PREFACE
Dear Investors,
Thank you for expressing your interest in Areca Capital Sdn Bhd.
The information in this Master Prospectus will allow you to have a greater understanding of our Funds before committing
to any investment. This Master Prospectus contains information relating to the following funds:
Areca incomeTRUST Fund;

Areca equityTRUST Fund;

Areca growthTRUST Fund;

Areca moneyTRUST Fund;

Areca enhancedINCOME Fund (“the Funds”).
You will find the key objectives for the Funds in the Key Data section while the investment strategies and the
compatibility of investors with our Funds are list in the Fund Details sections on page 18. Kindly also refer to Page 15 for
information relating to general and specific risks. Fees and charges involved are set out on page 45 of this Master
Prospectus.
Investments in our Funds can be made directly at our offices or with any of our appointed third party distributors, which
are listed on page 84.
If you have any queries or require further information, please contact our Investor Care at 03- 7956 3111 or email us at
invest@arecacapital.com.
We would also like to take this opportunity to thank you for your interest in our Funds and allowing us to serve you.
DANNY WONG TECK MENG
CEO/EXECUTIVE DIRECTOR
i
DISCLAIMER
RESPONSIBILITY STATEMENT
This Master Prospectus has been reviewed and approved by the directors of Areca Capital Sdn Bhd 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, that there are no false or misleading statements, or omission of other facts which
would make any statement in this Master Prospectus false or misleading.
STATEMENTS OF DISCLAIMER
The Securities Commission Malaysia has authorised the Funds and a copy of this Master Prospectus has been registered
with the Securities Commission Malaysia.
The authorisation of the Funds, and registration of this Master Prospectus, should not be taken to indicate that Securities
Commission Malaysia recommends the said Funds or assumes responsibility for the correctness of any statement made,
opinion expressed or report contained in this Master Prospectus.
The Securities Commission Malaysia is not liable for any non-disclosure on the part of Areca Capital Sdn Bhd, the
management company responsible for the said Funds and takes no responsibility for the contents in this Master
Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this
Master Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any
part of its contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE
INVESTMENT. IF INVESTORS ARE UNABLE TO MAKE THEIR OWN EVALUATION, THEY ARE ADVISED TO CONSULT
PROFESSIONAL ADVISERS.
ADDITIONAL STATEMENTS
No units will be issued or sold based on this Master Prospectus later than one year after the date of this Master
Prospectus.
Investors should note that they may seek recourse under the Capital Markets Services Act 2007 for breaches of
securities law and regulations including any statement in the Master Prospectus that is false, misleading, or from which
there is a material omission; or for any misleading or deceptive act in relation to the Master Prospectus or the conduct of
any other person in relation to the Funds.
ii
CONTENT
PREFACE ....................................................................................................................I
DISCLAIMER ............................................................................................................ II
CONTENT ............................................................................................................... III
GLOSSARY ................................................................................................................ 1
CORPORATE DIRECTORY ........................................................................................... 4
WHAT IS VERSATILE INVESTMENT PORTFOLIO? ...................................................... 6
STANDALONE INCOMETRUST FUND ..................................................................................................................... 6
BENEFITS OF INVESTING THROUGH VIP ................................................................................................................ 6
KEY DATA OF THE FUNDS .......................................................................................... 7
ARECA INCOMETRUST FUND, ARECA EQUITYTRUST FUND, ARECA GROWTHTRUST FUND ................................................... 7
ARECA MONEYTRUST FUND AND ARECA ENHANCEDINCOME FUND ............................................................................. 11
RISK FACTORS ........................................................................................................ 15
GENERAL RISKS OF INVESTING IN THE UNIT TRUST FUNDS ........................................................................................ 15
SPECIFIC RISKS ASSOCIATED WITH THE INVESTMENT PORTFOLIO OF THE FUNDS ............................................................... 16
FUNDS DETAILS ...................................................................................................... 18
INVESTMENT PHILOSOPHY ............................................................................................................................... 18
INVESTMENT STRATEGIES OF THE MANAGER ......................................................................................................... 18
ARECA INCOMETRUST FUND ........................................................................................................................... 19
ARECA EQUITYTRUST FUND ............................................................................................................................ 23
ARECA GROWTHTRUST FUND .......................................................................................................................... 26
ARECA MONEYTRUST FUND ............................................................................................................................ 30
ARECA ENHANCEDINCOME FUND...................................................................................................................... 34
POLICY ON THE APPLICATION OF INVESTMENT RESTRICTIONS OF THE FUNDS ................................................................. 38
VALUATION METHOD OF THE AUTHORISED INVESTMENTS ......................................................................................... 38
INCORRECT PRICING ..................................................................................................................................... 39
POLICY ON GEARING ..................................................................................................................................... 39
TEMPORARY DEFENSIVE POSITION ..................................................................................................................... 40
LIQUID ASSETS POLICY .................................................................................................................................. 41
FINANCIAL HIGHLIGHTS OF THE FUNDS ................................................................. 42
ARECA INCOMETRUST FUND ........................................................................................................................... 42
ARECA EQUITYTRUST FUND ............................................................................................................................ 42
ARECA GROWTHTRUST FUND .......................................................................................................................... 43
ARECA MONEYTRUST FUND ............................................................................................................................ 43
ARECA ENHANCEDINCOME FUND...................................................................................................................... 44
FEES, CHARGES, AND EXPENSES ............................................................................. 45
CHARGES ................................................................................................................................................... 45
FEES ........................................................................................................................................................ 46
iii
OTHER CHARGES AND FEES ............................................................................................................................. 46
EXPENSES .................................................................................................................................................. 46
REBATES & SOFT COMMISSIONS ....................................................................................................................... 47
TRANSACTION INFORMATION ................................................................................ 48
CALCULATION OF UNIT PRICES ......................................................................................................................... 48
DISTRIBUTION CHANNELS ............................................................................................................................... 51
MAKING AN INVESTMENT ................................................................................................................................ 51
PAYMENT METHODS ...................................................................................................................................... 51
LIQUIDATING AN INVESTMENT .......................................................................................................................... 51
SWITCHING BETWEEN FUNDS ........................................................................................................................... 52
TRANSFER OF UNITS ..................................................................................................................................... 52
MINIMUM UNITS HELD ................................................................................................................................... 52
COOLING-OFF RIGHT .................................................................................................................................... 52
INCOME DISTRIBUTION AND REINVESTMENT POLICIES ............................................................................................. 53
UNCLAIMED MONEYS POLICY ............................................................................................................................ 53
THE MANAGER: ARECA CAPITAL SDN BHD .............................................................. 54
DUTIES AND RESPONSIBILITIES OF THE MANAGER .................................................................................................. 54
ROLES AND PRIMARY FUNCTION OF THE BOARD OF DIRECTORS AND INVESTMENT COMMITTEE .............................................. 54
FUND MANAGEMENT FUNCTION ......................................................................................................................... 54
DESIGNATED PERSON RESPONSIBLE FOR THE MANAGEMENT OF THE FUNDS ................................................................... 55
MATERIAL LITIGATIONS .................................................................................................................................. 55
PROFILE OF DIRECTORS AND MEMBERS OF THE INVESTMENT COMMITTEE ...................................................................... 55
PROFILE OF KEY PERSONNEL ............................................................................................................................ 56
EXTERNAL FUND MANAGER: UOB ASSET MANAGEMENT (MALAYSIA) BERHAD........ 57
MAYBANK TRUSTEES BERHAD ................................................................................. 58
SUMMARY OF MTB’S FINANCIAL POSITION ........................................................................................................... 58
EXPERIENCE IN TRUSTEE BUSINESS ................................................................................................................... 58
KEY PERSONNEL........................................................................................................................................... 58
TRUSTEE’S STATEMENT OF RESPONSIBILITY .......................................................................................................... 58
DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.................................................................................................... 58
DELEGATES OF THE TRUSTEE............................................................................................................................ 59
MATERIAL LITIGATION AND ARBITRATION............................................................................................................. 59
KEY PERSONNEL OF THE TRUSTEE...................................................................................................................... 60
RHB TRUSTEES BERHAD .......................................................................................... 61
THE BOARD OF DIRECTORS ............................................................................................................................. 61
FINANCIAL POSITION OF THE TRUSTEE ................................................................................................................ 61
TRUSTEE’S STATEMENT OF RESPONSIBILITY .......................................................................................................... 62
DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.................................................................................................... 62
THE TRUSTEE’S DELEGATE .............................................................................................................................. 62
LITIGATION AND ARBITRATION .......................................................................................................................... 62
TRUSTEE’S DECLARATION ............................................................................................................................... 62
ANTI-MONEY LAUNDERING PROVISIONS .............................................................................................................. 62
KEY PERSONNEL OF THE TRUSTEE...................................................................................................................... 63
iv
DEUTSCHE TRUSTEES MALAYSIA BERHAD .............................................................. 65
DTMB’S FINANCIAL POSITION .......................................................................................................................... 65
EXPERIENCE IN TRUSTEE BUSINESS .................................................................................................................... 65
BOARD OF DIRECTORS ................................................................................................................................... 65
CHIEF EXECUTIVE OFFICER .............................................................................................................................. 65
DUTIES AND RESPONSIBILITIES OF THE TRUSTEE .................................................................................................... 65
TRUSTEE’S STATEMENT OF RESPONSIBILITY ........................................................................................................... 65
MATERIAL LITIGATION AND ARBITRATION............................................................................................................. 66
TRUSTEE’S DELEGATE .................................................................................................................................... 66
SALIENT TERMS OF THE DEEDS ............................................................................... 67
UNIT HOLDERS’ RIGHTS & LIABILITIES ............................................................................................................... 67
UNIT HOLDERS’ MEETING ............................................................................................................................... 67
THE MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED ..................................................................................... 68
PROCEDURE ON INCREASE IN FEES AND CHARGES FROM THE LEVEL DISCLOSED IN THE MASTER PROSPECTUS ............................ 69
PROCEDURE TO INCREASE THE MAXIMUM RATE OF FEES AND CHARGES PROVIDED IN THE DEED ............................................ 70
PERMITTED EXPENSES PAYABLE OUT OF THE FUND’S PROPERTY ................................................................................... 70
RETIREMENT, REMOVAL OR REPLACEMENT OF THE MANAGER ..................................................................................... 70
RETIREMENT, REMOVAL OR REPLACEMENT OF THE TRUSTEE ...................................................................................... 71
TERMINATION OF THE FUND ............................................................................................................................. 71
TERMINATION OF TRUST BY THE TRUSTEE ............................................................................................................ 72
RELATED-PARTY TRANSACTION AND CONFLICT OF INTEREST................................ 73
TAXATION ADVISER’S LETTERS .............................................................................. 75
ADDITIONAL INFORMATION ................................................................................... 82
DIRECTORY ............................................................................................................. 84
DIRECTORS’ RESPONSIBILITY STATEMENT ............................................................ 85
v
GLOSSARY
Bond
Includes but not limited to private debt securities, issues issued or guaranteed
by Malaysian government or any state government or BNM of Malaysia such
as MGS and Government Investment Issue;
BNM
Bank Negara Malaysia;
Bursa Malaysia
Bursa Malaysia Securities Berhad, the stock exchange managed or operated
by Bursa Malaysia Berhad;
Business Day
A day on which the Bursa Malaysia is open for trading;
Commercial Paper
Refers to either conventional or Islamic short-term papers issued with original
tenor of one year or less;
CMSA
The Capital Markets and Services Act, 2007 including all amendments thereto;
Deed(s)
The deeds or master deeds in relation to the Funds and any other
supplemental deeds or supplemental master deeds that may be entered into
between the Manager and the Trustee(s) and registered with the Securities
Commission Malaysia;
Debenture
Includes
debenture
stock,
bonds,
notes
and
any
other
evidence
of
indebtedness of a corporation for borrowed moneys, whether or not
constituting a charge on the assets of the corporations as defined in the
CMSA;
Deposits
Deposits with Financial Institutions;
FIMM
Federation of Investment Managers Malaysia;
FBM 100
FTSE Bursa Malaysia Top 100 Index, comprising the top 100 large and midcap companies on Bursa Malaysia’s Main Market, of which the companies are
selected by market capitalisation;
Financial Institution
(a) if the institution is in Malaysia –
(i) licensed bank;
(ii) licensed investment bank;
(iii) licensed Islamic bank;
(b) if the institution is outside Malaysia, any institution that is licensed,
registered, approved or authorised by the relevant banking regulator to
provide financial services;
“licensed bank” has the same meaning as given under the Financial
Services Act 2013;
“licensed investment bank” has the same meaning as given under the
Financial Services Act 2013;
“islamic bank” means a bank licensed under the Islamic Financial
Fixed Income Securities
Includes but not limited to Commercial Paper, Bond, and other fixed income
Services Act 2013;
securities such as convertible debt securities, floating rate bond, Structured
Product;
1
Fund(s)
Areca incomeTRUST Fund, Areca equityTRUST Fund, Areca growthTRUST
Fund, Areca moneyTRUST Fund, and Areca enhancedINCOME Fund
(hereinafter referred to individually as “the Fund” and collectively as “the
Funds”);
Fund Manager
A person who holds a capital market services representative’s license to carry
on the regulated activity of fund management on behalf of the Manager;
GST
Goods and Services Tax;
Guidelines
Guidelines on Unit Trust Funds issued by the Securities Commission Malaysia
as may be amended from time to time;
IUTA
Institutional unit trust adviser, which is an institution, body or organisation
that is registered with the FIMM to market and distribute unit trust;
Jointholder
A person who holds Units together with another person or persons;
Liquidation
Repurchase of Units by the Manager;
Long-Term
A period of 5 years or more;
Manager/We/Us
Areca Capital Sdn Bhd;
Master Prospectus
Master Prospectus in relation to the Funds managed by Areca Capital Sdn
Bhd;
MARC
Malaysian Rating Corporation Berhad;
MGS
Malaysian Government Securities which are interest bearing long-term Bonds
issued by the government of Malaysia;
Medium-Term
A period of 3 to 5 years;
Money Market Instruments
Includes but not limited to banker’s acceptance, Repo, certificates of deposit
and negotiable instruments of deposit;
NAV
The net asset value of the Fund, which is the value of all the assets of the
Fund less the total liabilities of the Fund 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;
NAV per Unit
The NAV of the Fund divided by the number of Units in circulation at the
valuation point;
PDS
Private debt securities which includes all debt securities of corporations issued
based on conventional or Syariah principles whether listed or otherwise;
RAM
RAM Rating Services Berhad;
Repo
A repurchase agreement or an agreement between a Financial Institution and
an investor to sell and buy-back a money market instrument at an agreed
price, inclusive of interest, on a specific future date;
2
SC
The Securities Commission Malaysia which was established under the
Securities Commission Act 1993;
Short-Term
A period of less than 3 years;
Structured Products
Refers to investments which provide returns that are linked to the
performance of an underlying reference. It includes but not limited to credit
linked notes, currency linked notes, bond linked notes, range accrual, interest
rate swap/currency swap, forward rate agreement and long call options;
Transferable securities
Equities, debentures and warrants;
Trustee(s)
Maybank Trustees Berhad, RHB Trustees Berhad and/or Deutsche Trustees
Malaysia Berhad;
Units
Units of a Fund and includes a fraction of a Unit;
Unit Holder/You
A person for the time being who is registered pursuant to the Deed as a
holder of Units, including a Jointholder;
Versatile Investment Portfolio
(VIP)
An investment facility that provides investors with an investment strategy
which offers unlimited free switches between selected Funds.
3
CORPORATE DIRECTORY
MANAGER
BOARD OF DIRECTORS
Areca Capital Sdn Bhd (740840-D)
Dato’ Wee Hoe Soon @ Gooi Hoe Soon (Independent,
Chairman)
Registered Office:
Suite 30C, 3rd Floor, Wisma TCL, 470 Jalan Ipoh
3rd Mile, 51200 Kuala Lumpur
Dr. Junid Saham (Independent)
Business Address:
Raja Datuk Zaharaton binti Raja Dato’ Zainal Abidin
(Non-Independent)
107, Blok B, Pusat Dagangan Phileo Damansara 1
No.9, Jalan 16/11, Off Jalan Damansara
46350 Petaling Jaya
Danny Wong Teck Meng (Executive)
Tel: 03-7956 3111, Fax: 03-7955 4111
Website: www.arecacapital.com
E-mail: invest@arecacapital.com
INVESTMENT COMMITTEE MEMBERS
AUDIT COMMITTEE MEMBERS
Dato’ Wee Hoe Soon @ Gooi Hoe Soon (Independent,
Chairman)
Dato’ Wee Hoe Soon @ Gooi Hoe Soon (Independent)
Dr. Junid Saham (Independent)
Raja Datuk Zaharaton binti Raja Dato’ Zainal Abidin (NonIndependent)
Danny Wong Teck Meng
Dr. Junid Saham (Independent)
FiMM
COMPANY SECRETARY
Federation of Investment Managers Malaysia
Ng Bee Chin (MAICSA 0858126)
19-6-1, 6th Floor, Wisma Tune,
Suite 30C, 3rd Floor, Wisma TCL, 470, Jalan Ipoh, 3rd
Mile, 51200 Kuala Lumpur.
19 Lorong Dungun, Damansara Heights, 50490 Kuala
Lumpur.
Tel: 03-4044 9811, Fax: 03-4044 9822
Tel: 03-2093 2600, Fax: 03-2093 2700
Website: www.fimm.com.my
Email: info@fimm.com.my
SOLICITOR
PRINCIPAL BANKERS
Naqiz & Partners
42A, Lorong Dungun, Damansara Heights, 50490 Kuala
Lumpur.
Malayan Banking Berhad (3813-K)
Tel: 03-2081 7888, Fax: 03-2081 7886
Standard Chartered Bank Malaysia Berhad
(115793-P)
No 8 & 10, Jalan SS2/63, 47300 Petaling Jaya.
Registered office: Level 16, Menara Standard Chartered
30 Jalan Sultan Ismail, 50250 Kuala Lumpur.
AUDITORS
TAX ADVISERS
Deloitte (AF 0080)
Deloitte Tax Services Sdn Bhd (3642-P) (formerly
known as Deloitte KassimChan Tax Services Sdn Bhd
Level 16, Menara LGB, 1 Jalan Wan Kadir, Taman Tun Dr.
Ismail, 60000 Kuala Lumpur, Malaysia
Tel: 03-7610 8888, Fax: 03-7725 7768
Level 16, Menara LGB, 1 Jalan Wan Kadir, Taman Tun
Dr. Ismail, 60000 Kuala Lumpur, Malaysia
Tel: 03-7610 8686 Fax: 03-7725 7768
PricewaterhouseCoopers (AF1146)
Level 10, 1 Sentral, Jalan Travers, Kuala Lumpur Sentral,
P O Box 10192, 50706 Kuala Lumpur.
Tel: 03-2173 1188, Fax: 03-2173 1288
PricewaterhouseCoopers Taxation Services Sdn
Bhd (464731-M)
Level 10, 1 Sentral, Jalan Travers, Kuala Lumpur
Sentral, P O Box 10192, 50706 Kuala Lumpur.
Tel: 03-2173 1188, Fax: 03-2173 1288
4
EXTERNAL FUND MANAGER
(for Areca equityTRUST Fund and Areca growthTRUST Fund)
UOB Asset Management (Malaysia) Berhad
Level 22, Vista Tower, The Intermark, No.348 Jalan Tun Razak, 50400 Kuala Lumpur
Tel : 03-2732 1181, Fax: 03-2732 1100
TRUSTEES
Trustee for Areca incomeTRUST Fund, Areca equityTRUST Fund and Areca enhancedINCOME Fund:
Maybank Trustees Berhad (5004-P)
Registered office and Business Address:
8th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur
Tel: 03-2078 8363, Fax: 03-20709387
Trustee’s Delegate:
Malayan Banking Berhad (3813-K)(as Custodian)
8th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur
Tel: 03-2074 7111, Fax: 03-2070 0966
Trustee Areca moneyTRUST Fund:
RHB Trustees Berhad (573019-U)
Registered office:
Level 9, Tower One, RHB Center, Jalan Tun Razak, 50400 Kuala Lumpur.
Business Address:
6th Floor, Plaza OSK, Jalan Ampang, 50450 Kuala Lumpur.
Tel: 03 – 9207 7777, Fax: 03 – 2175 3288
Trustee’s Delegate (as custodian):
United Overseas Bank (Malaysia) Bhd (271809-K)
Custody & Investment Operations
Level 9, Bangunan UOB, 10-12 Medan Pasar, 50050 Kuala Lumpur
Tel No : 03-2772 8000
Fax No : 03-2690 0087
Trustee for Areca growthTRUST Fund:
Deutsche Trustees Malaysia Berhad(763590-H)
Registered office and Business Address:
Level 20, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur
Tel: 03-2053 7522, Fax: 03-2053 7526
Trustee’s Delegate (as custodian):
Deutsche Bank (Malaysia) Berhad (312552-W)
Level 18-20, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur
Tel: 03-2053 6788, Fax: 03-2031 8710
5
WHAT IS VERSATILE INVESTMENT PORTFOLIO?
Versatile Investment Portfolio (VIP) is an investment facility designed by the Manager to provide active investors with
an investment strategy which offers the flexibility to tailor their ideal investment solutions. The VIP provides investors a
professional diversified portfolio with access to two types of asset classes – equity and fixed income funds with unlimited
free switches between the selected Funds. It is an easy and convenient way for active investors to manage and
customise their investment portfolios according to their investment goals, risk profiles and prevailing market conditions.
Non-Equity
Fund
VIP
Fixed Income
UNLIMITED FREE SWITCHES
Areca
incomeTRUST
Fund
Areca
equityTRUST
Fund
Equity
Areca
growthTRUST
Fund
Standalone incomeTRUST Fund
Investors may also invest ONLY in Areca incomeTRUST Fund on a standalone basis (if you do not wish or are not ready
to invest in equity funds) without the benefit of the free switches. Investors can access the VIP switch option through a
conversion facility.
(please refer to page 9 for details)
Benefits Of Investing Through VIP

Choice
One-stop solution with a choice to diversify your investment into 2 different asset classes that suits your needs.

Simple and Flexible
You can switch between selected funds at any time by filling up a switch form without incurring switching fee. This
may potentially enable you to maximise your returns, and allows you to easily change your strategy to keep pace
with your needs.

Active Participation by the Investor
Enables you to be more financially aware of changing trends in the financial markets and the impact on your
investments and encourages you to adopt a more pro-active approach to personal investing rather than re-active
approach.

Single Pricing Policy with low front end fee
VIP is competitively priced with low front end fee. It has also a simple and easy to understand fee structure that
allows you to know exactly what you are being charged.

Deal Direct
In our commitment to bring personalised investor care and attention to our investors, the Manager has made a
unique stance to offer the funds under VIP and investment expertise predominantly through our full-time salaried
employees. As salaried employees of the Manager, the service personnel are focused on enhancing investors’ total
investment experience with the Manager over the Long-Term period.
6
KEY DATA OF THE FUNDS
THE INFORMATION IN THIS “KEY DATA” SECTION IS ONLY A SUMMARY OF THE SALIENT INFORMATION ABOUT THE FUNDS
AND INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE WHOLE MASTER PROSPECTUS BEFORE MAKING
INVESTMENT DECISIONS.
Areca incomeTRUST Fund, Areca equityTRUST Fund, Areca growthTRUST Fund
Areca incomeTRUST
Fund
Areca equityTRUST
Fund
Areca growthTRUST
Fund
CATEGORY OF THE
FUND
Fixed income
Equity
Equity
TYPE OF FUND
Income
Growth
Growth
TRUSTEE
Maybank Trustees Berhad
Maybank Trustees Berhad
Deutsche Trustees Malaysia
Berhad
INVESTMENT
OBJECTIVE
To provide investors with
short to medium term capital
preservation and a regular
income*.
To provide investors with
medium to long term capital
growth.
To provide investors with an
opportunity for capital
growth.
ASSET ALLOCATION

Fixed Income Securities
and Money Market
Instruments (other than
those instruments
classified as liquid
assets)
Equities and equityrelated securities

70%-98% of the NAV of
the Fund

Maximum 98% of the
NAV of the Fund


Liquid assets
Minimum 70% of the
NAV of the Fund
Minimum 2% of the NAV
of the Fund
Maximum 98 % of the
NAV of the Fund

Liquid assets
PRINCIPAL RISKS
Liquid assets
Minimum 2% of the NAV
of the Fund
Minimum 2% of the NAV
of the Fund
INVESTMENT
STRATEGIES
Domestic and Asian
equities and equityrelated securities
Invest primarily (with at
least two third of its assets)
in Fixed Income Securities
and
Money
Market
Instruments predominantly
with a minimum credit rating
of ‘A3’ by RAM or such
equivalent rating by other
rating agencies under normal
circumstances.
Invest primarily (with at
least two third of its assets)
in equities and equity-related
securities
under
normal
circumstances.
 Liquidity Risk
 Company Specific Risk
 Company Specific Risk
 Credit/Default Risk
 Market Risk
 Foreign Country Risk
 Interest Rate Risk
 Liquidity Risk
 Foreign Currency Risk
 Counterparty Risk
 Counterparty Risk
 Market Risk
Invest
primarily
(with
at
least two third of its assets)
in
domestic
equities
and
and
Asian
equity-related
securities with capital growth
potential, including collective
investment
schemes
with
similar objective as the Fund
under normal circumstances.
 Foreign Country Risk
 Counterparty Risk
 Foreign Currency Risk
PERFORMANCE
BENCHMARK
 Market Risk
Maybank’s 6-month fixed
deposit rate
FBM 100
MSCI AC Asia Ex Japan Index
* income could be in the form of Units or cash. Please refer to page 53 for further details on income distribution and
reinvestment policies.
7
Areca incomeTRUST
Fund
INVESTORS’
PROFILE
Areca equityTRUST
Fund
 Seek regular income;
 Seek capital growth;
 Seek capital growth;
 Have low risk tolerance;
 Have high risk tolerance;
 Have
 Have
Short-Term
Medium-Term
to
investment
horizon;
 Seek
exposure
 Have
Medium-Term
Long-Term
to
investment
Medium-Term
Long-Term
to
investment
horizon.
horizon;
in
fixed
income market.
DEEDS THAT
GOVERN THE FUNDS
Areca growthTRUST
Fund
 Seek exposure in equity
market.
The Deed dated 12 March 2007 as modified by the First
Supplemental Deed dated 27 June 2007, Second
Supplemental Deed dated 14 April 2008, Third Supplemental
Deed dated 21 October 2008, Fourth Supplemental Master
Deed dated 10 April 2009, Fifth Supplemental Master Deed
dated 12 March 2013 and Sixth Supplemental Master Deed
dated 6 September 2013.
The Deed dated 12 November
2009, as modified by the first
Supplemental Deed dated 17
December 2012.
23 April 2007
12 March 2010
30 June
30 September
LAUNCH DATE
FINANCIAL YEAR
END
CHARGES-This table describes the charges that you may directly incur when you buy or redeem Units in the Funds.
ENTRY FEE
(SALES CHARGE)
VIP
 Direct investment through Manager : Up to 2% of the amount invested*
 Third party distributors including IUTA: Up to 4.5% of the amount invested*
STANDALONE
Up to 0.15% of the
amount invested*
Not Applicable
EXIT FEE
(REPURCHASE
CHARGE)
Not Applicable
VIP
NIL
STANDALONE

Up to 0.50% of the
amount
liquidated
if
liquidation is made on
Units invested for a
duration of less than 6
months.**
Not Applicable
Not Applicable
* The maximum rate of entry fee to be imposed by each distribution channel (i.e. direct investment through the
Manager and third party distributors including appointed IUTA).
** The maximum rate of exit fee to be imposed by each distribution channel (i.e. direct investment through the
Manager and third party distributors including appointed IUTA). However, this exit fee would be waived if Units
liquidated (including distributions/unit split for calculation, if any) have not made any profit/gain. No exit fee would
be charged if liquidation is made on Units invested for a duration of more than 6 months.
Investors may negotiate with the distributors for lower fees subject to the respective channels’ decision. The Manager,
may at its discretion, waive the entry fee and/or exit fee.
8
Areca incomeTRUST
Fund
SWITCHING FEE
Areca equityTRUST
Fund
Areca growthTRUST
Fund
VIP
NIL (Unlimited free switches)
NIL (Unlimited free switches)
STANDALONE
Not applicable
TRANSFER FEE
NIL
OTHER CHARGES
There are no other charges (except charges levied by banks on remittance of money)
payable directly by investors when purchasing or redeeming Units.
CONVERSION
FACILITY/FEE
Unit Holders can avail themselves to the VIP switching facility by paying a one-off conversion
fee (the entry fee for VIP less the entry fee paid earlier).
FEES AND EXPENSES - This table describes the fees that you may indirectly incur when you buy or redeem Units in
the Funds.
ANNUAL
MANAGEMENT FEE
1.15% p.a. of NAV of the
Fund
ANNUAL TRUSTEE
FEE
0.08% p.a. of NAV of the Fund
ANY OTHER FEES
PAYABLE
INDIRECTLY BY AN
INVESTOR
These include but are not limited to:

1.90% p.a. of NAV of the
Fund*
1.60% p.a. of NAV of the
Fund
0.08% p.a. of NAV of the
Fund, subject to a minimum
of RM18,000 p.a. (excluding
foreign custodian fees and
charges).
Commissions or fees paid to brokers or dealers in effecting dealings in the investments of
the Fund;

Charges or fees paid to the sub-custodian;

Tax and other duties charged on the Fund by the government and/or other authorities;

Costs, fees and expenses properly incurred by the auditor appointed for the Fund;

Costs, fees and expenses incurred for the valuation of any investment of the Fund by
independent valuers for the benefit of the Fund;

Costs, fees and expenses incurred for any modification of the Deed save where such
modification is for the benefit of the Manager and/or Trustee;

Costs, fees and expenses incurred for any meeting of the Unit Holders save where such
meeting is convened for the benefit of the Manager and/or Trustee; and

Other fees or expenses permitted in the Deed.
* The Manager has increased the management fee from 1.70% to 1.90%. The effective date for the new management
fee is on 19 June 2015 (90 days from the date of this Master Prospectus).
9
Areca incomeTRUST
Fund
Areca equityTRUST
Fund
Areca growthTRUST
Fund
TRANSACTIONS
MINIMUM INITIAL
INVESTMENT
 Direct investment through Manager: RM10,000 or such other limit at the Manager’s
discretion.
 Third party distributors including IUTA: RM1,000 or such other limit at the Manager’s
discretion.
MINIMUM
ADDITIONAL
INVESTMENT
RM1,000 or such other limit at the Manager’s discretion.
MINIMUM
LIQUIDATION
RM1,000 or 2,000 Units or such other limit at the Manager’s discretion. However, if the
liquidation request leaves an investor with less than 1,000 Units (Minimum Balance), the
investor may be required to make an application for the Manager to liquidate all the
investor’s holding in the Fund.
MINIMUM BALANCE
1,000 Units or such other limit at the Manager’s discretion.
LIQUIDATION
NOTICE/
Any Business Day. However, a liquidation notice must be submitted to the Manager before
LIQUIDATION
Unlimited
3.30pm on transaction day (T day) for processing.
FREQUENCY
LIQUIDATION
PAYMENT
Payments will be made within 10 days upon receipt by the Manager of the duly completed
original liquidation form. However, it is the Manager’s general liquidation policy to make
payments within the next 3 Business Days from the transaction day for those Units
purchased directly through the Manager. (i.e. T+3 days)
COOLING-OFF RIGHT
Within 6 Business Days commencing on the date of receipt of the application for Units by the
Manager – Full refund. Applicable for initial investment by investors in any funds managed by
the Manager for the first time only. Not applicable to corporation or institution, a staff of the
Manager and persons registered with a body approved by the SC to deal in unit trusts.
SWITCHING
FACILITY
Unlimited free switches between equity and non-equity Funds offered under the VIP.
MINUMUM
SWITCHING
1,000 Units or such other limit at the Manager’s discretion.
TRANSFER FACILITY
Transfer from corporate account to individual account is not allowed.
MINIMUM TRANSFER
1,000 Units or such other limit at the Manager’s discretion.
DISTRIBUTION OF
INCOME
Twice
a
availability
year,
of
subject
to
Incidental
distributable
income.
INCOME REINVESTMENT POLICY
In the absence of instructions to the contrary from a Unit Holder, the Manager is entitled to
reinvest the income distributed from the Fund in additional Units of that Fund at the NAV per
Unit at the end of the distribution day with no entry fee.
UNCLAIMED MONEYS
POLICY
Any moneys which remain unclaimed after 12 months from the date of payment or any such
other period as is prescribed by the Unclaimed Moneys Act, 1965 shall be dealt with in
accordance with the provisions of the Unclaimed Moneys Act, 1965.
For more details on the Funds’ investment objectives, investment strategies and performance benchmarks for Areca
incomeTRUST, Areca equityTRUST Fund and Areca growthTRUST Fund, please refer to pages 19, 23
respectively.
10
and
26
Areca moneyTRUST Fund and Areca enhancedINCOME Fund
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
FUND
CATEGORY OF THE
FUND
Fixed income
Fixed income
TYPE OF FUND
Income
Income & growth
TRUSTEE
RHB Trustees Berhad
Maybank Trustees Berhad
INVESTMENT
OBJECTIVE
To provide investors with a high level of
liquidity while providing current income*
and capital preservation.
To provide long term investors with high level
of income* stream and an opportunity for
capital appreciation.
ASSET
ALLOCATION

Fixed Income Securities and Money
Market Instruments (other than those
instruments classified as liquid assets)
Maximum 30% of the NAV of the Fund
(at time of purchase)


Minimum 70% of the NAV of the Fund

Deposits and other liquid assets
Remaining balance of the NAV of the
Fund
Fixed Income Securities and Money Market
Instruments (other than those instruments
classified as liquid assets)
Liquid assets
Minimum 2% of the NAV of the Fund

Listed equities and equity-related securities
Up to 25% of the NAV of the Fund (at time
of purchase)
INVESTMENT
STRATEGIES
Invest primarily (with at least two-third of
the assets) in Short-Term and highly liquid
Money Market Instruments, and partially in
Fixed Income Securities.
PRINCIPAL RISKS

Liquidity Risk

Liquidity Risk

Credit/Default Risk

Credit/Default Risk

Interest Rate risk

Interest Rate Risk

Counterparty Risk

Counterparty Risk

Foreign country Risk

Foreign country Risk

Foreign Currency Risk

Foreign currency Risk
PERFORMANCE
BENCHMARK
INVESTORS’
PROFILE
Invest primarily (with at least two-third of the
assets) in Fixed Income Securities with
relatively high level of yield. The Fund may also
invest tactically a small portion in equities and
equity-related securities to take advantage of
the both fixed income and equity markets
climate.
 Market Risk
Maybank’s 1-month Repo rate
 Market Risk
Maybank’s 12-month fixed deposit rate
 Have low risk tolerance;
 Have medium risk tolerance;
 Have Short-Term investment horizon;
 Have surplus funds;
 Seek liquidity and exposure in money
market and fixed income investment
portfolio (redemption proceeds will be
made on the next Business Day (T+1
day).
 Seek exposure in fixed income market and a
small equity exposure;
 Seek to earn higher returns than fixed
deposit rates.

* income could be in the form of Units or cash. Please refer to page 53 for further details on income distribution and
reinvestment policies.
11
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
DEEDS THAT
GOVERN THE
FUNDS
The Deed dated 12 March 2007 as modified
by the Supplemental Deed dated 25 August
2008, Second Supplemental Deed dated 10
April 2009, Third Supplemental Deed dated
15 August 2013.
The Deed dated 12 March 2007 as modified by
the First Supplemental Deed dated 27 June
2007, Second Supplemental Deed dated 14
April 2008, Third Supplemental Deed dated 21
October 2008 and Fourth Supplemental Master
Deed dated 10 April 2009, Fifth Supplemental
Master Deed dated 12 March 2013 and Sixth
Supplemental Master Deed dated 6 September
2013.
LAUNCH DATE
23 April 2007
30 July 2007
FUND
FINANCIAL YEAR
END
30 June
CHARGES-This table describes the charges that you may directly incur when you buy or redeem Units in the Funds.
ENTRY FEE
NIL
Up to 1% of the amount invested*
NIL
Up to 0.50% of the amount liquidated if
liquidation is made on Units invested for a
duration of less than 6 months **
(SALES CHARGE)
EXIT FEE
(REPURCHASE
CHARGE)
SWITCHING FEE
Not applicable
TRANSFER FEE
OTHER CHARGES
*
NIL
There are no other charges (except charges levied by banks on remittance of money) payable
directly by investors when purchasing or redeeming Units.
The maximum rate of entry fee to be imposed by each distribution channel (i.e. direct investment through the
Manager and third party distributors including appointed IUTA).
** The maximum rate of exit fee to be imposed by each distribution channel (i.e. direct investment through the
Manager and third party distributors including appointed IUTA). However, this exit fee would be waived if Units
liquidated (including distributions/unit split for calculation, if any) have not made any profit/gain. No exit fee would
be charged if liquidation is made on Units invested for a duration of more than 6 months.
Investors may negotiate with the distributors for lower fees subject to the respective channels’ decision.
The Manager, may at its discretion, waive the entry fee and/or exit fee.
FEES AND EXPENSES - This table describes the fees that you may indirectly incur when you buy or redeem Units in
the Funds.
ANNUAL
MANAGEMENT FEE
0.75% p.a. of NAV of the Fund
ANNUAL TRUSTEE
FEE
0.08% p.a. of NAV of the Fund
1.40% p.a. of NAV of the Fund *
* The Manager has increased the management fee from 1.20% to 1.40%. The effective date for the new management
fee is on 19 June 2015 (90 days have elapsed since the effective date of this Master Prospectus.
12
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
FUND
ANY OTHER FEES
PAYABLE
INDIRECTLY BY AN
INVESTOR
These include but are not limited to:

Commissions or fees paid to brokers or dealers in effecting dealings in the investments of
the Fund;

Charges or fees paid to the sub-custodian;

Tax and other duties charged on the Fund by the government and/or other authorities;

Costs, fees and expenses properly incurred by the auditor appointed for the Fund;

Costs, fees and expenses incurred for the valuation of any investment of the Fund by
independent valuers for the benefit of the Fund;

Costs, fees and expenses incurred for any modification of the Deed save where such
modification is for the benefit of the Manager and/or Trustee;

Costs, fees and expenses incurred for any meeting of the Unit Holders save where such
meeting is convened for the benefit of the Manager and/or Trustee; and

Other fees or expenses permitted in the Deed.
TRANSACTIONS
MINIMUM INITIAL
INVESTMENT
Direct investment through Manager: RM10,000 or such other limit at the Manager’s
discretion.
Third party distributors including IUTA: RM1,000 or such other limit at the Manager’s
discretion.
MINIMUM
ADDITIONAL
INVESTMENT
RM1,000 or such other limit at the Manager’s discretion.
MINIMUM
LIQUIDATION
RM1,000 or 2,000 Units or such other limit at the Manager’s discretion. However, if the
liquidation request leaves an investor with less than 1,000 Units (Minimum Balance), the
investor may be required to make an application for the Manager to liquidate all the investor’s
holding in the Fund.
MINIMUM
BALANCE
1,000 Units or such other limit at the Manager’s discretion.
LIQUIDATION
NOTICE
1 Business Day prior to liquidation (i.e. T-1
day). However, a liquidation notice must be
submitted to the Manager before 3.30p.m
on T-1 day for processing / Unlimited.
Any Business Day. However, a liquidation notice
must be submitted to the Manager before
3.30p.m on transaction day (T day) for
processing/ Unlimited.
LIQUIDATION
Unlimited.
Unlimited.
Payment will be made on the next Business
Day of the transaction day (i.e. T+1 day)
under normal circumstances. However,
under specific conditions such as under
liquidity constraint conditions, payment
may be made within 10 days upon receipt
by the Manager of the duly completed
original liquidation form.
Payments will be made within 10 days upon
receipt by the Manager of the duly completed
original liquidation form. However, it is the
Manager’s general liquidation policy to make
payments within the next 3 Business Days from
the transaction day for those Units purchased
directly through the Manager. (i.e. T+3 days)
FREQUENCY
LIQUIDATION
PAYMENT
13
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
FUND
COOLING-OFF
RIGHT
Within 6 Business Days commencing on the date of receipt of the application for Units by the
Manager – Full refund. Applicable for initial investment by investors in any funds managed by
the Manager for the first time only. Not applicable to corporation or institution, a staff of the
Manager and persons registered with a body approved by the SC to deal in unit trusts.
SWITCHING
FACILITY
Not available
TRANSFER
FACILITY
Transfer from corporate account to individual account is not allowed.
MINIMUM
TRANSFER
1,000 Units or such other limit at the Manager’s discretion.
DISTRIBUTION OF
INCOME
At least twice a year, subject to availability of distributable income.
INCOME RE-
In the absence of instructions to the contrary from a Unit Holder, the Manager is entitled to
reinvest the income distributed from the Fund in additional Units of that Fund at the NAV per
Unit at the end of the distribution day with no entry fee.
INVESTMENT
POLICY
UNCLAIMED
Any moneys which remain unclaimed after 12 months from the date of payment or any such
MONEYS POLICY
other period as is prescribed by the Unclaimed Moneys Act, 1965 shall be dealt with in
accordance with the provisions of the Unclaimed Moneys Act, 1965.
For more details on the Funds’ investment objectives, investment strategies andperformance benchmarks for
Areca moneyTRUST and Areca enhancedINCOME Fund , please refer to pages 30 and 34 respectively.
For information concerning certain risk factors which should be considered by
investors,
seefees
“Risk
Factors”
commencing on page 15.
Please refer to pageprospective
45 for further
details on
and
charges.
Please refer to page 48 for further details on transaction information.
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Fund(s).
Please refer to page 48 for further details on transaction information.
Unit prices and distributions payable, if any, may go down as well as up. Past
The above fees and charges are exclusive of goods and services tax and/or duties as may be imposed by the
of the Fund(s)
is not
an indication of its future performance.
government and/or theperformance
relevant authorities
from time
to time.
Prospective investors may contact our investor care at 03-7956 3111 for further
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund(s) is
information on the Funds.
not an indication of its future performance.
Prospective investors should read and understand the contents of this Master Prospectus and, if necessary,
consult their adviser. For information concerning certain risk factors which should be considered by
prospective investors, see “Risk Factors” commencing on page 15.
Prospective investors may contact our investor care at 03-7956 3111 for further information on the Funds.
14
RISK FACTORS
All types of investments carry some degree of risks which may have an adverse effect on the price of the investments.
Therefore, before making an investment decision, investors are advised to consider the different types of risks that may
affect the unit trust fund. Below are some of the general risks of investing in the unit trust fund and specific risks
associated with the investment portfolio of the Funds.
General risks of investing in the Unit Trust Funds

Market Risk
This risk inherently exists in any market and cannot be avoided by any business or company. Uncertainties in
economic and socio-political environment of a particular market may affect a fund’s investments in that market
negatively and consequently, its unit price.

Liquidity Risk
Liquidity risk refers to the ease of liquidating an asset depending on the asset’s volume traded in the market. If the
fund holds assets that are illiquid, or are difficult to dispose of, the value of the fund may be negatively affected
when it has to sell such assets at unfavourable prices.

Inflation/Purchasing Power Risk
This is the risk of potential loss in the purchasing power of your investment due to a general increase of consumer
prices. Inflation will erode the value of the investment returns and the worth of the investment itself. Investors’
returns from the fund may not be in-line with the inflation rate and hence reduce their purchasing power.

Fund Management Risk
A fund may underperform its benchmark due to the experience, knowledge and expertise of the manager and the
investment strategies adopted. A fund manager who lacks experience and knowledge may make poor or wrong
forecasts of the stocks or markets. The fund manager may also adopt investment strategies which are not suitable
for current market situations ie for instance, whether to take temporary defensive positions at the right time. All
these may affect the fund’s performance negatively and as such, may result in the fund under-performing the
benchmark.

Loan Financing Risk
Investors must be aware of the inherent risk involved with loan financing for investments including their ability to
service loan instalments, which may be affected by increase in interest rates or unforeseen circumstances, such as
loss of a regular income stream. Investors may be required to pledge units held in a fund or any other assets as
collateral to cover the loan margin. In the event units are used as collateral, an investor may be required to provide
cash or units as additional collateral if the unit prices fall beyond a certain level. If the additional collateral is not
made within the prescribed time, the investors’ units may be sold towards settling the loan financing.

Risk of Non-Compliance
This is the risk that the manager does not adhere to relevant laws, regulations and guidelines that govern the
investment management and operations of a fund or a fund’s investment mandate stated in the deed. Noncompliance could occur due to internal factors such as weaknesses in operational processes and systems. Noncompliance risk may adversely affect the investment of the fund. The manager may force sell the investments of the
fund at a discount to rectify the non-compliance. This risk is mitigated by having sufficient internal controls in place
and compliance monitoring program.

Performance Risk
As a result of the risk elements, the returns from a fund are not guaranteed. The value of the fund’s investment will
vary when sold and an investment may be worth more or less than when purchased.
15
Specific risks associated with the investment portfolio of the Funds
Name of Funds
Type of Risks
Areca
incomeTRUST
Fund
Areca
growthTRUST
Fund
Areca
moneyTRUST
Fund
Areca
enhancedINCOME
Fund
Credit/default Risk
√
√
√
Interest Rate Risk
√
√
√
Company Specific
Risk

Areca
equityTRUST
Fund
√
√
√
√
√
√
Counterparty Risk
√
Foreign Country Risk
√
√
√
√
Foreign Currency Risk
√
√
√
√
Credit/default risk
Credit/default risk relates to the creditworthiness of the issuers of the debt instruments and its expected ability to
make timely payment of interest and/or principal. There is a possibility that the issuer of debt instruments may
default in payments. This will adversely affect the value of the Funds. This risk can be managed by holding a
diversified portfolio of debt instruments and monitoring the issuers’ fundamentals on an on-going basis.

Interest Rate Risk
This risk relates to unforeseen movements in the direction of interest rates. Interest rate movements can lead to
fluctuations in Bond prices. Bond prices generally move in the opposite direction of interest rate, that is, any increase
in interest rate will lead to a reduction in the Bond prices, thus affecting the valuation of the Funds. The Manager will
undertake a thorough evaluation of macro-economic variables before an interest rate strategy is implemented,
mainly via managing the durations and coupon rates of the investment.

Company Specific Risk
This risk refers to the risk unique to a particular company due to company-specific factors such as capital structure,
quality of management, nature of business and others. Any changes to the business performance, capital structure,
management or nature of business of a specific company in which the Fund invests in may negatively affect the
valuation of the company. This in turn may cause fluctuations in the shares prices of that company, thus affecting the
value of the Fund’s investment in that company. This risk may be reduced through portfolio diversification.

Counterparty risk
A Fund that invests in Structured Products or options will be subjected to counterparty risk. This risk refers to the
possibility of the issuer of the Structured Products or options being unable to make payments and/or paying the
obligations in a timely manner. This in turn could lead to lower or zero valuation of the Structured Products or
options if the issuer is in default. It will have an adverse impact to the NAV of the Funds. The management of credit
risk may mitigate this risk. This refers to the emphasis on credit analysis conducted to determine the Structured
Products or options issuer’s ability to pay the obligations as and when they are due.

Foreign Country Risk
Investments of the Funds in any foreign countries may be affected by changes in the economic and political climate,
restriction on currency repatriation or other developments in the law or regulations of the countries in which the
Funds invests in. For example, the deteriorating economic condition of the countries may adversely affect the value
of the investments undertaken by the Funds in those affected countries. This in turn may cause the net asset value
or prices of units to fall.
16

Foreign Currency Risk
As the base currency of the Funds is in Malaysian Ringgit, any foreign currencies denominated investments will be
exposed to foreign currency risk. When foreign currencies weaken against Malaysian Ringgit, these investments may
face currency losses which will adversely affect the NAV of the Funds.
The abovementioned risks which investors should consider before investing into a unit trust fund should
not be considered to be an exhaustive list.
Investors should be aware that investments in the Funds may be exposed to other risks of an exceptional
nature from time to time.
17
FUNDS DETAILS
Investment Philosophy
Our Funds share a common investment philosophy based on the premise that price movements in financial assets are
driven by a combination of liquidity flows, risk appetite and ultimately, the intrinsic value of the underlying assets. We
seek to optimize results from the investments via the interplay of these factors on prices of financial assets both in the
Short-Term and Long-Term.
Investment Strategies of the Manager
The Manager will seek to achieve consistent, above-average returns from fundamental analysis as opposed to constant
trading for fixed income and bond exposure. The focus will be on the credit-worthiness of the investment-grade issuers.
Equally important would be the credibility of management of the respective issuers.
For diversification and risk management, fixed income investments of the Funds will be spread out across various sectors
and between individual securities. To enhance liquidity and diversification, the Manager may invest in units or shares of
other collective investment schemes of which the underlying investments are exposed Fixed Income Securities. The
Manager will manage the portfolio duration in accordance with the interest rates outlook.
To enhance the credit risk management, the Manager may consider investing in Fixed Income Securities such as
securities issued or guaranteed by the Malaysian government or BNM and Financial Institutions.
As for equity investments, the Manager will pursue an active investment strategy which emphasises on appropriate asset
allocation for changing market conditions and market cycles. Initially, this requires an understanding of the ‘macro’
factors that determine the investment environment and risk appetite of the broad market. An asset allocation decision is
then made accordingly. Based on this analysis, the Manager will then seek out economic sectors that are anticipated to
perform well or to identify sectors that are at a point of cyclical change. Within the equity asset class, a sector allocation
decision would then be made followed by selection of individual stocks within those sectors. Preference will be on
companies with sound management practice, resilient business models, strong brand franchise coupled with attractive
relative valuations. It would also be necessary to concurrently conduct ‘bottom-up’ stock picking techniques to filter out
stocks which may not fall within a preferred sector but yet possess unique qualities that make them attractive
investment candidates.
For liquidity and diversification purposes, the Manager may invest in units or shares of other collective investment
schemes registered in Malaysia which invest in equity and equities related securities. As some of the collective
investment schemes may invest in listed securities in foreign markets, the Fund’s investment in such collective
investment schemes may indirectly be exposed to foreign market risks. To mitigate these risks, the Funds may invest in
futures contracts and options to hedge against volatility. The presence of stocks in the equity portfolio, in particular, may
result in the Funds experiencing significant volatilities in times of adverse market movements.
We adopt an active investment strategy in managing the Funds and will invest tactically during uncertain times.
18
Areca incomeTRUST Fund
Investment Objective
The investment objective of the Fund is to provide investors with short to medium term capital preservation and a
regular income (income could be in the form of Units or cash). To achieve this objective, the Fund will invest primarily in
Fixed Income Securities and Money Market Instruments.
Note: Any material changes to the investment objective of the Fund would require Unit Holders’ approval.
Asset Allocation
Fixed Income Securities and Money Market Instruments
Maximum 98% of the NAV of the Fund
(other than those classified as liquid assets)
Liquid assets
Minimum 2% of the NAV of the Fund
Investment Policy/Strategy of the Fund
The Fund may invest up to 98% of its NAV in Fixed Income Securities and Money Market Instruments with a minimum of
2% of its NAV in liquid assets. The minimum credit rating for Money Market Instruments and other Fixed Income
Securities (other than government and government related securities) that the Fund shall invest in is the credit rating of
‘A3’ by RAM or such equivalent rating by other rating agencies. Notwithstanding the above and subject to the investment
committee’s unanimous approval, the Fund may invest up to 25% of its NAV in Fixed Income Securities with a credit
rating below the minimum ‘A3’ rating. The Fund may continue to hold its investment in Fixed Income Securities with a
credit rating below ‘A3’ even if the holdings exceeds 25% of its NAV due to appreciation or depreciation of the NAV of
the Fund, whether as a result of an appreciation or depreciation in value of the investments, or as a result of repurchase
of Units or other payment made by the Fund. Under normal circumstances, the weighted average duration is expected to
be approximately 2 to 5 years.
* Please refer to page 53 for further details on income distribution and reinvestment policies.
Investors’ Profile
This Fund is suitable for investor who:

Seek regular income;

Have a low risk-tolerance;

Have a Short-Term to Medium-Term investment horizon; and

Seek exposure in fixed income market.
Permitted Investments
Unless otherwise prohibited by the relevant authorities or any relevant law and provided always that there are no
inconsistencies with the objective of the Fund, the Fund may invest in the following:

Fixed income securities issued by the Malaysian government or BNM or any other government related bodies. Such
instruments include MGS, treasury bills and BNM bills;

Issues guaranteed by the government of Malaysia or BNM or any state government in Malaysia;

Issues by banks or financial institutions such as banker’s acceptances and negotiable certificates of deposit;

Private debt securities including those convertibles into equity. These issues are usually approved by BNM and/or
the SC, and/or are rated by the RAM or the MARC. The credit rating of an issue may also be enhanced through
bank guarantees or corporate guarantees;

Foreign currency exposure in sovereign bonds and corporate bonds;
19

Units and shares in other collective investment schemes;

Derivatives such as futures contract for hedging purposes only;

Structured products which contain embeded derivatives (including options). The value of the derivatives depends
on a variety of underlying reference assets including but not limited to interest rate levels, indexes, foreign
exchange rates and other factors; and

Any other form of investment as may be permitted by the relevant authorities from time to time.
Investment Restrictions
The investment restrictions are as follows :

The value of the Fund’s investment in unlisted securities must not exceed 10% of the Fund’s NAV;

The value of the Fund’s investment in debentures issued by any single issuer must not exceed 20% of the Fund’s
NAV. However, the single issuer limit may be increased to 30% if the debentures are rated by any domestic or
global rating agency to be of the best quality and offer highest safety for timely payment of interest and principal;

The value of the Fund’s investment in debentures issued by any one group of companies must not exceed 30% of
the Fund’s NAV;

The value of the Fund’s placement in deposits with any single Financial Institution must not exceed 20% of the
Fund’s NAV;

The aggregate value of the Fund’s investment in transferable securities, money market instruments, deposits and
structured products issued by or placed with (as the case may be) any single issuer/institution must not exceed
25% of the Fund’s NAV. However, where the single issuer limit is increased to 30% pursuant to point 2 above, the
aggregate value of the Fund’s investment must not exceed 30% of the Fund’s NAV;

The value of the Fund’s investment in structured products issued by a single counter-party must not exceed 15% of
the Fund’s NAV;

The value of the Fund’s investment in units/shares of any collective investment scheme must not exceed 20% of
the Fund’s NAV;

The Fund’s investment in debentures must not exceed 20% of the debentures issued by any single issuer;

The Fund’s investment in money market instruments must not exceed 10% of the instruments issued by any single
issuer. However, the limit does not apply to money market instruments that do not have a pre-determined issue
size;

The Fund’s investment in collective investment schemes must not exceed 25% of the units/shares in any one
collective investment scheme;

The Fund’s exposure from its derivatives position should not exceed the Fund’s NAV at all times; and

At least 2% of the Fund’s NAV must be in liquid assets.
Performance benchmark
The Fund is benchmarked against Maybank’s 6-month fixed deposit rate, which is available at www.maybank2u.com.my
Investors are to note that the benchmark selected is merely to provide an indication of the performance of
the Fund. It does not match the risk profile of the Fund. Investors will assume a higher level of risk by
investing in this Fund as compared to fixed deposit, and potentially have higher or lower income vis-à-vis
the benchmark.
20
Fund Performance
Performance of Areca incomeTRUST Fund for the financial period since inception to 30 June 2014
The Fund’s NAV per Unit decreased from RM0.5141 as at 30 June 2013 to RM0.5021 as at 30 June 2014, after a total
net distribution of 2.50 sen per Unit during the year. The Fund posted a return of 2.54% p.a. versus 3.12% p.a. of its
benchmark, Maybank’s 6-month fixed deposit rate. The Fund did not meet its benchmark for the year ended 30 June
2014 as the bonds held were affected by rising yield in the bond market and hence their marked-to market valuations.
The under-performance was despite the Fund’s conservative strategy of shortening its portfolio duration.
Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions (if any) at NAV.
The total return is sourced from Lipper. Benchmark data is sourced from Malayan Banking Berhad.
Total Returns
For the financial year ended 30 June
2014
2013
2012
2011
2010
%
%
%
%
%
Annual Total Return
2.54
3.18
3.82
5.16
5.36
Benchmark: Average Maybank’s 6-month fixed
deposit rate.
3.12
3.12
3.12
2.83
2.21
As at 30 June 2014
Average Total Return
1-yr
3-yr
5-yr
%
%
%
2.54
3.28
4.34
Portfolio Turnover Ratio
Financial Year Ended 30 June
PTR (times)
2014
2013
2012
0.33
0.48
0.53
There was no significant change in the PTR for financial year ended 30 June 2014 as compared to previous years.
21
Asset Allocation
Financial Year Ended 30 June
2014 (%)
2013 (%)
2012 (%)
89.64
95.26
93.12
Fixed income collective investment scheme
2.64
1.90
1.31
Floating rate negotiable instrument of deposit
5.48
-
3.28
Liquid assets & cash equivalents
2.24
2.84
2.28
Fixed income securities
With interest rates bottoming out, we have diversified a small portion of our portfolio into instruments that can help in
reducing sensitivities towards that outlook.
Unit Split
There was no unit split exercise for the last 3 financial years ended 30 June 2014.
Distributions
Financial Year Ended 30 June
2014
Distribution date
Gross distribution (sen per Unit)
Net distribution (sen per Unit)
NAV before distribution (RM per Unit)
2013
2012
30 Dec 2013
26 Dec 2012
28 Dec 2011
27 June 2014
26 June 2013
27 Jun 2012
1.00 (30 Dec)
1.00 (26 Dec)
0.82 (28 Dec)
1.50 (27 June)
1.00 (26 June)
1.00 (27 June)
1.00 (30 Dec)
1.00 (26 Dec)
0.82 (28 Dec)
1.50 (27 June)
1.00 (26 June)
1.00 (27 June)
0.5199 (27 Dec)
0.5262 (24 Dec)
0.5281 (27 Dec)
0.5170 (26 June)
0.5242 (25 June)
0.5279 (26 June)
NAV after distribution (RM per Unit)
0.5100 (30 Dec)
0.5163 (26 Dec)
0.5200 (28 Dec)
0.5021 (27 June)
0.5143 (26 June)
0.5177 (27 June)
All income distributions were made in the form of Units.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund is not
an indication of its future performance.
22
Areca equityTRUST Fund
Investment Objective
The investment objective of the Fund is to provide investors with medium to long term capital growth. To achieve this
objective, the Fund will invest principally in equities and equity-related securities.
Note: Any material changes to the investment objective would require Unit Holder’s approval.
Asset Allocation
Equities and equity-related securities
70%-98% of the NAV of the Fund
Liquid assets
Minimum 2% of the NAV of the Fund
Investment Policy and Strategy of the Fund
The Fund will generally invest between 70% - 98% of its NAV in equities and equity-related securities and a minimum of
2% of its NAV in liquid assets under normal circumstances. Equity-related securities includes but is not limited to
different classes of listed shares, warrants, options and convertible securities. The securities that the Fund shall invest in
will generally be issued by companies that exhibit a good management track record, a sound history of Long-Term
profitability and earnings resilience, a strong balance sheet, and/or have a good competitive position in their respective
industries.
Investors’ Profile
This Fund is suitable for investor who:

Seek capital growth;

Have a high risk-tolerance;

Have a Medium-Term to Long-Term investment horizon; and

Seek exposure equity market.
Permitted Investments
Unless otherwise prohibited by the relevant authorities or any relevant laws and provided always that there are no
inconsistencies with the objective of the Fund, the Fund may invest in the following:

Ordinary shares and other equity-related securities such as convertible securities, preference shares, and warrants
listed on the Bursa Malaysia or other public exchanges in Malaysia;

Securities in foreign stock exchanges which have been approved by the relevant authorities from time to time;

Liquid assets, unlisted fixed income securities and commercial papers traded in money market;

Units and shares in other collective investment schemes;

Derivatives such as futures contract for hedging purposes only;

Structured products which contain embeded derivatives (including options). The value of the derivatives depends
on a variety of underlying reference assets including but not limited to interest rate levels, indexes, foreign
exchange rates and other factors; and

Any other form of investments as may be permitted by the relevant authorities, from time to time.
Investment Restrictions
The investment restrictions are as follows :

The value of the Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV;

The value of the Fund’s investment in ordinary shares issued by any single issuer must not exceed 10% of the
Fund’s NAV;
23

The value of the Fund’s investment in tranferable securities and money market instruments issued by any single
issuer must not exceed 15% of the Fund’s NAV;

The value of the Fund’s placement in deposits with any single institution must not exceed 20% of the Fund’s NAV;

The value of the Fund’s investment in structured products issued by a single counter-party must not exceed 15% of
the Fund’s NAV;

The aggregate value of the Fund’s investment in transferable securities, money market instruments, deposits and
structured products issued by or placed with (as the case may be) any single issuer/institution must not exceed
25% of the Fund’s NAV.

The value of the Fund’s investment in units/shares of any collective investment scheme must not exceed 20% of
the Fund’s NAV;

The value of the Fund’s investment in transferable securities and money market instruments issued by any group of
companies must not exceed 20% of the Fund’s NAV;

The Fund’s investment in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer;

The Fund’s investment in debentures must not exceed 20% of the debentures issued by any single issuer;

The Fund’s investment in collective investment schemes must not exceed 25% of the units/shares in any one
collective investment scheme;

The Fund’s exposure from its derivatives position should not exceed the Fund’s NAV at all times; and

At least 2% of the Fund’s NAV must be in liquid assets.
Performance benchmark
The Fund is benchmarked against FBM100, which is available at www.bursamalaysia.com
Fund Performance
Performance of Areca equityTRUST Fund for the financial period since inception to 30 June 2014
The Fund’s NAV per Unit increased by 24.43% as compared to its benchmark return of 4.95%. The NAV per Unit of the
Fund was RM0.5729 as at 30 June 2014 after a total net distribution of 9 sen per Unit during the year. The out-
24
performance was mainly due to stock selection. The Fund achieved its objective of providing investors with medium to
long term capital growth for the year under review.
Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions (if any) at NAV.
The performance figures for the benchmark, FBM 100, are calculated assuming investment on the index. The total return
is sourced from Lipper. Benchmark data for FBM 100 is sourced from the Bursa Malaysia.
Total Returns
For the financial year ended 30 June
2014
Annual Total Return
4.95
Benchmark: FBM100 (%)
2013
2012
2011
2010
%
%
%
%
%
24.33
21.55
-0.02
23.51
29.93
12.45
1.22
22.78
23.54
As at 30 June 2014
1-yr
%
3-yr
%
5-yr
%
Average Total Return
24.43
17.07
28.53
Portfolio Turnover Ratio
Financial Year Ended 30 June
PTR (times)
2014
2013
2012
1.26
1.69
1.95
PTR reduced from 1.69 to 1.26 times mainly due to increase in fund size resulted a higher base thus lower ration.
Moveover, big portion of the shares in the portfolio was not traded in view of the rising trend in 2013.
Asset Allocation
Financial Year Ended 30 June
2014 (%)
2013 (%)
2012 (%)
Equities and equity-related securities
89.26
86.17
70.56
Liquid assets & cash equivalents
10.74
13.83
29.44
Unit Split
There was no unit split exercise for the last three financial year ended 30 June 2014.
Distributions
Financial Year Ended 30 June
2014
Distribution date
05 Dec 2013
30 July 2012
27 June 2014
22 May 2013
5.00 (05 Dec)
3.16 (30 July)
4.00 (27 June)
6.00 (22 May)
5.00 (05 Dec)
3.00 (30 July)
4.00 (27 June)
6.00 (22 May)
0.5823 (04 Dec)
0.5242 (27 July)
0.6121 (26 June)
0.6110 (21 May)
Gross distribution (sen per Unit)
Net distribution (sen per Unit)
NAV before distribution (RM per Unit)
NAV after distribution (RM per Unit)
2013
0.5341 (05 Dec)
0.5166 (30 Jul)
0.5711 (27 June)
0.5477 (22 May)
2012
-
-
-
-
-
All income distributions were made in the form of Units.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund is not
an indication of its future performance.
25
Areca growthTRUST Fund
Investment Objective
The investment objective of the Fund is to provide investors with an opportunity for capital growth.
Note: Any material changes to the Fund’s investment objective would require Unit Holders’ approval.
Asset Allocation
Domestic
and
Asian
equities
and
equity-related
70%-98% of the NAV of the Fund
securities
Liquid assets
Minimum 2% of the NAV of the Fund
Investment Policies and Strategies of the Fund
The Fund will invest in domestic and Asian equities and equity-related securities with capital growth potential
including collective investment schemes with similar objective as the Fund under normal circumstances. Equityrelated securities include but not limited to different classes of shares, warrants, options and convertible securities
that are related to the listed securities.
Depending on the market conditions and outlook, the Manager may choose to hold the Fund’s property in Deposits,
Fixed Income Securities or collective investment schemes for such period of time and invest into the equities and
equity-related securities only when the opportunities arise i.e. the Manager will make its best effort in timing the
market entry to achieve the Fund’s objective. The Manager may employ an aggressive investment strategy tactically
in achieving the objective. Besides Malaysia, the Fund may invest into foreign markets which include China, Hong
Kong, Indonesia, Thailand, Singapore, Taiwan, Korea and other permitted markets within the Asia region.
The Fund’s minimum and maximum exposures in equities and equity-related securities are 70% and 98% of the
Fund’s NAV respectively. The Fund will maintain at least 2% of the Fund’s NAV in liquid assets at all times. The broad
asset-allocation and investments in collective investment schemes and non-equity portion will be determined by the
Manager. However, the stocks selection and investments in the equity markets function will be delegated to the
Fund’s external fund manager.
Investors’ Profile
This Fund is suitable for investor who:

Seek capital growth; and

Have a Medium-Term to Long-Term investment horizon;
Permitted Investments
Unless otherwise prohibited by the relevant authorities or any relevant law and provided always that there are no
inconsistencies with the objective of the Fund, the Fund may invest in the following:

Ordinary shares and other equity-related securities such as convertible securities, preference shares, warrants
listed on the Bursa Malaysia or other public exchanges in Malaysia;

Securities listed on permitted foreign stock exchanges;

Liquid assets, unlisted fixed income instruments and commercial papers traded in money market;

Unlisted securities whether or not approved for listing and quotation in any permitted stock exchanges in
Malaysia or foreign markets*;

Units and shares in other collective investment schemes;

Derivatives such as futures contracts for hedging purposes only;
26

Structured products which contain embedded derivatives (including options). The value of the derivatives
depends on a variety of underlying reference assets including but not limited to interest rate levels, indexes,
foreign exchange rates and other factors; and

Any other form of investments as may be permitted by the relevant authorities from time to time, where
necessary.
*Note: foreign markets are eligible markets that are regulated by regulatory authorities, operate regularly, are open
to the public and have adequate liquidity for the purpose of the Fund.
Investment Restrictions
The investment restrictions are as follows :


The value of the Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV;
The value of the Fund’s investment in ordinary shares issued by any single issuer must not exceed 10% of the
Fund’s NAV;

The value of a Fund’s investment in tranferable securities and money market instruments issued by any single
issuer must not exceed 15% of the Fund’s NAV;


The value of a Fund’s placement in deposits with any single institution must not exceed 20% of the Fund’s NAV;
The value of the Fund’s investment in structured products issued by a single counter-party must not exceed 15%
of the Fund’s NAV;

The aggregate value of the Fund’s investment in transferable securities, money market instruments, deposits,
derivatives and structured products issued by or placed with (as the case may be) any single issuer/institution
must not exceed 25% of the Fund’s NAV;

The value of the Fund’s investment in units or shares of any collective investment scheme must not exceed 20%
of the Fund’s NAV;

The value of the Fund’s investment in transferable securities and money market instruments issued by any group
of companies must not exceed 20% of the Fund’s NAV;

The Fund’s investment in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer;

The Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any
single issuer. This limit does not apply to money market instruments that do not have a pre-determined issue
size;

The Fund’s investment in collective investment schemes must not exceed 25% of the units or shares in any one
collective investment scheme;

The Fund’s exposure from derivatives position should not exceed the Fund’s NAV at all times;

The value of the Fund’s over-the-counter (“OTC”) derivative transaction with any single counter-party must not
exceed 10% of the Fund’s NAV; and

At least 2% of the Fund’s NAV must be in liquid assets.
Performance benchmark
The Fund is benchmarked against MSCI AC Asia Ex Japan, which is available at www.bloomberg.com
27
Fund Performance
Performance of the Fund for the financial period since inception to 30 September 2014
During the year from 1 October 2013 to 30 September 2014, the Fund’s NAV per Unit increased by 13.7% compared
to the benchmark return (MSCI Asia Ex-Japan) of 6.4%. For the year under review, the Fund achieved its objective of
providing investors with an opportunity for capital growth. The Fund out-performed its benchmark mainly due to
stock selection.
Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions (if any) at
NAV. The total return is sourced from Lipper. Benchmark data is sourced from Bloomberg.
Total Returns
For the financial year ended 30 September
2014
2013
2012
%
%
%
13.65
11.71
-1.64
Benchmark: MSCI AC Asia Ex Japan Index
6.43
9.33
11.71
As at 30 September 2014
1-yr
3-yr
5-yr
%
%
%
13.65
8.29
N/A
Annual Total Return
Average Total Return
Portfolio Turnover Ratio
Financial Year Ended 30 September
PTR (times)
2014
2013
2012
1.98
2.42
3.45
The PTR for the financial year ended 30 September 2014 decreased due to lower exposure in equity and reduction in
shares acquired during the year as a result of a decrease in fund size.
28
Asset Allocation
Financial Year Ended 30 September
2014
(%)
2013
(%)
2012 (%)
Quoted equities & equity-related securities (local)
60.51
30.31
29.22
Quoted equities & equity-related securities (foreign)
14.71
58.27
45.32
Liquid assets & cash equivalent including placements and Repo
24.78
11.42
25.46
Investment in foreign securities reduced from 58.27% to 14.71% as the Fund concentrated on few countries for
investments to build up positions in selected high quality stocks in Asean markets.
Distribution & Unit Splits
There was no income distribution or unit splits exercise since the launch of the Fund on 12 March 2010.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund
is not an indication of its future performance.
29
Areca moneyTRUST Fund
Investment Objective
The investment objective of the Fund is to provide investors with a high level of liquidity while providing current income
and capital preservation (income could be in the form of Units or cash).
Note: Any material changes to the investment objective would require Unit Holders’ approval.
Asset Allocation
Fixed Income Securities and Money Market Instruments
Maximum 30% of the NAV of the Fund (at time of
(other than those classified as liquid assets)
purchase)
Deposits and other liquid assets
Remaining balance of the NAV of the Fund
Investment Policy/ and Strategy of the Fund
To achieve this objective, the Fund will invest primarily in very Short-Term and highly liquid Money Market Instruments
and Fixed Income Securities.
The Fund may invest up to 30% of its NAV in Money Market Instruments and Fixed Income Securities with the remaining
of its NAV in Deposits and other liquid assets. However, the Fund may continue to hold its investment in Bond and other
Fixed Income Securities even if the holdings exceeds 30% of its NAV due to appreciation or depreciation of the NAV of
the Fund, whether as a result of an appreciation or depreciation in value of the investments, or as a result of repurchase
of Units or payments made by the Fund. The minimum credit rating of the Money Market Instruments and Bond that the
Fund shall invest in is the credit rating of ‘P2/A3’ by RAM or such equivalent rating by other rating agencies. Under
normal circumstances, the weighted average duration of the investments is expected to be not more than 24 months.
* Please refer to page 53 for further details on income distribution and reinvestment policies.
Investors’ Profile
This Fund is suitable for investor who:

Have a low risk tolerance;

Have a Short-Term investment horizon; and

Seek liquidity and exposure in money market and fixed income investment portfolio (redemption proceeds will be
made on the next Business Day (T+1).
Permitted Investments
Unless otherwise prohibited by the relevant authorities or any relevant laws and provided always that there are no
inconsistencies with the objective of the Fund, the Fund may invest in the following:

Fixed income securities issued by the Malaysian government or BNM or any other government related bodies. Such
instruments include MGS, treasury bills and BNM bills;
Issues guaranteed by the government of Malaysia or BNM or any state government in Malaysia;

Issues by banks or financial institutions such as banker’s acceptances and negotiable certificates of deposit;

Foreign currency exposure in sovereign bonds and corporate bonds;

Private debt securities including those convertibles into equity. These issues are usually approved by BNM and/or the
SC, and/or are rated by the RAM or the MARC. The credit rating of an issue may also be enhanced through bank
guarantees or corporate guarantees;

Units and shares in other collective investment schemes;

Derivatives such as futures contracts for hedging purposes only;
30

Structured products which contain embedded derivatives (including options). The value of the derivatives depends on
a variety of underlying reference assets including but not limited to interest rate levels, indexes, foreign exchange
rates and other factors; and

Any other form of investment as may be agreed upon by the Manager and Trustee from time to time and permitted
by the relevant authorities, where necessary.
Investment Restrictions
The investment restrictions are as follows :

The value of the Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV;

The value of the Fund’s investment in debentures issued by any single issuer must not exceed 20% of the Fund’s
NAV. However, the single issuer limit may be increased to 30% if the debentures are rated by any domestic or global
rating agency to be of the best quality and offer highest safety for timely payment of interest and principal;

The value of the Fund’s investment in debentures issued by any one group of companies must not exceed 30% of the
Fund’s NAV;

The value of the Fund’s placement in deposits with any single institution must not exceed 20% of the Fund’s NAV;

The value of the Fund’s investment in structured products issued by a single counter-party must not exceed 15% of
the Fund’s NAV;

The value of the Fund’s investment in units/shares of any collective investment scheme must not exceed 20% of the
Fund’s NAV;

The aggregate value of the Fund’s investment in transferable securities, money market instruments, deposits and
structured products issued by or placed with (as the case may be) any single issuer/institution must not exceed 25%
of the Fund’s NAV. However, where the single issuer limit is increased to 30% pursuant to point 2 above, the
aggregate value of the Fund’s investment must not exceed 30% of the Fund’s NAV;

The Fund’s investment in debentures must not exceed 20% of the debentures issued by any single issuer;

The Fund’s investment in money market instruments must not exceed 10% of the instruments issued by any single
issuer. However, the limit does not apply to money market instruments that do not have a pre-determined issue
size;

The Fund’s investment in collective investment schemes must not exceed 25% of the units/shares in any one
collective investment scheme;

The Fund’s exposure from its derivatives position should not exceed the Fund’s NAV at all times; and

At least 2% of the Fund’s NAV must be in liquid assets.
Performance benchmark
The Fund is benchmarked against Maybank’s 1-month Repo rate, which is available at www.maybank2u.com.my
Investors are to note that the benchmark selected is merely to provide an indication of the performance of
the Fund. It does not match the risk profile of the Fund. Investors will assume a higher level of risk by
investing in this Fund as compared to Repo placement, and potentially have higher or lower income vis-à-vis
the benchmark.
31
Fund Performance
Performance of Areca moneyTRUST Fund for the financial period since inception to 30 June 2014
The Fund’s NAV per Unit decreased from RM0.5022 as at 30 June 2013 to RM0.5020 as at 30 June 2014, after a total
net distribution of 1.40 sen per Unit during the year. For the year ended 30 June 2014, the Fund posted a return of
2.78% p.a., whilst the benchmark, Maybank’s 1-month Repo rate, provided 2.43% p.a.
In line with its strategy of providing high liquidity and current income, the Fund achieved its objective for the year under
review by investing in short term fixed income assets and very short term Repo and money placements.
Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions (if any) at NAV.
The total return is sourced from Lipper. Benchmark data is sourced from Malayan Banking Berhad.
Total Returns
For the financial year ended 30 June
2014
2013
2012
2011
2010
%
%
%
%
%
Annual Total Return
2.78
2.94
2.68
2.89
2.40
Benchmark: Average Maybank’s 1-month Repo
rate.
2.43
2.43
2.36
2.04
1.39
As at 30 June 2014
Average Total Return
1-yr
3-yr
5-yr
%
%
%
2.78
2.88
2.89
Portfolio Turnover Ratio
Financial Year Ended 30 June
PTR (times)
2014
2013
2012
0.28
0.68
0.66
There was no significant change in the PTR for the financial year ended 30 June 2014 as compared to the previous years.
32
Asset Allocation
Financial Year Ended 30 June
Fixed income securities
Floating rate negotiable instrument of deposit
Liquid assets & cash equivalents
2014
2013 (%)
2012 (%)
64.71
65.12
48.70
8.92
-
3.91
26.37
34.88
47.39
Unit Splits
There was no unit splits exercise during the last three financial years ended 30 June 2014.
Distribution
Financial Year Ended 30 June
2014
Distribution date
Gross distribution (sen per Unit)
Net distribution (sen per Unit)
NAV before distribution (RM per Unit)
NAV after distribution (RM per Unit)
2013
2012
26 Sep 2013
27 Sep 2012
29 Sep 2011
27 Dec 2013
26 Dec 2012
28 Dec 2011
26 Mar 2014
27 Mar 2013
28 Mar 2012
27 Jun 2014
26 Jun 2013
27 Jun 2012
0.35 (26 Sep)
0.35 (27 Sep)
0.35 (29 Sep)
0.35 (27 Dec)
0.35 (26 Dec)
0.35 (28 Dec)
0.35 (26 Mar)
0.35 (27 Mar)
0.35 (28 Mar)
0.35 (27Jun)
1.00 (26 Jun)
0.35 (27 Jun)
0.35 (26 Sep)
0.35 (27 Sep)
0.35 (29 Sep)
0.35 (27 Dec)
0.35 (26 Dec)
0.35 (28 Dec)
0.35 (26 Mar)
0.35 (27 Mar)
0.35 (28 Mar)
0.35 (27Jun)
1.00 (26 Jun)
0.35 (27 Jun)
0.5048 (25 Sep)
0.5113 (26 Sep)
0.5121 (28 Sep)
0.5055 (26 Dec)
0.5120 (24 Dec)
0.5120 (27 Dec)
0.5054 (25 Mar)
0.5122 (26 Mar)
0.5116 (27 Mar)
0.5054 (26 Jun)
0.5122 (25 Jun)
0.5115 (26 Jun)
0.5014 (26 Sep)
0.5078 (27 Sep)
0.5086 (29 Sep)
0.5021 (27 Dec)
0.5086 (26 Dec)
0.5086 (28 Dec)
0.5019 (26 Mar)
0.5087 (27 Mar)
0.5082 (28 Mar)
0.5019 (27 Jun)
0.5023 (26 Jun)
0.5079 (27 Jun)
All income distributions were made in the form of Units.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund is not
an indication of its future performance.
33
Areca enhancedINCOME Fund
Investment Objective
The investment objective of the Fund is to provide long term investors with high level of income stream (income could
be in the form of Units or cash) and an opportunity for capital appreciation.
Note: The name of this Fund is in line with the Fund’s objective where the Fund aims to not only provide investors with
income but also to provide investors with an opportunity to achieve higher returns above the ordinary rate through
capital appreciation. Any material change to the investment objective of the Fund would require Unit Holders’ approval.
Asset Allocation
Fixed Income Securities and Money Market Instruments
Minimum 70% of the NAV of the Fund
(other than those classiied as liquid assets)
Liquid assets
Minimum 2% of the NAV of the Fund
Listed equities and equity-related securities
Up to 25% of the NAV of the Fund (at time of purchase)
Investment Policies and Strategies of the Fund
To achieve this objective, the Fund will invest primarily (with at least two third of its assets) in Money Market
Instruments and Fixed Income Securities. The Fund may also invest tactically a small portion in equities and equityrelated securities to take advantage of both the fixed income and equity markets climate.
Under normal circumstances, the Fund will invest a minimum of 70% of its NAV in Money Market Instruments and Fixed
Income Securities including collective investment schemes that invest primarily in Fixed Income Securities with a
minimum of 2% of its NAV in liquid assets. The Fund may also invest up to 25% of its NAV (at time of purchase) in
listed equities and equity-related securities including initial public offerings, warrants and collective investment schemes
that invest primarily in equities at any time to enhance income and returns to the Fund. However, the Fund may
continue to hold its investment in equities even if the Fund’s holding exceeds 25% of its NAV due to appreciation or
depreciation of the NAV of the Fund, whether as a result of an appreciation or depreciation in value of the investment, or
as a result of repurchase of Units or payments made by the Fund .
* Please refer to page 53 for further details on income distribution and reinvestment policies.
Investors’ Profile
This Fund is suitable for investor who:

Have medium risk tolerance;

Have surplus funds;

Seek exposure in fixed income market and a small equity exposure; and

Seek to earn return higher than the fixed deposit rates.
Permitted Investments
Unless otherwise prohibited by the relevant authorities or any relevant law and provided always that there are no
inconsistencies with the objective of the Fund, the Fund may invest in the following:

Securities of Malaysian companies listed on approved stock exchange(s);

Fixed income securities issued by the Malaysian government or BNM or any other government related bodies. Such
instruments include MGS, treasury bills and BNM bills;

Issues guaranteed by the government of Malaysia or BNM or any state government in Malaysia;

Issues by banks or financial institutions such as banker’s acceptances and negotiable certificates of deposit;
34

Private debt securities including those convertibles into equity. These issues are usually approved by BNM and/or the
SC, and/or are rated by the RAM or the MARC. The credit rating of an issue may also be enhanced through bank
guarantees or corporate guarantees;

Foreign currency exposure in sovereign bonds and corporate bonds;

Units and shares in other collective investment schemes;

Derivatives such as futures contracst for hedging purposes only;

Structured products which contain embedded derivatives (including options). The value of the derivatives depends on
a variety of underlying reference assets including but not limited to interest rate levels, indexes, foreign exchange
rates and other factors; and

Any other form of investment as may be permitted by the relevant authorities from time to time.
Investments Restriction
The investment restrictions are as follows :

The value of the Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV;

The value of the Fund’s investment in ordinary shares issued by any single issuer must not exceed 10% of the Fund’s
NAV;

The value of the Fund’s investment in debentures issued by any single issuer relating to any single issuer must not
exceed 20% of the Fund’s NAV. However, the single issuer limit may be increased to 30% if the
debentures/instruments are rated by any domestic or global rating agency to be of the best quality and offer highest
safety for timely payment of interest and principal;

The value of the Fund’s investment in debentures issued by any one group of companies must not exceed 30% of the
Fund’s NAV;

The aggregate value of the Fund’s investments in transferable securities, money market instruments and deposits
issued by or placed with (as the case may be) any single issuer/institution must not exceed 25% of the Fund’s NAV.
However, where the single issuer limit is increased to 30% pursuant to point 3 above, the aggregate value must not
exceed 30% of the Fund’s NAV;

The value of the Fund’s placement in deposits with any single institution must not exceed 20% of the Fund’s NAV;

The value of the Fund’s investment in structured products issued by a single counter-party must not exceed 15% of
the Fund’s NAV;

The value of the Fund’s investment in units/shares of any collective investment scheme must not exceed 20% of the
Fund’s NAV;

The Fund’s investment in transferable securities (other than debentures) must not exceed 10% of the securities
issued by any single issuer;

The Fund’s investment in debentures must not exceed 20% of the debentures issued by any single issuer;

The Fund’s investment in money market instruments must not exceed 10% of the instruments issued by any single
issuer. However, the limit does not apply to money market instruments that do not have a pre-determined issue
size;

The Fund’s investment in collective investment schemes must not exceed 25% of the units/shares in any one
collective investment scheme;

The Fund’s exposure from its derivatives position should not exceed the Fund’s NAV at all times; and

At least 2% of the Fund’s NAV must be in liquid assets.
Performance benchmark
The Fund is benchmarked
www.maybank2u.com.my
against
Maybank’s
12-month
fixed
deposit
rate,
which
is
available
at
Investors are to note that the benchmark selected is merely to provide an indication of the performance of
the Fund. It does not match the risk profile of the Fund. Investors will assume a higher level of risk by
investing in this Fund as compared to fixed deposit, and potentially have higher or lower income vis-à-vis
the benchmark.
35
Fund Performance
Performance of Areca enhancedINCOME Fund for the financial period since inception to 30 June 2014
The Fund’s NAV per Unit increased from RM0.5084 as at 30 June 2013 to RM0.5071 as at 30 June 2014, after a total net
distribution of 1.00 sen per Unit during the year. For the year ended 30 June 2014, the Fund provided a return of 3.71%
p.a. against 3.17% p.a. of the benchmark, Maybank’s 12-month fixed deposit rate. The over-performance was largely
due to the contribution from our stock selection. This was complemented by the PDS portion, providing a base
supporting the performance of the Fund as a whole as interest rates environment remained favourable. The Fund holds
66% in PDS rated AA or better. The Fund also currently holds 13% in equities.
For the year, the Fund achieved its objective in providing high level of income stream and an opportunity for capital
appreciation. Moving forward, the Fund hopes to reap the potential gains from an improving economy toggling our
exposure up to a maximum limit of 30%. This we believe can continue to provide a steady income stream that can
outpace the benchmark.
Fund performance figures are calculated based on NAV to NAV and assume reinvestment of distributions (if any) at NAV.
The total return is sourced from Lipper. Benchmark data is sourced from Malayan Banking Berhad.
Total Returns
For the financial year ended 30 June
2014
2013
2012
2011
2010
%
%
%
%
%
Annual Total Return
3.71
4.23
4.01
7.88
7.39
Benchmark: Benchmark: Average Maybank’s 12month fixed deposit rate.
3.17
3.17
3.17
2.89
2.59
As at 30 June 2014
Average Total Return
1-yr
3-yr
5-yr
%
%
%
3.71
4.14
6.05
Portfolio Turnover Ratio
Financial Year Ended 30 June
PTR (times)
2014
2013
2012
1.03
0.76
0.43
PTR increased from 0.76 times to 1.03 times mainly attributed to change of strategy in 2013 as the Manager foresaw a
rising yield trend thus swicthing more long-term bonds to short-term fixed income instrument and partially to equity (as
a result of better equity outlook)
36
Asset Allocation
Financial Year Ended 30 June
2014 (%)
2013 (%)
2012 (%)
Equities and equity-related securities
2.22
1.63
1.86
Real estate investments trusts
3.10
6.37
-
Loan stocks
7.83
-
-
Collective investment scheme
2.75
2.42
-
Floating rate negotiable instrument of deposit
12.86
-
1.59
Fixed income securities
59.78
78.52
83.91
Liquid assets & cash equivalents
11.46
11.06
12.64
In the year 2014 and 2013, the Manager foresaw a rising yield trend thus switching more long term bonds to short term
fixed income instruments and partially to equity (as a result of better quality equity outlook).
Unit Split
There were no unit split exercise during the last 3 financial years end.
Distribution
Financial Year Ended 30 June
2014
2013
30 Dec 2013
Distribution date
26 Dec 2012
2012
27 June 2012
26 Jun 2013
Gross distribution (sen per Unit)
1.00
1.00 (26 Dec)
1.50
1.25 (26 Jun)
Net distribution (sen per Unit)
1.00
1.00 (26 Dec)
1.50
1.25 (26 Jun)
NAV before distribution (RM per Unit)
0.5146 (27 Dec)
0.5180 (24 Dec)
0.5244
0.5194 (25 Jun)
NAV after distribution (RM per Unit)
0.5045 (30 Dec)
0.5084 (26 Dec)
0.5094
0.5076 ( 26 Jun)
All income distributions are made in the form of Units.
Unit prices and distributions payable, if any, may go down as well as up. Past performance of the Fund is not
an indication of its future performance.
37
Policy On The Application Of Investment Restrictions Of The Funds
The investment restrictions for the Funds shall be complied with at all times based on the most up-to-date value of the
Funds. Any entitlement accruing on the investments held may be excluded when determining compliance with the
investment restrictions. The entitlement should not be exercised if it results in the breach of any restrictions specified.
However, the right of convertibility may be exercised even if it results in the breach of the restrictions, provided
justifiable reasons and prior approval of the Trustee has been obtained and the Manager takes all necessary steps and
actions to rectify the breach within a reasonable time of not more than one (1) month from the date of the breach.
A 5% allowance in excess of any limit or restriction may be permitted, where the breach occurred 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 out of the Funds. The Manager should not make
any further acquisitions to which the relevant limit is breached, and the Manager should within a reasonable period of
not more than three (3) months from the date of the breach, take all necessary steps and actions to rectify the breach.
However, in the event of a liquidity crunch where the affected investment can only be sold at a huge discount to its
market value, the Manager may, in consultation with the Trustee and/or the relevant authorities be forced to retain the
position in order not to adversely affect the Fund’s value by incurring a huge loss.
Such limits and restrictions, however, do not apply to securities/instruments issued or guaranteed by the Malaysian
government or BNM.
The minimum liquid assets level for the Funds is specified to ensure sufficient short-term liquidity in the Funds to meet
operating expenses and possible redemption of the Units. In the event that the liquid assets level for the Fund drops
below the minimum level specified, the Manager will take all necessary steps and actions to meet the minimum level
specified within ten (10) calendar days or such longer period which shall be determined by the Manager.
Valuation Method Of The Authorised Investments
The Manager will ensure the valuation of the assets of the Funds will be carried out at fair value and at all times in
compliance with the relevant laws. The bases of valuations of the securities/instruments are as follows:
Listed securities/Warrants/Options
Investment in listed securities shall be valued at the last done market price available at the close of the Business Day.
However, if a market price is not available, including in the event of a suspension in the quotation of the securities for a
period exceeding 14 days, or such shorter period as agreed by the Trustee, or during abnormal market conditions or
when the last done prices or quotes do not represent the fair values of the securities, such securities will be valued at
fair value. The fair value shall be determined in good faith by the Manager, based on the method or bases approval of
the Trustee after appropriate technical consultation.
Unlisted securities
Unlisted securities will be valued at fair value as determined in good faith by the Manager on method or bases which
have been verified by the auditor of the Fund and approved by the Trustee.
Unlisted Fixed Income Securities
Investment in unlisted Fixed Income Securities shall be based using the appropriate price by reference to quotes / yields
published by approved bond pricing agency (BPA). Where the Manager is of the view that the price / yield quoted by BPA
for a specific bond differs from the “market price” by more than 20 basis points, the Manager may use the “market
price” provided that the Manager records its basis for using a non-BPA price, obtains the necessary internal approvals to
use the non-BPA price and keeps an audit trail of all decisions and basis for adopting the “market price”.
Money Market Instruments
Money Market Instruments shall be based on the value provided by the Financial Institution that issue the instruments.
Deposits
Investments such as Repo and Deposits are valued by reference to the value of such investments and the interest
accrued thereon for the relevant period.
38
Structured Products
Structured Products will be valued at fair value as determined in good faith by the Manager on method or bases which
have been verified by the auditor of the Fund and approved by the Trustee.
Derivatives
Derivatives instruments are marked-to-market on a daily basis. Any changes in the value of the contracts are adjusted
for directly in the margin accounts, with a corresponding recognition in the unrealised reserves.
Collective Investment Schemes
Investment in units or shares in other collective investment schemes will be valued based on the last published
repurchase price of the collective investment scheme.
Foreign Fixed Income Securities
For foreign unquoted Fixed Income Securities, valuation will be based on a price by reference to the average indicative
yield quoted by three or more independent and reputable institutions. Where there are less than three indicative yields
available, the Manager may consider to use other sources such as from Bloomberg or apply the indicative yield(s)
available from the independent institutions if there are less than three, provided the indicative yield(s) are approximate
to the fair value.
Foreign Exchange Rate Conversion
Where the value of an asset of the Fund is denominated in a foreign currency, the assets are translated on a daily
basis to Ringgit Malaysia using the bid foreign exchange rate at 4p.m United Kingdom time, the same day quoted by
either Reuters or Bloomberg.
If and when the Fund invests in a foreign market, the valuation of the Fund may be carried out not later than 5pm (or
such other time as may be permitted by the relevant authorities from time to time) on the following Business Day (T+1
Day). This is due to certain foreign markets in which the Fund may invest in have yet to close due to different time
zones. As such, the daily NAV of the Fund will only be published on the next following Business Day (T+2 Day)(i.e. the
NAV will be 2 days old). Investors may visit our website for the latest NAV.
Incorrect Pricing
Subject to any relevant law, if there is an error in the pricing of the NAV per Unit of the Fund(s), the Manager will take
immediate remedial action to correct the error. Rectification shall, where necessary, extend to the reimbursements of
money as follows if the error is at or above the significant threshold of 0.50% of the NAV per Unit:

if there is an over pricing in relation to the purchase and creation of Units, the Fund shall reimburse the Unit Holders;

if there is an over pricing in relation to the repurchase of Units, the Manager shall reimburse the Fund;

if there is an under pricing in relation to the purchase and creation of Units, the Manager shall reimburse the Fund;
and

if there is an under pricing in relation to the repurchase of Units, the Funs shall reimburse the Unit Holders or former
Unit Holders.
The Manager retains the discretion whether or not to reimburse to the Fund and/or Unit Holders if the error is below
0.50% of the NAV per Unit or where the total impact on an individual account is less than RM10.00 in absolute amount.
This is because the reprocessing costs may be greater than the amount of the reimbursement.
Policy On Gearing
The Funds are prohibited from borrowing other assets (including borrowing of securities within the meaning of Guidelines
on Securities Borrowing and Lending) in connection with their activities. However, the Funds may borrow cash for the
purpose of meeting repurchase request for Units and for Short-Term bridging requirements. The Manager should ensure
that the borrowings are subjected to the following:

The Funds’ cash borrowings are only on a temporary basis and that borrowings are not persistent;

The borrowing period should not exceed one month;
39

The aggregate borrowing of the Funds should not exceed 10% of the respective Funds’ NAV at the time borrowing
are incurred;and

The Funds may only borrow from Financial Institutions.
Risk Management
All investments carry an element of risk which may affect the Funds’ performance including capital losses arising from
volatility of the stock prices in both equities and bonds. The value of the Funds may fluctuate in response to the
underlying factors such as economic conditions, interest rates movements, global and domestic liquidity flows and
general markets conditions.
The Manager adopts various risks management strategies such as asset allocation, diversification, liquidity management
and short-term defensive strategy in order to mitigate and diversify the inherent risks associated to the Funds. Generally
the broad asset allocations and the respective investment restrictions of the Funds are monitored regularly by the
compliance department who reports monthly to the investment committee.
For credit risks management, the Areca incomeTRUST Fund has set a minimum credit rating of ‘A3’ for its general
investments. Although the Fund may invests in fixed income instruments with a credit rating below ‘A3’, it has a
stringent policy to obtain a prior unanimous approval from investment committee members and that limit of the holdings
is set to a maximum of 25% of its NAV at the time of purchase. For Areca moneyTRUST Fund, the minimum credit
rating is set at ‘P2’/A3’ by RAM or such equivalent rating by other rating agencies .
For Areca equityTRUST Fund, the average holdings of stocks is about 20 - 30 securities across various sectors and
industries. For Areca enhancedINCOME Fund, the Fund’s equity exposure will range between 0% - 25% of its NAV at
time of purchase. The level of equity exposure will be managed in accordance with the equity market outlook. In an
anticipated downturn of equity market, the Fund will reduce its equity exposure, in order to mitigate the equity market
risk. However, when the equity market outlook is positive, the Fund may increase its equity exposure up to the
maximum of 25% of its NAV to enhance the income and returns of the Fund.
It is also the Funds’ strategy to mitigate their liquidity risk by investing in collective investment schemes. Although the
cost is relatively higher than direct investments, investing in collective investment schemes with similar investment
objectives of the respective Funds indirectly gives the Funds exposure to the collective investment schemes’ underlying
investments. Investments in collective investment schemes can usually be liquidated on any business day at prices
quoted daily and proceeds are generally paid within 10 calendar days in accordance with the Guidelines. On the other
hand, it may not always be possible to immediately liquidate a direct investment in listed securities or a fixed income
instrument as it is subjected to prevailing market conditions at that point in time, including availability of a ready buyer
and an acceptable market price.
Another risk management measure is to adopt a temporary defensive strategy during adverse market conditions as
further explained below.
If an investment security is downgraded to below the minimum investment grade and it causes the investment limit to
be breached, the Fund Manager will use their best efforts to dispose the holdings before maturity.
Temporary Defensive Position
The Funds may take a temporary defensive position, which may be inconsistent with the Funds’ investment strategies, in
attempting to respond to adverse economic, political or any other market conditions such as changes in interest rate
policy or the introduction of a new policy which may affect the fixed income markets, money markets and/or equity
markets. These include reducing exposure in the respective authorised investments in Long-Term Fixed Income
Securities and/or equities and increasing the Funds’ exposure in cash (local or foreign), Short-Term Fixed Income
Securities and/or collective investment schemes (local or foreign). For instance, the Funds might invest a substantial
portion of the Funds’ NAV in money market funds when the Manager is of the opinion that the exposure in Long-Term
Fixed Income Securities or equities might cause losses to the Funds.
In general, the temporary defensive postions shall be taken for a period of not more than 6 months with prior approval
from the investment committee. However, the position could be held for a longer period with the approval from the
40
investment committee during prolonged adverse market conditions. The Manager will re-align the Funds to their principal
investment strategies when market conditions turn for the better.
Liquid Assets Policy
We shall review the need to maintain a sufficient level of liquid assets to meet potential liquidation requests for the
Funds.
Liquid assets of the Funds may be held in the form of cash, net amount receivable/(payable) from the brokers/dealers,
deposits with Financial Institution and any other instrument capable of being converted into cash within seven (7)
Business Days as may be approved by the Trustee.
Liquid assets may include but not be limited to securities issued by the Malaysian government or quasi-government
bodies, including but not limited to Khazanah, Cagamas, Danaharta, Danamodal and BNM, securities guaranteed by the
Malaysian government or BNM or their agencies and Commercial Paper with rating of ‘P1’ or ‘MARC-1’.
41
FINANCIAL HIGHLIGHTS OF THE FUNDS
Areca incomeTRUST Fund
Extract of Statement of Income and Expenditure for the financial period ended 30 June
2014
2013
2012
RM
RM
RM
Investment income
6,605,292
9,299,540
13,315,177
Expenses
1,980,119
2,597,136
3,278,130
Net income before taxation
4,085,173
6,702,404
10,037,047
Net income after tax
4,085,173
6,702,404
10,037,047
Extract of Statement of Assets and Liabilities for the financial period ended 30 June
Total Investments
Total other assets
2014
2013
2012
RM
RM
RM
124,889,284
167,598,135
230,466,395
4,529,539
5,077,325
5,626,755
129,418,823
172,675,460
236,093,150
1,668,602
192,200
253,792
Unit Holders’ capital
120,545,114
162,340,085
224,876,083
NAV
127,750,221
172,483,260
236,093,150
Total assets
Total liabilities
Funds’ Expenses for the year ended 30 June 2014
Management Fee
Trustee Fee
Fund Expenses
Total Annual Expenses
RM’000
%
RM’000
%
RM’000
%
RM’000
%
1825
1.11
132
0.08
23
0.01
1980
1.20
Management Expense Ratio (MER)
MER
2014
2013
2012
1.20
1.22
1.23
There were no significant changes in the MER for the financial year ended 30 June 2014 as compared to previous years.
Areca equityTRUST Fund
Extract of Statement of Income and Expenditure for the financial period ended 30 June
2014
2013
2012
RM
RM
RM
7,355,151
4,290,635
611,831
872,881
776,807
844,292
Net income before taxation
6,482,270
3,513,828
(232,461)
Net income after tax
6,457,222
3,507,720
(22,404)
Investment income
Expenses
Extract of Statement of Assets and Liabilities for the financial period ended 30 June
2014
2013
2012
RM
RM
RM
Total Investments
31,871,351
24,253,655
13,139,585
Total other assets
3,898,811
3,970,075
6,205,107
35,770,162
28,223,730
19,344,692
Total assets
Total liabilities
62,099
78,893
721,932
Unit Holders’ capital
30,534,041
25,233,299
15,966,194
NAV
35,770,162
28,144,837
18,622,760
42
Funds’ Expenses for the year ended 30 June 2014
Management Fee
Trustee Fee
Fund Expenses
Total Annual Expenses
RM’000
%
RM’000
%
RM’000
%
RM’000
%
484
1.70
23
0.08
18
0.06
525
1.84
Management Expense Ratio (MER)
MER
2014
2013
2012
1.84
1.85
1.86
There were no significant changes in the MER for the financial year ended 30 June 2014 as compared to previous years.
Areca growthTRUST Fund
Extract of Statement of Income and Expenditure for the financial period ended 30 September
Investment income
2014
RM
491,806
2013
RM
514,066
2012
RM
224,237
Expenses
131,762
190,770
198,486
Net income before taxation
360,044
323,296
25,751
Net income after tax
360,234
322,950
19,575
Extract of Statement of Assets and Liabilities for the financial period ended 30 September
2014
RM
2,638,362
2013
RM
3,590,662
2012
RM
3,103,374
101,950
32,800
2,976,562
Unit Holders’ capital
2,438,373
3,820,057
3,561,707
NAV
2,536,412
3,557,862
2,976,562
Total assets
Total liabilities
Funds’ Expenses for the year ended 30 September 2014
Management Fee
Trustee Fee
Fund Expenses
Total Annual Expenses
RM’000
%
RM’000
%
RM’000
%
RM’000
%
44
1.60
18
0.65
28
1.03
90
3.28
Management Expense Ratio (MER)
MER
2014
2013
2012
3.28
3.29
2.72
There were no significant changes in the MER for the financial year ended 30 September 2014 as compared to previous
years.
Areca moneyTRUST Fund
Extract of Statement of Income and Expenditure for the financial period ended 30 June
Investment income
2014
RM
792,740
2013
RM
846,779
2012
RM
1,518,005
Expenses
195,173
199,102
291,410
Net income before taxation
597,567
647,677
1,226,595
Net income after tax
596,567
647,677
1,226,595
Extract of Statement of Assets and Liabilities for the financial period ended 30 June
Total Investments
2014
RM
16,497,625
2013
RM
15,851,700
2012
RM
13,859,425
Total other assets
5,934,174
8,515,808
12,513,580
22,431,799
24,367,508
26,373,005
26,924
25,658
27,515
Unit Holders’ capital
21,339,413
23,272,468
25,038,700
NAV
22,404,875
24,341,850
26,373,005
Total assets
Total liabilities
43
Funds’ Expenses for the year ended 30 June 2014
Management Fee
Trustee Fee
Fund Expenses
Total Annual Expenses
RM’000
%
RM’000
%
RM’000
%
RM’000
%
164
0.75
17
0.08
14
0.06
145
0.89
Management Expense Ratio (MER)
MER
2014
2013
2012
0.89
0.89
0.65
There were no significant changes in the MER for the financial year ended 30 June 2014 as compared to previous years.
Areca enhancedINCOME Fund
Extract of Statement of Income and Expenditure for the financial period ended 30 June
2014
2013
2012
RM
RM
RM
Investment income
3,911,765
2,310,965
1,582,939
Expenses
1,026,798
568,149
445,557
Net income before taxation
2,884,967
1,742,816
1,137,362
Net income after tax
2,868,108
1,750,765
1,138,105
Extract of Statement of Assets and Liabilities for the financial period ended 30 June
Total Investments
Total other assets
Total assets
2014
2013
2012
RM
RM
RM
96,350,741
43,926,762
28,358,459
13,006,895
5,521,305
4,149,312
109,357,636
49,448,067
32,507,771
Total liabilities
530,406
61,802
46,471
Unit Holders’ capital
105,474,979
47,530,487
30,406,334
NAV
108,827,230
49,386,265
32,461,300
Funds’ Expenses for the year ended 30 June 2014
Management Fee
Trustee Fee
Fund Expenses
Total Annual Expenses
RM’000
%
RM’000
%
RM’000
%
RM’000
%
875
1.19
59
0.08
18
0.02
952
1.29
Management Expense Ratio (MER)
MER
2014
2013
2012
1.30
1.31
1.34
There were no significant changes in the MER for the financial year ended 30 June 2014 as compared to previous years.
The audited financial statements of the Funds are disclosed in the respective Funds’ annual reports.
The Funds’ annual reports are available upon request.
Past performance of the Fund is not an indication of its future performance.
44
FEES, CHARGES, AND EXPENSES
Charges
Below are the charges directly incurred when you buy or redeem Units:-
Entry Fee (Sales Charge)
Versatile Investment Portfolio:
Areca incomeTRUST Fund
Direct Investment through
Third
the Manager.
including Appointed IUTA.
Up to 2%
invested*.
of
the
amount
party
distributors
Up to 4.5% of the amount
invested*.
Areca equityTRUST Fund
Areca growthTRUST Fund
Standalone: Areca incomeTRUST Fund
Up to 0.15% of the amount invested*.
Areca moneyTRUST Fund
NIL
Areca enhancedINCOME Fund
Up to 1% of the amount invested*.
* The maximum rate of entry fee to be imposed by each distribution channel (i.e. direct investment through the Manager
and third party distributors including appointed IUTA).
Investors may negotiate with the distributors for lower sales charges subject to the respective channels’ decision. The
Manager, may at its discretion, waive the entry fee.
The entry fee payable for investments in a Fund is equivalent to the specified percentage of the NAV per Unit of the
respective Fund. For all Funds, there is no fee charged for distribution of income reinvested into the respective Funds.
For lump sum cash investment, investors may apply to the Manager to choose to pay the entry fee either by upfront
payment or deferred payment subject to the Manager’s acceptance. For deferred payment, the entry fee will be debited
from the investors’ within 6 months in the form of Units. Debiting will be done on every 15 th of the next calendar quarter
(i.e. 15/3, 15/6 15/9, 15/12) until the said entry fee is fully deducted. In the event that the investment is liquidated
before the entry fee is fully deducted, the balance of chargeable entry fee will be debited upon exit/liquidation.
Exit Fee
Direct Investment through
the Manager.
Versatile Investment Portfolio:
Third party distributors
including Appointed IUTA.
NIL
Areca incomeTRUST Fund
Areca equityTRUST Fund
Areca growthTRUST Fund
Standalone: Areca incomeTRUST Fund
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
Up to 0.50% of the amount liquidated if liquidation is made on
Units invested for a duration of less than 6 months**.
NIL
Up to 0.50% of the amount liquidated if liquidation is made on
Units invested for a duration of less than 6 months**.
** The maximum rate of exit fee to be imposed by each distribution channel (i.e. direct investment through the Manager
and third party distributors including appointed IUTA). However, the exit fee would be waived if Units liquidated
(including distributions/unit split for calculation, if any) have not made any profit/gain. No exit fee would be charged if
liquidation is made on Units invested for a duration of more than 6 months.
Investors may negotiate with the distributors for lower exit fee subject to the respective channels’ division. The Manager,
may at its discretion, waive the exit fees. The exit fee payable for liquidation of Units in a Fund is equivalent to the
specified percentage of the NAV per Unit of the respective Funds. The exit fee paid by the investor will be retained by the
Manager.
45
Fees
Below are the fees indirectly incurred by investors when investing in the Funds.
Annual Management Fee and Trustee Fee
The annual management fee and annual trustee fee chargeable to the Funds during the term of this Master Prospectus is
as follows:
Funds
Annual Management Fee
Annual Trustee Fee
Areca incomeTRUST Fund
1.15% p.a. of NAV of the Fund
0.08% p.a. of NAV of the Fund
Areca equityTRUST Fund
1.90% p.a. of NAV of the Fund*
0.08% p.a. of NAV of the Fund
1.60% p.a. of NAV of the Fund
0.08% p.a. of NAV of the Fund, subject to a
minimum of RM18,000 p.a. (excluding
foreign custodian fees and charges)
Areca growthTRUST Fund
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
0.75% p.a. of NAV of the Fund
0.08% p.a. of NAV of the Fund
1.40% p.a. of NAV of the Fund**
0.08% p.a. of NAV of the Fund
* The Manager has increased the management fee from 1.70% to 1.90%. The effective date for the new management
fee is on 19 June 2015 (90 days have elapsed since the effective date of this Master Prospectus.
** The Manager has increased the management fee from 1.20% to 1.40%. The effective date for the new management
fee is on 19 June 2015 (90 days have elapsed since the effective date of this Master Prospectus.
The annual management fee will be paid out of the Funds and will be calculated based on the NAV of the Funds and
accrued on a daily basis. The Manager may, in consultation with the Trustee, charge a lower management fee.
The annual trustee fee will be paid out of the Funds and will be calculated based on the NAV of the Funds and accrued on
a daily basis.
For details on computation of management fee and trustee fee, please refer to page 48.
Other Charges and Fees
Switching Fee
No switching fee is imposed on the investors under the VIP switching facility for all switches between the Areca
incomeTRUST Fund, Areca equityTRUST Fund and Areca growthTRUST Fund.
Switching facility is not available for Standalone Areca incomeTRUST Fund, Areca moneyTRUST Fund and Areca
enhancedINCOME Fund.
Transfer Fee
No transfer fee is imposed on the transfer of Units for the Funds.
Other Charges
In executing your transaction, certain charges may be incurred. For instance, bank charges, telegraphic charges and
courier charges. We reserve the right to vary such conditions from time to time, which shall be communicated to you in
writing.
Expenses
Below is a list of expenses to be incurred/incurred by the Funds, which include:
Commissions or fees paid to brokers or dealers in effecting dealings in the investments of the Fund;

Charges or fees paid to the sub-custodian;

Tax and other duties charged on the Fund by the government and/or other authorities;

Costs, fees and expenses properly incurred by the auditor appointed for the Fund;

Costs, fees and expenses incurred for the valuation of any investment of the Fund by independent valuers for the
benefit of the Fund;
46

Costs, fees and expenses incurred for any modification of the Deed save where such modification is for the benefit
of the Manager and/or Trustee;

Costs, fees and expenses incurred for any meeting of the Unit Holders save where such meeting is convened for the
benefit of the Manager and/or Trustee; and

Other fees or expenses permitted in the Deed.
These expenses are necessary for the business of the Funds. Only those expenses set out in the Deed can be paid out of
the Funds.
Rebates & Soft Commissions
The Manager will retain soft commissions received from stockbrokers, provided these are of demonstrable benefit to the
Unit Holders. The soft commissions may take the form of goods and services such as data and quotation services,
computer software incidental to the management of the Funds and investment related publications. Cash rebates, if any,
will be directed to the account of the Funds.
There are fees and charges involved and investors are advised to consider the fees and charges before
investing in the Funds.
The above fees and charges are exclusive of goods and services tax and/or duties as may be imposed by the
government and/or the relevant authorities from time to time.
47
Transaction Information
Calculation Of Unit Prices
Valuation Point
Valuation point refers to the time(s) on a Business Day as may be decided by the Manager wherein the NAV of the Fund
is calculated. The Manager may consider additional valuation point(s) for the Funds during a Business Day when there is
a material market movement within the day (more than 5% of the last valuation point).
If and when the Fund invests in a foreign market, the valuation of the Fund may be carried out not later than 5pm (or
such other time as may be permitted by the relevant authorities from time to time) on the following Business Day (T+1
Day).
This is due to certain foreign markets in which the Fund may invest in have yet to close due to different time zones. As
such, the daily NAV of the Fund will be determined on T+1 Day and will be published in the newspapers on T+2.
Single Pricing Policy
The Manager adopts the single pricing policy to price the Units in relation to investment and liquidation of Units. This
means that the selling of Units by the Manager (i.e. when you purchase Units and invest in the Funds) and repurchase of
Units by the Manager (i.e. when you redeem your Units and liquidate your investments) will be carried out at NAV per
Unit (the actual value of the Unit). The entry/exit fee (if any) would be computed separately based on your net
investment/liquidation amount. The single price for investment and liquidation of Units shall be the daily NAV per Unit at
the next valuation point after the Manager receives the investment or liquidation application (i.e. forward pricing).
How Is The NAV (actual value) Per Unit Calculated?
The NAV of the Fund is calculated at the end of each Business Day and is defined as the total value of the Fund’s
investment, assets and properties less any liabilities or provisions. Where applicable, investment income, interest
payable, fees and other liabilities will be accrued daily in arriving at the NAV of the Fund. The NAV per Unit is then
determined by dividing the NAV of the Fund by the number of Units in circulation at the valuation point rounded up to
four (4) decimal places or as agreed between the Manager and Trustee.
Illustration 1: Computation of NAV
RM
Securities Investment
Add:
224,607,604
Assets
2,320,028
226,927,632
Less:
Liabilities
210,751
NAV before deducting annual management fee and annual trustee fee for the day
Less:
Less:
Annual management fee for the day (1.15% per annum)
226,716,881
7143.13
GST* (6% of the management fee)
428.58
Annual trustee fee for the day (0.08% per annum)
496.91
GST* (6% of the trustee fee)
29.81
NAV
226,708,782.57
* Effective 1 April 2015, GST will be implemented at a standard rate of 6%. The management fee and
trustee services charged to the Fund are subject to GST as a standard rate, as illustrated above.
48
NAV per Unit
The NAV per Unit is then determined by dividing the NAV of the Fund by the number of Units in circulation at the
valuation point. If the Units in circulation are 436,555,891 Units at the point of valuation, therefore;
Illustration 2: Computation of NAV per Unit
NAV per Unit of the Fund
= NAV ÷ Units in Circulation
= RM226,708,782 ÷ 436,555,891
= RM0.51931216
= RM0.5193 (rounded to 4 decimal place)
Computation of Investment Amount and Units Entitlement
The number of Units invested is determined by dividing the investment amount (excluding entry fee), with the NAV per
Unit at the next valuation point after the Manager receives the investment application and rounded up to two (2) decimal
places.
Illustration 3: Allocation of Units to Investor
Assuming you invest RM10,000.00 into Areca incomeTRUST Fund on 1 March 2015 and the NAV of the Fund on that
day is RM0.5193, therefore;
RM
Investment amount
10,000.00
Add: Entry Fee of 2% (RM10,000 x 2%)
200.00
GST* 6% of the entry fee (RM200 x 6%)
12.00
Total amount payable by investor
10,212.00
Value of investment
10,000.00
Divided by NAV per Unit
0.5193
Number of Units
19,256.69
Units credited to investor’s account is 19,256.69 Units
* Effective 1 April 2015, GST will be implemented at a standard rate of 6%. The entry fee is subject to GST
as a standard rate, as illustrated above.
For lump sum cash investment, investors may apply to the Manager to choose to pay the entry fee either by upfront
payment or deferred payment subject to the Manager’s acceptance. For deferred payment, the entry fee will be debited
from the investors’ within 6 months in the form of Units. Debiting will be done on every 15th of the next calendar quarter
(i.e. 15/3, 15/6 15/9, 15/12) until the said entry fee is fully deducted. In the event that the investment is liquidated
before the entry fee is fully deducted, the balance of chargeable entry fee will be debited upon exit/liquidation.
49
Calculation of Liquidation Value
The liquidation value is calculated by multiplying the number of Units to be liquidated and NAV per Unit at the next valuation
point
after the
the liquidation
Calculation
of liquidation
paid
to
Assuming
youManager
request receives
to liquidate
20,000.00 request.Illustration
Units of the Fund on4:
1 March
2015, and
the NAV perproceeds
Unit for the
Business
investor
Day
is RM0.5193, therefore;
RM
20,000.00
0.5193
10,386.00
Number of Units liquidated
Multiply by NAV per Unit
Net amount payable to investor
For standalone-Areca incomeTRUST Fund, the liquidation value is subject to an exit fee of up to 0.50% of the amount
liquidated if the liquidation is made on Units invested for a duration of less than 6 months. Assuming you invested
RM20,000.00 for 38,461.54 Units @RM0.5200 per Unit on 1 February 2013, and you made a liquidation request to
liquidate 20,000.00 Units on 1 March 2014 (the NAV per Unit for the Business Day is RM0.5193). An exit fee of up to
0.50% of the amount liquidated would be charged as the liquidation request is made less than 6 months from the
investment date;
Number of Units liquidated
20,000.00
Multiply by NAV per Unit
0.5193
Liquidation value
10,386
Deduct exit fee of 0.50% (RM10,386.00 x 0.50%) + GST* (RM51.93 x 6%)
55.05
Net amount payable to investor
10,330.95
The exit fee of up to 0.50% of the amount liquidated would be waived if Units liquidated (including distributions/unit
split) have not made any profit/gains. The weighted average cost of investment for the above liquidation is
RM10,400.00 (which is 20,000.00 ÷ 38,461.54 x RM20,000.00), therefore the exit fee would be waived as the
liquidation value of RM10,386.00 is less than the original investment amount of RM10,400 (i.e. no gains made);
Liquidation value
Exit Fee
10,386.00
NIL
Net amount payable to investor
10,386.00
* Effective 1 April 2015, GST will be implemented at a standard rate of 6%. The exit fee is subject to GST as a
standard rate, as illustrated above.
Calculation of Switching Of Units Through VIP
Investors investing through VIP may exercise unlimited free switches between the Areca incomeTRUST Fund, Areca
equityTRUST Fund and Areca growthTRUST Fund on any Business Day within the calendar year.
Example: Switching from Areca incomeTRUST to Areca equityTRUST:
Step 1: To determine the “switching value” of Areca incomeTRUST Fund
The “switching value” is determined by multiplying the NAV per Unit of Areca incomeTRUST Fund at the end of the
Business Day with the number of Units to be switched.
Step 2: To determine the number of Units in Areca equityTRUST Fund
The number of Units is calculated by dividing the “switching value” with the NAV per Unit of Areca equityTRUST Fund at
the end of the Business Day and rounded up to two (2) decimal places.
Illustration 5: Calculation of switching of Units
Units in Areca incomeTRUST Fund to be switched
100,000.00
Multiply by NAV per Unit of Areca incomeTRUST Fund
RM
0.5193
Switching value
RM
51,930
Divided by NAV per Unit of Areca equityTRUST Fund
RM
0.5179
Number of Units in Areca equityTRUST Fund
Therefore:
Units before switch
100,270.32
Areca incomeTRUST Fund
Areca equityTRUST Fund
100,000.00
0
(100,000.00)
100,270.32
0
100,270.32
Units switch (out)/in
Units after switch
50
Distribution Channels
The Funds are distributed through the Manager’s head office, branches and authorized distributors. Please refer to the
directory on page 84 or call us at 03-7956 3111 for list of contacts.
Making An Investment
First time investors are required to complete account opening documents. Individual or joint application must be
accompanied by either a copy of the applicant’s identity card, passport or other identification. Application by a
corporation must be accompanied by a certified true copy of its memorandum and articles of association, certificate of
incorporation, form 24, form 44, form 49, board resolution relating to the investment and other related documents
required by the Manager.
Existing investors who wish to purchase additional Units can complete the investments form.
Investors must submit the completed forms with the necessary payment by 3.30p.m on any Business Day. Any forms
received after the cut-off time will be processed by the Manager on the next Business Day.
The minimum initial investments and the minimum additional investment for Units in any of the Fund are as follows:
Minimum Initial Investments
Direct Investment through the Manager: RM10,000
Third party distributors including Appointed IUTA : RM1,000
Minimum Additional Investments
RM1,000
The Manager, may at its discretion, lower or raise the minimum transactions amounts in respect of the Funds.
Payment Methods

By a crossed cheque or banker’s cheque made payable to “Areca Capital Sdn Bhd”.

Via telegraphic or online transfer.

Details of the principal banks are as follows:
-
Malayan Banking Berhad : 5 12231 327139
-
Standard Chartered Bank Malaysia Berhad: 312 157161615
Investors are advised not to make payment in cash to any individual agent when purchasing Units of the
Fund
Liquidating an Investment
Investors must submit the completed liquidation form in the following manner;
Funds
Areca incomeTRUST Fund
Areca equityTRUST Fund
Areca growthTRUST Fund
Areca enhancedINCOME Fund
Areca moneyTRUST Fund
Minimum Liquidation
RM1,000 or 2,000 Units or such
other limit at the Manager’s
discretion. However, if the liquidation
request leaves an investor with less
than 1,000 Units (Minimum Balance),
the investor may be required to
make an application for the Manager
to liquidate all the investor’s holding
in the Fund
Liquidation Notice
Before 3.30p.m. on any Business
Day

One (1) Business Day, before
3.30p.m, prior to the liquidation
(i.e. T-1 day)
Any liquidation notice received after the cut-off time will be processed by the Manager on the next Business Day.
Payment will be made within 10 days, upon receipt by the Manager of the duly completed original liquidation form.
However, it is the Manager’s general liquidation policy to make payments within 3 Business Days (T+3 days) from the
transaction day for those Units purchased directly through the Manager. For Areca moneyTRUST Fund, payment will be
made on the next Business Day (T+1 day).
51
Switching Between Funds
If you invest through VIP, you have unlimited free switches between our selected equity and fixed income funds. You
may switch some or all of your Units in one Fund into Units of another unit trust fund under the VIP by completing a
switch form.
Funds
Minimum Units
Versatile Investment Portfolio:
Areca incomeTRUST Fund
RM1,000 or 2,000 Units
Areca equityTRUST Fund
Areca growthTRUST Fund
Standalone: Areca incomeTRUST Fund
Areca enhancedINCOME Fund
Not available for switching
Areca moneyTRUST Fund
Investors must submit the completed switch form by 3.30p.m on any Business Day. Any forms received after the cut-off
time will be processed by the Manager on the next Business Day.
Transfer of Units
You may transfer part or all of your Units in the Fund to another investor by completing a transfer form. Transfers from
corporate accounts to individual accounts are not permitted.
Investors must submit the completed transfer form by 3.30p.m on any Business Day. Any forms received after the cutoff time will be processed by the Manager on the next Business Day. A transfer will be effected subject to the terms and
conditions applicable for the respective fund(s).
Minimum Units Held
Instructions to liquidate, switch or transfer will be carried out only if the minimum balance requirement of 1,000 Units or
such other limit at the Manager’s discretion. If the instructions to liquidate, switch or transfer leave an investor with less
than the minimum balance remaining in the Funds, the investor may be required to make an application for the Manager
to liquidate, switch or transfer all the investor’s holding in the Fund.
Cooling-Off Right
A cooling-off right is given to an investor who is investing in any unit trust fund managed by the Manager for the first
time. The cooling-off period given to the investors is six (6) Business Days commencing from the date of receipt of the
investment application by the Manager. The refund for every Unit held following a request by the investor pursuant to
the exercise of a cooling-right should be the sum of:
The NAV per Unit on the day the Units were purchased; and

The entry fee paid by the investors (if any).
A cooling-off right is not applicable to corporations or institutions, a staff of the Manager and persons registered with a
body approved by the SC to deal in unit trusts.
The moneys to be refunded to the investors pursuant to the exercise of a cooling-off right will only be paid after we have
received cleared funds for the original investment.
Investors must submit the completed cooling-off form by 3.30p.m on any Business Day. Any forms received after the
cut-off time will be processed by the Manager on the next Business Day.
52
Income Distribution and Reinvestment Policies
Distribution Policy
Funds
Areca incomeTRUST Fund;
Twice a year*
Areca moneyTRUST Fund; and
Areca enhancedINCOME Fund
Areca equityTRUST Fund; and
Incidental
Areca growthTRUST Fund;
* subject to availability of distributable income
In the absence of instructions to the contrary from a Unit Holder, the Manager is entitled to reinvest the income
distributed from the Fund in additional Units of that Fund at the NAV per Unit at the end of the distribution day with no
entry fee.
Unclaimed Moneys Policy
Any money which remain unclaimed after 12 months from the date of payment or any such other period as is prescribed
by the Unclaimed Moneys Act, 1965 shall be dealt with in accordance with the provisions of the Unclaimed Moneys Act,
1965.
53
THE MANAGER: Areca Capital Sdn Bhd
Areca Capital Sdn Bhd was incorporated on 13 July 2006 under the Companies Act, 1965. It has an issued and paid-up
share capital of RM5,070,000.00 divided into 5,000,000 ordinary shares of RM1.00 each and 7,000,000 redeemable
preference shares of RM0.01 each issued at a premium of RM0.99 each.
Areca is a licensed Fund Manager approved by the SC in February 2007. We are engaged in the business of managing,
administering, marketing and distributing unit trust funds and managing and administering funds under private
mandates. We launched our 3 maiden funds in April 2007.
As at 15 January 2015, we are managing 8 unit trust funds, namely Areca incomeTRUST, Areca equityTRUST, Areca
moneyTRUST, Areca enhancedINCOME, Areca Steady fixedINCOME, Areca Flexi fixedINCOME, Areca AUD Savings
Fund and Areca growthTRUST Fund. The total value of funds under management is RM752.55 million. We have a staff
force of 32 executives and 4 non-executives.
For Financial Year Ended 30 April
2014
RM ‘000
12,000
2013
RM’000
12,000
2012
RM ‘000
12,000
12,352
12,230
12,272
185,697
171,439
303,513
Pre-tax profit (Loss)
824
243
1,002
Profit/(Loss) after tax
563
243
767
Paid-up Share Capital
Shareholders’ Funds
Turnover (RM’000)
Duties and Responsibilities of the Manager
The Manager is engaged in the business of managing, administering, marketing and distributing unit trust funds and
managing and administering funds under private mandates. Its principal duty is to manage and administer the funds in a
proper and efficient manner in accordance with the deeds of the funds, the Guidelines and relevant laws, acceptable and
efficacious business practice within the unit trust industry and the internal controls and policies of the Manager.
Roles and Primary Function of the Board of Directors and Investment Committee
Board of Directors of Areca Capital Sdn Bhd
The Board of Directors of the Manager plays an active part in the affairs of the Manager and the funds under their
management. The Board meet at least once every quarter to receive recommendations and reports on investment
activities from the investment committee of the funds and the senior representatives of the Manager.
Investment Committee for the Funds
The investment committee is fully responsible for the Funds’ investment policies and guidelines, and shall review and
approve the investment strategies undertaken by the investment managers for the Funds. The investment committee
meets every month or more frequently if required. The Manager has appointed an Investment Committee, comprising of
2 independent members and 2 non-independent members, for the Funds under its management and administration.
Fund Management Function
Our fund managers are authorized to manage the Funds in accordance with their respective investment objectives. This
is subject to the requirements of this Master Prospectus, the Deeds, the Guidelines, the Act, acceptable and efficacious
business practice within the unit trust industry and the policies and internal controls of the Manager.
The fund manager will report to the investment committee of the Funds and will implement the investment strategies
selected by the Investment Committee.
54
Designated Person Responsible For The Management Of The Funds
Mr. Danny Wong Teck Meng is the person responsible for the overall portfolio management of Areca equityTRUST Fund
and Areca growthTRUST Fund including broad asset-class allocation and the non-equity portion of the Fund.UOB Asset
Management (Malaysia) Berhad is the appointed external fund manager for the equity portfolio of the Areca
equityTRUST Fund and Areca growthTRUST Fund. Mr. Danny Wong Teck Meng is also the person responsible for the
management of Areca enhancedINCOME Fund.
Mr. Edward Iskandar Toh is the designated person responsible for the management of Areca incomeTRUST Fund and
Areca moneyTRUST Fund.
Material Litigations
As at 15 January 2015, there is no current material litigation and arbitration, including those pending or threatened any
facts likely to give rise to any proceedings which might materially affect our business and/or financial position or any of
our delegates
Profile Of Directors And Members Of The Investment Committee
Name:
Danny Wong Teck Meng
Designation:
Non-Independent Director, Executive Director/Chief Executive Officer
Qualifications:
Fellow member of the Association of Chartered Certified Accountants (ACCA)(UK), member of
Financial Planning Association of Malaysia, Certified Financial Planner (CFP).
Experience:
He has more than 24 years of experience in stock broking, asset management and unit trusts. Mr
Wong is currently on the board of FIMM.
Name:
Dato’ Wee Hoe Soon @ Gooi Hoe Soon
Designation:
Chairman & Independent Director, Chairman & Independent Investment Committee Member.
Qualifications:
Member of the Malaysian Institute of Certified Public Accountant and Malaysian Institute of
Accountants.
Experience:
He has more than 31 years of experience in the field of accounting, corporate finance and
banking.
Name:
Raja Datuk Zaharaton binti Raja Dato’ Zainal Abidin
Designation:
Non-Independent Director & Non-Independent Investment Committee Member
Qualifications:
Masters in Economics (University of Leuven, Belgium), Bachelor of Economics (University of
Malaya)
Experience:
She has served the Government of Malaysia in various capacities for 36 years.
Name:
Dr. Junid Saham
Designation:
Independent Director & Independent Investment Committee Member
Qualifications:
Bachelor and Master Degree in Economics (University of Canterbury, New Zealand), Doctor of
Philosophy (Economics) (University of Hull, UK)
Experience:
He has more than 38 years of experience in audit, banking and finance. Currently, he is a director
of Master-Pack Group.
55
Profile of Key Personnel
Name:
Danny Wong Teck Meng
Designation:
Chief Executive Officer/Executive Director
Qualifications:
Profile as set out above
Experience:
Profile as set out above
Name:
Edward Iskandar Toh
Designation:
Chief Investment Officer
Qualifications:
Bachelor of Business Studies degree (Curtin University, Australia)
Experience:
He has over 24 years of experience in the fixed income markets.
Name:
Tracy Khiew
Designation:
Compliance Officer
Qualifications:
Bachelor of Arts in Social Science (National University of Malaysia)
Experience:
She has more than 12 years of experience in the unit trust industry, including 8 years in
compliance.
56
External Fund Manager: UOB Asset Management (Malaysia) Berhad
Areca Capital has appointed UOB Asset Management (Malaysia) Berhad (“UOBAM (M)”) as the fund manager for the
equity portfolio of Areca equityTRUST Fund and Areca growthTRUST Fund. The role and responsibilities of UOBAM (M)
includes management of the investment portfolio in accordance with the investment objective and subject to the CMSA
and the Guidelines as well as the terms and conditions of the investment management agreement.
UOB Asset Management (Malaysia) Berhad (“UOBAM (M)”) 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. As at 15 January 2015, UOBAM(M) is substantially owned
by f UOB Asset Management Ltd. (“UOBAM”), one of the largest fund managers in Singapore in terms of assets under
management. UOBAM (M) which commenced its operations in March 1997 has 18 years experience in the fund
management industry. It has the support and resource backing of an experienced team of investment professionals at
UOBAM, who have specialized skills in portfolio investments in both the Asian and global markets. The total value of
funds under management as at 31 December 2014 is RM4.9 billion.
As at 15 January 2015, the company has total staff strength of 35, comprising 9 portfolio managers, analysts and central
dealer and 26 personnel in operations, administration, legal & compliance, product development, IT, risk management &
internal control and marketing.
The designated Investment Manager for the Fund is Ms. Lim Suet Ling. Ms. Lim Suet Ling, is the Chief Executive Officer
of UOB Asset Management (Malaysia) Berhad. She graduated with a Bachelor of Business Administration (Hons) from
the National University of Singapore and is also a Chartered Financial Analyst. She has more than 23 years’ experience in
the industry, and has particular expertise in Malaysian and Asia ex-Japan equities. Her mandates have been wide ranging
with varying investment styles and focus. She has held senior positions including the Malaysia Equity Team Head and has
been the portfolio manager of several award winning funds in both Malaysia and Singapore. She was promoted to CEO of
UOBAM (M) in 2005 to oversee the growth of the firm. Prior to her appointment, she was an Associate Director of UOB
Asset Management Ltd. Suet Ling holds the Fund Manager’s Representative license from the Securities Commission
Malaysia.
57
Maybank Trustees Berhad
Maybank Trustees Berhad (“MTB”) is the Trustee for Areca incomeTRUST Fund, Areca equityTRUST Fund and Areca
enhancedINCOME Fund, with its registered office at 8th Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala
Lumpur.
MTB was incorporated on 12 April 1963 and registered as a Trust Company under the Trust Companies Act 1949 on 11
November 1963. It was one of the first local trust companies to provide trustee services with the objective of meeting
the financial needs of both individual and corporate clients.
Summary of MTB’s Financial Position
The following is a summary of the past performance of MTB based on audited financial statements for the past 3 financial
years:
Year Ended
31 December 2013
31 December 2012
31 December 2011*
RM
RM
RM
500,000
500,000
500,000
Shareholders’ funds
21,002,473
12,107,452
8,678,875
Turnover
21,316,197
14,047,931
6,506,087
Profit Before Taxation
11,826,263
4,571,241
3,242,278
8,895,021
3,428,577
2,439,413
Paid-up capital
Profit After Taxation
* Change of financial year to 31 December by Maybank Group with effect from 1st July 2011
Experience in Trustee Business
As at 15 January 2015, Maybank Trustees Berhad has under its trusteeship a total of fifty nine (59) unit trust funds, four
(4) wholesale funds, one (1) private retirement scheme (consisting of three (4) funds) and four (4) real estate
investment trust/property trust fund.
Board of Directors
Name
Directorship
En Zainal Abidin Jamal
Non-Independent Non-Executive Director & Chairman
Dato’ Mohd. Hanif bin Suadi
Non-Independent Non-Executive Director
Dato’ Dr Tan Tat Wai
Independent Non-Executive Director
Ms Ong Sau Yin
Independent Non-Executive Director
Key Personnel
As at 15 January 2015, the Trustee has a total of thirty four (34) staff, comprising twenty seven (27) executives and
seven (7) non-executives.
Trustee’s Statement of Responsibility
MTB has given their willingness to assume the positions and all the obligations that come along with them under the
respective Deeds of the Funds and all relevant written laws. MTB is entitled to be indemnified out of the assets of the
Funds for any liability incurred by MTB in performing or exercising any of its powers or duties in relation to the Fund.
This indemnity is in addition to any indemnity allowed by law. However, it does not extend to liabilities arising from a
breach of trust or failure to show the due care and diligence required of MTB having regard to its powers, authorities and
discretions under the Deed.
Duties and Responsibilities of the Trustee
MTB’s role is mainly to act as custodian of the Fund and to exercise all due diligence and vigilance in carrying out its
functions and duties and to safeguard the rights and interests of the Unit Holders. Apart from being the legal owner of
58
the Fund’s assets, MTB is responsible for ensuring that the Manager performs its obligations in accordance with the
provisions of the Deed and the relevant laws.
Delegates of the Trustee
MTB has delegated its custodian function to Malayan Banking Berhad. The custodian function is run under Maybank
Custody Services (“MCS”), a unit within Malayan Banking Berhad. MCS commenced operations in 1983 and has been
appointed as custodian of unit trust funds since 1989. It provides clearing and custody services for Malaysian equity and
fixed income securities to domestic and foreign institutional clients. In addition, it offers global custody services to
domestic institutions/clients that have foreign investments.
The custodian acts only in accordance with instructions from the Trustee.
Material Litigation and Arbitration
As at 6 January 2015, save for the suits mentioned herein below, the Trustee is not engaged in any material litigation as
plaintiff or defendant and the Trustee is not aware of any proceedings, pending or threatened or of any facts likely to
give rise to any proceedings which might materially and adversely affect its financial position or business.
1. The bondholders of the Al-Bai Bithaman Ajil (“ABBA”) bonds (“bondholders”) issued by Pesaka Astana (M) Sdn Bhd
(“PASB”) have sued PASB for its failure to meet its bonds payment obligations under Kuala Lumpur High Court Civil
Suit No. D5(D6)-22-1810-2005 (the “ABBA Suit”) and cited the Trustee as one of 12 co-defendants in the ABBA Suit.
The claim in the ABBA Suit is for RM149,315,000.00 or any other sum that the Court deems fit. The other defendants
in the ABBA Suit include among others the Arranger, PASB’s Chief Executive Officer, one of PASB’s directors and
associate companies of the Chief Executive Officer and the said director. The Trustee has defended the ABBA Suit
and its trial has concluded.
The Trustee had appealed against the decision made by the High Court on 30 June 2010 in respect of the ABBA Suit
in awarding judgement against it. The appeals proceeded on 22, 23, 26, 27, 28, 29 and 30 September 2011 and 3
October 2011. The Court of Appeal had on 8 November 2011 awarded the Trustee and the Arranger a limited
indemnity against PASB, PASB’s Chief Executive Officer, one of PASB’s directors and associate companies of the Chief
Executive Officer and the said director (collectively “PASB And Their Associated Defendants”) but found the Trustee
and the Arranger equally liable to the bondholders. The Federal Court had on 5 April 2012 granted the Trustee leave
to appeal to the Federal Court against certain parts of the decision of the Court of Appeal (“Federal Court Appeal”).
The Federal Court Appeal was heard on 6, 7, 8, 20, 21 and 23 November 2012 and on 2, 3 and 4 January 2013. The
hearing dates of 17 to 19 October 2012 and 19 November 2012 were vacated.
The Federal Court had on 10 February 2014 delivered its decision (“Decision”) wherein it had, among others, allowed
the Trustee a full indemnity against PASB And Their Associated Defendants and reduced the judgement sum against
the Trustee to approximately RM107 million without apportionment of liability against the Arranger.
PASB’s Chief Executive Officer and associate companies of the Chief Executive Officer (collectively the “Pesaka
Defendants”) had filed an application for the Federal Court to grant leave to review its Decision against them
(“Review Application 1”). On 29 September 2014, the Federal Court allowed the Pesaka Defendants’ application to
withdraw Review Application 1.
Most of the bondholders had filed an application for the Federal Court to grant leave to review its Decision in finding
the Arranger not liable (“Review Application 2”). On 29 September 2014, the Federal Court dismissed Review
Application 2.
2. Connected to the ABBA Suit, Amanah Short Deposits Berhad [now MIDF Amanah Investment Bank Berhad (“MIDF”)],
a Noteholder of the Combined Commercial Papers and/or Medium Term Notes/Letters of Credit/Financial Guarantee
Facilities (“CP/MTN”) totalling RM13 million and issued by PASB, has also sued PASB for full payment under the
CP/MTN arising from a cross-default by PASB under its ABBA bonds under Kuala Lumpur High Court Civil Suit No. D222-1085-2006 (the “CP/MTN Suit”). The Trustee was cited as one of 5 co-defendants in the CP/MTN Suit. The claim in
59
the CP/MTN Suit is for RM13 million or any other sum that the Court deems fit and damages. The other defendants in
the CP/MTN Suit are the Arranger, PASB’s Chief Executive Officer and one of PASB’s directors. The Trustee is
defending the CP/MTN Suit. MIDF withdrew its claim against the Arranger on 12 November 2014. Trial dates will be
fixed by the High Court with the determination of Review Application 2.
The Trustee has obtained leave of the court to proceed with the actions against PASB given that further to an
unrelated suit a provisional liquidator had been appointed against PASB. The Trustee has also obtained leave of the
court to proceed with the actions against PASB following the court's order to wind-up PASB further to the unrelated
suit. In any event, any successful claim that may be established against the Trustee will be covered by the Trustee’s
insurer and/or Malayan Banking Berhad as the ultimate holding company of the Trustee. As such, the ABBA Suit and
the CP/MTN Suit will not materially affect the business or financial position of the Trustee.
3. Several holders of the bonds (“bondholders”) issued by Aldwich Berhad [In Receivership] (“Aldwich”) have sued
Aldwich for its failure to settle its indebtedness to the bondholders following the default of the said bonds in 2010 and
cited the Trustee as one of 6 co-defendants under Kuala Lumpur High Court Suit No. D-22NCC-1622-11/2012 (the
“Aldwich Bondholders’ Suit”). The claim against the Trustee is for the sum of RM177,248,747.31 or any other sum that
the Court deems fit. The other defendants are the holding company of Aldwich, the Chief Executive Officer of the
holding company of Aldwich, the Security Agent and the Reporting Accountant. The Trustee does not admit liability to
the Aldwich Bondholders’ Suit and shall defend it. Trial has commenced and is ongoing. The Aldwich Bondholders’ Suit
will not materially affect the business or financial position of the Trustee."
Key Personnel of The Trustee
Name:
Mr Chong Kin Tuck
Position:
Chief Executive Officer
Qualification/
Mr Chong Kin Tuck joined MTB in September 2014. Kin Tuck has more than 20 years of
Experience:
work experience in the banking industry, covering Securities Services and Lending. This
includes a banking career in Citibank for 20 years; covering Loans operations, Mortgage
business, Share Financing & Investment operations, Securities & Fund Services operations,
Securities Services product development and most recently as Head of Direct Custody &
Clearing at J.P Morgan Chase Bank Berhad.
Name:
Mr Samuel Hwa
Position:
Head, Business Development & Strategies
Qualification/
Samuel Hwa joined Maybank Trustees Berhad in August 2013. He holds a Bachelor of Law
Experience:
degree from the University of London and a Bachelor of Science in Business from
Pennsylvania State University double majoring in Finance and Marketing/Management. He
started his career in America as a business analyst and later joined an insurance company
in Malaysia. Prior to joining Maybank, he was with CIMB Investment Bank Berhad. Samuel
has worked in the Securities Services industry for over 5 years.
Name:
Mr C. Dinesh
Position:
Head, Legal
Qualification/
Mr. Dinesh joined MTB as Head, Legal in 2008. He graduated from University of Malaya
Experience:
with an LLB (Honours) Degree in 1994 and was called to the Malaysian Bar in 1995. Prior
to joining MTB, he was as an advocate and solicitor handling commercial banking and
corporate matters.
60
RHB TRUSTEES BERHAD
RHB Trustees Berhad was incorporated in Malaysia under the Companies Act, 1965 on 6 March 2002. It is registered as a
trust company under the Trust Companies Act, 1949 and is also registered with the SC to conduct unit trust business.
The principal activity of RHB Trustees Berhad is providing retail and corporate trustee services. RHB Trustees Berhad has
been in the trustee business since 2002.
The present authorised share capital of RHB Trustees Berhad is RM25,000,000 comprising 2,500,000 ordinary shares of
RM10.00 each, of which 1,200,000
are currently issued and credited as partially paid-up of RM5.00 each in RHB
Trustees Berhad. The shareholders are as follows:
Shareholders
Percentage (%)
RHB Capital Bhd
20
RHB Investment Bank Berhad
20
RHB Nominees (Tempatan) Sdn Berhad
20
RHB Nominees (Asing) Sdn Berhad
20
OSK Futures & Options Sdn Berhad
20
RHB Trustees Berhad undertakes all types of trustee business allowed under the Trust Companies Act, 1949, ranging
from corporate trustee services to retail services. RHB Trustees Berhad offers corporate trustee services such as trustee
for real estate investment trusts (REITs), unit trust funds, private retirement schemes and custodian services. Its retail
services include estate planning services (will writing, custodian and executor/trustee services) and private trustee
services (private purpose trust, investment trust, charitable trust, insurance trust, business succession trust, estate
administration trust, custodian and stakeholder services).
As of 15 January 2015, RHB Trustees Berhad is the trustee for nine (9) unit trust funds, twenty (20) wholesale funds and
three (3) REITs. As of 15 January 2015, RHB Trustees Berhad’s staff strength comprises 35 executives and 2 nonexecutive staff.
The Board of Directors
The following table sets out information regarding the Board of Directors of RHB Trustees Berhad:Name
Directorship
Foo San Kan
Independent Non-Executive Director
Dato’ Nik Mohamed Din bin Datuk Nik Yusoff
Non-Independent Non-Executive Director (Chairman)
Datuk Haji Faisal @Ibrahim bin Siraj
Independent Non-Executive Director
Ong Seng Pheow
Independent Non-Executive Director
Tony Chieng Siong Ung
Executive Director
Financial Position of the Trustee
The following is a summary of the past performance of RHB Trustees Berhad based on audited accounts for the last
3 years:
Financial Year Ended 31 December
2011
2012
2013
(RM)
(RM)
(RM)
Paid-up capital
6,000,000
6,000,000
6,000,000
Shareholders’ funds
5,657,431
7,075,336
7,578,080
Turnover
6,625,528
7,566,249
7,629,601
Profit before taxation
475,479
1,924,026
710,680
Profit after taxation
390,580
1,417,905
502,744
61
Trustee’s Statement of Responsibility
RHB Trustees Berhad has given its willingness to assume the position as the Trustee of the Fund and all the obligations
in accordance with the Deed, the Guidelines, securities laws and other relevant law, and also its willingness to provide
indemnity to the Manager for the benefit of the Unit Holders of the Fund for any loss incurred as a result of any nonperformance of RHB Trustees Berhad.
Duties and Responsibilities of the Trustee
RHB Trustees Berhad’s functions, duties and responsibilities are set out in the Deed. The general function, duties and
responsibilities of RHB Trustees Berhad include, but are not limited to, the following:
(a)
Acting as trustee and safeguarding the rights and interests of the Unit Holders;
(b)
Holding the assets of the Fund for the benefit of the Unit Holders; and
(c)
Exercising all the powers of a trustee and the powers that are incidental to the ownership of the assets of the
Fund.
RHB Trustees Berhad has covenanted in the Deed that it will exercise all due diligence and vigilance in carrying out its
functions and duties, and in safeguarding the rights and interests of the Unit Holders.
The Trustee’s Delegate
RHB Trustees Berhad has appointed United Overseas Bank (Malaysia) Berhad as the custodian of the quoted and
unquoted, local and foreign investments of the Fund. The custodian has been providing custody services to domestic and
foreign, retail and institutional investors since 1984. The custody services provided by the custodian include clearing and
settlement, safekeeping, corporate events monitoring and processing, income collection, reporting on securities and cash
transactions and positions. All investments are registered in the name of the custodian or its nominee for the account of
the Fund. The custodian acts only in accordance with instructions from its principal, RHB Trustees Berhad.
Litigation and arbitration
As at 15 January 2015, RHB Trustees Berhad is not engaged in any material litigation and arbitration, including those
pending or threatened, and is not aware of any fact likely to give rise to any proceedings which might materially affect
the business or financial position of RHB Trustees Berhad or any of its delegates.
Trustee’s Declaration
RHB Trustees Berhad is independent of the Manager. RHB Trustees Berhad will carry out transactions on an arm’s length
basis and on terms which are best available to the Fund, as well as act at all times in the best interest of the Unit
Holders. RHB Trustees Berhad also has adequate procedures and processes in place to prevent or control conflicts of
interest.
RHB Trustees Berhad’s Board of Directors declare that the requirements of the guidelines on allowing a person to be
appointed or to act as trustee under subsection 290(1) of the Capital Markets and Services Act 2007 have been complied
with at the point of application.
Anti-Money Laundering Provisions
RHB Trustees Berhad adopts the Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) Program for
Investment Banking Business (“the Program”) in dealing with the principles to combat money laundering and terrorism
financing.
The Program inter alia provides guidance to all employees of RHB Investment Banking Group (“RHB IB Group”) on the
requirement of Know Your Client (“KYC”) / clients’ due diligence (“CDD”), whereby they are required to obtain
satisfactory evidence to establish the identity and legal existence of any person applying to do business with any
companies of RHB IB Group. The employees should not compromise any attempt to circumvent the CDD requirement.
The policies and procedures in the Program serve to prevent RHB Trustees Berhad from being used as a conduit for
money laundering and terrorism financing activities. This is through the prevention and detection of AML/CFT suspicious
transaction and fraud, and reporting of such activities to the relevant regulatory bodies.
62
Key Personnel of The Trustee
Name:
Tony Chieng Siong Ung
Position:
Executive Director
Qualification/
Mr Tony holds a Master of Business Administration specializing in finance from University of
Southern Queensland and professional certification from The Institute of Chartered Secretaries &
Administrators (ICSA).
Experience:
Prior to joining RHB Trustees Berhad, he is the Head of Operations with one of Malaysia’s leading
financial institutions managing a team of 45 staff that covers Trustee, Custodian and Fund
Accounting services with over 60 unit trust funds (UTF), 85 private debt securities (PDS) & real
estate investment trusts (REITs) and over 3500 accounts under custodianship with Asset under
Custody (AUC) worth of more than 70 Billion Ringgit Malaysia. He has more than 17 years’
experience in financial services industry encompassing hands on experience in day to day
operations of trusteeship such as UTF, PDS, REITs, Estate Administrations, Will & Wasiat;
custodian roles such as trade settlement and corporate action, fund accounting, asset
management, stock broking and insurance.
He is responsible for overall business direction and management of RHB Trustees Berhad,
including but not limited to business development and day-to-day operations for UTF, REITS and
PDS.
Name:
Ngu Kee Keong
Position:
Head of Business Development
Qualification/
Mr. Ngu holds a Bachelor of Science (Computer Science) Degree from Campbell University,
North Carolina, USA. He is a Chartered Financial Practitioner and Chartered Life Planner from
Financial and Life Practitioners Council, NAMLIFA, and a Registered Financial Planner from
Malaysia Financial Planning Council (MFPC). He is also a qualified Trainer for Malaysian
Insurance Institute (MII) and MFPC. He also holds Professional Qualifications such as Fellow of
Life Underwriters Training Council (MII-LUTCF& LUTCF-USA), Fellow of Life Management
Institute (FLMI), Associate of Customer Service (ACS), Associate Of Agency Administration
(AIAA)(LOMA-USA), Associate Of Insurance Regulatory Compliance (AIRC), Associate of
Reinsurance Administration (ARA), Certificate In Underwriting, Professional Customer
Service(PCS) and Associate Of Annuity Product Administration (AAPA) where he emerged as Top
Scorer for Asia Pacific.
Experience:
He has more than 20 years of experience in various areas such as sales and marketing, agency
management, product development, sales force development, financial planning, sales
motivation and design and conduct training for sales personnel. He has also been invited as a
speaker for many talks and seminars on Financial Planning and Estate Planning.
He oversees the business development and training portfolios of RHB Trustees Berhad.
Name:
Cheah Kuan Yoon
Position:
Head of Operations
Qualification/
Mr Cheah holds a Bachelor of Arts majoring in Accountancy and Finance from University of
Abertay Dundee, Scotland.
Experience:
Prior joining RHB Trustees Berhad, he was a functional consultant with OpenLink International
Sdn Bhd. He was a manager in Operation Department, KAF Trustee Berhad for 4 years, where
he specialised in fund accounting, administration and settlement operations of high net worth
clients’ (institutional and individual) transactional records. He also involved in bond trustee
activities including oversee and monitoring funds on designated accounts operations. Mr Cheah
started his career as an Executive in CIMB Investment Bank Berhad for 3 years. He was in
Financial Accounting Unit where he had extensive experience in firming the foundation of fund
management for fixed income services and implementation projects in system user testing.
He currently oversees and manages all administration and operation functions of RHB Trustees.
Berhad.
63
Name:
Zulkifli Hassan
Position:
Senior Manager, Unit Trust/Client On-Boarding
Qualification/
Bachelor’s Degree in Economics majoring in Business Administration from the University of
Malaya.
Experience:
He has more than 20 years of experience in the financial services industry including asset
management, stock broking and retail banking services. Prior to joining RHB Trustees Berhad,
he was an Assistant Manager with MIDF Amanah Asset Management Berhad and his main
responsibility was then to oversee the company’s day-to-day operations.
His current scope of work includes but is not limited to supervising all aspects of operations,
administration and compliance of the Unit Trust’s Trustee services. Additionally, due to his
experience with trustee operational matters, Mr. Zulkifli has also recently been placed
in charge of all client on-boarding cases for the company.
Name:
Sazali Alias
Position:
Head of Internal Process and Management
Qualification/
Mr. Sazali holds a Bachelor of Arts in Business Administration (Marketing) from Benedictine
Experience:
College, Kansas, USA and a Diploma in Business Studies from University MARA Institute of
Technology (UiTM).
He has 10 years in financial services industries encompassing hands on experience in day to day
operations of nominees, trusteeship services such as unit trust funds, clubs, real estate
investment trust and private debt securities.
Prior to joining RHB Trustees Berhad, he was a
Compliance Manager with AmTrustee Berhad (AmTB) and his main responsibility was then to set
up and oversee the Compliance Unit (CU) so as to ensure that the company’s day to day
operations and compliance monitoring (internal processes) are in order and in line with the
company’s Standard Operational Procedures, Trust Deed, any other related guidelines, and rules
& regulations. And prior to AmTB, he was an Assistant Vice President in ABB Trustee Berhad
(ABBT) and last headed ABBT’s Finance & Operations Units.
His scope of work at RHB Trustees includes ensuring that the Company’s day to day operations
and business are in compliance with the relevant laws and guidelines and that the necessary
reporting to the relevant authorities and enquiries are attended to.
64
DEUTSCHE TRUSTEES MALAYSIA BERHAD
Deutsche Trustees Malaysia Berhad (“DTMB”) (Company No. 763590-H) was incorporated in Malaysia on 22 February
2007 and commenced business in May 2007. The Company is registered as a trust company under the Trust
Companies Act 1949, with its business address at Level 20, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur.
DTMB is a member of Deutsche Bank Group (“Deutsche Bank”), a global investment bank with a substantial private
client franchise. With more than 100,000 employees in more than 70 countries, Deutsche Bank offers financial
services throughout the world.
DTMB’s financial position
31 Dec 2013
31 Dec 2012
31 Dec 2011
(RM)
(RM)
(RM)
Paid-up share capital
3,050,000
3,050,000
3,050,000
Shareholders’ funds
5,275,318
4,654,993
4,038,569
Revenue
8,292,251
5,725,581
4,162,341
Profit/(loss) before tax
4,156,392
3,066,962
2,282,980
Profit/(loss) after tax
2,908,737
2,288,412
1,671,988
Experience in trustee business
DTMB is part of Deutsche Bank’s Trust & Securities Services, which provides trust, agency, depository, custody and
related services on a range of securities and financial structures. As at 15 January 2015, DTMB is the trustee for 189
collective investment schemes including unit trust funds, wholesale funds, exchange-traded funds and private
retirement schemes.
DTMB’s trustee services are supported by Deutsche Bank (Malaysia) Berhad (“DBMB”), a subsidiary of Deutsche Bank
Group, financially and for various functions, including but not limited to financial control and internal audit.
Board of Directors
Jacqueline William
Janet Choi
Jalalullail Othman*
Lew Lup Seong*
* independent director
Chief Executive Officer
Chua Mee Ling
Duties and responsibilities of the Trustee
DTMB’s main functions are to act as trustee and custodian of the assets of the Fund and to safeguard the interests of
Unit holders of the Fund. In performing these functions, the Trustee has to exercise due care and vigilance and is
required to act in accordance with the relevant provisions of the Deed, the Capital Markets & Services Act 2007 and
all relevant laws.
Trustee’s statement of responsibility
The Trustee has given its willingness to assume the position as trustee of the Fund and is willing to assume all its
obligations in accordance with the Deed, the Capital Markets & Services Act 2007 and all relevant laws. In respect of
monies paid by an investor for the application of units, the Trustee’s responsibility arises when the monies are
received in the relevant account of the Trustee for the Fund and in respect of repurchase, the Trustee’s responsibility
is discharged once it has paid the repurchase amount to the Manager.
65
Material Litigation and Arbitration
As at 15 January 2015, neither the Trustee nor its delegate is (a) engaged in any material litigation and arbitration,
including those pending or threatened, nor (b) 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 delegate.
Trustee’s delegate
The Trustee has appointed DBMB as the custodian of the assets of the Fund. DBMB is a wholly-owned subsidiary of
Deutsche Bank AG. DBMB offers its clients access to a growing domestic custody network that covers over 30
markets globally and a unique combination of local expertise backed by the resources of a global bank. In its capacity
as the appointed custodian, DBMB’s roles encompass safekeeping of assets of the Fund; trade settlement
management; corporate actions notification and processing; securities holding and cash flow reporting; and income
collection and processing.
All investments of the Fund are registered in the name of the trustee for the Fund, or where the custodian function is
delegated, in the name of the custodian to the order of the trustee of the Fund. DBMB shall act only in accordance
with instructions from the Trustee.
66
SALIENT TERMS OF THE DEEDS
Unit Holders’ Rights & Liabilities
PLEASE BE ADVISED THAT IF AN INVESTOR INVESTS IN UNITS THROUGH AN IUTA WHICH ADOPTS THE
NOMINEE SYSTEM OF OWNERSHIP, THE INVESTOR WOULD NOT BE CONSIDERED TO BE A UNIT HOLDER
UNDER THE DEED AS THE INVESTOR’S NAME WILL NOT APPEAR IN THE REGISTER OF UNIT HOLDERS. THE
INVESTOR MAY CONSEQUENTLY NOT HAVE ALL THE RIGHTS ORDINARILY EXERCISABLE BY A UNIT HOLDER
(FOR EXAMPLE, THE RIGHT TO CALL FOR A UNIT HOLDERS’ MEETING AND TO VOTE THEREAT).
Rights
As a Unit Holder of the Fund, and subject to the provision of the Deed, you have the right:

To receive the distribution of the Fund, participate in any increase in the value of the Units and to enjoy such
other rights and privileges as set out in the Fund’s Deed;

To call for Unit Holders’ meeting;

To vote for the removal of the Trustee or the Manager through a special resolution;

To exercise the cooling-off right (if applicable); and

To receive annual reports, interim reports or any other reports of the Fund.
However, you would not be entitled to request for the transfer to you of any assets of the Fund or be entitled to
interfere with or question the exercise by the Trustee or the Manager on its behalf, of the rights of the Trustee as
registered owner of such assets.
Liabilities
As a Unit Holder of the Fund, and subject to the provision of the Deed, your liabilities would be limited to the following:

You will not be liable for any amount in excess of the purchase price paid for your Units or for any charges
payable in relation to those Units; and

You will not be obligated to indemnify the Trustee and/or the Manager in the event that the liabilities incurred by
the Trustee and/or the Manager on behalf of the Fund exceed the value of the assets of the Fund.
Unit Holders’ Meeting

Unit Holders’ meeting requested by Unit Holders
Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one (21) days of
receiving an application from not less than fifty (50) or one-tenth (1/10) of all the Unit Holders, whichever is
less, summon a meeting of the Unit Holders by:
(a)
sending by post at least seven (7) days before the date of the proposed meeting a notice of the proposed
meeting to all the Unit Holders; and
(b) publishing at least fourteen (14) days before the date of the proposed meeting an advertisement giving
notice of the proposed meeting in a national language newspaper published daily and another newspaper
approved by the relevant authorities.
The Unit Holders may direct the Manager to summon a meeting for any purpose including, without limitation,
for the purpose of:
(a)
requiring the retirement or removal of the Manager;
(b)
requiring the retirement or removal of the Trustee;
(c)
considering the most recent financial statements of the Fund;
(d)
giving to the Trustee such directions as the meeting thinks proper; or
(e)
considering any matter in relation to the Deed.
provided always that the Manager shall not be obliged to summon such a meeting unless direction has been
received from not less than fifty (50) or one-tenth (1/10) of all the Unit Holders.
67

Unit Holders meeting summoned by the Manager
The Manager may for any purpose whatsoever summon a meeting of the Unit Holders by sending by post at
least fourteen (14) days before the date of the proposed meeting, or such other time as may prescribed by the
relevant laws, a notice of the proposed meeting to all the Unit Holders.

Unit Holders meeting summoned by the Trustee
Unless otherwise required or allowed by the relevant laws, a meeting of the Unit Holders summoned by the
Trustee where:
(a)
the Manager is in liquidation,
(b)
in the opinion of the Trustee, the Manager has ceased to carry on business, or
(c)
in the opinion of the Trustee, the Manager has, to the prejudice of Unit Holders, failed to comply with the
Deed or contravened any of the provisions of the CMSA,
shall be summoned by:
(a)
sending by post at least twenty-one (21) days before the date of the proposed meeting a notice of the
proposed meeting to each of the Unit Holders at the Unit Holder’s last known address or, in the case of
Jointholders, to the Jointholder whose name stands first in the records of the Manager at the Jointholder’s
last known address; and
(b)
publishing at least twenty-one (21) days before the date of the proposed meeting an advertisement giving
notice of the meeting in a national language newspaper published daily and another newspaper approved
by the relevant authorities.
Unless otherwise required or allowed by the relevant laws, the Trustee may also summon a Unit Holders'
meeting by giving at least fourteen (14) days written notice of the meeting to Unit Holder specifying in the
notice the place and time of the meeting and the terms of the resolutions to be proposed at the meeting, for any
purpose including, without limitation, for the purpose of:
(a)
requiring the retirement or removal of the Manager;
(b)
giving instructions to the Trustee or the Manager if the Trustee considers that the investment management
policies of the Manager are not in the interests of Unit Holders;
(c)
securing the agreement of the Unit Holders to release the Trustee from any liability;
(d)
deciding on the next course of action after the Trustee has suspended the sale and repurchase of Units; and
(e)
deciding on the reasonableness of the annual management fee charged to the Fund.
The Maximum Fees and Charges permitted by the Deed
The maximum rates of entry fee and exit fee for the Funds as stipulated in the Deed are:

Sales Charge (Entry Fee)
The maximum rates of entry fees are 10% of the purchase proceeds/net investment amount.

Repurchase Charge (Exit Fee)
The maximum rates of exit fees are 5% of the repurchase proceeds/net liquidated amount.
The maximum rates of management fee and trustee fee for the Funds as stipulated in the Deed are:

Management fee
The maximum rates of the annual management fees are 2.50% per annum of the NAV of the Funds before the
deduction of the management fee and trustee fee for the relevant day.

Trustee fee
-
Areca incomeTRUST Fund, Areca equityTRUST Fund and Areca enhancedINCOME Fund
The maximum rates of the annual trustees fee for the Funds are 0.50% per annum of the NAV of the Funds
before the deduction of the management fee and trustee fee for the relevant day(excluding foreign
custodian fees and charges).
68
-
Areca growthTRUST Fund
The maximum rate of the annual trustee fee for the Fund is 0.50% per annum of the NAV of the Fund before
the deduction of the management fee and trustee fee for the relevant day, subject to a minimum of
RM18,000 per annum (excluding foreign custodian fees and charges).
-
Areca moneyTRUST Fund
The maximum rate of the annual trustee fee for is 0.25% per annum of the NAV of the Fund before the
deduction of the management fee and trustee fee for the relevant day.
Procedure on Increase in Fees and Charges from the level disclosed in the Master
Prospectus

Sales Charge (Entry Fee)
A higher sales charge than that disclosed in the Master Prospectus may only be imposed if:
(a)
the Manager has notified the Trustee in writing of and the effective date for the higher charge;
(b)
a supplemental prospectus in respect of the Fund setting out the higher charge is issued; and
(c)
such time as may be prescribed by any relevant law has elapsed since the effective date of the supplemental
prospectus.

Repurchase Charge (Exit Fee)
A higher repurchase charge than that disclosed in the Master Prospectus may only be imposed if:
(a)
the Manager has notified the Trustee in writing of and the effective date for the higher charge;
(b)
a supplemental prospectus in respect of the Fund setting out the higher charge is issued; and
(c)
such time as may be prescribed by any relevant law has elapsed since the effective date of the supplemental
prospectus.

Annual management fee
The Manager may not charge an annual management fee at a rate higher than that disclosed in the Master
Prospectus unless:
(a)
the Manager has come to an agreement with the Trustee on the higher rate;
(b)
the Manager has notified the Unit Holders of the higher rate and the date on which such higher rate is to
become effective, such effective date being at least 90 days after the date of the notice;
(c)
a supplemental prospectus stating the higher rate is issued thereafter; and
(d)
such time as may be prescribed by any relevant law shall have elapsed since the supplemental prospectus is
issued.

Annual trustee fee
The Trustee may not charge an annual trustee fee at a rate higher than that disclosed in the Master Prospectus
unless:
(a)
the Manager has come to an agreement with the Trustee on the higher rate;
(b)
the Manager has notified the Unit Holders of the higher rate and the date on which such higher rate is to
become effective, such effective date being at least 90 days after the date of the notice;
(c)
a supplemental prospectus stating the higher rate is issued thereafter; and
(d)
such time as may be prescribed by any relevant law shall have elapsed since the supplemental prospectus is
issued.
69
Procedure to Increase the Maximum Rate of Fees and Charges provided in the Deed
The maximum sales charge, repurchase charge, annual management fee or annual trustee fee set out in the Deed
can only be increased if a Unit Holders' meeting has been held in accordance with the Deed. Thereafter, a
supplemental deed proposing a modification to the Deed to increase the aforesaid maximum fees and charges is
required to be submitted for registration with the SC accompanied by a resolution of not less than two-thirds (2/3) of
all Unit Holders present and voting at the Unit Holders' meeting sanctioning the proposed modification to the Deed.
Permitted Expenses Payable out of the Fund’s Property
Only the expenses (or part thereof) which are directly related and necessary in operating and administering the Fund
may be charged to the Fund. These would include (but are not limited to) the following:
(a)
commissions/fees paid to brokers in effecting dealings in the investments of the Fund, shown on the contract notes
or confirmation notes;
(b)
taxes and other duties charged on the Fund by the government and/or other authorities;
(c)
costs, fees and expenses properly incurred by the auditor;
(d)
costs, fees and expenses incurred for the valuation of any investment of the Fund by independent valuers for the
benefit of the Fund;
(e)
costs, fees and expenses incurred for any modification of the Deed save where such modification is for the benefit
of the Manager and/or the Trustee;
(f)
costs, fees and expenses incurred for any meeting of the Unit Holders save where such meeting is convened for
the benefit of the Manager and/or the Trustee;
(g)
costs, commissions, fees and expenses of the sale, purchase, insurance and any other dealing of any asset of the
Fund;
(h)
costs, fees and expenses incurred in engaging any specialist approved by the Trustee for investigating or
evaluating any proposed investment of the Fund;
(i)
costs, fees and expenses incurred in engaging any valuer, adviser or contractor for the benefit of the Fund;
(j)
costs, fees and expenses incurred in the preparation and audit of the taxation, returns and accounts of the Fund;
(k)
costs, fees and expenses incurred in the termination of the Fund or the removal of the Trustee or the Manager and
the appointment of a new trustee or manager;
(l)
costs, fees and expenses incurred in relation to any arbitration or other proceedings concerning the Fund or any
asset of the Fund, including proceedings against the Trustee or the Manager by the other for the benefit of the
Fund (save to the extent that legal costs incurred for the defence of either of them are not ordered by the court to
be reimbursed by the Fund);
(m) remuneration and out of pocket expenses of the independent members of the investment committee of the Fund,
unless the Manager decides otherwise;
(n)
costs, fees and expenses deemed by the Manager to have been incurred in connection with any change or the
need to comply with any change or introduction of any law, regulation or requirement (whether or not having
the force of law) of any governmental or regulatory authority; and
(o)
(where the custodial function is delegated by the Trustee) charges and fees paid to sub-custodians.
Retirement, Removal Or Replacement Of The Manager
The Manager may retire upon giving 3 months’ notice in writing to the Trustee of its desire to do so, or such shorter
period as the Manager and the Trustee may mutually agree upon, and may by Deed appoint in its stead and assign
and transfer to the new manager all its rights and duties as manager of the Fund.
Subject to the provisions of any relevant law, the Trustee shall take all reasonable steps to remove the Manager:
(a)
if the Manager has failed or neglected to carry out its duties to the satisfaction of the Trustee and the Trustee
considers that it would be in the interests of Unit Holders for it to do so after the Trustee has given notice to it of
that opinion and the reasons for that opinion, and has considered any representations made by the Manager in
70
respect of that opinion, and after consultation with the relevant authorities and with the approval of the Unit
Holders by way of a special resolution;
(b) unless expressly directed otherwise by the relevant authorities, if the Manager is in breach of any of its obligations
or duties under the Deed or the relevant laws, or has ceased to be eligible to be a manager under the relevant
laws; or
(c)
the Manager has gone into liquidation, except for the purpose of amalgamation or reconstruction or some similar
purpose, or has had a receiver appointed or has ceased to carry on business;
The Manager shall upon receipt of a written notice from the Trustee cease to be the manager of the Fund by the mere
fact of the Manager’s receipt of the notice. The Trustee shall, at the same time, by writing appoint some other
corporation already approved by the relevant authorities to be the manager 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 manager for the Fund.
Retirement, Removal Or Replacement Of The Trustee
The Trustee may retire upon giving 3 months’ notice in writing to the Manager of its desire to do so, or such shorter
period as the Manager and the Trustee may agree upon; the Manager shall appoint in writing a trustee approved by
the relevant authorities to be the new trustee of the Fund.
The Trustee may be removed and another trustee may be appointed by special resolution of the Unit Holders at a
duly convened meeting of which notice has been given to the Unit Holders in accordance with the Deed.
The Manager shall take all reasonable steps to replace a trustee as soon as practicable after becoming aware that:

The Trustee has ceased to exist;

The Trustee has not been validly appointed;

The Trustee is not eligible to be appointed or to act as trustee;

The Trustee has failed or refused to act as trustee in accordance with the provisions or covenants of the deed or
the provisions of the CMSA; or

A receiver has been appointed over the whole or a substantial part of the assets or undertaking of the existing
trustee and has not ceased to act under that appointment, or a petition has been presented for the winding up of
the existing Trustee (other than for the purpose of and followed by a reconstruction, unless during or following
such reconstruction, the existing trustee becomes or is declared to be insolvent); or

The trustee is under investigation for conduct that contravenes the Trust Companies Act 1949, the Trustee Act
1949, the Companies Act 1965 or any securities law.
Termination of the Fund
The Fund may be terminated or wound up upon the occurrence of any of the following events:

The SC has withdrawn the authorisation of the Fund pursuant to Section 256E of the CMSA;

A special resolution is passed at a Unit Holders’ meeting to terminate or wind up the Fund, following occurrence of
events stipulated under section 301(1) of the CMSA and the court confirmed the resolution, as required under
section 301(2) of the CMSA;

A special resolution is passed at a Unit Holders’ meeting to terminate or wind up the Fund;

The Fund has reached its maturity dated as specified in the Deed; or

The effective date of an approved transfer scheme has resulted in the Fund, which is the subject of the transfer
scheme, being left with no asset/property.
Upon the termination of the trust hereby created, the Trustee shall:
71
(a)
sell all the assets of the Fund then remaining in its hands and pay out of the Fund any liabilities of the Fund; such
sale and payment shall be carried out and completed in such manner and within such period as the Trustee
considers to be in the best interests of the Unit Holders; and
(b)
from time to time distribute to the Unit Holders, in proportion to the number of Units held by them respectively:
(1) the net cash proceeds available for the purpose of such distribution and derived from the sale of the
investments and assets of the Fund less any payments for liabilities of the Fund; and
(2) any available cash produce;
provided always that the Trustee shall not be bound, except in the case of final distribution, to distribute any of the
moneys for the time being in his hands the amount of which is insufficient for payment to the Unit Holders of Fifty (50)
sen in respect of each Unit and provided also that the Trustee shall be entitled to retain out of any such moneys in his
hands full provision for all costs, charges, taxes, expenses, claims and demands incurred, made or anticipated by the
Trustee in connection with or arising out of the winding-up of the Fund and, out of the moneys so retained, to be
indemnified against any such costs, charges, taxes, expenses, claims and demands; each such distribution shall be
made only against the production of such evidence as the Trustee may require of the title of the Unit Holder relating to
the Units in respect of which the distribution is made.
In the event of the trust hereby created being terminated, the Trustee shall be at liberty to call upon the Manager to
grant the Trustee, and the Manager shall so grant, a full and complete release from the Deed and the Manager shall
indemnify the Trustee against any claims arising out of the Trustee's execution of the Deed provided always that
such claims have not been caused by any failure on the part of the Trustee to exercise the degree of care and
diligence required of a trustee as contemplated by the Deed and all relevant laws.
Termination of Trust by the Trustee
In any of the following events:

if the Manager has gone into liquidation, except for the purpose of reconstruction or amalgamation upon terms
previously approved in writing by the Trustee and the relevant authorities;

if, in the opinion of the Trustee, the Manager has ceased to carry on business; or

if, in the opinion of the Trustee, the Manager has to the prejudice of Unit Holders failed to comply with the
provisions of the Deed or contravened any of the provisions of any relevant law;
the Trustee shall summon a meeting of Unit Holders for the purpose of seeking directions from the Unit Holders.
If at any such meeting a special resolution to terminate the trust in respect to the Fund and to wind-up the Fund is
passed by the Unit Holders, the Trustee shall apply to the court for an order confirming such special resolution.
The Manager shall as soon as practicable after the winding up of the Fund inform Unit Holders and the Trustee shall
inform the relevant authorities of the same in such manner as may be prescribed by any relevant law. The Trustee shall
also arrange for a final review and audit of the final accounts of the Fund by the auditor.
72
RELATED-PARTY TRANSACTION AND CONFLICT OF INTEREST
Areca Capital Sdn Bhd
The Manager has in place policies and procedure to deal with any conflict of interest situations. All transactions with
related parties are executed on terms that are best available to the Funds and which are no less favourable than arm’s
length transaction between independent parties.
The directors or any employees of the Manager may invest in the Funds managed or distributed by the Manager. Trading
in securities by the employees of the Manager is allowed, provided that policies and procedures in respect of the
personal account dealing are observed. An annual declaration of securities trading is required from all directors and
employees to ensure there is no potential conflict of interest.
As at 15 January 2015, none of the directors and/or substantial shareholders of the Manager have any direct / indirect
interest in other corporations carrying on a similar business as the Manager.
Maybank Trustees Berhad
As Trustee for the Fund(s), there may be related party transaction involving or in connection with the Fund(s) in the
following events:1) Where the Fund(s) invests in instruments offered by the related party of the Trustee (e.g placement of monies,
Structured Products, etc);
2) Where the Fund(s) is being distributed by the related party of the Trustee as Institutional Unit Trust Adviser (IUTA);
3) Where the assets of the Fund(s) are being custodised by the related party of the Trustee both as sub-custodian
and/or global custodian of the Fund(s) (Trustee’s delegate); and
4) Where the Fund(s) obtains financing as permitted under the Guidelines, from the related party of the Trustee.
The Trustee has in place policies and procedures to deal with any conflict of interest situation. The Trustee 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 no less favourable to the Fund than an arm’s length transaction between independent parties.
Subject to any local regulations, the Trustee and/or its related group of companies may deal with each other, the Fund
or any Unit Holder or enter into any contract or transaction with each other, the Fund or any Unit Holder or retain for its
own benefit any profits or benefits derived from any such contract or transaction or act in the same or similar capacity in
relation to any other scheme.
RHB Trustees Berhad (formerly known as OSK Trustees Berhad)
There are no existing and/or proposed related party transactions involving or in connection with the Fund.
Should there be any proposed related part transaction(s) entered into by the Fund’s investment Fund Manager, such
transaction(s) will be on terms that there are no less favourable to the Fund, neither will it be detrimental to the interest
of the Unit Holders.
Deutsche Trustees Malaysia Berhad
As the Trustee for the Fund, there may be related party transactions involving or in connection with the Fund in the
following events:
(1)
Where the Fund invests in the products offered by Deutsche Bank AG and any of its group companies (e.g. money
market placement, etc.);
(2)
Where the Fund has obtained financing from Deutsche Bank AG and any of its group companies, as permitted
under the Securities Commission’s guidelines and other applicable laws;
(3)
Where the Manager appoints DBMB and/or DTMB to perform its back office functions (e.g. fund accounting and
valuation and/or registrar and transfer agent); and
(4)
Where DTMB has delegated its custodian functions for the Fund to DBMB.
73
DTMB will rely on the Manager to ensure that any related party transactions, dealings, investments and appointments
are on terms which are the best that are reasonably available for or to the Fund and are on an arm’s length basis as
if between independent parties. While DTMB has internal policies intended to prevent or manage conflicts of
interests, no assurance is given that their application will necessarily prevent or mitigate conflicts of interests.
DTMB's commitment to act in the best interests of the Unit Holders of the Fund does not preclude the possibility of
related party transactions or conflicts.
74
TAXATION ADVISER’S LETTERS
30th January 2015
The Board of Directors
Areca Capital Sdn Bhd
107 Block B
Pusat Dagangan Phileo Damansara 1
No. 9, Jalan 16/11
Off Jalan Damansara
46350 Petaling Jaya
Dear Sirs
Taxation of the




1.
Fund and Unit Holders
Areca equityTRUST Fund
Areca incomeTRUST Fund
Areca moneyTRUST Fund
Areca enhancedINCOME Fund
This letter has been prepared for inclusion in the Master Prospectus dated 21 st March 2015 (“the
Prospectus”) in connection with the offer of units in the abovementioned Funds (each of the Funds if
referred to hereinafter as “the Fund”).
The following is general information based on Malaysian tax law in force at the time of lodging the
Prospectus with the Securities Commission Malaysia and investors should be aware that the tax law may be
changed at any time. To an extent, the application of tax law depends upon an investor’s individual
circumstances. The information provided below does not constitute tax advice. The Manager therefore
recommends that an investor consult his accountant or tax adviser on questions about his individual tax
position.
2.
Taxation of the Fund
2.1
Income Tax
As the Fund’s Trustee is resident in Malaysia, the Fund is regarded as resident in Malaysia and is liable to pay
Malaysian income tax (“income tax” or “tax”). The taxation of the Fund is governed principally by Sections 61 and
63B of the Malaysian Income Tax Act, 1967 (“MITA”).
Pursuant to the Section 2(7) of MITA, any reference to interest shall apply, mutatis mutandis, to gains or profits
received and expenses incurred, in lieu of interest, in transaction conducted in accordance with the principles of
Shariah. The effect of this is that any gains or profits received and expenses incurred, in lieu of interest, in
transactions conducted in accordance with the principles of Shariah, will be accorded the same tax treatment as if
they were interest.
The income of the Fund in respect of dividends, interest or profits from deposits and other investment income (other
than income which is exempt from tax) derived from or accruing in Malaysia is liable to income tax. The Fund may be
receiving income such as exit fee which will be subject to tax at the prevailing tax rate applicable on the Fund. Gains
on disposal of investments by the Fund will not be subject to income tax.
The income tax rate applicable to the Fund is 25%. It has been gazetted in the Finance (No.2) Act 2014 on 30th
December 2014 that with effect from year of assessment 2016, the income tax rate applicable to the Fund would be
reduced to 24%.
Tax exempt interest as listed in the Appendix attached received by the Fund are not subject to income tax.
With effect from 1st January 2014, Malaysia has fully moved to a single-tier company income tax system. The Fund is
not liable to tax on any Malaysian sourced dividends paid, credited or distributed to the Fund under the single tier tax
system, where the company paying such dividend is not entitled to deduct tax under the MITA. The tax deductibility
of expenses incurred by the Fund against such dividend income will be disregarded.
The Fund may receive Malaysian dividends which are tax exempt received from investments in companies which had
previously enjoyed or are currently enjoying the various tax incentives provided under the law. The Fund is not
subject to income tax on such tax exempt dividend income.
The Fund may also receive dividends, profits and other income from investments outside Malaysia. Income derived
from sources outside Malaysia and received in Malaysia by a resident unit trust is exempted from Malaysian income
tax. However, such income may be subject to foreign tax in the country from which the income is derived.
Discount or profit received from the sale of bonds or securities issued by Pengurusan Danaharta Nasional Berhad or
Danaharta Urus Sendirian Berhad within and outside Malaysia is exempted from the payment of income tax pursuant
to Income Tax Exemption (No. 6) Order 2003.
75
Income received by the Fund from Sukuk Ijarah, other than convertible loan stock, issued in any currency by
1Malaysia Sukuk Global Berhad and Sukuk Issue which has been issued by the Malaysia Global Sukuk Inc is
exempted from the payment of income tax.
Pursuant to the Income Tax (Exemption) Order 2011, the statutory income from a business dealing in non-ringgit
sukuk by a resident person licenced under the Capital Markets and Services Act 2007 is exempted from tax provided
the
non-ringgit sukuk originates from Malaysia and is issued or guaranteed by the government of Malaysia or approved
by the Securities Commission Malaysia.
The tax treatment of hedging instruments would depend on the particular hedging instruments entered into.
Generally, any gain or loss relating to the principal portion will be treated as capital gain or loss. Gains or losses
relating to the income portion would normally be treated as revenue gains or losses. The gain or loss on revaluation
will only be taxed or claimed upon realisation. Any gain or loss on foreign exchange is treated as capital gain or loss
if it arises from the revaluation of the principal portion of the investment.
Generally, income from distribution from Malaysia Real Estate Investment Trusts will be received net of withholding
tax of 10%. No further tax will be payable by the Fund on the distribution. Distribution from such income by the Fund
will also not be subject to further tax in the hands of the Unit Holders.
Expenses being manager’s remuneration, maintenance of register of Unit Holders,
share registration expenses,
secretarial, audit and accounting fees, telephone charges, printing and stationery costs and postage, which are not
allowed under the general deduction rules, qualify for a special deduction, subject to a minimum of 10% and a
maximum of 25% of such expenses pursuant to Section 63B of the MITA.
2.2
Gains on Disposal of Investments
Gains on disposal of investments by the Fund will not be subject to income tax but where the investments represent
shares in real property companies, such gains may be subject to Real Property Gains Tax (“RPGT”) under the RPGT
Act, 1976. A real property company is a controlled company which owns or acquires real properties or shares in real
property companies with a market value of not less than 75% 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.
2.3
Goods and Service Tax (“GST”)
GST will commence from 1st April 2015 and will replace the current sales and service tax regime. GST will apply at
6% on most goods and services with some exceptions.
If it is determined that Fund is required to register for GST, any fees it charges to unitholders will be subject to GST
at 6%.
The issuance of units by the Fund to investors will be exempt from GST. To the extent that the Fund invests in any
financial services products (e.g. securities, derivatives, units in a fund or unit trust), the acquisition of these interests
will be exempted from GST. To the extent that fees are charged to the Fund in relation to these products, these fees
would be subject to 6% GST.
The GST paid on acquisitions made by the Fund (e.g. fund manager fees, trustee fees etc.) would either
unrecoverable in whole or in part and would be subject to further analysis to determine the extent that GST can be
recovered.
3.
Taxation of Unit Holders
3.1
Taxable Distribution
Unit Holders will be taxed on an amount equivalent to their share of the total taxable income of the Fund to the
extent such income is distributed to them. Unit Holders are also liable to pay income tax on the taxable income
distributions paid by the Fund. Taxable distributions carry a tax credit in respect of the tax chargeable on that part of
the Fund. Unit Holders will be subject to tax on an amount equal to the net taxable distribution plus attributable
underlying tax paid by the Fund.
76
Income distributed to Unit Holders is generally taxable as follows in Malaysia :Unit Holders
Malaysian Tax Rates
Malaysian tax residents:

Individual and non-corporate Unit
Holders

Co-operative societies
Gazetted in the Finance (No.
2) Act 2014
With effect from
assessment 2015:
year
of

Progressive tax rates ranging
from 0% to 26%

Progressive
tax
rates
ranging from 0% to 25%

Progressive tax rates ranging
from 0% to 25%

Progressive
tax
rates
ranging from 0% to 24%
With effect from
assessment 2016:
year
of

Trust bodies

25%


Corporate Unit Holders

20% for every first RM500,000
of chargeable income


25% for chargeable income in
excess of RM500,000
19%
for
every
first
RM500,000 of chargeable
income

24% for chargeable income
in excess of RM500,000
25%

24%
i.
ii.
A company with paid up
capital in respect of
ordinary shares of not
more
than
RM2.5
million where the paid
up capital in respect of
ordinary shares of other
companies within the
same group as such
company is not more
than RM2.5 million (at
the beginning of the
basis period for a year
of assessment)
Companies other than those
in (i) above

With effect from
assessment 2015:
Non-Malaysian tax residents:


24%
Individual and non-corporate Unit
Holders

Corporate Unit Holders and trust
bodies

26%


of
year
of
25%
With effect from
assessment 2016:
25%
year
24%
The tax credit that is attributable to the income distributed to the Unit Holders will be available for set off against tax
payable by the Unit Holders. There is no withholding tax on taxable distributions made to non-resident Unit Holders.
Non-resident Unit Holders may also be subject to tax in their respective jurisdictions and depending on the provisions
of the relevant tax legislation and any double tax
treaties with Malaysia, the Malaysian tax suffered may be creditable in the foreign tax jurisdictions.
3.2
Tax Exempt Distribution
Tax exempt distributions made out of gains from realisation of investments and other exempt income earned by the
Fund will not be subject to Malaysian tax in the hands of Unit Holders, whether individual or corporate, resident or
non-resident. All Unit Holders do not pay tax on that portion of their income distribution from the Fund’s distribution
equalisation account.
3.3
Distribution Voucher
To help complete a Unit Holder’s tax returns, the Manager will send the Unit Holder a distribution voucher as and
when distributions are made. This sets out the various components of the income distributed and the amount of
attributable income tax already paid by the Fund.
77
3.4
Sale, Transfer or Redemption of Units
Any gains realised by a Unit Holder on the sale, transfer or redemption of his units are generally tax-free capital
gains unless the Unit Holder is an insurance company, a financial institution or a person trading or dealing in
securities. Generally, the gains realised by these categories of Unit Holders constitute business income on which tax
is chargeable.
3.5
Reinvestment of Distribution
Unit Holders who receive their income distribution by way of investment in the form of the purchase of new units will
be deemed to have received their income distribution after tax and reinvested that amount in the Fund.
3.6
Unit Splits
Unit splits issued by the Fund are not taxable in the hands of the Unit Holders.
3.7
GST
The Unit Holders should not be subject to GST on the following:

withdrawal / redemption from the Fund
income distribution from the Fund
However, any fee-based charges related to buying and transfer of units charged to the Unit Holders should be
subjected to GST at the standard rate of 6%.
Yours faithfully
Yee Wing Peng
Managing Director
Appendix
Tax Exempt Interest Income of Unit Trusts
1.
Interest or discount paid or credited to unit trusts in respect of the following will be exempt from tax: -

Securities or bonds issued or guaranteed by the government; or

Debentures or Islamic securities, other than convertible loan stock, approved by the Securities Commission
Malaysia; or

Bon Simpanan Malaysia issued by the Central Bank of Malaysia.
2.
Interest derived from Malaysia and paid or credited by any bank or financial institution licensed under the
Banking and Financial Institutions Act 1989 (BAFIA) or the Islamic Banking Act 1983 (IBA). The BAFIA and
the IBA have been repealed with the coming into force of the Financial Services Act 2013 and Islamic
Financial Services Act 2013 on 30th June 2013. No amendment has been made to the Income Tax Act 1967
to reflect the above.
It has been gazetted in the Finance (No.2) Act 2014 on 30th December 2014 that with effect from year of assessment
2015, the exemption is extended to the interest derived from Malaysia and paid or credited by any bank or financial
institution licensed under any development financial institution regulated under the Development Financial
Institutions Act 2002 (DFIA).
3.
Interest income derived from bonds, other than convertible loan stocks, paid or credited by any company
listed in Malaysia Exchange of Securities Dealing and Automated Quotation Berhad (“MESDAQ”) (now known
as Bursa Malaysia Securities Berhad ACE Market).
4.
Interest received in respect of bonds and securities issued by Pengurusan Danaharta Nasional Berhad within
and outside Malaysia.
5.
Interest in respect of any savings certificates issued by the government.
6.
Interest in respect of Islamic securities originating from Malaysia, other than convertible loan stock, issued
in any currency other than RM and approved by the Securities Commission Malaysia or Labuan Financial
Services Authority.
7.
Interest in respect of Sukuk Wakala, other than a convertible loan stock, issued in any currency by Wakala
Global Sukuk Berhad.
78
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
Areca Capital Sdn Bhd
107, Blok B
Pusat Dagangan Phileo Damansara 1
No. 9, Jalan 16/11, Off Jalan Damansara
46350 Petaling Jaya
Selangor Darul Ehsan
TAXATION OF THE TRUST OFFERED UNDER ARECA GROWTHTRUST FUND AND UNITHOLDERS
Dear Sirs,
This letter has been prepared for inclusion in the Master Prospectus in connection with the offer of units in the Areca
growthTRUST Fund (“the Trust”).
The taxation of income for both the Trust and the unit holders 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 TRUST
The Trust will be regarded as resident for Malaysian tax purposes since the trustees of the Trust is resident in
Malaysia.
(1) Domestic Investments
(i) General taxation
The income of the Trust 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
Malaysian income tax at the rate of 25 per cent.
Gains on disposal of investments by the Trust will not be subject to income tax.
(ii) Dividend and other exempt income
Effective 1 January 2014, all companies would adopt the single-tier system. Hence dividends received would be
exempted from tax and the deductibility of expenses incurred against such dividend income would be disregarded.
There will no longer be any tax refunds available for single-tier dividends received. Dividends received from
companies under the single-tier system would be exempted.
The Fund 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 Fund will not be taxable on such exempt income.
Interest or discount income derived from the following investments is exempt from tax:
(a)
(b)
(c)
Securities or bonds issued or guaranteed by the government of Malaysia;
Debentures or Islamic securities, other than convertible loan stocks approved by the Securities Commission
Malaysia; and
Bon Simpanan Malaysia issued by Bank Negara Malaysia.
As such, provided the investment in structured products is seen to be “debentures” under the Capital Markets and
Services Act 2007, the income received will be exempted. Otherwise, tax implications could arise.
Interest income derived from the following investments is exempt from tax:
(a)
(b)
Interest paid or credited by any bank or financial institution licensed under the Financial Services Act 2013
and Islamic Financial Services Act 2013 with effect from 30 June 2013; and
Bonds, other than convertible loan stocks, paid or credited by any company listed in Bursa Malaysia
Securities Berhad ACE Market.
79
The interest income or discount exempted from tax at the Fund’s level will also be exempted from tax upon
distribution to the Unitholders.
(2) Foreign Investments
Income of the Trust in respect of overseas investment is exempt from Malaysian tax by virtue of Paragraph 28 of
Schedule 6 of the Act and distributions from such income will be tax exempt in the hands of the Unit Holders. Such
income from foreign investments may be subject to taxes or withholding taxes in the specific foreign country.
However, any foreign tax suffered on the income in respect of overseas investment is not tax refundable to the Trust
in Malaysia.
The foreign income exempted from Malaysian tax at the Trust level will also be exempted from tax upon distribution
to the Unit Holders.
(3) Hedging Instruments
The tax treatment of hedging instruments would depend on the particular hedging instruments entered into.
Generally, any gain / loss relating to the principal portion will be treated as capital gain / loss. Gains / losses relating
to the income portion would normally be treated as revenue gains / losses. The gain / loss on revaluation will only be
taxed or claimed upon realisation. Any gain / loss on foreign exchange is treated as capital gain / loss if it arises from
the revaluation of the principal portion of the investment.
(4) Tax Deductible 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 unit holders, share registration expenses, secretarial, audit
and accounting fees, telephone charges, printing and stationery costs and postages. The deduction is based on a
formula subject to a minimum of 10 per cent and a maximum of 25 per cent of the expenses.
(5) Real Property Gains Tax (“RPGT”)
With effect from 1 January 2014, any gains on disposal of real properties or shares in real property companies 1 would
be subject to RPGT at the following rates:Disposal time frame
Within 3 years
In the 4th year
In the 5th year
In the 6th year and subsequent years
RPGT rates
30%
20%
15%
5%
(6) Goods and Services Tax (“GST”)
GST will be implemented on 1 April 2015 at the rate of 6% to replace the existing sales tax and service tax. Based on
the draft guidelines2 issued, the Trust, being collective investment vehicles, will be making exempt supplies. Hence,
the Trust is not required to register for GST purposes. However, the Trust will incur expenses such as management
fees, trustee fees and other administrative charges which will be subject to 6% GST. The 6% input tax incurred on
such expenses will not be claimable by the Trust and represents a cost to the Trust.
TAXATION OF UNIT HOLDERS
Unit holders will be taxed on an amount equivalent to their share of the total taxable income of the Trust to the
extent of the distributions received from the Trust. The income distribution from the Trust will carry a tax credit in
respect of the Malaysian tax paid by the Trust. Unit holders 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 Trust.
Non-resident unit holders may also be subject to tax in their respective jurisdictions. Depending on the provisions of
the relevant country’s tax legislation and any double tax treaty with Malaysia, the Malaysian tax suffered may be
creditable against the relevant foreign tax.
Corporate unit holders, resident3 and non-resident, will generally be liable to income tax at 254 per cent on
distribution of income received from the Trust. The tax credits attributable to the distribution of income can be
utilised against the tax liabilities of these unit holders.
Individuals and other non-corporate unit holders who are tax resident in Malaysia will be subject to income tax at
graduated rates ranging from 1 per cent to 26 5 per cent. Individuals and other non-corporate unit holders who are
not resident in Malaysia will be subject to income tax at 266 per cent. The tax credits attributable to the distribution
of income can be utilised against the tax liabilities of these unit holders.
The distribution of exempt income and gains arising from the disposal of investments by the Trust will be exempted
from tax in the hands of the unit holders.
80
Any gains realised by unit holders (other than dealers 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 Trust.
Unit holders 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 Trust are not taxable in the hands of unit holders.
The issuance of units by the Trust is an exempt supply. The selling or redemption of the units is also an exempt
supply and therefore is not subject to GST2. Any fee based charges related to buying of the units such as sales or
service charge or switching fees will be subject to GST at a standard rate of 6%.
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 Trust.
Yours faithfully,
for and on behalf of
PRICEWATERHOUSECOOPERS TAXATION SERVICES SDN BHD
Lorraine Yeoh
Senior Executive Director
PricewaterhouseCoopers Taxation Services Sdn Bhd have given their written consent to the inclusion of their report
as tax adviser in the form and context in which it appears in the Prospectus and have not, before the date of issue of
the Prospectus, withdrawn such consent.
______________________________________________________________________
1
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.
2
Pursuant to Goods And Services Tax Guide on Fund Management (draft as at 27 October 2013) issued by the
Royal Malaysian Customs, which may be amended upon implementation.
3
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 25 per cent.
With effect from year of assessment 2009, the above shall not apply if more than (a) 50 per cent of the paid up capital in respect of ordinary shares of the company is directly or indirectly owned
by a related company;
(b) 50 per cent of the paid up capital in respect of ordinary shares of the related company is directly or indirectly
owned by the first mentioned company;
(c) 50 per cent 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.
“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.
4
Pursuant to the Finance (No. 2) Act 2014 which was gazetted on 30 December 2014, the Malaysian corporate
income tax rate will be reduced to 24 per cent effective YA 2016.
5
Pursuant to the Finance (No. 2) Act 2014 which was gazetted on 30 December 2014, the income tax rates for
individual tax residents in Malaysia will be reduced to rates ranging from 1 to 25 per cent effective YA 2015.
6
Pursuant to the Finance (No. 2) Act 2014 which was gazetted on 30 December 2014, the income tax rate for
non-resident individuals in Malaysia will be reduced to 25 per cent effective YA 2015.
81
ADDITIONAL INFORMATION
You may always contact our team of Investor Care who would be happy to assist you in your:

Enquiry on balance account and market value;

Investment, liquidation, transfer, and cooling-off request;

Request to update personal details;and

Fund’s NAV or any other queries regarding the Fund’s performance.
You may choose to communicate with us via:
Telephone
: 603 7956 3111

Facsimile
: 603 7955 4111

E-mail
: invest@arecacapital.com
In addition, you may also review the NAV per Unit of the Fund in any major local newspaper or visit our website at
www.arecacapital.com to obtain more information on us, our products and services.
Investors can constantly keep abreast of their investment portfolios via:
Interim reports comprising unaudited financial statements, Manager’s report on the Funds’ information,
performance and review, market outlook and review and Trustees’ report;

Annual reports comprising audited financial statements, Manager’s report on the Funds’ information, performance
and review, market outlook and review, Trustees’ report and auditors’ report;

Areca Online at www.arecacapital.com
Investors are advised to keep their statement for record purposes.
In the event of joint accounts, the principal holder shall receive the confirmation advices, all notices and correspondence
with respect to the account, as well as any liquidation proceeds or income distributions.
Malaysian Goods and Services Tax (“GST”)
The Malaysian Government announced that the implementation of Goods and Services Tax (“GST”) will apply to any
goods and/or services supplied with effect from 1 st April 2015 (“the effective date”) at a rate of 6%. GST is a
consumption tax on consumers and as a service provider, we are required to charge you GST and remit the same to the
Royal Malaysian Custom Department as required under the Goods and Services Tax Act.
Anti-Money-Laundering (“AML”) policies and procedures
Money laundering is a process intended to conceal the benefits derived from unlawful activities which are related,
directly or indirectly, to any serious offence so that they appear to have originated from a legitimate source.
Under the AMLA, any person who:
(a)
engages in, or attempts to engage in; or
(b)
abets the commission of,
money laundering, commits an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to
imprisonment for a term not exceeding five years or both.
We have anti-money laundering policies in place where investors need to complete customer information form and the
Manager will perform check on all investors without exception. New investors must provide their identification
documents for our verification. No individual/ corporation shall be allowed to do business with the Manager if they fail to
provide their identity and/or attempt to give a false name or records. If a potential customer refuses to produce any
requested information or sales personnel does not feel comfortable or is suspicious with the information provided, the
transaction will be terminated.
All cases of suspicious transactions must be reported by the relevant staff to the Compliance Manager. The Compliance
Manager is to obtain relevant information from the relevant staff where applicable and evaluate the evidence and report
matters relating to AML to the Board. A suspicious transaction report will then be submitted to the Financial Intelligence
and Enforcement Department of BNM as well as the SC.
82
Consent
The Trustees, external fund manager, solicitor, auditors and principal bankers have given their written consent to the
inclusion of their names in the form and context in which they appear in this Master Prospectus and have not before the
date of issue of this Master Prospectus, withdrawn such consents.
The tax advisers have given their written consents to the inclusion of their names and the taxation adviser’s letters in
the form and context in which they appear in this Master Prospectus and have not before the date of issue of this Master
Prospectus, withdrawn such consent.
Other Documents Available For Inspection

The following documents or copies thereof will be available for inspection (without charge) for a period of not less
than 12 months from the date of the Master Prospectus during normal business hours at the registered office of
the Manager or such other place as the SC may determine;

The Deeds;

Each material contract disclosed in the Master Prospectus and, in the case of contracts not reduced in writing, a
memorandum which gives full particular of the contracts;

The audited financial statements of the Funds for the current financial year (where applicable) and for the last 3
financial years or if the Funds have been established or incorporated for a period of less than 3 years, the entire
period preceding the date of this Master Prospectus;

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. Where a summary expert’s report is included in the Master Prospectus,
the corresponding full expert’s report should be made available for inspection;

Writ and relevant cause papers for all material litigation and arbitration disclosed in the Master Prospectus; and

All consents given by experts disclosed in this Master Prospectus.
83
Directory
Units can be bought and sold on any Business Day from Monday to Friday at the following locations:
Our offices:
Head Office
107, Blok B, Pusat Dagangan
Phileo Damansara I
No.9 Jalan 16/11, Off Jalan Damansara
46350 Petaling Jaya
Tel: 603-7956 3111
Fax: 603-7955 4111
Email: invest@arecacapital.com
Branches:
Ipoh branch
Penang branch
Malacca branch
11A, (First Floor)
368-2-02 Belissa Row
95A, Jalan Melaka Raya 24
Persiaran Greentown 5
Jalan Burma, Georgetown
Taman Melaka Raya
Greentown Business Centre
10350 Pulau Pinang
75000 Melaka
30450 Ipoh, Perak.
Tel : 604-210 2011
Tel : 606-282 9111
Tel: 605-249 6697, 605-249 6698
Fax : 604-210 2013
Fax : 606-283 9112
Fax : 605-249 6696
We may appoint additional third party distributors/Institutional Unit Trust Advisers to distribute the Funds.
Please contact us at 03-7956 3111 for the updated list of appointed distributors/IUTA.
84
Directors’ responsibility statement
This Master Prospectus dated 21 March 2015 in relation to Areca incomeTRUST Fund, Areca equityTRUST Fund, Areca
growthTRUST Fund, Areca moneyTRUST Fund and Areca enhancedINCOME Fund has been reviewed and approved by
the directors of Areca Capital Sdn Bhd and we collectively and individually accept full responsibility for the accuracy of
the information. Having made all reasonable enquiries, we confirm to the best of our knowledge and belief, that there
are no false or misleading statements, or omission of other facts which would make any statement in the Master
Prospectus false or misleading.
Directors:
Danny Wong Teck Meng
(Executive)
Dato’ Wee Hoe Soon @ Gooi Hoe Soon
Dr. Junid Saham
Raja Datuk Zaharaton binti Raja Dato’ Zainal Abidin
85
HOLDER ACCOUNT OPENING FORM
(Office use)
Account No:
Please complete this form in BLOCK LETTERS, tick (√) as appropriate and delete whichever inapplicable.
1.
PARTICULARS OF APPLICANT
Name (Full name as in NRIC/Passport/Business registration certificate)
NRIC/Passport/ Company Registration no./Other ID
Correspondence Address
Same as CIF/Permanent Address
Postcode
State
Country
Are you an existing customer :
2.
Yes
No (if No, please complete the Customer Information Form)
PARTICULARS OF JOINT HOLDER(S) (For Individual, if applicable)
1. Name (Full name as in NRIC/Passport)
NRIC/Passport/Other ID
Relationship to Principal Applicant
Parents
Spouse
Child
Others
Child
Others
2. Name (Full name as in NRIC/Passport)
NRIC/Passport/Other ID
Relationship to Principalplicant
Parents
3.
Spouse
REQUEST/CONSENT
A. Request to transact via Facsimile
No
I do not wish to transact any instruction(s) via facsimile.
I request you to accept and act on any/all of my signed instruction(s) via facsimile from time to time relating to the operat ions of the Account
including subsequent investment, switching of units, liquidations and remittances of funds/payments of money(s) out of the Account, without
requiring written instructions prior to acting on the said facsimile instructions. In considering of your agreeing to the above request, I acknowledge
that I have read and understood your terms and conditions governing the Account and transactions made mentioned including herein and hereby
agree to be bound by the same. I acknowledge that facsimile instruction are not secure means of communication, and that I am aware of the risk
involved, and that my request to you to accept such facsimile instructions is for my convenience.
You are authorised to act on any facsimile instructions which you believe in good faith to have emanated from me and you shall not be liable for
acting in good faith on facsimile instructions which may have emanated from unauthorized individuals and you shall not be under any duty to verify
the identity of the person or persons giving facsimile instructions purportedly made on my behalf. Any transactions made pursuant to facsimile
instructions acted upon in good faith shall be binding us whether made with or without my authority, knowledge or consent.
B. Request to send information electronically
No
I do not wish to receive any information via electronic means.
I request and consent you to forward information to me via electronic means.
I understand that the certain information provided from Areca Capital Sdn Bhd is extracted from third party and it was prepared from data believed to
be reliable at the time of the publication of the information, reports and content. The information, reports and content contained in the reports and
the terms of conditions of the access to and use of such information, reports and content, are subject to change without notice. All materials and
content found in the reports are strictly for information purposes and for personal use only whereby it is not to be forwarde d to any other person.
Materials and content provided should not be construed as any recommendation, offer, invitation or solicitation, to deal, buy or sell nor be construed
as a means of making available any securities, financial instruments or any of the unit trust funds found in the website. The opinions expressed here,
if any, do not constitute investment advice and independent advice should be sought, where appropriate.
In consideration of your acceding to my request above, I hereby agree to irrevocably and unconditionally indemnify you and keep you fully and
completely indemnified at all times from and against all claims, demand, actions, proceedings, losses, costs (including legal costs as between solicitor
and own client) and expenses and all other liabilities of whatsoever nature or description which may be made or taken against or incurred or suffered
by you in any manner arising out of or by reason of or in consequences of your acceding to my request or any part thereof. I agree that my indemnity
herein shall be a continuing indemnity and shall bind my successors-in-title and is without prejudice to and in addition to any other rights and
remedies which you may have against me. This Indemnity shall be construed in accordance with the laws of Malaysia and I agree to submit to the
non-exclusive jurisdiction of the courts of Malaysia.
Email address: ________________________________________________________________________
In accordance with the Capital Market Services Act 2007, this form should not be circulated unless accompanies by the Prospectus and
Supplementary Prospectus (if any). You should read and understand the Prospectus and Supplementary Prospectus (if any) before completing this
investment form. If in doubt, please consult a professional adviser.
OPERATION OF ACCOUNT AND SPECIMEN SIGNATURE(S)
4.
Principal Applicant to sign
All to sign
Either one to sign
Others
I / We have read and fully understood the terms and conditions in this Form, the Prospectus, and the Deed and agree to abide by them including all
amendments thereto from time to time. I/We irrevocably consent to Areca Capital Sdn Bhd (“Management Company”) disclosing from time to time
any information or documents relating to us and/or in connection with the enforcement or preservation of rights of the Management Company.
Date
Signature
Signature
Signature
Name
Name
Name
For corporate, please
affix company’s stamp
here.
All duly signed written instructions must reach the Management Company before 3.30pm for it to take effect on the same Business Day.
FOR SERVICE PERSONNEL USE ONLY
FOR AUTHORISED OFFICERS USE ONLY
Date:
Attended by:
Processed by :
Client Code:
Notes:
Notes:
Processed Date:
Areca Capital Sdn Bhd (740840-D)
107, Blok B, Pusat Dagangan Phileo Damansara 1, No.9 Jalan 16/11, Off Jalan Damansara, 46350 Petaling Jaya.
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
TERMS AND CONDITIONS
1.
Principal Holder / Joint Holder(s)
 Holder must be 18 years and above and must sign on this Account Opening form.
 Joint Holder must sign on this Account Opening form. Joint Holder may be a minor, in which case, signature is not required. Specimen signature is
required upon holder reaching 18 years of age.
 In the case of death of a holder, the survivor will be the only person recognised by the Management Company and the Trustee as having title or interest
to the units held, except where the units have been collateralised or charged to any institution.
 All notices, statements, vouchers, correspondence, etc will be addressed to the Principal Holder only at the address herein or the last known address.
2.
Application
 For individual, application must be accompanied by a copy of the holder’s identity document (NRIC/Passport/Birth certificate or other documents).
 For corporate, application must be accompanied by certified copies of Memorandum and Articles of Association or Constitution or By Laws, Certificate of
Incorporation or registration, Form 24/44/49/13, Board of Resolutions and original copy of specimen signatures of all authorized signatories.
3.
Rights of the Management Company
 The Management Company reserves the right to reject any application without assigning any reason. Rejected Applicant will be notified.
 All future terms and conditions amendments are deemed to be valid.
4.
Issuance of Official Receipt and Statement of Accounts
 A confirmation note will be issued to the Holder within 14 business days from the date of transaction under normal circumstances.
 Statement of Accounts detailing all active accounts will be issued to the Holder periodically.
5.
Reinvestment of Income Distribution
 Distribution of income shall be automatically reinvested.
 Where there are no units available for reinvestment of income distributed, the proceeds will be paid by cheque to Holders.
 Statement of Reinvestment or Distribution Warrant will be issued to Holder within 2 months from the date of reinvestment or payment of income
distributed.
6.
Future Transactions and Payments
 The Management Company upon evidence of receipt of money will process all investments without verifying the source of remittance. To protect your
interest as a Unit Holder, you must fill up an Investment Form when making investments and attach it with your payment. All subsequent transactions
must be accompanied by relevant forms duly signed and completed.
 All investments and transactions will be carried out according to the instructions of authorised signatory specified in the Holder Account Opening Form or
any subsequent written notice duly received by the Management Company. Transactions are subject to the availability of units of the Fund.
 Should there be any additional investment not accompanied by any instruction to allocate into each Fund, the Management Company shall have the
right to allocate the said investment according to the manner specified in the Investment Form for the initial investment.
 It shall be obligatory on the Holder to notify the Management Company of any errors in any notice, statement, receipt and correspondence within 7 days
of receipt of the same. Otherwise, the correctness of the transactions is conclusive and shall have absolute binding effect against the Holder.
 The Management Company reserves the rights to rectify the notice, statement, receipt and correspondence at any time in respect of any errors, and
rendering of a fresh notice, statement, receipt and correspondence shall be binding on the Holder.
 Any change to the documents or information supplied to the Management Company in connection with this application or change in circumstances shall
be immediately notified to the Management Company.
7.
Liquidation of Units and Cooling-Off
 Holders may liquidate their units by filling up the Liquidation Form and forwarding the form to the business address of the Management Company or its
appointed distributors. Units shall be liquidated based on the NAV calculated at the end of the business day upon receipt of a duly completed Liquidation
Form by the Management Company before the cut-off time.
 To protect the interest of the Holders, the Management Company is unable to make payments to third parties. Unless otherwise specified, all payments
will be made to Principal Holder only. Liquidation proceeds may be credited directly to the Holders’ account maintained with the Management Company’s
Principal Banker(s). If other modes of payment are selected, kindly allow sufficient time for the cheques to reach the Holders and for the funds to clear.
 A cooling-off period of 6 business days from the date of application for units is provided for the Holders to confirm the initial investment. This right is not
applicable for subsequent investments by the Holders in any of the funds managed or offered by the Management Company. This right is not extended
to corporate/ institutional investors, investors who are staff/ distributors of the Management Company.
INVESTMENT FORM
Please complete in BLOCK LETTERS and tick [√] where applicable.
5.
PARTICULARS OF HOLDER
Principal Holder/Company Name:
Holder Account No.:
Joint Holder (for individual):
Contact No:
6.
INVESTMENT DETAILS
Initial Investment
Additional Investment
Regular Investment
Gross Value (RM)
Fund
Entry Fee (%)
OFFICE USE
Net Investment
NAV
TOTAL:
Pursuant to the Guidelines on Sales Practices of Unlisted Capital Market Products, I/We hereby declare that I/We have been assessed by
Areca Capital on the suitability assessment and confirm that there has been no been material change in the information since the last
assessment.
3.PAYMENT MODE(Cash not acceptable)
Cheque
: Drawee Bank:
Credit/
Transfer to
:
Amount (RM):
Cheque No.:
MayBank
Date & Time:
Amount (RM):
Others
4. SIGNATURE(S)
I/We have read and fully understood the terms and condition in this Form and the Prospectus. I/We further acknowledged that I/We are aware of
and agree to the fees and charges incur directly or indirectly when investing in the Fund. I/We confirm that I/We have received a copy of the
product highlights sheet of the fund(s) and have been assessed by Areca Capital on the suitability assessment.
For corporate, please affix company’s stamp here
Signature
Signature
Signature
Signature
Name:
Name:
Name:
Name:
NRIC/Passport:
NRIC/Passport:
NRIC/Passport:
NRIC/Passport:
Date:
Date:
Date:
Date:
All duly signed written instructions must reach the Management Company before 3.30pm for it to take effect on the same Business Day.
FOR SERVICE PERSONNEL USE ONLY
Date:
Received/Attended by:
Notes:
FOR AUTHORISED OFFICER USE ONLY
Processed by :
Transaction Date:
Notes:
Note: In accordance with the requirements of the CMSA, this Investment Form should not be circulated unless accompanied by the Prospectus.
Areca Capital Sdn Bhd (740840-D)
107, Blok B, Pusat Dagangan Phileo Damansara 1, No.9 Jalan 16/11, Off Jalan Damansara, 46350 Petaling Jaya.
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
v.1.0-13
LOAN FINANCING RISK DISCLOSURE STATEMENT
Investing in a Unit Trust Fund with Borrowed Money is More Risky than Investing with Your Own Savings.
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:
1.
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.
2.
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.
3.
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.
4.
Returns on unit trusts are not guaranteed and may not be earned evenly over time. This means that there may be some years where returns are high
and other years where losses are experienced. 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 though 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 Statement and understand its contents.
Signatures: ______________________________
Full Name : ______________________________
Date
: ______________________________
TERMS AND CONDITIONS
1.
Application and Remittance

Payment may be made by cash, telegraphic transfer, cheques or cashier’s order.

All cheques / cashier’s order must be made payable to “Areca Capital Sdn Bhd” and crossed ‘Account Payee Only’.
Please ensure that the
applicant’s name, holder no. (if known) and contact no. are written on the reverse side of the cheque or cashier’s order.

A copy of the bank-in slip / banking evidence must be sent together with the Investment Form directly to the Management Company.
Please
ensure that the applicant’s name, holder no. (if known) and contact no. are written on the reverse side of the bank-in slip / banking evidence.

Units will be priced at NAV based on the date of receipt of the duly completed Investment Form by the Management Company. Units will be credited
upon clearance of payment.
2.
Right of the Management Company

The Management Company reserves the right to reject any application in whole or in part without assigning any reason. Rejected applicants will be
notified and the Management Company will refund their money within 7 days from the date of receipt of the Investment Form. Payment will be
made to the Applicant’s/ Holder’s name by a crossed cheque.

3.
All future terms and conditions, amendments are deemed to be valid.
Issuance of Official Receipt and Statement of Accounts

A confirmation note will be issued to Holders within 14 business days from the date of investment under normal circumstances.

Statement of Accounts detailing all active accounts will be issued to Holders periodically.

All correspondence will be directed to the Principal Holder at the last known address.

All items and balances shown in the confirmation notes and Statement of Accounts will be considered correct unless the Management Company is
notified in writing of any discrepancy within 14 days from the date of the confirmation notes and Statement of Accounts.
4.
Future Transactions and Payments

The Management Company upon evidence of receipt of money will process all investments without verifying the source of remittance. To protect
your interest as a Holder, you must fill up an Investment Form when making investments and attach it with your payment.

All investments and transactions will be carried out according to the instructions of authorised signatory specified in the Holder Account Opening
Form or any subsequent written notice duly received by the Management Company.
Transactions are subject to the availability of units of the
Fund.

Should there be any additional investment not accompanied by an instruction for allocation into the appropriate Funds, the Management Company
shall have the right to allocate the said investment according to the manner specified in the Investment Form for the initial investment or any
subsequent written notice duly received by the Management Company. For any allocation of investment into a particular fund below the minimum
investment required, the Management Company reserves the right to reject or rectify the said investment allocation in order to comply with the
minimum requirement.

For lump sum investment with deferred entry fee, the deduction of chargeable entry fee from the account in the form of units will be done
automatically every calendar quarter. No advice will be issued. The chargeable entry fee will be deducted from units of a fixed income fund or from
units of the larger fund in terms of market value at Management Company’s discretion.
5.
Liquidation of Units and Cooling-Off

Holders may liquidate their units by filling up the Liquidation Form and forwarding the duly signed original form to the business address of the
Management Company or its appointed distributors.

Units shall be liquidated based on the NAV calculated at the end of the business day upon receipt of a duly completed Liquidation Form by the
Management Company. An exit fee would be imposed for early liquidation before the Maturity Date.

To protect the interests of the Holders, the Management Company is unable to make payments to third parties. Unless otherwise specified, all
payments will be made to the Principal Holder only.

Liquidation proceeds may be credited directly to the Holder’s Maybank account. If other modes of payment are selected, kindly allow sufficient time
for the cheques to reach the Holders and/or for the funds to clear.

A Cooling-Off period of 6 business days from the date of application for units is provided for the Holder to confirm the initial investment. This right
is not applicable for subsequent investments of the Holder and is not extended to corporate/institutional investors and investors who are
staff/distributors of the Management Company.
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015
AND EXPIRES ON 20 MARCH 2016 AND HAS TO BE READ IN CONJUNCTION WITH
THE MASTER PROSPECTUS DATED 21 MARCH 2015
FIRST SUPPLEMENTARY MASTER
PROSPECTUS
Areca incomeTRUSTFund
(constituted on 12 March 2007)
Areca equityTRUST Fund
(constituted on 12 March 2007)
Areca growthTRUST Fund
(constituted on 12 November 2009)
Areca moneyTRUST Fund
(constituted on 12 March 2007)
Areca enhancedINCOME Fund
(constituted on 27 June 2007)
Manager
Areca Capital Sdn Bhd (740840-D)
Trustees
Maybank Trustees Berhad (5004-P)
RHB Trustees Berhad (573019-U)
This First Supplementary Master Prospectus is dated 1 November 2015 and
expires on 20 March 2016
Investors are advised to read and understand the contents of this First
Supplementary Master Prospectus. If in doubt, please consult a professional
adviser.
A copy of this First Supplementary Master Prospectus and the Master Prospectus have been registered
and lodged with the Securities Commission Malaysia who takes no responsibility for their contents.
Registration of this First Supplementary Master Prospectus and the Master Prospectus does not
indicate that the Securities Commission Malaysia recommends the Units or assumes responsibility for
the correctness of any statement made, opinions expressed or reports contained in the First
Supplementary Master Prospectus and Master Prospectus.
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
RESPONSIBILITY STATEMENT
This First Supplementary Master Prospectus has been reviewed and approved by the directors of Areca Capital Sdn
Bhd 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, that there are no false or
misleading statements, or omission of other facts which would make any statement in this First Supplementary
Master Prospectus false or misleading.
STATEMENTS OF DISCLAIMER
The Securities Commission Malaysia has authorised the Funds and a copy of this First Supplementary Master
Prospectus has been registered with the Securities Commission Malaysia.
The authorisation of the Funds, and registration of this First Supplementary Master Prospectus, should not be taken
to indicate that Securities Commission Malaysia recommends the said Funds or assumes responsibility for the
correctness of any statement made, opinion expressed or report contained in this First Supplementary Master
Prospectus.
The Securities Commission Malaysia is not liable for any non-disclosure on the part of Areca Capital Sdn Bhd, the
management company responsible for the said Funds and takes no responsibility for the contents in this First
Supplementary Master Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or
completeness of this First Supplementary Master Prospectus, and expressly disclaims any liability whatsoever
arising from, or in reliance upon, the whole or any part of its contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE
INVESTMENT. IF INVESTORS ARE UNABLE TO MAKE THEIR OWN EVALUATION, THEY ARE ADVISED TO
CONSULT PROFESSIONAL ADVISERS.
ADDITIONAL STATEMENTS
No units will be issued or sold based on this First Supplementary Master Prospectus after the expiry date of the
Master Prospectus and First Supplementary Master Prospectus.
Investors should note that they may seek recourse under the Capital Markets and Services Act 2007 for breaches
of securities laws and regulations including any statement in the First Supplementary Master Prospectus that is
false, misleading, or from which there is a material omission; or for any misleading or deceptive act in relation to
the First Supplementary Master Prospectus or the conduct of any other person in relation to the Funds.
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 ADVISERS IMMEDIATELY.
1
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
EXPLANATORY NOTES
A.
Change of Trustee for Areca growthTRUST Fund
The Deutsche Trustees Malaysia Berhad has given its notice of retirement on 22 June 2015.
The Manager has on 12 October 2015 registered a Second Supplemental Deed dated 6 October 2015 entered
into between the Manager and Maybank Trustees Berhad with the Securities Commission Malaysia to appoint
Maybank Trustees Berhad as a trustee for Areca growthTRUST Fund.
The effective date of the appointment is on the 1 November 2015.
B.
Change of designated Fund Manager for Areca growthTRUST Fund
The delegation of fund management to UOB Asset Management (Malaysia) Berhad will be terminated with
effect 1November 2015.
The designated Fund Manager for Areca growthTRUST Fund is Mr Danny Wong Teck Meng with effect 1
November 2015.
The information below has been amended to effect the above changes:
1)
The information below on page 3 under the “Glossary” in the Master Prospectus dated 21 March 2015 has been
amended as follows:
Current Information
Glossary
Maybank Trustees Berhad, RHB Trustees
Berhad and/or Deutsche Trustees Malaysia
Berhad;
Revised Information
Maybank Trustees
Trustees Berhad;
Berhad
and/or
RHB
This amendment is made to remove the Deutsche Trustees Malaysia from the definition.
2)
The information below on external fund manager page 5 under the “Corporate Directory” in the Master
Prospectus dated 21 March 2015 has been amended as follows:
Current Information
Revised Information
External Fund
(for Areca equityTRUST Fund and Areca
Manager
growthTRUST Fund)
UOB Asset Management (Malaysia)
Berhad
Level 22, Vista Tower, The
Intermark, No.348 Jalan Tun Razak,
50400 Kuala Lumpur
Tel : 03-2732 1181, Fax: 03-2732 1100
(for Areca equityTRUST Fund)
UOB Asset Management (Malaysia)
Berhad
Level 22, Vista Tower, The
Intermark, No.348 Jalan Tun Razak,
50400 Kuala Lumpur
Tel : 03-2732 1181, Fax: 03-2732 1100
This amendment is made as UOB Asset Management (Malaysia) Berhad is no longer the appointed external
Fund Manager for Areca growthTRUST Fund.
2
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
3)
The information below on Trustee on page 5 under the “Corporate Directory” in the Master Prospectus dated
21 March 2015 has been amended as follows:
Trustees
Current Information
Revised Information
Trustee for Areca incomeTRUST Fund,
Areca equityTRUST Fund and Areca
enhancedINCOME Fund:
Trustee for Areca incomeTRUST Fund,
Areca equityTRUST Fund, Areca
growthTRUST Fund, and Areca
enhancedINCOME Fund:
Maybank Trustees Berhad (5004-P)
Maybank Trustees Berhad (5004-P)
Registered office and Business
Address:
Registered office and Business
Address:
8th Floor, Menara Maybank, 100 Jalan Tun
Perak, 50050 Kuala Lumpur
8th Floor, Menara Maybank, 100 Jalan Tun
Perak, 50050 Kuala Lumpur
Tel: 03-2078 8363, Fax: 03-20709387
Tel: 03-2078 8363, Fax: 03-20709387
Trustee’s Delegate:
Trustee’s Delegate:
Malayan Banking Berhad (3813-K)
(as Custodian)
8th Floor, Menara Maybank, 100 Jalan Tun
Perak, 50050 Kuala Lumpur
Malayan Banking Berhad (3813-K)
(as Custodian)
8th Floor, Menara Maybank, 100 Jalan Tun
Perak, 50050 Kuala Lumpur
Tel: 03-2074 7111, Fax: 03-2070 0966
Tel: 03-2074 7111, Fax: 03-2070 0966
Trustee for Areca growthTRUST Fund:
Deutsche
Trustees
Berhad(763590-H)
Malaysia
Registered
Address:
Business
office
and
-Deleted-
Level 20, Menara IMC, 8 Jalan Sultan
Ismail, 50250 Kuala Lumpur
Tel: 03-2053 7522, Fax: 03-2053 7526
Trustee’s Delegate (as custodian):
Deutsche Bank
(312552-W)
(Malaysia)
Berhad
Level 18-20, Menara IMC, 8 Jalan Sultan
Ismail, 50250 Kuala Lumpur
Tel: 03-2053 6788, Fax: 03-2031 8710
This amendment is made to reflect the appointment of Maybank Trustees Berhad as the trustee for Areca
growthTRUST Fund replacing Deutsche Trustees (Malaysia) Berhad.
4)
The information below on Trustee for Areca growthTRUST Fund on page 7 under the “Key Data of the Funds”
in the Master Prospectus dated 21 March 2015 has been amended as follows:
Current Information
Trustee
Revised Information
Deutsche Trustees Malaysia Berhad;
Maybank Trustees Berhad;
This amendment is made to reflect the appointment of Maybank Trustees Berhad as the trustee for Areca
growthTRUST Fund replacing Deutsche Trustees (Malaysia) Berhad.
3
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
5)
The information below on Deed that Govern the Funds for Areca growthTRUST Fund on page 8 under the “Key
Data of the Funds” in the Master Prospectus dated 21 March 2015 has been amended as follows:
Current Information
Deeds
Govern
Funds
that
the
Revised Information
The Deed dated 12 November 2009, as
modified by the First Supplemental Deed
dated 17 December 2012.
The Deed dated 12 November 2009, as
modified by the First Supplemental Deed
dated 17 December 2012 and Second
Supplement Deed dated 6 October 2015.
This amendment is made to reflect the Second Supplemental Deed entered into between the Manager and
Maybank Trustees Berhad.
6)
The information below on Annual Trustee Fee for Areca growthTRUST Fund on page 9 under the “Key Data of
the Funds” and page 46 under the Fees, Charges and Expenses in the Master Prospectus dated 21 March 2015
has been amended as follows:
Current Information
Annual
Fee
Trustee
Revised Information
0.08% p.a. of NAV of the Fund, subject to
a minimum of RM18,000 p.a. (excluding
foreign custodian fees and charges).
0.06% p.a of the NAV of the Fund, subject
to a minimum fee of RM6,000 p.a.
(excluding foreign custodian fees and
charges).
This amendment is made to reflect the new annual trustee fee for Areca growthTRUST Fund.
7)
The information below on Designated Person Responsible for the Management of the Funds on page 55 under
the “The Manager: Areca Capital Sdn Bhd” in the Master Prospectus dated 21 March 2015 has been amended
as follows:
Current Information
Designated
Person
Responsible for
the Management
of the Funds
Revised Information
Mr. Danny Wong Teck Meng is the person
responsible for the overall portfolio
management of Areca equityTRUST Fund
and Areca growthTRUST Fund including
broad asset-class allocation and the nonequity portion of the Fund. UOB Asset
Management (Malaysia) Berhad is the
appointed external fund manager for the
equity portfolio of the Areca equityTRUST
Fund and Areca growthTRUST Fund. Mr.
Danny Wong Teck Meng is also the person
responsible for the management of Areca
enhancedINCOME Fund.
Mr. Edward Iskandar Toh is the designated
person responsible for the management of
Areca incomeTRUST Fund and Areca
moneyTRUST Fund.
Mr. Danny Wong Teck Meng is the person
responsible for the overall portfolio
management of Areca equityTRUST Fund
including broad asset-class allocation and
the non-equity portion of the Fund. UOB
Asset Management (Malaysia) Berhad is
the appointed external fund manager for
the
equity portfolio of the Areca
equityTRUST Fund. Mr. Danny Wong Teck
Meng is also the person responsible for the
management of Areca growthTRUST Fund
and Areca enhancedINCOME Fund.
Mr. Edward Iskandar Toh is the designated
person responsible for the management of
Areca incomeTRUST Fund and Areca
moneyTRUST Fund.
This amendment is made to reflect the change of the designated Fund Manager for Areca growthTRUST Fund.
4
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
8)
The information below on page 57 under the “External Fund Manager: UOB Asset Management (Malaysia)
Berhad” in the Master Prospectus dated 21 March 2015 has been amended as follows:
Current Information
External
Fund
Manager:
UOB
Asset
Management
(Malaysia)
Berhad
Revised Information
Areca Capital has appointed UOB Asset
Management (Malaysia) Berhad (“UOBAM
(M)”) as the fund manager for the equity
portfolio of Areca equityTRUST Fund and
Areca growthTRUST Fund.
Areca Capital has appointed UOB Asset
Management (Malaysia) Berhad (“UOBAM
(M)”) as the fund manager for the equity
portfolio of Areca equityTRUST Fund.
This amendment is made as UOB Asset Management (Malaysia) Berhad is no longer the appointed external
fund manager for Areca growthTRUST Fund.
9)
The information below on page 58 under the “Maybank Trustees Berhad” in the Master Prospectus dated 21
March 2015 has been amended as follows:
Current Information
Maybank
Trustees Berhad
Revised Information
Maybank Trustees Berhad (“MTB”) is the
Trustee for Areca incomeTRUST Fund,
Areca equityTRUST Fund and Areca
enhancedINCOME
Fund,
with
its
registered office at 8th Floor, Menara
Maybank, 100 Jalan Tun Perak, 50050
Kuala Lumpur
Maybank Trustees Berhad (“MTB”) is the
Trustee for Areca incomeTRUST Fund,
Areca
equityTRUST
Fund,
Areca
growthTRUST
Fund
and
Areca
enhancedINCOME
Fund,
with
its
registered office at 8th Floor, Menara
Maybank, 100 Jalan Tun Perak, 50050
Kuala Lumpur
This amendment is made to reflect the appointment of Maybank Trustees Berhad as the trustee for Areca
growthTRUST Fund.
10) The information below on page 65 under the “Deutsche Trustees Malaysia Berhad” in the Master Prospectus
dated 21 March 2015 has been deleted entirely:
Current Information
Deutsche
Trustees
Malaysia Berhad
Profile of
Berhad
Deutsche
Revised Information
Trustees
Malaysia
-Deleted-
This amendment is made as Deutsche Trustees Malaysia Berhad has retired as a trustee for Areca
growthTRUST Fund.
11) The information below on the maximum fees and charges permitted by the Deed for Areca growthTRUST Fund
on page 69 under the “Salient Terms of the Deeds” in the Master Prospectus dated 21 March 2015 has been
amended as follows:
Current Information
The
maximum
fees and charges
– trustee fee
Revised Information
The maximum rate of the annual trustee
fee for the Fund is 0.50% per annum of
the NAV of the Fund before the deduction
of the management fee and trustee fee for
the relevant day, subject to a minimum of
RM18,000 per annum (excluding foreign
custodian fees and charges).
The maximum rate of the annual trustee
fee for the Fund is 0.50% per annum of
the NAV of the Fund before the deduction
of the management fee and trustee fee for
the relevant day, subject to a minimum of
RM6,000 per annum (excluding foreign
custodian fees and charges).
This amendment is made to reflect new minimum annual trustee fee.
5
THIS FIRST SUPPLEMENTARY MASTER PROSPECTUS IS DATED 1 NOVEMBER 2015 WHICH HAS TO BE
READ IN CONJUNCTION WITH THE MASTER PROSPECTUS DATED 21 MARCH 2015
12) The information below on Deutsche Trustees Malaysia Berhad page 73 under the “Related-party Transaction
and Conflict of Interest” in the Master Prospectus dated 21 March 2015 has been deleted entirely:
Current Information
Deutsche
Trustees
Malaysia Berhad
Revised Information
As the Trustee for the Fund, there may be
related party transactions involving or in
connection with the Fund in the following
events:
-Deleted-
(1) Where the Fund invests in the products
offered by Deutsche Bank AG and any of
its group companies (e.g. money market
placement, etc.);
(2) Where the Fund has obtained financing
from Deutsche Bank AG and any of its
group companies, as permitted under the
Securities Commission’s guidelines and
other applicable laws;
(3) Where the Manager appoints DBMB
and/or DTMB to perform its back office
functions (e.g. fund accounting and
valuation and/or registrar and transfer
agent); and
(4) Where DTMB has delegated its
custodian functions for the Fund to DBMB.
DTMB will rely on the Manager to ensure
that any related party transactions,
dealings, investments and appointments
are on terms which are the best that are
reasonably available for or to the Fund and
are on an arm’s length basis as if between
independent parties. While DTMB has
internal policies intended to prevent or
manage conflicts of interests, no assurance
is given that their application will
necessarily prevent or mitigate conflicts of
interests. DTMB's commitment to act in the
best interests of the Unit Holders of the
Fund does not preclude the possibility of
related party transactions or conflicts.
This amendment is made as Deutsche Trustees Malaysia Berhad has retired as a trustee for Areca
growthTRUST Fund.
6
ADDITIONAL INVESTMENT FORM
Please complete in BLOCK LETTERS and tick (√) where applicable.
1.
PARTICULARS OF HOLDER(S)
Principal Holder/Company Name:
Holder Account No.:
Joint Holder(s) (for individual account):
Contact No.:
2. INVESTMENT DETAILS
Regular Investment1:
Lump Sum Investment
Fund Name
2
Currency
10th of each month
Gross Value
25th of each month
Entry Fee3
(%)
(Exclusive of
GST4)
FOR OFFICE USE
Net Investment
NAV
1
Please provide a copy of approved Standing Instructions from the bank.
For transfer-in, please indicate Fund Name only.
Entry Fee is also known as sales charge, upfront fee or front-end load.
4
GST is goods and services tax imposed pursuant to the Goods and Services Tax Act 2014. The entry fee is subject to the GST standard rate of 6%.
2
3
3.
DECLARATION BY ACCOUNT HOLDER(S)
Pursuant to the Guidelines on Sales Practices of Unlisted Capital Market Products issued by the Securities Commission Malaysia (SC), I/We
hereby declare that I/We have been assessed by Areca Capital on the suitability assessment and confirm that there has been no been
material change in the information since the last assessment.
4.
WHOLESALE FUND DECLARATION
I/We wish to invest into Wholesale Fund5(s). I/We hereby declare and confirmed that I/we am/are Sophisticated Investor6(s) as defined in
the Guidelines on Unlisted Capital Market Products Under the Lodge and Launch Framework (“Guidelines”) issued by the SC.
5
Wholesale fund is defined in the Guidelines
6
Sophisticated Investor is defined in the Guidelines to mean any person who comes within any of the categories of investors set out in Part 1, Schedule 6 and 7 of the
Capital Markets and Services Act 2007
5.
FOREIGN CURRENCY FUND DECLARATION
I/We wish to invest into foreign currency denominated Fund(s). I/we have read and fully understood and shall comply with the requirements
of the rules of the Foreign Exchange Administration of the Bank Negara Malaysia (BNM), including but not limited to, the rules in relation to
Domestic Ringgit Borrowing7, and/or other requirements of the BNM or any other relevant authorities from time to time.
7
Domestic Ringgit Borrowing is defined under the Notice 3: Investment in Foreign Currency Asset, issued by BNM
Areca Capital Sdn. Bhd. (740840-D)
107, Block B, Pusat Dagangan Phileo Damansara 1,
No.9 Jalan 16/11, Off Jalan Damansara,
46350 Petaling Jaya, Selangor Darul Ehsan
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
Aug 2015
FORM 4
6.
SETTLEMENT OPTION
Cheque
: Drawee Bank:
Fund transfer
from :
MayBank
Cheque No.:
Amount (RM):
Date & Time:
Amount (RM):
Others
Transfer-in: Please include the Consent Letter and a copy of statement of Unit Holding from the transferor.


7.
Cash not accepted
Third party cheques and third party fund transfers are not accepted
LOAN FINANCING RISK DISCLOSURE STATEMENT
Investing in a Unit Trust Fund with Borrowed Money is More Risky than Investing with Your Own Savings.
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:
a) 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.
b) 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.
c) 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.
d) Returns on unit trusts are not guaranteed and may not be earned evenly over time. This means that there may be some years whe re returns
are high and other years where losses are experienced. 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 though the investment may have done we ll 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.
8.
TERMS AND CONDITIONS
a) Rights of the Areca Capital Sdn. Bhd. (“ACSB” or “the Company”)
 The Terms and Conditions herein are not exhaustive and the Company reserves the right to add, delete, vary or amend these Terms and
Conditions at any time and from time to time at its sole and absolute discretion and the Account Holders hereby agree to any such additions,
deletions, variations or amendments to the Terms and Conditions. Where there are conflicting terms, the terms in the relevant disclosure
documents shall prevail.
 ACSB reserves the right to reject any investment application in whole or in part without assigning any reason. Rejected applicant will be
notified and ACSB will refund the applicant money, made payable to the applicant, within 7 days from the date of receipt of the duly
completed Investment Form.
b) Anti-Money Laundering Statement
 The source of all funds paid by the Account Holder(s) to ACSB from time to time shall come from the Holders(s)’s legitimate source or
business activity.
 Account Holder(s) must provide all information and documents required and declare that all particulars given are true and complete to allow
ACSB to verify the Account Holder’s identity.
 ACSB shall not be held liable for any reason whatsoever and Account Holder(s) agree(s) to indemnify the Company from any losses
whatsoever as a result or in connection with any delay or failure to process any application/transaction if such information and/or documents
are not provided on time to the Company.
 ACSB reserves the right to reject any application if the Account Holder(s) is/are not able to prove the information and/or documents required
or if the Account Holder(s) is/are found to have breached or incompliance with the laws, regulations and rules on Anti-Money Laundering and
Anti-Terrorism Financing Act 2001 (AML/ATF) and ‘Know Your Customer’ policy of the Company. Rejected application will be notified.
c) Application and Remittance
 All instructions, investments and transactions will be carried out according to the instructions of Authorised Signatory specified in the Account
Opening Master Form or any subsequent written notice duly received by ACSB. Transactions are subject to the availability of units of the
relevant unit trust fund(s).
 Payment may be made by telegraphic transfer, bank or online transfer, cheque or bank draft.
 All cheques/bank drafts must be made payable to “Areca Capital Sdn. Bhd.” and crossed ‘Account Payee Only’. A copy of the bank-in or
transaction slip must be sent together with this Account Opening Master Form to ACSB.
 For all mode of payments, please ensure that the Account Holder’s name, Account Holder Number. (if known) and contact no. are written on
the reverse side of the bank-in slip, transaction slip or other banking evidence.
 Cash payments, cash deposits and payments made by a third party are not accepted.
Areca Capital Sdn. Bhd. (740840-D)
107, Block B, Pusat Dagangan Phileo Damansara 1,
No.9 Jalan 16/11, Off Jalan Damansara,
46350 Petaling Jaya, Selangor Darul Ehsan
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
Aug 2015
FORM 4
 Units will be priced based on the Net Asset Value (NAV) calculated at the end of the business day upon receipt of the duly co mpleted Account
Opening Master Form. Units will be credited upon clearance of payment, after deduction of the necessary fees, charges, taxes and other
deductions, where applicable.
d) Issuance of Official Receipt and Statement of Accounts
 A confirmation note will be issued to the Principal Holder within 10 business days from the date of investment under normal circumstances.
 Statement of Accounts detailing all active accounts will be issued to Principal Holder periodically.
 All items and balances shown in the confirmation notes and Statement of Accounts will be considered correct unless the Company is notified
in writing of any discrepancy within 14 days from the date of the confirmation notes and Statement of Accounts.
 All notices, statements, vouchers, correspondence and other communications will be addressed to the Principal Holder only at the address
herein.
e) Transfer-In
 Transfer-in of units from another distributor to ACSB is only allowed when there is no change of beneficial owner including Joint Holder(s).
 It will take about two weeks to complete the transfer in process. The process will take longer as it is subject to the completeness of
information/documents provided by Account Holder and transferor’s confirmation.
f)
Income Distribution and Reinvestment Policies
 Income distributions declared by the Manager of the unit trust fund shall be reinvested in new units of the same fund except where
reinvestment is not allowed.
g) Fees, Charges and Expenses
 The Account Holder(s) shall be responsible for the payment of any charges, fees, costs, expenses, taxes (if any) and other liabilities properly
payable or incurred by ACSB and in holding or executing transaction in respect of any of the units.
9.
SIGNATURE(S)
I/We have read and fully understood the terms and conditions in this form and the Product Highlight Sheet and Disclosure Document of the respective
unit trust funds. I/We further acknowledged that I/We are aware of and agree to the fees and charges incur directly or indirectly when investing in
the Fund. I/We confirm that I/We have received a copy of the Product Highlight Sheet and Disclosure Document of the respective unit trust funds and
have been assessed by ACSB on the suitability assessment. I/We confirm that the payment is remitted from my/our own/company account
For corporate, please affix company’s stamp here
Signature
Signature
Signature
Name:
Name:
Name:
NRIC/Passport No.:
NRIC/Passport/Birth Certificate No.:
NRIC/Passport/Birth Certificate No.:
Date:
Date:
Date:
Areca Capital Sdn. Bhd. (740840-D)
107, Block B, Pusat Dagangan Phileo Damansara 1,
No.9 Jalan 16/11, Off Jalan Damansara,
46350 Petaling Jaya, Selangor Darul Ehsan
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
Aug 2015
FORM 4
FOR ARECA AUTHORISED UNIT TRUST CONSULTANT USE
AUTHORISED UNIT TRUST CONSULTANT DETAILS
Signature/Initial:
Unit Trust Consultant Code:
Name:
FOR OFFICE USE BY ACSB
FOR AUTHORISED OFFICER USE ONLY
Processed by:
Transaction Date:
Notes:
COMPLIANCE OFFICER REVIEW
Review by:
Notes:
Date:
All duly signed written instructions must reach the business office of ACSB before 3.00pm for it to take effect on the same Business Day.
Areca Capital Sdn. Bhd. (740840-D)
107, Block B, Pusat Dagangan Phileo Damansara 1,
No.9 Jalan 16/11, Off Jalan Damansara,
46350 Petaling Jaya, Selangor Darul Ehsan
Tel: 603 – 7956 3111, Fax: 603 – 7955 4111, E-mail: invest@arecacapital.com
Aug 2015
FORM 4