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Allianz Global Investors Premier Funds - Fundsupermart.com

Prospectus dated 28 August 2009

Allianz Global Investors Premier Funds

- Global Internet Fund

Allianz Global Investors Singapore Limited


ALLIANZ GLOBAL INVESTORS PREMIER FUNDS

DIRECTORY

Managers

Allianz Global Investors Singapore Limited

6 Battery Road, #28-01, Singapore 049909

(Singapore company registration number 199907169Z)

Directors

Kwok Keng Han

Frank Klausfelder

Eric Lai

Nikhil Srinivasan

Trustee

HSBC Institutional Trust Services (Singapore) Limited

21 Collyer Quay, #14-01 HSBC Building, Singapore 049320

(Singapore company registration number 194900022R)

Auditors

PricewaterhouseCoopers LLP

8 Cross Street, #17-00 PWC Building, Singapore 048424

Custodian

HSBC Institutional Trust Services (Singapore) Limited

21 Collyer Quay, #14-01 HSBC Building, Singapore 049320

(Singapore company registration number 194900022R)

Solicitors to the Trustee

Shook Lin & Bok LLP

1 Robinson Road, #18-00 AIA Tower, Singapore 048542


ALLIANZ GLOBAL INVESTORS PREMIER FUNDS

PROSPECTUS

BASIC INFORMATION

1. Name of the collective investment scheme

1.1 The collective investment scheme offered in this Prospectus is the Global Internet Fund (the

“Sub-Fund”), which is constituted in Singapore and is a sub-fund of the ALLIANZ GLOBAL

INVESTORS PREMIER FUNDS (the “Scheme”), an umbrella unit trust.

2. Date of registration and expiry date of prospectus

2.1

This Prospectus was registered on 28 August 2009 and will expire on 28 August 2010.

3. The trust deed

3.1 The trust deed relating to the interests being offered to the public for purchase is the trust

deed dated 27 November 1998 (the “Original Deed”). The Original Deed has been amended

by way of the following supplemental deeds and amending and restating deeds:

First Supplemental Deed dated 24 November 1999

Second Supplemental Deed dated 23 August 2000

Third Supplemental Deed dated 22 June 2001

Fourth Supplemental Deed dated 1 November 2002

Fifth Supplemental Deed dated 1 July 2003

Sixth Supplemental Deed dated 31 March 2005

An Amending and Restating Deed dated 15 December 2005

A Second Amending and Restating Deed dated 2 May 2006

Third Amending and Restating Deed dated 15 December 2006

Fourth Amending and Restating Deed dated 2 May 2007

Fifth Amending and Restating Deed dated 10 December 2007

(collectively, the “Supplemental Deeds”).

3.2 The parties to the Original Deed as modified by the Supplemental Deeds (together, and as

may be amended or modified from time to time, the “Deed”) are Allianz Global Investors

Singapore Limited (the “Managers”) and HSBC Institutional Trust Services (Singapore)

Limited (the “Trustee”).

3.3 The Deed is binding on the Managers, the Trustee and all Holders (and all persons claiming

through them) as if they had each been a party to the Deed.

3.4 Much of the information in this Prospectus is a summary of corresponding provisions in the

Deed. Investors should read the Deed for further details and for further information which is

not contained in this Prospectus.

3.5 The Deed may be inspected, free of charge, at 6 Battery Road, #28-01, Singapore 049909

during usual business hours.

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4. Latest semi-annual report and audited financial statements

4.1 The latest semi-annual accounts or annual accounts, and semi-annual reports and annual

reports relating to the Sub-Fund may be obtained from the Managers upon request.

5. Disclaimers and other important information

5.1 The Sub-Fund offered in this Prospectus is an authorised scheme under the Securities and

Futures Act. A copy of this Prospectus has been lodged with and registered by the Monetary

Authority of Singapore (the “Authority”). The Authority assumes no responsibility for the

contents of this Prospectus. Registration of this Prospectus by the Authority does not imply

that the Securities and Futures Act or any other legal or regulatory requirements have been

complied with. The Authority has not, in any way, considered the investment merits of the

Sub-Fund.

5.2 The Managers accept full responsibility for the accuracy of the information set out in this

Prospectus and confirm, having made all reasonable enquiries, that to the best of their

knowledge and belief, there are no other facts the omission of which would make any

statement in this Prospectus misleading.

5.3 This Prospectus does not constitute an offer or solicitation for the purchase of Units to any

one in any jurisdiction in which such offer or solicitation is not authorised or to any person

to whom it is unlawful to make such offer or solicitation and may be used only in connection

with this offering of Units by the Managers or their approved distributors.

5.4 Investment in the Sub-Fund requires consideration of the normal risks involved in

investment and participation in securities. Details of the risks involved are set out in

Paragraph 7 of this Prospectus. Investors should consider these risks carefully before

making an investment decision.

5.5 Investors should seek professional advice to ascertain (i) the possible tax consequences, (ii)

the legal requirements and (iii) any foreign exchange restrictions or exchange control

requirements which they may encounter under the laws of the countries of their citizenship,

residence or domicile, and which may be relevant to the subscription, holding or disposal of

Units. Investors should inform themselves of and observe all such laws and regulations in

any relevant jurisdiction that may be applicable to them.

5.6 No application has been made for the Scheme or the Sub-Fund to be listed on any stock

exchange. Investors may purchase or sell Units through the Managers or their approved

distributors in accordance with the provisions of this Prospectus and the Deed.

6. Important risk disclosure

6.1 The Sub-Fund invests into Allianz RCM Internet Fund (the “Underlying Fund” and formerly

known as Allianz-dit Internet Fund). The Underlying Fund is a sub-fund of an umbrella fund,

Allianz Global Investors Fund V (“AGIF V”). AGIF V is an open-ended unit trust established as

an Undertaking for Collective Investment in Transferable Securities (“UCITS”) in Ireland

pursuant to the European Communities (Undertakings for Collective Investment in

Transferable Securities) Regulations, 2003, as amended (“UCITS III”). As at the date of this

Prospectus, the Underlying Fund may invest in financial derivative instruments (“FDIs”)

other than for purposes of efficient portfolio management in accordance with the

Underlying Fund’s prospectus (the “Underlying Fund Prospectus”) and the applicable laws to

which it is subject.

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6.2 In view of the equity-orientation of the Underlying Fund and the ability to use FDIs for

hedging and investment purposes, the decline in prices (whether of the securities or the

overall market) can have a negative impact on the Underlying Fund’s assets. The value of

units of the Underlying Fund may also be subject to a high level of fluctuation.

Consequently, investors should note that the Sub-Fund’s net asset value may be subject to a

high level of fluctuation.

Please refer to Paragraph 7 of this Prospectus for further details.

7. Glossary

7.1 The meaning of some of the terms and abbreviations used in this Prospectus can be found in

the Glossary of Terms at the end of this Prospectus. The meaning of terms not defined in

this Prospectus can be found in the Deed constituting the Sub-Fund.

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TABLE OF CONTENTS

DIRECTORY ............................................................................................................................................................... i

BASIC INFORMATION ............................................................................................................................................. ii

TABLE OF CONTENTS ..............................................................................................................................................v

1. STRUCTURE OF THE SCHEME ................................................................................................................... 1

2. THE MANAGERS .......................................................................................................................................... 1

3. THE TRUSTEE............................................................................................................................................... 2

4. OTHER PARTIES........................................................................................................................................... 2

5. INVESTMENT OBJECTIVE, FOCUS AND APPROACH............................................................................... 2

6. FEES AND CHARGES ................................................................................................................................... 3

7. RISKS ............................................................................................................................................................. 4

8. SUBSCRIPTION AND ISSUE OF UNITS...................................................................................................... 7

9. REGULAR SAVINGS PLAN ........................................................................................................................ 11

10. REALISATION OF UNITS ........................................................................................................................... 12

11. OBTAINING PRICES OF UNITS................................................................................................................. 13

12. SUSPENSION OF DEALINGS..................................................................................................................... 14

13. PERFORMANCE OF THE SUB-FUND AND BENCHMARK INFORMATION .......................................... 15

14. SOFT DOLLAR COMMISSIONS / ARRANGEMENTS............................................................................... 16

15. CONFLICTS OF INTEREST......................................................................................................................... 16

16. REPORTS ..................................................................................................................................................... 17

17. QUERIES AND COMPLAINTS.................................................................................................................... 17

18. EXEMPTIONS IN FAVOUR OF THE MANAGERS AND THE TRUSTEE.................................................. 17

19. OTHER MATERIAL INFORMATION.......................................................................................................... 19

GLOSSARY OF TERMS ........................................................................................................................................... 21

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1. STRUCTURE OF THE SCHEME

1.1 The Scheme is an open-ended umbrella unit trust comprising for the time being of the Sub-

Fund, the RCM Global High Payout Fund, the RCM Global Twin-Focus Fund, the AllianzGI

Enhanced Income & Growth Fund and the AllianzGI Choice Equity Fund. The Sub-Fund, as a

feeder fund, invests all or substantially all of its assets into the Underlying Fund, more

particularly described in Paragraph 5 of this Prospectus.

Only the Sub-Fund is offered in this Prospectus. The other sub-funds of the Scheme are

offered in separate prospectuses.

2. THE MANAGERS

2.1 Name and address of the Managers

The Managers of the Scheme are Allianz Global Investors Singapore Limited of 6 Battery

Road, #28-01, Singapore 049909.

2.2 Track record of the Managers

The Managers have managed collective investment schemes or discretionary funds in

Singapore since 1999. The Managers are also the managers of the other sub-funds of the

Scheme.

The Managers are part of Allianz Global Investors.

Allianz Global Investors, the asset management subsidiary of Allianz SE, has more than EUR

993 billion of assets under management for our clients worldwide. The Allianz Global

Investors’ investment managers – RCM, PIMCO, Nicholas-Applegate, Oppenheimer Capital,

NFJ Investment Group, and AAAm – offer their own distinctive philosophy and culture, and

provide clients with a comprehensive and constantly evolving range of investment styles

and products. Our 5,000 employees around the globe, including more than 1,000 investment

professionals, are committed to helping our clients achieve their goals by combining global

expertise and local market knowledge with innovative solutions and world-class

professional service. 1

2.3 Managers of the Underlying Fund

The manager of the Underlying Fund is Allianz Global Investors Ireland Ltd. (“AllianzGI

Ireland”).

AllianzGI Ireland was incorporated in Ireland in 1993 and has its place of business in

Dublin. The authorised share capital of the company is Euro 5 million of which Euro 2

million is in issue and is fully paid. The company has been managing mutual funds since

1995 and is part of Allianz Global Investors.

2.4 Investment Manager / Investment Adviser of the Underlying Fund

AllianzGI Ireland has appointed RCM Capital Management LLC (“RCM”) in San Francisco,

USA as the investment manager/investment adviser of the Underlying Fund. RCM was

originally formed as Rosenburg Capital Management in 1970, and it and its successors have

been in business consistently since then. RCM is part of Allianz Global Investors.

1 as at May 2009.

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2.5 Investors should note that the past performance of the Mangers and the investment

manager/investment adviser of the Underlying Fund is not necessarily indicative of its

future performance.

3. THE TRUSTEE

3.1 The Trustee for the Scheme is HSBC Institutional Trust Services (Singapore) Limited of 21

Collyer Quay, #14-01, HSBC Building, Singapore 049320.

4. OTHER PARTIES

4.1 The Registrar

The Registrar for the Scheme is the Trustee.

The Register can be inspected at 60 Alexandra Terrace, #10-12/13, The Comtech, Singapore

118502 during usual business hours subject to such reasonable closure of the Register and

such restrictions as the Managers and/or the Trustee may reasonably impose. The Register

is conclusive evidence of the number of Units held by each Holder and the entries in the

Register shall prevail in the event of any discrepancies between the entries in the Register

and the details appearing on any statement of holding, unless the Holder provides to the

satisfaction of the Managers and the Trustee that the Register is incorrect.

4.2 The Auditors

The Auditors for the Scheme are PricewaterhouseCoopers LLP of 8 Cross Street, #17-00 PWC

Building, Singapore 048424.

5. INVESTMENT OBJECTIVE, FOCUS AND APPROACH

5.1 The investment objective of the Sub-Fund is to provide investors with long-term capital

growth appreciation, by investing all or substantially all of its assets directly into the

Underlying Fund.

The Underlying Fund aims to provide investors with long-term capital growth primarily

through investment in companies that are listed on the Inter@ctive Week Internet Index or

derive the majority of their revenues and/or profits from the internet or associated

technologies, including hardware, software, electronic components and systems, media and

information services, telecommunications and internet companies as well as technology

groups or companies associated with the computer and internet business (“collectively

“Internet Companies”) via the equity markets. To achieve the investment objective, the

assets of the Underlying Fund will be invested in accordance with the principle of risk

diversification outlined in the Underlying Fund Prospectus. Briefly, the Underlying Fund will

invest at least 80% of its net assets in equity securities of Internet Companies (including

investments in index certificates and other certificates whose risk profiles typically

correlate with equity securities of Internet Companies). The Underlying Fund may invest up

to 10% of its net assets in equity securities of issuers which are not Internet Companies. The

Underlying Fund is also permitted to invest up to 10% of its net assets in other collective

investment schemes, including UCITS and Non-UCITS, provided that these collective

investment schemes are equity funds or money market funds managed directly or indirectly

by the manager or by a member company of the Allianz Group. The Underlying Fund is

permitted to place cash on deposit and to purchase money market instruments. In each

case, investments will be made depending on the investment manager/investment adviser’s

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assessment of the market situation and in accordance with the Underlying Fund Prospectus.

As at the date of this Prospectus, all units issued under the Underlying Fund to the Sub-Fund

are “A EUR Units” although other classes of units may be issued in the future. The “A EUR

Units” invested into by the Sub-Fund are denominated in Euro, which currency exposure is

not hedged. Investors should note the risks stated in Paragraph 7 of this Prospectus.

5.2 The Managers may change the investment policy of the Sub-Fund in accordance with the

provisions of the Deed.

6. FEES AND CHARGES

6.1 The fees and charges payable in relation to the Sub-Fund are set below:

Fees payable by the Holders

Initial Sales Charge Currently 5% (Maximum 5%)

Realisation Charge 0% (Maximum 2%)

Fees Payable by the Sub-Fund

Annual Management Fee Currently 0.25% (Maximum 3%)

Annual Trustee’s Fee

Currently maximum of 0.075%, subject always to a

minimum of S$7,500

Currently 0.075% on the first S$50,000,000, thereafter at

Annual Accounting and

0.05%, subject always to a minimum of S$7,500

Valuation Fee

Fees Payable by the Underlying Fund

Underlying Fund

Annual Management Fee*

Annual Service Fee*

Current

Current

Allianz RCM Internet Fund 1.75% 0.3%

* The annual management fee and the annual service fee are subject to a combined

maximum of 2.25% per annum.

Investors should note that the fees charged in relation to the Underlying Fund (calculated as

a percentage of the value of its assets) may be subject to change from time to time, with the

approval of the regulatory authority of that Underlying Fund. Investors as well as the Trustee

will be notified of such changes.

Total Management Fees Payable by the Sub-Fund

Current 2.00%

Maximum 5.25%

The current management fees set out above are the aggregate of the Management Fees

payable by the Sub-Fund to the Managers and the management fees payable by the

Underlying Fund to AllianzGI Ireland, and the maximum allowable for this aggregate.

6.2 The Initial Sales Charge and the Realisation Charge (where applicable) will be retained by

the Managers for their own benefit or, at the sole discretion of the Managers, paid in whole

or in part to their approved distributors. Any rounding adjustments shall be retained by the

Sub-Fund (unless permitted by the Authority to be retained by the Managers). Any

commission, remuneration or other sum payable to the approved distributors in respect of

3


the issue or sale of any Units will not be added to the price of such Units but will be paid by

the Managers.

6.3 The Managers may at any time differentiate between investors as to the amount of the Initial

Sales Charge and the Realisation Charge where applicable (subject to the maximum

permitted) or allow discounts on such basis or on such scale as the Managers may think fit.

6.4 The Managers are entitled to charge for any additional expenses incurred where investors

are resident outside Singapore and to deduct such additional amounts from the

subscription moneys paid by such investors or the realisation proceeds due to them, as the

case may be.

6.5 As required by the Code on Collective Investment Schemes issued by the Authority, all

marketing, promotional and advertising expenses incurred in relation to the Scheme and

the Sub-Fund will be borne by the Managers and not charged to the deposited property of

the Sub-Fund.

7. RISKS

7.1 General risks of investing in Collective Investment Schemes

Investment in a collective investment scheme is meant to produce returns over the long

term. Investors should not expect to obtain short-term gains from such investments. The

prices of units in a collective investment scheme and the income from them may go up as

well as down. A possible loss of the principal invested cannot be ruled out. The risks of

investments made by a collective investment scheme include economic, political, foreign

exchange, liquidity, regulatory, interest rate, default and repatriation risks.

7.2 Risks specific to the Sub-Fund

The risks specific to the Sub-Fund are set out below:-


As the Sub-Fund (denominated in Singapore Dollars) will invest in the Underlying

Fund which is denominated in Euro, fluctuations in the exchange rates between the

Singapore Dollar and the Euro may have an impact on the income and value of the

Sub-Fund.

In addition, as the currency exposure of the Underlying Fund is not hedged against

the currency denomination in which the assets of the Underlying Fund are

denominated, the Sub-Fund will be exposed to the currency risks of the Underlying

Fund.



As the Underlying Fund invests in securities in various markets, the net asset value

of the Underlying Fund will be influenced by the prices of these investments. This

will in turn have an impact on the value of Units of the Sub-Fund. The Underlying

Fund’s equity-market orientation renders the Underlying Fund vulnerable to

investment risks, industry risks, general market risks, company-specific risks, risks

associated with investment in small capitalisation companies, creditworthiness

risks, risks of insolvency, counterparty risks and liquidity risks.

The investments of the Underlying Fund will each be denominated in a number of

different currencies and will be subject to fluctuations in currency exchange rates

and in certain cases, exchange control regulations. There may be state regulations

governing the outward remittance by foreign investors of their share of net profits

and dividends and the repatriation of their investments in a foreign currency.

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Investments in emerging markets and some Asian markets may be more volatile

than those in the developed countries. The prices of investments in these markets

may be influenced by economic and political conditions and interest rates. Some of

the investments which will be made in smaller markets may be less liquid and the

limited liquidity of these markets may therefore affect the Underlying Fund’s ability

to acquire or dispose of securities at the price and time it desires. There may also be

state regulations governing the outward remittance by foreign investors of their

share of net profits and dividends and the repatriation of their investments in a

foreign currency. Many of the emerging markets and some of the Asian markets may

not have well developed consolidated bodies of securities laws and regulatory

frameworks. Disclosure and regulatory standards in these countries may be less

stringent than those in developed markets. Accounting, auditing and financial

standards and requirements may not have been established in some respects or

may differ significantly from international standards and, as a result, information

on the company’s accounts may not be an accurate reflection of its financial

strength.

The investments of the Sub-Fund are subject to normal market fluctuations and

other risks inherent in investing in securities. There can be no guarantee against

loss, nor any assurance that the Sub-Fund’s investment objective will be attained.

The value of investments and the income from them and therefore the value of, and

income from, the Units of the Sub-Fund can fall as well as rise and investors may not

realise the same amount that they invest. Changes in exchange rates between

currencies may also cause the value of an investment to diminish or increase. In

addition to favourable and unfavourable currency rate developments, the Sub-Fund

is subject to the possible imposition of exchange control regulations or currency

blockages with respect to its investments.

While there are also the usual risks of investing in bonds and other fixed income

securities, bonds and other fixed income securities are subject to interest rate

fluctuations and credit risks, such as risk of default by issuers. Investors should note

that the Underlying Fund will have limited exposure to money market assets,

thereby increasing the risks of interest rate changes, general market risks,

company-specific risks, creditworthiness risks, counterparty risks and liquidity

risks to the Sub-Fund.

Investors should be aware that investments in single country, sectoral or regional

funds which may present greater opportunities and potential for capital

appreciation, may be subject to higher risks as they may be less diversified than a

global portfolio. It is recommended that an investment in the Sub-Fund should not

constitute a substantial proportion of an investor’s portfolio.

Investors should be aware that technology, communications and entertainment

industries may be subject to greater government regulation than many other

industries in certain countries; changes in government policies and the need for

regulatory approval may have a material adverse effect on these industries. The

companies which the Sub-Fund invests in may also be subject to risks of developing

technology and communications, competitive pressures and other factors and are

dependent upon consumer and business acceptance as new technologies evolve.

Trading in such securities may be subject to more abrupt price movements.

Investment in the Sub-Fund may only be suitable for investors who can accept the

associated volatility and are prepared to take a medium to longer term view of their

investment.

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The Underlying Fund is exposed to concentration risks, emerging market risks,

political risks, country/transfer risks, custodial risks, risks of settlement default,

risks associated with the use of FDIs, the specific risks of investing in target funds,

fund size risks, risks of dealing restrictions and compulsory actions, inflation risks,

risks of general changes, risks of changes in constitutional documentation,

investment objective and policies and general conditions, key person risks, risks of

transaction costs due to subscriptions and redemptions affecting the Sub-Fund and

performance fee risks.

7.3 Risks specific to use of FDIs

(a)

(b)

(c)

(d)

(e)

The Underlying Fund may, but is not required to, use FDIs for hedging and/or

investment purposes, in accordance with the terms of and the limits and conditions

set out in the Underlying Fund Prospectus, subject to applicable laws. The FDIs

which may be used by the Underlying Fund include but are not limited to futures,

options (including options on futures), swaps, swaptions, forwards, caps and floors,

contracts for differences, credit derivatives, structured notes (including index

certificates, index linked notes, convertible securities, exchangeable securities and

mortgage-backed securities), investment certificates and hybrid securities.

The Underlying Fund is permitted to effect repurchase agreements, reverse

repurchase agreements and stocklending agreements in accordance with the

Underlying Fund Prospectus.

The Underlying Fund is required to ensure that its global exposure relating to FDIs

does not exceed its total net asset value. This means that the Underlying Fund’s

overall risk exposure may not exceed 200% of the net asset value. The overall risk

exposure of the Fund may not be increased by more than 10% by means of

temporary borrowing so that the Underlying Fund’s overall risk exposure may not

exceed 20% of the net asset value at any time.

The use of FDIs involves increased risks for the Underlying Fund, and consequently,

the Sub-Fund. The ability to use such instruments successfully depends (amongst

others) on the relevant manager’s ability to accurately predict movements in stock

prices, interest rates, currency exchange rates or other economic factors and the

availability of liquid markets. If the predictions of movements in the direction of the

stock prices, interest rates, currency exchange rates or other economic factors are

inaccurate or if the FDIs do not produce the desired economic effect as anticipated,

then the Underlying Fund could suffer greater losses than if it had not used the FDIs.

The ability to use strategies using FDIs may be limited by market conditions and

regulatory limits and there can be no assurance that the objective sought to be

attained from the use of such strategies will be achieved. Participation in the

options or futures markets and in swap contracts and in currency exchange

transactions involves investment risks and transaction costs to which the

Underlying Fund would not be subject if it did not use such strategies.

The Underlying Fund is required to employ a risk management process to monitor,

measure and manage the risks attached to FDI positions. AllianzGI Ireland employs

a risk management process which enables it to continuously and accurately

measure, monitor and manage the various risks associated with the FDIs held by the

Underlying Fund, including all FDI positions, and to ensure compliance with the

relevant investment restrictions as regards FDIs. The risk management process is

submitted to and cleared by the regulatory authority of the Underlying Fund.

AllianzGI Ireland will ensure that the risk management and compliance procedures

and controls adopted are adequate and that it has the necessary expertise to control

and manage the risks relating to the use of FDIs. At the written request of an

6


investor, the Managers will procure that supplementary information relating to the

risk management methods employed, including the quantitative limits that are

applied and any recent developments in the risk and yield characteristics of the

main categories of the investments, be provided to the investor, save for any

information which AllianzGI Ireland may consider confidential.

8. SUBSCRIPTION AND ISSUE OF UNITS

8.1 How Units may be purchased and paid for

(a)

Cash subscriptions

Investors may apply to subscribe for Units in the Sub-Fund by submitting the

enclosed Application Form to the Managers or their approved distributors, together

with such other documents as may be required by them and the subscription

moneys in full in the manner stipulated by them.

Payment shall be in the form of a Singapore Dollar cheque or a banker’s draft made

payable to, or via telegraphic transfer to, the account name specified in the

Application Form.

(b)

Subscriptions through use of SRS moneys

Investors may also subscribe for Units by paying with their SRS moneys. Investors

paying with their SRS moneys will have to give a written authorisation to the

relevant SRS Operator for moneys to be withdrawn from their SRS Accounts for the

subscription of Units.

(c)

Central Provident Fund Investment Scheme (“CPFIS”)

As of 1 July 2007, the Sub-Fund is no longer included under the CPFIS and no longer

accepts subscriptions with CPF moneys. Investors are not required to but may

realize their existing Units purchased with CPF moneys in accordance with

Paragraph 10 below.

8.2 Applications through an ATM

When an investor applies for Units via an automated teller machine (“ATM”) of the Relevant

Participating Bank, the investor confirms:

(i)

(ii)

that he has read a copy of this Prospectus; and

his permission to the Relevant Participating Bank to disclose relevant particulars of

his account to the Relevant Persons.

During any period when the issue of Units is suspended, the application for Units via the

ATM will also be suspended. Any charges to be imposed by the Relevant Participating Bank

in connection with any application for Units via the ATM will be borne by the investor. Upon

the investor’s request, the Managers will provide him with hard copies of this Prospectus,

the Deed and any supplemental deed for the time being in force subject to any charge which

may be levied for a copy of the Deed and any such supplemental deed (not exceeding a

maximum of S$50 per copy).

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8.3 Applications through the Internet

The Managers may offer Units to the public via the Internet subject to applicable laws,

regulations, practice directions and other requirements by the relevant authorities. By making

an electronic online application for the subscription or realisation of Units on or through the

web-site of the Managers or the Relevant Participating Distributor (as the case may be), or by

an application form printed from such a web-site, the investor confirms:-

(i)

(ii)

(iii)

that he has read a copy of this Prospectus;

that he is making the application for the subscription of Units while being present in

Singapore; and

his permission to the Relevant Participating Distributor to disclose relevant

particulars of his account to the Relevant Persons.

During any period when the issue or realisation of Units is suspended, the application for

subscription or realisation of Units via the Internet will either be suspended or not

entertained. Any charges to be imposed by the Managers or the Relevant Participating

Distributor in connection with any application for the subscription or realisation of Units

via the Internet will be borne by the investor.

8.4 Minimum initial investment and minimum subsequent investment

The minimum initial investment and minimum subsequent investment for Units in the

Sub-Fund are S$500 and S$100 respectively.

8.5 Pricing and Dealing Deadline

As Units are issued on a forward pricing basis, the Issue Price of Units will not be

ascertainable at the time of application. If an investor’s application is received by the

Managers before 3.00 p.m. on a Dealing Day, the application will be taken to have been

received on that Dealing Day and the investor will be issued Units at that Dealing Day’s Issue

Price. If the application is received after 3.00 p.m. on a Dealing Day or on a day which is not a

Dealing Day, the application will be taken to have been received on the next Dealing Day and

the investor will buy Units at the next Dealing Day’s Issue Price.

The Issue Price of Units on a Dealing Day is calculated by ascertaining the Value per Unit as

at the Valuation Point in relation to that Dealing Day, by adding the applicable Initial Sales

Charge and appropriate Transactions Adjustment and by adjusting the total figure upwards

to three decimal places (or such other number of decimal places as the Managers may from

time to time determine with the approval of the Trustee).

8.6 How the number of Units are allotted to an investor

The following is an illustration of the number of Units that an investor in a Sub-Fund will

receive based on an investment amount of S$500 and a notional Issue Price of S$1.00. (The

actual Issue Price of the Units will fluctuate according to the Value of the Sub-Fund

Property):-

S$500 / S$1.00 = 500.00

Your Notional No. of

investment Issue Price* Units

(*includes the Initial Sales Charge)

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8.7 Confirmation of purchase

A trade confirmation will be sent to Holders within 7 Business Days of the receipt and

acceptance of their application by the Managers.

8.8 Issue of Units

(a)

(b)

The Managers have the exclusive right to effect the creation and issue of Units in the

Sub-Fund and the acceptance or non-acceptance of applications for purchase of

Units are at the absolute discretion of the Managers acting in consultation with the

Trustee and in the best interest of the Sub-Fund. If any application is rejected by the

Managers, the subscription moneys will be refunded (without interest) to the

applicant within a reasonable period of time in such manner as the Managers may

determine. No certificates will be issued by the Managers unless requested for by the

investor and subject to a fee of S$30 (or such other amount as the Managers may

determine).

The Managers may, in consultation with the Trustee and in accordance with the

Deed, from time to time invite the public to apply for Units of the Sub-Fund at a fixed

price in accordance with the provisions of the Deed.

8.9 Cancellation of subscriptions by new subscribers

(a)

(b)

A new subscriber (as defined in Paragraph 8.9(b) below) will have the right to

cancel his subscription of Units (which shall include an agreement to participate in

a regular savings plan (“RSP”) under Paragraph 9 of this Prospectus) within 7

calendar days of the date on which he signed the subscription agreement or such

other longer period as the Managers may allow or the Authority may prescribe (the

“Cancellation Period”).

A “new subscriber” is an investor who:

(i)

(ii)

(iii)

is an individual;

is not an existing Holder who is purporting to cancel a subsequent

subscription of Units made after the Cancellation Period applicable to his

initial subscription of Units; and

is not an existing Holder participating in a RSP and effecting a second or

subsequent payment towards the RSP.

(c)

(d)

(e)

A cancellation request form is included with the Application Form for the

subscription of Units or may be obtained from the Managers or their approved

distributors.

The new subscriber must exercise his right to cancel his subscription of Units within

the applicable Cancellation Period, by sending a cancellation request to the

Managers or their approved distributors by hand or post. The relevant date for

determining whether a cancellation has been exercised within the Cancellation

Period is the date on which the cancellation request was delivered by hand or was

posted (as determined by its postmark). Where the last day of the Cancellation

Period falls on a Sunday or a public holiday, the Cancellation Period is deemed to be

extended to the next calendar day, not being a Sunday or public holiday.

A cancellation request received by the Managers or their approved distributors on or

before 3.00 p.m. on a Dealing Day will be deemed to have been received on that

9


Dealing Day. A cancellation request received by the Managers or their approved

distributors after 3.00 p.m. on a Dealing Day, or on a day which is not a Dealing Day,

will be deemed to have been received on the next Dealing Day.

(f)

(g)

The Managers or their approved distributors will pay the proceeds arising from the

cancellation of a subscription of Units under this Paragraph 8.9 (the “cancellation

proceeds”) within 6 Business Days (or such other period as the relevant authorities

may require from time to time) after the Dealing Day on which the cancellation

request is received by the Managers, unless the determination of the amount of

cancellation proceeds has been suspended pursuant to the provisions of the Deed.

In such event, the payment of the cancellation proceeds will be deferred until after

the end of the suspension.

The cancellation proceeds payable in relation to the cancellation of a subscription of

Units under this Paragraph 8.9 will be determined as the lower of:

(i)

(ii)

the Market Value (as defined below); or

the Original Subscription Amount (as defined below),

and any excess in the Market Value over the Original Subscription Amount, or in the

Original Subscription Amount over the Market Value (as the case may be), will be

retained by the Sub-Fund.

“Market Value” in relation to Units, the subscription of which is being cancelled by a

new subscriber, means the value of such Units on the relevant Dealing Day

calculated as the aggregate of (a) the total value of such Units based on the

Realisation Price on such Dealing Day (but without deducting the Realisation

Charge (if any)), and (b) the total Initial Sales Charge paid for such Units.

“Original Subscription Amount” in relation to Units, the subscription of which is being

cancelled by a new subscriber, means the total amount (including the Initial Sales

Charge) paid by the new subscriber for the subscription of those Units.

Investors should note that the published Realisation Price is indicative in nature

and can change during the period between the submission and processing of the

cancellation request.

(h)

(i)

(j)

(k)

The Realisation Charge, if any, will not be imposed on a new subscriber who

exercises his right to cancel his subscription of Units.

In the case where a new subscriber has more than one subscription and chooses to

cancel one or more (but not all) of his subscriptions to which he has a right to

cancel, the cancellation of the new subscriber’s subscription or subscriptions must

not result in the new subscriber holding fewer Units than the Minimum Holding for

the Sub-Fund.

Any distributions to a new subscriber who has cancelled his subscription of Units

which have been declared but not paid will be due to the new subscriber in

accordance with the provisions of the Deed (whether or not an election for such

distributions to be reinvested has been made by the new subscriber).

A new subscriber may choose to realise his Units under Paragraph 10 of this

Prospectus instead of cancelling his subscription of Units but should note that he

will not be able to enjoy the benefits of a cancellation under this Paragraph 8.9 (i.e.

there will be no refund of the Initial Sales Charge and the Realisation Charge (if

applicable) may be imposed) and the realisation proceeds may be lower than the

10


cancellation proceeds if the appreciation in the value of the Units is less than the

Initial Sales Charge.

(l)

(m)

Paragraph 10.2 shall apply mutatis mutandis to the cancellation of a subscription of

Units under this Paragraph 8.9.

Further information on the terms and conditions applicable to the Cancellation

Period and the steps which a new subscriber must take to effect such a cancellation

are contained in the Application Form for the subscription of Units. New subscribers

should read such information carefully before subscribing for Units in the Sub-Fund.

8.10 Switching of units

Applications for switching of Units of the Sub-Fund (the "original Sub-Fund") into Units of

another sub-fund under the Scheme (the "new Sub-Fund") may be made via switching forms

which may be obtained from the Managers or their approved distributors. Provided that no

switching of Units may be made which would result in the investor holding fewer units than

the Minimum Holding in the Sub-Fund.

Save as hereinafter provided, the switching of Units shall be made on the day which is both a

Dealing Day in relation to Units of the original Sub-Fund and a Dealing Day in relation to

Units of the new Sub-Fund ("Common Dealing Day") on which the switching form is received

by the Managers or (if not received on a Common Dealing Day) on the next following

Common Dealing Day.

Switching of the Units of the original Sub-Fund shall be effected by the cancellation of such

Units and by the issue of Units of the new Sub-Fund, such cancellation and issue taking place

on the relevant Common Dealing Day, and the number of Units of the new Sub-Fund to be

issued on switching shall be determined by the Managers in accordance with the provisions

of the Deed.

9. REGULAR SAVINGS PLAN

9.1 A Holder may apply for Units via a RSP with a minimum monthly contribution of S$100 or

any amount above this sum, or such amount as the Managers and the Trustee may agree

from time to time. No minimum initial investment is required before starting on a RSP.

9.2 Holders must complete a Direct Debit Authorisation (“DDA”) Form authorising the payment

for the RSP and submit the DDA Form together with the Application Form.

9.3 The monthly contribution for the RSP will be deducted (from the Holder’s relevant bank

account, or SRS Account as the case may be) as authorised in the DDA Form and the

Application Form. The debit date will be on the 8 th of each month (or the next Business Day

if that day is not a Business Day). After the monthly contribution is received by the

Managers, the investment will be made and the Units will be allotted to the Holders on the

10 th of each month (or the next Business Day if that day is not a Business Day).

9.4 A Holder may cease his participation in the RSP without penalty by giving not less than 30

days’ prior notice in writing to the Managers.

11


10. REALISATION OF UNITS

10.1 How Units may be realised or sold

Holders may realise their Units by submitting to the Managers or their approved

distributors a written realisation request in such form and together with such other

documents as may be required by them.

The Managers may refuse any realisation request if all relevant documentation has not been

submitted, if such realisation would result in non-compliance with the Minimum Holding

requirement relating to the Sub-Fund, or in any other circumstances agreed with the

Trustee in writing and upon giving prior written notice of such circumstances to the Holders

of the Sub-Fund.

10.2 Limit on realisation

With a view to protecting the interests of Holders, the Managers may, with the approval of

the Trustee, in certain instances stipulated in the Deed, limit the total number of Units

which Holders may realise on any Dealing Day to ten per cent of the total number of Units of

the Sub-Fund then in issue. If so, requests for realisation of Units in the Sub-Fund on such

Dealing Day will be reduced rateably and be treated as if made in respect of each

subsequent Dealing Day until all Units in the Sub-Fund to which the original request related

have been realised. Where, pursuant to Paragraph 8.9, one or more new subscribers also

exercise(s) his/ their right(s) to cancel his/ their subscription(s) of Units, such Units shall be

included in the calculation in determining whether the ten per cent limit has been

exceeded.

10.3 Minimum Holding

A Holder will not be entitled to realise only part of his holding of Units in the Sub-Fund

without the approval of the Managers and the Trustee if due to such realisation, his holding

would be reduced to less than the Minimum Holding for the Sub-Fund.

The Minimum Holding for the Sub-Fund is the number of Units which may be purchased for

S$100 based on the price at which the Units were subscribed for (or such other amount as

the Managers may determine with prior notice to the Trustee and as permitted by the

relevant authorities).

10.4 Pricing and Dealing Deadline

As Units are priced on a forward pricing basis, the Realisation Price of Units will not be

available at the time of submission of the realisation request. If an investor’s realisation

request is received before 3.00 p.m. on a Dealing Day, the realisation request will be taken to

have been received on that Dealing Day and the investor will realise his Units at that Dealing

Day’s Realisation Price. If the realisation request is received after 3.00 p.m. on a Dealing Day

or on a day which is not a Dealing Day, the realisation request will be taken to have been

received on the next Dealing Day and the investor will realise his Units at the next Dealing

Day’s Realisation Price.

The Realisation Price of a Unit on a Dealing Day is calculated by ascertaining the Value per

Unit as at the Valuation Point in relation to that Dealing Day, by deducting the applicable

Realisation Charge and appropriate Transactions Adjustment and adjusting the total figure

downwards to three decimal places (or such other number of decimal places as the

Managers may from time to time determine with the approval of the Trustee). Any rounding

adjustments shall be retained by the Sub-Fund (unless permitted by the Authority to be

retained by the Managers).

12


10.5 How the realisation proceeds are calculated

The following is an illustration of the realisation proceeds that an investor will receive based

on a realisation of 1000 Units and a notional Realisation Price of S$1.10. (The actual

Realisation Price of the Units will fluctuate according to the Value of the Sub-Fund):-

1000 x S$1.10 = S$1100.00

Your Notional Realisation

Holding Realisation Price* Proceeds

(*currently, there is no Realisation Charge)

10.6 Payment of realisation proceeds

(a)

(b)

(c)

(d)

The realisation proceeds will be paid to investors within 4 Business Days in the case

of a bond fund and 6 Business Days in the case of all other funds or 7 Business Days

in the case of a feeder fund (or such other period as the relevant authorities may

require from time to time) after the Dealing Day on which the relevant realisation

request is received by the Managers unless the realisation of Units has been

suspended in accordance with the provisions of the Deed.

In the case of an investor who has purchased Units with cash, any moneys payable

to him under the provisions of the Deed in respect of such Units will be paid by

cheque sent through the post to his registered address or by telegraphic transfer to a

nominated bank account.

In the case of an investor who has purchased Units with SRS moneys, any moneys

payable to him under the provisions of the Deed in respect of such Units will be paid

by transferring the moneys to the relevant SRS Operator for credit of the investor’s

SRS Account or otherwise in accordance with the provisions of any applicable laws,

regulations or guidelines. Where his SRS Account has been closed, the moneys will

be paid to the investor in accordance with Paragraph 10.6(b) or otherwise in

accordance with any applicable laws, regulations or guidelines.

In the case of an investor who has purchased Units with CPF moneys from his CPF

Investment Account, any moneys payable to him under the provisions of the Deed in

respect of such Units will be paid by transferring the moneys to the relevant

Approved Bank for credit of the investor’s CPF Investment Account or CPF ordinary

account or otherwise in accordance with the provisions of any applicable laws,

regulations or guidelines. Where both his CPF Investment Account and CPF ordinary

account have been closed, the moneys will be paid to the investor in accordance

with Paragraph 10.6(b) or otherwise in accordance with any applicable laws,

regulations or guidelines.

11. OBTAINING PRICES OF UNITS

11.1 The prices of Units will be published two Business Days after the relevant Dealing Day in,

The Business Times, Lianhe Zaobao, Reuters and Bloomberg (subject to the respective

publisher’s discretion) and are also posted on the Managers’ internet website at

http://www.AllianzGlobalInvestors.com.sg.

13


12. SUSPENSION OF DEALINGS

12.1 The Managers or the Trustee may, with the prior written approval of the other, suspend the

issue, realisation, cancellation or switching of Units or the calculation of the value of the

Sub-Fund Property:

(i)

(ii)

(iii)

(iv)

during any period when the Recognised Market on which any material proportion of

the Authorised Investments forming part of the Sub-Fund Property are listed or dealt

in is closed (otherwise than for ordinary holidays) or during which dealings are

restricted or suspended;

during any period when any market for any material proportion of any Authorised

Investments is closed (otherwise than for ordinary holidays);

during any period when there is in existence any state of affairs which in the opinion

of the Managers might seriously prejudice the interests of the Holders of the Sub-

Fund as a whole (including where withdrawal of deposits held for the account of the

Sub-Fund or the realisation of any material proportion of any Authorised

Investments cannot be effected normally or without seriously prejudicing the

interests of Holders of the Sub-Fund as a whole);

during any breakdown in the means of communication normally employed in

determining

(a)

(b)

(c)

(d)

(e)

the price of any such Authorised Investments;

the current price of such Authorised Investments in a Recognised Market;

the Value of any of the Authorised Investments;

the amount of any cash for the time being comprised in the Sub-Fund

Property;

the amount of any liability of the Trustee for account of the Sub-Fund,

or when for any reason the matters under sub-Paragraphs (a) to (e) cannot be

promptly and accurately ascertained;

(v)

(vi)

(vii)

(viii)

(ix)

during any period when remittance of moneys which will or may be involved in the

realisation of any material proportion of such Authorised Investments or in the

payment for such Authorised Investments cannot, in the opinion of the Managers,

be carried out promptly at normal rates of exchange;

for 48 hours (or such longer period as the Managers and the Trustee may agree)

prior to the date of any meeting of Holders (or any adjourned meeting) convened in

accordance with the Deed;

for any period pursuant to an order or direction of the Authority;

during any period when the fair value of a material portion of the Authorised

Investments cannot be determined; or

during any period when the issue, realisation, cancellation or switching of units or

the calculation of the fair value of the Underlying Fund is suspended;

14


12.2 Such suspension shall take effect forthwith upon the declaration in writing thereof to the

Trustee by the Managers (or, as the case may be, to the Managers by the Trustee) and shall

terminate on the day following the first Business Day on which the condition giving rise to

the suspension shall have ceased to exist and no other conditions under which suspension

is authorised under this Paragraph 12 shall exist upon the declaration in writing thereof by

the Managers (or, as the case may be, by the Trustee).

12.3 The Managers may also, with the approval of the Trustee, suspend the realisation of Units

for such reasonable period as may be necessary to effect an orderly realisation of

investments of the Sub-Fund in accordance with Clause 15.9 of the Deed.

12.4 Payment for any Units of the Sub-Fund realised before the commencement of any such

suspension but for which payment has not been made before the commencement thereof

may, if the Managers and the Trustee so agree, be deferred until immediately after the end

of such suspension.

12.5 The “material proportion” of any Authorised Investment means such proportion of any

Authorised Investment which when sold would in the opinion of the Managers in

consultation with the Trustee cause the Value of the Sub-Fund Property to be significantly

reduced.

13. PERFORMANCE OF THE SUB-FUND AND BENCHMARK INFORMATION

13.1 Performance of the Sub-Fund

The performance of the Sub-Fund and its benchmark (as of 30 June 2009 is shown in the

table below:-

1 Year 3 Years

(Average

Annual

Compounded

Return)

Offer-to-bid basis

5 Years

(Average

Annual

Compounded

Return)

Since Inception

(Average

Annual

Compounded

Return)

% % % %

Global Internet Fund -10.62 -3.67 -2.02 -13.47

Inter@ctive Week

Internet Index

-2.66 -0.78 -0.67 9.08

Notes:

1. Performance calculation of the Sub-Fund is in Singapore Dollars, with net dividends

reinvested. Source: Morningstar.

2. Inception date: 15 February 2000. Earliest data available from S&P Micropal: 24

March 2000.

3. Past performance of the Sub-Fund is not necessarily a guide to its future

performance.

4. The benchmark index during the launch of the Fund was Dow Jones Internet Index,

against which benchmarking was discontinued in January 2004 and replaced with

the Inter@ctive Week Internet Index and therefore the calculations since inception

have been normalised with the new Index to reflect the change.

13.2 Expense ratio

The expense ratios of the Sub-Fund including that of the Underlying Fund (calculated in

accordance with IMAS’ guidelines on the disclosure of expense ratios and based on figures

15


in the Sub-Fund’s latest audited accounts) over the financial year ended 31 December 2008

are 2.89% (excluding performance fees) and 2.89% (including performance fees). The

following expenses, if applicable, are excluded from the calculation of the expense ratios:-

(a)

(b)

(c)

(d)

brokerage and other transaction costs;

foreign exchange gains and losses;

front-end or back-end loads arising from the purchase or sale of other funds; and

tax deducted at source or arising from income received.

13.3 Turnover ratio

The turnover ratio of the Sub-Fund (calculated based on the lesser of purchases or sales

expressed as a percentage over average net asset value, i.e. average daily net asset value)

over the period 1 January 2008 to 31 December 2008 is 34.85%.

The turnover ratio of the Underlying Fund for the period 1 January 2008 to 31 December

2008 is 169.85%.

14. SOFT DOLLAR COMMISSIONS / ARRANGEMENTS

Neither the Managers, AllianzGI Ireland nor the investment manager/investment adviser of

the Underlying Fund may retain cash or other rebates from a broker or dealer in

consideration of directing transactions in the Sub-Fund’s or the Underlying Fund’s

deposited property, as the case may be, to the broker or dealer save that goods and services

(soft dollars) may be retained if:

(i)

(ii)

(iii)

the goods and services are of demonstrable benefit to the Sub-Fund or the

Underlying Fund, as the case may be;

transaction execution is consistent with best execution standards and brokerage

rates are not in excess of customary institutional full-service brokerage rates; and

periodic disclosure is made in the Sub-Fund’s or the Underlying Fund’s annual

report and semi-annual report, as the case may be, in the form of a statement

describing the Managers’, AllianzGI Ireland’s or the investment

manager/investment adviser’s soft dollar practices, as the case may be, including a

description of the goods and services received by them.

15. CONFLICTS OF INTEREST

15.1 The Managers are also the managers of the RCM Global High Payout Fund and the RCM

Global Twin-Focus Fund, the AllianzGI Enhanced Income & Growth Fund and the AllianzGI

Choice Equity Fund, all of which are sub-funds of the Scheme.

15.2 The Managers may from time to time have to deal with competing or conflicting interests of

the other funds which they manage with the Sub-Fund. For example, the Managers may

make a purchase or sale decision on behalf of the AllianzGI Enhanced Income & Growth

Fund without making the same decision on behalf of the Sub-Fund, as a decision whether or

not to make the same investment or sale for the Sub-Fund depends on factors such as the

cash availability and portfolio balance of the Sub-Fund. However, the Managers will use

their reasonable endeavours at all times to act fairly and in the interests of the Sub-Fund. In

particular, after taking into account the availability of cash and the relevant investment

guidelines of the AllianzGI Enhanced Income & Growth Fund and the Sub-Fund, the

Managers will endeavour to ensure that securities bought and sold will be allocated

16


proportionately as far as possible between the AllianzGI Enhanced Income & Growth Fund

and the Sub-Fund.

15.3 The Managers and the Trustee will conduct all transactions with or for the Sub-Fund on an

arm’s length basis.

15.4 The Managers or the Trustee or their respective affiliates (together the “Parties”) are or may

be involved in other financial, investment and professional activities which may on

occasion cause conflict of interest with the management of the Sub-Fund. Each of the Parties

will ensure that the performance of their respective duties will not be impaired by any such

involvement. In the event a conflict of interest does arise, the Parties will endeavour to

ensure that it is resolved fairly and in the interest of the Holders.

15.5 The Managers or the Trustee may own, hold, dispose or otherwise deal with Units as though

they were not a party to the Deed. In the event of any conflict of interest arising as a result of

such dealing, the Managers and the Trustee, following consultation with the other, will

resolve such conflict in a just and equitable manner as they deem fit.

15.6 The affiliates of the Trustee may be engaged to offer financial, banking and brokerage

services to the Sub-Fund provided these services are being provided on an arm’s length

basis.

16. REPORTS

16.1 Financial year-end

16.2 Reports

The financial year-end of the Sub-Fund is 31 December.

Holders shall be sent the annual audited financial statements, the annual accounts and the

annual report within three months after the end of the financial year and the semi-annual

reports and the semi-annual accounts within two months of 30 June each year.

17. QUERIES AND COMPLAINTS

17.1 Investors may call the Managers at 1800-438 0828 or email the Managers at

marketing.sg@AllianzGI-ap.com if they have any queries regarding their investment in the

Sub-Fund.

18. EXEMPTIONS IN FAVOUR OF THE MANAGERS AND THE TRUSTEE

18.1 Neither the Managers nor the Trustee shall incur any liability in respect of any action taken

or thing suffered by them in reliance upon any notice, resolution, direction, consent,

certificate, affidavit, statement, certificate of stock, plan or reorganisation or other paper or

document believed to be genuine and to have been passed, sealed or signed by the proper

parties.

18.2 Neither the Managers nor the Trustee shall incur any liability to the Holders for doing or (as

the case may be) failing to do any act or thing which by reason of any provision of any

present or future law or regulation, or of any decree, order or judgment of any court of

competent jurisdiction, or by reason of any request, announcement or similar action

(whether of binding legal effect or not) which may be taken or made by any person or body

17


acting with or purporting to exercise the authority of any government (whether legally or

otherwise) either they or either of them shall be directed or requested to do or perform or to

forbear from doing or performing. Neither the Managers nor the Trustee shall be under any

liability if for any reason it becomes impossible or impracticable to carry out any of the

provisions of the Deed.

18.3 Neither the Managers nor the Trustee shall be responsible for the authenticity of any

signature or any seal affixed to any instrument of transfer or form of application,

endorsement or other document affecting the title to or transmission of Units or be in any

way liable for any forged or unauthorised signature on or any seal affixed to such

endorsement, instrument of transfer or other document or for acting or giving effect to any

such forged or unauthorised signature or seal. The Managers and the Trustee respectively

may nevertheless require that the signature of any Holder or joint holder to any document

required to be signed by him under or in connection with the Deed shall be verified to their

reasonable satisfaction.

18.4 Neither the Managers nor the Trustee shall incur any liability for the consequences of acting

upon any resolution purported to have been passed at any meeting of Holders duly

convened and held in accordance with the provisions of the Deed in respect of which

minutes have been made and signed even though it may be subsequently found that there

was some defect in the constitution of the meeting or the passing of the resolution or that

for any reason the resolution was not binding on the Holders.

18.5 Any indemnity expressly given to the Managers or the Trustee in the Deed is in addition to

and without prejudice to any indemnity allowed by law but no provision in the Deed shall,

in any case where the Trustee or the Managers have failed to show the degree of care and

diligence required of them as trustee and managers, exempt them or indemnify them

against any liability for breach of trust.

18.6 Not withstanding anything in the Deed:

(a)

(b)

(c)

The Trustee shall not incur any liability in respect of or be responsible for losses

incurred through the insolvency of or any act or omission of any depository or

clearing system with which Authorised Investments may be deposited or any broker,

financial institution or other person (or in each case its nominee) with whom

Authorised Investments are deposited in order to satisfy any margin requirement;

The Trustee shall not incur any liability in respect of or be responsible for losses

incurred through the insolvency of or any act or omission of any nominee,

custodian, joint custodian or sub-custodian appointed by the Trustee except where

the Trustee has failed to exercise reasonable skill and care in the selection,

appointment and monitoring of such appointee (having regard to the market in

which the relevant appointee is located) or the Trustee is in wilful default; and

The Trustee shall not incur any liability in respect of or be responsible for losses

through the insolvency of or any act or omission of any sub-custodian not appointed

by it.

18.7 Nothing herein contained shall be construed so as to prevent the Managers and the Trustee

in conjunction or the Managers or the Trustee separately from acting as managers or trustee

of collective investment schemes separate and distinct from the Sub-Fund.

18


19. OTHER MATERIAL INFORMATION

19.1 The Deed

Investors should read the Deed for further details relating to the Sub-Fund. The Deed is a

legal document which sets out the rights, responsibilities and obligations of the Managers,

Trustee and Holders. The provisions of the Deed are binding on each Holder as if he were a

party to the Deed.

If an investor is in any doubt regarding the contents of this Prospectus, he/she should e-mail

the Managers at marketing.sg@AllianzGI-ap.com, or call the Managers at 1800-438 0828 or

consult his/her solicitor, financial advisor or other professional advisor.

19.2 Meetings of Holders

A meeting of the Holders duly convened and held in accordance with the provisions of the

Deed shall be competent by Extraordinary Resolution:-

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(vii)

to sanction any modification, alteration or addition to the provisions of the Deed

which shall be agreed by the Trustee and the Managers as provided in the Deed;

to sanction a supplemental deed increasing the maximum permitted percentage of

the Management Fee or the Trustee’s Fee as provided in the Deed;

to terminate the Scheme or the Sub-Fund (as the case may be) as provided in the

Deed or Section 295 of the Securities and Futures Act;

to remove the Auditors as provided in the Deed;

to remove the Managers as provided in the Deed;

to remove the Trustee as provided in the Deed;

to sanction such other matters as may be proposed by the Managers or the Trustee;

and shall be competent to consent to the exercise of the rights of voting as provided in the

Deed but shall not have any further or other powers.

An “Extraordinary Resolution” is defined in the Deed to mean a resolution proposed and

passed at a meeting of Holders duly convened and held in accordance with the provisions of

the Deed and carried by a majority consisting of not less than three-quarters of the Holders

of the Scheme or a sub-fund of the Scheme, as the case may be, voting at the meeting upon a

show of hands or, if a poll is duly demanded and taken, by a majority consisting of not less

than three-quarters in number of the votes given on such poll.

19.3 Removal of the Managers

The Managers may be removed by notice in writing to the Managers given by the Trustee if:-

(i)

(ii)

(iii)

the Managers go into liquidation (except a voluntary liquidation for the purpose of

reconstruction or amalgamation) or if a judicial manager or a receiver is appointed

of any of their assets; or

the Managers cease to carry on business; or

the Managers fail or neglect after reasonable notice from the Trustee to carry out or

19


satisfy any obligation imposed on the Managers by the Deed or if the Trustee is of the

opinion that it deems it strictly necessary to protect the interests of the Holders due

to serious wrongdoings on the part of the Managers; or

(iv)

(v)

the Holders by Extraordinary Resolution resolve that such notice be given; or

the Authority directs the removal of the Managers.

Upon the Trustee giving notice in accordance with the provisions of the Deed, the Managers

shall ipso facto cease to be the managers of the Scheme and the Trustee shall appoint some

other qualified corporation to be the managers.

The appointment of the new managers shall take effect upon and subject to such qualified

corporation entering into a supplemental deed with the Trustee. The supplemental deed (if

so required by the removed Managers) shall provide that the new managers purchase from

the removed Managers all Units of which the removed Managers are the Holder or deemed

to be the Holder and that the words AllianzGI or Allianz Global Investors Singapore Limited

or any abbreviation shall no longer form part of the name of the Scheme.

The above provisions shall not prejudice the rights of the Trustee, the Managers or the

Holders to terminate the Scheme or the Sub-Fund in accordance with the provisions of the

Deed.

The Managers may at any time retire in favour of a qualified corporation selected by the

Managers and approved by the Trustee upon and subject to such corporation entering into such

supplemental deed as mentioned above. Upon such deed being entered into and upon payment

to the Trustee of all amounts payable by the retiring Managers to the Trustee under the Deed at

the date of such deed, the retiring Managers shall be released from all further obligations but

without prejudice to the rights of the Trustee or of any Holder, former Holder or other person in

respect of any act or omission of the retiring Managers prior to such retirement.

19.4 Transferability of Units

(a)

(b)

Every Holder who has purchased Units with cash shall be entitled to transfer Units

by an instrument in writing in any usual or common form or in such other form as

the Managers and the Trustee may from time to time approve Provided That no

transfer shall be registered if such registration would result in the transferor or

transferee being a Holder of less than the Minimum Holding.

Units purchased with moneys from a Holder’s SRS Account are not transferable

except where the Holder’s SRS Account has been closed.

19.5 Securities Lending

The investment manager of the Underlying Fund may engage in securities lending subject to

the provisions of the Deed.

20


GLOSSARY OF TERMS

In this Prospectus the following expressions have, except where the context otherwise requires, the

meanings respectively shown opposite them:-

AllianzGI Ireland

Approved Bank

Auditors

Allianz Global Investors Ireland Ltd.

any bank appointed by the CPF Board to be a bank for the

purposes of the CPF Regulations

the auditors for the time being of the Sub-Fund

Authorised Investments (a) any Quoted Investment;

(b)

(c)

(d)

(e)

(f)

any Investment in respect of which an application

for listing for permission to deal has been made to a

Recognised Market and the subscription for or

purchase of which is either conditional upon such

listing or permission to deal being granted within a

specified period not exceeding twelve weeks (or such

other period as may be agreed between the

Managers and the Trustee) or in respect of which the

Managers are satisfied that the subscriptions or

other transactions will be cancelled if the application

is refused;

any Unquoted Investment;

any Investment which is a unit in any unit trust

scheme or a share or participation in an open-ended

mutual fund or other collective investment scheme;

the currency of any country or any contract for the

spot purchase or sale of any such currency or any

forward contract of such currency; and

any Investment which is not covered by paragraphs

(a) to (e) of this definition selected by the Managers

and approved by the Trustee.

Authority

Business Day

Central Provident Fund Act

Class

the Monetary Authority of Singapore

any day other than Saturday or Sunday on which commercial

banks in Singapore are generally open for business, or where

the context expressly requires, any day other than Saturday or

Sunday on which commercial banks in Singapore or

elsewhere are generally open for business, or any other day as

the Managers and the Trustee may agree in writing

the Central Provident Fund Act (Cap. 36) of Singapore as

modified from time to time

any class of Units in the Sub-Fund which may be designated as

a class distinct from another class in the Sub-Fund such as

“SGD Class”, “USD Class” and the like or such other

21


designation as may be determined by the Managers from time

to time, and Units in any such class may be accordingly

designated as “SGD Class Units”, “USD Class Units” and the

like or by any other relevant designation

CPF

CPF Board

CPF Investment Account

CPF ordinary account

CPFIS

Dealing Day

the Central Provident Fund

the Central Provident Fund Board, established pursuant to

the Central Provident Fund Act

an account opened by a Member with an Approved Bank in

which moneys withdrawn from his CPF ordinary account are

deposited for the purpose of investments under the CPFIS

the account referred to by the CPF Board as the ordinary

account

the CPF Investment Scheme (as defined in the Regulations)

or such other scheme as shall replace or supersede the CPF

Investment Scheme

in relation to Units of any particular Class, such day or days as

the Managers may from time to time with the approval of the

Trustee determine, but so that:-

(a) unless and until the Managers (with the approval of the

Trustee) otherwise determine, each Business Day after the

Commencement Date (as defined in the Deed) in relation

to the relevant Class shall be a Dealing Day in relation to

that Class; and

(b) without prejudice to the generality of the foregoing, if on

any day which would otherwise be a Dealing Day in

relation to Units of any particular Class the Recognised

Market on which Investments or other property

comprised in, and having in aggregate value amounting to

at least 50 per cent of Net Asset Value (as defined in the

Deed) (as of the immediately preceding Valuation Point)

of, the Class of which such Units relate are quoted, listed

or dealt in is not open for normal trading, the Managers

may determine that day shall not be a Dealing Day in

relation to Units of that Class

Dealing Deadline

The Deed

Duties and Charges

in relation to any particular place and any particular Dealing

Day, means 3.00 p.m. in that place or such other time of day as

the Managers may after consultation with the Trustee from

time to time determine

as defined in Paragraph 3.2 under the section headed Basic

Information in this Prospectus

all stamp and other duties, taxes, governmental charges,

brokerage, commissions, bank charges, transfer fees,

registration fees and other duties, taxes, charges and fees

whether in connection with:-

22


(a)

(b)

(c)

(d)

the constitution of the Sub-Fund Property;

the increase or decrease of the Sub-Fund Property;

the issue, sale, purchase or exchange of Units; or

the sale or purchase of Investments,

or otherwise, which may have become or may be payable in

respect of, prior to or upon the occasion of the transaction or

dealing in respect of which the same are payable, but does not

include any commission payable to agents on a sale or

purchase of Units

Euro

Holder

Initial Sales Charge

Investment

the lawful currency of the participating countries of the

European Union

in relation to a Unit, means the person for the time being

entered in the Register as the holder of that Unit and

includes persons so entered as joint holders

means a charge upon the issue of Units of such amount as the

Managers may from time to time determine generally or in

relation to any specific transaction for the Sub-Fund, being a

percentage of the Value per Unit, which shall not exceed the

maximum charge for the Sub-Fund as stated in this

Prospectus

any share, stock, bond, note, debenture, debenture stock,

warrant, option, securities, unit or sub-unit in a unit trust

scheme, participation in a mutual fund or similar scheme,

loan convertible into security, money market instrument,

loan, loan stock, certificate of deposits, commercial paper,

promissory notes, treasury bills, fixed and floating rate

instruments and security, bankers' acceptance, derivative

instruments including index future and forward currency

exchange contract or any other security which may be

selected by the Managers upon giving prior notification to the

Trustee for the purpose of investment of the Sub-Fund

Property

Issue Price - in relation to the initial issue of Units, shall be such

price per Unit as the Managers may determine

- in relation to the subsequent issue of Units, shall be

the price per Unit on any Dealing Day ascertained by

(i) calculating the Value per Unit as at the Valuation

Point in relation to that Dealing Day, (ii) adding to it

the Initial Sales Charge and appropriate Transactions

Adjustment and (iii) determining the resultant total

and adjusting the figure upwards to three decimal

places (or such other number of decimal places as

the Managers may from time to time determine with

the approval of the Trustee)

23


Management Fee

Minimum Holding

Month

Quoted Investment

Realisation Charge

Realisation Price

Recognised Market

the remuneration of the Managers being a percentage of the

Value of the Sub-Fund Property, which shall not exceed the

maximum fee stipulated in this Prospectus

means such number of Units or such aggregate value of Units

(based on the price at which the Units were subscribed for) as

the Managers may from time to time determine upon giving

prior notice to the Trustee

a calendar month

any Investment which is for the time being quoted on the

Singapore Exchange Securities Trading Limited (SGX-ST) or

the Singapore Exchange Securities Trading Dealing and

Automated Quotation System (SESDAQ) or quoted, listed or

dealt in on a Recognised Market outside Singapore

means a charge upon the realisation of Units of such amount

as the Managers may from time to time determine generally

or in relation to any specific transaction for the Sub-Fund,

being a percentage of the Value per Unit, which shall not

exceed the maximum charge for the Sub-Fund as stated in this

Prospectus

the price per Unit on any Dealing Day ascertained by (i)

calculating the Value per Unit as at the Valuation Point in

relation to that Dealing Day, (ii) deducting from it the

Realisation Charge and appropriate Transactions Adjustment

and (iii) determining the resultant total and adjusting the

figure downwards to three decimal places (or such other

number of decimal places as the Managers may from time to

time determine with the approval of the Trustee and upon

giving notice to the Holder if so required by the Trustee)

any stock exchange or over-the-counter market, any futures

exchange and any organised securities market which is open

to the public and on which securities are regularly traded,

being in each case an exchange or market in any part of the

world (including the Singapore Exchange Securities Trading

Limited (SGX-ST) and the Singapore Exchange Securities

Trading Dealing and Automated Quotation System

(SESDAQ)) and in relation to any particular Investment

includes any responsible firm, corporation or association in

any country in the world so dealing in the Investment as to

be expected generally to provide in the opinion of the

Managers a satisfactory market for the Investment and is

approved by the Trustee and in such case the Investment

shall be deemed to be the subject of an effective permission

to deal or be dealt in on the market deemed to be constituted

by such firm, corporation or association

24


Register

Relevant Participating

Bank

Relevant Participating

Distributor

Relevant Persons

RSP

Scheme

Securities and Futures Act

Singapore Dollars or S$

SRS

SRS Account

SRS Operator

Sub-Fund

Sub-Fund Property

the register of Holders of the Sub-Fund

any bank in Singapore which the Managers may, after giving

written notice to the Trustee, specify for the purpose of

Paragraph 8.2 of this Prospectus

any distributor in Singapore which the Managers may, after

giving written notice to the Trustee, appoint for the purpose of

Paragraph 8.3 of this Prospectus

the Managers, the Trustee, relevant authorities and any other

person to whom the Relevant Participating Bank or Relevant

Participating Distributor deems it necessary to disclose

information about an investor’s bank account for the purpose

of Paragraph 8.2 or 8.3 of this Prospectus

a regular savings plan

the Allianz Global Investors Premier Funds

the Securities and Futures Act (Cap. 289) of Singapore and the

regulations issued pursuant to it as they may be modified

from time to time

the lawful currency of the Republic of Singapore

the scheme referred to by the Ministry of Finance as the

Supplementary Retirement Scheme or such other scheme as

shall replace or supersede the Supplementary Retirement

Scheme from time to time

an account opened by an investor pursuant to the SRS with a

bank which has been approved as an SRS Operator by the

Ministry of Finance

the bank with which an investor has opened an SRS Account

the Global Internet Fund, a sub-fund of the Scheme

all of the assets for the time being comprised in the Sub-Fund

or deemed to be held upon the trusts of the Deed for account of

the Sub-Fund excluding any amount for the time being

standing to the credit of the distribution account of the Sub-

Fund as referred to in Clause 21.2 of the Deed

Transactions Adjustment - in relation to the issue of a Unit, an adjustment of up to

such amount (if any) as the Managers determine

represents the Duties and Charges which would have

been payable in purchasing the Investments

constituting the Sub-Fund Property as at the Valuation

Point divided by the number of Units of the Sub-Fund

issued and deemed to be in issue as at that time and

such amount shall not exceed such percentage as the

Managers and the Trustee may from time to time agree;

and

25


- in relation to the cancellation and realisation of a Unit,

an adjustment of up to such amount (if any) as the

Managers determine represents the Duties and

Charges which would have been payable in selling the

Investments constituting the Sub-Fund Property as at

the Valuation Point divided by the number of Units of

the Sub-Fund in issue and deemed to be in issue as at

that time which amount shall not exceed such

percentage as the Managers and the Trustee may from

time to time agree.

Trustee’s Fee

Unit

Unquoted Investment

US Dollars or USD

Valuation Point

Value

Year

the remuneration of the Trustee in relation to the Sub-Fund,

being a percentage of the Value of the Sub-Fund Property,

which shall not exceed the maximum fee stipulated in this

Prospectus

the nature of the interest issued to investors, being an

undivided share in the Sub-Fund Property which includes a

fraction of a Unit

any Investment which is not quoted, listed or dealt in on any

Recognised Market

the lawful currency of the United States of America

7.00 a.m. Singapore time on the Business Day immediately

following the relevant Dealing Day or such other time as may

be determined by the Managers with the approval of the

Trustee and in the event of any change in the Valuation Point,

the Managers shall notify the Holders of such change if

required by the Trustee

with reference to the Sub-Fund Property or part of the Sub-

Fund Property or any Investment comprised in it, its net asset

value or value determined in accordance with the provisions

of the Deed

a calendar year

26


Board of Directors of Allianz Global Investors Singapore Limited

Kwok Keng Han, Director Eric Lai, Director

Nikhil Srinivasan, Director Frank Klausfelder, Director

27


Allianz Global Investors Singapore Limited

6 Battery Road #28-01

Singapore 049909

Hotline: (1800) 438 0828

Fax: (65) 6311 8025

Email: marketing.SG@AllianzGI-ap.com

Website: www.AllianzGlobalInvestors.com.sg

Business Registration No: 199907169Z

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