii) TPD due to accidental causes; and
Funeral expenses as follows:
Units
Funeral Expenses
2,000 to 49,999
RM1,000
50,000 and above
RM2,000
While the policy is in force, the amount of coverage shall be based on the amount of Units held at the time of accident
which led to claim.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered under the GPA
insurance coverage but the sum covered will be shared equally.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBVTF.
Affordability
Investors can invest with just RM500 as initial investment and subsequent investments can be made with a minimum
of RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBVTF, which may provide you the opportunity to reap capital growth, thus
increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF Members
Investment Scheme from time to time.
Potential Risks Associated with AMBVTF
As the Fund invests primarily in securities, which are listed on the Bursa Malaysia, it may be subject to a higher level
of risk than a portfolio diversifying its holdings across several markets and economies. Other risks associated with the
Fund are described below: Stock Market Risk
This is fluctuation in the market performance due to factors such as fluctuation in interest rates, and changes in
economic climate, political and social environments that will affect the stock market as a whole.
Individual Stock Risk
The performance of each individual stock that a Fund invested in will be reflected in the price per unit.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise, the value of
fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Credit/Default Risk
Credit risk refers to the possibility that the issuer of a fixed income security will be unable to make interest payments
or repay the principal in a timely manner.
Liquidity Risk
Liquidity risk relates to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of positions.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the equities and fixed income securities are carefully selected through site visits, fundamental
analysis and portfolio diversification. In the case of fixed income securities, The External Investment Manager will
also focus on the credit quality of the fixed income securities, which must be of good investment grade of at least
BBB rating or equivalent by MARC or any other similar rating establishment.
b) investing the Fund over a wide range of equities and fixed income securities of different companies which provides
diversification across a number of sectors and industries, minimising the risk not only of any single company’s
securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions. The
External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent
with the Fund’s principal strategy.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
Investment Policy
1) The Fund will invest in companies that are competitive and well-managed and that offer attractive growth
prospects over the medium to long term. The Fund will invest in 2 categories of companies: those that are either,
strong and competitive on a global or regional basis, and those that are strong within their domestic markets.
While the main focus will be on long-term growth, the Manager will only invest in companies where valuation levels
can be justified.
Competitive edge will be defined in terms of: • superiority of products and service;
• business franchise;
• distribution capability;
• forward looking management;
• shareholder value orientated management style;
• financial strength;
• research and development capability; and
• high barriers to entry for competitors.
2) There is no specific percentage or monetary limit on the Fund’s investment in a single industry or security.
Investment Approach
Our investment approach emphasises on a “bottom-up” approach that focuses on specific stock selection rather than
markets and sectors. Nevertheless, the Fund will adopt a macro-economic and market analysis “top-down” approach
to decide on strategic asset allocation. Stocks are selected for their value (Value Driven Approach).
Stock Universe
In depth Analysis
Stock Selection
Portfolio
Construction
• Fundamental Analysis;
• Valuation screen for
growth, value,momentum
and quality;
• Liquidity and market
capitalization consideration.
The equity selection will be based on a rigorous process, which will appraise the intrinsic value of a company in terms
of: • Price/Earnings (P.E.)
• P.E. to growth
• Dividend growth
• Dividend yield
• Price-book value
• Quality of earnings (Volatility, Sustainability, Visibility)
• Financial strength
• Competitive risks
• Profit margin
• Cash flow analysis
• Quality of management.
Investment Strategy/Investment Mechanism
The Fund seeks to maximise total returns by providing investors with capital appreciation while reducing risk through
diversified investments, mainly in equities listed on the Bursa Malaysia. Asset allocation in equities and/ or bonds will
be subjected to a maximum of 90-98%.The Fund will maintain a minimum of 2-10% in short-term money market
instruments.
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MASTER PROSPECTUS 2008/2009
The Fund will invest primarily in equities. However, the Fund is not restricted from participating in bonds/fixed income
instruments when deemed appropriate.
Asset Allocation
• 90% to 98% in equities and/ or debt Instruments
• 2% to 10% in cash/ money market Instruments
• Min 50% in equities and/ or bonds
The above asset allocation of the Fund is only indicative and will be reviewed from time to time depending on
economic and market conditions.
The bulk of investments will be invested over a medium to long-term period with active disposal and liquidation of the
investments, a strategy to control risk as well as to optimise capital gains. This is especially so when the full growth
potential of the investment is deemed to have been reduced over a prolonged bull run and the resultant liquidity may
prove handy for further investments along similar lines when the market has sufficiently eased off. The External
Investment Manager in making its investment decision, shall at all times comply with the investment restrictions and
requirements as set out in the Deed.
The equity and fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
Manager only during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations ;
iii) When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact
efficiently;and/or
iv) When there is redemption affecting the liquidity position of the Fund.
Benchmark
The performance of AMBVTF will be benchmarked against the KLCI which is obtainable from the Bursa Malaysia.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund Today
Type of Fund
Income Fund
Category of Fund
Fixed Income Fund
Investment Philosophy
AMBLTFT will invests in a well-diversified portfolio of assets, which includes money market securities, fixed income
securities, equities and other securities that are permitted by the authorities from time to time. The portfolio is an
actively managed defensive Fund aimed to provide investors with regular income and moderate capital growth.
Investment Objective
To seek regular income stream and moderate capital growth through investments into fixed income securities and
dividend yielding equities.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBLTF Today
The approved Fund size for AMBLTF Today is 250 million Units.
Investors’ Profile
The Fund is suitable for investors with the following profile: • Investors who seek a defensive investment solution that comprises fixed income Instruments and a minor portion of
equity; and
• Investors who seek returns from a professionally managed Fund.
Benefits for Investors
Extensive Diversification
Your portfolio is made up of all the essential asset classes comprising equities, bonds and money market instruments.
Active Management
Professional External Investment Managers manage an investment mix that emphasises income generation for you.
A Personalised Approach
You decide when you will need your money and how you feel about risk, and choose the AMB lifestyle portfolio that is
tailored to meet your needs. The AMB Lifestyle portfolio allows you the flexibility to select the right segment to fit your
lifestyle or requirement over a wider time horizon.
Example: If you have a longer time period before money is required, you may have a higher tolerance for risk in your
investments. This is because peaks and troughs of performance tend to smooth out over time. If there is a shorter
period of time before your retirement income is needed, then a lower tolerance for risk is allowed.
Each AMB Lifestyle portfolio represents the number of years you expect to begin realising your investment. As you get
closer to the year of withdrawal, the External Investment Manager will gradually re-balance the portfolio mix to
optimize your returns.
Professional External Investment Managers
A team of professional External Investment Managers backed by a research team at UOB-OSK Asset Management
Sdn Bhd will use their expertise to build and manage the portfolios. The stocks, bonds and money market instruments
in AMBLTF Today are carefully selected with the aim of seeking a regular income stream and moderate capital
growth.
Specific Benefits of Investing in AMBLTF Today
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBLTF Today.
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MASTER PROSPECTUS 2008/2009
Affordability
Investors can invest just RM500 as an initial investment and subsequent investments can be made at a minimum of
RM100
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBLTF Today, which may provide you the opportunity to reap capital
growth, thus increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the
EPF Members Investment Scheme from time to time.
Potential Risks Associated with AMBLTF Today
While attempts are made to reduce risks encountered by the portfolio, investors should be advised that the following
risks are inherent in such investments: Stock/Bond Market Risk
These are risks that affect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will decline also.
Credit/Default Risk
It is possible that the issuer of fixed income securities may not be able to service periodic coupon payments and/or
repay principal when due, thus affecting the value of investments for Unit Holders.
Interest Rate Risks
Fixed income securities/debentures are particularly sensitive to movements in interest rates. As interest rates rise,
prices generally fall and vice-versa. Furthermore, those with longer duration and lower coupon rates are more
susceptible to interest rate movements.
Liquidity Risk
Liquidity risk is the risk that the security/instrument invested in cannot be readily sold and converted into cash. This
can occur when trading volume for the security is low and/or when there is a lack of demand for the security. In
managing liquidity risk, the Fund will limit its exposure to instruments, which are deemed less liquid.
Individual Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risks include but are
not limited to changes in consumer tastes and demand, legal suits, competitive operating environments, changing
industry conditions and management omissions and errors. This risk can be minimised through investing in a wide
range of companies in different sectors, thus functioning independently from one another.
Currency Risk
Currency risk is also known as foreign exchange risk. It is risk associated with investments that are denominated in
foreign currencies. When the foreign currencies fluctuate in an unfavourable movement against Ringgit Malaysia, the
investments will face currency losses in addition to the capital gains/losses. This will lead to a lower NAV of the Fund.
Country Risk
The foreign investment of the Fund may be affected by risks specific to the country which it invests in. Such risks
include changes in a country’s economic fundamentals, social and political stability, currency movements and foreign
policies etc. These may have an adverse impact on the prices of securities of listed companies.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the equities and fixed income securities are carefully selected through site visits, fundamental
analysis and portfolio diversification. In the case of fixed income securities, The External Investment Manager will
also focus on the credit quality of the fixed income securities, which must be of good investment grade of at least
BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
b) investing the Fund over a wide range of equities and fixed income securities of different companies which provides
diversification across a number of sectors and industries, minimising the risk not only of any single company’s
securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions. The
External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent
with the Fund’s principal strategy.
Investment Strategy/Investment Mechanism
To achieve its investment objective of a regular income stream, the Fund will allocate at least 80% of its assets into
the Malaysian fixed income markets with the balance in dividend yielding equities to enhance the returns for the
portfolio. To reduce the volatility of our equity investments, we may diversify by investing in both the Malaysia and
other Asian markets. The equity portion can and will be reduced to zero in times of market uncertainties. Futures may
also be employed from time to time to hedge the portfolio.
In formulating the investment strategy, the Manager will consider the following to determine the portion of investment
to be in foreign markets (within permitted amounts): a) Comparison of economic outlook of other Asian economies against the Malaysian economy to determine the
growth prospects and economic cycle.
b) Assessment of country, political and social risks.
c) Comparison of liquidity flows in all the Asian countries.
d) Risks or attractions specific to countries/region.
e) Currency risks.
Asset Allocation
The following table indicates the maximum & minimum exposures for equities and fixed income (comprising of bonds
& money market Instruments) : Min 0 Max 20% in equities
 Min 80% Max 100% in bonds and money market/cash.
Benchmark
The performance of AMBLTF Today will be benchmarked against the FBM Emas Index and 12-month fixed deposit
rate which is based on 80% of the 12-month fixed deposit rate and 20% from the performance of FBM Emas Index.
These benchmark returns are obtainable from the commercial banks and Bursa Malaysia respectively.
Temporary Defensive Positions
The Manager may take defensive positions in anticipation of, or in the event of adverse economic or market
conditions, to minimise losses. The equity portion could be hedged through futures contracts (under the Act) and the
fixed income/debenture portion could be hedged through the 3month Kuala Lumpur Inter Bank Offered Rate (KLIBOR)
Futures and/or the 5-year Malaysian Government Securities (MGS) futures contracts.
Should the Manager deem appropriate the equity portion can be reduced proportionately to reflect the Managers view.
AMB Client Services : 03-2034 0800
60
MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund 2009
Type of Fund
Growth Fund
Category of Fund
Balanced Fund
Investment Philosophy
AMBLTF 2009 will invests in a well-diversified portfolio of assets, which includes money market securities, fixed
income securities, equities and other securities that are permitted by the authorities from time to time. The portfolio is
an actively managed balanced Fund aimed to optimise returns while minimising risks encountered by investors. The
Fund is particularly suited to investors who have a 5 year investment horizon, or more, from the launch of the Fund.
Investment Objective
To provide capital growth for investors through a well-diversified balanced portfolio that is specially catered for a 5year investment period. The Fund, over its investment period, shall progressively adopt more defensive investment
strategies as the Fund approaches maturity.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBLTF 2009
The approved Fund size of AMBLTF 2009 is 250 million Units.
Investors’ Profile
The Fund is suitable for investors with the following profile: • Investors who seek an investment solution for a period of 5 years or more;
• Investors who seek returns from a professionally managed fund that is well diversified across various asset classes;
and
• Investors who desire to have a fund that will automatically become more defensive over time.
Benefits for Investors
Extensive Diversification
Your portfolio is made up of all the essential asset classes comprising equities, bonds and money market instruments
that will be balanced over time to optimise your investment.
Active Management
Professional External Investment Managers manage the investment mix of your AMB Lifestyle portfolio to create the
optimal risk and return for each stage of your life or target maturity date of the Fund.
A Personalised Approach
You decide when you will need your money and how you feel about risk, and choose the AMB Lifestyle portfolio that is
tailored to meet your needs. The AMB Lifestyle portfolio allows you the flexibility to select the right segment to fit your
lifestyle or requirement over a wider time horizon.
Example: If you have a longer time period before money is required, you may have a higher tolerance for risk in your
investments. This is because peaks and troughs of performance tend to smooth out over time. If there is a shorter
period of time before your retirement income is needed, then a lower tolerance for risk is allowed.
Each AMB Lifestyle portfolio represents the number of years you expect to begin realising your investment. As you get
closer to the year of withdrawal, the External Investment Manager will gradually re-balance the portfolio mix to
optimize your returns.
Professional External Investment Managers
A team of professional External Investment Managers backed by a research team at UOB-OSK Asset Management
Sdn Bhd will use their expertise to build and manage the portfolios.
AMB Client Services : 03-2034 0800
61
MASTER PROSPECTUS 2008/2009
The stocks, bonds and money market instruments in AMB Lifestyle Funds are carefully selected to give you the
advantage of time. The individual portfolios are based on the idea that the way you invest should change as you go
through your life and your retirement gets closer. Your needs may change as you approach retirement, as well as your
risk tolerance.
Specific Benefits of Investing in AMBLTF 2009
Free Insurance Protection Coverage
Eligible Unit Holders (natural persons) of AMBLTF 2009 will be given free standard GPA coverage. Unit Holders
holding a minimum amount of 2,000 Units and above will automatically be covered under the Standard GPA insurance
for accidental death and TPD with the following extensions:-.
(i) Medical expenses
(ii) Funeral expenses
(iii) Repatriation expenses
Units
2,000 – 49,999
50,000 and above
Medical Expenses
RM1,000
RM2,000
Funeral Expenses
RM1,000
RM2,000
Repatriation Expenses
RM1,000
RM2,000
The sum insured would be RM0.50 for every Unit held subject to a minimum investment of 2,000 Units and maximum
coverage of RM150,000.
While the policy is in force, the amount of sum insured per eligible Unit Holder shall be the last amount of Units held
by the eligible Unit Holder as at the date of accident leading to claim.
Eligible Unit Holder must be aged between 18 to 69 years old. The standard GPA coverage ceases automatically
when you attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered under the
standard GPA but the sum covered will be shared equally.
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBLTF 2009.
Affordability
Investors can invest just RM500 as an initial investment and subsequent investments can be made with a minimum of
RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBLTF 2009, which may provide you the opportunity to reap capital growth,
thus increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF
Members Investment Scheme from time to time.
Potential Risks Associated with AMBLTF 2009
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised that the
following risks are inherent in such investments: Stock/Bond Market Risk
These are risks that affect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will also decline.
Credit/Default Risk
It is possible that the issuer of fixed income securities may not be able to service periodic coupon payments and/or
repay principal when due, thus affecting the value of investments for Unit Holders.
AMB Client Services : 03-2034 0800
62
MASTER PROSPECTUS 2008/2009
Interest Rate Risk
Fixed income securities/debentures are particularly sensitive to movements in interest rates. As interest rates rise,
prices generally fall and vice-versa. Furthermore, those with longer duration and lower coupon rates are more
susceptible to interest rate movements.
Liquidity Risk
Liquidity risk is the risk that the security/instrument invested in cannot be readily sold and converted into cash. This
can occur when trading volume for the security is low and/or when there is a lack of demand for the security. In
managing liquidity risk, the Fund will limit its exposure to instruments which are deemed less liquid.
Individual Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risk includes but is not
limited to changes in consumer tastes and demand, legal suits, competitive operating environments, changing industry
conditions and management omissions and errors. This risk can be minimised through investing in a wide range of
companies in different sectors, which thus function independently from one another.
Currency Risk
Currency risk is also known as foreign exchange risk. It is risk associated with investments that are denominated in
foreign currencies. When the foreign currencies fluctuate in an unfavourable movement against Ringgit Malaysia, the
investments will face currency losses in addition to the capital gains/losses. This will lead to a lower NAV of the Fund.
Country Risk
The foreign investment of the Fund may be affected by risks specific to the country which it invests in. Such risks
include changes in a country’s economic fundamentals, social and political stability, currency movements and foreign
policies etc. These may have an adverse impact on the prices of securities of listed companies.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the equities and fixed income securities are carefully selected through site visits,
fundamental analysis and portfolio diversification. In the case of fixed income securities, The External Investment
Manager will also focus on the credit quality of the fixed income securities, which must be of good investment
grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
b) investing the Funds over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions.
The External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent
with the Fund’s principal strategy.
Investment Strategy/Investment Mechanism
To achieve its investment objectives, the Fund will invest in Malaysian equities & fixed income securities where
appropriate. Foreign equities may be included to further diversify the Fund. In formulating the investment strategy, the
Manager will consider the following to determine the portion of investment to be in foreign markets (within permitted
amounts): a) Comparison of economic outlook of Malaysian and other Asian economies to determine the growth prospects and
economic cycle of each country;
b) Assessment of country, political and social risks;
c) Comparison of liquidity flows in all the Asian countries;
d) Risks or attractions specific to countries/region; and
e) Currency risks.
AMB Client Services : 03-2034 0800
63
MASTER PROSPECTUS 2008/2009
OTHER INVESTMENT STRATEGY AND PROCESSES
In addition to the strategy employed above the Fund is unique in its investment methodology as it regularly employs
two asset-rebalancing practices at specific intervals within the life of the Fund. These 2 asset-rebalancing practices
are done on: 1) Interim Asset Rebalancing Date (IARD)
2) Targeted Asset Rebalancing Date (TARD)
The purpose for the 2 practices is detailed below.
Asset Class Movement
The AMBLTF 2009 is a Fund, which periodically reviews its asset allocation to contain risks while maximizing its return
potential. This is carried out on the IARD, which is every 3 months beginning from the commencement date of the
Fund.
In addition to this, the Fund will also employ a progressively defensive investment strategy every thirty (30) months
into the life of the Fund. This process of systematic reduction of risk for the portfolio takes place on the TARD. This is
accomplished via a targeted asset allocation (“TAA”) indicated upfront to the Unit Holder.
The AMBLTF 2009 predetermined asset allocation for each 30 months period is as displayed in the diagram below.
AMBLTF 2009 begins with higher equity
allocation to provide better growth
potential during the initial years.
5 years to maturity
AMBLTF 2009 approaches maturity
with lower equity exposure, thereby
reducing volatility.
2.5 years to maturity
Maturity
20%
27%
34%
66%
73%
TAA 1
80%
TAA 2
Maturity
Bonds and money market
Equities
Interim Asset Rebalancing Date (IARD)
IARD occurs every 3months after the launch date of the Fund. The review on these dates aims to keep the portfolio
within the TAA limits as agreed with the investor for that particular 30month period.
Should the overall portfolio differ from the TAA requirements at each 3month period, adjustments will be made to
correct the imbalances in the asset allocation. The imbalance is usually caused by market fluctuations.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
E.g. If the TAA for the investment period is targeted at 66% bonds & money markets and 34% equities, and at an
IARD the portfolio consisted of 52% bonds and money markets and 48% equities, then the External Investment
Manager will liquidate the excessive equity exposure while simultaneously increasing the bonds and money markets
portion.
While the TAA pre-determines the asset mix between fixed income (bonds and money market Instruments) and
equities, discretion is given to the Manager to increase the bond and money market mix in accordance to their
economic and market outlook. The variation allowed for bonds and money market for each TAA is as displayed on the
table below.
Targeted Asset Rebalancing Date (TARD)
Every 2 ½ years into the life of the Fund, AMBLTF 2009 will adopt an increasingly defensive asset allocation strategy.
The purpose for this is to ensure that as the investment horizon shortens, the investor will not be exposed to
excessive risk. This process involves reducing the volatility of the portfolio by increasing holding in less volatile assets
such as bonds and cash, while reducing volatile assets such as equity.
Asset Allocation
The following table indicates the maximum and minimum target exposures for equities and fixed income (comprising
of bonds and money market Instruments) for each TAA:
Bonds & money market min
Bonds & money market max
Equity minimum
Equity maximum
TAA 1
66%
71%
29%
34%
TAA 2
73%
78%
22%
27%
Benchmark
The benchmark will be based on the proportion of equity & fixed income stated at the start of the TARD as illustrated
in the Table below.
Asset Mix / Benchmark
TAA 1
TAA 2
Equity - FBM Emas Index
34%
27%
Bonds & money market – 12-month fixed deposit rate
66%
73%
An illustration of the benchmark is as follows: Benchmark (TAA 1) = (% change in FBM Emas Index x 34% of NAV) + (% fixed deposit rate return x 66% of NAV)
Benchmark (TAA 2) = (% change in FBM Emas Index x 27% of NAV) + (% fixed deposit rate return x 73% of NAV)
The FBM Emas Index and the 12-month fixed deposit rate are obtainable from the Bursa Malaysia and commercial
banks respectively.
Temporary Defensive Positions
While the TAA will be adhered to at all times, the Manager may take defensive positions in anticipation of, or in the
event of, adverse economic or market conditions, to minimise losses. The equity portion could be hedged through
futures contracts (under the Act) and the fixed income / debenture portion could be hedged through the 3month
KLIBOR futures and/or the 5-year MGS futures contracts.
Specific Salient Features of the Fund and Terms of Investing in the Fund such as
Commencement Date, Maturity Date
In addition to the discipline of having a more conservative TAA towards the maturity of the Fund as detailed above, the
Fund will diversify its holdings in equities and fixed income securities within the limits permitted. As the Fund
approaches its maturity date, the duration of the fixed income securities will be shortened to match the maturity date
as closely as possible. The selection of stocks in the equity portfolio will also be more defensive as the Fund
approaches the maturity date.
AMB Client Services : 03-2034 0800
65
MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund 2014
Type of Fund
Growth Fund
Category of Fund
Balanced Fund
Investment Philosophy
AMBLTF 2014 will invests in a well-diversified portfolio of assets, which includes money market securities, fixed
income securities, equities and other securities that are permitted by the authorities from time to time. The portfolio is
an actively managed balanced Fund aimed to optimise returns while minimising risks encountered by investors. The
Fund is particularly suited to investors who have a 10 year investment horizon, or more, from the launch of the Fund.
Investment Objective
To provide capital growth for investors through a well-diversified balanced portfolio that is specially catered for a ten
(10) year investment period. The Fund, over its investment period, shall progressively adopt more defensive
investment strategies as the Fund approaches maturity.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Approved Fund Size of AMBLTF 2014
The approved Fund size of AMBLTF 2014 is 250 million Units.
Investors’ Profile
The Fund is suitable for investors with the following profile: • Investors who seek an investment solution for a period of 10 years or more
• Investors who seek returns from a professionally managed fund that is well diversified across various asset classes;
and
• Investors who desire to have a fund that would automatically become more defensive over time.
Benefits for Investors
Extensive Diversification
Your portfolio is made up of all the essential asset classes comprising equities, bonds and money market instruments
that will be balanced over time to optimise your investment.
Active Management
Professional External Investment Managers manage the investment mix of your AMB Lifestyle portfolio to create the
optimal risk and return for each stage of your life or target maturity date of the Fund.
A Personalised Approach
You decide when you will need your money and how you feel about risk, and choose the AMB Lifestyle portfolio that is
tailored to meet your needs. The AMB Lifestyle portfolio allows you the flexibility to select the right segment to fit your
lifestyle or requirement over a wider time horizon.
Example: If you have a longer time period before money is required, you may have a higher tolerance for risk in your
investments. This is because peaks and troughs of performance tend to smooth out over time. If there is a shorter
period of time before your retirement income is needed, then a lower tolerance for risk is allowed.
Each AMB Lifestyle portfolio represents the number of years you expect to begin realising your investment. As you get
closer to the year of withdrawal, the External Investment Manager will gradually re-balance the portfolio mix to
optimize your returns.
Professional External Investment Managers
A team of professional External Investment Managers backed by a research team at UOB-OSK Asset Management
Sdn Bhd will use their expertise to build and manage the portfolios.
AMB Client Services : 03-2034 0800
66
MASTER PROSPECTUS 2008/2009
The stocks, bonds and money market instruments in AMBLF 2014 are carefully selected to give you the advantage of
time. The individual portfolios are based on the idea that the way you invest should change as you go through your life
and your retirement gets closer. Your needs may change as you approach retirement, as well as your risk tolerance.
Specific Benefits of Investing in AMBLTF 2014
Free Insurance Protection Coverage
Eligible Unit Holders (natural persons) of AMBLTF 2014 will be given free standard GPA coverage. Unit Holders
holding a minimum amount of 2,000 Units and above will automatically be covered under the standard GPA insurance
for accidental death and TPD with the following extensions:(i) Medical expenses
(ii) Funeral expenses
(iii) Repatriation expenses
Units
2,000 – 49,999
50,000 and above
Medical Expenses
RM1,000
RM2,000
Funeral Expenses
RM1,000
RM2,000
Repatriation Expenses
RM1,000
RM2,000
The sum insured would be RM0.50 for every Unit held subject to a minimum investment of 2,000 Units and maximum
coverage of RM150,000. While the policy is in force, the amount of sum insured per eligible Unit Holder shall be the
amount of Units held by the eligible Unit Holder as at the date of accident leading to the claim.
Eligible Unit Holder must be aged between 18 to 69 years old. The standard GPA coverage ceases automatically
when you attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered under the
standard GPA but the sum covered will be shared equally.
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBLTF 2014.
Affordability
Investors can invest just RM500 as an initial investment and subsequent investments can be made with a minimum of
RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
EPF Members Investment Scheme
The Manager is a unit trust management company under the EPF Members Investment Scheme. You may withdraw a
portion of your EPF savings to invest in AMBLTF 2014, which may provide you the opportunity to reap capital growth,
thus increasing the value of your EPF Account 1 Retirement Savings subject to rules and regulations of the EPF
Members Investment Scheme from time to time.
Potential Risks Associated with AMBLTF 2014
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised that the
following risks are inherent in such investments: Stock Bond Market Risk
These are risks that affect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will decline also.
Credit/Default Risk
It is possible that the issuer of fixed income securities may not be able to service periodic coupon payments and/or
repay principal when due, thus affecting the value of investments for Unit Holders.
Interest Rate Risks
Fixed income securities/debentures are particularly sensitive to movements in interest rates. As interest rates rise,
prices generally fall and vice-versa. Furthermore, those with longer duration and lower coupon rates are more
susceptible to interest rate movements.
AMB Client Services : 03-2034 0800
67
MASTER PROSPECTUS 2008/2009
Liquidity Risk
Liquidity risk is the risk that the security/instrument invested in cannot be readily sold and converted into cash. This
can occur when trading volume for the security is low and/or when there is a lack of demand for the security. In
managing liquidity risk, the Fund will limit its exposure to instruments, which are deemed less liquid.
Individual Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risk includes but is not
limited to changes in consumer tastes and demand, legal suits, competitive operating environments, changing industry
conditions and management omissions and errors. This risk can be minimised through investing in a wide range of
companies in different sectors, which thus function independently from one another.
Currency Risk
Currency risk is also known as foreign exchange risk. It is risk associated with investments that are denominated in
foreign currencies. When the foreign currencies fluctuate in an unfavourable movement against Ringgit Malaysia, the
investments will face currency losses in addition to the capital gains/losses. This will lead to a lower NAV of the Fund.
Country Risk
The foreign investment of the Fund may be affected by risks specific to the country which it invests in. Such risks
include changes in a country’s economic fundamentals, social and political stability, currency movements and foreign
policies etc. These may have an adverse impact on the prices of securities of listed companies.
Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the equities and fixed income securities are carefully selected through site visits,
fundamental analysis and portfolio diversification. In the case of fixed income securities, The External Investment
Manager will also focus on the credit quality of the fixed income securities, which must be of good investment
grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
b) investing the Funds over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions.
The External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent
with the Fund’s principal strategy.
Investment Strategy/Investment Mechanism
To achieve its investment objectives, the Fund will invest in Malaysian equities and fixed income securities. Where
appropriate Asian equities may be included to further diversify the Fund. In formulating the investment strategy, the
Manager will consider the following to determine the portion of asset class to be in foreign investments (within
permitted amounts):a) Comparison of economic outlook of Malaysian and other Asian economies to determine the growth prospects and
economic cycle of each country;
b) Assessment country, political and social risks;
c) Comparison of liquidity flows in all Asian countries;
d) Risks or attractions specific to countries/region; and
e) Currency risks.
AMB Client Services : 03-2034 0800
68
MASTER PROSPECTUS 2008/2009
INVESTMENT STRATEGY AND PROCESSES
In addition to the strategy employed above, the Fund is unique in its investment methodology as it regularly employs
two asset-rebalancing practices at specific intervals within the life of the Fund. These 2 asset-rebalancing practices
are done on: 1) Interim Asset Rebalancing Date (IARD)
2) Targeted Asset Rebalancing Date (TARD)
The purpose for the 2 practices is detailed below.
Asset Class Movement
The AMBLTF 2014 is a Fund, which periodically reviews its asset allocation to contain risks while maximizing its return
potential. This is carried out on the IARD, which is every 3 months beginning from the commencement date of the
Fund.
In addition to this, the Fund will also employ a progressively defensive investment strategy every thirty (30) months
into the life of the Fund. This process of systematic reduction of risk for the portfolio takes place on the TARD. This is
accomplished via a targeted asset allocation (“TAA”) indicated upfront to the Unit Holder.
The AMBLTF 2014 predetermined asset allocation for each 30month period is as displayed in the diagram below.
AMBLTF 2014 begins with higher equity
allocation to provide better growth
potential during the initial years.
10 years to
maturity
7.5 years to
maturity
AMBLTF 2014 approaches maturity
with lower equity exposure, thereby
reducing volatility.
5 years to
maturity
2.5 years to
maturity
Maturity
27%
46%
54%
60%
TAA 1
66%
TAA 2
20%
34%
40%
TAA 3
73%
TAA 4
80%
Maturity
Bonds and money market
Equities
Interim Asset Rebalancing Date (IARD)
IARD occurs every 3months after the launch date of the Fund. The review on these dates aims to keep the portfolio
within, the TAA limits as agreed with the investor for that particular 30month period.
Should the overall portfolio differ from the TAA requirements at each 3month period, adjustments will be made to
correct the imbalances in the asset allocation. The imbalance is usually caused by market fluctuations.
E.g. If the TAA for the investment period is targeted at 66% bonds and money markets and 34% equities, and at an
IARD the portfolio consisted of 52% bonds and money markets and 48% equities, then the External Investment
Manager will liquidate the excessive equity exposure while simultaneously increasing the bonds and money markets
portion.
AMB Client Services : 03-2034 0800
69
MASTER PROSPECTUS 2008/2009
While the TAA pre-determines the asset mix between fixed income (bonds and money market Instruments) and
equities, discretion is given to the Manager to increase the bond and money market mix in accordance to their
economic and market outlook. The variation allowed for bonds and money market for each TAA is as displayed in the
Table below.
Targeted Asset Rebalancing Date (TARD)
Every 2 ½ years into the life of the Fund, AMBLTF 2014 will adopt an increasingly defensive asset allocation strategy.
The purpose for this is to ensure that as the investment horizon shortens, the investor will not be exposed to
excessive risk. This process involves reducing the volatility of the portfolio by increasing holding in less volatile assets
such as bonds and cash, while reducing volatile assets such as equity.
Asset Allocation
The following table indicates the maximum & minimum target exposures for equities and fixed income (comprising of
bonds and money market Instruments) for each TAA: -
Bonds & money
market min
Bonds & money
market max
Equity minimum
Equity maximum
TAA 1
54%
TAA 2
60%
TAA 3
66%
TAA 4
73%
59%
65%
71%
78%
41%
46%
35%
40%
29%
34%
22%
27%
Benchmark
The benchmark will be based on the proportion of equity and fixed income stated at the start of the TARD as
illustrated at the Table below.
Asset Mix / Benchmark
Equity - FBM Emas Index
Bonds & money market – 12-month fixed deposit rate
TAA 1
46%
54%
TAA 2
40%
60%
TAA 3
34%
66%
TAA 4
27%
73%
An illustration of the benchmark is as follows: Benchmark (TAA 1) = (% change in FBM Emas Index x 46% of NAV) + (% fixed deposit rate return x 54% of NAV)
Benchmark (TAA 2) = (% change in FBM Emas Index x 40% of NAV) + (% fixed deposit rate return x 60% of NAV)
Benchmark (TAA 3) = (% change in FBM Emas Index x 34% of NAV) + (% fixed deposit rate return x 66% of NAV)
Benchmark (TAA 4) = (% change in FBM Emas Index x 27% of NAV) + (% fixed deposit rate return x 73% of NAV)
The FBM Emas Index and the 12-month fixed deposit rate are obtainable from Bursa Malaysia and commercial banks
respectively.
Temporary Defensive Positions
While the TAA will be adhered to at all times, the Manager may take defensive positions in anticipation of, or in the
event of adverse economic or market conditions, to minimise losses. The equity portion could be hedged through
futures contracts (under the Futures Industry Act 1993) and the fixed income/debenture portion could be hedged
through the 3month KLIBOR futures and/or the 5year MGS futures contracts.
Specific Salient Features of the Fund and Terms of Investing in the Fund such as
Commencement Date, Maturity Date
In addition to the discipline of having a more conservative TAA towards the maturity of the Fund as detailed above, the
Fund will diversify its holdings in equities and fixed income securities within the limits permitted. As the Fund
approaches its maturity date, the duration of the fixed income securities will be shortened to match the maturity date
as closely as possible. The selection of stocks in the equity portfolio will also be more defensive as the Fund
approaches the maturity date.
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AMB Dividend Trust Fund
Type of Fund
Income and Growth Fund
Fund Category
Equity Fund
Investment Philosophy
AMBDTF will invest in a well-diversified equity portfolio, and which will focus on high (and potentially high) dividend
yielding Malaysian and Asian ex-Japan (i.e Singapore, Thailand, Indonesia, India, Taiwan, Hong Kong, China, Korea
and Australia) equities, as well as in such other markets where approval has been obtained from the authorities from
time to time. The portfolio is an actively managed defensive equity Fund that may also invest in fixed income
securities as a tactical defensive measure depending on market conditions.
Investment Objective
To provide investors with a regular income stream and to attain medium to long-term capital appreciation through
investing in high (and potentially high) dividend yielding equities (including foreign equities).
Any material changes to the investment objectives of the Fund would require Unit Holder’s approval.
Approved Fund Size of AMBDTF
The approved Fund size for AMBDTF is 800 million units.
Investors’ Profile
The Fund is suitable for investors with the following profile:
• Conservative and prefer receiving regular and steady income in the form of distributions; and
• Moderate risk appetite.
Benefits for Investors
Diversified Portfolio
AMBDTF is a fund that provides investors the opportunity to invest in a well-diversified Malaysian and Asian ex-Japan
equity portfolio (i.e. Singapore, Thailand, Indonesia, India, Taiwan, Hong Kong, China, Korea and Australia) with
exposures ranging from 70% to 99.8%.
Regular Income Distribution
The Fund will concentrate on high (and potentially high) dividend yielding Malaysian and Asian ex-Japan equities that
distribute or have the potential to distribute reasonably attractive dividends.
Tactical Defensive Measure
The portfolio is an actively managed defensive Fund that allows 30% of its NAV to be invested in fixed income
securities as a tactical defensive measure depending on market conditions.
Specific Benefits of Investing in AMBDTF
Free Insurance Protection Coverage
Eligible Unit Holders (natural persons) of AMBDTF will be given free GPA coverage. Unit Holders holding a minimum
amount of 4,000 Units and above will automatically be covered under the GPA insurance for accidental death and
TPD. The sum insured would be RM0.25 for every Unit held subject to a minimum investment of 4,000 Units and
maximum coverage of RM200,000.
The GPA insurance coverage covers:
(i) Death due to accidental causes only; and
(ii) TPD due to accidental causes.
Eligible Unit Holders must be aged between 18 and 69 years old. The GPA coverage ceases automatically when you
attain the age of 70 years old. Eligible Principal Unit Holder and joint holder(s) will be covered under the GPA
insurance coverage but the sum covered will be shared equally.
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Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through standing instruction. This plan makes regular
savings easy and allows you to arrange transfers from your bank account to AMBLTF 2014.
Affordability
Investors can invest just RM500 as an initial investment and subsequent investments can be made with a minimum of
RM100.
Accessibility
Investors can easily access any Distribution Branch to perform any enquiry or transaction.
The Risk Management Strategies and Techniques
The External Investment Manager’s risk management strategy is to conduct fundamental analysis of economic,
political and social factors to evaluate their likely effects on the performance of the markets and sectors. As for the
Fund’s portfolio, the Manager employs an active asset allocation strategy to reduce or increase the market exposure
depending on the risk-reward factor. As highlighted above, investments into fixed income securities can also be made
where appropriate. Specifcally for the Fund’s equities investments, given the objective of the Fund and intention of the
Fund to invest in high (and potentially high) dividend yielding stocks, the internal screen employed will take into
account the sustainability of dividends, gearing levels, historical volatility and liquidity.
Temporary Defensive Position
The Fund’s equities investment will range from a minimum of 70% to a maximum of 99.8%. Up to 30% of the Fund
may be invested in Malaysian fixed income securities should a defensive strategy be appropriate.
Risk Associated with AMBDTF
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised that the
following risks are inherent in such investments.
Potential risks associated with securities and instruments invested by AMBDTF are:
Market Risk
Risks that affect the entire market as a whole. It is possible that at times the entire market may decline, and no matter
how well diversified the portfolio is, the entire portfolio of investment will decline also.
Liquidity Risk
Liquidity refers to the ease of converting an investment into cash without incurring an overly significant loss in value.
Inflation Risk
Ideally, the purpose of any investment is to secure returns that are greater than the inflation rate. While the Fund will
constantly seek to maximize returns and exceed inflation rate, it may occasionally experience losses that result in
returns that will not keep pace with inflation in the short run.
Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risk includes but is not
limited to changes in consumer tastes and demand, legal suits, competitive operating environments, changing industry
conditions and management omissions and errors. This risk can be minimized through investing in a wide range of
companies in different sectors and which thus, function independently from one another.
Interest Rate Risk
All fixed-income investments are exposed to interest rate risk. The level of interest rate changes frequently and will
cause prices of fixed-income securities to change inversely. If interest rate increases, fixed-income securities held by
the Fund will suffer price decreases or capital losses.
Credit/Default Risk
Islamic bonds/debt securities are subject to credit/issuer/default risk, which is the risk that the issuer of the bonds/debt
securities becomes unable to service any profit payments or repay the principal amount upon redemption. In the event
of such a default, investor may suffer losses with respect to their capital invested and income foregone. To a lesser
extent, perception of the issuer’s ability to repay its debt obligations may impact its credit rating, resulting in a credit
rating downgrade, which may adversely impact the Islamic bonds/debt securities’ market value.
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Control of Risk
The External Investment Manager will take reasonable steps to ensure that the above potential risks are managed by:
a) actively monitoring the Fund’s asset allocation to ensure minimum impact from any adverse market movements.
They will ensure that the equities and fixed income securities are carefully selected through site visits,
fundamental analysis and portfolio diversification. In the case of fixed income securities, The External Investment
Manager will also focus on the credit quality of the fixed income securities, which must be of good investment
grade of at least BBB rating or equivalent by RAM, MARC or any other similar rating establishment.
b) investing the Funds over a wide range of equities and fixed income securities of different companies which
provides diversification across a number of sectors and industries, minimising the risk not only of any single
company’s securities becoming worthless, but also of all holdings suffering uniformly adverse business conditions.
The External Investment Manager will seek to reduce all these risks associated with the Fund by virtue of its
experience, the analytical process and by structuring a broadly diversified investment pool.
Others
When deemed appropriate and for the benefit of the Fund, the External Investment Manager may take temporary
defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent
with the Fund’s principal strategy.
Specific and peculiar risks when investing in the Fund are:
Individual Stock Risk
The performance of the Fund that invests in stocks is affected by every individual stock that the said Fund has
invested. The volatility of prices in each stock will affect the Fund’s value daily.
Compliance Risk
The risk that the Manager and others associated with the scheme will not follow the rules set out in the scheme’s
constitution and internal policies, or the law that governs the scheme, or will act fraudulently or dishonestly, which will
expose the Fund’s losses.
Currency Risk
Currency risk is also known as foreign exchange risk. It is the risk associated with investments that are denominated
in foreign currencies. When the foreign currencies fluctuate in an unfavourable direction against the Ringgit Malaysia,
the investments will face currency losses in addition to the capital gains/losses. This will lead to a lower NAV of the
Fund.
Country Risk
The foreign investments of the Fund may be affected by risks specific to the country, in which it invests. Such risks
include changes in a country’s economic fundamentals, social and political stability, currency movements and foreign
policies, etc. These may have an adverse impact on the prices of listed securities in the particular country.
Investment Strategy/Investment Mechanism
The Fund will invest primarily in high dividend yielding stocks both in Malaysia and in Asian ex-Japan markets (the
latter being subject to a maximum of 30% of the Fund size). The selection of appropriate equities will be driven by the
External Investment Manager’s internal screening process whereby emphasis will be placed on the sustainability of
dividends, price-to-earnings ratios, gearing levels, historical volatility, as well as liquidity.
High dividend and potentially high dividend yielding stocks would be measured against domestic 12-month FD rates.
Although up to 30% of the Fund can be invested overseas, these investments will be opportunistic in nature. In any
event, the dividend yields on overseas investments will also be measured against domestic interest rates.
The dividend yields would be based on both historical and prospective. As such, the focus of the Fund would be on
companies that can pay out sustainable dividends. This would exclude companies involved in highly cyclical industries
where earnings, cash flows and hence dividends tend to fluctuate e.g. property development companies.
Historical yields would provide a guide as to the company’s dividend payout policy. While some companies may not
have a high historical dividend yield, the Fund may still choose to invest in these companies if prospective dividend
yields are attractive and sustainable.
Where in the opinion of the External Investment Manager a defensive strategy is appropriate, up to 30% of the Fund
may be invested in Malaysian fixed income instruments. For fixed income securities, the Fund will mainly invest in
fixed income securities carrying a minimum credit rating of AA3 /P1 (RAM or equivalent) to provide investors with a
regular stream of income, while minimizing principal volatility.
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The Fund’s equities investment will range from a minimum of 70% to a maximum of 99.8% for equities. Up to 30% of
the Fund may be invested in Malaysian fixed income securities should a defensive strategy be appropriate.
Asset Allocation
 Min 70% Max 99.8% in equities
 Min 0.2% Max 30% in fixed income and cash
Up to 30% of the Fund size may be invested overseas and the External Investment Manager may choose to invest
solely in the domestic market.
The equity and fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
Manager only during exceptional circumstances. Exceptional circumstances would include situations:
i) Where there is an expected sharp downturn in the equity market;
ii) When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
iii) When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact efficiently;
and/or
iv) When there is redemption affecting the liquidity position of the Fund.
Performance Benchmark
The performance of AMBDTF will be benchmarked against a weighted average of the KLCI performance and current
Maybank 12-month fixed deposit rate. The weightings assigned will be in the proportion of 70:30. For example, if the
KLCI was to return 10% during the year and Maybank 12-month fixed deposit Rate stood at 4%, the benchmark’s
return for the one year period would be 8.2% i.e. [(70% X 10%)] + [(30% X 4%)].
The KLCI is obtainable from Bursa Malaysia and the quoted fixed deposit rates are readily available at any Maybank
branch nationwide.
*The benchmark will be limited to domestic factors such as the Fund’s investments overseas will be opportunistic in
nature., While up to 30% of the Fund size may be invested overseas, the External Investment Manager may also
choose to invest solely in the domestic market.
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MASTER PROSPECTUS 2008/2009
PNB Structured Investment Fund
Introduction
The Fund is a close-ended fund with a five (5)-year finite life. Upon the maturity of the Fund, all of the asset classes
will be liquidated and the proceeds of liquidation will be distributed to Unit Holders. During the tenure of the Fund, only
Units repurchased by the Manager may be resold based on the NAV per Unit at that point in time.
PNB REIT is intended to be listed before the maturity of the Fund. However, if this is not achieved, PNB REIT will be
wound-up and the proceeds will be distributed to the sole unit holder of PNB REIT, namely PNB SIF.
The Fund shall be terminated on the Maturity Date and all Units held by the Unit Holders will be redeemed. The NAV
per Unit will be calculated by dividing the NAV of the Fund by the Units in Circulation. No redemption charge will be
imposed on maturity. The net proceeds will be paid to Unit Holders within 2 months after the Maturity Date.
Type of Fund
Income and growth fund
Category of Fund
Mixed asset fund
Investment Objective
The Fund seeks to provide investment opportunities that generate reasonable returns and growth over the tenure of
the Fund while endeavouring to provide capital protection to Unit Holders.
Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Investment Policy and Strategy
In selecting its investments, the Fund search for strong undervalued investment opportunities that shows potential for
long-term capital appreciation as well as income, through a selection process based on careful analysis and valuation
by the Investment Manager’s team of analysts, who will then submit their recommendations to the Investment
Committee of the Fund for approvals.
To achieve this objective, the Fund will be investing in a portfolio of Structured Products, PNB REIT, cash equivalent
instruments and any other investments permitted by the Deed, which will provide some diversification of the Fund.
Structured Products
Investment in Structured Products will only be in RM-denominated products that are principal protected upon maturity.
As for diversification purposes in Structured Products, the Fund will also be investing in a portfolio of Structured
Products with exposure linked to one or more assets such as global equities, commodities, currencies, interest rates,
indices or any other underlying(s) as may be permitted under the Deed. The strategies employed by each of the
Structured Product will be different in nature, ensuring that the expected risk and return for the portfolio of Structured
Products is well-diversified.
PNB REIT
Investment in PNB REIT offers potential regular income and upside potential through exposure in properties. PNB
REIT has principal protection features through a buy-back option with the respective vendors. It is the intention of the
Manager to list PNB REIT on the Main Board of Bursa Malaysia within the next five years, thus it will be an opportunity
for the Fund to be able to have potential capital gain from the exercise.
Cash Equivalent Instruments
To meet its liquidity requirements, the Fund will also be investing in cash equivalent instruments, such as, deposits or
securities that are issued by more than one party for diversification and reduction of counter party risk.
In the overall management of the Fund, active asset allocation strategies will be employed, whereby the Fund will
actively manage the distribution of capital between the different assets in order to reduce the adverse effects of
downturns and capitalise on upturns, to enable the Fund to pay out competitive returns to investors. The Fund will
adopt an active trading strategy in the portfolio of Structured Products, whereby the Investment Manager has the
option to increase or decrease the Fund’s allocation in Structured Products, taking into account analysis and
considerations on the prevailing market and economy outlook, valuations and liquidity requirements.
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Approved Fund Size
The approved fund size of the Fund is 3 billion Units.
Asset Allocation



Up to 80% of the Fund’s Net Asset Value may be invested in Structured Products; and
Up to 50% of the Fund’s Net Asset Value may be invested in PNB REIT; and
A minimum of 2% of the Fund’s Net Asset Value will be invested in cash and money market instruments to
provide for liquidity purposes.
Benchmark
The benchmark of the Fund is Maybank 12-month fixed deposit rate. The quoted fixed deposit rates are readily
available at any Maybank branch.
Benefits for Unit Holders
Free Insurance Coverage
Free insurance coverage on group personal accident takaful is provided for Unit Holders aged between 18-69 with a
minimum investment of ten thousand (10,000) Units at any point of time in PNB SIF. The amount of insurance is equal
to the number of Units invested in the ratio of RM1.00 insurance coverage for each Unit, subject to a maximum
amount of RM100,000 per Unit Holder of the Fund.
The terms and conditions of the free insurance coverage shall apply .
Accessibility
Unit Holders can easily access any Distribution Branch to perform any enquiry or transaction.
Illustration of the structure of PNB SIF
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Capital Protection Mechanism
The Fund is not a Capital Protected Fund but it has a capital protected mechanism embedded in its structure.
In this part of the Prospectus, details are provided on how the capital protection features of the Fund work and the
circumstances under which the capital protection can be exercised.
The Fund’s portfolio is structured to ensure that your capital can be preserved through investments in a combination of
Structured Products and PNB REIT whilst capitalizing on the returns derived from investing in PNB REIT as well as
the potential returns of investing in Structured Products derived from exposure to the performance of the underlying
asset(s).
The Fund’s capital protected mechanism is structured in the following manner:
(i)
(ii)
Via Structured Products (which have been issued in accordance with such relevant regulatory requirements as
may be imposed by the Securities Commission and Bank Negara Malaysia) whereby any principal invested in the
Structured Products is protected at maturity.

Principal protection may be sought through financial instruments purchased by the issuer which the issuer
considers appropriate for protecting the principal invested in the Structured Products and such financial
instruments may in turn be managed under Dynamic Investment Allocation Mechanism (DIAM).

The financial instruments could take the form of money market instruments (which generate income on a
short term low risk basis) and/or fixed income instruments (which are bought at a discount to provide a
nominal value equivalent to the capital sought to be protected at maturity). Interest earned or money not
invested on those financial instruments may be used to purchase option(s) on the underlying(s).

Under the DIAM, exposure is allocated between the underlying and risk free asset(s), depending on the
performance of the underlying. Should the underlying underperforms, more exposure is then allocated to the
risk free asset(s).
PNB REIT’s capital protected mechanism:-

The Fund will also be investing in units of PNB REIT which offer potential regular income and upside
potential through exposure in properties. PNB REIT has principal protection features whereby its Properties
have a buy-back option from the respective vendors to repurchase the Properties at the highest price offered
by third party purchasers and subject to the REITs Guidelines.

However, if PNB REIT is ready for listing, Unit Holders may benefit from the potential capital gains from the
listing exercise.
Potential Risks Associated with PNB SIF
The investment in PNB SIF, like other financial investments, involves a variety of significant risks. The specific risks
presented by a particular investment in PNB SIF necessarily depend upon the terms of the investment and your
circumstances. All investments in PNB SIF involve some combination of the following types of risk:
Market Risk is the risk that the value of an investment in PNB SIF will be adversely affected by fluctuations in the
level or volatility of or correlation or relationship between one or more market prices, rates or indices or other market
factors or by illiquidity in the market for the investment in PNB SIF or in a related market. In particular leveraged
investments in PNB SIF will entail a higher degree of risk as the losses arising from a small market movement will be
multiplied and you may be required to provide substantial margin at short notice to meet your obligations. Failure
to meet such obligations may result in the Investment Manager having to liquidate your position at a loss for which you
would be liable. You should also note that while the Investment Manager will seek to observe “stop loss” and “stop
limit” orders, market conditions may prevent them from executing any “stop loss” or “stop limit” orders which may have
been previously agreed.
Credit Risk and Counterparty Risk are the risks that DBMB or any other financial institution that PNB SIF may deal
with, under certain circumstances, fail to perform their obligations when due.
Currency Risk is the risk from investment returns in Structured Products linked to foreign underlying assets which
may be affected by fluctuations in currency exchange rates.
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Liquidity Risk is the risk that due to prevailing market conditions it may not be possible to liquidate, nor to assess a
fair value of your position. In addition, you should be aware that the operation of exchange rules or any power or
system failure affecting electronic trading facilities may, in certain circumstances, impair or prevent the Manager from
liquidating or executing your investments in PNB SIF, thus increasing the likelihood of loss.
Early Redemption Risk is the risk that in the event of any redemption of the Structured Products prior to maturity, the
principal invested in the Structured Products is not protected. The principal invested in the Structured Products is
principal or capital protected only upon maturity.
Individual Asset Risk is the risk that due to the volatility of prices in each asset will affect the Fund’s valuation. The
performance of the Fund is affected by every individual asset that the Fund has invested in.
Legal Risk is the risk that in the event of any default in relation to an investment in PNB SIF by one party, the
enforcement by other party of its rights against the defaulting party will be subject to the provisions in the
documentation for the investment in PNB SIF, the choice of governing law and the choice of jurisdiction. Legal
proceedings to enforce ones rights may be costly and time consuming and the final court judgment or order may not
fully compensate the non-defaulting party fully for the losses or damages suffered by it.
Prepayment & Commitment Risk is the risk that if an investment in PNB SIF is structured to be held to maturity,
early repurchase (other than by way of exercise of call or put, if any) will be at the Manager’s discretion. As such, you
should be prepared to commit your funds for the entire tenure of the investment in PNB SIF. Certain investments in
PNB SIF may also contain the Manager’s right to call the investment in PNB SIF prior to maturity date. This right to
call the investment in PNB SIF shall only be exercised by the Manager in accordance with the terms specified. The
amount to be received by you in the event of such early call shall be as specified in the product documentation.
Funding Risk is the risk that, as a result of mismatches or delays in the timing of cash flows due from or to you under
investments in PNB SIF or related hedging, trading, collateral or other transactions, you will not have adequate cash
available to fund current obligations.
Operational Risk is the risk of loss to you arising from inadequacies in, or failures of, your internal procedures and
controls for monitoring and quantifying the risks and contractual obligations associated with investments in PNB SIF.
Control of Risk
The Manager will take reasonable steps to ensure that the above potential risks are managed by:




monitoring market liquidity;
determining effective asset allocations;
adhering to the Fund’s investment objectives and investment restrictions and limits; and
escalating and reporting investment matters to the Investment Committee of the Fund.
Detailed Information on the Investments of PNB SIF
Structured Products
The Structured Products offer principal or capital protection at maturity with the potential upside exposure linked to
one or more assets such as global equities, commodities, currencies interest rates, indices or any other underlying(s)
approved by the Investment Committee.
Principal protection may be provided through the purchase of financial instruments which the issuer considers
appropriate for protecting the principal invested in the Structured Products and such financial instruments may in turn
be managed under DIAM. Principal invested in the Structured Products is protected if the Structured Products are
redeemed on the maturity date of the Structured Products.
The Fund will adopt an active trading strategy in the portfolio of Structured Products, whereby the Investment
Manager has the option to increase or decrease the Fund’s allocation in Structured Products, taking into account
analysis and considerations on the prevailing market and economy outlook, valuations and liquidity requirements.
Investors should note that under this active asset allocation strategy, not all Structured Products invested into by the
Fund may necessarily be held to maturity, and Structured Products not held to maturity will not be subject to principal
protection.
Despite selecting Structured Products which are capital protected at maturity, the Fund is still exposed to counter
party risk. This risk is managed through careful choice of the issuer where the criteria of financial strength as well as
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MASTER PROSPECTUS 2008/2009
the credit rating of the issuer must be met. The credit rating of the issuer is continuously monitored through
assessments of the counterparty’s shareholders’ funds, profitability, capital adequacy ratio and ratings. In the event
the credit rating of the issuer is downgraded to below an acceptable level, the Fund would adhere to the prevailing
requirements of the Guidelines, as well as endeavour to eliminate its exposure at the best price possible.
DBMB, a licensed investment bank incorporated in Malaysia, is an issuer of the Structured Products for PNB SIF.
About DBMB
DBMB began its history in Malaysia as far back as 1967. Prior to 1994, DBMB had been present in Malaysia as a
branch of Deutsche Bank AG. Following changes to the banking industry, DBMB was incorporated under the
Companies Act 1965 on August 22, 1994 as a public company. It obtained a Certificate of Commencement of
Business from the Registrar of Companies, Malaysia on September 14, 1994. Since then, it has significantly
expanded its activities in Malaysia to serve domestic and international clients. Today the group employs more than
120 professionals in Malaysia and offers a complete range of products and services.
DBMB is a licensed institution as defined in the BAFIA and obtained a license to carry on banking business in
Malaysia from the Minister of Finance, Malaysia on October 1, 1994. It is principally engaged in the activities of
banking and related financial services and is regulated by Bank Negara Malaysia. DBMB is a wholly-owned subsidiary
of Deutsche Bank AG, a banking institution and stock corporation incorporated under the laws of Germany.
DBMB has received awards for being lead managers of bond issues in both the local and foreign markets. DBMB is
recognised as a significant player in providing quality and innovative investment solutions.
DBMB’s license by Bank Negara Malaysia to carry on the banking business allows DBMB amongst others, to execute
derivative transactions. The respective long and short term general bank ratings of AA1 and P1 with stable outlook,
accorded to DBMB by RAM was reaffirmed by RAM on 17 December 2007.
The Board of Directors
The members on the Board of Directors of DBMB as of LPD are as follows:


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Tun Mohamed Dzaiddin bin Haji Abdullah (Chairman & Independent Non-Executive Director)
Dato’ Ahmad Johari bin Abdul Razak (Independent Non-Executive Director)
Dato’ Mohamed Nizam bin Abdul Razak (Non-Independent Non-Executive Director)
Stefan Ulrich Dietmar Boecker (Non-Independent Non-Executive Director)
Mr. Raymond Yeoh Cheng Seong (Non-Independent Executive Director & Chief Executive Officer)
Mr. Ng Soon Lai @ Ng Siek Chuan (Independent Non-Executive Director)
Mr. William Cheah Yoke Loong (Independent Non-Executive Director)
Mr. Richard Anthony Yacenda Jr. (Non-Independent Non-Executive Director)
Summary of Financial Position
The following is a summary of the past performance of DBMB based on audited accounts for the last 3 years:
Year Ended 31 December
Paid-up Share Capital
Shareholders’ Funds
Turnover
Pre-tax Profit
Post-tax Profit
2007
(RM’000)
173,599
925,986
292,177
194,498
140,705
2006
(RM’000)
173,599
843,773
232,256
132,280
102,382
2005
(RM’000)
143,043
534,234
193.480
119,563
83,413
Rating of DBMB
The respective long and short-term general bank ratings of AA1 and P1 with stable outlook, accorded to DBMB by
RAM was reaffirmed by RAM on 17 December 2007.
Long Term Ratings Definition
AA1 High safety for timely payment of interest and principal.
Short Term Ratings Definition
P1 Very strong safety with regard to timely payment on the instrument.
Units not obligation of DBMB
DBMB is an issuer of the Structured Products. The Units are not obligations of DBMB or any other entity within the
Deutsche Bank group.
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MASTER PROSPECTUS 2008/2009
PNB REIT
As at LPD, PNB SIF has invested 644 million Units in PNB REIT.
Cash Equivalent Instruments
The Fund will also be investing in cash equivalent instruments and any other investments permitted by the Deed.
3.2
Permitted Investments of the Funds
AMBSCTF
AMBEBTF
AMBETF
AMBVTF
AMBLTF Today
AMBLTF 2009
AMBLTF 2014
AMBDTF
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Securities that are not traded in or under the rules of an eligible
market may include securities not listed or quoted on a stock
exchange but have been approved by the relevant regulatory
authority for such listing or quotation and are offered directly to
the Fund by the issuer.
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Securities in foreign markets where the SC has approved the
foreign markets for investment and the investment amount has
been approved by Bank Negara Malaysia respectively.
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Unlisted securities that have been approved by the SC for
listing and quotation on the Bursa Malaysia, which are offered
directly by the company approved for listing, by way of private
placement or on a tender basis.
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AMBILTF
AMBBTF
Securities of companies listed on the Bursa Malaysia or any
other market considered as an eligible market.
AMBITF
AMBUTF
The Funds are permitted by its Deed to invest in the following: -
Unlisted securities that have been approved by the SC for
listing and quotation on the Bursa Malaysia (including
MESDAQ) or any other market considered as an eligible
market.

MGS, treasury bills, Bank Negara Malaysia certificates,
Government investment certificates


Malaysia currency balances in hand, Malaysia currency
deposits with commercial banks, finance companies,
investment banks and Bank Islam Malaysia Berhad including
negotiable certificates of deposit, bankers’ acceptances and
placement of money at call with investment banks.


Negotiable certificates of deposit, bankers’ acceptances and
placement of money at call with investment banks.



Component stocks of the Kuala Lumpur Composite Index
(KLCI)
Cagamas bonds, unlisted loan stocks and corporate bonds that
are traded in the money market and either bank-guaranteed or
carrying at least BBB rating by RAM, MARC and private debt
securities that have an equivalent rating by RAM.
AMB Client Services : 03-2034 0800
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80
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Futures Contracts as approved by the Futures Industry Act
1993, which includes the KLCI futures & options contracts,
KLIBOR futures contracts, MGS futures contracts and any other
futures contracts as approved by the stock exchange from time
to time.
AMBDTF

AMBLTF 2014
AMBVTF

AMBLTF 2009
AMBETF

AMBLTF Today
AMBEBTF

AMBSCTF

AMBILTF
AMBITF
Futures contracts traded in a future market of an exchange
company approved, or an exempt futures market declared by
the Minister under the Futures Industry Act 1993 and securities
lending subject to the provision in the Guidelines.
AMBBTF
AMBUTF
MASTER PROSPECTUS 2008/2009



Futures contracts, for hedging purposes only, traded in futures
market of an exchange approved under the Futures Industry Act
1993.

Units or shares of collective investment schemes



Debentures comprising MGS, treasury bills, private debt
securities, asset-backed securities and money market
instruments (includes negotiable certificates of deposits, Bank
Negara bills, Cagamas bonds, repurchase agreements) and
other similar instruments that are available at the over-thecounter market from time to time.
Selective IPOs that have been approved by the SC for listing
and quotation on the Bursa Malaysia, which are offered directly
by the company approved for listing, by way of private
placement or on a tender basis.
Any other kinds of investment as approved by the SC from time
to time.

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












Note :
As for AMBUTF, AMBBTF, AMBITF, AMBEBTF, AMBETF, AMBVTF, AMBLTF Today, AMBLTF 2009 and AMBLTF
2014, the Funds have no intention to invest in securities listed on a foreign stock exchange at the moment.
As for AMBBTF, AMBSCTF, AMBETF, AMBVTF, and AMBEBTF the Funds have no intention to invest in futures
market at the moment.
Permitted Investments for PNB SIF
The Fund will invest primarily in permitted investments as stipulated in the Deed. These permitted investments
include:
Structured Products
(i)
(ii)
Structured Products are investments with exposure linked to one or more assets such as global equities,
commodities, currencies, interest rates, indices or any other underlying(s) approved by the Investment
Committee.
All Structured Products chosen by the Fund will include 100% capital protection of the principal invested
upon maturity.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
(iii)
(iv)

The Investment Manager should ensure that the composition of the portfolio of the Fund is well diversified
at all times. Strategies on suitable Structured Products should be formulated and be based on the future
prospects of the underlying assets, prospect of the economic growth, political stability and future market
trends.
All investments in Structured Products must obtain prior approval from the Investment Committee.
PNB REIT
The Investment Manager will invest in PNB REIT during the tenure of the Fund.

Cash equivalents
(i)
(ii)
(iii)
Deposits with or Securities issued by financial institutions or any other parties approved by relevant
authorities from time to time.
Securities issued by financial institutions or any other parties subject to rating, where applicable, and other
restrictions as set out by the Investment Committee.
All deposits in financial institutions shall not exceed the stipulated exposure limit determined by the Board
of Directors of the Investment Manager and/or the Investment Committee, as the case may be.
For the purpose of this paragraph, “Securities” include debentures, bonds, loans, floating rate notes,
promissory notes, certificates of deposits, commercial papers and other similar securities of a debt nature.

Other Instruments
(i)
(ii)
Where the Investment Manager is properly licensed, the Fund may also invest in derivatives and futures
contracts as defined in the Act, to assist with the effective management of the Fund. However, these
instruments may not be used to gear the Fund.
Any other form of investments as may be approved by the SC from time to time.
3.2.1 Investments in Warrants and Options
All Funds except for AMBITF may invest in warrants and options, including eligible exchange-traded options. Such
investments must:
• carry the right in respect of a security listed/instruments traded on an eligible market;
• be transferable;
• have a ready price or value;
• be traded in or under the rules of an eligible market; and
• have adequate proof of title of ownership to allow proper custodial arrangements to be made.
The Fund is not allowed to write options.
3.3 Investment Restrictions
The Funds of AMB are also subject to the following restrictions imposed by the Deed and / or the Guidelines:
Investment Exposure Limits
Unlisted Securities
The value of a Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV.
Investment Spread Limits
Ordinary Shares
The value of a Fund’s investments in ordinary shares issued by any single issuer must not exceed 10% of the Fund’s
NAV.
Transferable Securities and Money Market Instruments
The value of a Fund’s investments in transferable securities and money market instruments issued by any single
issuer must not exceed 15% of the Fund’s NAV.
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MASTER PROSPECTUS 2008/2009
Placement of Deposits
The value of a Fund’s placement in deposits with any single institution must not exceed 20% of the Fund’s NAV.
Derivatives
For investments in derivatives–
a)
the exposure to the underlying assets must not exceed the investments spread limits stipulated in this
schedule; and
b)
the value of a Fund’s over-the-counter (OTC) derivative transaction with any single counter-party must not
exceed 10% of the Fund’s NAV.
Structured Products
The value of a Fund’s investments in structured products issued by a single counter-party must not exceed 15% of the
Fund’s NAV. However, this limit in respect of the Structured Products for PNB SIF may be exceeded as DBMB has a
minimum long-term rating that indicates high safety for timely payment of interest and principal provided by a local
rating agency and the Structured Product has a capital protection feature in accordance with Guidelines. Upon
reasonable request by the Manager, DBMB may unwind the relevant transaction relating to the Structured Products.
Where the rating of an issuer of structured products falls below the minimum required or ceases to be rated, the
Manager should, within six (6) months or sooner (if the trustee considers it to be in the best interest of the Unit
Holders), take the necessary action to ensure that the investments comply with the said clause.
Aggregate Value of a Fund’s Investments
The aggregate value of a Fund’s investments in transferable securities, money market instruments, deposits, OTC
derivatives and structured products issued by or placed with any single issuer/institution must not exceed 25% of the
Fund’s NAV. However, this limit in respect of the Structured Products for PNB SIF may be exceeded as DBMB has a
minimum long-term rating by any domestic or global rating agency that indicates very strong capacity for timely
payment of financial obligations provided and the structured product has a capital protection feature. Calculation of
aggregate value to determine compliance with the above should exclude the value of investments in structured
products.
Collective Investment Scheme
The value of a Fund’s investments in units/shares of any collective investment scheme must not exceed 20% of the
Fund’s NAV.
Debentures (Applicable to Bond Fund)
The value of a bond/ fixed income Fund’s investments in debentures issued by any single issuer must not exceed
20% of the Fund’s NAV.
Spread: Group of Companies
Group of Companies
The value of a Fund’s investments in transferable securities and money market instruments issued by any group of
companies must not exceed 20% of the Fund’s NAV.
Group of Companies (Applicable to Bond Fund)
The value of a bond/fixed income Fund’s investments in debentures issued by any one group of companies must not
exceed 30% of the Fund’s NAV.
Investment Concentration Limits
Investment Concentration Limits for Transferable Securities (other than debentures)
A Fund’s investments in transferable securities (other than debentures) must not exceed 10% of the securities issued
by any single issuer.
Investment Concentration Limits for Debentures
A Fund’s investments in debentures must not exceed 20% of the debentures issued by any single issuer.
Investment Concentration Limits for Money Market Instruments
A Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any single
issuer.
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MASTER PROSPECTUS 2008/2009
Investment Concentration Limits for Collective Investment Schemes
The Fund’s investments in collective investment schemes must not exceed 25% of the units/shares in any one
collective investment schemes.
3.4 Exception and Exclusion Applicable to the Funds
The holding of an investment and/or other instrument by the Funds (whether by way of redemption, exchange,
conversion, rights, bonus, capital reorganisation or other forms of entitlement) may exclude any entitlement accruing
on the investment and/or instrument held. Notwithstanding, the entitlement should not be exercised if the exercise
results in the breach of any limit or restriction.
The limit and restrictions above do not apply to the Funds’ holding in securities that are issued by or guaranteed by
the Malaysian Government or Bank Negara Malaysia.
The single issuer limit for debentures may be increased to 30% if the debentures are rated by any domestic or global
rating agency to be of the best quality and offer highest safety for timely payment of interest and principal.
For a Fund whose principal objective is to track or replicate an index, the single issuer limit in ordinary shares of 10%
of the Fund’s NAV and the single group limit of 20% of the Fund’s NAV maybe exceeded provided that the investment
in any component securities does not exceed its respective weightings in the underlying index.
The investments restrictions and limits must be complied with at all times based on the most up-to-date value of the
Fund and value of its investments and instruments.
However, a 5% allowance in excess of any limit or restriction may be permitted where the limit or restriction is
breached through an appreciation or depreciation of the NAV of the Funds (whether as a result of an appreciation or
depreciation in value of the investments or as a result of repurchase of Units or payment made from the Funds).
The Manager should not make any further acquisitions where the relevant limit is breached, and the Manager should
within a reasonable period of not more than three months from the date of the breach take all necessary steps and
actions to rectify the breach.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
4 Investment Process of the Funds
4.1
Investment Philosophy of the Funds
AMBUTF, AMBBTF, AMBITF, AMBSCTF and AMBEBTF
The External Investment Manager adopts a combined top-down and bottom-up approach to investing. This ensures
that the allocation of fund is skewed to the financial asset class, which is expected to give greater returns in a
particular investment environment.
For example, in a rising fixed income rates scenario, equities usually do not perform well and therefore, exposure to
this asset class is reduced. In contrast, when fixed income rates are declining, exposure to equity is increased to
maximise returns.
Primary research supported by secondary research is extensively used in making investment decisions. The outlook
of the economy determines how much exposure is given to each sector of the economy. Stocks for each sector are
selected based on investment criteria such as Price Earning to Growth (PEG) ratio, management quality, profitability,
growth prospects, financial strength and dividend yield. Bonds for each sector are selected based on investment
criteria such as yield to maturity bond duration, credit quality, profitability, growth prospects, financial strength and
structure of the bond. Technical analysis is also used but only as a guide to time the entry into and exit from the
investments. This is because sentiment plays a role in determining the market direction regardless of the fair valuation
of the market.
Global Economic Outlook
Regional Economic Outlook
Malaysian Economy Analysis
Sector Allocation
Securities Selection
AMBILTF
The Fund aims at replicating the performance of the KLCI as closely as possible. The Fund will invest in a broad
spectrum of stocks that make up the KLCI. The Fund adopts a passive management philosophy whereby the Fund’s
weightings will be adjusted accordingly to ensure close performance with the KLCI. This means that the External
Investment Manager does not conduct extensive company research but conduct extensive quantitative analysis on the
KLCI before buying or selling transactions are executed.
AMBETF and AMBVTF
We believe superior long-term investment performance can be achieved by exploiting inefficiencies in capital markets
through rigorous and intensive research within a disciplined investment process.
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MASTER PROSPECTUS 2008/2009
AMBLTF Today, AMBLTF 2009 and AMBLTF 2014
Our activities are targeted towards superior equity and fixed income performance over all time periods. Our growth
style of equity selection is driven by fundamental research approach as well as comparative valuation analysis.
Through our internal research team we identify the leaders in growing industries and invest in companies that
demonstrates: • Large and growing market opportunity for their products and services
• Compelling business strategies with robust track records and performances
• Superior management team who can execute the company’s growth plans
We diversify all our equity portfolios by sector, industry and country, and our fixed income portfolios by issuers, sector,
volatility, maturity and credit quality rating. Individual stock selection is based on those issues that we believe will
perform best in the forthcoming economic environment. Our time selection for stocks is 3 to 5 years with adjustments
made if short-term conditions warrant. Issues that do not meet our criteria are sold and replace with more attractive
investments.
Our investment style has consistently generated alpha in a risk-controlled manner. Our focus is not just on excess
return per fund but the quality and consistence of our value add, such as achieving steady alphas or returns without
taking excessive tracking error or beta risk.
AMBDTF
The External Investment Manager adopts an absolute return investment philosophy, and thus employs active tactical
asset allocation strategies where necessary. The ability to target consistent positive returns is the cornerstone of our
investment approach and is borne through the combination of experience, focus and knowledge. The External
Investment Manager ensures that it has a robust investment process and that its investment personnel are equipped
with the necessary experience and knowledge to produce consistent and reasonable returns. Focus on markets and
strategies will also aid in enhancing consistency of performance.
Generally, the External Investment Manager’s approach to investments is based on investment themes. The intention
is to identify multi-year themes and sector trends, and then employing a bottom-up approach in identifying the best
stock ideas within that theme. Excess returns or alpha, is generated through the early identification of such themes as
well as through primary research of under-researched stocks, while with well-covered stocks, the External Investment
Manager’s value-add is to challenge the prevailing consensus in arriving at our investment decision. As well,
quantitative and qualitative screens are both employed to determine the attractiveness of investment ideas.
AMB Customer Care : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
4.2
Investment Process of the Funds
AMBUTF, AMBBTF, AMBITF, AMBSCTF, AMBEBTF, AMBVTF, AMBDTF and PNB SIF
Investment Committee
- Review investment policies an investment
portfolio.
- Ensure objectives and guidelines are met.
The External Investment
Manager
- Review guidelines for asset allocation and
portfolio strategy;
- Review market outlook set asset
allocation strategy, portfolio construction
and stock as well as bond selection.
Investment
Research Team
- Research and
make investment
recommendations
Designated External
Investment
Manager
- Ensure that the
investment policy
and strategy of the
Fund is adhered to.
Dealing
- Execute investment
transactions as
recommended by
the designated
External Investment
Manager.
The investment process in the management of a unit trust portfolio involves the following: (1) Setting up of investment objective;
(2) Establishing an investment policy;
(3) Selecting an investment strategy;
(4) Asset allocation
(5) Stock and bond selections; and
(6) Measuring and evaluating performance
AMB Customer Care : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
AMBILTF
Clients Investment
Objective
Type of Fund : Index-linked Fund
Performance Appraisal
& Review (Equity)
-
Establish Parameters
(Investment Mandates)
Comparing performance against
the benchmark (e.g. KLCI).
Monitoring performance at least
once a week.
-
Investment Guidelines and
restrictions.
Investment Committee
Compliance
-
Monitoring of compliance with the
investment objectives and mandates.
Portfolio Management
& Risk Management
(Equity)
-
Asset Allocation
Quantitative analysis on
benchmarking .
Portfolio modeling.
Realignment of portfolio through
increase or decrease in weighting.
Execution of transactions.
Monitoring of the portfolio.
- Liquidity not more than 10%.
Stock Selection
-
AMB Customer Care : 03-2034 0800
Component stocks of KLCI.
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MASTER PROSPECTUS 2008/2009
AMBETF
Committee
Function
- Advise the Manager on ethical issues to
ensure proper compliance with ethical
principles of the Fund.
- Set investment guidelines in compliance
with ethicalprinciples.
- Monitor the Fund’s activities to ensure
adherence to the above Guidelines.
- To formally meet at least once every 3
months to review the Fund’s compliance
towards the ethical principles.
- To prepare a report in the Manager’s
annual reports.
- Responsible
for
scrutinizing
the
compliance and transactions report to
ensure investments are in line with
ethical principles.
Ethical Panel of
Advisors
- Review
investment
policies
and
investment portfolio.
- Ensure objectives and guidelines are
met.
Investment Committee
External Investment Manager
Investment Research
Team
- Research and
make investment
recommendations
Designated External
Investment
Manager
- Review guidelines for asset allocation
and portfolio strategy;
- Review market outlook and set asset
allocation
strategy
and
portfolio
construction and stock and bond
selection.
- Ensure that the
investment policy and
strategy of the Fund is
adhered to.
Dealing
- Execute investment
transactions as
recommended by the
designated External
Investment Manager.
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MASTER PROSPECTUS 2008/2009
AMBETF – DEVIATION PROCEDURE FLOWCHART
Deviation from the Fund’s ethical objectives detected (Infringement is publicly
known or uncontestable)
Deviation Report issued
Meeting between External Investment Manager & Ethical Panel of Advisors to
ascertain extent of infringement
Possible actions to be undertaken upon consensus:
 Voice concerns to the company’s management
 Reduction in portfolio holdings
 Removal of company from portfolio with a classification of the stock as not
investible over 5-year period
 Duration for above actions is maximum 2 years
 If the infringement is serious, the Fund will proceed to directly remove
company from its portfolio. (Maximum time frame of 6 months)
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MASTER PROSPECTUS 2008/2009
AMBLTF Today, AMBLTF 2009 and AMBLTF 2014
EQUITY INVESTMENT STRATEGY & PROCESS
For such investments, the following investment strategy & process will be adopted: -
Investment Process
Macro Economic Analysis
SECTORAL ANALYSIS
o Industry analysis
o Legislation changes affecting industries
PRE-SELECT STOCK UNIVERSE
o Fundamental valuation
o Relative comparison
IN-DEPTH ANALYSIS
o Good growth prospects
o Leader in the industry
o Strong/Improving balance sheet
o New technology/manufacturing process
o Strong cash flows
EQUITY SELECTION & PORTFOLIO
CONSTRUCTION
o Consider liquidity, market capitalisation
o Suitability for time horizon of Funds
o Constant monitoring after purchase
o Sell where fundamentals deteriorated or do not meet
investment criteria.
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MASTER PROSPECTUS 2008/2009
FIXED INCOME STRATEGY & PROCESS
For such investments, the following strategy & process will be adopted: -
Investment Process
Macro Economic Analysis
DETERMINE INTEREST RATE CYCLE
o Policy changes affecting interest rates
o Anticipate changes in yield curve
SECTORAL ANALYSIS
o Industries with stable earnings
o Risks or opportunities affecting different sectors
IN-DEPTH ANALYSIS
o Cash flows to meet coupon & principal repayments
o Availability of security/guarantee
o Strong/Improving balance sheet
o Corporate governance
BOND SELECTION & PORTFOLIO
CONSTRUCTION
o Consider liquidity, size of issue
o Rating to be at least investment grade
o Suitability for time horizon of Fund vs. interest rate
cycle
o Constant monitoring after purchase
o Sell where fundamentals deteriorated or do not meet
investment criteria
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MASTER PROSPECTUS 2008/2009
4.3
Bases of Valuation of Investments
AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBSCTF, AMBEBTF, AMBETF and AMBVTF
The Funds shall adopt the following bases of valuation of investments prescribed in the Deed and the Guidelines.
(a)
Listed equities and listed fixed income securities will be valued based on the last done market price of the
respective exchanges.
(b)
Listed shares which have been suspended for more than 14 days will be valued at fair value, as determined in
good faith by the Manager, based on the methods or bases which have been verified by the auditor of the Funds
and approved by the Trustees.
(c)
Unlisted fixed income securities are stated at the indicative market value quoted by a Bond Pricing Agency
(“BPA”) registered with the SC. The difference between the indicative market value and the cost on statement of
assets and liabilities date is treated as unrealised gain or loss and is transferred to the investment fluctuation
reserve. Where there are no prices quoted by the BPA, or when the Manager or the Trustee is of the opinion that
the prices quoted by the BPA is not reflective of the fair value of the investment, the Manager and the Trustee
will determine the fair value in good faith based on all information made available to the Manager and the
Trustee for the purpose of determining fair value.
(d)
Investments such as bank bills and deposits placed with banks or other financial institutions are valued each day
by reference of the nominal value and the accrued interest thereon for the relevant period.
(e) Units in listed collective investment schemes will be valued at last done price and unlisted collective investment
schemes will be valued based on the last published net asset value per Unit.
(f)
Investments in futures contracts will be “marked to market” at the end of each trading day.
The External Investment Manager calculates the value of investment of the Funds at the end of each Business Day.
AMBLTF Today, AMBLTF 2009 and AMBLTF 2014
The Funds shall adopt the following bases of valuation of investments prescribed in the Deed and the Guidelines.
(a) Listed equities and listed fixed income securities will be valued based on the last done market price of the
respective exchanges.
(b) Listed shares which have been suspended for more than 14 days will be valued at fair value, as determined in
good faith by the Manager, based on the methods or bases which have been verified by the auditor of the Funds
and approved by the Trustees.
(c)
Unlisted fixed income securities are stated at the indicative market value quoted by Bond Web, a Bond Pricing
Agency (“BPA”) registered with the SC. The difference between the indicative market value and the cost on
statement of assets and liabilities date is treated as unrealised gain or loss and is transferred to the investment
fluctuation reserve. Where there are no prices quoted by the BPA, or when the Manager or the Trustee is of the
opinion that the prices quoted by the BPA is not reflective of the fair value of the investment, the Manager and
the Trustee will determine the fair value in good faith based on all information made available to the Manager and
the Trustee for the purpose of determining fair value.
(d) Investments such as bank bills and deposits placed with banks or other financial institutions are valued each day
by reference of the nominal value and the accrued interest thereon for the relevant period.
(e) Units in listed collective investment schemes will be valued at last done price and unlisted collective investment
schemes will be valued based on the last published net asset value per Unit.
(f)
Investments in futures contracts will be “marked to market” at the end of each trading day.
The External Investment Manager calculates the value of investment of the equity portion of the Fund at the end of
each Business Day, whereas the Manager calculates the value of investment of the fixed income portion of the Fund
at the end of each Business Day.
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MASTER PROSPECTUS 2008/2009
AMBDTF
The Funds shall adopt the following bases of valuation of investments prescribed in the Deed and the Guidelines.
(a) Listed equities and listed fixed income securities will be valued based on the last done market price of the
respective exchanges.
(b) Where no market values are publicly available or where the use of quoted market values is not appropriate,
investments shall be valued at fair value, as determined in good faith by the Manager, which have been verified
by the auditor and approved by the Trustee.
(c)
Unlisted fixed income securities are stated at the indicative market value quoted by a Bond Pricing Agency
(“BPA”) registered with the SC. The difference between the indicative market value and the cost on statement of
assets and liabilities date is treated as unrealised gain or loss and is transferred to the investment fluctuation
reserve. Where there are no prices quoted by the BPA, or when the Manager or the Trustee is of the opinion that
the prices quoted by the BPA is not reflective of the fair value of the investment, the Manager and the Trustee will
determine the fair value in good faith based on all information made available to the Manager and the Trustee for
the purpose of determining fair value.
(d) Investments such as bank bills and deposits placed with banks or other financial institutions are valued each day
by reference of the nominal value and the accrued interest thereon for the relevant period.
(e) Units in listed collective investment schemes will be valued at last done price and unlisted collective investment
schemes will be valued based on the last published net asset value per Unit.
(f)
Investments in futures contracts will be “marked to market” at the end of each trading day.
The Manager delegates to the Trustee the function of calculating the Net Asset Value and the value of investment of
the Fund after the end of the Business Day. The foreign investment will be valued based on the last done prices at the
close of the respective foreign exchanges.
All foreign investment will be translated into ringgit based on the bid exchange rate quoted by Reuters.
PNB SIF
(a) Structured Products Valuation
DBMB will provide, subject to applicable terms, information on the present value, i.e. marked-to-market of the
relevant Structured Product(s) to the Fund on a weekly basis.
The valuation of the Structured Products will be done on a weekly basis. As a countercheck on the fair valuation
provided by DBMB, DBMB’s pricing will be verified by the Manager, Investment Manager or any independent
party and any differences exceeding tolerance levels as may be determined by the Manager impacting the NAV
by more than a pre-defined level will be investigated by the Fund.
(b) PNB REIT Valuation
Valuation of Real Estate-Related Assets and Non-Real Estate-Related Assets
PHNB being the manager of PNB REIT must carry out, at least once each Business Day or such other frequency
as may be prescribed under the REITs Guidelines, the valuation of Real Estate-Related Assets and Non-Real
Estate-Related Assets in order to facilitate the valuation of the Fund.
(c)
Listed fixed income securities will be valued based on the last done market price of the respective exchanges.
(d) Unlisted fixed income securities are stated at the indicative market value quoted by a Bond Pricing Agency
(“BPA”) registered with the SC. The difference between the indicative market value and the cost on statement of
assets and liabilities date is treated as unrealised gain or loss and is transferred to the investment fluctuation
reserve. Where there are no prices quoted by the BPA, or when the Manager or the Trustee is of the opinion that
the prices quoted by the BPA is not reflective of the fair value of the investment, the Manager and the Trustee will
determine the fair value in good faith based on all information made available to the Manager and the Trustee for
the purpose of determining fair value.
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MASTER PROSPECTUS 2008/2009
(e) Investments such as bank bills and deposits placed with banks or other financial institutions are valued each day
by reference of the nominal value and the accrued interest thereon for the relevant period.
(f)
4.4
Investments in futures contracts will be “marked to market” at the end of each trading day.
Policy on Gearing and Liquid Assets
There shall be at all times a level of liquid assets in the Funds to pay for the repurchase of Units. The Funds are
allowed to borrow cash for the purpose of meeting repurchase requests for units. However the Manager should
ensure that the Funds’ cash borrowing is only on a temporary basis and the borrowings are not persistent. The
borrowing period should also not exceed one (1) month and the aggregate borrowings of the Funds should not exceed
10% of the Funds’ NAV at the time it is incurred. All Funds may only borrow from licensed institutions. Except for
securities lending provided by the Guidelines, none of the cash or investments of the Funds may be lent. Further, the
Funds may not assume, guarantee, endorse or otherwise become directly or contingently liable for or in connection
with any obligation or indebtedness of any person.
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MASTER PROSPECTUS 2008/2009
5 Performance of The Funds
AMB Unit Trust Fund
Average Total Return of AMBUTF for the Financial Year Ended June 30, 2008
1- Year
3- Year
5- Year
10- Year
Since Launch
AMBUTF (%)
(13.17)
7.26
4.99
6.33
3.85
Benchmark (%)
(12.39)
10.13
11.39
10.04
4.40
Annual Total Return for the Financial Year Ended June 30,
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
AMBUTF (%)
(13.17)
31.98
7.68
(4.17)
7.85
(1.67)
30.62
(16.50)
4.47
29.31
Benchmark (%)
(12.39)
48.07
2.97
8.35
18.48
(4.62)
22.34
(28.84)
2.75
78.01
1-Year Fund Performance Review
For the period of 1 year, AMBUTF registered a negative return of -13.17% against the benchmark negative return of
-12.39% (the benchmark is based on the KLCI). The Fund’s underperformance under current market condition was
attributable to a series of factors which among others include lower exposure to plantation stocks, a sector which have
dragged the Fund’s NAV down. In addition, several key blue chips which the Fund is heavily invested in have also
underperformed the benchmark.
Distribution
2008
2007
2006
Gross Distribution per Unit (sen)
Nil
2.10
2.60
Net of tax Distribution per Unit (sen)
Nil
1.65
2.24
2008
2007
2006
Equities
75.50%
83.78%
73.00%
Liquid Assets and Others
24.50%
16.22%
27.00%
Distribution by cash and reinvestment.
Asset Allocation as at June 30
The decrease in equities was due to the disposal of the stocks and the increase in the liquid assets and others was
due to the extra liquidity raised from the sales of equities.
Portfolio Turnover Ratio (PTR)
PTR (time)
2008
2007
2006
0.55
0.60
0.51
The PTR registered in 2008 is slightly lower largely due to less trading activities as restructuring of the Fund almost
completed.
AMB Customer Care : 03-2034 0800
96
MASTER PROSPECTUS 2008/2009
AMB Balanced Trust Fund
Average Total Return of AMBBTF for the Financial Year Ended September 30, 2007
1- Year
3- Year
5- Year
10- Year
Since Launch
AMBBTF (%)
22.41
7.32
6.64
3.92
3.55
Benchmark
(%)
23.59
11.29
11.13
5.94
3.51
Annual Total Return for the Financial Year Ended September 30
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
AMBBTF (%)
22.41
4.30
(3.19)
(1.59)
13.37
11.81
(4.19)
2.11
14.91
(15.23)
Benchmark
(%)
23.59
4.15
7.09
11.24
10.55
4.30
(6.26)
5.88
49.02
(31.91)
1-Year Fund Performance Review
For the period of 1 year, AMBBTF registered a return of 22.41% against the adjusted benchmark return of 23.59%
(the benchmark is based on the 60% of the performance of the KLCI, and 40% of the 12-month fixed deposit rate).
AMBBTF’s underperformance was attributable to a series of bonds downgrade on fixed income portion, which to some
extent affected the overall performance of AMBBTF’s Net Asset Value.
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
Nil
2.60
3.50
Net of tax Distribution per Unit (sen)
Nil
2.31
3.25
2007
2006
2005
Equities
55.17%
61.51%
56.42%
Bonds
28.29%
28.25%
22.89%
Liquid Assets and Others
16.54%
10.24%
20.69%
Distribution by cash and reinvestment.
Asset Allocation as at September 30
The decrease in equities was due to the disposal of the non-performing stocks and the increase in bonds and other
liquid assets was due to the extra liquidity raised from the sales of equities.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
0.72
0.42
0.40
The PTR is higher in 2008 due to higher trading transactions in fixed income securities.
AMB Customer Care : 03-2034 0800
97
MASTER PROSPECTUS 2008/2009
AMB Income Trust Fund
Average Total Return of AMBITF for the Financial Year Ended June 30, 2008
1- Year
3- Year
5- Year
10- Year
Since Launch
AMBITF (%)
(15.25)
(3.42)
0.26
2.80
3.73
Benchmark
(%)
3.76
2.82
2.82
3.01
4.79
Annual Total Return for the Financial Year Ended June 30
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
AMBITF (%)
(15.25)
3.29
2.92
7.60
4.52
6.51
4.77
4.26
3.34
8.24
Benchmark
(%)
3.76
3.80
3.78
3.76
3.76
3.92
4.12
4.31
4.01
6.10
1-Year Fund Performance Review
For the period of 1 year, AMBITF registered a negative return of -15.25% against the benchmark return of 3.76% (the
benchmark is based on the 12-month fixed deposits rate). The underperformed was due to defaults of several bonds
in AMBITF’s portfolio. The market values of the defaulted bonds were written down to zero following the respective
defaults.
Distribution
2008
2007
2006
Gross Distribution per Unit (sen)
Nil
3.50
5.00
Net of tax Distribution per Unit (sen)
Nil
3.50
5.00
2008
2007
2006
Bonds
86.45%
89.47%
89.63%
Liquid Assets and Others
13.55%
10.53%
10.37%
Distribution by cash and reinvestment.
Asset Allocation as at June 30
The decrease in bonds and the increase in other liquid assets was due to the managing the liquidity to meet
redemption. Any excess of cash will be invested in short term commercial papers and short tenor good quality bonds
to enhance returns.
Portfolio Turnover Ratio (PTR)
PTR (time)
2008
2007
2006
0.31
0.21
0.53
The PTR is higher in 2008 due to more selling activities as a result of heavy redemptions and shrinking market value
of the Fund due to bond defaults.
AMB Customer Care : 03-2034 0800
98
MASTER PROSPECTUS 2008/2009
AMB Index-Linked Trust Fund
Average Total Return of AMBILTF for the Financial Year Ended October 31, 2007
1- Year
3- Year
5- Year
Since Launch
AMBILTF (%)
44.20
19.37
18.33
13.95
Benchmark
(%)
43.04
8.51
10.55
12.44
Annual Total Return for the Financial Year Ended October 31
2007
2006
2005
2004
2003
AMBILTF (%)
44.20
9.35
7.88
9.94
24.02
Benchmark
(%)
43.04
8.51
5.76
5.39
23.89
1-Year Fund Performance Review
For the period of 1 year, AMBILTF registered a return of 44.20% against the benchmark return of 43.04% (the
benchmark is based on the KLCI).
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
2.20
Nil
2.20
Net of tax Distribution per Unit (sen)
1.29
Nil
1.88
2007
2006
2005
Equities
105.54%
93.22%
97.65%
Liquid Assets and Others
(5.54)%
6.78%
2.35%
Distribution by reinvestment.
Asset Allocation as at October 31
The movement in equities and other liquid assets/ liabilities was due the cancellation of units by the manager which
was subsequently paid in November 2007.
Portfolio Turnover Ratio (PTR)
PTR (time)
AMB Customer Care : 03-2034 0800
2007
2006
2005
0.46
0.28
0.17
99
MASTER PROSPECTUS 2008/2009
AMB SmallCap Trust Fund
Average Total Return of AMBSCTF for the Financial Year Ended July 31, 2008
1- Year
3- Year
Since Launch
AMBSCTF (%)
(19.72)
(1.20)
(6.63)
Benchmark (%)
(17.39)
6.65
4.87
Annual Total Return for the Financial Year Ended July 31
2008
2007
2006
2005
AMBSCTF (%)
(19.72)
28.88
(6.79)
(16.39)
Benchmark (%)
(17.39)
54.06
2.36
2.68
1-Year Fund Performance Review
For the period of 1 year, AMBSCTF registered a negative return of -19.72% against the benchmark negative return of
-17.39% (the benchmark is based on the FBM EMAS Index). The underperformance was due to overall market
sentiment given the massive subprime loan losses, global stock market meltdown and record high crude oil.
Distribution
2008
2007
2006
Gross Distribution per Unit (sen)
Nil
Nil
2.00
Net of tax Distribution per Unit (sen)
Nil
Nil
1.85
2008
2007
2006
Equities
68.79%
76.87%
68.67%
Liquid Assets and Others
31.21%
23.13%
31.33%
Distribution by reinvestment.
Asset Allocation as at July 31
The decrease in the equities was due to the disposal of non-performing stock and focus more on stocks with sound
fundamentals, high growth but with defensive earning qualities and trading at reasonable valuations and the increase
in other liquid assets was due to the extra liquidity raised from the sales of equities.
Portfolio Turnover Ratio (PTR)
PTR (time)
2008
2007
2006
0.90
0.42
0.20
The increase in PTR was due to the restructuring progress where non-performing stocks were disposed and replaced
with stocks with sound fundamentals, high growth but with defensive earning qualities and trading at reasonable
valuations.
AMB Customer Care : 03-2034 0800
100
MASTER PROSPECTUS 2008/2009
AMB Enhanced Bond Trust Fund
Average Total Return of AMBEBTF for the Financial Year Ended March 31, 2008
1- Year
3- Year
Since Launch
AMBEBTF (%)
(27.82)
(7.49)
(3.92)
Benchmark
(%)
3.20
2.36
3.12
Annual Total Return for the Financial Year Ended March 31
2008
2007
2006
2005
Since
Launch
AMBEBTF (%)
(27.82)
4.13
5.32
1.08
3.02
Benchmark
(%)
3.20
3.23
3.05
3.04
2.53
1-Year Fund Performance Review
For the period of 1 year, AMBEBTF registered a negative return of -27.82% against the benchmark return of 3.20%
(the benchmark is based on the 3-month fixed deposit rate). The underperformance was due to the default of PECD
bonds, of which the Fund holds RM15, 000, 000 in nominal value. The market value of PECD bond was subsequently
written down to zero following the default in December 2007.
Distribution
2008
2007
2006
Gross Distribution per Unit (sen)
Nil
1.40
2.00
Net of tax Distribution per Unit (sen)
Nil
1.40
2.00
2008
2007
2006
Equities
3.31%
3.66%
2.87%
Bonds
89.59%
90.60%
93.63%
Liquid Assets and Others
7.10%
5.74%
4.00%
Distribution by reinvestment.
Asset Allocation as at March 31
The decreased in equities was due to the decrease of the IPO due to uninspiring performance. The decrease in bonds
and increase in liquid assets was due to the disposal of the bonds as it had to raise liquidity to meet redemptions and
excess in liquidity was invested in short term commercial paper.
Portfolio Turnover Ratio (PTR)
PTR (time)
2008
2007
2006
0.73
0.14
0.79
The PTR is higher in 2008 due to more selling activities as a result of heavy redemptions and shrinking market value
of the Fund due to bond defaults.
AMB Customer Care : 03-2034 0800
101
MASTER PROSPECTUS 2008/2009
AMB Ethical Trust Fund
Average Total Return of AMBETF for the Financial Year Ended August 31, 2007
1- Year
3- Year
Since Launch
AMBETF (%)
54.01
19.60
18.87
Benchmark
(%)
39.13
15.63
14.53
Annual Total Return for the Financial Year Ended August 31
2007
2006
2005
2004
AMBETF (%)
54.01
6.94
3.86
0.84
Benchmark
(%)
39.13
6.37
4.48
8.18
1-Year Fund Performance Review
For the period of 1 year, AMBETF registered a return of 54.01% against the benchmark return of 39.13% (the
benchmark is based on the 80% of the performance of the FBM Shariah Index and 20% of the Finance Indices). This
is because the Fund was focusing more on defensive stocks with strong franchises and above-average dividend yield.
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
3.50
3.50
4.10
Net of tax Distribution per Unit (sen)
2.86
2.94
3.72
2007
2006
2005
Equities
76.92%
99.76%
88.40%
Liquid Assets and Others
23.08%
0.24%
11.60%
Distribution by reinvestment.
Asset Allocation as at August 31
The Fund’s equity weighting was reduced as we continue to be cautious due to macro environment risk, uncertainties
in the domestic political scene and a weaker domestic economic outlook. The Fund focused on defensive stocks with
strong franchises and above-average dividend yield. The increase in other liquid assets was due to the extra liquidity
raised from the sales of equities. Furthermore, the Fund kept a high cash balance to meet redemption from Unit
Holders.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
1.96
0.64
0.64
The PTR has increased as the External Investment Manager adopted a trading strategy for selected stocks to benefit
from volatile market conditions.
AMB Customer Care : 03-2034 0800
102
MASTER PROSPECTUS 2008/2009
AMB Value Trust Fund
Average Total Return of AMBVTF for the Financial Year Ended August 31, 2007
1- Year
3- Year
Since Launch
AMBVTF (%)
63.96
24.11
21.92
Benchmark
(%)
32.96
7.88
15.25
Annual Total Return for the Financial Year Ended August 31
2007
2006
2005
2004
AMBVTF (%)
63.96
8.76
7.21
1.66
Benchmark
(%)
32.96
4.88
10.34
11.39
1-Year Fund Performance Review
For the period of 1 year, AMBVTF registered a return of 63.96% against the benchmark return of 32.96% (the
benchmark is based on the KLCI). This is because the Fund was focusing more on defensive stocks with strong
franchises and above-average dividend yield.
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
3.50
3.50
3.60
Net of tax Distribution per Unit (sen)
2.40
2.94
3.15
2007
2006
2005
Equities
74.25%
88.13%
81.13%
Liquid Assets and Others
25.75%
11.87%
18.87%
Distribution by reinvestment.
Asset Allocation as at August 31
The Fund’s equity weighting was reduced as we continue to be cautious due to macro environment risk, uncertainties
in the domestic political scene and a weaker domestic economic outlook. The Fund focused on defensive stocks with
strong franchises and above-average dividend yield. The increase in other liquid assets was due to the extra liquidity
raised from the sales of equities. Furthermore, the Fund kept a high cash balance to meet redemption from Unit
Holders.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
1.16
0.58
0.64
The PTR has increased as the External Investment Manager adopted a trading strategy for selected stocks to benefit
from volatile market conditions.
AMB Customer Care : 03-2034 0800
103
MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund Today
Average Total Return of AMBLTF Today for the Financial Year Ended September 30, 2007
1- Year
Since Launch
AMBLTF Today (%)
11.65
6.32
Benchmark (%)
11.01
5.92
Annual Total Return for the Financial Year Ended September 30
2007
2006
Since
Launch
AMBLTF Today (%)
11.65
3.42
3.55
Benchmark (%)
11.01
4.25
2.18
1-Year Fund Performance Review
For the period of 1 year, AMBLTF Today registered a return of 11.65% against the benchmark return of 11.01% due to
a more defensive strategy adopted by the Fund. (The benchmark is based on the 80% of the 12-month fixed deposit
rate and 20% of FBM Emas Index).
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
2.00
2.00
1.50
Net of tax Distribution per Unit (sen)
1.86
1.87
1.45
2007
2006
2005
Equities
18.09%
9.58%
13.83%
Bonds
80.84%
87.84%
86.18%
Liquid Assets and Others
1.07%
2.58%
(0.01)%
Distribution by reinvestment.
Asset Allocation as at September 30
The Fund’s equity weighting was reduced as we continue to be cautious due to macro environment risk, uncertainties
in the domestic political scene and a weaker domestic economic outlook. The Fund focused on defensive stocks with
strong franchises and above-average dividend yield. The increase in bond and other liquid assets was due to a more
defensive strategy adopted by the Fund.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
1.49
0.68
1.67
The PTR has increased as the External Investment Manager adopted a trading strategy for selected stocks to benefit
from volatile market conditions.
AMB Customer Care : 03-2034 0800
104
MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund 2009
Average Total Return of AMBLTF 2009 for the Financial Year Ended September 30, 2007
1- Year
Since Launch
AMBLTF 2009 (%)
26.78
11.03
Benchmark (%)
16.38
7.51
Annual Total Return for the Financial Year Ended September 30
2007
2006
Since
Launch
AMBLTF 2009 (%)
26.78
5.04
1.89
Benchmark (%)
16.38
4.57
1.51
1-Year Fund Performance Review
For the period of 1 year, AMBLTF 2009 registered a return of 26.78% against the benchmark return of 16.38% due to
a more defensive strategy adopted by the Fund. The benchmark is as follows:Benchmark 1 (5 years to marturity)
Benchmark 2 (2.5 years to maturity)
= 34% of FBM Emas Index and 66% of 12-month fixed deposit rate
= 27% of FBM Emas Index and 73% of 12-month fixed deposit rate
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
2.40
2.40
Nil
Net of tax Distribution per Unit (sen)
2.22
2.20
Nil
2007
2006
2005
Equities
29.88%
34.75%
24.93%
Bonds
66.12%
63.35%
65.81%
Liquid Assets and Others
4.00%
1.90%
9.26%
Distribution by reinvestment.
Asset Allocation as at September 30
The Fund’s equity weighting was reduced as we continue to be cautious due to macro environment risk, uncertainties
in the domestic political scene and a weaker domestic economic outlook. The Fund focused on defensive stocks with
strong franchises and above-average dividend yield. The increase in bond and other liquid assets was due to a more
defensive strategy adopted by the Fund.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
1.49
0.94
1.56
The PTR has increased as the External Investment Manager adopted a trading strategy for selected stocks to benefit
from volatile market conditions.
AMB Customer Care : 03-2034 0800
105
MASTER PROSPECTUS 2008/2009
AMB Lifestyle Trust Fund 2014
Average Total Return of AMBLTF 2014 for the Financial Year Ended September 30, 2007
1- Year
Since Launch
AMBLTF 2014 (%)
26.87
11.33
Benchmark (%)
18.58
9.12
Annual Total Return for the Financial Year Ended September 30
2007
2006
Since
Launch
AMBLTF 2014 (%)
26.87
4.35
2.40
Benchmark (%)
21.02
4.84
0.93
1-Year Fund Performance Review
For the period of 1 year, AMBLTF 2014 registered a return of 26.87% against the benchmark return of 18.58%, due to
a more defensive strategy adopted by the Fund. The benchmark is as follows:Benchmark 1 (10 years to marturity)
= 46% of FBM Emas Index and 54% of 12-month fixed deposit rate
Benchmark 2 (7.5 years to maturity)
= 40% of FBM Emas Index and 60% of 12-month fixed deposit rate
Benchmark 3 (5 years to maturity)
= 34% of FBM Emas Index and 66% of 12-month fixed deposit rate
Benchmark 4 (2.5 years to maturity)
= 27% of FBM Emas Index and 73% of 12-month fixed deposit rate
Distribution
2007
2006
2005
Gross Distribution per Unit (sen)
2.40
2.40
Nil
Net of tax Distribution per Unit (sen)
2.19
2.17
Nil
2007
2006
2005
Equities
37.56%
45.76%
41.74%
Bonds
51.67%
48.37%
54.07%
Liquid Assets and Others
10.77%
5.87%
4.19%
Distribution by reinvestment.
Asset Allocation as at September 30
The Fund’s equity weighting was reduced as we continue to be cautious due to macro environment risk, uncertainties
in the domestic political scene and a weaker domestic economic outlook. The Fund focused on defensive stocks with
strong franchises and above-average dividend yield. The increase in bond and other liquid assets was due to a more
defensive strategy adopted by the Fund.
Portfolio Turnover Ratio (PTR)
PTR (time)
2007
2006
2005
1.65
1.04
1.22
The PTR has increased as the External Investment Manager adopted a trading strategy for selected stocks to benefit
from volatile market conditions.
AMB Customer Care : 03-2034 0800
106
MASTER PROSPECTUS 2008/2009
AMB Dividend Trust Fund
Average Total Return of AMBDTF for the Financial Year Ended April 30, 2008
1- Year
Since Launch
AMBDTF (%)
10.04
21.90
Benchmark
(%)
(2.66)
22.13
Annual Total Return for the Financial Year Ended April 30
2008
Since
Launch
AMBDTF (%)
10.04
30.66
Benchmark
(%)
(2.66)
48.22
1-Year Fund Performance Review
For the period of 1 year, AMBDTF registered a return of 10.04% against the benchmark negative return of -2.66%
(the benchmark is based on 70% of KLCI performance and 30% Maybank 12-month fixed deposit rate).
Distribution
2008
June 6, 2006 (date of launch) to
April 30, 2007
Gross Distribution per Unit (sen)
2.03
Nil
Net of tax Distribution per Unit (sen)
1.57
Nil
2008
June 6, 2006 (date of launch) to
April 30, 2007
Equities
70.22%
69.02%
Collective Investment Scheme
13.52%
15.77%
Liquid Assets and Others
16.26%
15.21%
Distribution by cash and reinvestment.
Asset Alloction as at April 30,
The increase in equities is due to more investment made in the stock market which is to give higher dividend yield.
The decrease in collective investment scheme is due to profit realisation and the slight increased in other liquid assets
was in line with the Manager’s more conservative view on the stock market.
Portfolio Turnover Ratio (PTR)
PTR (time)
2008
2007
0.48
0.98
The decrease in PTR in 2008 compared to 2007 was due to the stabilisation of the portfolio. The Fund was launched
in middle 2006 and thus the Fund experienced higher PTR in 2007 as the portfolio was being constructed.
AMB Customer Care : 03-2034 0800
107
MASTER PROSPECTUS 2008/2009
Note:
1. The average total return of all the Funds above are based on the following calculation;
Annualised return (%) = [ { (1+ r1) (1+r2)……………(1+rn)1/n } – 1 ] x 100
Where r = rate of return
n = number of years
2. The total return of all the Funds above are based on the following calculation;

Capital return (%) =
NAV per unit on ex  date
NAV per unit

Income return (%) =
Dividend
NAV per unit on ex - date

Total Return (%) =
{
(1  Capital Return)
100
X
(1  Income Return)
-1} x 100
100
Past performance of the fund is not an indication of its future performance.
AMB Customer Care : 03-2034 0800
108
MASTER PROSPECTUS 2008/2009
6 Historical Financial Highlights
of the Funds
6.1
EXTRACTS OF THE FINANCIAL STATEMENTS OF THE FUNDS
Following are the extracts of the audited financial statements of the funds for the last three financial years, immediately
preceding the date of the prospectus:
6.1.1
AMBUTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended June 30
2008
RM’000
2007
RM’000
2006
RM’000
(11,678,285)
2,247,986
(13,926,271)
(15,566,659)
15,021,136
3,153,411
11,867,725
10,175,392
20,184,145
3,666,132
16,518,013
14,339,727
2008
RM’000
2007
RM’000
2006
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
158,389,290
3,103,776
161,493,066
326,403
262,606,611
3,156,001
265,762,612
15,437,847
320,854,701
2,613,002
323,467,703
14,115,643
Unit holders Capital
Net Asset Value
161,166,663
161,166,663
250,324,765
250,324,765
309,352,060
309,352,060
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at June 30
AMB Client Services : 03-2034 0800
109
MASTER PROSPECTUS 2008/2009
6.1.2
AMBBTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended September 30
2007
RM’000
2006
RM’000
2005
RM’000
10,483,120
3,858,814
6,624,306
5,758,901
15,004,400
2,327,226
12,677,174
11,519,600
21,714,867
2,888,510
18,826,357
17,684,940
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
196,882,532
1,704,901
198,587,433
3,434,254
224,629,321
4,251,006
228,880,327
10,109,807
268,904,425
4,957,340
273,861,765
15,767,724
Unit holders Capital
Net Asset Value
195,153,179
195,153,179
218,770520
218,770520
258,094,041
258,094,041
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at September 30
6.1.3
AMBITF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended June 30
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
2008
RM’000
2007
RM’000
2006
RM’000
12,220,608
46,057,589
(33,836,981)
(33,836,981)
19,805,376
5,783,423
14,021,953
14,021,953
25,744,017
4,738,523
21,005,494
21,005,494
2008
RM’000
2007
RM’000
2006
RM’000
157,870,453
300,157,593
439,666,273
2,164,610
160,035,063
953,870
4,658,815
304,816,408
13,091,470
4,904,810
444,571,083
34,483,911
159,081,193
159,081,193
291,724,938
291,724,938
410,087,172
410,087,172
Extract of Audited Statement of Assets and Liabilities as at June 30
Total Investments
Total Other Assets
Total Assets
Total Liabilities
Unit holders Capital
Net Asset Value
AMB Client Services : 03-2034 0800
110
MASTER PROSPECTUS 2008/2009
6.1.4
AMBILTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended October 31
2007
RM’000
2006
RM’000
2005
RM’000
9,691,130
384,459
9,306,671
9,027,331
5,098,798
448,851
4,649,947
4,197,542
4,903,073
527,565
4,375,508
4,022,993
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
30,571,252
166,322
30,737,574
3,113,971
33,127,484
1,856,537
34,984,021
19,885
40,743,223
168,343
40,911,566
21,285
Unit holders Capital
Net Asset Value
27,623,603
27,623,603
34,964,136
34,964,136
40,890,281
40,890,281
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at October 31
6.1.5
AMBSCTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended July 31
2007
RM’000
2006
RM’000
2005
RM’000
10,303,015
2,408,509
7,894,506
7,031,427
13,768,825
2,348,561
11,420,264
10,718,812
7,660,817
2,637,011
5,023,806
4,235,608
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
147,058,745
735,586
147,794,331
1,069,371
159,242,366
486,961
159,729,327
9,844,322
154,487,749
862,470
155,350,219
402,029
Unit holders Capital
Net Asset Value
146,724,960
146,724,960
149,885,005
149,885,005
154,948,190
154,948,190
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at July 31
AMB Client Services : 03-2034 0800
111
MASTER PROSPECTUS 2008/2009
6.1.6
AMBEBTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended March 31
2008
RM’000
2007
RM’000
2006
RM’000
1,783,664
15,902,228
(14,118,564)
(14,118,564)
4,198,400
943,397
3,255,003
3,255,003
5,262,111
1,240,095
4,022,016
4,022,016
2008
RM’000
2007
RM’000
2006
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
30,111,475
486,868
30,598,343
81,693
70,019,068
729,922
70,748,990
2,561,396
91,672,451
884,103
92,556,554
4,978,992
Unit holders Capital
Net Asset Value
30,516,650
30,516,650
68,187,594
68,187,594
87,577,562
87,577,562
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at March 31
6.1.7
AMBETF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended August 31
2007
RM’000
2006
RM’000
2005
RM’000
15,308,587
612,625
14,695,962
14,469,234
3,420,183
879,755
2,540,428
2,082,934
5,322,664
1,103,842
4,218,822
3,792,618
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
29,388,358
167,091
29,555,449
1,922,908
45,883,348
578,293
46,461,641
5,086,040
61,029,639
350,073
61,379,712
4,544,458
Unit holders Capital
Net Asset Value
27,632,541
27,632,541
41,375,601
41,375,601
56,835,254
56,835,254
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at August 31
AMB Client Services : 03-2034 0800
112
MASTER PROSPECTUS 2008/2009
6.1.8
AMBVTF
Extract of Audited Statement of Income and Expenditure for The Financial Year Ended August 31
2007
RM’000
2006
RM’000
2005
RM’000
15,066,843
517,197
14,549,646
14,259,049
2,296,248
875,338
1,420,910
1,015,310
5,737,335
1,056,535
4,680,800
4,188,290
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
23,186,550
909,797
24,096,347
2,261,757
42,368,145
354,469
42,722,614
3,850,212
59,970,412
1,376,704
61,347,116
3,871,571
Unit holders Capital
Net Asset Value
21,834,590
21,834,590
38,872,402
38,872,402
57,475,545
57,475,545
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at August 31
6.1.9
AMBLTF Today
Extract of Audited Statement of Income and Expenditure for The Financial Year Ended September 30
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
2007
RM’000
2006
RM’000
2005
RM’000
2,684,566
342,275
2,342,291
2,284,711
2,568,765
593,070
1,975,695
1,877,615
2,572,591
525,726
2,046,865
1,985,894
2007
RM’000
2006
RM’000
2005
RM’000
22,138,897
37,024,539
62,427,262
432,426
22,571,323
878,143
841,110
37,865,649
1,582,154
801,246
63,228,508
2,070,401
21,693,180
21,693,180
36,283,495
36,283,495
61,158,107
61,158,107
Extract of Audited Statement of Assets and Liabilities as at September 30
Total Investments
Total Other Assets
Total Assets
Total Liabilities
Unit holders Capital
Net Asset Value
AMB Client Services : 03-2034 0800
113
MASTER PROSPECTUS 2008/2009
6.1.10
AMBLTF 2009
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended September 30
2007
RM’000
2006
RM’000
2005
RM’000
3,071,591
189,529
2,882,062
2,851,059
987,599
247,918
739,681
682,556
767,028
190,667
576,361
552,226
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
10,383,917
181,790
10,565,707
404,556
14,524,665
546,561
15,071,226
677,376
20,933,856
505,136
21,438,992
590,102
Unit holders Capital
Net Asset Value
10,161,151
10,161,151
14,393,850
14,393,850
20,848,890
20,848,890
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at September 30
6.1.11
AMBLTF 2014
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended September 30
2007
RM’000
2006
RM’000
2005
RM’000
1,044,792
79,745
965,047
954,500
357,114
106,085
251,029
230,506
271,906
88,912
182,994
173,326
2007
RM’000
2006
RM’000
2005
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
2,974,540
156,130
3,130,670
150,131
4,357,754
118,134
4,475,888
239,307
6,661,902
188,775
6,850,677
137,594
Unit holders Capital
Net Asset Value
2,980,539
2,980,539
4,236,581
4,236,581
6,713,083
6,713,083
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
Extract of Audited Statement of Assets and Liabilities as at September 30
AMB Client Services : 03-2034 0800
114
MASTER PROSPECTUS 2008/2009
6.1.12
AMBDTF
Extract of Audited Statement of Income and Expenditure For The Financial Year Ended April 30
Total Investment income
Total Expenses
Net Income/(Loss) Before Tax
Net Income/(Loss) After Tax
2008
RM’000
06/06/2008 (date of launch)
to 30/04/2007
RM’000
6,768,202
548,647
6,219,555
5,893,461
5,446,642
548,080
4,898,562
4,658,169
Extract of Audited Statement of Assets and Liabilities as at April 30
2008
RM’000
06/06/2008 (date of launch)
to 30/04/2007
RM’000
Total Investments
Total Other Assets
Total Assets
Total Liabilities
22,594,684
722,465
23,317,149
1,585,287
34,353,978
3,981,453
38,335,431
532,227
Unit holders Capital
Net Asset Value
21,731,862
21,731,862
37,803,204
37,803,204
6.2
Total Annual Expenses Incurred by the Funds in the last Financial Year
Following are the total annual expenses incurred by the funds in the preceding financial year:
Fund Name
Management Fee
RM
%*
AMBUTF
2,067,006
1.00
(30 June 2008)
AMBBTF
1,884,346
0.85
(30 September 2007)
AMBITF
2,153,678
1.24
(30 June 2008)
AMBILTF
307,330
1.00
(31 October 2007)
AMBSCTF
1,830,450
1.50
(31 July 2007)
AMBEBTF
522,981
1.03
(31 March 2007)
AMBETF
555,604
1.50
(31 August 2008)
AMBVTF
469,513
1.51
(31 August 2008
AMBLTF Today
300,897
1.04
(30 September 2007)
AMBLTF 2009
152,242
1.21
(30 September 2007)
AMBLTF 2014
45,402
1.22
(30 September 2007)
AMBDTF (30 April
481,397
1.50
2008)
* The percentage is reflected as a percentage of
AMB Client Services : 03-2034 0800
Trustee Fee
Other Expenses
Total Annual
Expenses
RM
%*
RM
%*
RM
%*
50,752
0.03
130,229
0.06
2,247,987
1.09
52,175
0.02
1,922,293
0.87
3,858,814
1,74
46,605
0.03
76,813
0.04
2,277,098
1.31
24,589
0.08
52,541
0.17
384,460
1.25
85,419
0.07
38,470
0.04
1954,339
1.61
35,778
0.07
40,470
0.08
599,229
1.18
29,632
0.08
27,390
0.07
612,626
1.65
25,040
0.08
22,644
0.07
517,917
1.66
19,792
0.07
21,586
0.07
342,275
1.18
18,000
0.14
19,287
0.16
189,529
1.51
18,000
0.48
16,343
0.44
79,745
2.14
22,553
0.07
44,697
0.14
44,697
1.71
average NAV.
115
MASTER PROSPECTUS 2008/2009
Note: PNB SIF’s first financial year end will be at 31 July 2009.
The audited financial statements of the Fund are disclosed in the Fund’s annual report and the annual report is
available upon request.
The Management Expense Ratio (MER) of the Funds for the past three (3) financial years is as shown below:(MER)
Funds
2008
2007
2006
AMBUTF
1.09
1.09
1.09
AMBITF
1.31
1.05
1.04
AMBSCTF
1.61
1.61
1.39
AMBEBTF
1.18
1.14
1.13
AMBDTF
1.71
1.61
**Nil
**AMBDTF was launched for less than 3 financial years.
(MER)
Funds
2007
2006
2005
AMBBTF
1.74
0.96
0.93
AMBILTF
1.25
1.18
1.18
AMBETF
1.65
1.64
1.63
AMBVTF
1.66
1.63
1.62
AMBLTF Today
1.18
1.19
1.08
AMBLTF 2009
1.51
0.66
1.25
AMBLTF 2014
2.14
1.88
1.73
Past performance of the fund is not an indication of its future performance.
The fund’s annual report is available upon request.
AMB Client Services : 03-2034 0800
116
MASTER PROSPECTUS 2008/2009
7 Understanding Fees and Expenses
7.1
Sales Charge
Unit Holders have to pay a sales charge upon purchasing of Units in addition to the investment amount. The sales
charge is as follows:
Funds
Maximum Sales Charge
(percentage of NAV per Unit)
AMBUTF
AMBBTF
AMBITF
AMBILTF
AMBETF
AMBVTF
AMBEBTF
AMBSCTF
AMBLTF Today
AMBLTF 2009
AMBLTF 2014
AMBDTF
PNB SIF
7%
7%
2%
5%
7%
7%
2%
7%
2%
4%
6%
6%
1.5%
The Manager at its discretion may allow for lower sales charge to specific groups, as deemed fit by the Manager
under specific circumstances on a case to case basis.
Investors investing under the EPF Members Investment Scheme will be levied a service charge of up to 3% of NAV
per Unit, as regulated by EPF.
The illustration on the calculation of the sales change is as follows;
The sales charge is applicable to all Funds.
1.
2.
3.
4.
Transaction date
AMBUTF Unit Holder investment
Sales Charge
NAV per Unit
Sales Charge per Unit
7.2
LPD
RM10,000
6.5%
RM0.5000
= NAV per Unit x sales charge (%)
= RM0.5000 x 6.5%
= RM0.0325
Redemption Fee
The Manager does not impose a redemption charge on the redemption of Units by the Unit Holders. Units are
redeemed by the Manager at NAV per Unit.
For PNB SIF, the redemption fee incurred will be dependent on when the Unit Holders request for redemption of their
Units. The longer the Unit Holder holds the Units, the lower the redemption fee. This charge is non-negotiable. There
will be no redemption fee if the Units are held to the Maturity Date.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
Details of the redemption fee are as follows:2.5% of NAV per Unit in the 1st year from the Commencement Date
2.0% of NAV per Unit in the 2nd year from the Commencement Date
1.5% of NAV per Unit in the 3rd year from the Commencement Date
1.0% of NAV per Unit in the 4th year from the Commencement Date
0.5% of NAV per Unit in the 5th year from the Commencement Date
Nil – On Maturity Date or early termination date
The redemption fee shall be reimbursed to the Fund. This is to cover part of the transaction cost that may have been
incurred in disposing of instruments from the portfolio in order to fulfill redemption requests. Rounding adjustments
shall be consistently applied and shall be carried out only after the redemption fee.
The illustration on the calculation of the redemption fee is as follows:
1. Transaction date
2. AMBUTF Unit Holder redemption Units
3. Redemption fee
LPD
10,000 Units
Nil
Redemption fee per Unit
= NAV per Unit x redemption fee (%)
= RM0.5000 x 0%
= Nil
7.3
Management Fee
Funds
AMBUTF
AMBBTF
AMBITF
AMBILTF
AMBETF
AMBVTF
AMBEBTF
AMBSCTF
AMBLTF Today
AMBLTF 2009
AMBLTF 2014
AMBDTF
PNB SIF
Annual Management Fee
(percentage of NAV per Unit)
1.00%
0.85%
1.00%
1.00%
1.50%
1.50%
Bond Portion : 1.00%
Equity Portion : 1.75%
1.50%
Bond Portion : 1.00%
Equity Portion : 1.50%
1.50%
1.00%
Note : The annual management fee is calculated and accrued on a daily basis before deducting annual management
fee and trustee fee for the day. As for PNB SIF, the annual management fee is non-negotiable.
7.4
Trustee Fee
For AMBUTF and AMBBTF the Trustee is entitled to the following fees, which are paid out of the Fund:
Size of Fund
First RM20 million
Next RM20 million
Next RM20 million
Next RM20 million
Next RM20 million
Any amount in excess of RM100 million
AMB Client Services : 03-2034 0800
Rate per annum of the Net Asset Value of the Fund
0.06%
0.05%
0.04%
0.03%
0.02%
0.01%
118
MASTER PROSPECTUS 2008/2009
For AMBITF, the Trustee is entitled to a fee at a rate of 0.035% per annum of the NAV of the Fund, (before deducting
annual management fee and Trustee fee for the day) up to a maximum value of RM100 million and thereafter at a
rate of 0.01%.
For AMBILTF, AMBETF, AMBVTF and PNB SIF, the Trustee is entitled to a Trustee fee of 0.08% per annum of the
NAV of the Fund, (before deducting annual management fee and Trustee fee for the day), subject to a minimum fee
of RM18,000 per annum calculated and accrued on a daily basis.
For AMBEBTF and AMBSCTF, the Trustee is entitled to a fee at a rate of 0.07% per annum of the NAV of each of
the Fund, (before deducting annual management fee and Trustee fee for the day), subject to a minimum fee of
RM18,000 per annum. The Trustee fee is calculated and accrued on a daily basis and payable monthly in arrears.
For AMBLTF Today, AMBLTF 2009, AMBLTF 2014 and AMBDTF, the Trustee is entitled to a fee, which is
calculated and accrued on a daily basis and payable monthly in arrears as follows: •
If the Fund is invested locally only, the rate is 0.07% per annum (including local custodian fee) on NAV of the
Fund, before deducting annual management fee and Trustee fee for the day, calculated on a daily basis, subject
to a minimum fee of RM18,000 per annum.
•
If the Fund is invested locally and abroad, the rates are 0.07% per annum on the local NAV of the Fund
(including local custodian fee) and 0.07% per annum on the foreign NAV of the Fund (excluding foreign
custodian fee), before deducting annual management fee and Trustee fee for the day, calculated on a daily
basis, subject to a minimum fee of RM18,000 per annum.
7.5
Custodian Fee
Being the custodian of AMBUTF and AMBBTF, the Trustee is entitled to a custodian fee of 0.035% per annum of the
value of the stock and shares portfolio subject to a minimum of RM40,000 and a maximum of RM120,000 per annum
for AMBUTF and a minimum of RM60,000 and a maximum of RM150,000 per annum for AMBBTF.
7.6
Funds’ Expenses
The Management fee and Trustee fee, the auditor’s fees and other relevant professional fees, the costs of distribution
of annual reports, tax vouchers, distribution warrants, cost of modification of Deeds and other notices to Unit Holders
as well as expenses that are directly related and necessary for the administration of the Funds as set out in the Deed
shall be paid out of the Funds. These costs are already factored into any quoted Unit price.
7.7
Transfer of Units
An administrative fee of RM3 is charged per transaction.
7.8
Switching
This facility enables Unit Holders to convert Units of one Fund to units of other unit trust funds managed by the
Manager. There is an administration fee of RM25 per transaction of switch. Unit switched are transacted at the
Funds’ NAV. The minimum investment that can be switched per transaction is 1000 Units.
Notes:
(i) Switching fee is not applicable for PNB SIF.
(ii) Distribution Units of conventional Funds cannot be switched to shariah Funds within the AMB family of
Funds. However the principal amount of conventional Funds is allowed to be switched to shariah Funds.
(iii) Unit holders who invest under the EPF Members Investment Scheme are not allowed to switch to
AMBDTF.
AMB Client Services : 03-2034 0800
119
MASTER PROSPECTUS 2008/2009
7.9
Management Expense Ratio (MER)
The Management Expense Ratio (MER) provides a measure by which investors can assess and compare the
outgoing incurred by a fund. These expenses are deducted from the income of the fund before it is paid to you.
MER of the Fund is the ratio of the sum of the fees and the recovered expenses of the unit trust fund to the average
value of the fund calculated on a daily basis, i.e.:
Fees of the Fund  recovered expenses of the Fund
x 100
Average value of the Fund for the year calculated on a daily basis
Where:
Fees
=
All ongoing fees deducted/deductible directly from the Fund in respect of the period
covered by the management expense ratio expressed, as a fixed amount calculated on
a daily basis. This would include the annual management fee, the annual Trustee fee
and any other fees deducted/deductible directly from the Fund;
Recovered expenses
=
All expenses recovered from/charged to the Fund as a result of the expenses incurred
the operation of the Fund, expressed as a fixed amount. This should not include
expenses that would otherwise be incurred by an individual investor (e.g. brokerage,
taxes and levies); and
Average value of
=
The NAV of the Fund, including net income less expenses on an accrued basis, in
respect the Fund of the period covered by the MER, calculated on a daily basis.
7.10
Portfolio Turnover Ratio (PTR)
Portfolio turnover of the Fund is the ratio of the average sum of the acquisitions and disposals of the Fund for the
year to the average value of the Fund for the year calculated on a daily basis, i.e.:
[Total acquisitions of the Fund for the year + Total disposals of the Fund for the year] / 2
Average value of the Fund for the year calculated on a daily basis
7.11
Policy On Brokerage Rebates And Soft Commissions
It is the Manager’s policy to channel all rebates, if any, received from stockbrokers to the Funds. However, the
following goods and services received from brokers and other financial service providers (“soft commissions”) are
retained by the Manager: (i) research materials;
(ii) data and quotation services;
(iii) investment-related magazines, journals and other related trade publications; and
(iv) computer applications software.
The policy of the Manager is to accept only soft commissions, which are relevant as stated above, and incidental to
the investment and management of the Manager and which are of demonstrable benefit to the Unit Holders of the
Fund. The Manager will ensure that the acceptance of the soft commissions does not affect the dealings by the
provider of the commissions, which are to be executed on a “best execution” basis.
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds.
AMB Client Services : 03-2034 0800
120
MASTER PROSPECTUS 2008/2009
8 Purchasing and Redeeming of Units
8.1
Single Pricing Policy
The Manager adopts the single pricing policy in calculating your investment for purchasing and redeeming of Units.
Single pricing equates to sales and redemption quoted and transacted on a single price (i.e. NAV per Unit). The sales
charge is disclosed in Section 7.1.
8.2
Valuation of Units
For Funds with no foreign investment, the valuation of Units is based on the NAV of the Fund and is calculated at the
end of the Business Day.
For AMBDTF, the valuation of Units is based on the NAV of the Fund and due to difference time zone of the
countries, the NAV of the Fund is calculated after the end of the Business Day and at the close of the respective
exchanges. The daily NAV per Unit of AMBDTF will be published on the next Business Day after the close of the
respective exchanges (2 preceding days).
According to the Single Pricing Policy, the selling and redemption prices of Units would be at the NAV per Unit.
Computation of the NAV per Unit at each valuation point is illustrated below:Total Assets
Total Liabilities
RM3,009,450,000.00
RM5,850,000.00
NAV
= Total Assets – Total Liabilities
= RM3,009,450,000.00 – RM5,850,000.00
= RM3,003,600,000.00
Units in Circulation
= 6,000,000,000 Units
Net Asset Value per unit
=
NAV______
Units in circulation
= RM3,003,600,000.00
6,000,000,000
= RM0.5006000000
NAV per Unit, rounded to 4 decimal places
= RM0.5006
Please note the above example is for illustration purposes only
8.3
Error in Pricing
If there is any incorrect calculation of the NAV per Unit, the Manager will take immediate remedial action to rectify the
error. The Manager’s remedial action will extend to the reimbursement of money to the Unit Holders if the error is at
or above the threshold of 0.5% of the NAV per Unit unless the impact on the individual Unit Holder’s account is
RM10.00 or less in absolute amount, in which case no reimbursement is required.
8.4
Purchasing and Redeeming of Units
When you invest in a Fund you are issued with Units. These Units represent your holding in the Fund. The number of
Units that you will receive is determined by the NAV per Unit of the Fund. In addition to the amount invested in the
purchasing of Units, a sales charge is also imposed. Similarly, the redemption of Units is also determined by the NAV
per Unit and in the case of PNB SIF, a redemption change is imposed.
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8.5
Determination of Prices and Charges
The price of Units is computed on a Forward Pricing basis. Similarly, Units of the Fund are redeemed at the NAV per
Unit at the next valuation point after receipt of the redemption request and acceptance by the Manager.
Consequently, any changes in the underlying assets of the Fund will cause its Unit prices to vary.
Purchasing of Units
Illustration of computation for investment in AMBUTF
Assuming:
(i)
(ii)
(iii)
Amount invested by Unit Holder
Unit NAV per Unit
Sales charge
Units allotted
: RM10,000
: RM0.5000
: 6.5% of NAV per Unit
= Investment amount
NAV per Unit
= RM10,000
RM0.5000
= 20,000 units
Total sales charge incurred
= Investment Units x Sales Charge
= 20,000 Units x (6.5% x RM0.5000)
= 20,000 Units x RM0.0325
= RM650
Total amount paid
= Investment amount + total sales charge
= RM10,000 + RM650
= RM10,650
Please note the above example is for illustration purposes only.
Redeeming an Investment
Redemption of units by Unit holders is transacted at the NAV per Unit of the Funds. The Manager does not impose a
redemption charge on the redemption of units of Funds by Unit Holders except for PNB SIF.
Redeeming of Units
Illustration of computation for redemption of PNB SIF
Assuming:
(i)
(ii)
(ii)
Unit redeemed by Unit Holder
NAV per Unit
Redemption charge if redemption
date.
: 20,000 units
: RM0.5000
: 2.5% x RM0.5000
Total number of Units redeemed by Unit Holder
(a)
Redemption proceeds
= Redemption Units x NAV per Unit
= 20,000 Units x RM0.5000
= RM10,000
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(b)
Net Redemption proceeds
= RM10,000 – (Redemption fee per Unit x NAV per Unit x
Units redemption)
= RM10,000 – (2.5% x RM0.5000 x 20,000 Units)
= RM10,000 – RM250
= RM9,750
Please note the above example is for illustration purposes only.
8.6
Minimum Balance of Investment
There is no restriction on the frequency of redemption of Units a Unit Holder can redeem.
As for AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBETF, AMBVTF, AMBEBTF and AMBSCTF, for partial
redemption, the minimum balance of Units remaining in the account must always be one hundred (100) Units. The
Manager may elect not to redeem the entire account if the effect thereof would be that the Unit Holder holds less than
100 Units.
As for AMBLTF Today, AMBLTF 2009, AMBLTF 2014 and AMBDTF, for partial redemption, the minimum balance of
Units remaining in the account must always be 1,000 Units. The Manager may elect not to redeem the entire account
if the effect thereof would be that the Unit Holder holds less than 1,000 Units.
As for PNB SIF, the minimum balance of Units remaining in the account must always be 10,000 Units, both for
individual and non-individual.
The Manager will pay the net redemption proceeds to the Unit Holder within 10 days from the receipt of the request to
redeem.
8.7
Cooling-Off Right
A Cooling-off Right refers to the right of the Unit Holder to obtain a refund of his investment in the Fund including the
sales charge if he so requests within the Cooling-off Period. A Cooling-off Right is only given to an investor, other
than those listed below, who is investing in any Unit trust Funds within the AMB Family of Funds for the first time:
(a) a corporation or institution;
(b) staff of the Manager; and
(c) persons registered to deal in Unit trusts of the Manager.
The refund for every Unit held by the investor pursuant to the exercise of the Cooling-off Right shall be the sum of:
(a) the NAV per Unit on the day the Units were first purchased; and
(b) the sales charge per Unit originally imposed on the day the Units were purchased.
Illustration of computation of Cooling-Off Proceeds
By the way of illustration, if a Unit Holder invested RM 10,000 in AMBUTF on August 18, 2008, the computation will
be as follows: (i)
(ii)
(iii)
Amount invested by investor
Unit NAV per Unit
Sales charge
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: RM10,000
: RM 0.50
: 6.5% of NAV per Unit
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Units received
= Investment amount
NAV per Unit
= RM10,000
RM0.5000
= 20,000 Units
Total sales charge incurred
= Investment Units x Sales Charge
= 20,000 x (6.5% x RM0.50)
= 20,000 x RM0.0325
= RM650
Total amount paid
= Investment amount + total sales charge incurred
= RM10,000 + RM650
= RM10,650
On 23.08.2008 (within the Cooling-off Period) the investor decides to exercise his Cooling-off Right by submitting a
request for a refund of his investment. The cooling off amount/proceeds due to you is computed based on the Unit
prices and NAV determined at the close of business on 18.08.2008.
The total amount to be returned to the Unit Holder will be:
= Sales charge paid on 18.08.2008 + (NAV per Unit for 18.08.2008 x Units received)
= RM650 + RM10,000
= RM10,650
Please note the above example is for illustrative purposes only.
When a Cooling-off Right is exercised, the money will be refunded to the applicant within 10 days of receipt of the
notice or exercise of Cooling-off Right by the Manager.
The request to exercise your Cooling-off Right must be submitted either to the Manager or Distribution Branch within
6 Business Days commencing from the date of purchase i.e. the date on which the Manager receives the application
form and the investment amount.
The Cooling-off Right for EPF investments is available subject to the terms and conditions of the EPF.
We value your investments and calculate the Unit prices for each Fund at the close of every Business Day. Unit
prices are published in major newspapers nationwide and investors may call our AMB Client Services : 03-2034
0800 or visit our website at www.ambmutual.com.my.
8.8
How to Purchase and Redeem Units of the Fund
Making an investment in the Funds is simple. Just complete the application form accompanying this Prospectus and
send it to any Distribution Branch, following the instructions in the application form, with the appropriate amounts for
the Units to be purchased. An investor is recognised as a Unit Holder upon receipt by the Manager of payment
together with the completed application form. The Manager will issue investment confirmation statements to the Unit
Holders within 14 days from receipt of application forms by the Manager.
Withdrawals can also be made in part or entirely at any time by completing the request to repurchase form, which can
be obtained at any Distribution Branch. Although the Deed allows for a period of 10 days after receiving the request
to redeem for payment of proceeds to Unit Holders, the Manager will try to make payment within 7 days of receiving
the request.
8.9
Where to Purchase and Redeem
Units can be bought and sold on Business Days between 9.00am to 2.30pm at any Distribution Branch.
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8.10
Invest Your EPF Savings
You may withdraw a portion of your EPF savings and invest in AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBETF,
AMBVTF, AMBEBTF, AMBSCTF, AMBLTF Today, AMBLTF 2009 and AMBLTF 2014. By investing some of your
EPF savings in any of the above-mentioned Funds, you could stand to maximise the value of your retirement savings
over the long-term.
Currently the EPF Members Investment Scheme is not available for PNB SIF and AMBDTF. Upon reaching age 55,
investment under EPF Members Investment Scheme will automatically be shifted to cash which allows Unit holders to
withdraw their money at any Distribution Branch.
8.11
Transfer of Units
Units in the Funds are transferable. Every instrument of transfer must be left with the Manager and must be
accompanied by such evidence as the Manager may require to prove the title of the transferor. The Manager may
decline to register any transfer for registration, which would result in the transferor or the transferee being a Unit
Holder of less than 100 units.
As for AMBLTF Today, AMBLTF 2009, AMBLTF 2014 and AMBDTF, the Manager may decline to register any
transfer for registration, which would result in the transferor or the transferee being a Unit Holder of less than 1,000
Units.
8.12
The Flexibility to Switch Your Investment
We recognise that your investment needs may change over time. To meet your changing needs, the Manager gives
you the flexibility to switch from one Fund to any of the Funds under the AMB Family of Funds. However, the
switching facility is not available for PNB SIF. Unit holders who invest under the EPF Members Investment Scheme
are not allowed to switch to AMBDTF.
If you feel one or more of the other Funds we manage are better suited to your needs, you may switch to any of these
Funds. Each Fund has a different investment strategy and risk profile. You should read and understand the current
Prospectus of the Fund you are considering switching into before you decide to switch.
This switching facility is to enable Unit Holders to switch within the AMB Family of Funds in response to changing
financial goals and market conditions.
Switching is effectively a request to:
* withdraw all or a specified part of your investment in one Fund, at NAV applicable to units in that Fund at
the time of the switch, and
* use the proceeds to buy units in another Fund.
How to switch?
To switch between the AMB Family of Funds you can simply complete a switching form at any Distribution Branch.
You may request a specified number of units to be switched from one fund to another. No commission is paid to
Distribution Branch or to the agents for facilitating a switch. The minimum amount you can switch is 1,000 Units.
However, distribution Units of conventional Funds cannot be switched to shariah Funds within AMB Family of Funds.
Only the principal amount of conventional Funds is allowed to be switched to shariah Funds.
Investors are advised not to make payment in cash when purchasing units of a fund via any
institutional/retail agent.
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9 Understanding Income Distributions and
Reinvestment Plans
9.1
Distribution Policy
Distribution, if any, are declared at the end of each financial year or for any specified period, as may be approved by
the Trustee.
The Funds with exception for AMBILTF, AMBVTF and AMBSCTF will distribute all or substantially all of its net
income and net realized capital gains to the Unit Holders at the discretion of the Manager. The distribution of each
Fund will vary depending on the performance of each Fund and prevailing economic conditions.
For AMBILTF, AMBVTF and AMBSCTF, it is not the Funds’ main objective to distribute income as the main focus of
the Funds are to secure capital growth in line with the performance of the KLCI. Any distribution will be at the
discretion of the Manager, which if at all possible is incidental in carrying out the investment function in accordance
with the objective and investment strategies of the Funds.
It is intended that distributions to you, if any, will be based on Units held on the entitlement date via the following
options:
 re-invested by creation of additional Units; or
 paid via cheque; or
 credited into your bank accounts.
Note : The above options are only applicable for AMBUTF, AMBBTF, AMBITF and AMBDTF. For AMBILTF,
AMBSCTF, AMBEBTF, AMBETF, AMBVTF, AMBLTF Today, AMBLTF 2009 and AMBLTF 2014, any distribution
declared, will automatically be re-invested as additional Units in your respective Funds’ accounts, subject to
availability of the Fund’s Units at our discretion. For PNB SIF, any distribution declared will be paid via cheque or
credited into your bank account.
9.2
What Comprises Income Distribution?
Income Distribution is made from realised capital gains (net of realised losses) and realised income. Capital gains are
realised when investments are disposed off at a profit. Realised income is income from interest, accretion of
discounts net of amortisation of premium on fixed income securities and dividend income from share equities as well
as distribution equalisation arising from the creation price of Units.
9.3
How is Income Distribution Calculated?
The Unit Holder’s income distribution, if any, is calculated in proportion to the number of Units of the Fund held by the
Unit Holder as of the date that the income distribution is declared, the price of which shall be based on the NAV per
Unit, which shall be calculated as at the end of the valuation day falling 1 month after the end of each accrual period.
9.4
What options do I have in receiving an income distribution?
For investment in AMBUTF, AMBBTF,AMBITF and AMBDTF, you have 3 options:

Participate in the distribution reinvestment plans so that your income is automatically reinvested to
purchase additional Units in the same Fund. No sales charges is charged on the reinvestment of income
distributions.

Payment by cheque or crediting your bank account, whichever is applicable. In the event the Manager is
unable to credit your account, payment will be made in the form of cheque.

A cheque posted to your correspondence address.
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
If you do not nominate a method of distribution, your income will be automatically reinvested.
Income distribution to Unit Holders is declared by way of income distributions paid or the creation of additional Units
for the respective Funds. Unit Holders may choose to receive their income distributions in the form of cheques or
crediting their bank account or to re-invest the income distributions by selecting the proper option in the application
form.
Auto-reinvestment of distribution for AMBILTF, AMBETF, AMBVTF, AMBEBTF, AMBSCTF, AMBLTF Today,
AMBLTF 2009 and AMBLTF 2014
All income distribution declared by AMBILTF, AMBETF, AMBVTF, AMBEBTF, AMBSCTF, AMBLTF Today, AMBLTF
2009 and AMBLTF 2014 will be automatically reinvested for additional Units in the same Fund on behalf of the Unit
Holders. No sales charge is charged on the reinvestment of income distributions.
9.5
Distribution Reinvestment Plan for the Funds
If an investor elects the option of distribution reinvestment, he will receive distribution by way of additional units.

The distribution reinvestment plan ensures that your income distributions is automatically reinvested to
purchase additional Units in the same Fund. No sales charges is charged on the reinvestment of income
distributions.
Unit Holders will receive distribution by way of additional Units at the end of the financial year. The Unit price of all
distribution reinvestments will be based on the NAV per Unit, which shall be calculated at the valuation point of the
Business Day falling 1 month after the declaration date. The Manager will forward a distribution warrant to the Unit
Holders within 2 months of the date of declaration.
As for EPF Unit Holders, any income distributions paid by the Fund will be considered as EPF savings and
must be automatically reinvested into additional Units of the same Fund.
Benefits of the Distribution Reinvestment Plan and Auto-reinvestment of Distribution

Income reinvested without incurring sales charge.

Convenient way of investing income each year.

Increased potential for income and capital growth.
How do I participate in the distribution reinvestment plan?
Simply tick the box marked “To reinvest at prevailing price” in distribution instruction section of the application form.
9.6
Policy on Unclaimed Monies
Any distribution payable to such Unit Holders remaining unclaimed for such period of time as prescribed by the
Unclaimed Monies Act 1965 after the date for payment shall be paid by the Trustees to the consolidated trust account
in accordance with the provisions of the Unclaimed Monies Act 1965.
For those Unit Holders of AMBUTF, AMBBTF, AMBITF and AMBDTF who do not participate in the distribution
reinvestment plan and were entered in the respective register on or after 19 September 2000, any distribution
payable to such Unit Holders remaining unclaimed after 6 months from the date of payment may be reinvested by the
Trustees to purchase further Units of that Fund at NAV per Unit at the end of the said 6 month period.
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10 Communications with Unit Holders
The Manager is dedicated to providing investors with high quality information services to help investors make wellinformed investment decisions. We focus on individual investors with a lasting commitment to realisation of their longterm investment goals by providing a value-added contribution to the management of their personal wealth.
10.1
Customer Information Service
You can seek assistance on any issue relating to the Funds on Business Days by contacting:
• AMB Client Services : 03-2034 0800 from 9.00 am to 6.00 pm
• Distribution Branch from 9.00 am to 4.30 pm
Alternatively, you may also:
• Email at ambcare@pnb.com.my
• Visit AMB’s website at www.ambmutual.com.my
Unit Price
AMB publishes the NAV per Unit of the Funds in at least one national Bahasa Malaysia and one national English
newspaper daily. Unit Holders can also view the NAV per Unit of the Fund at our website. The Manager has taken
necessary procedures to ensure accuracy of information of pricing sent to Bernama and the respective newspapers.
However, the Manager would not be held liable for the errors or omission of the printed information on the prices of its
Funds in the newspapers.
10.2
Regular Reports on your Investment
There are 2 main types of information that you will receive about your investment. You should read these documents
carefully.
1.
Transaction Statement
When you make your investment in the Funds you will receive an investment transaction statement showing
details of the amount you have invested in the Funds. Subsequently, the Manager will forward an investment
confirmation statement to all Unit Holders to confirm the number of Units that the Unit Holder has invested.
2.
Interim and Annual Reports
AMB publishes strategies and performance of the Funds twice a year in annual and interim reports and
distributes to Unit Holders such reports within 2 months from the end of the half-year and financial year
respectively. AMB shall lodge a copy of the interim report and the annual report with the SC.
10.3
Register of Unit Holders
The principal register of Unit Holders will be kept at the principal office at 34th Floor, Menara PNB, 201-A, Jalan Tun
Razak, 50400 Kuala Lumpur and will be available for inspection by Unit Holders from 9.00 a.m. to 6.00 p.m., on
Business Days.
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10.4
Policies Adopted by AMB to Avoid Money Laundering Activities
The following are policies adopted by AMB to avoid money laundering activities:
(i) the Senior Compliance Officer of AMB has been appointed as the Designated Reporting Officer of AMB for
suspicious transactions and will ensure compliance with the Anti Money Laundering Act; and
(ii) RM300,000 per transaction has been set as the threshold level for suspicious transactions in any of the unit trust
fund managed by AMB;
10.5
Material Contracts
Saved as disclosed below, there are no other material contracts (including contracts not reduced into writing), not
being contracts entered into in the ordinary course of business, which have been entered into that relates to the Fund
within two (2) years preceding the date of this Prospectus:
(a) The Deed dated March 7, 2008 constituting PNB SIF, entered into between AMB and ART, for the benefit of the
Unit Holders; and
(b) The Investment Management Agreement in relation to PNB SIF setting out the terms and conditions upon which
the Investment Manager has been appointed and has agreed to act as the Investment Manager of PNB SIF
entered into between AMB and PNB on March 10, 2008.
(c) Supplemental deed dated August 13, 2008 in relation to AMB Dana Yakin, AMB Dana Ikhlas and AMB Dana Arif
pertaining to substitution of Trustee.
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11 Rights and Liabilities of a Unit Holder
11.1
Rights of a Unit Holder
As a Unit Holder of a Fund, and subject to the provisions of the Deed, you have the right :
•
to receive distributions, if any, of the Fund;
•
to participate in any increase in the NAV of the Units of the Fund;
•
to call for, attend and vote at Unit Holders’ meetings;
•
to vote for the removal of the Trustee or the Manager through an extraordinary resolution;
•
to exercise the Cooling-off Right (only for qualified investors);
•
to receive annual and interim reports on the Fund; and
•
to exercise such other rights and privileges as provided for in the Deed.
However, you would not have the right to require the transfer to you of any of the investments of the Funds. Neither
would you have the right to interfere with or to question the exercise by the Trustee (and us on the Trustee’s behalf)
of the rights of the Trustee as trustee of the investments of the Funds.
11.2
Liabilities of a Unit Holder

No Unit Holder is liable for any amount in excess of the purchase price paid for the Units as determined
pursuant to the Deed at the time the Units were purchased; and
•
Unit Holders shall not be under any obligation to indemnify the Trustee and/or the Manager in the event that
the liabilities incurred by the Trustee and the Manager in the name of or on behalf of the Funds pursuant to
and/or in the performance of the provisions of the Deed exceed the NAV of the Funds, and any right of
indemnity of the Trustee and/or the Manager shall be limited to recourse to the Funds only.
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12 The Management and Administration of the
Funds
12.1
Corporate Profile of the Manager
Amanah Mutual Berhad, formerly known as Mayban Unit Trust Berhad (MUTB), is a unit trust management company
regulated by the Securities Commission. AMB is a subsidiary of ASNB and under the Permodalan Nasional Berhad
Group of Companies. As at LPD, AMB has a total Fund size of RM3.46 billion.
AMB is in the business of developing and promoting unit trust funds and its objective is to provide investors with an
opportunity to participate in good performing Funds with diversified investments such as equities, bonds, short-term
money market instruments and other capital market instruments. AMB has a 17-year track record in managing unit
trust funds in Malaysia.
At present, AMB manages 19 Funds of which seven (7) are in equities, six (6) are in bonds, four (4) are in equities
and bonds, one (1) is in money market and one (1) is in mixed asset. There are currently four (4) external investment
managers.
Our Staff Strength
AMB has a total staff strength of 38 experienced personnel in unit trust business, comprising 30 executives and 8
non-executives as at LPD, and is responsible for the day-to-day management of the Funds in accordance with the
provisions of the respective Deeds. Full details of the Manager’s duties are set out in the respective Deeds, which are
available for inspection at our principal office at 34th Floor, Menara PNB, Jalan Tun Razak, 50400 Kuala Lumpur.
Functions, Duties and Responsibilities of AMB
The general functions, duties and responsibilities of the Manager include, but are not limited to, the following: 1.
Carry out and conduct its unit trust business in a proper and diligent manner and manage and administer the
Funds in a proper, diligent and efficient manner in accordance with the Deed, the Act, the Securities Laws, the
Guidelines and other applicable Laws at all times and acceptable and efficacious business practice within the unit
trust industry;
2.
Observe high standards of integrity and fair dealing in managing the Funds to the best and exclusive interest of
the Unit Holders;
3.
Act with due care, skill and diligence in managing the Funds, and effectively employ the resources and
procedures necessary for the proper performance of the Funds;
4.
Not in any manner make any inequitable or illegal profit from its fiduciary position;
5.
Ensure that the Deed and the Prospectus are at all times in compliance with the Deed, the Act, the Securities
Laws, the Guidelines and other applicable Laws at all times;
6.
From time to time modify or propose such modifications to the Deed and/or the Prospectuses as may be
necessary or desirable in the interests of the Unit Holders;
7.
Take all necessary steps to ensure that the investments and other assets of that Funds are adequately protected
and properly segregated; and
8.
Unless otherwise specified in writing by the Securities Commission, ensure that the Funds has, at all times, an
appointed trustee.
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12.2
Past Performance of The Manager
The following is the summary of the past performance of the Manager based on the financial statements for the past
three (3) years.
Paid up capital (RM'000)
Shareholders' funds (RM'000)
Operating revenue (RM'000)
Pretax profit (RM'000)
Net profit after taxation (RM'000)
18 months period
ended 31 December
2007* (RM’000)
4,000
44,608
30,212
13,695
9,938
Year Ended 30 June
2006 (RM’000)) 2005 (RM’000)
4,000
4,000
34,670
24,560
31,009
38,773
14,073
14,093
10,111
10,136
* AMB has changed its financial year end from 30 June to 31 December. The financial year ended 31 December
2007 covers the period from July 1, 2006 to December 31, 2007.
12.3
Profile of the Board of Directors of the Manager
The Manager
The Manager has an experienced Board of Directors, several of whom have a background in financial markets. They
are responsible for overseeing the activities of the Manager and the establishment of the Funds’ policies. Board
meetings are held formally at least four (4) times in a year and more frequently should circumstances require.
There are five (5) members on the Board of Directors including two Independent Directors.
Board of Directors
Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid (Chairman)
(Non-executive/Non-independent)
Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid was appointed to the Board of Directors of AMB on November 30, 2006
by virtue of his position as the Chairman of PNB, the holding company of Amanah Saham Nasional Berhad (“ASNB”).
He was appointed as a member of the Investment Committee for all the Funds on November 30, 2006. Prior to his
appointment as the Chairman of PNB, Tun Dato’ Seri Ahmad Sarji was the Chief Secretary to the Government from
1990 to 1996. He was the President of the Commonwealth Association for Public Administration and Management,
from 1996 to 1998.
He was conferred by the Government the "Tokoh Maal Hijrah" for the Islamic year 1420 (1999) and the Director of the
Year Award by the Malaysian Institute of Directors in 1999.
Tun Dato’ Seri Ahmad Sarji is a graduate of the University of Malaya, the Harvard University of the United States of
America, and the Institute of Social Studies, the Hague, Netherlands. He was conferred the Honorary Degree of
Doctor of Science (Management) by Universiti Utara Malaysia, Doctor of Business Administration by the NottinghamTrent University, the United Kingdom, Doctor of Letters by the Universiti Malaysia Sarawak and Doctor of
Management by the International Islamic University Malaysia. He was appointed Chairman of the Second National
Economic Consultative Council on August 4, 1999. He is currently the Chairman of the Malaysia-Indonesia Business
Council.
Tun Dato’ Seri Ahmad Sarji is the Chairman of the Institute of Islamic Understanding Malaysia, a member of the
Board of Trustees, Oxford Centre for Islamic Studies and the Asian Institute of Management, Manila, the Philippines,
and joint-Chairman, Malaysian Commonwealth Studies Centre, University of Cambridge, the United Kingdom.
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Tan Sri Dato' Hamad Kama Piah bin Che Othman
(Non-executive/Non-independent)
Tan Sri Dato' Hamad Kama Piah bin Che Othman, aged 57, a Malaysian, is the President and Group Chief Executive
of PNB since February 1, 1998. He was appointed as a Director of AMB on November 30, 2006 following the take
over of AMB by PNB in that year. He is also a member of the Investment Committee for all the Funds under AMB
His working experience spans over 29 years in the field of investment and unit trust management. He is also a
member of the Board of Directors of PNB, ASNB and Permodalan Hartanah Nasional Berhad as well as a member of
the Board of Trustees of the Merdeka Heritage Trust. He also sits on the Board of Directors of a number of Malaysia
public and private companies.
A Statistic graduate of Universiti Teknologi MARA (UiTM), Tan Sri Dato' Hamad Kama Piah also hold a Masters
Degree from the University of Wales, Swansea, United Kingdom. He is a member of the Advisory Board of the
Malaysian Financial Planning council and a Senior Fellow of the Financial Services Institute of Australasia (FINSIA).
He also holds the designation of a Certified Financial Planner (CFP) and a Registered Financial Planner (RFP).
Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin
(Non-executive/Independent)
Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin was appointed as a Director of ASNB on August 3, 1999, and
Director of AMB on November 30, 2006. He was appointed as a member of the Investment Committee for all the
Funds of AMB on February 9, 2007.
Tan Sri Dato' Dr. Wan Mohd. Zahid holds a Bachelor of Arts Degree from the University of Malaya, Master of Arts
Degree from Stanford University, Palo Alto, California, the United States of America, and Ph.D. from the University of
California, Berkeley, United States of America, in 1978. He also attended the Advanced Management Programme at
Harvard Business School, the United States of America. In 1997, Tan Sri Dato' Dr. Wan Mohd Zahid was conferred
the Doctor of Law "Honoris Causa" by the University of Lancaster, the United Kingdom.
Tan Sri Dato' Dr. Wan Mohd. Zahid has more than 30 years of experience in the Malaysian Education Service. He
held the post of Director-General of Education of Malaysia in 1993, and was appointed Advisor with Special
Functions to the Minister of Education in 1998. He was also an advisor to Sekolah Bahasa Teikyo. He was a
consultant to the Institute of Innovation and Technology, Manila, the Philippines, the UNICEF Research Project on
Pre-School Education in Malaysia, and had been a Council Member of the International Bureau of Education in
Geneva, Switzerland, and the Islamic Scientific, Educational, Social and Cultural Organisation in Rabat, Morocco. In
September 1999, he was appointed by UNESCO to serve as a consultant to the Ministry of Education, Saudi Arabia,
when that country embarked on an education reform initiative.
Tan Sri Dato' Dr. Wan Mohd. Zahid is the Chairman of several companies. He had also served as Deputy Chairman
of International Bank Malaysia Berhad until the recent merger of the bank.
Tan Sri Dato' Md. Desa bin Pachi
(Non-executive/Independent)
Tan Sri Dato' Md. Desa bin Pachi was appointed to the Board of Directors of ASNB on July 3, 1979, and Director of
AMB on December 22, 2006. He is as a member of the Investment Committee for all the Funds.
Tan Sri Dato' Md. Desa Pachi is a Chartered Accountant and was admitted as an Associate Member of the Institute
of Chartered Accountants, Australia, in 1962, and Fellow of the Institute of Chartered Accountants, Australia in 1974.
He studied accountancy in Melbourne, Australia, under a Colombo Plan Scholarship. He joined the Shell Group of
Companies in 1962 and served in various capacities in the Finance Administration. From 1970 to 1976, he was in
public practice as Chartered Accountant and was a partner of Desa Megat & Co and KPMG Peat Marwick.
Subsequently, he was appointed the first Chief Executive Officer of PNB and served as Chairman/Chief Executive
Officer of Malaysia Mining Corporation Berhad, Executive Chairman of Fleet Group Sdn Bhd, Chairman/Managing
Director of The New Straits Times Press (Malaysia) Berhad and Chairman of Sistem Televisyen Malaysia Berhad.
From 1982 to 2006, he was the Chairman of Bumiputra-Commerce Holdings Berhad. He also sits on the Board of
Directors of several other companies.
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Encik Idris bin Kechot
(Non-executive/Non-independent)
Encik Idris bin Kechot was appointed as Executive Director of ASNB on April 1, 2005 and as a Director of AMB on
November 30, 2006. He obtained his Bachelor of Science Degree in Agribusiness from Universiti Putra Malaysia in
1983. In 1987, Encik Idris secured his Master Degree in Business Administration specialising in Finance from the
University of Stirling, United Kingdom. In 2006, he attended an Accelerated Development Programme at London
Business School, United Kingdom.
He started his career in 1983 as an Investment Analyst at the Corporate Research Department of PNB undertaking
industry and sectoral research. In 1988, he joined the Investment Division of PNB, responsible for the equity
investment activities. His 21 years experience incorporates equity valuation, equity trading and portfolio management
of the proprietary and unit trust portfolios.
He has also undergone extensive training and attachment programs locally and overseas, in the area of equity
valuation, portfolio management and general management development. Encik Idris obtained a designation as a
qualified Certified Financial Planner (CFP). He sits on the Board of Directors of several other companies.
12.3.1
Company Secretary
Puan Adibah Khairiah binti Ismail@Daud
(MIA 13755)
Company Secretary
With effect from November 30, 2006, Puan Adibah Khairiah binti Ismail@Daud was appointed as the Company
Secretary of Amanah Mutual Berhad. She holds Bachelor of Commerce from Australian National University. She
obtained her Australian Certified Practicing Accountants in 1998. She is a Chartered Accountant and is a member of
the Malaysian Institute of Accountants since 1999.
Puan Adibah started her career with Messrs. Coopers & Lybrand, Public Accountants, from 1988 to 1994. She had
served Sapura Holdings Sdn Berhad as Audit Manager from 1994 to 1997, and subsequently served Sapura
Industrial Berhad (formerly known as Sapura Motors Berhad) from 1997 to 1999, as Head of Internal Audit. She had
also served Percon Corporation Sdn Berhad as Financial Controller cum Company Secretary in 2002 to 2005. She
joined PNB in 2005 and was seconded to Pelangi Berhad, as Chief Financial Officer. Puan Adibah is presently
attached to the Company Secretary's Department of PNB since October 2006. She sits on the Board of Directors of
several companies.
12.3.2
Senior Compliance Officer
Encik Paisol bin Ahmad
Senior Compliance Officer
Encik Paisol bin Ahmad is designated Senior Compliance Officer of AMB. He is a Fellow of the Association of
Chartered Certified Accountants, the United Kingdom, a member of the Malaysian Institute of Accountants and a
Fellow of Financial Services Institute of Australasia (FINSIA). Encik Paisol has more than 10 years of experience in
the unit trust industry, having served in various senior positions within the PNB Group since 1993. Encik Paisol bin
Ahmad is also a Certified Financial Planner. He sits on the Board of Directors of an unlisted company.
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12.4
Profile of the Key Management Staff of the Manager
Puan Aldilla @ Zilfalila binti Abdul Halim (Sheila Halim)
Chief Executive Officer
Puan Sheila has been appointed as Chief Executive Officer of Amanah Mutual Berhad (AMB) on 4 March 2008. Prior
to joining AMB, Puan Sheila assumed a position of Executive Director of CMS Asset Management Sdn Bhd, a
subsidiary of Cahya Mata Sarawak Berhad (CMS). Concurrently, Puan Sheila had a seconded role as the Acting
Chief Executive Officer of CMS Trust Management Berhad. She was overall responsible for developing strategies,
marketing plans and structuring products for CMS financial-related businesses in fund management and unit trust
industry. She brings with her more than 12 years of marketing and investment management experience whilst being
an equity portfolio manager of PFM Capital, an asset management company of Permodalan Nasional Berhad to
having served as Director of Fund Management with Towry Law International. She holds a Bachelor of Science
Degree in Mathematics & Statistics from the University of Western Ontario, Canada.
Puan Ahirah Binti Abdul Rahman
Head of Accounts Department
Puan Ahirah binti Abdul Rahman had more than eight (8) years of audit experience with an established audit firm
before joining PNB in 1991. She was in the Finance Department, PNB and was subsequently transferred to the
Accounts Department, ASNB in 2001 and was responsible for the overall accounting functions of the unit trust funds.
On December 1, 2006, Puan Ahirah joined AMB as a Head of Accounts Department. She holds a Diploma in
Accountancy from MARA Institute of Technology, Shah Alam (now known as Universiti Teknologi MARA-UiTM).
Encik Md. Kudus bin Abdul Manaf
Head of Operations Department
Encik Md Kudus bin Abdul Manaf is the Head, Operations Department. He joined AMB on December 1, 2006. He has
more than 24 years of working experience in PNB in various departments. He is responsible for the overall
operational matters of AMB, which include Customer Service, Management of Customers’ Investment Transactions
and Records. He obtained his Bachelor of Business and Administration Degree from Ottawa University USA.
12.5
The Investment Committee of the Funds managed by the Manager
12.5.1
Roles and Responsibilities of the Investment Committee
The Investment Committee (IC) is primarily responsible for formulating, implementing and monitoring the investment
management strategies of the Funds in accordance with the investment objective set out for the Funds, the Deed of
the Fund, the Guidelines and securities laws, the internal investment restrictions and policies and acceptable and
efficacious investment management practices within the unit trust industry. The IC is also responsible for the overall
performance of the Funds by ensuring that the Funds are managed professionally. In addition, the IC reviews and
approves the portfolio strategies recommended by the External Investment Manager. The IC meets once a month
and more frequently should circumstances require. The External Investment Manager will report on the activities and
performance of the Funds directly to the IC at monthly intervals for overall reviews.
The IC members are as follows:
Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid
(as afore-mentioned)
Tan Sri Dato’ Hamad Kama Piah bin Che Othman
(as afore-mentioned)
Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin
(as afore-mentioned)
Tan Sri Dato’ Md. Desa bin Pachi
(as afore-mentioned)
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12.6
The Ethical Panel of Advisors
12.6.1
Roles and Responsibilities of the Ethical Panel of Advisors
• To advise the Manager on all matters relating to the investments, operation (modus operandi) and marketing of the
ethical Fund to ensure proper compliance with the ethical principles and assisting External Investment Manager in
environmental and social screening method.
• The member of the Ethical Panel of Advisors will meet to discuss on matters or issue of compliance with the ethical
principles pertaining to the above and forward their advice to the Manager.
• The Ethical Panel of Advisors and the Manager will meet on a formal basis at least once every 3 months to review
and advise on the ethical Fund’s compliance with the ethical principles in respect of the investments, operations and
marketing of the ethical Fund. Proper minutes of the meetings will be taken and circulated to all members
representing the Ethical Panel of Advisors and the Manager (in the aspect of expertise and guidance in all matters
relating to the ethical principles).
• To furnish the Manager with guidelines and an official list of permissible investments approved by the Ethical Panel
of Advisors for the ethical Fund to invest in. The Ethical Panel of Advisors will advise the Manager periodically on
any updates to the list.
• To prepare a report in the Manager’s annual reports stating in their opinion that the investments, operations and
accounting policies/system of the ethical Fund are in accordance with the ethical principles.
• To be responsible for scrutinising the scheme’s compliance report as provided by the Compliance Department and
transaction report provided or duly approved by the Trustee to ensure that the Fund’s investments are in line with
ethical principles.
• To reply to questions and queries on matters encountered during the day-to-day business operations. The Ethical
Panel of Advisors will regularly advise the Manager on the conformance of the investments, operations and
marketing aspects of the ethical fund with the ethical principles.
12.6.2
Profile of Ethical Panel of Advisors
The Ethical Panel of Advisors comprises of Dato’ Kamilia Ibrahim (Chairman)
Dato’ Kamilia Ibrahim was appointed as a member of the Ethical Panel of Advisors of AMB on November 30, 2006.
Dato’ Kamilia obtained a Bachelor Degree in Law and a Master in Law from the University of Malaya, followed by
Diploma in Syariah Law and Practice from International Islamic University Malaysia.
Dato’ Kamilia has more than 20 years of legal experience in various legal areas, particularly property law, and is also
adept in corporate matters. She has also been involved in preparation of legal due diligence for both ASM MARA
Unit Trust Berhad and PTB Unit Trust Berhad including the buy-back exercise of PTB Unit Trust Berhad.
Dato’ Kamilia has served as a member of the National Islamic Council Malaysia since year 2000. She sits in the
Malaysian Syariah Judicial Department Committee, the Attorney-General Syariah Committee and served as the
President of the Muslim Women Consultative Council Malaysia (YADIM), as well as currently holds the post of
Secretary General for Pemadam. She also has wide corporate experience and sits on the KUB Malaysia Berhad
board as well as its subsidiaries and was a board member of Pusat Rawatan Islam, Kuala Lumpur. She founded her
own law firm, Kamilia Ibrahim & Co., in 1984 and is now the principal partner of the firm.
Encik Sreesanthan Eliathamby
Encik Sreesanthan Eliathamby was appointed as a member of the Ethical Panel of Advisors of AMB on November
30, 2006. Encik Sreesanthan is presently a partner at Messrs. Kadir, Andri & Partners, a firm of Advocates and
Solicitors in Kuala Lumpur. Encik Sreesanthan graduated with a first class honours Degree in Law from the
University of Malaya in 1987 and was called to the Malaysian Bar in March 1988. He later obtained a post-graduate
Degree in Law at the University of Oxford, the United Kingdom, and was conferred the B.C.L. in 1991.
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Encik Spencer Lee Tien Chye
Encik Spencer Lee Tien Chye was appointed as a member of the Ethical Panel of Advisors of AMB on November 30,
2006. Encik Lee is a Fellow of the Institute of Chartered Accountants in England and Wales. After more than 30 years
of experience in employment with Malayan Banking Berhad (Maybank), Encik Lee now holds the post of Senior
Executive Vice President heading the Consumer Banking section in Maybank. He has served Maybank since 1975 in
various capacities including as Country Head of Maybank Singapore and Head of International Business of Maybank
prior to his current appointment.
His present directorships in companies include Mayban International (L) Ltd., Mayban International Trust (Labuan)
Berhad and Mayban Investment Management Sdn. Berhad.
12.7
Profile of the External Investment Managers
12.7.1
Permodalan Nasional Berhad
PNB has been entrusted by AMB to manage the investments of PNB SIF. Established in 1978 as one of the vehicles
of the New Economic Policy, PNB has had considerable success in promoting share ownership of the Bumiputera in
the corporate sector through its unit trust funds. With more than 30 years of experience in fund management, PNB
has a proven track record whereby returns from its unit trust funds have benefited Malaysians from all walks of life
from the age of six months and above. As at LPD, PNB has a staff strength of 599 persons and managed total unit
trust funds of RM84.36 billion. AMB assesses the performance of PNB as the Investment Manager of PNB SIF based
on the investment mandate, objectives and other functions as stipulated in the Investment Management Agreement
signed between AMB and PNB, taking into consideration the relevant market and industry benchmarks.
Profile of the Key Management Staff of PNB
Tan Sri Dato’ Hamad Kama Piah bin Che Othman
President and Group Chief Executive
(as afore-mentioned)
Puan Adibah Khairiah binti Ismail@Daud (MIA 13755)
Company Secretary
(as afore-mentioned)
Puan Jamiah binti Abdul Hamid
Executive Vice-President I, Corporate Finance, Communication and International
Division / Human Resource Division
Puan Jamiah binte Abdul Hamid started her career in 1982 as the first batch of management trainee with
Permodalan Nasional Berhad (PNB). In her 25 years in the organization, Puan Jamiah has accumulated
extensive experience and expertise through the various positions held in the areas of investment
operations, corporate finance, research, portfolio management and corporate communication and human
resource development. She received her tertiary education abroad (University of Northern Illinois, B.Sc
(Finance) and locally (UKM, MBA). Currently, she is a director of several of PNB investee companies and
also a holder of Fund Management representative Licence and is a Certified Financial Planner. Today,
Puan Jamiah is the Executive Vice President I for Corporate Finance, Communications and International
Division And Human Resource Division.
INVESTMENT DIVISION OF PNB
The Investment Division of PNB’s main responsibility is in managing PNB SIF and other unit trust funds for Amanah
Saham Nasional Berhad. Its investment process incorporates fundamental, research-driven and team-based
investment decisions which are guided by the investment committee of the abovementioned unit trust funds. The
portfolio management team formulates and recommends the investment strategies of the funds in accordance with
the investment mandates based on optimal asset allocation strategies and diversification. These strategies are
executed by the equity and fixed-income dealing teams. The division is well supported by a team of analysts that
performs the securities evaluation process which incorporates economic, industry, sector, financial and credit
analysis. As at LPD, the Investment Division has a staff strength of 63 persons. The investment professionals are
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segregated into a team of 20 professionals in the portfolio management team, 8 professionals in the equities trading
team, 5 professionals in the fixed-income investment team, 22 analysts in the investment evaluation team and 8 are
support staff. These professionals continually strive to meet the expectation of unitholders of funds under PNB’s
management in carrying out their duties. The Investment Division of PNB and its related areas have been awarded
MS ISO 9001-2000 certification for its investment process.
Profile of Key Management Staff of the Investment Division of PNB
Encik Wan Roshdi bin Wan Musa
Senior Vice-President II, Investment Division
Encik Wan Roshdi bin Wan Musa, the designated Fund Manager for the investment management of PNB SIF. Encik
Wan Roshdi bin Wan Musa, is presently the Head of Investment Division of PNB. He holds a Masters Degree in
Business Administration, a Bachelor of Science in Finance from Northern Illinois University, United States of America
and a Diploma in Accountancy from MARA Institute of Technology. Encik Wan Roshdi is a holder of Capital Market
Services Representative Licence and also a qualified Certified Financial Planner (CFP). He started his career in 1985
at the Corporate Finance and Corporate Services Department of PNB, rising to a position of Head of Department. In
2003, Encik Wan Roshdi was transferred to the Investment Division of PNB to assist the Senior Vice-President in
supervising the investment evaluations, market operations and portfolio management of the proprietary and unit trust
funds. He also sits on the Board of Directors of several companies.
Encik Abdul Rahim bin Ahmad
Vice-President II, Portfolio Management Department
Encik Abdul Rahim bin Ahmad, Vice-President II, is presently the Head of Portfolio Management Department of
Investment Division of PNB. He holds a Bachelor Degree in Statistics from Universiti Kebangsaan Malaysia and a
Graduate Diploma in Applied Finance and Investment from Financial Services Institute of Australasia. Encik Abdul
Rahim is also a fellow member of Financial Services Institute of Australasia and a qualified Certified Financial
Planner (CFP). He started his career at PNB in 1991 as an Investment Analyst in the Investment Operations
Department. Presently, he is responsible for the overall operations of Portfolio Management Department and
supervises the daily fund management of PNB’s proprietary fund and all its unit trust funds under its management.
Encik Abdul Rahim is also a holder of Capital Market Services Representative License.
12.7.2
Mayban Investment Management Sdn Berhad
The Manager has appointed Mayban Investment Management Sdn Bhd (MIM), a licensed Fund Manager under the
Act, which is 100% owned by Mayban Fortis Holdings Berhad, to implement the fund management strategy on the
Manager’s behalf.
MIM’s appointment as the External Investment Manager is derived from the delegation of powers given to AMB by
the Deed. MIM shall not hold office as a member of the Investment Committee. MIM will be paid its management fee
by AMB from its annual management fee remuneration. With the appointment of MIM as the External Investment
Manager, the Funds shall benefit from both financial and research strengths of the Maybank Group.
Historically, the Maybank Group operated its asset management businesses through its merchant-banking arm,
Aseambankers. In 1997, as part of its continuous efforts to improve its services to clients, the Maybank Group started
the corporatisation exercise of Aseambankers’ Investment Department. This exercise involved the incorporation of a
new entity, Mayban Asset Management Sdn Bhd (MAM) on 5 March 1997, to assume management of the asset
management business from Aseambankers’ Investment Department. UBS-AG became 35% shareholders in 1997
and MAM’s name was changed to Mayban-UBS Asset Management Sdn Bhd (Mayban-UBS) to reflect the change in
the shareholding. Upon Mayban-UBS obtaining its fund manager’s license the company commenced operations on 6
January 1998. On 24 July 1999, Mayban-UBS officially changed its name to MIM, as the consequence of the
departure of UBS-AG as its shareholder. MIM was initially 61.5% owned by Maybank and 38.5% owned by
Aseambankers Malaysia Berhad (Aseambankers). However, effective 27 March 2008, Mayban Fortis Holdings
Berhad acquired 100% shares of MIM. The company and its predecessors have been involved in asset management
for over 25 years.
As at LPD, the total fund size managed by MIM is approximately RM19.30 billion. MIM’s current staff strength is 78
persons, of whom 69 are executive staff and 9 are non-executive staff. The qualifications and experience of MIM’s
key management staff are set out as follows:
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Encik Abd Kadir Sahlan, is the Chief Executive Officer of MIM effective August 1, 2007. He was initially the Head
of Portfolio Management at Mayban Fortis Holdings, which he joined in March 2003. He has been actively managing
all asset classes i.e fixed income, equity, cash and structured products, for in-house funds with current size of RM16
billion during his tenure with Mayban Fortis Holdings. Prior to joining Maybank Group, he was the Head of FixedIncome and Structured Products of RHB Asset Management Sdn Bhd. He has had about 15 years experience in
investment management. Encik Abd Kadir graduated from University of Cambridge with a Bachelor of Arts degree in
Mathematics and Computer Science. He is a holder of the Capital Market & Services fund Representative licence.
Mr Lee Yuen Kuen, is the Chief Investment Officer, joined MIM on 1 July 2008. He graduated from the University
of Wisconsin-Madison, USA with Bachelor of Business Administration, majoring in Actuarial Science and Finance,
Investment and Banking in May 1994. Since graduation he worked in numerous securities companies as an
Investment Analyst. He joined Maybank Group in March 2005. Before join MIM, he was attached to Mayban Life
Assurance Berhad as a Head of Portfolio Management where he was responsible for overseeing all fixed-income and
equities investment portfolios under Etiqa Insurance. He also holds a certificate of Chartered Financial Analyst (CFA).
En Ahmad Rizlan Azman, is the Chief Commercial Officer, joined MIM in November 2007. He has 13 years
experience in financial services covering corporate strategy, corporate advisory, corporate debt and relationship
management. Prior to joining Mayban Investment, he served as head, Corporate Strategy & Communication at Affin
Investment Bank and prior to that as Vice President, Financial Institutions Relationship Management Group at
Deutsche Bank. He graduated with BA (Hons) Accounting and Finance from Middlesex University, UK. He is a holder
of the Capital Market & Services Representative’s licence.
Mr Bernard Eng Ooi Kee is Head, Finance and Fund Administration. He assumed the current responsibility in
October 1998. He has been with the Maybank Group since March 1980 except for a period between June 1993 and
April 1996 when he was with Hong Leong Assurance Bhd as credit controller. At Kumpulan Maybank, he served
Aseambankers Malaysia Bhd in accounting, financial reporting, loan administration and securities administration. Mr
Eng received his Associate of International Accounting (UK) in 1994.
Puan Wan Maizuni binti Wan Mohamad is the Head, Legal & Compliance. She joined MIM in January 2005. She
started as an Organisation & Methods Executive at UMBC Securities Sdn Bhd in 1996. She then joined RHB Asset
Management Sdn Bhd as a Compliance Officer, and in 2003, she moved to Amanah Raya Berhad to help in setting
up Amanah Raya Asset Management Sdn Bhd. She holds a Diploma in Accountancy from University Technology
Mara and a Degree in Law (LLB Hons) from University of East London, UK. She is a registered Compliance Officer
with the Securities Commission.
12.7.3
UOB-OSK Asset Management Sdn Berhad
UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) is one of the appointed external fund manager of AMB. UOBOSKAM, a licensed fund manager under the Act since January 1997, is one of the foreign fund management
companies in Malaysia, which offers investment management expertise to unit trust funds as well as institutions,
corporations and individuals through customized portfolio management services.
Established in June 1991, UOB-OSKAM is a 70% subsidiary of UOB Asset Management Ltd, (UOBAM) which is one
of the largest fund managers in Singapore in terms of assets under management. The 30% joint venture partner of
UOB-OSKAM is OSK Holdings Bhd, a listed company on Bursa Malaysia which is involved in the business of
stockbroking, investment banking, wealth management, venture capital and retail services.
UOB-OSKAM commenced operations in Kuala Lumpur in March 1997 and it has the support and resource backing of
an experienced team of investment professionals at its holding company, who have specialized skills in portfolio
investments in both the Asian and global markets. Collectively, the funds under management as at LPD are in excess
of RM 1.2 billion.
Although the Company has been in the industry for just over 10 years, its investment team staff personnel has an
average of 15 years experience in the industry covering all aspects of the fund management industry. As at LPD, the
Company has a total staff strength of 20, comprising of 19 executives and 1 non-executive staff. The qualifications
and experience of UOB-OSKAM’s key management staff are set out as follows:
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Mr. Thio Boon Kiat, is a Director of UOB-OSKAM. He is also the Managing Director & Chief Investment Officer of
UOBAM, a fund management company with total funds under management of around SGD$18 billion as at July 31,
2008. He is a CFA charter holder, graduated with a Bachelor of Business Administration (1st Class Honours) degree
from the National University of Singapore. Mr. Thio joined UOBAM in 1994 as a portfolio manager managing
Singapore, and subsequently Asia Pacific and Global equity portfolios. He also headed the International equities and
Global Technology teams. He has over 15 years of investment management experience and previously worked in the
Government of Singapore Investment Corporation.
Ms Lim Suet Ling is the Chief Executive Officer of UOB-OSKAM. Prior to her appointment, she was an Associate
Director of UOB Asset Management. She holds a Bachelor of Business Administration (Hons) degree from National
University of Singapore and is also a CFA charter holder. She has more than 17 years of experience in the industry
and has had numerous equity portfolios under her management. Her mandates have been wide-ranging, covering
both local and international ones, as well as varying in investment style and focus. She has particular expertise in
Malaysian and Asia ex-Japan equities and has been the portfolio manager of several award-winning funds both in
Singapore and Malaysia. Ms. Lim has been highly instrumental in the growth and development of UOB-OSKAM
since the incorporation of the company.
12.7.4
HwangDBS Investment Management Berhad
Background
HwangDBS Investment Management Berhad (“HwangDBS IM”) was incorporated in Malaysia on 2 May 1997 under
the Companies Act, 1965 and began operations under the name Hwang-DBS Unit Trust (HDBSUT) in 2001. It is
supported by one of Malaysia’s leading integrated financial services group, Hwang-DBS (M) Berhad (HDBS) whose
principal subsidiary, HwangDBS Investment Bank Berhad, which has over 35 years of experience in the securities
industry, and DBS Asset Management Limited Singapore (DBSAM), an award winning fund management company
with more than 24 years of investment management experience.
HwangDBS IM is a holder of a valid and existing Capital Markets and Services License under the Act and has an
authorised paid up capital of RM10 million. Shareholders of HwangDBS IM are HDBS (53%), DBSAM (30%) and
Y.A.M. Tunku Dato’ Seri Nadzaruddin Ibni Tuanku Ja’afar (17%). HwangDBS IM distributes its funds through their
Institutional Business (IB) and Unit Trust Consultant Business (UTCB) team and via Institutional Unit Trust Advisers
(IUTA) and the IUTA’s own internal consultants.
HwangDBS IM’s head office is located in Kuala Lumpur and has a total of 14 main sales offices located in Peninsular
and East Malaysia. They are in Penang (2), Bukit Mertajam, Sungai Petani, Taiping, Ipoh, Shah Alam, Taman Tun Dr
Ismail, Cheras, Subang Jaya, Seremban, Johor Bharu, Kuching and Kota Kinabalu.
Transformation of the HwangDBS IM
To facilitate its on-going commitment to service and operational excellence, HDBSUT completed the acquisition of
the business of its sister company, Hwang-DBS Asset Management (M) Sdn. Bhd. (HDBSAM) on 1 June 2005. The
acquisition encompassed the complete transfer of the business under HDBSAM, the fund management team and all
business processes, to HDBSUT. By leveraging the strengths, skills and expertise of both HDBSUT and HDBSAM,
the consolidated entity will be able to manage both retail and corporate funds. The entity was then renamed as
HwangDBS IM to reflect the underlying business nature.
Milestones
As at LPD, HwangDBS IM has in its stable a total of 26 unit trust funds, offering a complete and essential range of
products, comprising conventional equity, balanced, bond, money market, capital guaranteed, capital protected,
global, structured and feeder funds, as well as Islamic equity, money market and balanced funds.
Since 2001, HwangDBS IM has achieved an exponential growth in its total Assets Under Management (AUM). As at
LPD, the total AUM, comprising in-house unit trust funds as well as corporate and discretionary portfolios stood at
approximately RM6.37 billion.
As at LPD, HwangDBS IM has a staff force of a hundred and five (105) staff force, of whom, eighty nine (89) are
executive staff and sixteen (16) are non-executive staff.
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The qualifications and experience of HwangDBS IM’s key management staff are set out as follows:Mr. Teng Chee Wai – Chief Executive Officer / Executive Director
Mr. Teng is the Executive Director of the Manager and has also been appointed as Chief Executive Officer of the
Manager on 1 June 2005. Mr. Teng currently holds a valid and existing Capital Markets and Services
Representative’s Licence to carry out fund management in securities since 19 February 2001. He has over 15 years
experience in the fund management industry and graduated with a Bachelor of Science from the National University
of Singapore and has a Post-Graduate Diploma in Actuarial Studies from City University in London.
Mr. Teng began his career with NTUC Income in Singapore as an investment manager investing largely in the equity
markets of Malaysia, Singapore, Thailand and Taiwan. He then progressed to the position of Assistant General
Manager of Overseas Assurance Corporation (OAC) responsible for the group’s investment operations in Singapore
and Malaysia with total investment assets exceeding S$2.5 billion comprising equities, fixed income and other
investment assets. At OAC, Mr. Teng was responsible for the investment function of the group and managed a team
of investment professionals. Mr. Teng’s role required him to formulate the investment strategy for OAC’s investments
into treasuries, private debt securities, loans, as well as equities.
Mr. David Ng Kong Cheong – Chief Investment Officer
David Ng was appointed as Chief Investment Officer on 1 September 2006, overseeing the operations of the equities,
fixed income and the central dealing units. David was initially signed on as a Senior Portfolio Manager in HwangDBS
IM on 1 June 2005. David currently holds a valid and existing Capital Markets and Services Representative’s Licence
to carry out fund management in securities. He graduated with both Bachelor of Commerce (Accounting) and
Bachelor of Law degrees from Monash University in Melbourne, Australia and he has also attained the status of
Chartered Financial Analyst. In total, David has over 7 years of equities investment experience in managing both
institutional and unit trust funds. Prior to joining HwangDBS IM, he spent 5 years at HLG Asset Management Sdn.
Bhd. and 2 years at HDBSAM as a Fund Manager. Apart from managing funds, he was also tasked with setting up
the fixed income investment infrastructure and process and was also involved in overseeing the management of fixed
income mandates at HLG Asset Management prior to his departure.
One of the key responsibilities of David at HwangDBS IM is the setting of investment strategy for the assets under
management. This necessitates him to keep abreast of global and regional macroeconomic and sector-specific
developments. He assists the Executive Director in managing the foreign investment exposure of the existing funds.
Ms. Esther Thye Yee Meng – Chief Sales Officer
Esther Thye was appointed as the Chief Sales Officer on 1 September 2006 and has been with the Manager since
January 2005, previously as the Head of Institutional Business. She brings over fifteen years of sales and marketing
experience primarily in the financial services industry. She is responsible for securing business from private and
institutional clients as well as developing portfolio management solutions for this niche market. Esther is an Associate
Financial Practitioner (AFP) who holds an advanced Diploma from the Chartered Institute of Marketing (CIM).
Mr. Allen Woo Kai Yeen – Chief Operating Officer
Allen Woo was appointed as Chief Operating Officer of the Manager on 2 July 2007, with responsibilities to plan,
organize, administer and execute the Manager’s business, operational and fiscal objectives in major functions relating
to Corporate Affairs, Finance, Information Technology, Office Management and Operations. He is an Associate
member of The Chartered Institute of Management Accountants (CIMA) and holds a MSc. in Computing. This unique
combination and his subsequent work experience enabled him to have a well-rounded experience in business
analysis, ICT, financial control, operation management, cost and accounting management.
Before joining HwangDBS IM, he was heading the IT operations of a regional company with operations in Malaysia,
Singapore, Indonesia, Hong Kong, Vietnam and China. He specialized in Information Technology for Internet and
Mobile applications with experience in Programming, Systems Design, Planning, Implementation, Systems and
Process Effectiveness Review and Compliance Audit. In his 17 years’ career, he has worked in various industries
including manufacturing, financial, specialty chemicals and multinationals.
12.7.5
Duties of the External Investment Managers
Some of the main duties of the External Investment Managers are as follows: 
To comply with the operation procedures and invest the Funds in accordance with the Guidelines.
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
To exercise due diligence and vigilance in carrying out its function and duties under the Investment
Management Agreement and comply with the Act, directives and guidelines issued by the relevant authorities
from time to time.

To conduct market, technical and economic research to identify suitable investments and to facilitate optimal
asset allocations for the Funds.

To endeavour to use its professional discretion to reallocate assets at the most appropriate times with the aim
to optimising returns for the Unit Holders of the Funds.

To seek to invest in the most suitable assets within each class of assets.

To submit recommendation to the Investment Committee for review and approval of portfolio strategies, at the
Investment Committee meeting to be held monthly.
12.8
Designated Investment Manager of the Funds
Permodalan Nasional Berhad undertakes the investment management of PNB SIF. The designated Investment
Manager for the Fund is Encik Wan Roshdi bin Wan Musa, whose profile is set out on page 138.
Mayban Investment Management Sdn Bhd (MIM) undertakes the investment management of the AMBUTF,
AMBBTF, AMBITF, AMBILTF and AMBSCTF. With effect from May 20, 2005, the External Investment Manager of
AMBEBTF has been changed from UOB-OSK Asset Management Sdn. Bhd. to MIM. Details of which are shown as
follows.
The designated Investment Managers for the respective funds are: Designated Investment Manager for AMBUTF
Cik Nadjihah Mohd Dzaiddin, Head of Equity, joined MIM in December 2003. She was a Fund Manager at Affin
Fund Management Sdn Bhd between 1997 until 2003 managing largely government and corporate funds (both
islamic and conventional funds). Presently she is managing all of Syariah-based equity funds, namely the unit trust
funds, corporate funds and high net worth individuals. Prior to that, she was an equity analyst for over three years in
RHB Research Institute Sdn Bhd. She obtained her degree in B.A (Hons) Law from University of Nottingham, UK and
completed her Certificate of Legal Practice (CLP) in 1994. She holds a Fund Manager’s Representative license (now
known as Capital Market & Services Representative licence). She obtained her license from SC on 6 December 2003
Designated Investment Manager for AMBITF AMBBTF (fixed income portion) and AMBEBTF (fixed income
portion)
Ms Linda Yap Hui Ling, Senior Portfolio Manager, Fixed Income, is a Fellow of the Association of Chartered
Certified Accountants, United Kingdom. She has also passed the MFORR exam. She joined the Fixed Income Unit of
Mayban Investment Management Sdn Bhd in May 2007. She has over 12 years experience in the funds management
industry, managing a wide range of equity and balanced funds from insurance, retirement, corporate, high net worth
individuals and a unit trust fund. She started her career in funds management in Aseambankers Malaysia Berhad and
was with the Maybank group for 12 years. She has 5 years of accounting experience in commerce and industry prior
to joining Aseambankers. She obtained her fund manager’s representative licence (now known as Capital Market &
Services Representative licence) from the SC on 15 April 2007.
Designated Investment Manager for AMBILTF
Mr Imam Subhan Kasman, Portfolio Manager, Equity, joined MIM in July 2005. He started his career with CIMB as a
corporate banker back in 1999 soon after graduating from Herfordshire University, UK with an Honours Degree in
Accountancy. After two (2) years of service with the merchant bank, he then entered the asset management industry
by joining CAFM as a Fixed Income Analyst. Subsequently in 2003, he was absorbed into the Equities Division as
Asset Equity Fund Manager cum Dealer and obtained his Fund Management Representative licence. He has about
five (5) years experience in the fund management industry. He currently overseas various types of equity portfolio
including both syariah and non-syariah mandates for institutions, unit trusts and high net worth clients. He is the
holder of Fund manager’s Representative licence (now known as Capital Markets Services Representative’s licence).
He obtained his licence from SC on 11 July 2005.
Designated Investment Manager for AMBBTF (Equity portion), AMBEBTF (Equity portion) and AMBSCTF
Ms Loh Siew Huey, Senior Portfolio Manager, joined MIM in April 2001. She has over 10 years experience in the
fund management industry. She manages the unit trust funds, corporate funds and high net worth individuals’
portfolios. Previously, she was an Investment Analyst attached to UOB-OSK Asset Management Sdn. Bhd. The
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OSK-UOB Small Cap Fund under her team has won the best performing fund in Malaysia consecutively for two
years by Lipper since 1998. She later joined Gryphon Asset Management Sdn Bhd before coming to MIM. Ms Loh
holds a Degree in Financial Management (Hons) from the University of Arkansas, USA. She is the holder of a Fund
Manager’s Representative licence (now known as Capital Market & Services Representative licence). She obtained
her license from the SC on 7 August , 2001.
UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) undertakes the investment management of the
AMBETF,AMBVTF, AMBLTF Today, AMBLTF 2009 and AMBLTF 2014. The designated fund manager for the Funds
is Ms. Lim Suet Ling. Ms. Lim Suet Ling, whose profile can be found on page 140. She is supported by the other
members of the investment team.
HwangDBS Investment Management Berhad (HwangDBS IM) undertakes the investment management of
AMBDTF. The designated fund manager for AMBDTF is Mr. Teng Chee Wai, whose particulars are set out on page
141. He is supported by the other members of the investment team. The External Investment Manager is responsible
for the daily portfolio management of AMBDTF, recommending strategic investment decisions and policies to the
Investment Committee for approval and implementation. In addition, they are also responsible for ensuring that the
investments of AMBDTF comply with the investment guidelines of AMBDTF.
12.9
Management Company’s Delegates
The Manager has appointed HSBC Trustee (Malaysia) Berhad to undertake the valuation of AMBDTF.
HSBC (Malaysia) Trustee Berhad is a member of the HSBC Plc. group of companies and forms part of the global
network of trust companies within HSBC Holdings Plc. Since 1993, HSBC (Malaysia) Trustee Berhad has acquired
experience in the administration of unit trust funds and as at LPD, HSBC has a workforce of 41 employees consisting
of 29 executives and 12 non-executives.
HSBC is responsible for the computation of AMBDTF in accordance with the requirements of the Prospectus and the
Deeds. HSBC will report to the Manager the value of investment of the Fund after the end of each Business Day.
12.10
Conflict of Interest
The Manager has in place policies and procedures to deal with any conflict of interest situations. In making an
investment transaction for the Funds, the External Investment Managers will not make improper use of its positions in
managing the Funds to gain, directly or indirectly, any advantage or to cause detriment to the interests of Unit
Holders.
As at LPD, to the best of the Manager’s knowledge, there has been no event of conflict of interest by the Manager,
except as disclosed on page 159. Where a conflict or potential conflict of interest is identified, this must be evaluated
by the Compliance Department and disclosed to the CEO for the next course of action. Conflict of interest situations
involving the CEO will be disclosed to the Board of Directors for a decision on the next course of action. The Directors
or staff who are in advisory positions such as portfolio manager or staff who have access to information on
transactions are not allowed to engage in dealings on their own account. Investment committee members who hold
substantial shareholding or directorships in public companies shall refrain from any decision making if the Funds
invests in the particular share or stocks of such companies.
12.11
Material Litigation and Arbitration
As at LPD, there is no material litigation or arbitration, including any pending or threatened and there are no facts
likely to give rise to any proceedings, which might materially affect the business / financial position of the Manager or
any of its delegates.
However, there is an ongoing legal suit which had commenced in 2004 against the MIM and another party in which
former clients of MIM are seeking to recover losses arising from their purchase of certain private placement shares
through MIM. MIM has appointed a reputable firm of solicitors to defend the claim. MIM's solicitors are of the opinion
that MIM has a reasonable defence to the claim. The legal suit has been adjourned to 19 November 2008.
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13 The Trustees of the Funds
13.1
Profile of Universal Trustee (Malaysia) Berhad
Universal Trustee (Malaysia) Berhad (UTMB) is the Trustee of AMBUTF, AMBBTF and AMBITF. Incorporated in
1974, UTMB has shareholders’ funds of RM5,529,284 and a paid-up share capital of RM500,000. UTMB has more
than 10 years of experience in handling unit trust matters. The Trustee had a pretax profit of RM993,028 for the year
ended December 31, 2007. The Trustee employs 35 experienced personnel comprising 20 executives and 15 nonexecutives as at LPD and currently has 39 unit trust schemes under its trusteeship.
Financial Performance
Paid-up capital
Shareholders' funds
Turnover
Pre-tax profit
Profit after taxation
(RM)
(RM))
(RM)
(RM)
(RM)
Year Ended 31 December
2007
2006
2005
500,000
500,000
500,000
5,529,284
5,030,549
5,840,081
4,082,925
4,694,529
4,756,136
993,028
1,686,937
2,235,590
786,735
1,249,999
1,684,829
Board of Directors
Datuk Haji Burhanuddin bin Ahmad Tajudin
Tan Sri Dato‘ IR. Talha Bin Haji Mohamad Hashim
Y.A.M. Tunku Dato’ Seri Nadzaruddin ibni Tuanku Ja’afar
Azrin Mirzhan Bin Kamaluddin (alternate to Y.A.M. Tunku Dato’ Seri Nadzaruddin ibni Tuanku Ja’afar)
Huang Chang Yi
Emily Huang Ye (alternate to Huang Chang Yi)
Profile of The Management Staff of the Trustee
Mr Liew Kok Wah is the Chief Executive Officer cum Company Secretary of UTMB. He joined UTMB in July 1988
and is responsible for the overall management of UTMB. He is a Fellow Member of CIMA, England, a Registered
Accountant of the MIA and a Member of the British Institute of Management, England. He started his career as an
Assistant Accountant with McAlister & Co Ltd from 1971 to 1974 and upon completion of the CIMA examination in
1978, he was appointed as the Senior Management Accountant/Lecturer in the London School of Accountancy,
England, till October 1982. Upon his return to Malaysia he was the Group Finance and Administration Manager with
the Harpers Group till June 1983, before joining Faber Merlin Berhad as the Group Management Accountant from
1986 till June 1988, and was also the Director of Studies in the Goon Professional Centre Sdn Bhd.
Ms Punithamalar Veluppillai is the Senior Manager and is a Fellow Member of the ACCA and prior to joining
UTMB in 1994, she was handling accounts and tax matters for one of the subsidiaries of Tanjung Plc. In 1997 she
joined EON Berhad and was assisting the treasury department. In 1998 she was appointed as the Assistant Manager
in UTMB. She is now responsible for supervising the overall functions of UTMB.
Ms Low Lai Chee is the Manager and is an Associate Member of the Chartered Institute of Secretaries and
Administrators, England. Prior to her joining UTMB in 1994, she has more than 10 years of experience in nominee
services with a wholly owned subsidiary of a public listed company. She is currently responsible for the compliance
division of unit trust funds and retirement plans of UTMB.
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Ms Agnes Lai Yoke Ping is the Manager and is an Associate Member of the Chartered Institute of Management
Accountants, England. Prior to her present appointment in 1996, she has more than 10 years working experience in
the finance and administration division with a wholly owned subsidiary of a public listed company. She has been
handling unit trusts matters since joining UTMB and is currently responsible for the compliance division of unit trust
funds and human resource function of UTMB.
Mr Selvakumar A/L Kangaratnam is the Legal & Compliance Manager. He joined UTMB in May 2005 and holds a
law degree from University of Glamorgan, Wales, U.K. He is responsible for the overall legal and compliance affairs
of UTMB. He is also responsible for the management of estates, clubs, timeshares and loan stocks under our
trusteeship. Prior to joining UTMB, he was a Senior Legal Associate with a law firm and was in charged of corporate
matters, litigation, payment systems and collective investment schemes.
13.1.1
Trustee’s Responsibility Statement
The Trustee has given confirmation of its willingness to assume the position as Trustee of the respective Fund and
undertakes all the obligations in accordance with the Deed, all relevant laws.
13.1.2
Trustee’s Disclosure of Material Litigation and Arbitration
As at LPD, we wish to advise that to the best of our knowledge, there is no material litigation or arbitration, including
those pending or threatened, and any facts likely to give rise to any proceedings which might materially affect the
business/financial position of the Trustee or any of its delegates.
13.2
Profile of HSBC (Malaysia) Trustee Berhad
The Trustee is HSBC (Malaysia) Trustee Berhad (Company No. 1281-T), a company incorporated in Malaysia since
1937 and registered as a trust company under the Trust Companies Act 1949, with its registered address at Suite
th
901, 9 Floor, Wisma Hamzah-Kwong Hing, No.1 Leboh Ampang, 50100 Kuala Lumpur. The Trustee is a member of
the HSBC Holdings Plc. group of companies and forms part of the global network of trust companies within HSBC
Holdings Plc.
Financial Position
The Trustee has a paid-up capital of RM500,000.00. As at 31 December 2007, its shareholders’ funds totaled
RM6.60 million and it achieved a profit before tax of RM9.16 million.
The following is a summary of the past performance of the Trustee based on audited accounts for the last 3 years:
Year Ended 31 December
2005
(RM)
2006
(RM)
2007
(RM)
Unaudited
financial period
ended 30 June
2008
(RM)
Paid-up Share Capital
500,000
500,000
500,000
500,000
Shareholders’ Funds
3,009,865
5,196,456
6,598,539
10,748,090
Turnover
10,362,645
12,704,612
16,911,088
9,085,924
Profit before Tax
4,452,714
6,167,355
9,164,852
5,607,501
Profit after Tax
2,834,587
4,706,595
6,442,083
4,149,551
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Experience in Trustee Business
Since 1993, the Trustee has acquired experience in the administration of unit trusts and as at 18 August 2008 is the
Trustee for 183 unit trust funds (including Exchange Traded Funds and Restricted Investment Schemes).
As at LPD, the Trustee has a workforce of 48 employees consisting of 32 executives and 16 non-executives. A good
number of the staff has been with the Trustee for many years. This element of continuity reflects an intrinsic
characteristic of trust services. The Trustee also believes in building team and talents by recruiting new members
with relevant experiences to replace the long serving retired colleagues.
Each client’s account is under the supervision of a trust officer who is able to focus his personal attention on the
administration of the account and reports directly to his manager.
The Trustee also has a Compliance Section whose responsibilities is to ensure that the Trustee’s business is carried
on in accordance with all relevant laws, codes, rules and standards of good market practice.
Board of Directors
Mr Ian Douglas Francis Ogilvie
Ms Lim Liang Hua
Dato’ Ranita Mohd Hussein
Ms Zainon Baba
Mr Alastair E Murray
Mr Tay Shik Heng
Mr Tay Swee Gim (Alternate to Ms Lim Liang Hua)
Ms Hew Su Chan (Alternate to Mr Tay Shik Heng)
Ms Wong Su Kuin (Alternate to Mr Alastair E Murray)
Profile of Key Personnel
Ms Lim Liang Hua – Managing Director
She joined HSBC (Malaysia) Trustee Berhad in April 2004 and brings with her over 20 years of legal advisory and
problem solving skills in the banking and financial services industry. She holds a Bachelor of Economics and
Bachelor of Laws (LLB) from Monash University, Australia. She was admitted to practice as a Barrister & Solicitor in
Victoria, Australia in 1984 and was called to the Malaysian Bar in 1985. She was in private practice for three years in
the Klang Valley before joining the corporate sector, namely the banking and financial institutions industry. She was
the Chief Legal Adviser and Company Secretary for the Phileo Allied Bank Group and the United Overseas Bank
Group in Malaysia. Prior to her joining HSBC, she was Chief Executive Officer in an established trust company.
Ms Susan Liew Pik Yoong - Chief Operating Officer
She joined HSBC (Malaysia) Trustee Berhad in December 2007. She is a graduate of the Institute of Chartered
Secretaries and Administrators. She has more than 23 years of banking operations and financial services experience.
Prior to her joining HSBC, she was Vice President, Head of Custody and Client Investment Settlement with a foreign
owned bank and she was responsible for clearing, settlement and custody of the bank and clients investment
products and portfolio assets. Susan's achievement includes pioneering the set up of unit trust operations and
support for the bank as a third party IUTA.
Puan Maziah Yong – Co-Head, Unit Trust
She joined HSBC (Malaysia) Trustee Berhad in November 2007. She holds an Advanced Diploma In Law from
Institut Teknologi MARA. Prior to her joining HSBC, she has more than 15 years working experience in trust
administration, especially relating to unit trust schemes.
Ms Wong Yoon Ling – Co-Head, Unit Trust
She joined HSBC (Malaysia) Trustee Berhad in November 2007. She is an Associate Member of the Institute of
Chartered Secretaries and Administrators and a Certified Member of the Financial Planning Association of Malaysia.
She has more than 14 years working experience in the unit trust, life insurance and securities industries. Her main
experience includes portfolio valuation, settlement and custody of securities, corporate actions, fund performance
measurement and system enhancements.
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Ms Wong Shyun Yann - Head, Business Development
She joined HSBC (Malaysia) Trustee Berhad in April 2008. She holds a Bachelor of Sciences majoring in Banking
and Finance (Hons) from University of London. She has more than 13 years working experience in financial and
investment services industries. Her main experience includes treasury operations, sales and marketing, product
development, and corporate planning in banks and unit trust management companies.
Ms Leong Li Yim – Head, Business Support
She joined HSBC (Malaysia) Trustee Berhad in December 2007. She holds a Diploma in Banking and Finance of
Institut Bank-Bank Malaysia and a Diploma in Business Management from The Association of Business Executives.
She has more than 17 years experience in securities industry, including overseeing the settlement operations for
foreign institutional clients, retail clients margin financing, systems implementation and being the liaison party with
regulatory bodies, like Bursa Malaysia. Prior to her joining HSBC Trustee, she was Head of Settlement, HSBC
Securities Services in Malaysia.
Ms Lau Sook Yee – Head, Compliance, Control and Audit
She joined HSBC (Malaysia) Trustee Berhad in September 2005. She has more than 20 years experience in banking
and treasury operations in both merchant and commercial banks.
Ms Janice Chang Hui Ching – Head, Corporate Trust
She joined HSBC (Malaysia) Trustee Berhad in November 2004. She holds a Bachelor of Business majoring in
Economics & Finance from RMIT University, Australia. Prior to her joining HSBC, she has more than 7 years
experience in Unit Trust Schemes and Corporate Bonds/Private Debt Securities in an established trust company.
Mr Yap Fook Meng – Head, System & Admin
He joined HSBC (Malaysia) Trustee Berhad in August 2007. He holds a Diploma in Banking and Finance and is a
Senior Associate of Institut Bank-Bank Malaysia. He has more than 25 years experience in banking operations,
including systems implementation and support with HSBC Bank Malaysia Berhad. Besides local banking experience,
he had been seconded to other HSBC Group offices in United Kingdom and Brazil for systems implementation and
support.
Ms Juliet Soon Boon Leng – Head, Documentation
She joined HSBC (Malaysia) Trustee Berhad in June 2008. She holds a Bachelor of Laws (LLB) from University of
Glamorgan, Wales and was called to the Malaysian Bar in 2001. She was in private practice for more than 3 years,
handling mostly banking and financial documentation. Prior to her joining HSBC, she was Manager, Legal &
Documentation in an investment bank.
13.2.1
Trustee’s Responsibility Statement
The Trustee has given confirmation of its willingness to assume the position as Trustee of the respective Fund and
undertakes all the obligations in accordance with the Deed, all relevant laws.
13.2.2
Trustee’s Disclosure of Material Litigation and Arbitration
As at LPD, the Trustee is not engaged in any material litigation and arbitration, including those pending or threatened,
and is not aware of any facts likely to give rise to any proceedings which might materially affect the
business/financial position of the Trustee and any of its delegates.
13.2.3
Trustee’s Delegate
The Trustee has appointed The Hongkong And Shanghai Banking Corporation Ltd as custodian of the quoted and
unquoted local investments of the Fund. The assets of the Fund are held through their nominee company, HSBC
Nominees (Tempatan) Sdn Bhd. If and when the Fund should invest overseas, HSBC Institutional Trust Services
(Asia) Limited will be appointed as the custodian of the foreign assets of the Fund. Both The Hongkong And
Shanghai Banking Corporation Ltd and HSBC Institutional Trust Services (Asia) Limited are wholly owned
subsidiaries of HSBC Holdings Plc, the holding company of the HSBC Group. The custodian’s comprehensive
custody and clearing services cover traditional settlement processing and safekeeping as well as corporate related
services including cash and security reporting, income collection and corporate events processing. All investments
are automatically registered into the name of the Fund. The custodian acts only in accordance with instructions from
the Trustee.
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Trustee’s Delegates
13.3
1)
The Hongkong And Shanghai Banking Corporation Limited (As Custodian) and assets held
through HSBC Nominees (Tempatan) Sdn Bhd (Co. No. 258854-D)
No 2 Leboh Ampang
50100 Kuala Lumpur
Telephone No: (603)20700744 Fax No: (603)20729787
2)
HSBC Institutional Trust Services (Asia) Limited
6th Floor, Tower One
HSBC Centre
No 1 Sham Mong Road
Kowloon, Hong Kong
Telephone No: (852)25336333
Profile of Malaysian Trustees Berhad
Malaysian Trustees Berhad (MTB) is one of the appointed Trustees of AMB. MTB, (Company No. 21666-V), a
company incorporated in Malaysia in January 1975, first commenced operations in August 1995 and is registered as
a trust company under the Trust Companies Act 1949. Its registered address is at Level 19, Menara Prudential,
No.10, Jalan Sultan Ismail, 50250 Kuala Lumpur. The Trustee is backed by 4 substantial shareholders, PacificMas
Berhad, OCBC Bank (Malaysia) Berhad, United Malacca Berhad and RAM Consultancy Services Sdn Bhd. The
Trustee has been in the unit trust industry for 7 years. As at LPD, MTB has staff strength of 16 (8 executives and 8
non-executive) and has 6 funds under its trusteeship.
Financial Performance
The Trustee has a paid-up capital of RM550,000. As at December 31, 2007, its shareholders’ funds totaled
RM8,759,932 and it achieved a profit before tax of RM3,323,833.
The following is a summary of the past performance of the Trustee based on its audited accounts for the last 3 years:
Paid-up capital
Shareholders' funds
Turnover
Pre-tax profit
Profit after taxation
Net earning per share
Net dividend per share
(RM)
(RM)
(RM)
(RM)
(RM)
(RM)
(RM)
Year Ended 31 December
2007
2006
550,000
550,000
8,759,932
8,796,000
4,914,918
3,741,000
3,323,833
2,505,000
2,562,557
1,757,000
30.20
22.77
-
2005
550,000
7,224,000
3,382,000
2,267,000
1,672,000
20.61
-
Board of Directors
Mr. Choi Siew Hong
Mr. Lai Wan
Mr. Ng Hon Soon
Mr. Lee Wai Kit
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Profile of Key Personnel of The Trustee
Mr. Tay Kok Leong is the General Manager of MTB who is responsible for the overall management and growth of
MTB. Mr Tay graduated from Universiti Sains Malaysia in 1977 with a Bachelor of Social Science. Mr Tay joined
Pacific Bank in 1978 and rose to the position of First Vice President and later joined Maybank after the bank merger
exercise in 2001. He was the group general manager of a food-based company in Penang before joining MTB in
2005.
Ms. Vanaja D/O N.S. Kanagaretnam is the Manager. She graduated with a Diploma in Accountancy from Politeknik
Ungku Omar. Prior to joining MTB, she was with another trustee company, responsible for trustee work relating to
unit trust funds and is familiar with trustee duties and the guidelines established by the Companies Commission of
Malaysia and SC. She has been with MTB since August 1995.
Ms Lim Poh Choo is the Manager of Compliance and Monitoring of MTB. She is a graduate of the Association of
International Accountants, UK. Prior to her joining MTB, she was attached to the corporate finance department of a
property development company. She has more than 12 years experience in corporate finance.
Ms. Wong Chooi Yin, Deputy Manager, Finance and Administration, joined MTB in April 2000 as Executive,
Finance and Administration. Her duties include the maintenance of all trust accounts and records as well as the
accounts of MTB. She is also responsible for the administration matters of the company. Ms Wong graduated with a
Bachelor of Commerce (Economics and Finance) degree from the Curtin University of Technology, Australia. Prior to
joining MTB, she was attached to a consultancy firm.
13.3.1
Trustee’s Responsibility Statement
The Trustee has given confirmation of its willingness to assume the position as Trustee of the respective Fund and
undertakes all the obligations in accordance with the Deed, all relevant laws.
13.3.2
Trustee’s Disclosure of Material Litigation and Arbitration
As at LPD, there is no current material litigation and arbitration, including any pending or threatened, and there are no
facts likely to give rise to any proceedings, which might materially affect the business / financial position of the
Trustee of any of its delegates.
On January 30, 2007, MTB’s client, Hualon Corp (M) Sdn Bhd (Hualon) had filed a legal suit in the KL High Court civil
suit no. D6-22-67-207 against the MTB, the Receivers & Managers (R&M) and all the class A Scheme Creditors for
calling an event of default on its restructured loan facility and the appointment of the R&M.
The R&M was appointed in accordance with the resolution approved by Hualon’s Scheme Creditors. The Scheme
Creditors had agreed to indemnify the MTB against all actions, proceedings, claims and demands which the
Company may be liable by acting according to the Scheme Creditors’ instructions.
13.3.3
Trustee’s Delegate
Malaysian Trustees Berhad has delegated its custodian function to Maybank Custody Services (MCS), a unit within
Maybank.
MCS commenced operations in 1983 and has been a custodian for unit trust funds since 1989. It provides clearing
and custody services for Malaysian equity and fixed income securities to domestic and foreign institutional clients. In
addition, it offers global custody services to domestic institutions/clients that have foreign investments. MCS has staff
strength of 31 employees, comprising 19 executives and 12 non-executives as at LPD.
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13.4
Profile of AmanahRaya Trustees Berhad
ART was incorporated under the Companies Act 1965 on March 23, 2007 and registered as a trust company under
the Trust Companies Act 1949. ART is a subsidiary of Amanah Raya Berhad (ARB) which is wholly owned by the
Minister of Finance (Incorporated). ART took over the corporate trusteeship functions of ARB and acquired ARB’s
experience of more than 42 years in trustee business. ART has been registered and approved by the SC to act as
trustee to unit trust funds. ART will subsequently substitute ARB as the existing trustee for the 49 unit trust funds
under ARB’s trusteeship and has 69 unit trust funds under ART’s trusteeship. As at LPD, ART has 58 staff 38
Executives and 20 Non-Executives).
ART has an authorised capital RM5,000,000. Its issued and paid-up share capital is RM2,000,000 and RM1,000,000
respectively.
The shareholders of ART are:
% of equity
Amanah Raya Berhad (344986-V)
20
Amanah Raya Nominees (Tempatan) Sdn Bhd (434217-U)
Amanah Raya Capital Sdn Bhd (549057-K)
AmanahRaya Capital Group Sdn Bhd (760289-U)
20
20
20
AmanahRaya Investment Advisory Sdn Bhd (760322-X)
Amanah Raya Nominees (Asing) Sdn Bhd (684546-P)
10
10
FINANCIAL PERFORMANCE
The following is a summary of the past performance of ART based on audited financial statements for financial year
ended December 31, since its incorporation on March 23, 2007:
Paid-up share capital
Shareholders' funds
Turnover
Pretax profit
Profit after taxation
Year Ended 31 December
2007
RM'000
1,000
6,511
10,343
7,638
5,511
Board of Directors
Dato’ Idrus Bin Harun – Chairman
Hajjah Habsah Binti Bakar – Director / Chief Executive Officer
Dato’ Ahmad Rodzi Bin Pawanteh – Director
Datin Aminah Binti Pit Abd Raman – Director
Puan Alina Binti Hashim – Director
Tuan Haji Ab. Ghani Bin Haron – Director
Dato’ Ahmad Kamal Bin Abdullah Al-Yafii – Director
Encik Zainudin Bin Hj. Suhaimi – alternate to Hajjah Habsah Binti Bakar
Key Management Staff
Hajjah Habsah Binti Bakar - Chief Executive Officer
Encik Zainudin Bin Hj. Suhaimi - General Manager
Encik Zainul Abidin Bin Hj. Ahmad - Company Secretary
Encik Abbas Bin Nejamdeen - Legal Manager
Encik Azril Bin Abd Kadir - Compliance Manager
Cik Noor Azizah Binti Kamal - Marketing & Business Development Manager
Encik Mohd Sofian Bin Hj. Kamaruddin – Debt Capital Markets and Trusts Section Manager
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Profile of the Key Management Staff
Chief Executive Officer
Hajjah Habsah Binti Bakar is the Director and Chief Executive Officer of ART effective from 16 February 2007. She
has served as General Manager at Amanah Raya Berhad for 12 years. She was in charge of various departments
such as Corporate Trust, Legal, Branch, Marketing, Corporate Communications, Product Development and Customer
Relationship Management of Amanah Raya Berhad during that tenure. She graduated from University of Malaya with
a Degree in Law with Honours in 1985 and holds a postgraduate Diploma in Syariah Law and Practice from the
International Islamic University Malaysia in 1997. She has vast experience in legal administration since joining the
Judicial and Legal Service in 1985. She has served at the Attorney General’s Chambers, Ministry of Housing and
Local Government, the High Court and the Department of Public Trustee. She is also a Director of Amanah Raya
Nominees (Tempatan) Sdn. Bhd and oversees Amanah Raya Labuan Limited.
Encik Zainudin Hj Suhaimi
Encik Zainudin Hj Suhaimi is the General Manager of ART. He holds a Degree in Business Administration (Finance)
from Universiti Putra Malaysia and a Diploma in Business Studies from Universiti Teknologi MARA (UiTM). He is in
charge of the operations of ART. He has served Corporate Trust Department of Amanah Raya Berhad since 1992
and later was seconded to ART for about 1 year. He officially joined ART in June 2008. He is also a trust officer at
Amanah Raya Labuan Limited. He is an associate member of the Financial Planning Association of Malaysia since
2005.
Encik Zainul Abidin Bin Hj. Ahmad
Encik Zainul Abidin Bin Hj. Ahmad is the Group Company Secretary. He has more than 14 years’ working experience
in legal and secretarial matters. He began his career in 1990 as a Legal Assistant with Messrs Kam Woon Wah &
Company. In February 2002, he joined ARB where he oversees the secretarial matters of the Group.
Encik Abbas Bin Nejamdeen
Encik Abbas Bin Nejamdeen is the Legal Manager of ART. He holds a Bachelor of Law (Hons) from International
Islamic University Malaysia. He was called to the Malaysian Bar in 2003. He was in legal practice specialising in
corporate law and had served at a public listed company in Kuala Lumpur and its joint venture company in Sudan.
He served Corporate Trust Department of Amanah Raya Berhad since March 2006 and later was seconded to ART
for about 1 year. He officially joined ART in June 2008.
Encik Azril Bin Abd Kadir
Encik Azril Bin Abd Kadir is the Manager of Compliance Department at ART. He joined ART in January 2008 and
brings with him more than 7 years experience in the collective investment scheme industry. He graduated with a
Bachelor of Science in Business Administration from the University of Missouri Columbia. Prior to joining ART, he
was the registered compliance officer of a local asset management company.
Noor Azizah Binti Kamal
Noor Azizah Kamal is the Marketing and Business Development Manager at AmanahRaya Trustees Berhad. She
holds a Bachelor (Hons) in Mass Communication from University Teknologi MARA. Prior to joining ART, she was
attached with an established Chamber of Commerce, where she was involved with Marketing, Business Development
and Business Advisory work for various industries and business portfolios.
Encik Mohd Sofian Bin Hj. Kamaruddin
Encik Mohd Sofian Bin Hj. Kamaruddin is the Debt Capital Markets and Trusts Section Manager of ART. He holds a
Bachelor of Accountancy (Hons) from Universiti Putra Malaysia. He is in charge of the debenture trusteeship segment
of ART. He had served at the Audit and Compliance Division of Malaysia Monetary Exchange Berhad (presently
known as Bursa Derivatives Malaysia Berhad) as an audit executive and subsequently as Compliance Officer in a
futures broking company for more than 5 years. He has served Corporate Trust Department of Amanah Raya Berhad
since March 2003 and later was seconded to ART for about 1 year. He officially joined ART in June 2008. He is also
a member of Malaysian Institute of Accountants.
13.4.1
Trustee’s Responsibility Statement
The Trustee consents and agrees to assume the position as Trustee of the Fund and undertakes all the obligations in
accordance with the Deeds, all relevant laws and rules of law, and agree and undertake to provide an indemnity to
the Manager for the benefit of the registered holders of the Funds for any loss incurred as a result of any nonperformance of the Trustee.
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13.4.2
Trustee’s Disclosure of Material Litigation and Arbitration
As at LPD, the Trustee is not engaged in any material litigation or arbitration either as plaintiff or defendant, and the
Trustee is not aware of any proceedings, pending or threatened or of any facts likely to give rise to any proceedings
which might materially affect the business financial position of the Trustee.
13.5
Duties and Obligations of the Trustees
The Trustees’ main functions are to act as trustee and custodian of the assets of the Funds and to safeguard the
interests of registered holders of the Funds. In performing these functions, the Trustees have to exercise all due care
and vigilance and is required to act in accordance with the provisions of the Deeds, the Act, the Guidelines and the
securities law. Apart from being the legal owner of the Funds’ assets, the Trustees are also responsible for ensuring
that the Manager performs its duties and obligations in accordance with the provisions of the Deeds, the Act, the
Guidelines and the securities law.
The duties and obligations imposed on the Trustees are as follows:  To act as custodian of the assets of the Funds and to safeguard the interests of Unit Holders. The Trustees are to
actively monitor the administration of the Funds by the Manager to ensure that the interests of the Unit Holders are
upheld at all times. In discharging its duties, the Trustees should not only depend on submission of reports by the
Manager;
 The Trustees are to report to the SC if it is of the view that the Manager has not acted in the interests of Unit
Holders or in accordance with the provisions of the Deeds or that it has failed to comply with the Guidelines and the
Act;
 At all times the Trustees are to ensure that the investments of the Funds are not used to further the interests of any
party related to the Manager;
 To act continuously as Trustees under the Funds until such Funds are terminated or until the Trustees have retired
from such Funds;
 To show the degree of care and diligence required of a Trustees in carrying out its functions and duties and in
protecting the rights and interest of the Unit Holders to which the Deeds relates;
 To keep or cause the Manager to keep proper records of all transactions, dividends, interests and income received
and distributed and accounts in relation to the Funds;
 To be informed of any investments or disposals which the Manager undertakes not later than the next Business
Day after the day in which the transactions were undertaken;
 To be responsible for the collection and periodical distribution of income earned from the investment portfolio to the
Unit Holders subject to delegation of such duties to the Manager;
 To require the Manager to keep it fully informed as to details of the Manager’s policies on investments and any
changes thereof. Whenever it is of the opinion that these policies are not in the interests of the Unit Holders, the
Trustees may, after considering any representations made by the Manager in respect of that opinion, summon a
meeting of Unit Holders to consider its opinion and the actions that may be taken against the Manager; and
 To cause the accounts to be audited at the end of each accrual period / financial year by the auditor and that each
Unit Holder of the Funds is furnished with a copy of the audited accounts by post within 2 months from the date on
which the accounts are balanced and closed in respect of each year.
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13.6
Retirement, Removal or Replacement of the Trustee
The Trustee may retire upon giving 12 months notice to the Manager of its desire to do so, or such shorter period as
the Manager and the Trustee shall agree, and may by Deeds appointing in his stead a new Trustee approved by the
SC. Pursuant to section 299(1) of the Act, it is the duty of the Manager to remove the Trustee as soon as it becomes
aware that the Trustee: •
•
•
•
•
•
Has ceased to exist;
Has not been validly appointed;
Is not eligible to be appointed or to act as Trustee under section 290 of the Act;
Has failed or refused to act as Trustee in accordance with the provisions or covenants of the Deed or the
provisions of the Act;
Is under investigation for conduct that contravenes the Trust Companies Act, 1949, the Trustee Act, 1949, the
Companies Act, 1965, or any securities law;
When a receiver is appointed over the whole or a substantial part of the assets or undertaking of the existing
trustee and has not ceased to act under the appointment or a petition is presented for the winding up of the
existing trustee (other than for the purpose of and followed by a reconstruction, unless during or following such
reconstruction the existing trustee becomes or is declared to be insolvent).
The Trustee may be removed and another Trustee (duly approved as aforesaid) may be appointed by a special
resolution of the Unit Holders at a duly convened meeting of which notice has been given to the Trustee and the
Manager. The Manager will summon a meeting of the Unit Holders for the purpose of considering and if thought fit,
passing a resolution for the removal of the Trustee in the event that the Unit Holders request the Manager to do so, in
the manner as stated in the Deeds of the respective Funds.
13.7
Powers of the Trustee to Remove or Replace the Manager
The Trustee may remove and replace the Manager if the Manager has failed or neglected to carry out its duties to the
satisfaction of the Trustee, and for other reasons desirable in the interest of the Unit Holders, after consultation with
the SC and with the approval of the registered Unit Holders.
The Manager may also be removed if the Manager is in liquidation (except for the purpose of amalgamation or
reconstruction or some other purpose approved by the relevant authorities), is under receivership or ceases
operations, or has to the prejudice of the Unit Holders failed to comply with any provisions of the Deed or the Act, and
other relevant laws. The Manager may also be removed if a special resolution is passed by the Unit Holders that the
Manager be removed.
In any of the above said grounds, the Manager shall upon receipt of a written notice from the Trustee ipso facto
cease to be the management company of the Fund. The Trustee shall, at the same time, by writing appoint some
other corporation approved by the relevant authorities to be the management company of the Fund; such corporation
shall have entered into such deed or deeds as the Trustee may consider to be necessary or desirable to secure the
due performance of its duties as management company for the Fund. The appointment of a new Manager is subject
to the new manager entering into a deed as the Trustee may be advised to be necessary in order to secure that the
new manager performs its duties as Manager during the remainder of the period of the Fund.
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14 Salient Terms of the Deeds
The following is a summary of the Deeds. Certain salient terms of the Deeds are summarised in other sections of
this Prospectus. Recipients of this Prospectus and all prospective investors in the Units should refer to the Deeds
to confirm specific information and to obtain a detailed understanding of the respective Fund. The Deeds are
available for inspection at the principal place of business of the Manager at 34th Floor, Menara PNB, 201-A,
Jalan Tun Razak, 50400 Kuala Lumpur and the principal place of business of the respective Trustee.
The Deeds
The AMB Family of Funds is a family of trust funds constituted by the Deeds, as entered into between the
Trustee and AMB. The Deeds came into effect on the respective dates of registration by the SC. Each Unit
Holder shall be entitled to the benefit of and shall be bound by the terms and conditions of the respective Deed.
Pursuant to the Deeds, the Trustee shall take into its custody or control all the assets of the Funds and hold the
same in trust for the Unit Holders in accordance with the Deeds and all relevant laws. The Deeds are governed
by, and shall be construed in accordance with, the laws of Malaysia.
1.
RIGHTS AND LIABILITIES OF UNIT HOLDERS
Unit Holders shall, inter alia, have the right to attend and vote at meetings of Unit Holders and receive
distributions. However no Unit Holder shall be entitled to require the transfer to him of any investment or
other property comprised in the Fund or to interfere with or question the exercise by the Trustee or the
Manager on his behalf of the rights of the Trustee as owner of such Fund.
The liability of Unit Holders is limited to the purchase price paid for the Units. Unit Holders are not under
any obligation to indemnify the Manager and/or the Trustee for liabilities incurred on behalf of the Fund
which exceeds the gross asset value of the Fund, and any right of indemnity of the Trustee and/or the
Manager shall be limited to recourse to the Fund.
2.
MAXIMUM FEES AND CHARGES PERMITTED BY THE DEEDS
The maximum rates for the management fee, Trustee fee, sales charge and redemption fee are provided
in the Deeds and are set out in Section 1.3 of this Prospectus.
Currently no redemption charges are imposed upon redeeming of Units of the Funds except for PNB
SIF where a redemption fee is payable for early redemption of Units but there not if Units are held till the
maturity date of the Fund. Details of the redemption fee of PNB SIF are set out in Section 1.3 and
Section 7.2 of this Prospectus.
3.
INCREASE IN FEES AND CHARGES FROM THE LEVEL DISCLOSED IN THE PROSPECTUS AND
THE MAXIMUM RATE PROVIDED IN THE DEEDS
The management fee and the Trustee fee shall not exceed the maximum stated in the Deeds. The
annual Management Fee and the Trustee Fee cannot be charged at a rate higher than that disclosed in
the Prospectus unless the Manager and the Trustee have agreed on a higher rate in accordance with the
Deeds and Unit Holders have been notified of the higher rate and the effective date.
The sales and repurchase charges shall not exceed the maximum as set out in the Deeds. The
Manager may only charge a higher sales charge than that disclosed in the Prospectus in accordance
with the Deeds and all relevant laws.
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4.
PERMITTED EXPENSES PAYABLE OUT OF THE FUND’S PROPERTY
Only expenses which are directly related and necessary may be charged to the Funds. These include
(but not limited to) the following:
(i)
(ii)
(iii)
(iv)
(v)
commissions/fees paid to brokers in effecting dealings in the investments of the Funds shown on
the contract notes or confirmation notes;
taxes and other duties charged on the Funds by the Government and other authorities;
fees and other expenses properly incurred by the Auditor and/or Tax Agent appointed for the
Funds;
fees for the valuation of any investment of the Funds by independent valuers for the benefit of
the Funds; and
costs incurred for any modification of the Deeds or for meetings of Unit Holders (save where
such modification or meeting is convened is for the benefit of the Manager and/or the Trustee).
The Deeds provide that expenses such as general overheads, costs for services expected to be
provided by the Manager, promotional expenses and expenses incurred in the registering and issuing of
the prospectuses (unless no service charges are levied on the Units sold) and the remuneration of any
delegate of the Manager, shall not be charged to the Funds. The Trustee shall ensure that all expenses
charged to the Funds are legitimate, not excessive or beyond standard commercial rates.
5.
REMOVAL, RETIREMENT AND REPLACEMENT OF THE MANAGER AND THE TRUSTEE
Please refer to section 13.7 of this Prospectus (in relation to the retirement, removal and replacement of
the Manager) and section 13.6 of this Prospectus (in relation to the retirement, removal and
replacement of the Trustee).
6.
TERMINATION OF THE FUND
The commencement date as stated in the Deeds and continue until the Maturity Date (if applicable) or as
determined by the Trustee under the provisions in the Deeds. The Trustee shall as soon as practicable
after the determination of the Fund give to each of the Unit Holder notice of such determination.
The Trustee may inter alia in any of the following events determine the Funds:a)
if the Manager shall go into liquidation (except a voluntary liquidation for the purpose of
reconstruction or amalgamation upon terms previously approved in writing by SC); or
b)
if in the opinion of the Trustee, the Manager has ceased to carry on business; or
c)
if in the opinion of the Trustee, the Manager has failed to comply with the Deed to the prejudice of
the Unit Holders.
and shall summon a meeting of Unit Holders in accordance with the provisions of the Deeds for the
purpose of seeking directions from the Unit Holders. If at any such meeting a special resolution to
terminate and wind up the Funds is passed by the Unit Holders, the Trustee shall apply to the Court for
an order confirming such special resolution.
7.
UNIT HOLDERS’ MEETING
The Unit Holders may apply to the Manager to summon a meeting for any purpose. Unless otherwise
required by law, the Manager shall, not later than twenty-one (21) days of receiving an application from
not less than fifty (50) or one-tenth (1/10) in number, whichever is the lesser, of all Unit Holders,
convene a meeting of the Unit Holders. The Trustee and the Manager may convene a Unit Holders'
meeting in accordance with the Deed for any purpose.
The quorum for a meeting save and except for AMBILTF, AMBETF, AMBVTF and PNB SIF shall be five
(5) Unit Holders present in person or by proxy. No business shall be transacted at any meeting unless
the requisite quorum is present at the commencement of business.
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In respect of AMBILTF, AMBETF and AMBVTF, the quorum for a meeting shall be five (5) Unit Holders present
in person or by proxy provided always that the quorum for a meeting of the Unit Holders of the Fund convened
for the purpose of removing the Manager and/or the Trustee shall be ten (10) Unit Holders of the Fund whether
present in person or by proxy, who must hold in aggregate at least fifty per centum (50%) of the Units of the
Fund in circulation at the time of the meeting. No business shall be transacted at any meeting unless the
requisite quorum is present at the commencement of business.
Further, in respect of PNB SIF, the quorum required for a meeting of the Unit Holders shall be 100 Unit Holders
or one half (1/2) in number of the Units Holders if the Fund has less than one hundred (100) Unit Holders,
whether present in person or by proxy. However where the meeting is convened for the purpose of removing the
Manager and/or the Trustee the quorum shall be 100 Unit Holders (or half that number if total Unit Holders are
less than 100) holding in aggregate at least fifty per centum (50%) of the Units in circulation at the time of the
meeting. If the Fund has five (5) or less Unit Holders, the quorum required for a meeting of the Unit Holders of
the Fund shall be two (2) Unit Holders, whether present in person or by proxy and if the meeting is for the
purpose of removing the Manager and/or Trustee the Unit Holders forming the quorum must hold in aggregate at
least fifty per centum (50%) of the Units in circulation at the time of the meeting.
Unless otherwise prescribed by law, a Unit Holders' meeting summoned pursuant to the Deeds shall be held not
later than two (2) months after the notice was given, at the time and place stipulated in the notice and
advertisement.
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15 Variations Granted by the SC
Variation to the Guidelines on Unit Trust Fund
•
Exemptions from the Guidelines for AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBETF, AMBVTF,
AMBDTF, AMBEBTF, AMBSCTF, AMBLTF Today, AMBLTF 2009, AMBLTF 2014 and PNB SIF
(i)
Shareholders, Directors and Key Personnel
Clause 4.05 (9)
[Revised Clause: Clause 3.07]
“A director of a management company should not hold office as director of more than one
management company at any one time. In addition, a director of the management company should
not hold office as member of the investment committee of funds managed and administered by
another management company.”
Exemption from this Clause was extended to allow all of the directors of AMB to remain as directors
and member of the investment committee of funds managed and administered by another
management companies.”
(ii)
Members of investment committee
Clause 6.02 (8)
[Revised Clause: Clause 6.04]
“A member of the investment committee should not hold office as:
(a) member of an investment committee of funds managed and administered by another
management company;
(b) director of another management company;
(c) Shariah advisor for the same fund;
(d) member of the panel of advisors for the same fund; and
(e) an officer of the delegate that carry on the fund management function for the fund.”
An exemption from this Clause is given to Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid, Tan Sri
Dato’ Hamad Kama Piah bin Che Othman and Tan Sri Dato’ Md. Desa bin Pachi, to allow them to
be members of the Investment Committees of all Funds. All of them save for Tan Sri Dato’ Dr. Wan
Mohd. Zahid bin Mohd. Noordin are also members of investment committees of other funds
managed and administered by another management company.
•
Exemption from the Guideline for AMBILTF only
Schedule C, Appendix 1, Paragraph 2.03 (3)
[Revised Guidelines: Schedule A, Paragraph 11]
The Fund has been granted a variation to Schedule C, Appendix 1, paragraph 2.0 (3) of the
Guidelines on Unit Trust Fund and is allowed to hold securities of, and the securities relating to, any
group of companies to a maximum of 30% of the NAV of the Fund (the normal restriction is 20% of
the Fund’s NAV).
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•
Exemptions from the Guidelines for PNB SIF
(i)
Delegation of function
Clause 5.09
“An officer of the delegate (whether foreign or otherwise) should not hold office as member of:
(a) the investment committee of any fund for which the fund manager is appointed to manage;
(b) the Shariah advisor of any fund for which the delegate is appoitned to manage; and
(c) the panel of advisors of any fund for which the delegate is appointed to manage.”
Tan Sri Dato’ Hamad Kama Piah bin Che Othman, is the Director, President and Group Chief
Executive of PNB, the Investment Manager. He is thus deemed an officer of PNB. An exemption
was obtained to allow him to become investment committee member of AMB Family of Funds.
(ii)
Issuance of new Units
Clause 10.06
“A trustee should create or cancel units immediately on receipt of, and in accordance with, the
instructions given by the management company and only for cash.”
PNB will implement a Unit swap arrangement with PNB SIF whereby the 623,800,000 PNB REIT
units held by PNB will be exchanged for 623,800,000 Units. In view of the above, an exemption from
this clause was obtained to facilitate the Unit swap arrangement.
(iii)
Investment spread limit
Schedule A, Clause (10)
The value of a fund’s investments in units/shares of any collective investment scheme must not
exceed 20% of the fund’s NAV”
An exemption from this clause was obtained from the SC in order to allow the Fund to invest up to
50% of PNB SIF’s NAV in PNB REIT.
(iv)
Investment concentration limit
Schedule A, Clause (24)
“A fund’s investments in collective investment schemes must not exceed 25% of the units/shares in
any one collective investment scheme.”
An exemption from this clause was obtained from the SC in order to allow PNB SIF to invest in all of
the units issued by PNB REIT.
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16 Related Party Transactions/Conflict of
Interest
Existing and Potential Related Party Transactions
(i)
(ii)
(iii)
(iv)
PNB has been appointed as the External Investment Manager of PNB SIF. As AMB is a wholly owned
subsidiary of Amanah Saham Nasional Berhad (“ASNB”) and PNB holds 100% equity interest in ASNB,
AMB is effectively a wholly-owned subsidiary of PNB. In view of the above, the appointment of PNB as the
Investment Manager is deemed a related party transaction.
PHNB, the management company of PNB REIT is also related to AMB by virtue of PNB holding 69.99%
equity interest in PHNB.
PNB SIF acquired 623,800,000 PNB REIT units from PNB and issued 623,800,000 new PNB SIF Units to
PNB in consideration thereof.
In addition, PNB SIF acquired 20,200,000 PNB REIT units for cash.
Conflict of Interest
AMB and its holding company, ASNB are both unit trust management companies managing unit trust funds. The
investment committee members for all the funds managed by AMB comprises the same individuals. In addition to the
above, Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid is also an investment committee member for all the funds
managed by ASNB except for Amanah Saham Wawasan 2020. Tan Sri Dato’ Hamad Kama Piah bin Che Othman is
also an investment committee member for all the funds managed by ASNB. Tan Sri Dato’ Md. Desa bin Pachi is an
investment committee member for four funds managed by ASNB, namely Amanah Saham Nasional, Amanah Saham
Nasional 2, Amanah Saham Nasional 3- Imbang and Amanah Saham Gemilang. Previously, the appointment of the
investment committee members for all the other funds managed by ASNB and AMB had been approved by the SC.
In addition, PNB the holding company of AMB and ASNB has been appointed as Investment Manager of PNB SIF
and all the funds managed by ASNB.
Policies on Dealing with Conflict of Interest Situations
The Manager has in place policies and procedures to deal with any conflict of interest situations. In making an
investment transaction for the Fund, the Investment Manager will not make improper use of its position in managing
the Fund to gain, directly or indirectly, any advantage or to cause detriment to the interests of Unit Holders.
As at LPD, to the best of the Manager’s knowledge, there has been no occurrence of conflict of interest involving the
Manager. Where a conflict or potential conflict of interest is identified, this must be evaluated by the Compliance
Department and disclosed to the Chief Executive Officer (“CEO”) of the Manager for the next course of action.
Conflict of interest situations involving the CEO will be disclosed to the Board of Directors of the Manager for a
decision on the next course of action. Directors or staff who are in advisory positions such as portfolio managers or
staff who have access to information on transactions are not allowed to engage in dealings on their own account.
Investment Committee members who hold substantial shareholdings or directorships in public companies shall refrain
from any decision making if the Fund invest in the particular share or stocks of such companies.
Details of AMB’s Directors’ Direct and Indirect Interest in Other Corporations Carrying on
a Similar Business
As at the LPD, AMB’s Directors’ do not have any direct or indirect interest in other corporations carrying on a similar
business save for Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid and Tan Sri Hamad Kama Piah bin Che Othman who
each hold one (1) subscriber share in PHNB and ASNB respectively but have no beneficial interest in the same.
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Details of AMB’s Substantial Shareholders’ Direct and Indirect Interest in Other
Corporations Carrying on a Similar Business
As at the LPD, ASNB, the holding company of AMB does not have any direct or indirect interest in other corporations
carrying on a similar business.
Declaration of Conflict of Interest
PNB and funds managed by PNB have collectively over 50.00% shareholdings in Maybank. Maybank has extended
facilities to AMB and has also been appointed as the Distributor, both of which are in the ordinary course of business.
In addition, AMB has agreed-in-principle to appoint Etiqa Takaful Berhad, effectively a 70% subsidiary of Maybank, to
provide insurance coverage on group personal accident takaful for Unit Holders. Aseambankers, which is a wholly
owned subsidiary of Maybank, had on August 14, 2008 disclosed to the Manager that Aseambankers has also
agreed to provide consultancy services to DBMB. Aseambankers had declared the consultancy services to be in the
ordinary course of business and has entered an agreement with DBMB dated July 2, 2008 under which
Aseambankers is entitled to a fee from DBMB for consultancy services for referral of clients including PNB SIF.
As HSBC (Malaysia) Trustee Berhad is Trustee and service provider for the Fund, there may be proposed related
party transactions involving or in connection with the Fund in the following events:
(1)
(2)
(3)
(4)
where the Fund invests in instrument(s) offered by the HSBC Group (e.g. placement of monies,
structured products, etc);
where the Fund is being distributed by the HSBC Group as IUTA;
where the assets of the Fund are being custodised by the HSBC Group both as sub-custodian and
global custodian of the Fund (i.e. Trustee’s delegate); and
where the Fund obtains financing as permitted under the Guidelines, from the HSBC Group.
HSBC has in place policies and procedures to deal with any conflict of interest situation. HSBC will not make
improper use of its position as the owner of the fund's assets to gain, directly or indirectly, any advantage or cause
detriment to the interests of Unit Holders. Any related party transaction is to be made on terms which are best
available to the Fund and which are not less favourable to the Fund than an arms-length transaction between
independent parties.
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MASTER PROSPECTUS 2008/2009
17 Tax Advisor’s Letter
TAXATION ADVISOR’S LETTER ON
TAXATION OF THE TRUSTS AND UNIT HOLDERS
(Prepared for inclusion in this Prospectus)
3 Sept 2008
PricewaterhouseCoopers Taxation Services Sdn Bhd
Level 10, 1 Sentral, Jalan Travers
Kuala Lumpur Sentral
P.O.Box 10192
50706 Kuala Lumpur
The Board of Directors
AMB Mutual Berhad
34th Floor, Menara PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
AMB UNIT TRUST FUND
AMB INCOME TRUST FUND
AMB BALANCED TRUST FUND
TAXATION OF THE TRUSTS OFFERED UNDER THE MASTER PROSPECTUS AND UNITHOLDERS
Dear Sirs,
This letter has been prepared for inclusion in the Master Prospectus to be dated 17 September 2008 to 16
September 2009 in connection with the offer of units in the abovementioned trust funds (“the Trusts”).
The taxation of income for both the Trusts and the Unitholders are subject to the provisions of the Malaysian Income
Tax Act, 1967 (“the Act”). The applicable provisions are contained in Section 61 of the Act, which deals specifically
with the taxation of Trust bodies in Malaysia.
TAXATION OF THE TRUSTS
The Trusts will be regarded as resident for Malaysian tax purposes since the Trustees of the Trusts are resident in
Malaysia.
The income of the Trusts consisting of dividends, interest (other than interest which is exempt from tax) and other
investment income derived from or accruing in Malaysia, after deducting tax allowable expenses, is liable to
1
Malaysian income tax at the rate of 26 per cent.
Gains on disposal of investments by the Trusts will not be subject to income tax.
_________________________________
1
The corporate tax rate will be reduced to 25 percent from year of assessment 2009 onwards.
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Tax Credit
With effect from 1 January 2008, Malaysia will introduce the one tier system where dividends paid by companies
would not be taxable. However, during the transitional period from 1 January 2008 to 31 December 2013, companies
may elect to still be under the imputation system where dividends paid are taxed at source and tax credits available to
recipients. Dividends received from companies that are under the one-tier system would be exempted from tax and
the expenses incurred on such dividends would be disregarded. There will no longer be any tax refunds available for
one tier dividends received.
Dividends received by the Trusts from companies which have not adopted the single tier system, would have suffered
tax deduction at source at 261 per cent, unless specific exemptions apply e.g. pioneer dividends. No further tax will be
payable by the Trusts on the dividends. However, such tax or part thereof will be refundable to the Trusts if the total
tax so deducted at source exceeds the tax liability of the Trusts. Resident companies with paid-up capital of RM2.5
million and below will pay tax at 20 per cent for the first RM500,000 chargeable income with the balance taxed at 261
per cent. However, dividends from such companies would still have tax credits attached of 261 per cent such that
there will not be additional tax payable by the Trusts on such dividends.
Exempt Income
The Trusts may receive Malaysian dividends which are tax exempt. The exempt dividends may be received from
investments in companies which had previously enjoyed or are currently enjoying the various tax incentives provided
under the law. The Trusts will not be taxable on such exempt income.
With effect from 1 January 2008 dividends received from companies under the one tier system would also be
exempted.
Interest income or discount income derived from the following investments are exempt from tax:
(a)
(b)
(c)
Securities or bonds issued or guaranteed by the Government;
Debentures, other than convertible loan stocks, approved by the Securities Commission; and
Bon Simpanan Malaysia issued by Bank Negara Malaysia.
Interest income derived from the following investments are exempt from tax:
(a)
(b)
Interest paid or credited by any bank or financial institution licensed under the Banking and Financial
Institutions Act 1989 or the Islamic Banking Act 1983; and
Bonds, other than convertible loan stocks, paid or credited by any company listed on Malaysia
Exchange of Securities Dealing and Automated Quotation Berhad.
The interest income or discount exempted from tax at the Trusts level will also be exempted from tax upon
distribution to the Unitholders.
Tax Allowable Expenses
Expenses wholly and exclusively incurred in the production of gross income are allowable as deductions under
Section 33(1) of the Act. In addition, Section 63B of the Act provides for tax deduction in respect of managers’
remuneration, expenses on maintenance of the register of Unitholders, share registration expenses, secretarial, audit
and accounting fees, telephone charges, printing and stationery costs and postages based on a formula subject to a
minimum of 10 per cent and a maximum of 25 per cent of the expenses.
Real Property Gains Tax
Gains on disposal of investments by the Trusts will not be subject to income tax but where the investments represent
shares in real property companies, such gains will be subject to real property gains tax (“RPGT”). A real property
company is a controlled company which owns or acquires real property or shares in real property companies with a
market value of not less than 75 per cent of its total tangible assets. A controlled company is a company which does
not have more than 50 members and is controlled by not more than 5 persons.
In any case, pursuant to RPGT (Exemption) (No. 2) Order 2007, any disposal of chargeable assets after 31
March 2007 will be exempted from RPGT.
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TAXATION OF UNITHOLDERS
Unitholders will be taxed on an amount equivalent to their share of the total taxable income of the Trusts to the extent
of the distributions received from the Trusts. The income distribution from the Trusts will carry a tax credit in respect
of the tax paid by the Trusts. Unitholders will be entitled to utilise the tax credit against the tax payable on the income
distribution received by them. No additional withholding tax will be imposed on the income distribution from the
Trusts.
2
1
Corporate Unitholders, resident and non-resident, will generally be liable to income tax at 26 per cent on distribution
of income received from the Trusts. The tax credits attributable to the distribution of income can be utilised against
the tax liabilities of these Unitholders.
Individuals and other non-corporate Unitholders who are tax resident in Malaysia will be subject to income tax at
graduated rates ranging from 1 percent to 283 per cent. Individuals and other non-corporate Unitholders who are not
resident in Malaysia will be subject to income tax at 283 per cent. The tax credits attributable to the distribution of
income will be utilised against the tax liabilities of these Unitholders.
Non-resident Unitholders may also be subject to tax in their respective jurisdictions and depending on the provisions
of the relevant tax legislation and any double tax treaty with Malaysia, the Malaysian tax suffered may be creditable in
the foreign tax jurisdictions.
The distribution of exempt income and gains arising from the disposal of investments by the Trusts will be exempted
from tax in the hands of the Unitholders.
Any gains realised by Unitholders (other than those in the business of dealing in securities, insurance companies or
financial institutions) on the sale or redemption of the units are treated as capital gains and will not be subject to
income tax. This tax treatment will include gains in the form of cash or residual distribution in the event of the winding
up of the Trusts.
Unitholders electing to receive their income distribution by way of investment in the form of new units will be regarded
as having purchased the new units out of their income distribution after tax.
Unit splits issued by the Trusts are not taxable in the hands of Unitholders.
We hereby confirm that the statements made in this report correctly reflect our understanding of the tax position
under current Malaysian tax legislation. Our comments above are general in nature and cover taxation in the context
of Malaysian tax legislation only and do not cover foreign tax legislation. The comments do not represent specific tax
advice to any investors and we recommend that investors obtain independent advice on the tax issues associated
with their investments in the Trusts.
Yours faithfully,
for and on behalf of
PRICEWATERHOUSECOOPERS TAXATION SERVICES SDN BHD
Jennifer Chang
Senior Executive Director
PricewaterhouseCoopers Taxation Services Sdn Bhd have given their written consent to the inclusion of their report
as Taxation Adviser in the form and context in which it appears in this Master Prospectus and have not withdrawn
such consent prior to the delivery of a copy of this Master Prospectus for approval.
_________________________________
2
Resident companies with paid up capital in respect of ordinary shares of RM2.5 million and below will pay tax at 20 per cent for the
first RM500,000 of chargeable income with the balance taxed at 26 per cent. The corporate rate will be reduced to 25 per cent with
effect from year of assessment 2009 onwards.
3
The highest marginal tax rate for individual and personal tax rate for non-residents will be reduced to 27 per cent from year of
assessment 2009 onwards as proposed in the 2009 Budget.
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4 September 2008
Ernst & Young Tax Consultants Sdn Bhd
Level 23A, Menara Milenium
Pusat Bandar Damansara
50490 Kuala Lumpur
The Board of Directors
Amanah Mutual Berhad
4th Floor, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Dear Sirs
Taxation of the unit trust and unit holders
This letter has been prepared for inclusion in this Prospectus to be dated 17 September 2008 in connection
with the offer of units in the unit trusts listed below (hereinafter referred to as “the Funds”).
1.
2.
3.
4.
5.
6.
7.
8.
9.
AMB Index-Linked Trust Fund
AMB Ethical Trust Fund
AMB Value Trust Fund
AMB Enhanced Bond Trust Fund
AMB Smallcap Trust Fund
AMB Lifestyle Trust Fund Today
AMB Lifestyle Trust Fund 2009
AMB Lifestyle Trust Fund 2014
AMB Dividend Trust Fund
The purpose of this letter is to provide prospective unit holders with an overview of the impact of taxation on the
Funds and the unit holders.
Taxation of the funds
The taxation of the Funds is subject to the provisions of the Malaysian Income Tax Act, 1967 (“MITA”), particularly
Sections 61 and 63B.
Subject to certain exemptions, the income of the Funds comprising dividends, interest and other investment income
derived from or accruing in Malaysia after deducting tax allowable expenses, is subject to Malaysian income tax,
which is currently imposed at the rate of 26%1.
Tax allowable expenses would comprise expenses falling under Section 33(1) and Section 63B of the MITA. Section
33(1) permits a deduction for expenses that are wholly and exclusively incurred in the production of gross income. In
addition, Section 63B allows unit trusts a deduction for a portion of other expenses (referred to as ‘permitted
expenses’) not directly related to the production of income, as explained below.
1
Effective from Year of Assessment 2009, this rate will be reduced to 25%.
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‘Permitted expenses’ refer to the following expenses incurred by the Funds which are not deductible under
Section 33(1) of the MITA:




the manager's remuneration,
maintenance of the register of unit holders,
share registration expenses,
secretarial, audit and accounting fees, telephone charges, printing and stationery costs and postage.
These expenses are given a partial deduction under Section 63B of the MITA, based on the following
formula:
A x
where
B__
4C
A
is the total of the permitted expenses incurred for that basis period;
B
is gross income consisting of dividend, interest and rent chargeable to tax for that basis period; and
C
is the aggregate of the gross income consisting of dividend (whether exempt or not), interest and
rent, and gains made from the realisation of investments (whether chargeable to tax or not) for that
basis period,
provided that the amount of deduction to be made shall not be less than 10% of the total permitted expenses
incurred for that basis period.
Exempt income
The following income of the Funds is exempt from income tax:

Dividends
Tax exempt dividends received from investments in companies which had previously enjoyed or are currently
enjoying certain tax incentives provided under the relevant legislation.
Effective from Year of Assessment 2008 paragraph 12, Schedule 6 of MITA states that exempt dividend
includes any dividend paid, credited or distributed to any person where the company paying such dividend is
not entitled to deduct tax under Section 108 of the Income Tax Act.


Interest
(i)
interest from securities or bonds issued or guaranteed by the Government of Malaysia;
(ii)
interest from debentures (other than convertible loan stock) approved by the Securities Commission;
(iii)
interest from Bon Simpanan Malaysia issued by Bank Negara Malaysia;
(iv)
interest derived from Malaysia and paid or credited by banks or financial institutions licensed under
the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983;
(v)
interest received from bonds or securities issued by Pengurusan Danaharta Nasional Berhad; and
(vi)
interest derived from bonds (other than convertible loan stock) paid or credited by any company listed
on the Malaysian Exchange of Securities Dealing and Automated Quotation Berhad (MESDAQ).
Discount
With effect from the year of assessment 2006, tax exemption will be given on discount paid or credited to any
unit trust in respect of investments as specified in items (i), (ii) and (iii) above.
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Foreign income
Dividends, interest and other income derived from sources outside Malaysia and received in Malaysia by a resident
unit trust is exempt from Malaysian income tax. However, such income may be subject to tax in the country from
which it is derived.
Gains from the realisation of investments
Pursuant to Section 61(1) (b) of the MITA, gains from the realisation of investments will not be treated as income of
the Fund and hence, are not subject to income tax. Such gains may be subject to real property gains tax ("RPGT")
under the Real Property Gains Tax Act, 1976 (“RPGT Act”), if the gains are derived from the sale of chargeable
assets, as defined in the RPGT Act. However, any disposal of chargeable assets after 31 March 2007 will be
exempted from the provisions of the RPGT Act by virtue of the Real Property Gains Tax (Exemption) (No.2) Order
2007.
Tax credit
Tax deducted at source from Malaysian dividends received by the Funds will be available for set-off either wholly or
partly against the tax liability of the Funds. Should the tax deducted at source exceed the tax liability of the Fund, the
excess is refundable to the Fund2.
Taxation of unit holders
For Malaysian income tax purposes, unit holders will be taxed on their share of the distributions received from the
Funds.
The income of unit holders from their investment in the Funds broadly falls under the following categories:
1.
taxable distributions; and
2.
non-taxable and exempt distributions.
In addition, unit holders may also realise a gain from the sale of units.
The tax implications of each of the above categories are explained below:
1.
Taxable distributions
Distributions received from the Funds will have to be grossed up to take into account the underlying
tax paid by the Funds and the unit holder will be taxed on the grossed up amount.
Such distributions carry a tax credit, which will be available for set-off against any Malaysian income
tax payable by the unit holder. Should the tax deducted at source exceed the tax liability of the unit
holder, the excess is refundable to the unit holder.
Distributions received by a non-resident unit holder from income which has been taxed at source at
3
26% , will not be subject to any further income tax in Malaysia.
Please refer to the paragraph below for the income tax rates applicable to the grossed up
distributions.
2
Pursuant to Section 51 of the Finance Act 2007, a person is not entitled for a set-off if the shares are held for less than 90 days or
the dividend is not derived from ordinary shares. This prohibition is not applicable for shares in a company listed on the Bursa
Malaysia. It is proposed in the 2009 Budget that a person is not entitled for a set off under section 51 of the Finance Act 2007 if the
dividend paid to that person is not paid in cash. The proposal has not been gazetted yet.
3
Effective from Year of Assessment 2009, this rate will be reduced to 25%.
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2.
Non-taxable and exempt distributions
Tax exempt distributions made out of gains from the realisation of investments and other exempt income
earned by the Funds will not be subject to Malaysian income tax in the hands of the unit holders.
Rates of tax
The Malaysian income tax chargeable on the unit holders depends on their tax residence status and
whether they are individuals, corporations or trust bodies. The income tax rates charged are as
follows:
Unit holders
Malaysian income tax rates
Malaysian tax resident:

Individual and non-corporate unit holders (such
as co-operatives, associations and societies)

Trust bodies

Corporate unit holders
(i)
A company (small medium enterprise)
with paid up capital in respect of
ordinary shares of not more than RM2.5
million (at the beginning of the basis
6
period for the year of assessment)
(ii)
Companies other than (i) above

Progressive tax rates ranging from 0% to
4
28%

26%5

For every first RM500,000 of chargeable
income @ 20%
Chargeable income in excess of
RM500,000 @ 26%5


26%5
Non-Malaysian tax resident (Note):

Individual and non-corporate unit holders

28%7

Corporate unit holders and trust bodies

26%5
4
It is proposed in the 2009 Budget that the top rate of 28% is reduced to 27% with effect year of assessment 2009. The proposal
has not been gazetted yet.
5
Effective from Year of Assessment 2009, this rate will be reduced to 25%.
6
It is proposed in the 2009 Budget that for Year of Assessment 2009 that a small and medium enterprise will not qualify for the
preference rate of 20% if :
a) 50% of the paid up capital in respect of ordinary shares of the company is directly or indirectly owned by a related
company;
b) 50% of the paid up capital in respect of ordinary shares of the related company is directly or indirectly owned by the first
mentioned company; or
c)
50% of the paid up capital in respect of ordinary shares of the first mentioned company and related company is directly or
indirectly owned by another company
‘Related company’ means a company which has a paid up capital in respect of ordinary shares of more than RM2.5 million at the
beginning of the basis period for a year of assessment. The proposal has not been gazetted yet.
7
It is proposed in the 2009 Budget that the rate to be reduced to 27% with effect year of assessment 2009. The proposal has not
been gazetted yet.
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Note:
Non-resident unit holders may be subject to tax in their respective countries depending on the provisions of the tax
legislation in the respective countries and any existing double taxation arrangements with Malaysia.
Gains from sale of units
Gains arising from the realisation of investments will not be subject to income tax in the hands of unit holders unless
they are insurance companies, financial institutions or traders/ dealers in securities.
Unit splits and reinvestment of distributions
Unit holders may also receive new units as a result of unit splits or may choose to reinvest their distributions. The
income tax implications of these are as follows:

Unit splits – new units issued by the Funds pursuant to a unit split will not be subject to income tax in the
hands of the unit holders.

Reinvestment of distributions – unit holders may choose to reinvest their income distribution in new units by
informing the Manager. In this event, the unit holder will be deemed to have received the distribution and
reinvested it with the Fund.
**********************************************
We hereby confirm that, as at the date of this letter, the statements made in this report correctly reflect our
understanding of the tax position under current Malaysian tax legislation and the related interpretation and practice
thereof, all of which are subject to change, possibly on a retrospective basis. We have not been retained (unless
specifically instructed hereafter), nor are we obligated to monitor or update the statements for future conditions that
may affect these statements.
The statements made in this letter are not intended to be a complete analysis of the tax consequences relating to an
investor in the Funds. As the particular circumstances of each investor may differ, we recommend that investors
obtain independent advice on the tax issues associated with an investment in the Funds.
Yours faithfully
Ernst & Young Tax Consultants Sdn Bhd
Noor Rida Hamzah
Executive Director
Ernst & Young Tax Consultants Sdn. Bhd. has given its consent to the inclusion of the Taxation Adviser’s Letter in the
form and context in which it appears in this Prospectus and has not withdrawn such consent prior to the delivery of a
copy of this Prospectus for approval.
AMB Client Services : 03-2034 0800
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MASTER PROSPECTUS 2008/2009
4 September 2008
Ernst & Young Tax Consultants Sdn Bhd
Level 23A, Menara Milenium
Pusat Bandar Damansara
50490 Kuala Lumpur
The Board of Directors
Amanah Mutual Berhad
4th Floor, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Dear Sirs
Taxation of the unit trust and unit holders
This letter has been prepared for inclusion in this Prospectus to be dated 17 September 2008 in connection
with the offer of units in the unit trust known as PNB Structured Investment Fund (hereinafter referred to
as “the Fund”).
The purpose of this letter is to provide prospective unit holders with an overview of the impact of taxation on the Fund
and the unit holders.
Taxation of the Fund
The Fund has been granted income tax exemption pursuant to Section 127(3A) of the Malaysian Income Tax Act,
1967 (“MITA”).
Withholding tax exemption
The Fund has been granted withholding tax exemption pursuant to Section 127(3A) of the MITA in respect of
distributions made by PNB Real Estate Investment Trust Fund.
Tax credit
Tax deducted at source from Malaysian dividends received by the Fund will be available for set-off either wholly or
partly against the tax liability of the Fund. Should the tax deducted at source exceed the tax liability of the Fund, the
excess is refundable to the Fund1.
Taxation of unit holders
For Malaysian income tax purposes, unit holders will be taxed on their share of the distributions received from the
Fund.
The income of unit holders from their investment in the Fund broadly falls under the following categories:
1.
taxable distributions; and
2.
non-taxable and exempt distributions.
_________________________________
1
Pursuant to Section 51 of the Finance Act 2007, a person is not entitled for a set-off if the shares are held for less than 90 days or
the dividend is not derived from ordinary shares. This prohibition is not applicable for shares in a company listed on the Bursa
Malaysia.
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MASTER PROSPECTUS 2008/2009
In addition, unit holders may also realise a gain from the sale of units.
The tax implications of each of the above categories are explained below:
1.
Taxable distributions
Distributions received from the Fund will have to be grossed up to take into account the underlying
tax paid by the Fund and the unit holder will be taxed on the grossed up amount.
Such distributions carry a tax credit, which will be available for set-off against any Malaysian income
tax payable by the unit holder. Should the tax deducted at source exceed the tax liability of the unit
holder, the excess is refundable to the unit holder.
Distributions received by a non-resident unit holder from income which has been taxed at source at
26%8, will not be subject to any further income tax in Malaysia.
Please refer to the paragraph below for the income tax rates applicable to the grossed up
distributions.
2.
Non-taxable and exempt distributions
Tax exempt distributions made out of gains from the realisation of investments and other exempt income
earned by the Fund will not be subject to Malaysian income tax in the hands of the unit holders.
Rates of tax
The Malaysian income tax chargeable on the unit holders depends on their tax residence status and
whether they are individuals, corporations or trust bodies. The income tax rates charged are as follows:
Unit holders
Malaysian income tax rates
Malaysian tax resident:

Individual and non-corporate unit holders (such
as co-operatives, associations and societies)

Progressive tax rates ranging from 0% to
28%3

Trust bodies

26%

Corporate unit holders

For every first RM500,000 of chargeable
income @ 20%5
Chargeable income in excess of
4
RM500,000 @ 26%
(i)
A company with paid up capital in respect
of ordinary shares of not more than RM2.5
million (at the beginning of the basis
period for the year of assessment)
(ii) Companies other than (i) above.


4
26%4
3
It is proposed in the 2009 Budget that a person is not entitled for a set-off under Section 51 of the Finance Act 2007 if the dividend
paid to that person is not paid in cash. The proposal has not been gazetted yet.
4
Effective from Year of Assessment 2009, this rate will be reduced to 25%.
5
It is proposed in the 2009 Budget that effective from the year of assessment 2009, a small medium enterprise will not qualify for
the preferential rate if more than –
(a) 50% of the paid up capital in respect of ordinary shares of the company is directly or indirectly owned by a related company;
(b) 50% of the paid up capital in respect of ordinary shares of the related company is directly or indirectly owned by the first
mentioned company; or
(c) 50% of the paid up capital in respect of ordinary shares of the first mentioned company and the related company is directly or
indirectly owned by another company.
6
It is proposed in the 2009 Budget that the rate of 28% be reduced to 27% with effect from the Year of Assessment 2009. The
Proposal has not been gazetted yet.
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Unit holders
Malaysian income tax rates
Non-Malaysian tax resident (Note):
6

Individual and non-corporate unit holders

28%

Corporate unit holders and trust bodies

26%4
Note:
Non-resident unit holders may be subject to tax in their respective countries depending on the provisions of the tax
legislation in the respective countries and any existing double taxation arrangements with Malaysia.
Gains from sale of units
Gains arising from the realisation of investments will not be subject to income tax in the hands of unit holders unless
they are insurance companies, financial institutions or traders/ dealers in securities.
Unit splits and reinvestment of distributions
Unit holders may also receive new units as a result of unit splits or may choose to reinvest their distributions. The
income tax implications of these are as follows:

Unit splits – new units issued by the Fund pursuant to a unit split will not be subject to income tax in the hands of
the unit holders.

Reinvestment of distributions – unit holders may choose to reinvest their income distribution in new units by
informing the Manager. In this event, the unit holder will be deemed to have received the distribution and
reinvested it with the Fund.
**********************************************
We hereby confirm that, as at the date of this letter, the statements made in this report correctly reflect our
understanding of the tax position under current Malaysian tax legislation and the related interpretation and practice
thereof, all of which are subject to change, possibly on a retrospective basis. We have not been retained (unless
specifically instructed hereafter), nor are we obligated to monitor or update the statements for future conditions that
may affect these statements.
The statements made in this letter are not intended to be a complete analysis of the tax consequences relating to an
investor in the Fund. As the particular circumstances of each investor may differ, we recommend that investors
obtain independent advice on the tax issues associated with an investment in the Fund.
Yours faithfully
Ernst & Young Tax Consultants Sdn Bhd
Noor Rida Hamzah
Executive Director
Ernst & Young Tax Consultants Sdn. Bhd. has given its consent to the inclusion of the Taxation Adviser’s Letter in the
form and context in which it appears in this Prospectus and has not withdrawn such consent prior to the delivery of a
copy of this Prospectus for approval.
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18 Consents
The consents of the Trustees and its delegates, the Principal Banker, the Solicitors, the External Investment
Managers, DBMB, PHNB, FMUTM, the Reporting Accountant and Auditor and the Tax Advisors for the inclusion of
their names in the form and context in which such names appear in this Master Prospectus have been given before
the issue of this Master Prospectus and have not been subsequently withdrawn.
Ernst & Young Tax Consultants Sdn Bhd and PricewaterhouseCoopers Taxation Services Sdn Bhd have given their
written consents to the inclusion of their report as Taxation Advisors in the form and context in which they appear in
this Master Prospectus and have not withdrawn such consents prior to the lodgement of a copy of this Master
Prospectus for registration.
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19 Documents Available for Inspection
For a period of not less than 12 months from the date of issuance of this Master Prospectus, the following documents
or copies thereof, where applicable, may be inspected, at the principal office of the Manager and the Trustee, without
charge: (i)
The Deeds;
(ii)
Each material contract or document referred to in the Master Prospectus;
(iii)
The latest annual and interim reports of the Funds;
(iv)
All reports, letters or other documents, valuations and statements by any expert, any part of which is
extracted or referred to in the Master Prospectus;
(v)
The audited financial statements of the Manager and the Funds for the current financial year (where
applicable);
(vi)
The audited financial statements of the Manager and the Funds for the last 3 financial years or from the date
of incorporation/commencement, if less than 3 years, preceding the date of Master Prospectus; and
(vii)
All consents given by experts or persons whose statements appear in the Master Prospectus.
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20 Directors’ Declaration
This Master Prospectus has been seen and approved by the Directors of Amanah Mutual Berhad, and they
collectively and individually accept full responsibility for the accuracy of all information contained herein and confirm,
having made all enquiries which are reasonable in the circumstances, that to the best of their knowledge and belief,
there are no other facts or omission of which would make any statement herein misleading.
SIGNED FOR AND ON BEHALF OF
AMANAH MUTUAL BERHAD
…………………………………............
Tun Dato’ Seri Ahmad Sarji bin Abdul Hamid
Chairman (Non-executive/Non-independent director)
…………………………………………………………
Tan Sri Dato’ Hamad Kama Piah bin Che Othman
Director (Non-executive/Non-independent director)
………………………………………………….……………
Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin
Director (Non-executive/Independent director)
……………………………………...
Tan Sri Dato’ Md. Desa bin Pachi
Director (Non-executive/Independent director)
………………………..
Encik Idris bin Kechot
Director (Non-executive/Non-independent director)
AMB Client Services : 03-2034 0800
174
MASTER PROSPECTUS 2008/2009
21 List of Offices
Registered Office:
4th Floor, Menara PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Telephone
: 03-2050 5100
Facsimile
: 03-2163 3477
Principal Office:
34th Floor, Menara PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Telephone
: 03-2034 0800
Facsímile
: 03-2162 5958/2163 3212
Email
: ambcare@pnb.com.my
Website : www.ambmutual.com.my
AMB Client Services : 03-2034 0800
Institutional Unit Trust Agents (IUTA):
Malayan Banking Berhad
Maybank Group Call Centre : 1-300-88-6688
AMB Client Services : 03-2034 0800
175
MASTER PROSPECTUS 2008/2009
22 Maybank Distribution Branch
FEDERAL TERRITORY
ALAM DAMAI SSC
NO 15,
JALAN DP5/1B,
BANDAR DAMAI PERDANA,
56000 KUALA LUMPUR
TEL:03-9100 2560/9100 1802
FAX:03-9100 4624
AMPANG PARK SSC
LOT 1.01 AMPANG PARK
SHOPPING,
JALAN AMPANG,
50450 KUALA LUMPUR
TEL:03-2161 1040
FAX:03-2161 9294
BANDAR SRI PERMAISURI SSC
NO 59, GRD, 1ST & 2ST FLR,
JALAN SRI PERMAISURI 8
BANDAR SRI PERMAISURI
56000 KUALA LUMPUR
TEL:03-9172 7612/9172 7613
FAX:03-9172 7610
BANGSAR BARU SSC
66, 68 & 70,
JALAN MAAROF,
BANGSAR BARU,
59100 KUALA LUMPUR
TEL:03-2282 3127
FAX:03-2282 3132
BATU CANTONMENT SSC
NO 803-817,BANGUNAN LIM
BATU 4 1/2,
JALAN IPOH
50100 KUALA LUMPUR
TEL:03-6252 4284/6252 4287
FAX:03-6258 8553
BUKIT BINTANG SSC
G FLOOR, BANGUNAN
YAYASAN,
JALAN BUKIT BINTANG,
55100 KUALA LUMPUR
TEL:03-2142 8268/2148 9270
FAX:03-2142 9525
BUKIT DAMANSARA SSC
GRD FLR, BLK C, KOMPLEKS
PEJ. DAMANSARA, JALAN
SEMANTAN, BKT DAMANSARA
50490 KUALA LUMPUR
TEL:03-2095 3259/2095 3280
FAX:03-2095 0142
C.P.I TUN MOHD FUAD TTDI SSC
TKT BWH, BGN AHP,
NO. 2, JLN TUN MOHD FUAD 3
TMN TUN DR. ISMAIL
60000 KUALA LUMPUR
TEL:03-7729 4232/7729 4401
C.P.I WANGSA MAJU SSC
70, JALAN 2A/27A
SEKSYEN 1,
BANDAR WANGSA MAJU
53300 KUALA LUMPUR
TEL:03-4143 9187/4143 9200
FAX:03-4142 2346
DATARAN MAYBANK SSC
LEVEL 1, TOWER A,
NO 1 JALAN MAAROF
DATARAN MAYBANK
59000 KUALA LUMPUR
TEL:03-2284 4358/2282 1621
FAX:03-2282 2253
DESA PANDAN SSC
7 & 9,
JALAN 3/76D
DESA PANDAN
55100 KUALA LUMPUR
TEL:03-9281 3598/9200 3725
FAX:03-9281 3650
DESA SERI HARTAMAS SSC
NO. 21 & 23,
JALAN 23/70A
DESA SERI HARTAMAS
50680 KUALA LUMPUR
TEL:03-6203 5600/6203 5604
FAX:03-6203 2459
JALAN BUNUS SSC
105,
JALAN BUNUS
OFF JALAN MASJID INDIA
50100 KUALA LUMPUR
TEL:03-2691 1568/2697 4607
FAX:03-2691 1768
JALAN GOMBAK SSC
LOT 3799,
PASAR MODEN
BATU 5, JALAN GOMBAK
53000 KUALA LUMPUR
TEL:03-4022 2130/4022 2180
FAX:03-4022 1400
JALAN IPOH SSC
LOT AG 1, 2, 9, & 10,
GRD FLR, PLAZA PEKELILING,
NO. 2, JALAN TUN RAZAK
50500 KUALA LUMPUR
TEL:03-4044 6411/4044 7411
FAX:03-4041 5161
JALAN KENANGA SSC
42-44,
JALAN MERLIMAU
OFF JALAN KENANGA
55200 KUALA LUMPUR
TEL:03-9222 6431/9222 6430
FAX:03-9223 3195
JALAN KLANG LAMA SSC
NO 1 & 3
JALAN DESA
TAMAN DESA
58100 KUALA LUMPUR
TEL:03-7980 2630/7983 1020
FAX:03-7981 3512
JALAN KUCHAI LAMA SSC
NO 1 & 3,
JALAN KUCHAI MAJU 1,
OFF JALAN KUCHAI LAMA
58200 KUALA LUMPUR
TEL:03-7983 0023
FAX:03-7980 0241
JALAN MAKTAB SSC
GROUND FLOOR,
WISMA FELDA,
JALAN PERUMAHAN GURNEY
54000 KUALA LUMPUR
TEL:03-2698 0357/2698 0349
FAX:03-2693 0552
JALAN P.RAMLEE SSC
GROUND FLOOR,
MUI PLAZA
JALAN P. RAMLEE
50250 KUALA LUMPUR
TEL:03-2143 0329/2143 0325
FAX:03-2143 0319
JALAN PUDU SSC
418-24, JALAN PUDU
P.O BOX 6226
PUDU POST OFFICE
55100 KUALA LUMPUR
TEL:03-2142 3555/2142 3575
FAX:03-2142 1673
JALAN RAJA LAUT SSC
G-FLOOR (UTARA),
WISMA PKNS,
JALAN RAJA LAUT TAMBAHAN
50350 KUALA LUMPUR
TEL:03-2698 8853/2692 8315
FAX:03-2691 7181
JALAN RAJA MUDA SSC
GROUND FLOOR,
WISMA AWAL
171, JALAN RAJA MUDA
50300 KUALA LUMPUR
TEL:03-2691 7409/2698 9376
FAX:03-2698 1615
JALAN SULTAN ISMAIL SSC
LEVEL 1&2,
MENARA IMC
8, JALAN SULTAN ISMAIL
50250 KUALA LUMPUR
TEL:03-2032 3366/2031 0722
FAX:03-2032 3808
JALAN TUN H.S.LEE SSC
92,
JALAN TUN H.S LEE
50000 KUALA LUMPUR
TEL:03-2031 3639/2078 7931
FAX:03-2072 6798
FAX:03-2032 3808
JINJANG SSC
21, 23, 25 & 27,
JALAN 2/32, OFF 6 1/2
MILE, JALAN KEPONG
52000 KUALA LUMPUR
TEL:03-6257 1188/6250 1458
FAX:03-6251 1089
KEPONG PRIMA SSC
NO. 10 & 12, PUSAT NIAGA
METRO PRIMA,
JALAN PRIMA 5
METRO PRIMA, KEPONG
52100 KUALA LUMPUR
TEL:03-6258 7100/6258 5521
FAX:03-6258 5177
KL MAIN SSC
1st FLOOR,
MENARA MAYBANK,
100, JALAN TUN PERAK
50050 KUALA LUMPUR
TEL:03-2074 8568/2074 7143
FAX:03-2078 9761
AMB Client Services : 03-2034 0800
176
MASTER PROSPECTUS 2008/2009
KL SENTRAL SSC
LOT 7, 8, 9, DEPARTURE HALL,
TKT 1, KL CITY AIR TERMINAL
(KLCAT), KL SENTRAL
50470 KUALA LUMPUR
TEL:03-2272 3703
FAX:03-2272 3620
KLCC SSC
CONCOURSE LEVEL,
PETRONAS TWIN TOWERS,
KL CITY CENTRE,
50088 KUALA LUMPUR
TEL:03-2026 7217/2026 8569
FAX:03-2026 9329
KOMPLEKS BANDAR SSC
103 - 107, JALAN MEGA
MENDONG, BANDAR PARK,
JALAN KELANG LAMA,
58000 KUALA LUMPUR
TEL:03-7982 3211/7982 8297
FAX:03-7981 6496
KOMPLEKS DAYABUMI SSC
LOT F1/26, & 27, CITY POINT
DAYABUMI KOMPLEKS,
JLN SULTAN HISHAMMUDDIN,
50500 KUALA LUMPUR
TEL:03-2274 7469
FAX:03-2273 6082
KOMPLEKS PERNAS SOGO SSC
LEVEL 2 UNIT 49,
KOMPLEKS PERNAS - SOGO,
190 JALAN ABDUL RAHMAN,
50100 KUALA LUMPUR
TEL:03-2694 1300/2694 1164
FAX:03-2694 1301
MEDAN TUANKU SSC
NO. 1, 3 ,5,
7 DAN 9
MEDAN TUANKU SATU
50300 KUALA LUMPUR
TEL:03-2694 8576/2694 7814
FAX:03-2692 1917
MENARA PERKESO SSC
TINGKAT BAWAH (KANAN),
MENARA PERKESO
NO. 281, JALAN AMPANG
50538 KUALA LUMPUR
TEL:03-4253 3771/4251 5330
FAX:03-4251 5361
MENARA PGRM SSC
LOT 1.04,
MENARA PGRM NO 8,
8, JALAN PUDU ULU, CHERAS
56100 KUALA LUMPUR
TEL:03-9284 0277/9284 2682
FAX:03-9284 2563
MENARA PROMENADE SSC
GROUND FLOOR,
MENARA PROMENADE
NO 189 JALAN TUN RAZAK
50450 KUALA LUMPUR
TEL:03-2166 3388/2780 7801
FAX:03-2166 3355
MID VALLEY CITY SSC
G(E)-016 GRD FLR,
MID-VALLEY MEGAMALL,
LINGKARAN SYED PUTRA
59200 KUALA LUMPUR
TEL:03-2282 0098/2282 0869
FAX:03-2282 5353
SEGAMBUT SSC
NO 27,
JALAN SEGAMBUT PUSAT,
51200 KUALA LUMPUR
TEL:03-6257 1386/6257 1380
FAX:03-6250 6750
SELAYANG SSC
175, JALAN 2/3A,
BANDAR UTARA SELAYANG
OFF KM 12,JALAN IPOH,
68100 KUALA LUMPUR
TEL:03-6138 8893/6138 8892
FAX:03-6138 7067
SENTUL RAYA SSC
12 & 14 JALAN 14/48A,
THE BOULEVARD SHOP
OFFICE,
OFF JALAN SENTUL
51000 KUALA LUMPUR
TEL:03-4041 7726/4041 3120
FAX:03-4041 2936
SERI PETALING SSC
NO 15&17,
JALAN RADIN ANUM,
BANDAR BARU SERI PETALING
57000 KUALA LUMPUR
TEL:03-9057 2386/9057 7411
FAX:03-9057 7054
SETAPAK SSC
LOT 14408
JALAN GENTING KELANG,
SETAPAK
53200 KUALA LUMPUR
TEL:03-4021 5237
FAX:03-4021 5750
SUNGAI BESI SSC
SUITE 163-0-14 GRD FLR,
WISMA MAH SING,
163 JALAN SUNGAI BESI
57100 KUALA LUMPUR
TEL:03-9221 1442/9221 9841
FAX:03-9221 9824
TAMAN CHERAS MAKMUR SSC
LOT 10 & 12, JLN 5/101C,
JLN KASKAS 1,
BT 6, JALAN CHERAS,
56000 KUALA LUMPUR
TEL:03-9131 5880/9132 5052
FAX:03-9133 3075
TAMAN CONNAUGHT SSC
1, JALAN MENARA GADING 1,
OFF LEBUHRAYA TIMUR
BARAT, CHERAS
56340 KUALA LUMPUR
TEL:03-9102 2486/9101 1500
FAX:03-9101 3377
TAMAN MALURI SSC
NO. 188,
JALAN MAHKOTA
TAMAN MALURI
55100 KUALA LUMPUR
TEL:03-9281 2255/9281 1666
FAX:03-9283 2555
TAMAN MIDAH SSC
102 - 6,
JALAN MIDAH SATU
TAMAN MIDAH, CHERAS
56000 KUALA LUMPUR
TEL:03-9132 7367/9131 1878
FAX:03-9130 6414
TAMAN SEGAR SSC
37, JALAN MANIS ENAM
TAMAN SEGAR,
CHERAS
56100 KUALA LUMPUR
TEL:03-9130 5322/9130 2321
FAX:03-9131 8670
TAMAN SETIAWANGSA SSC
LOT NO. 16860,
JALAN 8/55A & 13/55A
TAMAN SETIAWANGSA
54200 KUALA LUMPUR
TEL:03-4251 6722/4257 1334
FAX:03-4251 7575
TAMAN TUN DR ISMAIL SSC
2, LORONG
RAHIM KAJAI 14,
TAMAN TUN DR. ISMAIL
60000 KUALA LUMPUR
TEL:03-7727 3051/7729 3671
FAX:03-7729 2770
TUANKU ABDUL RAHMAN SSC
404 - 10,
JALAN TUANKU
ABDUL RAHMAN
55100 KUALA LUMPUR
TEL:03-2691 9413/2698 2359
FAX:03-2692 2219
WANGSA MAJU SEC. 5 SSC
NO 84, JALAN 1/27F
PUSAT BDR WANGSA MAJU
53300 KUALA LUMPUR
TEL:03-4142 0508/4142 0507
FAX:03-4142 0506
WISMA GENTING SSC
GRND & MEZZANINE FLOORS,
WISMA GENTING
JALAN SULTAN ISMAIL
50250 KUALA LUMPUR
TEL:03-2163 5051/2163 5131
FAX:03-2162 0184
WISMA HANGSAM SSC
NO 1,
JALAN HANG LEKIR
WISMA HANGSAM
50000 KUALA LUMPUR
TEL:03-2070 5033/2070 0571
FAX:03-2070 9332
WISMA SIME DARBY SSC
SUITE GI & GIM,
WISMA SIME DARBY EAST WING
JALAN RAJA LAUT
50350 KUALA LUMPUR
TEL:03-2693 7129
FAX:03-2692 5015
WISMA TAN KIM SAN SSC
NO 518A,
WISMA TAN KIM SAN
JALAN IPOH
51200 KUALA LUMPUR
TEL:03-4042 8030/4042 5828
FAX:03-4042 3112
AMB Client Services : 03-2034 0800
177
MASTER PROSPECTUS 2008/2009
SELANGOR
AMPANG POINT
NO.2&3, JLN MEMANDA 7,
BATU 41/2, JLN AMPANG,
TAMAN DATO' AHMAD RAZALI,
68000 AMPANG SEL.
TEL:03-4256 8506/4252 6613
FAX:03-4251 4333
BALAKONG SSC
15 & 16, SEKSYEN 3,
PEKAN BATU 11 CHERAS,
JALAN BALAKONG,
43200 CHERAS SEL.
TEL:03-9075 4773/9075 4775
FAX:03-9075 4776
BANDAR AMPANG SSC
20G-28G,
JLN WAWASAN 4/5,
BANDAR BARU AMPANG
68000 AMPANG SEL.
TEL:03-4270 1936/4270 1931
FAX:03-4270 1937
BANDAR BARU BANGI SSC
NO. 2,
JALAN 6C/16,
SECTION 16,
46650 BDR BARU BANGI SEL.
TEL:03-8920 1388/8925 4922
FAX:03-8925 4919
BANDAR BARU KLANG SSC
32,
LORONG TIARA 1A,
BANDAR BARU KLANG
41150 KLANG SEL.
TEL:03-3344 7842/3344 7843
FAX:03-3344 7844
BANDAR BARU SELAYANG SSC
NO 77,
JALAN 2/16
BANDAR BARU SELAYANG
68100 BATU CAVES SEL.
TEL:03-6138 6357/6138 6448
FAX:03-6138 9058
BANDAR SUNWAY SSC
NO. 30 & 32,
JALAN PJS 11/28A
BANDAR SUNWAY
46150 PETALING JAYA SEL.
TEL:03-5637 0872/5637 0870
FAX:03-5637 0869
BANTING SSC
NO. 416, 418 & 420
JALAN JUGRA
BANTING
42700 SEL.
TEL:03-3181 2585/3187 1329
FAX:03-3187 1433
BDR BARU SALAK TINGGI SC
4 & 6, JALAN ST 1C/4
BANDAR BARU SALAK TINGGI
SEPANG
43900 SELANGOR
TEL:03-8706 3549/8706 3548
FAX:03-8706 3550
BDR SERI DAMANSARA SSC
NO 7 & 8,
JLN TANJUNG SD 13/1
BANDAR SERI DAMANSARA
52200 KEPONG SEL.
TEL:03-6273 5501/6273 5506
FAX:03-6273 5611
C.P.I SEC 9 SHAH ALAM SSC
NO. 20, JALAN TENGKU
AMPUAN ZABEDAH D 9/D,
SECTION 9,
40100 SHAH ALAM SEL.
TEL:03-5880 8957/5880 8958
FAX:03-5880 8956
C.P.I SERI GOMBAK SSC
NO. 10, JLN SG 1/2
TMN SERI GOMBAK
BATU CAVES
68100 SEL.
TEL:03-6187 7500/6187 3231
CYBERJAYA SSC
2200, ENTERPRISE BUILDING
PERSIARAN APAC,
63000 CYBERJAYA SEL.
TEL:03-8318 9744/8318 9745
FAX:03-8318 9746
DAMANSARA JAYA SSC
NO. 65 & 67,
JALAN SS 22/19
DAMANSARA JAYA
47400 PETALING JAYA SEL.
TEL:03-7722 4787/7725 7526
FAX:03-7728 7741
DAMANSARA UTAMA SSC
62 - 66,
JALAN SS21/35
DAMANSARA UTAMA
47400 PETALING JAYA SEL.
TEL:03-7726 8411/7728 7366
FAX:03-7722 2784
GENTING HIGHLANDS SSC
2ND FLOOR, GENTING HOTEL
BUILDING, POS OFFICE GENTING
HIGHLANDS, SEL-PHG BORDER
69000 GENTING HIGHLANDS
TEL:03-6101 3236/6101 2433
FAX:03-6101 1242
INTAN MILLENNIUM SSC
SUITE 1.01 & 2.01, INTAN
MILLENIUM SQUARE, 68, JLN
BATAI LAUT 4,
41300 KLANG SEL.
TEL:03-3345 3534/3345 3529
FAX:03-3341 5959
JALAN 222 SSC
NO 11
JALAN 51A/222
P.O. BOX 6535
46100 PETALING JAYA
SEL.
TEL:03-7957 3815/7957 0258
FAX:03-7956 2860
JALAN YONG SHOOK LIN SSC
GROUND FLOOR,
WISMA IJM
JALAN YONG SHOOK LIN
46200 PETALING JAYA SEL.
TEL:03-7956 9181/7956 9140
FAX:03-7957 3886
KAJANG PRIMA SSC
28 & 29, JALAN K/P 1/2
KAJANG PRIMA,
OFF JALAN SEMENYIH
43000 KAJANG, SELANGOR
TEL:03-8733 7221
FAX:03-8733 7225
KAJANG SSC
GROUND MEZZANINE FLOOR
NO 28 - 30
JALAN TUKANG
KAJANG
43000 SEL.
TEL:03-8737 6290/8736 4611
FAX:03-8736 4009
KAPAR SSC
SUB-LOTS 157 & 158,
JALAN BESAR
PEKAN KAPAR
42200 KAPAR SEL.
TEL:03-3259 1670/3250 8812
FAX:03-3250 0546
KELANA JAYA BC SC
G-M FLR, BGN CGC,
KELANA BUSINESS CENTRE,
97, JALAN SS 7/2,
47301 PETALING JAYA SEL.
TEL:03-7805 1194/7805 1169
FAX:03-7806 2057
KELANA JAYA SSC
115 - 117, BLOCK E
KELANA PARK VIEW
NO 1, JALAN SS/2,
KELANA JAYA
47301 PETALING JAYA SEL.
TEL:03-7803 8504/7805 8275
FAX:03-7804 4544
KEPONG SSC
8 - 10, JALAN 53,
DESA JAYA
KEPONG
52100 SEL.
TEL:03-6274 8276/6276 0001
FAX:03-6276 1099
KLANG SSC
NO 14 - 22,
JALAN KEPAYANG
OFF JALAN MERU,
41050 KLANG SEL.
TEL:03-3342 6434/3343 2060
FAX:03-3341 4143
KLIA SSC
UNIT 1A&1B, JLN KLIA
S3,SOUTHERN COMMON
AMENITIES FACILITY,
KLIA (SELATAN)
64000 SEPANG SEL.
TEL:03-8787 2036/8787 3008
FAX:03-8787 3009
KOTA DAMANSARA SSC
30 JALAN TECHNOLOGY
SECTION 2, PJU 5 KOTA
DAMANSARA,
47810 PETALING JAYA SEL.
TEL:03-6156 2422/6156 3153
FAX:03-6156 8060
AMB Client Services : 03-2034 0800
178
MASTER PROSPECTUS 2008/2009
KOTA KEMUNING SSC
NO 9 & 11,
JALAN ANGGERIK VANILLA
N31/N, KOTA KEMUNING,
40460 SHAH ALAM SEL.
TEL:03-5121 0024/5122 2461
FAX:03-5122 9241
KUALA KUBU BAHRU SSC
NO 45 & 46
JALAN DATO' MUDA JAFFAR,
44000 KUALA KUBU BAHRU
SEL.
TEL:03-6064 5160/6064 1276
FAX:03-6064 2536
KUALA SELANGOR SSC
NO 11 & 13
JALAN RAJA JALIL
45000 KUALA SELANGOR
SEL.
TEL:03-3289 7200/3289 1754
FAX:03-3289 3709
MUTIARA DAMANSARA SSC
LOT G96 GRD LEVEL, THE
CURVE, MUTIARA
DAMANSARA,
47800 PETALING JAYA SEL.
TEL:03-7728 9379/7726 3992
FAX:03-7728 0004
PANDAMARAN SSC
NO 188 & 190,
JLN BATU UNJUR 1
BAYU PERDANA,
41200 KLANG SEL.
TEL:03-3323 0669/3323 0179
FAX:03-3323 0710
PANDAN INDAH SSC
L1-03,L1-06,L2-03,LEVEL 1 &2
MENARA MAXISEGAR,
JALAN PANDAN INDAH 4/2,
55100 PANDAN INDAH SEL.
TEL:03-4297 4844/4297 4846
FAX:03-4297 4842
PANDAN JAYA SSC
16 & 16A,
JALAN PANDAN 3/6A
TAMAN PANDAN JAYA
55100 PANDAN JAYA SEL.
TEL:03-9286 1908/9286 1909
FAX:03-9282 2019
PETALING JAYA MAIN SSC
NO 50 - 52
JALAN SULTAN (52/4)
46200 PETALING JAYA
SEL.
TEL:03-7956 0672/7958 1343
FAX:03-7957 2980
PJ OLD TOWN SC
NO 29
JALAN OTHMAN 3/14
PETALING JAYA
46200 SEL.
TEL:03-7781 4904/7783 8652
FAX:03-7784 4726
PORT KLANG SSC
NO 60 - 64
PERSIARAN RAJA
MUDA MUSA,
42000 PORT KLANG SEL.
TEL:03-3168 0212/3168 2626
FAX:03-3167 3425
PUCHONG JAYA SSC
NO. 7,
JALAN KENARI 1
BANDAR PUCHONG JAYA
47100 PUCHONG SEL.
TEL:03-5882 0179/5882 0270
FAX:03-5882 0276
FAX:03-8060 2496
PUCHONG PRIMA SSC
H-01-09&10,H-02-13&14,
GROUND & 1ST FLR BLOK H
PUSAT PERDAGANGAN
PUCHONG, JLN PRIMA 5/4,
47100 PUCHONG SEL.
TEL:03-8061 0921/8061 7501
FAX:03-8060 2496
PULAU KETAM SC
NO 80K
JALAN SEKOLAH
PULAU KETAM
42940 PULAU KETAM SEL.
TEL:03-3110 4506/3110 4794
FAX:03-3110 4603
PUTRAJAYA SSC
ARAS 1, BLK C 7, PARCEL C
PUSAT PENTABIRAN
KERAJAAN PERSEKUTUAN
62502 PUTRAJAYA SEL.
TEL:03-8889 5172/8889 5173
FAX:03-8888 0308
PUTRA INDAH SSC
G-M FLR WISMA SSP,
1 JALAN SR 8/3,
SERDANG JAYA, SECTION 8,
43300 SERI KEMBANGAN SEL.
TEL:03-8948 8237
FAX:03-8948 3293
RAWANG SSC
NO 17, JALAN
BANDAR RAWANG 2
BANDAR BARU RAWANG
48000 RAWANG SEL.
TEL:03-6091 9092/6091 6729
FAX:03-6091 6820
SABAK BERNAM SSC
NO 29 & 31
JALAN MENTERI
SABAK BERNAM
45200 SEL.
TEL:03-3216 1377/3216 1388
FAX:03-3216 2670
SEA PARK SSC
NO 1,
JALAN 21/11A
SEA PARK
46300 PETALING JAYA SEL.
TEL:03-7876 3994/7876 9654
FAX:03-7875 2064
SECTION 14 PJ SSC
NO 18A,
JALAN 14/14,
46100 PETALING JAYA SEL.
TEL:03-7960 7977
FAX:03-7956 5001
SECTION 18 SHAH ALAM SSC
44,46 & 48,
JALAN PINANG C 18/C
SECTION 18,
40200 SHAH ALAM SEL.
TEL:03-5542 1536/5543 2690
FAX:03-5542 1534
SECTION 20 SHAH ALAM SSC
NO.19 &21,
JALAN SINGA C, 20/C
SECTION 20,
40000 SHAH ALAM SEL.
TEL:03-5032 0828/5032 0829
FAX:03-5032 0088
SEKINCHAN SSC
NO 82 - 83,
JALAN RIA,
SEKINCHAN
45400 SEL.
TEL:03-3241 1869/3241 0351
FAX:03-3241 0559
SELAYANG JAYA SSC
NO 2-4-6,
JALAN SJ 14,
SELAYANG JAYA
68100 BATU CAVES SEL.
TEL:03-6138 0877
FAX:03-6138 8831
SEMENYIH SSC
NO 3
JALAN PASAR 2,
BANDAR SEMENYIH
43500 SEMENYIH, SELANGOR
TEL:03-8723 8613/8723 8612
FAX:03-8723 9179
SHAH ALAM SSC
10, PERSIARAN
PERBANDARAN
SECTION 14
40000 SHAH ALAM SEL.
TEL:03-5519 1155/5513 2586
FAX:03-5510 3005
SS2 JALAN SS2/63 SSC
NO 8 & 10
JALAN SS2/63
PETALING JAYA
47300 SEL.
TEL:03-7873 0275/7873 8629
FAX:03-7876 4399
SUBANG JAYA SSC
C8-C10,
JALAN SS15/4D
SUBANG JAYA
47500 SUBANG JAYA SEL.
TEL:03-5633 9015/9023/8766
FAX:03-5634 1918
SULTAN ABD AZIZ SHAH
AIRPORT SSC
GROUND FLOOR, KOMPLEKS
TERMINAL 3, SULTAN ABDUL
AZIZ SHAH AIRPORT,
47200 PETALING JAYA SEL.
TEL:03-7846 1445/7846 4316
FAX:03-7846 2566
SUNGAI BESAR SSC
NO 30E & 32E
JALAN MAHSURI
SUNGAI BESAR
45300 SEL.
TEL:03-3224 6928/3324 6504
FAX:03-3224 1199
SUNGAI BULOH SSC
NO 354 & 355,
JALAN 1A/3, BANDAR
BARU SUNGAI BULOH
47000 SUNGAI BULOH SEL.
TEL:03-6156 2722
FAX:03-6157 1448
TAMAN BUKIT EMAS SSC
NO 93 & 95,
JALAN SS 25/2
TAMAN BUKIT EMAS
47301 PETALING JAYA SEL.
TEL:03-7880 4736/7803 1347
FAX:03-7803 6169
TAMAN KINRARA SSC
NO 12&13 JALAN TK 1/11A,
BATU 7 1/2 JALAN PUCHONG
TAMAN KINRARA SECTION 1
58200 SEL.
TEL:03-8070 1646/8070 1804
FAX:03-8070 3064
AMB Client Services : 03-2034 0800
179
MASTER PROSPECTUS 2008/2009
TAMAN MELAWATI SSC
NO 209 - 10,
JALAN NEGARA 2
TAMAN MELAWATI
53100 SEL.
TEL:03-4105 6292/4107 8473
FAX:03-4108 2260
TAMAN PUTRA SSC
9 & 11, JALAN
BUNGA TANJUNG 9C
TAMAN PUTRA,
68000 AMPANG SEL.
TEL:03-4280 7961/4291 0407
FAX:03-4291 6672
TAMAN SERI GOMBAK SSC
NO 11 - 13,
JALAN SG 3/14,
TAMAN SERI GOMBAK
68100 BATU CAVES SEL.
TEL:03-6187 9037
FAX:03-6187 2545
TAMAN SRI SERDANG SSC
LOTS 231 - 3,
JALAN 18/23
TAMAN SERI SERDANG
43300 SERI KEMBANGAN SEL.
TEL:03-8942 6190/8943 9867
FAX:03-8948 0777
TANJONG KARANG SSC
NO 18 -20
JALAN BESAR
TANJONG KARANG
45500 SELANGOR
TEL:03-3269 8037/3269 5886
FAX:03-3269 5840
TECHNOLOGY PARK SSC
LOT G-1&2,GROUND FLOOR
SUPPORT SERVICE BUILDING
TECHNOLOGY PARK M'SIA
HIGHWAY PUCHONG-SG. BESI
57000 BUKIT JALIL SEL.
TEL:03-8996 4596/8996 1070
FAX:03-8996 1073
TTDI JAYA SSC
3 & 5, JALAN 1/4
SECTION U2,
TTDI JAYA
40000 SHAH ALAM SEL.
TEL:03-7847 2235/7847 2236
FAX:03-7847 2242
UEP SUBANG JAYA SSC
NO 66,
JALAN USJ 10/1B
UEP SUBANG JAYA
47620 SUBANG JAYA SEL.
TEL:03-5631 0493/5631 0494
FAX:03-5635 0881
USJ SUBANG JAYA SSC
NO 39,
JALAN USJ 10/1G
USJ SUBANG JAYA
47620 SUBANG JAYA SEL.
TEL:03-5632 6351
FAX:03-5631 7027
WISMA CONSPLANT SSC
G02, EAST WING
WISMA CONSPLANT
2, JALAN SS16/4,
SUBANG JAYA
47500 SEL.
TEL:03-5637 0873/5637 4634
FAX:03-5632 5096
MELAKA
ALOR GAJAH SSC
4772 - AG,
JALAN SIMPANG EMPAT
ALOR GAJAH
78000 MELAKA
TEL:06-556 9106/556 4245
FAX:06-556 1742
JASIN SSC
GRD FLR&M.FLR, BGN UMNO
LOT 20, JALAN KESANG
JASIN
77000 MELAKA
TEL:06-529 1284/529 2072
FAX:06-529 4669
JLN MUNSHI ABDULLAH SSC
NO 171 - 175,
JALAN MUNSHI
ABDULLAH
75000 MELAKA
TEL:06-286 3394/292 5785
FAX:06-284 0625
MASJID TANAH SSC
SU 942 - 944, JALAN BANDAR
BARU 6, TAMAN BDR BARU,
MASJID TANAH
78300 MELAKA
TEL:06-384 2282/384 2060
FAX:06-384 9227
MELAKA MAIN SSC
114 & 114A,
GRAHA PELADANG
JALAN HANG TUAH
75300 MELAKA
TEL:06-282 0554/282 5373
FAX:06-283 8126
MERLIMAU SSC
JB1, JALAN DEBUNGA 1,
TAMAN DEBUNGA
MERLIMAU
77300 MELAKA
TEL:06-263 1008/263 1339
FAX:06-263 2748
TAMAN MALIM JAYA SSC
NO 138 - 142,
JALAN SURIA 2
TAMAN MALIM JAYA
75250 MELAKA
TEL:06-334 1559/335 2606
FAX:06-334 1578
TAMAN MELAKA RAYA SSC
NO. 225, 226 & 227,
TAMAN MELAKA JAYA
JALAN BANDAR HILIR
75000 MELAKA
TEL:06-281 7766
FAX:06-284 4499
NEGERI SEMBILAN
BAHAU SSC
NO 58 - 60,
JALAN BESAR
BAHAU
72100 NEGERI SEMBILAN
TEL:06-454 1137/454 2958
FAX:06-454 4927
GEMAS SSC
NO 4 & 5,
JALAN TAMPIN
GEMAS
73400 NEGERI SEMBILAN
TEL:07-948 5375/948 2776
FAX:07-948 2752
GEMENCHEH SC
LOTS: 3235 - 7,
GEMENCHEH BARU
GEMENCHEH
73200 NEGERI SEMBILAN
TEL:06-431 6263/431 6279
FAX:06-431 7335
KUALA KLAWANG SSC
121,JLN KEYSER,WISMA UMNO
JLN DATO' MOYANG SALLEH
KUALA KLAWANG
71600 NEGERI SEMBILAN
TEL:06-613 6344/613 6419
FAX:06-613 7660
KUALA PILAH SSC
NO 95 - 96,
JLN DATO' UNDANG JOHOL
KUALA PILAH
72000 NEGERI SEMBILAN
TEL:06-484 1873/481 1128
FAX:06-481 5906
MANTIN SSC
1, JALAN BESAR
KAWASAN HIJAU
MANTIN
71700 NEGERI SEMBILAN
TEL:06-758 1266/758 1267
FAX:06-758 3160
NILAI SSC
PT 4768&4769, JLN TS 1/19
TAMAN SEMARAK
NILAI
71800 NEGERI SEMBILAN
TEL:06-799 4172/799 1354
FAX:06-799 3314
PORT DICKSON SSC
NO 409,
JALAN BARU
PORT DICKSON
71000 NEGERI SEMBILAN
TEL:06-647 3913/647 1263
FAX:06-647 5380
AMB Client Services : 03-2034 0800
180
MASTER PROSPECTUS 2008/2009
RAHANG SSC
NO 56 & 57
JALAN TUANKU ANTAH
SEREMBAN
70000 NEGERI SEMBILAN
TEL:06-763 7082/763 5142
FAX:06-763 3052
SENAWANG SSC
NO 73&74 JALAN TAMAN
KOMERSIL SENAWANG 4,
TMN KOMERSIAL SENAWANG
70450 NEGERI SEMBILAN
TEL:06-679 4327/679 4330
FAX:06-679 4329
SEREMBAN SSC
NO 166 - 169,
JLN DATO' BANDAR TUNGGAL
SEREMBAN
70000 NEGERI SEMBILAN
TEL:06-764 4102/765 5953
FAX:06-763 3340
SEREMBAN 2 SSC
NO 36 & 37,
JALAN S2 B18 BIZ AVENUE,
SEREMBAN 2,
70300 NEGERI SEMBILAN
TEL:06-601 2166/601 2184
FAX:06-601 2207
BAGAN SERAI SSC
100
JALAN BESAR
BAGAN SERAI
34300 PERAK
TEL:05-721 2714/721 1262
FAX:05-721 1252
BATU GAJAH SSC
LOT 1 & 2
JALAN PEJABAT POS
BATU GAJAH
31000 PERAK
TEL:05-366 1445/366 4066
FAX:05-366 2888
BERCHAM SSC
239 - 241
JALAN BERCHAM, BERCHAM
31400 IPOH
PERAK
TEL:05-545 4288
FAX:05-545 7388
BIDOR SSC
NO 16-17
JALAN PERSATUAN
BIDOR
35500 PERAK
TEL:05-434 0036/434 2500
FAX:05-434 3752
CAMERON HIGHLANDS SSC
69-70
PERSIARAN CAMELLIA 4
TANAH RATA
39000 PERAK
TEL:05-491 4546/491 4769
FAX:05-491 2560
GRIK SSC
GRD FLR UMNO BUILDING
JALAN SULTAN ISKANDAR
GRIK
33300 PERAK
TEL:05-791 1125/791 1278
FAX:05-791 2778
GUNUNG RAPAT SC
57 & 59,
JALAN SELASAR ROKAM II,
TMN IPOH JAYA, IPOH
31350 PERAK
TEL:05-312 9129/312 8351
FAX:05-312 7623
HUTAN MELINTANG SSC
1-AZ LRG 1, TMN WAWASAN
SIMPANG EMPAT
HUTAN MELINTANG
34600 PERAK
TEL:05-642 1125/642 1126
FAX:05-641 4017
IPOH GARDEN SSC
NO 112,
JALAN CANNING ESTATE
IPOH GARDEN
IPOH 31400 PERAK
TEL:05-547 4561/547 4642
FAX:05-547 9813
IPOH MAIN
BGN MAYBAN TRUST
28, JLN TUN SAMBANTHAN
30000 IPOH
PERAK
TEL:05-243 1287/243 8940
FAX:05-253 7262
JELAPANG SSC
277 - 281,
JALAN SILIBIN
IPOH
30100 PERAK
TEL:05-528 6196/527 3897
FAX:05-526 6287
JLN SULTAN IDRIS SHAH SSC
GRD FLR 194 - 206,
JALAN SULTAN IDRIS
IPOH
30000 PERAK
TEL:05-241 4904/241 5552
FAX:05-253 9549
KAMPAR SSC
154 - 156,
JALAN GOPENG
KAMPAR
31900 PERAK
TEL:05-466 5088/466 5188
FAX:05-465 3272
KAMPONG KOH SC
82A JALAN BESAR
KAMPONG KOH
32000 SITIAWAN
PERAK
TEL:05-691 2211/691 2108
FAX:05-691 9498
KAMUNTING SSC
13,JALAN MEDAN SAUJANA
TAMAN MEDAN SAUJANA,
34600 KAMUNTING
TAIPING, PERAK
TEL:05-806 9886
FAX:05-806 9881
KLEBANG SSC
NO 16 & 18
LALUAN KLEBANG RESTU 2,
MEDAN KLEBANG RESTU
31200 CHEMOR PERAK
TEL:05-291 9133/291 6133
FAX:05-291 2163
KOMPLEKS K'JAAN IPOH SC
KOMPLEKS JAB. KERAJAAN
IPOH, JALAN PANGLIMA
BUKIT GANTANG
30000 PERAK
TEL:05-253 3491/255 4802
FAX:05-253 3490
KUALA KANGSAR SSC
68 - 70,
JLN RAJA BENDAHARA
FASA II BANDAR BARU
KUALA KANGSAR 33000 PERAK
TEL:05-776 1649
FAX:05-776 5342
LANGKAP SSC
NO. 20,
JALAN SILANG
LANGKAP
36700 PERAK
TEL:05-659 6301/659 6305
FAX:05-659 5348
LENGGONG SC
MAIN ROAD,
33400 LENGGONG
PERAK
TEL:05-767 7200/767 7419
FAX:05-767 8203
LUMUT SSC
NO 10
JALAN SULTAN IDRIS SHAH
LUMUT
32200 PERAK
TEL:05-683 5875/683 5731/
683 4002
FAX:05-683 5825
MALIM NAWAR SC
26A,
JALAN BESAR
MALIM NAWAR
31700 PERAK
TEL:05-477 4580/477 4581
FAX:05-477 4684
MENGLEMBU SSC
JALAN TRANCHELL
IPOH
31450 PERAK
TEL:05-282 0196/282 2076
FAX:05-281 5602
PANTAI REMIS SSC
LOTS 2725 - 6,
JALAN BESAR
PANTAI REMIS
34900 PERAK
TEL:05-677 2601/677 1446
FAX:05-677 1127
PARIT BUNTAR SSC
NO. 21 - 23,
JLN DAMAI, TAMAN DAMAI,
BDR BARU PARIT BUNTAR
34200 PERAK
TEL:05-716 7740/716 0582
FAX:05-716 0130
PASIR PUTIH SSC
191 - 193,
JALAN PASIR PUTIH
IPOH
31650 PERAK
TEL:05-242 6739/254 1303
FAX:05-255 3737
PENGKALAN HULU SC
10A, JALAN ISKANDAR
33100 PENGKALAN HULU
PERAK
TEL:04-477 8389/477 8389
FAX:04-477 8561
PENGKALAN SC
NO. 129 & 131,
JALAN PENGKALAN BARAT
TAMAN SHATIN BARAT
31650 IPOH, PERAK
TEL:05-323 4969/322 6988
FAX:05-321 9188
PERAK
AMB Client Services : 03-2034 0800
181
MASTER PROSPECTUS 2008/2009
PST P'DGAN GREENTOWN SSC
NO 2, 4 & 6
PERSIARAN GREENTOWN 1,
PST P'DGAN GREENTOWN
30450 PERAK
TEL:05-254 1355/254 1362
FAX:05-253 8768
PULAU PANGKOR SC
NO 18,
JALAN BESAR
32300 PANGKOR
PERAK
TEL:05-685 1494/685 1493
FAX:05-685 2458
SELAMA SC
MAIN ROAD,
34100 SELAMA
PERAK
TEL:05-839 4212/ 839 4568
FAX:05-839 4292
SITIAWAN SSC
GROUND & 1ST FLOOR
NO.5,PERSIARAN PM 2/2,
PUSAT BDR SRI MANJUNG
SECTION 2
32040 SRI MANJUNG,PERAK
TEL:05-688 6510/688 6518
FAX:05-688 6615
SLIM RIVER SSC
624 - 6
JALAN AHMAD BOESTAMAN
35800 SLIM RIVER
PERAK
TEL:05-452 0884/452 8205
FAX:05-452 9282
SUNGAI SIPUT SSC
JALAN BESAR
SUNGAI SIPUT UTARA
31100 PERAK
TEL:05-597 2841/597 5821
FAX:05-598 2188
TAIPING SSC
NO 16,
JLN PANGGONG WAYANG
TAIPING
34000 PERAK
TEL:05-807 2660/805 6598
FAX:05-808 0666
TANJONG MALIM SSC
JALAN CHONG AH PENG
TANJONG MALIM
35900 PERAK
TEL:05-459 6328
FAX:05-459 6758
TAPAH SSC
JALAN BESAR
TAPAH
35000 PERAK
TEL:05-403 4101/403 4103
FAX:05-401 3016
TELUK INTAN SSC
MEDAN MAHKOTA
JALAN AH CHENG
TELOK INTAN
36000 PERAK
TEL:05-625 1105 /625 1108
FAX:05-625 1107
JOHOR
BANDAR TENGGARA SC
1B, JALAN TUN ABDUL JALIL,
PUSAT BANDAR,
BANDAR TENGGARA
81000 KULAI JOHOR
TEL:07-896 1332/896 1324
FAX:07-896 1354
BATU PAHAT SSC
32 - 4,
JALAN RAHMAT
BATU PAHAT
83000 JOHOR
TEL:07-431 7119/434 1441
FAX:07-431 2777
BDR BARU PERMAS JAYA SSC
G-01, 01-01 & 02-01
BLOK A1, PERMAS MALL
NO 3, JALAN PERMAS UTARA,
BDR BARU PERMAS JAYA
81750 MASAI JOHOR
TEL:07-388 1048/388 1205
FAX:07-386 1203
FELDA AIR TAWAR SC
KEDAI FELDA
RANCANGAN FELDA
AIR TAWAR 5, 81920
KOTA TINGGI, JOHOR
TEL:07-895 3641/895 3640
FAX:07-895 3640
JALAN GENUANG SC
NO 62J & 62K,
JALAN GENUANG
SEGAMAT
85000 JOHOR
TEL:07-932 0081
JALAN LARKIN SSC
113 - 5,
JLN GLASIAR, TAMAN TASEK
80200 JOHOR BAHRU
JOHOR
TEL:07-238 3626/238 9604
FAX:07-236 0659
JALAN SEGGET SSC
NO 49A
JALAN SEGGET
80000 JOHOR BAHRU
JOHOR
TEL:07-224 4930/223 0067
FAX:07-221 4131
JALAN SULAIMAN
MUAR SSC
NO 57-1 & 57-2,
JALAN SULAIMAN
MUAR
84000 JOHOR
TEL:06-953 8128/951 7390
FAX:06-951 9395
JALAN TEBRAU SSC
69 - 75,
JALAN MERANTI MERAH
KEBUN TEH'
80250 JOHOR
TEL:07-332 7960/333 2989
FAX:07-331 8334
JALAN ZABEDAH
BATU PAHAT SSC
NO 84,
JALAN RAHMAT
83000 BATU PAHAT
JOHOR
TEL:07-431 6844/431 6822
FAX:07-431 8555
JOHOR BAHRU KOTARAYA SC
43A & 43B,ARAS ABDULLAH
IBRAHIM, PLAZA KOTA RAYA,
JALAN ABDULLAH IBRAHIM
80000 JOHOR
TEL:07-227 3803/228 2432
FAX:07-223 3821
JOHOR BAHRU MAIN
LOT 1-22, LEVEL 3,
J.B CITY CENTRE, 106 - 108,
JALAN WONG AH FOOK
80000 JOHOR
TEL:07-228 2419/228 2406
FAX:07-224 4978
JOHOR BAHRU SC
NO 11,
JALAN SELAT TEBRAU
80000 JOHOR BAHRU
JOHOR
TEL:07-227 5211/228 2430
FAX:07-221 3298
KELAPA SAWIT SC
21 & 22, JALAN SUSUR SATU,
BATU 26, JALAN AIR HITAM
KELAPA SAWIT
81030 JOHOR
TEL:07-652 5384/652 1159
FAX:07-652 1160
KLUANG SSC
30 - 34,
JALAN DATO HAJI HASSAN
86000 KLUANG
JOHOR
TEL:07-771 6228/772 9915
FAX:07-772 3321
KOTA TINGGI SSC
NO 18&19
JALAN NIAGA SATU,
PUSAT PERDAGANGAN
81900 KOTA TINGGI JOHOR
TEL:07-883 2112/883 3268
FAX:07-883 2868
AMB Client Services : 03-2034 0800
182
MASTER PROSPECTUS 2008/2009
KULAI SSC
146 - 7,
JALAN RAYA
81000 KULAI
JOHOR
TEL:07-663 4372/663 7852
FAX:07-663 8466
LABIS SSC
NOS: 7/1, 7/2 & 7/3,
JALAN YONG PENG
85300 LABIS
JOHOR
TEL:07-925 2022/925 1621
FAX:07-925 5133
LAYANG-LAYANG SC
NO 1 & 3, JALAN SUTERA 1,
TAMAN MEWAH
81850 LAYANG-LAYANG
JOHOR
TEL:07-752 6485
FAX:07-752 6491
MASAI SSC
17 JALAN SURIA 3,
BANDAR SERI ALAM
81750 MASAI
JOHOR
TEL:07-251 1966/251 5411
FAX:07-251 9858
MERSING SSC
22 - 4,
JALAN ISMAIL
86800 MERSING
JOHOR
TEL:07-799 1242/799 1611
FAX:07-799 1187
MUAR SSC
NO 104,
JALAN ABDULLAH
MUAR
80400 JOHOR
TEL:06-954 0459/953 4036
FAX:07-952 3550
PAGOH SC
NO 174 - 1,
JALAN SEKOLAH CINA
84600 PAGOH
JOHOR
TEL:06-974 6376/974 6051
FAX:06-974 6713
PALOH SC
NO 2,
JALAN TEMENGGONG
PALOH
86600 JOHOR
TEL:07-781 2766/781 2767
FAX:07-781 2737
PARIT JAWA SC
NO 170,
JALAN OMAR
84150 PARIT JAWA
JOHOR
TEL:06-987 4410/987 4411
FAX:06-987 3640
PARIT RAJA SSC
NO 1 & 3
JALAN CEMPAKA 1
TMN BUNGA CEMPAKA BIRU
86400 PARIT RAJA, JOHOR
TEL:07-454 4300/454 4600
FAX:07-454 1300
PASIR GUDANG SSC
14 PUSAT PERDAGANGAN,
JALAN BANDAR
81700 PASIR GUDANG
JOHOR
TEL:07-251 4778/251 4696
FAX:07-251 1820
PEKAN NENAS SSC
3 - 4,
JALAN JOHOR
81500 PEKAN NENAS
JOHOR
TEL:07-699 1049/699 2700
FAX:07-699 1773
PONTIAN KECHIL SSC
704 - 706,
JALAN ALSAGOFF
PONTIAN KECHIL
82000 PONTIAN JOHOR
TEL:07-687 7028/687 1271
FAX:07-687 0957
RENGIT SSC
LOT 10,
JALAN MUHIBBAH
83100 RENGIT
JOHOR
TEL:07-424 1320/424 1322
FAX:07-424 1677
SEGAMAT SSC
UMNO BUILDING
JALAN AWANG
SEGAMAT
85000 JOHOR
TEL:07-931 3534/931 7782
FAX:07-931 5112
SENAI SSC
NO 136 & 137
JALAN SENAI UTAMA 5/17
81400 SENAI
JOHOR
TEL:07-598 6233/599 8533
FAX:07-598 2533
SIMPANG RENGGAM SSC
1 - 2, JALAN KIJANG
TAMAN MOHD YASSIN
SIMPANG RENGGAM
86200 JOHOR
TEL:07-755 3855/755 6499
FAX:07-755 0749
SKUDAI SSC
18 - 20,
JALAN PERWIRA 17
TAMAN UNGKU TUN AMINAH
81300 SKUDAI JOHOR
TEL:07-558 1251/556 3944
FAX:07-556 0171
SUNGAI RENGIT SC
7, JALAN PASAR
SUNGAI RENGIT
PENGERANG
81620 JOHOR
TEL:07-826 3030/826 3466
FAX:07-826 3161
TAMAN DAYA SSC
18 & 20,
JALAN SAGU 8,
TAMAN DAYA
81100 JOHOR
TEL:07-356 2805/356 2804
FAX:07-356 2809
TAMAN INTAN SC
37, JALAN INTAN 2/1
TAMAN INTAN
86000 KLUANG
JOHOR
TEL:07-774 5401/774 4035
FAX:07-772 9439
TAMAN JOHOR JAYA SSC
85 - 87,
JALAN DEDAP 6
TAMAN JOHOR JAYA
81100 JOHOR
TEL:07-358 5100/355 2875
FAX:07-354 5657
TAMAN MOLEK SSC
NO 47 & 49
JALAN MOLEK 3/1,
TAMAN MOLEK
81100 JOHOR
TEL:07-351 4568/351 4571
FAX:07-351 4573
TAMAN NUSA BESTARI SSC
NO 15
JALAN BESTARI,
1/5 TAMAN NUSA BESTARI
81300 SKUDAI JOHOR
TEL:07-512 1735/512 7830
FAX:07-512 6818
TAMAN PELANGI SSC
10 & 12,
JALAN PINGAI
TAMAN PELANGI
80400 JOHOR
TEL:07-335 4735/331 5784
FAX:07-334 7267
TAMAN PERLING SC
17 & 19,
JALAN PERSISIRAN PERLING
TAMAN PERLING
81200 JOHOR
TEL:07-238 5275/238 5273
FAX:07-238 6679
TAMAN SENTOSA SC
NO. 15,
JALAN SULAM
TAMAN SENTOSA
80150 JOHOR
TEL:07-334 8500/331 9262
FAX:07-334 4377
TAMAN TUN AMINAH SC
11 JALAN PENDEKAR 2,
TAMAN UNGKU TUN AMINAH
81300 SKUDAI
JOHOR
TEL:07-558 3316/558 3314
FAX:07-558 3317
TAMAN UNIVERSITY SSC
NO. 1, KEBUDAYAAN 4
TAMAN UNIVERSITY
SKUDAI
81300 JOHOR
TEL:07-521 4560/521 3868
FAX:07-521 4562
TAMPOI SSC
NO 59,
JALAN SRI BAHAGIA LIMA,
TAMAN SERI BAHAGIA
TAMPOI 81250 JOHOR
TEL:07-237 3539/237 3408
FAX:07-237 1825
TANGKAK SSC
10 - 11,
JALAN MUAR
84900 TANGKAK
JOHOR
TEL:06-978 1269/978 3341
FAX:06-978 4968
ULU TIRAM SC
NO 4 - 5,
JALAN RAYA
TAMAN TIRAM BARU
81800 JOHOR
TEL:07-861 2662
FAX:07-861 2661
AMB Client Services : 03-2034 0800
183
MASTER PROSPECTUS 2008/2009
YONG PENG SSC
216 & 218, JLN BESAR
TAMAN SEMBRONG BARU
83700 YONG PENG
JOHOR
TEL:07-467 5809/467 5807
FAX:07-467 2455
PENANG
ALMA SC
2873 &2874,
PUSAT PERNIAGAAN ROZHAN
JALAN ROZHAN, ALMA
14000 BUKIT MERTAJAM
PENANG
TEL:04-551 3868/551 3866
FAX:04-551 3873
AYER ITAM SC
NO. 48 & 50,
LINTANG ANGSANA
BANDAR BARU AYER ITAM
11500 AYER ITAM PENANG
TEL:04-829 0473/829 1630
FAX:04-829 1537
BALIK PULAU SSC
NO 2,
JALAN QUAH SIN KHENG
11000 BALIK PULAU
PENANG
TEL:04-866 8255/866 9654
FAX:04-866 0642
BAYAN BARU SC
38, JALAN TENGAH
TAMAN SRI TUNAS
11950 BAYAN BARU
PENANG
TEL:04-641 3684/641 3685
FAX:04-641 3690
BAYAN LEPAS SSC
1-2-25, 1-2-26, 1-1-28
& 1-2-28
I-AVENUE, MEDAN KAMPUNG
RELAU 1, BAYAN LEPAS
11900 PENANG
BERTAM SSC
NO 1 LRG BERTAM INDAH 4/9,
TAMAN BERTAM INDAH
13200 KEPALA BATAS,
SEBERANG PRAI, PENANG
TEL:04-579 2825/579 2269
BUKIT MERTAJAM SSC
NO. 447, 448 & 449,
JALAN PERMATANG RAWA
BANDAR PERDA
14000 BUKIT MERTAJAM
PENANG
BUTTERWORTH SSC
4277,
BAGAN LUAR ROAD
12000 BUTTERWORTH
PENANG
TEL:04-333 7185/333 7186
TEL:04-641 0052/641 0051
FAX:04-641 0060
FAX:04-579 3317
TEL:04-538 0006/538 0002
FAX:04-538 0003
FAX:04-331 0715
CAMPBELL STREET SC
NO 50,
CAMPBELL
STREET
10100 PENANG
TEL:04-261 3698/261 3803
FAX:04-263 0168
C.P.I BAGAN B'WORTH SSC
NO. 4776 & 4777,
JALAN BAGAN LUAR
12000 BUTTERWORTH
PENANG
TEL:04-332 4461/332 4466
C.P.I GEORGETOWN SSC
GROUND & 2ND FLOOR,
NO. 72,
LEBOH BISHOP
10200 PENANG
TEL:04-263 0875/262 0404
FAX:04-264 3387
DATO KRAMAT SSC
647 - 9,
JALAN DATO
KRAMAT
10460 PENANG
TEL:04-226 2627/226 2936
FAX:04-228 4484
GELUGOR SSC
345 - H,
BANGUNAN KELAB GELUGOR
JALAN SULTAN AZLAN SHAH
11700 PENANG
TEL:04-657 5729/659 1308
FAX:04-658 2797
GREENLANE SSC
NO 10-D,
JALAN MASJID NEGERI
11600 GEORGETOWN
PENANG
TEL:04-829 2299/826 1027
FAX:04-829 9955
JALAN ONG YI HOW SSC
NO 6993,
JALAN ONG YI HOW
13450 BUTTERWORTH
PENANG
TEL:04-310 1251/310 1252
FAX:04-323 7546
JELUTONG SSC
552 - 556,
JALAN JELUTONG,
11600 JELUTONG
PENANG
TEL:04-657 3477/657 3400
FAX:04-658 8572
JURU SSC
1797-G-1,KOMP. AUTOWORLD
JALAN PERUSAHAAN
JURU INTERCHANGE
13600 PRAI, PENANG
TEL:04-507 0886
FAX:04-507 9886
KAMPUNG BARU SSC
38 - C, D & E
JALAN AIR ITAM
11500 PENANG
TEL:04-828 4728/828 4931
FAX:04-829 9598
NIBONG TEBAL SSC
3615 - 6,
JALAN CHE AHMAD
BANDAR NIBONG TEBAL
14300 PENANG
TEL:04-593 9482/593 1303
FAX:04-593 3840
PENANG MAIN OFFICE SSC
NO 9,
LEBUH UNION
P.O.BOX 297
10200 PENANG
TEL:04-262 3278/261 2067
FAX:04-262 8162
PENANG ROAD SSC
NO 1,
ARKED RIA SATU
KOMTAR
10000 PENANG
TEL:04-262 0724/262 0723
FAX:04-262 4654
PLAZA MWE SSC
GROUND FLOOR,
PLAZA MWE
8, LEBUH FARQUHAR
10200 PENANG
TEL:04-263 7319/263 6650
FAX:04-263 6645
PNG IN'TIONAL AIRPORT SC
LOT 101, BASEMENT LEVEL,
TERMINAL BUILDING
PENANG IN'TIONAL AIRPORT
11900 PENANG
TEL:04-645 5761/645 5762
FAX:04-645 5780
PRAI INDUSTRIAL SSC
NO. 2741, 2742 & 2743,
JALAN CHAIN FERRY
TAMAN INDERAWASIH
13600 PENANG
TEL:04-398 6875/399 2967
FAX:04-390 4451
AMB Client Services : 03-2034 0800
184
MASTER PROSPECTUS 2008/2009
PULAU TIKUS SSC
GROUND FLOOR,
CANTON SQUARE
56, CANTONMENT ROAD
10250 PENANG
TEL:04-226 2270/226 2476
FAX:04-227 2530
RELAU SC
NO 9 & 9A,
JALAN RELAU
11900 PENANG
TEL:04-644 5321/644 5337
FAX:04-644 5340
SEBERANG JAYA SSC
NO. 5,
JALAN TODAK 2
BDR BARU SEBERANG JAYA
13700 PENANG
TEL:04-397 1950/397 1948
FAX:04-397 1946
SIMPANG AMPAT SSC
1637 & 1638,
JALAN BUKIT TAMBUN
SIMPANG AMPAT
SEBERANG PERAI SELATAN
14100 PENANG
TEL:04-588 3582
FAX:04-588 3586
SUNGAI DUA SSC
21 & 23 LORONG MURNI 6,
TAMAN DESA MURNI
13800 SUNGAI DUA
PENANG
TEL:04-356 9201/356 9202
FAX:04-356 6911
TAMAN DESA DAMAI SC
NO. 4177 & 4178,
JALAN PADANG LALANG
TAMAN DESA DAMAI
14000 BUKIT MERTAJAM
PENANG
TEL:04-530 3620/530 3610
FAX:04-530 3520
TANJUNG BUNGAH SSC
NO 2C-2G,
AZURIA BUSINESS CENTRE,
JALAN LEMBAH PERMAI,
TANJUNG BUNGAH
11200 PENANG
TEL:04-899 1277/899 3513
FAX:04-890 3074
ALOR STAR SSC
1535,
JALAN SULTAN BADLISHAH
05000 ALOR STAR
KEDAH
TEL:04-731 6935/731 5353
FAX:04-733 1550
BALING SSC
63 - D,
JALAN BADLISHAH
BALING
09100 KEDAH
TEL:04-470 1257/470 1676
FAX:04-470 2363
GURUN SSC
NO 4&5
TAMAN JERAI MAJU
GURUN
08300 KEDAH
TEL:04-461 9903/461 9904
FAX:04-468 2920
HARBOUR PARK SC
LOT G-02, PETRONAS QUAY,
TELAGA HABOUR PARK
PANTAI KOK, PULAU
LANGKAWI, 07000 KEDAH
TEL:04-959 1085/959 1120
FAX:04-959 1063
JITRA SSC
175 & 176, JALAN PJ 7
PEKAN JITRA 2,
JITRA
06000 KEDAH
TEL:04-916 2248/917 1237
FAX:04-917 3646
KODIANG SC
24G & H, LOT 629
MAIN ROAD
06100 KODIANG
KEDAH
TEL:04-925 0055/925 0036
FAX:04-925 6142
KULIM HI-TECH SSC
SUITE B2, GROUND FLOOR,
KHTP BUSINESS CENTRE
KULIM HI-TECH PARK
09000 KEDAH
TEL:04-403 3986/403 3685
FAX:04-403 3682
KULIM SSC
NO 254,
JALAN TUNKU PUTRA
09000 KULIM
KEDAH
TEL:04-490 5785/490 6494
FAX:04-490 1755
MERGONG SSC
105A & B
SEBERANG JALAN PUTRA
05150 ALOR STAR
KEDAH
TEL:04-732 8027/733 7222
FAX:04-733 8948
PULAU LANGKAWI SSC
NO 5 - 11,
JALAN PANDAK MAYAH 1
PUSAT BANDAR KUAH
LANGKAWI 07000 KEDAH
TEL:04-966 6208/966 1195
FAX:04-966 7488
SIMPANG KUALA SSC
GRD FLR, NO. 48 & 49,
PEKAN SIMPANG KUALA
H' WAY SULTAN ABDUL HALIM
05400 KEDAH
TEL:04-771 1715/771 2006
FAX:04-771 1050
SUNGAI PETANI SSC
G27, GROUND FLOOR,
CENTRAL SQUARE COMPLEX
23, JALAN KAMPUNG BARU
08000 SG. PETANI KEDAH
TEL:04-421 2511/421 2512
FAX:04-421 6191
KUALA PERLIS SC
LOT 24 - 5, JALAN BESAR
PEKAN KUALA PERLIS
02000 KUALA PERLIS,PERLIS
TEL:04-985 4399/985 4016
FAX:04-985 5199
PADANG BESAR SC
LOT 1371 - 2,
JALAN PEKAN
02100 PADANG BESAR
PERLIS
TEL:04-949 0420/949 1022
FAX:04-949 0193
KEDAH
TAMAN RIA JAYA SSC
NO 138 & 139,
JALAN KELAB CINTA SAYANG
TAMAN RIA JAYA
08000 SG. PETANI KEDAH
TEL:04-441 3358/441 2992
FAX:04-441 3934
PERLIS
KANGAR SSC
UPPER GRD FLR,
MENARA KWSP,
JALAN BUKIT LAGI
P.O. BOX 38101700
01000 KANGAR, PERLIS
TEL:04-976 4846/976 3419
FAX:04-976 4834
AMB Client Services : 03-2034 0800
185
MASTER PROSPECTUS 2008/2009
PAHANG
BANDAR PUSAT JENGKA SSC
NO 6 & 7,
NADI KOTA
26400 BANDAR JENGKA
PAHANG
TEL:09-466 1232/466 1469
FAX:09-466 1470
BENTONG SSC
NO 117 - 8,
JALAN LOKE YEW
28700 BENTONG
PAHANG
TEL:09-222 4594/222 6340
FAX:09-222 5026
BUKIT UBI SSC
FRASER'S HILL SC
NO 61 - 65
GRD-FLOOR
JALAN TUN ISMAIL, P.O. BOX 119SHOPPING ARCADE
25000 KUANTAN
49000 BKT FRASER'S PAHANG
PAHANG
TEL:09-362 2251
TEL:09-517 9673/517 9679
FAX:09-362 2251
FAX:09-515 7462
GENTING HIGHLANDS SSC
JALAN BESERAH SSC
2ND FLOOR, GENTING HOTEL
A 6628, A6630, A6632,
BUILDING, POS OFFICE GENTINGJALAN BESERAH
HIGHLANDS, SEL-PHG BORDER 25250 KUANTAN
69000 GENTING HIGHLANDS
PAHANG
TEL:03-6101 3236/6101 2433
TEL:09-560 1162/560 1163
FAX:03-6101 1242
FAX:09-566 4007
JERANTUT SSC
NO 2&3 LRG ALAMANDA 1
TAMAN ALAMANDA
27000 JERANTUT
PAHANG
TEL:09-260 1822/260 1829
FAX:09-267 2222
KARAK SC
NO 647,
KAMPUNG BARU KARAK
28600 KARAK
PAHANG
TEL:09-231 1266/231 1235
FAX:09-231 2034
KUALA LIPIS SSC
NO 92A & 92B,
JALAN BESAR
27200 KUALA LIPIS
PAHANG
TEL:09-312 1146/312 1600
FAX:09-312 1026
KUALA ROMPIN SSC
NO 21 & 22,
JALAN UTAMA,
BANDAR BARU ROMPIN
26800 KUALA ROMPIN,PAHANG
TEL:09-414 0012/414 0015
FAX:09-414 5367
KUANTAN MAIN SSC
UMNO BUILDING
1, JALAN HJ ABDUL AZIZ
25000 KUANTAN
PAHANG
TEL:09-512 1184/512 1173
FAX:09-514 1622
MENTAKAB SSC
NO 1,
JALAN HAJI KASSIM
28409 MENTAKAB
PAHANG
TEL:09-277 1151/277 1152
FAX:09-277 2177
MUADZAM SHAH SSC
MM 55 - 59,
JALAN PERSIARAN DARA
MEDAN MEWAH, 26700
MUADZAM SHAH, PAHANG
TEL:09-452 2089/452 2088
FAX:09-452 2745
TAMAN TAS SSC
A21&A23, LRG PANDAN
PERMAI 2/2,PANDAN PERMAI,
JALAN GAMBANG
25150 KUANTAN PAHANG
TEL:09-539 6815/539 6992
FAX:09-539 7116
TEMERLOH SSC
A - 73,
JALAN AHMAD SHAH
28000 TEMERLOH
PAHANG
TEL:09-296 1797/296 1707
FAX:09-296 4643
TRIANG SSC
NO 6 - 7,
JALAN BANDAR
28300 TRIANG
PAHANG
TEL:09-255 7936/255 5422
FAX:09-255 3121
BACHOK SC
LOT 238,
JALAN PASAR
16300 BACHOK
KELANTAN
TEL:09-778 8555/778 0832
FAX:09-778 8316
C.P.I KOTA BHARU SSC
LOT 342,
JALAN SULTAN YAHYA PETRA
15200 KOTA BHARU
KELANTAN
TEL:09-741 9562/741 9565
FAX:09-744 7012
GUA MUSANG SSC
NO 45,
JALAN BESAR
18300 GUA MUSANG
KELANTAN
TEL:09-912 1591/912 4200
FAX:09-912 1232
KOTA BHARU SSC
3880 - E,
JALAN MAHMOOD
15200 KOTA BHARU
P.O.BOX 108, KELANTAN
TEL:09-741 9584
FAX:09-741 9594
KUALA KRAI SSC
LOTS 1526 - 9
JLN TENGKU ZAINAL ABIDIN
18000 KUALA KRAI
KELANTAN
TEL:09-966 6335/966 6045
FAX:09-966 3893
RANTAU PANJANG SC
LOT P.T. 192,
PUSAT PERKEDAIAN BARU
17200 RANTAU PANJANG
KELANTAN
TEL:09-795 0373/795 0459
FAX:09-795 0070
TANAH MERAH SSC
G - FLOOR,
UMNO BUILDING
17500 TANAH MERAH
KELANTAN
TEL:09-955 6190/955 6189
FAX:09-955 6188
TUMPAT SC
LOTS 103 & 104,
JALAN HULU BESAR PASAR,
16200 TUMPAT
KELANTAN
TEL:09-725 7480
FAX:09-725 6399
KELANTAN
WAKAF SIKU SSC
5493 D & E
JLN SULTAN YAHYA PETRA
15200KOTA BHARU
P.O. BOX 69 KELANTAN
TEL:09-747 2826/748 5626
FAX:09-748 7436
AMB Client Services : 03-2034 0800
186
MASTER PROSPECTUS 2008/2009
TERENGGANU
C.P.I KUALA T'GGANU SSC
NO 1 J,KOMPLEKS PERDANA
JALAN AIR JERNIH
20300 KUALA TERENGGANU
TERENGGANU
TEL:09-624 6759/624 6758
FAX:09-624 6908
JERTEH SSC
LOTS 405 & 406
JALAN BESAR
22000 JERTEH
TERENGGANU
TEL:09-697 2767/697 1767
FAX:09-697 2331
K 11284 & K 11285
TAMAN CUKAI UTAMA
JALAN KUBANG KURUS
24000 CUKAI, KEMAMAN
TERENGGANU
TEL:09-850 2134/850 2130
FAX:09-859 5069
KEMAMAN SSC
K - 118,
JALAN SULAIMAN
24000 KEMAMAN
TERENGGANU
TEL:09-850 2134/850 2130
FAX:09-859 5069
KUALA BERANG SC
LOTS 6312 - 3
PEKAN KUALA BERANG
21700 KUALA BERANG
TERENGGANU
TEL:09-681 1378/681 1377
FAX:09-681 2130
KUALA TERENGGANU SSC
NO. 92,
JALAN SULTAN ISMAIL
20200 KUALA TRENGGANU
TERENGGANU
TEL:09-622 1421/622 7533
FAX:09-623 2067
PAKA SSC
NO 8343,
JALAN BESAR
23100 PAKA
TERENGGANU
TEL:09-827 6190/827 6767
FAX:09-827 6260
BANDAR PASARAYA
SANDAKAN SSC
LOT 92&93, BDR PASARAYA
4TH MILE NORTH ROAD
90020 SANDAKAN SABAH
TEL:089-222 528/216 150
FAX:089-222 534
C.P.I SADONG JAYA SSC
NO.14-16, BLOK K,
JALAN IKAN JUARA SATU,
SADONG JAYA, KARAMUNSING
88100 SABAH
TEL:088-244 352/236 842
INANAM SSC
1, PARAMOUNT INDUSTRIAL
ESTATE, JALAN KOLOMBONG
81100 KOTA KINABALU
SABAH
TEL:088-429 002/429 003
FAX:088-428 587
JALAN PERPADUAN SSC
LOT 6 & 7,
JALAN PERPADUAN
88000 KAMPONG AIR
SABAH
TEL:088-243 825/243 827
FAX:088-223 911
KARAMUNSING SSC
BANGUNAN MAYBANK,
NO. 1, LORONG KEMAJUAN
KARAMUNSING, 88000
KOTA KINABALU SABAH
TEL:088-258 340/246 194
FAX:088-252 190
KENINGAU SSC
LOTS 11 & 12, BLOCK C
FOO LONG SHOPPING
COMPLEX
89000 KENINGAU SABAH
TEL:087-341 276/333 319
FAX:087-334 491
KOTA KINABALU SSC
9, BEACH STREET,
88000 KOTA KINABALU
SABAH
TEL:088-254 641
FAX:088-224 505
KUDAT SSC
LOTS 4 - 6, BLOCK 'B'
SEDCO NEW SHOPHOUSES
PEKAN TOMBORUNGUS
89050 KUDAT SABAH
TEL:088-611 145/612 977
FAX:088-612 407
KUNAK SC
LOTS 28 & 29,
BGN KEDAI SAPANG
JALAN KUNAK
91207 SABAH
TEL:089-851 801/851 800
FAX:089-851 802
LABUAN SSC
LOT E005, GRD FLR PODIUM
FINANCIAL PARK, LABUAN
COMPLEX, JALAN MERDEKA
87000 WILAYAH
PERSEKUTUAN LABUAN
TEL:087-443 390/582 388
FAX:087-414 998
LAHAD DATU SSC
MDL NO: 1280 - 2,
BLOCK 24, JALAN LILY
99100 LAHAD DATU
SABAH
TEL:089-881 934/880 934
FAX:089-887 145
LINTAS SQUARE SSC
NO 27 BLOCK D,
JALAN LINTAS
88300 LINTAS SQUARE
SABAH
TEL:088-235 632/235 622
FAX:088-254 362
PUTATAN SSC
GRD&1ST FLR, LOT 10&11,
PUTATAN COURT SQUARE
PHASE 11, LRG PUTATAN 1
88200 SABAH
TEL:088-761 251/761 760
FAX:088-764 535
SAHABAT SC
LOT. NO.4 (A&B),BLK C,
PUSAT KOMERSIL
FELDA CENDERAWASIH,
FELDA SAHABAT
91100 LAHAD DATU SABAH
TEL:089-811 997/811 998
FAX:089-811 996
SANDAKAN SSC
NO 48,
JALAN TIGA
90000 SANDAKAN
P.O. BOX SABAH
TEL:089-224 068/273 177
FAX:089-272 979
SEMPORNA SSC
BLOCK 1,
LOT NO: 7
91300 SEMPORNA
SABAH
TEL:089-785 393/784 852
FAX:089-781 680
SIPITANG SSC
1 & 2,
JALAN BALAI
89850 SIPITANG
SABAH
TEL:087-821 757/822 842
FAX:087-821 577
TAWAU SSC
262 - 264, FAJAR COMPLEX
JALAN MAHKAMAH
91000 TAWAU
P.O. BOX 260 SABAH
TEL:089-757 307/753 127
FAX:089-763 355
SABAH
AMB Client Services : 03-2034 0800
187
MASTER PROSPECTUS 2008/2009
SARAWAK
7TH MILE BAZAAR SSC
LOT 1949 - 1951, GRD FLR
KOTA SENTOSA, BATU 7,
JALAN PENRISSEN
93250 KUCHING SARAWAK
TEL:082-617 044/628 812
BAU SC
NO 80 - 82,
JALAN TEMENGGONG SALAU
BAU
94000 SARAWAK
TEL:082-763 398/764 669
BINTULU SSC
NO 24 - 25,
NEW COMMERCIAL CENTRE
97000 BINTULU PO BOX 104
SARAWAK
TEL:086-310 322/333 211
BOULEVARD SSC
LOTS 2429 & 2430
BOULEVARD CENTRE
JALAN PERMAISURI PUJUT
98000 MIRI SARAWAK
TEL:085-433 822
FAX:082-616 250
FAX:082-763 400
FAX:082-332 843
FAX:085-432 758
C.P.I AL-IDRUS SSC
194, GRD FLR,AL-IDRUS
COMMERCIAL CENTRE
JALAN SATOK
93400 KUCHING SARAWAK
TEL:082-259 999/252 929
FAX:082-251 828
JALAN PENDING SSC
LOTS 7018 - 19, SECTION 64
JALAN PENDING
93450 KUCHING PO BOX 1453
SARAWAK
TEL:082-343 037/485 315
FAX:082-335 936
JALAN TAR KUCHING SSC
LOTS 250-253
JALAN TUNKU ABDUL RAHMAN
SECTION 49, 93100 KUCHING
SARAWAK
TEL:082-423 730/250 766
FAX:082-250 577
KAPIT SSC
73B & C,
JALAN AIRPORT
96800 KAPIT PO BOX 101
SARAWAK
TEL:084-789 744/797 727
FAX:084-796 090
KUCHING SELATAN SSC
NO 65-67, LOT 3179-3181
BLOK 10
JALAN LAKSAMANA CHENG HO
93200 KUCHING
SARAWAK
TEL:082-421 975/254 432
FAX:082-255 437
LAWAS SSC
LOTS 231 - 233,
JALAN SLOATING
98850 PO BOX 91 LAWAS
SARAWAK
TEL:085-285 397/285 287
FAX:085-285 449
LIMBANG SSC
NO 57,
LORONG MAYBANK
98700 LIMBANG PO BOX 66
SARAWAK
TEL:085-212 277/216 217
FAX:085-211 879
MEDAN JAYA BINTULU SSC
29, MEDAN JAYA
COMMERCIAL CENTRE
JALAN TUN HUSSIEN ONN
97000 BINTULU SARAWAK
TEL:086-317 877/317 822
FAX:086-317 811
MIRI SSC
112,
JALAN BENDAHARA
98008MIRI
SARAWAK
TEL:085-413 649/428 442
FAX:085-418 450
MUKAH SSC
NO.2&3, LOT 512, BLOK 68
MUKAH NEW TOWNSHIP
96400 MUKAH PO BOX 72
SARAWAK
TEL:084-872 292/872 739
FAX:084-871 571
PELITA COMMERCIAL SSC
WISMA YONG LUNG,
GROUND & FIRST FLORR,
LOT 698, BLOK 7, MCLD,
JLN PUJUT, C.D.T. NO.28
98000 MIRI SARAWAK
TEL:085-411 877/427 877
FAX:085-415 055
SARIKEI SSC
18 & 19,
JALAN GETAH
96100 SARIKEI
SARAWAK
TEL:084-656 946/656 388
FAX:084-657 671
SIBU CENTRAL SSC
LOT 645-647,
BLOK 6
JLN KAMPONG NYABOR
96000 SIBU,SARAWAK
TEL:084-346 498/339 403
FAX:084-345 199
SIBU SSC
35, 37 & 39
JALAN KAMPUNG NYABOR
96007 SIBU SIBU
SARAWAK
TEL:084-332 082/328 821
FAX:084-311 060
WISMA SATOK SSC
LEVEL 1, WISMA SATOK
JALAN SATOK
93400 KUCHING PO BOX 1963
SARAWAK
TEL:082-428 567/425 713
FAX:082-250 299
AMB Client Services : 03-2034 0800
188
UNIT APPLICATION FORM
FORM 26A
PLEASE ATTACH PHOTOCOPY OF IDENTITY CARD HERE / LAMPIRKAN SALINAN KAD PENGENALAN
Please Tick (√) Where Applicable /
Sila Tandakan (√) Pada Petak Berkenaan
TO : THE MANAGER
AMANAH MUTUAL BERHAD
Initial Application /
Permohonan Permulaan
34th Floor, Menara PNB, 201-A, Jalan Tun Razak, 50400 Kuala Lumpur. Tel: 03-2034 0800 Fax: 03-2162 5958
Please read and understand the contents of the Master Prospectus. In accordance with the requirements of Capital Markets and
Services Act 2007, this application form should not be circulated unless accompanied by the Prospectus. You should read the Prospectus
before completing this application form.
Additional Application /
Permohonan Tambahan
Plaese complete In BLOCK LETTERS and use black ink pen. Tick the box where appropriate. / Sila isi dengan HURUF BESAR dan pen dakwat hitam
FUND NAME/NAMA DANA
A
CUSTOMER INFORMATION (MAKLUMAT PELANGGAN) / COMPANY INFORMATION (MAKLUMAT SYARIKAT)
Company Registration No. (No. Pendaftaran Syarikat)*
ID Number (Old IC / Birth Cert / Army ID / Passport)
Nombor KP (Pengenalan Lama/Sijil Kelahiran/KP Tentera/KP Polis/Paspot)
New IC Number / Nombor Kad Pengenalan Baru
ID Description
Identity card
Birth certificate
Army Identity card
Police Identity card
Passport
Others
01
02
03
04
05
06
Jenis Pengenalan Diri
Kad Pengenalan
Sijil Kelahiran
K/P Tentera
K/P Polis
Paspot
Lain-lain
Title
Gelaran
Mr
En / Tuan
Ms
Cik / Puan
Dr
Dr
Datuk
Datuk
Dato’
Dato’
Datuk Seri Datuk Seri
Tan Sri
Tan Sri
Others
Lain-lain
(Please specify / Sila nyatakan)
01
02
03
04
05
06
07
08
Name ( As In NRIC/Passport) / Nama (Seperti di dalam kad pengenalan / Pasport) / Company’s Name (Nama Syarikat)*
Date of Birth / Tarikh Lahir
dd/hari
mm/bulan
yyyy/tahun
01
02
Religion
Agama
Muslim
Muslim
Non-Muslim Bukan-Muslim
01
02
01
02
03
04
05
Gander Jantina
Male
Lelaki
Female Perempuan
Race
Bangsa
Malay
Melayu
Native
Orang Asli
Chinese Cina
Indian
India
Others Lain-lain
(Please specify / Sila nyatakan)
Citizenship
Warganegara
Malaysian
Malaysia
Others
Lain-lain
(Please spacify / Sila nyatakan)
Residential Address (Alamat Kediaman) / Company’s Address (Alamat Syarikat)*
01
02
Town / City / Bandar
Post Code / Poskod
State / Negeri
Country / Negara
Mailing Address (If Different from Residential Address) / Alamat Surat-menyurat (Sekiranya lain dari Alamat Kediaman)
Post Code / Poskod
Town / City / Bandar
Country / Negara
State / Negeri
Telephone / Telefon
Office
/
Pejabat*
House
/
Rumah
H/Phone /
Bimbit
Fax
Faks*
/
Email Address / Alamat Email*
Country of Permanent Resident / Negara Asal
(Applicable to forsigners only / Untuk warga asing sahaja)
Note: ( * ) Compulsory For Corporate Applicant
Marital Status
Single
Married
Others
01
02
03
B
Number of Children
(Please Indicate)
0 to 12 years
>12 to 16 years
Bilangan Anak
(Sila nyatakan)
0 hingga 12 tahun
>12 hingga 16 tahun
Preferred Language Bahasa Pilihan
Bahasa Malaysia
Bahasa Malaysia
English
Bahasa Inggeris
01
02
CUSTOMER OCCUPATION / PEKERJAAN PELANGGAN
Occupation
Manager / Senior Exec
Officer / Executive
Clerical
Professional
Armed Forces
Police
Teacher / Lecturer
Business Owner
Pensioner
Housewife
Student
Skilled Workers
Self-employed
Others
01
02
03
04
05
06
07
08
09
10
11
12
13
99
C
Taraf Perkahwinan
Bujang
Berkahwin
Lain-lain
Pekerjaan
Pengurus / Eksekutif Kanan
Pegawai / Eksekutif
Kerani
Profesional
Tentera
Polis
Pendidik / Pensyarah
Perniagaan Sendiri
Pesara
Surirumahtangga
Pelajar
Tenaga Kerja Mahir
Bekerja Sendiri
Lain-lain
01
02
03
04
05
06
07
99
Occupation Sector
Goverment Servant
Agriculture
Education
Finance
Health
Manufacturing
Services
Others
Sektor Pekerjaan
Kakitangan Kerajaan
Pertanian
Pendidikan
Kewangan
Kesihatan
Pembuatan
Perkhidmatan
Lain-lain
01
02
03
04
05
06
99
Monthly Personal Income
Up to RM1500
Above RM1501 to RM3000
Above RM3001 to RM5000
Above RM5001 to RM8000
Above RM8001 to RM15000
Above RM15001 to RM20000
Above RM20001
Pendapatan Peribadi Bulanan
Sehingga RM 1500
Melebihi RM1501 hingga RM3000
Melebihi RM3001 hingga RM5000
Melebihi RM5001 hingga RM8000
Melebihi RM8001 hinga RM15000
Melebihi RM15001 hingga RM20000
Melebihi RM20001
01
02
03
04
05
06
07
99
Education
Primary
Secondary
Diploma
Bachelor
Masters
Doctorate
Prof Qualification
Others
Taraf Pendidikan
Sekolah Rendah
Sekolah Menengah
Diploma
Ijazah
Ijazah Lanjutan
Doktor
Kelayakan Profesional
Lain-lain
JOINT HOLDER INFORMATION (IF APPLICABLE) / MAKLUMAT PERMOHONAN BERSAMA (JIKA BERKENAAN)
ID Number (Old IC / Birth Cert / Army ID / Passport)
Nombor ID (Kad Pengenalan Lama / Sijil Kelahiran / KP Tentera / KP Polis / Paspot)
New IC Number / Nombor Kad Pengenalan Baru
01
02
03
04
05
06
ID Description
Identity Card
Birth certificate
Army identity card
Police identity card
Passport
Others
Jenis Pengenalan Diri
Kad Pengenalan
Sijil Kelahiran
K/P Tentera
K/P Polis
Paspot
Lain-lain
01
02
03
04
05
06
07
08
Title
Mr
Ms
Dr
Datuk
Dato’
Datuk Seri
Tan Sri
Others
Gelaran
En / Tuan
Cik / Puan
Dr
Datuk
Dato’
Datuk Seri
Tan Sri
Lain-lain
Name (As in NRIC/Passport) / Nama (Seperti di dalam Kad Pengenalan / Paspot)
Date of Birth / Tarikh Lahir
dd/hari
D
mm/bulan
yyyy/tahun
INVESTMENT INSTRUCTION / ARAHAN PELABURAN
I WISH TO INVEST THE AMOUNT RM _________________________ IN THE ABOVE NAME TRUST FUND UPON THE CONDITION OF THE PROSPECTUS AND SUPPLEMENTARY PROSPECTUS (IF ANY) ISSUED
TOGETHER WITH THIS APPLICATION FORM WHICH I/WE HAVE READ, ON BECOMING A UNIT HOLDER, I/WE AGREE TO BE BOUND BY THE PROVISION OF THE DEED RELATING TO THE FUND(S)
Mode Of Payment / Cara Pembayaran
01
02
03
04
Cash
Cheque
Debit Account
Others
Tunai
Cek
Debit Akaun
Lain-lain
Distribution Instruction / Arahan Pengagihan
To send me/us income distribution warrant by post / Waran pengagihan pendapatan dihantar kepada saya / kami melalui pos
To be credited into my/our Maybank Account / Dikreditkan ke dalam Akaun Maybank saya/kami
Account No./Nombor Akaun
Authorised Signatories (For Joint Applicants only) / Tandatangan Kuasa (Untuk Permohonan Bersama Sahaja)
01
02
One To Sign / Satu Tandatangan
Both To Sign / Tandatangan Bersama
I/We hereby declare that the above information given by me/us are all true and accurate and that I/We have not been declared a bankrupt person/s and
that the funds invested herein does not contravene the laws of Malaysia including the Anti-Money Laundering and Anti Terrorism Financing Act 2001.
I/We acknowledge that I/we aware that there are fees and charges that I/we will incur directly or indirectly when investing in the fund.
Signature Of Applicant / Tandatangan Pemohon
Signature Of Joint Applicant / Tandatangan Pemohon Bersama
Capacity of Signatory (ies) of *
Corporate Applicant / Common Seal
(For Corporate Applicant)/
Cop Rasmi Syarikat
Application Date / Tarikh Permohonan
FOR BRANCH USED ONLY
FOR AMB USED ONLY
Branch Code
RM
No of units
FE Name
PF No
LG Name
PF No
Purchase
Date Despatch
White Copy for AMB . Blue Copy for investor
AMANAH MUTUAL BERHAD
PLEASE READ THESE NOTES BEFORE COMPLETING THE APPLICATION FORM
1. AUTHORISED PERSON TO SELL
Please check that the Financial Executive servicing you has a VALID
authorization and registration card.
2. WHO CAN APPLY FOR UNITS
All Malaysian or Non-Malaysian individual 18 years of age and above
can apply. You may have a joint holder on your account. A
designated account can be arranged for a joint holder below 18 years
of age.
3. CORPORATE APPLICANTS
For corporations, please state the COMPANY’S NAME and
REGISTERED ADDRESS in full Fill in the CERTIFICATE OR
INCORPORATION NUMBER or BUSINESS REGISTRATION
NUMBER whichever is applicable. Please enclose a copy of the
Company‘s Memorandum & Articles of Association / By Lows / Rules
& Regulations for registration.
For a Corporation, the application must be signed by the Authorised
Signatory (ies) whose Designation must be stated The Common Seal
or the Company’s Rubber Stamp must be affixed where applicable. If
signed under a Power of Attorney, the Attorney should confirm that
he/she has notice of revocation of the Power.
4. JOINT APPLICANT
In the case of joint holder of Units, who is 18 years of age and above,
then both parties must sign the Application Form. In the case of death
of a Joint holder of Units, the survivor will be the only person
recognised by the Manager and the Trustee as having any title to or
Interest in such units, except where the units are pledged as collateral
to MAYBANK.
A Joint holder who is below 18 years of age, a photocopy of his/her
identity Card or Birth Certificate must be enclosed in the case of death
of the first registered holder and before the minor attains the age of
18, the estate of the first registered holder will be recognized by the
Manager and the Trustee as having the title to or interest in such
units.
For accounts with joint registered holders of Units, all
correspondences and payments relating to the units will be sent only
to the first registered holder.
5. PAYMENT OF INVESTMENT
Payment for investment may be made at any of our distribution
branches nearest to you . Payment for investment can be in the form
of Cash, Direct Debit, Cheques and Bank Drafts. All payments must
be accompanied by the pay-in-slip and application form . Payments
by Cheques/Bank Drafts must be made out in favour of “AMANAH
MUTUAL BERHAD” and crossed “ACCOUNT PAYEE ONLY”.
The purchase of Units will be the price determined at the close of the
day of banking of investment and published the following day in major
newspaper. Units will be credited upon clearing of cheques based on
this selling price. Please refer to the Master Prospectus or the
Prospectus of the respective Funds for more information.
6. STATEMENT
A statement will be issued upon receipt and acceptance of the
application by the Manager. In the case of joint holders, all
correspondence and payments relating to the Units will be sent to the
first-named ‘applicant’. Statament will be dispatched by post at
Investors own risk.
7. REDEMPTION OF UNITS
The Registered Holder may sell All or Part of the Units by completing
and signing the Form of Request to Repurchase. The redemption
price shall be based in the NAV price determined at the close of the
business day on which the completed and valid repurchase request is
received by the Manager or any distribution branches. The Manager
shall not comply with the request to repurchase or transfer of units if
such compliance would result in the requisitioner being a Registered
Holder of less then minimum balance.
8. COOLING-OFF PERIOD
A cooling off night is only given to an investor, other than those state
in Clause 14 01(2) of the Securities Commission Guidelines on Unit
Trust Funds, who investing in any unit trust funds managed by the
Manager for the first time.
The cooling off period is six (6) business days commencing from the
date of purchased ie. the date in which the Manager received the
application form and the investment amount. Please refer to the
Prospectus for calculation of refund.
9. RIGHTS OF MANAGER
The Manager reserves the right to accept or reject any application in
whole or part there of without assigning any reason.
Thank you for reading this notes For further information please
contact or write to the Manager.
AMANAH MUTUAL BERHAD(195414-U)
34th Floor, Menara PNB, 201-A, Jalan Tun Razak
50400 Kuala Lumpur.
Tel
: 603-2034 0800
Fax
: 603-2162 5958
Unit Trust Loan Financing Risk Disclosure Statement
Investing in a unit trust fund with borrowed money is more risky than
investing with your own saving
You should assess if loan financing is suitable for you in light of your objectives, attitude to risk and
financial circumstances. You should be aware of the risks, which would include the following:(i)
The higher the margin of financing (that is, the amount of money you borrow for every Ringgit
of your own money that you put in as deposit or down payment) the greater the potential for
losses as well as gains.
(ii)
You should assess whether you have the ability to service the repayments on the proposed
loan. If your loan is a variable rate loan, and if interest rates rise, your total repayment amount
will be increased.
(iii)
If unit prices fall beyond a certain level, you may be asked to provide additional acceptable
collateral or pay additional amounts on top of your normal instalments. If you fail to comply
within the time prescribed, your units may be sold to settle your loan.
(iv)
Return on unit trusts are not guaranteed and may not be earned evenly over time. This means
t h a t t h e r e m a y b e s o m e y e a r s where return are high and other years where losses are
experienced instead. Whether you eventually realise a gain or loss may be affected by the
timing of the sale of your units. The value of units may fall just when you want your money back
even thought the investment may have done well in the past.
This brief statement cannot disclose all the risks and other aspects of loan financing. You should
therefore carefully study the terms and conditions before you decide to take the loan. If you are in doubt
in respect of any aspect of this Risk Disclosure Statement or the terms of the loan financing, you should
consult the institution offering the loan.
ACKNOWLEDGEMENT OF RECEIPT OF RISK DISCLOSURE STATEMENT
I acknowledge that I have received a copy of this Unit Trust Loan Financing Risk Disclosure Statemant
and understand its contents.
Signature
:
.........................................................
Date
:
..........................................................
Full Name :
..........................................................