MASTER P R O S P E C T U S
INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE MASTER PROSPECTUS. IF IN DOUBT, PLEASE CONSULT A PROFESSIONAL
ADVISER. FOR INFORMATION CONCERNING CERTAIN RISK FACTORS, WHICH SHOULD BE CONSIDERED BY PROSPECTIVE INVESTORS, SEE ‘RISK FACTORS’
COMMENCING ON PAGE 27. THIS MASTER PROSPECTUS IS DATED 15 NOVEMBER 2010 AND EXPIRES ON 14 NOVEMBER 2011. THIS MASTER PROSPECTUS
SUPERSEDES THE PROSPECTUS OF PACIFIC GLOBAL AGRICULTURE, INFRASTRUCTURE AND RESOURCES FUND DATED 12 APRIL 2010.
www.pacificmutual.com.my 03-7725 9877
MANAGER:
PACIFIC MUTUAL FUND BHD (336059-U)
a company incorporated in Malaysia under the Companies Act 1965
TRUSTEES:
UNIVERSAL TRUSTEE (MALAYSIA) BERHAD (17540-D)
AMTRUSTEE BERHAD (163032-V)
CIMB TRUSTEE BERHAD (167913-M)
BHLB TRUSTEE BERHAD (313031-A)
HSBC (MALAYSIA) TRUSTEE BERHAD (1281-T)
Recognised
Investment
Opportunities
15 November 2010 – 14 November 2011
i
MESSAGE FROM CEO
Dear Investors,
We are pleased to present to you our Funds namely the Pacific Premier Fund, Pacific Pearl Fund, Pacific Dana
Aman, Pacific Millennium Fund, Pacific Recovery Fund, Pacific Income Fund, Pacific Dana Murni, Pacific
SELECT Balance Fund, Pacific SELECT Income Fund, Pacific Dividend Fund, Pacific Focus18 Fund, Pacific
Cash Fund, Pacific Asia Brands Fund, Pacific Global Stars Fund, Pacific AsiaPac Income Fund, Pacific Dana
Dividen, Pacific Focus China Fund and Pacific Global Agriculture, Infrastructure And Resources Fund (“the
Funds”).
Each of these Funds has specific investment objectives and strategies (please refer to pages 5 to 9), which
appeal to investors with differing investor profile and levels of investment risk and return expectations (please
refer to pages 10 to 14).
You should also consider the specific and principal risks affecting the Funds and other risk factors when
investing in the Funds. For more details of these risks, please refer to pages 10 to 14 and 27 to 32.
There are fees and charges involved when investing in the Funds such as sales charge, annual management
fee, trustee fee, switching fee, transfer fee, redemption charge and other expenses. Please refer to the ‘Key
Information’ section on pages 20 to 24 and ‘Fees, Charges And Expenses’ section on pages 119 to 123 for
more information.
If you have any queries about the information in this Master Prospectus or would like to know more about our
Funds, please feel free to contact our Client Services personnel at 03-7725 9877 or e-mail us at
customercare@pacificmutual.com.my. Alternatively, you may contact our branches or authorised distributors.
Please refer to pages 162 and 163 for the full contact details.
Thank you.
Yours sincerely,
Michael Auyeung
Director, CEO and CIO
ii
RESPONSIBILITY STATEMENTS AND STATEMENTS OF DISCLAIMER
This Master Prospectus has been reviewed and approved by the directors of Pacific Mutual Fund Bhd and they
collectively and individually accept full responsibility for the accuracy of the information. Having made all
reasonable inquiries, they confirm to the best of their knowledge and belief, there are no false or misleading
statements, or omission of other facts which would make any statement in this Master Prospectus false or
misleading.
STATEMENTS OF DISCLAIMER
The Securities Commission has approved the issue of, offer for subscription or purchase or issue an invitation
to subscribe for or purchase units of the unit trust funds and a copy of this Master Prospectus has been
registered with the Securities Commission.
The approval, and registration of this Master Prospectus, should not be taken to indicate that the Securities
Commission recommends the Funds or assumes responsibility for the correctness of any statement made or
opinion or report expressed in this Master Prospectus.
The Securities Commission is not liable for any non-disclosure on the part of the Manager responsible for the
Funds and takes no responsibility for the contents in this Master Prospectus. The Securities Commission
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 INVESTMENTS. IN CONSIDERING THE INVESTMENTS, INVESTORS WHO ARE IN DOUBT ON THE
ACTION TO BE TAKEN SHOULD CONSULT PROFESSIONAL ADVISERS IMMEDIATELY.
No units will be issued or sold based on this Master Prospectus later than one year after the date of this
Master Prospectus.
Investors are advised to note that recourse for false or misleading statements or acts made in connection with
this Master Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets And
Services Act 2007.
While it is the duty of the Manager to ensure the Funds are being correctly valued or priced, the Manager
cannot be held liable for any error in prices published in the newspapers and the websites of our distributors for
the Funds. Pursuant to the Securities Commission Guidelines, where there is incorrect valuation or pricing of
units, the Manager will take immediate remedial action to rectify the error, which extends to reimbursement of
money by the Manager to the Funds and/or from the Funds to the Unitholders or former Unitholders.
Rectification need not be extended to any reimbursement where it appears to the Trustees that the incorrect
pricing is of minimal significance.
While it is the duty of the Manager to ensure that all comments given to the media is accurate and true at the
time the comments were given, misquotation may still occur either by the media or third parties, which are out
of the Manager’s control. In such situations, Pacific Mutual Fund Bhd and its employees hold no responsibility
for any claims and liabilities due to the misquotations by the media and/or third parties, and are under no
obligation to fulfil any expectation or demand in relation to the misquoted statements.
The distribution of this Master Prospectus and offering, purchase, sale or transfer of units of the Funds in
certain jurisdictions may be restricted by law. In these jurisdictions, other than Malaysia, the Manager has not
applied to allow distribution of this Master Prospectus or units of the Funds. Therefore, this Master Prospectus
does not constitute an offer or invitation to purchase units of the Funds in any jurisdiction in which such offer or
invitation would be unlawful.
Investors should be aware that for investments of our Funds made via any of our IUTA, where applicable, any
investment transactions are subject to the terms and conditions of the respective IUTA.
The Pacific Dana Aman, Pacific Dana Murni and Pacific Dana Dividen have been certified as being Shariahcompliant
by the Shariah Adviser appointed for the Funds.
iii
CONTENTS
Definitions ………………………………………………………………………………………………. 1
Corporate Directory …………………………………………………………………………………… 3
Key Information Of The Funds …………………………………………………….………………… 5
• Key Information 5
• Standard Transaction Details Pertaining To Investing In The Funds Managed By Pacific Mutual 25
Risk Factors …………………………………………………………………………………….………. 27
• General Risks 27
• Specific Risks 30
Understanding Of Shariah-Based Unit Trust Fund ……………………………………………… 33
• Treatment For Disposal Of Shariah Non-compliant Securities For The Shariah-Based Funds 33
• Cleansing/Purification Process Of The Shariah-Based Funds 34
More Information About The Funds …………........................................................................... 35
• Local Funds
Pacific Premier Fund 35
Pacific Pearl Fund 36
Pacific Dana Aman 37
Pacific Millennium Fund 38
Pacific Recovery Fund 39
Pacific Income Fund 40
Pacific Dana Murni 41
Pacific SELECT Balance Fund 42
Pacific SELECT Income Fund 43
Pacific Dividend Fund 44
Pacific Cash Fund 45
• Global Funds
Pacific Focus18 Fund 46
Pacific Asia Brands Fund 48
Pacific Global Stars Fund 49
Pacific AsiaPac Income Fund 51
Pacific Dana Dividen 52
Pacific Focus China Fund 54
Pacific Global A.I.R. Fund 56
• Permitted Investments 58
• Investment Restrictions And Limits 61
• Risk Management Strategies And Techniques 65
• Minimum And Maximum Levels Of Asset Allocation/Temporary Defensive Position 66
• Trading Activities 67
• Rationale And Justification For Futures Investment Mandate 67
• Bases Of Valuation Of Investments 67
• Zakat 67
Funds’ Performances ………………………………………………………………………….……… 68
• Portfolio Structure 68
• Performance Data 75
• Performance Chart 81
• Distribution 98
• Unit Split 99
• PTR 99
iv
Historical Financial Highlights Of The Funds …………………………………………….………. 102
• Fund Annual Expenses 102
• Extract Of Statement Of Income And Expenditure 103
• Extract Of Statement Of Assets And Liabilities 109
• MER 115
Fees, Charges And Expenses …………………………………………………………….…………. 119
• Sales Charge 119
• Redemption Charge 119
• Annual Management Fee 120
• Annual Trustee Fee 121
• Switching Fee 122
• Expenses 123
• Rebates And Soft Commissions 123
Transaction Information ………………………………………………………………….…………… 124
• Pricing Calculation 124
• Minimum Initial Investment 125
• Minimum Additional Investment 126
• Purchase 127
• Redemption 128
• Switching 128
• Transfer 128
• Cooling-Off Period 128
• Distribution Policy And Reinvestment Policy 129
• Unclaimed Monies 129
• Keeping Abreast Of Developments In The Funds 129
• Customer Service 129
Salient Terms Of The Deed …………………………………………………………….…………….. 130
• Your Rights As A Unitholder 130
• Your Liabilities As A Unitholder 130
• Your Limitations And Restrictions As A Unitholder 130
• Maximum Fees And Charges 131
• Permitted Expenses Payable Out Of A Fund’s Property 133
• Removal, Replacement And Retirement Of The Management Company 134
• Removal, Replacement And Retirement Of A Trustee 134
• Termination Of A Fund 134
• Meetings Of Unitholders 134
All About The Manager - Pacific Mutual Fund Bhd ……………………………………………… 135
• Our Shareholders 135
• Our Core Business 135
• Our Corporate Vision And Mission 135
• Our Investment Philosophy 135
• Our Roles And Responsibilities 135
• Our Financial Position 136
• Our People 136
• Material Litigation And Arbitration 143
External Investment Manager – For Pacific AsiaPac Income Fund And Pacific Focus
China Fund …………………………………………………………………………….………………... 144
• Roles And Responsibilities Of The External Investment Manager 144
• Background Of The External Investment Manager 144
• Key Members Of The External Investment Management Team 145
• Material Litigation And Arbitration 145
v
Trustees Of The Funds, Their Duties And Responsibilities …………………………………… 146
• Universal Trustee (Malaysia) Berhad (17540-D) 146
• AmTrustee Berhad (163032-V) 147
• CIMB Trustee Berhad (167913-M) 149
• BHLB Trustee Berhad (313031-A) 150
• HSBC (Malaysia) Trustee Berhad (1281-T) 151
• The Trustees’ Responsibilities 152
• Trustees’ Statement Of Responsibility 152
Shariah Adviser ………………………………………………………………………………………... 153
• More About BSSB 153
• Shariah Investment Guidelines Adopted by BSSB 154
Taxation Adviser's Letter ………………………………………………………………………….…. 156
Related Party Transactions/Conflict Of Interests …………………………………….………….. 160
• HSBC (Malaysia) Trustee Berhad’s Policy On Dealing With Conflict Of Interest Elements 160
• CIMB Trustee Berhad’s Policy On Dealing With Conflict Of Interest Elements 160
• BHLB Trustee Berhad’s Policy On Dealing With Conflict Of Interest Elements 160
Additional Information ………………………………………………………………….…………….. 161
• Policies And Procedures To Prevent Money Laundering Activities 161
• Prudential Control 161
Consent ……………………………………………………………………………………….…………. 161
Documents Available For Inspection ………………………………………………………….…… 161
Inspection Of The Register Of Unitholders ………………………………………….……………. 161
Directors' Declaration ……………………………………………………………………….………… 161
List Of Pacific Mutual Fund Bhd Offices, Agency Offices And Institutional Unit
Trust Advisers ……………………………………………………………………………….…………. 162
Master Application Form (available at the end of this Prospectus)
1 Definitions
DEFINITIONS
The meaning of some terms in this Prospectus is explained below:
Bursa Malaysia The stock exchange managed or operated by Bursa Malaysia Securities Berhad.
Business Day(s) A day on which the Bursa Malaysia is open for trading.
Conventional Funds The Pacific Premier Fund, Pacific Pearl Fund, Pacific Millennium Fund, Pacific Recovery
Fund, Pacific Income Fund, Pacific SELECT Balance Fund, Pacific SELECT Income Fund,
Pacific Dividend Fund, Pacific Focus18 Fund, Pacific Cash Fund, Pacific Asia Brands Fund,
Pacific Global Stars Fund, Pacific AsiaPac Income Fund, Pacific Focus China Fund and
Pacific Global A.I.R. Fund
Deed The deed and all supplemental deeds entered into between the Manager and the Trustees in
relation to the Funds.
Eligible Market A market that is regulated by a regulatory authority, operates regularly, is open to the public
and has adequate liquidity for the purposes of the Funds.
ELITE/ELIT Series Funds Refers to the Pacific ELITE Dividend Fund, Pacific ELIT Dana Aman, Pacific ELIT Dana
Dividen, Pacific ELIT Islamic AsiaPac Balanced Fund, Pacific ELITE Global Strategic Fund,
Pacific ELITE Asia Dividend Fund, Pacific ELITE Emerging Markets Fund, Pacific ELITE
China Growth Fund and/or any other unit trust fund established by the Manager under the
ELITE/ELIT Series.
Fund A Fund managed by the Manager.
Funds For the purpose of this Prospectus, unless the context otherwise requires, Funds mean all
funds managed by the Manager.
IUTA Institutional Unit Trust Advisers
IUTA is an institution, body or organisation that is licensed to distribute unit trust funds. IUTA
must be registered with the Federation of Investment Managers Malaysia (FiMM).
MER The management expense ratio (MER) is the total expenses incurred by the Fund during the
year as compared to its average NAV. Management expenses include management fee,
trustee fee and expenses incurred for fund administrative services. A low MER indicates the
effectiveness of the Manager in managing the expenses of the Fund.
Total annual expenses incurred by the Fund x 100
Average net asset value (NAV) of the Fund
The MER does not include brokerage and other transaction fees.
Manager/Pacific Mutual/We Pacific Mutual Fund Bhd (336059-U)
MSCI Morgan Stanley Capital International
NAV Net asset value (NAV) of the Fund is the total value of the Fund’s assets minus its liabilities at
the valuation point. In computing the annual management fee and annual trustee fee, the NAV
of the Fund should include the management fee and the trustee fee for the relevant day.
NAV per unit Net asset value (NAV) per unit of the Fund is the NAV divided by the total number of units in
circulation, at the valuation point.
Pacific Global A.I.R. Fund Pacific Global Agriculture, Infrastructure And Resources Fund
PTR The portfolio turnover ratio (PTR) indicates how often the Fund buys and sells securities. A
portfolio turnover rate of one means that the average holding period of securities purchases is
one year. A high PTR indicates that the Fund buys and sells securities very often.
(Total acquisitions and disposals of investment for the year) / 2
Average net asset value (NAV) of the Fund
Master Prospectus/
Prospectus
Prospectus in relation to the Funds managed by Pacific Mutual.
SC Guidelines Guidelines on Unit Trust Funds issued by the Securities Commission as may be amended
from time to time.
Shariah Islamic Law comprising the whole body of rulings pertaining to human conducts derived from
the sources of the Shariah. The primary sources are the Quran, the Sunnah, Ijma’ and Qiyas,
while the secondary ones are those established sources such as Maslahah, Istihsan, Istishab,
‘Uruf and Sadd Zara’ie.
Shariah-Based Funds The Pacific Dana Aman, Pacific Dana Murni and Pacific Dana Dividen
2 Definitions
Shariah Requirements A phrase or expression which generally means making sure that any human conduct must not
involve any prohibition and that in performing that conduct all the essential elements that
make up the conduct must be present and each essential element must meet all the
necessary conditions required by the Shariah for that element.
Short Term/Medium
Term/Long Term
Short term - below one year; medium term - one year to three years; long term - above three
years.
Sukuk A document or certificate, documenting the undivided pro-rated ownership of underlying
assets. The sak (singular of sukuk) is freely traded at par, premium or discount. In Malaysia,
the term sukuk is used for fixed income securities which comply with Shariah requirements.
However, it is normally used together with Shariah contracts applied in the structure, such as
Bai Bithaman Ajil, Murabahah and Istisna’ for underlying transactions based on indebtedness,
or Musyarakah and Mudharabah for underlying transactions based on partnership.
Unitholder(s) Means the person for the time being who is registered pursuant to the Deed as a holder of
units, including a Jointholder.
3 Corporate Directory
CORPORATE DIRECTORY
Manager
Pacific Mutual Fund Bhd (336059-U)
Registered Office
Level 19, Menara Prudential,
No. 10, Jalan Sultan Ismail,
50250 Kuala Lumpur
Tel: 03-2176 1000
Business Office
1001, Level 10, Uptown 1,
No. 1 Jalan SS21/58, Damansara Uptown,
47400 Petaling Jaya, Selangor Darul Ehsan
Tel: 03-7725 9877 Fax: 03-7725 9860
E-mail: customercare@pacificmutual.com.my
Website: www.pacificmutual.com.my
Board Of Directors
Daniel Chan (Chairman)
Tan Sri Dato' Wong Kum Choon*
Dato' Haji Mustafa bin Mohamad Ali*
Ti Thiow Chen*
David Wong
Dr. Raja Lope bin Raja Shahrome
Dato’ Adnan bin Ali
Gan Kok Kim
Michael Auyeung
Audit Committee
Dato' Haji Mustafa bin Mohamad Ali (Chairman)
Ti Thiow Chen
David Wong
Members Of Investment Committee
Daniel Chan^
Tan Sri Dato' Wong Kum Choon**
Dato' Haji Mustafa bin Mohamad Ali**
Ti Thiow Chen**
David Wong
Dr. Raja Lope bin Raja Shahrome
Syed Abdull Aziz Jailani bin Syed Kechik
Gan Kok Kim
^ Except the Pacific AsiaPac Income Fund and Pacific
Focus China Fund
* Independent Directors
** Independent Investment Committee members
Trustees
Universal Trustee (Malaysia) Berhad (17540-D) - for Pacific
Premier Fund
Registered/ No. 1, Jalan Ampang (3rd Floor),
Business Office: 50450 Kuala Lumpur
Tel: 03-2070 8050
AmTrustee Berhad (163032-V) - for Pacific Pearl Fund,
Pacific Dana Murni, Pacific SELECT Balance Fund, Pacific
SELECT Income Fund, Pacific Dividend Fund and Pacific
Cash Fund
Registered Office: 22nd Floor, Bangunan AmBank Group,
55, Jalan Raja Chulan,
50200 Kuala Lumpur
Tel: 03-2036 2633
Fax: 03-2078 2800
Website: www.ambg.com.my
Business Office: 17th Floor, Bangunan AmBank Group
55, Jalan Raja Chulan,
50200, Kuala Lumpur
Tel: 03-2036 2633
Fax: 03-2078 2800
Website: www.ambg.com.my
Delegate: AmInvestment Bank Berhad
22nd Floor, Bangunan AmBank Group,
55 Jalan Raja Chulan,
50200 Kuala Lumpur
Tel: 03-2036 2633
CIMB Trustee Berhad (167913-M) - for Pacific Dana Aman
Registered Office: 5th Floor, Bangunan CIMB,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 9688
Website: www.cimb.com
Business Office: Level 7, Wisma Amanah Raya Berhad,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2092 2717
Website: www.cimb.com
Delegate: CIMB Group Nominees (Tempatan)
Sdn Bhd (274740-T)
Registered Office: 5th Floor, Bangunan CIMB,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 9688
Website: www.cimb.com
Business Office: Level 7, Wisma Amanah Raya Berhad,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 3720
Website: www.cimb.com
4 Corporate Directory
Trustees (continuation)
BHLB Trustee Berhad (313031-A) - for Pacific Millennium
Fund, Pacific Recovery Fund, Pacific Income Fund, Pacific
Focus China Fund and Pacific Global A.I.R. Fund
Registered Office: 5th Floor, Bangunan CIMB,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 9688
Website: www.cimb.com
Business Office: Level 7, Wisma Amanah Raya Berhad,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2095 5473
Website: www.cimb.com
Delegate: CIMB Group Nominees (Tempatan)
Sdn Bhd (274740-T)
Registered Office: 5th Floor, Bangunan CIMB,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 9688
Website: www.cimb.com
Business Office: Level 7, Wisma Amanah Raya Berhad,
Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur
Tel: 03-2084 8888
Fax: 03-2093 3720
Website: www.cimb.com
Sub-Custodian Of CIMB Group Nominees (Tempatan) Sdn
Bhd (For Foreign Investments):
Citibank N.A.
Registered Office: 3 Temasek Avenue,
#12-00 Centennial Tower,
Singapore 039190
Tel: (65) 6328 5610
Business Office: 3 Temasek Avenue,
#16-00 Centennial Tower,
Singapore 039190
Tel: (65) 6328 5610
HSBC (Malaysia) Trustee Berhad (1281-T) - for Pacific
Focus18 Fund, Pacific Asia Brands Fund, Pacific Global
Stars Fund, Pacific AsiaPac Income Fund and Pacific Dana
Dividen
Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing
No. 1 Lebuh Ampang, 50100 Kuala Lumpur
Tel: 03-2074 3200
Delegates: 1) The Hongkong And Shanghai Banking
Corporation Limited (as custodian) and
assets held through HSBC Nominees
(Tempatan) Sdn Bhd (258854-D)
No. 2 Leboh Ampang
50100 Kuala Lumpur
2) HSBC Institutional Trust Services
(Asia) Limited
6th Floor, Tower One, HSBC Centre
No. 1 Sham Mong Road
Kowloon, Hong Kong
Shariah Adviser
BIMB Securities Sdn Bhd (290163-X) - for Pacific
Dana Aman, Pacific Dana Murni and Pacific Dana Dividen
Tingkat 1 & 2, Block Podium Bangunan AMDB,
No. 1, Jalan Lumut, 50400 Kuala Lumpur
External Investment Manager - for Pacific AsiaPac
Income Fund and Pacific Focus China Fund
Lion Global Investors Limited (198601745D)
One George Street
#08-01,
Singapore 049145
Tel: 65-6417 6800
Fax: 65-6417 6806
Website: www.lookforLion.com
Auditors
Ernst & Young
Level 23A, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
50490 Kuala Lumpur
Tel: 03-7495 8000
Website: www.ey.com/my
Tax Advisers
Ernst & Young Tax Consultants Sdn Bhd (179793-K)
Level 23A, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
50490 Kuala Lumpur
Tel: 03-7495 8000
Website: www.ey.com/my
Company Secretaries
Tan Cheng Hoon (MIA 7231)
Chong Yok Hua (MAICSA 0861045)
Level 19, Menara Prudential,
No. 10 Jalan Sultan Ismail,
50250 Kuala Lumpur
Tel: 03-2176 1000
Banker
OCBC Bank (Malaysia) Berhad (295400-W)
Menara OCBC
No. 18 Jalan Tun Perak
50050 Kuala Lumpur
Tel: 1300 88 5000
Solicitors
Messrs Raja, Darryl & Loh
Advocates and Solicitors
18th Floor, Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
Federation Of Investment Managers Malaysia (FiMM)
19-07-3, 7th Floor
PNB Damansara
19 Lorong Dungun
Damansara Heights
50490 Kuala Lumpur
Website: www.fimm.com.my
5 Key Information Of The Funds
KEY INFORMATION OF THE FUNDS
Management Company: PACIFIC MUTUAL FUND BHD (336059-U)
KEY INFORMATION
Local Funds
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
FUND PROFILE
• Fund Category
• Fund Type
• Characteristic
• Equity
• Growth and income
• Fairly aggressive
• Equity (Small cap)
• Growth
• Aggressive
• Equity (Islamic)
• Growth and income
• Fairly aggressive
• Equity
• Growth and income
• Fairly aggressive
INVESTMENT OBJECTIVE Aims to achieve strong
long-term capital growth
with a consistently attractive
income. A strategy has
been set up to create a
balanced portfolio of equity
securities with capital
growth prospects and high
income yielding and fixed
interest securities.
Aims to achieve maximum
capital growth over a
medium to long-term period
by investing mainly in small
to medium-sized companies
that have excellent
prospects for growth.
Aims to provide the
Unitholders with
consistently above average
returns in both income and
capital growth over a
medium to long-term period
by investing in a wide
portfolio of authorised
securities over investments
which comply with Shariah
principles.
Aims to achieve long-term
capital growth, with income
as its secondary objective,
by investing mainly in
fundamentally sound large
market capitalisation
companies and also any
other investments as may
be permitted by the
Securities Commission from
time to time.
INVESTMENT STRATEGY The Manager selects a
portfolio which adheres to
fundamental valuations from
sectors which are expected
to grow higher than the
market growth. Please refer
to page 35.
The Manager selects a
portfolio that consists of
mainly equities of
companies with market
capitalisation of RM750
million and below at the
point of investment which
have above average
earnings growth prospects.
Please refer to page 36.
The Manager selects a
diversified portfolio that
consists of equities of
companies that are
approved by the Securities
Commission's Shariah
Advisory Council and/or the
Shariah Adviser from time
to time, and in sukuk that
comply with Shariah
principles. Please refer to
page 37.
The Manager selects a
portfolio that consists of
equities of companies
exhibiting fundamental
strength with market
capitalisation, at the time of
investment, of at least
RM750 million each. Please
refer to page 38.
This section is only a summary of the salient information about the Funds. Investors should read and
understand the whole Master Prospectus before making any investment decisions.
6 Key Information Of The Funds
Local Funds
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
FUND PROFILE
• Fund Category
• Fund Type
• Characteristic
• Equity
• Growth
• Aggressive
• Balanced
• Income and growth
• Fairly conservative
• Bond (Islamic)
• Income
• Conservative
• Balanced
• Growth and income
• Fairly conservative
INVESTMENT OBJECTIVE Aims to provide above
average returns in the form
of capital growth over a
medium to long-term period
by investing mainly in
cyclical stocks, stocks that
are likely to be crisis
survivors as well as stocks
that are undergoing
restructuring, which may
offer considerable recovery
prospects and also any
other investments as may
be permitted by the
Securities Commission from
time to time.
Aims to achieve consistently
attractive and stable income
with reasonable
preservation of capital by
investing in a diversified
portfolio of fixed income
securities such as bonds
and money market
instruments as well as
stocks that offer a steady
dividend income stream.
The Fund also aims to
provide moderate capital
growth over a medium to
long-term period.
Aims to achieve a stable
income stream with
reasonable protection of
capital by investing in a
diversified portfolio of
Islamic private debt
securities and other liquid
assets which comply with
Shariah principles. The
Fund may also provide
some degree of capital
growth potential over a
medium to long-term period.
Aims to provide medium to
long-term capital growth
and some income by
actively allocating its assets
among a diversified portfolio
of equity and fixed income
securities according to
market conditions.
INVESTMENT STRATEGY The Manager selects a
portfolio that consists of
primarily equities of
companies which the
Manager believes have a
good likelihood of recovery
from any cyclical downturn
or some non-structural
setback with strong
possibility of earnings
improvement. Please refer
to page 39.
The Manager selects a
diversified portfolio of fixed
income securities such as
bonds and money market
instruments as well as
stocks that offer a steady
dividend income stream.
Please refer to page 40.
The Manager selects a
portfolio that consists of
predominantly sukuk, which
generally produce higher
yield than government
sukuk and Islamic money
market instruments that are
approved by the Securities
Commission's Shariah
Advisory Council and/or the
Shariah Adviser from time
to time. Please refer to page
41.
The Manager selects a
diversified portfolio of
equities of companies with
at least 50% of its equity
holdings invested in
companies with a market
capitalisation, at the time of
investment, of at least
RM750 million each. Please
refer to page 42.
This section is only a summary of the salient information about the Funds. Investors should read and
understand the whole Master Prospectus before making any investment decisions.
7 Key Information Of The Funds
Local Funds
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Cash
Fund
FUND PROFILE
• Fund Category
• Fund Type
• Characteristic
• Fixed income
• Income
• Conservative
• Equity
• Growth and income
• Fairly aggressive
• Money Market
• Income
• Conservative
INVESTMENT OBJECTIVE Aims to provide a consistent
and attractive stream of
income higher than fixed
deposit rates and may also
provide moderate capital
growth over the medium to
long term by investing in a
diversified portfolio of fixed
income and equity securities.
Aims to provide steady
recurring income that is
potentially higher than
prevailing fixed deposit
rates^ by investing in a
portfolio of stocks that are
paying or have the potential
to pay attractive
dividend yields.
Aims to provide regular
income potentially higher
than prevailing money
market and savings rates,
stability of capital and a
high level of liquidity.
INVESTMENT STRATEGY The Manager selects a
diversified portfolio of
equities of companies with
at least 50% of its equity
holdings invested in
companies with a market
capitalisation, at the time of
investment, of at least
RM750 million each. Please
refer to page 43.
The Manager selects a
portfolio that consists of
mainly equities and fixed
income instruments with
attractive current or
potential future high
dividend yields. Please refer
to pages 44 and 45.
The Manager selects a
diversified portfolio of
deposits with financial
institutions, money market
instruments and short-term
debt securities with
potentially higher interest or
savings rates. Please refer
to pages 45 and 46.
^ 12-month fixed deposit rate of Malayan Banking Berhad (Maybank).
This section is only a summary of the salient information about the Funds. Investors should read and
understand the whole Master Prospectus before making any investment decisions.
8 Key Information Of The Funds
Global Funds
FUND
Pacific
Focus18
Fund
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
FUND PROFILE
• Fund Category
• Fund Type
• Characteristic
• Equity
• Growth
• Aggressive
• Equity
• Growth
• Aggressive
• Global equity
• Growth and income
• Fairly aggressive
• Balanced
• Income and growth
• Fairly conservative
INVESTMENT OBJECTIVE Aims to achieve high capital
growth over the long term
by investing in a
concentrated portfolio of
equity and
equity-related securities.
Aims to provide high capital
growth in the medium to
long term by investing in a
portfolio of listed companies
that have strong brand
equity in the Asian region.
Aims to provide capital
growth and some income in
the medium to long term by
investing in a portfolio of
global securities.
Aims to provide steady and
attractive income and
moderate growth in the
medium to long term by
investing in a portfolio of
Malaysian and foreign
securities.
INVESTMENT STRATEGY The Manager selects a
concentrated portfolio that
targets equities of 18
companies, which have high
growth prospects with at
least 50% of its equity
holdings invested in
companies with a market
capitalisation, at the time of
investment, of at least
RM750 million each. Please
refer to pages 46 and 47.
The Manager selects a
diversified portfolio that
consists of equities of
companies with strong or
developing brand equity in
the Asian region and which
may be listed in any major
global stock exchange.
Please refer to page 48.
The Manager selects a
portfolio of global securities
that have good growth
potential. Please refer to
pages 49 and 50.
The Manager will select a
diversified portfolio of
Malaysian and foreign
securities that consist of
fixed income securities and
money market instruments
as well as equities and
equity-related securities and
collective investment
schemes. Please refer to
pages 51 and 52.
This section is only a summary of the salient information about the Funds. Investors should read and
understand the whole Master Prospectus before making any investment decisions.
9 Key Information Of The Funds
Global Funds
FUND
Pacific
Dana
Dividen
Pacific
Focus China
Fund
Pacific
Global A.I.R.
Fund
FUND PROFILE
• Fund Category
• Fund Type
• Characteristic
• Equity
• Growth and income
• Fairly aggressive
• Equity
• Growth
• Aggressive
• Equity
• Growth and income
• Fairly aggressive
INVESTMENT OBJECTIVE Aims to provide capital
growth and steady and
attractive income in the
medium to long term by
investing in a portfolio of
equities that are paying or
have the potential to pay
attractive dividends and that
comply with Shariah
requirements.
Aims to achieve attractive
capital growth in the
medium to long term by
investing predominantly in
equities and equity-related
securities of companies
listed in the greater China
region which covers China,
Hong Kong S.A.R. and
Taiwan markets and may
invest in companies listed in
other markets that have
significant or potentially
significant business in the
greater China region.
Aims to achieve attractive
capital growth and income
in the medium to long term
by investing in a portfolio of
global investments that are
related to sectors that
provide support to global
trade and production,
integral to human life and
economic growth.
INVESTMENT STRATEGY The Manager selects a
portfolio that consists of
mainly Shariah-compliant
equities with consistent and
attractive dividend yields,
and sukuk. The Fund may
also invest up to 50% of its
NAV in foreign Shariahcompliant
equities. Please
refer to pages 52 and 53.
The Fund will invest
predominantly in equities
and equity-related securities
of companies listed in the
greater China region which
covers China, Hong Kong
S.A.R. and Taiwan. The
Fund may invest in listed
Exchange Traded Funds
(ETFs) and unlisted
collective investment
schemes that have
underlying investments
which are in line with the
Fund’s objective, that is
funds which have broad
exposure to the respective
equity markets of the said
countries (China, Hong
Kong S.A.R. and Taiwan).
The Fund also has the
mandate to invest in
companies listed in other
markets where the said
companies have significant
or potentially significant
business in the greater
China region. These
companies comprise those
that currently derive or are
projected in the next two to
five years to derive at least
30% of their earnings from
the greater China region.
Also included are
companies that currently
have or are projected to
have at least 30% of their
assets in the region. Please
refer to pages 54 and 55.
The Fund may invest in
global equities and equityrelated
securities (such as
warrants and options) of
companies that are involved
in or substantially related to
(at least 50% of revenue or
earnings or at least 50% of
assets) the sectors that
provide support to global
trade and production
essential to the
sustainability of human life
and economic growth.
These companies are
integral players in the
growing, building, extraction
and conversion of resources
for intermediate and end
consumption and utilisation.
Please refer to pages 56
and 57.
This section is only a summary of the salient information about the Funds. Investors should read and
understand the whole Master Prospectus before making any investment decisions.
10 Key Information Of The Funds
Local Funds
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
MINIMUM AND MAXIMUM
LEVELS OF ASSET
ALLOCATION
Equity allocation:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity allocation:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity allocation?:
• Minimum - 35% of the
Fund’s NAV
• Maximum - 95% of the
Fund’s NAV
Equity allocation:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
PRINCIPAL RISKS
Please refer to pages 27
to 32.
• Company specific risk
• Liquidity risk
• Market risk
• Company specific risk
• Liquidity risk
• Market risk
• Company specific risk
• Liquidity risk
• Market risk
• Reclassification of
Shariah status risk
• Company specific risk
• Liquidity risk
• Market risk
INVESTOR PROFILE Those seeking current
returns potentially higher
than fixed deposit interest
rates and moderate capital
growth over the medium to
long term.
Those seeking high capital
growth of small and
medium-sized companies
with excellent growth
potential over the medium
to long term.
Those seeking above
average income and capital
growth over the medium to
long term in investments
which comply with Shariah
principles and requirements.
Those seeking steady
capital and income growth
of large companies whose
current prices may fail to
reflect their long-term
values over the medium to
long term.
DISTRIBUTION POLICY*
Please refer to page 129.
Income distribution, if any, once a year.
UNIT SPLIT If any, once a year.
PERFORMANCE
BENCHMARK**
FTSE Bursa Malaysia Top
100 Index (FBM 100)
FTSE Bursa Malaysia
EMAS Index (FBM EMAS)
Composite Benchmark
(95% in FTSE Bursa
Malaysia EMAS Shariah
Index [FBMS] and 5% in 3-
Month Islamic Interbank
Money Market Rate [IIMM])
FTSE Bursa Malaysia Top
100 Index (FBM 100)
* Income distributions are not guaranteed and may not be repeated. Distributions of income will only be made from realised gains or realised income derived
from the investments of the Funds.
** With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns. Historical returns have been
adjusted using the time weighted rate of return method.
? The Fund’s allocation in the respective category of investments may exceed the maximum due to appreciation of the investments. Please refer to page 66.
11 Key Information Of The Funds
Local Funds
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
MINIMUM AND MAXIMUM
LEVELS OF ASSET
ALLOCATION
Equity allocation:
• Minimum - 45% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity allocation?:
• Minimum - 20% of the
Fund’s NAV
• Maximum - 40% of the
Fund’s NAV
Fixed income allocation?:
• Minimum - 30% of the
Fund’s NAV
Sukuk allocation?:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 95% of the
Fund’s NAV
Equity allocation?:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 60% of the
Fund’s NAV
Fixed income allocation?:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 60% of the
Fund’s NAV
PRINCIPAL RISKS
Please refer to pages 27
to 32.
• Company specific risk
• Expectation risk
• Market risk
• Company specific risk
• Credit risk
• Dividend policy risk
• Interest rate risk
• Liquidity risk
• Market risk
• Company specific risk
• Credit risk
• Interest rate risk
• Liquidity risk
• Market risk
• Reinvestment risk
• Company specific risk
• Credit risk
• Interest rate risk
• Liquidity risk
• Market risk
INVESTOR PROFILE Those seeking high capital
growth over the medium to
long term and willing to
accept a higher degree of
risk in return for potentially
higher investment gains
following any economic
downturn, industry-wide
cyclical downturn or
corporate
restructuring exercise.
Those seeking a regular
income stream with returns
higher than fixed deposit
rates and moderate capital
growth with reasonable
preservation of capital.
Those seeking steady
returns higher than general
investment accounts with
reasonable protection of
capital, while complying with
Shariah requirements. It is
suitable for investors
seeking a regular income
stream and moderate
capital growth.
Those seeking above
average income and capital
growth over the medium to
long term.
DISTRIBUTION POLICY*
Please refer to page 129.
Income distribution, if any, once a year.
UNIT SPLIT If any, once a year. - If any, once a year.
PERFORMANCE
BENCHMARK**
FTSE Bursa Malaysia Top
100 Index (FBM 100)
Composite Benchmark
(40% in FTSE Bursa
Malaysia Top 100 Index
[FBM 100] and 60% in 3-
Month Kuala Lumpur
Interbank Offer Rate
[KLIBOR])
Maybank GIA Tier II 12-
Month Rate#
# GIA refers to General
Investment Account. It is
similar to conventional fixed
deposits for benchmarking
purpose except that it
upholds Shariah principles.
The Tier II 12-month rate
refers to the 12-month rate
offered to placements in
excess of RM1 million.
Only placements within
RM1 million qualify for the
board rate of Tier I rate
which is higher than the Tier
II rate.
Composite Benchmark
(60% in FTSE Bursa
Malaysia Top 100 Index
[FBM 100] and 40% in 3-
Month Kuala Lumpur
Interbank Offer Rate
[KLIBOR])
* Income distributions are not guaranteed and may not be repeated. Distributions of income will only be made from realised gains or realised income derived
from the investments of the Funds.
** With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns. Historical returns have been
adjusted using the time weighted rate of return method.
? The Funds’ allocation in the respective category of investments may exceed the maximum due to appreciation of the investments. Please refer to page 66.
12 Key Information Of The Funds
Local Funds
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Cash
Fund
MINIMUM AND MAXIMUM
LEVELS OF ASSET
ALLOCATION
Equity allocation?:
• Minimum - 10% of the
Fund’s NAV
• Maximum - 20% of the
Fund’s NAV
Fixed income allocation?:
• Minimum - 70%
Equity allocation?:
• Minimum - 60% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Fixed income allocation?:
• Maximum - 35%
Short-term money market
instruments and fixed income
securities (with tenure of less
than one year):
• Maximum - 100% of the
Fund’s NAV
Fixed income securities
(with tenures of between
one year and two years) ?:
• Maximum - 10% of the
Fund’s NAV
PRINCIPAL RISKS
Please refer to pages 27
to 32.
• Credit risk
• Interest rate risk
• Liquidity risk
• Market risk
• Company specific risk
• Dividend policy risk
• Liquidity risk
• Market risk
• Credit risk
• Interest rate risk
• Reinvestment risk
• Liquidity risk
INVESTOR PROFILE Those seeking to earn a
steady stream of income
and at the same time aim to
achieve modest capital
growth over the medium to
long term.
Those seeking a steady
income stream with returns
higher than fixed deposit
rates^ and potential for
capital growth over the
medium to long term.
Those seeking a steady
income stream and high
level of liquidity in their
investments, with a shorterterm
investment horizon.
DISTRIBUTION POLICY*
Please refer to page 129.
Income distribution, if any,
once a year.
Income distribution, if any,
twice a year.
Income distribution, if any,
quarterly.
UNIT SPLIT - If any, once a year. -
PERFORMANCE
BENCHMARK**
Composite Benchmark
(20% in FTSE Bursa
Malaysia Top 100 Index
[FBM 100] and 80% in the
3-Month Kuala Lumpur
Interbank Offer Rate
[KLIBOR])
FTSE Bursa Malaysia Top
100 Index (FBM 100)
100% Maybank Overnight
Repo Rate
* Income distributions are not guaranteed and may not be repeated. Distributions of income will only be made from realised gains or realised income derived
from the investments of the Funds.
** With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns. Historical returns have been
adjusted using the time weighted rate of return method.
? The Funds’ allocation in the respective category of investments may exceed the maximum due to appreciation of the investments. Please refer to page 66.
^ 12-month fixed deposit rate of Malayan Banking Berhad (Maybank).
13 Key Information Of The Funds
Global Funds
FUND
Pacific
Focus18
Fund
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
MINIMUM AND MAXIMUM
LEVELS OF ASSET
ALLOCATION
Equity allocation:
• Minimum - 65% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Foreign assets?:
• Maximum - 50% of the
Fund’s NAV
Equity allocation:
• Minimum - 65% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity allocation:
• Minimum - 70% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity allocation?:
• Minimum - 40% of the
Fund’s NAV
• Maximum - 50% of the
Fund’s NAV
Fixed income allocation?:
• Maximum - 60% of the
Fund’s NAV
PRINCIPAL RISKS
Please refer to pages 27
to 32.
• Company specific risk
• Concentration risk
• Country and/or foreign
securities risk
• Currency risk
• Liquidity risk
• Market risk
• Company specific risk
• Country and/or foreign
securities risk
• Currency risk
• Liquidity risk
• Market risk
• Company specific risk
• Country and/or foreign
securities risk
• Currency risk
• Liquidity risk
• Market risk
• Company specific risk
• Country and/or foreign
securities risk
• Credit risk
• Currency risk
• Dividend policy risk
• Interest rate risk
• P-Note risk
• REIT-related risk
INVESTOR PROFILE Those seeking medium to
longer-term capital growth
in a concentrated portfolio
of equities.
Those seeking high capital
growth over the medium to
long term.
Those seeking capital
growth and some income
over the medium to long
term by investing in a
globally diversified portfolio.
Those seeking a steady and
attractive income stream
and a moderate level of
growth in the medium to
long term.
DISTRIBUTION POLICY*
Please refer to page 129.
Income distribution, if any, once a year.
UNIT SPLIT If any, once a year.
PERFORMANCE
BENCHMARK**
Composite Benchmark
(50% in MSCI AC World
Index [MXWD] and 50% in
FTSE Bursa Malaysia Top
100 Index [FBM 100])
Composite Benchmark
(50% in MSCI All
Countries World Consumer
Staples USD Index
[MSCUCSTA] and 50% in
MSCI All Countries World
Consumer Discretionary
USD Index [MSCUCDIS])
Composite Benchmark
(65% in S&P 500 Index
[SPX], 25% in S&P Europe
350 Index [SPE] and 10%
in S&P Asia 50 Index
[SPA50])
Composite Benchmark
(40% in MSCI All
Countries Asia Pacific Ex-
Japan Index [MXAPJ] and
60% in 3-Month Kuala
Lumpur Interbank Offer
Rate [KLIBOR])
* Income distributions are not guaranteed and may not be repeated. Distributions of income will only be made from realised gains or realised income derived
from the investments of the Funds.
** With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns. Historical returns have been
adjusted using the time weighted rate of return method.
? The Funds’ allocation in the respective category of investments may exceed the maximum due to appreciation of the investments. Please refer to page 66.
14 Key Information Of The Funds
Global Funds
FUND
Pacific
Dana
Dividen
Pacific
Focus China
Fund
Pacific
Global A.I.R.
Fund
MINIMUM AND MAXIMUM
LEVELS OF ASSET
ALLOCATION
Equity allocation:
• Minimum - 70% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Sukuk allocation?:
• Maximum - 30% of the
Fund’s NAV
Equity and equity-related
securities, listed ETFs and
unlisted collective
investment schemes:
• Minimum - 70% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Local fixed income
securities, money market
instruments and cash/liquid
assets?#:
• Maximum - 30% of the
Fund’s NAV
Equity allocation:
• Minimum - 70% of the
Fund’s NAV
• Maximum - 100% of the
Fund’s NAV
Equity-related securities
(such as warrants and
options):
• Maximum - 15% of the
Fund’s NAV
Fixed income allocation?:
• Maximum - 30% of the
Fund’s NAV
PRINCIPAL RISKS
Please refer to pages 27
to 32.
• Company specific risk
• Country and/or foreign
securities risk
• Currency risk
• Dividend policy risk
• Liquidity risk
• Market risk
• Reclassification of
Shariah status risk
• Company specific risk
• Country and/or foreign
securities risk
• Credit risk
• Currency risk
• Interest rate risk
• Market risk
• Company specific risk
• Country and/or foreign
securities risk
• Currency risk
• Interest rate risk
• Liquidity risk
• Market risk
• Sector specific risk
INVESTOR PROFILE Those seeking capital
growth and a steady and
attractive income stream in
the medium to long term
from a portfolio of
Shariah-compliant
investments.
Those who wish to have
access to a portfolio of
investments comprised
predominantly of equities
listed in the greater China
region (China, Hong Kong
S.A.R. and Taiwan); are
seeking attractive medium
to long-term capital growth;
and are able to tolerate
higher volatility.
Those seeking investments
in a global portfolio of
securities of companies that
provide support to global
trade and production
essential to supporting
human life and economic
growth; attractive capital
growth and income
potential; and who have a
medium to long-term
investment horizon.
DISTRIBUTION POLICY*
Please refer to page 129.
Income distribution, if any, once a year.
UNIT SPLIT If any, once a year. -
PERFORMANCE
BENCHMARK**
Composite Benchmark
(50% in FTSE Bursa
Malaysia EMAS Shariah
Index [FBMS] and 50% in
Dow Jones Islamic Market
World Index [DJIM])
MSCI Golden Dragon
Index (MXGD)
Composite Benchmark
(50% in MSCI World Net
Energy & Materials 10/40
Index [MWNEM], 25% in
MSCI World Net
Telecommunications
Services Index [MWNTS]
and 25% in MSCI World Net
Utilities Index [MWNU])
* Income distributions are not guaranteed and may not be repeated. Distributions of income will only be made from realised gains or realised income derived
from the investments of the Funds.
** With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns. Historical returns have been
adjusted using the time weighted rate of return method.
? The Funds’ allocation in the respective category of investments may exceed the maximum due to appreciation of the investments. Please refer to page 66.
# The Fund may also hold foreign/foreign currency cash and liquid assets.
15 Key Information Of The Funds
Local Funds
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
GENERAL INFORMATION
• Trustee
• Financial Year End
• Launch Date
• Maximum Approved
Fund Size
• Units In Circulation As
At 20 September 2010
• Universal Trustee
(Malaysia) Berhad
(17540-D)
• 30 September
• 10 August 1995
• 500 million units
• 130.35 million units
• AmTrustee Berhad
(163032-V)
• 31 March
• 6 January 1997
• 500 million units
• 150.02 million units
• CIMB Trustee Berhad
(167913-M)
• 31 March
• 16 April 1998
• 1 billion units
• 302.17 million units
• BHLB Trustee Berhad
(313031-A)
• 30 June
• 15 April 1999
• 500 million units
• 85.56 million units
SWITCHING FACILITY The switching facility is subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into all other Funds managed by Pacific Mutual, except
wholesale Funds and ELITE/ELIT Series Funds, and vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except wholesale Funds and
ELITE/ELIT Series Funds, which have been managed by Pacific Mutual for three months after the launch date of the
new Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except wholesale Funds and ELITE/ELIT
Series Funds is 1,000 units, provided the amount in Ringgit Malaysia meets the minimum investment amount of the
other Funds;
• Minimum number of units required to be held in an account after partial switching is 500 units; and
• If the investment is made through our IUTA, the switching facility will be subject to the terms and conditions of the IUTA.
TRANSFER FACILITY
Please refer to page 128.
Transfer facility (except under the EPF Members' Savings Investment Scheme) is available for the Fund, free of charge.
MER*** 1.58%? (for the year ended
30 September 2009)
1.62%? (for the year ended
31 March 2010)
1.63%? (for the year ended
31 March 2010)
1.65%? (for the year ended
30 June 2010)
PTR (TIMES)*** 1.14 1.61 1.90 1.79
NET ASSET VALUE PER
UNIT AS AT 20
SEPTEMBER 2010
RM0.8174 RM0.8882 RM0.5426 RM0.6364
DISTRIBUTION/UNIT
SPLIT IN THE LAST
FINANCIAL YEAR
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
*** Refer to definitions on page 1.
? The MER does not include brokerage and other transaction fees.
16 Key Information Of The Funds
Local Funds
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
GENERAL INFORMATION
• Trustee
• Financial Year End
• Launch Date
• Maximum Approved
Fund Size
• Units In Circulation As
At 20 September 2010
• BHLB Trustee Berhad
(313031-A)
• 30 June
• 15 April 1999
• 500 million units
• 137.58 million units
• BHLB Trustee Berhad
(313031-A)
• 30 September
• 18 August 2000
• 500 million units
• 267.75 million units
• AmTrustee Berhad
(163032-V)
• 31 March
• 25 March 2003
• 500 million units
• 104.96 million units
• AmTrustee Berhad
(163032-V)
• 30 June
• 11 August 2003
• 800 million units
• 21.54 million units
SWITCHING FACILITY The switching facility is subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into all other Funds managed by Pacific Mutual, except
wholesale Funds and ELITE/ELIT Series Funds, and vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except wholesale Funds and
ELITE/ELIT Series Funds, which have been managed by Pacific Mutual for three months after the launch date of the
new Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except wholesale Funds and ELITE/ELIT
Series Funds is 1,000 units, provided the amount in Ringgit Malaysia meets the minimum investment amount of the
other Funds;
• Minimum number of units required to be held in an account after partial switching is 500 units; and
• If the investment is made through our IUTA, the switching facility will be subject to the terms and conditions of the IUTA.
TRANSFER FACILITY
Please refer to page 128.
Transfer facility (except under the EPF Members' Savings Investment Scheme) is available for the Fund, free of charge.
MER*** 1.64%? (for the year ended
30 June 2010)
1.60%? (for the year ended
30 September 2009)
1.11% (for the year ended
31 March 2010)
1.71%? (for the year ended
30 June 2010)
PTR (TIMES)*** 1.43 0.68 0.60 1.35
NET ASSET VALUE PER
UNIT AS AT 20
SEPTEMBER 2010
RM0.5636 RM0.5848 RM0.5321 RM0.5789
DISTRIBUTION/UNIT
SPLIT IN THE LAST
FINANCIAL YEAR
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
*** Refer to definitions on page 1.
? The MER does not include brokerage and other transaction fees.
17 Key Information Of The Funds
Local Funds
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Cash
Fund
GENERAL INFORMATION
• Trustee
• Financial Year End
• Launch Date
• Maximum Approved
Fund Size
• Units In Circulation As
At 20 September 2010
• AmTrustee Berhad
(163032-V)
• 30 June
• 11 August 2003
• 300 million units
• 22.65 million units
• AmTrustee Berhad
(163032-V)
• 31 December
• 18 November 2003
• 1 billion units
• 305.97 million units
• AmTrustee Berhad
(163032-V)
• 30 September
• 7 October 2005
• 1 billion units
• 175.04 million units
SWITCHING FACILITY The switching facility is subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into all other Funds
managed by Pacific Mutual, except wholesale Funds and ELITE/ELIT Series Funds,
and vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except
wholesale Funds and ELITE/ELIT Series Funds, which have been managed by Pacific
Mutual for three months after the launch date of the new Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except
wholesale Funds and ELITE/ELIT Series Funds is 1,000 units, provided the amount in
Ringgit Malaysia meets the minimum investment amount of the other Funds;
• Minimum number of units required to be held in an account after partial switching is 500
units; and
• If the investment is made through our IUTA, the switching facility will be subject to the
terms and conditions of the IUTA.
TRANSFER FACILITY
Please refer to page 128.
Transfer facility (except under the EPF Members' Savings Investment Scheme) is available
for the Fund, free of charge.
MER*** 1.61%? (for the year ended
30 June 2010)
1.64%? (for the year ended
31 December 2009)
0.54% (for the year ended
30 September 2009)
PTR (TIMES)*** 1.57 0.77 2.88
NET ASSET VALUE PER
UNIT AS AT 20
SEPTEMBER 2010
RM0.5233 RM0.7120 RM0.5068
DISTRIBUTION/UNIT
SPLIT IN THE LAST
FINANCIAL YEAR
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
*** Refer to definitions on page 1.
? The MER does not include brokerage and other transaction fees.
18 Key Information Of The Funds
Global Funds
FUND
Pacific
Focus18
Fund
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
GENERAL INFORMATION
• External Investment
Manager
• Trustee
• Financial Year End
• Launch Date
• Maximum Approved
Fund Size
• Units In Circulation As
At 20 September 2010
• Nil
• HSBC (Malaysia)
Trustee Berhad
(001281-T)
• 30 September
• 16 June 2005
• 300 million units
• 36.52 million units
• Nil
• HSBC (Malaysia)
Trustee Berhad
(001281-T)
• 31 March
• 20 January 2006
• 500 million units
• 67.37 million units
• Nil
• HSBC (Malaysia)
Trustee Berhad
(001281-T)
• 30 September
• 20 July 2006
• 500 million units
• 50.94 million units
• Lion Global Investors
Limited (198601745D)
• HSBC (Malaysia)
Trustee Berhad
(001281-T)
• 31 December
• 28 November 2006
• 1 billion units
• 402.67 million units
SWITCHING FACILITY The switching facility is subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into all other Funds managed by Pacific Mutual, except
wholesale Funds and ELITE/ELIT Series Funds, and vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except wholesale Funds and
ELITE/ELIT Series Funds, which have been managed by Pacific Mutual for three months after the launch date of the
new Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except wholesale Funds and ELITE/ELIT
Series Funds is 1,000 units, provided the amount in Ringgit Malaysia meets the minimum investment amount of the
other Funds;
• Minimum number of units required to be held in an account after partial switching is 500 units; and
• If the investment is made through our IUTA, the switching facility will be subject to the terms and conditions of the IUTA.
TRANSFER FACILITY
Please refer to page 128.
Transfer facility is available for the Fund, free of charge.
MER*** 1.86%? (for the year ended
30 September 2009)
2.10%? (for the year ended
31 March 2010)
2.16%? (for the year ended
30 September 2009)
1.53%? (for the year ended
31 December 2009)
PTR (TIMES)*** 1.06 2.80 1.13 0.40
NET ASSET VALUE PER
UNIT AS AT 20
SEPTEMBER 2010
RM0.5624 RM0.4215 RM0.4486 RM0.4714
DISTRIBUTION/UNIT
SPLIT IN THE LAST
FINANCIAL YEAR
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
*** Refer to definitions on page 1.
? The MER does not include brokerage and other transaction fees.
19 Key Information Of The Funds
Global Funds
FUND
Pacific
Dana
Dividen
Pacific
Focus China
Fund
Pacific
Global A.I.R.
Fund
GENERAL INFORMATION
• External Investment
Manager
• Trustee
• Financial Year End
• Launch Date
• Maximum Approved
Fund Size
• Units In Circulation As
At 20 September 2010
• Nil
• HSBC (Malaysia)
Trustee Berhad
(001281-T)
• 30 June
• 26 July 2007
• 300 million units
• 137.55 million units
• Lion Global Investors
Limited (198601745D)
• BHLB Trustee Berhad
(313031-A)
• 31 March
• 19 May 2009
• 600 million units
• 227.53 million units
• Nil
• BHLB Trustee Berhad
(313031-A)
• 31 March
• 12 April 2010
• 300 million units
• 14.08 million units
SWITCHING FACILITY The switching facility is subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into all other Funds
managed by Pacific Mutual, except wholesale Funds and ELITE/ELIT Series Funds, and
vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except
wholesale Funds and ELITE/ELIT Series Funds, which have been managed by Pacific
Mutual for three months after the launch date of the new Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except
wholesale Funds and ELITE/ELIT Series Funds is 1,000 units, provided the amount in
Ringgit Malaysia meets the minimum investment amount of the other Funds;
• Minimum number of units required to be held in an account after partial switching is 500
units; and
• If the investment is made through our IUTA, the switching facility will be subject to the
terms and conditions of the IUTA.
TRANSFER FACILITY
Please refer to page 128.
Transfer facility is available for the Fund, free of charge.
MER*** 1.75%? (for the year ended
30 June 2010)
1.67%? (for the period from
19 May 2009 to 31 March
2010)
Not available
PTR (TIMES)*** 0.94 0.92 Not available
NET ASSET VALUE PER
UNIT AS AT 20
SEPTEMBER 2010
RM0.5112 RM0.2569 RM0.5117
DISTRIBUTION/UNIT
SPLIT IN THE LAST
FINANCIAL YEAR
Please refer to pages 98
and 99.
Please refer to pages 98
and 99.
Not available
*** Refer to definitions on page 1.
? The MER does not include brokerage and other transaction fees.
20 Key Information Of The Funds
The table below describes the charges that you may directly incur when you buy, redeem or switch units of the Funds:
Local Funds
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
Please note that normal banking charges are applicable to the investor.
MAXIMUM SALES
CHARGE#^
• Pacific Mutual
• Unit Trust Consultants
• IUTA
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
REDEMPTION CHARGE Nil
SWITCHING FEE
Please refer to page 122.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Premier Fund will
enter at NAV per unit of the
target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Pearl Fund will
enter at NAV per unit of the
target Funds.
Switching into all Pacific
Mutual's Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Dana Aman will
enter at NAV per unit of the
target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Millennium Fund
will enter at NAV per unit of
the target Funds.
TRANSFER FEE Nil
# The maximum sales charge to be imposed by all our authorised distribution channels for the Funds are listed as per abovementioned. Investors may
negotiate for a lower sales charge.
^ Investors investing under the EPF Members’ Investment Scheme will be levied a maximum sales charge of up to 3% of NAV per unit of the respective
Fund, as regulated by EPF.
The table below describes the fees that you may indirectly incur when you invest in the Funds:
Local Funds
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
ANNUAL MANAGEMENT
FEE
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
ANNUAL TRUSTEE FEE 0.01% - 0.06% p.a. of the
NAV of the Fund calculated
on a daily basis (excluding
custodian fee of RM25,000
p.a.).
0.055% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis
subject to a minimum of
RM30,000 p.a. and a
maximum of RM110,000
p.a. (excluding custodian
fee of 0.035% p.a.).
0.08% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis.
0.08% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis.
OTHER EXPENSES Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
21 Key Information Of The Funds
The table below describes the charges that you may directly incur when you buy, redeem or switch units of the Funds:
Local Funds
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
Please note that normal banking charges are applicable to the investor.
MAXIMUM SALES
CHARGE#^
• Pacific Mutual
• Unit Trust Consultants
• IUTA
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 2.00% of NAV per unit
• 2.00% of NAV per unit
• 2.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
REDEMPTION CHARGE Nil
SWITCHING FEE
Please refer to page 122.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Recovery Fund
will enter at NAV per unit of
the target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Income Fund will
enter at NAV per unit of the
target Funds.
• Switching into Pacific
SELECT Income Fund
and Pacific Cash Fund
is free of charge.
Unitholders who
switch out of Pacific
Dana Murni will enter
at NAV per unit of
these target Funds.
• Switching out of
Pacific Dana Murni
into all other Pacific
Mutual’s Funds,
except for the
abovementioned
Funds, wholesale
Funds and
ELITE/ELIT Series
Funds, will incur a
2.00% switching fee
based on the NAV per
unit of the target
Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds, is
free of charge. Unitholders
who switch out of Pacific
SELECT Balance Fund will
enter at NAV per unit of the
target Funds.
TRANSFER FEE Nil
# The maximum sales charge to be imposed by all our authorised distribution channels for the Funds are listed as per abovementioned. Investors may
negotiate for a lower sales charge.
^ Investors investing under the EPF Members’ Investment Scheme will be levied a maximum sales charge of up to 3% of NAV per unit of the respective
Fund, as regulated by EPF.
The table below describes the fees that you may indirectly incur when you invest in the Funds:
Local Funds
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
ANNUAL MANAGEMENT
FEE
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
1.00% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of the
Fund.
ANNUAL TRUSTEE FEE 0.08% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis.
0.10% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM35,000 p.a. whichever
is higher.
0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. whichever
is higher.
0.07% p.a. of the NAV of the
Fund calculated and accrued
on a daily basis, subject to a
minimum of RM18,000 p.a.
whichever is higher.
OTHER EXPENSES Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
22 Key Information Of The Funds
The table below describes the charges that you may directly incur when you buy, redeem or switch units of the Funds:
Local Funds
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Cash
Fund
Please note that normal banking charges are applicable to the investor.
MAXIMUM SALES
CHARGE#^
• Pacific Mutual
• Unit Trust Consultants
• IUTA
• 2.00% of NAV per unit
• 2.00% of NAV per unit
• 2.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• No sales charge
• No sales charge
• No sales charge
REDEMPTION CHARGE Nil
SWITCHING FEE
Please refer to page 122.
• Switching into Pacific
Dana Murni and Pacific
Cash Fund is free of
charge. Unitholders
who switch out of
Pacific SELECT Income
Fund will enter at NAV
per unit of these
target Funds.
• Switching out of Pacific
SELECT Income Fund
into all other Pacific
Mutual’s Funds, except
for the abovementioned
Funds, wholesale
Funds and ELITE/ELIT
Series Funds, will incur
a 2.00% switching fee
based on the NAV per
unit of the target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Dividend Fund will
enter at NAV per unit of the
target Funds.
Switching out of Pacific
Cash Fund into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
will be based on the NAV
per unit of the target
Funds plus the sales
charge of the target
Funds.
TRANSFER FEE Nil
# The maximum sales charge to be imposed by all our authorised distribution channels for the Funds are listed as per abovementioned. Investors may
negotiate for a lower sales charge.
^ Investors investing under the EPF Members’ Investment Scheme will be levied a maximum sales charge of up to 3% of NAV per unit of the respective
Fund, as regulated by EPF.
The table below describes the fees that you may indirectly incur when you invest in the Funds:
Local Funds
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Cash
Fund
ANNUAL MANAGEMENT
FEE
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
0.50% p.a. of the NAV of
the Fund.
ANNUAL TRUSTEE FEE 0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. whichever is
higher.
0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a.
0.05% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. and a
maximum of RM400,000
p.a.
OTHER EXPENSES Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
23 Key Information Of The Funds
The table below describes the charges that you may directly incur when you buy, redeem or switch units of the Funds:
Global Funds
FUND
Pacific
Focus18
Fund
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
Please note that normal banking charges are applicable to the investor.
MAXIMUM SALES
CHARGE#
• Pacific Mutual
• Unit Trust Consultants
• IUTA
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
REDEMPTION CHARGE Nil
SWITCHING FEE
Please refer to page 122.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Focus18 Fund will
enter at NAV per unit of the
target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Asia Brands Fund
will enter at NAV per unit of
the target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Global Stars
Fund will enter at NAV per
unit of the target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds, is
free of charge. Unitholders
who switch out of Pacific
AsiaPac Income Fund will
enter at NAV per unit of the
target Funds.
TRANSFER FEE Nil
# The maximum sales charge to be imposed by all our authorised distribution channels for the Funds are listed as per abovementioned. Investors may
negotiate for a lower sales charge.
The table below describes the fees that you may indirectly incur when you invest in the Funds:
Global Funds
FUND
Pacific
Focus18
Fund
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
ANNUAL MANAGEMENT
FEE
1.50% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of
the Fund.
1.70% p.a. of the NAV of
the Fund.
1.50% p.a. of the NAV of the
Fund.
ANNUAL TRUSTEE FEE 0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. and a
maximum of RM400,000
p.a. (excluding foreign
custodian fees and
charges).
0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. (excluding
foreign custodian fees
and charges).
0.07% p.a. of the NAV of
the Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. (excluding
foreign custodian fees and
charges). Note that if the
Trustee is made the
counter party and/or
security party for a hedge
transaction, an additional
0.03% p.a. of the amount
hedged or security value
under the hedge,
whichever is higher, is
payable to the Trustee.
0.08% p.a. of the NAV of the
Fund calculated and accrued
on a daily basis, subject to a
minimum of RM18,000 p.a.
(excluding foreign custodian
fees and charges). Note that
if the Trustee is made the
counter party and/or security
party for a hedge transaction,
an additional 0.02% p.a. of
the amount hedged or
security value under the
hedge, whichever is higher, is
payable to the Trustee.
OTHER EXPENSES Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
24 Key Information Of The Funds
The table below describes the charges that you may directly incur when you buy, redeem or switch units of the Funds:
Global Funds
FUND
Pacific
Dana
Dividen
Pacific
Focus China
Fund
Pacific
Global A.I.R.
Fund
Please note that normal banking charges are applicable to the investor.
MAXIMUM SALES
CHARGE#
• Pacific Mutual
• Unit Trust Consultants
• IUTA
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.00% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
• 5.50% of NAV per unit
REDEMPTION CHARGE Nil
SWITCHING FEE
Please refer to page 122.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of Pacific Dana Dividen will
enter at NAV per unit of the
target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of the Pacific Focus China
Fund will enter at NAV per
unit of the target Funds.
Switching into all Pacific
Mutual’s Funds, except
wholesale Funds and
ELITE/ELIT Series Funds,
is free of charge.
Unitholders who switch out
of the Pacific Global A.I.R.
Fund will enter at NAV per
unit of the target Funds.
TRANSFER FEE Nil
# The maximum sales charge to be imposed by all our authorised distribution channels for the Funds are listed as per abovementioned. Investors may
negotiate for a lower sales charge.
The table below describes the fees that you may indirectly incur when you invest in the Funds:
Global Funds
FUND
Pacific
Dana
Dividen
Pacific
Focus China
Fund
Pacific
Global A.I.R.
Fund
ANNUAL MANAGEMENT
FEE
1.50% p.a. of the NAV of
the Fund.
1.60% p.a. of the NAV of
the Fund.
Up to 1.50% p.a. of the NAV
of the Fund.
ANNUAL TRUSTEE FEE 0.08% p.a. of the NAV of the
Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. (excluding
foreign custodian fees and
charges). Note that if the
Trustee is made the counter
party and/or security party
for a hedge transaction, an
additional 0.02% p.a. of the
amount hedged or security
value under the hedge,
whichever is higher, is
payable to the Trustee.
0.08% p.a. of the NAV of the
Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. (excluding
foreign custodian fees and
charges).
0.08% p.a. of the NAV of the
Fund calculated and
accrued on a daily basis,
subject to a minimum of
RM18,000 p.a. (excluding
foreign custodian fees and
charges).
OTHER EXPENSES Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
Please refer to pages 102
and 123.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
25 Key Information Of The Funds
STANDARD TRANSACTION DETAILS PERTAINING TO INVESTING IN THE FUNDS MANAGED
BY PACIFIC MUTUAL (please refer to pages 124 to 129 for more details)
Minimum Initial And Additional Investment For Cash Plan, Saver's Plan And EPF Plan
Fund Cash Plan Saver’s Plan EPF Plan
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Income Fund
Pacific Dana Murni
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
Pacific Dividend Fund
Pacific Focus18 Fund
Pacific Cash Fund
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
Pacific Focus China Fund
Pacific Global A.I.R. Fund
You may invest by cash
on a lump sum basis.
The initial and additional
investment must be a
minimum of RM500 and
RM100 respectively.
You may fix your own
time frame for saving,
starting with a minimum
of five years and a
monthly investment in
multiples of RM50. You
may activate your Saver's
Plan anytime with an
initial investment of two
times the monthly
investment amount.
Saver’s Plan is not
available for the Pacific
Cash Fund.
You may invest an
amount not less than
RM1,000 and not more
than 20% of the amount
in excess of the basic
savings in your EPF
Account 1 (Retirement
Account).
EPF Plan is currently not
available for Funds with
foreign exposure.
All amounts referred here include the sales charge of the Funds. For more explanation on the sales charge, please refer to
pages 119 and 127.
Investments made via our IUTA may be subject to their terms and conditions.
Minimum Redemption Amount
There is no minimum redemption amount.
Redemption Of Units
You can withdraw or redeem all or part of your units in any Fund, in writing, at any time provided the minimum number of
units left in an account after the partial withdrawal is 500 units. You will be paid within 10 days (four business days for the
Pacific Cash Fund) from the date we receive the duly completed and accepted original redemption form.
Notice Of Cooling-Off Period
If you are a first-time investor of Pacific Mutual, you are given a cooling-off period of six Business Days. Within these six
Business Days from the date of receipt of the application form by Pacific Mutual, you have the right to call for withdrawal of
your investment. However, this is not applicable to:
• Corporate investors/institutional investors;
• Staff of Pacific Mutual; and
• Persons registered with a body approved by the Securities Commission to deal in unit trusts.
When you exercise the cooling-off right, the money will be refunded to you:
• For Cash Plan and Saver's Plan – within 10 days (four business days for the Pacific Cash Fund and only for Cash Plan)
of receipt of the original notice of cooling-off by Pacific Mutual.
• For EPF Plan – within 10 days after receipt of the disbursement of fund from EPF. The refund will be returned to your
EPF account.
Please note that the EPF Plan is subject to the EPF's terms and conditions.
Distribution Reinvestment Option
In the absence of written instructions to the contrary, distributions will be reinvested based on the NAV* per unit of the
respective Funds on the seventh Business Day after the declaration of distributions at no cost. (*Please refer to page 124.)
For information concerning certain risk factors, which should be considered by prospective investors, see “Risk
Factor” commencing on page 27. Unit prices and distributions payable, if any, may go down as well as up.
Past performance of the Funds is not an indication of their future performance.
26 Key Information Of The Funds
Deeds Of The Funds
The Funds are governed by their respective deeds and supplemental deeds as follows:
Fund Master Deed/Deed Supplemental Deed(s)
Pacific Premier Fund 28 July 1995
First supplemental: 31 January 1996
Second supplemental: 20 January 1998
Third supplemental: 30 August 2007
Fourth Supplemental: 15 June 2009
Pacific Pearl Fund 18 December 1996
First supplemental: 11 December 1998
Second supplemental: 29 June 2000
Third supplemental: 16 May 2001
Fourth supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Dana Aman 15 April 1998
First supplemental: 3 December 1999
Second supplemental: 29 June 2000
Third supplemental: 11 September 2002
Fourth supplemental: 30 August 2007
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Income Fund
14 April 1999
First supplemental: 13 June 2000
Second supplemental: 7 August 2000
Third supplemental: 18 December 2000
Fourth supplemental: 30 August 2007
Pacific Dana Murni 17 March 2003
First supplemental: 14 February 2006
Second supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
4 August 2003
First supplemental: 23 September 2005
Second supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Dividend Fund 10 November 2003
First supplemental: 14 February 2006
Second supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Focus18 Fund 6 June 2005
First supplemental: 8 February 2006
Second supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Cash Fund 23 September 2005
First supplemental: 14 February 2006
Second supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Asia Brands Fund 28 December 2005 First supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Global Stars Fund 23 June 2006
First supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Second supplemental Master Deed: 25 June 2010
Pacific AsiaPac Income Fund 6 November 2006 First supplemental: 28 June 2007
Supplemental Master Deed: 22 May 2009
Pacific Dana Dividen 22 May 2007 Supplemental Master Deed: 22 May 2009
Pacific Focus China Fund 24 February 2009 N/A
Pacific Global A.I.R. Fund 26 October 2009 N/A
27 Risk Factors
RISK FACTORS
GENERAL RISKS
The following are the general risks for the Funds:
• Company specific risk - This risk refers to the individual risk of the respective companies issuing securities. This risk
could be a result of changes to the business performance of the company, consumer tastes and demand, lawsuits,
competitive operating environment and management practices. Developments in a particular company in which a fund
has invested would result in fluctuations in the share price of that company and thus the value of a fund's investments.
This risk is minimised through the well-diversified nature of a fund.
In addition, this risk may occur when an investee company's business or fundamentals deteriorate or if there is a change
in management policy resulting in a downward revision or even removal of the company's dividend policy. Such events
may result in an overall decrease in dividend income received by a fund and possible capital loss due to a drop in the
share price of a company that cuts or omits its dividend payments. This risk may be minimised by investing mainly in
companies with a consistent historical record of paying dividends, strong cashflow, or operating in fairly stable industries.
• Concentration risk - This is the risk of a fund focusing a greater portion of its assets in a smaller selection of
investments. The fall in price of a particular equity investment will have a greater impact on the fund and thus greater
losses. This risk may be minimised by the unit trust manager conducting even more rigorous fundamental analysis before
investing in each security.
• Country and/or foreign securities risk - This risk refers to the risks of investing in foreign markets. Emerging markets
may have relatively underdeveloped capital markets, less stringent regulatory and disclosure standards, concentration in
only a few industries, greater adverse political, social and economic risks and general lack of liquidity of securities. The
risk of expropriation, nationalisation, exchange control restrictions, confiscatory taxation and limitations on the use or
removal of funds also exist in emerging markets. Emerging markets may also have less developed procedures for
custody, settlement, clearing and registration of securities transactions. This risk may be minimised by conducting
thorough research on the respective markets, their regulatory framework, economics, companies, politics and social
conditions as well as minimising or omitting investments in markets that are economically or politically unstable or lack a
regulatory financial framework and adequate investor protection legislation.
• Credit risk - This risk refers to changes in the financial conditions of foreign and local companies issuing debt
securities/sukuk, which may affect their credit worthiness. This in turn may lead to default in the repayment/payment of
principal and interest/profit. These events can lead to loss of capital, delayed or reduced income for a fund resulting in a
reduction in a fund's asset value and thus unit price. This risk is minimised by active credit analyses and diversification in
the bond/sukuk portfolio of a fund.
• Currency risk - Investing globally means some assets are denominated in currencies other than in Malaysian Ringgit.
Hence, fluctuations in the exchange rates of these foreign currencies may have an impact on a fund's income and asset
valuations. Adverse fluctuations in exchange rate can result in a decrease in returns and loss of capital. This risk may be
minimised by hedging against foreign exchange rate movements.
• Dividend policy risk - This is a risk particular to a fund which has heavy emphasis on high-yield dividend stocks. This
risk may occur when an investee company's business or fundamentals deteriorate or if there is a change in management
policy resulting in a reduction or even removal of the company's dividend policy. This risk may be minimised by investing
mainly in companies with a consistent historical record of paying dividends, strong cash flow, or operating in fairly stable
industries.
• Expectation risk - This risk refers to the fact that the following circumstances may lessen the prospects for recovery:
- An unexpected serious global economic downturn.
- A company's proposed restructuring plan fails for various reasons.
- Management's inability to turn around the company within a reasonable period of time due to factors beyond their
control.
- The initial cyclical nature of the problem has become structural. Structural refers to internal or external issues that have
a longer term or permanent adverse impact on a company’s business as opposed to a cyclical issue which would only
temporary affect the business during a down cycle.
Should a recovery situation not turn out as expected due to the above reasons, there may be a loss or reduction of
profits/income resulting in a reduction in a fund's assets. This risk may be minimised by a thorough study of potential
recovery situations (economic, industry and company specific) taking into account the favourable probability of a positive
outcome, risks and returns before making any investment in such situations. Continuous monitoring of developments in
potential recovery situations may be conducted to ensure that these pan out as expected.
28 Risk Factors
• Futures risk - As futures are conducted on an initial margin basis, a relatively small price movement in a futures contract
may result in an immediate and substantial loss (or gain) for a fund. Adverse price movements can create additional
losses over and above the initial futures contract costs. This risk may be minimised by entering into futures contracts only
for hedging purposes. Specifically, a fund will only enter into futures sales contracts to hedge against declines in the value
of stocks in the portfolio.
Futures contracts can play a part in reducing the risk of a fund's investment portfolio by providing a hedge against shorterterm
volatility of financial markets. However, futures carry certain additional risks that if not properly managed can result in
significant losses or underperformance. These include:
? Futures liquidity risk - This category of risk includes:
- Risk that fair price or firm bid cannot be obtained from a market counterpart.
- Risk that funds are unable to unwind illiquid positions.
- Market price stability affecting funds' ability to meet margin payments.
? Gearing risk - Futures contracts may involve a high degree of "gearing" or "leverage". This means that a small
movement in the price of the underlying asset may have a very large magnifying effect in the price of the futures
contracts, both in an upward or downward direction.
? Mismatch risk - Risk that arises when the terms of underlying investments and the instrument used to hedge its risks
do not match. Such mismatches could be due to:
- Mismatch of derivative parcel size (or multiple of this) versus actual physical portion.
- Mismatch of maturity, e.g. 3-month KLIBOR interest rates futures contract versus 1-year bond holding.
- Mismatch of component constituting an index, e.g. FTSE Bursa Malaysia KLCI Index (FBM KLCI) versus actual
equity portfolio of fund.
• Inflation or purchasing power risk - This is the risk that inflation or the loss of purchasing power will erode the value of
investment returns and the worth of the investment itself. Investor's returns from a fund may not keep pace with inflation
and hence reduce their purchasing power.
• Interest rate risk - This risk refers to the effect of interest rate changes on the market value of a bond/sukuk portfolio. In
the event of rising interest rates, prices of fixed income securities/demand for sukuk will decrease and vice versa. Debt
securities/sukuk with longer maturity and lower coupon/profit rate are more sensitive to interest rate changes. Interest rate
movements can lead to fluctuations in bond prices resulting in fluctuations in a fund's investments in such securities. In
terms of sukuk in particular those based on contract of exchange such as Murabahah BBA and Ijarah, any fluctuations in
conventional interest rates will also affect the indicative/profit rates of these sukuk, hence, will also lead to a rise or fall in
prices of sukuk. This risk will be minimised via the management of the duration structure of the portfolio of debt
securities/sukuk.
The interest rate is a general economic indicator that will have an impact on the management of funds regardless of
whether it is a Shariah-based unit trust fund or otherwise.
• Liquidity risk - This risk occurs in thinly traded or illiquid securities. If a fund needs to sell a relatively large amount of
such securities, the act itself may significantly depress the selling price resulting in a decrease in the value of a fund's
assets. The fund is managed in such a way that a portion of the investments is in equity securities and money market
instruments that are highly liquid and this allows the fund to meet sizeable redemptions without jeopardising potential
returns.
• Loan financing risk - This risk must be considered carefully when unit trust investment is financed by a loan. Borrowings
increase the opportunity for profit as well as the incidence of loss. Interest cost may rise and investment value may fall,
resulting at times in the lender demanding settlement or more collateral from the investor. Shariah-based unit trust fund’s
investors are advised to seek for Islamic financing to finance their acquisition.
• Market risk - This risk refers to developments in the market environment, and typically includes changes in regulations,
politics, technology and the economy of the country. Market developments can result in stock market fluctuations which in
turn affect a fund's underlying investments and hence its unit price.
• Non-compliance risk - This risk refers to the risk that the unit trust fund manager who does not adhere to legislation or
guidelines that govern the investment management and operations of a fund or to a fund's investment mandate stated in
the deed. This risk also concerns non-compliance with internal operating policies and the unit trust fund manager acting
fraudulently or in a manner that is unfair to unitholders. This risk could result in disruptions to the operations of a fund and
potentially lead to reduced income/gains or even losses to unitholders.
29 Risk Factors
• Participatory Notes (P-Notes) risk - A P-Note is a market access financial instrument that replicates the financial return
of an underlying asset - for example, equity securities. P-Notes are issued by financial institutions, can be listed on a
stock exchange or unlisted and generally denominated in USD. Investors in P-Notes enjoy the rights to corporate actions
including dividends, rights issues, bonus shares and mergers but usually do not come with voting rights. P-Notes are in
general issued for securities traded in restricted markets (such as India, Taiwan and China) where there are one or more
complicated and time-consuming administrative hurdles such as foreign exchange controls, controlled regulatory
environment, local licensing required for securities trading among others. P-Notes bear the risk of the single issuer of the
instrument, specifically the potential insolvency of the issuer of the P-Note. This risk will be mitigated by investing in PNotes
issued by a globally renowned financial institution with a good investment grade credit rating by Standard & Poor’s
or Moody’s or Fitch or any other global credit rating agency. The P-Note also carries with it risks inherent in the underlying
asset which it replicates, such as country and/or foreign security risk, foreign exchange risk and market risk. These risks
will be managed by conducting extensive overall market and macro-economic analysis as well as fundamental security
research and to spread investments in different sectors to reap benefits of diversification.
• Real estate investment trusts (REIT)-related risk - The value of REIT can fluctuate up or down depending on market
forces, the general financial and real estate markets, interest rate environment among other factors. A fund which invests
in REIT will also be subject to the risks associated with direct ownership of real estate, whose values can be adversely
affected by increases in real estate taxes, government policy restricting rental rates and other changes in real estate laws
and rising interest rates and a cyclical downturn in the real estate market.
• Reclassification of Shariah status risk - This risk refers to the risk that the currently held Shariah-compliant
investments in the portfolio of Shariah-based funds may be reclassified to be Shariah non-compliant. For Shariahcompliant
securities, the reclassification may occur in the periodic review of the securities by the Shariah Advisory Council
of the Securities Commission (“SACSC”), the fund’s Shariah Adviser or the Shariah Boards of the relevant Islamic indices.
For sukuk, the reclassification may occur if the sukuk is reclassified to be Shariah non-compliant by the SACSC or the
Shariah Adviser of the said sukuk. If this occurs, the value of the fund may be adversely affected where the Manager will
take the necessary steps to dispose of such securities in accordance with the SACSC, the fund’s Shariah Adviser, the
Shariah Adviser of the said sukuk and/or the Shariah Board of the relevant Islamic Indices.
• Reinvestment risk - This is a risk that future proceeds (interest/profit and/or capital) are reinvested at a lower potential
interest/profit rate. Reinvestment risk is especially evident during periods of falling interest rates where the coupon/profit
payments are reinvested at less than the yield to maturity (actual profit rate) at the time of purchase. Such risk may be
minimised by purchasing zero coupon (deep discount) debt securities and through duration management.
• Sector specific risk - The agriculture and resources sectors are cyclical; depending on climate/weather conditions,
supply and demand factors leading to potentially volatile pricing of agricultural, energy and other resource commodities.
The infrastructure sector is also subject to its own set of risks including unexpected construction delays leading to cost
overruns, high financing costs, environmental issues impacting the operations of utilities and pricing of volatile commodity
inputs. All these sectors may also be subject to unexpected changes in government and regulatory policies which
includes unexpected tariffs and regulation/restriction of prices of goods and services. Adverse conditions related to these
factors have the potential to significantly impact company earnings and hence reduce fund performance. Due to the
concentration of the Fund in a narrow segment of sectors, the Fund may be more disadvantaged by these adverse
economic and regulatory factors as opposed to general and broadly diversified equity funds. These risks will be mitigated
by in-depth fundamental and technical analysis of the agriculture, resources and infrastructure sectors, investing in a
broad segment of each sector and largely in markets and countries where there is transparency and a longstanding
history of good and predictable government policies.
• Structured products risk - Structured products are financial products that generally offer capital protection if held to
maturity and whose yields or returns are tied to one or more global or local securities or derivatives, which include single
or a basket of equity securities or equity indices, options, debt securities, commodities futures, currencies and possibly
equity or interest rate swaps. The risks associated with structured products are potential capital loss (if not held to
maturity) owing to financial market fluctuations and, counter party risk. The former risk is managed by undertaking indepth
fundamental and technical analysis of the securities or derivatives that will be employed to provide returns while the
latter risk will be mitigated by ensuring beforehand that the counterparty/issuer of the structured products has excellent
financial strength (including a strong balance sheet and profitability, has a minimum good investment grade credit rating
and capital adequacy ratio). For Islamic structured products, the instruments used for the same must comply with Shariah
requirements.
• Timing of asset allocation risk - This is the risk that, given the prevailing economic and financial market conditions, the
unit trust fund manager makes the inappropriate asset allocation decisions between equities and fixed income
securities/sukuk, potentially resulting in lower returns to the fund. To mitigate such risk, the manager conducts vigorous
fundamental macro research and technical analysis. Factors such as economic conditions, interest rate environment,
valuations of markets, liquidity, and investor sentiment are taken into account before making asset allocation decisions.
30 Risk Factors
• Warrants and options risk - Warrants and options are a leveraged form of investment. A movement in the prices of the
equity securities of the warrants and options will generally result in a larger movement in the prices of the warrants and
options themselves, that is, higher volatility. The geared effect implies substantial outperformance when the prices of
equity securities rise. Conversely, in a falling market, warrants and options can lose a substantial amount of their values,
far more than the equity securities.
Warrants and options have a limited life and will depreciate in value as they approach their maturity date. If a warrant’s
exercise price is above the share price at any time during its remaining subscription period, the warrant is effectively “out
of the money” and theoretically has little value. Warrants that are not exercised at maturity become worthless.
Warrants and options do not participate in dividends or cash flows that accrue from the underlying equity securities.
This risk may be mitigated by conducting extensive fundamental analysis of the warrants’ equity securities to ensure their
viability as an investment for a fund. The percentage allocation of warrants held by a fund will generally mirror the
allocation of the equity securities, that is, higher when there is an anticipated market rise and vice versa.
Privately negotiated over-the-counter (OTC) options that are not traded on an exchange or through a broker, are subject
to the credit or counterparty risk of the issuer of the option. The risk level will be dependent on the financial standing and
creditworthiness of the party issuing the options and their ability to fulfil the terms of the options contract. Thus, any
default by the issuer will have an adverse impact on a fund’s NAV. To mitigate this risk, only OTC options offered by
issuers such as financial institutions with at least a credit rating of ‘AA by RAM Rating Services’ or ‘A by Standard &
Poor’s’ or their equivalent by any other recognised rating agency will be considered.
Should the counterparty’s credit rating fall below the minimum as stated subsequent to entering into an OTC option, all
option positions with the counterparty will be unwound within three months of the credit rating downgrade, subject to the
unwinding of the position being in the best interests of the fund.
SPECIFIC RISKS
The Funds below are subject to the following specific risk respectively:
Fund Specific Risk
Pacific Premier Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Income Fund
Pacific SELECT Balance Fund
Company specific risk - This risk refers to the individual risk of the respective
companies issuing securities. This risk could be a result of changes to the business
performance of the company, consumer tastes and demand, lawsuits, competitive
operating environment and management practices. Developments in a particular
company in which a fund has invested would result in fluctuations in the share price
of that company and thus the value of a fund's investments. This risk is minimised
through the well-diversified nature of a fund.
In addition, this risk may occur when an investee company's business or
fundamentals deteriorate or if there is a change in management policy resulting in a
reduction or even removal of the company's dividend policy. Such events may result
in an overall decrease in dividend income received by a fund and possible capital
loss due to a drop in the share price of a company that cuts or omits its dividend
payments. This risk may be minimised by investing mainly in companies with a
consistent historical record of paying dividends, strong cashflow, or operating in
fairly stable industries.
Pacific Pearl Fund Liquidity risk - This risk occurs in thinly traded or illiquid securities. If a fund needs
to sell a relatively large amount of such securities, the act itself may significantly
depress the selling price resulting in a decrease in the value of a fund's assets. The
fund is managed in such a way that a portion of the investments is in equity
securities and money market instruments that are highly liquid and this allows the
fund to meet sizeable redemptions without jeopardising potential returns.
Pacific Recovery Fund Expectation risk - This risk refers to the fact that the following circumstances may
lessen the prospects for recovery:
- An unexpected serious global economic downturn.
- A company's proposed restructuring plan fails for various reasons.
- Management's inability to turn around the company within a reasonable period of
time due to factors beyond their control.
- The initial cyclical nature of the problem has become structural. Structural refers
to internal or external issues that have a longer term or permanent adverse
impact on a company’s business as opposed to a cyclical issue which would only
temporary affect the business during a down cycle.
Should a recovery situation not turn out as expected due to the above reasons,
there may be a loss or reduction of profits/income resulting in a reduction in a fund's
assets. This risk may be minimised by a thorough study of potential recovery
situations (economic, industry and company specific) taking into account the
favourable probability of a positive outcome, risks and returns before making any
investment in such situations. Continuous monitoring of developments in potential
recovery situations may be conducted to ensure that these pan out as expected.
31 Risk Factors
Fund Specific Risk
Pacific Dana Murni
Pacific SELECT Income Fund
Credit risk - This risk refers to changes in the financial conditions of companies
issuing debt securities/sukuk, which may affect their credit worthiness. This in turn
may lead to default in the repayment/payment of principal and interest/profit. These
events can lead to loss of capital, delayed or reduced income for a fund resulting in
a reduction in a fund's asset value and thus unit price. This risk is minimised by
active credit analyses and diversification by the bond/sukuk portfolio of a fund.
Pacific Dividend Fund
Pacific Dana Dividen
Dividend policy risk - This is a risk particular to a fund which has heavy emphasis
on high-yield dividend stocks. This risk may occur when an investee company's
business or fundamentals deteriorate or if there is a change in management policy
resulting in a reduction or even removal of the company's dividend policy. This risk
may be minimised by investing mainly in companies with a consistent historical
record of paying dividends, strong cash flow, or operating in fairly stable industries.
Pacific Focus18 Fund Concentration risk - This is the risk of a fund focusing a greater portion of its
assets in a smaller selection of investments. The fall in price of a particular equity
investment will have a greater impact on the fund and thus greater losses. This risk
may be minimised by the unit trust manager conducting even more rigorous
fundamental analysis before investing in each security.
Pacific Cash Fund Interest rate risk - This risk refers to the effect of interest rate changes on the
market value of a bond/sukuk portfolio. In the event of rising interest rates, prices of
fixed income securities/demand for sukuk will decrease and vice versa. Debt
securities/sukuk with longer maturity and lower coupon/profit rate are more sensitive
to interest rate changes. Interest rate movements can lead to fluctuations in bond
prices resulting in fluctuations in a fund's investments in such securities. In terms of
sukuk in particular those based on contract of exchange such as Murabahah BBA
and Ijarah, any fluctuations in conventional interest rates will also affect the
indicative/profit rates of these sukuk, hence, will also lead to a rise or fall in prices of
sukuk. This risk will be minimised via the management of the duration structure of
the portfolio of debt securities/sukuk.
The interest rate is a general economic indicator that will have an impact on the
management of funds regardless of whether it is a Shariah-based unit trust fund or
otherwise.
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific AsiaPac Income Fund
Currency risk - Investing globally means some assets are denominated in
currencies other than in Malaysian Ringgit. Hence, fluctuations in the exchange
rates of these foreign currencies may have an impact on a fund's income and asset
valuations. Adverse fluctuations in exchange rate can result in a decrease in returns
and loss of capital. This risk may be minimised by hedging against foreign exchange
rate movements.
Pacific Focus China Fund Country and/or foreign securities risk - This risk refers to the risks of investing in
foreign markets and in particular emerging markets such as the People’s Republic of
China and Taiwan that may have relatively underdeveloped capital markets, less
stringent regulatory and disclosure standards, concentration in only a few industries,
greater adverse political, social and economic risks and general lack of liquidity of
securities. The risk of expropriation, nationalisation, exchange control restrictions,
confiscatory taxation and limitations on the use or removal of funds also exist in
emerging markets. Emerging markets may also have less developed procedures for
custody, settlement, clearing and registration of securities transactions. The risk is
part mitigated by the Fund’s investments in developed markets such as Hong Kong
(which is part of the Greater China Region) in particular, where legal and regulatory
standards are significantly more developed and securities trading is more active.
32 Risk Factors
Fund Specific Risk
Pacific Global A.I.R. Fund Sector specific risk - The agriculture and resources sectors are cyclical; depending
on climate/weather conditions, supply and demand factors leading to potentially
volatile pricing of agricultural, energy and other resource commodities. The
infrastructure sector is also subject to its own set of risks including unexpected
construction delays leading to cost overruns, high financing costs, environmental
issues impacting the operations of utilities and pricing of volatile commodity inputs.
All these sectors may also be subject to unexpected changes in government and
regulatory policies which includes unexpected tariffs and regulation/restriction of
prices of goods and services. Adverse conditions related to these factors have the
potential to significantly impact company earnings and hence reduce fund
performance. Due to the concentration of the Fund in a narrow segment of sectors,
the Fund may be more disadvantaged by these adverse economic and regulatory
factors as opposed to general and broadly diversified equity funds. These risks will
be mitigated by in-depth fundamental and technical analysis of the agriculture,
resources and infrastructure sectors, investing in a broad segment of each sector
and largely in markets and countries where there is transparency and a
longstanding history of good and predictable government policies.
33 Understanding Of Shariah-Based Unit Trust Fund
UNDERSTANDING OF SHARIAH-BASED UNIT TRUST FUND
Similar to a conventional unit trust fund, a Shariah-based unit trust fund is a collective investment scheme, which pools
money from investors with similar objectives in a special fund managed by professional fund managers. The pooled money
will then be invested in a diversified portfolio of Shariah-compliant securities and other assets in accordance with the unit
trust fund’s investment objective and as permitted under the SC guidelines and regulations with the condition that all the
investments must comply with Shariah requirements.
The main differences between a conventional unit trust fund and a Shariah-based unit trust fund exist in the following areas;
objective of the fund, structure, investment strategy, operations and management, documentation, investment avenues and
activities, and accounts and reporting.
The objective of a particular type of fund is normally to maximise returns that are usually composed of both capital and
income growth. Achieving this objective will depend on, among others, the fund size, period of investment, investment
strategy as well as the type of instruments that are invested in and the ability to manage risk. Accordingly, the objective of a
particular Shariah-based unit trust fund is to achieve both capital and income growth within the scope of Shariah. Hence, the
investment strategy will also need to be aligned with the objective of a Shariah-based unit trust fund.
As for the structure, a Shariah-based unit trust fund can be structured by applying various Shariah contracts such as
Mudharabah, Wakalah li Al-Istithmar, Wadiah and so on. In Malaysian context, the core contracts utilised in the process of
structuring a Shariah-based unit trust fund are contracts of intermediation such as Wakalah or Mudharabah, which allows
one party to act as an agent (manager) on behalf of a principal (capital owner) for an agreed fee or profit-sharing
arrangement.
As for the operations and management of a Shariah-based unit trust fund, the manager ensures that the excess funds, such
as liquid assets and cash, are placed/invested in Shariah-compliant instruments. All daily operations of a Shariah-based unit
trust fund must comply with all the requirements of Shariah and the Securities Commission. To ensure that the funds are
managed and administered in accordance with Shariah requirements, unit trust management companies managing Shariahbased
unit trust funds are required by the Guidelines on Unit Trust Funds to appoint a Shariah Committee/Shariah Adviser.
The main function of the Shariah Committee/Shariah Adviser is to supervise and provide necessary advice to ensure that a
Shariah-based unit trust fund offered to the public is managed and administered in accordance with Shariah requirements.
A Shariah-based unit trust fund’s trust deed and prospectus are drafted in accordance with Shariah requirements.
Terminologies used in conventional trust deed and prospectus, which are not in compliance with the Shariah, such as
interest-based instruments and interest income are avoided.
The investments of a Shariah-based unit trust fund include only instruments permitted by the Shariah such as Shariahcompliant
equities and equity-related securities (such as warrants and options), sukuk, Islamic derivative products, Islamic
Structured products and Shariah-based deposit placements.
A Shariah-based unit trust fund is designed to provide investors with investment alternatives that comply with Shariah
requirements. The investments exclude instruments deemed not permissible by the Shariah like all types of loan stocks,
Shariah non-compliant securities, conventional interest paying bonds, interest bearing instruments and conventional futures
and derivatives products.
TREATMENT FOR DISPOSAL OF SHARIAH NON-COMPLIANT SECURITIES FOR THE
SHARIAH-BASED FUNDS
The Shariah Advisory Council of the Securities Commission Malaysia (“SACSC”) advises investors on the timing for the
disposal of securities which have been classified as Shariah non-compliant:
? “Shariah-Compliant Securities” Which Are Subsequently Considered “Shariah Non-Compliant”
This refers to those securities which were earlier classified as Shariah-compliant securities but due to certain reasons,
such as changes in the companies’ operations, are subsequently considered Shariah non-compliant. In this regard, if
on the date this updated list takes effect, the value of the securities held exceeds the original investment cost, investors
who hold such Shariah non-compliant securities must liquidate them. Any capital gain arising from the disposal of the
Shariah non-compliant securities made at the time of the announcement can be kept by the investors. However, any
excess capital gain derived from the disposal after the announcement day at a market price that is higher than the
closing price on the announcement day should be channeled to charitable bodies.
On the other hand, investors are allowed to hold their investment in the Shariah non-compliant securities if the market
price of the said securities is below the original investment cost. It is also permissible for the investors to keep the
dividends received during the holding period until such time when the total amount of dividends received and the
market value of the Shariah non-compliant securities held equal the original investment cost. At this stage, they are
advised to dispose of their holding.
34 Understanding Of Shariah-Based Unit Trust Fund
In addition, during the holding period, investors are allowed to subscribe to:
(a) any issue of new securities by a company whose Shariah non-compliant securities are held by investors e.g. rights
issues, bonus issues, special issues and warrants [excluding securities whose nature is Shariah non-compliant e.g.
irredeemable convertible unsecured loan stock (ICULS)]; and
(b) securities of other companies offered by the company whose Shariah non-compliant securities are held by the
investors,
on conditions that they expedite the disposal of the Shariah non-compliant securities. For securities of other companies
[as stated in (b) above], they must be Shariah-compliant securities.
? Shariah Non-Compliant Securities
The SACSC advises investors who invest based on Shariah principles to dispose of any Shariah non-compliant
securities which they presently hold, within a month of knowing the status of the securities. Any gain made in the form
of capital gain or dividend received during or after the disposal of the securities has to be channeled to charitable
bodies. The investor has a right to retain only the original investment cost.
? Zakat For The Shariah-Based Funds
The Shariah-based Funds do not pay zakat on behalf of Muslim individuals and Islamic legal entities who are investors
of these Funds. Thus, investors are advised to pay zakat on their own.
CLEANSING/PURIFICATION PROCESS OF THE SHARIAH-BASED FUNDS
? Cleansing Process For The Shariah-Based Funds
? Wrong Investment
This refers to the Shariah non-compliant investment made by the Manager. The said investment will be
disposed/withdrawn of with immediate effect. In the event of the investment resulted in gain (through capital gain
and/or dividend), the gain is to be channeled to baitulmal or any other charitable bodies as advised by the Shariah
Adviser. If the disposal of the investment resulted in losses to the Shariah-based Funds, the losses are to be borne
by the Manager.
All costs incurred during the acquisition and disposal process, either the investment resulted in either gain or
losses, are to be borne by the Manager.
? Reclassification Of Shariah Status Of Investments For The Shariah-Based Funds
A security which was reclassified as Shariah non-compliant in the periodic review of the securities by the Shariah
Advisory Council of the Securities Commission Malaysia (“SACSC”), the Shariah Adviser or the Shariah Boards of
the relevant Islamic indices. As per the SACSC’s, the Shariah Adviser’s or the Shariah Boards of the relevant
Islamic indices’ advices, the said security will be disposed soonest practical, once the total amount of dividends
received and the market value equal the original investment costs
Any capital gains arising from the disposal of the Shariah non-compliant security made at the time of the
announcement can be kept by the Shariah-based Funds. However, any excess capital gains derived from the
disposal after the announcement day at a market price that is higher than the closing price on the announcement
day is to be channelled to baitulmal or any charitable bodies as advised by the Shariah Adviser.
? Purification Process For The Shariah-Based Funds
? Zakat For The Shariah-Based Funds
The Shariah-based Funds do not pay zakat on behalf of Muslim individuals and Islamic legal entities who are
investors of these Funds. Thus, investors are advised to pay zakat on their own.
For more information on the Shariah Investment Guidelines adopted by BIMB Securities Sdn Bhd (BSSB), kindly refer to
page 154.
35 More Information About The Funds
MORE INFORMATION ABOUT THE FUNDS
LOCAL FUNDS
PACIFIC PREMIER FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve strong long-term capital growth with a consistently attractive income. A strategy has been set up
to create a balanced portfolio of equity securities with capital growth prospects and high income yielding and fixed
interest securities.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund primarily invests in securities that provide capital growth and high income prospects by selecting a portfolio of
securities which is equally spread among growth and value stocks. The Fund allows you the opportunity to benefit from a
consistently reasonable income combined with prospects for capital growth.
INVESTMENT STRATEGY
To attain the Fund's objective of providing investors with a consistently attractive income as well as capital appreciation, the
Fund has significantly higher equity investment in companies with reasonable dividend yields and above average earnings
growth potential. As such, we select a portfolio which adheres to fundamental valuations from sectors which are expected to
grow higher than the market growth.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 40%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
We aim to identify companies adhering to fundamental valuations and offer prospects of above average earnings
growth. Diversification into different industries will be implemented.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis. There is significant overlap between the various
disciplines governing these processes, with strong interaction between the determination of asset allocation and
stock selection.
• Fixed Income Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The fixed income portfolio construction process is research driven and based on macroeconomic analysis,
interest rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation
model, contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield
spreads and yield spreads of specific debt securities.
Performance Benchmark
Since inception to 5 July 2009 Kuala Lumpur Composite Index (KLCI)
6 July 2009 onwards FTSE Bursa Malaysia Top 100 Index (FBM 100)
The benchmark for the Fund or such other equivalent index as may be substituted by Bursa Malaysia Securities Berhad is
widely used and publicly available from major newspapers on a daily basis. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
36 More Information About The Funds
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
PACIFIC PEARL FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve maximum capital growth over a medium to long-term period by investing mainly in small to
medium-sized companies that have excellent prospects for growth.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund invests mainly in small to medium-sized companies that have good prospects for growth. This does not preclude
the Fund from investing a minor portion of the Fund in large-cap companies that are consistent with the Fund’s investment
objective. The Fund focuses on companies with market capitalisation of RM750 million and below at the point of investment,
which we believe can offer better prospects for growth than larger companies. The Fund allows you the opportunity to
benefit from potential capital growth over a medium to long-term period.
INVESTMENT STRATEGY
To achieve the Fund's objective of attaining maximum capital growth over a medium to long-term period, the Fund's portfolio
has significantly higher equity investments in companies with market capitalisation of RM750 million and below at the point
of investment, which have above average earnings growth prospects. These companies may also have the potential of
becoming blue chips in the future.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 40%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
We aim to identify companies with a market capitalisation of RM750 million and below which offer above average
earnings growth prospects. Diversification into different industries will be implemented.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis. There is significant overlap between the various
disciplines governing these processes, with strong interaction between the determination of asset allocation and
stock selection.
• Fixed Income Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The fixed income portfolio construction process is research driven and based on macroeconomic analysis,
interest rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation
model, contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield
spreads and yield spreads of specific debt securities.
Performance Benchmark
Since inception FTSE Bursa Malaysia EMAS Index (FBM EMAS)
The benchmark for the Fund or such other equivalent index as may be substituted by Bursa Malaysia Securities Berhad is
widely used and publicly available from major newspapers on a daily basis. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
37 More Information About The Funds
PACIFIC DANA AMAN
INVESTMENT OBJECTIVE
The Fund aims to provide the Unitholders with consistently above average returns in both income and capital growth over a
medium to long-term period by investing in a wide portfolio of authorised securities over investments which comply with
Shariah principles.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund primarily invests in a diversified investment portfolio that is acceptable under the Shariah principles. The Fund
allows you the opportunity to benefit from returns which are potentially higher than fixed deposit rates over a medium to
long-term period.
INVESTMENT STRATEGY
To achieve the Fund's objective of providing investors with consistently above average income higher than that of fixed
deposit rates and capital appreciation, we construct a diversified investment portfolio that is acceptable under the Shariah
principles.
In upholding the spirit of the Islamic concept of fund management, we invest solely in companies that are approved by the
Securities Commission's Shariah Advisory Council and/or the Shariah Adviser from time to time, and in sukuk that comply
with Shariah principles. Accordingly, the Fund will not invest in companies that are involved in conventional banking and
finance, non-Takaful insurance, gaming, alcoholic beverages and non-halal food products.
Asset Allocation
The Fund may invest up to 95% (minimum equity allocation is 35%) of its NAV in Shariah-compliant equities and Shariahcompliant
equity-related securities but this may be reviewed from time to time depending on the economic and stock market
conditions. An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is able to meet
redemption requests without jeopardising the Fund’s performances.
The Shariah-based liquid assets of the Fund will be in sukuk and other non-interest bearing assets. Accordingly, the Fund
will not purchase bonds, debentures or other interest paying obligations.
While the maximum limit for Shariah-compliant equity investments is 95%, actual asset allocation varies according to our
investment outlook and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in Shariah-compliant equities and Shariah-compliant equity-related
securities, will be invested in sukuk and Islamic money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
The Fund will invest in a diversified portfolio of equities that comply with the Shariah principles.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis. There is significant overlap between the various
disciplines governing these processes, with strong interaction between the determination of asset allocation and
stock selection.
• Sukuk And Islamic Money Market Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The sukuk portfolio construction process is research driven and is based on macroeconomic analysis, interest
rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation model,
contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield spreads
and yield spreads of specific sukuk.
Interest rates are a general economic indicator that will have an impact on the management of a fund regardless of whether
it is a Shariah-based fund or otherwise. It does not in any way suggest that this Fund will invest in conventional financial
instruments. All the investments carried out for this Fund are in accordance with requirements of the Shariah.
Performance Benchmark
Since inception to 17 July 2005 RHB Islamic Index
18 July 2005 to 30 June 2007 Syariah Index (KLSI)
1 July 2007 to 31 October 2007 Composite Benchmark (75% in Syariah Index [KLSI] and 25% in 3-Month
Islamic Interbank Money Market Rate [IIMM])
1 November 2007 to 14 November 2009 Composite Benchmark (75% in FTSE Bursa Malaysia EMAS Shariah Index
[FBMS] and 25% in 3-Month Islamic Interbank Money Market Rate [IIMM])
15 November 2009 onwards Composite Benchmark (95% in FTSE Bursa Malaysia EMAS Shariah Index
[FBMS] and 5% in 3-Month Islamic Interbank Money Market Rate [IIMM])
38 More Information About The Funds
The benchmark for the Fund is a composite of the FBMS index, or such other equivalent index as may be substituted by
Bursa Malaysia Securities Berhad, and 3-month IIMM index. The composite benchmark is reflective of the medium to long
term asset allocation of the Fund, which leans heavily towards Shariah-compliant equities. The indices data are available
from major newspapers on a daily basis. These data will also be published as a comparison against the Fund’s total return
at least on a monthly basis in our publications and website.
Effective 15 November 2009, the composite benchmark (95% in FTSE Bursa Malaysia EMAS Shariah Index [FBMS] and
5% in 3-month Islamic Interbank Money Market Rate [IIMM]) has been adopted for the Fund based on the following
reasons:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy; and
• The composite benchmark reflects the maximum equity exposure of the Fund and hence, the maximum equity market
risk that the Fund will be exposed to.
PACIFIC MILLENNIUM FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve long-term capital growth, with income as its secondary objective, by investing mainly in
fundamentally sound large market capitalisation companies and also any other investments as may be permitted by the
Securities Commission from time to time.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund invests primarily in companies from diverse sectors with market capitalisation of at least RM750 million and that
are considered to be attractively valued in relation to their asset backing, dividend yields and future earnings potential. The
Fund allows you the opportunity to benefit from a consistently reasonable income combined with prospects for capital
growth through income distribution.
INVESTMENT STRATEGY
To attain the Fund's objective, we will construct a diversified investment portfolio that consists of fundamentally sound
companies whose current prices may fail to reflect their long-term values. The Fund will target companies exhibiting
fundamental strength with market capitalisation, at the time of investment, of at least RM750 million each.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 40%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
We aim to identify companies with a market capitalisation of RM750 million and above and whose current prices may
fail to reflect their longer-term value. Diversification into different industries will be implemented.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis. There is significant overlap between the various
disciplines governing these processes, with strong interaction between the determination of asset allocation and
stock selection.
• Fixed Income Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The fixed income portfolio construction process is research driven and based on macroeconomic analysis,
interest rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation
model, contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield
spreads and yield spreads of specific debt securities.
Performance Benchmark
Since inception to 5 July 2009 Kuala Lumpur Composite Index (KLCI)
6 July 2009 onwards FTSE Bursa Malaysia Top 100 Index (FBM 100)
The benchmark for the Fund or such other equivalent index as may be substituted by Bursa Malaysia Securities Berhad is
widely used and publicly available from major newspapers on a daily basis. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
39 More Information About The Funds
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
PACIFIC RECOVERY FUND
INVESTMENT OBJECTIVE
The Fund aims to provide above average returns in the form of capital growth over a medium to long-term period by
investing mainly in cyclical stocks, stocks that are likely to be crisis survivors as well as stocks that are undergoing
restructuring, which may offer considerable recovery prospects and also any other investments as may be permitted by the
Securities Commission from time to time.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund invests primarily in stocks which the Manager believes there is a good likelihood of recovery from any cyclical
downturn or some non-structural setback with strong possibility of earnings improvement. The Fund allows you the
opportunity to benefit from capital growth following any economic downturn, industry-wide cyclical downturn, or corporate
restructuring exercise.
INVESTMENT STRATEGY
To achieve its objective of attaining above average returns in the form of capital growth over a medium to long-term period,
the Fund's investment strategy is to invest primarily in equities of companies which we believe have a good likelihood of
recovery from any cyclical downturn or some non-structural setback with strong possibility of earnings improvement.
Recovery is defined as the overcoming of economic or financial setbacks or difficulties and the regaining of the former
economic or financial fundamentals.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 45%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
In line with the Fund's objectives of achieving high capital growth, the Fund will invest in a diversified portfolio of
equities. In this respect, the Fund will primarily invest in:
- Cyclical stocks which are out of favour as a result of a downturn in the particular sector.
- Stocks which are likely to be crisis survivors that can thrive when the economy recovers.
- Stocks that are undergoing business transformation involving mergers and acquisitions or in the process of
streamlining or re-organisation of its core businesses which would enable them to emerge stronger so as to be
able to tap the growth prospects upon the eventual recovery of the economy.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis.
• Fixed Income Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The fixed income portfolio construction process is research driven and based on macroeconomic analysis,
interest rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation
model, contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield
spreads and yield spreads of specific debt securities.
Performance Benchmark
Since inception to 5 July 2009 Kuala Lumpur Composite Index (KLCI)
6 July 2009 onwards FTSE Bursa Malaysia Top 100 Index (FBM 100)
The benchmark for the Fund or such other equivalent index as may be substituted by Bursa Malaysia Securities Berhad is
widely used and publicly available from major newspapers on a daily basis. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
40 More Information About The Funds
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
PACIFIC INCOME FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve consistently attractive and stable income with reasonable preservation of capital by investing in a
diversified portfolio of fixed income securities such as bonds and money market instruments as well as stocks that offer a
steady dividend income stream. The Fund also aims to provide moderate capital growth over a medium to long-term period.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
The Fund invests its resources predominantly in private debt securities which generally produce higher yield than
government bonds and money market instruments. However, the Fund also targets to maximise its medium to long-term
capital growth and risk-adjusted rewards by investing a substantial proportion of its resources in equities that are
fundamentally sound and have excellent potential for capital appreciation.
Therefore, by investing in Pacific Income Fund, you will be able to reap the following benefits:
• Gain access to the high-yielding bond market which normally trades in large standard blocks of RM5 million each;
• Reduce the specific risk of a single bond by investing in a diversified portfolio of fixed income securities;
• Sell at any time based on the Fund's NAV without worrying that the securities are illiquid; and
• Benefit from the Fund's ability to shift between equities and bonds in response to changing market conditions and
interest rates to maximise capital gain and interest income.
INVESTMENT STRATEGY
To attain the Fund's objective of achieving consistently attractive and stable income with reasonable preservation of capital,
Pacific Income Fund will invest in a diversified portfolio of fixed income securities such as bonds and money market
instruments as well as stocks that offer a steady dividend income stream.
Asset Allocation
The Fund may invest up to 40% (minimum equity allocation is 20%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. Minimum fixed income
allocation is set at 30%. An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is
able to meet redemption requests without jeopardising the Fund’s performances.
Actual asset allocation varies according to our investment outlook and investment strategies after taking into consideration
the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Fixed Income Investment Strategy
Our strategy hinges on the need for a well-diversified portfolio and focuses on the credit qualities of securities in the
portfolio. The fixed income portfolio construction process is research driven and is based on macroeconomic analysis,
interest rate analysis, credit analysis and yield spread analysis. Other than the development of a broad asset allocation
model, contributions will be made via active management to capitalise on changes in interest rates, inter-sector yield
spreads and yield spreads of specific debt securities.
• Equity Investment Strategy
The Fund invests in equities that are fundamentally sound and have excellent potential for medium to long-term capital
appreciation. Since the Fund's investment philosophy is mainly fundamentals driven, we will constantly rotate its
portfolio selection to accommodate the prevailing macro economic outlook. Meanwhile, the Fund will also actively
search for under-valued stocks that can offer promising capital returns.
The investment strategy is based on a disciplined "top-down" approach to asset allocation and sector allocation, using
macroeconomic analysis, market analysis and industry analysis. Stock selection techniques are based on a "bottom-up"
approach using business analysis and security valuation analysis.
Performance Benchmark
Since inception to 5 July 2009 Composite Benchmark (40% in Kuala Lumpur Composite Index [KLCI] and
60% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
6 July 2009 onwards Composite Benchmark (40% in FTSE Bursa Malaysia Top 100 Index [FBM
100] and 60% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
41 More Information About The Funds
The benchmark for the Fund is a composite of the FBM 100 index, or such other equivalent index as may be substituted by
Bursa Malaysia Securities Berhad, and 3-month KLIBOR index and is reflective of the asset allocation of the Fund. The
indices data are available from major newspapers on a daily basis. These data will also be published as a comparison
against the Fund’s total return at least on a monthly basis in our publications and website.
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
PACIFIC DANA MURNI
INVESTMENT OBJECTIVE
The Fund aims to achieve a stable income stream with reasonable protection of capital by investing in a diversified portfolio
of Islamic debt securities and other liquid assets which comply with Shariah principles. The Fund may also provide some
degree of capital growth potential over a medium to long-term period.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Gain access to reasonably high yielding sukuk, which normally trades in large standard blocks of RM5 million each;
• Reduce the specific risk of a single sukuk by investing in a diversified portfolio of sukuk; and
• Sell at any time based on the Fund's NAV without worrying that the sukuk are illiquid.
INVESTMENT STRATEGY
To attain the Fund's objective of achieving a stable income stream with reasonable protection of capital, the Fund will invest
in a diversified portfolio of predominantly sukuk, which generally produce higher yield than government sukuk and Islamic
money market instruments.
In ensuring compliance with Shariah requirements for fund management, the Fund invests solely in sukuk as approved by
the Securities Commission’s Shariah Advisory Council and/or the Independent Shariah Adviser for sukuk registered with the
Securities Commission from time to time. With this, investors of the Fund will benefit not only from the higher returns of
sukuk but also are assured that their investments comply with Shariah requirements at all times.
Asset Allocation
The Fund may invest up to 95% (minimum sukuk allocation is 40%) of its NAV in sukuk. An internal allocation for cash and
other Shariah-based liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for sukuk investments is 95%, asset allocation employed varies according to our investment
outlook and investment strategies after taking into consideration the prevailing market conditions.
Please also refer to page 66.
• Sukuk And Islamic Money Market Investment Strategy
In managing the Fund's investments in sukuk, our strategy hinges on the need for a well-diversified portfolio and focus
on the credit qualities of Shariah-compliant securities in the portfolio. The sukuk portfolio construction process is
research driven and based on macroeconomic analysis, interest rate analysis, credit analysis and yield spread analysis.
Other than the development of a broad asset allocation model, contributions will be made via active management to
capitalise on changes in interest rates, inter-sector yield spreads and yield spreads of any specific sukuk.
Interest rates are a general economic indicator that will have an impact on the management of a fund regardless of whether
it is a Shariah-based fund or otherwise. It does not in any way suggest that this Fund will invest in conventional financial
instruments. All the investments carried out for this Fund are in accordance with requirements of the Shariah.
Performance Benchmark
Since inception Maybank GIA Tier II 12-month Rate
The benchmark for the Fund is available from www.maybank2u.com.my. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
GIA refers to General Investment Account. It is similar to conventional fixed deposits for benchmarking purpose except it
upholds Shariah principles. The Tier II 12-month rate refers to the 12-month rate offered to placements in excess of RM1
million. Only placements within RM1 million qualify for the board rate or Tier I rate which is higher than the Tier II rate.
42 More Information About The Funds
PACIFIC SELECT BALANCE FUND
INVESTMENT OBJECTIVE
The Fund aims to provide medium to long-term capital growth and some income by actively allocating its assets among a
diversified portfolio of equity and fixed income securities according to market conditions.
Any material changes to the Fund’s investment objective would require Unitholders’ approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• The Fund combines the advantages of a pure equity fund and a pure bond fund, hence it aims to provide returns, as
well as risks, that are slightly less than a pure equity fund, but more than that of a pure bond fund;
• Leverage on our collective investment expertise to make the asset allocation and portfolio rebalancing decisions on
your behalf. Thus, you are free from having to decide when to rebalance your portfolios and by how much; and
• The Fund is suitable for investors with a moderate risk tolerance seeking longer-term capital gains but wish to invest in
only a very small number of funds or even just one fund. Through this Fund, you will obtain broad diversification
benefits in just one fund.
INVESTMENT STRATEGY
The Fund uses an investment process that monitors and defines the key drivers of equity and fixed income asset classes.
From that analysis, the Manager will determine the asset allocation strategy. The allocation of funds into specific equity or
fixed income securities will be based on the individual assessment of the instruments’ potentials. At least 50% of the Fund’s
equity investments will be invested in companies with a market capitalisation, at the time of investment, of at least RM750
million each. If the market capitalisation of a company falls below RM750 million, the Manager will allow for a six-month time
frame for the company’s market capitalisation to revert to the minimum RM750 million market capitalisation, failing which the
investment will be sold.
The Fund will actively rebalance its portfolio between equity and fixed income classes if there are significant changes in the
key drivers of the asset class, changes in values of the instruments, or changes in fund flows.
Asset Allocation
The Fund may invest up to a maximum of 60% of its NAV in equities and equity-related securities.
• Equity allocation: minimum - 40%; maximum - 60%
• Fixed income allocation: minimum - 40%; maximum - 60%
The balance of the Fund’s NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments. An internal allocation for cash and other liquid assets will be maintained to ensure
that the Fund is able to meet redemption requests without jeopardising the Fund’s performances.
Please also refer to page 66.
• Fixed Income Investment Strategy
In managing the Fund’s investments in fixed income securities, its strategy depends on the need for a well-diversified
portfolio and focus on the credit qualities of securities in the portfolio. The fixed income portfolio construction process is
research driven and based on macroeconomic analysis, interest rate analysis, credit analysis and yield spread analysis.
Other than the development of a broad asset allocation model, contributions will be made via active management to
capitalise on changes in interest rates, inter-sector yield spreads and yield spreads of any specific bonds.
• Equity Investment Strategy
The Fund may at times deviate from its strategic asset allocation for short-term risk management via the use of tactical
asset allocation, with the reduction of equity or fixed income allocation from their permitted minimum limits should
expectations arise for deterioration in these asset classes.
Performance Benchmark
Since inception to 5 July 2009 Composite Benchmark (60% in Kuala Lumpur Composite Index [KLCI] and
40% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
6 July 2009 onwards Composite Benchmark (60% in FTSE Bursa Malaysia Top 100 Index [FBM
100] and 40% in 3-Month Kuala Lumpur Interbank Offer Rates [KLIBOR])
The benchmark for the Fund is a composite of the FBM 100 index, or such other equivalent index as may be substituted by
Bursa Malaysia Securities Berhad, and 3-month KLIBOR index and is reflective of the asset allocation of the Fund. The
indices data are available from major newspapers on a daily basis. These data will also be published as a comparison
against the Fund’s total return at least on a monthly basis in our publications and website.
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
43 More Information About The Funds
PACIFIC SELECT INCOME FUND
INVESTMENT OBJECTIVE
The Fund aims to provide a consistent and attractive stream of income higher than fixed deposit rates and may also provide
moderate capital growth over the medium to long term by investing in a diversified portfolio of fixed income and
equity securities.
Any material changes to the Fund’s investment objective would require Unitholders’ approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• The Fund will invest in both equities and fixed income securities, mainly focusing on fixed income securities. Therefore,
the Fund aims to provide returns higher than fixed deposit rates with reasonable capital preservation; and
• Leverage on our collective investment expertise to make the asset allocation and portfolio rebalancing decisions on
your behalf. Thus, you are free from having to decide when to rebalance your portfolios and by how much.
INVESTMENT STRATEGY
The Fund is a more conservative version of a balanced income fund but more aggressive than a pure bond fund because of
its maximum 20% equity exposure. At least 50% of the Fund’s equity investments will be invested in companies with a
market capitalisation, at the time of investment, of at least RM750 million each. If the market capitalisation of a company
falls below RM750 million, the Manager will allow for a six-month time frame for the company’s market capitalisation to
revert to the minimum RM750 million market capitalisation, failing which the investment will be sold.
We will monitor and define the key drivers of equity and fixed income asset classes. From that analysis, the Manager will
determine the asset allocation strategy. The allocation of funds into specific equity or fixed income securities will be based
on the individual assessment of the instruments’ potentials.
The Fund will actively rebalance its portfolio between equity and fixed income classes if there are significant changes in the
key drivers of the asset class, changes in values of the instruments, or changes in fund flows. Investments in fixed income
securities may be held for longer periods and less reallocation will be made to lock in favourable yields.
Asset Allocation
The Fund may invest up to a maximum of 20% of its NAV in equities and equity-related securities.
• Equity allocation: minimum - 10%; maximum - 20%
• Fixed income allocation: minimum - 70%
The balance of the Fund’s NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments. An internal allocation for cash and other liquid assets will be maintained to ensure
that the Fund is able to meet redemption requests without jeopardising the Fund’s performances.
Please also refer to page 66.
• Fixed Income Investment Strategy
In managing the Fund’s investments in fixed income securities, its strategy depends on the need for a well-diversified
portfolio and focus on the credit qualities of securities in the portfolio. The fixed income portfolio construction process is
research driven and based on macroeconomic analysis, interest rate analysis, credit analysis and yield spread analysis.
Other than the development of a broad asset allocation model, contributions will be made via active management to
capitalise on changes in interest rates, inter-sector yield spreads and yield spreads of any specific bonds.
• Equity Investment Strategy
The Fund may at times deviate from its strategic asset allocation for short-term risk management via the use of tactical
asset allocation, with the reduction of equity or fixed income allocation from their permitted minimum limits should
expectations arise for deterioration in these asset classes.
Performance Benchmark
Since inception to 5 July 2009 Composite Benchmark (20% in Kuala Lumpur Composite Index [KLCI] and
80% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
6 July 2009 onwards Composite Benchmark (20% in FTSE Bursa Malaysia Top 100 Index [FBM
100] and 80% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
The benchmark for the Fund is a composite of the FBM 100 index, or such other equivalent index as may be substituted by
Bursa Malaysia Securities Berhad, and 3-month KLIBOR index and is reflective of the asset allocation of the Fund, i.e.
skewed towards fixed income investments. The indices data are available from major newspapers on a daily basis. These
data will also be published as a comparison against the Fund’s total return at least on a monthly basis in our publications
and website.
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
44 More Information About The Funds
PACIFIC DIVIDEND FUND
The name of this Fund, Pacific Dividend Fund, reflects its specialised investment strategy of seeking securities with actual or
potential sustainable and high dividend yields.
INVESTMENT OBJECTIVE
The Fund aims to provide steady recurring income that is potentially higher than prevailing fixed deposit rates* by investing
in a portfolio of stocks that are paying or have the potential to pay attractive dividend yields.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Gain access to well-researched high dividend-yield stocks;
• Potentially attractive and above average income relative to fixed deposits;
• Potential moderate capital gains in the medium to long term;
• Potentially lower volatility equity fund investment compared to most other equity funds; and
• Tax credit - Investors who are receiving distributions sourced from taxable dividends and whose personal tax rate is
lower than the corporate tax rate, would benefit more from the Fund's income distributions as they would receive tax
credits, which could be used to offset their tax liabilities or receive a refund from the Inland Revenue Board.
INVESTMENT STRATEGY
To attain the Fund's objective of generating attractive income and capital gains, the Fund will invest in a diversified portfolio
of equity and fixed income instruments. The Fund will attempt to exceed the prevailing 12-month fixed deposit rates
published by leading banks by investing in a portfolio of equities and fixed income instruments whose average yields and
capital gains could potentially generate such returns. If we cannot identify suitable equities with attractive current or potential
future dividend yields, monies will be parked in fixed income instruments with attractive yields.
Stock selection will not be based solely on existing high dividend criteria. In the search for high dividend-yielding stocks, we
will also undertake fundamental analysis to determine the future prospects of prospective investee companies, the
prospects of the industries they are operating in and the overall macroeconomic picture. These factors in turn have a
bearing on the future dividends paid by these companies. A key component is to identify those companies which may not
have a dividend track record, but may be in a position to undertake a dividend payment. Notwithstanding the investment
objective of the Fund, we may from time to time, in light of existing economic conditions, temporarily invest in fixed income
securities or other liquid assets to protect the capital of the Fund.
The Fund's income distribution would be made as tax efficient as possible by sourcing distributable income largely from
realised capital gains (which are not taxable), interest income and dividend income which are tax exempt.
* 12-month fixed deposit rate of Malayan Banking Berhad (Maybank).
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 60%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. Maximum fixed income
allocation is set at 35%. An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is
able to meet redemption requests without jeopardising the Fund’s performances.
The asset allocation may be reduced to below the minimum level or increased above the maximum level indicated at our
discretion depending on the market, economic, political or other conditions. Such conditions or exceptional circumstances
would include but not limited to:
- Situations where there is an expected sharp downturn in the equity market.
- When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations.
- When there is insufficient liquidity in either equity or fixed income instruments for the Fund to transact efficiently.
- When there is insufficient fund assets to form an efficient portfolio.
- When there is redemption affecting the liquidity position of the Fund.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
• Equity Investment Strategy
The Fund may invest up to 100% of its assets in stocks that have a consistent dividend policy (i.e. having paid
dividends three out of the last five years), historical or expected dividend yield and potential for capital growth, that is on
average higher than the prevailing 12-month fixed deposit rate as published by a leading bank or Bank Negara
Malaysia. The balance will be invested in high-yielding fixed income instruments. The Fund will only invest up to its
maximum equity allocation of 100% when there are sufficient high-yielding or potentially high-yielding dividend stocks
available. During bull markets and where overall dividend yields can be low relative to bank deposit returns, the Fund
will increase its holding of fixed income instruments while reducing its equity weightage.
45 More Information About The Funds
The Fund will be restricted to the following:
- A minimum of 70%* of the invested equity or equity-related securities has to be invested in securities with a track
record of having paid dividends three out of the last five years.
- A maximum of 30%* of the invested equity or equity-related securities has to be invested in securities with the
potential to pay dividends within the next 12-month period.
* This 70:30 allocation refers only to the portion of investment in equity.
A small portion of the Fund may be used for short-term trading, when opportunities arise. Opportunities will include but
are not limited to arbitrage situations, discrepancies in valuation, expected liquidity surges and thematic plays. When
there are no opportunities, the Fund will not conduct any short-term trading.
• Fixed Income Investments
In managing the Fund's investments in fixed income securities, our strategy hinges on the need for a well-diversified
portfolio and focus on the credit qualities of securities in the portfolio. The fixed income portfolio construction process is
research driven and based on macroeconomic analysis, interest rate analysis, credit analysis and yield spread analysis.
Other than the development of a broad asset allocation model, contributions will be made via active management to
capitalise on changes in interest rates, inter-sector yield spreads and yield spreads of any specific bonds.
Performance Benchmark
Since inception to 5 July 2009 Kuala Lumpur Composite Index (KLCI)
6 July 2009 onwards FTSE Bursa Malaysia Top 100 Index (FBM 100)
The benchmark for the Fund or such other equivalent index as may be substituted by Bursa Malaysia Securities Berhad is
widely used and publicly available from major newspapers on a daily basis. It will also be published as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
PACIFIC CASH FUND
INVESTMENT OBJECTIVE
The Fund aims to provide regular income potentially higher than prevailing money market and savings rates, stability of
capital and a high level of liquidity.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Consistently attractive and stable stream of income that is potentially higher than prevailing money market and
savings rates;
• Strong capital preservation;
• Low risk with high level of liquidity so that investors can sell at any time based on the Fund’s NAV without worrying
about maturity periods of deposits, money market instruments and fixed income securities; and
• An excellent alternative to temporarily park investment monies while seeking other suitable investment opportunities.
INVESTMENT STRATEGY
The Fund will invest in a diversified portfolio of deposits with financial institutions, money market instruments and fixed
income securities to generate attractive and consistent stream of income that is higher than prevailing money market and
savings rates.
Asset Allocation And Fixed Income Investment Strategy
The Fund will invest at least 90% of its NAV in placements of deposits with financial institutions, money market instruments
and fixed income securities with maturity of no more than 365 days (one year)*. The Fund may also invest in collective
investment schemes that meet the Fund’s objective, offering potentially higher than prevailing money market and savings
rates and, liquidity. This asset allocation may be reviewed from time to time depending on the Fund’s liquidity requirements
and to optimise income to the Fund. We may adopt temporary defensive strategies which will include the shortening of fund
duration and inclusion of assets with greater liquidity.
* The Fund may also invest up to 10% of its NAV in placements of deposits with financial institutions, money market
instruments and fixed income securities that are to mature beyond 365 days (one year) but no longer than 732 days
(two years).
46 More Information About The Funds
The Fund’s investments in money market instruments and fixed income securities will bear a rating of at least BBB for
longer-term issues and at least P2 for short-term issues by RAM Rating Services Berhad (RAM) or issues bearing ratings by
an equivalent rating agency. Upon the event of a downgrade of credit rating to below investment grade (BBB- and below for
long term ratings/P3 and below for short term ratings), the Manager will notify the Trustee of its strategy to rectify the
situation, which may involve the nearest opportunity for disposal of the instrument or a scheme of arrangement with the
issuer of instrument.
The Fund’s combination of liquid short and medium-term money market instruments and fixed income securities will
minimise the Fund’s exposure to interest rates fluctuations and hence minimise fluctuations in Fund pricing.
Performance Benchmark
Since inception to 30 June 2007 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
1 July 2007 onwards 100% Maybank Overnight Repo Rate
The benchmark for the Fund is widely used and publicly available from major newspapers on a daily basis. It will also be
published as a comparison against the Fund's total return at least on a monthly basis in our publications and website.
Effective 1 July 2007, the benchmark 100% Maybank Overnight Repo Rate has been adopted for the Fund based on the
following rationales:
• It provide a more accurate base of comparison against the Fund’s performance; and
• Repo rates provide realistic correlation as to changes in short-term deposit rates whenever there is a change in the
Overnight Policy Rate.
GLOBAL FUNDS
PACIFIC FOCUS18 FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve high capital growth over the long term by investing in a concentrated portfolio of equity and
equity-related securities.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• The concentrated investments of the Fund means each investment provides a high contribution to the Fund’s
performance, leading to potentially superior returns;
• Gain access to Pacific Mutual’s strong expertise focusing on company or stock selection as the primary
investment strategy;
• Gain access top quality Malaysian companies operating locally and globally with good to excellent growth potential; and
• At least 50% of the Fund’s equity will be invested in more stable companies with market capitalisation of RM750 million,
at the point of investment, providing safer and better prospects for capital growth.
INVESTMENT STRATEGY
The Fund will conduct in-depth fundamental company analysis in determining the appropriate equities for the Fund. A
bottom-up investment approach is the core strategy of this Fund. Considerations such as individual company growth
prospects and fundamental and market valuations would be the primary criteria for investment selection. Broad market and
economic conditions would also be taken into account in investment selection and asset allocation. However, this would be
a secondary strategy to equity selection.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 65%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
Investment in this Fund is not the same as placing funds in a deposit with a financial institution. There are risks
involved and investors should rely on their own evaluation to assess the merits and risks when investing in
this Fund.
47 More Information About The Funds
• Equity Investment Strategy
The Fund has a target of creating an optimal portfolio of no more than 18 equity and equity-related securities* at any
one time. While the Fund aims to construct an optimal portfolio of no more than 18 equity and equity-related securities,
the Fund may temporarily expand its portfolio up to a maximum of 28 equity and equity-related securities under certain
circumstances. These circumstances include but are not limited to the following:
- Periods of severe equity market price weakness, where sufficient portfolio diversification may be required.
- When there is insufficient liquidity in equity securities for the Fund to transact efficiently.
In the event of general market overvaluation, the Fund may reduce its holdings to the minimum percentage allowed
and/or switch to defensive equities.
In addition, at least 50% of the Fund’s equity and equity-related holdings must be invested in companies with a market
capitalisation of at least RM750 million.
The Fund will conduct in-depth fundamental company analysis in determining the appropriate equities for the Fund. A
bottom-up investment approach is the core strategy of this Fund. Considerations such as individual company growth
prospects and fundamentals and market valuations would be the primary criteria for investment selection. Broad market
and economic conditions would also be taken into account in investment selection and asset allocation. However, this
would be a secondary strategy to equity selection.
In addition, the Fund may invest up to 50% of its NAV in equity and equity-related securities listed in approved overseas
markets, thus widening the investible universe.
* As the Fund has the mandate to target 18 equity securities, it may be subjected to greater volatility. The Fund will
also invest at least 50% of its equity investments in less volatile larger capitalised companies to reduce volatility
and provide greater stability to the Fund.
• Fixed Income Investment Strategy
The Fund may invest in fixed income securities during periods when our investment strategy favour risk-adjusted
returns in fixed income over equity securities.
• The targeted foreign markets in which the Fund may invest in listed and unlisted securities are Singapore, Thailand,
Philippines, Indonesia, Hong Kong, China, Taiwan, South Korea, Japan, India, Sri Lanka, Australia, New Zealand, USA,
Canada, UK, Ireland, France, Germany, Netherlands, Belgium, Spain, Italy, Norway, Denmark, Luxembourg,
Switzerland, Finland and Sweden. The Fund may also invest in listed and unlisted securities of other foreign markets
not listed herein, upon notification/approval and such other terms and conditions prescribed by the
Securities Commission.
Performance Benchmark
Since inception to 5 July 2009 Kuala Lumpur Composite Index (KLCI)
6 July 2009 to 14 November 2010 FTSE Bursa Malaysia Top 100 Index (FBM 100)
15 November 2010 onwards Composite Benchmark (50% in MSCI AC World Index [MXWD] and 50% in
FTSE Bursa Malaysia Top 100 Index [FBM 100])
The benchmark for the Fund is a composite of FBM 100 index, or such other equivalent index as may be substituted by
Bursa Malaysia Securities Berhad, and MXWD index and is reflective of the long term global and local equity allocations of
the Fund. The FBM 100 index data is widely used and publicly available from major newspapers on a daily basis. The
MXWD index data is available from Bloomberg’s website, www.bloomberg.com, and supporting information services. These
indices will also be published as a comparison against the Fund's total return at least on a monthly basis in our publications
and website.
Effective 15 November 2010, the Fund’s benchmark will be replaced with a composite benchmark that best reflects the
foreign and local equity exposure of the Fund. The MXWD index is selected to represent the global equity investments
component of the Fund while the FBM 100 index reflects the local equity component. The adoption of the new benchmark is
based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance; and
• It is a more appropriate benchmark in regards to the Fund’s objective and investment strategy.
48 More Information About The Funds
PACIFIC ASIA BRANDS FUND
INVESTMENT OBJECTIVE
The Fund aims to provide high capital growth in the medium to long term by investing in a portfolio of listed companies that
have strong brand equity in the Asian region.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Gain access to unlimited choices of companies, listed in the local and global stock exchanges, particularly consumer
brand companies with strong brand equity in the Asian region;
• Leading brands tend to have price premium advantage and greater marketing strength, which allow them to capture
bigger market share than lesser-known brands. Hence, companies with leading brands have favourable valuation
premium for their stocks to generate excellent capital growth potential;
• Increasing affluence and demand for branded goods and services coupled with the increasing demographics in the
Asian region bode well for the growth potential of consumer brand companies with strong or growing brand equity.
These companies have the ability to generate consistent and growing stream of revenues and profits, hence provide
potentially safer and consistent returns; and
• Consumer brand companies tend to have the strongest bargaining power as they are at the end of the value chain
between the customers and products/services as compared to other businesses further up the value chain. As such,
they are subject to less downward pricing pressures as faced by other industries or sectors. Hence, consumer brand
companies provide better prospect for capital growth.
INVESTMENT STRATEGY
The Fund will invest in securities of companies with strong or developing brand equity in the Asian region and which may be
listed in any major global stock exchange.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 65%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the economic and stock market conditions. An internal allocation for
cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests without
jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
During extended bull markets and where overall equity valuations are high, the Fund may increase its fixed income
allocation while reducing its equity allocation.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments.
Please also refer to page 66.
• Equity Investment Strategy
In determining the securities of companies that will be included in the Fund, we will take into account not just the
strengths of the brands possessed by the companies, but also the ability of these brands to generate sustainable
growth in revenues and profits for the respective companies. The Fund’s investments will include listed holding
companies that own businesses with strong brand equity and identity recognition. The Fund may also invest up to 30%
of its NAV in equity and equity-related securities of companies with developing brand equity.
The Fund will be actively managed to optimise return-risk opportunities to investors.
The minimum allocation of the Fund’s NAV is 65%. The Manager may bring the equity weighting to below the minimum
level in circumstances where a significant downturn in the Asian or global economy or equity market is expected.
• Fixed Income Investment Strategy
The Fund may invest in fixed income securities during periods when our investment strategy favour risk-adjusted
returns in fixed income over equity securities.
• The targeted foreign markets in which the Fund may invest in listed and unlisted securities are Singapore, Thailand,
Philippines, Indonesia, Hong Kong, China, Taiwan, South Korea, Japan, India, Sri Lanka, Australia, New Zealand, USA,
Canada, UK, Ireland, France, Germany, Netherlands, Belgium, Spain, Italy, Norway, Denmark, Luxembourg,
Switzerland, Finland and Sweden. The Fund may also invest in listed and unlisted securities of other foreign markets
not listed herein, upon notification/approval and such other terms and conditions prescribed by the
Securities Commission.
49 More Information About The Funds
Performance Benchmark
Since inception to 20 November 2007 Composite Benchmark (50% in MSCI All Countries World Consumer
Staples Local Index [MSCLCSTA] and 50% in MSCI All Countries World
Consumer Discretionary Local Index [MSCLCDIS])
21 November 2007 onwards Composite Benchmark (50% in MSCI All Countries World Consumer
Staples USD Index [MSCUCSTA] and 50% in MSCI All Countries World
Consumer Discretionary USD Index [MSCUCDIS])
The composite benchmark for the Fund is derived from Morgan Stanley Capital International (MSCI)'s globally recognised
world consumer sector indices covering consumer staples and consumer discretionary investments. These indices are
available from Bloomberg’s website, www.bloomberg.com, and supporting information services and will be published as a
comparison against the Fund's total return at least on a monthly basis in our publications and website.
Effective 21 November 2007, the composite benchmark (50% in MSCI All Countries World Consumer Staples USD Index
[MSCUCSTA] and 50% in MSCI All Countries World Consumer Discretionary USD Index [MSCUCDIS]) has been adopted
for the Fund to provide a more accurate base of comparison against the Fund’s performance.
PACIFIC GLOBAL STARS FUND
INVESTMENT OBJECTIVE
The Fund aims to provide capital growth and some income in the medium to long term by investing in a portfolio of global
securities.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will potentially be able to reap the following benefits:
• Gain access to a huge range of investments from global securities markets; and
• Enjoy potentially reduced portfolio volatility with global geographical, sector and asset class diversification. No
assurance can be given, however, that the Fund will in fact have reduced portfolio volatility or higher
risk-adjusted returns.
INVESTMENT STRATEGY
The Fund will invest in a portfolio of global securities that have good growth potential. From an equities universe that may
meet the Fund’s objective, we will undertake a broad-based analysis and classify them into the following before undertaking
further analysis:
• Strongly outperform: Total return is expected to outperform the total return of a relevant benchmark, by a wide margin
over the coming 12 months, with shares rising in price on an absolute basis.
• Outperform: Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months,
with shares rising in price on an absolute basis.
• Neutral: Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12
months, with shares generally rising in price on an absolute basis.
• Underperform: Total return is expected to underperform the total return of a relevant benchmark over the coming 12
months, and the share price is not anticipated to show a gain.
• Strongly underperform: Total return is expected to underperform the total return of a relevant benchmark by a wide
margin over the coming 12 months, with shares falling in price on an absolute basis.
Equities that we consider as ‘strongly outperform’ and ‘outperform’ have historically provided favourable performance
compared to market returns as measured by the relevant benchmarks for US, Europe and Asia. Hence, the Manager
believes the Fund’s investment objectives may be met by investing in such equities. Of course, no assurance can be given
that this will be the case or that the Fund’s investment objective will be met.
The Manager will place strong emphasis on bottom-up investing strategy, focusing on selecting equities with good growth
potential that are available at a reasonable price and adding an overlay of tactical asset allocation. Broad economic issues,
geographic exposures and sector and industry weightings will be considered in the construction of the Fund’s portfolio, as a
secondary emphasis.
The Fund may invest in equities and equity-related securities including preference shares, rights issues, warrants or
covered warrants, convertible loan stocks, equity options or futures, depository receipts e.g. American Depository Receipts
(ADR) or American Depository Shares (ADS), Thai Non-Voting Depository Receipts (NVDR), and listed structured products
e.g. equity linked notes and index linked notes. Please also refer to the general risks on page 29 and the paragraph on the
Fund’s permitted investment on page 59.
While the Fund invests 70% to 100% of its NAV in equity and equity-related securities, the Fund may invest the balance of
its NAV that is not invested in equity and equity-related securities in the following securities/instruments:
• Fixed income
• Collective investment scheme, exchange traded fund (ETF) and real estate investment trusts (REITs).
• Structured products such as bond linked notes, currency linked notes, interest rate linked notes, commodity (contracts)
linked notes and credit linked notes.
• Money market/liquid assets.
50 More Information About The Funds
The Fund will be actively managed by the Manager to optimise returns and minimise risk to investors.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 70%) of its NAV in equities and equity-related securities
listed on any major global stock exchange but this may be reviewed from time to time depending on the economic and stock
market conditions. An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is able
to meet redemption requests without jeopardising the Fund’s performances.
While the maximum limit for equity investments is 100%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions.
In the event of exceptional circumstances where equities markets are forecast to have protracted or extreme retracements,
the Fund may, as a defensive posture, breach its minimum limit in equity holdings to protect the Fund’s investments.
The balance of the Fund's NAV that is not invested in equities and equity-related securities, will be invested in fixed income
securities and money market instruments, and potentially in collective investment schemes, ETF, REITs and
structured products.
Please also refer to page 66.
• Equity Investment Strategy
The Manager will select equities from our researched equities list that we have classified as ‘strongly outperform’,
‘outperform’ and ‘neutral’. ‘Strongly outperform’ and ‘outperform’ rankings are given to equities believed to have the
greatest potential to beat their benchmarks over the coming 12 months. If an equity security subsequently ranks lower
than our ‘neutral’ classification, the Fund will dispose of it. Vice versa, if a previously lowly classified equity is upgraded
to at least a ‘neutral’, the Fund will consider it as an investment prospect.
The selection process relies on a disciplined investment approach that combines fundamental analysis, (intrinsic and
relative valuations) technical analysis, sector strategies, reasonable turnover and a "top-down" overlay. The rankings
are based on detailed qualitative and quantitative analyses of equities and their total return potential relative to their
respective benchmarks over the coming 12 months.
The Manager will conduct subsequent detailed fundamental analysis of each equity security to further narrow down the
list of equities that best fit the Fund’s investment objective and strategy.
• Fixed Income And Money Market Investment Strategy
The Fund may invest in fixed income securities during periods when our investment strategy favour risk-adjusted
returns in fixed income over equity securities.
• The targeted foreign markets in which the Fund may invest in listed and unlisted securities are Singapore, Thailand,
Philippines, Indonesia, Hong Kong, China, Taiwan, South Korea, Japan, India, Sri Lanka, Australia, New Zealand, USA,
Canada, UK, Ireland, France, Germany, Netherlands, Belgium, Spain, Italy, Norway, Denmark, Luxembourg,
Switzerland, Finland and Sweden. The Fund may also invest in listed and unlisted securities of other foreign markets
not listed herein, upon notification/approval to/by the Securities Commission and subject to such other terms and
conditions prescribed by the Securities Commission.
Performance Benchmark
Since inception Composite Benchmark (65% in S&P 500 Index [SPX], 25% in S&P Europe
350 Index [SPE] and 10% in S&P Asia 50 Index [SPA50])
The composite benchmark for the Fund is derived, calculated and maintained by Pacific Mutual using publicly available S&P
indices namely S&P 500 Index, S&P Europe 350 Index and S&P Asia 50 Index. The composite benchmark is reflective of
the longer term focus of the Fund in the respective regions – it is also reflective of the relative equity market capitalisation of
the respective regions. These indices are available from Bloomberg’s website, www.bloomberg.com, and supporting
information services and will be published by Pacific Mutual as a comparison against the Fund's total return at least on a
monthly basis in our publications and website.
51 More Information About The Funds
PACIFIC ASIAPAC INCOME FUND
INVESTMENT OBJECTIVE
The Fund aims to provide steady and attractive income and moderate growth in the medium to long term by investing in a
portfolio of Malaysian and foreign securities.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Enjoy the “best of both worlds” from a balanced portfolio of fixed income securities as well as Malaysian and foreign
equities. Foreign equities will be focused on the Asia Pacific region, which has the greatest income and
growth potential;
• Gain access to diversification in the multiple quality bonds and other fixed income securities;
• Gain access to foreign equity securities specifically equities that pay or have the potential to pay regular and attractive
dividend streams;
• Gain access to diversification in the alternate asset class of real estate or property via real estate investment
trusts (REIT);
• The combination of quality fixed income securities, dividend equities and REIT will provide a potentially strong source of
attractive income and potentially greater stability (lower volatility) for the Fund; and
• The inclusion of growth stocks available at a reasonable price will provide a source of moderate growth for the Fund.
INVESTMENT STRATEGY
The Fund will invest in a diversified portfolio of Malaysian and foreign securities that consist of fixed income securities and
money market instruments as well as equities and equity-related securities and collective investment schemes.
The Fund’s investments in equities and equity-related securities generally will be focused on high dividend yielding equities
or those with the potential to make attractive dividend payments. The Fund may also invest in equities with good growth
potential available at a reasonable price to enhance returns. The Fund will also invest in Real Estate Investment Trusts
(REIT) and other collective investment schemes.
In addition to attractive dividend yields and REIT distributions, the Manager will take into account the existing fundamentals
of companies and REIT researched and the medium to long-term ability of these companies and REIT to continually grow
their business, profits and hence, dividend yield or distribution potential. Extensive “bottom-up” fundamental analysis
combined with “top-down” economic and technical analysis will be conducted in managing the Fund’s investments.
The Fund will be actively managed to optimise returns and minimise risk to investors.
The targeted foreign markets in which the Fund may invest in are Singapore, Thailand, Philippines, Indonesia, Hong Kong,
China, Taiwan, South Korea, Japan, India, Sri Lanka, Australia and New Zealand; and any other foreign market not listed
herein, where the regulatory authority is a member of the International Organization of Securities Commission (IOSCO).
Asset Allocation
The Fund may invest up to 50% (minimum equity allocation is 40%) of its NAV in equities and equity-related securities but
this may be reviewed from time to time depending on the global economic and stock market conditions. An internal
allocation for cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption requests
without jeopardising the Fund’s performances.
While the maximum limit for equity investments is 50%, actual asset allocation varies according to our investment outlook
and investment strategies after taking into consideration the prevailing market conditions and Fund’s cashflows.
The Fund's NAV that is not invested in equities and equity-related securities and REIT and other collective schemes, will be
invested in fixed income securities and money market instruments.
• Equity Investment Strategy
The Fund may invest a maximum of 50% of its NAV in equities and equity-related securities* and collective investment
schemes including REIT.
* Equity-related securities include rights, warrants and covered warrants, equity options, equity futures, loan stocks
and Participatory Notes or ‘P’ Notes issued by global financial institutions and listed on a foreign exchange.
Please also refer to page 29.
As a defensive posture, the Fund’s minimum 40% of NAV in equities and equity-related securities and collective
investment schemes allocation may be reduced to below the floor at the Manager’s discretion, depending on market,
economic, political or other conditions. These conditions include but are not limited to:
?? Where the equity markets are expected to experience protracted or extreme retracements leading to substantial
capital loss.
?? When there is insufficient liquidity in equity securities for the Fund to transact efficiently.
?? When there are insufficient attractive equity investments to form an efficient portfolio.
?? When there is large redemption affecting the liquidity position of the Fund.
52 More Information About The Funds
• Fixed Income And Money Market Investment Strategy
The Fund may invest in fixed income securities during periods when our investment strategy favour risk-adjusted
returns in fixed income over equity securities, which includes any unlisted or listed bonds and/or money market
collective investment schemes.
Performance Benchmark
Since inception Composite Benchmark (40% in MSCI All Countries Asia Pacific Ex-Japan
Index [MXAPJ] and 60% in 3-Month Kuala Lumpur Interbank Offer Rate
[KLIBOR])
The benchmark for the Fund is a composite of the MSCI All Countries Asia Pacific Ex-Japan index and 3-month KLIBOR
index which reflects the asset and geographical allocation of the Fund. The 3-month KLIBOR index data is widely used and
publicly available from major newspapers on a daily basis. The MSCI All Countries Asia Pacific Ex-Japan index is available
from Bloomberg’s website, www.bloomberg.com, and supporting information services. These data will also be published as
a comparison against the Fund’s total return at least on a monthly basis in our publications and website.
PACIFIC DANA DIVIDEN
The name of this Fund, Pacific Dana Dividen, reflects its specialised investment strategy of seeking Shariah-compliant
securities with actual or potential sustainable and high dividend yields.
INVESTMENT OBJECTIVE
The Fund aims to provide capital growth and steady and attractive income in the medium to long term by investing in a
portfolio of equities that are paying or have the potential to pay attractive dividends and that comply with
Shariah requirements.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Gain access to high dividend-yielding Shariah-compliant equities that provide potentially attractive and above average
income relative to bank deposits;
• Gain access to Shariah-compliant equities with attractive dividend yields that are likely underpriced and have the
potential to generate above average capital appreciation and outperformance from upward repricing of these Shariahcompliant
equities;
• Gain access to well-researched Shariah-compliant equities of fundamentally sound companies with current healthy
cash balances, stable and/or growing businesses as well as good prospects for future growth and cash flows;
• Enjoy lower volatility and more moderate risk as price fluctuations are potentially lower and less risky with Shariahcompliant
dividend-yielding equities as compared to other equity funds with a similar asset allocation; and
• Enjoy greater geographical diversification as up to 50% of the Fund’s Shariah-compliant equity holdings can be
invested in foreign markets that have the greatest income and growth potential, further enhancing the Fund’s returnrisk
profile.
INVESTMENT STRATEGY
The Fund will invest in a diversified portfolio of Shariah-compliant securities that have a track record of consistent and
attractive dividend payout policy. Shariah-compliant equities that are experiencing high growth and which have good
potential to initiate or increase dividend payouts will also be considered.
In upholding the spirit of Islamic fund management, the Fund will invest in equities of companies that are approved by the
Securities Commission's Shariah Advisory Council and/or the Shariah Adviser from time to time, and in sukuk that comply
with Shariah requirements. Accordingly, the Fund will not invest in companies that are involved in conventional banking and
finance, conventional insurance, gaming, alcoholic beverages and non-halal food products.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 70%) of its NAV in Shariah-compliant equities and equityrelated
securities but this may be reviewed from time to time depending on the global economic and stock market
conditions. An internal allocation for cash and other Shariah-based liquid assets will be maintained to ensure that the Fund
is able to meet redemption requests without jeopardising the Fund’s performance.
While the maximum limit for Shariah-compliant equity investments is 100%, actual asset allocation varies according to our
investment outlook and investment strategies after taking into consideration the prevailing market conditions and
Fund’s cashflows.
The Fund's NAV that is not invested in Shariah-compliant equities and Shariah-compliant equity-related securities, will be
invested in sukuk, Islamic money market instruments as well as cash and Shariah-based liquid assets.
53 More Information About The Funds
• Equity Investment Strategy
In addition to attractive dividend yields, the Fund’s Manager will take into account the existing fundamentals of
companies and their medium to long-term ability to continually grow their businesses, profits and hence, dividend
payout potential. Extensive bottom-up fundamental analysis combined with top down economic and technical analysis
will be conducted in managing the Fund’s Shariah-compliant investments. Other valuation measures and financial
analysis that the Manager could use include price to earnings (PE); PE to growth and price to book ratios; balance
sheet strength; profit margins and growth; cashflow analysis; quality of earnings and management.
The Fund will be actively managed to optimise returns and minimise risk to investors. The Fund will invest up to its
maximum Shariah-compliant equity allocation when there is sufficient high yielding or potentially high yielding dividend
Shariah-compliant equities available. During extended bull markets and where overall yields could be low relative to
alternative Shariah-compliant investments, the Fund may increase its sukuk investments while reducing its holdings in
Shariah-compliant equities.
In order to achieve optimal diversification, the Fund may also invest up to 50% of its NAV in foreign Shariah-compliant
equities. The countries in which the Fund may invest in include those countries where the stock exchanges are
approved by Bursa Malaysia such as Malaysia, US, UK, Japan, Canada, Switzerland, France, Australia, Germany,
Taiwan, South Korea, Sweden, Italy, Hong Kong, Singapore, Thailand, Indonesia, Chile, New Zealand, Finland,
Greece, Spain, Brazil, Mexico, Hungary, Denmark, Netherlands, Belgium, Ireland, South Africa, Malta, Norway,
Philippines, Poland and Austria.
The Fund may also invest in the following Shariah-compliant securities/instruments:
?? Shariah-compliant equity and Shariah-compliant equity related derivative instruments.
?? Shariah-compliant preference shares.
?? Any other Shariah-compliant investments.
Please also refer to the general risks on page 28 and the paragraph on the Fund’s permitted investment on page 60.
As a defensive posture, the Fund’s minimum 70% of NAV in Shariah-compliant equities and equity-related securities
may be reduced to below the floor at the Manager’s discretion, depending on market, economic, political or other
conditions. These conditions include but are not limited to:
?? Where the equity markets are expected to experience protracted or extreme retracements leading to substantial
capital loss.
?? When there is insufficient liquidity in Shariah-compliant equity securities for the Fund to transact efficiently.
?? When there are insufficient attractive Shariah-compliant funds and Shariah-compliant equity investments to form an
efficient portfolio.
?? When there is large redemption affecting the liquidity position of the Fund.
• Sukuk And Islamic Money Market Investment Strategy
The Fund may invest in sukuk during periods when our investment strategy favour risk-adjusted returns in sukuk over
Shariah-compliant equity securities, which includes any unlisted or listed sukuk, Islamic money market and/or Shariahbased
collective investment schemes.
Interest rates are a general economic indicator that will have an impact on the management of a fund regardless of whether
it is a Shariah-based fund or otherwise. It does not in any way suggest that this Fund will invest in conventional financial
instruments. All the investments carried out for this Fund are in accordance with requirements of the Shariah.
Performance Benchmark
Since inception until 31 October 2007 Composite Benchmark (50% in Syariah Index [KLSI] and 50% in Dow Jones
Islamic Market World Index [DJIM])
1 November 2007 onwards Composite Benchmark (50% FTSE Bursa Malaysia EMAS Shariah Index
[FBMS] and 50% in Dow Jones Islamic Market World Index [DJIM])
The benchmark for the Fund is a composite of FBMS index, or such other equivalent index as may be substituted by Bursa
Malaysia Securities Berhad, and DJIM index and is reflective of the medium to long term local and global equity allocation of
the Fund. The FBMS index is widely used and publicly available from major newspapers on a daily basis. The DJIM index is
available from Bloomberg’s website, www.bloomberg.com, and supporting information services. These data will also be
published as a comparison against the Fund’s total return at least on a monthly basis in our publications and website.
In view of the cessation of the Syariah Index on 1 November 2007, the Fund’s benchmark was replaced with FTSE Bursa
Malaysia EMAS Shariah Index.
54 More Information About The Funds
PACIFIC FOCUS CHINA FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve attractive capital growth in the medium to long term by investing predominantly in equities and
equity-related securities of companies listed in the greater China region which covers China, Hong Kong S.A.R. and
Taiwan markets and may invest in companies listed in other markets that have significant or potentially significant business
in the greater China region.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• High long-term economic growth rate in the greater China region – long-term industrial and commercial and
infrastructure growth potentials;
• Huge population base with growing middle class. Thus, strong domestic consumption potential; and
• Strong country fundamentals (e.g. significant foreign reserves and high personal savings rate).
EXTERNAL INVESTMENT MANAGER
The investment management of the Fund has been delegated to an External Investment Manager, Lion Global Investors
Limited (“Lion Global Investors”). Please refer to pages 144 and 145 for more information on Lion Global Investors. Lion
Global Investors will manage the assets of the Fund in line with the investment objective of the Fund, the trust deed of the
Fund, the Securities Commission Guidelines on Unit Trust Funds and any relevant guidance notes or legislation and the
internal investment and risk management policies of the Manager.
INVESTMENT STRATEGY
The Fund will invest predominantly in equities and equity-related securities of companies listed in the greater China region
which covers China, Hong Kong S.A.R. and Taiwan. The Fund may invest in listed Exchange Traded Funds (ETFs) and
unlisted collective investment schemes that have underlying investments which are in line with the Fund’s objective, that is
funds which have broad exposure to the respective equity markets of the said countries (China, Hong Kong S.A.R. and
Taiwan). The Fund also has the mandate to invest in companies listed in other markets where the said companies have
significant or potentially significant business in the greater China region. These companies comprise those that currently
derive or are projected in the next two to five years to derive at least 30% of their earnings from the greater China region.
Also included are companies that currently have or are projected to have at least 30% of their assets in the region.
Asset Allocation
The Fund may invest up to 100% (minimum equity allocation is 70%) of its NAV in equities and equity-related securities as
well as ETFs and unlisted collective investment funds but this may be reviewed from time to time depending on the global
economic and stock market conditions.
The Fund’s NAV that is not invested in equities, equity-related securities, ETFs and collective investment funds, will be
invested in fixed income securities, money market instruments and cash/liquid assets.
An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption
requests without jeopardising the Fund’s performance.
Please also refer to page 66.
• Equity Investment Strategy
?? Investment Philosophy
Sustained long-term outperformance can be achieved through a rigorous research methodology and process
aimed at uncovering high conviction ideas which are trading at significant discounts to fair value. An objective and
disciplined implementation of these ideas using sound portfolio risk controls and portfolio construction rules will be
applied. The underlying philosophy is that securities prices will ultimately reflect underlying economic
fundamentals. In the short to medium term however, technical factors including behavioural elements or liquidity
may distort prices. By staying focused on the long term, the aim is to avoid the common mistake of selling too early
or overtrading the portfolio.
55 More Information About The Funds
?? Investment Approach
The key is to design and implement a research process that would identify businesses that have most, if not all, of
the following characteristics:
- A clearly understandable business model and value add proposition.
- Strong and forward looking management.
- Sustainable top line and bottom line growth.
- Adopt healthy corporate governance practices.
- Strong free cash flows or has the potential to generate such.
- Exhibit strong profitability in terms of net profit margins and return on equity.
- Strong balance sheets.
- Sustainable competitive edge.
- A proven track record of growth and profitability through both good and weak economic conditions.
- Whose share price is trading at a deep discount to fair value.
In order to arrive at an accurate estimation of the fair value it is first and foremost necessary to have a clear
understanding of the business model and all the key drivers of sales and profits. A thorough look back at the
operating history of the company is essential. This should preferably include a long enough history that indicates
operating performance under both economic growth periods and slow/recessionary conditions. An earnings and
cash flow model is developed for each stock wherein the External Investment Manager would also develop some
sensitivity analysis to examine earnings and cash flows under varying assumptions. For each stock researched,
the key is to determine its sustainable earning power and the likely medium to long term growth rate of those
earnings and apply an appropriate discount rate to derive an intrinsic value. The External Investment Manager
tends to be skeptical of the accounting definition of earnings and prefers to look at the cash flow returns as a more
reliable basis for determining investment value. Other inputs that the External Investment Manager uses to derive
fair value include conventional measures such as Price-Earnings ratios (PER), Enterprise Value-Earnings Before
Interest, Tax, Depreciation and Amortization (EV-EBITDA), replacement values and comparable business
transactions and dividend discount model.
The preference is to search for growth stocks in growth industries although they would also include some “value”
stocks as well as cyclical stocks.
While these are widely used valuation tools the External Investment Manager believes they can gain an edge by
having deeper insights into understanding companies’ business fundamentals thus enabling them to make better
judgments on estimating the growth potential and applying the correct discount rate which reflects the risk level of
those earnings appropriately. The External Investment Manager also makes it a point to monitor closely all their
investments so that mid course adjustments can be made expeditiously when conditions warrant.
• Fixed Income And Money Market Investment Strategy
The Fund may invest in local fixed income securities during periods when the investment strategy favours risk-adjusted
returns in fixed income over equity securities. The Fund may also hold foreign/foreign currency cash and liquid assets.
• Targeted Foreign Markets
The targeted foreign markets in which the Fund may invest in listed and unlisted securities are China, Hong Kong
S.A.R. and Taiwan. The Fund may also invest in listed and unlisted securities of companies listed in other markets that
have significant or potentially significant business in the greater China region, upon notification to the Securities
Commission and such terms and conditions that may be prescribed by the Securities Commission.
Performance Benchmark
Since inception MSCI Golden Dragon Index (MXGD)
The benchmark for the Fund is MXGD index and this data is available from Bloomberg’s website, www.bloomberg.com, and
supporting information services and will be published by Pacific Mutual as a comparison against the Fund's total return at
least on a monthly basis in our publications and website.
56 More Information About The Funds
PACIFIC GLOBAL A.I.R. FUND
INVESTMENT OBJECTIVE
The Fund aims to achieve attractive capital growth and income in the medium to long term by investing in a portfolio of
global investments that are related to sectors that provide support to global trade and production, integral to human life and
economic growth.
Any material change to the Fund's investment objective would require Unitholders' approval.
BENEFITS
By investing in this Fund, you will be able to reap the following benefits:
• Strong growth potential from the agriculture and resources sectors that benefit from continued population growth and a
strong rise in the economies of emerging markets, leading to continued strong and higher demand for agriculture
produce and resources. Certain resources are also finite, meaning they are non-replaceable. These factors imply good
and growing earnings for companies involved in these sectors;
• Strong income and growth potential from the more stable infrastructure sector which generates a reasonable and more
predictable income stream; and
• Global diversification in developed and emerging economies.
INVESTMENT STRATEGY
The Fund may invest in global equities and equity-related securities (such as warrants and options) of companies that are
involved in or substantially related to (at least 50% of revenue or earnings or at least 50% of assets in these sectors) the
sectors that provide support to global trade and production essential to the sustainability of human life and economic growth.
These companies are integral players in the growing, building, extraction and conversion of resources for intermediate and
end consumption and utilisation. Specifically, the three broad sectors are as follows:
Broad Sector Sub-Sectors
(Companies involved in or substantially related to but not limited to the following)
Agriculture/
Agribusiness
• Growing, harvesting, packing, processing, distributing and/or trading of agricultural
commodities/products:
? Food crops (corn, soybeans, wheat, rice, sugar, coffee).
? Livestock.
? Non-food crops (cotton, jute).
• Support and servicing of the agricultural sector including providing seeds, fertilizer and crop
protection products; facilities (crop/grain storage, mills); capital goods (vehicles, machinery,
equipment, transportation); agriculture planning and biotechnology.
• Packaged food processing and manufacturing.
• Bio-energy sector (production and marketing of ethanol, other bio-fuels).
Natural Resources • Ownership, mining/extracting and processing of natural resources:
? Plantations (palm oil, rubber).
? Timber and forest resources.
? Minerals (gold, silver, platinum, copper, nickel, tin, iron ore, alumina, zinc).
? Energy (oil & oil sands, natural gas, coal, uranium).
• Support and servicing of natural resource sector including provision of capital goods
(vehicles, machinery, equipment, transportation and storage, logistics,
godowns/warehousing, ship builders).
Infrastructure • Ownership, construction, management and maintenance of the following:
? Toll roads, railroads, tunnels and bridges.
? Airports and sea ports.
? Power and water utilities.
? Telecommunications networks.
? Waste/waste water management.
? Other power generation assets – nuclear, wind, solar and hydro.
? Hospitals and related physical healthcare facilities and services including marketing and
manufacturing of pharmaceuticals and medical equipment.
• Servicing of infrastructure companies including repairs and maintenance and logistic
services.
• Equipment manufacturers of infrastructure companies.
• Suppliers of building materials (cement, steel and concrete products).
57 More Information About The Funds
Asset Allocation
The Fund may invest up to 100% of its NAV in global equities. Investment in equity-related securities (such as warrants and
options) may be up to a maximum of 15% of its NAV. These allocations may be reviewed from time to time depending on
the global economic and stock market conditions.
The Fund’s NAV that is not in equities and equity-related securities (such as warrants and options) will be invested in fixed
income securities, money market instruments and cash/liquid assets up to a maximum of 30% of its NAV.
An internal allocation for cash and other liquid assets will be maintained to ensure that the Fund is able to meet redemption
requests without jeopardising the Fund’s performance.
Please also refer to page 66.
• Equity Investment Strategy
The Fund may invest in stocks of companies that service companies involved in the above three broad sectors as well
as companies that are involved in the trading/marketing of products related to the three broad sectors.
A combination of top-down and bottom-up investment approaches will be used in managing the Fund. The Fund will
have a preference for investments in companies that are among the largest and best managed in their sectors and that
would be able to grow or at least maintain their earnings under various economic climates. Given the more cyclical
nature of agriculture and natural resources investments, the Fund will also monitor the broad macro-economic
fundamentals of these sectors to minimise the effects of any potential downturn – and in such situations, will endeavour
to reallocate a greater portion of the Fund’s investments to more defensive investments (including more to the
infrastructure sector) or into fixed income and money market securities.
As equity-related securities are a hybrid of equities and fixed income securities, a combined investment approach (of
both equity and fixed income asset classes) will be undertaken in managing such securities. In addition, factors such as
price movement of equity-related securities relative to their underlying security, conversion prices and dividend/income
yield offered will be important considerations in making any potential investment.
• Fixed Income And Money Market Investment Strategy
The Fund may invest in local fixed income securities during periods when the investment strategy favours risk-adjusted
returns in fixed income over equity securities. The Fund may also hold foreign/foreign currency cash and liquid assets.
• Targeted Foreign Markets
The foreign markets in which the Fund may invest in are Taiwan, Australia, Belgium, Bermuda, Brazil, Canada, Chile,
China, Denmark, Finland, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Luxembourg, Mexico,
Netherlands, New Zealand, Norway, Portugal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland,
Thailand, UK and USA.
While the Fund may not invest directly in markets in Taiwan and India, the Fund may invest in collective investment
schemes listed on or available in other approved markets and whose underlying securities are in Taiwan and India. The
Fund may also invest in listed and unlisted securities of other foreign markets not listed herein, where the regulatory
authority is a member of the International Organization of Securities Commission (IOSCO).
Performance Benchmark
Since inception Composite Benchmark (50% in MSCI World Net Energy & Materials 10/40
Index [MWNEM], 25% in MSCI World Net Telecommunications Services
Index [MWNTS] and 25% in MSCI World Net Utilities Index [MWNU])
The benchmark for the Fund is a composite of the MSCI World Net Energy & Materials 10/40 Index [MWNEM], MSCI World
Net Telecommunications Services Index [MWNTS] and MSCI World Net Utilities Index [MWNU]. These three benchmarks
provide the optimal representation of the Fund’s portfolio*. These data are available from Bloomberg’s website,
www.bloomberg.com, and supporting information services and will be published by Pacific Mutual as a comparison against
the Fund's total return at least on a monthly basis in our publications and website.
* We have excluded the agriculture related equity indices as there are only a few agriculture related equity indices, whose
components are proprietary information except by subscription, that match the Fund’s investment mandate of
agriculture/agribusiness equities. In addition, most available indices track agriculture commodity prices rather than equity
prices.
58 More Information About The Funds
PERMITTED INVESTMENTS
Unless otherwise prohibited by the relevant authorities or any relevant law and provided always that there are no
inconsistencies with the objectives of the respective Funds, the Funds may invest in the following permitted investments:
The Pacific Premier Fund, Pacific Pearl Fund, Pacific Millennium Fund, Pacific Recovery Fund, Pacific Income Fund,
Pacific SELECT Balance Fund, Pacific SELECT Income Fund, Pacific Dividend Fund and Pacific Focus18 Fund may
invest in the following permitted investments:
• Securities traded on the Bursa Malaysia and any other market considered as an Eligible Market;
• Fixed income securities traded in or under the rules of an Eligible Market;
• Fixed income securities issued by Bank Negara Malaysia, the Malaysian Government and government related
agencies such as Danamodal Nasional Berhad, Pengurusan Danaharta Nasional Berhad, Khazanah Nasional
Berhad and Cagamas Berhad;
• Unlisted fixed income securities which are either bank-guaranteed or rated by RAM Rating Services Berhad,
Malaysian Rating Corporation Berhad or other recognised rating agencies;
• Liquid assets such as Malaysian currency deposits and money market instruments with licensed financial institutions
including Investment Certificates, placement of monies at call with licensed financial institutions, and any other
instrument capable of being converted into cash within seven days as may be approved by the respective Trustees;
• Units of other collective investment schemes;
• Structured product, such as those linked to a basket of equity securities or equity indices, options, debt securities,
commodities futures, currencies and possibly equity or interest rate swaps (applicable to the Pacific Focus18 Fund
only);
• Foreign securities traded in foreign markets under the rules of an Eligible Market and subject to the limit as may be
permitted for investment by the relevant authorities from time to time (applicable to the Pacific Focus18 Fund only);
• Futures contracts traded in futures markets of an exchange permitted under the Capital Markets And Services Act
2007, only for hedging purposes; and
• Any other form of investments as may be agreed upon by the Manager and the respective Trustees from time to time
and permitted by the relevant authorities.
The Pacific Dana Aman may invest in the following permitted investments:
• Securities that are approved by the Shariah Advisory Council of the Securities Commission Malaysia and are traded
on the Bursa Malaysia and any other market considered as an Eligible Market;
• Sukuk traded in or under the rules of an Eligible Market;
• Sukuk issued by Bank Negara Malaysia and government related agencies;
• Unlisted sukuk which are rated by RAM Rating Services Berhad, Malaysian Rating Corporation Berhad or other
recognised rating agencies;
• Liquid assets such as Malaysian currency deposits under Islamic Banking, money market instruments that comply
with Shariah principles and any other Shariah-compliant instrument capable of being converted into cash within
seven days as may be approved by the Trustee;
• Units of other Shariah-based collective investment schemes;
• Islamic futures contracts and other permitted Islamic derivative instruments traded in futures markets of an exchange
permitted under the Capital Markets And Services Act 2007, only for hedging purposes; and
• Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time and
permitted by the relevant authorities.
59 More Information About The Funds
The Pacific Dana Murni may invest in the following permitted investments:
• Sukuk traded in or under the rules of an Eligible Market;
• Sukuk issued by Bank Negara Malaysia and government related agencies;
• Unlisted sukuk which are either bank-guaranteed or rated by RAM Rating Services Berhad, Malaysian Rating
Corporation Berhad or other recognised rating agencies;
• Shariah-based liquid assets such as Shariah-based deposits (Malaysian currency) with licensed financial institutions,
Islamic money market instruments and any other Shariah-compliant instrument capable of being converted into cash
within such time pursuant to the requirement under the relevant laws;
• Units of other Shariah-based collective investment schemes;
• Islamic futures contracts and other permitted Islamic derivative instruments traded in futures markets of an exchange
permitted under the Capital Markets And Services Act 2007, only for hedging purposes; and
• Any other Shariah-compliant investments as may be agreed upon by the Manager and the Trustee and permitted by
the Securities Commission's Shariah Advisory Council and/or the Shariah Adviser from time to time.
The Pacific Cash Fund may invest in the following permitted investments:
• Fixed income securities traded in or under the rules of an Eligible Market;
• Fixed income securities issued by Bank Negara Malaysia, the Malaysian Government and government related
agencies such as Danamodal Nasional Berhad, Pengurusan Danaharta Nasional Berhad, Khazanah Nasional
Berhad and Cagamas Berhad;
• Unlisted fixed income securities which are either bank-guaranteed or rated by RAM Rating Services Berhad,
Malaysian Rating Corporation Berhad or other recognised rating agencies;
• Liquid assets such as Malaysian currency deposits and money market instruments with licensed financial institutions
including Investment Certificates, placement of monies at call with licensed financial institutions, and any other
instrument capable of being converted into cash; and
• Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time and
permitted by the relevant authorities.
The Pacific Asia Brands Fund, Pacific Global Stars Fund, Pacific AsiaPac Income Fund and Pacific Global A.I.R. Fund
may invest in the following permitted investments:
• Securities listed on the Bursa Malaysia and any other market considered an Eligible Market;
• Securities issued by Government and Government related agencies including Malaysian Government Securities,
Treasury Bills, Bank Negara Malaysia Certificates and Government Investment Certificates;
• Malaysian currency balances in hand, Malaysian currency deposits with licensed financial institutions including
Negotiable Certificates of Deposit, Bankers Acceptance and placement of money at call with investments banks; and
any other instrument capable of being converted into cash within such time pursuant to the requirement under the
relevant laws;
• Cagamas Bonds, unlisted loan stocks and corporate bonds that are either bank guaranteed or rated by RAM Rating
Services Berhad, Malaysian Rating Corporation Berhad or any other permitted rating agency;
• Private debt securities and bonds traded on Eligible Markets and/or permitted stock exchanges;
• Units of other collective investment schemes;
• Structured product, such as those linked to a basket of equity securities or equity indices, options, debt securities,
commodities futures, currencies and possibly equity or interest rate swaps (not applicable to the Pacific Global A.I.R.
Fund);
• Futures contracts traded in a futures market of an exchange permitted under the Capital Markets And Services
Act 2007 only for hedging purposes;
• Unlisted securities which have been approved by the relevant regulatory authority for listing or quotation on an
exchange and are offered directly to the fund by the issuer (applicable to the Pacific Asia Brands Fund, Pacific Global
Stars Fund and Pacific Global A.I.R. Fund. For Pacific AsiaPac Income Fund, this is applicable in relation to markets
within the Asia Pacific region);
• Foreign securities traded in foreign markets under the rules of an Eligible Market within the Asia Pacific region,
subject to the limit as may be permitted for investment by the relevant authorities from time to time (applicable to the
Pacific AsiaPac Income Fund only);
• Foreign securities traded in foreign markets under the rules of an Eligible Market and subject to the limit as may be
permitted for investment by the relevant authorities from time to time (not applicable to the Pacific AsiaPac Income
Fund); and
60 More Information About The Funds
• Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time and
permitted by the relevant authorities, where necessary.
The Pacific Dana Dividen may invest in the following permitted investments:
• Foreign Shariah-compliant securities (as approved by the respective Advisory Council/Shariah Adviser) traded in
foreign markets under the rules of an Eligible Market and subject to the limit as may be permitted for investment by
the relevant authorities from time to time;
• Shariah-compliant securities listed on the Bursa Malaysia and any other market considered as an Eligible Market;
• Shariah-compliant securities issued by government and government related agencies including Bank Negara
Malaysia Negotiable Notes, Government Investment Issues and any other government Islamic papers;
• Malaysian currency balances in hand, Malaysian currency placed with licensed financial institutions including Islamic
Negotiable Instruments, Islamic Accepted Bills and placement of money at call with licensed financial institutions and
any other Shariah-compliant instrument capable of being converted into cash within such time pursuant to the
requirement under the relevant laws;
• Cagamas Islamic Bonds, unlisted sukuk that are either bank guaranteed or rated by RAM Rating Services Berhad,
Malaysian Rating Corporation Berhad or any other permitted rating agency;
• Units of other Shariah-based collective investment schemes;
• Islamic structured products where the underlying securities/instruments are Shariah-compliant, such as those linked
to a basket of Shariah-compliant equity securities or Shariah-compliant equity indices, Shariah-compliant options,
sukuk, commodities futures, currencies and possibly Shariah-compliant equity or interest rate swaps;
• Islamic futures contracts traded in a futures market of an exchange permitted under the Capital Markets And
Services Act 2007; and
• Any other form of Shariah-compliant investments as may be agreed upon by the Manager and Trustee and permitted
by the relevant authorities.
The Pacific Focus China Fund may invest in the following permitted investments:
• Securities traded in foreign markets which are allowed by the Securities Commission and within the limits as set by
Bank Negara Malaysia;
• Securities of companies listed in the greater China region which covers China, Hong Kong S.A.R. and Taiwan
markets and also of securities companies listed in other markets that have significant or potentially significant
business in the greater China region;
• Units of other collective investment schemes;
• Fixed income securities traded in or under the rules of an Eligible Market;
• Fixed income securities issued by Bank Negara Malaysia, the Malaysian Government and government related
agencies such as Danamodal Nasional Berhad, Pengurusan Danaharta Nasional Berhad, Khazanah Nasional
Berhad and Cagamas Berhad;
• Unlisted fixed income securities which are either bank-guaranteed or rated by RAM Rating Services Berhad,
Malaysian Rating Corporation Berhad or other recognised rating agencies;
• Liquid assets such as Malaysian currency deposits and money market instruments with commercial banks, finance
companies, investment banks and Bank Islam Malaysia Berhad including Investment Certificates, placement of
monies at call with investment banks, and any other instrument capable of being converted into cash within seven
days as may be permitted by the Trustee; and
• Any other form of investments as may be agreed upon by the Manager and the Trustee from time to time and
permitted by the relevant authorities, where necessary.
61 More Information About The Funds
INVESTMENT RESTRICTIONS AND LIMITS
The investments for all Funds except Shariah-based Funds and the Pacific Cash Fund, shall be subject to the following
restrictions:
Spread Of Investments On Single Issuer
• The value of a Fund's investments in ordinary shares issued by any single issuer must not exceed 10% of the Fund’s
NAV or any other limit set by the Securities Commission;
• The value of a Fund's investments in transferable securities and money market instruments issued by any single
issuer must not exceed 15% of the Fund’s NAV (not applicable for the Pacific SELECT Income Fund) or any other
limit set by the Securities Commission;
• The value of the Pacific SELECT Income Fund’s investments in debentures issued by any single issuer must not
exceed 20% of the Fund’s NAV. This limit may be increased to 30% if the debentures are rated by any domestic or
global rating agency to be the best of quality and offer the highest safety for timely payment of interest and principal
or any other limit set by the Securities Commission; and
• The aggregate value of a Fund’s investments in transferable securities, money market instruments, deposits, OTC
derivatives and structured products issued by or placed with (as the case may be) any single issuer/institution must
not exceed 25% of the Fund’s NAV or any other limit set by the Securities Commission. For the Pacific SELECT
Income Fund, where the single issuer limit is increased to 30%, the aggregate value of the Fund’s investment must
not exceed 30%.
Exposure Limits
The value of the Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV or any other limit set
by the Securities Commission. However, this exposure limit does not apply to “unlisted securities” that are:
? Equities not listed or quoted on a stock exchange but have been approved by the relevant regulatory authority for
such listing and quotation, and are offered directly to the Fund by the issuer;
? Debentures traded on an organised over-the counter (OTC) market; and
? Structured products.
Spread Of Investments On Groups Of Companies
• The value of a Fund's investments in transferable securities and money market instruments issued by any group of
companies must not exceed 20% of the Fund’s NAV (not applicable for the Pacific SELECT Income Fund) or any
other limit set by the Securities Commission; and
• The value of the Pacific SELECT Income Fund’s investments in debentures issued by any group of companies must
not exceed 30% of the Fund’s NAV.
Concentration Of Investments
• A Fund's investments in transferable securities (other than debentures) must not exceed 10% of the security issued
by any single issuer or any other limit set by the Securities Commission;
• A Fund’s investments in debentures must not exceed 20% of the debentures issued by any single issuer or any other
limit set by the Securities Commission; and
• A Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any single
issuer. However, this limitation does not apply to money market instruments that do not have a pre-determine issue
size.
Futures, Options and Derivatives Contracts
• A Fund’s exposure from a derivatives position must not exceed the NAV of the Fund at all times;
• The exposure of the Fund to the underlying assets must not exceed the investment spread limits stipulated in the SC
Guidelines;
• 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
• A Fund will only invest in futures, options and other derivatives contracts in accordance with the provisions and limits
set by the Securities Commission.
Collective Investment Schemes
• A Fund will only invest in other collective investment schemes in accordance with the provisions and limits set by the
Securities Commission;
• The value of the Fund’s investments in units/shares of any collective investment schemes must not exceed 20% of
the Fund’s NAV or any other limited set by the Securities Commission; and
• The Fund’s investments in collective investment schemes must not exceed 25% of the unit/shares in any collective
investment scheme.
Placement Of Deposits
The value of a Fund’s placement in deposits with any single licensed financial institution must not exceed 20% of the
Fund’s NAV or any other limit set by the Securities Commission.
62 More Information About The Funds
Foreign Securities (not applicable to the Pacific SELECT Balance Fund and Pacific SELECT Income Fund)
• Investment in foreign markets is subject to the limits set by relevant authorities; and
• A Fund may invest in securities that are listed or traded in a foreign market where the regulatory authority is a
member of the International Organization of Securities Commission.
Structured Products (applicable to the Pacific Focus18 Fund, Pacific Asia Brands Fund, Pacific Global Stars Fund
and Pacific AsiaPac Income Fund only)
The value of a Fund’s holdings in structured products issued by any single counter-party must not exceed 15% of the
Fund’s NAV or any other limit set by the Securities Commission. The single counter-party limit may be exceeded if the
counter-party has a minimum long-term rating that indicates very strong capacity for timely payment of financial
obligations provided by any domestic or global rating agency and the structured product has a capital protection feature.
The investments for the Pacific Cash Fund shall be subject to the following restrictions:
Exposure Limits
• The value of the Fund’s investments in permitted investments must not be less than 90% of the Fund’s NAV;
• The value of the Fund’s investments in permitted investments which have a remaining maturity period of not more
than 365 days must not be less than 90% of the Fund’s NAV; and
• The value of the Fund’s investments in permitted investments which have a remaining maturity period of more than
365 days but fewer than 732 days must not exceed 10% of the Fund’s NAV.
Spread Of Investments On Single Issuer
The value of the Fund's investments in debentures and money market instruments issued by any single issuer must not
exceed 20% of the Fund’s NAV. This limit may be increased to 30% if the debentures are rated by any domestic or global
rating agency to be the best of quality and offer the highest safety for timely payment of interest and principal or any other
limit set by the Securities Commission.
Spread Of Investments On Groups Of Companies
The value of the Fund’s investments in debentures and money market instruments issued by any group of companies
must not exceed 30% of the Fund’s NAV or any other limit set by the Securities Commission.
Concentration Of Investments
• The Fund’s investments in debentures must not exceed 20% of the securities issued by any single issuer; and
• The Fund’s investments in money market instruments must not exceed 20% of the instruments issued by any single
issuer.
Collective Investment Schemes
• The Fund will only invest in other collective investment schemes in accordance with the provisions and limits set by
the Securities Commission; and
• The Fund’s investments in collective investment schemes must not exceed 25% of the unit/shares in any collective
investment scheme or any other limit set by the Securities Commission.
Placement Of Deposits
The value of the Fund’s placement in deposits with any single licensed financial institution must not exceed 20% of the
Fund’s NAV or at any other limit set by the Securities Commission.
63 More Information About The Funds
The Shariah-compliant investments for the Pacific Dana Aman and Pacific Dana Dividen shall be subject to the following
restrictions:
Spread Of Investments On Single Issuer
• The value of a Fund's investments in the Shariah-compliant ordinary shares issued by of any single issuer must not
exceed 10% of the Fund’s NAV or any other limit set by the Securities Commission;
• The value of a Fund's investments in transferable Shariah-compliant securities and the Islamic money market
instruments issued by any single issuer must not exceed 15% of the Fund’s NAV or any other limit set by the
Securities Commission; and
• The aggregate value of the Fund’s investments in transferable securities, money market instruments, deposits, OTC
derivatives and structured products issued by or placed with (as the case may be) any single issuer/institution must
not exceed 25% of the Fund’s NAV or any other limit set by the Securities Commission.
Exposure Limits
The value of a Fund’s investments in unlisted Shariah-compliant securities must not exceed 10% of the Fund’s NAV or
any other limit set by the Securities Commission. However, this exposure limit does not apply to “unlisted securities” that
are:
• Equities not listed or quoted on a stock exchange but have been approved by the relevant regulatory authority for
such listing and quotation, and are offered directly to the Fund by the issuer;
• Debentures traded on an organised over-the counter (OTC) market; and
• Structured products.
Spread Of Investments On Groups Of Companies
The value of a Fund's investments in transferable Shariah-compliant securities and the Islamic money market instruments
issued by any group of companies must not exceed 20% of the Fund’s NAV or any other limit set by the Securities
Commission.
Concentration Of Investments
• A Fund's investments in transferable Shariah-compliant securities (other than Islamic debentures) issued by any
single issuer must not exceed 10% of the Shariah-compliant security issued by any single issuer or any other limit
set by the Securities Commission;
• A Fund’s investment in any class of sukuk of any single issuer must not exceed 20% of the sukuk issued by any
single issuer or any other limit set by the Securities Commission; and
• A Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any single
issuer. This limitation will not apply to money market instruments that do not have a pre-determined issue size.
Islamic Futures, Options and Derivatives Contracts
• A Fund’s exposure from a derivatives position must not exceed the NAV of the Fund at all times;
• The exposure of the Fund to the underlying assets must not exceed the investment spread limits stipulated in the SC
Guidelines;
• 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
• A Fund will only invest in Islamic futures, Islamic options and other Islamic derivatives contracts in accordance with
the provisions and limits set by the Securities Commission.
Shariah-Based Collective Investment Schemes
• A Fund will only invest in other Shariah-based collective investment schemes in accordance with the provisions and
limits set by the Securities Commission;
• The value of a Fund’s investments in units/shares of any collective investment schemes must not exceed 20% of the
Fund’s NAV; and
• A Fund’s investments in collective investment schemes must not exceed 25% of the unit/shares in any one collective
investment scheme or any other limit set by the Securities Commission.
Placement Of Shariah-Based Deposits
The value of a Fund’s placement in Shariah-based deposits with any single licensed financial institution must not exceed
20% of the Fund’s NAV or any other limit set by the Securities Commission.
Foreign Shariah-Compliant Securities (applicable to the Pacific Dana Dividen only)
• Investment in foreign markets is subject to the limit set by the relevant authorities; and
• A Fund may invest in Shariah-compliant securities that are listed or traded in a foreign market where the regulatory
authority is a member of the International Organization of Securities Commission.
Islamic Structured Products (applicable to the Pacific Dana Dividen only)
The value of the Fund’s investments in Islamic structured products issued by any single counter-party must not exceed
15% of the Fund’s NAV or any other limit set by the Securities Commission. The single counter-party limit may be
exceeded if the counter-party has a minimum long-term rating that indicates very strong capacity for timely payment of
financial obligations provided by any domestic or global rating agency and the Islamic structured product has a capital
protection feature.
64 More Information About The Funds
The Shariah-compliant investments for the Pacific Dana Murni shall be subject to the following restrictions:
Spread Of Investments On Single Issuer
The value of the Fund's investments in sukuk issued by any single issuer must not exceed 20% of the Fund’s NAV. This
limit may be increased to 30% if the sukuk are rated by any domestic or global rating agency to be the best of quality and
offer the highest safety for timely payment of interest and principal or any other limit set by the Securities Commission
and the aggregate value of the Fund’s investments in transferable Shariah-compliant securities, money market
instruments, Shariah-based deposits, Islamic OTC derivatives and Islamic structured products issued by or placed with
(as the case may be) any single issuer/institution must not exceed 30% of the Fund’s NAV or any other limit set by the
Securities Commission.
Spread Of Investments On Groups Of Companies
The value of the Fund's investments in sukuk issued by any group of companies must not exceed 30% of the Fund’s NAV
or any other limit set by the Securities Commission.
Concentration Of Investments
• The Fund's investments in transferable Shariah-compliant securities (other than Islamic debentures) issued by any
single issuer must not exceed 10% of the Shariah-compliant security issued or any other limit set by the Securities
Commission;
• The Fund’s investment in any class of sukuk must not exceed 20% of the sukuk issued by any single issuer or any
other limit set by the Securities Commission; and
• The Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any single
issuer. This limitation will not apply to money market instruments that do not have a pre-determined issue size.
Islamic Futures, Options and Derivatives Contracts
• The Fund’s exposure from a derivatives position must not exceed the NAV of the Fund at all times; and
• The Fund will only invest in Islamic futures, Islamic options and other Islamic derivatives contracts in accordance with
the provisions and limits set by the Securities Commission.
Shariah-Based Collective Investment Schemes
• The Fund will only invest in units/shares of any Shariah-based collective investment schemes in accordance with the
provisions and limits set by the Securities Commission;
• The value of the Fund’s investments in collective investment schemes must not exceed 20% of the Fund’s NAV; and
• The Fund’s investments in collective investment schemes must not exceed 25% of the unit/shares in any one
collective investment scheme or any other limit set by the Securities Commission.
Placement Of Shariah-Based Deposits
The value of a Fund’s placement in Shariah-based deposits with any single licensed financial institution must not exceed
20% of the Fund’s NAV or any other limit set by the Securities Commission.
The investment restrictions and limits must be complied with at all times based on the current value of a Fund's investments.
However, a maximum of 5% allowance in excess of the restrictions imposed under the SC Guidelines is permitted where the
restriction is breached through an appreciation or a depreciation of the NAV of the Fund. We will not make any further
acquisition to which the relevant limit is breached and will take all necessary steps and actions to rectify the breach within
three months from the date of the breach. The limits and restrictions stated above do not apply to securities/instruments
issued or guaranteed by the Malaysian government or Bank Negara Malaysia.
A Fund may borrow cash for the purpose of meeting redemption requests for units and lending of its investment as
permitted by the SC Guidelines or other laws or regulations regarding unit trusts.
Note: Transferable securities refer to equities, debentures and warrants.
65 More Information About The Funds
RISK MANAGEMENT STRATEGIES AND TECHNIQUES
For All Funds Except The Pacific Focus China Fund
Our risk management strategy is to conduct fundamental analysis of economic, political and social factors, on a local and
global basis, to evaluate their likely effects on the performance of equity, fixed income, money markets and sectors.
Individual stocks and fixed income securities are further screened by detailed analysis of each security and its underlying
business and fundamentals. For Pacific Cash Fund, individual money market and debt securities are further screened by
detailed analysis of each security and its underlying business and fundamentals. For Shariah-based Funds, further
consideration is given to the nature of the investments to ensure that they are fully in compliance with Shariah requirements.
In terms of the Funds’ portfolio, risk is controlled by strict diversification on both a sector and individual investment
instrument basis. We also use active asset allocation to reduce or increase the Funds’ exposure to various investment
instruments depending on the risk reward potential for each investment. This may include the use of futures for hedging
purposes as it can be a more efficient portfolio risk management strategy. Specific risk management strategies for fund risks
can also be found on pages 27 to 32.
The Funds except Pacific Cash Fund will be guided by the following general principles to control company specific risk*:
• Ensure that the risk taken for any specific security is not too large and a reasonable spread of active risk is maintained
across different sectors. Investments which have low contributions to active risk will have larger position limits than
investments which have high contributions to active risk. The limit per security will be within the limit set by the
Investment Committee in compliance with the SC Guidelines; and
• Ensure that the risk associated with the overall position taken for the group of companies is not too large and within the
limit set by the Securities Commission.
In addition, the following investment procedures and internal controls are designed to control operational risk** for all Funds
including Pacific Cash Fund:
• There is strict division of duties between securities trading, confirmation, settlement and valuation;
• There are rules on trading and preventing employees to act on insider information. The Legal & Compliance
Department will monitor compliance and enforce disciplinary actions on any employee who has breached the code of
conduct and compliance manual;
• There is daily computation of the respective Fund’s NAV and independent verification and reconciliation;
• There are procedures for Senior Management, Trustees, Investment Committee and the Board of Directors to be
informed promptly, to investigate and to ensure timely and appropriate rectification of any deviation and non-compliance
that may arise;
• There are limits to the placement maintained at licensed financial institutions to manage credit risk exposure;
• There are limits on shares traded with stock brokers to manage settlement risk exposure; and
• There are limits and criteria set on credit rating of debt securities.
* Company specific risk refers to external risk associated with the listed company’s share price movements.
** Operational risk refers to the internal risk associated with inadequate systems and controls.
Specific Risk Management For Foreign Investments
• Country and/or foreign securities risks and currency risk - Diversification of the foreign portion of the portfolio
across several country markets and currencies will facilitate risk management of country and/or foreign securities risks
(includes market, political and regulatory risks) and currency risk. This is further enhanced through the implementation
of monitoring processes to identify changes in country specific risk premia arising from changes in market, political
and/or regulatory environment of the countries to which the Funds have investment exposure.
• Operational risk - Operational risk arising from international settlement and custody risks are managed through the
appointment of an international global custodian.
For The Pacific Focus China Fund
In managing the Fund, the External Investment Manager will undertake the following extensive risk management strategies
along the entire investment process.
• Absolute Risk
?? Portfolio Compliance Monitoring
To begin with, we have a comprehensive and structured Compliance Monitoring Program (“CMP”) covering,
amongst other things, the monitoring of client portfolios for compliance with investment guidelines. There is a
dedicated team of compliance personnel to implement CMP. Upon the creation of a new fund or segregated
account, our compliance personnel will review the investment guidelines and program checks into our automated
pre-trade compliance system. In addition to this, guidelines which cannot be electronically monitored will be
manually checked for compliance.
66 More Information About The Funds
?? Successful Stock Selection
In terms of investment, our first line of defence is to make sure that we pick the right stocks. We achieve this by:
- Maximising the “knowns” and minimising the “unknowns”
- Having sound and disciplined valuation methodologies
- Having sufficient margin of safety
- Having adequate diversification
- Exercising good sell discipline
• Relative Risk
Every month, our Risk Control Group would generate the portfolio risk characteristics such as country deviation, sector
deviation, tracking error, marginal and total contribution to risk for our Portfolio Manager to review. This helps to control
portfolio risk at an acceptable level and ensure that bets are intentional and aligned with our country and sector views.
We use the following tools to assist us in achieving this objective:
?? Country Operating Range
Every quarter, a country scoring exercise is carried out to determine the appropriate country allocations. This
involves assessment of macro economic conditions, inflation and interest rates, political stability, currency outlook,
overall valuations, liquidity and technical factors.
The ultimate country allocations would be determined through an iterative process which takes into account
country and sector views, stock convictions, portfolio risk considerations and, of course, client’s investment
guidelines and risk preference. We control our country bets by limiting the deviations using the following
guidelines:
Neutral Weight Permissible Deviation
Up to 5% 0% to triple weight
5% to 20% + / - 50% of neutral weight
More than 20% + / - 33% of neutral weight
- Portfolio Analyzer
Portfolio Analyzer is a holdings based methodology software developed by Style Research Limited, a Londonbased
provider of equity market style research analysis services. It conducts a style analysis on our portfolio.
The style footprint of the portfolio allows us to gain useful insights of its investment exposures, style bets
(value, growth or growth at reasonable price, i.e. GARP) and the implicit risks.
In addition, a profit analysis of the portfolio is examined. The portfolio is compared against its benchmark in
terms of country and sector weights, valuation characteristics such as earnings yield, dividend yield, book to
price, etc where any unusual deviation is accounted for or appropriate action taken. This provides a snapshot
of the portfolio characteristics and helps us in ascertaining the appropriateness of a particular profile with
respect to the portfolio’s mandate.
- Mellon Performance Attribution
Mellon Performance Attribution System is used to identify sources of relative returns in the total portfolio
against its benchmark. This is to gain an insight on the factors contributing to the relative performance i.e.
sector allocation, security selection and currency management effects. Performance attribution is run on a
monthly basis and analyzed in detail to check against our investment decisions. Where there are critical
deviations, further analysis is carried out for remedial action. Analysis is also drilled down into individual
stocks performance within the portfolio as well as those in the benchmark but not held in the portfolio.
- Security Level Interface Manager
Security Level Interface Manager is another product of Bank of New York Mellon is used to drill down the
portfolio’s performance to individual securities. The performance of each security and its contributed return to
the total portfolio is analysed and compared to the benchmark’s constituents.
MINIMUM AND MAXIMUM LEVELS OF ASSET ALLOCATION/TEMPORARY DEFENSIVE
POSITION
The asset allocation of all Funds except the Pacific Cash Fund may be reduced to below the minimum levels or increased
above the maximum levels indicated at our discretion depending on the market, economic, political or other conditions. Such
conditions or exceptional circumstances will include but are not limited to the following situations:
• Where there is an expected sharp downturn in the equity market;
• When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations;
• When there is insufficient liquidity in either equity or fixed income instruments for the Funds to transact efficiently;
• When there are insufficient fund assets to form an efficient portfolio; or
• When there is redemption affecting the liquidity position of the Funds.
Investments used for temporary defensive positions will include deposits/cash/liquid assets and money market instruments.
67 More Information About The Funds
When a Fund is taking a temporary defensive position, we may adopt an investment strategy which may not be in line with
the Fund's investment objective.
TRADING ACTIVITIES
A small portion of the Funds except the Pacific Cash Fund and Pacific Dana Murni may be used for short-term trading, when
opportunities arise. Opportunities would include but are not limited to arbitrage situations, discrepancies in valuation,
expected liquidity surges and thematic plays. When there are no opportunities, the Funds will not conduct any short-term
trading.
RATIONALE AND JUSTIFICATION FOR FUTURES INVESTMENT MANDATE (not applicable to the
Pacific Cash Fund and Pacific Focus China Fund)
The Funds may invest in futures contracts for hedging purposes only.
During bearish and/or rapid market movements, the Funds may have difficulty reversing some of their positions in a timely
fashion. Employing an open short position in the futures will hedge the portfolio against such downside risks.
In a falling market, the increasingly profitable short futures position may be offset against increasing losses in the remainder
of the portfolio. The overall effect of using futures for hedging is to limit portfolio fluctuations and therefore risk
to Unitholders.
The following factors will be taken into account for futures hedging:
• Expected overall direction of a market index;
• Future's tenure, premium/discount and liquidity;
• Portfolio's invested exposure and overall volatility without futures investment; and
• The combined effect of the hedge and portfolio position.
BASES OF VALUATION OF INVESTMENTS
Pursuant to the SC Guidelines, all assets of the Funds should be valued in a fair and accurate manner at all times. Unit
trust funds are generally valued in accordance with their respective asset classes:
• Quoted securities/Shariah-compliant securities and derivatives will be valued based on the last done prices as at the
close of the Business Day of the respective stock exchanges on the same calendar day. Please refer to page 124 for
details on the valuation of NAV. However, if a valuation based on the market price does not represent the fair value of
securities, or no market price is available due to situations beyond the Manager’s control or there is a suspension in the
quotation of the securities for a period exceeding 14 days, then the securities shall be valued at fair value, as
determined by us, based on the methods approved by the Trustees after appropriate technical consultation;
• Unquoted securities/Islamic instruments (other than sukuk) will be valued based on fair value on methods which are
verified by the auditors of the Funds and approved by the Trustees;
• Unquoted debt securities/sukuk will be valued on a daily basis based on fair value prices quoted by a bond pricing
agency (BPA) registered with the Securities Commission. If the Manager is of the view that the price quoted by the BPA
for a specific bond/sukuk differs from the market price by more than 20 basis points, the Manager may use the market
price provided that the Manager adheres to the requirements as stipulated in the SC Guidelines;
• In terms of a successful subscription to an Initial Public Offering (IPO), if any, the IPO securities will be valued at cost
prior to their listing. These IPO securities will then be valued at their last done market price upon listing;
• Unquoted collective investment scheme/Shariah-based collective investment scheme will be valued based on the last
published repurchase price; and
• Cash or fixed deposits/investment accounts placed with banks and other financial institutions and bank bills are valued
on a daily basis by reference to their nominal values and the accrued interest/profit thereon.
ZAKAT
All our Shariah-based Funds do not pay zakat on behalf of Muslim individuals and Muslim legal entities since doing so will
not satisfy completely their zakat obligations. Such investors are thus required to pay zakat on their own behalf.
68 Funds’ Performances
FUNDS’ PERFORMANCES
PORTFOLIO STRUCTURE
(as per the Funds’ annual reports for the past three financial years)
2010 2009 2008 2007
Pacific Premier Fund (for the financial year ended 30 September)
Quoted Equity
Securities 85.98% 74.49% 83.46%
Fixed Income & Other
Debt Securities - 7.22% 4.79%
Cash & Liquid Assets 8.38% 5.93% 3.25%
Collective Investment
Scheme (CIS) 5.15% 11.75% 7.46%
Quoted Derivative
Instruments 0.49% 0.61% 1.04%
Total 100.00% 100.00% 100.00%
Remarks
The equity allocation of Pacific Premier Fund increased to 85.98% as at 30 September 2009 from 74.49%
recorded at the beginning of the financial year under review due to the price appreciation of its equity
holdings.
The equity allocation of Pacific Premier Fund decreased to 74.49% as at 30 September 2008 from 83.46% at
the beginning of the financial year under review. The Fund was heavily invested in the early part of the
financial year and benefited from the market rally. Subsequently, the Fund reduced its equity holdings
towards the beginning of 2008. The portfolio was made defensive due to external uncertainties and increased
local political risks. However, the equity weight was raised towards the later part of the financial year as the
market sell-off provided accumulating opportunities for the Fund to invest in fundamental stocks at attractive
valuations.
Pacific Pearl Fund (for the financial year ended 31 March)
Quoted Equity
Securities 88.69% 80.70% 84.63%
Fixed Income & Other
Debt Securities - 5.78% 4.47%
Cash & Liquid Assets 7.87% 8.74% 7.40%
Collective Investment
Scheme (CIS) 3.44% 4.63% 3.50%
Quoted Derivative
Instruments - 0.15% -
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity exposure of Pacific Pearl Fund increased to 88.69% as at 31 March 2010 from 80.70%
recorded at the beginning of the financial year under review as price appreciation of equity holdings and net
redemptions offset marginal net equity sales.
The quoted equity securities allocation of Pacific Pearl Fund decreased to 80.70% as at 31 March 2009 from
84.63% recorded at the beginning of the financial year under review. The Fund was heavily invested in the
early part of the financial year under review, but trimmed its equity exposure in June and July on concerns
over the negative fall-out from escalating oil prices and rising local political risk. However, the Fund increased
its equity exposure from end-October on anticipation that equity markets had bottomed out.
69 Funds’ Performances
2010 2009 2008 2007
Pacific Dana Aman (for the financial year ended 31 March)
Quoted Shariah-
Compliant Equity
Securities
83.42% 67.27% 74.55%
Unquoted Sukuk 3.56% 5.15% 10.16%
Islamic Money
Market Instruments 8.96% 21.85% 10.72%
Shariah-Based
Collective Investment
Scheme (CIS)
4.06% 5.73% 4.57%
Quoted Derivative
Instruments - - -
Total 100% 100.00% 100.00%
Remarks
The Shariah-compliant equity exposure of Pacific Dana Aman increased to 83.42% as at 31 March 2010 from
67.27% recorded at the beginning of the financial year under review due to net purchases and price
appreciation of its equity holdings.
The quoted Shariah-compliant equity securities allocation of Pacific Dana Aman decreased to 67.27% as at
31 March 2009 from 74.55% recorded at the beginning of the financial year under review. The Fund was
heavily invested in the early part of the financial year, but subsequently trimmed its equity exposure from May
to July on concerns over the negative fall-out from escalating oil prices, global economic deterioration and
rising local political risk. The Fund built up its equity exposure from end-October 2008 on anticipation that
equity markets had bottomed out. Equity exposure rose from 57.3% at end-October 2008 to 81.9% at end-
January 2009, but was reduced to 67.27% at end-March 2009 as the Fund locked in some profits on market
strength.
Pacific Millennium Fund (for the financial year ended 30 June)
Quoted Equity
Securities 90.26% 84.56% 73.39%
Cash & Liquid Assets 4.27% 8.44% 19.65%
Collective Investment
Scheme (CIS) 4.78% 7.00% 6.80%
Quoted Derivative
Instruments 0.69% - 0.16%
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation of Pacific Millennium Fund increased to 90.26% as at 30 June 2010
from 84.56% recorded at the beginning of the financial year mainly due to the net purchase of equities and the
price appreciation of its equity holdings.
The equity allocation of Pacific Millennium Fund increased to 84.56% as at 30 June 2009 from 73.39%
recorded at the beginning of the financial year under review due to the net purchases of stocks as well as the
rise in prices.
70 Funds’ Performances
2010 2009 2008 2007
Pacific Recovery Fund (for the financial year ended 30 June)
Quoted Equity
Securities 86.98% 87.36% 82.42%
Cash & Liquid Assets 6.10% 6.02% 10.76%
Collective Investment
Scheme (CIS) 5.32% 6.62% 5.82%
Quoted Derivative
Instruments 0.05% - 1.00%
Quoted Loan Stocks 1.55% - -
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation of Pacific Recovery Fund decreased to 86.98% as at 30 June 2010
from 87.36% recorded at the beginning of the financial year due to net selling of equities.
The equity allocation of Pacific Recovery Fund increased to 87.36% as at 30 June 2009 from 82.42%
recorded at the beginning of the financial year under review due to the net purchases of stocks as well as the
rise in prices.
Pacific Income Fund (for the financial year ended 30 September)
Quoted Equity
Securities 37.20% 28.65% 37.06%
Fixed Income & Other
Debt Securities 27.42% 41.42% 39.49%
Cash & Liquid Assets 30.89% 25.38% 19.01%
Collective Investment
Scheme (CIS) 4.49% 4.55% 4.44%
Quoted Derivative
Instruments - - -
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity allocation of Pacific Income Fund increased to 37.20% as at 30 September 2009 from
28.65% recorded at the beginning of the financial year under review due to the price appreciation of its equity
holdings.
The quoted equity securities allocation of Pacific Income Fund decreased to 28.65% as at 30 September
2008 from 37.06% recorded in the beginning of the financial year under review. The Fund had progressively
cut its equity allocation, which had been as high as 39% in October 2007, on further strength of the stock
market in the first quarter of 2008, in line with the Fund’s tactical approach. While the Fund had begun a
gradual re-accumulation of stocks after the sell-off in March 2008, it had cut back sharply its equity allocation
to 29% after the announcement in early June of sharp increases for fuel prices and electricity tariffs.
Subsequently, the Fund had been very selective in the rebuilding of its portfolio and equity allocation of the
Fund ended the financial year at 28.65%. The fixed income and other debt securities allocation (inclusive of
collective investment scheme) of Pacific Income Fund increased marginally to 45.97% from 43.93% recorded
in the beginning of the financial year under review.
Pacific Dana Murni (for the financial year ended 31 March)
Unquoted Sukuk 70.68% 77.51% 79.42%
Islamic Money Market
Instruments 29.32% 22.49% 20.58%
Total 100.00% 100.00% 100.00%
Remarks
The unquoted sukuk allocation of Pacific Dana Murni decreased to 70.68% as at 31 March 2010 from 77.51%
recorded at the beginning of the financial year under review mainly due to a cautious stance against further
hikes to policy rates following Bank Negara’s renewed projection for policy rate normalisation.
The unquoted sukuk allocation of Pacific Dana Murni decreased slightly to 77.51% as at 31 March 2009 from
79.42% recorded at the beginning of the financial year under review due to maturation of short-term sukuk
and prudent liquidity management of holding above average cash allocation during the first half of the
financial year.
71 Funds’ Performances
2010 2009 2008 2007
Pacific SELECT Balance Fund (for the financial year ended 30 June)
Quoted Equity
Securities 53.40% 53.84% 43.08%
Fixed Income & Other
Debt Securities 17.15% 31.44% 33.94%
Cash & Liquid Assets 10.23% 2.46% 13.18%
Collective Investment
Scheme (CIS) 19.22% 12.26% 9.80%
Quoted Derivative
Instruments - - -
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation of Pacific SELECT Balance Fund decreased marginally to 53.40% as
at 30 June 2010 from 53.84% recorded at the beginning of the financial year.
The quoted equity securities allocation of Pacific SELECT Balance Fund increased to 53.84% as at 30 June
2009 from 43.08% recorded at the beginning of the financial year under review due to the price appreciation
of its equity holdings as well as the Fund’s distribution payout.
Pacific SELECT Income Fund (for the financial year ended 30 June)
Quoted Equity
Securities 16.28% 18.82% 13.84%
Fixed Income & Other
Debt Securities 56.26% 56.11% 60.62%
Cash & Liquid Assets 8.64% 4.88% 11.29%
Collective Investment
Scheme (CIS) 18.82% 20.19% 14.25%
Quoted Derivative
Instruments - - -
Total 100.00% 100.00% 100.00%
Remarks
The fixed income and other debt securities allocation (inclusive of collective investment scheme) of Pacific
SELECT Income Fund decreased to 75.08% as at 30 June 2010 from 76.30% recorded at the beginning of
the financial year under review due to maturation of short-term debt.
The fixed income allocation (inclusive of collective investment scheme) of Pacific SELECT Income Fund
increased to 76.30% as at 30 June 2009 from 74.87% recorded at the beginning of the financial year under
review partly due to lower NAV from net outflow of funds.
72 Funds’ Performances
2010 2009 2008 2007
Pacific Dividend Fund (for the financial year ended 31 December)
Quoted Equity
Securities 92.87% 83.85% 87.09%
Fixed Income & Other
Debt Securities - - 2.22%
Cash & Liquid Assets 5.72% 16.15% 10.69%
Quoted Loan Stocks 1.41% - -
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation of Pacific Dividend Fund increased to 92.87% as at 31 December
2009 from 83.85% recorded at the beginning of the financial year under review due to the price appreciation
of its equity holdings.
The quoted equity securities allocation of Pacific Dividend Fund decreased to 83.85% as at 31 December
2008 from 87.09% recorded at the beginning of the financial year under review. The equity allocation of
Pacific Dividend Fund was trimmed as the KLCI hit a peak in January due to the narrow focus of the KLCI’s
rise, which made the sustainability of the market rally unlikely. Leading to Malaysia’s general election in March
2008, the allocation was brought down to 70% and subsequently increased to 82% with focus more on
defensive and low risk stocks. After the announcement of the restructuring in Malaysia’s fuel subsidy scheme
in early June, the Fund chose to exit/reduce its equity exposure in certain sectors, which reduced its equity
allocation to 69%. After the sell-down of the market in June, the Fund was very selective in accumulating
stocks, as further downgrades in the market appeared likely. Subsequently, due to the fast deterioration in the
fundamentals of the global economy, the Fund brought equity allocation down to 62% by end-October but
gradually brought it up to 84% when it was deemed that the market might have already priced in a lot of the
negative factors.
Pacific Focus18 Fund (for the financial year ended 30 September)
Quoted Equity
Securities 85.52% 72.52% 93.72%
Cash & Liquid Assets 14.48% 27.48% 6.28%
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity allocation of Pacific Focus18 Fund increased to 85.52% as at 30 September 2009 from
72.52% recorded at the beginning of the financial year under review due to net purchases of equities and
price increases of its equity holdings.
The quoted equity securities allocation of Pacific Focus18 Fund decreased to 72.52% as at 30 September
2008 from 93.72% recorded in the beginning of the financial year under review. The Fund exercised the
exceptional circumstances clause as per the Fund’s Prospectus dated 15 November 2007 by reducing its
equity allocation to a low of 60% in February 2008 as it was selling into the market rally. The Fund began
accumulating stocks subsequent to that and ended the financial year with an equity weight of 72.52%.
Pacific Cash Fund (for the financial year ended 30 September)
Fixed Income & Other
Debt Securities 74.41% 68.23% 79.07%
Cash & Liquid Assets 21.69% 30.00% 19.50%
Collective Investment
Scheme (CIS) 3.90% 1.77% 1.43%
Total 100.00% 100.00% 100.00%
Remarks
The fixed income and other debt securities allocation (inclusive of collective investment scheme) of Pacific
Cash Fund increased to 78.31% as at 30 September 2009 from 70.00% recorded at the beginning of the
financial year under review. The increase was due to active cash management strategies which resulted in
net purchasing of money market instruments that offered attractive yields in comparison to deposit rates.
The fixed income and other debt securities allocation (inclusive of collective investment scheme) of Pacific
Cash Fund decreased to 70.00% as at 30 September 2008 from 80.50% recorded at the beginning of the
financial year under review. The decrease in asset weights was due to the aggressive expansion of NAV,
which has more than doubled its size since 30 September 2007.
73 Funds’ Performances
2010 2009 2008 2007
Pacific Asia Brands Fund (for the financial year ended 31 March)
Quoted Equity
Securities 86.68% 80.72% 75.65%
Cash & Liquid Assets 13.32% 19.28% 24.35%
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation of Pacific Asia Brands increased to 86.68% as of 31 March 2010 from
80.72% recorded at the beginning of the financial year under review due to the price appreciation of its equity
holdings and redemptions.
The quoted equity securities allocation of Pacific Asia Brands Fund increased to 80.72% as at 31 March 2009
from 75.65% recorded at the beginning of the financial year under review. The Fund was heavily invested in
the early part of the reporting period, but subsequently trimmed its equity exposure; firstly on stagflation
concerns from skyrocketing oil prices, and later on increasing evidence that financial de-leveraging would
derail global economic growth for some time. However, the Fund aggressively built up equity exposure
thereafter on expectations that global markets had bottomed out following coordinated fiscal and monetary
measures by major economies, especially the US and China.
Pacific Global Stars Fund (for the financial year ended 30 September)
Quoted Equity
Securities 79.68% 77.79% 91.36%
Cash & Liquid Assets 20.32% 22.21% 8.64%
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity allocation of Pacific Global Stars Fund increased to 79.68% as at 30 September 2009 from
77.79% recorded at the beginning of the financial year under review due to the price appreciation of its equity
holdings.
The quoted equity securities allocation of Pacific Global Stars Fund decreased to 77.79% as at 30 September
2008 from 91.36% recorded in the beginning of the financial year under review. The Fund’s equity allocation
of more than 90% at the beginning of the financial year was reduced gradually and due to exceptional
circumstances, the Fund went below its minimum equity weight of 70% (as per the Fund’s Prospectus dated
15 November 2007) in January 2008, reaching a low of 66% in March 2008. As global stock markets reflected
expectations of a recession and heightened risk of a meltdown of the global financial system, valuations
dropped to very reasonable levels, the Fund turned buyers in the second half of the financial year and ended
the financial year with an equity weight of 77.79%.
Pacific AsiaPac Income Fund (for the financial year ended 31 December)
Quoted Equity
Securities 41.17% 30.52% 42.28%
Fixed Income & Other
Debt Securities 44.48% 45.27% 37.28%
Cash & Liquid Assets 5.64% 17.19% 10.84%
Collective Investment
Scheme
(CIS)
- CIS with equity
mandate
- CIS with fixed
income mandate
8.71%
6.41%
2.30%
7.02%
4.50%
2.52%
9.59%
7.73%
1.86%
Quoted Derivative
Instruments - - 0.01%
Total 100.00% 100.00% 100.00%
Remarks
The quoted equity securities allocation (inclusive of CIS with equity mandate) of Pacific AsiaPac Income Fund
increased to 47.58% as at 31 December 2009 from 35.02% recorded at the beginning of the financial year
under review due to the price appreciation of its equity holdings.
The quoted equity securities allocation (inclusive of CIS with equity mandate) of Pacific AsiaPac Income Fund
decreased to 35.02% as at 31 December 2008 from 50.01% recorded at the beginning of the financial year
under review, as the Fund had been reducing its equity exposure in view of the fast deteriorating global
economic outlook particularly in the fourth quarter of 2008.
74 Funds’ Performances
2010 2009 2008 2007
Pacific Dana Dividen (for the financial year ended 30 June)
Quoted Shariah-
Compliant Equity
Securities
82.10% 79.90% 79.61%
Islamic Money Market
Instruments 17.90% 20.10% 20.39%
Total 100.00% 100.00% 100.00%
Remarks
The quoted Shariah-compliant equity securities allocation of Pacific Dana Dividen increased to 82.10% as at
30 June 2010 from 79.90% recorded at the beginning of the financial year under review mainly due to the
price appreciation of its equity holdings.
The quoted Shariah-compliant equity securities allocation of Pacific Dana Dividen remained relatively
unchanged during the financial year ended 30 June 2009.
Pacific Focus China Fund (for the financial year ended 31 March)
Quoted Equity
Securities 89.34% - -
Cash & Liquid Assets 10.66% - -
Total 100.00% - -
Remarks The Pacific Focus China Fund was launched on 19 May 2009 and its first financial year ended on 31 March
2010. Therefore, there are no comparative figures.
75 Funds’ Performances
PERFORMANCE DATA
Total Annual Return
1.10.2008
To
30.9.2009
1.10.2007
To
30.9.2008
1.10.2006
To
30.9.2007
1.10.2005
To
30.9.2006
1.10.2004
To
30.9.2005
1.10.2003
To
30.9.2004
1.10.2002
To
30.9.2003
1.10.2001
To
30.9.2002
1.10.2000
To
30.9.2001
1.10.1999
To
30.9.2000
Pacific Premier Fund* 24.28% -24.11% 51.53% 7.05% -0.53% 12.42% 14.17% 14.20% -10.00% 21.43%
Benchmark^ 18.44% -23.77% 38.11% 4.31% 9.13% 15.89% 14.96% 3.68% -13.76% 5.63%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1.4.2009
To
31.3.2010
1.4.2008
To
31.3.2009
1.4.2007
To
31.3.2008
1.4.2006
To
31.3.2007
1.4.2005
To
31.3.2006
1.4.2004
To
31.3.2005
1.4.2003
To
31.3.2004
1.4.2002
To
31.3.2003
1.4.2001
To
31.3.2002
1.4.2000
To
31.3.2001
Pacific Pearl Fund* 66.34% -23.12% 11.29% 32.41% -0.25% -7.83% 53.31% -11.59% 28.00% -34.24%
Benchmark^ 57.11% -32.32% 1.09% 38.27% 4.09% -6.73% 42.72% -15.27% 21.84% -41.65%
^ FTSE Bursa Malaysia EMAS Index (FBM EMAS)
1.4.2009
To
31.3.2010
1.4.2008
To
31.3.2009
1.4.2007
To
31.3.2008
1.4.2006
To
31.3.2007
1.4.2005
To
31.3.2006
1.4.2004
To
31.3.2005
1.4.2003
To
31.3.2004
1.4.2002
To
31.3.2003
1.4.2001
To
31.3.2002
1.4.2000
To
31.3.2001
Pacific Dana Aman* 53.19% -23.71% 5.47% 30.84% -3.84% -6.13% 42.26% -5.72% 22.79% -31.30%
Composite Benchmark^ 36.29% -24.22 8.05% 36.28% 4.17% -8.68% 51.47% -15.36% -7.05% -22.62%
^ 95% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 5% 3-Month Islamic Interbank Money Market Rate (IIMM)
1.7.2009
To
30.6.2010
1.7.2008
To
30.6.2009
1.7.2007
To
30.6.2008
1.7.2006
To
30.6.2007
1.7.2005
To
30.6.2006
1.7.2004
To
30.6.2005
1.7.2003
To
30.6.2004
1.7.2002
To
30.6.2003
1.7.2001
To
30.6.2002
1.7.2000
To
30.6.2001
Pacific Millennium
Fund* 25.29% -2.43% -5.58% 47.29% 8.14% 2.05% 18.37% -4.52% 33.02% -20.37%
Benchmark^ 22.92% -9.38% -12.39% 48.07% 2.97% 8.35% 18.48% -4.62% 22.34% -28.84%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1.7.2009
To
30.6.2010
1.7.2008
To
30.6.2009
1.7.2007
To
30.6.2008
1.7.2006
To
30.6.2007
1.7.2005
To
30.6.2006
1.7.2004
To
30.6.2005
1.7.2003
To
30.6.2004
1.7.2002
To
30.6.2003
1.7.2001
To
30.6.2002
1.7.2000
To
30.6.2001
Pacific Recovery
Fund* 23.53% -4.05% -9.28% 63.13% -3.67% 0.47% 18.57% -6.55% 33.91% -22.03%
Benchmark^ 22.92% -9.38% -12.39% 48.07% 2.97% 8.35% 18.48% -4.62% 22.34% -28.34%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
76 Funds’ Performances
1.10.2008
To
30.9.2009
1.10.2007
To
30.9.2008
1.10.2006
To
30.9.2007
1.10.2005
To
30.9.2006
1.10.2004
To
30.9.2005
1.10.2003
To
30.9.2004
1.10.2002
To
30.9.2003
1.10.2001
To
30.9.2002
Since
8.9.2000
To
30.9.2001
Pacific Income Fund* 13.51% -6.32% 26.93% 4.89% 5.23% 8.83% 9.21% 9.65% 2.11%
Composite Benchmark^ 9.04% -7.93% 16.63% 3.88% 5.41% 8.16% 7.89% 3.65% -4.87%
^ 40% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 60% 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
1.4.2009
To
31.3.2010
1.4.2008
To
31.3.2009
1.4.2007
To
31.3.2008
1.4.2006
To
31.3.2007
1.4.2005
To
31.3.2006
1.4.2004
To
31.3.2005
Since
15.4.2003
To
31.3.2004
Pacific Dana Murni* 3.18% 2.47% 2.56% 4.85% 3.31% 5.48% 0.53%
Benchmark^ 2.50% 3.12% 3.55% 3.70% 3.16% 3.21% 3.13%
^ Maybank GIA Tier II 12-Month Rate
1.7.2009
To
30.6.2010
1.7.2008
To
30.6.2009
1.7.2007
To
30.6.2008
1.7.2006
To
30.6.2007
1.7.2005
To
30.6.2006
1.7.2004
To
30.6.2005
Since
2.9.2003
To
30.6.2004
Pacific SELECT
Balance Fund* 17.86% 0.47% -5.28% 30.86% 0.57% 1.23% 10.18%
Composite Benchmark^ 14.34% -4.23% -5.86% 28.69% 3.14% 6.21% 7.30%
^ 60% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 40% 3-Month Kuala Lumpur Interbank
Offer Rate (KLIBOR)
1.7.2009
To
30.6.2010
1.7.2008
To
30.6.2009
1.7.2007
To
30.6.2008
1.7.2006
To
30.6.2007
1.7.2005
To
30.6.2006
1.7.2004
To
30.6.2005
Since
2.9.2003
To
30.6.2004
Pacific SELECT
Income Fund* 8.01% 2.95% -0.81% 12.34% 4.33% 6.24% 6.08%
Composite Benchmark^ 6.21% 0.66% 0.52% 11.53% 3.23% 3.98% 4.14%
^ 20% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 80% 3-Month Kuala Lumpur Interbank
Offer Rate (KLIBOR)
1.1.2009
To
31.12.2009
1.1.2008
To
31.12.2008
1.1.2007
To
31.12.2007
1.1.2006
To
31.12.2006
1.1.2005
To
31.12.2005
Since
9.12.2003
To
31.12.2004
Pacific Dividend
Fund* 43.42% -29.14% 41.89% 21.89% 3.06% 14.44%
Benchmark^ 44.91% -39.33% 31.82% 21.83% -0.84% 15.74%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
77 Funds’ Performances
1.10.2008
To
30.9.2009
1.10.2007
To
30.9.2008
1.10.2006
To
30.9.2007
Since
7.7.2005
To
30.9.2006
Pacific Focus18 Fund* 12.17% -19.96% 44.70% 12.70%
Benchmark^ 18.44% -23.77% 38.11% 7.19%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1.10.2008
To
30.9.2009
1.10.2007
To
30.9.2008
1.10.2006
To
30.9.2007
Since
10.10.2005
To
30.9.2006
Pacific Cash Fund* 3.16% 3.08% 3.23% 2.94%
Benchmark^ 1.42% 2.30% 3.33% 3.42%
^ Maybank Overnight Repo Rate
1.4.2009
To
31.3.2010
1.4.2008
To
31.3.2009
1.4.2007
To
31.3.2008
Since
10.2.2006
To
31.3.2007
Pacific Asia Brands
Fund* 46.25% -29.43% -0.54% 6.22%
Composite Benchmark^ 36.24% -27.90% -11.47% 11.72%
^ 50% MSCI All Countries World Consumer Staples USD Index
(MSCUCSTA) and 50% MSCI All Countries World Consumer
Discretionary USD Index (MSCUCDIS)
1.10.2008
To
30.9.2009
1.10.2007
To
30.9.2008
Since
10.8.2006
To
30.9.2007
Pacific Global Stars
Fund* 4.74% -12.69% 14.24%
Composite Benchmark^ -2.26% -25.43% 16.26%
^ 65% S&P 500 Index (SPX), 25% S&P Europe 350
Index (SPE) and 10% S&P Asia 50 Index (SPA50)
1.1.2008
To
31.12.2009
1.1.2007
To
31.12.2008
Since
14.12.2006
To
31.12.2007
Pacific AsiaPac
Income Fund* 27.20% -25.07% 10.27%
Composite Benchmark^ 25.04% -21.71% 14.29%
^ 40% MSCI All Countries Asia Pacific Ex-Japan Index
(MXAPJ) and 60% 3-Month Kuala Lumpur Interbank
Offer Rate (KLIBOR)
78 Funds’ Performances
1.7.2009
To
30.6.2010
1.7.2008
To
30.6.2009
Since
14.8.2007
To
30.6.2008
Pacific Dana Dividen* 13.79% -12.83% -4.30%
Composite Benchmark^ 9.42% -17.51% -5.43%
^ 50% FTSE Bursa Malaysia EMAS Shariah Index
(FBMS) and 50% Dow Jones Islamic Market World
Index (DJIM)
Since
12.6.2009
To
31.3.2010
Pacific Focus China
Fund* 1.12%
Benchmark^ 7.87%
^ MSCI Golden Dragon Index
(MXGD)
* Source: Lipper
Average Annual Return
1 Year's Period
01.10.2008
To
30.09.2009
3 Years' Period
01.10.2006
To
30.09.2009
5 Years' Period
01.10.2004
To
30.09.2009
10 Years’ Period
01.10.1999
To
30.09.2009
Pacific Premier Fund 24.28% 14.31% 10.44% 14.38%
Benchmark^ 18.44% 8.23% 8.39% 7.86%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1 Year's Period
01.04.2009
To
31.03.2010
3 Years’ Period
01.04.2007
To
31.03.2010
5 Years' Period
01.04.2005
To
31.03.2010
10 Years’ Period
01.04.2000
To
31.03.2010
Pacific Pearl Fund 66.34% 14.11% 17.56% 9.75%
Benchmark^ 57.11% 2.50% 10.94% 2.41%
^ FTSE Bursa Malaysia EMAS Index (FBM EMAS)
1 Year's Period
01.04.2009
To
31.03.2010
3 Years’ Period
01.04.2007
To
31.03.2010
5 Years' Period
01.04.2005
To
31.03.2010
10 Years’ Period
01.04.2000
To
31.03.2010
Pacific Dana Aman 53.19% 7.75% 11.00% 6.46%
Composite Benchmark^ 36.29% 3.86% 11.68% 3.34%
^ 95% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 5% 3-Month Islamic Interbank Money Market Rate (IIMM)
1 Year's Period
01.07.2009
To
30.06.2010
3 Years' Period
01.07.2007
To
30.06.2010
5 Years' Period
01.07.2005
To
30.06.2010
10 Years’ Period
01.07.2000
To
30.06.2010
Pacific Millennium
Fund 25.29% 5.14% 17.15% 12.69%
Benchmark^ 22.92% -0.80% 9.76% 5.86%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
79 Funds’ Performances
1 Year's Period
01.07.2009
To
30.06.2010
3 Years' Period
01.07.2007
To
30.06.2010
5 Years' Period
01.07.2005
To
30.06.2010
10 Years’ Period
01.07.2000
To
30.06.2010
Pacific Recovery Fund 23.53% 2.51% 14.12% 9.83%
Benchmark^ 22.92% -0.80% 9.76% 5.86%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1 Year's Period
01.10.2008
To
30.09.2009
3 Years' Period
01.10.2006
To
30.09.2009
5 Years' Period
01.10.2004
To
30.09.2009
Since
08.09.2000
To
30.09.2009
Pacific Income Fund 13.51% 11.66% 9.80% 10.83%
Composite Benchmark^ 9.04% 5.70% 5.64% 5.24%
^ 40% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 60% 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
1 Year's Period
01.04.2009
To
31.03.2010
3 Years’ Period
01.04.2007
To
31.03.2010
5 Years' Period
01.04.2005
To
31.03.2010
Since
15.04.2003
To
31.03.2010
Pacific Dana Murni 3.18% 2.81% 3.49% 3.52%
Benchmark^ 2.50% 3.15% 3.42% 3.54%
^ Maybank GIA Tier II 12-Month Rate
1 Year's Period
01.07.2009
To
30.06.2010
3 Years' Period
01.07.2007
To
30.06.2010
5 Years' Period
01.07.2005
To
30.06.2010
Since
02.09.2003
To
30.06.2010
Pacific SELECT
Balance Fund 17.86% 4.05% 9.62% 9.55%
Composite Benchmark^ 14.34% 1.03% 7.37% 8.19%
^ 60% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 40% 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
1 Year's Period
01.07.2009
To
30.06.2010
3 Years' Period
01.07.2007
To
30.06.2010
5 Years' Period
01.07.2005
To
30.06.2010
Since
02.09.2003
To
30.06.2010
Pacific SELECT
Income Fund 8.01% 3.43% 5.92% 6.74%
Composite Benchmark^ 6.21% 2.49% 4.75% 4.97%
^ 20% FTSE Bursa Malaysia Top 100 Index (FBM 100) and 80% 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
1 Year’s Period
01.01.2009
To
31.12.2009
3 Years’ Period
01.01.2007
To
31.12.2009
5 Years’ Period
01.01.2005
To
31.12.2009
Since
09.12.2003
To
31.12.2009
Pacific Dividend Fund 43.42% 14.74% 16.23% 17.98%
Benchmark^ 44.91% 5.30% 8.00% 10.22%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
1 Year's Period
01.10.2008
To
30.09.2009
3 Years' Period
01.10.2006
To
30.09.2009
Since
07.07.2005
To
30.09.2009
Pacific Focus18 Fund 12.17% 9.97% 10.95%
Benchmark^ 18.44% 8.23% 7.94%
^ FTSE Bursa Malaysia Top 100 Index (FBM 100)
80 Funds’ Performances
1 Year’s Period
01.10.2008
To
30.09.2009
3 Years' Period
01.10.2006
To
30.09.2009
Since
10.10.2005
To
30.09.2009
Pacific Cash Fund 3.16% 3.26% 3.27%
Benchmark^ 1.42% 2.40% 2.73%
^ Maybank Overnight Repo Rate
1 Year's Period
01.04.2009
To
31.03.2010
3 Years’ Period
01.04.2007
To
31.03.2010
Since
10.02.2006
To
31.03.2010
Pacific Asia Brands
Fund 46.25% 0.88% 2.18%
Composite Benchmark^ 36.24% -4.34% -0.69
^ 50% MSCI All Countries World Consumer Staples USD Index (MSCUCSTA) and 50% MSCI All
Countries World Consumer Discretionary USD Index (MSCUCDIS)
1 Year’s Period
01.10.2008
To
30.09.2009
3 Years' Period
01.10.2006
To
30.09.2009
Since
10.08.2006
To
30.09.2009
Pacific Global Stars
Fund 4.74% 1.27% 1.42%
Composite Benchmark^ -2.26% -6.51% -4.85%
^ 65% S&P 500 Index (SPX), 25% S&P Europe 350 Index (SPE) and 10% S&P Asia 50 Index (SPA50)
1 Year’s Period
01.01.2009
To
31.12.2009
3 Years’ Period
01.01.2007
To
31.12.2009
Since
14.12.2006
To
31.12.2009
Pacific AsiaPac
Income Fund 27.20% 1.38% 1.67%
Composite Benchmark^ 25.04% 3.28% 3.89%
^ 40% MSCI All Countries Asia Pacific Ex-Japan Index (MXAPJ) and 60% 3-Month Kuala Lumpur
Interbank Offer Rate (KLIBOR)
1 Year’s Period
01.07.2009
To
30.06.2010
Since
14.08.2007
To
30.06.2010
Pacific Dana Dividen 13.79% -1.76%
Composite Benchmark^ 9.42% -5.08%
^ 50% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 50% Dow
Jones Islamic Market World Index (DJIM)
Since
12.06.2009
To
31.03.2010
Pacific Focus China
Fund 1.40%
Benchmark^ 9.80%
^ MSCI Golden Dragon Index (MXGD)
81 Funds’ Performances
-60
-40
-20
0
20
40
60
80
31.3.2010 31.3.2009 31.3.2008 31.3.2007 31.3.2006 31.3.2005 31.3.2004 31.3.2003 31.3.2002 31.3.2001
PERFORMANCE CHART
Total Annual Return
^ Benchmark: Since inception to 5 July 2009 = Kuala Lumpur Composite Index (KLCI); 6 July 2009 onwards = FTSE Bursa Malaysia Top
100 Index (FBM 100)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
For the financial year under review (1 October 2008 to 30 September 2009), the Pacific Premier Fund’s total annual return
was 24.28% (26.19% from quoted equities; 0.40% from unquoted bonds; 0.22% from money market; -2.53% from working
capital and others). In comparison, its benchmark rose 18.44%.
During the financial year under review (1 April 2009 to 31 March 2010), the Pacific Pearl Fund registered a total annual
return of 66.34% (69.54% from quoted equities; 0.20% from unquoted bonds; 0.21% from money market; -3.61% from
working capital and others). In comparison, its benchmark rose 57.11%.
-30
-20
-10
0
10
20
30
40
50
60
30.9.2009 30.9.2008 30.9.2007 30.9.2006 30.9.2005 30.9.2004 30.9.2003 30.9.2002 30.9.2001 30.9.2000
Pacific Pearl Fund FBM EMAS
Total Annual Return (%)
24.28%
18.44%
-24.11% -23.77%
51.53%
38.11%
7.05%
4.31%
-0.53%
9.13%
12.42%
15.89%
14.17%
14.96%
14.20%
3.68%
-10.00% -13.76%
21.43%
5.63%
Total Annual Return (%)
66.34%
57.11%
-23.12%
-32.32%
11.29%
1.09%
32.41%
38.27%
-0.25%
4.09%
-7.83% -6.73%
53.31%
42.72%
-11.59%
-15.27%
28.00%
21.84%
-34.24%
-41.65%
Pacific Premier Fund FBM 100^
82 Funds’ Performances
-40
-30
-20
-10
0
10
20
30
40
50
30.6.2010 30.6.2009 30.6.2008 30.6.2007 30.6.2006 30.6.2005 30.6.2004 30.6.2003 30.6.2002 30.6.2001
^ Benchmark: Since inception to 17 July 2005 = RHB Islamic Index; 18 July 2005 to 30 June 2007 = Syariah Index (KLSI); 1 July 2007 to
31 October 2007 = Composite Benchmark (75% in Syariah Index [KLSI] and 25% in 3-Month Islamic Interbank Money Market Rate
[IIMM]; 1 November 2007 to 14 November 2009 = Composite Benchmark (75% in FTSE Bursa Malaysia EMAS Shariah Index [FBMS]
and 25% in 3-Month Islamic Interbank Money Market Rate [IIMM]); 15 November 2009 onwards = Composite Benchmark (95% in FTSE
Bursa Malaysia EMAS Shariah Index [FBMS] and 5% in 3-Month Islamic Interbank Money Market Rate [IIMM])
Effective 15 November 2009, the composite benchmark (95% in FTSE Bursa Malaysia EMAS Shariah Index [FBMS] and
5% in 3-month Islamic Interbank Money Market Rate [IIMM]) will be adopted for the Fund based on the following reasons:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy; and
• The composite benchmark reflects the maximum equity exposure of the Fund and hence, the maximum equity market risk
that the Fund will be exposed to.
During the financial year under review (1 April 2009 to 31 March 2010), the Pacific Dana Aman registered a total annual
return of 53.19% (56.51% from quoted Shariah-compliant equities; 0.35% from unquoted sukuk; 0.23% from Islamic money
market; -3.90% from working capital and others). In comparison, its benchmark rose 36.29%.
^ Benchmark: Since inception to 5 July 2009 = Kuala Lumpur Composite Index (KLCI); 6 July 2009 onwards = FTSE Bursa Malaysia Top
100 Index (FBM 100)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
During the financial year under review (1 July 2009 to 30 June 2010), the Pacific Millennium Fund registered a total annual
return of 25.29% (28.25% from equities; 0.22% from unquoted bonds; 0.19% from money market; -3.37% from working
capital and others). In comparison, its benchmark rose 22.92%.
-40
-30
-20
-10
0
10
20
30
40
50
60
31.3.2010 31.3.2009 31.3.2008 31.3.2007 31.3.2006 31.3.2005 31.3.2004 31.3.2003 31.3.2002 31.3.2001
Pacific Dana Aman Composite Benchmark^
(95% FBMS & 5% 3-Month IIMM)
Pacific Millennium Fund FBM 100^
Total Annual Return (%)
53.19%
36.29%
-23.71% -24.22%
5.47% 8.05%
30.84%
36.28%
-3.84%
4.17%
-6.13% -8.68%
42.26%
51.47%
-5.72%
-15.36%
22.79%
-7.05%
-31.30%
-22.62%
Total Annual Return (%)
25.29%
22.92%
-2.43%
-9.38% -5.58% -12.39%
47.29% 48.07%
8.14%
2.97%
8.35%
2.05%
18.37% 18.48%
-4.52% -4.62%
33.02%
22.34%
-20.37%
-28.84%
83 Funds’ Performances
-40
-20
0
20
40
60
80
30.6.2010 30.6.2009 30.6.2008 30.6.2007 30.6.2006 30.6.2005 30.6.2004 30.6.2003 30.6.2002 30.6.2001
^ Benchmark: Since inception to 5 July 2009 = Kuala Lumpur Composite Index (KLCI); 6 July 2009 onwards = FTSE Bursa Malaysia Top
100 Index (FBM 100)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
During the financial year under review (1 July 2009 to 30 June 2010), the Pacific Recovery Fund registered a total annual
return of 23.53% (25.70% from equities; 0.20% from unquoted bonds; 0.17% from money market; -2.54% from working
capital and others). In comparison, its benchmark rose 22.92%.
^ Benchmark: Since inception to 5 July 2009 = Composite Benchmark (40% in Kuala Lumpur Composite Index [KLCI] and 60% in 3-Month
KLIBOR); 6 July 2009 onwards = Composite Benchmark (40% in FTSE Bursa Malaysia Top 100 Index [FBM 100] and 60% in 3-Month
Kuala Lumpur Interbank Offer Rate [KLIBOR])
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
For the financial year under review (1 October 2008 to 30 September 2009), the Pacific Income Fund’s total annual return
was 13.51% (12.77% from quoted equities; 2.50% from unquoted bonds; 0.61% from money market; -2.37% from working
capital and others). In comparison, its benchmark rose 9.04%.
-10
-5
0
5
10
15
20
25
30
30.9.2009 30.9.2008 30.9.2007 30.9.2006 30.9.2005 30.9.2004 30.9.2003 30.9.2002 Since 8.9.2000
to 30.9.2001
Pacific Income Fund Composite Benchmark^
(40% FBM 100 & 60% 3-Month KLIBOR)
Total Annual Return (%)
13.51%
9.04%
-6.32% -7.93%
26.93%
16.63%
4.89% 3.88% 5.23%
5.41%
8.83%
8.16% 9.21%
7.89%
9.65%
3.65%
2.11%
-4.87%
Total Annual Return (%)
23.53% 22.92%
-4.05%
-9.38% -9.28%
-12.39%
63.13%
48.07%
2.97%
-3.67%
0.47%
8.35%
18.57% 18.48%
-6.55% -4.62%
33.91%
22.34%
-22.03%
-28.34%
Pacific Recovery Fund FBM 100^
84 Funds’ Performances
0
1
2
3
4
5
6
31.3.2010 31.3.2009 31.3.2008 31.3.2007 31.3.2006 31.3.2005 Since 15.4.2003
to 31.3.2004
-10
-5
0
5
10
15
20
25
30
35
30.6.2010 30.6.2009 30.6 .2008 30 .6 .2007 30.6.2006 30.6 .2005 Since 2 .9 .2003
to 3 0 .6 .2004
During the financial year under review (1 April 2009 to 31 March 2010), the Pacific Dana Murni registered a total annual
return of 3.18% (3.72% from unquoted sukuk; 0.53% from Islamic money market; -1.07% from working capital and others).
In comparison, its benchmark rose 2.50%.
^ Benchmark: Since inception to 5 July 2009 = Composite Benchmark (60% in Kuala Lumpur Composite Index [KLCI] and 40% in 3-Month
Kuala Lumpur Interbank Offer Rate (KLIBOR); 6 July 2009 onwards = Composite Benchmark (60% in FTSE Bursa Malaysia Top 100
Index [FBM 100] and 40% in 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
During the financial year under review (1 July 2009 to 30 June 2010), the Pacific SELECT Balance Fund registered a total
annual return of 17.86% (17.26% from equities; 1.69% from unquoted bonds; 0.11% from money market; -1.20% working
capital and others). In comparison, its benchmark rose 14.34%.
Pacific Dana Murni Maybank GIA 12-Month
Pacific SELECT Balance Fund Composite Benchmark^
(60% FBM 100 & 40% 3-Month KLIBOR)
Total Annual Return (%)
3.18%
2.50% 2.47%
3.12%
2.56%
3.55%
4.85%
3.70%
3.31% 3.16%
5.48%
3.21%
0.53%
3.13%
Total Annual Return (%)
17.86%
14.34%
0.47%
-4.23% -5.28% -5.86%
30.86% 28.69%
0.57%
3.14%
1.23%
6.21%
10.18% 7.30%
85 Funds’ Performances
-2
0
2
4
6
8
10
12
14
30.6.2010 30.6.2009 30.6.2008 30.6.2007 30.6.2006 30.6.2005 Since 2 .9.2003
to 3 0 .6.2004
-50
-40
-30
-20
-10
0
10
20
30
40
50
31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 Since 9 .12.2003 to
31.12.2004
^ Benchmark: Since inception to 5 July 2009 = Composite Benchmark (20% in Kuala Lumpur Composite Index [KLCI] and 80% in 3-Month
Kuala Lumpur Interbank Offer Rate [KLIBOR]); 6 July 2009 onwards = Composite Benchmark (20% in FTSE Bursa Malaysia Top 100
Index [FBM 100] and 80% in 3-Month Kuala Lumpur Interbank Offer Rate [KLIBOR])
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
During the financial year under review (1 July 2009 to 30 June 2010), the Pacific SELECT Income Fund registered a total
annual return of 8.01% (6.50% from equities; 3.13% from unquoted bonds; 0.17% from money market; -1.79% from working
capital and others). In comparison, its benchmark rose 6.21%.
^ Benchmark: Since inception to 5 July 2009 = Kuala Lumpur Composite Index (KLCI); 6 July 2009 onwards = FTSE Bursa Malaysia Top
100 Index (FBM 100)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
During the financial year under review (1 January 2009 to 31 December 2009), the Pacific Dividend Fund registered a total
annual return of 43.42% (45.34% from equities; 0.36% from money market; -2.28% from working capital and others). In
comparison, its benchmark rose 44.91%.
Pacific SELECT Income Fund Composite Benchmark^
(20% FBM 100 & 80% 3-Month KLIBOR)
Pacific Dividend Fund FBM 100^
Total Annual Return (%)
8.01%
6.21%
2.95%
0.66%
-0.81%
0.52%
12.34% 11.53%
4.33% 3.23%
6.24%
3.98%
6.08%
4.14%
Total Annual Return (%)
43.42%
44.91%
-29.14%
-39.33%
41.89%
31.82%
21.89% 21.83%
3.06%
-0.84%
14.44% 15.74%
86 Funds’ Performances
-3 0
-2 0
-1 0
0
1 0
2 0
3 0
4 0
5 0
3 0 .9 .2 0 0 9 3 0 .9 .2 0 0 8 3 0 .9 .2 0 0 7 S in ce 7 .7 .2 0 0 5 to
3 0 .9 .2 0 0 6
0
1
2
3
4
3 0 .9 .2 0 0 9 3 0 .9 .2 0 0 8 3 0 .9 .2 0 0 7 S in ce 1 0 .1 0 .2 0 0 5 to
3 0 .9 .2 0 0 6
^ Benchmark: Since inception to 5 July 2009 = Kuala Lumpur Composite Index (KLCI); 6 July 2009 to 14 November 2010 = FTSE Bursa
Malaysia Top 100 Index (FBM 100)
In view of the cessation of Kuala Lumpur Composite Index (KLCI) on 6 July 2009, the Fund’s benchmark was replaced with
FTSE Bursa Malaysia Top 100 Index (FBM 100). The adoption of the new benchmark is based on the following rationales:
• It provides a more accurate base of comparison against the Fund’s performance;
• It is more diversified with 100 constituents and the weight of the largest constituent is 8%; and
• It is a more appropriate benchmark in regards to the current Fund’s objective and investment strategy.
For the financial year under review (1 October 2008 to 30 September 2009), the Pacific Focus18 Fund’s total annual return
was 12.17% (15.61% from quoted equities; 0.46% from money market; -3.90% from working capital and others). In
comparison, its benchmark rose 18.44%.
^ Benchmark: Since inception to 30 June 2007 = 3-Month Kuala Lumpur Interbank Offer Rate (KLIBOR); 1 July 2007 onwards = Maybank
Overnight Repo Rate
Effective 1 July 2007, the benchmark 100% Maybank Overnight Repo Rate has been adopted for the Fund based on the
following rationales:
• It provide a more accurate base of comparison against the Fund’s performance; and
• Repo rates provide realistic correlation as to changes in short-term deposit rates whenever there is a change in the
Overnight Policy Rate.
For the financial year under review (1 October 2008 to 30 September 2009), the Pacific Cash Fund’s total annual return was
3.16% (3.04% from unquoted bond; 0.63% from money market; -0.51% from working capital and others). In comparison, its
benchmark rose 1.42%.
Pacific Focus18 Fund FBM 100^
Pacific Cash Fund Maybank Overnight Repo Rate^
Total Annual Return (%)
12.17%
18.44%
-19.96%
-23.77%
44.70%
38.11%
12.70% 7.19%
Total Annual Return (%)
3.16%
1.42%
3.08%
2.30%
3.23%
3.33%
2.94%
3.42%
87 Funds’ Performances
-40
-30
-20
-10
0
10
20
30
40
50
31.3.2010 31.3.2009 31.3.2008 Since 10.2.2006 to 31.3.2007
-3 0
-2 5
-2 0
-1 5
-1 0
-5
0
5
1 0
1 5
2 0
3 0 .9 .2 0 0 9 3 0 .9 .2 0 0 8 S in ce 1 0 .8 .2 0 0 6 to 3 0 .9 .2 0 0 7
^ Benchmark: Since inception to 20 November 2007 = Composite Benchmark (50% in MSCI All Countries World Consumer Staples Local
Index [MSCLCSTA] and 50% in MSCI All Countries World Consumer Discretionary Local Index [MSCLCDIS]); 21 November 2007
onwards = Composite Benchmark (50% in MSCI All Countries World Consumer Staples USD Index [MSCUCSTA] and 50% in MSCI All
Countries World Consumer Discretionary USD Index [MSCUCDIS])
Effective 21 November 2007, the composite benchmark (50% in MSCI All Countries World Consumer Staples USD Index
[MSCUCSTA] and 50% in MSCI All Countries World Consumer Discretionary USD Index [MSCUCDIS]) has been adopted
for the fund to provide a more accurate base of comparison against the Fund’s performance.
During the financial year under review (1 April 2009 to 31 March 2010), the Pacific Asia Brands Fund registered a total
annual return of 46.25% (53.86% from quoted equities; 0.24% from money market; -7.85% from working capital and others).
In comparison, its benchmark rose 36.24%.
For the financial year under review (1 October 2008 to 30 September 2009), the Pacific Global Stars Fund’s total annual
return was 4.74% (13.08% from quoted equities; 0.24% from money market; -8.58% from working capital and others). In
comparison, its benchmark fell 2.26%.
Pacific Asia Brands Fund Composite Benchmark^
(50% MSCUCSTA & 50% MSCUCDIS)
Pacific Global Stars Fund Composite Benchmark
(65% SPX, 25% SPE & 10% SPA50)
Total Annual Return (%)
4.74%
-2.26%
-12.69%
-25.43%
14.24% 16.26%
Total Annual Return (%)
-29.43% -27.90%
46.25%
36.24%
-0.54%
-11.47%
6.22% 11.72%
88 Funds’ Performances
-3 0
-2 0
-1 0
0
1 0
2 0
3 0
3 1 .1 2 .2 0 0 9 3 1 .1 2 .2 0 0 8 S in ce 1 4 .1 2 .2 0 0 6 to 3 1 .1 2 .2 0 0 7
-2 0
-1 5
-1 0
-5
0
5
1 0
1 5
3 0 .6 .2 0 1 0 3 0 .6 .2 0 0 9 S in c e 1 4 .8 .2 0 0 7 to 3 0 .6 .2 0 0 8
During the financial year under review (1 January 2009 to 31 December 2009), the Pacific AsiaPac Income Fund registered
a total annual return of 27.20% (26.47% from equities; 3.35% from unquoted bonds; 0.84% from money market; -3.46%
from working capital and others). In comparison, its benchmark rose 25.04%.
^ Benchmark: Since inception to 31 October 2007 = Composite Benchmark (50% in Syariah Index [KLSI] and 50% in Dow Jones Islamic
Market World Index [DJIM]); 1 November 2007 onwards = Composite Benchmark (50% in FTSE Bursa Malaysia EMAS Shariah Index
[FBMS] and 50% in DJIM)
In view of the cessation of the Syariah Index on 1 November 2007, the Fund’s benchmark was replaced with FTSE Bursa
Malaysia EMAS Shariah Index.
During the financial year under review (1 July 2009 to 30 June 2010), the Pacific Dana Dividen registered a total annual
return of 13.79% (17.71% from Shariah-compliant equities; 0.25% from Islamic money market; -4.17% from working capital
and others). In comparison, its benchmark rose 9.42%.
Pacific AsiaPac Income Fund Composite Benchmark
(40% MXAPJ & 60% 3-Month KLIBOR)
Pacific Dana Dividen Composite Benchmark^
(50% FBMS & 50% DJIM)
Total Annual Return (%) Total Annual Return (%)
13.79%
9.42%
-12.83%
-17.51%
-4.30% -5.43%
-25.07%
-21.71%
27.20%
25.04%
10.27%
14.29%
89 Funds’ Performances
0
2
4
6
8
1 0
S in c e 1 2 .6 .2 0 0 9 to 3 1 .3 .2 0 1 0
From 12 June 2009 to 31 March 2010, the Pacific Focus China Fund registered a total annual return of 1.12% (5.77% from
quoted equities; 0.29% from money market; -4.94% from working capital and others). While its benchmark, MSCI Golden
Dragon Index, rose 7.87% from 118.18 points to 137.14 points.
Average Annual Return
From 1 October 1999 to 30 September 2009, the Pacific Premier Fund registered an average annual return of 14.38%,
while its benchmark, the FTSE Bursa Malaysia Top 100 Index (FBM 100), rose 7.86%.
Pacific Focus China Fund MXGD
0
5
1 0
1 5
2 0
2 5
3 0
1 .1 0 .2 0 0 8 to
3 0 .9 .2 0 0 9
1 .1 0 .2 0 0 6 to
3 0 .9 .2 0 0 9
1 .1 0 .2 0 0 4 to
3 0 .9 .2 0 0 9
1 .1 0 .1 9 9 9 to
3 0 .9 .2 0 0 9
Average Annual Return (%)
24.28%
18.44%
14.31%
8.23% 10.44% 8.39%
14.38%
7.86%
Total Annual Return (%)
1.12%
7.87%
Pacific Premier Fund FBM 100
90 Funds’ Performances
0
1 0
2 0
3 0
4 0
5 0
6 0
1 .4 .2 0 0 9 to
3 1 .3 .2 0 1 0
1 .4 .2 0 0 7 to
3 1 .3 .2 0 1 0
1 .4 .2 0 0 5 to
3 1 .3 .2 0 1 0
1 .4 .2 0 0 0 to
3 1 .3 .2 0 1 0
From 1 April 2000 to 31 March 2010, the Pacific Pearl Fund registered an average annual return of 9.75%, while its
benchmark, the FTSE Bursa Malaysia EMAS Index (FBM EMAS), rose 2.41%.
From 1 April 2000 to 31 March 2010, the Pacific Dana Aman registered an average annual return of 6.46%, while its
composite benchmark (95% FTSE Bursa Malaysia EMAS Shariah Index [FBMS] and 5% 3-month Islamic Interbank Money
Market [IIMM] rate), rose 3.34%.
Pacific Dana Aman Composite Benchmark
(95% FBMS & 5% 3-Month IIMM)
0
1 0
2 0
3 0
4 0
5 0
6 0
7 0
1 .4 .2 0 0 9 to
3 1 . 3 . 2 0 1 0
1 .4 .2 0 0 7 to
3 1 .3 .2 0 1 0
1 .4 .2 0 0 5 to
3 1 .3 .2 0 1 0
1 .4 .2 0 0 0 to
3 1 . 3 . 2 0 1 0
Average Annual Return (%)
66.34%
57.11%
14.11%
2.50%
17.56%
10.94% 9.75%
2.41%
Average Annual Return (%)
53.19%
36.29%
7.75%
3.86%
11.00% 11.68% 6.46%
3.34%
Pacific Pearl Fund FBM EMAS
91 Funds’ Performances
- 5
0
5
1 0
1 5
2 0
2 5
3 0
1 .7 .2 0 0 9 to
3 0 .6 .2 0 1 0
1 .7 .2 0 0 7 to
3 0 .6 .2 0 1 0
1 .7 .2 0 0 5 to
3 0 .6 .2 0 1 0
1 .7 .2 0 0 0 to
3 0 .6 .2 0 1 0
- 5
0
5
1 0
1 5
2 0
2 5
1 . 7 . 2 0 0 9 t o
3 0 . 6 . 2 0 1 0
1 . 7 . 2 0 0 7 t o
3 0 . 6 . 2 0 1 0
1 . 7 . 2 0 0 5 t o
3 0 . 6 . 2 0 1 0
1 . 7 . 2 0 0 0 t o
3 0 . 6 . 2 0 1 0
From 1 July 2000 to 30 June 2010, the Pacific Millennium Fund registered an average annual return of 12.69%, while its
benchmark, the FTSE Bursa Malaysia Top 100 Index (FBM 100), rose 5.86%.
From 1 July 2000 to 30 June 2010, the Pacific Recovery Fund registered an average annual return of 9.83%, while its
benchmark, the FTSE Bursa Malaysia Top 100 Index (FBM 100), rose 5.86%.
Pacific Recovery Fund FBM 100
Average Annual Return (%)
25.29%
22.92%
5.14%
-0.80%
17.15%
9.76%
12.69%
5.86%
Average Annual Return (%)
23.53%
22.92%
2.51%
-0.80%
14.12%
9.76% 9.83%
5.86%
Pacific Millennium Fund FBM 100
92 Funds’ Performances
From 8 September 2000 (date of launch: 18 August 2000) to 30 September 2009, the Pacific Income Fund registered an
average annual return of 10.83%, while its composite benchmark (40% FTSE Bursa Malaysia Top 100 Index [FBM 100] and
60% 3-month Kuala Lumpur Interbank Offer Rate [KLIBOR]) rose 5.24%.
From 15 April 2003 (date of launch: 25 March 2003) to 31 March 2010, the Pacific Dana Murni registered an average annual
return of 3.52%, while its benchmark, the Maybank GIA Tier II 12-month rate, rose 3.54%.
0
1
2
3
4
1.4.2009 to 31.3.2010 1.4.2007 to 31.3.2010 1.4.2005 to 31.3.2010 Since 15.4.2003 to
31.3.2010
Pacific Dana Murni Maybank GIA 12-Month
0
2
4
6
8
1 0
1 2
1 4
1 6
1 .1 0 .2 0 0 8 to
3 0 .9 .2 0 0 9
1 .1 0 .2 0 0 6 to
3 0 .9 .2 0 0 9
1 .1 0 .2 0 0 4 to
3 0 .9 .2 0 0 9
S in c e 8 .9 .2 0 0 0 to
3 0 .9 .2 0 0 9
Average Annual Return (%)
13.51%
9.04%
11.66%
5.70%
9.80%
5.64%
10.83%
5.24%
Average Annual Return (%)
3.18%
2.50%
2.81%
3.15%
3.49% 3.42% 3.52% 3.54%
Pacific Income Fund Composite Benchmark
(40% FBM 100 & 60% 3-Month KLIBOR)
93 Funds’ Performances
From 2 September 2003 (date of launch: 11 August 2003) to 30 June 2010, the Pacific SELECT Balance Fund registered
an average annual return of 9.55%, while its composite benchmark, 60% FTSE Bursa Malaysia Top 100 Index (FBM 100)
and 40% 3-month Kuala Lumpur Interbank Offer Rate (KLIBOR), rose 8.19%.
From 2 September 2003 (date of launch: 11 August 2003) to 30 June 2010, the Pacific SELECT Income Fund registered an
average annual return of 6.74%, while its composite benchmark, 20% FTSE Bursa Malaysia Top 100 Index (FBM 100) and
80% 3-month Kuala Lumpur Interbank Offer Rate (KLIBOR), rose 4.97%.
0
5
1 0
1 5
2 0
1 .7 .2 0 0 9 to
3 0 .6 .2 0 1 0
1 .7 .2 0 0 7 to
3 0 .6 .2 0 1 0
1 .7 .2 0 0 5 to
3 0 .6 .2 0 1 0
S in c e 2 .9 .2 0 0 3 to
3 0 .6 .2 0 1 0
Pacific SELECT Balance Fund Composite Benchmark
(60% FBM 100 & 40% 3-Month KLIBOR)
0
2
4
6
8
1 0
1 . 7 .2 0 0 9 to
3 0 .6 . 2 0 1 0
1 . 7 .2 0 0 7 to
3 0 .6 . 2 0 1 0
1 .7 .2 0 0 5 to
3 0 .6 .2 0 1 0
S in c e 2 . 9 . 2 0 0 3 t o
3 0 .6 .2 0 1 0
Pacific SELECT Income Fund Composite Benchmark
(20% FBM 100 & 80% 3-Month KLIBOR)
Average Annual Return (%)
17.86%
14.34%
4.05%
1.03%
9.62%
7.37%
9.55%
8.19%
Average Annual Return (%)
8.01%
6.21%
3.43%
2.49%
5.92%
4.75%
6.74%
4.97%
94 Funds’ Performances
0
4
8
1 2
1 6
2 0
1 .1 0 .2 0 0 8 to 3 0 .9 .2 0 0 9 1 .1 0 .2 0 0 6 to 3 0 .9 .2 0 0 9 S in c e 7 .7 .2 0 0 5 to 3 0 .9 .2 0 0 9
From 9 December 2003 (date of launch: 18 November 2003) to 31 December 2009, the Pacific Dividend Fund registered an
average annual return of 17.98%, while its benchmark, the FTSE Bursa Malaysia Top 100 Index (FBM 100), rose 10.22%.
From 7 July 2005 (date of launch: 16 June 2005) to 30 September 2009, the Pacific Focus18 Fund registered an average
annual return of 10.95%, while its benchmark, the FTSE Bursa Malaysia Top 100 Index (FBM 100), rose 7.94%.
Pacific Focus18 Fund FBM 100
Average Annual Return (%)
12.17%
18.44%
9.97%
8.23%
10.95%
7.94%
0
1 0
2 0
3 0
4 0
5 0
1 .1 .2 0 0 9 to
3 1 .1 2 .2 0 0 9
1 .1 .2 0 0 7 to
3 1 .1 2 .2 0 0 9
1 .1 .2 0 0 5 to
3 1 .1 2 .2 0 0 9
S in c e 9 .1 2 .2 0 0 3 to
3 1 .1 2 .2 0 0 9
Average Annual Return (%)
43.42%
14.74%
5.30%
16.23%
44.91%
8.00%
17.98%
10.22%
Pacific Dividend Fund FBM 100
95 Funds’ Performances
0
1
2
3
4
1 .1 0 .2 0 0 8 to 3 0 .9 .2 0 0 9 1 .1 0 .2 0 0 6 to 3 0 .9 .2 0 0 9 S in c e 1 0 .1 0 .2 0 0 5 to 3 0 .9 .2 0 0 9
-10
0
10
20
30
40
50
1.4.2009 to 31.3.2010 1.4.2007 to 31.3.2010 Since 10.2.2006 to 31.3.2010
From 10 October 2005 (date of launch: 7 October 2005) to 30 September 2009, the Pacific Cash Fund registered an
average annual return of 3.27%, while its benchmark, the Maybank Overnight Repo Rate, rose 2.73%.
From 10 February 2006 (date of launch: 20 January 2006) to 31 March 2010, the Pacific Asia Brands Fund registered an
average annual return of 2.18%, while its composite benchmark (50% MSCI All Countries World Consumer Staples USD
Index [MSCUCSTA] and 50% MSCI All Countries World Consumer Discretionary USD Index [MSCUCDIS]) fell 0.69%.
Pacific Cash Fund Maybank Overnight Repo Rate
Pacific Asia Brands Fund Composite Benchmark
(50% MSCUCSTA & 50% MSCUCDIS)
Average Annual Return (%)
3.16%
1.42%
3.26%
2.40%
3.27%
2.73%
Average Annual Return (%)
46.25%
36.24%
0.88%
-4.34%
2.18%
-0.69%
96 Funds’ Performances
-8
-6
-4
-2
0
2
4
6
1 .1 0 .2 0 0 8 to 3 0 .9 .2 0 0 9 1 .1 0 .2 0 0 6 to 3 0 .9 .2 0 0 9 S in ce 1 0 .8 .2 0 0 6 to 3 0 .9 .2 0 0 9
0
5
1 0
1 5
2 0
2 5
3 0
1 .1 .2 0 0 9 to 3 1 .1 2 .2 0 0 9 1 .1 .2 0 0 7 to 3 1 .1 2 .2 0 0 9 S in c e 1 4 .1 2 .2 0 0 6 to 3 1 .1 2 .2 0 0 9
From 10 August 2006 (date of launch: 20 July 2006) to 30 September 2009, the Pacific Global Stars Fund registered an
average annual return of 1.42%, while its composite benchmark (65% S&P 500 Index [SPX], 25% S&P Europe 350 Index
[SPE] and 10% S&P Asia 50 Index [SPA50]) fell 4.85%.
From 14 December 2006 (date of launch: 28 November 2006) to 31 December 2009, the Pacific AsiaPac Income Fund
registered an average annual return of 1.67%, while its composite benchmark, 40% MSCI All Countries Asia Pacific Ex-
Japan Index (MXAPJ) and 60% 3-month Kuala Lumpur Interbank Offer Rate (KLIBOR), rose 3.89%.
Pacific Global Stars Fund Composite Benchmark
(65% SPX, 25% SPE & 10% SPA50)
Pacific AsiaPac Income Fund Composite Benchmark
(40% MXAPJ & 60% 3-Month KLIBOR)
Average Annual Return (%)
4.74%
-2.26%
1.27%
-6.51%
1.42%
-4.85%
Average Annual Return (%)
25.04%
1.38%
27.20%
3.28%
1.67%
3.89%
97 Funds’ Performances
-1 0
-5
0
5
1 0
1 5
1 .7 .2 0 0 9 to 3 0 .6 .2 0 1 0 S in ce 1 4 .8 .2 0 0 7 to 3 0 .6 .2 0 1 0
0
2
4
6
8
10
Since 12.6.2009 to 31.3.2010
From 14 August 2007 (date of launch: 26 July 2007) to 30 June 2010, the Pacific Dana Dividen registered an average
annual return of -1.76%, while its composite benchmark, 50% FTSE Bursa Malaysia EMAS Shariah Index (FBMS) and 50%
Dow Jones Islamic Market World Index (DJIM), fell 5.08%.
From 12 June 2009 (date of launch: 19 May 2009) to 31 March 2010, the Pacific Focus China Fund registered an average
annual return of 1.40%. While its benchmark, MSCI Golden Dragon Index, rose 9.80%.
With effect from July 2009, the time weighted rate of return method has been adopted to calculate the benchmark returns.
Historical returns have been adjusted using the time weighted rate of return method.
Basis of calculation and assumptions made in calculating the returns:
* Percentage growth = NAVt – NAVt-1
NAVt-1
where t = current year
t-1 = previous year
* Source: Lipper
Pacific Dana Dividen Composite Benchmark
(50% FBMS & 50% DJIM)
Pacific Focus China Fund MXGD
Average Annual Return (%)
1.40%
9.80%
Average Annual Return (%)
-1.76%
-5.08%
13.79%
9.42%
98 Funds’ Performances
DISTRIBUTION
(as per the Funds’ annual reports for the past three financial years)
2010 2009 2008 2007
Pacific Premier Fund (ended 30 September)
Gross Distribution Per Unit (sen) 4.00 6.00 6.00
Net Distribution Per Unit (sen) 3.88 5.58 5.82
Pacific Pearl Fund (ended 31 March)
Gross Distribution Per Unit (sen) 6.00 2.50 6.00
Net Distribution Per Unit (sen) 5.88 2.39 5.86
Pacific Dana Aman (ended 31 March)
Gross Distribution Per Unit (sen) 3.50 0.50 4.00
Net Distribution Per Unit (sen) 3.48 0.49 3.92
Pacific Millennium Fund (ended 30 June)
Gross Distribution Per Unit (sen) 4.50 3.50 6.00
Net Distribution Per Unit (sen) 4.45 3.30 5.58
Pacific Recovery Fund (ended 30 June)
Gross Distribution Per Unit (sen) 4.00 3.00 6.00
Net Distribution Per Unit (sen) 3.95 2.78 5.76
Pacific Income Fund (ended 30 September)
Gross Distribution Per Unit (sen) 3.30 4.00 4.00
Net Distribution Per Unit (sen) 3.10 3.87 3.90
Pacific Dana Murni (ended 31 March)
Gross Distribution Per Unit (sen) 1.00 1.50 1.50
Net Distribution Per Unit (sen) 1.00 1.50 1.50
Pacific SELECT Balance Fund (ended 30 June)
Gross Distribution Per Unit (sen) 3.00 2.50 3.50
Net Distribution Per Unit (sen) 2.92 2.00 3.37
Pacific SELECT Income Fund (ended 30 June)
Gross Distribution Per Unit (sen) 2.00 1.50 2.50
Net Distribution Per Unit (sen) 1.99 1.47 2.46
Pacific Dividend Fund (ended 31 December)
Gross Distribution Per Unit (sen) 4.50 4.00 7.00
Net Distribution Per Unit (sen) 4.36 3.80 6.80
Pacific Focus18 Fund (ended 30 September)
Gross Distribution Per Unit (sen) 3.00 5.00 5.00
Net Distribution Per Unit (sen) 2.93 4.69 4.93
Pacific Cash Fund (ended 30 September)
Gross Distribution Per Unit (sen) 1.58 1.60 1.50
Net Distribution Per Unit (sen) 1.58 1.60 1.50
Pacific Asia Brands Fund (ended 31 March)
Gross Distribution Per Unit (sen) 2.50 1.00 2.80
Net Distribution Per Unit (sen) 2.49 1.00 2.79
Pacific Global Stars Fund (ended 30 September)
Gross Distribution Per Unit (sen) - 2.50 3.00
Net Distribution Per Unit (sen) - 2.47 3.00
Pacific AsiaPac Income Fund (ended 31 December)
Gross Distribution Per Unit (sen) - 2.50 -
Net Distribution Per Unit (sen) - 2.50 -
Pacific Dana Dividen (ended 30 June)
Gross Distribution Per Unit (sen) - - -
Net Distribution Per Unit (sen) - - -
Pacific Focus China Fund (ended 31 March)
Gross Distribution Per Unit (sen) - - -
Net Distribution Per Unit (sen) - - -
Distribution is in the form of cash.
99 Funds’ Performances
UNIT SPLIT
There were no unit splits declared by the relevant Funds for their past two/three financial year-ends respectively.
PTR
(as per the Funds’ annual reports for the past two/three financial years)
2010 2009 2008 2007
Pacific Premier Fund (ended 30 September)
PTR (times) 1.14 0.82 1.06
Remarks
The PTR for the financial year ended 30 September 2009 was higher compared with the
financial year ended 30 September 2008 due to a lower percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to unitholders of the Fund.
The PTR for the financial year ended 30 September 2008 was lower compared with the
financial year ended 30 September 2007 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Pearl Fund (ended 31 March)
PTR (times) 1.61 1.31 1.56
Remarks
The PTR for the financial year ended 31 March 2010 was higher compared with the
financial year ended 31 March 2009 due to a higher percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 March 2009 was lower compared with the
financial year ended 31 March 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Dana Aman (ended 31 March)
PTR (times) 1.90 2.19 1.55
Remarks
The PTR for the financial year ended 31 March 2010 was lower compared with the
financial year ended 31 March 2009 due to a lower percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 March 2009 was higher compared with the
financial year ended 31 March 2008 due to an increase in the average transactional
value of the Fund compared with a decrease in the average net asset value attributable
to Unitholders of the Fund.
Pacific Millennium Fund (ended 30 June)
PTR (times) 1.79 1.57 1.28
Remarks
The PTR for the financial year ended 30 June 2010 was higher compared with the
financial year ended 30 June 2009 due to a higher percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to unitholders of the Fund.
The PTR for the financial year ended 30 June 2009 was higher compared with the
financial year ended 30 June 2008 due to a lower percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Recovery Fund (ended 30 June)
PTR (times) 1.43 1.32 1.47
Remarks
The PTR for the financial year ended 30 June 2010 was higher compared with the
financial year ended 30 June 2009 due to a higher percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 June 2009 was lower compared with the
financial year ended 30 June 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
100 Funds’ Performances
2010 2009 2008 2007
Pacific Income Fund (ended 30 September)
PTR (times) 0.68 1.10 1.33
Remarks
The PTR for the financial year ended 30 September 2009 was lower compared with the
financial year ended 30 September 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 September 2008 was lower compared with the
financial year ended 30 September 2007 due to a decrease in the average transactional
value of the Fund compared with an increase in the average net asset value attributable
to Unitholders of the Fund.
Pacific Dana Murni (ended 31 March)
PTR (times) 0.60 0.88 1.05
Remarks
The PTR for the financial year ended 31 March 2010 was lower compared with the
financial year ended 31 March 2009 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 March 2009 was lower compared with the
financial year ended 31 March 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific SELECT Balance Fund (ended 30 June)
PTR (times) 1.35 1.89 1.20
Remarks
The PTR for the financial year ended 30 June 2010 was lower compared with the
financial year ended 30 June 2009 due to a decrease in the average transactional value
of the Fund compared with an increase in the average net asset value attributable to
Unitholders of the Fund.
The PTR for the financial year ended 30 June 2009 was higher compared with the
financial year ended 30 June 2008 due to an increase in the average transactional value
of the Fund compared with the decrease in the average net asset value attributable to
Unitholders of the Fund.
Pacific SELECT Income Fund (ended 30 June)
PTR (times) 1.57 1.26 1.04
Remarks
The PTR for the financial year ended 30 June 2010 was higher compared with the
financial year ended 30 June 2009 due to an increase in the average transactional value
of the Fund compared with the decrease in the average net asset value attributable to
Unitholders of the Fund.
The PTR for the financial year ended 30 June 2009 was higher compared with the
financial year ended 30 June 2008 due to a lower percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Dividend Fund (ended 31 December)
PTR (times) 0.77 0.90 1.46
Remarks
The PTR for the financial year ended 31 December 2009 was lower compared with the
financial year ended 31 December 2008 due to a lower percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 December 2008 was lower compared with the
financial year ended 31 December 2007 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Focus18 Fund (ended 30 September)
PTR (times) 1.06 1.33 2.11
Remarks
The PTR for the financial year ended 30 September 2009 was lower compared with the
financial period ended 30 September 2008 due to a higher percentage of decrease in
the average transactional value of the Fund compared with the decrease in the average
net asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 September 2008 was lower compared with the
financial year ended 30 September 2009 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
101 Funds’ Performances
2010 2009 2008 2007
Pacific Cash Fund (ended 30 September)
PTR (times) 2.88 2.94 4.16
Remarks
The PTR for the financial year ended 30 September 2009 was lower compared with the
financial year ended 30 September 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 September 2008 was lower compared with the
financial year ended 30 September 2007 due to a lower percentage of increase in the
average transactional value of the Fund compared with an increase in the average net
asset value attributable to Unitholders of the Fund.
Pacific Asia Brands Fund (ended 31 March)
PTR (times) 2.80 1.99 1.23
Remarks
The PTR for the financial year ended 31 March 2010 was higher compared with the
financial year ended 31 March 2009 due to a higher percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 March 2009 was higher compared with the
financial year ended 31 March 2008 due to a lower percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Global Stars Fund (ended 30 September)
PTR (times) 1.13 0.69 1.62
Remarks
The PTR for the financial year ended 30 September 2009 was higher compared with the
financial year ended 30 September 2008 due to an increase in the average transactional
value of the Fund compared with the decrease in the average net asset value
attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 September 2008 was lower compared with the
financial period ended 30 September 2007 due to a higher percentage of decrease in
the average transactional value of the Fund compared with the decrease in the average
net asset value attributable to Unitholders of the Fund.
Pacific AsiaPac Income Fund (ended 31 December)
PTR (times) 0.40 0.71 1.52
Remarks
The PTR for the financial year ended 31 December 2009 was lower compared with the
financial year ended 31 December 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 31 December 2008 was lower compared with the
financial period ended 31 December 2007 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Dana Dividen (ended 30 June)
PTR (times) 0.94 0.80 1.07
Remarks
The PTR for the financial year ended 30 June 2010 was higher compared with the
financial year ended 30 June 2009 due to a higher percentage of increase in the
average transactional value of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The PTR for the financial year ended 30 June 2009 was lower compared with the
financial period ended 30 June 2008 due to a higher percentage of decrease in the
average transactional value of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Focus China Fund (ended 31 March)
PTR (times) 0.92
Remarks As this is for the first financial period for the Fund, there is no comparative figure.
The Pacific Global A.I.R. Fund was launched on 12 April 2010 and its first financial year will end on 31 March 2011.
Therefore, there is no data on its portfolio structure, performance, distribution and PTR published in this Prospectus for the
Fund.
Past performances of the Funds are not an indication of their future performances.
102 Historical Financial Highlights Of The Funds
HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS
FUND ANNUAL EXPENSES
The following table reflects the breakdown and total annual expenses incurred by the Funds for their last financial year-end
respectively:
Management
Fee Trustee Fee Fund Expenses Total Annual
Fund Expenses
RM('000) % Of
NAV* RM('000) % Of
NAV* RM('000) % Of
NAV* RM('000) %
Pacific Premier Fund
(30 September 2009) 1,200 1.43 36 0.04 94 0.11 1,330 1.58
Pacific Pearl Fund
(31 March 2010) 1,753 1.46 66 0.06 125 0.10 1,944 1.62
Pacific Dana Aman
(31 March 2010) 1,944 1.46 107 0.08 128 0.09 2,179 1.63
Pacific Millennium Fund
(30 June 2010) 561 1.44 31 0.08 51 0.13 643 1.65
Pacific Recovery Fund
(30 June 2010) 963 1.45 53 0.08 76 0.11 1,092 1.64
Pacific Income Fund
(30 September 2009) 1,786 1.46 123 0.10 51 0.04 1,960 1.60
Pacific Dana Murni
(31 March 2010) 543 1.00 38 0.07 21 0.04 602 1.11
Pacific SELECT
Balance Fund
(30 June 2010)
179 1.35 18 0.14 29 0.22 226 1.71
Pacific SELECT
Income Fund
(30 June 2010)
186 1.31 18 0.13 24 0.17 228 1.61
Pacific Dividend Fund
(31 December 2009) 2,494 1.50 116 0.07 117 0.07 2,727 1.64
Pacific Focus18 Fund
(30 September 2009) 417 1.50 19 0.07 81 0.29 517 1.86
Pacific Cash Fund
(30 September 2009) 995 0.47 106 0.05 28 0.02 1,129 0.54
Pacific Asia
Brands Fund
(31 March 2010)
462 1.50 22 0.07 163 0.53 647 2.10
Pacific Global
Stars Fund
(30 September 2009)
472 1.70 19 0.07 109 0.39 600 2.16
Pacific AsiaPac
Income Fund
(31 December 2009)
3,280 1.41 186 0.08 93 0.04 3,559 1.53
Pacific Dana Dividen
(30 June 2010) 1,103 1.50 59 0.08 126 0.17 1,288 1.75
Pacific Focus
China Fund
(31 March 2010)
449 1.38 23 0.07 70 0.22 542 1.67
* Reflected as a percentage of average NAV for the financial year/period.
103 Historical Financial Highlights Of The Funds
EXTRACT OF STATEMENT OF INCOME AND EXPENDITURE
(for the past three financial year-ends)
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Premier Fund (ended 30 September)
Investment Income 1,957 12,518 44,373
Total Expenses (1,332) (1,825) (2,449)
Brokerage And Other Transaction Fees? (685) (729) (1,116)
Net Investment (Loss)/Income (60) 9,964 40,808
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 20,108 (38,817) 26,993
Net Income/(Loss) Before Taxation 20,048 (28,853) 67,801
Net Income/(Loss) After Taxation 19,741 (29,431) 66,894
Pacific Pearl Fund (ended 31 March)
Investment Income/(Loss) 30,068 (5,502) 49,804
Total Expenses (1,943) (1,801) (2,568)
Brokerage And Other Transaction Fees? (1,472) (1,031) (1,803)
Net Investment Income/(Loss) 26,653 (8,334) 45,433
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 30,457 (19,479) (25,475)
Net Income/(Loss) Before Taxation 57,110 (27,813) 19,958
Net Income/(Loss) After Taxation 56,677 (28,118) 19,153
Pacific Dana Aman (ended 31 March)
Shariah-Compliant Investment Income/(Loss) 31,283 (15,848) 31,033
Total Expenses (2,178) (1,724) (2,344)
Brokerage And Other Transaction Fees? (1,880) (1,782) (1,592)
Net Shariah-Compliant Investment Income/(Loss) 27,225 (19,354) 27,097
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 24,726 (10,251) (16,022)
Net Income/(Loss) Before Taxation 51,951 (29,605) 11,075
Net Income/(Loss) After Taxation 51,780 (30,165) 10,649
104 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Millennium Fund (ended 30 June)
Investment Income/(Loss) 9,249 (4,084) 6,987
Total Expenses (644) (477) (689)
Brokerage And Other Transaction Fees? (567) (377) (451)
Net Investment Income/(Loss) 8,038 (4,938) 5,847
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 287 4,118 (7,366)
Net Income/(Loss) Before Taxation 8,325 (820) (1,519)
Net Income/(Loss) After Taxation 8,200 (968) (1,822)
Pacific Recovery Fund (ended 30 June)
Investment Income/(Loss) 14,264 (8,835) 13,018
Total Expenses (1,092) (846) (1,306)
Brokerage And Other Transaction Fees? (694) (533) (936)
Net Investment Income/(Loss) 12,478 (10,214) 10,776
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 1,016 7,522 (19,295)
Net Income/(Loss) Before Taxation 13,494 (2,692) (8,519)
Net Income/(Loss) After Taxation 13,317 (2,952) (9,066)
Pacific Income Fund (ended 30 September)
Investment Income 3,754 10,115 25,727
Total Expenses (1,960) (2,125) (2,086)
Brokerage And Other Transaction Fees? (358) (515) (678)
Net Investment Income 1,436 7,476 22,963
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 13,816 (15,685) 6,094
Net Income/(Loss) Before Taxation 15,252 (8,209) 29,057
Net Income/(Loss) After Taxation 15,002 (8.527) 28,610
105 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dana Murni (ended 31 March)
Shariah-Compliant Investment Income 2,217 2,467 2,644
Total Expenses (603) (624) (674)
Net Shariah-Compliant Investment Income 1,614 1,843 1,970
Net Income Before Taxation 1,614 1,843 1,970
Net Income After Taxation 1,614 1,843 1,970
Pacific SELECT Balance Fund (ended 30 June)
Investment Income/(Loss) 1,442 (372) 2,645
Total Expenses (226) (227) (306)
Brokerage And Other Transaction Fees? (59) (72) (95)
Net Investment Income/(Loss) 1,157 (671) 2,244
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 895 574 (3,115)
Net Income/(Loss) Before Taxation 2,052 (97) (871)
Net Income/(Loss) After Taxation 2,029 (140) (937)
Pacific SELECT Income Fund (ended 30 June)
Investment Income 877 264 2,066
Total Expenses (228) (260) (361)
Brokerage And Other Transaction Fees? (26) (37) (78)
Net Investment Income/(Loss) 623 (33) 1,627
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 480 5 (1,336)
Net Income/(Loss) Before Taxation 1,103 (28) 291
Net Income/(Loss) After Taxation 1,100 (46) 267
106 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dividend Fund (ended 31 December)
Investment Income/(Loss) 18,993 (905) 61,734
Total Expenses (2,728) (2,356) (2,666)
Brokerage And Other Transaction Fees? (904) (952) (1,560)
Net Investment Income/(Loss) 15,361 (4,213) 57,508
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 43,874 (45,288) 3,636
Net Income/(Loss) Before Taxation 59,235 (49,501) 61,144
Net Income/(Loss) After Taxation 58,662 (50,449) 59,951
Pacific Focus18 Fund (ended 30 September)
Investment (Loss)/Income (3,189) 2,745 21,333
Total Expenses (517) (716) (937)
Brokerage And Other Transaction Fees? (224) (390) (663)
Net Investment (Loss)/Income (3,930) 1,639 19,733
Net Unrealised Loss On Foreign Exchange (97) (68) (916)
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 7,500 (9,787) 53
Net Income/(Loss) Before Taxation 3,473 (8,216) 18,870
Net Income/(Loss) After Taxation 3,424 (8,363) 18,656
Pacific Cash Fund (ended 30 September)
Investment Income 7,523 9,862 4,541
Total Expenses (1,129) (1,480) (685)
Net Investment Income 6,394 8,382 3,856
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 99 (85) 21
Net Income Before Taxation 6,493 8,297 3,877
Net Income After Taxation 6,493 8,297 3,877
107 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Asia Brands Fund (ended 31 March)
Investment Income/(Loss) 5,557 (3,286) 9,803
Total Expenses (648) (593) (964)
Brokerage And Other Transaction Fees? (663) (492) (282)
Net Investment Income/(Loss) 4,246 (4,371) 8,557
Net Unrealised (Loss)/Gain On Foreign Exchange (2,196) 2,907 (827)
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 8,639 (8,790) (4,750)
Net Income/(Loss) Before Taxation 10,689 (10,254) 2,980
Net Income/(Loss) After Taxation 10,689 (10,270) 2,956
Pacific Global Stars Fund (ended 30 September)
Investment (Loss)/Income (1,488) 2,508 11,936
Total Expenses (600) (758) (1,777)
Brokerage And Other Transaction Fees? (240) (189) (913)
Net Investment (Loss)/Income (2,328) 1,561 9,246
Net Unrealised Gain On Foreign Exchange 488 272 (2,660)
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 2,814 (6,735) 3,708
Net Income/(Loss) Before Taxation 974 (4,902) 10,294
Net Income/(Loss) After Taxation 974 (4,911) 10,243
Pacific AsiaPac Income Fund (ended 31 December)
Investment (Loss)/Income 1,315 (2,995) 23,240
Total Expenses (3,559) (3,856) (5,476)
Brokerage And Other Transaction Fees? (308) 302 (1,120)
Net Investment (Loss) (2,552) (7,153) 16,644
Net Unrealised Gain/(Loss) On Foreign Exchange 7,568 (4,467) (2,450)
Net Unrealised Gain/(Loss) On Changes In Value Of
Financial Asset At Fair Value Through Profit Or Loss 45,674 (58,451) 23,541
Net Income/(Loss) Before Taxation 50,690 (70,071) 37,735
Net Income/(Loss) After Taxation 50,690 (70,071) 37,735
108 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dana Dividen (ended 30 June)
Shariah-Compliant Investment Income/(Loss) 7,356 (12,116) 4,422
Total Expenses (1,288) (1,141) (1,253)
Brokerage And Other Transaction Fees? (496) (396) (702)
Net Shariah-Compliant Investment Income/(Loss) 5,572 (13,653) 2,467
Net Unrealised (Loss)/Gain On Foreign Exchange (216) 1,045 5
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 4,053 1,768 (10,032)
Net Income/(Loss) Before Taxation 9,409 (10,840) (7,560)
Net Income/(Loss) After Taxation 9,373 (11,004) (7,784)
Pacific Focus China Fund (for the period from 19 May 2009 to 31 March 2010)
Investment Loss (27)
Total Expenses (542)
Brokerage And Other Transaction Fees? (234)
Net Investment Loss (803)
Net Unrealised Loss On Foreign Exchange (2,672)
Net Unrealised Gain On Changes In Value Of Financial
Asset At Fair Value Through Profit Or Loss 2,534
Net Loss Before Taxation (941)
Net Loss After Taxation (941)
? With the adoption of FRS 139, the brokerage and other transaction fees have been expensed-off in the Statement of
Income and Expenditure. The MER does not include brokerage and other transaction fees.
The Shariah Adviser for Pacific Dana Aman, Pacific Dana Murni and Pacific Dana Dividen confirms that the investment
portfolio of these Funds comprise securities which have been classified as Shariah-compliant by the Shariah Advisory
Council of the Securities Commission Malaysia (“SACSC”) and/or the Shariah Supervisory Board of Dow Jones Islamic
Market Indexes. For the securities which are not certified by SACSC and/or the Shariah Supervisory Board of Dow Jones
Islamic Market Indexes, the status of the securities has been determined in accordance with the ruling issued by the
Shariah Adviser.
109 Historical Financial Highlights Of The Funds
EXTRACT OF STATEMENT OF ASSETS AND LIABILITIES
(for the past three financial year-ends)
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Premier Fund (ended 30 September)
Total Investments 95,472 90,092 136,445
Total Other Assets 1,139 1,600 2,871
Total Assets 96,611 91,692 139,316
Total Liabilities (6,148) (8,243) (10,643)
Net Asset Value 90,463 83,449 128,673
Unitholders’ Capital 68,566 75,114 80,734
Pacific Pearl Fund (ended 31 March)
Total Investments 130,307 91,255 125,546
Total Other Assets 3,665 2,823 5,301
Total Assets 133,972 94,078 130,847
Total Liabilities (11,132) (5,650) (12,699)
Net Asset Value 122,840 88,428 118,148
Unitholders’ Capital 70,319 79,268 77,488
Pacific Dana Aman (ended 31 March)
Total Shariah-Compliant Investments 148,184 97,887 129,527
Total Other Assets 4,610 13,632 3,381
Total Assets 152,794 111,519 132,908
Total Liabilities (11,295) (14,501) (14,158)
Net Asset Value 141,499 97,018 118,750
Unitholders’ Capital 112,435 110,253 101,801
110 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Millennium Fund (ended 30 June)
Total Investments 56,000 34,315 35,116
Total Other Assets 659 544 740
Total Assets 56,659 34,859 35,856
Total Liabilities (7,034) (2,155) (3,602)
Net Asset Value 49,625 32,704 32,254
Unitholders’ Capital 33,739 25,448 22,956
Pacific Recovery Fund (ended 30 June)
Total Investments 77,418 57,142 66,090
Total Other Assets 460 1,001 959
Total Assets 77,878 58,143 67,049
Total Liabilities (7,468) (3,490) (7,504)
Net Asset Value 70,410 54,653 59,545
Unitholders’ Capital 53,759 47,929 47,284
Pacific Income Fund (ended 30 September)
Total Investments 132,881 127,377 118,770
Total Other Assets 848 1,550 13,341
Total Assets 133,729 128,927 132,111
Total Liabilities (7,473) (9,629) (11,407)
Net Asset Value 126,256 119,298 120,704
Unitholders’ Capital 108,577 109,928 95,710
111 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dana Murni (ended 31 March)
Total Shariah-Compliant Investments 53,937 54,834 60,741
Total Other Assets 560 837 808
Total Assets 54,497 55,671 61,549
Total Liabilities (1,088) (1,599) (1,755)
Net Asset Value 53,409 54,072 59,794
Unitholders’ Capital 52,187 53,484 58,806
Pacific SELECT Balance Fund (ended 30 June)
Total Investments 12,199 12,077 15,304
Total Other Assets 135 538 486
Total Assets 12,334 12,615 15,790
Total Liabilities (672) (602) (1,388)
Net Asset Value 11,662 12,013 14,402
Unitholders’ Capital 9,827 11,322 12,935
Pacific SELECT Income Fund (ended 30 June)
Total Investments 12,912 14,475 20,126
Total Other Assets 103 322 382
Total Assets 13,015 14,797 20,508
Total Liabilities (517) (529) (1,148)
Net Asset Value 12,498 14,268 19,360
Unitholders’ Capital 12,070 14,356 19,061
112 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dividend Fund (ended 31 December)
Total Investments 193,165 134,589 144,506
Total Other Assets 2,607 1,412 4,684
Total Assets 195,772 136,001 149,190
Total Liabilities (15,639) (12,357) (13,420)
Net Asset Value 180,133 123,644 135,770
Unitholders’ Capital 123,764 116,205 82,290
Pacific Focus18 Fund (ended 30 September)
Total Investments 32,426 31,400 43,106
Total Other Assets 1,249 1,697 2,614
Total Assets 33,675 33.097 45,720
Total Liabilities (1,860) (3,036) (3,885)
Net Asset Value 31,815 30,061 41,835
Unitholders’ Capital 26,038 25,987 26,104
Pacific Cash Fund (ended 30 September)
Total Investments 163,545 344,715 143,323
Total Other Assets 504 1,430 5,507
Total Assets 164,049 346,145 148,830
Total Liabilities (1,245) (2,756) (7,247)
Net Asset Value 162,804 343,389 141,583
Unitholders’ Capital 162,205 342,033 140,786
113 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Asia Brands Fund (ended 31 March)
Total Investments 28,593 20,541 36,703
Total Other Assets 2,825 4,278 1,653
Total Assets 31,418 24,819 38,356
Total Liabilities (1,825) (1,229) (2,991)
Net Asset Value 29,593 23,590 35,365
Unitholders’ Capital 32,591 35,322 36,026
Pacific Global Stars Fund (ended 30 September)
Total Investments 31,213 29,316 42,359
Total Other Assets 528 5,407 6,720
Total Assets 31,741 34,723 49,079
Total Liabilities (211) (2114) (4,684)
Net Asset Value 31,530 32,609 44,395
Unitholders’ Capital 33,554 35,643 40,147
Pacific AsiaPac Income Fund (ended 31 December)
Total Investments 236,657 199,809 285,657
Total Other Assets 2,477 9,511 21,176
Total Assets 239,134 209,320 306,833
Total Liabilities (474) (326) (29,232)
Net Asset Value 238,660 208,994 277,601
Unitholders’ Capital 237,146 260,476 257,101
114 Historical Financial Highlights Of The Funds
2010
RM’000
2009
RM’000
2008
RM’000
2007
RM’000
Pacific Dana Dividen (ended 30 June)
Total Shariah-Compliant Investments 68,213 64,615 81,935
Total Other Assets 2,939 3,492 4,984
Total Assets 71,152 68,107 86,919
Total Liabilities (1,406) (680) (2,273)
Net Asset Value 69,746 67,427 84,646
Unitholders’ Capital 78,683 85,737 91,929
Pacific Focus China Fund (ended 31 March)
Total Investments 47,569
Total Other Assets 2,913
Total Assets 50,482
Total Liabilities (62)
Net Asset Value 50,420
Unitholders’ Capital 51,361
115 Historical Financial Highlights Of The Funds
MER
(as per the Funds’ annual reports for the past two/three financial years)
2010 2009 2008 2007
Pacific Premier Fund (ended 30 September)
MER (%) 1.58 1.56? 2.26
Remarks
The MER for the financial year ended 30 September 2009 remains consistent
with the restated MER of the financial year ended 30 September 2008.
The MER for the financial year ended 30 September 2008 was lower
compared with the financial year ended 30 September 2007 due to a higher
percentage of decrease in the total expenses of the Fund compared with the
decrease in the average net asset value attributable to Unitholders of the
Fund.
Pacific Pearl Fund (ended 31 March)
MER (%) 1.62 1.68 1.17?
Remarks
The MER for the financial year ended 31 March 2010 was lower compared
with the financial year ended 31 March 2009 due to a lower percentage of
increase in the expenses of the Fund compared with the increase in the
average net asset value attributable to Unitholders of the Fund.
The MER for the financial year ended 31 March 2009 was higher compared
with the financial year ended 31 March 2008 due to a lower percentage of
decrease in the expenses of the Fund compared with the decrease in the
average net asset value attributable to Unitholders of the Fund.
Pacific Dana Aman (ended 31 March)
MER (%) 1.63 1.59 1.58?
Remarks
The MER for the financial year ended 31 March 2010 was higher compared
with the financial year ended 31 March 2009 due to a higher percentage of
increase in the expenses of the Fund compared with the increase in the
average net asset value attributable to Unitholders of the Fund.
The MER for the financial year ended 31 March 2009 remains consistent with
that of the financial year ended 31 March 2008.
Pacific Millennium Fund (ended 30 June)
MER (%) 1.65 1.63 1.62?
Remarks
The MER for the financial year ended 30 June 2010 remains consistent with
that of the financial year ended 30 June 2009.
The MER for the financial year ended 30 June 2009 remains consistent with
that of the financial year ended 30 June 2008.
Pacific Recovery Fund (ended 30 June)
MER (%) 1.64 1.60 1.60?
Remarks
The MER for the financial year ended 30 June 2010 remains consistent with
that of the financial year ended 30 June 2009.
The MER for the financial year ended 30 June 2009 remains consistent with
that of the financial year ended 30 June 2008.
116 Historical Financial Highlights Of The Funds
2010 2009 2008 2007
Pacific Income Fund (ended 30 September)
MER (%) 1.60 1.60? 2.12
Remarks
The MER for the financial year ended 30 September 2009 remains consistent
with the restated MER of the financial year ended 30 September 2008.
The MER for the financial year ended 30 September 2008 was lower
compared with the financial year ended 30 September 2007 due to a decrease
in the total expenses of the Fund compared with an increase in the average
net asset value attributable to Unitholders of the Fund.
Pacific Dana Murni (ended 31 March)
MER (%) 1.11 1.12 1.11
Remarks
The MER for the financial year ended 31 March 2010 remains consistent with
that of the financial year ended 31 March 2009.
The MER for the financial year ended 31 March 2009 remains consistent with
that of the financial year ended 31 March 2008.
Pacific SELECT Balance Fund (ended 30 June)
MER (%) 1.71 1.76 1.71?
Remarks
The MER for the financial year ended 30 June 2010 was lower compared with
the financial year ended 30 June 2009 due to a decrease in the expenses of
the Fund compared with an increase in the average net asset value
attributable to Unitholders of the Fund.
The MER for the financial year ended 30 June 2009 was higher compared with
the financial year ended 30 June 2008 due to a lower percentage of decrease
in the expenses of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific SELECT Income Fund (ended 30 June)
MER (%) 1.61 1.62 1.57?
Remarks
The MER for the financial year ended 30 June 2010 remains consistent with
that of the financial year ended 30 June 2009.
The MER for the financial year ended 30 June 2009 was higher compared with
the financial year ended 30 June 2008 due to a lower percentage of decrease
in the expenses of the Fund compared with the decrease in the average net
asset value attributable to Unitholders of the Fund.
Pacific Dividend Fund (ended 31 December)
MER (%) 1.64 1.65? 2.55
Remarks
The MER for the financial year ended 31 December 2009 remains consistent
with the restated MER of the financial year ended 31 December 2008.
The MER for the financial year ended 31 December 2008 was lower compared
with the financial year ended 31 December 2007 due to a higher percentage
of decrease in the total expenses of the Fund compared with the decrease in
the average net asset value attributable to Unitholders of the Fund.
117 Historical Financial Highlights Of The Funds
2010 2009 2008 2007
Pacific Focus18 Fund (ended 30 September)
MER (%) 1.86 1.77? 3.31
Remarks
The MER for the financial year ended 30 September 2009 was higher
compared with the restated MER of the financial year ended 30 September
2008 due to a lower percentage of decrease in the total expenses of the Fund
compared with the decrease in the average net asset value attributable to
unitholders of the Fund.
The MER for the financial year ended 30 September 2008 was lower
compared with the financial year ended 30 September 2007 due to a higher
percentage of decrease in the total expenses of the Fund compared with the
decrease in the average net asset value attributable to Unitholders of the
Fund.
Pacific Cash Fund (ended 30 September)
MER (%) 0.54 0.54 0.56
Remarks
The MER for the financial year ended 30 September 2009 remains consistent
with that of the financial year ended 30 September 2008.
The MER for the financial year ended 30 September 2008 was lower
compared with that of the financial year ended 30 September 2007 due to a
lower percentage of increase in the total expenses of the Fund compared with
the increase in the average net asset value attribute to Unitholders of the
Fund.
Pacific Asia Brands Fund (ended 31 March)
MER (%) 2.10 1.95 1.89?
Remarks
The MER for the financial year ended 31 March 2010 was higher compared
with the financial year ended 31 March 2009 due to a higher percentage of
increase in the expenses of the Fund compared with the increase in the
average net asset value attributable to Unitholders of the Fund.
The MER for the financial year ended 31 March 2009 was higher compared
with the financial year ended 31 March 2008 due to a lower percentage of
decrease in the expenses of the Fund compared with the decrease in the
average net asset value attributable to Unitholders of the Fund.
Pacific Global Stars Fund (ended 30 September)
MER (%) 2.16 2.00? 3.72
Remarks
The MER for the financial year ended 30 September 2009 was higher
compared with the restated MER of the financial year ended 30 September
2008 due to a lower percentage of decrease in the total expenses of the Fund
compared with the decrease in the average net asset value attributable to
Unitholders of the Fund.
The MER for the financial year ended 30 September 2008 was lower
compared with the financial year ended 30 September 2007 due to a higher
percentage of decrease in the total expenses of the Fund compared with the
decrease in the average net asset value attributable to Unitholders of the
Fund.
Pacific AsiaPac Income Fund (ended 31 December)
MER (%) 1.53 1.53? 2.01
Remarks
The MER for the financial year ended 31 December 2009 remains consistent
with the restated MER of the financial year 31 December 2008.
The MER for the financial year ended 31 December 2008 was lower compared
with the financial year ended 31 December 2007 due to a higher percentage
of decrease in the total expenses of the Fund compared with the decrease in
the average net asset value attributable to Unitholders of the Fund.
118 Historical Financial Highlights Of The Funds
2010 2009 2008 2007
Pacific Dana Dividen (ended 30 June)
MER (%) 1.75 1.71 1.55?
Remarks
The MER for the financial year ended 30 June 2010 was higher compared with
the financial year ended 30 June 2009 due to a higher percentage of increase
in the expenses of the Fund compared with the increase in the average net
asset value attributable to Unitholders of the Fund.
The MER for the financial year ended 30 June 2009 was higher compared with
the financial period ended 30 June 2008 due to a lower percentage of
decrease in the expenses of the Fund compared with the decrease in the
average net asset value attributable to Unitholders of the Fund.
Pacific Focus China Fund (ended 31 March)
MER (%) 1.67
Remarks As this is for the first financial period for the Fund, there is no comparative
figure.
? Restated to conform with the presentation of financial year ended March, June, September and December 2009
respectively.
The Pacific Global A.I.R. Fund was launched on 12 April 2010 and its first financial year will end on 31 March 2011.
Therefore, there is no data on its fund annual expenses, extract of statement of income and expenditure, extract of
statement of assets and liabilities, and MER published in this Prospectus for the Fund.
Past performances of the Funds are not an indication of their future performances. The audited financial statements of
the Funds are disclosed in the Funds’ annual reports. The Funds’ annual reports are available upon request.
119 Fees, Charges And Expenses
FEES, CHARGES AND EXPENSES
SALES CHARGE
The sales charge is a fee levied on the purchase of units of a Fund, and is used to pay for marketing, advertising and
distribution expenses of a Fund. The sales charge is deducted upfront from the purchase amount, leaving only the net
amount invested in a Fund. The sales charge is calculated based on the NAV per unit of a Fund as at the next valuation
point after the original application is received and accepted before the cut-off time of 4.00 p.m. on any business day. The
following table outlines the maximum sales charge^ to be imposed by our authorised distributors for the respective Funds:
Maximum Rate Of Sales Charge To Be Imposed By All Our
Distribution Channels^
Current Fund (Please refer to pages 162 and 163)
Pacific Mutual Unit Trust
Consultants IUTA*
Zero-Load Sales Charge Fund:
Pacific Cash Fund No sales charge No sales charge No sales charge
Low-Load Sales Charge Fund:
Pacific Dana Murni
Pacific SELECT Income Fund
2.00% of the Fund’s
NAV per unit
2.00% of the Fund’s
NAV per unit
2.00% of the Fund’s
NAV per unit
Reduced-Load Sales Charge Fund:
Pacific Income Fund
Pacific SELECT Balance Fund
Pacific Dividend Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
5.00% of the Fund’s
NAV per unit
5.00% of the Fund’s
NAV per unit
5.00% of the Fund’s
NAV per unit
Normal-Load Sales Charge Fund:
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Focus18 Fund
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific Focus China Fund
Pacific Global A.I.R. Fund
5.50% of the Fund’s
NAV per unit
5.50% of the Fund’s
NAV per unit
5.50% of the Fund’s
NAV per unit
Despite the maximum sales charge disclosed here, investors may negotiate for a lower sales charge.
^ Investors investing under the EPF Members’ Investment Scheme will be levied a maximum sales charge of up to 3% of
NAV per unit of the respective Fund, as regulated by EPF.
* Our IUTA may not carry the complete range of Pacific Mutual’s Funds. Investments made via our IUTA may be subject
to different terms and conditions of the respective IUTA, including those for switching between Funds.
For illustration on the calculation of sales charges, please refer to page 127.
The following are our special group of investors:
• Staff and family members of PacificMas Berhad’s Group of Companies may purchase units of the Funds at the Funds’
NAV per unit, without having to pay sales charge.
• When investing directly with us, investors of our Saver’s Plan package will enjoy a 0.25% lower sales charge from the
normal sales charge imposed by us for each future monthly instalment upon the 25th monthly instalment.
REDEMPTION CHARGE
There is no redemption charge for all Pacific Mutual's Funds stated in this Prospectus.
120 Fees, Charges And Expenses
ANNUAL MANAGEMENT FEE
The annual management fee is a fee charged for the ongoing portfolio management and administration of a Fund (e.g. to
maintain Unitholders' register, proper records of a Fund and to administer the investments). The following table outlines the
annual management fees of the respective Funds:
Fund Annual Management Fee
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Income Fund
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
Pacific Dividend Fund
Pacific Focus18 Fund
Pacific Asia Brands Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
Pacific Global A.I.R. Fund
1.50% p.a. of the NAV of the Fund
Pacific Dana Murni 1.00% p.a. of the NAV of the Fund
Pacific Cash Fund 0.50% p.a. of the NAV of the Fund
Pacific Global Stars Fund 1.70% p.a. of the NAV of the Fund
Pacific Focus China Fund 1.60% p.a. of the NAV of the Fund
The annual management fee is calculated based on the NAV of the Funds, accrued on a daily basis and is paid out of the
respective Funds. The annual management fee is payable on a monthly basis.
121 Fees, Charges And Expenses
ANNUAL TRUSTEE FEE
The annual trustee fee is a fee paid to the Trustee for the custodial management and administration of a Fund's assets (e.g.
transaction settlement, custody and administration costs). The following table outlines the annual trustee fees of the
respective Funds:
Fund Annual Trustee Fee
Pacific Premier Fund 0.01% - 0.06% p.a. of the NAV (excluding custodian fee of RM25,000 p.a.)
Pacific Pearl Fund 0.055% p.a. of the NAV subject to a minimum of RM30,000 p.a. and a maximum of
RM110,000 p.a. (excluding custodian fee of 0.035% p.a.)
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
0.08% p.a. of the NAV
Pacific Income Fund 0.10% p.a. of the NAV subject to a minimum of RM35,000 p.a.
Pacific Dana Murni
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
0.07% p.a. of the NAV subject to a minimum of RM18,000 p.a.
Pacific Dividend Fund 0.07% p.a. of the NAV subject to a minimum of RM18,000 p.a.
Pacific Focus18 Fund 0.07% p.a. of the NAV subject to a minimum of RM18,000 p.a. and a maximum of
RM400,000 p.a. (excluding foreign custodian fees and charges, where applicable).
Pacific Cash Fund 0.05% p.a. of the NAV subject to a minimum of RM18,000 p.a. and a maximum of
RM400,000 p.a.
Pacific Asia Brands Fund 0.07% p.a of the NAV subject to a minimum of RM18,000 p.a. (excluding foreign
custodian fees and charges).
Pacific Global Stars Fund
0.07% p.a. of the NAV subject to a minimum of RM18,000 p.a. (excluding foreign
custodian fees and charges). Note that if the Trustee is made the counter party
and/or security party for a hedge transaction, an additional 0.03% p.a. of the amount
hedged or security value under the hedge, whichever is higher, is payable to the
Trustee.
Pacific AsiaPac Income Fund
Pacific Dana Dividen
0.08% p.a. of the NAV subject to a minimum of RM18,000 p.a. (excluding foreign
custodian fees and charges). Note that if the Trustee is made the counter party
and/or security party for a hedge transaction, an additional 0.02% p.a. of the amount
hedged or security value under the hedge, whichever is higher, is payable to the
Trustee.
Pacific Focus China Fund
Pacific Global A.I.R. Fund
0.08% p.a. of the NAV subject to a minimum of RM18,000 p.a. (excluding foreign
custodian fees and charges).
The annual trustee fee is calculated based on the NAV of the Funds at the respective Funds' annual trustee fee rates,
calculated and accrued on a daily basis and is paid out of the respective Funds. The annual trustee fee is payable on a
monthly basis.
122 Fees, Charges And Expenses
SWITCHING FEE
The switching fee is a minimal charge levied on the Unitholders for administering the switching transactions and is based on
our switching terms and conditions. Charges may vary from one Fund to another. Switching fee for Pacific Cash Fund is
calculated based on the net asset value (NAV) per unit plus the sales charge of the target Fund. Switching fee for all other
Funds managed by us, except wholesale Funds and ELITE/ELIT Series Funds, and vice versa, is calculated based on the
NAV per unit of the target Funds. The following table outlines the switching fees of the respective Funds:
Target Fund
Current Fund
Zero-Load
Sales Charge
Fund
(Fund with no
sales charge)
Low-Load Sales
Charge Fund
(Fund with
maximum sales
charge of 2.00%
of NAV
per unit)
Reduced-Load
Sales Charge
Fund
(Fund with
maximum sales
charge of 5.00%
of NAV
per unit)
Normal-Load
Sales Charge
Fund
(Fund with
maximum sales
charge of 5.50%
of NAV
per unit)
Zero-Load Sales Charge Fund:
Pacific Cash Fund N/A At NAV per unit
plus sales charge
At NAV per unit
plus sales charge
At NAV per unit
plus sales charge
Low-Load Sales Charge Fund:
Pacific Dana Murni
Pacific SELECT Income Fund
Free Free
2.00%
(Free for EPF
Plan)
2.00%
(Free for EPF
Plan)
Reduced-Load Sales Charge Fund:
Pacific Income Fund
Pacific SELECT Balance Fund
Pacific Dividend Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
Free Free Free Free
Normal-Load Sales Charge Fund:
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Focus18 Fund
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific Focus China Fund
Pacific Global A.I.R. Fund
Free Free Free Free
Our IUTA may not carry the complete range of Pacific Mutual’s Funds. Investments made via our IUTA may be subject to
different terms and conditions of the respective IUTA, including those for switching between Funds.
Please refer to page 128 for the terms and conditions of the switching facility of the Funds.
123 Fees, Charges And Expenses
EXPENSES
Expenses directly related to the Funds are management fee, trustee fee and other administrative expenses (e.g.
commission paid to brokers, auditor's fee, courier and handling charges, etc).
The total annual expenses of a Fund are expressed as a percentage of the average net asset value of the Fund for a
financial year/period calculated on a daily basis. Please refer to page 102 for the breakdown and total annual expenses
incurred by the Fund.
Other expenses, which are directly related and necessary to the business of the Funds, may be charged to the Funds.
These will include (but are not limited to) the following:
• commission/fees paid to brokers;
• fees and other expenses properly incurred by the auditor and tax agent;
• custodian fees;
• taxes and other duties charged on the Funds by the government and other authorities;
• printing and postage expenses; and
• any other legitimate administration expenses/relevant professional fees approved by the Trustees.
REBATES AND SOFT COMMISSIONS
We will retain the soft commissions received from brokers for goods and services which are of demonstrable benefit to the
Unitholders and advisory services that assist in the decision-making process relating to the investment of the Funds such as
research materials, data and quotation services, computer software, investment advisory services and investment related
publications which are incidental to the investment management activities of the Funds. Rebates or shared commission, if
any, will be directed to the accounts of the Funds.
There are fees and charges involved and investors are advised to consider them before investing in the Funds.
124 Transaction Information
TRANSACTION INFORMATION
Our IUTA may not carry the complete range of Pacific Mutual’s Funds. Investments made via our IUTA may be subject to
different terms and conditions of the respective IUTA, including those for switching between Funds.
PRICING CALCULATION
The buying and selling price of units is quoted based on a single price i.e. the NAV per unit of a Fund. All other transactions
charges, if any, will be expressed separately from the price of a unit.
Valuation Of NAV
Local Funds The valuation of NAV for local Funds will be conducted at the end of each Business Day. Daily prices
of the Funds will be published on the next Business Day.
Global Funds
The valuation of NAV for global Funds or Funds with foreign exposure will be conducted on each
business day after the close of respective foreign stock exchanges on the same calendar day. Due to
the different time zone of the foreign stock exchanges, the valuation point will be extended to 5.00
p.m. on the following Business Day. Daily prices of the Funds will be published on the next Business
Day after the valuation.
Valuation Of Units
Valuation of units is based on the NAV of a Fund and is calculated at the end of every Business Day. The NAV per unit
of a Fund is determined by dividing the Fund’s assets less its liabilities by the number of units in circulation. After the offer
period, the price of a unit of a Fund is calculated based on the NAV per unit of the Fund as at the next valuation point after
we receive the original application ("forward pricing"). The NAV per unit may be rounded to four decimal places. An incorrect
valuation and/or pricing of a Fund shall be considered of minimal significance if the error involves a discrepancy of less than
0.5% of the NAV per unit of the Fund. Any pricing discrepancy of 0.5% or more of the NAV per unit of a Fund will be
rectified as stated in the Fund’s Deed unless the total impact of the discrepancy on an individual account is less than
RM10.00 as the transaction cost may be more than the amount adjusted.
If we receive your duly completed and accepted original application form to purchase/redeem/switch any Fund(s) by the
cut-off time of 4.00 p.m. on any Business Day, the NAV per unit will be calculated based on the NAV per unit at the end
of that Business Day. Any application form (original copy) received after this cut-off time will be considered as being
transacted on the next Business Day and will be subject to the NAV per unit of the Fund on the next Business Day.
125 Transaction Information
MINIMUM INITIAL INVESTMENT
Pacific Mutual offers you a choice of three investment plans namely, Cash Plan, Saver's Plan and EPF Plan. These plans
have been carefully developed to cater for various types of investors with differing financial objectives. To invest, simply
complete our Master Application Form (available at the end of this Prospectus) and forward it to any Pacific Mutual office or
its authorised representatives.
Fund Cash Plan Saver’s Plan EPF Plan
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Income Fund
Pacific Dana Murni
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
Pacific Dividend Fund
Pacific Focus18 Fund
Pacific Cash Fund
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
Pacific Focus China Fund
Pacific Global A.I.R. Fund
Lump Sum Cash
RM500 minimum
investment.
You may fix your own
time frame for saving,
starting with a minimum
of five years. Your initial
investment must be two
times the monthly
investment amount.
Monthly investment
amount must be in
multiples of RM50.
Saver’s Plan is not
available for the Pacific
Cash Fund.
You may withdraw 20%
of the amount in excess
of the basic savings in
your EPF Account 1,
subject to a minimum
investment of RM1,000.
EPF Plan is currently not
available for Funds with
foreign exposure.
Investments made via
EPF are subject to the
terms and conditions of
the EPF and any other
regulatory authorities.
All amounts referred here include the sales charge of the Funds. For more explanation on the sales charge, please refer to
pages 119 and 127.
126 Transaction Information
MINIMUM ADDITIONAL INVESTMENT
If you are already a Unitholder of our Funds and wish to purchase additional units, simply fill in either our Additional
Investment Form or the relevant sections in the Master Application Form, indicating your existing unit trust account number.
The following are the minimum additional investments for the respective investment schemes:
Fund Cash Plan Saver’s Plan EPF Plan
Pacific Premier Fund
Pacific Pearl Fund
Pacific Dana Aman
Pacific Millennium Fund
Pacific Recovery Fund
Pacific Income Fund
Pacific Dana Murni
Pacific SELECT Balance Fund
Pacific SELECT Income Fund
Pacific Dividend Fund
Pacific Focus18 Fund
Pacific Cash Fund
Pacific Asia Brands Fund
Pacific Global Stars Fund
Pacific AsiaPac Income Fund
Pacific Dana Dividen
Pacific Focus China Fund
Pacific Global A.I.R. Fund
Lump Sum Cash
RM100 minimum
investment.
Monthly investment
amount must be in
multiples of RM50 via a
standing instruction with
our appointed bank or
financial process
exchange (FPX) direct
debit service.
Saver’s Plan is not
available for the Pacific
Cash Fund.
20% of the amount in
excess of the basic
savings in your EPF
Account 1 (withdrawal
interval is every three
months), subject to a
minimum investment of
RM1,000.
EPF Plan is currently not
available for Funds with
foreign exposure.
Investments made via
EPF are subject to the
terms and conditions of
the EPF and any other
regulatory authorities.
All amounts referred here include the sales charge of the Funds. For more explanation on the sales charge, please refer to
pages 119 and 127.
127 Transaction Information
PURCHASE
The Price Of A Unit
The price of each unit is calculated based on the NAV per unit of a Fund as at the next valuation point after the original
application form and payment is received by the Manager ("forward pricing").
Example:
NAV per unit RM0.5000
Sales charge 5.50% of NAV per unit
Assuming the NAV per unit on 30 November 2010 to be RM0.5000 and if you make a payment of RM10,000, the amount to
be invested in a Fund and the sales charge to be paid by you are calculated as follows:
Total amount invested = RM10,000.00
Total sales charge (5.50%) incurred = RM550.00
Total amount to be paid by you = RM10,550.00
Units issued to you = RM10,000.00/RM0.5000 = 20,000.00 units
Note to the example:
The above example shows that the sales charge is calculated separately from the amount invested, whereas the sales
charge imposed by a Fund is deducted upfront from the total amount paid by the investors.
Purchase Of Unit Procedure
Your purchase application for units and payment must reach Pacific Mutual’s head office or its branches by 4.00 p.m. on
any Business Day. Any duly completed and accepted original application form and payment received after this cut-off time
is considered as being transacted on the next Business Day. The Master Application Form is available at the end of this
Prospectus. In addition to the submission of the above form, you may be required to forward to us additional documents to
authenticate your identification when transacting units of a Fund. We may for any reason at any time, waive existing
procedures, and/or prescribe applications in any other form or manner whether for all/any particular investor, at our
discretion.
Investors are advised NOT to make payment in cash when purchasing units of a Fund via any
IUTA or Unit Trust Consultants.
128 Transaction Information
REDEMPTION
The Price Of A Unit
At NAV per unit.
Redemption Of Unit Procedure
Upon receipt of the duly completed and accepted original Redemption Form, which must reach Pacific Mutual’s head office
or its branches by 4.00 p.m. on any Business Day, we will repurchase the units at the respective Fund’s NAV per unit
calculated at the end of that Business Day. Payment will be made to you within 10 days (four business days for the Pacific
Cash Fund).
For partial redemption, the minimum balance to be maintained in your unit trust account must be 500 units or such sum as
decided by the Trustee and the Manager from time to time.
SWITCHING
You may switch from one Fund to another Fund as often as your investment situation demands. All switching transactions
are subject to the following conditions:
• Investors of the Funds are allowed to switch their investments into and out of all other Funds managed by Pacific
Mutual, except wholesale Funds and ELITE/ELIT Series Funds, and vice versa;
• Investors of the Funds are allowed to switch their investments into a new Fund, except wholesale Funds and
ELITE/ELIT Series Funds, which has been managed by Pacific Mutual three months after the launch date of the new
Fund and vice versa;
• Minimum number of units to be switched out from a Fund to other Funds, except wholesale Funds and ELITE/ELIT
Series Funds, is 1,000 units, provided the amount in Ringgit Malaysia meets the minimum investment amount of the
other Funds; and
• Minimum number of units required to be held in an account after partial switching is 500 units.
A switching fee is payable in certain cases (please refer to page 122).
To make a switch, you simply need to complete the Switching Form or send a letter of request, which must reach Pacific
Mutual’s head office or its branches by 4.00 p.m. on any Business Day.
Switching from a Shariah-based Fund to a conventional Fund is discouraged especially for Muslim Unitholders.
TRANSFER
The transfer form must be completed in the presence of a witness. For partial transfer, the minimum balance to be
maintained in your unit trust account must be 500 units or such sum as decided by the Trustee and the Manager from time
to time.
COOLING-OFF PERIOD
If you are a first-time investor of Pacific Mutual, you are given a cooling-off period of six Business Days. Within these six
Business Days from the date we receive your application, you have the right to call for withdrawal of investment. However,
this is not applicable to:
• Corporate investors/institutional investors;
• Staff of Pacific Mutual; and
• Persons registered with a body approved by the Securities Commission to deal in unit trusts.
The refund for every unit with regards to the cooling-off right is the sum of:
• the NAV per unit on the day the units were purchased; and
• sales charge per unit originally imposed on the day the units were purchased.
When you exercise the cooling-off right, the money will be refunded to you:
• For Cash Plan and Saver's Plan – within 10 days (four business days for the Pacific Cash Fund and only for Cash Plan)
of receipt of the original notice of cooling-off by Pacific Mutual.
• For EPF Plan – within 10 days after receipt of the disbursement of fund from EPF. The refund will be returned to your
EPF account.
Please note that the EPF Plan is subject to EPF's terms and conditions.
129 Transaction Information
DISTRIBUTION POLICY AND REINVESTMENT POLICY
Distribution Policy Funds
Annually*
Pacific Premier Fund, Pacific Pearl Fund, Pacific Dana Aman, Pacific Millennium Fund,
Pacific Recovery Fund, Pacific Income Fund, Pacific Dana Murni, Pacific SELECT Balance
Fund, Pacific SELECT Income Fund, Pacific Focus18 Fund, Pacific Asia Brands Fund,
Pacific Global Stars Fund, Pacific AsiaPac Income Fund, Pacific Dana Dividen, Pacific
Focus China Fund and Pacific Global A.I.R. Fund
Twice a year* Pacific Dividend Fund
Quarterly* Pacific Cash Fund
* Subject to availability
Distribution is in the form of cash. In poor stock market conditions and economic downturns, realised capital losses may
outweigh realised gains, dividends and interest/profit sharing income received and thus result in no income distributions
being possible.
In the absence of written instructions to the contrary, distributions declared by a Fund will be automatically reinvested into
further units of the Fund based on the net asset value (NAV) per unit of the Fund, except for Cash Plan (Lump Sum
Purchase) and Saver’s Plan which you may opt for distribution cheque. Distributions will be reinvested based on the Fund’s
NAV per unit on the seventh Business Day after the declaration of distributions at no cost.
UNCLAIMED MONIES
For any distribution cheques which are left uncashed upon lapse of the six months' cheque validity period, we shall reinvest
the distribution into additional units of the respective Fund on your behalf, based on the Fund’s NAV per unit on the said
expiry date.
For other cases, the unpresented cheques will be deemed as unclaimed monies and shall be dealt in accordance with the
Unclaimed Moneys Act 1965.
KEEPING ABREAST OF DEVELOPMENTS IN THE FUNDS
You can have immediate access to the daily NAV per unit of the Funds which are published in newspapers and our website
www.pacificmutual.com.my, or contact any of our Customer Care personnel at 03-7725 9877 or our authorised distributors,
or e-mail customercare@pacificmutual.com.my. While it is our duty to ensure the Funds are being correctly valued or
priced, we, however, cannot be held liable for any error in prices published in the newspapers and the websites of our
distributors.
In addition, you can also constantly keep abreast of the respective Funds' developments via their reports. Our Funds'
performance and other information will also be featured in our website www.pacificmutual.com.my. You are advised to keep
abreast of the developments in the Funds.
CUSTOMER SERVICE
We are committed to maintaining the highest standards of dedicated customer service. You may call our Client Services
personnel for more information on your investments in our Funds.
Customer Care Hotline: 03-7726 6332
Facsimile: 03-7725 9860
E-mail: customercare@pacificmutual.com.my
Website: www.pacificmutual.com.my
For information on the unit trust industry, you may also contact the Federation Of Investment Managers Malaysia (FiMM) at
03-2093 2600 or log on their website www.fimm.com.my for information.
130 Salient Terms Of The Deed
SALIENT TERMS OF THE DEED
YOUR RIGHTS AS A UNITHOLDER
Your units in a Fund give you an equal interest in the Fund as a whole. Under the Deed, each Unitholder will receive a sum
proportionate to his/her unitholdings upon termination of the Fund. In a distribution of income, if any, we will recognise
Unitholders who are registered as at the date a distribution of income is declared. You have the right, amongst others, to
the following:
• To receive any distribution of income of the Fund, to participate in any increase in capital value of the units and to all
rights and privileges under the Fund's Deed;
• To exercise the cooling-off right (please refer to page 128);
• To receive annual and interim reports; and
• To call for a meeting of Unitholders (as set out below) and to vote for the removal of the Trustee or the Manager by way
of a Special Resolution.
You are entitled to attend meetings which the Trustee or the Manager may convene at any time in accordance with the
provisions of the Deed. Meetings of Unitholders may be called in certain circumstances, including approving certain
amendments to the Deed or winding-up the Fund. The Trustee or the Manager may call a meeting of Unitholders, or you
can also request the Manager to call a meeting.
YOUR LIABILITIES AS A UNITHOLDER
You are not expected to be under any personal obligation to indemnify the Trustee or Manager of the Fund if the liabilities
incurred by the Trustee and/or Manager on behalf of the Fund exceed the value of the assets of the Fund. Your liabilities are
limited only to the purchase price of your units (at the time of purchase) plus any related charges for the purchase of
the units.
The Trustee shall be indemnified out of the Fund against all losses or expenses incurred by the Trustee in performing any of
its duties or exercising any of its power under this Deed in relation to the Fund. The right to indemnity shall not extend to
loss occasioned by breach of trust, willful default, negligence, fraud or failure to show the degree of care and diligence
required of the Trustee having regard to the provisions of the Deed.
YOUR LIMITATIONS AND RESTRICTIONS AS A UNITHOLDER
No Unitholder shall be entitled to require the transfer to him/her of any of the investments or 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
the registered owner of such investment and assets.
No Unitholder, other than the Manager, shall have any right by reason of his being a Unitholder to attend any meeting of
shareholders, stockholders or debenture holders or to vote or take part in or consent to any company or action of
shareholders, stockholders or debenture holders.
131 Salient Terms Of The Deed
MAXIMUM FEES AND CHARGES
The Deed provides information on the maximum fees and charges for the Fund payable by the Unitholder either directly or
indirectly such as annual management fee, annual trustee fee, sales charge and redemption charge.
Please refer to the table below on the maximum fees and charges as disclosed in the Deeds of the Funds:
FUND
Pacific
Premier
Fund
Pacific
Pearl
Fund
Pacific
Dana
Aman
Pacific
Millennium
Fund
MAXIMUM SALES
CHARGE
10% of the NAV per unit 10% of the NAV unit 10% of the NAV per unit 10% of the NAV per unit
MAXIMUM REDEMPTION
CHARGE
5% of the NAV per unit 5% of the NAV unit 5% of the NAV per unit 5% of the NAV per unit
MAXIMUM RATE OF THE
ANNUAL MANAGEMENT
FEE
1.5% p.a. of the NAV of the
Fund
1.5% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
Size Of
Fund
Rate Per
Annum Of The
Net Asset Value
Of The Fund
First
RM20
million
0.06% and shall
be calculated
and accrued
daily (excluding
any custodian
fee)
Next
RM20
million
0.05% and shall
be calculated
and accrued
daily (excluding
any custodian
fee)
Next
RM20
million
0.04% and shall
be calculated
and accrued
daily (excluding
any custodian
fee)
Next
RM20
million
0.03% and shall
be calculated
and accrued
daily (excluding
any custodian
fee)
Next
RM20
million
0.02% and shall
be calculated
and accrued
daily (excluding
any custodian
fee)
MAXIMUM RATE OF THE
ANNUAL TRUSTEE FEE
Any
amount
above
RM100
million
0.01% and shall
be calculated
and accrued
daily (excluding
custodian fee)
0.055% p.a. 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
RM30,000 and a maximum
of RM110,000,000 p.a.
0.10% p.a. of the NAV of the
Fund
0.08% p.a. of the NAV of the
Fund
132 Salient Terms Of The Deed
MAXIMUM FEES AND CHARGES (continuation)
FUND
Pacific
Recovery
Fund
Pacific
Income
Fund
Pacific
Dana
Murni
Pacific
SELECT Balance
Fund
MAXIMUM SALES
CHARGE
10% of the NAV per unit 10% of the NAV unit 10% of the NAV per unit 10% of the NAV per unit
MAXIMUM REDEMPTION
CHARGE
5% of the NAV per unit 5% of the NAV unit Nil Nil
MAXIMUM RATE OF THE
ANNUAL MANAGEMENT
FEE
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
MAXIMUM RATE OF THE
ANNUAL TRUSTEE FEE
0.08% p.a. of the NAV of the
Fund
0.10% p.a. of the NAV of the
Fund subject to a minimum
of RM35,000 p.a.
0.20% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a.
0.20% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a.
FUND
Pacific
SELECT Income
Fund
Pacific
Dividend
Fund
Pacific
Focus18
Fund
Pacific
Cash
Fund
MAXIMUM SALES
CHARGE
10% of the NAV per unit 10% of the NAV unit 10% of the NAV per unit 10% of the NAV per unit
MAXIMUM REDEMPTION
CHARGE
Nil Nil 5% of the NAV per unit 10% of the NAV per unit
MAXIMUM RATE OF THE
ANNUAL MANAGEMENT
FEE
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
MAXIMUM RATE OF THE
ANNUAL TRUSTEE FEE
0.20% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a.
0.20% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a.
0.20% p.a. 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 and a maximum
of RM400,000 p.a.
0.20% p.a. 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 and a maximum
of RM400,000 p.a.
FUND
Pacific
Asia Brands
Fund
Pacific
Global Stars
Fund
Pacific
AsiaPac Income
Fund
Pacific
Dana
Dividen
MAXIMUM SALES
CHARGE
10% of the NAV per unit 10% of the NAV unit 10% of the NAV per unit 10% of the NAV per unit
MAXIMUM REDEMPTION
CHARGE
5% of the NAV per unit 5% of the NAV unit 5% of the NAV unit 5% of the NAV unit
MAXIMUM RATE OF THE
ANNUAL MANAGEMENT
FEE
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
2.0% p.a. of the NAV of the
Fund
MAXIMUM RATE OF THE
ANNUAL TRUSTEE FEE
0.20% p.a. 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 p.a. (excluding
foreign custodian fees and
charges)
0.50% p.a. 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 p.a.
0.20% p.a. 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 p.a. (excluding
foreign custodian fees and
charges)
1.00% p.a. 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 p.a. (excluding
foreign custodian fees and
charges)
133 Salient Terms Of The Deed
MAXIMUM FEES AND CHARGES (continuation)
FUND
Pacific
Focus China
Fund
Pacific Global
A.I.R. Fund
MAXIMUM SALES
CHARGE
5.50% of the NAV per unit 10% of the NAV per unit
MAXIMUM REDEMPTION
CHARGE
Nil Nil
MAXIMUM RATE OF THE
ANNUAL MANAGEMENT
FEE
1.60% p.a. of the NAV of the
Fund
5.0% p.a. of the NAV of the
Fund
MAXIMUM RATE OF THE
ANNUAL TRUSTEE FEE
0.10% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a. calculated
and accrued daily (excluding
foreign custodian fees and
charges)
0.20% p.a. of the NAV of the
Fund subject to a minimum
of RM18,000 p.a. calculated
and accrued daily (excluding
foreign custodian fees and
charges)
Despite the maximum fees and charges permitted by the Deed, all current fees and charges are disclosed in the
Prospectus. (Please refer to pages 119 to 123).
Procedures For An Increase In The Fees And Charges From The Maximum Rate Provided In The Deed
The maximum sales charge, redemption charge, annual management fee or annual trustee fee set out in the Deed can only
be increased if a meeting of Unitholders has been held in accordance with the Deed. Thereafter, a supplemental deed
proposing a modification to the Deed to increase the aforesaid maximum charges and fees is required to be submitted for
registration with the Securities Commission accompanied by a resolution of not less than two-third (2/3) of all Unitholders
present and vote at the meeting of Unitholders sanctioning the proposed modification to the Deed.
Procedures For An Increase In The Fees And Charges From The Level Disclosed In The Prospectus
• Sales Charge And Redemption Charge
The Manager may not charge a sales charge or redemption charge at a rate higher than that disclosed in the
Prospectus unless:
?? the Manager has notified the Trustee of the higher rate and the date on which such higher rate is to become effective;
?? a supplementary or replacement prospectus stating the higher rate is issued thereafter; and
?? such time as may be prescribed by the relevant law shall have elapsed since the supplementary or replacement
prospectus is issued.
• Annual Management Fee And Annual Trustee Fee
The Manager may not charge an annual management fee or annual trustee fee at a rate higher than that disclosed in
the Prospectus unless:
?? the Manager has come to an agreement with the Trustee on the higher rate;
?? the Manager has notified the Unitholders of the higher rate and the date on which such higher rate is to become
effective;
?? a supplementary or replacement prospectus stating the higher rate is issued thereafter; and
?? such time as may be prescribed by the relevant law shall have elapsed since the supplementary or replacement
prospectus is issued.
PERMITTED EXPENSES PAYABLE OUT OF A FUND’S PROPERTY
Only the expenses (or part thereof) which are directly related and necessary to the business of a Fund may be charged to
the Fund. These would include (but are not limited to) the following:
• commission/fees paid to brokers;
• fees and other expenses properly incurred by the auditor and tax agent;
• custodian fees;
• taxes and other duties charged on the Fund by the government and other authorities;
• printing and postage expenses; and
• any other legitimate administration expenses/relevant professional fees approved by the Trustee.
134 Salient Terms Of The Deed
REMOVAL, REPLACEMENT AND RETIREMENT OF THE MANAGEMENT COMPANY
Subject to the approval of the Securities Commission and the provisions of the Deed, we may retire in favour of some other
corporation upon giving the Trustee three months' written notice of our desire to do so, or within such other period that may
be agreed by both parties.
The Manager may be removed and replaced by the Trustee on the grounds that the Manager:
• goes into liquidation (except for the purposes of amalgamation or reconstruction or some other purpose approved by
the relevant authorities); or
• has had a receiver appointed; or
• has ceased to carry on business; or
• is in breach of its obligations under the Deed, Capital Markets And Services Act 2007 or the SC Guidelines or has
ceased to be eligible to be a management company under the relevant laws; or
• has failed or neglected to carry out its duties to the satisfaction of the Trustee and the Trustee considers that it would be
in the interests of Unitholders for it to do so after the Trustee has given notice to the Manager of that opinion and the
reasons for that opinion, has considered any representations made by the Manager in respect of that opinion and after
consultation with the Securities Commission and with the approval of the Unitholders by way of a Special Resolution.
REMOVAL, REPLACEMENT AND RETIREMENT OF A TRUSTEE
A Trustee may retire upon giving three months’ notice to the Manager of its desire to do so, or such other period as the
Manager and the Trustee may agree, and may by deed appoint in its stead a new trustee approved by the Securities
Commission. The Trustee may be removed and another trustee may be appointed by Special Resolution of the Unitholders
at a meeting of Unitholders convened in accordance with the Deed or as stipulated in the Capital Markets And Services
Act 2007.
We may remove the Trustee or appoint another Trustee by Special Resolution of the Unitholders at a meeting of Unitholders
convened in accordance with the Deed.
We shall take all reasonable steps to replace a Trustee as soon as possible after becoming aware that:
• The Trustee has ended its business;
• The Trustee has not been validly appointed;
• The Trustee is not eligible to be appointed or to act as Trustee under section 290 of the Capital Markets And Services
Act 2007;
• 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 Capital Markets And Services Act 2007;
• A receiver is appointed over the whole or a major part of the assets or undertaking of the Trustee and has not withdraw
from the appointment, or a petition is presented for the winding up of the Trustee (other than for the purpose of and
followed by a reconstruction, unless during or following such reconstruction the existing Trustee becomes or is declared
to be insolvent);
• The Trustee is under investigation for conduct that contravenes the Trust Companies Act 1949, the Trustee Act 1949,
the Companies Act 1965 or any relevant law; or
• Such other situation as may be provided under the Capital Markets And Services Act 2007.
TERMINATION OF A FUND
A Fund may be terminated or wound-up by the Manager or Trustee by way of a Special Resolution of the Unitholders at a
meeting of Unitholders convened in accordance with the Deed, the Capital Markets And Services Act 2007 and the SC
Guidelines.
MEETINGS OF UNITHOLDERS
Unitholders may apply to the Manager to summon a meeting of Unitholders for any purpose including, without limitation, for
purposes of:
• Requiring the retirement or removal of the Manager;
• Requiring the retirement or removal of the Trustee;
• Considering the most recent financial statements of the Fund; or
• Giving to the Trustee such directions as the meeting thinks proper.
However, the Manager is under no obligation to summon such a meeting unless the application is made in accordance with
the provisions of the Deed.
135 All About The Manager – Pacific Mutual Fund Bhd
ALL ABOUT THE MANAGER – PACIFIC MUTUAL FUND BHD
OUR SHAREHOLDERS
PacificMas Berhad owns 85% equity interest in the share capital of Pacific Mutual and Koperasi Angkatan Tentera Malaysia
Berhad owns the remaining 15%. The ultimate holding company of Pacific Mutual is Oversea-Chinese Banking
Corporation Limited, a public listed company incorporated in Singapore.
OUR CORE BUSINESS
The principal activities of Pacific Mutual are the establishment and management of unit trust funds as well as the
management of private investment mandates. We obtained our Capital Markets And Services licence from the Securities
Commission since 21 December 2004. This licence is renewed on a yearly basis. Pacific Mutual was incorporated on 15
March 1995 under the Companies Act 1965 with an authorised and paid-up capital of RM5 million divided into 5 million
ordinary shares of RM1.00 each. Pacific Mutual’s registered office is at Level 19, Menara Prudential, No. 10 Jalan Sultan
Ismail, 50250 Kuala Lumpur.
As at 20 September 2010, Pacific Mutual:
• managed a total of 29 Funds, including 14 global Funds and two wholesale Funds. The Funds are in the hands of an
experienced Board of Directors and a prudent Investment Committee;
• managed RM2.11 billion on behalf of its unit trust investors and private mandate clients; and
• had a staff force of 99, comprising 60 management staff and 39 non-management staff.
OUR CORPORATE VISION AND MISSION
• Our Corporate Vision:
? To be Malaysia's preferred investment management company.
• Our Corporate Mission:
? We will provide investors with the highest return possible at minimal risk by being active, disciplined and researchdriven
in our investment management.
? We will provide excellent services to satisfy the needs and expectations of our investors and distributors.
? We will maintain a high level of professionalism among our staff and agents.
? We will promote teamwork, innovation and mutual respect at all levels within the Company.
OUR INVESTMENT PHILOSOPHY
Our investment philosophy is aimed at providing investors with maximum returns at an acceptable level of risk by:
• Applying an active investment management style that constantly monitors and reviews the market place for opportunities
to invest in.
• Being research-driven in our stock selection and disciplined in our asset allocation.
• Diversifying our investments to create a well-balanced portfolio.
• Adhering to the investment guidelines set by the regulatory authorities and the Investment Committee.
OUR ROLES AND RESPONSIBILITIES
The primary functions of Pacific Mutual are:
• Investment functions which include:
? Conducting investment research.
? Determining a fund's investment strategy.
? Investing the assets of a fund.
? Reviewing a fund's portfolio and investment performance.
• Administrative functions which include:
? Maintaining the Unitholders' register.
? Valuation of portfolio and computation of the daily net asset value of a fund.
? Preparing a fund's financial statements, quarterly (applicable to wholesale funds only), interim and annual reports.
? Keeping proper records on Unitholders' transactions.
136 All About The Manager – Pacific Mutual Fund Bhd
OUR FINANCIAL POSITION
Our financial position for the past three financial years is summarised as follows:
Audited Financial Highlights
Year Ended 31 December
2009
RM
2008
RM
2007
RM
Paid-up Share Capital (’000) 5,000 5,000 5,000
Shareholders’ Funds (’000) 22,389 20,766 21,398
Revenue (’000) 27,956 27,826 52,786
Profit Before Taxation (’000) 3,101 48 7,478
Profit After Taxation (’000) 2,728 54 5,447
OUR PEOPLE
Board Of Directors
As at 20 September 2010, we have nine experienced members on the Board of Directors including three independent
Directors with backgrounds in investment, banking, finance and the public sector. The Board of Directors meets on a
quarterly basis and is involved in determining the corporate policies and direction of the Company.
Name:
Experience/Qualifications:
Daniel Chan - Chairman
• He was appointed the Chairman of Pacific Mutual on 26 June 2008. He is currently
the Chief Executive Officer of Lion Global Investors Limited (“Lion Global Investors”),
a subsidiary of Oversea-Chinese Banking Corporation Limited.
• He is also the Chairman of Lion Fairfield Capital Management Limited, a subsidiary of
Lion Global Investors. He also sits on the Investment Committee of the Nanyang
Technological University Endowment Fund and investment committee of various nonprofit
organisations.
• He is also a Director of PacificMas Berhad.
• A veteran in the Singapore fund management industry with more than 30 years of
investment experience spanning across traditional asset classes in equities and
bonds, he is one of the pioneers in spearheading the move into alternative asset
classes such as hedge funds and structured credits.
• He previously served as the Chairman of the Investment Management Association of
Singapore and also on the board of the Financial Industry Dispute Resolution Centre
Ltd in Singapore. Prior to joining Lion Global Investors, he was the Managing Director
and Chief Investment Officer of UOB Asset Management Ltd for 19 years.
• Degree in Business Administration (University of Singapore).
137 All About The Manager – Pacific Mutual Fund Bhd
Name:
Experience/Qualifications:
Tan Sri Dato' Wong Kum Choon (PSM, DPMP) - Independent Director
• He has been a Director of Pacific Mutual since its inception in 1995. He also sits on
the Board of Directors of PacificMas Berhad and The Pacific Insurance Berhad.
• Had a long career in the public sector since 1959 when he joined the Malayan Civil
Service/Malaysian Home and Diplomatic Service as Assistant State Secretary,
Pahang State Government; served for 11½ years in the Economic Planning Unit,
Prime Minister's Department from 1961 to 1972 and was involved in the preparation
of five-year National Development Plans and 20-year Perspective Plans, serving in
various capacities, and as the Head of Macro Planning. Served in the Ministry of
Primary Industries from 1972 to 1993 culminating as Secretary-General. Also was the
Chairman of the Palm Oil Registration and Licensing Authority and Chairman of the
Malaysian Timber Industry Board as well as being on the Malaysian Rubber
Research and Development Board and the Board of Directors of Malaysian Rubber
Development Corporation (MARDEC). Led and participated in various international
negotiations on commodity and trade issues and served as the first Chairman of the
International Natural Rubber Council. Retired from Government service in April 1993
and assumed the position of Chief Executive Officer, Malaysian Timber Council up to
June 1997. Was a member of the Securities Commission from 1996 until May 1999.
Served as a consultant for two economic studies: one on timber market opportunities
for the International Tropical Timber Organisation and the other on furthering rubberbased
industrialisation as part of an overall study for the Economic Planning Unit.
• Honours Degree in Economics (University of Malaya); Masters Degree in Public and
International Affairs (MPIA) (Graduate School of Public and International Affairs,
University of Pittsburg, USA). Also studied under the World Bank and the London
Business School.
Name:
Experience/Qualifications:
Dato' Haji Mustafa bin Mohamad Ali (DIMP, DPCM) - Independent Director
• He has been a Director of Pacific Mutual since its inception in 1995. He also sits on
the board of Affin Holdings Berhad, Batu Kawan Berhad and AXA Affin Life Insurance
Berhad. He has held various positions, including Marketing Director for Malaysian
Tobacco Company from 1974 to 1979, Corporate Planning Officer for British-
American Tobacco Co. London from 1980 to 1982, Managing Director (Tobacco
Division) for Malaysian Tobacco Company from 1982 to 1988, Director of Sime Darby
(International Operation) from 1988 to 1992 and Regional Director of Sime Darby
(Malaysian Region Operations) from 1992 to 1994. He was an Adviser for Kumpulan
Guthrie from 1994 to 2002.
• Bachelor of Arts (Honours) in Economics and Master of Arts (University of
Cambridge); Diploma in Advertising (Advertising Association, UK); Advanced
Management Programme (Harvard Business School, USA).
Name:
Experience/Qualifications:
Ti Thiow Chen - Independent Director
• She was appointed a Director of Pacific Mutual in September 2004. She has had a
long career in Bank Negara Malaysia beginning in the Economics Department,
moving to the Secretariat of the Capital Issues Committee. She was then seconded
to the Unit Pengawasan Syarikat dan Agensi Kerajaan (UPSAK) of the Ministry of
Finance. She rejoined Bank Negara Malaysia in 1988 as the Deputy Manager of the
Co-operative Unit. In 1993, she was appointed as Senior Manager of the Foreign
Exchange Administration Department of Bank Negara Malaysia, which administers
the Exchange Control Act, 1953. She continued her services with Bank Negara
Malaysia before retiring in 2003.
• Bachelor of Economics (Business Administration) Honours (University of Malaya).
138 All About The Manager – Pacific Mutual Fund Bhd
Name:
Experience/Qualifications:
David Wong
• He was appointed a Director of Pacific Mutual on 26 June 2008. He currently sits as
an Independent Director on the Board of Directors of PacificMas Berhad (the holding
company of Pacific Mutual), OCBC Bank (Malaysia) Berhad and OCBC Al-Amin Bank
Berhad. He is the Chairman of Ascendas Funds Management (S) Limited and also a
Director of other private and public companies including LMA International NV.
• He was an advisor to ECO Industrial Environmental Engineering Pte Ltd and had
served as the Group Managing Director of Wearnes Technology Pte Ltd, which is the
Technology and Manufacturing Division of WBL Corporation Ltd. He was also
previously with Ernst & Young and was responsible for establishing and managing
Ernst & Young’s Consulting Division in Singapore. He was also an audit partner and
Head of the Public Sector Industry Group of Ernst & Young.
• Bachelor of Arts (Honours) in Economics and Master of Arts (University of
Cambridge). He is also a member of the Institute of Chartered Accountants (England
and Wales) and the Institute of Certified Public Accountants (Singapore).
Name:
Experience/Qualifications:
Dr. Raja Lope bin Raja Shahrome
• He was appointed a Director of Pacific Mutual on 10 June 2009. Currently, he is an
independent Director of PacificMas Berhad and an Independent Director of OCBC
Bank (Malaysia) Berhad and OCBC Al-Amin Bank Berhad, both of which are whollyowned
subsidiaries of Oversea-Chinese Banking Corporation Limited, the ultimate
holding company of PacificMas Berhad. He is also a director of Pac Lease Sdn Bhd,
a wholly-owned subsidiary of PacificMas Berhad, and sits on the boards of a few
other private companies.
• He has extensive experience in the banking industry, having spent 18 years with
Bank Negara Malaysia, during which he was appointed as Head of Economic
Research Department in 1976. In 1979, he joined the then United Malayan Banking
Corporation (UMBC) as general manager in charge of the International Division and
was subsequently appointed Executive Vice President in 1986. He also served on
the Board of Directors of UMBC and was Chairman of UMBC Securities Berhad and
UMBC Insurance Berhad. He was an advisor to The Pacific Bank Berhad between
1993 and 1995 before joining Rating Agency Malaysia Berhad in October 1995 as
Executive Director. In 1999, he joined AmBank Berhad as Executive Director, acting
as a nominee of Danamodal National Berhad, until September 2003.
• Honours Degree in Economics (University of Malaya); Master of Arts in Applied
Economics (University of Pennsylvania); PhD in Economics (London School of
Economics, University of London).
Name:
Experience/Qualifications:
Dato’ Adnan bin Ali
• He was appointed a Director of Pacific Mutual in February 2010. He served in the
Malaysian Armed Forces (MAF) from 1970 until his retirement in 2006. During his
tenure with the MAF, he was involved in all aspects of operation, administration and
management planning. He was also active in cooperatives activities being Board of
Directors of Koperasi Tentera, Koperasi Perumahan, Koperasi Serbaguna and Bas
Wilayah Sdn Bhd. On retirement, he was appointed as a Senior Director of Human
Resource, Finance & Training (three years and three months) at Perbadanan Hal
Ehwal Angkatan Tentera (PERHEBAT), a corporation under Lembaga Tabung
Angkatan Tentera (LTAT) responsible for the resettlement and training of would be
retirees and retired MAF personnel.
• Advance Diploma in Business and Management (West Glamorgan Institute of Higher
Education, Wales, United Kingdom).
139 All About The Manager – Pacific Mutual Fund Bhd
Name:
Experience/Qualifications:
Gan Kok Kim
• He was appointed a Director of Pacific Mutual on 17 September 2010. He joined
OCBC Bank (Malaysia) Berhad on 4 February 2004 as Head, Treasury Division. His
key responsibilities include working with Head, Group Treasury to further enhance
the treasury activities of OCBC Malaysia to strengthen the product delivery.
• He worked with Citibank Kuala Lumpur from 1989 to 1994 and Citibank Singapore
from 1994 to 2003. His responsibilities include managing long term swap and
derivatives portfolio during the Asian crisis, and managing various treasury products
including interest rate derivatives, fx-options and fixed income in all Asian currencies.
He was also a member of the Asset Liability Committee (ALCO) during his tenure in
Citibank Singapore, a committee member of Association of Cambiste International
(ACI) Singapore and a member of the Singapore Foreign Exchange Market
Committee (SFEMC) interest rate sub-committee.
• Since joining OCBC, he has grown the treasury business in many ways including
profitability, product and customers. Besides adding a whole suite of value-add
products, he has worked on changing the trading culture and increased customer
focus on the sales side. As one of the market leaders in structured products in
Malaysia, OCBC has played a significant role in shaping the market development. He
works with the regulators and participates in the working committee set up by
Persatuan Pasaran Kewangan Malaysia (PPKM) to develop the financial markets.
He is also the honorary secretary of the PPKM from 2004 to 2007.
• Bachelor of Science in Economics (Massachusetts Institute of Technology).
Name:
Experience/Qualifications:
Michael Auyeung
• He was appointed a Director of Pacific Mutual on 24 September 2004. As Chief
Executive Officer, Michael is in charge of the overall management and direction of the
Company. As Chief Investment Officer, he is responsible for the funds’ performances
via the formulation of the funds’ strategies and investment decisions.
• He commenced his career in the investment industry in Asia in 1989. Based out of
Hong Kong, Singapore and Malaysia, Michael has been employed as an investment
analyst and head of research in the securities industry, covering the North Asian as
well as ASEAN markets. After working for more than five years in equities research
with international, regional and local investment houses, Michael subsequently
moved on to institutional marketing and management positions with Malaysian based
brokerages, before taking up his position as Chief Executive Officer of Pacific Mutual.
• He holds a Capital Markets And Services Representative Licence issued by the
Securities Commission since 21 December 2004.
• Master of Business Administration (University of Western Ontario, London, Canada);
Bachelor of Science (University of British Columbia, Vancouver, Canada).
The Investment Committee
Our Investment Committee is responsible for setting and determining the investment policies/guidelines and strategies of
the Funds. They meet on a quarterly basis to discuss investment strategies, asset allocation and stock selection as well to
as review and monitor portfolio performance against benchmarks and guidelines.
As at 20 September 2010, the following eight persons are members of the Investment Committee for the Funds:
• Daniel Chan^, as aforementioned.
• Tan Sri Dato' Wong Kum Choon*, as aforementioned.
• Dato' Haji Mustafa bin Mohamad Ali*, as aforementioned.
• Ti Thiow Chen*, as aforementioned.
• David Wong, as aforementioned.
• Dr. Raja Lope bin Raja Shahrome, as aforementioned.
• Gan Kok Kim, as aforementioned.
• Syed Abdull Aziz Jailani bin Syed Kechik, as belowmentioned.
^ Except the Pacific AsiaPac Income Fund and Pacific Focus China Fund
* Independent Investment Committee members
140 All About The Manager – Pacific Mutual Fund Bhd
Name:
Experience/Qualifications:
Syed Abdull Aziz Jailani bin Syed Kechik
• He was appointed a Director and the Chief Executive Officer of OCBC Al-Amin Bank
Berhad on 24 November 2008.
• He began his career in the banking industry in 1990 as a management associate in
Risk Management Division at Citibank Malaysia Berhad. During his 12 years with
Citibank, he focused mainly on corporate banking, corporate finance and risk
management. His last position in Citibank was Vice President and Head of Malaysian
Business Group.
• In November 2002, he joined RHB Bank Berhad as General Manager of Chief Credit
Officer Division.
• Later in June 2004, he joined Bank Muamalat Malaysia Berhad (Malaysia’s second
full-fledged Islamic Bank) as the Head of Corporate Banking and later promoted to
head the larger Corporate & Investment Banking Division (“CIB”) following a reorganizational
exercise undertaken by the bank. As the Head of CIB Division,
his duties and responsibilities cover all the business departments which include
investment banking, corporate banking, commercial & SME banking, financial
institutions and trade finance. He was later promoted to assume the role of a Chief
Operating Officer and an Acting Chief Executive Officer in March 2008. As Acting
CEO, besides formulating the Bank’s strategic plan and operating philosophy, his
other responsibilities at Bank Muamalat Malaysia Berhad included being the
Chairman and member of various committees e.g. Management, Human Resource,
Risk Management, Information Technology and Credit Committee and being a board
member for the two wholly owned subsidiaries i.e. Muamalat Invest Sdn Bhd and
Muamalat Venture Sdn Bhd.
• Bachelor of Science degree in Business Administration, specializing in Accounting
and Management Information System (MIS) (Boston University, Boston, Ma. USA).
Key Management Staff (As At 20 September 2010)
Name:
Position:
Experience/Qualifications:
Michael Auyeung
Director (Date Of Appointment: 24 September 2004)
Chief Executive Officer (Date Of Appointment: 22 February 2002)
Chief Investment Officer (Date Of Appointment: 18 October 2005)
• As aforementioned.
Name:
Position:
Experience/Qualifications:
Gan Cheong Moh (Date Of Appointment: 7 November 2005)
General Manager, Business Development & Marketing
• He heads the Company’s overall business and product development, and the
marketing and communications functions. Prior to this appointment, he spent 12
years in the banking industry, covering a diverse range of areas ranging from
securities services to corporate cash management and consumer wealth
management during his tenures with two international banking organisations. Primary
management functions over the years include back office custodial operations,
corporate relationship management, transaction banking solutions as well as wealth
management product development and marketing.
• Bachelor of Business Administration (Degree) major in Management and minor in
International Business (Dean's List honors) (University of Wisconsin, Madison, USA);
Post-graduate degree in Business Administration (University of Strathclyde, Glasgow,
Scotland, UK).
141 All About The Manager – Pacific Mutual Fund Bhd
Name:
Position:
Experience/Qualifications:
Chong Sai Ching (Date Of Appointment: 15 May 1995)
Head of Finance
• She heads the Company’s finance function which includes the accounting, financial
and cash flow management of the Company and all the Funds it manages. Her role
includes appraising operating results, budgetary control, financial forecast and
efficiently coordinating internal and external audit processes. She drives the ongoing
improvement of the finance and accounting functions of the Company and all the
Funds it manages, ensure proper implementation of internal controls and reporting
procedures. She also oversees the tax affairs of the Company and all the Funds it
manages. In addition, she assists the Chief Risk Officer to ensure adherence to the
risk management framework of the Company. She has more than 15 years' working
experience in the unit trust industry.
• Associate of the Chartered Institute of Management Accountants (ACMA), UK.
Name:
Position:
Experience/Qualifications:
Lee Kooi Yoke (Date Of Appointment: 15 June 2005)
Head of Operations
• She heads the Company’s overall operational function. Her responsibilities include
administering the departments under Operations, facilitating business process
enhancements, overall integration and streamlining of operational process flows
between the various operating departments to improve efficiency. She also manages
and implements change to support business strategy. She brings with her extensive
experience in the back-office operations in the financial industry. Her past experience
encompasses share margin financing, clients’ account reconciliation, trade
processing and settlements, performance measurement, securities valuation, safecustody
of assets, internal controls and operational processes improvements.
• Bachelor of Administration (Finance) (Griffith University, Australia); Member of CPA
Australia, Chartered Accountant (Malaysian Institute of Accountant); CFPTM.
Designated Person Responsible For Compliance Matters
Name:
Position:
Experience/Qualifications:
Chor Yit Wah (Date Of Appointment: 3 May 2010)
Deputy Manager, Legal & Compliance
• She is responsible for the legal and compliance matters of the Company. She started
her career as a paralegal with an established law firm in Kuala Lumpur. She joined
Pacific Mutual in September 2007 and left in January 2009 to head and manage the
legal and compliance department of an asset management company. In May 2010,
she rejoined Pacific Mutual as Deputy Manager of Legal & Compliance.
• Bachelor of Laws (Honours), (University of the West of England, Bristol, UK).
Shared Services
Under the concept of shared services, our Human Resources, Administration, Internal Audit, Information & Communication
Technology and Company Secretariat are centralised at the holding company level at PacificMas Berhad. The shared
services provide operating companies under the group, including Pacific Mutual, the benefits of better economies of scale
and improved efficiency. Given the greater resources at the holding company level, the depth and breadth of skills, which
could be applied, will far exceed that at the company level. The Company is then freed to be more focused on its core
competencies.
Effective from 1 October 2008, systems development and administration are supported internally by the Company while
network infrastructure and security administration are maintained under the shared services arrangement.
142 All About The Manager – Pacific Mutual Fund Bhd
Investment Team
We take a team approach to the investment process. The decision-making process involves input from the entire team, with
each team member (inclusive of analysts) contributing their respective expertise and views to yield fully informed
conclusions. Our Chief Investment Officer, Michael Auyeung, who is also Director and Chief Executive Officer, is
responsible for the funds’ performances via the formulation of the funds’ investment strategies and investment decisions.
Our Investment Committee, whose responsibility is to ensure adherence to investment guidelines, both internal and
external, as well as to assess strategy and implementation effectiveness, oversees the entire investment function.
The following are the key members of the Investment Team as at 20 September 2010, and all of them hold the Capital
Markets And Services Representative Licence issued by the Securities Commission:
Name:
Position:
Experience/Qualifications:
Michael Auyeung
Director (Date Of Appointment: 24 September 2004)
Chief Executive Officer (Date Of Appointment: 22 February 2002)
Chief Investment Officer (Date Of Appointment: 18 October 2005)
• As aforementioned.
• He is the designated person responsible for the investment management of the
Pacific Premier Fund, Pacific Pearl Fund, Pacific Dana Aman, Pacific Millennium
Fund, Pacific Recovery Fund, Pacific Focus18 Fund, Pacific Asia Brands Fund,
Pacific Global Stars Fund, Pacific Dana Dividen, Pacific Focus China Fund (fixed
income portion) and Pacific Global A.I.R. Fund.
Name:
Position:
Experience/Qualifications:
Koh Huat Soon (Date Of Appointment: 1 May 2009)
Head of Private Mandates, Investment
• He assists the Chief Investment Officer in the management of private mandates. He
started his career with a statutory board in Singapore after which he joined
investment banks in Malaysia in 1992, first as an investment analyst and later as a
senior analyst. He took on his initial role as an investment manager in 1998 with a
local unit trust management company. He joined Pacific Mutual in August 2000 and
left in October 2002 to start and head up a new asset management subsidiary of the
PacificMas Group until April 2009. He also took the lead in the business development
efforts of the firm. In May 2009, he rejoined Pacific Mutual as the Head of Private
Mandates, Investment, after the two entities were merged.
• Bachelor of Arts (Hons) - Engineering Science (Oxford University, England); MBA
(Melbourne University, Australia); CFA® charterholder (CFA Institute).
Name:
Position:
Experience/Qualifications:
Teh Chi-Cheun (Date Of Appointment: 3 July 2006)
Head of Equities, Investment
• He assists the Chief Investment Officer in the investment management of the Funds.
He has 13 years of experience in investment and finance, with the most recent eight
being in fund management. His fund management experience extends globally as he
managed developed market funds when he was with the fund management division
of a Singapore government owned entity. Additionally, he managed a global portfolio
while working with an investment outfit based in Canada. Prior to fund management,
he was an investment analyst in the stockbroking industry in both Singapore and
Malaysia. He also has corporate finance experience, having commenced his career
with a local merchant bank.
• Bachelor of Science (Honours) Accounting and Financial Analysis (University of
Warwick, England); CFA® charterholder (CFA Institute).
143 All About The Manager – Pacific Mutual Fund Bhd
Name:
Position:
Experience/Qualifications:
Nurrul Huda Shamsuddin (Date Of Appointment: 7 July 1997)
Senior Manager, Investment
• She assists the Chief Investment Officer in the investment management of the Funds.
She has about 13 years' experience in the fund management industry, and has
handled both Shariah and non-Shariah-based funds. Prior to joining Pacific Mutual,
she worked in a unit trust management company as Acting Investment Manager, in
charge of portfolio management. She had also earlier worked for several years in the
research department of a stockbroking firm.
• Master of Science in Statistics (California State University, Hayward, USA).
• She is the designated person responsible for the investment management of Pacific
Income Fund, Pacific Dividend Fund, Pacific SELECT Balance Fund, Pacific SELECT
Income Fund and Pacific AsiaPac Income Fund (fixed income portion).
Name:
Position:
Experience/Qualifications:
Tan Yee Cheng (Date Of Appointment: 7 May 2007)
Senior Manager, Investment
• She assists the Chief Investment Officer in the investment management of the Funds.
She has accumulated over 15 years of experience in investment research and fund
management. Prior to joining Pacific Mutual, she was an investment manager in an
American-based insurance company. She had earlier worked as a senior analyst and
a research manager at two local stockbroking firms and headed the investment
research of a local unit trust company.
• Master of Science in Economics (University of Idaho, USA), CFA® charterholder
(CFA Institute).
Name:
Position:
Experience/Qualifications:
Wong Siew Lin (Date Of Appointment: 15 May 2006)
Senior Manager, Investment
• She assists the Chief Investment Officer in the investment management of the Funds.
She has over nine years of experience in investment analysis and portfolio
management. She began her investment career with an insurance company where
she was responsible for equity research and fund management.
• Bachelor of Science (magna cum laude) (University of Missouri-Columbia, USA);
CFA® charterholder (CFA Institute); Certified Financial Risk Manager (GARP).
Name:
Position:
Experience/Qualifications:
Oh Jo Ann (Date Of Appointment: 2 January 2003)
Senior Manager, Investment
• She assists the Chief Investment Officer in the analysis and structuring of the fixed
income portfolio. She assesses domestic macro economic developments and assists
the Chief Investment Officer in the formulation of overall fixed income strategy. Her
primary role is the analysis of individual fixed income securities and selection of those
securities for inclusion into the portfolios. She is fully responsible for the execution of
the fixed income transactions. She started her investment career with Pacific Mutual
in 2003 as an equities analyst before moving on to working full time on the fixed
income portfolio in 2004. She has over seven years of experience in fixed income
investment research and fund management.
• Bachelor of Management (Honours) Degree in Finance (Universiti Sains Malaysia);
CFA® charterholder (CFA Institute).
• She is the designated person responsible for the investment management of Pacific
Dana Murni and Pacific Cash Fund.
MATERIAL LITIGATION AND ARBITRATION
As at 20 September 2010, there is no current material litigation and arbitration, including those pending or threatened, and
any facts likely to give rise to any proceedings which might materially affect the business or financial position of the Manager
or any of its delegates.
144 External Investment Manager – For Pacific AsiaPac Income Fund And Pacific Focus China Fund
EXTERNAL INVESTMENT MANAGER – FOR PACIFIC ASIAPAC INCOME
FUND AND PACIFIC FOCUS CHINA FUND
ROLES AND RESPONSIBILITIES OF THE EXTERNAL INVESTMENT MANAGER
Pacific Mutual has appointed and entered into an investment management agreement with an External Investment Manager
to manage the equity, equity-related and collective investment schemes portion of the Funds. The said external fund
manager is Singapore-based Lion Global Investors Limited (“Lion Global Investors”) (formerly known as Lion Capital
Management Limited), incorporated in Singapore on 22 August 1986 and licensed by the Monetary Authority of Singapore
as a holder of Capital Markets Services Licence for Fund Management.
Lion Global Investors is responsible for managing in accordance with the investment objective of the Funds. Lion Global
Investors has discretionary authority over the investment of the Funds subject to the Securities Commission Guidelines on
Unit Trust Funds, the relevant securities laws, the internal procedures as well as the investment objectives of the Funds and
the direction of the Investment Committee of the Funds. Lion Global Investors reports to the Investment Committee of the
Funds on a regular basis on the status of the Funds’ portfolio, proposed investment strategies and discuss matters relating
to the portfolios.
BACKGROUND OF THE EXTERNAL INVESTMENT MANAGER
Lion Global Investors, one of the largest asset management companies in South East Asia, is 70%-owned by Great Eastern
Holdings Limited and 30%-owned by Orient Holdings Private Limited, a wholly-owned subsidiary of Oversea-Chinese
Banking Corporation Limited (“OCBC Bank”).
Lion Global Investors has a total staff strength of about 146 with about 50 experienced investment professionals including
portfolio managers, analysts and traders managing assets of about S$29 billion as at 30 September 2010. Offering a
comprehensive suite of investment products covering all asset classes, the Lion Global Investors’ clients include
government and government-linked corporations, public and private companies, charitable organisations and individual
investors.
Lion Global Investors has an experienced team of investment professionals dedicated to focus on regional and global
equities and fixed income markets. The average years of experience of each member of the investment team spans more
than 10 years. Lion Global Investors’ investment capabilities are greatly enhanced by its specialised teams of experienced
analysts and investment managers. Lion Global Investors’ approach to investment is team-based and research-intensive,
combining in-depth market insights with comprehensive sector knowledge.
About OCBC Bank
OCBC Bank, established in 1912, is the second largest financial services group in Southeast Asia by assets. It is among the
world's highest rated banks, with a long-term credit rating of AA1 from Moody's. OCBC Bank and its subsidiaries offer a
broad array of specialist financial services, ranging from consumer, corporate, investment, private and transaction banking
to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia,
Indonesia and Greater China. It has a network of more than 500 branches and representative offices in 15 countries and
territories, including 400 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP. For
more information, please visit www.ocbc.com.
About Great Eastern Holdings Limited
Great Eastern, a subsidiary of OCBC Bank, is the oldest and most established life insurance group in Singapore and
Malaysia. With S$50.9 billion in assets and 3.8 million policyholders, it has two successful distribution channels - the tied
agency force and bancassurance. The company also operates in China, Indonesia, Vietnam and Brunei. For more
information, please visit www.lifeisgreat.com.sg.
145 External Investment Manager – For Pacific AsiaPac Income Fund And Pacific Focus China Fund
KEY MEMBERS OF THE EXTERNAL INVESTMENT MANAGEMENT TEAM
• Simon Flood (Chief Investment Officer)
Simon is Lion Global Investors’ Chief Investment Officer, Chairman of its Investment Committee and responsible for the
overall direction and supervision of Lion Global Investors’ investment department. Prior to his role with Lion Global
Investors, he held a number of senior investment roles in the asset management industry, covering both the listed,
developed and emerging, as well as private, equity markets. Originally from New Zealand, he spent 15 years in the
industry in London, followed by five years in Hong Kong before arriving in Singapore in 2009. His experience
encompasses all aspects of the asset management industry but has focused predominantly on the active management
of portfolios for a wide range of clients both retail and institutional. In addition to his fund management and investment
team leadership roles, he has also held a number of senior regional business leadership positions including leading the
Asia Pacific Ex Japan business for Merrill Lynch Investment Managers. He holds a Bachelor of Commerce from the
University of Canterbury and is a member of the Chartered Financial Analysts Society.
• Janet Liem (Head, Asian Equities and designated person responsible for the management of the Pacific Focus
China Fund)
Janet heads the Asia Pacific Equities team. She plays an influential role in strengthening the firm’s Asia Pacific equity
capabilities. Having been in the investment industry since 1987, she leads the team in formulating the investment
philosophy and process for equities in Asia Pacific. She sits on the asset allocation committee and is a member of the
senior investment team. She is also Lion Global Investors’ China and Hong Kong country specialist. She has been on
the board of the Singapore Consortium Investment Management Ltd (“SICIM”) since 2005 and is currently Chairman of
the board of SICIM. Prior to joining Lion Global Investors in 2005, she spent 12 years with UOB Asset Management Ltd
where she held key roles including Head of Research, Deputy Chief Investment Officer and lead portfolio manager for
Asia Pacific equity mandates. She was previously with Bank of America Singapore as Head, Economic Research and
Planning. She was also with the Economic Development Board of Singapore. She earned a Bachelor of Social Science
in Economics and Statistics from the National University of Singapore and an MBA from the Australia Graduate School
of Management, University of New South Wales.
• Tan Aik Chye (Portfolio Manager and designated person responsible for the management of the Pacific AsiaPac
Income Fund)
Aik Chye is the country specialist for Australia and India. He has investment experience in Asia Pacific equities. Prior to
joining Lion Global Investors in 2004, he spent six years at AIB Govett (Asia) Limited, where he covered various Asian
equity markets and managed portfolios. He has more than five years of experience in corporate finance in IBJ Merchant
Bank (Singapore) and Peregrine Capital Singapore. He was an auditor with Ernst & Young. He earned a Bachelor of
Accountancy from the National University of Singapore. He holds the Chartered Financial Analyst® designation.
MATERIAL LITIGATION AND ARBITRATION
As at 30 September 2010, to the best of Lion Global Investors’ knowledge and belief, there is no current material litigation
and arbitration, including those pending or threatened, and any proceedings which might materially affect the business or
financial position of Lion Global Investors.
146 Trustees Of The Funds, Their Duties And Responsibilities
TRUSTEES OF THE FUNDS, THEIR DUTIES AND RESPONSIBILITIES
A Trustee serves mainly as the custodian of the Fund and to safeguard the interest of the Unitholders. The assets of the
Funds are registered in the name of the respective Trustees who function independently from Pacific Mutual. The Trustees
exercise all due diligence and vigilance when carrying out their functions and duties to safeguard the rights and interests of
all Unitholders. The Trustees are responsible in ensuring that we perform our responsibilities in accordance with the
provisions of the Deeds.
Below are the details of the Trustees of the respective Funds:
UNIVERSAL TRUSTEE (MALAYSIA) BERHAD (17540-D)
For Pacific Premier Fund
Name Of Trustee: Universal Trustee (Malaysia) Berhad (17540-D)
Address: No. 1, Jalan Ampang, 3rd Floor, 50450 Kuala Lumpur
Date Of Incorporation: 5 March 1974
Authorised Capital: RM5 million
Staff Strength: 33 as at 20 September 2010 (comprising 19 executives and 14 non-executives)
Funds Under Trusteeship: 35 as at 20 September 2010
Board Of Directors: Tan Sri Dato’ IR Talha Bin Haji Mohamad Hashim
Y.A.M. Tunku Dato' Seri Nadzaruddin Ibni Tuanku Ja'afar
Azrin Mirzhan Bin Kamaluddin (alternate to Y.A.M. Tunku Dato' Seri Nadzaruddin Ibni
Tuanku Ja'afar)
Huang Chang Yi
Emily Huang Ye (alternate to Huang Chang Yi)
Wong Sai Fong
Putri Noor Shariza Binti Noordin Omar (alternate to Wong Sai Fong)
Chief Executive Officer cum Liew Kok Wah
Company Secretary:
No. Of Years Involved In The
Unit Trust Industry As A Trustee: 20
Financial Highlights
Year Ended 31 December
2009
RM
2008
RM
2007
RM
Paid-up Capital 500,000 500,000 500,000
Shareholders' Fund 6,025,529 5,786,875 5,529,284
Revenue 3,591,350 4,166,722 4,082,925
Profit Before Taxation 1,037,164 1,256,263 993,028
Profit After Taxation 801,154 1,007,591 786,735
Delegation Of Share Custodial Functions
Share custodial functions are not delegated to any other parties.
Material Litigation And Arbitration
As at 20 September 2010, there is no current material litigation and arbitration, including those pending or threatened, and
any facts likely to give rise to any proceedings which might materially affect the business or financial position of Universal
Trustee (Malaysia) Berhad, or any of its delegates.
147 Trustees Of The Funds, Their Duties And Responsibilities
AMTRUSTEE BERHAD (163032-V)
For Pacific Pearl Fund, Pacific Dana Murni, Pacific SELECT Balance Fund, Pacific SELECT Income Fund,
Pacific Dividend Fund And Pacific Cash Fund
Name Of Trustee: AmTrustee Berhad (163032-V)
Registered Address: 22nd Floor, Bangunan AmBank Group, No. 55, Jalan Raja Chulan, 50200 Kuala
Lumpur
Telephone: 03-2036 2633, 03-2036 2644
Facsimile: 03-2031 3070
Website: www.ambg.com.my
Date Of Incorporation: 28 July 1987
Authorised Capital: RM1 million
Staff Strength: 28 as at 7 October 2010 (comprising 24 executives and 4 non-executives)
Funds Under Trusteeship: 22 as at 7 October 2010
Board Of Directors: Pushparani d/o A. Moothathamby (Chairman)(Non-Independent Director)
Shaharuddin bin Hassan (Director) (Non-Independent Director)
Hj. Mohamad Sabirin bin Hj. A. Rahman (Director) (Non-Independent Director)
Datuk Hj. Mohd Idris bin Mohd Isa (Independent Director)
Dato’ Ng Mann Cheong (Independent Director)
Chief Executive Officer: Tan Kok Cheeng
No. Of Years Involved In The
Unit Trust Industry As A Trustee: 13
Financial Highlights
Year Ended 31 March
2010
RM
2009
RM
2008
RM
Paid-up Share Capital 500,000 500,000 500,000
Shareholders’ Funds 6,580,115 5,732,058 5,405,033
Revenue 4,866,141 4,342,967 4,300,916
Profit Before Taxation 1,165,721 444,644 413,450
Profit After Taxation 848,057 327,025 348,159
Delegation Of Share Custodial Functions
AmTrustee Berhad has delegated its custodian and its back office operations of quoted and unquoted local investments of
the Funds to AmInvestment Bank Berhad (“AIBB”). The assets of the local Funds are held through AIBB’s nominee
company, AMSEC Nominees (Tempatan) Sdn Bhd [“AMSEC(T)SB”]. AMSEC(T)SB is a wholly owned subsidiary of AIBB. It
was set up to act as custodian and perform back office operations for investment advisors, managers of large portfolios,
lending banks and international custodians.
AmTrustee Berhad retains control of the assets of the respective Funds at all times.
Material Litigation And Arbitration
Save as disclosed below as at 7 October 2010, there is no current material litigation and arbitration, including those pending
or threatened, and any facts likely to give rise to any proceedings which might materially affect the business or financial
position of AmTrustee Berhad, or any of its delegates (“AmTB”).
A suit dated 12 December 2005 was filed by Meridian Asset Management Sdn Bhd (“Meridian”) against the AmTB in
respect of claim amounting to RM27.6 million for alleged loss and damage together with interests and costs arising from the
AmTB’s provision of custodial services to Meridian (“the Suit”). The Claim made by Meridian in the Suit includes its own
alleged loss and damage and that of Malaysian Assurance Alliance Berhad (“MAA”) and Kumpulan Wang Persaraan
(diperbadankan) (“KWAP”).
148 Trustees Of The Funds, Their Duties And Responsibilities
AmTB was served on 5 October 2006 with an Application to amend the Statement of Claim of the Suit by solicitors acting for
Meridian. The amendment was to add AmInvestment Bank Berhad, a related company, as second Defendant to the Suit
and to further increase the claim by Meridian from RM27,606,169.65 to RM36,967,166.84 for the alleged loss and damage,
to include loss due to reputation damage and loss of future earnings (together with interest and costs) arising from the
provision of custodian services by AmTB to Meridian.
The application was allowed in part on the 23rd January 2009 by the High Court, in that the application to add AmInvestment
Bank Berhad as a Party to the Suit was dismissed whilst the proposed increased claim for the alleged loss from
RM27,606,169.65 to RM36,967,166.84 (“the Total Claim”) was allowed.
AmTB was served on 24 March 2006 with a Writ of Summons and Statement of Claim by solicitors acting for Malaysian
Assurance Alliance Bhd (“MAA”). MAA had appointed Meridian as an external fund manager for certain of its insurance
funds, and part of these funds were deposited by Meridian with AmTB. MAA has claimed its portion of the abovementioned
alleged loss, being general damages and special damages of RM19,640,179, together with interest and costs. The facts of
this case revolves around the same facts as that of the Suit and the alleged claim is part of the Total Claim made against
AmTB.
AmTB has also been served on 2nd September 2009 with a sealed copy of a Third Party Notice dated 12th August 2009 by
solicitors acting for Meridian. The Third Party Notice, is taken against AmTB by Meridian on a suit filed by KWAP against
Meridian in 2007, at the Kuala Lumpur High Court via suit number D5-22-1457-2007. The High Court suit by KWAP is for an
alleged breach by Meridian of an Investment Management Agreement executed between KWAP and Meridian in 2001 (“the
Agreement”) for a sum of RM7,254,050.42 general damages for breach of the Agreement and breach of trust together with
interests and costs (“KWAP’s claim”) The facts of this case revolves around the same facts as that of the Suit and the
alleged claim is part of the Total Claim.
On the basis of KWAP’s claim, Meridian is seeking against AmTrustee via the Third Party Notice for AmTrustee to indemnify
Meridian in respect of KWAP’s claim.
Based on legal advice, AmTrustee Berhad believes it has good defence in respect of the claims.
149 Trustees Of The Funds, Their Duties And Responsibilities
CIMB TRUSTEE BERHAD (167913-M)
For Pacific Dana Aman
Name Of Trustee: CIMB Trustee Berhad (167913-M)
Registered Address: 5th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur
Date Of Incorporation: 19 January 1988
Authorised Capital: RM1 million
Staff Strength: 21 as at 20 September 2010 (comprising 16 executives and 5 non-executives)
Funds Under Trusteeship: 36 as at 20 September 2010 (including 3 real estate investment trust funds, 18 unit trust
funds and 15 wholesale funds)
Board Of Directors: Tan Sri Dato’ Seri Haidar Bin Mohamed Nor (Independent Director and Chairman)
Loh Shai Weng (Non-Independent Director)
Datin Norhayati Binti Hashim (Non-Independent Director)
Yap Huey Hoong (Alternate Director to Loh Shai Weng)
Chief Operating Officer: Khoo Leng Kee
No. Of Years Involved In The
Unit Trust Industry As A Trustee: 20
Financial Highlights
Year Ended 31 December
2009
RM’000
2008
RM’000
2007
RM’000
Paid-up Capital 500 500 500
Shareholders' Fund 4,406 4,881 3,644
Revenue 4,970 4,552 3,100
Profit Before Taxation 1,918 1,651 1,215
Profit After Taxation 1,400 1,234 921
Delegation Of Share Custodial Functions
CIMB Trustee Berhad has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the Trustee’s delegate to perform
custodial function. CIMB Group Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Bank Berhad. Its
custodial function includes safekeeping, settlement and corporate action related processing and cash and security reporting.
All investments are automatically registered in the name of the Fund. CIMB Group Nominees (Tempatan) Sdn Bhd acts only
in accordance with instructions from the Trustee.
Material Litigation And Arbitration
As at 20 September 2010, there is no current material litigation and arbitration, including those pending or threatened, and
any facts likely to give rise to any proceedings which might materially affect the business or financial position of CIMB
Trustee Berhad, or any of its delegates.
150 Trustees Of The Funds, Their Duties And Responsibilities
BHLB TRUSTEE BERHAD (313031-A)
For Pacific Millennium Fund, Pacific Recovery Fund, Pacific Income Fund, Pacific Focus China Fund and
Pacific Global A.I.R. Fund
Name Of Trustee: BHLB Trustee Berhad (313031-A)
Registered Address: 5th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur
Date Of Incorporation: 25 August 1994
Issued/Paid-up Capital: Authorised capital of 500,000 shares of RM10.00 each
350,000 shares are issued (Paid up RM5 each)
Staff Strength: 20 as at 20 September 2010 (comprising 18 executives and 2 non-executives)
Funds Under Trusteeship: 75 funds as at 20 September 2010 (including 1 real estate investment trust funds and 9
wholesale funds)
Board Of Directors: Tan Sri Dato’ Seri Haidar Bin Mohamed Nor (Independent Director and Chairman)
Kok Kong Chin (Non-Independent Director)
Loh Shai Weng (Non-Independent Director)
Yap Huey Hoong (Alternate Director to Loh Shai Weng)
Chief Executive Officer: Yap Huey Hoong
No. Of Years Involved In The
Unit Trust Industry As Trustee: 14
Financial Highlights
Year Ended 31 December
2009
RM’000
2008
RM’000
2007
RM’000
Paid-up Capital 1,750 1,750 1,750
Shareholders' Fund 5,696 5,106 2,887
Revenue 7,038 6,559 6,053 (Restated)
Profit Before Taxation 3,340 3,239 1,572
Profit After Taxation 2,465 2,219 1,157
Delegation Of Share Custodial Functions
BHLB Trustee Berhad has appointed CIMB Group Nominees (Tempatan) Sdn Bhd as the Trustee’s delegate to perform
custodial function. CIMB Group Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Bank Berhad. Its
custodial function includes safekeeping, settlement and corporate action related processing and cash and security reporting.
All investments are automatically registered in the name of the respective Funds. CIMB Group Nominees (Tempatan) Sdn
Bhd acts only in accordance with instructions from the Trustee.
CIMB Group Nominees (Tempatan) Sdn Bhd appoints Citibank N.A., Singapore Branch as their sub-delegate for global
custodial function. The scope and responsibilities are similar to the Trustee’s delegate.
Material Litigation And Arbitration
As at 20 September 2010, there is no current material litigation and arbitration, including those pending or threatened, and
any facts likely to give rise to any proceedings which might materially affect the business or financial position of BHLB
Trustee Berhad, or any of its delegates.
151 Trustees Of The Funds, Their Duties And Responsibilities
HSBC (MALAYSIA) TRUSTEE BERHAD (1281-T)
For Pacific Focus18 Fund, Pacific Asia Brands Fund, Pacific Global Stars Fund, Pacific AsiaPac Income Fund
and Pacific Dana Dividen
Name Of Trustee: HSBC (Malaysia) Trustee Berhad (1281-T)
Address: Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing
No. 1 Lebuh Ampang
50100 Kuala Lumpur
Date Of Incorporation: 2 December 1937
Paid-Up Share Capital: RM500,000
Staff Strength: 50 as at 20 September 2010 (comprising 39 executives and 11 non-executives)
Funds Under Trusteeship: 193 unit trust funds (including exchange traded funds and wholesale funds) as at 20
September 2010
Board Of Directors: Jonathan William Addis
Lim Liang Hua
Dato’ Ranita Mohd Hussein
Zainon Baba
Alastair E Murray
Tay Shik Heng
Tay Swee Gim (Alternate to Lim Liang Hua)
Hew Su Chan (Alternate to Tay Shik Heng)
Wong Su Kuin (Alternate to Alastair E Murray)
Managing Director: Lim Liang Hua
No. Of Years Involved In The
Unit Trust Industry As Trustee: 17
Financial Highlights
Year Ended 31 December
2009
RM
2008
RM
2007
RM
Paid-up Capital 500,000 500,000 500,000
Shareholders' Fund 17,521,023 14,353,116 6,598,539
Revenue 18,006,590 17,843,570 16,911,088
Profit Before Taxation 10,930,880 10,470,535 9,164,852
Profit After Taxation 8,200,407 7,754,577 6,442,083
Delegation Of Share Custodial Functions
The Trustee has appointed The Hongkong And Shanghai Banking Corporation Limited as custodian of the quoted and
unquoted local investments of the respective Funds. The assets of the respective Funds are held through their nominee
company, HSBC Nominees (Tempatan) Sdn Bhd. If and when the Funds should invest overseas, HSBC Institutional Trust
Services (Asia) Limited will be appointed as the custodian of the foreign assets of the Funds. Both The Hongkong And
Shanghai Banking Corporation Limited and HSBC Institutional Trust Services (Asia) Limited are wholly owned subsidiaries
of HSBC Holdings Plc, the holding company of the HSBC Group. The custodian’s comprehensive custody and clearing
services cover traditional settlement processing and safekeeping as well as corporate related services including cash and
security reporting, income collection and corporate events processing. All investments are automatically registered into the
name of the respective Funds. The custodian acts only in accordance with instructions from the Trustee.
The Trustee shall not be liable for any action or omission of the central securities depositories or clearing and/or settlement
systems in any circumstances.
Anti-Money Laundering Provisions
The Trustee has in place policies and procedures across the HSBC Group, which may exceed local regulations. Subject to
any local regulations, the Trustee shall not be liable for any loss resulting from compliance of such policies, except in the
case of negligence, willful default or fraud of the Trustee.
152 Trustees Of The Funds, Their Duties And Responsibilities
Statement Of Disclaimer
The Trustee is not liable for doing or failing to do any act for the purpose of complying with law, regulation or court orders.
Material Litigation And Arbitration
As at 20 September 2010, the Trustee is not engaged in any material litigation and arbitration, including those pending or
threatened, and is not aware of any facts likely to give rise to any proceedings which might materially affect the
business/financial position of the Trustee and any of its delegates.
Purchase And Redemption Of Unit Procedure
The Trustee’s obligation in respect of monies paid by an investor for the application of units arises when the monies are
received in the relevant account of the Trustee for the Funds and the Trustee’s obligation is discharged once it has paid the
redemption amount to the Manager.
THE TRUSTEES' RESPONSIBILITIES
The Trustees have agreed willingly to assume all their obligations under the respective Deeds and all written laws and SC
Guidelines which cover the following:
• Take into custody the investments of the respective Funds and hold the investments in trust for the Unitholders.
• Ensure that the Manager operates and administers the Funds in accordance with the provisions of the respective
Deeds, SC Guidelines and acceptable business practice within the unit trust industry.
• As soon as practicable notify the Securities Commission of any irregularity or breach of the provisions of the Deeds, SC
Guidelines and any other matters which in the Trustees' opinions may indicate that the interests of Unitholders are
not served.
• Exercise reasonable diligence in carrying out their functions and duties, in actively monitoring the operation and
management of the Funds by the Manager to safeguard the interests of Unitholders.
• Maintain, or cause the Manager to maintain, proper accounting records and other records as are necessary to enable a
complete and accurate view of the Funds to be formed and to ensure that the Funds are operated and managed in
accordance with the deeds of the respective Funds, Prospectus, the SC Guidelines and securities law.
• Require that the accounts be audited at least annually.
TRUSTEES' STATEMENT OF RESPONSIBILITY
HSBC (Malaysia) Trustee Berhad, AmTrustee Berhad, Universal Trustee (Malaysia) Berhad, CIMB Trustee Berhad and
BHLB Trustee Berhad are willing to assume the position and all obligations that come with it under the Deeds, all relevant
written laws and rules of laws.
153 Shariah Adviser
SHARIAH ADVISER
The Shariah Adviser for Pacific Mutual's Shariah-based Funds is BIMB Securities Sdn Bhd (BSSB).
Its role, power and duties are as follow:
• Ensure that the Shariah-based Funds are managed and administered in accordance with the Shariah principles and to
hold quarterly meetings (maximum of 12 meetings a year) with the Manager in respect of the same or such other
matters affecting the Funds. For Pacific Dana Dividen’s investment in local securities, to ensure that the investment of
the Fund is in accordance with the list of Shariah-compliant securities issued by the Shariah Advisory Council of the
Securities Commission Malaysia (“SACSC”).
• Provide expertise and guidance for the Shariah-based Funds in all matters relating to the Shariah principles, including
the Shariah-based Funds' Deed and Prospectus, their structures and investments process, and other operational and
administrative matters.
• Consult the Securities Commission who may consult the SACSC where there is any ambiguity or uncertainty as to an
investment, instrument, system, procedure and/or process.
• Ensure that the Shariah-based Funds comply, with any guideline, ruling or decision issued by the Securities
Commission.
• Act with due care, skill and diligence in carrying out its duties and responsibilities.
• Responsible for scrutinising the Shariah-based Funds' compliance report on a monthly basis as provided by the
compliance officer and transaction report provided by or duly approved by the Trustees to ensure that the Shariahbased
Funds' investments are in line with Shariah principles.
• Prepare a report to be included in the Shariah-based Funds' interim and annual reports certifying that the Shariahbased
Funds have been managed and administered in accordance with Shariah principles.
• Vet and advise on the promotional materials of the Shariah-based Funds.
• Assist and attend to any ad-hoc meeting called by the Securities Commission and/or any other relevant authority.
• For Pacific Dana Dividen, the Fund’s investments in foreign securities will be done in accordance with the Dow Jones
Islamic Market Indexes and/or the securities classified as Shariah-compliant by the Shariah Adviser. For securities to
be reviewed by the Shariah Adviser, the fund manager will first identify the securities which satisfy their investment
criteria on the selected foreign markets approved by the Securities Commission. All the necessary documents with the
latest information pertaining to business activities, financial statements and other related information will be submitted
to the Shariah Adviser for Shariah Stock Screening Process based on international Shariah best practices standard. To
ensure strict compliance with Shariah requirements, this list of Shariah-compliant securities will be continuously
updated by the Shariah Adviser on six-monthly basis, where securities in the list will again be reviewed which may
result in inclusion or exclusion of securities from the said list.
MORE ABOUT BSSB
BSSB, a stockbroking subsidiary of BIMB Holdings Bhd, was incorporated on 21 February 1994. BSSB was set up to
pioneer the development of the Islamic financial system in the capital market. Its mission is to offer facilities and services in
the securities industry which are in compliance with Shariah to the Muslims and Non-Muslims in Malaysia and elsewhere.
The company strives to enhance its efforts in contributing to the success of the nation’s target to become a regional and
international centre of Islamic finance. BSSB has been offering Shariah services to its clients and it was registered with the
Securities Commission to act as a Shariah Advisor for Shariah-based collective investment schemes since 1998. Its current
authorised capital is RM250 million, and its issued and paid-up capital is RM100 million. As at 20 September 2010, the
company has a staff force of 42, comprising 31 executives and 11 non-executives. There are 12 funds under its supervision.
Shareholders:
BIMB Securities (Holdings) Sdn Bhd 51%
(Wholly-owned subsidiary of BIMB Holdings Bhd)
BIMB Holdings Bhd 49%
Profile Of Management Members:
Dato' Dr. Abdul Halim Haji Ismail has been with BSSB since its inception in 1994. He is currently the Executive Director
Dealing of BSSB. For his secondary education he went to Arabic/Religious and English schools. He obtained BA Hons.
Degree in Economics from University of Malaya in 1965 and Doctor of Philosophy from University of Oxford, England, in
1970. He began his career in 1970 as an academician and later served as Dean in the Faculty of Economics, Universiti
Kebangsaan Malaysia. In 1977, he joined Bank Bumiputra Malaysia Berhad as its Chief Economist. When Bank Islam
Malaysia Berhad (BIMB) was formed in 1983, he was appointed its first Managing Director. While with the Bank, he became
Chairman of the Board of Directors of its subsidiaries, including Syarikat Takaful Malaysia Bhd and Al-Wakalah Nominees
Sdn Bhd. He is currently a member of the Shariah Advisory Councils at Bank Negara Malaysia, Securities Commission and
Labuan Offshore Financial Services Authority. He also presently sits on the Board of Directors of a few listed companies.
Dato' Dr. Abdul Halim Haji Ismail is the designated person in-charge of Pacific Mutual’s Shariah-based Funds.
154 Shariah Adviser
SHARIAH INVESTMENT GUIDELINES ADOPTED BY BSSB
The following guidelines are adopted by BSSB in determining the Shariah status of equity investments of Pacific Mutual’s
Shariah-based Funds:
• The Islamic Fund must at all times and all stages of its operation comply with Shariah principles.
• The Fund must be raised, operated, and finally redeemed by the investor on the basis of the contracts which are
acceptable in Shariah. The banking facilities and short-term money market instruments used for the Fund have to be
those which comply with Shariah principles. Similarly all the fixed-income and variable-income instruments, bonds,
sukuk, etc. must be those which are Shariah compliant.
• For securities listed on the Bursa Malaysia Securities, the Fund’s investments must be strictly confined to those
securities on the Approved List of the SACSC.
• The SACSC has applied a standard criterion in focusing on the activities of the companies listed on Bursa Malaysia. As
such, subject to certain conditions, companies whose activities are not contrary to the Shariah principles will be
classified as Shariah-compliant securities. On the other hand, companies will be classified as Shariah non-compliant
securities if they are involved in the following core activities:
? Financial services based on riba (interest);
? Gambling and gaming;
? Manufacture or sale of non-halal products or related products;
? Conventional insurance;
? Entertainment activities that are non-permissible according to Shariah;
? Manufacture or sale of tobacco-based products or related products;
? Stockbroking or share trading in Shariah non-compliant securities; and
? Other activities deemed non-permissible according to Shariah.
• The SACSC also takes into account the level of contribution of interest income receive by the company from
conventional fixed deposits or other interest-bearing financial instruments. In addition, dividends received from
investment in Shariah non-compliant securities are also considered in the analysis carried out by the SACSC. For
companies with activities comprising both permissible and non-permissible elements, the SACSC considers two
additional criteria:
? The public perception or image of the company must be good; and
? The core activities of the company are important and considered maslahah (‘benefit’ in general) to the Muslim
ummah (nation) and the country, and the non-permission element is very small and involves matters such as
‘umum balwa (common plight and difficult to avoid), ‘uruf’(custom) and the rights of the non-Muslim community
which are accepted by Islam.
• To determine the tolerable level of mixed contribution from permissible and non-permissible activities toward turnover
and profit before tax of a company, the SACSC has established several benchmarks based on ijtihad (reasoning from
the source of Shariah by qualified Shariah scholars). If the contributions from non-permissible activities exceed the
benchmark, the securities of the company will be classified as Shariah non-compliant. The benchmarks are:
? The five-percent benchmark - This benchmark is used to assess the level of mixed contributions from activities
which are clearly prohibited such as riba (interest based) companies like conventional banks, gambling, liquor and
pork.
? The 10-percent benchmark - This benchmark is used to assess the level of mixed contributions from activities
which involved the element of ‘umum balwa’ that is prohibited element affecting most people and difficult to avoid.
An example of such a contribution is the interest income from fixed deposits in conventional banks. This
benchmark is also used for tobacco-related activities.
? The 20-percent benchmark - This benchmark is used to assess the level of contribution from mixed rental payment
from Shariah non-compliant activities such as rental payments from premises used in gambling, sale of liquor etc.
? The 25-percent benchmark - This benchmark is used to assess the level of mixed contributions from activities
which are generally permissible according to Shariah and have an element of maslahah to the public, but there are
other elements which may affect the Shariah status of these activities. Among the activities that belong to the
benchmark are hotel and resort operations, share trading, stockbroking and others, as these activities may also
involve other activities which are deemed non-permissible according to Shariah.
• Shariah-compliant securities include ordinary shares, warrants and transferable subscription rights (TSRs). This means
that warrant and TSRs are classified as Shariah-compliant securities provided the underlying shares are also Shariah
compliant. On the other hand, loan stocks and bonds are Shariah non-compliant securities unless they are issued
based on Shariah principles.
155 Shariah Adviser
• The SACSC advises investors on the timing for the disposal of securities which have been classified as Shariah noncompliant:
? “Shariah-compliant securities” which are subsequently considered “Shariah non-compliant”
This refer to those securities which were earlier classified as Shariah-compliant securities but due to certain
reasons’ such as changes in the companies’ operations, are subsequently considered Shariah non-compliant. In
this regard, if on the date that this update list takes effect, the value of the securities held exceeds the original
investment cost, investors who hold such Shariah non-compliant securities must liquidate them. Any capital gain
arising from the disposal of the Shariah non-compliant securities made at the time of the announcement can be
kept by the investors. However, any excess capital gain derived from the disposal after the announcement day at a
market price that is higher than the closing price on the announcement day should be channeled to charitable
bodies.
On the other hand, investors are allowed to hold their investment in the Shariah non-compliant securities if the
market price of the said securities is below the original investment cost. It is also permissible for the investors to
keep the dividends received during the holding period until such time when the total amount of dividends received
and the market value of the Shariah non-compliant securities held equal the original investment cost. At this stage,
they are advised to dispose of their holding.
In addition, during the holding period, investors are allowed to subscribe to:
(a) any issue of new securities by a company whose Shariah non-compliant securities are held by investors e.g.
rights issues, bonus issues, special issues and warrants [excluding securities whose nature is Shariah noncompliant
e.g. irredeemable convertible unsecured loan stock (ICULS)]; and
(b) securities of other companies offered by the company whose Shariah non-compliant securities are held by the
investors,
on conditions that they expedite the disposal of the Shariah non-compliant securities. For securities of other
companies [as stated in (b) above], they must be Shariah-compliant securities.
? Shariah non-compliant securities
The SACSC advises investors who invest based on Shariah principles to dispose of any Shariah non-compliant
securities which they presently hold, within a month of knowing the status of the securities. Any gain made in the
form of capital gain or dividend received during or after the disposal of the securities has to be channeled to
charitable bodies. The investor has a right to retain only the original investment cost.
• For investment in foreign securities, the Fund is only allowed to invest in securities which are on the Approved List of
Dow Jones Islamic Index (DJII). With regards to the issue of delisting of Shariah compliant securities from DJII and
Shariah non-compliant foreign securities, the Fund is abide by the same processes as laid down by SACSC above. In
the rare event that the Fund wishes to invest in foreign securities not covered by DJII, the Fund must submit to the
Shariah Advisor the latest information pertaining to business activities, complete financial statements and other related
information on the relevant company to enable the Shariah Advisor to carry out stock screening. The decision of the
Shariah Adviser is final.
156 Taxation Adviser’s Letter
TAXATION ADVISER'S LETTER IN RESPECT OF THE
TAXATION OF THE UNIT TRUSTS AND THE UNITHOLDERS
(PREPARED FOR INCLUSION IN THIS MASTER PROSPECTUS)
23 September 2010
Ernst & Young Tax Consultants Sdn. Bhd.
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
The Board of Directors
Pacific Mutual Fund Bhd
1001, Level 10, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan
Dear Sirs
TAXATION OF THE UNIT TRUSTS AND UNITHOLDERS
This letter has been prepared for inclusion in this Master Prospectus to be dated 15 November 2010, in connection with the
offer of units in the unit trusts known as Pacific Premier Fund, Pacific Pearl Fund, Pacific Dana Aman, Pacific Millennium
Fund, Pacific Recovery Fund, Pacific Income Fund, Pacific Dana Murni, Pacific SELECT Balance Fund, Pacific SELECT
Income Fund, Pacific Dividend Fund, Pacific Focus18 Fund, Pacific Cash Fund, Pacific Asia Brands Fund, Pacific Global
Stars Fund, Pacific AsiaPac Income Fund, Pacific Dana Dividen, Pacific Focus China Fund and Pacific Global A.I.R. Fund
(hereinafter referred to as "the Funds").
The purpose of this letter is to provide prospective Unitholders with an overview of the impact of taxation on the Funds and
the Unitholders.
TAXATION OF THE FUNDS
The Funds are unit trusts for Malaysian tax purposes. The taxation of the Funds is subject to the provisions of the Malaysian
Income Tax Act, 1967 (“MITA”), particularly Sections 61 and 63B.
Under Section 2(7) of the MITA, any reference to interest shall apply, mutatis mutandis, to gains or profits received and
expenses incurred, in lieu of interest, in transactions conducted in accordance with the principles of Shariah.
The effect of this is that any gains or profits received (hereinafter referred to as "profits") 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.
Subject to certain exemptions, the income of the Funds comprising dividends, profits and other investment income derived
from or accruing in Malaysia after deducting tax allowable expenses, is subject to Malaysian income tax, which is currently
imposed at the rate of 25%.
Tax allowable expenses would comprise expenses falling under Section 33(1) and Section 63B of the MITA. Section 33(1)
permits a deduction for expenses that are wholly and exclusively incurred in the production of gross income. In addition,
Section 63B allows unit trusts a deduction for a portion of other expenses (referred to as ‘permitted expenses’) not directly
related to the production of income, as explained below:
‘Permitted expenses’ refer to the following expenses incurred by the Funds which are not deductible under Section 33(1) of
the MITA:
• the Manager's remuneration;
• maintenance of the register of Unitholders;
• share registration expenses; and
• secretarial, audit and accounting fees, telephone charges, printing and stationery costs and postage.
157 Taxation Adviser’s Letter
These expenses are given a partial deduction under Section 63B of the MITA, based on the following formula:
A X B
4C
where
A is the total of the permitted expenses incurred for that basis period;
B is gross income consisting of dividend, interest and rent chargeable to tax for that basis period; and
C is the aggregate of the gross income consisting of dividend (whether exempt or not), interest and rent, and gains made
from the realisation of investments (whether chargeable to tax or not) for that basis period,
provided that the amount of deduction to be made shall not be less than 10% of the total permitted expenses incurred for
that basis period.
Exempt Income
The following incomes of the Funds are exempt from income tax:
• Dividends
Tax exempt dividends received from investments in companies which had previously enjoyed or are currently enjoying
certain tax incentives provided under the relevant legislation.
Paragraph 12B, Schedule 6 of MITA states that exempt dividend includes any dividend paid, credited or distributed to
any person where the company paying such dividend is not entitled to deduct tax under Section 108 of MITA.
• Interest (Profits)
(i) interest from securities or bonds issued or guaranteed by the Government of Malaysia;
(ii) interest from debentures or Islamic securities1 (other than convertible loan stock) approved by the Securities
Commission;
(iii) interest from Bon Simpanan Malaysia issued by Bank Negara Malaysia;
(iv) interest derived from Malaysia and paid or credited by banks or financial institutions licensed under the Banking
and Financial Institutions Act 1989 or the Islamic Banking Act 1983;
(v) interest from Islamic securities originating from Malaysia, other than convertible loan stock issued in any currency
in Malaysia and approved by Securities Commission or Labuan Offshore Financial Services Authority (LOFSA)2;
(vi) interest received from bonds or securities issued by Pengurusan Danaharta Nasional Berhad; and
(vii) interest derived from bonds (other than convertible loan stock) paid or credited by any company listed on the
Malaysian Exchange of Securities Dealing and Automated Quotation Berhad (MESDAQ)3.
• Discount
Tax exemption is given on discount paid or credited to any unit trust in respect of investments as specified in items (i),
(ii) and (iii) above.
Foreign Income
Dividends, profits and other income derived from sources outside Malaysia and received in Malaysia by a resident unit trust
is exempt from Malaysian income tax. However, such income may be subject to tax in the country from which it is derived.
Gains From The Realisation Of Investments
Pursuant to Section 61(1) (b) of the MITA, gains from the realisation of investments will not be treated as income of the
Funds and hence, are not subject to income tax. Such gains may be subject to real property gains tax (“RPGT”) under the
Real Property Gains Tax Act, 1976 (“RPGT Act”), if the gains are derived from the sale of chargeable assets, as defined in
the RPGT Act. Any chargeable gain on the disposal of chargeable assets from 1 January 2010 onwards would be subject to
RPGT at the applicable tax rate depending on the holding period. However, under the Real Property Gains Tax (Exemption)
(No.2)Order 2009, the Funds can enjoy a full exemption from RPGT on disposals of chargeable assets held more than five
years and an effective tax rate of 5% for all disposals of chargeable assets which are held for five years or less.
Tax Credit
Tax deducted at source from Malaysian dividends received by the Funds will be available for set-off either wholly or partly
against the tax liability of the Funds. Should the tax deducted at source exceed the tax liability of the Funds, the excess is
refundable to the Funds4.
1 The insertion of ‘Islamic securities’ was introduced in Finance Act 2010 and is effective from Year of Assessment 2010.
2 The insertion of ‘LOFSA’ was introduced in Finance Act 2010 and is effective from Year of Assessment 2010.
3 MESDAQ was replaced by FTSE Bursa Malaysia ACE with effect from 3 August 2009, therefore any interest derived from bonds (other
than convertible loan stock) paid or credited by any company listed on the MESDAQ should still qualify for an exemption up to 2 August
2009. However, from 3 August 2009 and up to the date of this letter, there is no new gazette order issued to exempt interest derived from
bonds paid or credited by a company listed in the new FTSE Bursa Malaysia ACE.
4 Pursuant to Section 51 of the Finance Act 2007, a person is not entitled for a set-off if the shares are held for less than 90 days or the
dividend is not derived from ordinary shares. This prohibition is not applicable for shares in a company listed on the Bursa Malaysia.
Further, Section 50 of Finance Act 2009 indicates that a person is not entitled to a set-off if the dividend paid to that person is not in cash.
158 Taxation Adviser’s Letter
TAXATION OF UNITHOLDERS
For Malaysian income tax purposes, Unitholders will be taxed on their share of the distributions received from the Funds.
The income of Unitholders from their investment in the Funds broadly falls under the following categories:
1. taxable distributions; and
2. non-taxable and exempt distributions.
In addition, Unitholders may also realise a gain from the sale of units.
The tax implications of each of the above categories are explained below:
1. Taxable Distributions
Distributions received from the Funds will have to be grossed up to take into account the underlying tax paid by the
Funds and the Unitholder will be taxed on the grossed up amount.
Such distributions carry a tax credit, which will be available for set-off against any Malaysian income tax payable by the
Unitholder. Should the tax deducted at source exceed the tax liability of the Unitholder, the excess is refundable to the
Unitholder.
Distributions received by a non-resident Unitholder from income which has been taxed at source at 25%, will not be
subject to any further income tax in Malaysia.
Please refer to the paragraph below for the income tax rates applicable to the grossed up distributions.
2. Non-Taxable And Exempt Distributions
Tax exempt distributions made out of gains from the realisation of investments and other exempt income earned by the
Funds will not be subject to Malaysian income tax in the hands of the Unitholders.
Rates Of Tax
The Malaysian income tax chargeable on the Unitholders depends on their tax residence status and whether they are
individuals, corporations or trust bodies. The income tax rates charged are as follows:
Unitholders Malaysian Income Tax Rates
Malaysian tax resident:
• Individual and non-corporate Unitholders (such as
co-operatives, associations and societies)
• Trust bodies
• Progressive tax rates ranging from 0% to 26%5
• 25%
• Corporate Unitholders
(i) A company with paid up capital in respect of
ordinary shares of not more than RM2.5 million
(at the beginning of the basis period for the
year of assessment)
(ii) Companies other than (i) above
• For every first RM500,000 of chargeable income @ 20%6
• Chargeable income in excess of RM500,000 @ 25%
• 25%
Non-Malaysian tax resident (Note):
• Individual and non-corporate Unitholders
• Corporate Unitholders and trust bodies
• 26%7
• 25%
Note:
Non-resident Unitholders may be subject to tax in their respective countries depending on the provisions of the tax
legislation in the respective countries and any existing double taxation arrangements with Malaysia.
5 This rate is effective from Year of Assessment 2010, as stated in the Finance Act 2010.
6 A company would not be eligible for the 20% tax rate on the first RM500,000 of chargeable income if:
a) more than 50% of the paid up capital in respect of the ordinary shares of the company is directly or indirectly owned by a related
company which has a paid up capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a
year of assessment;
b) the company owns directly or indirectly more than 50% of the paid up capital in respect of the ordinary shares of a related company
which has a paid up capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a year of
assessment;
c) more than 50% of the paid up capital in respect of the ordinary shares of the company and a related company which has a paid up
capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a year of assessment is directly
or indirectly owned by another company.
7 This rate is effective from Year of Assessment 2010, as stated in the Finance Act 2010.
159 Taxation Adviser’s Letter
Gains From Sale Of Units
Gains arising from the realisation of investments will not be subject to income tax in the hands of Unitholders unless they
are insurance companies, financial institutions or traders/dealers in securities.
Unit Splits And Reinvestment Of Distributions
Unitholders may also receive new units as a result of unit splits or may choose to reinvest their distributions. The income tax
implications of these are as follows:
• Unit splits – new units issued by the Funds pursuant to a unit split will not be subject to income tax in the hands of
the Unitholders.
• Reinvestment of distributions – Unitholders may choose to reinvest their income distribution in new units by informing
the Manager. In this event, the Unitholders will be deemed to have received the distribution and reinvested it with
the Funds.
************************
We hereby confirm that, as at the date of this letter, the statements made in this report correctly reflect our understanding of
the tax position under the current Malaysian tax legislation and the related interpretation and practice thereof, all of which
are subject to change, possibly on a retrospective basis. We have not been retained (unless specifically instructed
hereafter), nor are we obligated to monitor or update the statements for future conditions that may affect these statements.
The statements made in this letter are not intended to be a complete analysis of the tax consequences relating to an
investor in the Funds. As the particular circumstances of each investor may differ, we recommend that investors obtain
independent advice on the tax issues associated with an investment in the Funds.
Yours faithfully
Ernst & Young Tax Consultants Sdn. Bhd.
Lee Choong San
Partner
Ernst & Young Tax Consultants Sdn. Bhd. has given its consent to the inclusion of the Taxation Adviser’s Letter in the form
and context in which it appears in this Master Prospectus and has not withdrawn such consent prior to the delivery of a copy
of this Master Prospectus for approval.
160 Related Party Transactions/Conflict Of Interests
RELATED PARTY TRANSACTIONS/CONFLICT OF INTERESTS
There may be related party transactions involving the Funds where employees of the Management Company are the
Unitholders of the Funds. Employees and family members of PacificMas Berhad’s Group of Companies may purchase units
of the Funds without having to pay sales charge.
Lion Global Investors Limited is our External Investment Manager for the Pacific AsiaPac Income Fund and Pacific Focus
China Fund and it is 70%-owned by Great Eastern Holdings Limited and 30%-owned by Orient Holdings Private Limited, a
wholly owned subsidiary of Oversea-Chinese Banking Corporation Limited (“OCBC Bank”). Pacific Mutual's holding
company is PacificMas Berhad and the ultimate holding company is OCBC Bank. In view of the aforesaid, there is a
possibility of conflict of interest element and/or related parties transactions. We have in place policies and procedures to
deal with related parties transactions and any related party transaction, dealing and investment are to be made on terms
which are the best available for the Funds and which are no less favourable to the Funds than an arm’s length transaction
between independent parties.
We have also in place policies and procedures to deal with any conflict of interest situation. Our Directors, Investment
Committee members and employees are required to disclose any situations where their interests may conflict with those of
the Funds; and to refrain from participating in the decision-making process relating to the matter. Where there is any risk of
conflict of interest, employees are required to obtain prior approval before transacting in securities. This is also to ensure
that transactions for the Funds are executed in the best manner so as to benefit the Funds.
As at 20 September 2010, none of our Directors or Substantial Shareholders have any direct or indirect interest in other
corporations carrying out a similar business either locally or foreign except for the following:
• Daniel Chan, who is a Director and Chief Executive Officer of Lion Global Investors Limited and the Chairman and
Director of Lion Fairfield Capital Management Limited; and
• David Wong who is a Director of Ascendas Funds Management (Singapore) Ltd.
There are currently no existing experts who have any potential interest/conflict of interest in an advisory capacity with the
Manager.
The Trustees have in place policies and procedures to deal with any conflict of interest situation. The Trustees will not make
improper use of its position as the legal registered owner of the Funds’ assets to gain, directly or indirectly, any advantage
or cause detriment to the interest of the Unitholders. Any related party transaction is to be made on terms which are best
available to the Funds and which are not less favourable to the Funds than an arms-length transaction between
independent parties.
HSBC (MALAYSIA) TRUSTEE BERHAD’S POLICY ON DEALING WITH CONFLICT OF
INTEREST ELEMENTS
HSBC (Malaysia) Trustee Berhad is the Trustee for the Pacific Focus18 Fund, Pacific Asia Brands Fund, Pacific Global
Stars Fund, Pacific AsiaPac Income Fund and Pacific Dana Dividen and there may be proposed related party transactions
involving or in connection with these Funds in the following circumstances:
• where these Funds invest in instrument(s) offered by the related party of the Trustee (e.g. placement of monies,
structured products, etc);
• where these Funds are being distributed by the related party of the Trustee as IUTA;
• where the assets of these Funds are being custodised by the related party of the Trustee both as sub-custodian and
global custodian of these Funds (i.e. Trustee’s delegate); and
• where these Funds obtain financing as permitted under the SC Guidelines, from the related party of the Trustee.
Subject to any local regulations, the Trustee and/or its related group of companies may deal with each other, the Funds or
any Unitholder or enter into any contract or transaction with each other, the Funds or any Unitholder 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.
CIMB TRUSTEE BERHAD’S POLICY ON DEALING WITH CONFLICT OF INTEREST ELEMENTS
CIMB Trustee Berhad is the Trustee for the Pacific Dana Aman and there may be proposed related party transactions
involving or in connection with this Fund in the following circumstances:
• where this Fund invests in instrument(s) offered by the CIMB Group;
• where this Fund is being distributed by the CIMB Group as IUTA; and
• where the assets of this Fund are being custodised by the CIMB Group both as sub-custodian of this Fund (i.e.
Trustee’s delegate).
BHLB TRUSTEE BERHAD’S POLICY ON DEALING WITH CONFLICT OF INTEREST ELEMENTS
BHLB Trustee Berhad is the Trustee for the Pacific Millennium Fund, Pacific Recovery Fund, Pacific Income Fund, Pacific
Focus China Fund and Pacific Global A.I.R. Fund and there may be proposed related party transactions involving or in
connection with these Funds in the following circumstances:
• where these Funds invest in instrument(s) offered by the CIMB Group;
• where these Funds are being distributed by the CIMB Group as IUTA; and
• where the assets of these Funds are being custodised by the CIMB Group both as sub-custodian of these Funds (i.e.
Trustee’s delegate).
161 Additional Information, Consent, Documents Available For Inspection, Inspection Of The Register Of Unitholders, Directors’ Declaration
ADDITIONAL INFORMATION
POLICIES AND PROCEDURES TO PREVENT MONEY LAUNDERING ACTIVITIES
We have policies and procedures in place to comply with legislation in force in Malaysia to prevent money laundering
activities. In order to implement these procedures, investors will be required to provide detailed verification of identity
including but not limited to proof of identity, residential or registered address, occupation or business, funds or source of
income when buying or redeeming units and to periodically update their records. Until satisfactory evidence has been
received, we reserve the right to refuse or accept the application form from investors to buy or redeem units or to pay the
proceeds of the redemption of units. We may delay or refuse any application without giving any reason for doing so where
this is in accordance with our anti-money laundering obligations. We also reserve the right to request additional information
including the identity of any beneficial owners as may be required to support the verification of information and to allow us to
carry out due diligence exercise on the investors in compliance with the relevant legislation.
Any suspicious transaction will be reported to the relevant authority.
PRUDENTIAL CONTROL
The Legal and Compliance Department is responsible for compliance matters and liaises with the Securities Commission to
ensure that all laws, regulations, code of conduct and prudential limits are followed.
The Head of the Legal and Compliance Department is the designated person for compliance and reports to the Board of
Directors on compliance matters. In the event that the Head of the Legal and Compliance is absent, or has resigned, the
next-person-in-line will be the designated person responsible for compliance matters until such position is filled.
CONSENT
• The Trustees, Shariah Adviser, Banker, Auditors, External Investment Manager and Solicitors have consented to
include their names in this Prospectus in the manner and context in which it appears and have not subsequently
withdrawn their consent.
• The Tax Adviser has consented to include its names and Tax Adviser's letter in the manner and form as contained in
this Prospectus and its consent has not subsequently been withdrawn.
DOCUMENTS AVAILABLE FOR INSPECTION
For a period of not less than 12 months, the following documents or copies thereof, where applicable, may be inspected at
our business and registered office, without charge:
• The Deeds and supplemental deeds of the Funds;
• Each material contract or document referred to in the Prospectus;
• The latest annual and interim reports of the Funds;
• All reports, letters or other documents, valuations and statements by any expert, any part of which is extracted or
referred to in the Prospectus;
• The audited accounts of the Manager and the Funds for the last three financial years or from the date of
incorporation/establishment, if less than three years, before the date of Prospectus;
• The latest audited accounts of the Manager and the Funds for the current financial year (where applicable);
• Writ and relevant cause papers for all current material litigation and arbitration disclosed in the Prospectus; and
• All consents given by experts disclosed in the Prospectus.
INSPECTION OF THE REGISTER OF UNITHOLDERS
The Register of Unitholders is kept at our business office at 1001, Level 10, Uptown 1, No. 1 Jalan SS21/58, Damansara
Uptown, 47400 Petaling Jaya, Selangor. You are invited to inspect the register at any time during office hours: Monday to
Friday (9.00 a.m. to 6.00 p.m.).
DIRECTORS' DECLARATION
This Master Prospectus has been reviewed and approved by the Directors of the Management Company and they
collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable
inquiries, they confirm to the best of their knowledge and belief, there are no false or misleading statements, or omission of
other facts which would make any statements in the Master Prospectus false or misleading.
Directors:
DANIEL CHAN
TAN SRI DATO' WONG KUM CHOON
DATO' HAJI MUSTAFA BIN MOHAMAD ALI
TI THIOW CHEN
DAVID WONG
DR. RAJA LOPE BIN RAJA SHAHROME
DATO’ ADNAN BIN ALI
GAN KOK KIM
MICHAEL AUYEUNG
162 List Of Pacific Mutual Fund Bhd Offices, Agency Offices And Institutional Unit Trust Advisers
LIST OF PACIFIC MUTUAL FUND BHD OFFICES, AGENCY OFFICES AND
INSTITUTIONAL UNIT TRUST ADVISERS
HEAD OFFICE
1001, Level 10, Uptown 1,
No. 1 Jalan SS21/58,
Damansara Uptown,
47400 Petaling Jaya, Selangor
Tel: 03-7725 9877
Fax: 03-7725 9860
E-mail:
customercare@pacificmutual.com.my
Website: www.pacificmutual.com.my
BRANCHES
Pulau Pinang
78, Ground Floor, Lebuh Gereja,
10200 Pulau Pinang
Tel: 04-261 5188
Fax: 04-261 5189
E-mail: penang@pacificmutual.com.my
Perak
9A, Persiaran Greentown 8,
Pusat Perdagangan Greentown,
30450 Ipoh, Perak
Tel: 05-242 4322
Fax: 05-242 4323
E-mail: ipoh@pacificmutual.com.my
Melaka
601 & 601A, Jalan Melaka Raya 10,
Taman Melaka Raya, 75000 Melaka
Tel: 06-282 8788
Fax: 06-286 8788
E-mail: melaka@pacificmutual.com.my
Johor
114A, 1st Floor, Jalan Harimau Tarum,
Taman Century, 80250 Johor Bahru,
Johor
Tel: 07-335 2098
Fax: 07-335 2099
E-mail: jb@pacificmutual.com.my
Sarawak
Lot 893, 2nd Floor,
Waterfront Commercial Centre,
98000 Miri, Sarawak
Tel: 085-428 055
Fax: 085-438 055
E-mail: miri@pacificmutual.com.my
87-B, Ground Floor, Jalan Ban Hock,
93100 Kuching, Sarawak
Tel: 082-233 933
Fax: 082-422 733
E-mail:
kuching@pacificmutual.com.my
Sabah
Block BC, Lot 16, 1st Floor,
Lorong Ikan Juara 3, Sadong Jaya,
88100 Kota Kinabalu, Sabah
Tel: 088-251 088
Fax: 088-251 059
E-mail: kk@pacificmutual.com.my
AGENCY OFFICES
Pulau Pinang
Bandar Sunway,
Seberang Jaya
Tel: 04-399 0406
E-mail: tehpohhoon@gmail.com
Selangor
Dataran Prima, Petaling Jaya
Tel: 03-7880 0733
E-mail: shir.lee88@yahoo.com
Jalan Tropicana Selatan 1,
Petaling Jaya
Tel: 03-7883 0801
E-mail: yeanneng@gmail.com
Seri Kembangan
Tel: 03-8942 4410
E-mail: ericscng@tm.net.my
Bayu Perdana, Klang
Tel: 03-3323 9119
E-mail: marktan.my@gmail.com
Bandar Bukit Tinggi, Klang
Tel: 03-3324 3829
E-mail: limhiahhwa@yahoo.com
Kuala Lumpur
Menara Mutiara Bangsar
Tel: 03-2283 3252
E-mail: navusha@gmail.com
Taman Sri Segambut
Tel: 03-6251 0006
E-mail: pbchong66@yahoo.com
IOI Boulevard
Tel: 03-8071 1661
E-mail: vka@vka.com.my
Megan Avenue 1
Tel: 03-2162 9988
E-mail: hengleeming@yahoo.com
Melaka
Taman Melaka Raya
Tel: 06-281 5329
E-mail:
sallytopofthetableagency@yahoo.com
Johor
Jalan Wayang, Kluang
Tel: 07-772 5752
E-mail: kktanag@tm.net.my
Pahang
Kuantan
Tel: 09-517 2300
E-mail: fcmlwl@tm.net.my
Sarawak
Simpang Tiga, Kuching
Tel: 082-412 768
E-mail: bong1688@gmail.com
Jalan Tun Ahmad Zaidi, Bintulu
Tel: 086-330 055
E-mail: pmf1668@pd.jaring.my
Medan Sentral, Bintulu
Tel: 086-325 698
E-mail: calvin_kho@hotmail.com
Sibu
Tel: 084-325 055
E-mail: pmfsibu@tm.net.my
163 List Of Pacific Mutual Fund Bhd Offices, Agency Offices And Institutional Unit Trust Advisers
INSTITUTIONAL UNIT TRUST
ADVISERS
OCBC Bank (Malaysia) Berhad
(295400-W)
Tel: 1300 88 5000
OCBC Al-Amin Bank Berhad
(818444-T)
Tel: 1300 88 0310
Standard Chartered Bank Malaysia
Berhad (115793-P)
Tel: 03-2117 7777
HSBC Bank Malaysia Berhad
(127776-V)
Te l: 1300 88 0181; 03-8321 5202
HSBC Amanah Malaysia Berhad
(807705-X)
Tel: 1300 80 2428; 03-8321 5502
CIMB Bank Berhad (13491-P)
Tel: 03-1300 88 0900
CIMB Investment Bank Berhad
(18417-M) (A Participating
Organisation of Bursa Malaysia
Securities Berhad)
Tel: 03-2084 8888
United Overseas Bank (Malaysia) Bhd
(271809-K)
Tel: 03-2612 8121
Alliance Bank Malaysia Berhad
(88103-W)
Tel: 03-2694 8800
CIMB Investment Bank Berhad
(18417-M)
Tel: 03-2087 8688
RHB Bank Berhad (6171-M)
Tel: 03-9206 8118
Malacca Securities Sdn Bhd
(16121-H)
Tel: 06-337 1533
iFAST Capital Sdn Bhd (782978-H)
Tel: 03-2149 0600
Website: www.fundsupermart.com.my
or www.ifastcapital.com.my
Our IUTA may not carry the complete
set of our Funds. Investments made
via our IUTA may be subject to
different terms and conditions.
PACIFIC MUTUAL FUND BHD
MASTER APPLICATION FORM
Please read the following terms and conditions before completing the Master Application Form (MAF). By applying for units in any
unit trust funds (Fund) managed by Pacific Mutual, the applicant(s) agree(s) to and will be bound by the following terms and
conditions, the constituting documents such as the Deed and the Prospectus of each relevant Fund, in respect of ALL transactions.
Where there are conflicting terms, the terms of the relevant Deed shall prevail. In accordance with Capital Markets And Services Act
1. IMPORTANT POINTS TO NOTE BEFORE FILLING UP THIS FORM
• The APPLICANT(S) MUST NOT USE CORRECTION FLUID on the MAF.
• Where there is ANY CORRECTION OR AMENDMENT, the APPLICANT(S) MUST SIGN next to the correction or amendment to
indicate that such changes is duly authorised by the applicant(s).
• Applicant(s) must use the CORRECT MAF ACCOMPANYING THE PROSPECTUS / SUPPLEMENTARY PROSPECTUS / MASTER
PROSPECTUS as the case may be.
2. ELIGIBILITY
Individual applicant
To apply for units, you must be 18 years old and above on your last birthday.
Joint applicant
• Cash Plan (Lump Sum Purchase) / Saver’s Plan
You may nominate a second applicant for your account. If the second applicant is below 18 years old, the MAF must be accompanied
by a copy of documentary evidence of the minor’s age (e.g. birth certificate or identity card). Pacific Mutual will only act on instruction
given by the first applicant.
• EPF Plan
No joint application is allowed.
For joint application, all correspondences relating to the investment units will be sent to the first applicant.
All applications must be accompanied by a copy of the applicant’s identity card or passport.
Corporate applicant
Corporate applicants are required to submit the following documents along with the application to Pacific Mutual:
• Malaysian company (Bhd / Sdn Bhd)
Application must be accompanied by a certified true copy of Certificate of Incorporation, Form 24, Form 49, Memorandum and Articles
of Association and Board of Directors’ Resolution (include specimen signatures).
• Society / Association / Cooperative / Government body
Application must be submitted together with a certified true copy of the Society’s Constitutions or By Laws, Certificate of Registration of
Society and the Committee / Board Resolution (include specimen signatures).
• Partnership
Application must be submitted together with a certified true copy of Certificate of Registration or Partnership Agreement and Committee
Resolution (include specimen signatures).
• Sole proprietor
Application must be accompanied by a certified true copy of the Business Registration and the identity card or passport.
• Pension fund
Application must be submitted together with the Trustee’s Resolution (include specimen signatures).
Pacific Mutual reserves the right to request for additional documents to support the application.
3. PAYMENT FOR INVESTMENT
The completed MAF should be accompanied by payment and submitted to any of Pacific Mutual’s office, or its authorised representatives.
The allotment of units will be based on the date of purchase of a complete request subject to clearance of the cheque and terms and
conditions as stated in the respective Prospectus. Cheque / bank draft must be made payable to “PACIFIC MUTUAL FUND BHD”. Please
include bank commission for outstation cheque and crossed ‘A/C PAYEE ONLY’.
Pacific Mutual does not accept any cheque issued by a third party for the account of the applicant(s) (referred to as “third party cheques”),
unless if the cheque is submitted to Pacific Mutual together with a prescribed letter of confirmation signed by the issuer of the cheque. The
prescribed letter of confirmation is available upon request from any of Pacific Mutual’s office, its authorised representatives and may be
downloaded from Pacific Mutual’s website.
4. TRANSACTION ADVICE SLIP (TAS)
A computer generated TAS showing your unitholdings will be issued to you as proof of receipt of payment. The units stated in the TAS
shall be conclusive as to the correctness of the units stated therein unless notice in writing of any error is given to Pacific Mutual within 14
Business Days of the date of the TAS. In the event that an error is detected, Pacific Mutual may endorse the changes on the TAS or
cancel the same and reissue a new TAS to reflect the correct number of units held by the Unitholder.
Additional notes at back page
PACIFIC MUTUAL FUND BHD (336059-U) A subsidiary of PacificMas Berhad
1001, Level 10 Uptown 1, No. 1 Jalan SS21/58, Damansara Uptown, 47400 Petaling Jaya, Selangor, Malaysia.
General Line: 03-7725 9877 Customer Care Hotline: 03-7726 6332 Fax: 03-7725 9860
E-mail: customercare@pacificmutual.com.my Website: www.pacificmutual.com.my
Master Application Form
2007, this MAF should not be circulated unless accompanied by the Prospectus.
PLAN
TYPE
First Time Investment (please complete Sections 1 - 7) Additional Investment (please complete Sections 1, 5# & 6)
PACIFIC MUTUAL FUND BHD
MASTER APPLICATION FORM
First Applicant's Name:
New NRIC/Passport No. : Sex : Male Female
EPF No.
I hereby declare and agree that the insurance coverage shall be on the faith of and conditional upon the truth of the following statements:
i) I have not been medically advised in the past 12 months to begin a course of medication lasting longer than seven days or undergo further
diagnostic/laboratory tests and/or surgical procedure nor have I been advised or required to be hospitalised for more than two nights in
connection with any disease, sickness or accident;
ii) I have not been tested, counselled or treated for Human Immunodeficiency Virus (HIV) or AIDS;
iii) I have not had any proposal for life insurance declined, postponed, rated-up, or modified in any way, by the insurer;
iv) I have not been treated for or been told that I have high blood pressure, heart disease, diabetes, lung disease, liver disease, kidney cancer,
uro-genital, gastro-genital, joints and bones especially spine diseases/problems or any other serious disease; and
v) To the best of my knowledge I am now in good health and fully able to work full time.
If any of the above statements is not true, please give details below.
* Occupation Code :
01 Professional
02 Managerial
03 Clerical
04 Student
05 Businessman
06 Skilled Worker
07 Others
Signature of
First Applicant
(Insurance coverage will only
be provided to the First
Applicant)
Name :
Consultant / Staff Code :
Date : - -
DD MM YYYY
Signature :
Photocopy of identity document
attached
Individual Application
Mother's Maiden Name :
Occupation :
Address :
Postcode :
Tel No. :
E-mail Address:
- (H) / (HP) -
2. YOUR CORRESPONDENCE ADDRESS
6. YOUR INSURANCE DECLARATION
CASH PLAN OPTION II (For Bank Use Only)
PLAN TYPE
TOTAL .
(O)
Employment Business
* Please select from the codes below, Others
Please Specify:
Annual Household Income : ** Please select from
the codes below
Source of Income : Savings / Inheritance
AUTHENTICATION OF IDENTITY
In compliance with Section 16(2) of Anti-Money Laundering Act 2001, I
hereby confirm the following:
Original identity document
sighted
Signature : NRIC :
Name : Date :
Race : Bumiputera Chinese Indian Others
Please Specify:
Nationality : Malaysian Singaporean Others
Please Specify:
Monthly Savings
(RM)
AMOUNT / DEPOSIT
RM
****TYPE OF
ACCOUNT
Please select
from below
FOR ADDITIONAL INVESTMENT #
Unit Trust A/C No.
CASH EPF SAVER'S
Please tick (? ) one only
FUND
Loan . .
FUND ****TYPE OF
ACCOUNT
Please select
from below
DOWNPAYMENT
Amount / Deposit
RM
FINANCING APPLIED
Amount / Loan
RM
Second Applicant
Second Applicant's Name (if any) : Relationship to 1st applicant :
- - DD MM YYYY
New NRIC/Passport/Birth Certif icate No. : Date of Birth :
4)
3)
2)
1)
....
1. YOUR ACCOUNT PARTICULARS
5. YOUR INVESTMENT PREFERENCE
Please use BLACK ink and complete form in BLOCK letters only. Tick ( ? ) where appropriate. Please also ensure that you have read and understood the
terms and conditions printed overleaf before completing this form. Pacific Mutual reserves the right to reject incomplete application.
- - DD MM YYYY
Date of Birth
8. FOR CONSULTANT / STAFF USE ONLY
:
:
Individual Joint Non Individual Staff / Group Staff
Master Application Form
** Annual Household Income Code :
01 < RM24,000
02 RM24,001 - RM60,000
03 RM60,001 - RM120,000
04 RM120,001 - RM240,000
05 > RM240,000
Bumiputera Controlled Non-Bumiputera Controlled Non-Malaysian Controlled
Name
Business Registration No
Contact Person
Designation
*** Business Code :
01 Agriculture, Forestry & Fishery 09 Retail Trade
02 Automobile 10 Service
03 Construction/Property Devpt 11 Transportation
04 Finance/Banking 12 Wholesale Trade
05 Government/Public Admin 99 Others
06 Insurance & Real Estate
07 Manufacturing
08 Mining
**** Type of Account :
01 Retirement
02 Education (you may request for the
Authorisation Form for Trust Arrangement)
03 Personal
04 Corporate
Signature or thumb print 1 (for First / Corporate Applicant) Signature or thumb print 2 (for Second Applicant)
Corporate Application
Nature of Business
Only applicable for joint application :
We hereby authorise Pacific Mutual to act on the instruction given below for redemption of units
and any transactions in respect of the units held by us as joint applicants. If no instruction is
indicated below, Pacific Mutual must only act on instruction given by both applicants to effect any
transactions.
. First applicant Both of us Either one of us
Unitholder Type Sub-Type
Doc-Type 1 2 3 4
B/Slip
Pymt 1
Pymt 2
Financial Institution State Code
DD MM YYYY Transaction Date - -
3. YOUR DISTRIBUTION INSTRUCTION FOR OFFICE USE ONLY
7. SIGNATURE(S)
- -
Form Verified By:
Initial:
Date:
Processed By:
Initial:
Date:
Please Specify:
Country of Incorporation Malaysia Singapore Others
Business Please Specify:
Status
SCHEME
CODE
OPTION
CODE
FUND
No. of TYPE
Years
Bank Account No.
Unit Trust Repayment Period :
Date of Approval
For Unit Trust Financing :
year(s)
DD MM YYYY
Signature :
Branch
Stamp
FUND
TYPE
OPTION NOMINEE CODE
CODE
SCHEME
CODE
(only applicable for Cash Plan Option I)
4. AUTHORITY TO OPERATE ACCOUNT
SAVER'S PLAN
Distribution (if any) to be reinvested into further units.
Distribution warrant/cheque to be posted to the correspondence address
stated herein.
:
:
:
:
:
:
:
:
* * * Please select from the codes below
7582212298
Master Application Form
I/ We have read and fully understood the relevant Prospectus and Supplemental Prospectus (if any) in respect of this investment and I/We agree to be
bound by all the terms and conditions in the Fund's Deed, Prospectus and Supplemental Deed(s) and Prospectus(es) (if any) thereto. I/We hereby
acknowledge that I/We am/are aware of the fees and charges that I/We will incur directly or indirectly when investing in the Fund.
Please Read The Following Terms And Conditions Before Completing The MAF
UNIT TRUST LOAN FINANCING RISK DISCLOSURE STATEMENT
Master Application Form
6. DISTRIBUTION INSTRUCTION
Distributions declared by the Fund will be automatically reinvested into further units of the same Fund except for Cash Plan (Lump Sum
Purchase) and Saver’s Plan where the investor may opt for distribution cheque. If the distribution cheque is not presented within the six
(6) months’ validity period, the distribution will be automatically reinvested into further units based on Pacific Mutual’s prevailing NAV after
the said expiry date.
The distribution instruction opted for the first time applies to all Funds. If distribution instruction is not specified, distribution will be
automatically reinvested. Subsequently, should you wish to change the distribution instruction of any of the Funds, kindly complete and
send the “Change of Distribution Instruction Form” to Pacific Mutual.
7. RIGHT OF PACIFIC MUTUAL
Pacific Mutual reserves the right to:
• Accept or reject any application in whole or in part without assigning any reason;
• Request for additional documents from the applicant to support the application;
• Vary these terms and conditions at any time without notifying the applicant.
8. CHANGE OF APPLICATION DETAILS
Pacific Mutual must be notified immediately in writing of any change of address or resident status or other particulars stated in the MAF. If
the applicant is a Malaysian company, the applicant is required to submit a certified true copy of Form 44 (Notice Of Situation Of
Registered Office and Office Hours and Particulars Of Changes) to Pacific Mutual.
9. INDEMNITY
The applicant(s) hereby agree(s) to indemnify Pacific Mutual, the Trustee(s) and any of their Agents against any actions, proceedings,
claims, losses, damages, costs and expenses which may be brought against, suffered or incurred by any or all of them arising either
directly or indirectly out of or in connection with Pacific Mutual accepting, relying on or failing to act on any instructions given by or on
behalf of the applicant(s) unless due to the willful default or negligence of Pacific Mutual.
10. NOTICES
Notices and communication are sent at the risk of the applicant(s). Pacific Mutual shall not be liable for the interruption, error or failure in
transmission or delivery of notices unless due to its willful default or negligence.
5. AUTHORITY TO OPERATE FUTURE TRANSACTIONS AND INSTRUCTIONS (FOR JOINT APPLICATION)
First applicant
• Pacific Mutual will only act on an instruction given by the first applicant.
Both of us (both applicants must be above 18 years old)
• Pacific Mutual will only act on instruction given jointly by both parties.
Either one of us (both applicants must be above 18 years old)
• Pacific Mutual will act on instruction given by either applicant.
In the event of a death of any registered jointholder of units, the survivor will be the only person recognised by Pacific Mutual and the
Trustee as having title to or interest in the investment units, except where the units are pledged as collateral to financial institutions. If
jointholder is a minor, Pacific Mutual and Trustee shall recognise the estate of the deceased as having title to or interest in the investment
units.
Investing In A Unit Trust Fund With Borrowed Money Is More Risky T