Manulife Malaysia Equity Fund - Manulife Insurance Berhad

Prospectus 

Manulife Malaysia Equity Fund 

Manager : Manulife Unit Trusts Berhad (834424-U) 

Trustee : HSBC (Malaysia) Trustee Berhad (1281-T) 

This Prospectus for the Manulife Malaysia Equity Fund is dated 29 December 2009 and expires on 

28 December 2010. 

The Manulife Malaysia Equity Fund has been constituted by way of a Deed entered into between the 

Manager and the Trustee on 14 September 2009. 

INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE 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 12.

Message from the CEO 

Dear Investors, 

Thank you for expressing interest in our Manulife Malaysia Equity Fund (“Fund”). 

The Fund is an equity growth fund which aims to provide Medium Term to Long Term capital 

growth by investing in fundamentally sound companies listed on Bursa Malaysia. Please 

refer to Section 5.1.3 Investment Policy and Strategy of the Fund for more information. 

Given the nature of the Fund’s investment, investors should be aware of the risks associated 

with their investment in the Fund. Such risks include market risk, company specific risk, 

concentration risk, liquidity risk and credit/default risk. Should you wish to get a better 

understanding of these risks, kindly refer to Section 4.2 Specific Risks where we have 

provided you an explanation on each of these risks. 

This Fund would thus be more suitable for investors who: 

(i) seek returns that are potentially higher than fixed deposit rates; 

(ii) have a Medium Term to Long Term investment horizon; and 

(iii) have high risk tolerance. 

The fees and charges that may be imposed on you should you invest in the Fund are as 

follows:- 

• Sales Charge of up to 5.50% of the NAV per Unit of the Fund; 

• annual management fee of up to 1.55% per annum of the NAV of the Fund. This fee 

is calculated and accrued daily and payable monthly by the Fund to the Management 

Company; 

• annual trustee fee of 0.08% per annum of the NAV of the Fund, subject to a minimum 

of RM18,000.00 per annum (excluding foreign custodian fee and charges). This fee is 

calculated and accrued daily and payable monthly by the Fund to the Trustee; and 

• other fees and charges such as transfer fee and other fund expenses etc. 

i

If you are interested in investing in this Fund, have any queries or require further information, 

please contact our customer service at Tel. No.: 03-2719 9228; Fax No.: 03-2719 9119 

or email us at my_utservice@manulife.com. Alternatively, you may contact any of our 

distributors, which are listed in Section 21 of this Prospectus. 

We look forward to being of service to you. 

Best wishes, 

------------------------------------- 

Name: Yap Suat Yen 

Designation: Chief Executive Officer/Executive Director 

ii

Responsibility Statements 

This 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 statement in the 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 fund and a copy of 

this Prospectus has been registered with the Securities Commission. 

The approval, and registration of this Prospectus, should not be taken to indicate that the 

Securities Commission recommends the Fund or assumes responsibility for the correctness 

of any statement made or opinion or report expressed in this Prospectus. 

The Securities Commission is not liable for any non-disclosure on the part of the 

management company responsible for the Fund and takes no responsibility for the contents 

of this Prospectus. The Securities Commission makes no representation on the accuracy or 

completeness of this Prospectus, and expressly disclaims any liability whatsoever arising 

from, or in reliance upon, the whole or any part of its contents. 

INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND 

RISKS OF THE INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO 

ARE IN DOUBT ON THE ACTION TO BE TAKEN SHOULD CONSULT PROFESSIONAL 

ADVISERS IMMEDIATELY. 

Additional Statement 

No Units will be issued or sold based on this Prospectus later than one year after the date 

of this Prospectus. 

iii

Investors are advised to note that recourse for false or misleading statements or acts made 

in connection with this Prospectus is directly available through Sections 248, 249 and 357 

of the Capital Markets and Services Act 2007. 

This Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in 

which such offer or solicitation is not authorized or to any person to whom it is unlawful 

to make such offer or solicitation. The distribution of this Prospectus and the offering of 

the Units in certain countries may be restricted by law. It is the responsibility of persons 

wishing to make applications for Units pursuant to this Prospectus to inform themselves of, 

and to comply with, any such restrictions together with any applicable exchange control 

regulations and applicable taxes in the countries of their citizenship, residence, ordinary 

residence or domicile. 

The Units have not been, and will not be, registered under the United States Securities 

Act of 1933, as amended (the “1933 Act”) or under the securities laws of any state or 

other political subdivision of the United States of America and may not be offered, sold, 

transferred or delivered, directly or indirectly, in the United States of America, its territories 

or possessions, any state of the United States of America, or the District of Columbia (the 

“United States”). Neither the United States Securities and Exchange Commission nor any 

state or other regulatory agency in the United States has passed upon the Units or the 

adequacy or accuracy of this Prospectus. The Manager is not and will not be registered 

under the United States Investment Company Act of 1940, as amended (the “1940 Act”). 

The Units may not be resold except pursuant to an exemption from (such as in accordance 

with Rule 144A, if available), or in a transaction not subject to, the registration requirements 

of the 1933 Act. 

The offering of the Units is being made outside the United States in accordance with 

Regulation S under the 1933 Act. The Manager has not offered, sold or delivered and will 

not offer, sell or deliver directly or indirectly any Units in the United States or to or for the 

account or benefit of any U.S. Person (as defined in Regulation S). 

The Units have not been, and will not be, qualified for sale under the securities laws of 

Canada or any province or territory of Canada and may not be offered, or sold, directly or 

indirectly, in Canada, or to any resident thereof. 

iv

CONTENTS 

Section 

Page 

1 Corporate Directory 1 

2 Glossary 4 

3 Key Data 7 

4 Risk Factors 12 

4.1 General Risks 12 

4.2 Specific Risks 14 

5 Fund Details 15 

5.1 Manulife Malaysia Equity Fund 15 

5.1.1 Investment Objective 15 

5.1.2 Benchmark 16 

5.1.3 Investment Policy and Strategy 16 

5.1.4 Asset Allocation 16 

5.1.5 Investment Philosophy 16 

5.1.6 Risk Management 16 

5.1.7 Permitted Investments 17 

5.1.8 Investment Limits/Restrictions 17 

5.1.9 Investors’ Profile 19 

6 Additional Information In Relation To The Fund 19 

6.1 Borrowings and Securities Lending 19 

6.2 Valuation Bases For the Fund’s Investments 19 

6.3 Policy in respect of the Valuation Point 21 

7 Fees And Charges 21 

7.1 Charges Directly Incurred 21 

7.2 Fees And Expenses Indirectly Incurred 23 

7.3 Policy on Stockbroking Rebates and Soft Commissions 25 

8 Transaction Information 26 

8.1 Computation of NAV and NAV per Unit 26 

8.2 Unit Pricing 27 

8.3 Incorrect Pricing 27 

8.4 Initial Offer Period 28 

8.5 Calculation of Selling Price 28 

8.6 Calculation of Redemption Price 29 

v

9 Transaction Details 29 

9.1 Information on Purchase of the Units 29 

9.2 Payment Methods 31 

9.3 Processing of Purchase/Redemption/Switching Request 31 

9.4 Making Additional or Regular Investment 32 

9.5 Information on Redemption of the Units 32 

9.6 Cooling-Off Period 33 

9.7 Transfer of Units 34 

9.8 Switching Facility 34 

9.9 Income Distribution and Reinvestment Policy 35 

9.10 Unclaimed Moneys 36 

9.11 Anti-Money Laundering Policies and Procedures 36 

10 Salient Terms of the Deed 37 

10.1 Rights and Liabilities of Unit Holders 37 

10.2 Provisions regarding Unit Holders Meetings 37 

10.3 Termination of the Fund 39 

10.4 The Maximum Fees and Charges that may be imposed by 41 

the Manager and the Steps to be taken by the Manager to 

increase such Fees and Charges 

10.5 Other Expenses Permitted under the Deed 43 

10.6 Circumstances that may lead Towards the Retirement, 44 

Removal or Replacement of the Manager 

10.7 Powers of the Manager to Remove the Trustee 45 

10.8 Retirement or Removal or Replacement of the Trustee 46 

10.9 Power of the Trustee to Remove or Replace the Manager 46 

11 Client Communication 47 

12 The Management Company 48 

12.1 Background 48 

12.2 Role of the Manager 48 

12.3 Financial Position 48 

12.4 Role of Directors 49 

12.5 Board of Directors of the Manager 49 

12.6 Role of the Investment Committee 51 

12.7 The Investment Committee Members 51 

12.8 Key Personnel of the Manager 52 

12.9 Material Litigation 53 

12.10 Manager’s Delegate 53 

vi

13 The Investment Manager 53 

13.1 Background 53 

13.2 Board of Directors of the Investment Manager 54 

13.3 Key Personnel of the Investment Manager 56 

13.4 Roles, Duties and Functions of the Investment Manager 57 

13.5 Material Litigation 57 

14 The Trustee 58 

14.1 Background Information 58 

14.2 Financial Position 58 

14.3 Experiences in Trustee Business 58 

14.4 Board of Directors 59 

14.5 Profile of Key Personnel 59 

14.6 Duties and Responsibilities of the Trustee 61 

14.7 Retirement or Removal or Replacement of the Trustee 61 

14.8 Power of Trustee to Remove, Retire or Replace the Manager 61 

14.9 Trustee’s Statement of Responsibility 62 

14.10 Trustee’s Disclosure of Material Litigation 62 

14.11 Trustee’s Delegates 62 

15 Related Party Transactions/Conflict of Interest 64 

16 Statement of Consent 65 

17 Taxation Adviser’s Letter on Taxation of The Fund 66 

and Unit Holders 

18 Documents Available for Inspection 71 

19 Unit Trust Loan Financing Risk Disclosure Statement 71 

20 Directors’ Declaration 73 

21 Directory of Manulife Regional Support Centres 74 

vii

1. CORPORATE DIRECTORY 

The Manager 

Registered Address 

Business Address 

The Manager’s 

Delegate (Fund 

Valuation Function) 


& Business Address 

Board of Directors 

of the Manager 

Investment 

Committee 

Members 

: Manulife Unit Trusts Berhad (834424-U) 

: 12th Floor, Menara Manulife 

No. 6, Jalan Gelenggang 

Damansara Heights 

50490 Kuala Lumpur 

Tel. No. : 03-2719 9228 

Fax No. : 03-2094 0573 

Website: www.manulife.com.my 





Tel. No. : 03-2719 9228 

Fax No. : 03-2094 7654 

Website : www.manulife.com.my 

: HSBC (Malaysia) Trustee Berhad (1281-T) 

: Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing 

No.1, Lebuh Ampang 


Tel. No. : 03-2074 3200 

Fax No. : 03-2078 0145 

: Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim 

(Independent Director) 

Kevin Douglas McWhinney (Non-Independent Director) 

Yap Suat Yen (Chief Executive Officer/Executive Director) 

Datuk Ismail Bin Haji Ahmad (Independent Director) 

Michael Chan Yui Lung (Non-Independent Director) 

: Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim (Independent) 

Datuk Ismail bin Haji Ahmad (Independent) 

Michael Chan Yui Lung 

Leo Ng Ho Lai 

Tang Loon Khoon 

1

Company Secretaries : Jasbender Kaur a/p Mehar Singh (LS 0009264) 

No. 11, Jalan 22/42 

46300 Petaling Jaya 

Selangor Darul Ehsan 

Ling Chui Shee (MAICSA 7051434) 

No. 56, Jalan Impian 4 

Taman Impian Indah 

Bukit Jalil, 57000 

Kuala Lumpur 

Investment Manager : Manulife Asset Management (Malaysia) Sdn. Bhd. 

(817945-K) 


Business Address 

The Trustee 



The Trustee’s 

Delegate (Local) 





Tel. No. : 03-2719 9228 

Fax No. : 03-2094 0573 





Tel. No. : 03-2719 9228 

Fax No. : 03-2093 9466 

: HSBC (Malaysia) Trustee Berhad (1281-T) 

: Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing 

No.1, Leboh Ampang 


Tel. No. : 03-2074 3200 

Fax No. : 03-2078 0145 

: THE HONGKONG AND SHANGHAI BANKING 

CORPORATION LIMITED (as Custodian) and 

assets held through HSBC NOMINEES 

(TEMPATAN) SDN BHD (258854-D) 

2



Banker 

: No. 2, Leboh Ampang 


: Malayan Banking Berhad (3813-K) 

Ground Floor, Block C 

Kompleks Pejabat Damansara 

Jalan Semantan, Damansara Heights 


Tel. No.: 1300-88-7788 

Auditors : PricewaterhouseCoopers (AF 1146) 

Level 10, 1 Sentral 

Jalan Travers, Kuala Lumpur Sentral 

P O Box 10192 


Tel. No. : 03-2173 1188 

Fax No. : 03-2173 1288 

Tax Adviser 

Solicitors 

Others 

: PricewaterhouseCoopers Taxation Services Sdn Bhd 

(Co. No. 464731-M) 

Level 10, 1 Sentral 

Jalan Travers, Kuala Lumpur Sentral 

P O Box 10192 


Tel. No. : 03-2173 1188 

Fax No. : 03-2173 1288 

: Messrs. Naqiz & Partners 

Unit PL 01-A, Plaza Level 

No. 45, Block A, Medan Setia 1 

Plaza Damansara, Damansara Heights 


: Federation of Investment Managers Malaysia 

19-07-3, 7th Floor, PNB Damansara 

19, Lorong Dungun, Damansara Heights 


Tel. No. : 03-2093 2600 

Fax No. : 03-2093 2700 

Email: info@fimm.com.my 

Website: www.fimm.com.my 

3

2. GLOSSARY 

Approved Distributor 

Bursa Malaysia 

Business Day 

Deed 

FIMM 

Forward Pricing 

Fund 

Guidelines 

Investment Manager 

Initial Offer Period 

Initial Offer Price 

IUTAs 

Means any relevant persons (including but not limited 

to IUTAs and/or UTCs) as may be approved by the SC (if 

necessary) or any other regulatory body and appointed by 

the Manager from time to time, who are responsible for 

selling Units. 

Means Bursa Malaysia Securities Berhad (635998-W). 

Means a day on which the Bursa Malaysia is open for trading 

and banks in Kuala Lumpur are open for business. 

Refers to the Deed dated 14 September 2009 entered 

into between the Manager and the Trustee including any 

supplemental and variation thereto. 

Means the Federation of Investment Managers Malaysia. 

Means the Net Asset Value per Unit of the Fund based on 

the next valuation point after a purchase or redemption 

request is received by the Manager. 

Means the Manulife Malaysia Equity Fund. 

Refers to the Guidelines on Unit Trust Funds issued by the SC 

and as amended, substituted or replaced from time to time. 

Refers to Manulife Asset Management (Malaysia) Sdn. Bhd. 

(817945-K). 

Means a period of not more than 21 days as may be 

determined by the Manager and commencing on the date 

of this Prospectus. 

Means the issue price payable for a Unit during the Initial 

Offer Period. 

Means Institutional Unit Trust Advisers. 

4

Latest practicable 

date (LPD) 

Long Term 

Manager/Management 

Company 

Medium Term 

Net Asset Value/NAV 

NAV per Unit 

Redemption Charge 

Redemption Price 

per Unit 

RM 

Sales Charge 

SC 

Selling Price per Unit 

Single Pricing Regime 

As at 15 July 2009 being the latest practicable date for the 

purposes of ascertaining certain information deemed 

relevant as at the latest practicable date in this Prospectus. 

Means a period of 5 years and above. 

Refers to Manulife Unit Trusts Berhad (834424-U). 

Means a period of 3 to 5 years. 

Means the Net Asset Value of the Fund which is determined 

by deducting the value of all the Fund’s liabilities from the 

value of all the Fund’s assets, at the valuation point. For the 

purpose of computing the annual management fee and 

annual trustee fee, the NAV of the Fund should be inclusive 

of the annual management fee and the annual trustee fee 

for the relevant day. 

Means the NAV of the Fund divided by the total number of 

Units in circulation at the valuation point. 

Means a fee imposed pursuant to a redemption request. 

Means the price payable to a Unit Holder for a Unit in the 

Fund pursuant to a redemption request. The redemption 

price shall be exclusive of the Redemption Charge. 

Means Ringgit Malaysia, the lawful currency of Malaysia. 

Means a fee imposed pursuant to a purchase request. 

Means the Securities Commission of Malaysia. 

Means the price payable by a Unit Holder for a Unit in the 

Fund pursuant to a purchase request. The selling price shall 

be exclusive of the Sales Charge. 

Means the NAV per Unit based on Forward Pricing and, is 

the Redemption Price per Unit or the Selling Price per Unit, 

as the case may be. 

5

The Act 

The Trustee 

Unit or Units 

Unit Holders 

UTCs 

Means the Capital Markets and Services Act 2007 as 

originally enacted and amended or modified from time to 

time. 

HSBC (Malaysia) Trustee Berhad (1281-T). 

Means a measurement of the right or interest of a Unit 

Holder in the Fund and means a Unit (including a fraction of 

a Unit) of the Fund. 

Refers to the person registered as the holder of a Unit or 

Units including persons jointly registered. 

Means Unit Trust Consultants. 

6

3. KEY DATA 

THIS SECTION IS ONLY A SUMMARY OF THE SALIENT INFORMATION ABOUT THE 

FUND. INVESTORS SHOULD READ AND UNDERSTAND THE WHOLE PROSPECTUS 

BEFORE MAKING ANY INVESTMENT DECISIONS. YOU ARE ADVISED TO READ 

AND UNDERSTAND THE CONTENTS OF THIS PROSPECTUS AND IF NECESSARY, 

CONSULT YOUR PROFESSIONAL ADVISERS. 

FUND INFORMATION 

The Fund 

Fund Category 

Fund Type 

Investment Objective 

Benchmark 

Investment Policy 

and Strategy 

Asset Allocation 

Approved Fund Size 

(Units) 

Financial Year End 

Initial Offer Period 

THE FUND 

Manulife Malaysia Equity Fund 

Equity 

Growth 

The Fund aims to provide Medium Term to 

Long Term capital growth by investing in 

fundamentally sound companies listed on 

Bursa Malaysia. 

FTSE Bursa Malaysia KLCI 

In line with its objective, the Investment 

Manager will select securities that are 

fundamentally sound with good growth 

potential. 

• Minimum 80% and up to 98% of the 

Fund’s NAV will be invested in equities; 

and 

• At least 2% of the Fund’s NAV will be 

invested in liquid assets for liquidity 

purposes. 

300 million Units 

31 October 

Means a period of not more than 21 days 

as may be determined by the Manager and 

commencing on the date of this Prospectus. 

PAGE 

- 

- 

- 

15 

16 

16 

16 

- 

- 

28 

7


Initial Offer Price 

per Unit 

Investors’ Profile 

Principal Risks 

Income Distribution 

and Reinvestment 

Policy 

THE FUND 

RM0.5000 

This Fund would be suitable for investors 

who: 

(a) seek returns that are potentially higher 

than fixed deposit rates; 

(b) have a Medium Term to Long Term 

investment horizon; and 

(c) have high risk tolerance. 

Market risk, company specific risk, 

concentration risk, liquidity risk and credit/ 

default risk. 

The Fund endeavours to distribute income, if 

any, on an annual basis. 

Unit Holders may choose to receive or reinvest 

any income distribution declared as follows: 

(a) income distribution will be reinvested 

into additional Units of the Fund. No 

Sales Charge will be imposed; or 

(b) the income distribution will be credited 

directly into the Unit Holder’s bank 

account. 

Income distribution will be automatically 

reinvested, if: 

(a) no distribution choice is made on the 

Fund’s Purchase/Switch Form; or 

(b) the income distribution amount is less 

than RM50.00 or such amount as may be 

determined by the Manager from time to 

time. 

The income distribution to be reinvested into 

additional Units of the Fund is based on the 

NAV per Unit as at the 1st Business Day when 

units are quoted ex-entitlement. Allotment of 

such units shall be within 2 weeks thereafter. 

PAGE 

- 

19 

14 

35 

8

Fees and Charges 

This table describes the charges that you may directly incur when you buy or redeem 

Units of the Fund. 


THE FUND 

PAGE 

Sales Charge per Unit 

Distribution 

Channels* 

Maximum Sales Charge** on the 

NAV per Unit of the Fund*** 

22 

IUTA 

Up to 5.50% of the NAV per Unit 

UTC 


The 

Manager 


Switching Fee 

Transfer Fee 


* Investors may subscribe for Units via one 

or more of the distribution channels 

** All Sales Charges will be rounded up 

to two (2) decimal places and will be 

retained by the Manager 

*** Investors may negotiate for a lower 

Sales Charge 

Differing Sales Charges may be levied 

depending on the distribution channels 

and the distributor within each distribution 

channel, subject to the maximum Sales 

Charge stipulated above. This is due to the 

different levels of services provided by each 

distribution channel and / or the size of the 

investment undertaken. 

Switching out of the Fund to other funds 

managed by the Manager will not incur any 

switching fee. 

When the investor switches from the Fund 

to another fund managed by the Manager, 

switching will be based on the NAV per unit 

of the other funds. 

RM5.00 per transfer upon receipt of a 

transfer request from the investor. 

There are no Redemption Charges involved. 

23 

22 

22 

9

This table describes the fees that you may indirectly incur when you invest in the 

Fund. 


Annual Management 

Fee 

Annual Trustee Fee 

Fund Expenses 

THE FUND 

The annual management fee for the Fund 

shall be up to 1.55% per annum of the NAV 

of the Fund. This fee is calculated and accrued 

daily and payable monthly by the Fund to the 

Management Company. 

The annual trustee fee for the Fund shall be 

0.08% per annum of the NAV of the Fund, 

subject to a minimum fee of RM18,000.00 

per annum (excluding foreign custodian 

fees and charges). This fee is calculated and 

accrued daily and payable monthly by the 

Fund to the Trustee. 

Only expenses that are directly related to the 

Fund can be charged to the Fund. Examples 

of relevant expenses are audit fee and tax 

agent’s fee. 

PAGE 

23 

23 

24 

Transaction Details 


Minimum Investment 

Minimum Additional 

Investment 

Minimum Redemption 

of Units 

Frequency of 

Redemption 

THE FUND 

RM1,000.00 or such other amount as the 

Manager may from time to time decide. 

RM100.00 or such amount as the Manager 

or the Approved Distributor may from time 

to time decide. 

500 Units or such number of Units as the 

Manager may from time to time decide. 

There is no restriction on the frequency of 

redemption. 

PAGE 

30 

30 

33 

33 

10


Minimum Investment 

Balance 

Cooling-off Period 

Switching of Units 

Transfer of Units 

THE FUND 

The minimum investment balance should be 

maintained at 500 Units or such number of 

Units as the Manager may from time to time 

decide. 

Six (6) Business Days from the date the 

Purchase/Switch Form is received and 

accepted by the Manager for the first time. 

A cooling-off period is only given to an investor 

who is investing with the Manager for the 

first time. However, corporations/institutions, 

staff of the Manager and person(s) registered 

to deal in unit trust of the Manager are not 

entitled to the cooling-off period. 

Investors may switch all or part of the Units 

held between the Fund and all other funds 

managed by the Manager on any Business 

Day. 

Please refer to Section 9.8 for details of the 

switching facility. 

The minimum transfer is 500 Units. 

PAGE 

33 

33 

34 

35 

11

Other Information 


The Manager 

Investment Manager 

The Trustee 

Deed (s) that govern 

the Fund 

THE FUND 

Manulife Unit Trusts Berhad (834424-U) 

Manulife Asset Management (Malaysia) Sdn. 

Bhd. (817945-K) 

HSBC (Malaysia) Trustee Berhad (1281-T) 

Deed dated 14 September 2009 relating to 

the Fund entered into between the Manager 

and the Trustee. 

PAGE 

48 

53 

58 

- 

There are fees and charges involved and investors are advised to consider 

them before investing in the Fund. 

Unit prices and distribution payable, if any, may go down as well as up. 

For information concerning certain risk factors which should be considered 

by prospective investors, see “Risk Factors” commencing on page 12. 

4. RISK FACTORS 

Prior to making an investment, prospective investors should consider the following risk 

factors in addition to the other information set out in the Prospectus: 

4.1 General Risks 

Risk of Non-Compliance 

This is the risk that the Manager will not follow the provisions set out in a 

deed or the relevant laws that govern a fund or its own internal procedures, 

or will act fraudulently or dishonestly which may result in the fund being 

mismanaged and may affect the unit holders’ investment. In order to mitigate 

this risk, the Manager imposes stringent internal controls and ensures that 

compliance monitoring processes are undertaken. 

12

Loan Financing Risk 

In the case of an investor who obtains loan financing to invest in a fund, the 

higher the margin of financing, the greater the potential for losses as well as 

gains. The financing cost may be higher than the gains derived (if any) from 

investing in the fund. It is important for investors to understand the inherent 

risks of investing with borrowed money which include the following: 

(a) borrowing increases the magnitude for gains as well as losses; 

(b) an investor’s ability to provide additional collateral may be affected should 

the value of investment falls below a certain level; and 

(c) an investor’s ability to service its loan instalments may be affected by 

unforeseen circumstances such as the investor’s loss of employment. 

Investment Manager Risk 

The performance of the unit trust fund depends, amongst other things, on 

the expertise of the Investment Manager. Poor management of the fund will 

jeopardise the investment of unit holders through reduction in net asset value 

of the fund which may ultimately lead to losses to unit holders. 

To mitigate this risk, the Investment Manager has in place a disciplined 

investment process and practises prudent risk management. 

Market Risk 

Market risk arises due to economy-wide perils which affect businesses causing 

fluctuations in market values of the securities. As a result, investors are 

exposed to market uncertainties, and no matter how many securities are held, 

developments in the economic, political and social environment may have 

a positive or negative impact on the market price of the securities. Market 

risk cannot be eliminated but may be reduced through diversification. The 

Investment Manager will attempt to diversify the portfolio, and monitor the 

investment climate and market conditions to take measures, where necessary 

and appropriate, to mitigate this risk. 

Company Specific Risk 

This is the risk of investing in a specific company. Any fluctuations in the price 

of the securities may affect the NAV of a fund. This risk is reduced through 

the diversification process that the Investment Manager will employ in the 

management of the fund. 

13

Credit/Default Risk 

Credit risk refers to the possibility that the issuer of a security will not be 

able to make timely payments of interest or principal repayment on the 

maturity date. This may lead to a default in the payment of principal and 

interest which will result in a fall of the price of the affected securities and 

ultimately reduce the value of a fund. Credit/default risk may be managed by 

performing continuous fundamental credit research and analysis to ascertain 

the creditworthiness of its issuer. 

4.2 Specific Risks 

Market Risk 

This is the risk that arises due to changing market conditions as a result of 

regulatory, political, economic and business environment. Such changes can 

result in stock market fluctuations which may affect the Fund’s underlying 

investments which will cause the NAV of Units to fall or rise. To mitigate this 

risk, the Investment Manager will diversify the Fund’s investments. 

Company Specific Risk 

This is the risk of investing in a specific company. This risk includes changes 

to a company’s financial position, business and operating environment, 

management practices and regulatory changes. Any developments in 

companies which the Fund has invested in may result in fluctuations in 

the prices of the securities as well as the NAV of the Fund. In addition to 

diversification, the Investment Manager will seek to reduce this risk through 

rigorous research and investing into companies with strong fundamentals and 

proven track record. 

Concentration Risk 

This is the risk of the Fund focusing a substantial portion of its assets in a 

smaller selection of securities. The movement in the price of a particular equity 

investment will have greater impact on the Fund. This risk is reduced through 

the diversification process that the Investment Manager will employ in the 

management of the Fund. 

Liquidity Risk 

This is defined as the ease with which a security can be sold at or near its fair 

value depending on the trading volume of that security in the market. If the 

Fund has a large portfolio of securities that are less liquid, the said securities 

may be sold at a discount to its fair value, which in turn would adversely 

affect the value of the Fund. To mitigate liquidity risk, the Investment Manager 

will review and monitor the Fund continuously, and actively manage asset 

14

allocations of the Fund. In addition, the Manager will practise prudent liquidity 

management to enable the Fund to meet short term obligations. 

Credit/Default Risk 

Credit risk refers to the possibility that the issuer of a security will not be able 

to make timely payments of interest or principal repayment on the maturity 

date. This may lead to a default in the payment of principal and interest which 

will result in a fall of the price of the affected securities and ultimately reduce 

the value of the Fund. Credit/default risk may be managed by performing 

continuous fundamental credit research and analysis to ascertain the 

creditworthiness of its issuer. 

It is important to note that events affecting the investments cannot 

always be foreseen. Therefore, it is not always possible to protect your 

investments against all risks. The various asset classes, such as equities 

and fixed income securities, generally exhibit different levels of risk. 

Please note that the returns of the Fund are not guaranteed. 

The investment of the Fund carries risk and investors are recommended 

to read the whole Prospectus to assess the risk of the Fund. 

Investors are reminded that the above list of risks may not be 

exhaustive and if necessary, they should consult their adviser(s), e.g. 

their bankers, lawyers, stockbrokers or independent financial advisers 

for a better understanding of the risks. 

5. FUND DETAILS 

5.1 Manulife Malaysia Equity Fund 

5.1.1 Investment Objective 

Manulife Malaysia Equity Fund aims to provide Medium Term to Long Term 

capital growth by investing in fundamentally sound companies listed on Bursa 

Malaysia. 

Note: Any material changes to the Fund’s investment objective would require 

Unit Holders’ approval. 

15

5.1.2 Benchmark 

The benchmark for the Fund is the FTSE Bursa Malaysia KLCI (FBM KLCI). The 

FBM KLCI is the key barometer for the market activity in Malaysia and it is 

widely available to the public and is published daily in the newspapers. 

5.1.3 Investment Policy and Strategy 

In line with its objective, the Investment Manager will select securities that are 

fundamentally sound with good growth potential. 

The Fund adopts both a bottom-up and top-down approach with particular 

emphasis on fundamental analysis. This allows the Investment Manager to 

determine which industry may benefit from current and future changes in 

the economy when undergoing the process of sector allocation. At the same 

time, it facilitates the Investment Manager to select individual securities of the 

underlying companies with good fundamentals and proven business models. 

5.1.4 Asset Allocation 

The Fund will invest minimum 80% and up to 98% in local securities, mainly 

in large capitalised index stocks. As part of a temporary defensive measure, 

the Fund may lower the equity exposure to below the 80% limit. For liquidity, 

the Fund holds a minimum of 2% in the form of liquid assets. Money market 

instruments which include term deposits, repurchase agreements and shortterm 

cash placements with financial institutions, will be used to maintain the 

liquidity position and can also be used as a short-term alternative when the 

equity market experiences excessive volatility. 

5.1.5 Investment Philosophy 

The Investment Manager believes that Malaysia, being an emerging market, 

may offer opportunities for capital appreciation and the Investment Manager 

can add value through its proprietary research. The Investment Manager’s 

prudent and disciplined investment process should result in consistent 

performance and reduced volatility. 

5.1.6 Risk Management 

Risk management is an integral part of the Investment Manager’s process. In 

ensuring compliance with the Guidelines, and the Fund’s limits and investment 

restrictions, the Investment Manager has in place clearly defined policies and 

procedures that have been approved by the Board of Directors. In addition, 

16

the Investment Manager conducts regular review on the economic, political 

and social factors to evaluate the effects of those factors on the securities 

held. Regular meetings are also held to deliberate on these factors, investment 

themes and portfolio decisions. The Investment Manager has in place a system 

for the monitoring of the Fund’s transactions to ensure compliance with the 

Guidelines, and the Fund’s limits and investment restrictions. 

5.1.7 Permitted Investments 

The Fund may invest in the following: 

(a) transferable securities which are equities, debentures and warrants traded 

on the Bursa Malaysia; 

(b) unlisted securities which include unlisted RM denominated bonds, and 

securities that have been approved by the relevant regulatory authority for 

listing and quotation on Bursa Malaysia, which are offered directly by the 

issuer; 

(c) unlisted debentures pending listing on the Bursa Malaysia, or debentures 

traded on an organised over-the-counter market; 

(d) collective investment schemes as permitted by the SC from time to time, 

which are in line with the Fund’s objective; 

(e) liquid assets (including money market instruments and deposits with any 

financial institutions); and 

(f) other securities/instruments as permitted by the SC from time to time, 

which are in line with the Fund’s objective. 

5.1.8 Investment Limits/Restrictions 

Subject to the Guidelines, the purchase of permitted investments stated above 

shall not contravene the following limits, unless otherwise revised by the SC 

from time to time: 

(a) the value of the Fund’s investments in ordinary shares issued by any single 

issuer must not exceed 10% of the Fund’s NAV; 

(b) the value of the Fund’s investments in transferable securities and money 

market instruments issued by any single issuer must not exceed 15% of 

the Fund’s NAV; 

17

(c) the value of the Fund’s placement in deposits with any single institution 

must not exceed 20% of the Fund’s NAV; 

(d) the aggregate value of the Fund’s investments in transferable securities, 

money market instruments, and deposits issued by or placed with (as the 

case may be) any single issuer/institution must not exceed 25% of the 

Fund’s NAV; 

(e) the value of the Fund’s investments in units/shares of any collective 

investment scheme must not exceed 20% of the Fund’s NAV; 

(f) the value of the 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; 

(g) the Fund’s investments in transferable securities (other than debentures) 

must not exceed 10% of the securities issued by any single issuer; 

(h) the Fund’s investments in debentures must not exceed 20% of the 

debentures issued by any single issuer; 

(i) the Fund’s investments in money market instruments must not exceed 

10% of the instruments issued by any single issuer; and 

(j) The Fund’s investments in collective investment schemes must not exceed 

25% of the units/shares in any one collective investment scheme. 

The above limits/restrictions do not apply to securities/instruments issued or 

guaranteed by the Malaysian government or Bank Negara Malaysia. 

A 5% allowance in excess of any limit or restriction imposed is permitted where 

the limit or restriction is breached through an appreciation or depreciation of 

the Fund’s NAV (whether as a result of an appreciation or depreciation in 

value of the Fund’s property or as a result of redemption of units or payment 

made out of the Fund). The Investment Manager shall not make any further 

acquisition to which the relevant limit is breached, and the Investment Manager 

shall, within reasonable period of not more than three (3) months from the 

date of the breach, take all necessary steps and actions to rectify the breach. 

18

5.1.9 Investors’ Profile 

This Fund would be suitable for investors who: 

(a) seek returns that are potentially higher than fixed deposit rates; 

(b) have a Medium Term to Long Term investment horizon; and 

(c) have high risk tolerance. 

6. ADDITIONAL INFORMATION IN RELATION TO THE FUND 

6.1 Borrowings and Securities Lending 

Unless approved by the SC, the Fund may not borrow cash or other assets 

in connection with its activities. However, the Fund may borrow cash on a 

temporary basis for the purpose of meeting redemption requests for Units and 

for short term bridging requirements subject to the following: 

(a) the Fund’s cash borrowing is only on a temporary basis and that borrowings 

are not persistent; 

(b) the borrowing period shall not exceed one month; 

(c) the aggregate borrowings of the Fund shall not exceed 10% of the Fund’s 

NAV at the time the borrowing is incurred; and 

(d) the Fund may only borrow from financial institutions. 

The Fund may participate in the lending of securities within the meaning of 

the Securities Borrowing and Lending Guidelines issued by the SC. 

6.2 Valuation Bases For the Fund’s Investments 

In valuing the Fund’s investments, the Manager will ensure that all the assets 

of the Fund will be valued at fair value and at all times be in compliance with 

Schedule B of the Guidelines and all relevant laws. The valuation bases for the 

investments of this Fund are as follows: 

19

Listed Securities 

The value of any of the Fund’s investments, which are quoted on an approved 

exchange, shall be calculated by reference to the last transacted price on that 

approved exchange or such other time as may be specified by the SC. 

However, if: 

(a) a valuation based on the market price does not represent the fair value of 

the securities, for example during abnormal market conditions; or 

(b) where no market value is publicly available, including in the event of a 

suspension in the quotation of the securities for a period exceeding 14 

days, or such shorter period as agreed by the Trustee, 

then the securities should be valued at fair value, as determined in good faith 

by the Manager, based on the methods or bases approved by the Trustee after 

appropriate technical consultation. 

Unlisted Securities 

The valuation of debentures not listed or quoted on Bursa Malaysia but 

have been approved by the relevant regulatory authorities for such listing or 

quotation and are offered directly to the Fund by the issuer shall be valued at 

the issue price of such securities. 

The value of any unlisted RM-denominated bonds will be valued on a daily 

basis using fair value prices quoted by a bond pricing agency (BPAM) registered 

with SC. Where the Manager is of the view that the price quoted by BPAM for 

a specific bond differs from the “market price” by more than 20 basis points, 

the Manager may use the “market price”, provided that the Manager: 

(a) records its basis for using a non-BPAM price; 

(b) obtains necessary internal approvals to use the non-BPAM price; and 

(c) keeps an audit trail of all decisions and basis for adopting the “market 

yield”. 

In the absence of reliable market quotation, valuation of the unlisted RMdenominated 

bonds will be determined based on the average price obtained 

from at least three (3) independent financial institutions. 

20

The fair value of other unlisted securities shall be determined in good faith 

by the Manager on methods or basis which have been verified by the auditor 

of the Fund and approved by the Trustee, and adequately disclosed in the 

Prospectus. 

Collective Investment Schemes 

The value of any investment in collective investment schemes which are 

quoted on an approved exchange shall be calculated/valued based on the last 

done market price of the securities. 

The value of any investment in unquoted collective investment schemes shall 

be calculated/valued based on the last published repurchase price per Unit. 

Deposits 

Investments such as bank bills and deposits placed with financial institutions 

are valued each day by reference to the value of such investments and the 

interests accrued thereon for the relevant period. 

Money Market Instruments 

Valuation of investments in money market instruments such as negotiable 

certificates of deposits, structured deposits and bankers’ acceptance shall be 

done on a daily basis by reference to the value of such investments as provided 

by financial institution that issues the investment. 

6.3 Policy in respect of the Valuation Point 

Valuation point refers to a time(s) on a Business Day which the Manager 

decides to conduct a valuation on the NAV of the Fund. The valuation of the 

Fund shall be carried out at the close of business of Bursa Malaysia. Under 

normal circumstances, only one valuation is conducted on each Business Day. 

The valuation of the Fund shall be carried out in a fair and accurate manner. 

The Fund adopts a Forward Pricing policy (see Section 8) which means that 

prices of Units will be calculated based on the NAV of the Fund at a valuation 

point in the future, i.e. the next valuation point. 

7. FEES AND CHARGES 

7.1 Charges Directly Incurred 

The following describes the charges that investors may directly incur when 

buying or redeeming Units: 

21

(a) Sales Charge 

A Sales Charge may be imposed on the purchase of Units of the Fund and 

may be utilised by the Manager to pay the marketing, advertising and 

distribution expenses of the Fund. 

The Sales Charge shall be a percentage of the NAV per Unit of the Fund 

and are separately disclosed as follows to enable investors to understand, 

compare and to make an informed decision on the preferred distribution 

channel: 

Distribution Channels* 

IUTAs 

UTCs 

The Manager 

Maximum Sales Charge** on the NAV per 

Unit of the Fund*** 




* Investors may subscribe for Units via one or more of the distribution 

channels 

** All Sales Charges will be rounded up to two (2) decimal places and 

will be retained by the Manager 

*** Investors may negotiate for a lower Sales Charge. 

Differing Sales Charges may be levied depending on the distribution 

channels and the distributor within each distribution channel, subject to 

the maximum Sales Charge stipulated above. This is due to the different 

levels of services provided by each distribution channel and / or the size of 

the investment undertaken. 

Note: Please refer to Section 8.5 for an illustration on how the Selling Price 

is calculated. 

(b) Redemption Charge 

There is no Redemption Charge imposed by the Manager on the 

redemption of Units. 

Note: Please refer to Section 8.6 for an illustration on how the Redemption 

Price is calculated. 

(c) Transfer Fee 

A RM5.00 transfer fee will be levied by the Manager for each transfer of 

Units upon receipt of a transfer request from the investor. 

22

(d) Switching Fee 

When the investor switches from the Fund to another fund managed by 

the Manager, switching will be based on the NAV per unit of the other 

funds. 

7.2 Fees And Expenses Indirectly Incurred 

(a) Annual Management Fee 

The annual management fee for the Fund shall be up to 1.55% per 

annum of the NAV of the Fund. This fee is calculated and accrued daily 

and payable monthly by the Fund to the Management Company. The 

Investment Manager will be paid its investment management fees by the 

Manager from the Manager’s annual management fee. 

Please note that the example below is for illustration only: 

Assuming that the NAV of a Fund is RM10,000,000.00 (before deducting 

the annual management fee and the annual trustee fee for the day) and 

with an annual management fee of 1.55% per annum, then the calculation 

of the annual management fee for the day would be as follows: 

Annual Management Fee for the day = NAV x Annual Management Fee 

365 days 

(b) Annual Trustee Fee 

= RM10,000,000.00 x 1.55% 

365 days 

= RM424.66 

The Fund pays the Trustee an annual trustee fee of 0.08% per annum 

of the NAV of the Fund, subject to a minimum fee of RM18,000.00 per 

annum (excluding foreign custodian fees and charges). In addition to 

the annual trustee fee, the Trustee may be reimbursed by the Fund for 

any expenses properly incurred by it in the performance of its duties and 

responsibilities. 

The annual trustee fee is calculated and accrued daily and payable monthly 

to the Trustee. 

23


Assuming that the NAV of a Fund is RM10,000,000.00 (before deducting 

the annual management fee and the annual trustee fee for the day) and 

with an annual trustee fee of 0.08% per annum, then the calculation of 

the annual trustee fee for the day would be as follows: 

Annual Trustee Fee for the day = NAV x Annual Trustee Fee 

365 days 

(c) Fund Expenses 

= RM10,000,000.00 x 0.08% 

365 days 

= RM21.92 

In administering the Fund, only fees and expenses that are directly related 

and necessary to the business of a Fund may be charged to the Fund. 

These include (but not limited to) the following: 

(i) commissions/fees paid to brokers in effecting dealings in the 

investments of the Fund, shown on the contract notes or confirmation 

notes; 

(ii) 

taxes and other duties charged on the Fund by the Government and/ 

or other authorities; 

(iii) costs, fees and expenses properly incurred by the auditors appointed 

for the Fund; 

(iv) costs, fees and expenses incurred for the valuation of any investment 

of the Fund by independent valuers for the benefit of the Fund; 

(v) 

costs, fees and expenses incurred for any modification of the Deed 

save where such modification is for the benefit of the Manager and/ 

or the Trustee; 

(vi) costs, fees and expenses incurred for any meeting of the Unit Holders 

save where such meeting is convened for the benefit of the Manager 

and/or the Trustee; 

24

(vii) costs, commissions, fees and expenses of the sale, purchase, 

insurance and any other dealing of any asset of the Fund; 

(viii) costs, fees and expenses incurred in engaging any specialist approved 

by the Trustee for investigating or evaluating any proposed investment 

of the Fund; 

(ix) costs, fees and expenses incurred in engaging any valuer, adviser or 

contractor for the benefit of the Fund; 

(x) 

costs, fees and expenses incurred in the preparation and audit of the 

taxation, returns and accounts of the Fund; 

(xi) costs, fees and expenses incurred in the termination of the Fund or 

the removal of the Trustee or the Manager and the appointment of a 

new trustee or management company; 

(xii) costs, fees and expenses incurred in relation to any arbitration or 

other proceedings concerning the Fund or any asset of the Fund, 

including proceedings against the Trustee or the Manager by the 

other for the benefit of the Fund (save to the extent that legal costs 

incurred for the defence of either of them are not ordered by the 

court to be reimbursed by the Fund); 

(xiii) remuneration and out of pocket expenses of the independent 

members of the investment committee of the Fund, unless the 

Manager decides otherwise; and 

(xiv) costs, fees and expenses deemed by the Manager to have been 

incurred in connection with any change or the need to comply with 

any change or introduction of any law, regulation or requirement 

(whether or not having the force of law) of any governmental or 

regulatory authority 

Expenses related to the issuance of this Prospectus will be borne by the 

Manager. 

7.3 Policy on Stockbroking Rebates and Soft Commissions 

The Manager or any delegate thereof will not retain any form of rebate or soft 

commission from, or otherwise share in any commission with, any broker in 

consideration for directing dealings in the investments of the Fund. 

25

However, soft commissions may be retained by the Manager and its delegate for 

payment of goods and services such as research material, data and quotation 

services and investment management tools, which are of demonstrable benefit 

to Unit Holders. 

There are fees and charges involved and investors are advised to 

consider the fees and charges before investing in the Fund. 

8. TRANSACTION INFORMATION 

8.1 Computation of NAV and NAV per Unit 

NAV of the Fund is determined by deducting the value of the Fund’s liabilities 

from the value of the Fund’s assets, at a valuation point. For the purpose of 

computing the annual management fee and annual trustee fee, the NAV of 

the Fund should be inclusive of the annual management fee and the annual 

trustee fee for the relevant day. 


RM 

Securities Investment 100,000,000.00 

Add : Other Assets (including cash) & Income 3,000,000.00 

Less : Liabilities 500,000.00 

NAV before deducting annual management 102,500,000.00 

fee and annual trustee fee for the day 

Less : Annual management fee for the day 4,352.74 

(at 1.55% per annum calculated based 

on the NAV) 

RM102,500,000.00 X 1.55% / 365 days 

Less : Annual trustee fee for the day 224.66 

(at 0.08% per annum calculated based on 

the NAV subject to a minimum of RM18,000 

per annum) 

RM102,500,000.00 X 0.08% / 365 days 

NAV 102,495,422.60 

26

The NAV per Unit of the Fund 

The NAV per Unit of the Fund is calculated by dividing the Total NAV of the 

Fund by the number of Units in circulation at the end of each Business Day. 

In the event that there are 200,000,000 Units of the Fund in circulation at the 

point of valuation, the NAV per Unit of a Fund shall therefore be calculated 

as follows: 

RM 

NAV 102,495,422.60 

Divide: Units in Circulation 200,000,000 

NAV per Unit of a Fund 0.5125 * 

* NAV per Unit will be rounded up to four (4) decimal places for the purposes 

of publication of the NAV per Unit. 

8.2 Unit Pricing 

The Manager adopts a single pricing regime in calculating a Unit Holder’s 

investments into and redemption of Units. This means that all purchases and 

redemptions are transacted on a single price (i.e. NAV per Unit). Investors 

would therefore purchase and redeem Units at NAV per Unit. The Selling Price 

per Unit and Redemption Price per Unit are based on Forward Pricing. 

8.3 Incorrect Pricing 

The Manager shall take immediate remedial action to rectify any incorrect 

valuation and/or pricing of the Fund or Units of the Fund. Where such error 

has occurred, monies shall be reimbursed in the following manner:- 

(a) in the event of over valuation or pricing, by the Manager to the Fund (if 

there is a redemption of Units) and/or to the Unit Holders who purchase 

Units at a higher price; or 

(b) in the event of under valuation or pricing, by the Manager to the Fund (if 

there is a sale of Units) and/or to the Unit Holders or former Unit Holders 

who redeem at a lower price. 

Notwithstanding the foregoing, unless the Trustee otherwise directs, no 

reimbursement shall be made save and except where an incorrect pricing: – 

27

(a) is equal or more than zero point five per centum (0.5%) of the NAV per 

Unit; or 

(b) results in a sum total of Ringgit Malaysia Ten (RM10.00) or more to be 

reimbursed to a Unit Holder for each sale or redemption transaction. 

The Manager shall have the right to amend, vary or revise the abovesaid limits 

or threshold from time to time and disclose such amendment, variation or 

revision in the Prospectus. 

8.4 Initial Offer Period 

The initial offer period for the Fund shall be a period of not more than 21 days 

as may be determined by the Manager and commencing on the date of this 

Prospectus. 

8.5 Calculation of Selling Price 

The Selling Price per Unit is calculated based on the NAV per Unit of the 

Fund at the next valuation point after the relevant application and payment 

is received by the Manager (i.e Forward Pricing). Any Sales Charge payable by 

the Unit Holder would be calculated as a percentage of the NAV per Unit of 

the Fund. 

For illustration purposes, assuming the following: 

Amount Invested by Unit Holder 

Sales Charge 

NAV per Unit 

RM10,000.00 

5.50% of NAV per Unit 

RM0.5000 

The investment amount, number of Units purchased and Sales Charge payable 

by the Unit Holder are as follows: 

RM 

Amount Invested by Unit Holder 10,000.00 

Add: 

Sales Charge levied by distributor @ 5.50% 550.00 

Total amount paid by Unit Holder 10,550.00 

28

The total number of Units that will be allocated to = Amount Invested 

Unit Holder 

NAV per Unit 

8.6 Calculation of Redemption Price 

= RM10,000.00 

RM0.5000 

= 20,000 Units 

The Redemption Price per Unit is calculated based on the NAV per Unit of the 

Fund at the next valuation point after the request for redemption is received 

by the Manager (i.e. Forward Pricing). 

The Manager has no intention to impose any Redemption Charge during the 

duration of this Prospectus. 


Number of Units to be redeemed 20,000.00 


Nil 

NAV per Unit 

RM0.5000 

The redemption amount shall be as follows: 

Number of Units to be redeemed 20,000.00 

Multiply by NAV per Unit 

Total amount payable to Unit Holder 

RM0.5000 

RM10,000.00 

9. TRANSACTION DETAILS 

9.1 Information on Purchase of the Units 

An investor who wishes to invest in the Fund must be willing to adhere to the 

following eligibility and procedures: 

(a) Individual Investor 

For Single Applicant 

The applicant must be 18 years of age and above as the date of application 

and not a bankrupt. 

29

For Joint Applicants 

For joint applicants, the principal holder must be 18 years of age and 

above. The joint applicant can be anyone of any age including a minor. 

(b) Corporate Investor 

Including but not limited to a company, co-operative society, sole 

proprietor, institution or partnership. 

However, the Manager has the right to reject an application on reasonable 

grounds. 

(c) The Minimum Investment 

The minimum investment for the Fund is RM1,000.00 and the minimum 

additional investment is RM100.00 or such amounts as the Manager or 

the Approved Distributor may decide from time to time. 

(d) The Fund’s Account Opening Form and Purchase/Switch Form 

A Unit Holder, after completing the Account Opening Form and Purchase/ 

Switch Form, which can be obtained from the Prospectus, at the 

Manager’s Office and website at www.manulife.com.my, or from any of 

the Manager’s authorised agents, must attach the following documents: 

Individual Investor 

For Single Applicant 

Certified true copy/verified copy of NRIC or passport for foreign investor. 

For Joint Applicants 

Certified true copy/verified copy of NRIC or passport for foreign investor. 

For second holder age 12 and below, a certified true copy/verified copy of 

the Birth Certificate. 

Corporate Investor 

• a certified true copy of Certificate of Incorporation /Business 

Registration/ Licence (Form 8 or Form 9); 

• a certified true copy of Form 24 & 49; 

• a certified true copy of the Memorandum & Article of Association/ 

Constitution/By Laws; 

30

• a certified true copy of the directors’ resolution approving the 

investment in the Fund together with a list of authorised personnel 

and their specimen signatures to effect any instructions or transactions 

in respect of the Fund; and 

• any other approvals necessary from the relevant authorities. 

9.2 Payment Methods 

Investment payment should be made payable to “Manulife Unit Trusts 

Berhad – Sales Collection A/C” and remitted to the Manager’s account in 

Ringgit Malaysia. 

Details of the Manager’s bank account are as follows: 

Bank 

: Malayan Banking Berhad 

Payee’s Name : Manulife Unit Trusts Berhad – Sales Collection A/C 

Account No. : 5143 2933 8410 

Payment for investment may be made to the Manager’s registered office or 

any of its regional support centres, or to any of its Approved Distributors. 

Investors are advised NOT to make payment in cash when purchasing 

Units of a Fund via any institution/retail agents. 

9.3 Processing of Purchase/Redemption/Switching Request 

Purchase Request 

Purchase of Units will be based on the Manager’s NAV per Unit on the 

same Business Day provided that the Purchase/Switch Form and complete 

documentation are received by the Manager before 3.00 p.m. (the cut-off 

time) on a Business Day at the Manager’s registered office or any of its regional 

support centres as set out in Section 21, the Purchase/Switch Form will be 

processed at the close of the Business Day. 

If the Purchase/Switch Form and complete documentation are received by the 

Manager after the cut-off time or on a non-Business Day at the Manager’s 

registered office or any of its regional support centres as set out in Section 21, 

the Purchase/Switch Form will be processed on the next Business Day and the 

Units will be based on the Manager’s NAV per Unit on the next Business Day. 

For purchase transaction made via the IUTAs, the transaction is subject to the 

terms and conditions of the respective IUTAs. 

31

Redemption Request 

Any redemption request received by the Manager before the cut-off time on a 

Business Day at the Manager’s registered office or any of its regional support 

centres as set out in Section 21 will be processed based on the NAV per Unit 

calculated on the same Business Day. 

If the Redemption/Cooling-Off Withdrawal Form and complete documentation 

are received by the Manager after the cut-off time or on a non-Business Day at 

the Manager’s registered office or any of its regional support centres as set out 

in Section 21, the Redemption/Cooling-Off Withdrawal Form will be processed 

on the next Business Day and the Units will be based on the Manager’s NAV 

per Unit at the end of the next Business Day. 

For redemption transaction made via the IUTAs, the transaction is subject to 

the terms and conditions of the respective IUTAs. 

Switching Request 

Any switching request received by the Manager before the cut-off time on a 

Business Day at the Manager’s registered office or any of its regional support 

centres as set out in Section 21 will be processed based on the NAV per Unit 

calculated on the same Business Day. 

If the Purchase/Switch Form and complete documentation are received by the 

Manager after the cut-off time or on a non-Business Day at the Manager’s 

registered office or any of its regional support centres as set out in Section 21, 

the Purchase/Switch Form will be processed on the next Business Day and the 

Units will be based on the Manager’s NAV per Unit on the next Business Day. 

For switching transaction made via the IUTAs, the transaction is subject to the 


9.4 Making Additional Or Regular Investment 

Investors are allowed to make additional investments or regular investments 

as they wish and their investment will be calculated based on the prevailing 

Selling Price per Unit (i.e. Forward Pricing) for the day. The minimum additional 

investment amount shall be RM100.00. 

9.5 Information on Redemption of the Units 

Unit Holders may redeem all or part of the Units held on any Business Day 

by completing the Redemption/Cooling-Off Withdrawal Form, which can be 

obtained from the Manager’s Office or website or from the Manager’s registered 

office, any of its regional support centres or its Approved Distributors. 

32

There is no restriction on the frequency of the number of Units to be redeemed. 

The minimum number of Units to be redeemed shall be 500 Units. 

For a partial redemption, the minimum balance of Units after the redemption 

shall be 500 Units (“Minimum Investment Balance”). However, the Manager 

shall not be bound to comply with any request for redemption of Units if the 

balance of the Units held by the investor after the redemption is less than the 

Minimum Investment Balance. 

Redemption proceeds will be paid to the Unit Holders within 10 days from the 

date of receipt of the redemption request by the Manager. 

The Manger reserves the right to vary the mode of redemption from time to 

time, and shall be communicated to the Unit Holders in writing. 

9.6 Cooling-Off Period 

The cooling-off period is only applicable to any person investing for the 

first time in any unit trust funds managed by the Manager and excludes 

corporations/institutions, staff of the Manager and persons dealing in unit 

trust of the Manager. Unit Holders have the right, within six (6) Business Days 

from the day of the receipt by the Manager of their Purchase/Switch Form, 

to call for a withdrawal of their investments. The total amount of the money 

initially invested i.e.: 

(a) the NAV per Unit on the day the units were first purchased, and 

(b) the Sales Charge per Unit originally imposed on the day the units were 

purchased; 

will be refunded to the Unit Holder within 10 days from the receipt of the 

Redemption/Cooling-Off Withdrawal Form by the Manager. 

Withdrawal proceeds will only be paid to the Unit Holders once the Manager 

has received cleared funds for the original investment. For Unit Holders who 

pay by cheque, the refund will be made upon clearance of the said cheque. 


An investor investing with the Manager for the first time invests RM10,000.00 

in the Fund on 17 October 2009 at the Selling Price per Unit of RM0.5000 and 

paid a Sales Charge of 0.25% as follows: 

33

RM 

Amount Invested by Unit Holder 10,000.00 

Add: 

Sales Charge levied by distributor @ 5.50% 550.00 

Total amount paid by Unit Holder 10,550.00 

The total number of Units that will be allocated to = Amount Invested 

Unit Holder 

NAV per Unit 

= RM10,000.00 

RM0.5000 

= 20,000 Units 

On 20 October 2009 (within the Cooling-off Period), the investor decides to 

withdraw his investment by exercising his cooling-off right. 

The amount to be refunded to the investor shall be: 

= the investment amount at NAV of the Unit on 17 October 2009 + Sales 

Charge paid by the investor on 17 October 2009 

= (20,000 Units x RM0.5000) + RM550.00 

= RM10,550.00 

9.7 Transfer of Units 

Investors are allowed to transfer all or part of their Units to another person, 

subject to the conditions as stipulated in the Deed, by completing a Transfer 

Form and signed by both parties (transferor and transferee). The Manager may 

refuse to register any transfer of a Unit in its sole and absolute discretion. A 

Transfer Fee of not more than RM5.00 may be charged for each transfer and 

the minimum transfer amount is 500 Units. 

For a transfer request made via the IUTAs, the transaction is subject to the 


9.8 Switching Facility 

Investors may switch all or part of the Units held between the Fund and all 

other funds managed by the Manager on any Business Day by completing the 

Purchase/Switch Form. 

The switching facility is subject to the following conditions: 

34

(a) investors of the Fund are allowed to switch their investments into and out 

of all other funds managed by the Manager only; 

(b) switching out of the Fund is not allowed during the Initial Offer Period. 

Thereafter, investors are allowed to switch their investments into and out 

of all other funds managed by the Manager subject to the availability of 

Units; 

(c) the minimum number of Units to be switched out from the Fund to the 

other funds managed by the Manager is 1,000 Units, provided the amount 

in Ringgit Malaysia meets the minimum investment amount of the other 

funds; 

(d) for partial switching, the minimum balance of Units after the switching 

is 500 Units (Minimum Investment Balance). However, the Manager shall 

not be bound to comply with any request for redemption of Units if 

the balance of Units held after the switching is less than the Minimum 

Investment Balance; and 

(e) when the investor switches from the Fund to other funds, there is no 

switching fee. 

The Manager may at its absolute discretion vary the terms and conditions of 

the switching facility. 

9.9 Income Distribution and Reinvestment Policy 

The Fund endeavours to distribute income, if any, on an annual basis. 

Unit Holders may choose to receive or reinvest any income distribution 

declared as follows: 

(a) income distribution will be reinvested into additional Units of the Fund. No 

Sales Charge will be imposed; or 

(b) the income distribution will be credited directly into the Unit Holder’s bank 

account. 

Income distribution will be automatically reinvested, if: 

(a) no distribution choice is made on the Fund’s Purchase/Switch Form; or 

(b) the income distribution amount is less than RM50.00 or such amount as 

may be determined by the Manager from time to time. 

35

The income distribution to be reinvested into additional Units of the Fund is 

based on the NAV per Unit as at the 1st Business Day when units are quoted 

ex-entitlement. Allotment of such units shall be within 2 weeks thereafter. 

9.10 Unclaimed Moneys 

Any income distribution unclaimed by the Unit Holders after 6 months from 

the income distribution date (the “Period”) shall be reinvested by the Manager 

on behalf of the Unit Holders in additional Units of the Fund based on the NAV 

per Unit of the Fund on the first Business Day following the expiry of the 

Period. 

For other cases, including redemption proceeds payable to Unit Holders who 

have requested for full or partial redemption of their investments in the Fund 

that remain unclaimed after 12 months shall be lodged with the Registrar of 

Unclaimed Moneys in accordance with the provisions of the Unclaimed Money 

Act, 1965 (as may be amended from time to time). 

9.11 Anti-Money Laundering Policies and Procedures 

In order to comply with the Anti-Money Laundering And Anti-Terrorism 

Financing Act 2001 (Act 613) (AMLA) and the relevant policies, procedures, 

guidelines and/or regulations aimed at the prevention of money laundering, the 

Manager will be required to obtain satisfactory evidence of customer’s identity 

and have effective procedures for verifying the information of customers. The 

Manager conducts ongoing due diligence and scrutiny of customers’ identity 

and his/her investment objectives which may be undertaken throughout the 

course of the business relationship to ensure that the transactions being 

conducted are consistent with the Manager’s knowledge of the customer, its 

business and its risk profile. 

The Manager also reserves the right to request such information as is necessary 

to verify the source of the payment. The Manager may refuse to accept the 

application and the subscription monies if an applicant delays in producing or 

fails to produce any information required for the purposes of verification of 

identity or source of funds. 

A transaction or a series of transactions shall be considered as ‘suspicious’ if the 

transaction in question is inconsistent with the customer’s known transaction 

profile or does not make economic sense. Suspicious transactions shall be 

submitted directly to the Financial Intelligence Unit of Bank Negara Malaysia. 

Investors are advised not to make payment in cash when purchasing 

Units of the Fund via any institutional/retail agent. 

36

10. SALIENT TERMS OF THE DEED 

10.1 Rights and Liabilities of Unit Holders 

10.1.1 Rights of Unit Holders 

A Unit Holder has the right, among others, to the followings: 

(a) to receive the distribution of income, participate in any increase in the 

value of the Units and to other such rights and privileges as set out 

under the Deed for the Fund; 

(b) to call for Unit Holders’ meetings, and to vote for the removal of the 

Trustee or the Manager through a special resolution; 

(c) to exercise the cooling-off right (if applicable); and 

(d) to receive annual and interim reports. 

However, a Unit Holder would not have the right to require the transfer 

to the Unit Holder of any of the investments of the Fund. Neither would a 

Unit Holder have the right to interfere with or question the exercise by the 

Trustee or the Manager on his behalf, of the rights of the Trustee as trustee 

of the investments of the Fund. 

10.1.2 Liabilities of Unit Holders 

(a) No Unit Holder is liable for any amount in excess of the purchase price 

paid for the Units as determined pursuant to the Deed at the time the 

Units were purchased; and 

(b) Unit Holders shall not be under any obligation to indemnify the Trustee 

and/or the Manager in the event that the liabilities incurred by the 

Trustee and the Manager in the name of or on behalf of the Fund 

pursuant to and/or in the performance of the provisions of the Deed 

exceed the NAV of the Fund, and any right of indemnity of the Trustee 

and/or the Manager shall be limited to recourse to the Fund. 

37

10.2 Provisions regarding Unit Holders Meetings 

10.2.1 Quorum Required for Convening a Unit Holders Meeting 

The quorum required for a meeting of the Unit Holders shall be five (5) 

Unit Holders, whether present in person or by proxy, provided always that 

the quorum for a meeting of the Unit Holders convened for the purpose of 

voting on a Special Resolution shall be five (5) Unit Holders, whether present 

in person or by proxy, who must hold in aggregate at least twenty five per 

centum (25%) of the Units in circulation at the time of the meeting, and 

provided further that if the Fund has five (5) or less Unit Holders, the quorum 

required for a meeting of the Unit Holders of the Fund shall be two (2) Unit 

Holders, whether present in person or by proxy; if the meeting has been 

convened for the purpose of removing the Manager and/or the Trustee, the 

Unit Holders present in person or by proxy must hold in aggregate at least 

twenty five per centum (25%) of the Units in circulation at the time of the 

meeting. 

10.2.2 Unit Holders meeting convened by Unit Holders 

Unless otherwise required or allowed by the relevant laws, the Manager 

shall, within twenty-one (21) days of receiving an application from not less 

than fifty (50) or one-tenth (1/10) of all the Unit Holders, whichever is less, 

summon a meeting of the Unit Holders by: 

(a) sending by post at least seven (7) days before the date of the proposed 

meeting a notice of the proposed meeting to all the Unit Holders; and 

(b) publishing at least fourteen (14) days before the date of the proposed 

meeting an advertisement giving notice of the proposed meeting in a 

national language newspaper published daily and another newspaper 

approved by the relevant authorities. 

The Unit Holders may apply to the Manager to summon a meeting for any 

purpose including, without limitation, for the purpose of: 

(a) requiring the retirement or removal of the Manager; 

(b) requiring the retirement or removal of the Trustee; 

(c) considering the most recent financial statements of the Fund; 

(d) giving to the Trustee such directions as the meeting thinks proper; or 

38

(e) considering any matter in relation to the Deed, 

provided always that the Manager shall not be obliged to summon such a 

meeting unless application has been received from not less than fifty (50) or 

one-tenth (1/10) of all the Unit Holders, whichever is the lesser number. 

10.2.3 Unit Holders meeting convened by Manager or Trustee 

The Manager or Trustee may convene a Unit Holders’ meeting by giving 

Unit Holders written notice in the manner prescribed by the Deed or the 

relevant laws. 

10.3 Termination of the Fund 

10.3.1 Circumstances that may lead to the termination of the Fund 

The Fund may be terminated or wound up should the following occur:- 

(a) The SC’s approval is revoked under Section 212(7)(A) of the Act; 

(b) A special resolution is passed at a Unit Holders’ meeting to terminate 

or wind up the Fund, following occurrence of events stipulated under 

Section 301(1) of the Act and the court has confirmed the resolution, 

as required under Section 301(2) of the Act; 

(c) A special resolution is passed at a Unit Holders’ meeting to terminate or 

wind up the Fund; 

(d) The Fund has reached its maturity date as specified in the Deed; and 

(e) The effective date of an approved transfer scheme (if any) has resulted 

in the Fund, which is the subject of the transfer scheme, being left with 

no asset/property. 

10.3.2 Procedure for the Termination of the Fund 

Upon the termination of the Fund, the Trustee shall: 

(a) sell all the assets of the Fund then remaining in its hands and pay out 

of the Fund any liabilities of the Fund; such sale and payment shall be 

carried out and completed in such manner and within such period as 

the Trustee considers to be in the best interests of the Unit Holders; 

and 

39

(b) from time to time distribute to the Unit Holders, in proportion to the 

number of Units held by them respectively: 

(i) 

(ii) 

the net cash proceeds available for the purpose of such distribution 

and derived from the sale of the investments and assets of the 

Fund less any payments for liabilities of the Fund; and 

any available cash produce; 

provided always that the Trustee shall not be bound, except in the case 

of final distribution, to distribute any of the moneys for the time being 

in his hands the amount of which is insufficient for payment to the Unit 

Holders of RM Fifty (0.50) sen in respect of each Unit and provided also that 

the Trustee shall be entitled to retain out of any such moneys in his hands 

full provision for all costs, charges, taxes, expenses, claims and demands 

incurred, made or anticipated by the Trustee in connection with or arising 

out of the winding-up of the Fund and, out of the moneys so retained, to 

be indemnified against any such costs, charges, taxes, expenses, claims and 

demands; each such distribution shall be made only against the production 

of such evidence as the Trustee may require of the title of the Unit Holder 

relating to the Units in respect of which the distribution is made. 

In the event that the Fund is terminated, the Trustee shall be at liberty to call 

upon the Manager to grant the Trustee, and the Manager shall so grant, a 

full and complete release from the Deed and the Manager shall indemnify 

the Trustee against any claims arising out of the Trustee’s execution of the 

Deed provided always that such claims have not been caused by any failure 

on the part of the Trustee to exercise the degree of care and diligence 

required of a trustee as contemplated by the Deed and all relevant laws. 

The Manager (or the Trustee, if the Fund has been terminated in the 

circumstances spelt out in Division 12.3 of the Deed) shall, as soon as 

practicable after the winding up of the Fund, inform Unit Holders and the 

relevant authorities of the same in such manner as may be prescribed by 

any relevant law. 

Where the termination of the Fund and the winding-up of the Fund have 

been occasioned by any of the events set out below: 

(a) if the Manager has gone into liquidation, except for the purpose of 

reconstruction or amalgamation upon terms previously approved in 

writing by the Trustee and the relevant authorities; 

40

(b) if, in the opinion of the Trustee, the Manager has ceased to carry on 

business; or 

(c) if, in the opinion of the Trustee, the Manager has to the prejudice 

of Unit Holders failed to comply with the provisions of the Deed or 

contravened any of the provisions of any relevant law; 

the Trustee shall summon for a Unit Holders meeting to get directions 

from the Unit Holders and also arrange for a final review and audit of the 

final accounts of the Fund by the Auditor of the Fund; in all other cases of 

termination of the trust and winding-up of the Fund, such final review and 

audit by the Auditor of the Fund shall be arranged by the Manager. 

10.4 The Maximum Fees and Charges that may be imposed by the 

Manager and the Steps to be taken by the Manager to increase such 

Fees and Charges 

10.4.1 Maximum Rate of Direct Fees and Charges allowable by the Deed 

• The maximum Sales Charge allowable by the Deed is 6.50% of the NAV 

per Unit. 

• There is no Redemption Charge allowable by the Deed. 

10.4.2 Maximum Rate of Indirect Fees and Charges allowable by the Deed 

• The maximum rate of the annual management fee shall be up to 2.50% 

of the NAV of the Fund calculated and accrued daily. 

• The maximum rate of the annual trustee fee shall be up to 0.20% of 

the NAV of the Fund subject to a minimum fee of RM18,000.00 per 

annum calculated and accrued daily (excluding foreign custodian fees 

and charges). 

10.4.3 Procedures to be taken to increase the Direct and Indirect Fees and 

Charges from the current amount stipulated in the Prospectus 

Sales Charge 

A higher Sales Charge than that disclosed in the Prospectus may only be 

imposed if: 

(a) the Manager has notified the Trustee in writing of and the effective 

date for the higher charge; 

41

(b) a supplemental prospectus in respect of the Fund setting out the higher 

charge is issued; and 

(c) such time as may be prescribed by any relevant law has elapsed since 

the effective date of the supplemental prospectus. 


A higher Redemption Charge than that disclosed in the Prospectus may 

only be imposed if: 

(a) the Manager has notified the Trustee in writing of and the effective 

date for the higher charge; 

(b) a supplemental prospectus in respect of the Fund setting out the higher 

charge is issued; and 

(c) such time as may be prescribed by any relevant law has elapsed since 

the effective date of the supplemental prospectus. 

Annual Management Fee 

The Manager may not charge an annual management fee at a rate higher 

than that disclosed in the Prospectus unless: 

(a) the Manager has come to an agreement with the Trustee on the higher 

rate; 

(b) the Manager has notified the Unit Holders of the higher rate and the 

date on which such higher rate is to become effective; 

(c) in relation to a Fund requiring the issuance of a prospectus, a 

supplemental prospectus stating the higher rate is issued thereafter; 

and 

(d) such time as may be prescribed by any relevant law shall have elapsed 

since the supplemental prospectus is issued. 

Annual Trustee Fee 

The Trustee may not charge an annual trustee fee at a rate higher than the 

maximum rate disclosed in the prospectus unless: 

(a) the Manager has come to an agreement with the Trustee on the higher 

rate; 

42

(b) the Manager has notified the Unit Holders of the higher rate and the 

date on which such higher rate is to become effective; 

(c) a supplemental prospectus stating the higher rate is issued thereafter; 

and 

(d) such time as may be prescribed by any relevant law shall have elapsed 

since the supplemental prospectus is issued. 

10.5 Other Expenses Permitted under the Deed 

Only the expenses (or parts thereof) which are directly related and necessary 

to the operation and administration of the Fund may be charged to the 

Fund. These would include (but are not limited to) the following: 

(a) commissions/fees paid to brokers in effecting dealings in the investments 

of the Fund, shown on the contract notes or confirmation notes; 

(b) taxes and other duties charged on the Fund by the Government and/or 

other authorities; 

(c) costs, fees and expenses properly incurred by the Auditors appointed 

for the Fund; 

(d) costs, fees and expenses incurred for the valuation of any investment of 

the Fund by independent valuers for the benefit of the Fund; 

(e) costs, fees and expenses incurred for any modification of this Deed save 

where such modification is for the benefit of the Manager and/or the 

Trustee; 

(f) costs, fees and expenses incurred for any meeting of the Unit Holders 

save where such meeting is convened for the benefit of the Manager 

and/or the Trustee; 

(g) costs, commissions, fees and expenses of the sale, purchase, insurance 

and any other dealing of any asset of the Fund; 

(h) costs, fees and expenses incurred in engaging any specialist approved 

by the Trustee for investigating or evaluating any proposed investment 

of the Fund; 

43

(i) costs, fees and expenses incurred in engaging any valuer, adviser or 

contractor for the benefit of the Fund; 

(j) costs, fees and expenses incurred in the preparation and audit of the 

taxation, returns and accounts of the Fund; 

(k) costs, fees and expenses incurred in the termination of the Fund or the 

removal of the Trustee or the Manager and the appointment of a new 

trustee or management company; 

(l) costs, fees and expenses incurred in relation to any arbitration or other 

proceedings concerning the Fund or any asset of the Fund, including 

proceedings against the Trustee or the Manager by the other for the 

benefit of the Fund (save to the extent that legal costs incurred for the 

defence of either of them are not ordered by the court to be reimbursed 

by the Fund); 

(m) remuneration and out of pocket expenses of the independent members 

of the Investment Committee of the Fund, unless the Manager decides 

otherwise; 

(n) costs, fees and expenses deemed by the Manager to have been incurred 

in connection with any change or the need to comply with any change 

or introduction of any law, regulation or requirement (whether or not 

having the force of law) of any governmental or regulatory authority; 

and 

(o) where the custodial function is delegated by the Trustee, charges and 

fees paid to sub-custodians. 

10.6 Circumstances that may lead Towards the Retirement, Removal or 

Replacement of the Manager 

The Manager may retire upon giving twelve (12) months’ notice (or such 

shorter period as the Manager and the Trustee may agree) to the Trustee of 

its desire to do so, and may by deed appoint in its stead a new management 

company approved by the Trustee and the SC. 

The Manager shall also retire, if so required by the Trustee, on the grounds 

that: 

(a) a Special Resolution to that effect has been passed by the Unit Holders 

at a meeting called for that purpose; 

44

(b) the Manager has failed or neglected to carry out its duties to the 

satisfaction of the Trustee and the Trustee considers that it would be in 

the interests of Unit Holders for it to do so after the Trustee has given 

notice to it of that opinion and the reason for that opinion, and after 

consultation with the relevant authorities and with the approval of Unit 

Holders; 

(c) unless expressly directed otherwise by the relevant authorities, the 

Manager is in breach of any of its obligations or duties under the Deed 

or the relevant laws, or has ceased to be eligible to be a management 

company under the relevant laws; or 

(d) the Manager has gone into liquidation, except for the purpose of 

amalgamation or reconstruction or some similar purpose, or has had a 

receiver appointed or has ceased to carry on business. 

10.7 Powers of the Manager to Remove the Trustee 

The Trustee may be removed and another trustee may be appointed by a 

Special Resolution of the Unit Holders at a Unit Holders’ meeting convened 

in accordance with the Deed. 

The Manager shall take all reasonable steps to replace the Trustee as soon 

as practicable after becoming aware that: 

(a) The Trustee has ceased to exist; 

(b) The Trustee has not been validly appointed; 

(c) The Trustee is not eligible to be appointed or to act as trustee under 

Section 290 of the Act; 

(d) 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 Act; 

(e) A receiver is appointed over the whole or a substantial part of the 

assets or undertaking of the existing trustee and has not ceased to act 

under the appointment, or a petition is presented for the winding up 

of the existing trustee (other than for the purpose of and followed by 

a reconstruction, unless during or following such reconstruction the 

existing trustee becomes or is declared to be insolvent); or 

(f) The Trustee is under investigation for conduct that contravenes the 

Trust Companies Act 1949, the Trustee Act 1949, the Companies Act 

1965 or any securities law. 

45

10.8 Retirement or Removal or Replacement of the Trustee 

The Trustee may retire upon giving twelve (12) months’ notice to the 

Manager of its desire to do so (or such shorter period as the Manager and 

the Trustee may agree) and may by deed appoint in its stead a new trustee 

approved by the SC. 

The Trustee may be removed and another trustee may be appointed by 

Special Resolution of the Registered Unit Holders at a Registered Unit 

Holders’ meeting convened in accordance with the Deed or as stipulated 

in the Act. 

10.9 Power of Trustee to Remove or Replace the Manager 

Subject to the provisions of any relevant law, the Trustee shall take all 

reasonable steps to remove the Manager: 

(a) if the Manager has failed or neglected to carry out its duties to the 



notice to it of that opinion and the reasons for that opinion, and has 

considered any representations made by the Manager in respect of that 

opinion, and after consultation with the relevant authorities and with 

the approval of the Unit Holders by way of a special resolution; 

(b) unless expressly directed otherwise by the relevant authorities, if the 

Manager is in breach of any of its obligations or duties under the Deed 

or the relevant laws, or has ceased to be eligible to be a management 

company under the relevant laws; or 

(c) the Manager has gone into liquidation, except for the purpose of 

amalgamation or reconstruction or some similar purpose, or has had a 

receiver appointed or has ceased to carry on business; 

and the Manager shall not accept any extra payment or benefit in relation 

to such removal. 

In any of the above said grounds, the Manager shall upon receipt of a written 

notice from the Trustee ipso facto cease to be the management company of 

the Fund. The Trustee shall, at the same time, by writing appoint some other 

corporation approved by the relevant authorities to be the management 

company of the Fund; such corporation shall have entered into such deed or 

deeds as the Trustee may consider to be necessary or desirable to secure the 

due performance of its duties as Management Company for the Fund. 

46

11. CLIENT COMMUNICATION 

Unit Holders will/can receive regular updates on the Fund and on their investment 

through: 

(a) Newspapers 

Unit Holders will be able to obtain information pertaining to the Fund from the 

press. The NAV per Unit of the Fund will be quoted in at least two (2) major 

daily newspapers to enable Unit Holders to monitor their investments. The daily 

prices may be based on information available one (1) Business Day prior to 

publication. 

(b) The Manager’s Company Website 

Unit Holders will be able to obtain information pertaining to the Fund from the 

Manager’s Company Website at www.manulife.com.my. 

(c) Financial Reports 

The Manager will provide Unit Holders with an annual report within two (2) 

months of the Fund’s financial year-end and an interim report within two (2) 

months of the end of the period covered. A financial statement audited by the 

Fund’s appointed auditor will be included in the annual report. The Trustee will 

prepare a trustee report to Unit Holders in both the annual and interim reports 

stating its opinion whether the Manager has operated and managed the Fund 

in accordance with the Deed, Guidelines and other applicable laws. 

(d) Statement of Accounts 

The Manager will issue a statement to Unit Holders on a half yearly basis 

confirming the current shareholdings and transactions relating to their Units 

in the Fund. 

(e) Customer Service 

Unit Holders can seek assistance from the customer service personnel at the 

Manager’s office or at any location listed in Section 21 during the stated office 

hours. Alternatively, investors can communicate with the Manager via Tel. No.: 

03-2719 9228; Fax No.: 03-2719 9119 or email to my_utservice@manulife. 

com. 

47

12. THE MANAGEMENT COMPANY 

12.1 Background 

The Manager was incorporated in Malaysia on 30 September 2008 under 

the Companies Act, 1965. As at the LPD, There are no funds under the 

Manager’s management. 

As at LPD, the Manager has a staff force of 8, of whom, all are executive 

staff. 

The Manager is a wholly-owned subsidiary of Manulife Holdings Berhad 

(formerly known as Manulife Insurance (Malaysia) Berhad) (24851-H), a 

company listed on the Main Market of Bursa Malaysia. 

12.2 Role of the Manager 

The Manager is responsible for the operation and administration of the 

Fund; investment management and marketing of the Fund; servicing Unit 

Holders’ needs; keeping proper administrative records of Unit Holders and 

accounting records of the Fund; ensuring that the Fund/Units are correctly 

priced; ensuring compliance with stringent internal procedures and 

guidelines of relevant authorities and relevant laws. 

12.3 Financial Position 

As at 

LPD 

31 December 

2008* 

(RM) 

Financial Year Ended 

31 December 

2007* 

(RM) 

31 December 

2006* 

(RM) 

Turnover Not Applicable Not Applicable Not Applicable Not Applicable 

Profit/(Loss) 

Before Tax 

Profit/(Loss) 

After Tax 

Issued/Paid-up 

Capital 

Shareholders’ 

Fund 

Not Applicable Not Applicable Not Applicable Not Applicable 

Not Applicable Not Applicable Not Applicable Not Applicable 

12,000,000 2 Not Applicable Not Applicable 

12,000,000 2 Not Applicable Not Applicable 

* The Manager was only incorporated on 30 September 2008 and only 

commenced operations in 22 June 2009. 

48

12.4 Role of Directors 

The Board of Directors is responsible for the overall management of the 

Manager and the Fund. The Board not only ensures corporate governance 

is practised but policies and guidelines are adhered to. The Board meets 

once every quarter of the year to discuss and decide on business strategies, 

operational priorities and ways of managing risk within the Manager. 

12.5 Board of Directors of the Manager 

Yap Suat Yen (Chief Executive Officer/Executive Director) was appointed 

Chief Executive Officer in 2009. Ms Yap has over 20 years of experience 

in the financial services industry, mainly in the life insurance sector. She 

joined Manulife Insurance (Malaysia) Berhad (now known as Manulife 

Holdings Berhad) in 2006 as Head of Bancassurance and was responsible in 

successfully driving the growth and business expansion through the various 

local and foreign partner banks. She is responsible for setting the vision, 

mission and overall business strategies of the Manager. 

Prior to joining Manulife Holdings Berhad, she was attached with a leading 

foreign insurance company, where she headed the profit centre, and to her 

credit, successfully developed a strong business proposition with partner 

banks, multinational companies, brokers as well as the foreign insurance 

company’s agency force. 

Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim (Independent Director) 

was appointed to the Board on 26 May 2008. He holds a BA (Honours) 

Economics degree from University Malaya and a Diploma in Economic 

Development from Oxford University, United Kingdom. He also holds a MA 

Economics from Vanderbilt University, United States of America. 

Tan Sri Dato’ was the Managing Director of Khazanah Nasional Berhad and 

past Director of United Engineers (Malaysia) Berhad and former Chairman 

of UEM Land Sdn Bhd (formerly known as Renong Berhad). Prior to joining 

Khazanah Nasional Berhad as the Managing Director in 1994, he served as 

the Secretary General of Treasury, Ministry of Finance for 3 years. 

Tan Sri Dato’ sits on the Boards of Manulife Holdings Berhad (formerly 

known as Manulife Insurance (Malaysia) Berhad), Manulife Insurance 

Berhad and the Investment Manager as Independent Non-Executive 

Chairman. He is also the Non-Independent Non-Executive Chairman of 

PLUS Expressways Berhad, Chairman of the Malaysian Institute of Economic 

Research, President of the Malaysian Economic Association. He further 

49

serves as a Non-Executive Chairman of Projek Penyelenggaran Lebohraya 

Berhad and Projek Lebohraya Utara-Selatan Berhad, Scientex Berhad, 

Standard Chartered Bank Malaysia Berhad, Standard Chartered Saadiq Bhd 

and Yayasan UEM. 

Kevin Douglas McWhinney (Non-Independent Director) holds an 

Honours Bachelor of Arts degree from the University of Waterloo in Canada. 

Committed to professionalism and lifelong learning, he has also obtained his 

Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), 

Certified Financial Planner (CFP ® ) and LIMRA Life Institute Fellowship (LLIF) 

industry designations. 

He joined Manulife Insurance (Malaysia) Berhad (now known as Manulife 

Holdings Berhad) in January 2006 as the Executive Vice President, Distribution 

with overall responsibility for Agency, Bancassurance, Financial Advisors 

as well as the Training and Development and Marketing Departments. In 

December 2008, Kevin was appointed Chief Executive Officer and Director 

of Manulife Insurance Berhad. 

Prior to joining Manulife Insurance (Malaysia) Berhad (now known as 

Manulife Holdings Berhad), Mr McWhinney was the Assistant Vice President 

for Regional Agency Development in the Manulife Financial’s Regional Head 

Office in Hong Kong. In this position, he played a leadership role in driving 

strategic agency initiatives throughout Asia, primarily in Indonesia, Vietnam, 

Hong Kong, Singapore and Malaysia. 

Datuk Ismail Bin Haji Ahmad (Independent Director) was appointed to 

the Board on 26 May 2008. He graduated from University Malaya with a 

Bachelor of Arts Degree (Honours) and later obtained his Masters Degree in 

Public Policy and Administration from the University of Wisconsin, United 

States of America. He had also attended the Senior Management Program 

conducted by the Harvard Business School. 

Prior to joining the private sector, he had served as an officer in the 

Administrative and Diplomatic Service Malaysia in the Prime Minister’s 

Department, Ministry of Home Affairs and the Ministry of Primary Industries. 

While in the Government service, he had served in senior positions as the 

Deputy Secretary General of the Ministry of Primary Industries and the Chief 

Executive Officer of the Commodities Trading Commission. 

After his retirement from the Civil Service, he had served as Chairman 

of Bank Muamalat Malaysia Berhad and Board member of Advanced 

Packaging Technology (M) Berhad and Tracoma Holdings Berhad and 

50

IPP Venture Berhad. Datuk also sits on the Boards of Manulife Holdings 

Berhad (formerly known as Manulife Insurance (Malaysia) Berhad), Manulife 

Insurance Berhad and the Investment Manager. 

Michael Chan Yui Lung (Non-Independent Director) was appointed 

to the Board on 25 February 2009. He is a Fellow Member of the British 

Royal Chartered Institute of Management Accountants, Associate Member 

of Hong Kong Institute of Certified Public Accountants and a qualified 

member of the society of Registered Financial Planners, Hong Kong. Mr 

Chan has been a qualified member of the Life Insurance Management 

Research Association since 1997. 

Mr Chan joined Manulife International Ltd, Hong Kong in 2000 as Vice 

President, Group Life and Health. He was appointed as Vice President, 

Distribution in 2004, as Head of Sales Operation of 450 Corporate Brokers 

and 3,600 tie in-house agents. Prior to joining Manulife International Ltd in 

2000, Mr Chan served on the Boards of a number of insurance companies 

and as an Accounting Officer in Management Accounting Branch, Treasury 

for the Hong Kong Government. 

He is the Group Chief Executive Officer/Managing Director of Manulife 

Holdings Berhad (formerly known as Manulife Insurance (Malaysia) 

Berhad) and Non-Executive Director of Manulife Insurance Berhad and the 

Investment Manager. 

12.6 Role of the Investment Committee 

The Investment Committee formulates, establishes and implements 

investment strategies and policies. The Investment Committee will 

continually review and monitor the success of these strategies and policies 

using predetermined benchmarks towards achieving a proper performance 

for the Fund. The Investment Committee will also ensure investment 

guidelines and regulations are complied with. The Investment Committee 

will meet at least once every quarterly or more should the need arise. 

12.7 The Investment Committee Members 

Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim (profile as mentioned in 

Section 12.5) 

Datuk Ismail bin Haji Ahmad (profile as mentioned in Section 12.5) 

Michael Chan Yui Lung (profile as mentioned in Section 12.5) 

51

Leo Ng Ho Lai (Group Chief Financial Officer) oversees the group financial 

matters. He is a Fellow of the Society of Actuaries and the Canadian 

Institution of Actuaries. Mr Ng joined Manulife Financial more than 14 years 

ago and held various roles in Manulife Financial’s offices in Toronto, Hong 

Kong and Malaysia. 

Tang Loon Khoon (Vice President, Finance of Manulife Insurance Berhad) 

is responsible for the Group’s financial control and reporting. He graduated 

from Universiti Utara Malaysia (UUM), with a Bachelor of Accounting 

(Honours) Degree in year 1997. He is a member of the Malaysian Institute 

of Certified Public Accountants (MICPA) and Malaysian Institute of 

Accountants (MIA). He joined Manulife Insurance (Malaysia) Berhad (now 

known as Manulife Holdings Berhad) in 2006 and has more than 12 years 

experience in accounting, auditing, finance and taxation. 

12.8 Key Personnel of the Manager 

Ms Yap Suat Yen (profile as mentioned in Section 12.5). 

Eric Chee Weng Wah (Assistant Vice President, Sales and Marketing) 

is responsible for the Manager’s sales and multi distribution channels 

development, developing and implementing marketing plans and strategies 

aimed at achieving the sales target. He graduated from Universiti Kebangsaan 

Malaysia (UKM), with a Bachelor of Economics (Honours) Degree in year 

1995. He also holds a Certified Financial Planner (CFP ® ), Registered Financial 

Consultant (RFC) and Registered Financial Planner (RFP) licensee. He has 

more than 10 years’ working experience in the unit trust industry and has a 

diverse background in finance. 

Kavitha Baktharaman (Compliance Manager), holds a LLB (Hons) and LLM 

(Hons) from Staffordshire University. She joined Manulife Holdings Berhad 

in March 2007. She is the designated person responsible for compliance 

matters. She works closely with the authorities in ensuring compliance with 

the laws and regulations pertinent to the unit trust industry. 

Ong Bee Lian (Senior Manager of Operations) is an Associate Member of 

the Chartered Institute of Management Accountants. She has more than 

14 years of experience in the unit trust, trustee services and stockbroking 

industry. She is responsible for the smooth running of the operation functions 

of the Manager. In addition, she is also responsible for the development and 

implementation of the Manager’s system. 

52

12.9 Material Litigation 

As at LPD, the Manager is not engaged in any 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/ 

financial position of the Manager. 

12.10 Manager’s Delegate 

The Manager has obtained the approval from the SC for the appointment of 

HSBC (Malaysia) Trustee Berhad to carry out the fund valuation functions for 

the Fund. The Manager’s delegate has invested significantly into information 

technology to offer accounting and valuation services to its clients. Under 

the terms of the side agreement, the Manager’s delegate would keep the 

records of all transactions of the Fund and calculate the NAV per Unit of 

the Fund every Business Day. A brief description on the background of the 

Manager’s delegate is set out in Section 14 hereafter. 

13. THE INVESTMENT MANAGER 

13.1 Background 

The Manager has appointed Manulife Asset Management (Malaysia) Sdn. 

Bhd. as the Investment Manager to implement the investment strategy and 

manage the Fund. 

The Investment Manager was incorporated in Malaysia on 15 May 2008. 

The Investment Manager holds a Capital Markets Services Licence for fund 

management under the Act and operates under the brand name of MFC 

Global Investment Management ® (MFC GIM), the asset management 

division of Manulife Financial. As at 31 March 2009, MFC GIM’s total assets 

under management were more than US$220 billion. 

Currently, the Investment Manager manages the assets consisting of 

fixed income and equity of Manulife Holdings Berhad and its subsidiaries 

totalling RM2.27 billion as at 31 July 2009. The investment professionals 

at the Investment Manager form part of MFC GIM’s network of investment 

professionals around the world. They join a global team of more than 300 

managers, analysts and traders who together provide comprehensive asset 

management solutions for institutional investors, investment funds and 

individuals in key markets around the world. 

53

As at LPD, the shareholder of the Investment Manager is Manulife Holdings 

Berhad which is listed on the Bursa Malaysia with Manulife Financial 

Corporation as the substantial shareholder (45.76%). 

13.2 Board of Directors of the Investment Manager 

The Investment Manager has five (5) members on its Board of Directors 

including two (2) Independent Directors: 

Yeow Kok Kien (Chief Executive Officer) was appointed to the Board on 

26 May 2008. He holds a Bachelor of Science in Accounting (Honours) 

from Southern Illinois University, United States of America and a Masters of 

Business Administration from University of Illinois, United States of America. 

He has over 20 years of experience in the financial services sector out of 

which he has over 10 years of experience in fund management. As Chief 

Executive Officer, he is responsible for setting overall strategies for the 

business and for providing oversight for the front, middle and back office for 

the Investment Manager operations with invested assets consisting of local 

currency sovereign and corporate bonds/loans, equities and real estate. 

He holds a Capital Markets and Services Representative License issued by SC 

since 26 September 2008. 

Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim (Independent Director) 

was appointed to the Board on 26 May 2008. He holds a BA (Honours) 

Economics degree from University Malaya and a Diploma in Economic 

Development from Oxford University, United Kingdom. He also holds a MA 

Economics from Vanderbilt University, United States of America. 

Tan Sri Dato’ was the Managing Director of Khazanah Nasional Berhad and 

past Director of United Engineers (Malaysia) Berhad and former Chairman 

of UEM Land Sdn Bhd (formerly known as Renong Berhad). Prior to joining 

Khazanah Nasional Berhad as the Managing Director in 1994, he served as 

the Secretary General of Treasury, Ministry of Finance for 3 years. 

Tan Sri Dato’ sits on the Boards of Manulife Holdings Berhad (formerly 

known as Manulife Insurance (Malaysia) Berhad), Manulife Insurance Berhad 

and the Manager as Independent Non-Executive Chairman. He is also the 

Non-Independent Non-Executive Chairman of PLUS Expressways Berhad, 

Chairman of the Malaysian Institute of Economic Research, President of 

the Malaysian Economic Association. He further serves as a Non-Executive 

Chairman of Projek Penyelenggaran Lebohraya Berhad and Projek Lebohraya 

Utara-Selatan Berhad, Scientex Berhad, Standard Chartered Bank Malaysia 

Berhad, Standard Chartered Saadiq Bhd and Yayasan UEM. 

54

Datuk Ismail Bin Haji Ahmad (Independent Director) was appointed to 

the Board on 26 May 2008. He graduated from University Malaya with a 

Bachelor of Arts Degree (Honours) and later obtained his Masters Degree in 

Public Policy and Administration from the University of Wisconsin, United 

States of America. He had also attended the Senior Management Program 

conducted by the Harvard Business School. 

Prior to joining the private sector, he had served as an officer in the 

Administrative and Diplomatic Service Malaysia in the Prime Minister’s 

Department, Ministry of Home Affairs and the Ministry of Primary Industries. 

While in the Government service, he had served in senior positions as the 

Deputy Secretary General of the Ministry of Primary Industries and the Chief 

Executive Officer of the Commodities Trading Commission. 

After his retirement from the Civil Service, he had served as Chairman 

of Bank Muamalat Malaysia Berhad and Board member of Advanced 

Packaging Technology (M) Berhad and Tracoma Holdings Berhad and 

IPP Venture Berhad. Datuk also sits on the Boards of Manulife Holdings 

Berhad (formerly known as Manulife Insurance (Malaysia) Berhad), Manulife 

Insurance Berhad and the Manager. 

Jillian Avis Kathryn Smith was appointed to the Board of the Investment 

Manager on 26 May 2008. 

She holds a BA (Honours) Sociology and Post Graduate Certificate of 

Education, both from University of Durham, United Kingdom. She joined 

MFC Global Investment Management (Asia) in Hong Kong as Vice President 

and Head of the ASEAN Territories in August 2007. As of 1 July 2009, Jill 

has relocated to Singapore to take up the position of Managing Director of 

Manulife Asset Management (Singapore) Pte Ltd and currently retains her 

duties as Head of ASEAN Territories. 

Jill has over thirty years experience in the investment management industry. 

She worked in London for fifteen years before moving to Asia in 1993. 

During her career, Jill has managed Asian and Japanese Equity unit trusts, 

pension funds and other institutional portfolios, has been Head of Marketing 

and Sales of Lazard Investors (London) and Managing Director of Lazard 

Investors (Singapore) and, Rothschild Asset Management (Singapore). 

Most recently she was Head of Operations for Western Asset Management 

(Singapore). 

Michael Chan Yui Lung (non-independent director) was appointed to the 

Board on 25 February 2009. He is a Fellow Member of the British Royal 

55

Chartered Institute of Management Accountants, Associate Member 

of Hong Kong Institute of Certified Public Accountants and a qualified 

member of the society of Registered Financial Planners, Hong Kong. Mr 

Chan has been a qualified member of the Life Insurance Management 

Research Association since 1997. 

Mr Chan joined Manulife International Ltd, Hong Kong in 2000 as Vice 

President, Group Life and Health. He was appointed as Vice President, 

Distribution in 2004, as Head of Sales Operation of 450 Corporate Brokers 

and 3,600 tie in-house agents. Prior to joining Manulife in 2000, Mr Chan 

served on the Boards of a number of insurance companies and as an 

Accounting Officer in Management Accounting Branch, Treasury for the 

Hong Kong Government. 

He is the Group Chief Executive Officer/Managing Director of Manulife 

Holdings Berhad (formerly known as Manulife Insurance (Malaysia) 

Berhad) and Non-Executive Director of Manulife Insurance Berhad and the 

Manager. 

13.3 Key Personnel of the Investment Manager 

Yeow Kok Kien (profile as mentioned in Section 13.2) 

Ho Su-Ann (Head of Fixed Income) joined Manulife in 2005 and is responsible 

for managing Malaysian based fixed income assets and overseeing the 

credit evaluation of all fixed income investments. She graduated from 

the University of Hertfordshire, United Kingdom with a BA (Honours) in 

Finance. She has over 6 years of working experience in the finance and 

investment industry. Prior to joining Manulife, she was attached to a locally 

incorporated foreign bank. 

She holds a Capital Markets and Services Representative License issued by 

the Securities Commission since 26 September 2008. 

Chua Seng Boon (Senior Equity Portfolio Manager) joined Manulife in 

July 2007 and is the Senior Portfolio Manager for both equity analysis 

and portfolio management. He is a Fellow member of the Association of 

Chartered Certified Accountants and has passed The Chartered Institute of 

Management Accountants examination. He has over 11 years of working 

experience in the finance and investment industry. Prior to joining Manulife, 

he worked for a number of reputable financial institutions as an investment 

analyst/portfolio manager for nine years. Prior to joining the investment 

industry, he was attached to an audit firm for two years. 

56

He holds a Capital Markets and Services Representative License issued by 

the Securities Commission since 26 September 2008. 

He is also the designated fund manager for this Fund. 

13.4 Roles, Duties and Functions of the Investment Manager 

The Investment Manager shall be responsible for the management of the 

Fund and subject to compliance with the investment parameters and any 

mandates, applicable laws, instructions or requirements communicated to 

the Investment Manager by the Manager from time to time. Managing the 

Fund will include, but not be limited to, investing and reinvesting in shares, 

stocks, debenture stocks, corporate and government bonds, certificates 

of deposits, debt securities and other securities. It will also include the 

depositing of monies in the bank pending such investments being made 

and the varying of investments from time to time 

In the event that any of the investment parameters or investment restrictions 

applicable to the Fund is breached, the Investment Manager shall promptly 

report to the Manager of the breaches and the steps taken as may be 

necessary to remedy such breach within a reasonable period of time. 

In addition, the Investment Manager shall report to the Manager on a 

monthly basis whether it has complied with all of the applicable laws and 

investment parameters, mandates, instructions or requirements (if any) 

communicated to the Investment Manager in writing by the Manager from 

time to time. 

In complying with applicable laws, amongst others, the Investment Manager 

shall maintain complete and accurate records relating to all portfolio 

transactions of the Fund and to comply with its business continuity policy. 

13.5 Material Litigation 

As at LPD, the Investment Manager is not engaged in any 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/ 

financial position of the Investment Manager. 

57

14. THE TRUSTEE 

14.1 Background Information 

The Trustee, HSBC (Malaysia) Trustee Berhad (Company No. 1281-T), a 

company incorporated in Malaysia since 1937 and registered as a trust 

company under the Trust Companies Act 1949, with its registered address 

at Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing, No.1 Lebuh Ampang, 

50100 Kuala Lumpur. The Trustee is a member of the HSBC Holdings Plc. 

group of companies and forms part of the global network of trust companies 

within HSBC Holdings Plc. 

14.2 Financial Position 

The Trustee has a paid-up capital of RM500,000.00. As at 31 December 

2008, its shareholders’ funds totalled RM14.35 million and it achieved a 

profit before tax of RM10.47 million. 

The following is a summary of the past performance of the Trustee based on 

audited accounts for the last 3 years: 

Year Ended 31 December 

2006 

(RM) 

2007 

(RM) 

2008 

(RM) 

Paid-up Share Capital 500,000.00 500,000.00 500,000.00 

Shareholders’ Funds 5,196,456.00 6,598,539.00 14,353,116.00 

Turnover 12,704,612.00 16,911,088.00 17,843,570.00 

Profit before Tax 6,167,355.00 9,164,852.00 10,470,535.00 

Profit after Tax 4,706,595.00 6,442,083.00 7,754,577.00 

14.3 Experiences in Trustee Business 

Since 1993, the Trustee has acquired experience in the administration of 

unit trusts and as at LPD is the Trustee for 188 unit trust funds (including 2 

Exchange Traded Funds and 5 Wholesale Funds). 

As at LPD, the Trustee has a workforce of 47 employees consisting of 33 

executives and 14 non-executives. A good number of the staff has been 

with the Trustee for many years. This element of continuity reflects an 

intrinsic characteristic of trust services. The Trustee also believes in building 

58

team and talents by recruiting new members with relevant experiences to 

replace the long serving retired colleagues. 

Each client’s account is under the supervision of a trust officer who is able 

to focus his personal attention on the administration of the account and 

reports directly to his manager. 

The Trustee also has a Compliance Section whose responsibilities is to ensure 

that the Trustee’s business is carried on in accordance with all relevant laws, 

codes, rules and standards of good market practice. 

14.4 Board of Directors 

Mr John William Addis 

Ms Lim Liang Hua 

Dato’ Ranita Mohd Hussein 

Ms Zainon Baba 

Mr Alastair E Murray 

Mr Tay Shik Heng 

Mr Tay Swee Gim (Alternate to Ms Lim Liang Hua) 

Ms Hew Su Chan (Alternate to Mr Tay Shik Heng) 

Ms Wong Su Kuin (Alternate to Mr Alastair E Murray) 

14.5 Profile of Key Personnel 

Ms Lim Liang Hua – Managing Director 

She joined HSBC (Malaysia) Trustee Berhad in April 2004 and brings with 

her over 20 years of legal advisory and problem solving skills in the banking 

and financial services industry. She holds a Bachelor of Economics and 

Bachelor of Laws (LLB) from Monash University, Australia. She was admitted 

to practice as a Barrister & Solicitor in Victoria, Australia in 1984 and was 

called to the Malaysian Bar in 1985. She was in private practice for three 

years in the Klang Valley before joining the corporate sector, namely the 

banking and financial institutions industry. She was the Chief Legal Adviser 

and Company Secretary for the Phileo Allied Bank Group and the United 

Overseas Bank Group in Malaysia. Prior to her joining HSBC, she was Chief 

Executive Officer in an established trust company. 

Mr Yee Yit Seeng - Manager, Operations 

He joined HSBC (Malaysia) Trustee Berhad in July 1984. He holds a Diploma 

in Banking and Finance and is a Senior Associate of Institut Bank-Bank 

Malaysia. He has more than 22 years of experience in trust operations 

including client service, systems/projects & office administration, compliance, 

59

internal control & audit, and business development. He was also seconded 

to the HSBC Back-end Processing Office in Cyberjaya, Malaysia to support 

the global securities operations. 

Puan Maziah Yong – Head, Unit Trust 

She joined HSBC (Malaysia) Trustee Berhad in November 2007. She holds 

an Advanced Diploma In Law from Institut Teknologi MARA. Prior to her 

joining HSBC, she has more than 15 years working experience in trust 

administration, especially relating to unit trust schemes. 

Ms Lim Gim Lee – Head, Fund Administration 

She joined HSBC (Malaysia) Trustee Berhad in December 2008. She holds 

an Advanced Diploma in Business Administration - Institute of Business 

Administration and Management (IBAM). She was one of the pioneer staff 

in setting up two unit trust management companies and has more than 13 

years working experience in the unit trust industry. 

Ms Leong Li Yim – Head, Business Support 

She joined HSBC (Malaysia) Trustee Berhad in December 2007. She holds 

a Diploma in Banking and Finance of Institut Bank-Bank Malaysia and a 

Diploma in Business Management from The Association of Business 

Executives. She has more than 17 years experience in securities industry, 

including overseeing the settlement operations for foreign institutional 

clients, retail clients margin financing, systems implementation and being 

the liaison party with regulatory bodies, like Bursa Malaysia. Prior to her 

joining HSBC Trustee, she was Head of Settlement, HSBC Securities Services 

in Malaysia. 

Ms Lau Sook Yee – Head, Compliance 

She joined HSBC (Malaysia) Trustee Berhad in September 2005. She has 

more than 20 years experience in banking and treasury operations in both 

merchant and commercial banks. 

Ms Janice Chang Hui Ching – Head, Corporate Trust 

She joined HSBC (Malaysia) Trustee Berhad in November 2004. She holds a 

Bachelor of Business majoring in Economics & Finance from RMIT University, 

Australia. Prior to her joining HSBC, she has more than 7 years experience 

in Unit Trust Schemes and Corporate Bonds/Private Debt Securities in an 

established trust company. 

Mr Yap Fook Meng – Head, System & Administration 

He joined HSBC (Malaysia) Trustee Berhad in August 2007. He holds 

a Diploma in Banking and Finance and is a Senior Associate of Institut 

60

Bank-Bank Malaysia. He has more than 25 years experience in banking 

operations, including systems implementation and support with HSBC Bank 

Malaysia Berhad. Besides local banking experience, he had been seconded 

to other HSBC Group offices in United Kingdom and Brazil for systems 

implementation and support. 

Ms Juliet Soon Boon Leng – Head, Documentation 

She joined HSBC (Malaysia) Trustee Berhad in June 2008. She holds a 

Bachelor of Laws (LLB) from University of Glamorgan, Wales and was called 

to the Malaysian Bar in 2001. She was in private practice for more than 3 

years, handling mostly banking and financial documentation. Prior to her 

joining HSBC, she was Manager, Legal & Documentation in an investment 

bank. 

14.6 Duties and Responsibilities of the Trustee 

The Trustee’s main functions are to act as trustee and custodian of the 

assets of the Fund and to safeguard the interests of Unit Holders of the 

Fund. In performing these functions, the Trustee has to exercise all due care 

and vigilance and is required to act in accordance with the provisions of the 

Deed, the Act and the Guidelines. Apart from being the legal owner of the 

Fund’s assets, the Trustee is also responsible for ensuring that the Manager 

performs its duties and obligations in accordance with the provisions of the 

Deed, the Act and the Guidelines. 

14.7 Retirement or Removal or Replacement of the Trustee 

The Trustee may retire upon giving twelve (12) months’ notice to the 

Manager of its desire to do so, or such shorter period as the Manager 

and the Trustee may agree, and may by Deed appoint in its stead or as an 

additional trustee a new trustee approved by the relevant authorities and 

under any relevant law. 

The Trustee may be removed and another trustee may be appointed by 

Special Resolution of the Unit Holders at a duly convened meeting of which 

notice has been given to the Unit Holders in accordance with the Deed. 

14.8 Power of Trustee to Remove, Retire or Replace the Manager 

The Manager may be removed by the Trustee on the grounds that the 

Manager: 

61

(a) the Manager has gone into liquidation, except for the purpose of 

amalgamation or reconstruction or some similar purpose; or has had a 

receiver appointed; or has ceased to carry on business; or is in breach 

of any of its obligations or duties under the Deed or the relevant laws; 

or has ceased to be eligible to be a management company under the 

relevant laws; or 

(b) the Manager has failed or neglected to carry out its duties to the 



notice to it of that opinion and the reasons for that opinion, and has 

considered any representations made by the Manager in respect of that 

opinion, and after consultation with the relevant authorities and with 

the approval of the Unit Holders by way of a Special Resolution. 

In any of the above said grounds, the Manager shall upon receipt of a written 

notice from the Trustee ipso facto cease to be the management company of 

the Fund. The Trustee shall, at the same time, by writing appoint some other 

corporation approved by the relevant authorities to be the management 

company of the Fund; such corporation shall have entered into such deed or 

deeds as the Trustee may consider to be necessary or desirable to secure the 

due performance of its duties as management company for the Fund. 

14.9 Trustee’s Statement of Responsibility 

The Trustee has given its willingness to assume the position as Trustee of 

the Fund and all the obligations in accordance with the Deed, all relevant 

laws and rules of law. 

14.10 Trustee’s Disclosure of Material Litigation 

As at LPD, the Trustee is not engaged in any material litigation and 

arbitration, including those pending or threatened, and is not aware of any 

facts likely to give rise to any proceedings which might materially affect the 

business/financial position of the Trustee and any of its delegates. 

14.11 Trustee’s Delegates 

The Trustee has appointed The Hongkong and Shanghai Banking Corporation 

Ltd as custodian of the quoted and unquoted local investments of the 

Fund. The assets of the Fund are held through their nominee company, 

HSBC Nominees (Tempatan) Sdn Bhd. If and when the Fund should invest 

overseas, HSBC Institutional Trust Services (Asia) Limited will be appointed 

62

as the custodian of the foreign assets of the Fund. Both The Hongkong 

and Shanghai Banking Corporation Ltd and HSBC Institutional Trust 

Services (Asia) Limited are wholly owned subsidiaries of HSBC Holdings Plc, 

the holding company of the HSBC Group. The custodian’s comprehensive 

custody and clearing services cover traditional settlement processing 

and safekeeping as well as corporate related services including cash and 

security reporting, income collection and corporate events processing. All 

investments are automatically registered into the name of the Fund. The 

custodian acts only in accordance with instructions from the Trustee. 

Trustee’s Delegates 

i. The Hongkong And Shanghai Banking Corporation Limited (As 

Custodian) and assets held through HSBC Nominees (Tempatan) Sdn 

Bhd (Co. No. 258854-D) 

No. 2, Leboh Ampang 


Tel. No.: 03-2070 0744 Fax No.: 03-2072 9787 

ii. 

HSBC Institutional Trust Services (Asia) Limited 

6th Floor, Tower One 

HSBC Centre 

No. 1, Sham Mong Road 

Kowloon, Hong Kong 

Tel. No.: (852)2533 6333 Fax No.: (852)2869 6120 

63

15. RELATED PARTY TRANSACTIONS/CONFLICT OF 

INTEREST 

The Manager 

Save for the transactions as disclosed below, as at the LPD, the Manager is not 

aware of any existing or potential related-party-transactions involving the Fund, the 

Manager, promoters, vendors and/or persons connected to them: 

Name of Party 

involved in the 

transaction 

Nature of 

Transaction 

Name of 

Related Party 

Relationship 

Manulife Unit Trusts 

Berhad 

Payment of 

management fees 

to Manulife Asset 

Management 

(Malaysia) Sdn. 

Bhd. 

Manulife Asset 

Management 

(Malaysia) Sdn. 

Bhd. 

Both Manulife Unit Trusts 

Berhad and Manulife 

Asset Management 

(Malaysia) Sdn. Bhd. are 

wholly owned by Manulife 

Holdings Berhad 

It is the Manager’s policy that all transactions with any related parties are entered into 

in the normal course of business and have been established on terms and conditions 

that are not materially different from that obtainable in transactions with unrelated 

parties and dealings with the related parties are transacted at arm’s length basis. 

The Manager has in place policies and procedures to prevent and deal with any 

conflict of interest situations that may arise such as the regular disclosure of securities 

dealing by all employees, directors and members of the Investment Committee to 

the compliance unit for verification. In addition, there are adequate segregation 

of duties to ensure proper checks and balances are in place in the areas of fund 

management, sales administration and marketing. Policies and procedures are 

also in place to deal with any potential conflict of interest where members of the 

Investment Committee are also directors of other asset management companies. 

Where conflicts of interest arise, members of the Investment Committee will abstain 

from making a decision. 

Subject to any legal requirement, the Manager, or any related corporation of 

the Manager, or any officers or directors of any of them, may invest in the Fund. 

The directors of the Manager will receive no payments from the Fund other than 

distributions that they may receive as a result of investment in the Fund. No fees 

other than the ones set out in this Prospectus have been paid to any promoter of 

the Fund or the Manager for any purpose. 

The Manager has also internal policies which regulates its employees’ securities 

dealings. 

64

The Trustee 

The Trustee (or any person connected to the Trustee) may have an existing or 

proposed related party transaction involving or in connection with the Fund under 

the following circumstances: 

(a) where the Fund invests in instrument(s) offered by the HSBC Group (e.g. 

placement of monies, structured products, etc); 

(b) where the Fund is being distributed by the HSBC Group as IUTA; 

(c) where the assets of the Fund are being custodised by the HSBC Group both as 

sub-custodian and global custodian of the Fund (i.e. Trustee’s delegate); and 

(d) where the Fund obtains financing as permitted under the Guidelines, from the 

HSBC Group. 

To the best of the Trustee’s knowledge, none of the Trustee’s key personnel (or any 

person connected to them) have entered into (or are planning to enter into) any 

transaction involving, or in connection with, the Fund. 

The Trustee has in place policies and procedures to deal with any conflict of interest 

situations. The Trustee will not make improper use of its position as the owner of 

the Fund’s assets to gain, directly or indirectly, any advantage or cause detriment to 

the interests of Unit Holders. Any related party transaction is to be made on terms 

which are best available to the Fund and which are not less favourable to the Fund 

than an arm’s length transaction between independent parties. 

16. STATEMENT OF CONSENT 

The Trustee, the Manager’s delegate (fund valuation function), the Investment 

Manager, the Auditors, the Banker and the Solicitors have given their consent to the 

inclusion of their names in the form and context in which such names appear in this 

Prospectus and have not withdrawn such consent prior to the lodgement of a copy 

of this Prospectus for registration. 

The Tax Adviser has given their consent to the inclusion of their names and the Tax 

Adviser’s letter on Taxation of the Fund and Unit Holders in the form and context in 

which it appears in this Prospectus and has not withdrawn such consent prior to the 

lodgement of a copy of this Prospectus for registration. 

65

17. TAXATION ADVISER’S LETTER ON TAXATION OF THE 

FUND AND UNIT HOLDERS 

(Prepared for inclusion in this Prospectus) 

PricewaterhouseCoopers Taxation Services Sdn Bhd 

Level 10, 1 Sentral, Jalan Travers 

Kuala Lumpur Sentral 

P.O. Box 10192 


The Board of Directors 

Manulife Unit Trusts Berhad 

12th Floor, Menara Manulife 




24 July 2009 

TAXATION OF THE FUND OFFERED UNDER THE MANULIFE MALAYSIA EQUITY 

FUND AND UNIT HOLDERS 

Dear Sirs, 

This letter has been prepared for inclusion in the Prospectus to be dated [22 October 

2009] in connection with the offer of units in the Manulife Malaysia Equity Fund 

(“the Fund”). 

The taxation of income for both the Fund and the Unit Holders are subject to 

the provisions of the Malaysian Income Tax Act 1967 (“the Act”). The applicable 

provisions are contained in Section 61 of the Act, which deals specifically with the 

taxation of Fund bodies in Malaysia. 

TAXATION OF THE FUND 

The Fund will be regarded as resident for Malaysian tax purposes since the Trustees 

of the Fund are resident in Malaysia. 

66

The income of the Fund consisting of dividends, interest (other than interest which is 

exempt from tax) and other investment income derived from or accruing in Malaysia, 

after deducting tax allowable expenses, is liable to Malaysian income tax at the rate 

of 25 per cent. 

Gains on disposal of investments by the Fund will not be subject to income tax. 

Tax Credit 

Dividends received by the Fund would have suffered tax deduction at source at 25 

per cent, unless specific exemptions apply e.g. pioneer dividends. No additional tax 

will be payable by the Fund on the dividends. However, such tax or part thereof will 

be refundable to the Fund if the total tax so deducted at source exceeds the tax 

liability of the Fund. 

With effect from 1 January 2008, Malaysia introduced the single tier system where 

dividends paid by companies would not be taxable in the hands of the recipient. 

Dividends received from companies that are under the single tier system would 

be exempted from tax and the expenses incurred on such dividends would be 

disregarded. There will no longer be any tax refunds for single tier dividends received. 

However, during the transitional period from 1 January 2008 to 31 December 2013, 

companies may still elect to maintain the imputation system where dividends paid 

are taxed at source and tax credits available to recipients. 

Exempt Income 

- Domestic Investments 

The Fund may receive Malaysian dividends which are tax exempt. The exempt 

dividends may be received from investments in companies which had previously 

enjoyed or are currently enjoying the various tax incentives provided under the law. 

The Fund will not be taxable on such exempt income. 

With effect from 1 January 2008, dividends received from companies under the 

single-tier system would also be exempted. 

Interest or discount income derived from the following investments is exempt from 

tax: - 

(a) Securities or bonds issued or guaranteed by the Government; 

(b) Debentures, other than convertible loan stocks, approved by the Securities 

Commission; and 

67

(c) Bon Simpanan Malaysia issued by Bank Negara Malaysia. 

Interest income derived from the following investments are exempt from tax: - 

(a) Interest paid or credited by any bank or financial institution licensed under the 

Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983; 

and 

(b) Bonds, other than convertible loan stocks, paid or credited by any company 

listed in Malaysia Exchange of Securities Dealing and Automated Quotation 

Berhad. 

The interest income or discount exempted from tax at the Fund level will also be 

exempted from tax upon distribution to the Unit Holders. 

- Foreign Investments 

Income of the Fund in respect of overseas investment is exempt from Malaysian 

tax by virtue of Paragraph 28 of Schedule 6 of the Act and distributions from such 

income will be tax exempt in the hands of the Unit Holders. Such income from 

foreign investments may be subject to foreign taxes or withholding taxes. However, 

any foreign tax suffered on the income in respect of overseas investment is not tax 

refundable to the Fund. 

Tax Allowable Expenses 

Expenses wholly and exclusively incurred in the production of gross income are 

allowable as deductions under Section 33(1) of the Act. In addition, Section 63B of 

the Act provides for tax deduction in respect of managers’ remuneration, expenses 

on maintenance of the register of Unit Holders, share registration expenses, 

secretarial, audit and accounting fees, telephone charges, printing and stationery 

costs and postages based on a formula subject to a minimum of 10 per cent and a 

maximum of 25 per cent of the expenses. 

Real Property Gains Tax 

With effect from 1 April 2007, any gains on disposal of real properties or shares in 

real property companies would not be subject to real property gains tax pursuant 

to the exemption granted under the Real Property Gains Tax (Exemption) (No. 2) 

Order 2007. 

68

TAXATION OF UNIT HOLDERS 

Unit Holders will be taxed on an amount equivalent to their share of the total taxable 

income of the Fund to the extent of the distributions received from the Fund. The 

income distribution from the Fund will carry a tax credit in respect of the tax paid 

by the Fund. Unit Holderss will be entitled to utilise the tax credit against the tax 

payable on the income distribution received by them. No additional withholding tax 

will be imposed on the income distribution from the Fund. 

Corporate Unit Holders, resident 1 and non-resident, will generally be liable to 

income tax at 25 per cent on distribution of income received from the Fund. The 

tax credits attributable to the distribution of income can be utilised against the tax 

liabilities of these Unit Holders. 

Individuals and other non-corporate Unit Holders who are tax resident in Malaysia 

will be subject to income tax at graduated rates ranging from 1 per cent to 27 per 

cent. Individuals and other non-corporate Unit Holders who are not resident in 

Malaysia will be subject to income tax at 27 per cent. The tax credits attributable 

to the distribution of income can be utilised against the tax liabilities of these Unit 

Holders. 

Non-resident Unit Holders may also be subject to tax in their respective jurisdictions 

and depending on the provisions of the relevant tax legislation and any double 

tax treaty with Malaysia, the Malaysian tax suffered may be creditable against any 

foreign tax. 

The distribution of exempt income and gains arising from the disposal of investments 

by the Fund will be exempted from tax in the hands of the Unit Holders. 

1 

Resident companies with paid up capital in respect of ordinary shares of RM2.5 million and below 

will pay tax at 20 per cent for the first RM500,000.00 of chargeable income with the balance taxed 

at 25 per cent. 

Under the Finance Act 2009, with effect from the Year of Assessment 2009, the above shall not 

apply if more than - 

(a) 

50 per cent of the paid up capital in respect of ordinary shares of the company is directly or 

indirectly owned by a related company; 

(b) 50 per cent of the paid up capital in respect of ordinary shares of the related company is 

directly or indirectly owned by the first mentioned company; 

(c) 

50 per cent of the paid up capital in respect of ordinary shares of the first mentioned company 

and the related company is directly or indirectly owned by another company. 

“Related company” means a company which has a paid up capital in respect of ordinary shares of more 

than RM2.5 million at the beginning of the basis period for a Year of Assessment. 

69

Any gains realised by Unit Holders (other than dealers in securities, insurance 

companies or financial institutions) on the sale or redemption of the units are 

treated as capital gains and will not be subject to income tax. This tax treatment will 

include gains in the form of cash or residual distribution in the event of the winding 

up of the Fund. 

Unit Holders electing to receive their income distribution by way of investment in the 

form of new units will be regarded as having purchased the new units out of their 

income distribution after tax. 

Unit splits distributed by the Fund are not taxable in the hands of Unit Holders. 

We hereby confirm that the statements made in this report correctly reflect our 

understanding of the tax position under current Malaysian tax legislation. Our 

comments above are general in nature and cover taxation in the context of Malaysian 

tax legislation only and do not cover foreign tax legislation. The comments do not 

represent specific tax advice to any investors and we recommend that investors 

obtain independent advice on the tax issues associated with their investments in 

the Fund. 

Yours faithfully, 

for and on behalf of 

PRICEWATERHOUSECOOPERS TAXATION SERVICES SDN BHD 

Khoo Chuan Keat 

Senior Executive Director 

PricewaterhouseCoopers Taxation Services Sdn Bhd have given their written consent 

to the inclusion of their report as Taxation Adviser in the form and context in which 

it appears in this Prospectus and have not withdrawn such consent prior to the 

delivery of a copy of this Prospectus for approval. 

70

18. DOCUMENTS AVAILABLE FOR INSPECTION 

Unit Holders may inspect without charge, at the registered offices of the Manager 

and the Trustee, for a period of not less than 12 months from the date of this 

Prospectus, the following documents or copies thereof, where applicable: 

(a) The Deed of the Fund. 

(b) Any material contract or document referred to in the Prospectus. 

(c) All reports, letters or other documents, valuations and statements by any expert, 

any part of which is extracted or referred to in the Prospectus. 

(d) Latest audited accounts of the Manager and the Fund for the current financial 

year (where applicable). 

(e) Any consent given by experts or persons whose statement appears in the 

Prospectus. 

71

19. UNIT TRUST LOAN FINANCING RISK DISCLOSURE 

STATEMENT 

Investing in a unit trust fund with borrowed money is more risky than investing with 

your own savings. 

You should assess if loan financing is suitable for you in light of your objectives, 

attitudes to risk and financial circumstances. You should be aware of the risks, which 

would include the following: 

(a) The higher the margin of financing (that is, the amount of money you borrow for 

every Ringgit of your own money that you put in as deposit or down payment) 

the greater the potential for losses as well as gains. 

(b) You should assess whether you have the ability to service the repayments on the 

proposed loan. If your loan is a variable rate loan, and if interest rates rise, your 

total repayment amount will be increased. 

(c) If unit prices fall beyond a certain level, you may be asked to provide additional 

acceptable collateral or pay additional amounts on top of your normal 

instalments. If you fail to comply within the time prescribed, your units may be 

sold to settle your loan. 

(d) Returns on unit trusts are not guaranteed and may not be earned evenly over 

time. This means that there may be some years where returns are high and other 

years where losses are experienced instead. Whether you eventually realise a 

gain or loss may be affected by the timing of the sale of your units. The value of 

units may fall just when you want your money back even though the investment 

may have done well in the past. 

The brief statement cannot disclose all the risks and other aspects of loan 

financing. You should therefore carefully study the terms and conditions 

before you decide to take the loan. If you are in doubts in respect of any of 

this risk disclosure statement or the terms of the loan financing, you should 

consult the institution offering the loan. 

72

ACKNOWLEDGEMENT OF RECEIPT OF RISK DISCLOSURE STATEMENT 

I acknowledge that I have received a copy of this Unit Trust Loan Financing Risk 

Disclosure Statement and understand its contents. 

Signature : ________________________________________________ 

Full Name : ________________________________________________ 

Date : ________________________________________________ 

73

20. DIRECTORS’ DECLARATION 

The Prospectus of the Manulife Malaysia Equity Fund has been reviewed and 

approved by the directors of the Manager and they collectively and individually 

accept full responsibility for the accuracy of the information. Having made all 

reasonable inquiries, they confirm to the best of their knowledge and belief, there 

are no false or misleading statements, or omission of other facts which would make 

any statement in the Prospectus Manulife Malaysia Equity Fund false or misleading. 

Directors: 

Yap Suat Yen 

Tan Sri Dato’ Mohd Sheriff Bin 

Mohd Kassim 

Kevin Douglas McWhinney 

Datuk Ismail Bin Haji Ahmad 

Michael Chan Yui Lung 

74

21. DIRECTORY OF MANULIFE REGIONAL SUPPORT 

CENTRES 

REGIONAL 

SUPPORT 

CENTRE 

KUALA LUMPUR 

ADDRESS 

10th Floor, Menara Manulife 



50490 KUALA LUMPUR 

TEL. NO. 

03 - 2719 9112 

PETALING JAYA Lot T101-T106, 3rd Floor, Centre Point 

No. 3, Leboh Bandar Utama 

Bandar Utama 

47800 Petaling Jaya 

SELANGOR 

03 - 7727 7772 

BUKIT 

MERTAJAM 

10th Floor, Wisma Summit 

No. 566, Jalan Arumugam Pillai 

14000 Bukit Mertajam 

PENANG 

04 - 539 4916 

04 - 538 4917 

IPOH 9th Floor, M&A Building 

No. 52A, Jalan Sultan Idris Shah 

30000 Ipoh 

PERAK 

05 - 254 2295 

JOHOR BAHRU 2nd Floor, Bangunan Ang 

No. 1, Jalan Jeram, Taman Tasek 

80200 JOHOR BAHRU 

JOHOR 

07 - 235 2549 

07 - 235 0775 

SIBU 3rd Floor, Grand Merdin 

No. 131, Kampung Nyabor Road 

96000 Sibu 

SARAWAK 

084 - 324 755 

084 - 333 976 

084 - 321 613 

75

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Manulife Unit Trusts Berhad (834424-U) 

13th Floor, Menara Manulife, 6, Jalan Gelenggang, 

Damansara Heights, 50490 Kuala Lumpur. 

Email: my_utservice@manulife.com 

Website: www.manulife.com.my 

Tel: 03-2719 9228 

Regional Support Centres: 

Kuala Lumpur Tel: 03 - 2719 9112 

Bukit Mertajam Tel: 04 - 5394916 / 04 - 5384917 

Ipoh Tel: 05 - 254 2295/96 

Petaling Jaya Tel: 03 - 7727 7618 / 772 

Johor Bahru Tel: 07 - 235 2549 / 0775 

Sibu Tel: 084 - 324 755 / 084 - 333 976

Manulife Malaysia Equity Fund - Manulife Insurance Berhad

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