Pendal Sustainable Balanced Fund, ARSN: 637 429 237 (Fund)
Following a recent refresh of the Pendal website, effective 12 August 2025, the click through steps required to access the Fund’s unit prices has changed as follows:
Unit Prices
Entry and exit prices for each Business Day will be available at www.pendalgroup.com by clicking on ‘Products’, selecting the Scheme, and clicking on ‘View fund information’. Click on ‘Prices and Distributions’ and then select the relevant class from the drop down menu. Prices will usually be posted by the end of the next Business Day.
Pendal Dynamic Income Fund, ARSN: 622 750 734 (Fund)
Following a recent refresh of the Pendal website, effective 12 August 2025, the click through steps required to access the Fund’s unit prices has changed as follows:
Unit Prices
Entry and exit prices for each Business Day will be available at www.pendalgroup.com by clicking on ‘Products’, selecting the Scheme, and clicking on ‘View fund information’. Click on ‘Prices and Distributions’ and then select the relevant class from the drop down menu. Prices will usually be posted by the end of the next Business Day.
Pendal Global Emerging Markets Opportunities Fund (APIR: BTA0419AU, ARSN: 159 605 811)
Pendal Global Select Fund (APIR: PDL6767AU (Class R), PDL4472AU (Class W), ARSN: 651 789 678)
(each a Fund).
Effective 1 August 2025, the buy-sell spread for the Pendal Global Emerging Markets Opportunities Fund and the Pendal Global Select Fund (Class R and Class W) will decrease to reflect a reduction in the Funds’ transaction costs.
The buy-sell spread for each Fund will decrease as set out in the table below:
Table 1: Old and New Buy-Sell Spreads
| Fund Name | Old (%) | New (%) | ||
| Buy | Sell | Buy | Sell | |
| Pendal Global Emerging Markets Opportunities Fund | 0.30% | 0.30% | 0.25% | 0.25% |
| Pendal Global Select Fund- Class R | 0.20% | 0.20% | 0.15% | 0.15% |
| Pendal Global Select Fund- Class W | 0.20% | 0.20% | 0.15% | 0.15% |
More about buy-sell spreads
The buy-sell spread is an additional cost to you and is generally incurred whenever you invest in or withdraw from a Fund. The buy-sell spread is retained by the Fund (it is not a fee paid to us) and represents a contribution to the transaction costs incurred by the Fund such as brokerage and stamp duty, when the Fund is purchasing and selling assets.
The buy-sell spread also reflects the market impact of buying and selling the underlying securities in the market. Importantly, the buy-sell spread helps to ensure different unit holders are being treated fairly by attributing the costs of trading securities to those unit holders who are buying and selling units in the Fund.
As transaction costs may change depending on various factors such as market conditions and brokerage costs, buy-sell spreads may also change without prior notice. You should, therefore, review each Fund’s current buy-sell spread before making a decision to invest or withdraw from a Fund.
For the latest buy-sell information, please refer to our website www.pendalgroup.com, click ‘Products’, select the relevant Fund and click on ‘View fund information’.
Notice of Termination:
Regnan Global Equity Impact Solutions Fund Class R (APIR: PDL4608AU ARSN: 645 981 853)
Regnan Global Equity Impact Solutions Fund Class W (APIR: PDL7011AU ARSN: 645 981 853)
The Regnan Global Equity Impact Solutions Fund (Fund) will terminate on Wednesday, 30 July 2025.
Why is the Fund terminating?
We regularly review our product offerings and investment capabilities to ensure that our business continues to maintain a product suite that remains viable and relevant to our investor demands.
After careful consideration, we have determined that terminating the Fund is in the best interests of investors.
The Fund’s small size means that it has high running costs and cannot be managed in a cost efficient way.
We also consider that the Fund has little prospect of significant growth in funds under management in the foreseeable future. If the Fund were to continue, the Fund’s size would result in higher management costs for investors, which would reduce their investment returns.
How this affects you?
As the decision to terminate the Fund has been made, applications, transfers and withdrawals will not be accepted after 2:00pm (Sydney time) on Wednesday, 30 July 2025.
What happens next?
Following the Fund’s termination on Wednesday, 30 July 2025, we will begin to wind up the Fund. The assets of the Fund will be sold and the net proceeds of winding up will be paid to all investors in proportion to their unit holding.
What does this mean for you?
Your pro-rata share of the net cash proceeds from this termination will be paid directly to your nominated bank account on file on or around the week commencing Monday, 11 August 2025 or shortly thereafter.
Details of the distribution paid to you prior to the termination of the Fund will be included in your 2026 AMIT Member Annual (AMMA) statement. This statement will set out the components of the distribution. It will be issued to you following the 30 June 2026 financial year.
Questions?
If you have any questions, please contact our Investor Relations Team during business hours on 1300 346 821.
Regnan Credit Impact Trust (APIR: PDL5969AU)
(the “Fund”)
The following information contains an important update to the exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement for the Regnan Credit Impact Trust dated 11 January 2023 (together, “the PDS”) and should be read in conjunction with the PDS.
The changes to the Fund’s exclusionary screens are outlined below. In our view, these changes ensure that the Fund remains true to label and more closely aligned with investor expectations in relation to responsible investment funds.
1. Broader screening for fossil fuels
The Fund will limit its exposure to issuers directly involved in the exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
2. Broader screening definition for controversial weapons
The screening definition for controversial weapons will broaden to also include white phosphorus weapons. As a result, the Fund will not invest in issuers directly involved in the manufacture of white phosphorus weapons.
3. Additional screen for controversial weapons
The Fund will apply an additional exclusionary screen for controversial weapons as follows:
The Fund will not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons.
4. Removal of current screen for issuers that directly mine uranium for the purposes of weapons manufacturing
The current screen for issuers directly involved in the direct mining of uranium for the purposes of weapons manufacturing will be removed.
Issuers supplying uranium for the purposes of weapons manufacturing will be captured under the new screen for controversial weapons relating to the supply of goods or services specifically related to controversial weapons.
5. Stricter gross revenue thresholds
The Fund will not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
- Alcohol
- Gaming facilities
- Non-controversial weapons or armamentsPornography
- Fossil Fuels.
Exclusionary Screens
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens set out in section 5. How we invest your money of the Fund’s Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens under the heading ‘Ethical considerations’ in section 3. Labour, environmental, social and ethical considerations of the Fund’s Additional Information to the Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Exclusionary screen changes
Pendal Sustainable Australian Fixed Interest Fund – Class R (APIR: BTA0507AU)
Pendal Sustainable Australian Fixed Interest Fund – Class W (APIR: PDL3438AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 20 February 2025 for the Pendal Sustainable Australian Fixed Interest Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the exclusionary screens applied by the Fund will be changing, as outlined below:
- the definition of controversial weapons applied by the Fund will broaden to include white phosphorus weapons. As a result, the Fund will not invest in issuers involved in the manufacture of white phosphorus weapons;
- the Fund will introduce an additional exclusionary screen and not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons; and
- the Fund will remove its current screen for issuers that mine uranium for the purposes of weapons manufacturing as this will be captured under the new screen. Specifically, any issuer supplying uranium for the purposes for weapons manufacturing will now be captured under the supply of goods or services specifically related to controversial weapons exclusionary screen.
In our view, these changes ensure that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
The following text contains further information on the environmental, social (including labour standards) and ethical considerations that we take into account when selecting, retaining or realising investments in the Fund and should be read in conjunction with the PDS.
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas);
• the production of alcohol;
• manufacture or provision of gaming facilities;
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to securities issued by government, semi-government or supranational entities, derivatives or cash. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. We draw on internal and supplementary external research, believed to be accurate, to determine whether an issuer is subject to the exclusionary screens. However, as the nature and conduct of businesses may change over time, and publicly available financial or other information is not always comprehensive or up to date, we cannot guarantee that the Fund will meet all these criteria at all times.
We review issuers subject to the exclusionary screens monthly, and monitor the Fund’s compliance with its investment guidelines (including with the exclusionary screens) daily. If we discover an investment no longer meets our criteria, we will divest the holding as soon as we consider appropriate (usually sold within three months), having regard to the interests of investors.
Exclusionary screen changes
Pendal Sustainable Balanced Trust – (APIR: PDL1098AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Information Memorandum dated 8 May 2025 for the Pendal Sustainable Balanced Trust (IM) and should be read in conjunction with the IM.
The Fund applies exclusionary screens to its investments in the Australian and International shares, Australian and International fixed interest and part of its Alternative investments asset classes.
Effective from 30 June 2025, the exclusionary screens applied by the Fund to its International shares, Australian fixed interest and part of its Alternative investments asset classes will be changing, as outlined below:
- a new exclusionary screen will be added to the Fund’s International shares, Australian fixed interest and part of its Alternative investment’s asset classes. Within these asset classes the Fund will not invest in companies or issuers which directly supply goods or services specifically related to controversial weapons; and
- within the Fund’s Australian fixed interest asset class, the current screen for issuers that mine uranium for the purposes of weapons manufacturing will be removed as this will be captured under the new screen. Specifically, any issuer supplying uranium for the purposes for weapons manufacturing will now be captured under the supply of goods or services specifically related to controversial weapons exclusionary screen.
In our view, these changes ensure that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have clarified the definition of controversial weapons includes white phosphorus weapons for the Fund’s International shares, Australian fixed interest and part of the Fund’s Alternative investments asset classes.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in the IM is replaced with the following:
Exclusionary Screens
The Fund applies exclusionary screens to its investments in the Australian and International shares, Australian and International fixed interest and part of its Alternative investments asset classes.
The Fund’s exclusionary screens aim to avoid exposure to companies and issuers with core business activities that Pendal considers to negatively impact the environment and/or society.[1]
Exclusionary screens are not applied to investments in the Fund’s Australian and International property securities, unlisted property (including unlisted infrastructure and private equity), part of the Fund’s Alternative investments asset classes and certain financial instruments such as securities issued by government, semi-government or supranational entities, derivatives and cash. This is because such investments, financial instruments or issuers are not able to be reasonably screened for involvement in activities that Pendal considers to negatively impact the environment and/or society.1
The use of derivatives may result in the Fund having indirect exposure to companies or issuers that would otherwise be excluded.
The Fund’s Australian and International Shares, Australia and International fixed interest and part of the Alternative investments asset classes will not invest in companies and issuers which directly:
- Produce tobacco (including e-cigarettes and inhalers); or
- Manufacture controversial weapons (including landmines, biological weapons, blinding laser weapons, chemical weapons, cluster munitions, depleted uranium weapons, incendiary weapons, non-detectable fragments and nuclear weapons and except for International fixed interest, white phosphorus weapons).
Additional exclusionary screens are also applied across these asset classes as follows:
Exclusionary Screens – Australian Shares
The Fund’s Australian shares asset class will also not invest in companies which:
Fossil Fuels
• Directly extract or explore for fossil fuels (specifically, coal, oil and gas); or
• Derive 10% or more of their gross revenue from fossil fuel-based power generation (coal, oil and gas)*; or
• Derive 10% or more of their gross revenue from fossil fuel refinement (coal, oil and gas)*; or
• Derive 10% or more of their gross revenue from fossil fuel distribution (coal, oil and gas)*; or
• Derive 10% or more of their gross revenue from the provision of supplies or services which relate specifically to fossil fuel extraction or exploration (coal, oil and gas)*.
* Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.
Uranium
• Derive 10% or more of their gross revenue from directly mining uranium for the purpose of nuclear power generation.
Logging
• Derive 10% or more of their gross revenue from unsustainable forestry or forest products, including non-Forest Stewardship Council certified forest products or non-Roundtable on Sustainable Palm Oil certified palm oil production.
Gambling
• Directly manufacture, own or operate gambling facilities, gaming services or other forms of wagering; or
• Derive 10% or more of their gross revenue from the indirect provision of gambling (for example, through telecommunications platforms).
Pornography
• Produce pornography; or
• Derive 10% or more of their gross revenue from the distribution or retailing of pornography.
Weapons
• Manufacture or distribute controversial weapons (including landmines, biological weapons, blinding laser weapons, chemical weapons, cluster munitions, depleted uranium weapons, incendiary weapons, non-detectable fragments, nuclear weapons and white phosphorus weapons); or
• Supply goods or services specifically related to controversial weapons; or
• Manufacture non-controversial weapons or armaments (including civilian firearms or military equipment); or
• Derive 10% or more of their gross revenue from the distribution or retailing of non-controversial weapons or armaments (including civilian firearms or military equipment); or
• Derive 10% or more of their gross revenue from the supply of goods or services specifically related to non-controversial weapons or armaments.
Alcohol
• Produce alcoholic beverages; or
• Derive 10% or more of their gross revenue from the distribution or retailing of alcoholic beverages.
Tobacco
• Produce tobacco (including e-cigarettes and inhalers); or
• Derive 10% or more of their gross revenue from the distribution of tobacco (including e-cigarettes and inhalers); or
• Derive 10% or more of their gross revenue from the supply of goods or services specifically related to the tobacco industry (for example, packaging or promotion).
Animal cruelty
• Directly undertake animal testing for cosmetic products; or
• Directly undertake live animal export.
Predatory lending
• Directly provide products or services with lending practices that are unfair or deceptive to ordinary borrowers, including small amount short term loans at higher than commercial rates of interest (for example, payday loans, pawn loans or the use of aggressive sales tactics).
Breaches and misconduct
• We consider to have been found to have significant breaches of social or environmental norms or regulations, or are subject to serious and substantiated allegations of unethical conduct, which we consider have not been remedied or adequately addressed.
Exclusionary Screens – International Shares
The Fund’s International shares asset class will also not invest in companies which directly:
• Supply goods or services specifically related to controversial weapons; or
• Extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund’s International shares asset class will also not invest in companies which derive 10% or more of their gross revenue directly from:
• Fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*; or
• The production of alcoholic beverages; or
• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or
• Manufacture of non-controversial weapons or armaments; or
• Manufacture or distribution of pornography; or
• Uranium mining for the purpose of nuclear power generation.
* Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.
Exclusionary Screens – Australian Fixed Interest
The Fund’s Australian fixed interest asset class will also not invest in companies which directly:
• Supply goods or services specifically related to controversial weapons.
The Fund’s Australian fixed interest asset class will also not invest in issuers which derive 5% or more of their gross revenue directly from:
• Exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas); or
• The production of alcohol; or
• Manufacture or provision of gaming facilities; or
• Manufacture of non-controversial weapons or armaments; or
• Manufacture or distribution of pornography.
Exclusionary Screens – International Fixed Interest
The Fund’s International fixed interest asset class will also not invest in issuers which derive 10% or more of their gross revenue directly from:
• The production of alcohol; or
• Manufacture or provision of gaming facilities; or
• Manufacture of non-controversial weapons or armaments; or
• Manufacture or distribution of pornography; or
• Direct mining of uranium for the purpose of weapons manufacturing; or
• Extraction of thermal coal and oil sands production.
Exclusionary Screens – Alternative Investments
Additional exclusionary screens are applied to only part of the Fund’s Alternative investments asset class. This is because some investments cannot be reasonably screened for involvement in activities that Pendal considers to negatively impact the environment and/or society.[2]
Where exclusionary screens can be applied to Alternative investments, the Fund’s Alternative investments asset class will also not invest in companies which directly:
• Supply goods or services specifically related to controversial weapons.
Where exclusionary screens can be applied to Alternative investments, the Fund’s Alternative investments asset class will also not invest in companies or issuers which derive 10% or more of their gross revenue directly from:
• The production of alcoholic beverages; or
• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or
• Manufacture of non-controversial weapons or armaments; or
• Manufacture or distribution of pornography; or
• Direct mining of uranium for the purpose of nuclear power generation; or
• Extraction of thermal coal and oil sands production.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. To determine whether an investment is subject to the Fund’s exclusionary screens, Pendal relies on internal and supplementary external research, believed to be accurate. However, as the nature and conduct of businesses may change over time, and publicly available financial or other information is not always comprehensive or up to date, we do not guarantee that the Fund’s investments will meet all of the Fund’s exclusionary screen criteria at all times.
Where the Fund invests in non-Pendal funds or non-Pendal ETFs, LICs or LITs, we do not guarantee that these investments will meet all of the Fund’s exclusionary screen criteria at all times. This is because Pendal does not control the exclusionary screening methodology applied by such funds, ETFs, LICs or LITs and relies on publicly available information to monitor their compliance with the Fund’s exclusionary screens.
Pendal reviews investments subject to the Fund’s exclusionary screens monthly, however some investments within the Fund’s Alternative investments asset class are reviewed quarterly. We monitor the Fund’s compliance with its exclusionary screens daily.
If we determine that an investment no longer meets our exclusionary screen criteria, we will divest the holding (usually within six months) having regard to the interests of investors. The time it takes to sell an investment depends on factors including, but not limited to, the size and liquidity of the investment (which may have an impact on the Fund’s performance returns), and the time it takes for Pendal to seek and assess suitable replacement investments that meet the Fund’s exclusionary screens and sustainability criteria.
[1] As defined by the Fund’s exclusionary screens and gross revenue thresholds.
[2] As defined by the Fund’s exclusionary screens and gross revenue thresholds.
Pendal Sustainable International Share Fund (APIR: BTA0568AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Information Memorandum dated 10 April 2025 for the Pendal Sustainable International Share Fund (IM) and should be read in conjunction with the IM.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in the Information Memorandum is replaced with the following:
Exclusionary Screens
The Fund applies exclusionary screens which aim to avoid exposure to companies with core business activities that Pendal considers to negatively impact the environment and/or society.4
The Fund will not invest in companies directly involved in the following activities:
• extract or explore for fossil fuels (specifically, coal, oil and natural gas); or
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (such as cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments weapons and white phosphorous weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in companies directly involved in any of the following activities, where such activities account for 10% or more of their gross revenue:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.
Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
All reasonable care has been taken by Pendal to implement the Fund’s exclusionary screens to meet the criteria described above. To determine whether an investment is subject to the Fund’s exclusionary screens, Pendal relies on internal and supplementary external research, believed to be accurate. However, as the nature and conduct of businesses may change over time, and publicly available financial or other information is not always comprehensive or up to date, we do not guarantee that the Fund’s investments will meet all of the Fund’s exclusionary screen criteria at all times.
Pendal reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including the exclusionary screens) daily.
If we determine that an investment no longer meets our exclusionary screen criteria, we will divest the holding (usually within six months) having regard to the interests of investors. The time it takes to sell an investment depends on factors including, but not limited to, the size and liquidity of the investment (which may have an impact on the Fund’s performance returns), and the time it takes for Pendal to seek and assess suitable replacement investments that meet the Fund’s exclusionary screens and sustainability or ESG criteria.
Regnan Global Equity Impact Solutions Fund – Class R (APIR: PDL4608AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’at www.pendalgroup.com/RegnanGlobalEquityImpactSolutionsFundR-PDS.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times
Regnan Global Equity Impact Solutions Fund – Class W (APIR: PDL7011AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’, a copy of which can be obtained by calling us.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times