Verkaufsprospekt

vestment Manager's control, the Index has been replaced
by another index or where another index may reasonably
be considered by the Investment Manager to have become
the industry standard for the relevant exposure. Unitholders
will be advised of any change in the Index in the next
annual or half-yearly report of the Sub-Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of the Central Bank. In the event of a
change in investment objective and/or a change to the
investment policy, a reasonable notification period will be
provided by the Manager to enable Unitholders to redeem
their Units prior to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
No assurance can be given that the Sub-Fund's investment
objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of the Central Bank, is contained in Appendix
I to the Prospectus and should be read in conjunction with,
and subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. The Central Bank
does not issue a list of approved markets. With the exception
of permitted investments in unlisted securities, investment
will be restricted to those stock exchanges and markets
listed in Appendix I to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Emerging Markets Risk, Political
& Economic Risk, Russia, Below Investment Grade
Debt Securities, Credit Risk, FDI, Fixed Income Securities,
Credit Default Swaps, Money Market Instrument Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Central Bank
Notices, are set out in the main body of the Prospectus. In
addition, during such period as the Sub-Fund is registered
in Taiwan the following investment restriction shall also
apply:
The Sub-Fund shall not carry out uncovered
sales of derivatives;
The total value of the Sub-Fund’s open long positions
in derivatives may not exceed 40% of the
net asset value of the Sub-Fund; the total value
of the Sub-Fund’s open short positions in derivatives
may not exceed the total market value in
corresponding securities required to be held by
the Sub-Fund;
If the Sub-Fund intends to hold a higher percentage
of its Net Asset Value in derivatives, ap-
PineBridge Global Emerging Markets Corporate Bond Fund
proval must be obtained in advance from the Financial
Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in accordance
with the Regulations and the Central Bank Notices.
5. Unit Class Currency Hedging
In relation to Class A1H, Class A5H, Class A6H, Class
Y1H, Class Y5H and Class Y6H Units only, it is the intention
of the Manager or its delegate to hedge the currency
exposure between the respective denominated currencies
of Class A1H, Class A5H, Class A6H, Class Y1H, Class
Y5H and Class Y6H Units, and US Dollars (the Base Currency
of the Sub-Fund). The Manager or its delegate will
seek to achieve this hedging by using FDI, including but
not limited to currency options and forward currency exchange
contracts as set out, and within the conditions and
limits imposed, by the Central Bank. The conditions in
relation to the use of such hedging strategies are described
in the section of the Prospectus entitled "Operation
of the Fund – Description of Units". Investors’ attention is
also drawn to the risks relating to the adoption of unit class
currency hedging strategies, which are described in the
section of the Prospectus entitled "Risk Factors – Unit
Currency Designation Risk".
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors" section
of the Prospectus apply to the Sub-Fund. In addition,
the following risk factors apply to the Sub-Fund. These
risk factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund:-
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or investment
in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or nonexistent
volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central depository
system; and (vii) 'emerging' or 'developing' markets
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