principal global credit opportunities fund

Product Disclosure Statement

Principal Global Credit Opportunities FundDated: 7 January 2019

ARSN: 108 685 927 | APIR: PGI0001AU

Responsible Entity:Ironbark Asset Management (Fund Services) LimitedABN 63 116 232 154 | AFSL 298626Level 13, 1 Margaret Street, Sydney NSW 2000

Investment Manager:Principal Global Investors (Australia) LimitedABN 45 102 488 068

Contact detailsIronbark is responsible for providing client services to this Fund.If you have an enquiry or would like more information, you canspeak to an Ironbark representative between 9.00 am and5.30 pm (AEST), Monday to Friday (excluding public and bankholidays in NSW).

Ironbark Client Services:

Phone: 1800 034 402

Email: [email protected]

Website: www.ironbarkam.com

Contents

1. About Ironbark Asset Management (FundServices) Limited page 2

2. How the Principal Global Credit OpportunitiesFund works page 2

3. Benefits of investing in the Principal GlobalCredit Opportunities Fund page 3

4. Risks of managed investment schemes page 3

5. How we invest your money page 4

6. Fees and costs page 6

7. How managed investment schemes are taxed page 7

8. How to apply page 8

9. Other information page 8

This Product Disclosure Statement (‘PDS’) has been preparedand issued by Ironbark Asset Management (Fund Services)Limited ABN 63 116 232 154 AFSL 298626 (‘ResponsibleEntity’, ‘we’, ‘us’, ‘our’), a wholly owned subsidiary of IronbarkAsset Management Pty Ltd ABN 53 136 679 420 AFSL 341020(collectively ‘Ironbark’) and is a summary of the significantinformation relating to an investment in the Principal GlobalCredit Opportunities Fund (the ‘Fund’). It contains a number ofreferences to important information contained in the PrincipalGlobal Credit Opportunities Fund Additional Information dated7 January 2019 (‘Additional Information’), which forms part ofthis PDS. A glossary of certain terms used in this PDS is set outin the Additional Information.

You should consider both the information in this PDS andthe information in the Additional Information, beforemaking a decision about investing in the Fund. Theinformation provided in this PDS is general informationonly and does not take account of your personal financialsituation or needs. You should obtain financial advicetailored to your personal circumstances.

The offer to which this PDS relates is only available to personsreceiving the PDS in Australia.

Throughout this PDS there are references to the AdditionalInformation. Definitions used in the Additional Information arealso used in this PDS. This PDS and Additional Information areavailable at www.ironbarkam.com or you can request a copy freeof charge by calling Ironbark Client Services on1800 034 402. The Additional Information may change betweenthe time you read this PDS and the day you acquire units in theFund. You must therefore ensure that you have read theAdditional Information current at the date of your application.

Certain information, including information that is not materiallyadverse, is subject to change from time to time. Ironbark willnotify you of any changes that have a materially adverse impacton you or other significant events that affect the informationcontained in this PDS.

Any updated information which is not materially adversemay be obtained online at www.ironbarkam.com or bycalling Ironbark Client Services on 1800 034 402. A papercopy of the updated information will be provided free ofcharge on request.

Product Disclosure Statement | Principal Global Credit Opportunities Fund 1

About Ironbark Asset Management (Fund Services) Limited

Ironbark Asset Management (Fund Services) LimitedIronbark Asset Management (Fund Services) Limited is theResponsible Entity of the Fund and the issuer of units in theFund. It is a wholly owned subsidiary of Ironbark AssetManagement Pty Ltd.

Ironbark Asset Management (Fund Services) Limited is anAustralian incorporated company, and holds an Australianfinancial services licence from ASIC authorising it to operateregistered managed investment schemes such as the Fund.

The Responsible Entity is responsible for:

• the management of the Fund in accordance with theConstitution, the Corporations Act and general law; and

• the appointment and the monitoring of the performance ofthe Fund’s service providers including the InvestmentManager.

Ironbark is a provider of asset management solutions. Ironbarkseeks to build investment solutions that are relevant and meetthe needs of its distributors and investors. To achieve this,Ironbark invests in quality people to deliver the highest servicestandards.

Through our strategic partnerships with international andAustralian fund managers, Ironbark provides investmentsolutions across a diverse range of asset classes includingAustralian and international securities, alternative investments,domestic and global property securities, and fixed interestsecurities.

As at 30 September 2018, Ironbark manages and distributesover $5.8 billion in assets.

Principal Global Investors (Australia) Limited andPrincipal Global Investors LLCPrincipal Global Investors (Australia) Limited (‘PGI Australia’ or‘Investment Manager’) has been appointed by Ironbark as theinvestment manager of the Fund. PGI Australia has delegatedthe investment management of the Fund to Principal GlobalInvestors LLC.

PGI Australia and Principal Global Investors LLC are part ofPrincipal Global Investors, the global investment managementbusiness of the Principal Financial Group. With operations in theUnited States, Europe, Asia and Australia, Principal GlobalInvestors draws on the expertise of investment professionalsaround the world.

The Fund’s investments are selected and managed by PrincipalGlobal Investors’ specialist fixed income team - Principal GlobalFixed Income. The team has expertise in the integratedmanagement of traditional and alternative fixed income sectorsworldwide.

Principal Global Investors’ investment capabilities are extensive,encompassing real estate, fixed income and equity investments,as well as specialised overlay and advisory services.

As at 30 September 2018 Principal Global Investors managedUS$447.7 billion in assets globally, primarily for retirement plansand other institutional clients.

How the Principal Global Credit Opportunities Fund works

The Fund is a registered managed investment scheme. TheFund is governed by the Constitution of the Fund. The Fund iscomprised of assets which are acquired in accordance with theFund’s investment strategy. Investors receive units in the Fundwhen they invest. Each unit represents an equal interest in theassets of the Fund subject to the Fund’s liabilities. However, itdoes not give the investor an interest in any particular asset ofthe Fund.

Applying for unitsInvestors can acquire units by completing an application form(‘Application Form’). The minimum investment amount for theFund is $20,000.

The price at which units are acquired is determined inaccordance with the Constitution (‘Application Price’). TheApplication Price on a Business Day (as defined in theAdditional Information) is equal to the Net Asset Value (‘NAV’) ofthe Fund, divided by the number of units on issue and adjustedfor transaction costs (‘buy/sell spread’).

The Application Price will vary as the market value of assets inthe Fund rises or falls.

If a correctly completed Application Form, identificationdocuments (if applicable) and cleared application money isreceived before or at 4.00pm Sydney time on a Business Day,the application will be processed on that Business Day. Thismeans you will receive the Application Price calculated for thatBusiness Day. If received after 4.00pm Sydney time on aBusiness Day, the application will be processed on the nextBusiness Day. This means you will receive the Application Pricecalculated for the next Business Day.

Making additional investmentsYou can make additional investments into the Fund at any timeby completing an Additional Investment Form, which is availableonline at www.ironbarkam.com and providing it to Ironbark

together with your additional investment amount. The minimumadditional investment into the Fund is $1,000.

DistributionsThe Fund usually distributes income (if any) quarterly at the endof each calendar quarter. If available, distributions will bedeclared on the last day of each accounting period (ending 31December, 31 March, 30 June and 30 September) and arenormally paid to investors within 14 days of the period end,although the Constitution allows up to 3 months from the end ofthe relevant distribution period. Subject to the law, Ironbark maychange the distribution frequency without notice.

An investor’s share of any distributable income is calculated inaccordance with the Constitution and is generally based on thenumber of units held by the investor at the end of the distributionperiod and the distributable income.

Investors can have their distribution reinvested or paid to anominated bank account. Investors who do not indicate apreference will have their distributions automatically reinvested.

Indirect Investors should review their Investor Directed PortfolioServices (‘IDPS’) guide for information on how and when theyreceive any income distribution. Refer to section 9 ‘Otherinformation’ for further details on Indirect Investors.

Access to your moneyInvestors of the Fund can withdraw their investment bycompleting either a withdrawal form (available viawww.ironbarkam.com) or provide a written request to withdrawfrom the Fund (detailing the number of units to be redeemed orthe dollar value required, the account number, authorisedsignatory, Fund name and the name in which the investment isheld).


You can fax your withdrawal request to 02 9323 6411 ormail to:

Ironbark Asset Management (Fund Services) LimitedC/- State Street Australia Limited - Unit RegistryLevel 14, 420 George StreetSydney NSW 2000

All valid withdrawal requests received before or at 4.00pmSydney time on a Business Day will be processed using the unitprice next calculated after 4.00pm Sydney time for that BusinessDay. Any valid withdrawal request received after 4.00pm Sydneytime on that Business Day will be processed using the unit pricecalculated for the following Business Day.

The minimum withdrawal amount is $1,000.

Ironbark will generally allow investors of the Fund to access theirinvestment within 10 Business Days of receipt of a withdrawalrequest by transferring the withdrawal proceeds to yournominated bank account. However, in some circumstances(such as when there is a freeze on withdrawals) you may not beable to withdraw your investment within this usual period. TheConstitution allows Ironbark to make payment up to 30 BusinessDays after receipt of a request.

You may also increase or decrease your investment in the Fundby acquiring or disposing of units, subject to the Constitution.

Indirect investorsYou may be able to invest indirectly in the Fund through aninvestor directed portfolio service, master trust, wrap account,an investor directed portfolio service-like scheme or a similararrangement (‘IDPS’). If you are considering investing in theFund through an IDPS you may use this PDS to obtain generalinformation about the Fund. We authorise the use of this PDS asdisclosure to clients and prospective clients of an IDPS.

You should also contact the operator of your IDPS for furtherinformation, including information about how to make an initial oradditional investment, how to redeem and any minimumamounts applying.

Please be aware that, if you invest in the Fund through an IDPS,you do not become a unit holder in the Fund and do not have therights of a unit holder. Units are issued to the IDPS and the IDPSoperator acquires the rights and may exercise them, or declineto exercise them, on your behalf.

Indirect Investors do not receive reports or statements from usincluding any periodic statements about indirect costs (currentlynil).

Unit pricing policy and methodologyIronbark has developed a formal written policy in relation to theguidelines and relevant factors taken into account whenexercising any discretion in calculating unit prices (includingdetermining the value of the assets and liabilities). A copy of thepolicy and, where applicable and to the extent required, anyother relevant documents in relation to the policy will be madeavailable to investors free of charge on request to Ironbark .Youmay also increase or decrease your investment in the Fund byacquiring or disposing of units, subject to the Constitution.

You should read the important information aboutapplications, authorised signatories, withdrawals andtransfers before making a decision. Go to the ‘Investing in thePrincipal Global Credit Opportunities Fund’, ‘Managing yourinvestment’ and ‘Withdrawing your investment’ sections ofthe Additional Information, which is available atwww.ironbarkam.com.

The material relating to applications, authorised signatories,withdrawals, cooling-off rights and transfers may changebetween the time when you read this PDS and the day whenyou acquire the product.

Benefits of investing in the Principal Global Credit Opportunities Fund

The key features and benefits of investing in the Fund include:

• Investing overseas enhances the investment universe andopportunity set,

• The Fund is managed by a fixed income team with significantexperience in evaluating global corporate debt securities andin managing traditional, opportunistic and alternative fixedincome investments,

• The investment team uses an investment process whichcombines active asset allocation with flexible investment

guidelines. The team uses in-depth proprietary researchdesigned to facilitate best-ideas security selection andactively manages volatility to mitigate downside risk andenhance returns, and

• The Fund is actively managed, providing an opportunity forreturns to achieve those of the Fund’s Investment ReturnObjective over the medium term, and actively managesvolatility to seek to mitigate downside risk.

Risks of managed investment schemes

All investments carry risk. Different strategies may carry different levels of risk, depending on the assets that make up the strategy.Assets with the highest long-term returns may also carry the highest level of short-term risk.

Specific risks of investing in this FundParticular risks associated with the Fund include:

Active managementrisk

This is the risk that active investment decision making to seek capital appreciation (as distinct from passiveholding of securities) might result in losses due to the selection or timing of investments.

Asset or sector risk The Fund invests predominantly in a particular asset class. This means that factors affecting thatparticular asset class will have a greater effect on the Fund than if the Fund was diversified across otherasset classes.

Credit risk This is the risk that the issuer of a fixed income security (or counterparty) may be unable to meet itsobligations to pay interest and principal when it is due.


Derivatives risk Derivative risk is the risk that a derivative cannot be traded or the risk that the counterparty to thederivative cannot meet their payment obligations when they are due.

Distribution risk It is not guaranteed that distributions of income from the Fund will be made on a regular basis. Investorsshould not rely on distributions from the Fund to service other obligations.

Equity risk The Fund from time to time may invest in equity volatility swaps, which are used to manage volatility of theFund. These swaps expose the Fund to changes in equity volatility.

Interest rate risk Changes in interest rates can affect the value and returns of investments in the Fund. As the Fund investsin Australia and overseas, it will be sensitive to both domestic and international interest rates

Liquidity andredemption risk

Liquidity risk arises when trading volume, lack of a market or legal restrictions impair the Fund’s ability tosell particular securities at an advantageous time or price. Securities are more likely to become illiquid attimes of global economic uncertainty or market turmoil.

Prepayment risk Certain debt securities can be prepaid at the option of the issuer. As there is no assurance that proceedsreceived from a prepayment can be invested in similar securities generating the same level of return, thiscan expose the Fund to prepayment risk.

The Investment Manager’s risk management process aims toensure that the level of risk within the Fund is commensuratewith the expected return, both at a portfolio level and for thevarious individual securities that make up the portfolio.

One of the most effective ways of managing risk is throughdiversification. This involves spreading investments acrossdifferent assets so that if a specific investment is performingpoorly, another investment may help offset this by performingwell.

Diversification is achieved by spreading the Fund’s investmentsacross countries, property sectors, and securities. Constraintsare applied that limit exposure to particular markets andsecurities (see section 5).

Investors should note that the actions we take to manage theabove risks do not mean that those risks are removed frominvestments in the Fund.

It is important for you to carefully consider the risks of investingin the Fund and to understand that:

• the value of investments will go up and down,

• investment returns will vary and future returns may differ frompast returns,

• returns are not guaranteed and you may lose some of themoney you invest,

• laws affecting managed investment schemes may change inthe future, and

• the level of risk for each person will vary depending on arange of factors, including age, investment time frames,where other parts of the investors wealth are invested; andthe investor’s risk tolerance.

You should read the important information about risks beforemaking a decision. Go to the ‘Risks of managed investmentschemes’ section of the Additional Information, which isavailable at www.ironbarkam.com.

The material relating to risks may change between the timewhen you read this PDS and the day when you acquire theproduct.

How we invest your money

Warning: Before choosing to invest in the Fund you should consider the likely investment return, the risks of investing and yourinvestment time frame.

Investment objective The Fund aims to achieve a total return above the Bloomberg Barclays Global AggregateCorporate Index1 (hedged to Australian dollars), before fees, over rolling three-year periods.

Benchmark Bloomberg Barclays Global Aggregate Corporate Index (hedged to Australian dollars)1

Suggested min timeframe 3 - 5 years

Risk level Medium-High. The likelihood of the value of your investment going down over the short term isrelatively low compared to investments in funds investing in other types of assets such asAustralian and international shares but relatively high compared to investments in cash andshort-term fixed income securities.

Investor suitability The Fund is designed for Australian investors seeking access to a diversified, multi-sector fixedincome portfolio with the potential to achieve a relatively high total return and to provide regularincome.

Investment style andapproach

The Fund employs a global multi-credit fixed-income strategy that invests predominantly in a widerange of global credit securities and investments across a number of sectors, and activelymanages volatility to seek to mitigate downside risk and enhance returns. The Fund is activelymanaged by a specialist fixed income investment team with a focus on identifying the best sectorsfor investment opportunities and then within the sectors to the most attractive securities to generatethe potential for both income and capital appreciation. Active hedging is utilised to manage risks.Investments denominated in foreign currencies are hedged into Australian dollars.


Asset allocation2 Sector Minimum Maximum

Global Investment GradeCredit

0% 100%

Global High Yield 0% 50%

Emerging Market Debt3 0% 50%

Securitised Assets 0% 25%

Government Debt 0% 100%

Cash 0% 25%

Derivatives may be used for hedging and for the efficient management of the Fund’s portfolio,however are not intended to be used to gear (leverage) the Fund. Derivatives used include,however are not limited to, interest rate swaps, credit default swaps, futures, options, and totalreturn swaps on fixed income, volatility and equity indices.

The Fund may temporarily move outside the ranges due to certain factors such as marketmovements or the receipt of significant cash flows. If this occurs, action will be taken to bring theFund back within these ranges as soon as practicable.

1 Source: Bloomberg Index Services Limited. BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively�Bloomberg�). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, �Barclays�), used under license.Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg norBarclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty,express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability orresponsibility for injury or damages arising in connection therewith.

2 For a description of these terms (other than cash), see the Additional Information.3 Any investment in emerging markets will be included in the ‘Emerging Market Debt’ sector, regardless of the credit rating or whether it can be

classified in another asset sector.

We reserve the right to terminate the Fund or change the Fund’sinvestment objectives (including the benchmark, asset allocationand investment style and approach) and/or replace theInvestment Manager without providing prior notice to investors insome cases, in accordance with the law. We will inform investorsof any material changes to the Fund’s details on our website oras otherwise required by law.

Labour, environmental, social and ethicalconsiderationsPrincipal Global Investors, LLC takes into account labourstandards, environmental, social and ethical considerations andincorporates these considerations into its investment process ifdeemed relevant. Refer to the Additional Information for furtherdetails.

Fund performanceThe latest available information on the performance of the Fundwill be available at www.ironbarkam.com or by calling IronbarkClient Services on 1800 034 402. A free paper copy of theinformation will also be available on request.

You should read the important information about the assetsthe Fund may invest in and labour, environmental, social andethical considerations before making a decision. Go to the‘Description of investments in the Principal Global CreditOpportunities Fund’ section in the Additional Information,which is available at www.ironbarkam.com.

The material relating to the Fund’s investments may changebetween the time when you read this PDS and the day whenyou acquire the product.


Fees and costs

DID YOU KNOW?

Small differences in both investment performance and fees and costs can have a substantial impact on your long termreturns.

For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return byup to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better memberservices justify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs, where applicable. Ask the fund oryour financial adviser.

TO FIND OUT MORE

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities andInvestments Commission (ASIC) website (www.moneysmart.gov.au) has a managed funds fee calculator to help you check outdifferent fee options.

The information in the following table can be used to compare costs between different managed investment schemes. Fees and costsmay be deducted from your investment, from the returns on your investment or from the assets of the Fund which reduces theinvestment return to investors. Fees and costs are rounded to four decimal places. There may be slight variations due to rounding.

TYPE OF FEE OR COST1,2,3,4 AMOUNT

Fees when your money moves in or out of the Fund

Establishment fee Nil

Contribution fee Nil

Withdrawal fee Nil

Exit fee Nil

Management costs 1,2

The fees and costs for managing your investment. Estimated to be 0.8000% p.a.Comprising:Management fee of 0.8000% p.a.5

Expense recovery of nilEstimated indirect costs of nil

1 Refer to the full fees and cost template in the Additional Information for further details on the Fund’s fees and costs.2 Unless otherwise stated, all fees quoted in this PDS are quoted on a GST inclusive basis, net of any reduced input tax credits and includes any

applicable stamp duty.3 Service fees and transaction costs may also apply. For more detail refer to the Additional Information under the heading ‘Fees and costs’.4 The fees and costs in this table do not include fees that may be payable to your financial adviser. Refer to the Statement of Advice provided by your

financial adviser in which the details of these fees are set out.5 The management fees component of the management costs can be negotiated with Wholesale Clients. Refer to ’Differential fees’ section below

under the heading ‘Fees and costs’.

Additional explanation of fees and costs

Management costsThe management costs of the Fund as set out in this PDS iscomprised of: the management fee and (if any) the expenserecovery, and indirect costs in relation to the Fund. Themanagement costs as at the date of this PDS are an estimate of0.8000% p.a. of the NAV of the Fund.

Changes to feesThe Responsible Entity may increase or decrease the fees for anumber of reasons without investor consent, subject to themaximum fee amounts specified in the Constitution. We will

provide investors at least 30 days’ prior notice of any proposedfee increase in accordance with the law. Expense recoveriesmay change without notice, for example, when it is necessary toprotect the interests of existing investors and if permitted by law.In most circumstances the Constitution defines the maximumfees that can be charged for fees described in this PDS.

Differential feesWe may negotiate different fee arrangements, such as feerebates, waivers or reductions, with Wholesale Clients. Sucharrangements would be subject to individual negotiation andcompliance with the legal and regulatory requirements. ContactIronbark for details on 1800 034 402.


Example of annual fees and costs for the FundThis table gives an example of how the fees and costs for this managed investment product can affect your investment over a 1 yearperiod. You should use this table to compare this product with other managed investment products.

EXAMPLE - Principal Global CreditOpportunities Fund2

BALANCE OF $50,000 WITH ACONTRIBUTION OF $5,000 DURINGYEAR

Contribution fees Nil For every additional $5,000 you put inyou will be charged $0.

PLUS Management costs 0.8000% p.a. And, for every $50,000 you have in theFund you will be charged $400 each year.

EQUALS Cost of Fund If you had an investment of $50,000 atthe beginning of the year and you put inan additional $5,000 during that year, youwould be charged fees of: $4002.What it costs you will depend on theinvestment option you choose and thefees you negotiate.

1 Additional fees may apply. Please note that this example does not capture all the fees and costs that may apply to you such as the buy/sell spread.2 This example assumes that the additional $5,000 was invested at the end of the year. The actual management cost will depend on when the

additional $5,000 is contributed.

Please note that this is just an example. In practice, yourinvestment balance will vary, as will the related managementcosts.

ASIC provides a fees calculator on its ‘moneysmart’ website thatyou could use to calculate the effects of fees and costs on yourinvestment in the Fund.

Warning: Additional fees may be paid to a financial adviser if afinancial adviser is consulted, refer to the Statement of Adviceprovided by the financial adviser in which details of the fees areset out.

You should read the important information about fees andcosts before making a decision. Go to the ‘Additionalexplanation of fees and costs’ section of the AdditionalInformation, which is available at www.ironbarkam.com.

The material relating to fees may change between the timewhen you read this PDS and the day when you acquire theproduct.

How managed investment schemes are taxed

Warning: Investing in the Fund is likely to have taxconsequences. Australian tax laws are complex and subject toconstant change. The tax comments below are only relevant forAustralian resident investors that hold their interests in the Fundon capital account. Further, they may not be relevant forinvestors that are subject to special tax rules such as banks,insurance companies, managed investment trusts, tax exemptorganisations and dealers in securities. We strongly advise youto seek professional tax advice before making a decision toinvest.

The Fund is an Australian resident for tax purposes and does notpay tax on behalf of its investors. Australian resident investorsare assessed for tax on any income and capital gains generatedby the Fund.

Tax on distributions made by the FundManaged investment trusts are generally not subject to tax ontheir net income or net capital gains. Rather, each investor will beassessed on their proportionate share of net income and capitalgains of the Fund. This is the case even where distributions arereinvested into the Fund or where no cash distribution is madeby the Fund to investors.

The Fund may be liable to withhold tax on any distribution ofFund payments, interest or dividends made to non-residents.

Ironbark will send you an annual tax statement for each periodended 30 June, issued only when the Fund has distributedduring the period.

Tax on withdrawal money from the FundIf you are an Australian resident investor, when you withdraw ortransfer units in the Fund, you will generally be required toinclude the resulting capital gain or capital loss in your netcapital gain calculation for the relevant period. Tax should bepayable on any net capital gain that you make for that period.

Composition of distributionsTaxable distributions from the Fund should primarily be in theform of capital gains, local sourced dividend income, foreignsourced dividend income or interest. Income tax offsetentitlements for foreign income tax paid by the Fund may beattached to such distributions made by the Fund.Non-assessable (tax deferred or tax free) distributions may alsobe made by the Fund.

Any tax losses or capital losses made by the Fund cannot bedistributed to investors.

Providing a Tax File Number (‘TFN’) or an AustralianBusiness Number (‘ABN’)Providing a TFN is not compulsory, however, if you do notprovide your TFN or ABN or claim an exemption, the Fund isrequired to deduct tax at the top marginal tax rate plus Medicarelevy on the taxable component of any distributions.


How to apply

To invest please complete the Application Form accompanyingthis PDS and either;

• attach your cheque payable to ‘’Ironbark Asset Mgmt A/C<name of investor>’’, or

• make payment by direct deposit (see details in theApplication Form),

and send your Application Form to:

Ironbark Asset Management (Fund Services) LimitedC/- State Street Australia Limited - Unit RegistryLevel 14, 420 George StreetSydney NSW 2000

Please note that cash cannot be accepted.

Who can invest?Investors can be individuals, joint investors, trusts, clubs andassociations, partnerships and companies or the trustee(s) of aself managed superannuation fund. Applicants who areindividuals must be 18 years of age or over.

Investors investing through an IDPS should use the applicationform provided by the operator of the IDPS.

Cooling-off periodA fourteen (14) day cooling-off period applies during which youmay change your mind about your investment in the Fund andrequest the return of your money in writing. Generally, thecooling-off period runs for 14 days from the earlier of the timeyour investment is confirmed, or the end of the fifth BusinessDay after your units are issued.

Enquiries and complaintsIf you have any questions regarding the Fund or are notcompletely satisfied with any aspect of services regarding themanagement of the Fund, please contact Ironbark on1800 034 402. Ironbark seeks to resolve potential and actualcomplaints over the management of the Fund to the satisfactionof investors.

If you wish to lodge a written complaint, please write to:

Ironbark Asset Management (Fund Services) LimitedLevel 13, 1 Margaret Street, Sydney NSW 2000Email: [email protected]

Any complaint will be acknowledged in writing and responded towithin 45 days. If you believe that your matter has not been dealtwith satisfactorily, you may lodge a complaint with the AustralianFinancial Complaints Authority (‘AFCA’):

Online: www.afca.org.auEmail: [email protected]: 1800 931 678 (free call)Mail: Australian Financial Complaints Authority LimitedGPO Box 3, Melbourne VIC 3001

Time limits may apply to complain to AFCA and you should actpromptly or otherwise consult the AFCA websites to find out if orwhen the time limit relevant to your circumstances expires.

If you are investing through an IDPS, then enquiries andcomplaints should be directed to the operator of the IDPS, notIronbark.

You should read the important information about investing inthe Fund and cooling-off rights before making a decision. Goto the ’Investing in the Principal Global Credit OpportunitiesFund’ and ’Other important information’ sections of theAdditional Information, which is available atwww.ironbarkam.com.

The material relating to investing in the Fund and cooling-offrights may change between the time when you read this PDSand the day when you acquire the product.

Other information

ConsentPrincipal Global Investors (Australia) Limited and PrincipalGlobal Investors LLC have given, and not withdrawn, theirwritten consent to be named in this PDS in the form and contextin which they are named and for the inclusion of informationabout them in this PDS and the Additional Information. PrincipalGlobal Investors (Australia) Limited and Principal GlobalInvestors LLC have not authorised or caused the issue of, andtake no responsibility for, this PDS or the Additional Information,other than the inclusion of the information about Principal GlobalInvestors (Australia) Limited and Principal Global Investors LLC.

DisclosureMaterial information in relation to the Fund, including continuousdisclosure notices, is uploaded on the website atwww.ironbarkam.com.

You may also obtain a copy of the most recent annual financialreport from the website or free of charge by contacting IronbarkClient Services on 1800 034 402.

If the Fund is a disclosing entity, the Fund is subject to regularreporting and disclosure obligations. Investors can obtain a copyof the following documents from the websitewww.ironbarkam.com:

• the most recent annual financial report lodged with ASIC bythe Fund;

• any half yearly financial report lodged with ASIC after thelodgment of that annual financial report but before the date ofthis PDS; and

• any continuous disclosure notices lodged with ASIC by theFund after that annual financial report but before the date ofthis PDS.

Copies of documents lodged with ASIC in relation to the Fundmay be obtained from or inspected at an ASIC office.

You should read the important information about reports andother information before making a decision. Go to the‘Managing your investment’ and ‘Other important information’sections of the Additional Information, which is available atwww.ironbarkam.com.

The material relating to reports and other importantinformation may change between the time when you read thisPDS and the day when you acquire the product.


principal global credit opportunities fund

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