The Trinidad and Tobago Securities and

Exchange Commission has not in any way

evaluated the merits of the securities offered
hereunder and any representation
to the contrary is an offence.

The Abercrombie Fund

This Prospectus is based on information available as at
November 1, 2007. This Prospectus is being furnished to
be used solely by you in connection with your consideration
of a purchase of an interest in the Fund and may not be
reproduced or redistributed. This Prospectus is issued by
First Citizens Asset Management Limited which is licensed
under the Financial Institutions Act 1993 to carry on business
of a financial nature which includes the Unit trust class of
business.
No person has been authorised to make any statement, give
any information or make any representations other than
those concerning the Fund or the offering described herein
as set forth in this Prospectus and any such statements,
information or representations if made or given must not be
relied upon.
A copy of the Trust Deed and Rules evidencing the Fund
is available for inspection by Investors upon request at the
Registered Office of the Trustee situated at 45 Abercromby
Street, Port of Spain.

Table of Contents
The Fund

Fund Objectives and Investment Guidelines

Eligibility Requirements

Benefit to Investors

Special Risk Considerations

Management Fees and Expenses

Net Asset Value

Description of Units

Price of Unit

Subscriptions

Redemption of Units

Distribution

Tax Considerations

Pursuant to Section 69 of the Securities Industry Act 1995

(SIA), this Prospectus has been filed with the Trinidad and
Tobago Securities and Exchange Commission (SEC) and a
receipt therefore has been issued by the Commission for the
purpose of giving information to the public with regard to the
Abercrombie Fund.
This prospectus contains information to help you make an
informed investment decision and to help you understand your
rights. It contains information about the collective investment
scheme. You are encouraged to read this prospectus in its entirety,
prior to making any investment decisions.

The Fund
The Fund is an open ended monthly fixed income fund
denominated in Trinidad and Tobago currency promoted by
First Citizens Bank Limited and managed by First Citizens
Asset Management Limited and trusteed by First Citizens
Trustee Services Limited to enable investors to participate
in the acquisition and ownership of debt instruments, asset
backed securities, securities, treasuries and certificates of
deposits by the purchase of Units. Ownership of Units in
the Fund is to be evidenced by the recording thereof on the
Register.
This Prospectus concisely sets forth information a prospective
investor should know about the Fund before investing.
Investors are solely responsible for deciding whether to invest
initially or whether to redeem their investments in whole or
in part. Neither First Citizens Asset Management Limited nor
First Citizens Bank Limited nor any of the officers, directors,
principals, or employees of any of the foregoing entities shall
have any obligation or liability to investors with regard to any
recommendation, advice or decision made in connection
with any investment in the Fund or any redemption from the
Fund.
The Trustee provides annualised yield quotations for the Fund
which represent the income per Unit paid to the Investor from
interest and other realised income on assets of the Fund, over
a specified period of time, expressed as a percentage of the
current offering price per Unit. A yield quotation may reflect
changes in Net Asset Value.
Investments in the fund are not deposits and accordingly are
not insured by the Deposit Insurance Corporation and are not
guaranteed by the Central Bank of Trinidad and Tobago, First
Citizens Bank Limited, any of its subsidiaries or affiliates or
any person or corporation. To ensure prudent diversification
of the Funds portfolio, the Trustee expects that no more
than 10% of the Funds total assets will be invested in the
debt securities of any one corporate issuer. However, this
limitation does not apply to debt securities of governments or
governmental agencies.
Investment in the Fund is at the sole risk of the investor.
Payments of capital and distributions are entirely dependent
on the gains and losses derived from the securities and other
assets comprising the Fund from time to time. Unlike some
bank deposits or other investments which pay a fixed yield
for a stated period of time, the yield and total rate of return of
the Fund may vary depending upon interest rates, the current
market value of the securities held in the Funds portfolio,
changes in currency exchange rates and changes in the
Funds expenses.

The Fund - CONTD

The Prospectus does not purport to give legal, tax or financial
advice and does not include information relating to events
occurring subsequent to its date except as specifically indicated.
The delivery of this Prospectus at any time subsequent to its
date does not imply that information herein is correct as of
any time subsequent to such date.
This Prospectus is not an offer to sell, nor a solicitation of any
offer to buy Units in the Fund.

Fund Objectives and

Investments Guidelines
The Funds investment objective is to seek, in the first
instance, high current income through investment in a range
of intermediate to long term high quality debt instruments,
treasury bills and notes, certificates of deposit and securities
of all kinds including debentures, debenture stock, bonds,
commercial paper and other obligations or evidence of debt
and other securities issued or guaranteed by companies
including securities of or underwritten by affiliates of the
Investment Manager, the Trustee or First Citizens Bank
Limited or any of them, corporations, governments, states,
public bodies and authorities (municipal or local), or other
bodies or authorities both present or future in any company,
firm, consortium or entity whether situated in Trinidad &
Tobago or elsewhere, to preserve capital and to provide growth
potential with reduced risks. Interest and principal payments
will be invested in similar instruments.
There can, of course, be no assurance that the Funds
investment objectives will be achieved. The investment
objectives of the Fund may be changed without approval by
investors in the Fund. If there is a change in the investment
objectives of the Fund, investors should consider whether the
Fund remains an appropriate investment in light of their then
current financial position and need.
The Investment Manager will determine the portfolio
mix having regard to the objectives of the Fund, prudent
investment criteria, economic and money market conditions,
fiscal and monetary policy and underlying security values.
The Fund may hold diversified investments in TT$ and US$
among various market, industrial and commercial sectors as
are available.
Not more than 20% of the assets of the Fund will be invested in
US$ denominated securities. Investments may be diversified
not only by issuers and industry, but also by type of security.
The Investment Manager will be responsible for the day to
day management of the Funds investments.
3

Eligibility Requirements
Investments in Units in the Fund are available in a minimum
amount of $500 with subsequent investments in a minimum
amount of $100 to all persons whether resident in or citizens
of Trinidad and Tobago or not, subject from time to time to
any laws restricting such investment.

Benefit to Investors
The Fund offers investors the opportunity to:1. Participate in a professionally managed portfolio
comprised of high quality debt instruments, treasuries
and certificates of deposit and other securities in
accordance with the Funds Investment Objectives
designed to provide a continued flow of returns to the
investor while endeavouring to maintain the value of
capital invested.
2.

Achieve a level of investment diversification which may

otherwise not be attainable by many individual and
institutional investors.

3. Invest in a convenient way without the administrative

and record keeping burdens normally associated with
the direct ownership of securities.

Special Risk Considerations

All investments entail risks. No investment is suitable for all
investors. The Fund is designed as a monthly fixed income
fund for investors with short to medium term investment
horizons and who have the financial ability and willingness
to accept the risk associated with the investment objectives
set for the Fund. Investors should recognize that the value
of securities and the income earned on them may fluctuate
according to the earnings of the issuers, fluctuations in
currency exchange rates and changes in economic and money
market conditions.

Management Fees and Expenses

The Trustee/Custodian
The Trustee/Custodian of the Fund is First Citizens Trustee
Services Limited of 45 Abercromby Street, Port of Spain. For
the services rendered to the Fund on a quarterly basis the
Trustee/Custodian will receive a fee of 0.25% per annum on
4

Management Fees and Expenses - Contd

the Average Net Asset Value of the Fund and reimbursement
for all out of pocket expenses incurred in carrying out its
function and duties as Trustee/Custodian.
The Investment Manager
The Investment Manager is First Citizens Asset Management
Limited of 50 St. Vincent Street, Port of Spain.
Pursuant to an Investment Management Agreement and the
Investment Guidelines, the Investment Manager will manage
the investment of the Fund and provide financial advice,
guidelines and directions to the Trustee.
Subject to the Investment Guidelines, the Manager may
invest the assets in:(a) securities, obligations and deposit instruments and
facilities of First Citizens Bank Limited and other
affiliates of First Citizens Bank Limited (collectively
Affiliates);
(b) shares of mutual funds sponsored, advised or distributed
by Affiliates; and
(c) securities underwritten by Affiliates.
The Investment Manager will receive a fee for services
rendered to the Fund of up to a maximum of 2.5% per
annum of the Average Net Asset Value of the Fund to be paid
quarterly.
In addition, the Investment Manager will be reimbursed for
all expenses, commission, fees, charges and other payments
made to third parties for brokerage, sub-custodian and other
services.
Subject to the provisions of the Investment Management
Agreement, the Manager will enter into such transactions on
behalf of the Fund as are, in the judgement of the Investment
Manager, in the best interest of the Fund. Subject to the
foregoing the Investment Manager and the Affiliates may
from time to time:(i) own or otherwise have interest in securities held,
purchased or sold for the Fund;
(ii) purchase or sell such securities for other customers of
the Affiliates;
(iii) have banking relationships with companies whose
securities are held, purchased or sold for the Fund;

Management Fees and Expenses - Contd

(iv) deduct any commissions payable to any third party in
connection with dealings in respect of the Fund; and
(v) deal on the Funds behalf with any Affiliates as long as in
the case of each of the foregoing clauses the applicable
terms are, in the judgment of the Investment Manager,
as favourable to the Fund as would be obtained from a
non-affiliated party.
The Promoter/Distribution Agent
The Promoter/Distribution Agent is First Citizens Bank
Limited of 9A Queens Park East, Port of Spain.
Value of the Fund will be paid quarterly to the Distribution
Agent.

Net Asset Value

The determination of Net Asset Value will be based upon the
value of the portfolio securities, less account fees, commissions
and withholding tax (if any) and other such administrative
expenses as the Trustee may deem appropriate for the Fund.
Determination of the Average Net Asset Value will be based on
the aggregate Net Asset Value for each day within a particular
period divided by the number of days in such period for which
the Average Net Asset Value is being calculated.

Description of Units
The Fund is constituted as an open-ended Mutual Fund and
accordingly there is no limit to the number of Units which
may be issued. An investor in Units in the Fund will have an
interest in an undivided proportion of the assets of the Fund.
Each Unit participates equally in the distribution of net
income and participates and ranks equally in respect of the
assets of the Fund. Each Unit entitles a holder to one vote at
any meeting of holders in which a poll is demanded.
A register of investors will be maintained by the Trustee of the
record of ownership of Units.

Price of Unit
The initial subscription of each Unit in the Fund is $20 each
up to such date as the Trustee and the Investment Manager
6

Price of Unit - Contd

may determine. Thereafter the subscription price shall be the
Net Asset Value per Unit.
The Trustee determines the Net Asset Value per Unit at the
close of business on each day that banks are not required to
close by virtue of any law or regulation or by the Central Bank
of Trinidad and Tobago.

Subscriptions
The minimum initial investment in Units in the Fund is
$500. Thereafter, additional subscriptions of at least $100
may be made at any time except in respect of re-investment
of distributions, in which event subscriptions may be less
than $100.
All subscriptions shall be made by completing the Application
Form available at all branches of First Citizens Bank Limited
and First Citizens Asset Management Limited.
All subscriptions are subject to acceptance by the Trustee on
behalf of the Fund and no subscription shall be honoured
unless funds equal to the full subscription have been paid. If a
subscription is rejected, all monies received with same will be
returned immediately without interest within three business
days of receipt of such monies.

Redemption of Units
A holder may redeem any or all of his Units in the Fund
at any time upon written notice to the Trustee through any
Distribution Agent or any branch of any of them specifying
the number of Units to be redeemed. The redemption price
will be determined based on the Net Asset Value per Unit.
Redemption of Units jointly held may be authorised by any
one of the joint holders.
A redemption request for amounts of not more than $100,000
will be redeemed on the day of the request during the hours
of 9am to 2pm.
A redemption request for amounts in excess of $100,000
but less than $250,000 or 1% of the total Net Asset Value
(whichever is lower) will be redeemed within three business
days of receipt of such request.
The Funds ability to effect timely redemption for any one
investor in excess of $250,000 or 1% of the total Net Asset
7

Redemption of Units - Contd

Value (whichever is lower) during a 60 day period will be
subject to general market conditions. Units in excess of this
limit may, at the sole discretion of the Trustee, be redeemed
in specie in proportion to the underlying assets. Where Units
are redeemed in specie any costs incurred will be for the
investors account.
The Trustee may, without giving reason, therefore and without
liability at any time in its sole discretion redeem some or all of
the Units of an investor.
There is no charge to redeem Units in the Fund.

Distributions
The Trustee may, at its discretion, on the distribution date,
in respect of any calendar month declare a distribution to all
investors on the last day of each calendar month out of the net
profit and accretions to the Fund, if any, in such month after
deduction of fees and expenses.
An investor on application must elect to receive distributions
either by way of deposit into an account held by the investor
with First Citizens Bank Limited or by re-investment in
additional Units purchased at their Net Asset Value on the
date of purchase.

Tax Considerations
Interest income of the Fund will be subject to a deduction of
tax according to the law. Distributions paid to the Fund other
than interest are currently free from tax in accordance with
current law.
Distributions made by the Fund to individuals resident in
Trinidad and Tobago are not subject to further taxation.
Distributions to investors will be subject to tax (to be deducted
by the Trustee before distribution) at such rate in accordance
with applicable law from time to time.
Corporate investors will be paid distributions without tax
deductions, however, such distributions should be included
in such investors tax return.
While the foregoing is a brief summary of some relevant tax
considerations, investors should ascertain the impact of taxes
on their investment by consulting their own Tax Advisor.
8