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The rights of","page_number":3,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"74d78a10-70a1-442d-b9e9-779aec8e7894","block_type":"box","text":"Shareholders may not be protected by the investors compensation scheme in the United","page_number":3,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"71241d75-6da1-4147-992d-6eee76f49173","block_type":"box","text":"Kingdom.","page_number":3,"box":{"x":121,"y":269,"width":86,"height":13}},{"id":"9866b7cf-8f73-40d5-b68f-31acb6182c43","block_type":"box","text":"Distribution of this Prospectus is not authorised in any jurisdiction unless accompanied by a","page_number":3,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"78b81e74-1118-407b-abe5-003060335e60","block_type":"box","text":"copy of the then latest published annual report and unaudited accounts. 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In","page_number":3,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"f070763d-f779-4995-9ba1-bf8c14ecd3ca","block_type":"box","text":"particular, the Shares have not been and will not be registered under the Securities Act of 1933","page_number":3,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"2fc78de6-9ce1-4327-b0fe-76891b61e27e","block_type":"box","text":"or the securities laws of the United States. 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A prospective investor may be required at the","page_number":3,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"38ecf311-9cee-4f70-b2c3-71aa70de95cb","block_type":"box","text":"time of acquiring Shares to represent that such investor is a qualified investor and not a U.S.","page_number":3,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"3791a119-5231-461f-bf39-2d932c9cccf7","block_type":"box","text":"Person or acquiring Shares for the account or benefit, directly or indirectly, of a U.S. Person or","page_number":3,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"0e91096c-97b0-4888-9f81-b582aceb6b2b","block_type":"box","text":"with the assets of an ERISA Plan. The granting of prior consent by the Fund to an investment","page_number":3,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"3e230dc7-41ed-4af5-b44d-22b3c6afdf9e","block_type":"box","text":"does not confer on the investor a right to acquire Shares in respect of any future or subsequent","page_number":3,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"ab0e14d5-ea51-42bd-9f18-5185603a21fd","block_type":"box","text":"application.","page_number":3,"box":{"x":121,"y":793,"width":99,"height":13}},{"id":"2856aa0d-cc70-47b2-b98e-9e5fd6586004","block_type":"box","text":"The Articles of Association of the Fund give powers to the Directors to impose restrictions on","page_number":3,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4bcda0c3-2579-43bb-91ea-ad16d3773804","block_type":"box","text":"the holding of Shares by (and consequently to redeem Shares held by), or the transfer of Shares","page_number":3,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b2c67473-59b7-454c-b320-0e476e374e25","block_type":"box","text":"to, any U.S. Persons (unless permitted under certain exceptions under the laws of the United","page_number":3,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"3f148458-4410-427f-9113-fbfb29264ab0","block_type":"box","text":"States) or by any person who appears to be in breach of any law or requirement of any country","page_number":3,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"33b88cea-da8a-4b65-a0d1-03ebceb3e543","block_type":"box","text":"or government authority or by virtue of which such person is not qualified to hold such Shares","page_number":3,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"13c01538-eac5-4075-b25c-1c53413205ea","block_type":"box","text":"4","page_number":4,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"a8620027-daa5-4e94-b662-08fa9c42d672","block_type":"box","text":"or by any person or persons in circumstances (whether directly or indirectly affecting such","page_number":4,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7393e08d-6d45-4ff3-bca8-43f6f4abe11c","block_type":"box","text":"person or persons, and whether taken alone or in conjunction with any other person or persons,","page_number":4,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"690e520b-1186-4717-9431-e95e466f4831","block_type":"box","text":"connected or not, or any other circumstances appearing to the Directors to be relevant) which,","page_number":4,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"f2a43e50-2cc2-4222-9ed1-3a90f2b76718","block_type":"box","text":"in the opinion of the Directors, might result in the Fund incurring any liability to taxation or","page_number":4,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"79563cc9-f535-4825-90dc-b5442cade4c1","block_type":"box","text":"suffering any other pecuniary legal or administrative disadvantages or being in breach of any","page_number":4,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"c39d381d-eaba-4c81-bebf-0edc1c351898","block_type":"box","text":"law or regulation which the Fund might not otherwise have incurred, suffered or breached.","page_number":4,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"0448656b-f243-43cc-8292-279174364f66","block_type":"box","text":"Where Taxable Irish Persons acquire and hold Shares, the Fund shall, where necessary for the","page_number":4,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b9626c52-fc31-47d4-8bac-b7b9865675f7","block_type":"box","text":"collection of Irish tax, redeem and cancel Shares held by a person who is or is deemed to be or","page_number":4,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"2c1b8c13-3fac-4925-a4a8-179882905b2c","block_type":"box","text":"is acting on behalf of a Taxable Irish Person on the occurrence of a chargeable event for Irish","page_number":4,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"56203c25-aaa5-4508-8e42-bc5350c6a821","block_type":"box","text":"taxation purposes and pay the proceeds thereof to the Irish Revenue Commissioners.","page_number":4,"box":{"x":121,"y":236,"width":687,"height":13}},{"id":"ae2e3d16-cf5b-4cd8-8012-875c1acc35e0","block_type":"box","text":"This Prospectus may be translated into other languages. Any such translation shall only contain","page_number":4,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ce8a7eab-4fb1-42bb-9e28-abca42e350bd","block_type":"box","text":"the same information and have the same meanings as this English language document. To the","page_number":4,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"c725b5ce-939e-4f6f-9a82-6c162935969b","block_type":"box","text":"extent that there is any inconsistency between this English language document and the","page_number":4,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"ad168566-3dc5-422b-9f28-62e04c181802","block_type":"box","text":"document in another language, this English language document shall prevail except to the","page_number":4,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"ff149fa8-a05b-47a8-8880-5b635e4b5abb","block_type":"box","text":"extent (but only to the extent) required by the laws of any jurisdiction where the Shares are","page_number":4,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"a333f963-2399-49e8-9698-ffcca1147122","block_type":"box","text":"sold so that in an action based upon disclosure in a document of a language other than English,","page_number":4,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"ed56deb7-bcd0-4794-970b-aaf884be3c6a","block_type":"box","text":"the language of the document on which such action is based shall prevail.","page_number":4,"box":{"x":121,"y":367,"width":597,"height":13}},{"id":"f96b626a-7b5f-45a4-b6f5-f4a08930e0b8","block_type":"box","text":"Potential subscribers and purchasers of Shares should inform themselves as to (a) the possible","page_number":4,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"678aeb6f-79a1-4b98-b0d9-226740709368","block_type":"box","text":"tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange","page_number":4,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"9868810c-a9bc-4a12-9b29-b1d6022d3a40","block_type":"box","text":"control requirements and (d) any other requisite governmental or other consents or formalities","page_number":4,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"38b3700b-2b28-4943-973d-a102ee430cec","block_type":"box","text":"which they might encounter under the laws of the countries of their incorporation, citizenship,","page_number":4,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f3012d7d-8768-4439-96cd-4b401ad5f1b6","block_type":"box","text":"residence or domicile and which might be relevant to the subscription, purchase, holding or","page_number":4,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"1991936f-2378-45a1-bb3f-78d3e5fe240a","block_type":"box","text":"disposal of Shares.","page_number":4,"box":{"x":121,"y":482,"width":156,"height":13}},{"id":"f4fbc8d1-1184-42dc-961d-e84400429d5a","block_type":"box","text":"Any information given, or representations made, by any dealer, salesman or other person which","page_number":4,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bfcc9e9b-73ce-4515-b395-7ca9e0942613","block_type":"box","text":"are not contained in this Prospectus or in any reports and accounts of the Fund forming part","page_number":4,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"60a8edbd-9a6e-482a-a6b2-2771a0132d59","block_type":"box","text":"hereof must be regarded as unauthorised and accordingly must not be relied upon. Neither the","page_number":4,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"4a2c5eb6-62d1-4bdd-ab2b-9e9725c564dc","block_type":"box","text":"delivery of this Prospectus nor the offer, issue or sale of Shares shall under any circumstances","page_number":4,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6b9ccdad-d937-4b86-aa6c-733186d12eb9","block_type":"box","text":"constitute a representation that the information contained in this Prospectus is correct as of any","page_number":4,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"73a7af7c-5ced-468e-b6ef-5a9937580dca","block_type":"box","text":"time subsequent to the date of this Prospectus. This Prospectus may from time to time be","page_number":4,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"6c3f204a-09d0-4538-82d9-86b57683c667","block_type":"box","text":"updated and intending subscribers should enquire of the Manager, the Investment Manager or","page_number":4,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"678dca23-c1cb-4860-b7d9-5441c57c5922","block_type":"box","text":"the Administrator as to the issue of any later Prospectus or as to the issue of any reports and","page_number":4,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"71bd3960-29f3-4247-b7a2-12d25702e7f3","block_type":"box","text":"accounts of the Fund.","page_number":4,"box":{"x":121,"y":646,"width":178,"height":10}},{"id":"202fd607-a422-4471-a6e8-4fbcd6d84a8c","block_type":"box","text":"All Shareholders are entitled to the benefit of, are bound by and are deemed to have notice of","page_number":4,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"5cb58a91-cb1f-4a20-a1ac-90ea30f86379","block_type":"box","text":"the provisions of the Memorandum and Articles of Association of the Fund, copies of which","page_number":4,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"5d411ff6-6f16-4529-907e-48841cd82a55","block_type":"box","text":"are available as mentioned herein.","page_number":4,"box":{"x":121,"y":711,"width":279,"height":10}},{"id":"bd6dccdb-386e-4fc3-8712-f9c182e929dc","block_type":"box","text":"This Prospectus shall be governed by and construed in accordance with Irish Law.","page_number":4,"box":{"x":121,"y":744,"width":668,"height":13}},{"id":"e28adfdd-8ead-4ce8-9bc2-414259aea3a5","block_type":"box","text":"Defined terms used in this Prospectus shall have the meanings attributed to them in the","page_number":4,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"76640a34-ddf3-4a7e-901b-c6088e26d6ac","block_type":"box","text":"Definitions section below.","page_number":4,"box":{"x":121,"y":793,"width":217,"height":10}},{"id":"89dac8b6-edd9-4b65-8a18-f18fec3f4edc","block_type":"box","text":"5","page_number":5,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"cc455a13-325b-465c-9f5c-2db0911b0e4b","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":120,"y":99,"width":756,"height":1}},{"id":"3ddba7f9-f4be-48a9-b25b-23c34ce93258","block_type":"box","text":"TABLE OF CONTENTS","page_number":5,"box":{"x":392,"y":121,"width":221,"height":10}},{"id":"f52becfc-8392-4724-8eb6-3fc23924e9ff","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":122,"y":147,"width":761,"height":2}},{"id":"cd7fd23d-c723-4339-b0b7-357da4a98387","block_type":"box","text":"Page","page_number":5,"box":{"x":847,"y":154,"width":40,"height":13}},{"id":"42055cba-d7b4-4c08-8e82-1815a1bcff2c","block_type":"box","text":"DIRECTORY ........................................................................................................................................................ 9","page_number":5,"box":{"x":121,"y":205,"width":757,"height":8}},{"id":"59056108-1aca-4889-aafe-188ca5554ad2","block_type":"box","text":"INTRODUCTION .............................................................................................................................................. 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...................................................................................................................... 23","page_number":5,"box":{"x":141,"y":649,"width":737,"height":11}},{"id":"4bb5e7f0-3db0-42b6-81a7-c192435722ac","block_type":"box","text":"Risk Management Process ............................................................................................................................... 23","page_number":5,"box":{"x":141,"y":670,"width":737,"height":11}},{"id":"37e06b6a-138b-4e72-81f6-6348ca8a488b","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 24","page_number":5,"box":{"x":142,"y":691,"width":736,"height":10}},{"id":"db18c458-04ec-4fe9-b33f-c449f28b71c6","block_type":"box","text":"Rating Award ................................................................................................................................................... 24","page_number":5,"box":{"x":141,"y":712,"width":737,"height":10}},{"id":"f4d9e20e-8714-47e2-8201-7f5aa988acfe","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 25","page_number":5,"box":{"x":141,"y":732,"width":737,"height":11}},{"id":"b9ae99a3-8d71-4384-8bdd-254eff4cb882","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":753,"width":737,"height":8}},{"id":"7c7d5f78-2573-4b1d-872f-77fb9f97bb19","block_type":"box","text":"Dividend Policy for all Share Classes .............................................................................................................. 25","page_number":5,"box":{"x":141,"y":774,"width":737,"height":11}},{"id":"b5173a8d-575a-430f-8128-bc75178b26cf","block_type":"box","text":"Key Information for Purchasing and Redeeming ............................................................................................ 25","page_number":5,"box":{"x":142,"y":795,"width":736,"height":10}},{"id":"a178aa5a-daa1-49e7-bdb2-c099de013862","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 27","page_number":5,"box":{"x":141,"y":815,"width":737,"height":11}},{"id":"89303d0a-810d-4c3e-9061-cf43cbd87138","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND .......................................................................................... 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Limits............................................................................................................................................. 31","page_number":6,"box":{"x":141,"y":88,"width":736,"height":11}},{"id":"e17f0fbd-3e98-476b-af9a-61d25c643fcc","block_type":"box","text":"Efficient Portfolio Management ...................................................................................................................... 31","page_number":6,"box":{"x":141,"y":109,"width":736,"height":11}},{"id":"1fa23371-60db-4bd4-a7f4-b7823f1acbe8","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 31","page_number":6,"box":{"x":142,"y":130,"width":735,"height":10}},{"id":"580bba04-80ca-4e6e-a2b8-582441af2f10","block_type":"box","text":"Rating Award ................................................................................................................................................... 32","page_number":6,"box":{"x":141,"y":150,"width":737,"height":11}},{"id":"49818bb1-4ed0-4a71-b877-491e6854fb6f","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 32","page_number":6,"box":{"x":141,"y":171,"width":737,"height":11}},{"id":"9077a9ea-7be8-4f6d-992c-d25063355d06","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 32","page_number":6,"box":{"x":141,"y":192,"width":737,"height":8}},{"id":"c452443b-91cb-47ac-a0d4-136b979dca92","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 33","page_number":6,"box":{"x":141,"y":213,"width":737,"height":10}},{"id":"21c718fb-23f5-41cb-ab02-61e162f675e0","block_type":"box","text":"Key Information For Purchasing and Redeeming ............................................................................................ 33","page_number":6,"box":{"x":142,"y":234,"width":736,"height":10}},{"id":"e45b40dd-7b9c-4468-98c4-9b22df9c4d96","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 36","page_number":6,"box":{"x":141,"y":254,"width":737,"height":11}},{"id":"351b226e-8987-4d66-80b9-979466ae1f47","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND ................................................... 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................................................................................................................................................... 51","page_number":6,"box":{"x":141,"y":684,"width":736,"height":11}},{"id":"93b20c05-97b9-4fd9-8685-2f1d07337e76","block_type":"box","text":"Liquidity Management Procedures .................................................................................................................. 51","page_number":6,"box":{"x":141,"y":705,"width":736,"height":11}},{"id":"0a0187fb-67c5-4c8b-a39b-e8cdfa670000","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 51","page_number":6,"box":{"x":141,"y":726,"width":736,"height":10}},{"id":"5f804865-6d2e-4b88-8ff6-afd289c01f31","block_type":"box","text":"Risk Factors 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............................................................................................................................... 60","page_number":7,"box":{"x":141,"y":109,"width":737,"height":11}},{"id":"5afd3102-200a-4b8a-85e0-aec43beb9c2b","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 60","page_number":7,"box":{"x":142,"y":130,"width":736,"height":10}},{"id":"4a73dff6-412d-4356-8279-e357c9160840","block_type":"box","text":"Rating Award ................................................................................................................................................... 61","page_number":7,"box":{"x":141,"y":150,"width":736,"height":11}},{"id":"aa59e971-4bcf-4929-99b8-c8624093d356","block_type":"box","text":"Profile of Typical Investor 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..................................................................................... 102","page_number":8,"box":{"x":141,"y":130,"width":737,"height":8}},{"id":"ea968ada-2478-4155-bc1b-e543d5aec2d1","block_type":"box","text":"Suspension of Calculation of Net Asset Value .............................................................................................. 106","page_number":8,"box":{"x":142,"y":150,"width":736,"height":11}},{"id":"06d42c09-f9ac-4e80-a7fa-40da8e5ea3a2","block_type":"box","text":"Form of Shares and Transfer of Shares .......................................................................................................... 106","page_number":8,"box":{"x":141,"y":171,"width":737,"height":8}},{"id":"210b1005-b638-468a-b6db-34c7f5ffd11f","block_type":"box","text":"Notification of Prices ..................................................................................................................................... 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132","page_number":8,"box":{"x":141,"y":587,"width":737,"height":11}},{"id":"fa1856d9-58fa-44df-91a5-4de951582e83","block_type":"box","text":"Facilities in the United Kingdom ................................................................................................................... 133","page_number":8,"box":{"x":141,"y":608,"width":737,"height":11}},{"id":"3cf72632-5419-421c-8b96-05c3b553f78d","block_type":"box","text":"AVIVA INVESTORS’ RESPONSIBLE INVESTMENT PHILOSOPHY .................................................. 134","page_number":8,"box":{"x":121,"y":636,"width":757,"height":8}},{"id":"dea2f509-a5b0-418c-98a8-62d23fb1e699","block_type":"box","text":"APPENDIX I ..................................................................................................................................................... 142","page_number":8,"box":{"x":121,"y":664,"width":757,"height":8}},{"id":"d5d12911-7a1c-40b2-afed-4fc72e58a1f8","block_type":"box","text":"APPENDIX II 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The","page_number":12,"box":{"x":121,"y":342,"width":763,"height":13}},{"id":"98f7a30e-0dd4-456a-be3f-e57c822b6838","block_type":"box","text":"performance of the Sub-Fund will be benchmarked against the SONIA rate.","page_number":12,"box":{"x":121,"y":359,"width":609,"height":13}},{"id":"22295e52-d234-419e-9ad4-b78b2134cccf","block_type":"box","text":"1","page_number":12,"box":{"x":733,"y":359,"width":3,"height":6}},{"id":"37cb818b-ee75-487a-9e13-9c5cddcfbb5a","block_type":"box","text":"The Sub-Fund is a LVNAV Short Term Money Market Fund and its investments will include","page_number":12,"box":{"x":121,"y":392,"width":763,"height":12}},{"id":"8b0bcaaf-0e1f-4a43-aa11-f5516bfb30d5","block_type":"box","text":"fixed or floating rate instruments including but not limited to commercial paper, term deposits,","page_number":12,"box":{"x":121,"y":408,"width":763,"height":13}},{"id":"765c010b-a44a-440a-8ab3-5cb9c5ae5e1d","block_type":"box","text":"floating rate notes, certificates of deposit, freely transferable promissory notes, debentures,","page_number":12,"box":{"x":121,"y":424,"width":763,"height":13}},{"id":"4e5d3a2c-f2e0-42b9-96cc-cb0b8070d014","block_type":"box","text":"asset-backed securities and bonds.","page_number":12,"box":{"x":121,"y":441,"width":277,"height":10}},{"id":"26770ede-d610-4634-97d3-d4d0266164b9","block_type":"box","text":"The investments shall be denominated in Sterling but may","page_number":12,"box":{"x":403,"y":441,"width":481,"height":13}},{"id":"6d5a56aa-b0d6-4c20-82c6-3e0a85ef4fb9","block_type":"box","text":"also be denominated in other currencies and hedged back to Sterling, and may be issued or","page_number":12,"box":{"x":121,"y":457,"width":763,"height":13}},{"id":"cbfd7818-b91a-44ea-9b8b-107cbdb9187e","block_type":"box","text":"guaranteed as to principal or interest by sovereign governments, their agencies and","page_number":12,"box":{"x":121,"y":474,"width":763,"height":12}},{"id":"3df69d87-7b52-4809-8be7-95371ba39a79","block_type":"box","text":"instrumentalities, supranational entities and EU and non-EU corporations and financial","page_number":12,"box":{"x":121,"y":490,"width":763,"height":13}},{"id":"fdbfe82a-69f4-4fa4-98c0-6be1947206f8","block_type":"box","text":"institutions who are incorporated or domiciled in, or listed or dealt on a Market located in those","page_number":12,"box":{"x":121,"y":506,"width":763,"height":13}},{"id":"fcbc1c0b-04b0-40bf-8d6c-768a99f8bed8","block_type":"box","text":"jurisdictions listed in Appendix II hereto or in securities of issuers that, while not located in","page_number":12,"box":{"x":119,"y":523,"width":765,"height":13}},{"id":"c2123895-6a07-4fbb-bd9c-ffa34977d1e0","block_type":"box","text":"those jurisdictions, conduct substantial business in them as determined by the Investment","page_number":12,"box":{"x":121,"y":539,"width":763,"height":13}},{"id":"d2e0aadc-b580-44de-b4f0-540bd05869f9","block_type":"box","text":"Manager, including (i) companies which have substantial assets in those jurisdictions or (ii)","page_number":12,"box":{"x":121,"y":556,"width":763,"height":12}},{"id":"9873dbe4-2b03-4674-b75e-00752ddd4bad","block_type":"box","text":"companies which derive a substantial portion of their total revenues from either goods and","page_number":12,"box":{"x":121,"y":572,"width":763,"height":13}},{"id":"71dbdf2b-baa5-4b52-9fa1-3d68406ae715","block_type":"box","text":"services produced in, or sales made in, those jurisdictions.","page_number":12,"box":{"x":121,"y":588,"width":473,"height":13}},{"id":"a8c1952a-0d52-49f7-95fe-6e55d1c21d6d","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund according to its classification as a","page_number":12,"box":{"x":121,"y":621,"width":763,"height":13}},{"id":"78b09c90-bfc1-451b-a138-9d8c180b6a17","block_type":"box","text":"Short Term Money Market Fund and the restrictions imposed by recognised rating agencies in","page_number":12,"box":{"x":121,"y":638,"width":763,"height":12}},{"id":"6ddb1bd8-ef9f-4929-88c0-4d85cfd9aeab","block_type":"box","text":"order to maintain an overall credit rating of Aaa which may include where applicable ensuring","page_number":12,"box":{"x":121,"y":654,"width":763,"height":13}},{"id":"01019398-1b66-40f8-9d5f-7dc48dfbc462","block_type":"box","text":"that the Sub-Fund's investments have such ratings as may be required from time to time by the","page_number":12,"box":{"x":121,"y":670,"width":763,"height":13}},{"id":"a324e8db-9ce3-4556-a346-42219d0343b0","block_type":"box","text":"relevant rating agency to maintain the credit rating.","page_number":12,"box":{"x":121,"y":687,"width":418,"height":13}},{"id":"53329db5-30ba-4436-896d-7c2dceef3614","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":12,"box":{"x":121,"y":719,"width":763,"height":13}},{"id":"f4d64817-873a-4459-a61b-14541b2d100d","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":12,"box":{"x":121,"y":736,"width":763,"height":13}},{"id":"bb2fb6b6-3f93-4167-bd6c-9e49c08e24db","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":12,"box":{"x":121,"y":752,"width":763,"height":13}},{"id":"2fec945b-2956-494e-9c5b-793c60496edc","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":12,"box":{"x":121,"y":769,"width":599,"height":12}},{"id":"d5a7fb88-cabc-4be9-8fd6-cad10e3810ea","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":12,"box":{"x":121,"y":801,"width":763,"height":13}},{"id":"45b3b35a-b83f-465a-82e0-2b07777e47fb","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":12,"box":{"x":121,"y":818,"width":763,"height":13}},{"id":"d6d9dad8-65dc-423f-81b2-3ace0f36ef24","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":12,"box":{"x":121,"y":834,"width":763,"height":13}},{"id":"e2ab5dbf-e04c-4d81-bcfc-9d94c38f91ba","block_type":"box","text":"1","page_number":12,"box":{"x":122,"y":869,"width":3,"height":6}},{"id":"a3cbe29e-020c-4e74-9306-6514911a3ca7","block_type":"box","text":"The SONIA rate is the Sterling Overnight Index Average rate which is the average effective overnight interest rate for unsecured transactions","page_number":12,"box":{"x":130,"y":872,"width":749,"height":9}},{"id":"ab92eab0-db0f-44d1-9f9c-e58a36781b23","block_type":"box","text":"in which British banks borrow sterling overnight from other financial institutions and institutional investors. This benchmark has been selected","page_number":12,"box":{"x":121,"y":884,"width":758,"height":8}},{"id":"351fe658-57ed-4292-afa3-907dcf256b0c","block_type":"box","text":"as a comparator for performance measurement because it is representative of the level of return that is achievable by investing in liquid money","page_number":12,"box":{"x":121,"y":895,"width":758,"height":8}},{"id":"4222f308-de12-4098-87e5-9e7ac9a01b6c","block_type":"box","text":"market securities.","page_number":12,"box":{"x":121,"y":906,"width":93,"height":6}},{"id":"da5cfb4a-c73c-4af8-8cbd-85a8552b602a","block_type":"box","text":"13","page_number":13,"box":{"x":492,"y":928,"width":23,"height":9}},{"id":"d2539b27-9f85-4521-b426-256a6afdd7b7","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":13,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"943f634d-3b53-4d25-ad9b-0b552783f30b","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":13,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"f713c8bf-c806-4c05-9685-f99723f05220","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":13,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"cb359078-c8d3-4f6c-887a-d9245e8ff4c5","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":13,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"9de43c4e-5b3a-4e7c-b39d-2e21ea01e439","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":13,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"c0d1cfc6-3cae-4eb4-9f10-40d660e74441","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":13,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"e85664cb-1c8c-4ec3-a18a-675574e62b63","block_type":"box","text":"one or more Member States belong.","page_number":13,"box":{"x":121,"y":187,"width":293,"height":13}},{"id":"fe38b74d-42f2-464e-9f59-06cb46069c80","block_type":"box","text":"The Sub-Fund may invest up to 10% of its Net Asset Value in other Short Term Money Market","page_number":13,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"3744cc5c-59f5-4dd5-ac21-c7b92e261fb4","block_type":"box","text":"Funds.","page_number":13,"box":{"x":121,"y":236,"width":59,"height":10}},{"id":"850bce0e-d850-4a51-b1b0-8594ba97d4ad","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":13,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"52cefd9c-c744-413b-9a94-e480347db727","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":13,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"3eb3a1c6-f43f-43db-bf36-13119ca61981","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":13,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"615011e0-18bd-450b-9cb0-05ef69f22552","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":13,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"0c0aa77d-c785-4e68-8283-6649e9f27631","block_type":"box","text":"date. 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affiliates.","page_number":17,"box":{"x":121,"y":400,"width":591,"height":13}},{"id":"fe9c7d74-836b-4bd0-a64e-e95083ad40cc","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":17,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"cf07925e-3149-45c6-bd5b-d24d4294157d","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":17,"box":{"x":121,"y":449,"width":511,"height":13}},{"id":"5e5de919-5e9d-489e-b63a-bab16f286094","block_type":"box","text":"Dealing Deadline","page_number":17,"box":{"x":121,"y":482,"width":152,"height":13}},{"id":"4059572b-27e7-45eb-beaf-82377a92f6cb","block_type":"box","text":"1.30 p.m. (Irish time) on each Dealing Day, except in the case of any Dealing Day occurring","page_number":17,"box":{"x":123,"y":515,"width":761,"height":12}},{"id":"2422d9f3-5408-429d-9143-245acd807b71","block_type":"box","text":"on 24 December and/or on 31 December in each calendar year, on which Dealing Days the","page_number":17,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7753c41d-a682-4a1f-8047-f6cc92338c89","block_type":"box","text":"Dealing Deadline shall be 12 p.m. (Irish time).","page_number":17,"box":{"x":121,"y":547,"width":381,"height":13}},{"id":"6970791a-15a6-48ba-baf1-cf32ea1bb35f","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":17,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"5458240a-a218-4755-8764-539e64c9d77d","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":17,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"9acc1114-7486-4a3a-ba3d-dc8cb9869a2d","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":17,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"eed3c69e-b6c4-4df8-8e50-7e7a338e9dd6","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":17,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"6aef488a-380d-456f-83e9-01d74749478d","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":17,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"9ecefbe7-3c16-4953-8824-f5309ef0b07b","block_type":"box","text":"email or by post to Shareholders unless it is not possible to do so in the case of the happening","page_number":17,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"e7bdcb68-fa1c-4d8f-b2a3-259a846e2a5d","block_type":"box","text":"of an event outside the control of the Fund.","page_number":17,"box":{"x":121,"y":679,"width":352,"height":9}},{"id":"95552a4b-456d-452f-9afb-db1a4beebb56","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":17,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"36d72d62-badc-46ad-b4c9-f6ff1d0c2ad3","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":17,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"03740e2c-a3a9-4086-9f28-9391b8fab4c3","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":17,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"5e0cff13-9122-4a80-9d4f-de5087bb96f8","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":17,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"ef0673b4-ff37-4879-9364-c3f670b35774","block_type":"box","text":"changes.","page_number":17,"box":{"x":121,"y":777,"width":74,"height":13}},{"id":"aef9679a-31e3-4d01-8ef9-7f87d66e8f2c","block_type":"box","text":"Interim Dealing Cycles","page_number":17,"box":{"x":121,"y":810,"width":203,"height":12}},{"id":"8345da8d-5f5c-4801-930b-cc1fe0c9e13c","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":17,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"8363aabc-fbcd-45e2-bb38-a331dd8ad1fc","block_type":"box","text":"Funds”, the Aviva Investors Sterling Liquidity Fund intends to run one or more Interim Dealing","page_number":17,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"f705338b-ccce-446f-8e3b-d92d84ab903c","block_type":"box","text":"Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":17,"box":{"x":121,"y":875,"width":612,"height":13}},{"id":"21b7c42d-3eb0-43b9-9ee4-6ef1bbbeca4c","block_type":"box","text":"18","page_number":18,"box":{"x":492,"y":928,"width":23,"height":9}},{"id":"1193ad1c-a452-475a-90ca-564ed78c097b","block_type":"box","text":"Issue Price for Class 1-9 Shares,","page_number":18,"box":{"x":121,"y":88,"width":312,"height":13}},{"id":"c818f673-8c43-4723-91d4-c5c5e6d56df9","block_type":"box","text":"Class W (Accumulating) Shares and Class W","page_number":18,"box":{"x":447,"y":88,"width":437,"height":13}},{"id":"b6c2c5e2-56a2-430a-bba0-440304ef8b25","block_type":"box","text":"(Distributing) Shares","page_number":18,"box":{"x":121,"y":105,"width":187,"height":13}},{"id":"1c7326a4-d5bd-404c-bb2b-5596a026ec50","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":18,"box":{"x":121,"y":138,"width":626,"height":13}},{"id":"b9318b84-cc5c-4086-b249-f1c9dc24611d","block_type":"box","text":"Issue Price for Class 10-14 Shares","page_number":18,"box":{"x":121,"y":170,"width":295,"height":10}},{"id":"9afadd3e-25a4-4a4c-a461-af62f79298a5","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":18,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"f61fd7a9-2d92-4b81-b30f-636989a922ab","block_type":"box","text":"Period and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":18,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a17fe33f-f872-44ac-acfb-d1e85729c498","block_type":"box","text":"Dealing Day.","page_number":18,"box":{"x":121,"y":236,"width":112,"height":13}},{"id":"f033e10f-af76-4068-bb84-52f3dca5543d","block_type":"box","text":"Offer Period for Class 1-9 Shares, Class W (Accumulating) Shares and Class W","page_number":18,"box":{"x":121,"y":269,"width":763,"height":12}},{"id":"09aca4e4-f78d-408f-b9fa-6b19cf11352c","block_type":"box","text":"(Distributing) Shares","page_number":18,"box":{"x":121,"y":285,"width":187,"height":13}},{"id":"15c95812-4d6b-4251-a312-23dfc711f4c1","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":18,"box":{"x":121,"y":318,"width":587,"height":13}},{"id":"447ae346-1a27-488d-925d-07302875d6c7","block_type":"box","text":"Offer Period for Class 10-14 Shares","page_number":18,"box":{"x":121,"y":351,"width":311,"height":10}},{"id":"a7b963e4-46a9-4451-b41d-b23b7c60e152","block_type":"box","text":"The Initial Offer Period for each of Class 10-14 Shares will run from 9.00 am (Irish Time) on","page_number":18,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"88af24fc-780c-419e-8e4f-d2973bc7f3e9","block_type":"box","text":"17 August 2021 to 5.00 pm (Irish Time) on 3 January 2026 or such a shorter or longer period","page_number":18,"box":{"x":123,"y":400,"width":761,"height":13}},{"id":"daea7250-63b3-46fe-a78d-d2a5ef20b3e9","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":18,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8289a132-b86e-415f-8ea3-c5eafff778a2","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":18,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"9e8dce06-ca75-4503-a988-0b148e65eeae","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":18,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"383ccefb-fbc4-4b63-ad51-bcb1cd2ec545","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":18,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"43c4670c-b1e4-47c0-8a34-09da857631b3","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":18,"box":{"x":121,"y":482,"width":514,"height":13}},{"id":"17bfac72-09a2-4402-81cc-9bc906700661","block_type":"box","text":"Minimum Fund Size","page_number":18,"box":{"x":121,"y":515,"width":181,"height":10}},{"id":"ba287096-03f1-4a60-95e2-244e0c2e1d72","block_type":"box","text":"£10,000,000.","page_number":18,"box":{"x":121,"y":548,"width":110,"height":11}},{"id":"9465d2f7-879e-47ba-a284-9fce18d573d7","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":18,"box":{"x":121,"y":580,"width":467,"height":13}},{"id":"d158a304-c3df-4f73-953b-accd46e146f0","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":18,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"c6b0fd64-162b-415f-94c5-4aaccdd768b4","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":18,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"682cbf4a-e24b-4e03-aa23-7d831f86f032","block_type":"box","text":"determine.","page_number":18,"box":{"x":121,"y":646,"width":90,"height":10}},{"id":"ee50d61c-ba79-42bb-8ddc-8df787d8c261","block_type":"box","text":"Settlement Date for Class 1-14 Shares","page_number":18,"box":{"x":121,"y":678,"width":329,"height":11}},{"id":"70af2ba9-27d1-48a6-902a-d5033ec232d0","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":18,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"46b92d08-f17d-44e7-a3cf-281000661532","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":18,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0fec72b4-5e11-459a-ac90-ac71bb812b52","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":18,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"c07c809f-3080-430a-82a5-80581336fb56","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":18,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"5bc2f6c4-097d-4f61-9ff8-ec782163346a","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":18,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"3f85cb5f-092b-4339-a6c0-f495de5a2948","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of bank","page_number":18,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"17d7b023-c146-45eb-a7eb-f8cab63acb6d","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":18,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"db6a0da1-ab70-4f24-b0a5-af7f0496310a","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":18,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8f207acb-8bb6-47df-8d26-72fe9b4975ef","block_type":"box","text":"discretion.","page_number":18,"box":{"x":121,"y":842,"width":89,"height":10}},{"id":"74deeb8e-9e70-4fb8-a4d4-a957f4e75180","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":18,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"90500f5c-4609-43b0-96d5-fce49bba84d7","block_type":"box","text":"account at the Shareholder’s risk on the same Dealing Day (and in any event no later than 10","page_number":18,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"31adbb7e-bec2-4db0-be47-8b4e5efc05eb","block_type":"box","text":"19","page_number":19,"box":{"x":492,"y":928,"width":23,"height":10}},{"id":"a1e1512b-5f77-4998-97b8-b0f1d198c880","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":19,"box":{"x":121,"y":89,"width":708,"height":12}},{"id":"370432cf-c040-47b0-aa73-510d20d301b5","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":19,"box":{"x":121,"y":121,"width":689,"height":13}},{"id":"2f6864ea-0382-473a-ba86-c49c88cd389e","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":19,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"9aa99fe0-bfb7-4d4e-9e45-91276352df4f","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":19,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"86fb830c-4eae-4aef-a8c7-00458dba217c","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":19,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6910aab9-eb4e-4f93-b1dd-121581d20cf4","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":19,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"686a0b77-046f-4fd8-8d0b-7e31470ae67c","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":19,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"2e3fd609-9b6b-4a1a-bdaf-e63df5e0c256","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":19,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ecaa5fc6-4bef-4c8e-8156-ee67f52f602e","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":19,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"ba2cb0b1-751c-4afa-80ff-7dd55a188f01","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":19,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"da51fb3c-ad28-475d-b2d2-d14c5b94daf0","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":19,"box":{"x":121,"y":285,"width":644,"height":13}},{"id":"0eb66f75-cde7-4f10-8ce2-2ac9aea5aec0","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":19,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"5e08d7d6-4643-4bd9-a4b7-c4ba7b3ea0fa","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":19,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"681f6519-d546-45ef-ac5f-73867001e171","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":19,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"267de04b-afa5-469f-81bb-c55b8215f25c","block_type":"box","text":"redemption documentation","page_number":19,"box":{"x":121,"y":367,"width":221,"height":13}},{"id":"32a70b2d-4d0f-4176-a504-02ddd03c9272","block_type":"box","text":"Valuation Point","page_number":19,"box":{"x":121,"y":400,"width":141,"height":10}},{"id":"6115f1e2-9802-4d22-a79c-00cce7ff71c2","block_type":"box","text":"1.30 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":19,"box":{"x":123,"y":433,"width":761,"height":13}},{"id":"a8a0b956-4bc8-44d5-bfc9-aca7bd18a9ba","block_type":"box","text":"Point may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":19,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"2e7ac60b-6295-47f5-91fe-268e53cca302","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":19,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"2db8cb1d-e7bb-45ca-8ecd-cd788462d86f","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":19,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"92130472-a018-4598-afe4-f169881814ea","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":19,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"c70ec89a-dd36-4a96-ad50-5a6725294071","block_type":"box","text":"Day shall be 1.30 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":19,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"264163a2-30f5-4cf5-8179-405ff99cd720","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":19,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"2039980a-1f4a-4a39-98c6-641d7d7be61c","block_type":"box","text":"Point shall also be 1.30 p.m. (Irish time) on the same Dealing Day.","page_number":19,"box":{"x":121,"y":547,"width":543,"height":13}},{"id":"8c265ba3-d4d0-4e6e-9fb2-8bc7407c3169","block_type":"box","text":"Fees and Expenses","page_number":19,"box":{"x":121,"y":580,"width":165,"height":13}},{"id":"015947ff-5945-4190-9ad0-fe95aacc339e","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":19,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"c0c5b7b6-0db2-4649-8497-349d377cc6b5","block_type":"box","text":"each class of Shares as set out below.","page_number":19,"box":{"x":121,"y":629,"width":306,"height":10}},{"id":"54b2d5b0-0888-4934-810a-0fa098585252","block_type":"box","text":"Class of Shares","page_number":19,"box":{"x":121,"y":662,"width":136,"height":10}},{"id":"c0fd40ba-2759-4264-99f2-ae0fba74c4af","block_type":"box","text":"Annual Charges and Expenses","page_number":19,"box":{"x":363,"y":662,"width":267,"height":13}},{"id":"228ae4f4-3e0f-4778-a85b-88947529ea4f","block_type":"box","text":"Class 1","page_number":19,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"10353713-d9ca-46ba-a334-cbfbb51c7be4","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":19,"box":{"x":363,"y":695,"width":419,"height":10}},{"id":"7f579123-60db-4964-a5b6-0f0ce7a66e94","block_type":"box","text":"Class 2","page_number":19,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"27c5ae0a-97a8-44e4-9ea4-59a4c5513a12","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":19,"box":{"x":363,"y":711,"width":419,"height":11}},{"id":"216f894f-0738-4bda-ac87-2e525ef88cf8","block_type":"box","text":"Class 3","page_number":19,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"9d26882d-8191-4157-993a-f9b359c09c32","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":19,"box":{"x":363,"y":728,"width":419,"height":10}},{"id":"694769e6-5d66-4288-b169-005da0bb21d5","block_type":"box","text":"Class 4","page_number":19,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"39d0f75f-51ec-40e2-8148-b9d6665844de","block_type":"box","text":"None","page_number":19,"box":{"x":363,"y":744,"width":48,"height":10}},{"id":"444dde03-3650-414b-afb6-7936edf74c4b","block_type":"box","text":"Class 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(Distributing)","page_number":19,"box":{"x":363,"y":892,"width":521,"height":12}},{"id":"fd907aec-f0ad-44da-ae71-cce50d74ab63","block_type":"box","text":"20","page_number":20,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"f0248bc1-8024-49c9-9b04-f2d143e7e89e","block_type":"box","text":"Shares","page_number":20,"box":{"x":363,"y":89,"width":58,"height":9}},{"id":"02177a4a-130b-4ec9-95c6-9acd54ed63b8","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":20,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"c44a25fe-3a6d-4400-8d2d-a8f480e5932b","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":20,"box":{"x":121,"y":138,"width":443,"height":13}},{"id":"c470deab-203a-4ba0-90b8-84a2cc04681a","block_type":"box","text":"The total fees and expenses of the Sub-Fund to be borne by each class of Share will currently","page_number":20,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"8bf0fe8c-89ae-496e-b599-4f50f0c25c8b","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":20,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6e76b0a8-5b03-4e0c-9fd7-fccfe1838b6a","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":20,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"08181c8e-c972-4963-859d-ed34037da9dd","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":20,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"51984385-66f0-404f-82e9-9526be2b9c7a","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":20,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"feb466fd-8291-4bb4-b515-066f2c2bd4bf","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":20,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b68d6a4a-a721-426b-84af-4fb89b247502","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":20,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"9de45688-98fb-432f-a9ae-d9c10c44064e","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":20,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"1861d82f-9262-4bff-a5e3-481b2da01c5b","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":20,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"35cb7692-124d-46bd-8e94-805fcbca82c2","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":20,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"54bff5e3-c6d3-4168-b01b-087e6110ad94","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":20,"box":{"x":121,"y":334,"width":704,"height":13}},{"id":"7f6a5155-fa9f-4301-842a-2a2b0ff8795c","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":20,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"925a8437-1812-447f-aeb5-a18e92935346","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":20,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"470b169f-0c00-41b5-949c-1f1eedd60ce6","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":20,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"6e2fa861-0ecc-47cc-a2a3-72c3294ed72d","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":20,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"816fb417-8c39-4274-878b-486215c86ce0","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":20,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"c56b3058-41bf-4ad5-8e9c-95d8a337943f","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":20,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"bf06cdc2-7619-4f8a-b601-b9c6a6b75495","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":20,"box":{"x":121,"y":465,"width":469,"height":13}},{"id":"8d5ee6ad-77d7-4197-a34a-61c77745d6fc","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":20,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"ba7effc3-daae-4d7c-b371-8b488ee33862","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":20,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"8a8f929d-8ab0-48fa-949c-de8bf91c02a3","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":20,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"a8b95958-cd64-4be0-aaf2-7473bf86b8f7","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":20,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ffb5c77c-243f-48a0-ae4b-2d699cf1bfae","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":20,"box":{"x":121,"y":564,"width":757,"height":13}},{"id":"d5c6bac7-ea12-41db-b2df-ad68fb55f439","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":20,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"43232778-0c23-46db-917d-9a33859526ec","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":20,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"8725f12a-473a-4718-826a-094faf108fe0","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":20,"box":{"x":121,"y":613,"width":563,"height":13}},{"id":"e34f44ed-fd6e-4349-9674-cea25b6e9537","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":20,"box":{"x":121,"y":646,"width":757,"height":13}},{"id":"29fcf7e5-dd26-4db7-8cdc-e09cb41d7c75","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":20,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"7ca0af28-b384-406c-9ec2-75ecd08b4015","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":20,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"0e7d3c67-278c-470c-8429-df96010ecd09","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":20,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"e5b8d23f-6c97-4bf3-9770-f529c9821ddc","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":20,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"fc993df4-49b4-480f-b4e5-480a36ead8bb","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":20,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"327539f2-a42a-4c49-8160-bbbd30c6c0fa","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":20,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4e428669-33e1-4af3-8fd8-84e76c42cd7c","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":20,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"04524b4d-6966-4131-862e-812d51905f25","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":20,"box":{"x":121,"y":777,"width":527,"height":13}},{"id":"e21c68b3-c5e0-4d2d-a8f6-17488ace7e2e","block_type":"box","text":"Any other fees and expenses payable out of the assets of the Sub-Fund are set out in Part 2 of","page_number":20,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"bfe0fe55-5dec-46bf-b402-424afafe13ab","block_type":"box","text":"the Prospectus.","page_number":20,"box":{"x":121,"y":826,"width":127,"height":13}},{"id":"2ba3d814-1ae1-44bb-83c1-4cf5c965c703","block_type":"box","text":"Preliminary Charge","page_number":20,"box":{"x":121,"y":859,"width":177,"height":13}},{"id":"ba1793d4-7a8b-45d7-a217-a24e7f7fa187","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":20,"box":{"x":121,"y":892,"width":636,"height":12}},{"id":"4e152714-53b3-44e0-9b52-724c6d487568","block_type":"box","text":"21","page_number":21,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"e7480c32-0cb1-4466-94e5-8d83b03c34cc","block_type":"box","text":"Exchange Charge","page_number":21,"box":{"x":121,"y":105,"width":157,"height":13}},{"id":"42efe337-9a64-4f0a-bfdb-2a5c6906554e","block_type":"box","text":"None.","page_number":21,"box":{"x":121,"y":138,"width":53,"height":10}},{"id":"fbd7de53-436a-4d00-b9fd-487e778c41e8","block_type":"box","text":"Redemption Charge","page_number":21,"box":{"x":121,"y":170,"width":179,"height":13}},{"id":"ddbd4232-8a6e-4078-9676-acdb0d58f2df","block_type":"box","text":"None.","page_number":21,"box":{"x":121,"y":187,"width":53,"height":10}},{"id":"64386de8-8a92-4491-aff7-2e208f9a15c6","block_type":"box","text":"Liquidity Fees","page_number":21,"box":{"x":121,"y":222,"width":128,"height":13}},{"id":"8d39d14e-4c95-4190-ae3d-e86a135e55ae","block_type":"box","text":"The Sub-Fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":21,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"8d17d9a4-0f86-4365-9253-9c6d373dc57f","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":21,"box":{"x":121,"y":272,"width":618,"height":12}},{"id":"a9052fd0-5a3b-4f47-8ea7-b1e21bdbbafa","block_type":"box","text":"22","page_number":22,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ec3301a8-05ff-43de-a0b3-1ac766b11067","block_type":"box","text":"AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND","page_number":22,"box":{"x":191,"y":89,"width":623,"height":14}},{"id":"7f57ed92-6855-449b-ab14-8dc7df7dcdc3","block_type":"box","text":"Investment Objective and Policies","page_number":22,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"819a2a69-6b72-480d-a2e1-69d04c2da493","block_type":"box","text":"The investment objective of the Sub-Fund is to provide an investment return with a low level","page_number":22,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"c5827832-c177-4315-bd14-f2b7ef385379","block_type":"box","text":"of capital volatility whilst maintaining liquidity. The performance of the Sub-Fund will be","page_number":22,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"bcbbc71c-d2a5-46ae-a47a-0bfb2a741d86","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":22,"box":{"x":121,"y":190,"width":305,"height":12}},{"id":"a9f0950f-73bf-4f68-8803-ebbae54da4b8","block_type":"box","text":"2","page_number":22,"box":{"x":428,"y":190,"width":5,"height":5}},{"id":"7eaf189d-2be8-4110-b8a5-d5c67077378e","block_type":"box","text":"In order to achieve its investment objective, the Sub-Fund is actively managed and will invest","page_number":22,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"565da0ad-9fee-44e9-9b8c-bf24e927917e","block_type":"box","text":"in a diversified portfolio of short term debt and debt related instruments which are primarily","page_number":22,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"30562f25-eb74-4de5-a832-279278566936","block_type":"box","text":"denominated in Sterling but may also be denominated in other currencies and hedged back to","page_number":22,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"f4a2afbe-2e5a-4ab0-a015-e0214dcdbcae","block_type":"box","text":"Sterling, and which are traded on the Markets listed in Appendix II of the Prospectus or which","page_number":22,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"fadd476c-51fa-43cb-8f5e-cbda226b1fe2","block_type":"box","text":"are traded on such Markets within a year of being issued. No less than 80% of the Sub-Fund's","page_number":22,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"03eb9747-7bc9-4c68-8b94-60e282f54637","block_type":"box","text":"investments will be denominated in Sterling. The Sub-Fund’s investments will include fixed","page_number":22,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"8941b6a9-c79b-4b8a-a47f-03bd721d58c8","block_type":"box","text":"or floating rate instruments including but not limited to commercial paper, floating rate notes,","page_number":22,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"f30ac13c-ee1b-4309-a514-10e4ee6ddb4c","block_type":"box","text":"certificates of deposit, freely transferable promissory notes, debentures, asset-backed securities","page_number":22,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"9f884794-9aad-4059-9db4-a922083118b8","block_type":"box","text":"and bonds. 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The Sub-Fund is an Ultra Short Duration bond fund which aims to offer medium term","page_number":25,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"cf9bf3e7-fd56-4147-8d3f-9a4536aa03c6","block_type":"box","text":"cash investors (typically at least three to six months) higher returns than those available from","page_number":25,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"82451e58-d9b6-4e4a-a6dc-cc2ef5650d91","block_type":"box","text":"a traditional money market fund for only a moderate increase in credit and liquidity risk. The","page_number":25,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"6571b3cf-15e6-4238-8ac3-51334dda1ad6","block_type":"box","text":"level of an investment will determine the class of Shares an investor may subscribe for.","page_number":25,"box":{"x":121,"y":236,"width":708,"height":13}},{"id":"2b2ca1d4-b512-4574-a6b2-80a239240e6b","block_type":"box","text":"Risk Factors","page_number":25,"box":{"x":121,"y":269,"width":114,"height":10}},{"id":"ada9dee8-ce7c-4a94-bb0f-962b4832df76","block_type":"box","text":"The general risk factors as set out in Part 2 of the Prospectus shall apply. In addition to the","page_number":25,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"4b13da22-1c26-415d-9a09-a7fb01340538","block_type":"box","text":"general risk factors outlined in Part 2 of the Prospectus, investors should also note that","page_number":25,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d1a43cde-3901-49c0-b3b9-b059903471b9","block_type":"box","text":"subscription for Shares of the Sub-Fund is not the same as placing funds on deposit with a bank","page_number":25,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"fa44239f-46dc-4e97-af2c-6033d31b24e0","block_type":"box","text":"or other deposit-taking body. The value of the Sub-Fund may be affected by the","page_number":25,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"9b1ff563-986f-49a8-9075-10859793902d","block_type":"box","text":"creditworthiness of issuers of the Sub-Fund's investments and, notwithstanding the policy of","page_number":25,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"70ec2734-bac3-4972-b34e-d6ee86875a55","block_type":"box","text":"the Sub-Fund of investing in short term instruments, may also be affected by substantial","page_number":25,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"7ae1f5c7-f692-4b34-937e-a16bac138d99","block_type":"box","text":"adverse movements in interest rates.","page_number":25,"box":{"x":121,"y":400,"width":297,"height":10}},{"id":"07501271-ab49-447e-aba8-d0b75ff128ef","block_type":"box","text":"Dividend Policy for all Share Classes","page_number":25,"box":{"x":121,"y":433,"width":321,"height":12}},{"id":"30d62511-f3d6-4b74-ac62-0cb8402f349a","block_type":"box","text":"The Shares of the Sub-Fund are accumulation Shares and therefore carry no right to any","page_number":25,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"13d643f8-4ce6-4f37-a12e-f8f1515d5b80","block_type":"box","text":"dividend. The net income attributable to the Shares shall be retained within the Sub-Fund and","page_number":25,"box":{"x":121,"y":482,"width":763,"height":10}},{"id":"f953d097-a3f8-4400-a853-3607fcf16ef5","block_type":"box","text":"the value of the Shares shall rise accordingly.","page_number":25,"box":{"x":121,"y":498,"width":371,"height":13}},{"id":"7cccd12f-1464-4a91-83ee-6c1b1f901d75","block_type":"box","text":"Key Information for Purchasing and Redeeming","page_number":25,"box":{"x":121,"y":531,"width":422,"height":13}},{"id":"d04cf9cc-6297-43cb-bd59-745567ea297f","block_type":"box","text":"Base Currency","page_number":25,"box":{"x":121,"y":564,"width":133,"height":12}},{"id":"21cf316a-24d5-4fb8-9b19-981610472f03","block_type":"box","text":"Sterling","page_number":25,"box":{"x":121,"y":597,"width":68,"height":12}},{"id":"e7576a85-7a8a-42f2-bd4b-996639b844d6","block_type":"box","text":"Business Day and Dealing 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4","page_number":25,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"7cc2a383-bc38-4135-abe0-0a851964e543","block_type":"box","text":"£10,000,000","page_number":25,"box":{"x":363,"y":810,"width":105,"height":11}},{"id":"dd7cdf43-b872-4f78-b135-9ec068391a7d","block_type":"box","text":"£10,000,000","page_number":25,"box":{"x":544,"y":810,"width":106,"height":11}},{"id":"6c2c5767-0f54-4539-b85b-2ca631ad3289","block_type":"box","text":"None","page_number":25,"box":{"x":726,"y":810,"width":48,"height":10}},{"id":"cee9dcbb-7e56-4245-8969-63b2c050850b","block_type":"box","text":"Class W (Accumulating) £500,000","page_number":25,"box":{"x":121,"y":826,"width":322,"height":13}},{"id":"4b9e6f3c-a4da-4377-bdb8-f3a0113f0e73","block_type":"box","text":"£500,000","page_number":25,"box":{"x":544,"y":826,"width":80,"height":12}},{"id":"30115f43-3cab-4076-9328-72422634865e","block_type":"box","text":"None","page_number":25,"box":{"x":726,"y":826,"width":48,"height":10}},{"id":"a003efec-26b5-42fc-ae76-a2de3efef0af","block_type":"box","text":"Class 4 Shares are only available to those investors who have a separate investment mandate","page_number":25,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"fac69ea7-7d2f-4a4c-bb84-1f07f2f7481e","block_type":"box","text":"with the Investment Manager or any of its affiliates.","page_number":25,"box":{"x":121,"y":875,"width":424,"height":13}},{"id":"9b4207fc-d3ed-473f-b614-6a9962c9dee4","block_type":"box","text":"26","page_number":26,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"0af60575-4f6e-44b6-9b01-8c4f571534f9","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":26,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"3c84e65c-5af7-45ab-9435-e5be1c03585b","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":26,"box":{"x":121,"y":105,"width":511,"height":13}},{"id":"43ce607c-7b9d-490e-8cce-a41fc728c2b5","block_type":"box","text":"Dealing Deadlines","page_number":26,"box":{"x":121,"y":138,"width":160,"height":12}},{"id":"a76ddab4-2502-42ab-95e9-493e71a7fb68","block_type":"box","text":"1 p.m. (Irish time) on the Business Day immediately preceding the relevant Dealing Day,","page_number":26,"box":{"x":123,"y":170,"width":761,"height":13}},{"id":"f98fc366-7aa3-4d6c-a80b-c7685ff6f752","block_type":"box","text":"except in the case of any Dealing Day occurring on 24 December and/or on 31 December in","page_number":26,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"1f6a3678-cfdd-42ac-8945-9c13a64ac797","block_type":"box","text":"each calendar year, on which Dealing Days the Dealing Deadline shall be 12 p.m. (Irish time)","page_number":26,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ff7ddef3-5fd9-40ad-93de-8405b9b4bea2","block_type":"box","text":"on the Business Day immediately preceding the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":220,"width":572,"height":12}},{"id":"21faa081-45d6-4945-beb2-c86c52c0592f","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline for","page_number":26,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"f482f3a2-f848-4a66-b306-563f77f6ac8f","block_type":"box","text":"subscriptions and redemptions on any Business Day such as a Business Day when the principal","page_number":26,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"8ecbfa60-ddd9-4291-86a7-d1121af6233f","block_type":"box","text":"bond markets close early in advance of a holiday customarily observed by participants in such","page_number":26,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"41a0916e-4313-4a0f-91e5-fb74bba86ce7","block_type":"box","text":"markets or in the case of the happening of an event outside the control of the Fund which","page_number":26,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"50b28c38-cfbf-494e-bac3-e718a45e1bc4","block_type":"box","text":"precipitates the early closing of the principal bond markets. Prior notification of the revised","page_number":26,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"7e8ecb1c-bdd0-44e0-a4a9-9beafe11bfa6","block_type":"box","text":"Dealing Deadlines will be sent by email or by post to Shareholders unless it is not possible to","page_number":26,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e16e8a6a-f2ee-4a2c-b448-37f0a31a306c","block_type":"box","text":"do so in the case of the happening of an event outside the control of the Fund.","page_number":26,"box":{"x":121,"y":351,"width":631,"height":13}},{"id":"f3808a8a-be74-4115-8e74-33dd66f04428","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline for subscriptions and","page_number":26,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"2bfac21a-1624-4cd1-bec8-75595fd5dbe6","block_type":"box","text":"redemptions. Prior notification of the revised Dealing Deadlines shall be sent by email or by","page_number":26,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"dfd54517-5639-431d-a677-8e02debcc7ae","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadlines are in place on a temporary","page_number":26,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8c7ed4d4-89d0-40c8-87d9-344b8e6fd8c9","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":26,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"8e18f394-5e56-4720-813a-2b1e20d2c145","block_type":"box","text":"be notified in advance of such changes.","page_number":26,"box":{"x":121,"y":449,"width":322,"height":13}},{"id":"4127625e-f601-4f78-810c-ff3f154dd231","block_type":"box","text":"Issue Price for Class 1-4 Shares","page_number":26,"box":{"x":121,"y":482,"width":275,"height":10}},{"id":"64ce0d3d-caf5-46d0-b3d6-17371a90d471","block_type":"box","text":"Net Asset Value per Share of the relevant class on the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":515,"width":621,"height":12}},{"id":"026c0f10-92e0-46be-a609-0953dcfb05fd","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":26,"box":{"x":121,"y":547,"width":408,"height":13}},{"id":"52e630f0-6965-402c-858f-e1798f1732f3","block_type":"box","text":"The Issue Price per Share of the Class W (Accumulating) Shares shall be £1,000.0000 during","page_number":26,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"a066f10c-a787-4456-8207-c2cfe56b3ff5","block_type":"box","text":"the Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on","page_number":26,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"1bc0cb46-5e14-4fb6-8030-dc2de466198c","block_type":"box","text":"the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":613,"width":212,"height":13}},{"id":"f51889a0-48b6-4796-abcd-17ce2aaf98cc","block_type":"box","text":"Offer Period for Class 1-4 Shares","page_number":26,"box":{"x":121,"y":646,"width":291,"height":10}},{"id":"94cca75b-6623-4a2b-b91f-5cb84a9b4786","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":26,"box":{"x":121,"y":679,"width":587,"height":12}},{"id":"27b48dc1-48b9-4b4b-953f-63af90bcdf0e","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":26,"box":{"x":121,"y":711,"width":423,"height":13}},{"id":"254f2fb0-4cd9-4a3a-b484-f1274b060e20","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":26,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"37e842d3-e25e-437e-94b9-58045ad95cc8","block_type":"box","text":"on 3 October 2023 to 5.00 pm (Irish Time) on 3 April 2024 or such a shorter or longer period","page_number":26,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"0dde7971-1751-413f-9ba4-a905d50163ed","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":26,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"2d1a7e99-7e82-4486-9deb-3438639ad190","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":26,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b6a5f09a-806d-455a-8c09-77690e165b48","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":26,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"c0331e96-1259-43a0-b3a0-d48abe399583","block_type":"box","text":"in accordance with the Central Banks requirements. 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Cleared funds must be received by the Fund’s close of","page_number":27,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"07cea3ad-151d-4b2b-9c67-b329eec0e97e","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. 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specified","page_number":27,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0174a061-5bed-4204-bd47-b247de64d58f","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":27,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"703b7e7d-3425-4b2e-af9a-9acbf0f55ca0","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":27,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"9171625c-30cf-410a-8c6b-64b3b240f5aa","block_type":"box","text":"redemption documentation","page_number":27,"box":{"x":121,"y":777,"width":221,"height":13}},{"id":"387449d4-0710-41ff-8aaa-63b5e3c89a4a","block_type":"box","text":"Valuation Point","page_number":27,"box":{"x":121,"y":810,"width":141,"height":10}},{"id":"41a2d2cd-6054-4839-b260-14ae1ba5bbd2","block_type":"box","text":"1 p.m. (Irish time) on each Dealing 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borne by each class of Shares will currently","page_number":28,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"a6f11827-2306-449d-b9ed-faa768200736","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":28,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"1df72c61-10dc-4662-ae92-d2cd1cf41df7","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":28,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"29a7523f-9782-438d-9e21-74cb85e277e5","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":28,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"51ccb9f1-fea8-4126-a784-c3a2b2f2294a","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":28,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6dcb0e0f-d5d0-4743-a7a2-1c84fc2750a8","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":28,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"3c183269-c56e-40d2-8c9a-55f5b33b017e","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":28,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"d3025a22-5d64-4987-bcf7-87e1f4f1c25e","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":28,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"79167949-dae5-4d36-bd49-54fb800dfe62","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":28,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"5f844653-37e7-4840-9b16-ceee2abc489a","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":28,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"9415059f-5f9d-4774-a760-e288e0d1b6e1","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":28,"box":{"x":121,"y":531,"width":704,"height":13}},{"id":"d3650475-d6fa-4d14-86a8-22eb31484c3d","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":28,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"c7c9cda2-90c5-4069-8543-b36f7f039808","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":28,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"80cf9521-c31b-45e0-a513-08a605a56634","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":28,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"bb68a354-f09e-4e3c-82a6-ea2d9bf6ea76","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":28,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d177e8d4-c275-498c-945a-b7ac41b65b34","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":28,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"14ac6a52-4ee6-42fa-932e-3451b6a3aa1d","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. 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The performance of the Sub-Fund will be","page_number":30,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"b01da3d4-ee4f-4b84-bc70-a0880969d096","block_type":"box","text":"benchmarked against the Euro Short Term Rate.","page_number":30,"box":{"x":121,"y":190,"width":387,"height":12}},{"id":"2ce337b2-1f3f-4dc9-bc96-df360ba95ea8","block_type":"box","text":"3","page_number":30,"box":{"x":510,"y":190,"width":4,"height":5}},{"id":"61af51ec-e3c2-4f67-b7e7-00e9abcac0ed","block_type":"box","text":"The Sub-Fund is a LVNAV Short Term Money Market Fund. The Sub-Fund is actively","page_number":30,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"cf015588-e8a3-4859-a624-7dd90bf1faf4","block_type":"box","text":"managed and its investments will include fixed or floating rate instruments including but not","page_number":30,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"9529abe8-be4f-4401-baed-f1dceb17ffa4","block_type":"box","text":"limited to commercial paper, term deposits, floating rate notes, certificates of deposit, freely","page_number":30,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"785d8a6b-1673-4d2f-ad04-83cbb192a01d","block_type":"box","text":"transferable promissory notes, debentures, asset-backed securities and bonds. The investments","page_number":30,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"8f1af8a8-f7ac-4496-acfe-3b3a16d5c118","block_type":"box","text":"shall be denominated in Euro and all of the Sub-Fund's assets may be invested in the above\u0002","page_number":30,"box":{"x":121,"y":288,"width":757,"height":13}},{"id":"01ddaa19-1e8b-4da7-8c16-b19a0fc9fab7","block_type":"box","text":"listed investments which are issued or guaranteed as to principal or interest by sovereign","page_number":30,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"4c67b55e-ecdd-4d7c-9da2-1568a209e1d8","block_type":"box","text":"governments, their agencies and instrumentalities, supranational entities and EU and non-EU","page_number":30,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"db0b6985-7019-45ca-97b5-e583afd03daa","block_type":"box","text":"corporations and financial institutions who are incorporated or domiciled in, or listed or dealt","page_number":30,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"301ee7a6-4238-47e1-a372-a3feb43c2ab0","block_type":"box","text":"on a Market located in those jurisdictions listed in Appendix II hereto or in securities of issuers","page_number":30,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"11edf20a-ae06-4eda-9fa2-5855ff21b23e","block_type":"box","text":"that, while not located in those jurisdictions, conduct substantial business in them as determined","page_number":30,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"ecd2f02d-4d45-43e5-b713-9f8830c6c6e6","block_type":"box","text":"by the Investment Manager, including (i) companies which have substantial assets in those","page_number":30,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"8a1f3e3d-9592-4656-aa83-a6bae320fe79","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":30,"box":{"x":119,"y":403,"width":765,"height":12}},{"id":"6bbe3dda-e776-4dc6-b51d-4ae8b82f08e5","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":30,"box":{"x":121,"y":419,"width":612,"height":13}},{"id":"dbaa7a4e-8f8a-4f59-9c63-f789005c0e1e","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund according to its classification as a","page_number":30,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"9ae580ab-b521-49a6-879b-940350ca6903","block_type":"box","text":"Short Term Money Market Fund and the restrictions imposed by recognised rating agencies in","page_number":30,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"46334953-620f-4119-acdb-c0ab54a12293","block_type":"box","text":"order to maintain an overall credit rating of Aaa which may include where applicable ensuring","page_number":30,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"5377c727-3d84-4549-9c49-91ef775527ce","block_type":"box","text":"that the Sub-Fund's investments may have such ratings as may be required from time to time","page_number":30,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"8978d183-5503-4fa7-a10e-7a00f7207e95","block_type":"box","text":"by the relevant rating agency to maintain the credit rating, or if unrated, be deemed to be of","page_number":30,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"f12f3f3a-1b71-4596-8d7d-2f24d3edc954","block_type":"box","text":"comparable quality by the Investment Manager.","page_number":30,"box":{"x":121,"y":534,"width":391,"height":13}},{"id":"88d2e4be-e269-41a3-88c9-819670775f27","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":30,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"e7936f25-9899-448b-b756-89a90cada899","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":30,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"f51e2c5a-fc3d-4d7e-8eb3-54d42927d441","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":30,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"8181354d-06ce-4669-9d87-d8248a6aea37","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":30,"box":{"x":121,"y":616,"width":599,"height":13}},{"id":"08131bd9-657a-4ba6-bdd7-68bc8a270763","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":30,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"112272f8-0d49-478b-909f-36cf4d684c70","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":30,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"eee4ba96-53ec-41ab-9fe5-501110894c98","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":30,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"58da1578-24ea-4d47-a174-911433e45fc0","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":30,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"00a3d311-f75a-4386-b9f6-c35b5ae89026","block_type":"box","text":"date (which shall be at least every 397 days). The weighted average life of the Sub-Fund’s","page_number":30,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"05e3f093-8325-470b-a773-ccde1995602f","block_type":"box","text":"investments will not exceed 120 days.","page_number":30,"box":{"x":121,"y":730,"width":311,"height":13}},{"id":"6c17b915-70b6-4cd8-ad32-f5c751581f1a","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":30,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"80555756-c6d9-4565-b957-99d56bccefa4","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":30,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"f68ee1dd-1a99-4357-8c4c-317583cb2c8f","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":30,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"c1090f2b-0168-4871-acb0-8146251d0dfb","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":30,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"8b29ed10-7aab-4c84-b47a-5423de77779a","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":30,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"efa8ac2b-e21a-43a1-816e-7e864a0ef3be","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":30,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"f685cc9f-5e54-432f-b3cc-7abc506884b0","block_type":"box","text":"3","page_number":30,"box":{"x":121,"y":877,"width":4,"height":6}},{"id":"0c641ca5-f07a-41fb-accf-45bdec7964da","block_type":"box","text":"The Euro Short Term Rate","page_number":30,"box":{"x":133,"y":880,"width":165,"height":7}},{"id":"fe697850-2c4f-419c-bf67-b8897361afa7","block_type":"box","text":"reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro","page_number":30,"box":{"x":304,"y":880,"width":575,"height":9}},{"id":"c0f27cd1-5a8e-4014-9d5c-a3c353b0a9bd","block_type":"box","text":"area. This benchmark has been selected as a comparator for performance measurement because it is representative of the level","page_number":30,"box":{"x":121,"y":892,"width":758,"height":10}},{"id":"dddd1009-0216-40f5-9272-a18e7f9f13ec","block_type":"box","text":"of return that is achievable by investing in liquid money market securities.","page_number":30,"box":{"x":121,"y":904,"width":448,"height":10}},{"id":"e4de19ee-d677-4372-b161-3fbbe7cc3c3d","block_type":"box","text":"31","page_number":31,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"526d417b-1cbc-4d58-bf1c-65c2530cfd74","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":31,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"ccfb2f3b-e169-4678-a26b-59bbece4431a","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":31,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6428129b-4093-4f77-9fb1-e28b0fe5a674","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":31,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6aad43f1-6c7e-4311-b133-242f5a23eab8","block_type":"box","text":"one or more Member States belong.","page_number":31,"box":{"x":121,"y":138,"width":293,"height":13}},{"id":"a40c68ca-cbd5-4ce3-9005-d1d768da3300","block_type":"box","text":"The Sub-Fund may invest up to 10% of its Net Asset Value in other Short Term Money Market","page_number":31,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"be6b07ee-8304-4343-b92b-9afbff8ca365","block_type":"box","text":"Funds.","page_number":31,"box":{"x":121,"y":187,"width":59,"height":10}},{"id":"e7d5a9e3-a628-4fbf-9e20-45ae1a030456","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":31,"box":{"x":121,"y":220,"width":603,"height":12}},{"id":"2ce79044-4e0b-493d-8350-012c5aab6cf6","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24 of","page_number":31,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b91e15bd-b5bf-40da-99be-db1a99e1868e","block_type":"box","text":"the Money Market Fund Regulation.","page_number":31,"box":{"x":121,"y":269,"width":300,"height":13}},{"id":"07a0b454-2d6e-4c08-8555-88ebc4471ee4","block_type":"box","text":"Investment Restrictions","page_number":31,"box":{"x":121,"y":301,"width":209,"height":11}},{"id":"fab25fc6-a588-4c39-94c5-e60e10a9df35","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":31,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b84e2945-e111-4889-8d9c-1c9cb6bb112e","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":31,"box":{"x":121,"y":351,"width":280,"height":13}},{"id":"91979bc4-9663-4245-ae26-ec85c7690af4","block_type":"box","text":"The Sub-Fund may not invest more than 10% of its Net Asset Value in other Short Term Money","page_number":31,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"5f382122-a28a-4f14-81dd-88731b08a132","block_type":"box","text":"Market Funds and no more than 5% of its Net Asset Value may be invested in the units or","page_number":31,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"bbd988f9-ccb3-47cd-a0e6-8ba210a20b57","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":31,"box":{"x":121,"y":416,"width":432,"height":13}},{"id":"8d01ba10-31db-4dc7-af41-f2a6c2064df9","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":31,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"28cd0bb1-ab53-41b5-8937-c05c84a4de4e","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":31,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"455ca6cd-18e3-4123-96c7-99775d1b1edf","block_type":"box","text":"regulations of the countries where Shareholders are located. 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Any","page_number":31,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f62be1be-dd45-4b85-8696-f0cf99e6ff2a","block_type":"box","text":"derivative instruments utilised will be used solely for the purposes of hedging interest rate or","page_number":31,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"28f50c3c-1587-474a-80db-ec34dd7d5976","block_type":"box","text":"exchange rate risks inherent in other investments of the Sub-Fund. 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After the Initial Offer Period, shares will","page_number":35,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"3ad0bd04-567b-44bc-bbcc-d39d33f75ddf","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":35,"box":{"x":121,"y":482,"width":514,"height":13}},{"id":"32356a37-01f8-4721-8a39-da6fd851d1e8","block_type":"box","text":"Minimum Fund Size","page_number":35,"box":{"x":121,"y":515,"width":181,"height":10}},{"id":"da4b94ee-8dc1-4cd0-a71b-6dafe01bcd13","block_type":"box","text":"€","page_number":35,"box":{"x":120,"y":547,"width":10,"height":10}},{"id":"278b390c-bb94-496a-9c84-67626e4189ca","block_type":"box","text":"10,000,000.","page_number":35,"box":{"x":133,"y":548,"width":98,"height":11}},{"id":"b95a4ef8-4734-4c12-be34-4933ac4cb4e9","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":35,"box":{"x":121,"y":580,"width":467,"height":13}},{"id":"4cce9de9-944d-4260-971c-a46335412734","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":35,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"7e26c563-a457-4ba1-8d74-5c36dd543af0","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":35,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"b533dada-c086-4816-b59b-b97cc5ebc336","block_type":"box","text":"determine.","page_number":35,"box":{"x":121,"y":646,"width":90,"height":10}},{"id":"87b75580-7cc3-4ef0-ad9a-e77f9ea04c85","block_type":"box","text":"Settlement Date for Class 1-9 Shares and Class Z (Accumulating) Shares","page_number":35,"box":{"x":121,"y":678,"width":628,"height":13}},{"id":"d216ad62-96cf-406d-b4b0-524734f84e88","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":35,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"69969c49-1a36-476e-90a6-adad13706733","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":35,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"df944d3c-6f1c-48ac-bc04-b4a2b16a63e6","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":35,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"1815c37a-916b-40d8-976a-45f4dc804f40","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":35,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d47ce240-0835-41b8-b255-5aecd3781a94","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":35,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d1535fd5-fd6f-4347-bcfc-4c1acdd59723","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund's close of bank","page_number":35,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5fb961da-9d27-45e4-b413-0e14376e9ad1","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":35,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"5fc78c26-052b-4fcc-bc63-6bfa5f056f12","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":35,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8fa4d013-5a19-47a6-9016-b33a64376381","block_type":"box","text":"discretion.","page_number":35,"box":{"x":121,"y":842,"width":89,"height":10}},{"id":"ccf90201-ed7b-4a3c-b249-ef7fb5943d6e","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":35,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"82be5841-4984-42a2-8cb0-aa4481e4cbed","block_type":"box","text":"account at the Shareholder’s risk on the same Dealing Day (and in any event no later than 10","page_number":35,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"56ae1de7-64cf-4b34-8d86-d68b98c4935d","block_type":"box","text":"36","page_number":36,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"0d2b3f86-fa1a-46b7-aff2-c056d3a36da3","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":36,"box":{"x":121,"y":89,"width":708,"height":12}},{"id":"bea5ecbc-96f7-4606-962f-b93405dd7bdf","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares and Class W (Distributing) Shares","page_number":36,"box":{"x":121,"y":121,"width":752,"height":13}},{"id":"e031650c-bedf-4bc1-8699-62871a52f3e3","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":36,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1679e025-0ef4-4c62-960e-dd8623a6b3bc","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":36,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"05ae7af6-de3c-46cb-b8e1-8040b7b6badd","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":36,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4c071203-c72d-4264-a59b-1fe4a43d8a16","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":36,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"423237e4-1e6d-4c5a-b7c2-314abec9f893","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":36,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d8d6b244-9dd9-4c0f-b929-a29fef431ad3","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":36,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"563c4e54-5d10-402b-b715-7d89e90fa7ff","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":36,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"bf700cc3-17ad-4755-b73b-03131fc78748","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":36,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"b2f10f85-1924-475c-b361-a60980fe72b4","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":36,"box":{"x":121,"y":285,"width":644,"height":13}},{"id":"d8021235-b11d-43fb-969f-7b837e73d712","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":36,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"01e6ebe8-02d2-4375-b597-35f8d03a8975","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":36,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"db09b2cd-8fc3-42d4-84af-05a7a097aaef","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":36,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"64d1bc58-e7af-4f33-81d9-66f691769a29","block_type":"box","text":"redemption documentation.","page_number":36,"box":{"x":121,"y":367,"width":226,"height":13}},{"id":"07121033-ee53-48ad-90a1-23389a9f5b17","block_type":"box","text":"Valuation Point4","page_number":36,"box":{"x":121,"y":400,"width":136,"height":10}},{"id":"961fecaa-ed8d-492f-8b41-b64df48c7d5d","block_type":"box","text":"t4","page_number":36,"box":{"x":257,"y":400,"width":5,"height":6}},{"id":"863f016f-da49-4def-ad1d-31986c2fe47d","block_type":"box","text":"1p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation Point","page_number":36,"box":{"x":123,"y":433,"width":761,"height":13}},{"id":"ea0544fd-76ae-43b9-aa30-e2f74b56712c","block_type":"box","text":"may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":36,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"e1298df1-62b6-4647-8481-e1cfd878756d","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":36,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"c10315be-2182-4f11-b11c-9b8239c641e9","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":36,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c814f95e-69f6-4c4f-895d-0318f2080483","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":36,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"d394c476-3c94-4891-942b-e04e70c68673","block_type":"box","text":"Day shall be 1 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":36,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"e09030f2-94d1-4df0-9a50-83402d0a2c72","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":36,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"d62cb965-f950-4c1c-9cca-6895ad3ac6dc","block_type":"box","text":"Point shall also be 1 p.m. (Irish time) on the same Dealing Day.","page_number":36,"box":{"x":121,"y":547,"width":518,"height":13}},{"id":"84d7459f-cee0-40e1-a5ae-11b30ecd39d9","block_type":"box","text":"Fees and Expenses","page_number":36,"box":{"x":121,"y":580,"width":165,"height":13}},{"id":"48e609b3-cdba-45e1-8897-ff4055009006","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":36,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"cdd57a2a-4165-4251-8cd0-47b02c60e799","block_type":"box","text":"each class of Shares as set out below.","page_number":36,"box":{"x":121,"y":629,"width":306,"height":10}},{"id":"0c2b9333-85b0-4d2c-91cf-53bd0305edd4","block_type":"box","text":"Class of Shares","page_number":36,"box":{"x":121,"y":662,"width":136,"height":10}},{"id":"f4132607-77da-4184-8b08-9b0fb649da88","block_type":"box","text":"Annual Charges and Expenses","page_number":36,"box":{"x":363,"y":662,"width":267,"height":13}},{"id":"310b03f0-154a-40f5-b88b-b7b11c30cff6","block_type":"box","text":"Class 1","page_number":36,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"204fed91-ad8b-4e11-b3d7-c46bf402cb58","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":36,"box":{"x":363,"y":695,"width":419,"height":10}},{"id":"c14c8f0a-57b8-4c18-91a3-e863c1cb1f88","block_type":"box","text":"Class 2","page_number":36,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"2eaed8a5-3cc5-4412-9b90-5100c1e11cf9","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":36,"box":{"x":363,"y":711,"width":419,"height":11}},{"id":"0d946d22-9b53-4e7c-bf4f-fdf08c327f5c","block_type":"box","text":"Class 3","page_number":36,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"83b2a2b1-4c98-460b-a523-e606031d8258","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":36,"box":{"x":363,"y":728,"width":419,"height":10}},{"id":"fa476c8f-6000-460e-9c8c-c8951cb5acf8","block_type":"box","text":"Class 5","page_number":36,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"dd2c145d-7ee8-45d9-8921-c0114cf734e0","block_type":"box","text":"None","page_number":36,"box":{"x":363,"y":744,"width":48,"height":10}},{"id":"a9899a70-f73b-427d-b371-447b01961fa6","block_type":"box","text":"Class 6","page_number":36,"box":{"x":121,"y":761,"width":63,"height":9}},{"id":"e5ceb576-44a3-467b-be39-224ee30e2756","block_type":"box","text":"0.20% of the Net Asset Value of the Class 6 Shares","page_number":36,"box":{"x":363,"y":761,"width":419,"height":10}},{"id":"07325638-1d10-475e-9a19-6f216ed62ef4","block_type":"box","text":"Class 7","page_number":36,"box":{"x":121,"y":777,"width":63,"height":10}},{"id":"6a201a56-a5d0-4112-9bd5-3f556eb8eb7a","block_type":"box","text":"0.15% of the Net Asset Value of the Class 7 Shares","page_number":36,"box":{"x":363,"y":777,"width":419,"height":10}},{"id":"2c5e2a12-deac-4ff0-bc29-37b4a90d7b1c","block_type":"box","text":"Class 8","page_number":36,"box":{"x":121,"y":793,"width":63,"height":10}},{"id":"194ccc02-a25f-4ac2-8140-574ddae369fc","block_type":"box","text":"0.10% of the Net Asset Value of the Class 8 Shares","page_number":36,"box":{"x":363,"y":793,"width":419,"height":10}},{"id":"6b500303-5cbd-4002-b8c2-dfd76dab3db9","block_type":"box","text":"Class 9","page_number":36,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"0284c232-9e6a-4d16-8e1b-ebf1883c9940","block_type":"box","text":"None","page_number":36,"box":{"x":363,"y":810,"width":48,"height":10}},{"id":"ebb4ba51-d1c3-4f67-8310-deb70709e33c","block_type":"box","text":"Class W (Accumulating)","page_number":36,"box":{"x":121,"y":826,"width":205,"height":13}},{"id":"01a16152-bade-4670-9629-fd864e843a34","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":36,"box":{"x":363,"y":826,"width":521,"height":13}},{"id":"f3717ce5-430e-4c82-b15e-24a4070dd933","block_type":"box","text":"Shares","page_number":36,"box":{"x":363,"y":842,"width":58,"height":10}},{"id":"5b4de165-b785-47cf-82ad-ac8e9fecd5d9","block_type":"box","text":"4","page_number":36,"box":{"x":121,"y":888,"width":5,"height":6}},{"id":"fa680764-0f71-47bd-a684-96200c747fa0","block_type":"box","text":"Change to the Valuation Point takes effect as and from Dealing Day on 07 July 2025. The Valuation Point for","page_number":36,"box":{"x":132,"y":890,"width":747,"height":10}},{"id":"11799f11-b28a-48cc-916f-6ea545db819b","block_type":"box","text":"Dealing Day on 04 July is 12 p.m. (Irish time) on the Dealing Day.","page_number":36,"box":{"x":121,"y":903,"width":448,"height":11}},{"id":"4caade7e-f5af-4e0b-8b26-d9f73a703dd4","block_type":"box","text":"37","page_number":37,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"4b14c269-1d04-4a90-8a50-005cfe91369f","block_type":"box","text":"Class W (Distributing)","page_number":37,"box":{"x":121,"y":89,"width":188,"height":12}},{"id":"854344de-dd5b-4e53-975d-d6a452c6ad39","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":37,"box":{"x":363,"y":89,"width":521,"height":12}},{"id":"dc2a6deb-4dcf-4150-af0b-c20ea37afd61","block_type":"box","text":"Shares","page_number":37,"box":{"x":363,"y":105,"width":58,"height":10}},{"id":"94b7de87-5a33-4782-b0b1-c3f3ce076e5e","block_type":"box","text":"Class Z (Accumulating)","page_number":37,"box":{"x":121,"y":121,"width":198,"height":13}},{"id":"70513c11-60d2-44b8-bf73-8f01bd3c4421","block_type":"box","text":"0.015% of the Net Asset Value of the Class Z (Accumulating)","page_number":37,"box":{"x":363,"y":121,"width":521,"height":13}},{"id":"b48cbde9-2e99-4f0a-bf7b-81f6b49e3fb6","block_type":"box","text":"Shares","page_number":37,"box":{"x":363,"y":138,"width":58,"height":10}},{"id":"59dcfe50-ff62-4707-a4b7-dab362cc9f75","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":37,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"aefaeff2-207a-4c6c-b687-5545031c4984","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":37,"box":{"x":121,"y":187,"width":443,"height":13}},{"id":"f12b1855-ad87-4a3d-a879-5d5a9c794133","block_type":"box","text":"The total fees and expenses of the Sub-Fund to be borne by each class of Shares will currently","page_number":37,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c0b682a9-abea-4322-8988-fc16d096ae2a","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":37,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"9944205e-d41c-4c09-b52c-035c3e780706","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":37,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"8d25ab2e-7f2a-4487-a625-8c665ab320df","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":37,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"15a736aa-b4fe-4526-bbcc-0cac4430e867","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":37,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"2620ac23-3dc7-4984-8284-9bb42791ecda","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":37,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"c072f6b0-f6fc-449a-a016-323a810edd6e","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":37,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"b7de0fb0-e9a4-4fa7-8495-f065987985b3","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":37,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"86f597b1-21c9-4d89-b86a-1a11775d321f","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":37,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"9e2fe5d4-7aad-49b8-8216-d3edbba5cf41","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":37,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"fd80784d-7c6e-426d-9592-ae8a1be3186c","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":37,"box":{"x":121,"y":384,"width":704,"height":12}},{"id":"2db95691-f359-4de8-a4af-27d978460df3","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":37,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8e913d2f-8e98-49af-b460-c91481714d27","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":37,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"a0345d12-0260-46ad-ac13-f5562ac9fc1b","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":37,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"83d224d9-5819-42c1-829b-0143b3a900da","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":37,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"af49991d-2cf2-4778-ad25-934a6e250b1d","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":37,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"2f8d8ac1-5232-46a5-b839-fad0ad8cbcc5","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":37,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"0288c559-68b2-4c6c-bd31-025b738e04d4","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":37,"box":{"x":121,"y":515,"width":469,"height":12}},{"id":"2762ab0c-6957-4eee-a897-c81e7dd12e8e","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":37,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"fb0f073f-1b6c-4d22-86a4-6a722f4efc0e","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":37,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"30f54183-ba03-426b-a6fc-23d00ceee127","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":37,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"89f093a8-ba66-47e3-9caa-241d9193ad05","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":37,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"fe5c7f96-dee4-4921-99ba-ee40ab8cc251","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":37,"box":{"x":121,"y":613,"width":757,"height":13}},{"id":"67985546-d512-4ae8-bbf0-05a26cee7161","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":37,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"34771df5-17b8-4b94-bb5e-85b20cde4cc8","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":37,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"797d146d-efbc-4117-9e9e-c3f7b07ef21e","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":37,"box":{"x":121,"y":662,"width":563,"height":13}},{"id":"18bd6c79-60ee-4ece-b3ef-02cb8d0994d1","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":37,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"5472c528-3f4d-4efc-a3dc-f54e39a04c76","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":37,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"bdbf5779-a95e-43ac-b66e-a5e7f1ebc468","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":37,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"4f84ee46-5c86-4098-9b25-cc56538aed37","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":37,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"d5ad97dd-59f7-420b-8b11-0493cd8044af","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":37,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"9a331590-52f8-4d70-98be-d6e6b8994253","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":37,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"063de960-d0d6-45c4-b60d-2aca10e1394f","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":37,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"7a5e40f8-4796-4faf-97c5-d5befbd907d4","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":37,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"ba4571b0-35bf-4f5e-a7d9-1c5fbeb852bc","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":37,"box":{"x":121,"y":826,"width":527,"height":13}},{"id":"16793f0e-482e-42d1-961a-f4140ab9e94b","block_type":"box","text":"Any other fees and expenses payable out of the assets of the Sub-Fund are set out in Part 2 of","page_number":37,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"c18e3c08-9543-471a-b343-d92d59f00f03","block_type":"box","text":"the Prospectus.","page_number":37,"box":{"x":121,"y":875,"width":127,"height":13}},{"id":"b14a99e9-6200-488a-814f-f971808edde3","block_type":"box","text":"38","page_number":38,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"fd1c0213-c7cb-45ff-bedf-e66e41cc379f","block_type":"box","text":"Preliminary Charge","page_number":38,"box":{"x":121,"y":88,"width":177,"height":13}},{"id":"eec71400-6642-4b60-9899-0486aca24e3b","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":38,"box":{"x":121,"y":121,"width":636,"height":13}},{"id":"90529aa2-4e95-490d-9c30-5ce1c57b6b3c","block_type":"box","text":"Exchange Charge","page_number":38,"box":{"x":121,"y":154,"width":157,"height":13}},{"id":"c5df5304-0d28-463a-8ed2-36f2f0c6b7b1","block_type":"box","text":"None.","page_number":38,"box":{"x":121,"y":187,"width":53,"height":10}},{"id":"8946c3d4-fb46-4b24-8949-88e064eb22e5","block_type":"box","text":"Redemption Charge","page_number":38,"box":{"x":121,"y":220,"width":179,"height":12}},{"id":"71777268-6867-4ad9-b1b6-250f7664cdfb","block_type":"box","text":"None.","page_number":38,"box":{"x":121,"y":253,"width":53,"height":9}},{"id":"6cc4a2a0-468c-440c-9b9f-d6a353273277","block_type":"box","text":"39","page_number":39,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"ef11afc2-584d-4203-b7a5-e19d15a2b27f","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND","page_number":39,"box":{"x":134,"y":89,"width":737,"height":14}},{"id":"cb2b0c8f-017e-4633-9017-92f55ea22f9f","block_type":"box","text":"Investment Objective and Policies","page_number":39,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"ac9f8a2b-1810-4761-9e68-2a6b7d78f2df","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":39,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"1957d9ab-3949-4719-94c5-b015e5566573","block_type":"box","text":"and preserve the value of the investment.","page_number":39,"box":{"x":121,"y":173,"width":335,"height":13}},{"id":"9a4d32b6-86e1-41bd-bf5c-39486cb5e62a","block_type":"box","text":"The Sub-Fund is actively managed and will endeavour to achieve its objective by investing","page_number":39,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"7153af14-ca57-4907-b0b8-eb4a52820cf1","block_type":"box","text":"primarily in short term government securities and securities issued by agencies or bodies","page_number":39,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"b974ab82-61e5-494c-b0d3-2f6d2eea211c","block_type":"box","text":"explicitly guaranteed by the UK Government. The Sub-Fund may also hold such instruments","page_number":39,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"793b1312-4d53-48da-a54f-071db0303078","block_type":"box","text":"as collateral received under reverse repurchase agreements. The performance of the Sub-Fund","page_number":39,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"90f7fbb7-7150-487b-aee4-2778b20f30d2","block_type":"box","text":"will be benchmarked against the SONIA rate.","page_number":39,"box":{"x":121,"y":272,"width":366,"height":12}},{"id":"98a0c3a2-caaf-4587-ab63-3e3d0a6e9794","block_type":"box","text":"5","page_number":39,"box":{"x":489,"y":272,"width":4,"height":5}},{"id":"82c1a65e-73d9-4c20-8631-2891aa683e0b","block_type":"box","text":"The Sub-Fund will invest in a diversified portfolio of Sterling denominated government debt","page_number":39,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"419c7be0-9af2-4d7a-858d-e4b06f90c417","block_type":"box","text":"and deposits. The Sub-Fund is a LVNAV Short Term Money Market Fund and its investments","page_number":39,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"e9d11b71-4b88-4866-8db3-039a884f73dc","block_type":"box","text":"will include fixed or floating rate instruments including but not limited to Treasury bills, UK","page_number":39,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"533d9811-7b20-47a5-82e9-36d1e6daf6b0","block_type":"box","text":"Government debt securities, Repurchase agreements that are at all times fully secured against","page_number":39,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"ff50a39d-e3d4-4018-9f01-6ebd15a17af8","block_type":"box","text":"UK Government securities, and overnight deposits with the UK Debt Management Office. The","page_number":39,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"599eee0a-e4b2-4266-a5a3-60dea40e1979","block_type":"box","text":"investments shall be denominated in Sterling and may be issued or guaranteed as to principal","page_number":39,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"ceee8aab-d263-4c5b-9f0d-87acb9c34807","block_type":"box","text":"or interest by the UK government and its agencies and instrumentalities.","page_number":39,"box":{"x":121,"y":403,"width":587,"height":12}},{"id":"44b6e124-723c-49c6-aaf3-3fd9762033e2","block_type":"box","text":"The investment policy is to invest in a portfolio of Treasury Bills, UK Government securities,","page_number":39,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"5edf3151-d281-4c7b-b5ea-5d9bcc048f73","block_type":"box","text":"Repurchase Agreements that are at all times fully secured against UK Government Securities,","page_number":39,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"962f86bf-de0c-430f-be27-0a19be06870e","block_type":"box","text":"and overnight deposits with the Debt Management Office. Cash may be held on an ancillary","page_number":39,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"17eb456d-a1d5-41ec-abc7-e97594c5048c","block_type":"box","text":"basis. The Investment Manager intends to manage the Sub-Fund according to its classification","page_number":39,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"11308ed2-6df7-4eb9-99c6-4e3526dbf86e","block_type":"box","text":"as a Short Term Money Market Fund and the restrictions imposed by the rating agency in order","page_number":39,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"fc7144da-d6e4-4565-95f9-17ed7b2e6ff8","block_type":"box","text":"to maintain an overall credit rating of Aaa.","page_number":39,"box":{"x":121,"y":517,"width":348,"height":13}},{"id":"328ae548-4fe0-4b65-8496-193b57cfb99f","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":39,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"ac7db3b8-f5fd-47ad-a7e5-8d767e3aefd7","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":39,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"d46a808a-ccc9-46bd-9b5a-654cb5166ce2","block_type":"box","text":"date not exceeding 397 days. 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Where practicable, the","page_number":41,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"6f941cdd-57b2-42ae-999f-b845245d4019","block_type":"box","text":"Investment Manager also seeks to apply the Baseline ESG Exclusions when selecting","page_number":41,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"21a07e2f-18d5-4ee3-afd6-25c3ac1f5cbd","block_type":"box","text":"investments.","page_number":41,"box":{"x":121,"y":449,"width":106,"height":10}},{"id":"890121e8-44da-46e4-90e1-2e51f8e72aa4","block_type":"box","text":"The Investment Manager actively engages with issuers with the aim of positively influencing","page_number":41,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"ed6384d8-daa2-4c15-90c9-d8f03b8c97b9","block_type":"box","text":"behaviour and helping to create competitive returns.","page_number":41,"box":{"x":121,"y":498,"width":425,"height":13}},{"id":"c996c6f7-143b-471a-b6ca-afee3c51e381","block_type":"box","text":"In addition, the Sub-Fund has limited exclusions based on the Investment Manager’s","page_number":41,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"98d53231-da5a-4ba5-8e18-2c94fefe3fc5","block_type":"box","text":"Sustainability Risk Policy.","page_number":41,"box":{"x":121,"y":547,"width":219,"height":13}},{"id":"183b40b1-07ad-4357-b54e-c1263938bc37","block_type":"box","text":"This Sub-Fund does not have a sustainable investment objective and the Investment Manager","page_number":41,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"69ab0e00-49f9-43cf-899f-5694542b9533","block_type":"box","text":"will consider the adverse impacts of an investment to the extent they are financially material.","page_number":41,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"72d56431-af4f-4dd6-a17b-06a294675117","block_type":"box","text":"For further information please refer to the sustainability disclosures section of the prospectus","page_number":41,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"806b50f4-7a9a-411f-bed1-50f0f22124d6","block_type":"box","text":"and the website","page_number":41,"box":{"x":121,"y":629,"width":130,"height":10}},{"id":"7fff830c-c4ae-4d85-8d26-25f7884a70fe","block_type":"box","text":"www.avivainvestors.com","page_number":41,"box":{"x":251,"y":629,"width":205,"height":10}},{"id":"c3cb2f52-4721-453e-9688-2f0e17ebce9d","block_type":"box","text":".","page_number":41,"box":{"x":457,"y":638,"width":9,"height":1}},{"id":"23da11e9-a07d-44ce-ab35-5170897dd48b","block_type":"box","text":"The investments underlying this sub-fund do not take into account the EU criteria for","page_number":41,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"a38bae43-c83d-4dc0-9065-374de2b6936d","block_type":"box","text":"environmentally sustainable economic activities.","page_number":41,"box":{"x":121,"y":679,"width":398,"height":12}},{"id":"d138f3f3-0088-49c6-8c9c-fc28b6651240","block_type":"box","text":"Rating Award","page_number":41,"box":{"x":121,"y":711,"width":127,"height":13}},{"id":"d4954b4e-d10f-4ac8-b7d2-9ebd413a2d61","block_type":"box","text":"The Fund has obtained an “Aaa-mf” money market rating from Moody’s Investors Service","page_number":41,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4e348340-93e3-4033-a57f-320e73a72766","block_type":"box","text":"(“Moody’s”) for the Sub-Fund. 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(Distributing)","page_number":43,"box":{"x":121,"y":875,"width":188,"height":13}},{"id":"3e511277-f560-4cab-ba0c-901ba9774483","block_type":"box","text":"£500,000","page_number":43,"box":{"x":363,"y":875,"width":80,"height":12}},{"id":"0a7e6ac9-e3de-4161-855e-3315e97e0160","block_type":"box","text":"£500,000","page_number":43,"box":{"x":544,"y":875,"width":80,"height":12}},{"id":"8684fec7-b839-4923-96fe-0314b62d65ec","block_type":"box","text":"None","page_number":43,"box":{"x":726,"y":876,"width":48,"height":9}},{"id":"01bf2c0a-188c-41cc-9e5e-d82c50b50788","block_type":"box","text":"44","page_number":44,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"1c2bab41-c8ac-4a1b-b5f6-aca1560e1ffa","block_type":"box","text":"Class 4 and Class 8 Shares are only available to those investors who have a separate investment","page_number":44,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"6776c5a7-7ec4-432e-853e-d60f3d4fef2f","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates.","page_number":44,"box":{"x":121,"y":105,"width":497,"height":13}},{"id":"e64474cc-5c92-45d0-9d69-0d03bdb97184","block_type":"box","text":"Dealing Deadline","page_number":44,"box":{"x":121,"y":138,"width":152,"height":12}},{"id":"604c5c35-431f-4fce-ba2f-e06157f11503","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day, except in the case of any Dealing Day occurring on","page_number":44,"box":{"x":123,"y":170,"width":761,"height":13}},{"id":"993ee5c9-3fcf-42fa-99e7-a80b4f863cb0","block_type":"box","text":"24 December and/or on 31 December in each calendar year, on which Dealing Days the Dealing","page_number":44,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"8babd9f4-5411-4e23-9cd8-c4459314ec75","block_type":"box","text":"Deadline shall be 12 p.m. (Irish time).","page_number":44,"box":{"x":121,"y":203,"width":312,"height":13}},{"id":"f6d30fab-a583-4e43-b273-3d12065c342c","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":44,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3380e639-67c4-4bbe-85c3-1b1c9be48e84","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":44,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"1e075e87-611b-4d2d-96ca-981e6aa86494","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":44,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"23161788-680a-4449-9c4d-34e3f2c1932e","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":44,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"edd84d62-e91a-475c-a44d-a69f7b51ce75","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":44,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"442d979b-aa72-4c0d-ae3e-d90f69cdcc1c","block_type":"box","text":"email or by post to Shareholders unless it is not possible to do so in the case of the happening","page_number":44,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"1efcbfb2-35b6-4ce9-bcc7-14c6ca46ee2e","block_type":"box","text":"of an event outside the control of the Fund.","page_number":44,"box":{"x":121,"y":334,"width":352,"height":10}},{"id":"d7a36e33-6b69-4477-817d-4646df019095","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":44,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"63211b0d-6ea9-4910-a761-66eea1af3581","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":44,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"1e91ac09-ffde-4056-a7b1-c76482ee75be","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":44,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"55bf7601-67fa-49e5-96ba-66b4b7e32456","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":44,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"ca285f4b-0d3c-433d-8e0b-185da1c85aa2","block_type":"box","text":"changes.","page_number":44,"box":{"x":121,"y":433,"width":74,"height":13}},{"id":"d42881a7-9a17-4278-bcbd-4a26294895fc","block_type":"box","text":"Issue Price for Class 1-8 Shares, Class W (Accumulating) Shares and Class W","page_number":44,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f8e4a8fd-e3e3-4c70-9347-5abae7024415","block_type":"box","text":"(Distributing) Shares","page_number":44,"box":{"x":121,"y":482,"width":187,"height":13}},{"id":"328a1cd8-007f-4958-abbc-1849581b8405","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":44,"box":{"x":121,"y":515,"width":626,"height":12}},{"id":"eb2fb62f-ce3c-4ef4-ad15-34d8f055746b","block_type":"box","text":"Offer Period for Class 1-8 Shares","page_number":44,"box":{"x":121,"y":547,"width":291,"height":10}},{"id":"aa915faa-aef2-487f-86e2-99b1ec838180","block_type":"box","text":",","page_number":44,"box":{"x":414,"y":556,"width":9,"height":3}},{"id":"64f8c6f6-3138-493d-8651-13e18ad58588","block_type":"box","text":"Class W (Accumulating) and Class W (Distributing)","page_number":44,"box":{"x":425,"y":547,"width":459,"height":13}},{"id":"03de9077-a06e-4793-981e-136a61b205d2","block_type":"box","text":"Shares","page_number":44,"box":{"x":121,"y":564,"width":63,"height":10}},{"id":"4db4f113-d3e6-49af-a422-e68b513ecc38","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":44,"box":{"x":121,"y":597,"width":587,"height":12}},{"id":"37e04d6d-2bfb-4003-b2da-1c4d11eefc39","block_type":"box","text":"Minimum Fund Size","page_number":44,"box":{"x":121,"y":629,"width":181,"height":10}},{"id":"6b860421-9668-489c-b422-efd4ff5beac5","block_type":"box","text":"£10,000,000.","page_number":44,"box":{"x":121,"y":662,"width":110,"height":12}},{"id":"5797ed35-a0bb-48da-bf2b-6c3d22ed7a9a","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":44,"box":{"x":121,"y":695,"width":467,"height":13}},{"id":"bbc4c8d8-f729-439b-8af6-f2a03ef68da3","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":44,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"a1ee84a9-e825-4bd3-9a6f-83012e406a71","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":44,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"e1aa52b4-25e7-49ac-8668-0c009666331b","block_type":"box","text":"determine.","page_number":44,"box":{"x":121,"y":761,"width":90,"height":9}},{"id":"90c44df8-74ed-4dcd-b279-8e4ddd0e231a","block_type":"box","text":"Settlement Date for Class 1-8 Shares","page_number":44,"box":{"x":121,"y":793,"width":319,"height":10}},{"id":"22851e91-186a-4090-a746-ae7af528a453","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":44,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"344da03a-c046-4aea-91a8-c77d255147dd","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":44,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"a8c1fb2d-5b0a-425d-9de2-e5f96845b44d","block_type":"box","text":"care of the Administrator on the Business Day immediately preceding the Dealing Day, unless","page_number":44,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"33537f46-3d2a-4826-8ba0-c8f67929d6a4","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":44,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"edf27d50-4e7f-41c3-979b-f4ca2cad1804","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":44,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"4624a053-4c35-4b47-b19c-23bd4e2b4b07","block_type":"box","text":"45","page_number":45,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"02f3eb7d-c64f-43c0-8efc-525a48f0f433","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of","page_number":45,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"ec1b4740-a28e-4825-89c0-6f9136c2f7a2","block_type":"box","text":"bank business on the Dealing Day, then any interest costs and/or directly related charges will","page_number":45,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"2437e014-952a-42ab-a18c-3532bc50b9a0","block_type":"box","text":"be reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":45,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"c5ad6a9c-dd3c-4531-be89-abc76c11c3ff","block_type":"box","text":"discretion.","page_number":45,"box":{"x":121,"y":138,"width":89,"height":10}},{"id":"16a52f44-98da-4d95-b005-1fdb93c2ad9f","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":45,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"85b7fe5c-71be-41c8-9b12-68deee346088","block_type":"box","text":"account at the Shareholder’s risk on the same Dealing Day (and in any event no later than 10","page_number":45,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"96a3630a-0a0b-4a71-bc85-98694277ab63","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":45,"box":{"x":121,"y":203,"width":708,"height":13}},{"id":"f8d62f17-9ce0-4572-b6f3-e9815ff7841c","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":45,"box":{"x":121,"y":236,"width":689,"height":13}},{"id":"6024369b-d6f5-40bd-8373-bae279e62c8b","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":45,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d64a62dd-1eea-463f-bd42-7ad386ec7eb1","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":45,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"6b553544-cfb9-4b16-9273-fdade62054be","block_type":"box","text":"care of the Administrator on the Business Day immediately preceding the Dealing Day, unless","page_number":45,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5ebf6bbc-b773-4460-aaa0-1dc6230b8685","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":45,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"fbd96c33-db18-4fa7-b64f-7013bb66204b","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":45,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"92ee3329-69db-48cd-a6ce-e16e624aa935","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":45,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"cb57c41b-2b20-4d6e-92d5-30b519aa40da","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":45,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"be57d268-5449-45b1-8e92-d9007156f633","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":45,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c491dc0d-c425-4fae-802f-b3f1b3980a27","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":45,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"0e7ec499-0128-40b4-9057-af10ccc4effd","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":45,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"ea75a227-6f37-4254-966f-7afb37886d0e","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":45,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"9d738324-0bf9-4b6f-ba02-53a6e534ba68","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":45,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"539d713d-468d-46db-840e-bd672c5a7178","block_type":"box","text":"redemption documentation.","page_number":45,"box":{"x":121,"y":482,"width":226,"height":13}},{"id":"a532bd19-d05c-4f9c-a0b0-7e54de126b13","block_type":"box","text":"Valuation Point","page_number":45,"box":{"x":121,"y":515,"width":136,"height":10}},{"id":"1f205907-c2ce-432e-acb3-9e80e0432abf","block_type":"box","text":"6","page_number":45,"box":{"x":257,"y":515,"width":5,"height":5}},{"id":"95cbd680-7e0d-4063-8bec-a1b447d7054a","block_type":"box","text":"1 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation Point","page_number":45,"box":{"x":123,"y":547,"width":761,"height":13}},{"id":"29fad19b-9a0a-4e21-826d-6c48a8bed8f7","block_type":"box","text":"may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":45,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"b76a2135-a298-4ee8-ad43-776960f3fbc8","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":45,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"f6f67239-34f7-4651-b6b1-cd4126c80869","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":45,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"c2bdb3ef-2722-4d95-a994-6c4813fb61f0","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":45,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"db2c6ffe-86b4-420b-9392-d66c2d16b8c2","block_type":"box","text":"Day shall be 1 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":45,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"c90b6636-1b57-4bb3-98fa-f39dc237df77","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":45,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"84f3f76b-ec39-4a0a-9534-63f806f1f886","block_type":"box","text":"Point shall also be 1 p.m. (Irish time) on the same Dealing Day.","page_number":45,"box":{"x":121,"y":662,"width":518,"height":13}},{"id":"26cec603-4e0b-488b-823f-5b0ab05ca959","block_type":"box","text":"Fees and Expenses","page_number":45,"box":{"x":121,"y":695,"width":165,"height":13}},{"id":"09ee5a14-1aba-4c99-ae1a-ebc9b5b23ee0","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":45,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6d90de83-4632-4980-89fd-74e4cb0ad53a","block_type":"box","text":"each class of Shares as set out below.","page_number":45,"box":{"x":121,"y":744,"width":306,"height":10}},{"id":"e6132624-45c5-4341-b7c6-698b12954201","block_type":"box","text":"Class of Shares","page_number":45,"box":{"x":121,"y":777,"width":136,"height":10}},{"id":"4a426bd3-2e4b-4178-9e8f-c9d4ddab8251","block_type":"box","text":"Annual Charges and Expenses","page_number":45,"box":{"x":363,"y":777,"width":267,"height":13}},{"id":"6656805c-2951-4de3-8c2a-dc268fe0ce26","block_type":"box","text":"Class 1","page_number":45,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"d78b4fd4-3b3b-4884-a858-5069b7104bea","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":45,"box":{"x":363,"y":810,"width":419,"height":10}},{"id":"1db171fc-48be-4348-8650-df5a7139e6b5","block_type":"box","text":"Class 2","page_number":45,"box":{"x":121,"y":826,"width":63,"height":10}},{"id":"83c16ca2-9690-485d-92f4-09afc35b0220","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":45,"box":{"x":363,"y":826,"width":419,"height":10}},{"id":"c6130dc0-6993-4303-b387-b7b3c9bbdd4b","block_type":"box","text":"Class 3","page_number":45,"box":{"x":121,"y":842,"width":63,"height":10}},{"id":"847f964e-cbde-4301-ad01-afed429631fb","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":45,"box":{"x":363,"y":842,"width":419,"height":11}},{"id":"d9a99a2c-3536-4763-b844-5ba859f20571","block_type":"box","text":"6","page_number":45,"box":{"x":121,"y":889,"width":5,"height":5}},{"id":"2ad318a1-c66c-4d4a-92d0-5145a31dc17b","block_type":"box","text":"Change to the Valuation Point takes effect as and from Dealing Day on 07 July 2025. 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The Manager will absorb (directly by first the waiver of its fees","page_number":46,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"6e425d93-3767-4062-97fb-6e05d97747bc","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":46,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"de2efa9a-f213-4dc1-b4aa-8e46f43cab7a","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":46,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"9ff8a2ff-9f93-40ab-8a00-e9d893be8c35","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":46,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"b617eef9-f7cc-4c51-863a-3ca2da41e973","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":46,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"9ae8b4f7-b73b-4625-bb80-08aef1ad7bda","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":46,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"05b66d91-b7f5-49fb-8d9b-e452c6383d5e","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":46,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"402229b4-66c8-4137-8fc1-f3ae4a8356ed","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":46,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"dfc77c61-44e1-468f-b1ee-ef94bd1f5e9e","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":46,"box":{"x":121,"y":465,"width":704,"height":13}},{"id":"cedd12f2-0e1e-4d5a-b0fd-63a3595ae573","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":46,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3c960ca8-079c-486d-9828-474c6cce0aaf","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":46,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"4b5f5823-4cc9-4a60-8bc6-ffa3d1506056","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":46,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"343f74a0-d8a8-4706-84e1-0d02ed0e6a4d","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":46,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"29ee5d7e-b407-4fc2-949c-f51b04c41b5a","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":46,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"bcb87175-c951-4fbd-95a2-9f9c89f01f34","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":46,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"fd96ba72-b9bf-4415-b6b3-9066b2d05362","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":46,"box":{"x":121,"y":597,"width":469,"height":12}},{"id":"8cd906b9-cfe1-4625-b244-b04f41a490d8","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":46,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"e4c2f591-67bb-4ee5-af4e-a8061b720e3c","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":46,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"eb150c5c-aa51-4d42-bc0b-b11f9fc928b0","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":46,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8659ef83-2898-45da-a414-5b41f50bc9bf","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":46,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"cabc41d8-bf34-4b4d-9335-f5fb29f556bd","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":46,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"ccd39fe1-1509-46de-a3ec-87f3aa2f266f","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":46,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"93269694-4ddf-43fc-9da6-f2beed1aff82","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":46,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"f93d3d43-156c-4ec4-bb49-20e8b58caa47","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":46,"box":{"x":121,"y":744,"width":563,"height":13}},{"id":"fc1d3940-8b8b-476e-8865-615c5b5708ed","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":46,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"a67c830c-894b-4b1b-b914-c763ad9a3660","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":46,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"e8dd06e4-ccaf-45e4-a1be-cdded3043f8d","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":46,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"48a56bec-6c15-4c6b-ac91-2d1821b0562e","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":46,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"051ff212-393c-42e4-afd7-3e2f1853c179","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":46,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"bcd4ce93-8c68-4acf-9b49-6c75462ac1a8","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":46,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"5e261b2d-8696-4263-aa66-e3fdaa6d01a9","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":46,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"3f3c0d97-525a-44f6-a517-3eef5108a1cc","block_type":"box","text":"47","page_number":47,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"cd1884ef-8c5f-4c86-a2f9-db7b61942e8d","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":47,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"c3af1a74-ff0f-4999-83b6-27a530aac247","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":47,"box":{"x":121,"y":105,"width":527,"height":13}},{"id":"78b96c34-26cb-4c9f-8063-86668fe3a688","block_type":"box","text":"Any other fees and expenses payable out of the assets of the Sub-Fund are set out in Part 2 of","page_number":47,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"72314ee7-28f2-4a9c-a790-aa1ab580d51e","block_type":"box","text":"the Prospectus.","page_number":47,"box":{"x":121,"y":154,"width":127,"height":13}},{"id":"fae668d0-e332-48f8-8942-df258440308b","block_type":"box","text":"Preliminary Charge","page_number":47,"box":{"x":121,"y":187,"width":177,"height":13}},{"id":"e902fe99-8eca-4f64-a0e9-2b953a9e8207","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":47,"box":{"x":121,"y":220,"width":636,"height":12}},{"id":"55a7ce2e-cc5f-48ba-b41c-1f4388da0e73","block_type":"box","text":"Exchange Charge","page_number":47,"box":{"x":121,"y":252,"width":157,"height":13}},{"id":"cf9016ec-d123-4f78-97b0-dcb340dcc368","block_type":"box","text":"None.","page_number":47,"box":{"x":121,"y":286,"width":53,"height":9}},{"id":"17a3a5bd-e529-459c-944a-36c16e9531f0","block_type":"box","text":"Redemption Charge","page_number":47,"box":{"x":121,"y":318,"width":179,"height":13}},{"id":"60ccd0bc-64a2-4266-90c7-1413d2adc713","block_type":"box","text":"None.","page_number":47,"box":{"x":121,"y":351,"width":53,"height":10}},{"id":"5ef9da8a-c88f-44d9-b456-8554abf3eb95","block_type":"box","text":"Liquidity Fees","page_number":47,"box":{"x":121,"y":381,"width":128,"height":13}},{"id":"65102315-ad09-4dfb-8e09-99cc0714e620","block_type":"box","text":"The Sub-Fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":47,"box":{"x":121,"y":417,"width":763,"height":13}},{"id":"5ca140f8-7b62-4e58-9d67-72c7f43e6e6a","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":47,"box":{"x":121,"y":434,"width":618,"height":13}},{"id":"1b3d2edf-2c70-4ae7-a423-0ac337f20282","block_type":"box","text":"48","page_number":48,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"96278476-46da-419d-a5dc-33c269e0a318","block_type":"box","text":"AVIVA INVESTORS US DOLLAR LIQUIDITY FUND","page_number":48,"box":{"x":217,"y":105,"width":572,"height":15}},{"id":"696eea72-d099-4b04-9e9e-9e2d077ffd7a","block_type":"box","text":"Investment Objective and Policies","page_number":48,"box":{"x":121,"y":159,"width":296,"height":13}},{"id":"91dbe7c7-7708-4c96-9b8f-e9c95fb45129","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":48,"box":{"x":121,"y":192,"width":763,"height":13}},{"id":"dde309fa-236a-47b2-9981-e4b026f11eaa","block_type":"box","text":"and to preserve the value of the investment. The performance of the Sub-Fund will be","page_number":48,"box":{"x":121,"y":209,"width":763,"height":12}},{"id":"cf9bd60e-11d7-4448-aa02-3b838556d7fb","block_type":"box","text":"benchmarked against the Secured Overnight Financing Rate (","page_number":48,"box":{"x":121,"y":225,"width":495,"height":13}},{"id":"1ad34440-3b74-4377-b555-887291333722","block_type":"box","text":"SOFR","page_number":48,"box":{"x":618,"y":225,"width":53,"height":10}},{"id":"30255eda-cadd-4d0e-9599-b5b4b2a1a023","block_type":"box","text":") .","page_number":48,"box":{"x":671,"y":225,"width":15,"height":12}},{"id":"990158b6-004d-4a5d-89bb-0b6ea72ac8d8","block_type":"box","text":"7","page_number":48,"box":{"x":688,"y":226,"width":4,"height":5}},{"id":"a6a18912-4be1-4fb1-98ac-a64d56db0479","block_type":"box","text":"The Sub-Fund is an LVNAV Short Term Money Market Fund. The Sub-Fund is actively","page_number":48,"box":{"x":121,"y":258,"width":763,"height":13}},{"id":"6bde922f-5c7c-4056-9fa3-0e4cacef6b76","block_type":"box","text":"managed and its investments will include fixed or floating rate instruments including but not","page_number":48,"box":{"x":121,"y":274,"width":763,"height":13}},{"id":"f5a6037b-bf2d-4896-970b-c906025708b5","block_type":"box","text":"limited to commercial paper, term deposits, floating rate notes, certificates of deposit, freely","page_number":48,"box":{"x":121,"y":291,"width":763,"height":12}},{"id":"a91cd8b4-fb06-484f-a7a4-ec41199ddaa5","block_type":"box","text":"transferable promissory notes, debentures, asset-backed securities and bonds. 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This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":48,"box":{"x":121,"y":892,"width":758,"height":10}},{"id":"882477ec-0b4e-4071-8ff0-e2ef039f94c7","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":48,"box":{"x":121,"y":904,"width":481,"height":10}},{"id":"ea0c7d9d-6b20-4bf0-b7d6-2b791598bcd5","block_type":"box","text":"49","page_number":49,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"f981cd0c-1694-4a64-a354-5749bafddc5c","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":49,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"60f8fee3-5807-4242-be10-b48fecc5bb97","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":49,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"83fcacdb-7e8a-4856-86e4-7f27d1d04ec3","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":49,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"f53a4252-e5ce-485d-aaea-9b3558308721","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":49,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7e48172e-3517-48eb-a99d-30f2fbebc5ef","block_type":"box","text":"date (which shall be at least every 397 days). The weighted average life of the Sub-Fund’s","page_number":49,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"a48b459e-06da-418e-b859-f5e7b0921cc3","block_type":"box","text":"investments will not exceed 120 days.","page_number":49,"box":{"x":121,"y":187,"width":311,"height":13}},{"id":"2250e3d8-f035-4063-85f9-0067c13adc07","block_type":"box","text":"The Sub-Fund may invest up to 10% of its Net Asset Value in other Short Term Money Market","page_number":49,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d9993f04-5d01-4423-ada0-a31ef105b685","block_type":"box","text":"Funds.","page_number":49,"box":{"x":121,"y":236,"width":59,"height":10}},{"id":"d78a6cd8-d94d-4043-8daa-20e2b2d9204c","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":49,"box":{"x":121,"y":269,"width":603,"height":13}},{"id":"1933cd1c-7476-46d9-bcd8-d8abe588c78d","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24 of","page_number":49,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1006e89d-b45e-416f-a88c-888db2a1ff47","block_type":"box","text":"the Money Market Fund Regulation.","page_number":49,"box":{"x":121,"y":318,"width":300,"height":13}},{"id":"ad2faa1b-81dd-47fe-9d14-65bf26bab672","block_type":"box","text":"Investment Restrictions","page_number":49,"box":{"x":121,"y":351,"width":209,"height":10}},{"id":"4c5ead55-d72c-473a-a5c8-18b2a46d1a57","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":49,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ff995d71-1ac0-4af1-a45f-5fc9f07c3d7a","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":49,"box":{"x":121,"y":400,"width":280,"height":13}},{"id":"3e0eb964-07ed-451f-a772-27946d271e91","block_type":"box","text":"The Sub-Fund may not invest more than 10% of its Net Asset Value in other Short Term Money","page_number":49,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"65f398fd-dc1e-443b-befc-f4097471f758","block_type":"box","text":"Market Funds and no more than 5% of its Net Asset Value may be invested in the units or","page_number":49,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"75e317dd-f29d-40f3-8287-441f10da26aa","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":49,"box":{"x":121,"y":465,"width":432,"height":13}},{"id":"f76c6e8c-524c-4747-8425-7f3c862fa793","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":49,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"583e0e81-60ee-477b-b47a-a235cdbec018","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":49,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"4deb3548-4ad0-4996-b875-1b83256e1696","block_type":"box","text":"regulations of the countries where Shareholders are located. 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must","page_number":50,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"812dcb2e-5054-4d6a-bfb7-b22f0624cadc","block_type":"box","text":"not exceed its total net asset value;","page_number":50,"box":{"x":181,"y":203,"width":285,"height":12}},{"id":"610c3c41-3b70-4705-9ce6-4c475dd2fe7e","block_type":"box","text":"2.","page_number":50,"box":{"x":121,"y":236,"width":13,"height":10}},{"id":"f4bb2d1c-2ed6-442b-8be6-ac7510e600fc","block_type":"box","text":"The position exposure to the underlying assets of financial derivative instruments","page_number":50,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"05a9a4a5-50cb-4c7c-b073-30d6f53d39a3","block_type":"box","text":"including embedded financial derivative instruments in transferable securities or money","page_number":50,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"7ed15621-3043-45bf-929c-ea7ace6b8c64","block_type":"box","text":"market instruments when combined where relevant with positions resulting from direct","page_number":50,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"8deab4fc-4eae-4dca-b84c-d91f70a414ab","block_type":"box","text":"instruments must not exceed the investment limits specified under the heading","page_number":50,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"0d2fa813-5c8b-481c-985b-8cda801b36c2","block_type":"box","text":"Investment Restrictions above.","page_number":50,"box":{"x":181,"y":302,"width":254,"height":10}},{"id":"2b75c58b-814a-45e4-85eb-5d72bd39cb17","block_type":"box","text":"3.","page_number":50,"box":{"x":121,"y":334,"width":13,"height":10}},{"id":"b7c5b90b-d7e6-4b42-8d58-0a55d9596715","block_type":"box","text":"Investments in OTCs may be made provided that the counterparties to OTCs are","page_number":50,"box":{"x":181,"y":334,"width":703,"height":13}},{"id":"2eea0e9c-1a04-4e3d-b546-63c54c46103c","block_type":"box","text":"institutions subject to prudential supervision and belonging to categories approved by","page_number":50,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"144b81d1-ed2a-4565-9e83-e099b099c675","block_type":"box","text":"the Central Bank.","page_number":50,"box":{"x":181,"y":367,"width":147,"height":10}},{"id":"3e52760a-7fd9-4b51-a0ed-bb4d5874594c","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements, that","page_number":50,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"ec3a75cb-9130-4352-836e-e4feb6741dfa","block_type":"box","text":"fulfil the conditions of Article 14 and Article 15 respectively of the Money Market Fund","page_number":50,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c1f43424-eb7a-4362-a094-fb3e0b27806b","block_type":"box","text":"Regulation respectively.","page_number":50,"box":{"x":121,"y":433,"width":201,"height":13}},{"id":"6fed9153-0ed3-42ee-9eef-f757176b9767","block_type":"box","text":"Further information on the use of financial derivatives instruments, reverse 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500,000","page_number":53,"box":{"x":605,"y":186,"width":85,"height":13}},{"id":"c0de0680-798a-4b75-bca5-2c52c361bed4","block_type":"box","text":"None","page_number":53,"box":{"x":786,"y":187,"width":48,"height":10}},{"id":"edce8573-32e2-4d66-a927-a0626959bc64","block_type":"box","text":"Class W USD (Distributing) $ 500,000","page_number":53,"box":{"x":121,"y":203,"width":327,"height":13}},{"id":"eb9a1460-1f7a-468f-9a16-45719809bacf","block_type":"box","text":"$ 500,000","page_number":53,"box":{"x":605,"y":203,"width":85,"height":12}},{"id":"89d88495-08cc-43c3-be82-a2599fa8e546","block_type":"box","text":"None","page_number":53,"box":{"x":786,"y":204,"width":48,"height":9}},{"id":"68728ca0-72b6-4ca9-b3ec-769dfceef26e","block_type":"box","text":"Class 4 and 8 Shares are only available to those investors who have a separate investment","page_number":53,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"b7db3afa-7c1f-4b8a-ae82-e3c66853e4ff","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates.","page_number":53,"box":{"x":121,"y":252,"width":497,"height":13}},{"id":"834efb3b-1b5f-43d7-9637-2c419e429399","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":53,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"a78d8047-418b-45b1-9f33-433f2740786a","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":53,"box":{"x":121,"y":302,"width":511,"height":12}},{"id":"91460eec-d68e-43da-86be-20294a06b033","block_type":"box","text":"Dealing Deadline","page_number":53,"box":{"x":121,"y":334,"width":152,"height":13}},{"id":"fdd750c8-80e7-489e-9825-8e534ba04d54","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":53,"box":{"x":123,"y":367,"width":330,"height":13}},{"id":"8005fe41-98c8-44e2-9e24-b5263af114c5","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":53,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"70b9e7e0-e078-4a36-868d-9acf3ed1dd19","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":53,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"0d19da33-14cb-4da2-99a0-b675eafb62c3","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":53,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"eb21a853-d9f2-41da-934c-e789e484c4b9","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":53,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"6da885e4-6d0e-4c8d-b033-bf3ba0f1508b","block_type":"box","text":"the principal bond markets. 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Prior notification of","page_number":53,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"41a9df50-12a0-4b50-9a46-5ddde32807f6","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":53,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"a5278743-354d-46c3-8dfb-ad10b93bac53","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":53,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"f7e0b656-a7a2-4edb-96e0-8797b16ddcfb","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":53,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"9cc24600-d9d0-4f44-89f2-e95459c3fb8f","block_type":"box","text":"changes.","page_number":53,"box":{"x":121,"y":597,"width":74,"height":12}},{"id":"e6a8ade2-5011-4490-8ead-9170235bafef","block_type":"box","text":"Interim Dealing Cycles","page_number":53,"box":{"x":121,"y":629,"width":203,"height":13}},{"id":"ae33a094-defa-42b8-a604-1af25f198f90","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":53,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"3a9b1542-8257-4b82-a8f9-a5380a5c5f42","block_type":"box","text":"Funds”, the Aviva Investors US Dollar Liquidity Fund intends to run one or more Interim","page_number":53,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"b3bf39a1-c07b-49a5-b72f-0e37d411c078","block_type":"box","text":"Dealing Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":53,"box":{"x":121,"y":695,"width":680,"height":13}},{"id":"af3c448c-0c19-4d47-aec9-5bf9c46bdbd9","block_type":"box","text":"Issue Price for Class 1-4 Shares and Class W (Distributing) Shares","page_number":53,"box":{"x":121,"y":728,"width":576,"height":12}},{"id":"27190d8c-5bf1-4c0c-88cd-9d7fabd8de78","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":53,"box":{"x":121,"y":761,"width":626,"height":12}},{"id":"d634ded5-0abf-4e9f-b399-be2f1ced2b0d","block_type":"box","text":"Issue Price for Class 5-8 Shares and Class W (Accumulating) Shares","page_number":53,"box":{"x":121,"y":793,"width":592,"height":13}},{"id":"da7af355-8ca9-4600-828a-d6dc84f76020","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be $1,000.0000 during the Initial Offer","page_number":53,"box":{"x":121,"y":825,"width":763,"height":14}},{"id":"48c86bff-3554-48e1-b3a6-573e5926abb3","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":53,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"55332af4-2721-44b0-bb9c-5fa1cd8fe7bb","block_type":"box","text":"Dealing Day.","page_number":53,"box":{"x":121,"y":859,"width":112,"height":13}},{"id":"30d5035c-569c-4aea-b924-9143806d9989","block_type":"box","text":"54","page_number":54,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"c128bdef-1871-4c8c-a019-8b59213d0e03","block_type":"box","text":"Offer Period for Class 1-4 Shares and Class W (Distributing) Shares","page_number":54,"box":{"x":121,"y":88,"width":586,"height":13}},{"id":"f496606c-62d5-4aea-b6d8-0de7b50e7a6c","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":54,"box":{"x":121,"y":121,"width":587,"height":13}},{"id":"04edf9c4-ee9a-46ee-94fa-f5dae94a3fb8","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":54,"box":{"x":121,"y":154,"width":291,"height":10}},{"id":"567bf86b-0928-4a33-a47d-767f70f90ff4","block_type":"box","text":"The Initial Offer Period for each of Class 5-8 Shares will run from 9.00 am (Irish Time) on 17","page_number":54,"box":{"x":121,"y":187,"width":763,"height":12}},{"id":"e72e6fc1-9fdc-421c-a56c-52872ff223ab","block_type":"box","text":"August 2021 to 5.00 pm (Irish Time) on 3 January 2026 or such a shorter or longer period as","page_number":54,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"4feed9a1-01c4-4648-8b17-28f04a47c015","block_type":"box","text":"the Directors may determine on behalf of the Fund and notify to the Administrator for a class.","page_number":54,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"7cd69845-ec88-4707-8301-9ec0693b6ee3","block_type":"box","text":"Where the offer period is shortened or extended, the Fund will notify the Central Bank, where","page_number":54,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"089d7095-8558-4d88-aa6e-4d71f6ec95d8","block_type":"box","text":"required, in accordance with the Central Banks requirements. 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After the Initial Offer Period,","page_number":54,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"cc5b1061-44cc-4179-b06b-73408ede1a5d","block_type":"box","text":"shares will be continuously available for subscriptions on any Dealing day.","page_number":54,"box":{"x":121,"y":416,"width":610,"height":13}},{"id":"dc754031-6366-499b-bd73-f5e34e1b8e77","block_type":"box","text":"Minimum Fund Size","page_number":54,"box":{"x":121,"y":449,"width":181,"height":10}},{"id":"f64d57d8-2f50-4538-8a5e-e166391509e1","block_type":"box","text":"$10,000,000.","page_number":54,"box":{"x":121,"y":481,"width":110,"height":13}},{"id":"f04fbb6d-469f-457a-9c55-7c653cfa0e0a","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":54,"box":{"x":121,"y":515,"width":467,"height":12}},{"id":"9c3eec56-9dac-4c1f-bdee-d280c03ab6be","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":54,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"21dd5d91-a62c-4137-ae16-102d62da9d80","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":54,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"5d0c7188-da98-4091-a7bf-587ec1a80a75","block_type":"box","text":"determine.","page_number":54,"box":{"x":121,"y":580,"width":90,"height":10}},{"id":"8299eac3-a4e2-4b31-a0e0-103aacb95495","block_type":"box","text":"Settlement Date for Class 1- 8 Shares","page_number":54,"box":{"x":121,"y":613,"width":324,"height":10}},{"id":"2b52542f-b052-4fdd-a80c-a610a3fcb667","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":54,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"e936ffb9-c19d-470d-a9ae-65a4291caf6c","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":54,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"93ec2c33-4824-4e24-b791-60ee70d417a9","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":54,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"6e2ed064-9f3b-411c-8554-a67651c8fe97","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":54,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"91f91897-f346-41f0-b2e4-437c55c59fd4","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":54,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"507423de-ac60-402e-ae56-f93a0bcfb44b","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of bank","page_number":54,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"a7b29750-9849-45e2-a205-d856cc850444","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":54,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"873534d0-96c6-4496-b67f-5ec01db274a5","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":54,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"53e8bacc-10ae-4679-9f1d-98c889772be9","block_type":"box","text":"discretion.","page_number":54,"box":{"x":121,"y":777,"width":89,"height":10}},{"id":"2a38e0ec-2c37-42f1-a934-2a8966cbff6d","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":54,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"8bce4af5-13a7-4ef6-8339-1fbb7c9c8005","block_type":"box","text":"account at the Shareholder’s risk on the same Dealing Day (and in any event no later than 10","page_number":54,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"9a01bb93-3479-4526-9b95-c81b5e34312f","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":54,"box":{"x":121,"y":842,"width":708,"height":13}},{"id":"c247fed2-b5b6-4f27-9f06-eda52c1b81f6","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":54,"box":{"x":121,"y":875,"width":689,"height":13}},{"id":"c5734ecd-ca5b-48a5-a01a-2c7863a12502","block_type":"box","text":"55","page_number":55,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"96ab8dc7-9c5f-4f6c-95b4-8d4d9956441b","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":55,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7515a6df-c254-46a6-bea1-0a24b8c399fd","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":55,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"856ea11e-d708-44f1-911b-ec9db22aa03f","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":55,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"fea092da-8c27-4d99-af04-3282ee546321","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":55,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"60e23a18-8ec2-4da1-8ee7-12e7bb1d0a27","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":55,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"00f44f68-2711-43f5-a1f1-2e2585bc620f","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":55,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"21914ed9-d57e-4526-b103-0e564861a102","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":55,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"9bdedd62-caf7-49ef-8d02-442c71277ed6","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":55,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"cbc5f6bc-ae5b-479c-b2e7-f570317347e6","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":55,"box":{"x":121,"y":220,"width":637,"height":12}},{"id":"a3644dd7-30e1-4a51-a1ea-a309f526ed32","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":55,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"58d041ec-da28-45b1-8d23-4a1ba9407b13","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":55,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ce5f1f45-996a-48f9-98f4-f318b2bcf9a8","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":55,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"61e353f7-7a65-42dc-9ed0-598c449cbc27","block_type":"box","text":"redemption documentation.","page_number":55,"box":{"x":121,"y":302,"width":226,"height":12}},{"id":"af268436-9d2d-4dd2-b4f7-7e6d63206757","block_type":"box","text":"Valuation Point","page_number":55,"box":{"x":121,"y":334,"width":141,"height":10}},{"id":"ea6ea114-54ef-4aab-a70c-7e740707660d","block_type":"box","text":"1.00 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":55,"box":{"x":123,"y":367,"width":761,"height":13}},{"id":"5d427f49-238f-4c08-baec-b506a32091df","block_type":"box","text":"Point may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":55,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9a75539b-61f3-4a35-a270-6a5f15f53d67","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":55,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"4ac2fe81-23b4-4490-99da-fe0b9478e758","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":55,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"36bc2d10-92c6-47ad-bed0-26968e0aaa22","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":55,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"c232ead0-26bc-4f7e-857f-0e9e65e7123e","block_type":"box","text":"Day shall be 1.00 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":55,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"1170040d-9c41-4581-980a-b96d5953163f","block_type":"box","text":"immediately following any day on which there has been a Valuationt Deviation the Valuation","page_number":55,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"7ae20ffb-592d-49de-9e12-f9dac45aa289","block_type":"box","text":"Point shall also be 1.00 p.m. (Irish time) on the same Dealing Day.","page_number":55,"box":{"x":121,"y":482,"width":543,"height":13}},{"id":"b2fac4c4-ebb9-4e2b-8dfd-ab07cd191ca3","block_type":"box","text":"Fees and Expenses","page_number":55,"box":{"x":121,"y":515,"width":165,"height":12}},{"id":"236870f4-f469-4a3f-8e18-c69ad0267f83","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":55,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"35e08ad8-a1ab-496a-aec6-6536aa5bac43","block_type":"box","text":"each class of Shares as set out below.","page_number":55,"box":{"x":121,"y":564,"width":306,"height":10}},{"id":"814d8bbf-0bc5-43c8-861e-14d92ee76f19","block_type":"box","text":"Class of Shares","page_number":55,"box":{"x":121,"y":596,"width":136,"height":11}},{"id":"25769b66-8dc0-4023-9727-4324e3e0b2bf","block_type":"box","text":"Annual Charges and Expenses","page_number":55,"box":{"x":363,"y":597,"width":267,"height":12}},{"id":"3bd2c052-271f-46e9-813f-60d53ac6e24e","block_type":"box","text":"Class 1","page_number":55,"box":{"x":121,"y":629,"width":63,"height":10}},{"id":"68f92744-e855-4a05-b0b3-9f4e72a4a393","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":55,"box":{"x":363,"y":629,"width":419,"height":11}},{"id":"5cbfc238-4f89-4c0d-93e9-11fd9ae9266d","block_type":"box","text":"Class 2","page_number":55,"box":{"x":121,"y":646,"width":63,"height":10}},{"id":"04a11084-ffca-4242-9d97-7d51e677e15d","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":55,"box":{"x":363,"y":646,"width":419,"height":10}},{"id":"665619fc-c1cc-4d50-b362-2ffcf7c3479c","block_type":"box","text":"Class 3","page_number":55,"box":{"x":121,"y":662,"width":63,"height":10}},{"id":"b36c573d-8a5c-4dbe-b9a6-cf7c0830f8d6","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":55,"box":{"x":363,"y":662,"width":419,"height":10}},{"id":"81d56af2-f73f-4361-a758-87e934d63f43","block_type":"box","text":"Class 4","page_number":55,"box":{"x":121,"y":679,"width":63,"height":9}},{"id":"d3367ceb-1e14-4a78-a853-d5142a906096","block_type":"box","text":"0.00% of the Net Asset Value of the Class 4 Shares","page_number":55,"box":{"x":363,"y":679,"width":419,"height":10}},{"id":"1808f156-2ffc-4cac-9fce-222e6fd896be","block_type":"box","text":"Class 5","page_number":55,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"70f5af96-1d40-4112-8e31-5733e90e52fd","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":55,"box":{"x":363,"y":695,"width":419,"height":10}},{"id":"a1d63051-74cb-4bfb-aeb9-20d7742330f5","block_type":"box","text":"Class 6","page_number":55,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"7ff4587f-f766-4c1b-bab3-da96db7e9493","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":55,"box":{"x":363,"y":711,"width":419,"height":11}},{"id":"ec60ba19-2a43-433e-bcdc-dd183ce88f2b","block_type":"box","text":"Class 7","page_number":55,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"992698e5-9dd6-4cbf-bb1a-df9b0f30d6a4","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":55,"box":{"x":363,"y":728,"width":419,"height":10}},{"id":"fd8a5e82-ac06-4aad-9c3f-f7c4175df25c","block_type":"box","text":"Class 8","page_number":55,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"b4a0f869-d94d-4fa7-8596-5f3c669e9148","block_type":"box","text":"0.00% of the Net Asset Value of the Class 8 Shares","page_number":55,"box":{"x":363,"y":744,"width":419,"height":10}},{"id":"34f4b6b3-687d-4122-acb5-6d39c9fc578d","block_type":"box","text":"Class W (Accumulating)","page_number":55,"box":{"x":121,"y":761,"width":205,"height":12}},{"id":"a0372515-aa8c-4f7f-9738-8f340481e24f","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":55,"box":{"x":363,"y":761,"width":521,"height":12}},{"id":"02431d75-5ad8-4c99-b991-b59fdcf9746c","block_type":"box","text":"Shares","page_number":55,"box":{"x":363,"y":777,"width":58,"height":10}},{"id":"f6354a1b-fdee-4588-b32b-bf1d8ac89b45","block_type":"box","text":"Class W (Distributing)","page_number":55,"box":{"x":121,"y":793,"width":188,"height":13}},{"id":"5467c017-ab40-4b58-98a4-53729ac96b32","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":55,"box":{"x":363,"y":793,"width":521,"height":13}},{"id":"00cd57e0-66cd-4a5b-9c59-b3e90588afb4","block_type":"box","text":"Shares","page_number":55,"box":{"x":363,"y":810,"width":58,"height":10}},{"id":"5112fef7-e8b9-44cc-8564-634cbad4d81e","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":55,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7efe6869-16f7-44cd-89c6-b5bd289da327","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":55,"box":{"x":121,"y":875,"width":443,"height":13}},{"id":"9dff29b3-6c84-4e2d-b619-064318c9a5a2","block_type":"box","text":"56","page_number":56,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"5b4bdda9-ffca-4608-9c4e-30f3ceeb9e8b","block_type":"box","text":"The total fees and expenses of the Sub-Fund to be borne by each class of Share will currently","page_number":56,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"0cd1208c-3bac-4b39-9aaa-0d17eca311c1","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":56,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4106c1d6-91e8-4523-98f5-479842702e87","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":56,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6d3701e9-785e-4d1e-9045-0642c0bb4668","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":56,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"9ff8de4b-ddbb-4af9-be7e-eede7a5a2883","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":56,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"a68589ab-e33b-4f66-bade-162e9adb4100","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":56,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"85b7196e-2ea3-405f-86ba-d1df4df8ae15","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":56,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"67e5068b-d30d-4bb7-b92a-5986ad80e7cf","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":56,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ca93b071-622e-45c5-86bb-bb75cc0833aa","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":56,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f1a31119-2a62-434e-a99a-5ffd7a6331a7","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":56,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"309dad55-ac44-4eab-aec1-ac2ebed1b1f0","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":56,"box":{"x":121,"y":252,"width":704,"height":13}},{"id":"21e790d8-1cb6-41ac-9f25-b9f1448cc8d5","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":56,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"46fb863b-4b7e-4c21-b2a0-3da16a28cbd2","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":56,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"d77cbc80-ba4c-4875-8461-7aa45ef7d75c","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":56,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"2461b790-2a28-4764-ad0c-bbe14efdca45","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":56,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"7a0a94d3-03eb-4072-b740-bbd73321378e","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":56,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"49aa4b91-0803-49a8-94cf-a0352f4c3ec1","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":56,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d92ff6e6-1544-4692-90c6-be0296ff3c2a","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":56,"box":{"x":121,"y":384,"width":469,"height":12}},{"id":"a4580298-5dfa-4e8d-bdb5-88edba233ff9","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":56,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"37a279be-ecbb-4d3a-985c-e17790b59027","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":56,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"8e750ad3-25cb-4c58-9938-ac8c3f799659","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":56,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"ebeac91e-5e6f-4ad7-b083-fef1b0fcceaf","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":56,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f48d6ec8-fc1d-428a-a363-fef8b2eb869e","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":56,"box":{"x":121,"y":482,"width":757,"height":13}},{"id":"6d207643-f1b5-4a25-aeca-8fdefd6671fa","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":56,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"577d5641-b030-470b-b57d-2a606a97fb02","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":56,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b71ab9e7-4ef1-4d39-9194-431dd29fdc75","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":56,"box":{"x":121,"y":531,"width":563,"height":13}},{"id":"8ce00eda-a582-4a31-b4b2-7aa00973d005","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":56,"box":{"x":121,"y":564,"width":757,"height":13}},{"id":"10894006-7099-4b39-8222-788db5dbb671","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":56,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"a2896490-4a1a-48e0-8af6-b2a7c0c54ddc","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":56,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"4e16677a-3885-4205-b075-3c58418f6f97","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":56,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"225e7d89-b79d-44ae-9ab5-a812d11a6b5d","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":56,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"99e58865-86a6-412c-b60d-110cb84ac4c6","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":56,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"904b1a9e-57cb-435e-8cb8-808bd8ccff02","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":56,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"fa171716-646a-4491-abfd-c00b9a7f3fc0","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":56,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"21e74a0a-5e45-465a-93e9-771a2995209a","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":56,"box":{"x":121,"y":695,"width":527,"height":13}},{"id":"2b4ebce2-9699-4718-a08f-c9c4a94a50fd","block_type":"box","text":"Any other fees and expenses payable out of the assets of the Sub-Fund are set out in Part 2 of","page_number":56,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"d4c1769a-2f79-4ce6-a0e1-04ac355746ed","block_type":"box","text":"the Prospectus.","page_number":56,"box":{"x":121,"y":744,"width":127,"height":13}},{"id":"45b26204-3bde-4baf-8ca5-ac9301b9a496","block_type":"box","text":"Preliminary Charge","page_number":56,"box":{"x":121,"y":777,"width":177,"height":13}},{"id":"d7132385-874d-4f5d-9405-7c2ee756d4fd","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":56,"box":{"x":121,"y":810,"width":636,"height":12}},{"id":"47d31997-4844-41d4-9fd0-5e46277f31ed","block_type":"box","text":"Exchange Charge","page_number":56,"box":{"x":121,"y":842,"width":157,"height":13}},{"id":"795f6f8c-1209-4cb8-b9c6-bc407a26767a","block_type":"box","text":"None.","page_number":56,"box":{"x":121,"y":876,"width":53,"height":9}},{"id":"fd25d966-1484-447c-af08-34f5df438aae","block_type":"box","text":"57","page_number":57,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"026f1335-627e-45d9-8625-7cb30895331e","block_type":"box","text":"Redemption Charge","page_number":57,"box":{"x":121,"y":88,"width":179,"height":13}},{"id":"3cd5ff74-2e70-4102-9d16-5e798f851a1d","block_type":"box","text":"None.","page_number":57,"box":{"x":121,"y":122,"width":53,"height":9}},{"id":"60a9f62c-a5c8-462c-982b-f427d3dd2548","block_type":"box","text":"Liquidity Fees","page_number":57,"box":{"x":121,"y":154,"width":128,"height":13}},{"id":"b70f0926-d979-4331-84fb-282bb231ad47","block_type":"box","text":"The sub-fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":57,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5f569686-72b0-4bfa-99fa-a6512260a714","block_type":"box","text":"in the liquidity management procedures section in part 2 of the prospectus.","page_number":57,"box":{"x":121,"y":203,"width":607,"height":13}},{"id":"349d0571-fc73-4b55-a9b5-2dea09ab81bd","block_type":"box","text":"58","page_number":58,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"731f20ee-c4f9-4842-99fd-2a7744ca0557","block_type":"box","text":"AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND","page_number":58,"box":{"x":156,"y":89,"width":694,"height":14}},{"id":"6c9be5a5-36aa-4da3-8f0a-9174e3521e1e","block_type":"box","text":"Investment Objective and Policies","page_number":58,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"3a19f2c3-59e4-4a02-8297-2684579ca625","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":58,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"305a29e6-530e-43ee-b398-72c1f92224f6","block_type":"box","text":"and to preserve the value of the investment. The performance of the Sub-Fund will be","page_number":58,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"c71a8a8b-c643-49f2-9495-e56013b90be7","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":58,"box":{"x":121,"y":190,"width":305,"height":12}},{"id":"1d57c430-8ae3-48b0-9994-7bd7730ae96c","block_type":"box","text":"8","page_number":58,"box":{"x":428,"y":188,"width":6,"height":7}},{"id":"4b677340-cd34-4cb7-b50b-cba9206a4910","block_type":"box","text":"The Sub- Fund is actively managed and will endeavour to achieve its objective by investing in","page_number":58,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"15f40fa5-6515-48e8-8b30-cfcdeda618d6","block_type":"box","text":"a diversified portfolio of high grade Sterling denominated short term debt and debt related","page_number":58,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"66e97f6e-b302-4ba0-ad2e-7f357443bf6a","block_type":"box","text":"instruments described below which are traded on the Markets listed in Appendix II of the","page_number":58,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"4c1c3a78-f770-4b0c-9c77-955d5823d121","block_type":"box","text":"Prospectus or which are to be traded on such Markets within a year of being issued.","page_number":58,"box":{"x":121,"y":272,"width":679,"height":12}},{"id":"b51e2769-bbe7-436f-9ed8-6fe9ba3d873c","block_type":"box","text":"The Sub-Fund is a VNAV standard Money Market Fund and its investments will include","page_number":58,"box":{"x":121,"y":304,"width":722,"height":13}},{"id":"1b6b43c3-968b-4bdb-99d8-f533cad39b17","block_type":"box","text":"fixed or floating rate instruments including commercial paper, term deposits, floating rate","page_number":58,"box":{"x":121,"y":321,"width":727,"height":13}},{"id":"e53e67a7-a544-4883-9ceb-98b128e82862","block_type":"box","text":"notes, certificates of deposit, freely transferable promissory notes, debentures, asset-backed","page_number":58,"box":{"x":121,"y":337,"width":742,"height":13}},{"id":"d4025ec7-a808-4013-9838-aad91750d238","block_type":"box","text":"securities, credit-linked notes and bonds. The investments shall be denominated in Sterling","page_number":58,"box":{"x":121,"y":353,"width":738,"height":13}},{"id":"0fc91737-d45f-42d1-b9b4-5a1a94bc585b","block_type":"box","text":"but may also be denominated in other currencies and hedged back to Sterling, and may be","page_number":58,"box":{"x":121,"y":370,"width":729,"height":13}},{"id":"725c21a4-60a4-46f6-9fc5-54ea4a1c96b9","block_type":"box","text":"issued or guaranteed as to principal or interest by sovereign governments, their agencies and","page_number":58,"box":{"x":121,"y":386,"width":749,"height":13}},{"id":"9d2d9a6a-81b8-45a2-a197-15fa0ec319e7","block_type":"box","text":"instrumentalities, supranational entities and EU and non EU corporations and financial","page_number":58,"box":{"x":121,"y":403,"width":704,"height":12}},{"id":"f479ee1a-ecb7-46d1-ac5d-5f6c0ef86978","block_type":"box","text":"institutions who are incorporated or domiciled in, or listed or dealt on a Market located in","page_number":58,"box":{"x":121,"y":419,"width":727,"height":13}},{"id":"de5c756d-cbf9-4d4e-b358-7a0e217d2279","block_type":"box","text":"those jurisdictions listed in Appendix II hereto or in securities of issuers that, while not","page_number":58,"box":{"x":121,"y":435,"width":706,"height":13}},{"id":"d5a1e8b0-044e-4c15-9582-701bbfd5c2e2","block_type":"box","text":"located in those jurisdictions, conduct substantial business in them as determined by the","page_number":58,"box":{"x":121,"y":452,"width":713,"height":13}},{"id":"5bc07757-5c60-4cba-a6a9-8ce9904e0f3d","block_type":"box","text":"Investment Manager, including (i) companies which have substantial assets in those","page_number":58,"box":{"x":121,"y":468,"width":682,"height":13}},{"id":"34aed82f-8691-4db5-aa59-a7d1f991fc83","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":58,"box":{"x":119,"y":485,"width":753,"height":12}},{"id":"0b626872-fc48-4dfd-ad8b-2b627281dcc7","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":58,"box":{"x":121,"y":501,"width":605,"height":13}},{"id":"fe8bf3e1-47a2-4029-b35d-8fdb22ab39fd","block_type":"box","text":"The Investment Manager intends where possible, to manage the Sub-Fund according to the","page_number":58,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"a5f2aec1-9716-4233-a043-a045c5af1b76","block_type":"box","text":"restrictions imposed by Fitch Ratings Inc. in order to maintain an overall credit rating of AAAf.","page_number":58,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"82971f9f-bc46-41e8-a23f-87aa4bf5f4a0","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":58,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"88a47f62-ef7d-414e-8b33-3469035ccc3b","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":58,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"023a0a93-d23c-4fa1-9025-116ff3356ebf","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":58,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"437e0bda-87d6-4851-8263-d127c4149f01","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":58,"box":{"x":121,"y":632,"width":599,"height":13}},{"id":"3f8a625d-6b0b-45da-8743-27235d5e0d15","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":58,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"c417f4a3-6744-4c3a-a13b-6caf82a47519","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":58,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"dea1fe04-70ef-4dae-83f5-38fb6693339d","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":58,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"784d2c84-4c4c-4dc9-9e6f-e78b7040855e","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":58,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"128fc336-49cc-412b-a841-c03e1ad6ee4f","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":58,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"dd8323a8-e650-442b-be41-809ab74419ed","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":58,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"e5ceeedc-2a8e-48ff-b8d9-01cdbfada935","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":58,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"bcddba9b-951d-499d-8aa4-b4aec7b2b559","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":58,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"29ea1dbb-9fe5-4730-8fa5-a0095f9d0bd7","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":58,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"6de5290d-912e-4f6c-be23-985e3a21a21b","block_type":"box","text":"one or more Member States belong.","page_number":58,"box":{"x":121,"y":812,"width":293,"height":13}},{"id":"35afb910-9268-4ac8-ab81-00087097410a","block_type":"box","text":"8","page_number":58,"box":{"x":121,"y":866,"width":4,"height":5}},{"id":"b830254d-369e-4921-a246-afa4ff3c414f","block_type":"box","text":"The SONIA rate is the Sterling Overnight Index Average rate which is the average effective overnight interest rate for","page_number":58,"box":{"x":131,"y":868,"width":748,"height":9}},{"id":"111d22a8-6583-4502-b2ee-67f8cfe55dcd","block_type":"box","text":"unsecured transactions in which British banks borrow sterling overnight from other financial institutions and institutional","page_number":58,"box":{"x":121,"y":880,"width":758,"height":9}},{"id":"684ae4f7-a46b-4054-b8b6-be867d719173","block_type":"box","text":"investors. This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":58,"box":{"x":121,"y":892,"width":758,"height":10}},{"id":"a0c31254-2d76-4795-8868-2a62a32a7801","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":58,"box":{"x":121,"y":904,"width":481,"height":10}},{"id":"aa8f776e-261a-4b96-b393-7211abbcbbf5","block_type":"box","text":"59","page_number":59,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"6a385cb0-640d-486c-b382-6b114dfa56f2","block_type":"box","text":"The Sub-Fund may invest up to 10% of its Net Asset Value in Short Term Money Market","page_number":59,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"3131dd00-3763-481f-abf9-8be87a49c240","block_type":"box","text":"Funds.","page_number":59,"box":{"x":121,"y":105,"width":59,"height":10}},{"id":"d520a76f-919d-4324-aea4-47583e547f2d","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":59,"box":{"x":121,"y":138,"width":603,"height":13}},{"id":"50f42caf-31a6-474c-a180-f47e5d8557b6","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 180 days and in","page_number":59,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"fbc451b3-36cd-43e8-8dd3-d934e6fc6b56","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":59,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"293579b3-a38d-4dde-9c5b-bd0d0e37eecf","block_type":"box","text":"date not exceeding 2 years provided that the time remaining until the next interest rate reset","page_number":59,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"35812882-754c-4e55-8462-58a5f652f4d6","block_type":"box","text":"date is 397 days or less. 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the","page_number":60,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d87d3882-e317-47f2-8b85-91fdb3abe6ad","block_type":"box","text":"following terms and conditions:-","page_number":60,"box":{"x":121,"y":154,"width":268,"height":13}},{"id":"8075dc12-96cb-4f57-a4fd-d0e320f310de","block_type":"box","text":"1.","page_number":60,"box":{"x":123,"y":187,"width":11,"height":10}},{"id":"236b1dfa-11ca-40f2-9588-44b9429be015","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must not","page_number":60,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"f49be6ac-bbe3-452a-b6f4-e4b95d6ca81c","block_type":"box","text":"exceed its total net asset 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investment limits specified under the heading Investment Restrictions","page_number":60,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"1f3416ac-a900-4ecf-bed6-c333d340997a","block_type":"box","text":"above.","page_number":60,"box":{"x":151,"y":302,"width":58,"height":10}},{"id":"7adca332-0087-4f39-bab4-c4ea2552b7bf","block_type":"box","text":"3.","page_number":60,"box":{"x":121,"y":334,"width":13,"height":10}},{"id":"98b180b0-e050-49c9-af25-543da1bd4329","block_type":"box","text":"Investments in OTCs may be made provided that the counterparties to OTCs are institutions","page_number":60,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"ed0429d0-ac7e-46c2-a0e4-55d2a08e6142","block_type":"box","text":"subject to prudential supervision and belonging to categories approved by the Central Bank.","page_number":60,"box":{"x":152,"y":351,"width":732,"height":13}},{"id":"d0e25e5d-6053-4c50-bc14-d94e5539e1cf","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements that","page_number":60,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"669a8f50-3c04-4d6f-96c0-3ee5c09840fa","block_type":"box","text":"fulfil the conditions of Article 14 and Article 15 respectively of the Money Market Fund","page_number":60,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"bbd25008-7b2e-4806-b08e-b3fe6e2c3933","block_type":"box","text":"Regulation respectively.","page_number":60,"box":{"x":121,"y":416,"width":201,"height":13}},{"id":"a36c98e8-08d3-4662-bc23-a63862c72de1","block_type":"box","text":"Further information on the use of financial derivatives instruments, reverse repurchase","page_number":60,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"93fe6e05-892b-4ddb-adb8-4b0690d73509","block_type":"box","text":"agreements and repurchase agreements is set out in Part 2 of the 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Shareholders relating to","page_number":60,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"86474933-4eda-4381-a334-0a2d54b850c0","block_type":"box","text":"the risk management methods employed, including the quantitative limits that are applied and","page_number":60,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"dcf22b95-7d8e-4ac0-b029-d092ad1bdc57","block_type":"box","text":"any recent developments in the risk and yield characteristics of the main categories of","page_number":60,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"6df4e7bf-3d78-4cb9-8af1-41fe24952208","block_type":"box","text":"investments in financial derivative instruments.","page_number":60,"box":{"x":121,"y":646,"width":387,"height":10}},{"id":"0dd2540d-4f5d-4045-998c-08fb2364a95a","block_type":"box","text":"The Sub-Fund will only utilise financial derivative instruments which have been included in","page_number":60,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"e37cace0-239b-4182-8ad8-c2b072a63bda","block_type":"box","text":"the risk management process report that has prepared and submitted to the Central Bank in","page_number":60,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"a894bc59-7f92-4d12-96d1-5880801ba1ac","block_type":"box","text":"accordance with their requirements.","page_number":60,"box":{"x":121,"y":711,"width":293,"height":13}},{"id":"9b275796-de55-4c76-83a9-7d7c5a38ebb8","block_type":"box","text":"Sustainability Disclosures","page_number":60,"box":{"x":121,"y":744,"width":226,"height":13}},{"id":"e7542ba8-c445-454f-8725-5ebc2965546c","block_type":"box","text":"This Sub-Fund promotes environmental and social characteristics however does not have a","page_number":60,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"bd94132b-2f37-4f0f-b79b-4528e7599848","block_type":"box","text":"sustainable investment 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Prior notification of the revised","page_number":62,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"786220c8-1261-467d-80fa-c380ea9ed259","block_type":"box","text":"Dealing Deadlines will be sent by email or by post to Shareholders unless it is not possible to","page_number":62,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"5190546d-84ee-4115-886a-5a8d613c48cd","block_type":"box","text":"do so in the case of the happening of an event outside the control of the Fund.","page_number":62,"box":{"x":121,"y":761,"width":631,"height":12}},{"id":"e4e2a442-1ac1-487e-8151-1e5226d8ee16","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline for subscriptions and","page_number":62,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"fbfbb581-f3ed-45af-8e79-6bb3b25ec367","block_type":"box","text":"redemptions. Prior notification of the revised Dealing Deadline shall be sent by email or by","page_number":62,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"e0b93eee-c6c5-4626-800e-c0448a21d2b6","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadline is in place on a temporary","page_number":62,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"50c94695-86f5-49e5-9078-4f6797e52e1d","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":62,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"31bb4fbc-e6d0-4b5f-aa94-11e89cef47a5","block_type":"box","text":"be notified in advance of such changes.","page_number":62,"box":{"x":121,"y":859,"width":322,"height":13}},{"id":"067f6dab-db50-4293-a166-c79fd1e098d4","block_type":"box","text":"Minimum Fund Size","page_number":62,"box":{"x":121,"y":891,"width":181,"height":11}},{"id":"be173021-3611-4b17-9c71-c32bc079b062","block_type":"box","text":"63","page_number":63,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"d69b1f11-ca69-4a9b-8866-f407c4debe44","block_type":"box","text":"£10,000,000.","page_number":63,"box":{"x":121,"y":105,"width":110,"height":12}},{"id":"b65da847-a38b-44de-b618-c593960914de","block_type":"box","text":"Issue Price for Class 5-8 Shares","page_number":63,"box":{"x":121,"y":138,"width":275,"height":10}},{"id":"8d913b36-029b-4308-9136-aac0a48cab1b","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":63,"box":{"x":121,"y":170,"width":626,"height":13}},{"id":"12ed07e1-49b6-4a56-8627-1132a6574717","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":63,"box":{"x":121,"y":203,"width":408,"height":13}},{"id":"ea205a78-7d24-4698-9cf9-5a0aac70590e","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":63,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"20afd769-3b7c-4b87-956e-483566a1f81b","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":63,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"43e36e79-6822-48d4-ae53-671613cc5427","block_type":"box","text":"Dealing Day.","page_number":63,"box":{"x":121,"y":269,"width":112,"height":13}},{"id":"efd6bbeb-4dbb-4205-8dbc-019693223d7e","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":63,"box":{"x":121,"y":301,"width":291,"height":11}},{"id":"d9596b4e-a97e-49bf-a5f7-eb95d3635175","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":63,"box":{"x":121,"y":334,"width":587,"height":13}},{"id":"ac7e2823-4509-46c2-900a-af5872569527","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":63,"box":{"x":121,"y":367,"width":423,"height":13}},{"id":"640dfd40-94c6-492f-b108-fdcbc0908f0a","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":63,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"8b1fc3df-cc10-43a3-b1d9-2f42bc2213c2","block_type":"box","text":"on 3 October 2023 to 5.00 pm (Irish Time) on 3 January 2026 or such a shorter or longer period","page_number":63,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"99e339b2-a313-46ca-bd62-dde2b979591e","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":63,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"0d622d89-8319-44e3-b376-9f7279c05e4c","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":63,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f876e703-2966-4603-b0d9-46e4677b6530","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":63,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"5a0719e0-4092-48b2-b632-46fb30618174","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":63,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"dc906fe7-7e58-43d8-8aec-3170c1b22fa5","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":63,"box":{"x":121,"y":498,"width":507,"height":13}},{"id":"6f9d0c4d-8954-4f8a-9c9f-d8e07b5946dc","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":63,"box":{"x":121,"y":531,"width":467,"height":13}},{"id":"157d1534-99c3-460c-9f07-c602e0004254","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":63,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"511c5da5-7e95-41d0-96df-f5ff1c6dc1da","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":63,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"bd270bcd-7934-451c-ab5d-eac8f96faafe","block_type":"box","text":"determine.","page_number":63,"box":{"x":121,"y":597,"width":90,"height":9}},{"id":"6c61cef7-67c0-41a2-bb48-986c376abc2d","block_type":"box","text":"Settlement Date for Class 5-8 Shares","page_number":63,"box":{"x":121,"y":629,"width":319,"height":10}},{"id":"423b7b8a-20c7-4e70-8bac-8b87663a1290","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":63,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6f4c8f38-dad8-4057-8b8a-96f462cde236","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":63,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"1fda33d1-c146-41cb-9083-c1f891634305","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day, unless","page_number":63,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"e37878d8-6313-46a8-be41-8cf3ea4a8fd3","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":63,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c700ca07-baf8-47a9-9171-ed4299d302b8","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":63,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"42298fb7-5bf9-48d0-b882-729eb7961602","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":63,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"92112f64-7975-4bd5-a391-c373f49f6ebe","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":63,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"008ff5a1-b943-4b13-a5d5-a1fccf66e22f","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":63,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"35d38d7a-ea5c-405a-b6e9-f23f2c77e39a","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":63,"box":{"x":121,"y":793,"width":644,"height":13}},{"id":"4ea9dc6e-7946-40e7-a9ab-a11a80e97335","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":63,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4efcd232-0501-4c0b-945d-731c4aa92cde","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":63,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"85875603-9d9c-422c-8173-4c5d94d0812a","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":63,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"f3df5bd0-87f7-443b-8126-f0df51e9bf41","block_type":"box","text":"redemption documentation.","page_number":63,"box":{"x":121,"y":875,"width":226,"height":13}},{"id":"c28f2dd6-b181-4cbc-a6bb-9e11af7d3c98","block_type":"box","text":"64","page_number":64,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"6338d4c3-86f6-4dcc-a52c-78610fe3b82a","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares","page_number":64,"box":{"x":121,"y":88,"width":451,"height":13}},{"id":"6f04ab5a-877f-4b0c-b7af-22bb2431a916","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":64,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b67e816c-195b-42c6-8f73-49b30c3803a7","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":64,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"b8a80ea6-91de-45b3-ab8d-798d52028f24","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":64,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"9e4f3b27-e014-4af0-ab3d-9a9d9be96990","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":64,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"169109b5-5734-414e-a115-abfe7146de51","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":64,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"a9bf55a0-053c-40fb-b31e-e44ac6ed8f40","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":64,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"27eac3d1-b353-4329-9559-0020aee67d26","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":64,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"818e728e-446b-4dc5-a1c7-dabc1190966d","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":64,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"1ecdc865-6a4a-4731-ae9c-33d5cf521c95","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":64,"box":{"x":121,"y":252,"width":644,"height":13}},{"id":"bc67bf3c-f2db-4ab9-8b10-4da4b0a91317","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":64,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"84e4e982-47b4-4deb-9894-4b1c5157a026","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":64,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"3de409c7-00f3-4da5-bfbb-1661dcf6aa9b","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":64,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"75627c1a-f3de-4e23-90fc-c360c2258541","block_type":"box","text":"redemption documentation.","page_number":64,"box":{"x":121,"y":334,"width":226,"height":13}},{"id":"58c15683-ad96-47a4-bf3e-4e85a5b3021c","block_type":"box","text":"Valuation Point","page_number":64,"box":{"x":121,"y":367,"width":141,"height":10}},{"id":"29306d1a-0457-4b14-92ab-fe644d1464b2","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":64,"box":{"x":123,"y":400,"width":329,"height":13}},{"id":"f8f1c74f-df74-492d-a261-0f1fd40d472d","block_type":"box","text":"Fees and Expenses","page_number":64,"box":{"x":121,"y":433,"width":165,"height":12}},{"id":"b56ac9f8-e754-4258-8926-051611969b2a","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":64,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e5452c36-aef9-445d-a18a-42b3dec3c731","block_type":"box","text":"each class of Shares as set out below.","page_number":64,"box":{"x":121,"y":482,"width":306,"height":10}},{"id":"fa1e35c3-5da6-42ed-89fb-df1c911da987","block_type":"box","text":"Class of Shares","page_number":64,"box":{"x":121,"y":531,"width":136,"height":10}},{"id":"cc73997e-f1a6-4f45-94b0-b775ec6d569a","block_type":"box","text":"Annual Charges and Expenses","page_number":64,"box":{"x":363,"y":531,"width":267,"height":13}},{"id":"d92cd1b0-4f36-479e-8e28-9cbd45f6acb9","block_type":"box","text":"Class 5","page_number":64,"box":{"x":121,"y":564,"width":63,"height":10}},{"id":"991e631d-820c-488a-8fee-5183aee6795b","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":64,"box":{"x":363,"y":564,"width":419,"height":10}},{"id":"cc800d81-ef6f-4165-a84e-a5a011a69610","block_type":"box","text":"Class 6","page_number":64,"box":{"x":121,"y":580,"width":63,"height":10}},{"id":"23e4e4b1-e502-4292-a6e5-2e4f2e78e07f","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":64,"box":{"x":363,"y":580,"width":419,"height":10}},{"id":"ff75105e-24bd-401d-8e7a-93a96a7b23f9","block_type":"box","text":"Class 7","page_number":64,"box":{"x":121,"y":597,"width":63,"height":10}},{"id":"47a08258-8ce2-4327-9727-7c50176ef94c","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":64,"box":{"x":363,"y":597,"width":419,"height":10}},{"id":"9f26a625-d6ba-4a11-98d0-488616f0e121","block_type":"box","text":"Class 8","page_number":64,"box":{"x":121,"y":613,"width":63,"height":10}},{"id":"5af69fd3-646b-4742-88d7-1c711ea50c03","block_type":"box","text":"None","page_number":64,"box":{"x":363,"y":613,"width":48,"height":10}},{"id":"2c151eb6-8df4-4c3e-bf46-bf53211778ed","block_type":"box","text":"Class W (Accumulating)","page_number":64,"box":{"x":121,"y":629,"width":205,"height":13}},{"id":"fe199eba-abfe-4975-ae88-3d6a9d9dc67b","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Accumulating)","page_number":64,"box":{"x":363,"y":629,"width":521,"height":13}},{"id":"792be971-b99b-42c1-818f-976d3af80ef9","block_type":"box","text":"Shares","page_number":64,"box":{"x":363,"y":646,"width":58,"height":10}},{"id":"6dd206ac-5fba-4bc2-90a5-208682cc31d2","block_type":"box","text":"The Directors reserve the right to reduce or waive the above charges from time to time.","page_number":64,"box":{"x":121,"y":679,"width":708,"height":12}},{"id":"9f8758c0-cf29-490c-a4e9-6017ced62826","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":64,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"0797f838-bcca-4663-a011-a14b4db0e53f","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":64,"box":{"x":121,"y":728,"width":443,"height":13}},{"id":"4d029d16-5de7-4c2d-aa66-b7667243645f","block_type":"box","text":"The total fees and expenses of the Sub-Fund to be borne by each class of Shares will currently","page_number":64,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"40b2ff48-7a33-4f7f-ad7c-b7d5fa7e4a0a","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":64,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"916fd914-c95c-414a-be6f-19d9d9f5f537","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":64,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"6d0f4fc8-e9d3-4f7e-b81e-167cb9aef12d","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":64,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"cbd50865-0ee7-48e7-a324-e4c7d73a327c","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":64,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8e58065d-c940-433b-afc8-cae0cb698882","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":64,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"9e98f4f2-dbea-45b4-8fd5-b792b7f67e7c","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":64,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"14e701c4-9c24-4366-9e19-923e1a07b48e","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":64,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"0eeb408e-1dc4-4bfd-8a7e-9be4e41b0806","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Sub-Fund, and","page_number":64,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"cd097f83-f288-49dc-89d2-bb1c4ff32182","block_type":"box","text":"65","page_number":65,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"066b1dfd-3902-40c5-8fba-ff2706ee253b","block_type":"box","text":"the Sub-Fund will notify the holders of the relevant Class of Shares if the Fixed Rate is to be","page_number":65,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"22c034d0-2920-407e-ab98-e2ae8566775b","block_type":"box","text":"increased and the increase shall take effect 90 days after such notice has been given by the Sub\u0002","page_number":65,"box":{"x":121,"y":105,"width":757,"height":13}},{"id":"8b00901b-eddd-4701-a878-7df0ac00a828","block_type":"box","text":"Fund.","page_number":65,"box":{"x":121,"y":121,"width":51,"height":10}},{"id":"2c33ecd4-a83a-4d25-a132-1e2d7f060f55","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":65,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"92710eda-6218-4e1e-a643-4f5192c40de8","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":65,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"ece20164-c2dc-45ef-a4c9-b032aea52bd1","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":65,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"550bb215-14b7-40b8-b839-d291f65e6f0e","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":65,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"4a2c7bf3-a961-4d6f-8a80-ecf3c4cd28f0","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":65,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"5e66d100-7daf-4c34-a3a0-ac7613f47865","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. 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She has over 30 years’ experience in","page_number":67,"box":{"x":121,"y":342,"width":763,"height":13}},{"id":"4786d222-7951-4da6-8d77-5d089055ebce","block_type":"box","text":"international financial services. She is a former partner of Dillon Eustace Solicitors (1999 to","page_number":67,"box":{"x":121,"y":359,"width":763,"height":13}},{"id":"9d1d97a6-4cae-4595-b65d-cccf83a1d411","block_type":"box","text":"2005) prior to which (1988 to 1999) she held senior executive roles at Bank of Ireland including","page_number":67,"box":{"x":121,"y":375,"width":763,"height":13}},{"id":"2b63e4ab-26e2-4221-a0a7-278c6ee970c7","block_type":"box","text":"Head of Client Services and Head of Legal Affairs at Bank of Ireland Securities Services (since","page_number":67,"box":{"x":121,"y":392,"width":763,"height":12}},{"id":"791508a2-a878-49e0-adeb-c6c93bdf1828","block_type":"box","text":"acquired by Northern Trust) and, in Bank of Ireland Asset Management, as a Senior Manager.","page_number":67,"box":{"x":121,"y":408,"width":763,"height":13}},{"id":"565c8cb9-4edc-45c7-9cfa-d48168103bfa","block_type":"box","text":"Denise is a past Chairperson of Irish Funds, the Irish funds industry association and its legal","page_number":67,"box":{"x":121,"y":424,"width":763,"height":13}},{"id":"4bd7c9b4-8024-4e46-8a91-a928ab588df4","block_type":"box","text":"and regulatory sub-committee and represented the industry on a number of key funds industry","page_number":67,"box":{"x":121,"y":441,"width":763,"height":13}},{"id":"f8652b53-021f-433e-96e6-2369dbed429b","block_type":"box","text":"working groups including An Taoiseach's International Financial Services Committee and","page_number":67,"box":{"x":121,"y":457,"width":763,"height":13}},{"id":"9b56a641-b178-47de-8697-21a2f6e5f8bb","block_type":"box","text":"FEFSI (now EFAMA). She served on the Committee on Collective Investment Governance","page_number":67,"box":{"x":121,"y":474,"width":763,"height":12}},{"id":"6dc57a21-767b-44bd-aef9-5e8df46b0a2a","block_type":"box","text":"formed by the Central Bank of Ireland to develop recommendations for good governance","page_number":67,"box":{"x":121,"y":490,"width":763,"height":13}},{"id":"9e33b4f8-c09c-4509-b675-ee7536530800","block_type":"box","text":"practice for funds. Ms. Kinsella was consulting editor to \"Collective Investment Schemes in","page_number":67,"box":{"x":121,"y":506,"width":763,"height":13}},{"id":"747a649e-a568-4fbe-a2cd-e098dd10135c","block_type":"box","text":"Luxembourg, Law and Practice\" published by Oxford University Press and has lectured on","page_number":67,"box":{"x":121,"y":523,"width":763,"height":13}},{"id":"bf7b5fe0-d27c-4603-8c72-b20599affad1","block_type":"box","text":"financial services law at the Law Society of Ireland. 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She is a founding","page_number":67,"box":{"x":121,"y":572,"width":763,"height":13}},{"id":"f2ec5b7e-be6d-4313-a9db-e805922f801d","block_type":"box","text":"member and past Director of the Irish funds’ industry charity, basis.point.","page_number":67,"box":{"x":121,"y":588,"width":599,"height":13}},{"id":"7935b36f-2edd-473b-b18f-682db1dac3d9","block_type":"box","text":"Ms. Deirdre Gormley (Irish Resident)","page_number":67,"box":{"x":121,"y":621,"width":330,"height":13}},{"id":"38d282ac-64df-449c-a7ff-e6f09d2ca4f1","block_type":"box","text":"Deirdre Gormley (Irish) is an independent investment fund director with over 30 years'","page_number":67,"box":{"x":121,"y":654,"width":763,"height":13}},{"id":"247e3e0b-a0e2-4f1e-a7d5-0a28a50986e6","block_type":"box","text":"experience in the asset management and investment funds industry, having held senior","page_number":67,"box":{"x":121,"y":670,"width":763,"height":13}},{"id":"5d3e9cc4-ca74-4284-a1e7-aa798df26588","block_type":"box","text":"executive and board positions in large international organizations. 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Deirdre has a Bachelor of","page_number":67,"box":{"x":121,"y":867,"width":763,"height":13}},{"id":"e82ee71b-1040-4ede-980f-6a5f20934592","block_type":"box","text":"Science degree in Finance from Marist College in Poughkeepsie, New York.","page_number":67,"box":{"x":121,"y":883,"width":623,"height":13}},{"id":"351b8ef2-ff81-43de-adcb-223e00056732","block_type":"box","text":"68","page_number":68,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"357f08c9-8823-448e-b3cb-46210f472b20","block_type":"box","text":"Mr. Anthony Callcott","page_number":68,"box":{"x":121,"y":88,"width":191,"height":13}},{"id":"33d88d7b-4e93-46e8-90bd-277aa6d0fcf5","block_type":"box","text":"Anthony Callcott is Head of UK Liquidity, Client Solutions, and is responsible for the strategy,","page_number":68,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"06a8ad6a-5f11-4e56-b1a1-76015ec16f05","block_type":"box","text":"retention and growth of business into off-shore liquidity funds for Aviva Investors. He","page_number":68,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ca706e58-11d6-4520-9d41-f845620a3a97","block_type":"box","text":"primarily focuses on the UK corporate and institutional space and maintaining the correct","page_number":68,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"fc4079a3-bfe5-4829-8808-460893c4d8b1","block_type":"box","text":"framework within which business operates. Prior to joining Aviva Investors, Anthony Callcott","page_number":68,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"0b947113-3474-47a3-9f78-2bbea7588799","block_type":"box","text":"held senior management roles at ICAP and SunGard with the responsibility of building MMF","page_number":68,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"33ea9502-c617-4205-9786-756b4f6c0f2a","block_type":"box","text":"portals and taking them to market, including: due diligence and department setup; new","page_number":68,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"6310e52e-456c-4a42-b7ee-f3c809aa21fe","block_type":"box","text":"business; sales pipeline development and relationship management for UK France, and","page_number":68,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c9f5cea6-1fa8-499f-8124-bc5786de153b","block_type":"box","text":"Benelux; client deployment logistics and staff management. 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As detailed futher below the Manager has delegated to third parties","page_number":69,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"0ffde416-a129-470b-b447-b7af544aca14","block_type":"box","text":"some or all of its responsibilities, subject to applicable laws and the consent and supervision of","page_number":69,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"5e4a2105-9dcb-4216-b33a-efa1812e558e","block_type":"box","text":"the Board.","page_number":69,"box":{"x":121,"y":384,"width":88,"height":9}},{"id":"0f9aa77f-4cc8-4bb5-8c36-0c9a7f6f5855","block_type":"box","text":"For example, so long as it retains control and supervision, the Manager can appoint one or more","page_number":69,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c3833bcb-5afb-40de-96f2-191278f47a16","block_type":"box","text":"investment managers to handle the day-to-day management of the Fund’s assets, or one or more","page_number":69,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"400c8d7d-b49f-4ade-803f-0f05465bc944","block_type":"box","text":"advisors to provide investment information, recommendations and research concerning","page_number":69,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"eaa18ef8-e752-453c-b84f-0101aa052930","block_type":"box","text":"prospective and existing investments.","page_number":69,"box":{"x":121,"y":465,"width":307,"height":13}},{"id":"af21ffad-5b17-4bd5-a37a-9a620305448f","block_type":"box","text":"Directors of the Manager","page_number":69,"box":{"x":120,"y":498,"width":212,"height":13}},{"id":"c84c94b8-222c-49a6-b707-d9acc41be1f7","block_type":"box","text":"The Directors of the Manager are described below:-","page_number":69,"box":{"x":121,"y":531,"width":423,"height":13}},{"id":"17cedddb-8ac5-487c-b166-94da13a2b6c6","block_type":"box","text":"Management Board","page_number":69,"box":{"x":121,"y":564,"width":176,"height":12}},{"id":"f3fd8798-b987-475f-bd1b-2e9a6727f050","block_type":"box","text":"Mrs. Victoria Kernan","page_number":69,"box":{"x":121,"y":597,"width":192,"height":10}},{"id":"1e3f9937-c7d9-4fc8-8c28-e8caec9cf1f0","block_type":"box","text":"Mrs Kernan is Head of Transfer Agency oversight for Aviva Investors and is also one of the","page_number":69,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8247bdfc-825d-4325-96d2-b9e119bc3f25","block_type":"box","text":"Manager’s conducting officers. 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Victoria holds a","page_number":69,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"af0bdcda-86db-401a-86c3-0314633adb78","block_type":"box","text":"degree in Languages and Export Management from Edinburgh Napier University.","page_number":69,"box":{"x":121,"y":826,"width":665,"height":13}},{"id":"f5c558ec-e0df-4f68-a31f-2171695d8305","block_type":"box","text":"Mr. Martin Bell","page_number":69,"box":{"x":121,"y":859,"width":143,"height":10}},{"id":"ecf8d9e1-e143-464a-9aa1-3a3bc86b6e9a","block_type":"box","text":"Mr Bell is the Director of Global Funds Services, which was created in April 2017 to bring","page_number":69,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"13dfa139-040b-41cc-bbfe-20259504a8c2","block_type":"box","text":"70","page_number":70,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"57f3f89e-8a5b-4a77-87ca-395e9f8558ed","block_type":"box","text":"together the activities of the UK and Luxembourg Management Companies covering all Aviva","page_number":70,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"da4094da-88e1-4d06-b763-51ba412ca908","block_type":"box","text":"Investors regulated funds business. 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Mr Bell was previously responsible for the Integration","page_number":70,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"122175e6-a2ba-4f60-af4c-b64714099e4f","block_type":"box","text":"of the Friends Life Assets into the Aviva Investors Investment Strategy and Operating Model.","page_number":70,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"a5415830-851a-4fed-93e3-3a3876ace65e","block_type":"box","text":"He was a key SME on the OBOE Project to land £60bn of Client assets at Aviva Investors.","page_number":70,"box":{"x":121,"y":203,"width":738,"height":13}},{"id":"9e9b2d62-43c2-41de-ad1f-df9e3520e900","block_type":"box","text":"Mr Bell has spent time in both Asset Management and Investment Banking. His first role in","page_number":70,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"6699f0ab-5550-494e-b3c2-0857dd48fc03","block_type":"box","text":"Asset Management was Asset Allocation with Merrill Lynch Investment Management, from","page_number":70,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"fb182a39-47a4-4cae-83df-749707c4ab91","block_type":"box","text":"where he moved to Morgan Stanley, spending ten years in the Portfolio Products Team. He","page_number":70,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"4a5f8a45-e3e6-474a-89b6-11968b62b9fe","block_type":"box","text":"moved back to Asset Management as Head of the Investment Transitions team at Aviva","page_number":70,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"4807cd04-8e69-4117-a2fb-0372f9822921","block_type":"box","text":"Investors. Mr Bell holds a Bachelor of Arts degree in Financial Services and a Postgraduate","page_number":70,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"804bc0df-559a-4772-9cf9-2f1ff1da9452","block_type":"box","text":"Diploma in Strategy & Innovation from Said Business School, University of Oxford. He is an","page_number":70,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"c51bd898-d429-4080-8ebe-e7f49ea0fc3c","block_type":"box","text":"Associate of the CFA Society of the UK and holds the IMC.","page_number":70,"box":{"x":121,"y":334,"width":490,"height":13}},{"id":"5a04fb49-c7ab-4d48-b58d-a8761d3c3ff1","block_type":"box","text":"Mrs. Sophie Vilain","page_number":70,"box":{"x":121,"y":367,"width":166,"height":13}},{"id":"aaf371a3-ae50-42bc-9835-fee67e012e31","block_type":"box","text":"Sophie Vilain is the Head of Risk and conducting officer of the Management Company","page_number":70,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"91006dff-01c7-4f47-9191-fe58b1a7ea37","block_type":"box","text":"responsible for risk management.","page_number":70,"box":{"x":121,"y":416,"width":273,"height":13}},{"id":"a8d00aeb-ad37-4bd1-99d6-75fe09982ca8","block_type":"box","text":"Mrs Vilain is graduated from HEC Montréal Business School (QC, Canada). Mrs Vilain has","page_number":70,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"343446b7-4049-4838-b16d-acb83574ec50","block_type":"box","text":"over 10 years’ experience in the funds’ industry. After 5 years working at Pricewaterhouse","page_number":70,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"26e85545-fcf7-4b07-ad14-9a2df5e7e6b8","block_type":"box","text":"Coopers Luxembourg, initially as auditor and then as Senior Advisor for the Risk &","page_number":70,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"f1ad84ea-318a-445e-82ad-178cff09684b","block_type":"box","text":"Compliance Advisory Services area, Mrs Vilain joined the Risk department of a Management","page_number":70,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"0e92c4ab-6f7e-4c26-8a84-f03ae1d30336","block_type":"box","text":"Company, covering both inhouse and third-party UCITS and AIFs. After 3 years, she joined","page_number":70,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"942afa13-8bc7-4067-bb2c-2fa20dc88d31","block_type":"box","text":"Aviva Investors Luxembourg in 2018 as Risk Manager and became Head of Risk in 2019.","page_number":70,"box":{"x":121,"y":531,"width":732,"height":13}},{"id":"716a92ff-2cde-4323-ac46-c0a7a0c6d890","block_type":"box","text":"Mrs. Cindy Joller","page_number":70,"box":{"x":121,"y":564,"width":157,"height":12}},{"id":"99239db6-211e-44a3-aaa2-0cc7eca69033","block_type":"box","text":"Cindy Joller is the Chief Compliance Officer and conducting officer of the Management","page_number":70,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0f2ec1d9-a256-46e7-ae76-02e7a23fdc0c","block_type":"box","text":"Company responsible for compliance, complaints handling and anti-money laundering and","page_number":70,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"4c6ca472-b0b6-4ef1-9f9d-29731a4fd81f","block_type":"box","text":"terrorism financing.","page_number":70,"box":{"x":121,"y":629,"width":165,"height":13}},{"id":"2deca907-de31-47b5-9ea9-bfc907defdfb","block_type":"box","text":"Mrs Joller has 15 years’ experience in the funds’ industry. 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and","page_number":74,"box":{"x":121,"y":842,"width":411,"height":12}},{"id":"fb038aa9-88db-4891-917f-8aa38bb48524","block_type":"box","text":"(vii) ensuring that the Sub-Funds' income is applied in accordance with the Regulations and","page_number":74,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"fc649015-f045-4191-8897-81cff57b69c3","block_type":"box","text":"the Articles.","page_number":74,"box":{"x":121,"y":892,"width":103,"height":9}},{"id":"0191d8f4-7567-4cba-a244-52ff05b66501","block_type":"box","text":"75","page_number":75,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"c83c2367-b154-4a74-a7ef-c08902d48232","block_type":"box","text":"Apart from cash (which shall be held and maintained in accordance with the terms of the","page_number":75,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"67623840-26a8-4941-bf18-63cf6b3708e3","block_type":"box","text":"Regulations), all other assets of the Sub-Funds shall be segregated from the assets of the","page_number":75,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"c2b47edd-3504-4077-bb1a-ad8395246ee2","block_type":"box","text":"Depositary, its sub-custodians and from assets held as a fiduciary, custodian or otherwise by","page_number":75,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d69831b9-42f3-449a-a053-30968d931f51","block_type":"box","text":"the Depositary or sub-custodians or both for other customers. The Depositary shall maintain","page_number":75,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"8c28b4ff-3394-4809-8099-7e1f49423d7a","block_type":"box","text":"its records which relate to the assets attributable to each Fund so as to ensure that it is readily","page_number":75,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"1e248f3e-78ad-443e-8a82-3272b760336c","block_type":"box","text":"apparent that the assets are held solely on behalf of and belong to the Fund and do not belong","page_number":75,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"3715af08-1ec9-47e5-89d3-5fd900c00fbe","block_type":"box","text":"to the Depositary or any of its affiliates, sub-custodians or delegates or any of their affiliates.","page_number":75,"box":{"x":121,"y":203,"width":753,"height":13}},{"id":"48ca1bdd-403b-49d5-88c3-984755c1f4c9","block_type":"box","text":"The Depositary has entered into sub-custody agreements delegating the performance of its","page_number":75,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"778b0296-8e34-444a-9415-8f94116e41a3","block_type":"box","text":"Safekeeping Function in certain agreed markets to the sub-custodians as set out in Schedule","page_number":75,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"63cc2f65-da51-4d7e-9bf7-481ccaf5b3ec","block_type":"box","text":"III. The liability of the Depositary will not be affected by the fact that it has entrusted the","page_number":75,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"27e771cc-297f-4a0c-8be6-37c2d2e0af60","block_type":"box","text":"Safekeeping Function to a third party.","page_number":75,"box":{"x":121,"y":285,"width":310,"height":13}},{"id":"1e6c64ac-6b5b-498f-865d-9dee3f16d66a","block_type":"box","text":"The Depositary must ensure that the sub-custodians:","page_number":75,"box":{"x":121,"y":318,"width":427,"height":13}},{"id":"5070ffdf-9920-4d25-9bff-068f5ed6ba38","block_type":"box","text":"(i) have adequate structures and expertise;","page_number":75,"box":{"x":121,"y":351,"width":344,"height":13}},{"id":"b4440aea-b67a-4616-8122-a21e3c7dd170","block_type":"box","text":"(ii) in circumstances where custody of financial instruments is delegated to them, are subject","page_number":75,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"a45cb0b5-fa0d-46b5-95dd-f4218bdb7693","block_type":"box","text":"to effective prudential regulation, including minimum capital requirements, and supervision in","page_number":75,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"f48db622-ad41-429c-881a-23a0f56cd5ef","block_type":"box","text":"the jurisdiction concerned, as well as an external periodic audit to ensure that the financial","page_number":75,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"20d7b421-ca68-44db-90f0-5a60c77bc4bb","block_type":"box","text":"instruments are in their possession;","page_number":75,"box":{"x":121,"y":433,"width":288,"height":13}},{"id":"9a5838dc-1638-4e33-a71a-823343f060cc","block_type":"box","text":"(iii) segregate the assets of the Depositary’s clients from their own assets and assets of the","page_number":75,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f7105a79-469b-473b-a86c-ed1b01adbe64","block_type":"box","text":"Depositary in such a way that such assets can, at any time, be clearly identified as belonging to","page_number":75,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"9025a7e3-ef57-45a9-a69e-cad342d3532f","block_type":"box","text":"the Depositary’s clients;","page_number":75,"box":{"x":121,"y":498,"width":201,"height":13}},{"id":"2c41cf97-7f10-4c23-99f1-84bd11277f39","block_type":"box","text":"(iv) ensure that in the event of their insolvency, assets of the Company held by the sub\u0002","page_number":75,"box":{"x":121,"y":531,"width":757,"height":13}},{"id":"f650a329-9961-4b43-8c34-445b0e26cfb0","block_type":"box","text":"custodians are unavailable for distribution among, or realisation for the benefit of, creditors of","page_number":75,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8d884df0-f619-4678-95cf-2646d44d5af1","block_type":"box","text":"the sub-custodians; and","page_number":75,"box":{"x":121,"y":564,"width":194,"height":12}},{"id":"618e6a74-224e-4354-b285-12b6bee8ad67","block_type":"box","text":"(v) are appointed by way of a written contract and comply with the general obligations and","page_number":75,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"7b1e01aa-fb5b-44f5-a97e-6d4aa5edba49","block_type":"box","text":"prohibitions in relation to the Safekeeping Function, reuse of assets and conflicts of interest.","page_number":75,"box":{"x":121,"y":613,"width":748,"height":13}},{"id":"8ede8616-402f-45c7-86e8-fd59df88e74c","block_type":"box","text":"Where the law of a third country requires that certain financial instruments be held in custody","page_number":75,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"6ca10f2a-6374-45c3-bd2a-d1de5ba20088","block_type":"box","text":"by a local entity and no local entities are subject to effective prudential regulation, including","page_number":75,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"32af9dc8-765c-4429-b982-0526d59e7b0d","block_type":"box","text":"minimum capital requirements and supervision in the jurisdiction concerned, the Company","page_number":75,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"cebfaad7-1273-493f-8b0c-0cc29f2177ee","block_type":"box","text":"may instruct the Depositary to delegate its functions to such a local entity only to the extent","page_number":75,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"40b7d722-d538-41b8-a210-f543c6f30245","block_type":"box","text":"required by the law of the third country and only for as long as there are no local entities that","page_number":75,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"1e5de9c8-a966-4d8d-a648-5fd46046347a","block_type":"box","text":"satisfy the aforementioned regulation, capital and supervision requirements. In the event that","page_number":75,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"f5856a24-aaa9-4687-97a9-be3ed59aa487","block_type":"box","text":"custody is delegated to such local entities, prior Shareholder notice will be provided advising","page_number":75,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"006111c6-cbff-4a38-ad3d-290efe94e692","block_type":"box","text":"of the risks involved in such delegation.","page_number":75,"box":{"x":121,"y":761,"width":327,"height":12}},{"id":"98853dc1-1216-4cf6-a036-a32af0aa4e82","block_type":"box","text":"Please refer to the section of this Prospectus entitled ‘Conflicts of Interest’ for details of","page_number":75,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"8d96517c-3920-4a36-b252-fe3e494273bf","block_type":"box","text":"potential conflicts that may arise involving the Depositary.","page_number":75,"box":{"x":121,"y":810,"width":478,"height":12}},{"id":"a1e8a321-83b1-4341-ba7b-d6923a5f2c4b","block_type":"box","text":"The Depositary must ensure that the assets of the Sub-Funds held in custody by the Depositary","page_number":75,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"e94a1f81-6bb4-4d6f-b7ce-4b9063ebcc70","block_type":"box","text":"shall not be reused by the Depositary, or by any third party to whom the custody function has","page_number":75,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"bfe31c71-9c44-4333-9b78-24c9d41b91b6","block_type":"box","text":"been delegated, for their own account. Reuse comprises any transaction of assets of the Sub\u0002","page_number":75,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"ea12cfc0-9683-4ecf-aa0d-bc9d2e830966","block_type":"box","text":"Funds held in custody including, but not limited to, transferring, pledging, selling and lending.","page_number":75,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"7ad61338-b224-46f6-a810-75ef00709484","block_type":"box","text":"76","page_number":76,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"02c086dc-ec4e-4898-96c7-db1d4468dffb","block_type":"box","text":"Reuse of the assets of a Fund held in custody is only allowed where:","page_number":76,"box":{"x":121,"y":89,"width":556,"height":12}},{"id":"fd39d72d-dc87-4f2b-8e8a-4afae280ba2b","block_type":"box","text":"(a) the reuse of the assets is carried out for the account of the Fund;","page_number":76,"box":{"x":121,"y":121,"width":548,"height":13}},{"id":"6b38f309-4b47-4963-95fb-32c79e2d310a","block_type":"box","text":"(b) the Depositary is carrying out the instructions of the Manager on behalf of the Fund;","page_number":76,"box":{"x":121,"y":154,"width":714,"height":13}},{"id":"611bea5c-467d-4f84-8054-d7e6632b3474","block_type":"box","text":"(c) the reuse is for the benefit of the Fund and the interest of the investors in the Fund; and","page_number":76,"box":{"x":121,"y":187,"width":734,"height":12}},{"id":"0f3eda35-9ea7-45f4-87db-3e570da618ec","block_type":"box","text":"(d) the transaction is covered by high quality and liquid collateral received by the Fund under","page_number":76,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"5c3c2eea-21e2-42cf-bcb7-4b8131cc4a71","block_type":"box","text":"a title transfer arrangement with a market value at all times at least equivalent to the market","page_number":76,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"d4e58994-408b-4be8-82cd-7116f2d63df7","block_type":"box","text":"value of the reused assets plus a premium.","page_number":76,"box":{"x":121,"y":252,"width":345,"height":13}},{"id":"af334d62-d1b1-43b6-b38e-af24a2d07cfe","block_type":"box","text":"The Depositary is liable to the Sub-Funds for the loss of financial instruments of the Sub-Funds","page_number":76,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"25bfd1c5-f89f-466f-9973-503861a508e7","block_type":"box","text":"which are held in custody as part of the Depositary’s Safekeeping Function (irrespective of","page_number":76,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"3992d55c-8410-40d7-b9ae-b9bf9434a58a","block_type":"box","text":"whether or not the Depositary has delegated its Safekeeping Function in respect of such","page_number":76,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"89b41b7a-2dcd-4b08-89ca-13ca84516c32","block_type":"box","text":"financial instruments) unless it can prove that the loss of financial instruments held in custody","page_number":76,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"2f8b2b9b-476b-45fc-b06e-97edbfe98459","block_type":"box","text":"has arisen as a result of an external event beyond its reasonable control, the consequences of","page_number":76,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"ee50ca49-3e66-475f-8d97-e60adb3c411a","block_type":"box","text":"which would have been unavoidable despite all reasonable efforts to the contrary. This standard","page_number":76,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"ad337b2d-ed7c-4277-822e-bd95090e75ac","block_type":"box","text":"of liability only applies to assets capable of being registered or held in a securities account in","page_number":76,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"7e9ccf6a-74cc-469d-9a8e-87b15112c8e4","block_type":"box","text":"the name of the Depositary or a sub-custodian and assets capable of being physically delivered","page_number":76,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"dc8a5526-840c-43bc-a6a4-162825e09fb7","block_type":"box","text":"to the Depositary. The Depositary shall also be liable to the Sub-Funds for all other losses","page_number":76,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"84ac9480-6777-42d5-a0b1-5543ed678d00","block_type":"box","text":"suffered as a result of the Depositary’s negligent or intentional failure to properly fulfil its","page_number":76,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6b919f09-744f-4d42-997b-b41d075ef1ff","block_type":"box","text":"obligations pursuant to the Regulations.","page_number":76,"box":{"x":121,"y":449,"width":325,"height":13}},{"id":"02da69a6-17c6-47c5-ba82-8e04fcff5e55","block_type":"box","text":"The Depositary Agreement provides that the Company will be liable to the Depositary for any","page_number":76,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"fe253046-74af-4841-9ba8-87ab7aad1853","block_type":"box","text":"losses that may imposed on, suffered by or asserted against the Depositary in connection with","page_number":76,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"5a0ec320-f2c9-4d95-8a4f-9e1150b5c188","block_type":"box","text":"or arising out of the Depositary’s proper performance of its obligations and that the Company","page_number":76,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"4d53a2ac-7f9f-46c5-b350-4aa97ba3fb6a","block_type":"box","text":"will indemnify the Depositary against, and hold it harmless from, any losses arising from third","page_number":76,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7071e187-75fb-43c1-8b9e-91751f0cfe25","block_type":"box","text":"party claims that may be suffered by or asserted against the Depositary in connection with or","page_number":76,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"9324a8ed-a447-48bb-aace-33e15a0ecbc7","block_type":"box","text":"arising out of the Depositary’s proper performance of its obligations.","page_number":76,"box":{"x":121,"y":564,"width":560,"height":13}},{"id":"56ab2402-9c20-452c-a409-668ffb32c940","block_type":"box","text":"Up-to-date information regarding the Depositary including the duties of the Depositary, the","page_number":76,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"306103d0-4823-480e-9a18-fb997f2c9924","block_type":"box","text":"delegation arrangements and any conflicts of interest that may arise shall be made available to","page_number":76,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"6b82aa0d-873e-4e37-8212-abbaf4ee4592","block_type":"box","text":"investors upon request to the Manager.","page_number":76,"box":{"x":121,"y":629,"width":318,"height":13}},{"id":"2ca6cc0f-8f44-45b9-bd08-3daa6f45e84a","block_type":"box","text":"Administrator","page_number":76,"box":{"x":121,"y":662,"width":129,"height":10}},{"id":"c73ffbdd-594e-4c59-acd0-6490b1c2b2ee","block_type":"box","text":"The Manager has appointed BNY Mellon Fund Services (Ireland) Designated Activity","page_number":76,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"b6864b8a-dbf3-4fb7-bd18-5aef607be4b9","block_type":"box","text":"Company to act as administrator, registrar and transfer agent of the Company with","page_number":76,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"b31d52c5-ed51-4440-bfd7-7a1ec8307c44","block_type":"box","text":"responsibility for performing the day to day administration of the Company, including the","page_number":76,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"a68437c9-d2c3-4514-a5e5-921db3adb527","block_type":"box","text":"calculation of the Net Asset Value and the Net Asset Value per Share of each Fund.","page_number":76,"box":{"x":121,"y":744,"width":680,"height":13}},{"id":"41c60a5a-d1fc-4fc3-9e92-5df333c0d40b","block_type":"box","text":"The Administrator is a private limited company incorporated in Ireland on 31st May 1994 and","page_number":76,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"991eead6-950c-4fc7-835e-a07a30cc2e60","block_type":"box","text":"is engaged in the provision of fund administration, accounting, registration, transfer agency","page_number":76,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b742b7d3-8f79-41c5-981c-13bc01fcb336","block_type":"box","text":"and related shareholders services to collective investment schemes and investment funds. The","page_number":76,"box":{"x":121,"y":810,"width":763,"height":10}},{"id":"1d3bc9f7-f863-4650-aebc-3776b4468b47","block_type":"box","text":"Administrator is a wholly owned indirect subsidiary of The Bank of New York Mellon","page_number":76,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"5b727ad6-5084-4cf4-b778-7a84c22d6f68","block_type":"box","text":"Corporation. The Administrator is authorised by the Central Bank under the Investment","page_number":76,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"bc443cf0-5e84-4d74-bf16-c05d70db9ecd","block_type":"box","text":"Intermediaries Act, 1995.","page_number":76,"box":{"x":121,"y":859,"width":211,"height":12}},{"id":"f1abe1e7-197f-4423-9311-6aaff4246a67","block_type":"box","text":"Investment Objective and Policies","page_number":76,"box":{"x":121,"y":875,"width":296,"height":13}},{"id":"232f853d-9082-4fb6-9ca2-0934bd8506f3","block_type":"box","text":"77","page_number":77,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"0422f593-18c7-4b79-a15d-e4688fb8cb1c","block_type":"box","text":"The Articles provide that the investment objective and policies for each Sub-Fund will be","page_number":77,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"21f637ca-f995-4362-b2d1-8c7f2614166d","block_type":"box","text":"formulated by the Directors at the time of the creation of that Sub-Fund. Details of the","page_number":77,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"8a14fd9b-93cc-4903-80eb-50f43b9718cd","block_type":"box","text":"investment objective and policies for each Sub-Fund of the Fund appear in the relevant section","page_number":77,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2788de22-db64-4d05-9b6f-c9ed16afd103","block_type":"box","text":"of Part 1 for the relevant Sub-Fund.","page_number":77,"box":{"x":121,"y":138,"width":292,"height":10}},{"id":"d43cc1ba-24b2-4968-9ffe-4b2e30f6569d","block_type":"box","text":"Any change in the investment objective or material change to the investment policies of a Sub\u0002","page_number":77,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"b3ab7157-f943-4547-99cf-04e85d019ab5","block_type":"box","text":"Fund may only be made with the approval of an ordinary resolution of the Shareholders of the","page_number":77,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"112d4bc7-ac18-4c6c-ae42-f740f9c8ae78","block_type":"box","text":"Sub-Fund. In the event of a change of investment objective and/or policies of a Sub-Fund, the","page_number":77,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"3ff5c228-e698-4ded-a92e-c8fb044cb40a","block_type":"box","text":"Manager will ensure that a reasonable notification period must be given to each Shareholder of","page_number":77,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"0736b2f9-940a-4cd5-9cc8-c69109762324","block_type":"box","text":"the Sub-Fund to enable a Shareholder to have its Shares redeemed prior to the implementation","page_number":77,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"7390a5ce-2154-491f-9485-64ad5191854b","block_type":"box","text":"of such change.","page_number":77,"box":{"x":121,"y":252,"width":131,"height":13}},{"id":"a7f8f04e-d8fd-42c7-bdb3-f5abb53832cc","block_type":"box","text":"In the event that the Fund utilises financial derivative instruments for a sub-fund, the Fund will","page_number":77,"box":{"x":121,"y":285,"width":763,"height":12}},{"id":"23619b00-e940-4df2-86ed-da7d3fb31016","block_type":"box","text":"upon request provide information to Shareholders on the risk management methods employed","page_number":77,"box":{"x":121,"y":302,"width":762,"height":12}},{"id":"172a57d4-a95c-4788-8980-3501c6d582ad","block_type":"box","text":"in respect of the relevant Sub-Fund including the quantitative limits that are applied and any","page_number":77,"box":{"x":121,"y":318,"width":748,"height":13}},{"id":"0ceaa27a-f1c4-4529-b242-a48138167c78","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investments.","page_number":77,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e3085f12-4d5b-40fc-9f1c-84e830ddedfd","block_type":"box","text":"Efficient Portfolio Management","page_number":77,"box":{"x":121,"y":367,"width":278,"height":13}},{"id":"b56b1faa-f5a3-492e-9729-7833c7e4cf0c","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central Bank","page_number":77,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"f6529a95-57ae-4cdd-8b1d-ffca1ef2fc0a","block_type":"box","text":"from time to time, the Fund, on behalf of a Sub-Fund may employ techniques and instruments","page_number":77,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"5c607ddc-0273-4bbc-a946-88587954f0c1","block_type":"box","text":"including financial derivative instruments solely for the purposes of (i) the reduction of risk,","page_number":77,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"bfc33197-7b37-468b-97aa-5c893bc5eabb","block_type":"box","text":"(ii) the reduction of costs, and/ or (iii) the generation of additional capital or income for the","page_number":77,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f4017a3b-7527-4107-87ca-8a567f79e5c9","block_type":"box","text":"Fund with no, or with an acceptably low level of, risk subject to the provisions set out in the","page_number":77,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"559dee3c-8a07-426b-a3c8-0993af4b57d4","block_type":"box","text":"relevant section of Part 1 for the relevant Sub-Fund. Where the Sub-Fund utilises financial","page_number":77,"box":{"x":121,"y":482,"width":763,"height":10}},{"id":"e81c67aa-8188-424d-b5e2-67313ca60114","block_type":"box","text":"derivatives instruments, such instruments will be dealt in on a regulated market specified in the","page_number":77,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"e9a0bd37-3dae-44d8-b7a9-806b9cf4a8b3","block_type":"box","text":"Articles and/or over the counter derivatives “OTCs”.","page_number":77,"box":{"x":121,"y":515,"width":430,"height":10}},{"id":"d8ee9eeb-8030-4ae2-81e5-acd8a678e572","block_type":"box","text":"The following is a description of the types of financial derivative instruments which may be","page_number":77,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"58fadb6a-acde-492e-8610-c61c5c653cd4","block_type":"box","text":"used by a Sub-Fund where provided for in relevant section of Part 1 relating to such Sub-Fund:","page_number":77,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"09d84917-71e9-47d5-81a4-a276436a3fbc","block_type":"box","text":"","page_number":77,"box":{"x":122,"y":601,"width":7,"height":5}},{"id":"97a304ab-220f-48b0-bda9-457b87460b92","block_type":"box","text":"Currency Swaps","page_number":77,"box":{"x":152,"y":597,"width":146,"height":13}},{"id":"f4d22859-ebfb-4e46-8353-e21e06dfcb8f","block_type":"box","text":"In a standard swap transaction, two parties agree to exchange returns (or differentials in rates","page_number":77,"box":{"x":121,"y":630,"width":763,"height":13}},{"id":"70d53b48-ab2d-4855-8740-dba8a2848b00","block_type":"box","text":"of return) calculated with respect to a notional amount, e.g. the return on or increase in value","page_number":77,"box":{"x":121,"y":647,"width":763,"height":13}},{"id":"2acb9ef9-d8fe-43d1-96ae-b3120fba875d","block_type":"box","text":"of a particular dollar amount invested at a particular interest rate, in a particular foreign","page_number":77,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"4598f3e9-7166-4e4d-8448-1898b708bb07","block_type":"box","text":"currency. Swaps in which a Sub-Fund may invest include currency swaps. A currency swap is","page_number":77,"box":{"x":121,"y":680,"width":763,"height":12}},{"id":"08c365ae-6bed-4a43-8e10-be0e249f465b","block_type":"box","text":"an agreement negotiated between two parties to exchange the return on cash for the return on","page_number":77,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"4d616d1e-97d1-4d8f-b55a-0885b34939c0","block_type":"box","text":"varying currencies.","page_number":77,"box":{"x":121,"y":712,"width":159,"height":13}},{"id":"8d6a2be7-7517-437a-bfef-431364930f7d","block_type":"box","text":"","page_number":77,"box":{"x":122,"y":749,"width":7,"height":5}},{"id":"47f401ef-eeb9-4e8b-9744-8d0ef62a2e6a","block_type":"box","text":"Currency Forwards","page_number":77,"box":{"x":152,"y":746,"width":176,"height":13}},{"id":"e83b208d-fcf8-47a1-b7e9-864251e72f7b","block_type":"box","text":"A forward contract locks in the price at which an asset may be purchased or sold on a future","page_number":77,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"dd7969c3-3238-4b87-a474-d196cb816218","block_type":"box","text":"date. A Sub-Fund may buy and sell currencies on a spot and forward basis, subject to the limits","page_number":77,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"3c310c30-7f21-4fb3-99ed-c2fda1cad10c","block_type":"box","text":"and restrictions adopted by the Central Bank from time to time to reduce the risks of adverse","page_number":77,"box":{"x":121,"y":812,"width":763,"height":12}},{"id":"f2f8574d-c46d-4fa5-84e9-556700e6ec21","block_type":"box","text":"changes in exchange rates. A forward currency exchange contract, which involves an obligation","page_number":77,"box":{"x":121,"y":828,"width":763,"height":13}},{"id":"f41c865c-2965-4092-a24d-0e69093ff5c8","block_type":"box","text":"to purchase or sell a specific currency at a future date at a price set at the time of the contract,","page_number":77,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"b42d6f9f-5550-46d2-9fed-e6fed33d3b21","block_type":"box","text":"reduces a Sub-Fund's exposure to changes in the value of the currency it will deliver and","page_number":77,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"c179bbe3-b2c8-4917-be5a-358c92062dfe","block_type":"box","text":"increases its exposure to changes in the value of the currency it will receive for the duration of","page_number":77,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"ec0c4eb0-b940-4e5d-a948-e46dc7f611d5","block_type":"box","text":"the contract. A contract to sell currency would limit any potential gain, which might be realised","page_number":77,"box":{"x":121,"y":894,"width":763,"height":12}},{"id":"edb00985-9687-4c27-9855-4c32f3eebc4f","block_type":"box","text":"78","page_number":78,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"0401ae93-b255-4d90-8fe6-8d81ac6a5250","block_type":"box","text":"if the value of the hedged currency increases.","page_number":78,"box":{"x":121,"y":89,"width":369,"height":12}},{"id":"8f245ef1-e878-43c1-aec6-fc8597b08b69","block_type":"box","text":"","page_number":78,"box":{"x":122,"y":125,"width":7,"height":6}},{"id":"e3a60312-6aff-4ca9-b5c4-7cac2c03f405","block_type":"box","text":"Futures","page_number":78,"box":{"x":151,"y":122,"width":72,"height":10}},{"id":"71f17884-9e4e-4a95-83c3-6c0e28f1742e","block_type":"box","text":"Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases,","page_number":78,"box":{"x":121,"y":155,"width":763,"height":13}},{"id":"ce0651b1-ca18-462e-a5f0-325242afbf12","block_type":"box","text":"receive or pay cash based on the performance of an underlying asset, instrument or index) at a","page_number":78,"box":{"x":121,"y":171,"width":763,"height":13}},{"id":"b71cc9cb-b748-4d01-8932-f5a37afc3684","block_type":"box","text":"pre-determined future date and at a price agreed through a transaction undertaken on an","page_number":78,"box":{"x":121,"y":188,"width":763,"height":13}},{"id":"21c0290f-c2c2-4739-b71e-b7be247a2018","block_type":"box","text":"exchange. Futures contracts allow investors to hedge against market risk or gain exposure to","page_number":78,"box":{"x":121,"y":204,"width":763,"height":13}},{"id":"a5686c12-7d45-4ddf-99c0-8d5f6c59f9fc","block_type":"box","text":"the underlying market (where permitted by the investment policies and restrictions for a Sub\u0002","page_number":78,"box":{"x":121,"y":221,"width":757,"height":12}},{"id":"5da4151d-d2ee-4c46-9b91-2a744d82f739","block_type":"box","text":"Fund). Since these contracts are marked-to-market daily, investors can, by closing out their","page_number":78,"box":{"x":121,"y":237,"width":763,"height":13}},{"id":"feca841b-2f85-4841-81f7-b0994c945c5a","block_type":"box","text":"position, exit from their obligation to buy or sell the underlying assets prior to the contract's","page_number":78,"box":{"x":121,"y":253,"width":763,"height":13}},{"id":"2410803b-2c7b-4132-ab02-c0fa6860f164","block_type":"box","text":"delivery date.","page_number":78,"box":{"x":121,"y":270,"width":114,"height":13}},{"id":"54127de4-d53c-47ac-9f89-e8bfbb9da7df","block_type":"box","text":"","page_number":78,"box":{"x":122,"y":307,"width":7,"height":5}},{"id":"8e255327-c442-44df-8109-fca69b26cdfe","block_type":"box","text":"Options","page_number":78,"box":{"x":151,"y":303,"width":73,"height":13}},{"id":"e06d4a55-b64b-4981-9692-faf62620880a","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":78,"box":{"x":121,"y":336,"width":763,"height":13}},{"id":"7c4b74c3-12fe-48ae-bf57-ddd92bbc4488","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":78,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"f6d47a15-c847-466b-ae82-a141f646871a","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":78,"box":{"x":121,"y":369,"width":763,"height":13}},{"id":"75417a63-5a1b-4236-baf4-ac77f34a385b","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":78,"box":{"x":121,"y":386,"width":763,"height":12}},{"id":"750748f4-1828-4c6b-8c4b-45768e1becd5","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":78,"box":{"x":121,"y":402,"width":763,"height":13}},{"id":"84e04afd-dc26-4ed9-aa2b-1c485505cf7b","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":78,"box":{"x":121,"y":418,"width":763,"height":13}},{"id":"38448710-a52e-47dc-8b73-eb482c93aedc","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":78,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"a0b52dd5-cb8b-4e0e-8c80-7eaaa300682c","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":78,"box":{"x":121,"y":451,"width":763,"height":13}},{"id":"dc995e63-ca5d-4ad6-84b4-a8019b5e72cd","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":78,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"77bb4d7f-3ff7-4c84-8d69-da468b5ab313","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":78,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"8657d483-1bce-4549-9f1f-f8622776e26f","block_type":"box","text":"in the call option. The seller (writer) of a put option which is covered (i.e. the writer has a short","page_number":78,"box":{"x":121,"y":500,"width":763,"height":13}},{"id":"a84f7602-4d6d-4ebe-b101-4de27e5d4e9f","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":78,"box":{"x":121,"y":517,"width":763,"height":12}},{"id":"4db10a2c-2336-4174-89c8-811a4d34b293","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":78,"box":{"x":121,"y":533,"width":763,"height":13}},{"id":"807c42ff-25c9-4463-b843-f03fdfff5f86","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":78,"box":{"x":121,"y":549,"width":763,"height":13}},{"id":"9040078b-602d-44ab-9b3d-16978ac23e75","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":78,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"9abb6dd4-7e04-4437-8a57-88a7e59ab395","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":78,"box":{"x":121,"y":582,"width":763,"height":13}},{"id":"c78b7931-9f09-4ef6-ac77-77599149c494","block_type":"box","text":"the option. The buyer of a put option assumes the risk of losing its entire investment in the put","page_number":78,"box":{"x":121,"y":599,"width":763,"height":12}},{"id":"692a424f-f3c4-4267-8671-d447d50e7be4","block_type":"box","text":"option.","page_number":78,"box":{"x":121,"y":615,"width":61,"height":13}},{"id":"33210006-f909-46ff-b9a8-b8d972af641a","block_type":"box","text":"A Sub-Fund may enter into these contracts to hedge against exchange risk. Suitable hedging","page_number":78,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"972f6dab-3418-4ff6-81c7-147dbafc5ab6","block_type":"box","text":"transactions may not be available in all circumstances and there can be no assurance that the","page_number":78,"box":{"x":121,"y":664,"width":763,"height":13}},{"id":"a8c252d5-c034-49b0-8ea4-00cd7ca0ea06","block_type":"box","text":"Sub-Fund will engage in such transactions at any given time or from time to time.","page_number":78,"box":{"x":121,"y":681,"width":665,"height":12}},{"id":"e473b1f8-3afc-474e-b728-3907f0bd7edd","block_type":"box","text":"Operational Costs/Fees","page_number":78,"box":{"x":121,"y":713,"width":204,"height":13}},{"id":"c6325f70-068a-4af8-aa16-a97781bae37f","block_type":"box","text":"Direct and indirect operational costs and/or fees arising from the use of techniques and","page_number":78,"box":{"x":121,"y":746,"width":763,"height":13}},{"id":"34a0992f-8516-406c-b22e-783cdd81b61e","block_type":"box","text":"instruments for Efficient Portfolio Management purposes on behalf of a Sub-Fund may be","page_number":78,"box":{"x":121,"y":763,"width":763,"height":12}},{"id":"bead712d-f26e-43cf-ad58-82253b5ca817","block_type":"box","text":"deducted and the Manager will ensure that the balance of such revenue is delivered to the","page_number":78,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"8858f12d-4639-4b0c-baf5-20b705c307e6","block_type":"box","text":"relevant Sub-Fund. These costs and/or fees will be charged at normal commercial rates and","page_number":78,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"6c386c07-6575-4407-a209-680dae495aab","block_type":"box","text":"will not include hidden revenue.","page_number":78,"box":{"x":121,"y":812,"width":265,"height":10}},{"id":"6a70a584-d7bd-4eb4-a71b-f50d80c82344","block_type":"box","text":"Where applicable, the entities to which such direct and indirect operational costs and/or fees","page_number":78,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"fd183090-1bda-4985-ba17-3747936d76fa","block_type":"box","text":"have been paid during the annual period to the relevant accounting year end of the Fund","page_number":78,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"e2fc7f44-d7f9-4fa4-880a-19e4b9762c42","block_type":"box","text":"(including whether such entities are related to the Fund or Depositary) will be disclosed in the","page_number":78,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"3f7809e0-1fab-4c17-bc79-7b1aeaa8b816","block_type":"box","text":"annual report for such period.","page_number":78,"box":{"x":121,"y":894,"width":244,"height":12}},{"id":"a9a28004-835d-415c-8651-b76e13a25eca","block_type":"box","text":"79","page_number":79,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"81324298-e409-4c88-b34f-764631fa94a2","block_type":"box","text":"Collateral Policy – Money Market Funds","page_number":79,"box":{"x":121,"y":105,"width":357,"height":13}},{"id":"4f159112-4537-445b-baf6-90cb06439411","block_type":"box","text":"1.","page_number":79,"box":{"x":122,"y":138,"width":13,"height":10}},{"id":"72803dc4-b850-42f4-a03a-b8654c5fee1c","block_type":"box","text":"Repurchase Agreements","page_number":79,"box":{"x":181,"y":138,"width":215,"height":12}},{"id":"8b2d88a7-7416-49ab-8461-1b353235388e","block_type":"box","text":"1.1.","page_number":79,"box":{"x":122,"y":189,"width":23,"height":8}},{"id":"e28a7c81-e5da-4280-a5e7-de088404c7d3","block_type":"box","text":"Where a Money Market Fund enters into a repurchase agreement, it shall be in","page_number":79,"box":{"x":181,"y":187,"width":639,"height":13}},{"id":"522f2df3-1eee-4166-aaa4-ea943f2509ca","block_type":"box","text":"accordance with the following conditions:","page_number":79,"box":{"x":182,"y":203,"width":343,"height":13}},{"id":"57bb12a5-821c-4510-a8ac-5df9b5eb1d42","block_type":"box","text":"a)","page_number":79,"box":{"x":151,"y":236,"width":14,"height":12}},{"id":"e8068638-9652-4901-bb7c-fb9652f0357d","block_type":"box","text":"The repurchase agreement will be used on a temporary basis, for no more than 7","page_number":79,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"b7c1d15c-93bb-4acb-a11a-fdce56e132d5","block_type":"box","text":"working days and shall only be used for liquidity management purposes and not for","page_number":79,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"e77a9098-4ed1-42bf-88d3-e1e1abeb2560","block_type":"box","text":"investment purposes other than as referred to in point (c);","page_number":79,"box":{"x":181,"y":269,"width":468,"height":13}},{"id":"1fd62426-ecb0-4376-8346-a3abf6b8b7b3","block_type":"box","text":"b)","page_number":79,"box":{"x":151,"y":302,"width":16,"height":12}},{"id":"814acc69-76f3-4f32-9564-a021586696ad","block_type":"box","text":"The counterparty receiving the assets transferred by the Money Market Fund as","page_number":79,"box":{"x":181,"y":302,"width":703,"height":12}},{"id":"750aa1d0-69fb-4487-9391-3530a7904793","block_type":"box","text":"collateral under the repurchase agreement shall be prohibited from selling, investing,","page_number":79,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"110b9bb7-ab5b-4a85-a2e4-4d2cdde0b478","block_type":"box","text":"pledging or otherwise transferring those assets without the prior consent of the Money","page_number":79,"box":{"x":181,"y":334,"width":703,"height":13}},{"id":"ba7fcebc-9c2d-4987-8ac4-914c8c10a711","block_type":"box","text":"Market Fund;","page_number":79,"box":{"x":181,"y":351,"width":115,"height":12}},{"id":"9315482e-0b92-48fa-9c01-817c9d5a5710","block_type":"box","text":"c)","page_number":79,"box":{"x":151,"y":384,"width":14,"height":12}},{"id":"71339feb-4d37-45dd-8fcd-b64ff0a4a086","block_type":"box","text":"The cash received by the Money Market Fund as part of the repurchase agreement must","page_number":79,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"8da15c54-21fe-4ed3-9d92-9f602bc4e618","block_type":"box","text":"be able to 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The Fund","page_number":81,"box":{"x":418,"y":138,"width":466,"height":13}},{"id":"aa5af932-54cb-451d-92a8-452412d76f11","block_type":"box","text":"shall ensure that:","page_number":81,"box":{"x":242,"y":154,"width":141,"height":10}},{"id":"b3a576fe-1512-41fa-8406-3754242edba9","block_type":"box","text":"(a) where the issuer was subject to a credit rating by an agency registered and","page_number":81,"box":{"x":242,"y":170,"width":642,"height":13}},{"id":"00651784-c8a8-4c94-8c3e-a5b4cbc0bd54","block_type":"box","text":"supervised by ESMA that rating shall be taken into account by the Fund in the","page_number":81,"box":{"x":242,"y":187,"width":642,"height":13}},{"id":"a50fa39f-4662-4dff-b3a7-762ae0a4ce44","block_type":"box","text":"credit assessment process;","page_number":81,"box":{"x":242,"y":203,"width":216,"height":13}},{"id":"abaa3da8-91d6-46e0-bfa9-e16262bda705","block_type":"box","text":"(b) where an issuer is downgraded below the two highest shot-term credit","page_number":81,"box":{"x":242,"y":236,"width":642,"height":13}},{"id":"cbd89814-2391-4611-921f-d011188098cb","block_type":"box","text":"ratings by the credit rating agency referred to in (i) this shall result in a new","page_number":81,"box":{"x":242,"y":252,"width":642,"height":13}},{"id":"c5ff7eca-4fc5-4cca-a74c-d369ac3d8e21","block_type":"box","text":"credit assessment being conducted of the issuer by the Fund without delay","page_number":81,"box":{"x":242,"y":269,"width":603,"height":13}},{"id":"88b9b806-1aed-4926-8c62-c25245ea2fc3","block_type":"box","text":"1.1.4.","page_number":81,"box":{"x":183,"y":302,"width":42,"height":9}},{"id":"cb1cb815-efeb-4623-b459-6b97a5aa0da8","block_type":"box","text":"Correlation","page_number":81,"box":{"x":242,"y":301,"width":100,"height":11}},{"id":"f4109b13-37de-4812-b743-0654e9a8bf7b","block_type":"box","text":": Collateral received should be issued by an entity that is","page_number":81,"box":{"x":344,"y":302,"width":540,"height":12}},{"id":"0fdebc48-1b01-4fbf-9020-b10b85ddba35","block_type":"box","text":"independent from the counterparty and is not expected to display a high","page_number":81,"box":{"x":242,"y":318,"width":642,"height":13}},{"id":"1886f407-9483-4ea6-af16-b25f03b8331b","block_type":"box","text":"correlation with the performance of the counterparty;","page_number":81,"box":{"x":242,"y":334,"width":433,"height":13}},{"id":"6b2a5512-8a1b-48cf-9332-5755f44d58e3","block_type":"box","text":"1.1.6","page_number":81,"box":{"x":183,"y":367,"width":38,"height":10}},{"id":"1c8e43c1-c697-430d-b19c-a21c10cafa49","block_type":"box","text":"Diversification (asset concentration)","page_number":81,"box":{"x":221,"y":367,"width":335,"height":12}},{"id":"6a57a8f4-c6bd-44ff-9ad8-dcfb49eecbd8","block_type":"box","text":":","page_number":81,"box":{"x":558,"y":370,"width":9,"height":7}},{"id":"c827ca8b-2774-47e3-a086-384d271a40d6","block_type":"box","text":"(a) Subject to (b) below collateral should be sufficiently diversified in terms of","page_number":81,"box":{"x":242,"y":400,"width":642,"height":13}},{"id":"bf79f52a-876c-4a50-9e14-693853a7eaaf","block_type":"box","text":"country, markets and issuers with a maximum exposure to a given issuer of 20%","page_number":81,"box":{"x":242,"y":416,"width":642,"height":13}},{"id":"1898cec7-a04d-41c1-85d2-da9f74cfed5e","block_type":"box","text":"of the Net Asset Value of the relevant Sub-Fund. When a Sub-Fund is exposed","page_number":81,"box":{"x":242,"y":433,"width":642,"height":13}},{"id":"3855cc28-3041-4eab-86f3-87545c418de8","block_type":"box","text":"to different counterparties, the different baskets of collateral should be","page_number":81,"box":{"x":242,"y":449,"width":642,"height":13}},{"id":"ed2ed4dd-a95a-49a3-8dc9-8fbff8eb67b0","block_type":"box","text":"aggregated to calculate the 20% limit of exposure to a single issuer;","page_number":81,"box":{"x":242,"y":465,"width":550,"height":13}},{"id":"a3016227-41e0-4126-b245-90fde2a931ca","block_type":"box","text":"(b) A Sub-Fund may be fully collateralised in different transferable securities","page_number":81,"box":{"x":242,"y":498,"width":642,"height":13}},{"id":"896fad57-939c-4441-9020-52784d91ffdb","block_type":"box","text":"and money market instruments issued or guaranteed by a Member State, one or","page_number":81,"box":{"x":242,"y":515,"width":642,"height":12}},{"id":"a94ccf93-2e53-41aa-980f-9af9030842f2","block_type":"box","text":"more of its local authorities, a third country, or a public international body to","page_number":81,"box":{"x":242,"y":531,"width":642,"height":13}},{"id":"37f8aaf2-d5a5-4fc9-b52c-5bf7dd1a1f20","block_type":"box","text":"which one or more Member States belong. Such a Sub-Fund should receive","page_number":81,"box":{"x":242,"y":547,"width":642,"height":13}},{"id":"51576197-756a-49cf-b727-0bed54ad2391","block_type":"box","text":"securities from at least 6 different issues, but securities from any single issue","page_number":81,"box":{"x":242,"y":564,"width":642,"height":13}},{"id":"2558e9f2-be93-41ca-b8bc-62a3d32b3d38","block_type":"box","text":"should not account for more than 30% of a Sub-Fund's Net Value.","page_number":81,"box":{"x":242,"y":580,"width":538,"height":10}},{"id":"30dae3b0-b09f-4974-a71b-ddf8dbe17ef7","block_type":"box","text":"1.1.7","page_number":81,"box":{"x":183,"y":613,"width":37,"height":10}},{"id":"39131e0f-2423-4043-9b97-729c2d6333fe","block_type":"box","text":"Immediately available","page_number":81,"box":{"x":221,"y":613,"width":213,"height":13}},{"id":"55e10979-e5e3-4f6b-973b-3db271893705","block_type":"box","text":": Collateral received should be capable of being fully","page_number":81,"box":{"x":436,"y":613,"width":448,"height":13}},{"id":"dd48a4be-17a0-4ebf-a7ff-c7003e63f8f2","block_type":"box","text":"enforced by the Fund at any time without reference to or approval from the","page_number":81,"box":{"x":242,"y":629,"width":642,"height":13}},{"id":"3737308b-578c-4cbb-aa69-f88eca5dbdb6","block_type":"box","text":"relevant counterparty; and","page_number":81,"box":{"x":242,"y":646,"width":216,"height":13}},{"id":"daefbf60-3f8c-40eb-b5cc-dd90a8d87dab","block_type":"box","text":"1.1.8 Non-cash collateral received cannot be sold, pledged or reinvested by the Fund.","page_number":81,"box":{"x":183,"y":679,"width":701,"height":12}},{"id":"22af922b-b48a-4680-bbd1-a085af2fc2e7","block_type":"box","text":"1.2.","page_number":81,"box":{"x":122,"y":713,"width":23,"height":8}},{"id":"72bd16ce-5e24-4f67-b960-66ed44de34c8","block_type":"box","text":"Cash collateral","page_number":81,"box":{"x":182,"y":711,"width":133,"height":10}},{"id":"f829f1be-35da-48da-95bc-542cd2563fea","block_type":"box","text":"1.2.1 Reinvestment of cash collateral must be in accordance with the following requirements:","page_number":81,"box":{"x":123,"y":744,"width":761,"height":13}},{"id":"9e757f9a-fff9-42fc-9ea3-0aa5e518806f","block_type":"box","text":"1.2.2 cash received as collateral may only be invested in the following:","page_number":81,"box":{"x":123,"y":777,"width":591,"height":13}},{"id":"14308bf9-e87c-4ad3-934c-9b7534b577dc","block_type":"box","text":"(a) deposits with a credit institution authorised in the European Economic Area (EEA)","page_number":81,"box":{"x":182,"y":810,"width":702,"height":12}},{"id":"b549a373-6541-419d-a7df-00ddad0a6caa","block_type":"box","text":"(EU Member States, Norway, Iceland, Liechtenstein), a credit institution authorised","page_number":81,"box":{"x":182,"y":826,"width":702,"height":13}},{"id":"a8b0bec7-0431-4870-a480-14d42ef36b1d","block_type":"box","text":"within a signatory state, other than an EU Member State or a Member State of EEA, to","page_number":81,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"c69a58a4-1f8c-4dfe-9f2d-0e4b61af9c72","block_type":"box","text":"the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan,","page_number":81,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"2ea4f7e3-8068-4f27-9e9a-d594c9b286ca","block_type":"box","text":"United States, UK) or a credit institution authorised in Jersey, Guernsey, the Isle of","page_number":81,"box":{"x":181,"y":875,"width":703,"height":13}},{"id":"4da43f0a-62f6-4d47-ad4c-d2122ed49e87","block_type":"box","text":"Man, Australia or New Zealand (the","page_number":81,"box":{"x":181,"y":892,"width":297,"height":12}},{"id":"ea51d397-e80a-49c1-9dea-ebaf454cfe06","block_type":"box","text":"Relevant Institutions","page_number":81,"box":{"x":479,"y":892,"width":179,"height":10}},{"id":"83877fc1-df56-4d24-939c-1c94a4d75eb9","block_type":"box","text":");","page_number":81,"box":{"x":659,"y":892,"width":16,"height":12}},{"id":"69398b34-273d-43dc-9a27-22291391a1a0","block_type":"box","text":"82","page_number":82,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"dd5aeb8b-f8d1-4ec0-ab64-dd2938b3c7bf","block_type":"box","text":"(b) high quality government bonds;","page_number":82,"box":{"x":182,"y":105,"width":290,"height":13}},{"id":"d0cd6dec-acb3-452b-8931-4e150739937a","block_type":"box","text":"(c) reverse repurchase agreements provided the transactions are with credit institutions","page_number":82,"box":{"x":182,"y":138,"width":702,"height":13}},{"id":"459ef179-8173-4f06-8e54-9aa5dff24255","block_type":"box","text":"subject to prudential supervision and the Fund is able to recall at any time the full","page_number":82,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"1bc81020-c352-435d-a7e0-02db66703a07","block_type":"box","text":"amount of cash on an accrued basis;","page_number":82,"box":{"x":182,"y":170,"width":295,"height":12}},{"id":"16227977-dac1-4850-bba3-74e03830725c","block_type":"box","text":"(d)short-term money market funds as defined in the ESMA Guidelines on a Common","page_number":82,"box":{"x":182,"y":203,"width":702,"height":13}},{"id":"2ff7f1d1-1a99-4188-85aa-4482ffb67c7f","block_type":"box","text":"Definition of European Money Market Funds (ref CESR/10-049);","page_number":82,"box":{"x":181,"y":220,"width":537,"height":12}},{"id":"62922be1-ad82-4a23-b7a3-5655b7568774","block_type":"box","text":"1.2.3 invested cash collateral must be diversified in accordance with the requirements in","page_number":82,"box":{"x":123,"y":252,"width":761,"height":13}},{"id":"58e3f039-b363-41c6-97a7-a80ccd3f4beb","block_type":"box","text":"section (A) 1.1.5 above;","page_number":82,"box":{"x":182,"y":269,"width":198,"height":12}},{"id":"12cf9cf9-ab12-4c54-9a61-f3dc4bc175a8","block_type":"box","text":"1.2.4 invested cash collateral may not be placed on deposit with the counterparty or a related","page_number":82,"box":{"x":123,"y":302,"width":761,"height":12}},{"id":"5c451836-7031-4157-9388-1a36978089dc","block_type":"box","text":"entity.","page_number":82,"box":{"x":181,"y":318,"width":56,"height":13}},{"id":"4e084ad9-48d9-4f36-838f-64f1da07206f","block_type":"box","text":"2.","page_number":82,"box":{"x":121,"y":351,"width":14,"height":10}},{"id":"da0c666c-68e2-4678-9a11-78e22ac2f5e3","block_type":"box","text":"Level of collateral required","page_number":82,"box":{"x":181,"y":351,"width":239,"height":12}},{"id":"c8294cca-985c-4fbb-a426-9183952940f8","block_type":"box","text":"Unless otherwise specified in respect of a Sub-Fund in Part 1 of this Prospectus, the","page_number":82,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"e669c958-8351-4bf4-b91c-967654cbcc99","block_type":"box","text":"levels of collateral required are as follows:","page_number":82,"box":{"x":181,"y":400,"width":349,"height":13}},{"id":"46fd5bb4-f37b-45ed-9d16-9892695657e2","block_type":"box","text":"Repurchase agreements","page_number":82,"box":{"x":190,"y":433,"width":216,"height":13}},{"id":"3f7eeda6-11d7-4f63-8bed-f4cf57e781ae","block_type":"box","text":"at least 100% of the exposure to the","page_number":82,"box":{"x":436,"y":433,"width":286,"height":13}},{"id":"104f38f2-db4a-483a-826f-e8c8b6112f1e","block_type":"box","text":"counterparty","page_number":82,"box":{"x":435,"y":451,"width":101,"height":11}},{"id":"32b13ad0-115f-4c52-9c63-6d1d11ca040f","block_type":"box","text":"Reverse repurchase","page_number":82,"box":{"x":190,"y":467,"width":222,"height":12}},{"id":"fb0c7900-e356-4844-80f7-9576168e6d76","block_type":"box","text":"agreements","page_number":82,"box":{"x":191,"y":485,"width":90,"height":11}},{"id":"5dcb143d-6b09-4e7d-918a-2a1e6fffd156","block_type":"box","text":"at least 100% of the exposure to the","page_number":82,"box":{"x":436,"y":467,"width":286,"height":12}},{"id":"da896f99-3d56-4a04-bb64-894af58ad696","block_type":"box","text":"counterparty","page_number":82,"box":{"x":435,"y":485,"width":107,"height":11}},{"id":"149bc49a-432c-4b3b-a0e3-8bcd1bacc2ca","block_type":"box","text":"Lending of 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is","page_number":82,"box":{"x":435,"y":550,"width":287,"height":13}},{"id":"c76cf378-7b12-4b06-9aaa-33dad9051655","block_type":"box","text":"managed within the limits set out in","page_number":82,"box":{"x":435,"y":566,"width":287,"height":13}},{"id":"b07320df-004e-4994-b4cd-200c7c70c903","block_type":"box","text":"Investment Restrictions","page_number":82,"box":{"x":435,"y":582,"width":210,"height":10}},{"id":"a4fd573b-6c6c-455a-950c-ea77cea2e14d","block_type":"box","text":"above","page_number":82,"box":{"x":645,"y":582,"width":47,"height":10}},{"id":"21ba2a28-109c-43a9-8375-537da8a573bd","block_type":"box","text":"3.","page_number":82,"box":{"x":121,"y":616,"width":14,"height":10}},{"id":"2fe9df17-a26c-42aa-8b97-654c5b897a94","block_type":"box","text":"Haircut policy","page_number":82,"box":{"x":181,"y":616,"width":129,"height":13}},{"id":"1031f85d-ebd2-4c74-a4f9-7c85a0b20383","block_type":"box","text":"In advance of entering into OTC derivative transactions, repurchase and reverse repurchase","page_number":82,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"66ce7d58-c0fc-4b34-be3c-cd529b09005d","block_type":"box","text":"agreements, the Investment Manager will determine what, if any, haircut may be required and","page_number":82,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"891eed48-321d-4f41-905e-4689757f0392","block_type":"box","text":"is acceptable for each class of asset to be received as collateral, which will be set out in the","page_number":82,"box":{"x":121,"y":698,"width":763,"height":13}},{"id":"d6f9ba55-ff8a-4294-9f6e-b111a9cf6432","block_type":"box","text":"agreement with the relevant counterparty or otherwise documented at the time of entering into","page_number":82,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"9a3b240d-8378-46c8-99ad-4018d957fffc","block_type":"box","text":"such agreement. 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Counterparties may be","page_number":82,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"2fa6fb4f-8702-46a8-aa50-571186d90a45","block_type":"box","text":"required to post additional collateral from time to time.","page_number":82,"box":{"x":121,"y":862,"width":442,"height":13}},{"id":"7823411d-c5ea-47e5-ace4-d77c6e5b7376","block_type":"box","text":"Securities Financing Transactions","page_number":82,"box":{"x":121,"y":894,"width":297,"height":13}},{"id":"8244e0f6-38fd-4f53-b1cc-536512062f17","block_type":"box","text":"83","page_number":83,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"8d0630c9-e489-4c8f-9938-ccd99bf31c69","block_type":"box","text":"Subject to the requirements of the Central Bank, and, in the case of Money Market Funds, the","page_number":83,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"8132c177-0ec5-4b5c-9874-f8eeab0c097b","block_type":"box","text":"Money Market Fund Regulation, and where specified in the relevant section of Part 1 for each","page_number":83,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"eb4e4a27-788e-43ff-aae2-cdf6ba3f27a5","block_type":"box","text":"Sub-Fund, each Sub-Fund may engage in repurchase agreements, reverse repurchase","page_number":83,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"6ce451be-3a3f-41e6-97b0-a24c9e9baea2","block_type":"box","text":"agreements and/or (save in the case of Money Market Funds) securities lending (","page_number":83,"box":{"x":121,"y":154,"width":674,"height":13}},{"id":"a40c48a4-8b48-4115-a99e-e906086345e9","block_type":"box","text":"Securities","page_number":83,"box":{"x":796,"y":154,"width":88,"height":10}},{"id":"b34dab70-638c-4ae2-baa2-0c0f8586b69f","block_type":"box","text":"Financing Transactions","page_number":83,"box":{"x":121,"y":170,"width":203,"height":13}},{"id":"0c2bfc50-d642-4d89-8ca2-32b4f278699f","block_type":"box","text":") for efficient portfolio management purposes. The assets that can be","page_number":83,"box":{"x":324,"y":170,"width":560,"height":13}},{"id":"a1c21d15-a3f4-4f90-a7d7-c97a8c3f717f","block_type":"box","text":"subject to Securities Financing Transactions are the assets described in the investment policy","page_number":83,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"c82a9759-ac16-4a6a-a819-1cff9596eece","block_type":"box","text":"for each Sub-Fund. The expected proportion of assets under management and the maximum","page_number":83,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"037de4ac-6214-4fc3-8bca-df8b432ea36f","block_type":"box","text":"proportion of assets under management that may be subject to reverse repurchase agreements","page_number":83,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"08baccdf-fb7c-496d-8958-07db354922ee","block_type":"box","text":"is set out in the table below.","page_number":83,"box":{"x":121,"y":236,"width":230,"height":10}},{"id":"f3b5b488-2929-4d2c-8135-8557a2a65fdf","block_type":"box","text":"Expected Proportion of AUM subject to","page_number":83,"box":{"x":269,"y":269,"width":391,"height":13}},{"id":"94925928-4d86-4a9e-962c-f49180d53588","block_type":"box","text":"Securities Financing Transactions","page_number":83,"box":{"x":269,"y":286,"width":297,"height":12}},{"id":"16a3ee15-0399-4b3a-a4b2-e2d3e346e9ff","block_type":"box","text":"Maximum 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market","page_number":83,"box":{"x":269,"y":352,"width":391,"height":10}},{"id":"d706d8de-a416-4644-a42f-ae5b327c67ea","block_type":"box","text":"conditions, the typical expected proportion of","page_number":83,"box":{"x":269,"y":368,"width":391,"height":13}},{"id":"78378431-b142-4af5-8ccf-57106befd3e9","block_type":"box","text":"AUM would be the following:","page_number":83,"box":{"x":269,"y":385,"width":255,"height":13}},{"id":"f1447d7e-9c1e-466b-9fc5-a70b7b54f845","block_type":"box","text":"Aviva Investors Sterling","page_number":83,"box":{"x":278,"y":402,"width":216,"height":12}},{"id":"10e2bb78-6413-4ba8-9d1b-ca547f94ee62","block_type":"box","text":"Government Liquidity","page_number":83,"box":{"x":279,"y":418,"width":215,"height":13}},{"id":"cc81258f-cced-43ed-a0f1-f2dcdcefe48d","block_type":"box","text":"Fund","page_number":83,"box":{"x":278,"y":434,"width":41,"height":10}},{"id":"2207c2ab-27d7-463f-9801-48a8cdf5c0ce","block_type":"box","text":"90% of Net","page_number":83,"box":{"x":508,"y":402,"width":129,"height":10}},{"id":"1879d772-b33d-4e02-8808-11c7218cb834","block_type":"box","text":"Asset Value","page_number":83,"box":{"x":507,"y":418,"width":103,"height":10}},{"id":"8eebe87e-124e-43f8-9751-d0c39ca64951","block_type":"box","text":"Aviva Investors Sterling","page_number":83,"box":{"x":278,"y":451,"width":216,"height":13}},{"id":"6457ca95-6769-4317-8caa-986c41d10b62","block_type":"box","text":"Liquidity Fund","page_number":83,"box":{"x":278,"y":468,"width":122,"height":13}},{"id":"966d994a-0615-4e9f-88c6-d524ab836405","block_type":"box","text":"15% of Net","page_number":83,"box":{"x":509,"y":451,"width":128,"height":11}},{"id":"3c646a66-a2f9-419c-804a-aa7d26d62a66","block_type":"box","text":"Asset Value","page_number":83,"box":{"x":507,"y":468,"width":97,"height":10}},{"id":"fba27407-4970-42ce-a9e3-cdebfe3f7762","block_type":"box","text":"Aviva Investors 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Net","page_number":83,"box":{"x":509,"y":552,"width":128,"height":10}},{"id":"b766840b-a51e-4ba6-ba9e-b7c8cd73aa13","block_type":"box","text":"Asset Value","page_number":83,"box":{"x":507,"y":568,"width":103,"height":10}},{"id":"efc53e83-097f-4fcb-8bff-bafb268dc7f0","block_type":"box","text":"Aviva Investors Sterling","page_number":83,"box":{"x":278,"y":597,"width":216,"height":12}},{"id":"99b71239-a2b0-4847-83d6-85a490a2d757","block_type":"box","text":"Standard Liquidity Fund","page_number":83,"box":{"x":279,"y":613,"width":202,"height":13}},{"id":"f1bedca3-bc59-47d9-975c-e3313fb8cdf4","block_type":"box","text":"15% of Net","page_number":83,"box":{"x":509,"y":597,"width":128,"height":10}},{"id":"9737b212-600e-439b-9507-e498348a7099","block_type":"box","text":"Asset Value","page_number":83,"box":{"x":507,"y":613,"width":103,"height":10}},{"id":"6396fc6e-f0e0-49bb-a7b0-e79bf6f14906","block_type":"box","text":"100% of the Net Asset","page_number":83,"box":{"x":675,"y":336,"width":199,"height":10}},{"id":"7b6f168c-9472-40a2-970d-28255bb4814b","block_type":"box","text":"Value of the relevant","page_number":83,"box":{"x":674,"y":352,"width":200,"height":10}},{"id":"a4712d58-4d03-4df8-a76a-9ef24f64cca4","block_type":"box","text":"Sub-Fund","page_number":83,"box":{"x":674,"y":368,"width":84,"height":10}},{"id":"91db7e18-6631-4f50-b1ba-5d278bb652d5","block_type":"box","text":"Counterparties to the Sub-Funds may include central counterparties authorised or recognised","page_number":83,"box":{"x":121,"y":680,"width":763,"height":13}},{"id":"e9a9a1f7-5ac8-41c1-8180-0976da3eabb3","block_type":"box","text":"by ESMA, credit institutions or entities that have an investment grade credit rating or are","page_number":83,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"4a4b9804-e0f0-4656-b48a-482f91c450ba","block_type":"box","text":"indemnified by an institution that has an investment grade credit rating. The Investment","page_number":83,"box":{"x":121,"y":712,"width":763,"height":13}},{"id":"2a407675-d74f-4294-9a92-c51b1948d474","block_type":"box","text":"Manager will only select counterparties that are in a position to value transactions at least daily","page_number":83,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"7e2d85a7-4bd3-4091-88e2-4b5504c8cb4f","block_type":"box","text":"and to provide weekly valuations to the Investment Manager. The Sub-Funds may adopt","page_number":83,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"235b0e95-90fd-4c47-b8d0-d3ca2fb320bf","block_type":"box","text":"collateral arrangements as described under the Collateral Policy section above in order to","page_number":83,"box":{"x":121,"y":762,"width":763,"height":12}},{"id":"0fcb0e27-0052-4ea1-bff7-96bc96a8d91c","block_type":"box","text":"reduce exposure to any counterparties to Securities Financing Transactions. Cash will be","page_number":83,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"6b599f4b-7ecf-4103-877f-18f2b17ffe95","block_type":"box","text":"valued at par value, other securities will be valued on a mark-to-market basis. Assets and","page_number":83,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"891fccf7-577d-433e-80c7-eae996d9fe70","block_type":"box","text":"collateral subject to Securities Financing Transactions will be held by the Depositary on behalf","page_number":83,"box":{"x":121,"y":811,"width":763,"height":13}},{"id":"4e4311cf-ae5d-4c2e-89ef-b4371711c6a8","block_type":"box","text":"of the relevant Sub-Fund. The re-use of collateral is not permitted by the Sub-Funds. All","page_number":83,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"33936a89-8f42-42d3-b7b9-898b63717671","block_type":"box","text":"proceeds of Securities Financing Transactions shall be allocated to the relevant Sub-Fund","page_number":83,"box":{"x":121,"y":844,"width":763,"height":12}},{"id":"e22b2054-8ddc-4243-a845-0c4019e0f6fe","block_type":"box","text":"minus any reasonable costs borne by the Investment Manager, or fees and costs of third party","page_number":83,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"02182a57-7f2f-4aa7-b304-d26fb3f36867","block_type":"box","text":"agents which are not related to the Investment Manager, which shall be at normal commercial","page_number":83,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"7fd9b78c-2bfc-4371-9081-f03c83633e95","block_type":"box","text":"rates.","page_number":83,"box":{"x":121,"y":894,"width":48,"height":9}},{"id":"925241d5-cc44-4426-91e5-35df1ad0f3da","block_type":"box","text":"84","page_number":84,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"b9934781-083c-4cfc-89bd-516d5724d16e","block_type":"box","text":"Borrowing and Lending Powers","page_number":84,"box":{"x":121,"y":105,"width":279,"height":13}},{"id":"a9c4b091-7eff-47bb-985a-7731abcda567","block_type":"box","text":"A Sub-Fund (that is not a Money Market Fund) may borrow up to 10 per cent of its net assets,","page_number":84,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"049df16f-291b-4369-84d7-6552a4db9543","block_type":"box","text":"provided this borrowing is on a temporary basis for the purpose of meeting redemption requests","page_number":84,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"96b0410e-faa2-4d86-af24-60e750112374","block_type":"box","text":"or defraying operational expenses. The Depositary may give a charge over the assets of the","page_number":84,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"970aefa4-300a-47df-b295-757f487429b7","block_type":"box","text":"Fund in order to secure borrowings. Credit balances (e.g. cash) may not be offset against","page_number":84,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"e09f39de-a748-4298-969e-05e6c7d49440","block_type":"box","text":"borrowings when determining the percentage of borrowings outstanding. Without prejudice to","page_number":84,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"f3f171d4-456d-4be9-a124-39c405c12dd6","block_type":"box","text":"the powers of the Fund to invest in transferable securities, the Fund may not lend to, or act as","page_number":84,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"43ee9df8-8915-4bf2-90eb-1f0952150734","block_type":"box","text":"guarantor on behalf of, third parties. A Sub-Fund may acquire debt securities and securities","page_number":84,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"f0e643dc-ae88-4d9e-8be7-520e1ca9a92c","block_type":"box","text":"which are not fully paid.","page_number":84,"box":{"x":121,"y":252,"width":202,"height":13}},{"id":"54123abd-d127-41ae-94c6-011bbc641756","block_type":"box","text":"A Sub-Fund may acquire foreign currency by means of a back-to-back loan agreement.","page_number":84,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"eb4597c1-e99c-45f9-8558-903f9f736b28","block_type":"box","text":"Foreign currency obtained in this manner is not classed as borrowings for the purposes of the","page_number":84,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"d8be2deb-636d-42fa-a12d-68b9002197e1","block_type":"box","text":"borrowing restriction provided that the offsetting deposit is denominated in the Base Currency","page_number":84,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"55dcd468-6054-461b-9218-8b4b22886685","block_type":"box","text":"of the Sub-Fund and equals or exceeds the value of the foreign currency loan outstanding.","page_number":84,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"bbd11410-b5f6-4cfd-976b-204b4e50559a","block_type":"box","text":"However, where foreign currency borrowings exceed the value of the back-to-back deposit, the","page_number":84,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7eb704ed-991b-41e9-8197-b36c2e42c9d0","block_type":"box","text":"Manager will ensure that any excess is regarded as borrowing for the purpose of this restriction.","page_number":84,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"39e26ec8-0b5e-4ba8-a19e-ac639fb31148","block_type":"box","text":"Dividend Policy","page_number":84,"box":{"x":121,"y":400,"width":141,"height":13}},{"id":"91d793aa-e4d4-47d5-90a3-7090c6d63444","block_type":"box","text":"The Directors decide the dividend policy and arrangements relating to each Sub-Fund and","page_number":84,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"7a70a9ab-ef31-43c0-a75c-27fc0b026f85","block_type":"box","text":"details are set out where applicable in the relevant section of Part 1 for the relevant Sub-Fund.","page_number":84,"box":{"x":121,"y":449,"width":762,"height":13}},{"id":"2eb3cbe9-784a-4387-8a35-bd979b64ad04","block_type":"box","text":"The Directors intend to operate a distribution policy designed to enable certain Sub-Funds to","page_number":84,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c29eb8ea-3faf-41e2-bd44-187461fe94bc","block_type":"box","text":"qualify as distributing funds for the purposes of United Kingdom taxation. In relation to these","page_number":84,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"9a12b1f4-e551-4d08-ab77-2c5a61a3c3e8","block_type":"box","text":"Sub-Funds, the Directors intend to distribute sufficient surplus net income to enable the","page_number":84,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"e0508eb0-0dde-4ff6-a772-991128de6ced","block_type":"box","text":"relevant Sub-Fund to qualify as a distributing fund for the purposes of United Kingdom taxation","page_number":84,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"70e3dd0a-68ec-4a57-b493-c690c447bfc0","block_type":"box","text":"as outlined in Part 1.","page_number":84,"box":{"x":121,"y":547,"width":171,"height":10}},{"id":"0dd3cddd-d347-45d9-845f-15d8ea4c10db","block_type":"box","text":"Under the Articles, the Directors are entitled to declare dividends as appear to the Directors to","page_number":84,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"b7850a17-c50a-47e8-af7c-670196e6ef64","block_type":"box","text":"be justified out of the profits of the relevant Sub-Fund being: (i) the accumulated revenue","page_number":84,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0a74fc2e-e10f-456f-82bf-83a111c6371c","block_type":"box","text":"(consisting of all revenue accrued including interest and dividends) less charges and expenses","page_number":84,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"3d3e791c-0acc-4e70-b817-5b29d2618ab9","block_type":"box","text":"and/or (ii) realised and unrealised capital gains on the disposal/ valuation of investments and","page_number":84,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8eaf3bb2-752e-4b71-9e97-72e21e72c51d","block_type":"box","text":"other funds less realised and unrealised accumulated capital losses of the relevant Sub-Fund.","page_number":84,"box":{"x":121,"y":646,"width":751,"height":13}},{"id":"4429d74b-1c20-4f72-97d9-b6e3e5a4cc2a","block_type":"box","text":"Where the Directors consider the following action to be in the best interest of Shareholders, the","page_number":84,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"5015b300-a114-45bd-9541-8336a771343d","block_type":"box","text":"Directors may temporarily or permanently alter the distribution policy of a class of distributing","page_number":84,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"3b157fa1-459f-455b-aef6-5b7e269e2250","block_type":"box","text":"Shares to reflect that of accumulating Shares and, where the alteration is temporary, may revert","page_number":84,"box":{"x":121,"y":712,"width":763,"height":13}},{"id":"d21e1b0a-6bfd-4f6c-ad5d-dd5662aa3923","block_type":"box","text":"back to the original distribution policy of the relevant class of distributing Shares where the","page_number":84,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"180d9972-b9e4-4c05-b58a-e27e9955d6fe","block_type":"box","text":"Directors deem it appropriate to do so having regard to market conditions.","page_number":84,"box":{"x":121,"y":745,"width":603,"height":13}},{"id":"b23cf9d4-0acf-4256-b991-b309faae6d5a","block_type":"box","text":"In the event that the Directors determine to change the dividend policy for a class of Shares on","page_number":84,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"0f73e4ca-7957-48ea-9744-e4c4864e71f5","block_type":"box","text":"a permanent basis (to accumulating/distributing as appropriate), full details will be provided in","page_number":84,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"65028bbc-9e42-4dca-9fb1-6f0da2d8083a","block_type":"box","text":"an updated Prospectus and all relevant Shareholders will be notified in advance.","page_number":84,"box":{"x":121,"y":811,"width":650,"height":13}},{"id":"fe1029a8-495e-492d-9793-330dab48e193","block_type":"box","text":"The Directors will be obliged and entitled to deduct an amount in respect of Irish taxation from","page_number":84,"box":{"x":121,"y":844,"width":763,"height":12}},{"id":"a8d35d2c-bcad-40e7-935b-b604af7384f2","block_type":"box","text":"any dividend payable to a Shareholder in any Sub-Fund who is or is deemed to be a Taxable","page_number":84,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"732ddbcb-f4d1-405f-a3a2-39d06ca9efac","block_type":"box","text":"Irish Person and pay such sum to the Irish tax authorities. Dividends not claimed within six","page_number":84,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"e1a6991e-dcb4-4099-9932-e90db76d9874","block_type":"box","text":"years from their due date will lapse and revert to the relevant Sub-Fund.","page_number":84,"box":{"x":121,"y":893,"width":585,"height":13}},{"id":"0e197132-52b8-48c5-884e-3174271b8c53","block_type":"box","text":"85","page_number":85,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"a8c80115-1e98-4dd4-b5de-78046c964e8f","block_type":"box","text":"Liquidity Management Procedures – LVNAV Sub-Funds","page_number":85,"box":{"x":121,"y":105,"width":497,"height":13}},{"id":"89e3b9fa-665a-40af-b0e6-d357cf1a0f43","block_type":"box","text":"The Manager applies the following liquidity management procedures for each LVNAV Sub\u0002","page_number":85,"box":{"x":121,"y":138,"width":757,"height":13}},{"id":"d82f489d-edd1-4092-a7cb-6e621a8b9430","block_type":"box","text":"Fund in order to ensure that there is sufficient liquidity available in those Sub-Funds to meet","page_number":85,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1187d244-6146-40ae-a0b3-05879bb5ddab","block_type":"box","text":"the weekly liquidity thresholds applicable in accordance with the Money Market Fund","page_number":85,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"d10d8f80-e54e-477b-a30f-da7192c84618","block_type":"box","text":"Regulation.","page_number":85,"box":{"x":121,"y":187,"width":98,"height":13}},{"id":"a28e3c02-5bc4-491c-9a60-7244d03d5b00","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":85,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"41de05a4-2843-4e56-a0d6-73cf589cdca5","block_type":"box","text":"below (i) 30% of the total assets of that Sub-Fund, and the net daily redemptions on a single","page_number":85,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3b2dc0a7-6433-412f-9b10-65bbbdd93a1c","block_type":"box","text":"Dealing Day exceed 10% of the total assets of that Sub-Fund, the Investment Manager shall","page_number":85,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"d4d3a239-491a-4d78-9755-ff48f20e1829","block_type":"box","text":"immediately inform the board of directors of the Manager. A documented assessment shall be","page_number":85,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ad439bf1-4ba7-4c74-a5b9-3b5cbfa716c6","block_type":"box","text":"completed of the situation to determine the appropriate course of action having regard to the","page_number":85,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"d717a2c2-63c7-44b2-8cd8-14335ccc3bd8","block_type":"box","text":"interests of Shareholders of the relevant Sub-Fund together with the supporting rationale for","page_number":85,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"7b1bc6c6-c84b-48e0-9f62-fd13e4a121a6","block_type":"box","text":"that course of action. Following this assessment, the Manger, in conjunction with the","page_number":85,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"bd8e2e77-bb8c-4443-8904-dae225410b47","block_type":"box","text":"Investment Manager shall consider, and if appropriate apply, one or more of the measures","page_number":85,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"6e2818de-a03c-497a-9d2f-c07d1435424a","block_type":"box","text":"described below:","page_number":85,"box":{"x":121,"y":351,"width":142,"height":10}},{"id":"702414fc-c84a-4025-b5f7-723ba628498d","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":85,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"58c7385f-83e0-4d3f-ab98-d230ea269c2f","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":85,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"f11e311d-0b1b-4c76-9bd7-3e9d6483887c","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":85,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"1f13f207-4c2f-49ac-87ed-58f026d00573","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":85,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"e40a4a0d-1752-4030-bedb-c73698d97a19","block_type":"box","text":"the weekly liquidity is exceeded;","page_number":85,"box":{"x":181,"y":449,"width":270,"height":13}},{"id":"f8edb6ea-fbcd-4dd4-b43a-dca9909f172d","block_type":"box","text":"(b) impose a limit on the amount of Shares to be redeemed on any one Dealing Day to a","page_number":85,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"dc37fecf-c522-436d-9e76-baf3414e6e95","block_type":"box","text":"maximum of 10 % of the Shares in the Sub-Fund for any period up to 15 Business Days;","page_number":85,"box":{"x":181,"y":498,"width":703,"height":13}},{"id":"3fbee902-138e-41fc-af6d-747b9e144822","block_type":"box","text":"(c) suspend redemptions for any period up to 15 Business Days; or","page_number":85,"box":{"x":121,"y":531,"width":576,"height":13}},{"id":"bc7261ad-0b1b-4987-a5bf-535b340f0c0d","block_type":"box","text":"(d) take no immediate action other than fulfilling the obligations laid down in Money","page_number":85,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"912805b2-32b2-4acc-b8b7-c3864586d8ad","block_type":"box","text":"Market Fund Regulation.","page_number":85,"box":{"x":181,"y":580,"width":208,"height":13}},{"id":"19228fa2-8085-489e-9807-32ac792145c2","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":85,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"a4708fd5-1d72-42f3-9a84-317f787ac78c","block_type":"box","text":"below 10% of the total assets of that Sub-Fund, the Investment Manager shall immediately","page_number":85,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"a8ca9da8-0f62-4f0d-9462-4587835a42ca","block_type":"box","text":"inform the board of directors of the Manager. A documented assessment shall be completed","page_number":85,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"17856337-3aa9-4ea7-8a0f-018736326531","block_type":"box","text":"of the situation to determine the appropriate course of action having regard to the interests of","page_number":85,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"02205e7e-e766-4d56-836d-8fb58b4defd3","block_type":"box","text":"Shareholders of the relevant Sub-Fund together with the supporting rationale for that course of","page_number":85,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"b96bdf8b-4076-4525-96ac-29037860f839","block_type":"box","text":"action. Following this assessment, the Manger, in conjunction with the Investment Manager","page_number":85,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ab00e3e3-d052-469b-8090-50fec5bd86a4","block_type":"box","text":"shall consider, and apply one or more of the measures described below and document the","page_number":85,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"537bcf27-d67f-40ca-a698-f5a29d599312","block_type":"box","text":"reasons for its choice:","page_number":85,"box":{"x":121,"y":728,"width":181,"height":10}},{"id":"6d6450f2-8903-475c-9a30-e6551c07bc7c","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":85,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"f992b399-80d0-44f9-a3ba-c2454f714184","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":85,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"6e558829-32c6-4c4e-8af6-b44544865a66","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":85,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"5d555f37-bd29-4ac9-9307-318c07c89d3b","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":85,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"84dd0cb8-4154-44a5-867f-939a3cde5f7f","block_type":"box","text":"the weekly liquidity is exceeded; or","page_number":85,"box":{"x":181,"y":826,"width":292,"height":13}},{"id":"948efd65-0f08-4e9d-a3f7-df75ae04e3e0","block_type":"box","text":"(b) suspend redemptions for any period up to 15 Business Days.","page_number":85,"box":{"x":121,"y":859,"width":553,"height":13}},{"id":"312dabef-315f-497a-9f6e-ef18329aa04f","block_type":"box","text":"Internal Credit Quality Assessment Procedures – Money Market Funds","page_number":85,"box":{"x":121,"y":892,"width":620,"height":12}},{"id":"b7c5ec28-ceb7-4ad0-af90-b29f1b60df19","block_type":"box","text":"86","page_number":86,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"0cdab2db-fdb1-49a7-80d3-6da5e5903892","block_type":"box","text":"Internal Credit Quality Assessment Procedures","page_number":86,"box":{"x":121,"y":105,"width":383,"height":13}},{"id":"732a1feb-29e4-49f8-9601-a50c9b708897","block_type":"box","text":"The Investment Manager's analysts monitor holdings by reading regulatory filings, financial","page_number":86,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"479ac7a0-ad35-4234-920f-f5453ab8ade4","block_type":"box","text":"report and accounts, monitoring relevant security and industry news and events (through, for","page_number":86,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"571b4192-b857-4993-9290-5a50d065b22b","block_type":"box","text":"example, Bloomberg (or equivalent) and street (market) research), maintaining robust financial","page_number":86,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"f1f10d5a-707c-4430-b451-c416613052f6","block_type":"box","text":"models, and keeping dialogue with management teams (earnings conference calls, phone calls,","page_number":86,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"fa5f94e8-764f-4e05-9165-56436823c1ba","block_type":"box","text":"on-site visits, etc.) to continuously monitor portfolio holdings. This helps the Investment","page_number":86,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"aa507276-b373-44e4-9d74-ceff2a183a94","block_type":"box","text":"Manager stay dynamic with its investment recommendations and helps ensure the relevant Sub\u0002","page_number":86,"box":{"x":121,"y":220,"width":757,"height":12}},{"id":"64db6627-6e0a-4f51-9223-4da7819f9875","block_type":"box","text":"Funds' portfolios incorporate the securities with the optimal risk/return profile.","page_number":86,"box":{"x":121,"y":236,"width":639,"height":13}},{"id":"d43d4087-87b1-49a0-81eb-cf168110d030","block_type":"box","text":"Internal rating","page_number":86,"box":{"x":120,"y":269,"width":125,"height":12}},{"id":"3954cfd0-4500-4f46-bad0-f3adc5431048","block_type":"box","text":"The internal rating conveys probability of default and loss given default over a two year","page_number":86,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"dce8efa8-c2ce-458c-901a-c68d2562e516","block_type":"box","text":"horizon. To establish this rating, analysts conduct a detailed review of the company, including","page_number":86,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"1ee147aa-035a-41d2-8c6e-5ada07d370a7","block_type":"box","text":"understanding key risks in the company’s business model, financials and financial policies, and","page_number":86,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9053e043-f1f0-495d-b4ad-49f7c9ea5b6c","block_type":"box","text":"ESG factors (as described below). The credit fundamental review process can be broadly","page_number":86,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"e61095f1-1abf-4964-9c9a-0fc6e77b4aa8","block_type":"box","text":"separated into assessing the business risks inherent in the company’s operating model and the","page_number":86,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"568322fb-8a86-44e0-931e-669f08d1bb8f","block_type":"box","text":"resultant financial risks. The Investment Manager does not rely on external credit ratings, and","page_number":86,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ae7642c2-6cbd-43aa-8f30-8f97ce64e670","block_type":"box","text":"therefore undertakes internal rating assignments to act as an independent assessment of an","page_number":86,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"ef814931-107a-4336-8cf2-6d848b0e3441","block_type":"box","text":"issuer’s credit quality.","page_number":86,"box":{"x":121,"y":416,"width":183,"height":13}},{"id":"60bca531-973f-4aca-a56c-89a072e7050d","block_type":"box","text":"The review of financials is driven by detailed analysis of published statements and discussions","page_number":86,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"d8daf2e9-031a-43a9-a055-72fad5eb14fc","block_type":"box","text":"with management with respect to financial policies, recent performance indicators and future","page_number":86,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"598a30d2-6ab2-4949-a8df-f7269adc194d","block_type":"box","text":"performance outlook. Specific factors will vary across industries but will likely involve a mix","page_number":86,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"af3708bb-6b91-466c-8a79-d50180145ebe","block_type":"box","text":"of solvency/leverage measures, size and profitability measures, among other factors. Both cash","page_number":86,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"7f414b9e-d42e-4c96-a25d-98e6d52e5a98","block_type":"box","text":"flow and balance sheet risks are evaluated and important.","page_number":86,"box":{"x":121,"y":515,"width":466,"height":12}},{"id":"33f975a0-3199-4271-8b04-99d2e079038f","block_type":"box","text":"It is important to note that while the internal rating captures an assessment of borrower","page_number":86,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"472db2d5-2a22-402a-b3db-4a22f0a4c8b8","block_type":"box","text":"worthiness at a point in time there is a forward looking aspect to the rating, as the analyst will","page_number":86,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"038705f8-35ce-45d7-bbf8-3b055ab8854a","block_type":"box","text":"include their best estimate of where the fundamentals are heading over the time horizon, given","page_number":86,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"2cb1896a-8360-4b42-8322-bf691a168246","block_type":"box","text":"all available information. The internal rating captures where the analyst sees the issuer heading","page_number":86,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"549b026b-d5d3-4d37-95ea-6fdac99f0334","block_type":"box","text":"in the long-term.","page_number":86,"box":{"x":121,"y":613,"width":139,"height":13}},{"id":"38fe7cee-f8b4-4334-a31f-6048b093de4c","block_type":"box","text":"The internal rating is expressed on a scale comparable to those used in the rating agencies, with","page_number":86,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"69229e32-636e-49ee-8552-a0e50d34999c","block_type":"box","text":"iAAA being the highest, and iC- the lowest.","page_number":86,"box":{"x":121,"y":662,"width":359,"height":13}},{"id":"e61723bf-c35f-464f-a164-58c2d0e9b16b","block_type":"box","text":"Fundamental (“F” score)","page_number":86,"box":{"x":121,"y":695,"width":214,"height":12}},{"id":"9cba4405-43b6-4afd-978d-77fb11ee9be8","block_type":"box","text":"The factors driving the F score are similar to those considered by the internal rating, though the","page_number":86,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"ab5f0a2c-25a5-4d41-9c9b-d6f4c7e073ee","block_type":"box","text":"F score conveys the marginal change in fundamentals, therefore reflecting a six month time","page_number":86,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"977275b5-7e67-43fb-a96c-6d6446575ea5","block_type":"box","text":"horizon. There may be periods where these two measures are at odds, as an analyst may see","page_number":86,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"a6ae07ee-7d4e-44d6-8af8-3522e302eda6","block_type":"box","text":"long-term improvements in an issuer who is subject to shorter-term cyclical deterioration. F","page_number":86,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"65ca0c2f-62a0-4042-8fd7-fadacd8d9dd0","block_type":"box","text":"scores provide the analyst's view of the direction and magnitude of change in underlying","page_number":86,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"762c5d6b-e4eb-4bae-a0ee-00c99e5845b4","block_type":"box","text":"fundamentals at the issuer level over a six to twelve month time horizon. It is scored on a scale","page_number":86,"box":{"x":121,"y":810,"width":763,"height":10}},{"id":"c3e79374-a469-4ab5-a77c-943c8a1ecada","block_type":"box","text":"of 1 to 5, with 1 being an expected sharp deterioration and 5 being an expected sharp","page_number":86,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"e6f359a1-a10c-4846-b68d-89f45736c83f","block_type":"box","text":"improvement.","page_number":86,"box":{"x":121,"y":842,"width":117,"height":13}},{"id":"155d0f6a-5cc7-4033-af86-41071bd0641f","block_type":"box","text":"Subscriptions and Redemptions Account","page_number":86,"box":{"x":121,"y":875,"width":355,"height":13}},{"id":"8a5479af-3779-458f-a34f-eadbb8a4f612","block_type":"box","text":"87","page_number":87,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"f563c4f6-9d88-43e8-8aca-52ed91dd5316","block_type":"box","text":"The Fund has established an Umbrella Cash Account through which all subscription,","page_number":87,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"2e2974ca-6c9b-417b-9b62-8d47054430d6","block_type":"box","text":"redemptions, dividends or cash distributions payable to or from a Sub-Fund are channelled and","page_number":87,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"9a383748-8b57-4c7d-bbe4-02ac6a2cefbe","block_type":"box","text":"managed.","page_number":87,"box":{"x":121,"y":121,"width":82,"height":13}},{"id":"62096cee-cdaa-468d-b047-7b4f5da008d5","block_type":"box","text":"The Umbrella Cash Account is an asset of the Fund held in the name of the Depositary. As an","page_number":87,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"adab5e94-5557-4aca-8431-81cea5ca3071","block_type":"box","text":"asset of the Fund, the Depositary is subject to specific requirements in respect of the Umbrella","page_number":87,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"11e87d66-9676-46f9-a3ea-c7e8e9c0e181","block_type":"box","text":"Cash Account under the UCITS Regulations and is also subject to specific requirements in","page_number":87,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4043aef6-310f-429e-9447-0113619ab8fa","block_type":"box","text":"respect of the Umbrella Cash Account pursuant to the Central Bank's own requirements for","page_number":87,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"63770033-c0c8-445a-bf3b-d92cd01fa073","block_type":"box","text":"such accounts. These obligations include the requirement for the Depositary to have clear","page_number":87,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"17c83fca-522f-49ad-9094-fe997deb7a24","block_type":"box","text":"oversight and monitor the Fund's cash flows as well as be informed about all payments made","page_number":87,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"85995a1a-9ab6-4964-9b39-67066548d440","block_type":"box","text":"by or on behalf of investors upon the subscription of Shares in a Sub Fund. In addition, the","page_number":87,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"8297a1e2-7b26-4a14-9649-daf2806ae331","block_type":"box","text":"Fund, the Administrator and the Depositary have a policy in place in respect of the maintenance","page_number":87,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"f4f856c6-1446-46a5-83e7-b06c321a5cfd","block_type":"box","text":"and monitoring of the Umbrella Cash Account which is reviewed at least annually and provides","page_number":87,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"db8755f5-d592-4900-8811-6ca85b0f31f2","block_type":"box","text":"for daily reconciliation of the Umbrella Cash Account against the Fund's records.","page_number":87,"box":{"x":121,"y":302,"width":660,"height":12}},{"id":"31e7d623-f495-4e6a-a718-767ff126f5db","block_type":"box","text":"As the Umbrella Cash Account is maintained at the level of the Fund rather than each Sub\u0002","page_number":87,"box":{"x":121,"y":334,"width":757,"height":10}},{"id":"9d93a97e-dc13-409f-96bb-47283f7c843d","block_type":"box","text":"Fund, investors should be aware of the following risk which reflect the fact that the Fund is an","page_number":87,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"80991d9c-a36b-4bae-b707-6ff8ddef053d","block_type":"box","text":"umbrella fund with a number of Sub-Funds:","page_number":87,"box":{"x":121,"y":367,"width":360,"height":10}},{"id":"a12bf904-8473-41c8-a66b-3fed1d8b042a","block_type":"box","text":"-subscription monies received in respect of a Sub-Fund in advance of the issue of Shares will","page_number":87,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"9cd1559a-23ce-4d4e-9e28-5ac9887fdd9e","block_type":"box","text":"be held in the Umbrella Cash Account in the name of the Depositary on behalf of the Fund and","page_number":87,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"13a56ad6-b482-431f-8ebf-50768c267806","block_type":"box","text":"will be treated as an asset of the relevant Sub-Fund. Investors will be unsecured creditors of","page_number":87,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"6406cb2f-0745-43bc-a394-9d4de8db8be2","block_type":"box","text":"the relevant Sub-Fund with respect to the amount subscribed and held in the Umbrella Cash","page_number":87,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"9376d374-1db9-4efd-82c3-bb49c6afd822","block_type":"box","text":"Account until Shares are issued on the Dealing Day. As such, investors will not benefit from","page_number":87,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"d2add999-ee52-4bdb-8151-e368ecf8d096","block_type":"box","text":"any appreciation in the Net Asset Value of the relevant Sub-Fund or any other Shareholder","page_number":87,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"411cbd84-9998-4728-9d9a-6204ed8c0638","block_type":"box","text":"rights (including dividend entitlement) until such time as Shares are issued on the relevant","page_number":87,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"8f85e8c5-7de5-4ede-a6ca-5b8e088cd23f","block_type":"box","text":"Dealing Day. In the event of an insolvency of the Fund or the Sub-Fund, there is no guarantee","page_number":87,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"83422b02-4f62-4b6a-a3d5-233b6aa17f3a","block_type":"box","text":"that the Fund or the Sub-Fund will have sufficient funds to pay unsecured creditors in full.","page_number":87,"box":{"x":121,"y":531,"width":734,"height":13}},{"id":"899c7bca-16d9-48f8-a4e9-7c6531be64ea","block_type":"box","text":"-issues of Shares and the payment of redemption proceeds and dividends in respect of a","page_number":87,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"25773812-ceeb-4dc1-815e-fa0c32648f36","block_type":"box","text":"particular Sub-Fund is subject to receipt by the Administrator of the subscription documents","page_number":87,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"c264bb20-02ca-4d32-afba-e18ff8696835","block_type":"box","text":"(with the original, where required, to follow by post) and compliance with all anti-money","page_number":87,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"8d97c7cd-cd58-408b-8424-4a5d0036c81e","block_type":"box","text":"laundering/ financial crime procedures and any further particulars detailed in the section","page_number":87,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"cea59db4-fa3d-43f4-8a3c-e0798b5f2196","block_type":"box","text":"entitled “Share Dealings” of this Prospectus. Notwithstanding this, redeeming Shareholders","page_number":87,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"411d1487-a0d8-46f0-82f5-9f5375074178","block_type":"box","text":"will cease to be Shareholders, with regard to the redeemed Shares, and will be unsecured","page_number":87,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"9e809b4c-9bf1-4c94-bf0e-f46a9380ccf3","block_type":"box","text":"creditors of the particular Sub-Fund, from the relevant Dealing Day. Pending redemptions and","page_number":87,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"3604b566-88f2-411b-b882-5204c272c36c","block_type":"box","text":"distributions, including blocked redemptions or distributions, will, pending payment to the","page_number":87,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"20a34b89-d5a7-461b-a690-c0ef63fac6be","block_type":"box","text":"relevant Shareholder, be held in the Umbrella Cash Account in the name of the Depositary on","page_number":87,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"79df0986-c68e-4d6b-9cc6-5d1dd2d3524c","block_type":"box","text":"behalf of the Fund. Redeeming Shareholders and Shareholders entitled to such distributions","page_number":87,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"0183f014-399c-4697-8fcc-fd5641cc69d3","block_type":"box","text":"will be unsecured creditors of the relevant Sub-Fund, and will not benefit from any appreciation","page_number":87,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"a86da03c-9986-4e3e-ab5e-65aaa153f615","block_type":"box","text":"in the Net Asset Value of the Sub-Fund or any other Shareholder rights (including further","page_number":87,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"a6a138e3-0659-4472-9fa7-5fa12bf22131","block_type":"box","text":"dividend entitlement), with respect to the redemption or distribution amount held in the","page_number":87,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d4bc7a26-4c6a-4303-8e99-0238f2936042","block_type":"box","text":"Umbrella Cash Subscriptions and Redemptions Account. In the event of an insolvency of the","page_number":87,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d8c154ef-d146-43ae-9fc0-125895e5d271","block_type":"box","text":"relevant Sub-Fund or the Fund, there is no guarantee that the Sub-Fund or the Fund will have","page_number":87,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5bd7622e-b634-4a61-9842-4f5aad69a72d","block_type":"box","text":"sufficient funds to pay unsecured creditors in full. Redeeming Shareholders and Shareholders","page_number":87,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"dd750936-4a55-4f6a-8c81-6183ffdb22b7","block_type":"box","text":"entitled to distributions should ensure that any outstanding documentation and information is","page_number":87,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8ace4ae2-d4d6-409b-ad7b-541b2312cc09","block_type":"box","text":"provided to the Administrator promptly. Failure to do so is at such Shareholder’s own risk.","page_number":87,"box":{"x":121,"y":842,"width":742,"height":13}},{"id":"3e797e62-971b-40b6-b6a4-31d42c7a31da","block_type":"box","text":"- in the event of the insolvency of another Sub-Fund of the Fund (the","page_number":87,"box":{"x":121,"y":875,"width":608,"height":13}},{"id":"bfc896f9-8cc0-47a9-9042-2b22668e7e87","block_type":"box","text":"Insolvent Fund","page_number":87,"box":{"x":733,"y":875,"width":134,"height":10}},{"id":"100e3097-403a-4289-80dc-3552722f6b91","block_type":"box","text":"),","page_number":87,"box":{"x":868,"y":875,"width":16,"height":12}},{"id":"c6cc4597-fe39-462d-8f8b-7aa6b30ab5c0","block_type":"box","text":"recovery of any amounts held in the Umbrella Cash Subscriptions and Redemptions Account","page_number":87,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"4815c129-4064-4279-87d6-e83202a384ec","block_type":"box","text":"88","page_number":88,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"63d26b78-b6c6-4914-8cfd-864c92e3bcd4","block_type":"box","text":"to which another Sub-Fund is entitled (the","page_number":88,"box":{"x":121,"y":89,"width":345,"height":12}},{"id":"69dd9010-74bb-41b4-a8ef-894a465b3e66","block_type":"box","text":"Entitled Fund","page_number":88,"box":{"x":466,"y":88,"width":120,"height":10}},{"id":"76f83f37-8d27-489f-8ba3-6043615a211e","block_type":"box","text":"), but which may have transferred to","page_number":88,"box":{"x":587,"y":89,"width":297,"height":12}},{"id":"bdf19276-7c14-4e87-9113-a40a9c6c9bd5","block_type":"box","text":"the Insolvent Fund as a result of the operation of the Umbrella Cash Subscriptions and","page_number":88,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"5a31ea68-3164-46fa-826b-5948a8f8be61","block_type":"box","text":"Redemptions Account, will be subject to the principles of Irish insolvency law and the terms","page_number":88,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"dae3cf0e-7d7a-4ebc-b337-5ab05fe6a733","block_type":"box","text":"and conditions for the Umbrella Cash Subscriptions and Redemptions Account. There may be","page_number":88,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"bfced2d6-7dc3-439c-aa42-23741c13b59e","block_type":"box","text":"delays in effecting and / or disputes as to the recovery of such amounts, and the Insolvent Fund","page_number":88,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7e9ca701-3a00-42bd-b748-cdbfbf19d08c","block_type":"box","text":"may have insufficient funds to repay amounts due to the Entitled Fund.","page_number":88,"box":{"x":121,"y":170,"width":578,"height":13}},{"id":"397c84be-6f6e-4bfc-8350-ae57028660e2","block_type":"box","text":"89","page_number":89,"box":{"x":491,"y":928,"width":24,"height":10}},{"id":"1c19597a-229b-4aa6-b95a-a4c157325f6d","block_type":"box","text":"___________________________________________________________________________","page_number":89,"box":{"x":120,"y":98,"width":762,"height":2}},{"id":"58ba38d4-6cc8-468f-a5f9-af1df6f45e73","block_type":"box","text":"RISK FACTORS","page_number":89,"box":{"x":412,"y":105,"width":181,"height":12}},{"id":"0017fa0f-d0cd-4235-81b9-c1e5ed308ba6","block_type":"box","text":"___________________________________________________________________________","page_number":89,"box":{"x":120,"y":134,"width":762,"height":2}},{"id":"6a1cb94e-7be9-4d93-aa3f-d6615d58a6c2","block_type":"box","text":"Persons considering purchasing Shares should inform themselves as to (i) the legal","page_number":89,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"37d64aa6-a39d-4b1d-a699-cfcc3318a849","block_type":"box","text":"requirements within their own countries for the purchase of Shares, (ii) any foreign exchange","page_number":89,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"3f1b3e31-92cf-4225-803d-6e66b5e41d7e","block_type":"box","text":"restrictions which may be applicable and (iii) the income and other tax consequences of","page_number":89,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"a7917f35-8720-4c1c-9fb3-63040a574dd9","block_type":"box","text":"purchase and redemption of Shares.","page_number":89,"box":{"x":121,"y":206,"width":293,"height":13}},{"id":"260e4399-e24a-474a-aea1-fba6f6576e99","block_type":"box","text":"General","page_number":89,"box":{"x":121,"y":239,"width":74,"height":10}},{"id":"279cce35-b2a2-424a-9e19-f4d4b6c69245","block_type":"box","text":"The investments of a Sub-Fund in securities are subject to normal market fluctuations and other","page_number":89,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"054d1da8-e01b-4db9-913b-5af9ab95a9ca","block_type":"box","text":"risks inherent in investing in securities. The value of investments and the income from them,","page_number":89,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"1c24cf07-8d8c-4151-8327-a5aec9fda03e","block_type":"box","text":"and therefore the value of and income from Shares relating to each Sub-Fund can go down as","page_number":89,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"3b3c728a-2f20-4b85-af52-9c48ca536c93","block_type":"box","text":"well as up and an investor may not get back the amount he invests. Changes in exchange rates","page_number":89,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"4c6c5768-809f-485d-a6ef-9bf903ac0f51","block_type":"box","text":"between currencies or the conversion from one currency to another may also cause the value","page_number":89,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"f4d3b840-5e78-47a6-986f-82d175874a7d","block_type":"box","text":"of the investments to diminish or increase. The value of Shares expressed in a currency other","page_number":89,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"ffbe7d00-71aa-40db-b870-826cac654972","block_type":"box","text":"than the Base Currency will be subject to exchange rate risk in relation to the Base Currency.","page_number":89,"box":{"x":121,"y":370,"width":755,"height":13}},{"id":"51bff557-d552-49b2-9225-2314984e193b","block_type":"box","text":"Segregated Liability between the Funds","page_number":89,"box":{"x":121,"y":403,"width":345,"height":12}},{"id":"16e058b3-10db-4df2-a20a-cf81aad762af","block_type":"box","text":"Each Sub-Fund is a segregated portfolio of assets and will accordingly bear its own liabilities","page_number":89,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"189beaf7-afe8-4a78-a9fd-4a291bb0d216","block_type":"box","text":"and will be solely liable to third parties for all of the liabilities of the relevant Sub-Fund. While","page_number":89,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"eb348c5f-c9a7-4072-85e5-28094df4e029","block_type":"box","text":"the provisions of the Companies Act 2014 provide for segregated liability between Sub-Funds,","page_number":89,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"400cba0e-03a8-4076-9021-c1d7080ac762","block_type":"box","text":"these provisions have yet to be tested in foreign courts, in particular, in satisfying local creditor","page_number":89,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"2a925f2e-dd43-48a7-aaaa-a11d6b780151","block_type":"box","text":"claims. At the date of this Prospectus, the Directors are not aware of any such existing or","page_number":89,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"dd99f5d1-1278-4799-bc31-04eb92888559","block_type":"box","text":"contingent liability.","page_number":89,"box":{"x":121,"y":517,"width":162,"height":13}},{"id":"d970b67d-bf4b-46aa-8110-1b690ece440f","block_type":"box","text":"Control of Investments","page_number":89,"box":{"x":121,"y":550,"width":203,"height":10}},{"id":"327b879b-78be-46c8-83e0-23f5c1d42a64","block_type":"box","text":"The Fund and the Investment Manager will not have control over the activities of any company","page_number":89,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"b2bae426-c009-4c7e-b6fa-41dcc13d9955","block_type":"box","text":"or collective investment scheme invested in by a Sub-Fund. Managers of collective investment","page_number":89,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"fa663097-0b6e-4a04-813a-653b78e146a0","block_type":"box","text":"schemes and companies in which a Sub-Fund may invest may manage the collective investment","page_number":89,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"427a2d59-fe3b-4fff-be13-c42e209c588b","block_type":"box","text":"schemes or be managed in a manner not anticipated by the Fund or the Investment Manager.","page_number":89,"box":{"x":121,"y":632,"width":750,"height":13}},{"id":"7edd3bc2-5e9a-47bb-beff-69d297da91b0","block_type":"box","text":"Conflict of Interest Risk","page_number":89,"box":{"x":121,"y":665,"width":212,"height":10}},{"id":"90a20ed5-a90a-43a1-968e-c76a3fe4f9eb","block_type":"box","text":"Subject to the Regulations, and, in the case of Money Market funds, the MMFR, a Sub-Fund","page_number":89,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"4688a29f-c322-4b1a-a791-168ccc6dc19e","block_type":"box","text":"may invest a portion of its assets in unquoted investments. The Fund may consult the Manager","page_number":89,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"bc085a6c-7591-4dbd-9ea9-390fb20d65fa","block_type":"box","text":"and/or the Investment Manager with respect to the valuation of unquoted investments. There","page_number":89,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"578f6785-a0d3-43b3-a3ee-2b618298acb0","block_type":"box","text":"is an inherent conflict of interest between the involvement of the Manager and the Investment","page_number":89,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"9c9193a2-624a-43d0-a976-f0e0138ae5dc","block_type":"box","text":"Manager in determining the valuation price of a Sub-Fund’s unquoted investments and the","page_number":89,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"9a1ab64a-705c-463b-aa36-a4b778933bda","block_type":"box","text":"Manager's and the Investment Manager’s other responsibilities. Furthermore, as the fees of the","page_number":89,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"2e1ab76b-44a0-4f16-bd42-792734c259b6","block_type":"box","text":"Manager and the Investment Manager are based on the Net Asset Value, if the Net Asset Value","page_number":89,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"12f65206-12c9-4546-9b6b-6396da890e9f","block_type":"box","text":"increases so too does the fees payable to such parties and accordingly there is a conflict of","page_number":89,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"605fe81c-3ee0-4460-a093-8a32913907ab","block_type":"box","text":"interest for the Manager and the Investment Manager in determining the valuation price of a","page_number":89,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"4bbb2b5e-2b79-4b39-8958-19e4c5e2101a","block_type":"box","text":"Sub-Fund’s investments.","page_number":89,"box":{"x":121,"y":845,"width":205,"height":10}},{"id":"b2a99159-1f1c-4412-b99a-8782f04cfdb6","block_type":"box","text":"90","page_number":90,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"5add2ec6-6865-4bb5-bb33-32e4d1e2a5de","block_type":"box","text":"Witholding Tax","page_number":90,"box":{"x":121,"y":88,"width":141,"height":13}},{"id":"57b76e10-3aa6-42c8-90be-079148d380cb","block_type":"box","text":"The income and gains of a Sub-Fund from its assets may suffer withholding tax which may not","page_number":90,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"52451e86-1a4a-4da3-a84d-3beef06782a1","block_type":"box","text":"be reclaimable in the countries where such income and gains arise. If this position changes in","page_number":90,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"af361b18-1760-4a88-bb57-42920a869b58","block_type":"box","text":"the future and the application of a lower rate results in a repayment to the relevant Sub-Fund,","page_number":90,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6f30c72c-8941-4b18-918b-7c19fac1ed85","block_type":"box","text":"the Net Asset Value will not be re-stated and the benefit will be allocated to the existing","page_number":90,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"e47d869e-f22b-403f-96b6-e6a01a1b4e0b","block_type":"box","text":"Shareholders rateably at the time of repayment.","page_number":90,"box":{"x":121,"y":187,"width":387,"height":13}},{"id":"7f9b9b43-3428-45d8-81fe-a5da25ac8674","block_type":"box","text":"Stocklending Risk","page_number":90,"box":{"x":121,"y":220,"width":161,"height":12}},{"id":"52b9e3bf-e65b-4129-bc8f-15bd1fa2e5a2","block_type":"box","text":"Subject to the Regulations, a Sub-Fund (that is not a Money Market Fund), where specified in","page_number":90,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"6019225e-73ee-4c1c-a69c-278e1c0a18e5","block_type":"box","text":"the relevant section of Part 1, may enter into stocklending arrangements for Efficient Portfolio","page_number":90,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"8938fd58-38da-4ae7-9e36-af5251eb8ba2","block_type":"box","text":"Management purposes and there are risks in the exposure to market movements if recourse has","page_number":90,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"41f7553d-af22-477a-a71f-1714b93571f6","block_type":"box","text":"to be had to collateral, or if there is fraud or negligence on the part of the Depositary, Investment","page_number":90,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"30e19899-6eb2-40db-8f0a-92bbdf0eefd5","block_type":"box","text":"Manager or lending agent. In addition there is an operational risk associated with marking to","page_number":90,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"3dbdbd92-6873-4837-8e82-55d94fafc83c","block_type":"box","text":"market daily valuations and there are the potential stability risks of providers of collateral. The","page_number":90,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"fec1b70f-cf2a-4a5d-8f08-9cbd7d91f363","block_type":"box","text":"principal risk in such stocklending arrangements is the insolvency or default of the borrower.","page_number":90,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"3c8d3be1-29c1-4923-8d7d-45b35e0db605","block_type":"box","text":"In this event the Sub-Fund could experience delays in recovering its securities and such event","page_number":90,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"6bf0e1d3-8485-4553-ae40-a42c5267fa14","block_type":"box","text":"could possibly result in capital losses. As with any extensions of credit, there are risks of delay","page_number":90,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"8a9ffe1f-01f9-4d90-9832-629905f6a828","block_type":"box","text":"and recovery. For securities lending made with connected persons of the Depositary, it must","page_number":90,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"6e6ce539-9862-4ce1-976b-04cd5d134727","block_type":"box","text":"be made on arm’s length commercial terms and the Depositary’s written consent is required.","page_number":90,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"9306d571-53bf-4d6a-befb-564b26d89405","block_type":"box","text":"Investors should refer to the section entitled “Portfolio Transactions and Conflicts of Interest”","page_number":90,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"f1313089-fc2e-4905-9e0e-8c1d57eac38d","block_type":"box","text":"below for further details.","page_number":90,"box":{"x":121,"y":449,"width":205,"height":10}},{"id":"eb85637a-5b5c-4103-b299-751984add3e8","block_type":"box","text":"Collateral Risk","page_number":90,"box":{"x":121,"y":482,"width":135,"height":10}},{"id":"6eca3899-fe80-4a74-9058-3dcd786ec56e","block_type":"box","text":"Cash received as collateral may be invested in other eligible securities, including shares of a","page_number":90,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"a9c635ac-e2a1-4947-aa3b-e51dd1270257","block_type":"box","text":"short term money market fund in accordance with the requirements of the Central Bank, and,","page_number":90,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"49018263-ed20-480f-8ad2-85d89e73f676","block_type":"box","text":"in the case of a Money Market Fund, the requirements set out in the Money Market Fund","page_number":90,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"66e4f4cf-7902-4980-b08a-d9287da837db","block_type":"box","text":"Regulation. Investing this cash subjects that investment, as well as any securities loaned, to","page_number":90,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"fa77f266-afad-4059-92e9-7e9db3f68c3e","block_type":"box","text":"market appreciation or depreciation and the risks associated with such investments, such as","page_number":90,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"2946abca-a45d-40e5-a45c-1ecc646b3c0c","block_type":"box","text":"failure or default of the issuer of the relevant security.","page_number":90,"box":{"x":121,"y":597,"width":439,"height":12}},{"id":"fc4230b3-1d87-48c6-978c-312ecfb1ec65","block_type":"box","text":"Repurchase Agreements","page_number":90,"box":{"x":121,"y":629,"width":215,"height":13}},{"id":"add85b6f-0469-487f-b715-950a91bb6e26","block_type":"box","text":"Subject to the conditions and limits set out in the Central Bank UCITS Regulations, and, in the","page_number":90,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"4f6e1a30-e5c6-46dd-9cdd-80c6c6c581fa","block_type":"box","text":"case of a Money Market Fund, the requirements set out in the Money Market Fund Regulation,","page_number":90,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"05138388-7ff3-4938-be01-6ac9f124f346","block_type":"box","text":"a Sub-Fund may enter into repurchase agreements, where specified in the relevant section of","page_number":90,"box":{"x":121,"y":695,"width":750,"height":13}},{"id":"0b836388-9dbc-4390-a642-6029ee56ecb2","block_type":"box","text":"Part 1 for each Sub-Fund. The value of the security purchased may be more or less than the","page_number":90,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"4626c428-bf5a-43c7-a4e6-90262b185fef","block_type":"box","text":"price at which the counterparty has agreed to purchase the security. If the other party to a","page_number":90,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"edb03dff-ae93-40e9-9c94-c73d1ef298b3","block_type":"box","text":"repurchase agreement should default, the Sub-Fund might suffer a loss to the extent that the","page_number":90,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"3ec39a6c-0ba8-4092-83bb-27c48b229bcf","block_type":"box","text":"proceeds from the sale of the underlying securities and other collateral held by the Fund in","page_number":90,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d4344ccf-26dc-4008-8583-fb172035bd09","block_type":"box","text":"connection with the refuted repurchase agreement are less than the repurchase price. In","page_number":90,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"bcbef87e-87c7-4f6c-b700-7cfda2734755","block_type":"box","text":"addition, in the event of bankruptcy or similar proceedings of the other party to the repurchase","page_number":90,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"dad26a1e-2913-494e-88fe-1a7161481897","block_type":"box","text":"agreement or its failure to repurchase the securities as agreed, the Sub-Fund could suffer losses,","page_number":90,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"6587b2cc-5a1b-4247-91ba-1349d31b66bb","block_type":"box","text":"including loss of interest on or principal of the security and costs associated with delay and","page_number":90,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"d67d5ad4-af59-4ae7-a182-a836a2435042","block_type":"box","text":"enforcement of the repurchase agreement.","page_number":90,"box":{"x":121,"y":842,"width":343,"height":13}},{"id":"b47eadf6-308f-4748-9950-3fc1e569d110","block_type":"box","text":"91","page_number":91,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"e2988e80-faa6-41e1-9e2f-53c7396c2b88","block_type":"box","text":"Reverse Repurchase Agreements","page_number":91,"box":{"x":121,"y":88,"width":288,"height":13}},{"id":"23585182-a8f3-4acc-92b3-5a4bfb27beec","block_type":"box","text":"Reverse repurchase transactions involve risks in that (a) in the event of the failure of the","page_number":91,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"c8f53fd0-80a5-44af-8536-99bf90ea7000","block_type":"box","text":"counterparty with which cash of a Sub-Fund has been placed there is the risk that collateral","page_number":91,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"f95318bd-4846-45a1-8855-6ee35ec95303","block_type":"box","text":"received may realise less than the cash placed out, whether because of inaccurate pricing of the","page_number":91,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"42554cd4-0a2b-4c5a-8980-2a8684485104","block_type":"box","text":"collateral, adverse market movements, a deterioration in the credit rating of issuers of the","page_number":91,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"e7f03593-20a9-4b42-a41f-566f62e89b38","block_type":"box","text":"collateral, or the illiquidity of the market in which the collateral is traded; and that (b) (i)","page_number":91,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5b72026f-b8b0-46a7-b94b-d7632c5a8496","block_type":"box","text":"locking cash in transactions of excessive size or duration, (ii) delays in recovering cash placed","page_number":91,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"43619d70-dcb2-449a-926d-d0598ff5d5d3","block_type":"box","text":"out, or (iii) difficulty in realising collateral may restrict the ability of the Sub-Fund to meet","page_number":91,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"525c2eef-c396-4ad7-a0f1-b79ca789c853","block_type":"box","text":"redemption requests, security purchases or, more generally, reinvestment.","page_number":91,"box":{"x":121,"y":236,"width":599,"height":13}},{"id":"a55f605d-b4a6-467b-b6da-a094baa31456","block_type":"box","text":"Derivatives Risk","page_number":91,"box":{"x":121,"y":269,"width":146,"height":10}},{"id":"472bcddd-f25d-4237-b571-901648f8d1ab","block_type":"box","text":"While the prudent use of financial derivative instruments can be beneficial, it can also involve","page_number":91,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"27314cf9-394a-4964-a9b4-3a9007b0987b","block_type":"box","text":"risks different from, and in certain cases greater than, the risks presented by more traditional","page_number":91,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"5175dc5d-06e7-49ec-bf94-eb3d8f3f704a","block_type":"box","text":"investments. The use of techniques and instruments also involves certain special risks,","page_number":91,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9288aff4-43c6-483b-a964-0763ea2390d7","block_type":"box","text":"including (1) dependence on the ability to predict movements in the prices of securities being","page_number":91,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"15a3c3e8-ea9a-4d50-8daa-6be0b038aa36","block_type":"box","text":"hedged and movements in interest rates, (2) imperfect correlation between the hedging","page_number":91,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"ca0ce23c-a603-4456-ac0a-1ffb1f5f4c9b","block_type":"box","text":"instruments and the securities or market sectors being hedged, (3) the fact that skills needed to","page_number":91,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c03a544d-3625-490d-b83c-6eafb2ccbeeb","block_type":"box","text":"use these instruments are different from those needed to select the Sub-Fund’s securities and","page_number":91,"box":{"x":121,"y":400,"width":763,"height":10}},{"id":"5ba5b77b-c381-4309-a9e7-bef913631791","block_type":"box","text":"(4) the possible absence of a liquid market for any particular instrument at any particular time,","page_number":91,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"6835223b-c3a2-43f4-b2a2-2df24e0e55f9","block_type":"box","text":"and (5) possible impediments to Effective Portfolio Management.","page_number":91,"box":{"x":121,"y":433,"width":534,"height":13}},{"id":"ef3be394-313a-40f6-8f47-928133c39978","block_type":"box","text":"Futures","page_number":91,"box":{"x":121,"y":466,"width":67,"height":9}},{"id":"23e4ac69-0cf1-4973-ae2f-a223c15e6c20","block_type":"box","text":"Transactions in futures involve the obligation to make, or to take, delivery of the underlying","page_number":91,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"8006f4c0-b2d7-4e7b-acf1-f19e9f0fcc84","block_type":"box","text":"asset of the contract at a future date, or in some cases to settle the Fund’s position with cash.","page_number":91,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"68636266-997d-4435-8e1a-b1210c04f43f","block_type":"box","text":"They may carry a higher degree of risk. The gearing or leverage often obtainable in futures","page_number":91,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"99a2986f-f094-4bb7-b03d-1dcfb860d213","block_type":"box","text":"(where applicable) trading means that a small deposit or down payment can lead to large losses","page_number":91,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ddbc07a4-3f38-4d96-9266-de0803733aeb","block_type":"box","text":"as well as gains. It also means that a relatively small market movement can lead to a","page_number":91,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"303fe72e-0976-4a49-9083-420d9ad58cee","block_type":"box","text":"proportionately much larger movement in the value of the Fund’s investment, and this can work","page_number":91,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"3bf74f79-986c-4eec-989a-67196bcef8f5","block_type":"box","text":"against the Fund as well as for the Fund. Futures transactions have a contingent liability, and","page_number":91,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0d5002b7-7057-44d1-8832-efc832d2d0ed","block_type":"box","text":"investors should be aware of the implications of this, in particular the margining requirements.","page_number":91,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"10a4bb44-1b1a-4011-9e0a-25d8dffae711","block_type":"box","text":"Options","page_number":91,"box":{"x":122,"y":646,"width":67,"height":12}},{"id":"dee6a6ab-96ce-4054-8351-d335014df53e","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":91,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"71655a7d-61a7-4a82-a9ab-3d85af50d643","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":91,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"edcd6b8b-df34-4b76-a028-eba5214f3ca3","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":91,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e00350c0-c22d-480f-8b1f-eb7364742ddf","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":91,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"38e7a93c-9bce-4231-bb34-3871be2bd38c","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":91,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"79d3c26c-0226-471c-bf9a-21eddb222b0f","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":91,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"b091a65e-df39-4117-9164-b36fefa6e091","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":91,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"de30082f-235f-4f64-a3f0-f31209874985","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":91,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"1b3a63ed-913e-4b25-8489-5d861d93109c","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":91,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"9027a1b8-c0c7-4357-a778-0a5bddd41166","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":91,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4b9992fd-72fc-4df2-bef0-45dda98e8834","block_type":"box","text":"in the call option. The seller (writer) of a put option which is covered (i.e. the writer has a short","page_number":91,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"1d9d48be-f83f-4673-84a8-87713693b205","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":91,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7935a2fa-0bfb-4925-92d1-d2da50bca7ae","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":91,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"55af5ca1-d4e5-41a4-a7d9-de774a621222","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":91,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"79891075-8f2c-4b59-ad01-effcd4f0f688","block_type":"box","text":"92","page_number":92,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"aa9d8124-d406-482c-99da-4c0167e7391e","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":92,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"377fdf0c-728b-488b-b06e-88e72928b95f","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":92,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"93b99f59-500e-4267-9eff-b9f5353ddbb5","block_type":"box","text":"the option. The buyer of a put option assumes the risk of losing its entire investment in the put","page_number":92,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"dffa5d9b-4722-439c-876a-52753eb70ee7","block_type":"box","text":"option.","page_number":92,"box":{"x":121,"y":138,"width":61,"height":13}},{"id":"407f70fe-3054-43d4-a186-415e1a7d1752","block_type":"box","text":"Sustainability Risk","page_number":92,"box":{"x":121,"y":170,"width":168,"height":13}},{"id":"7c13ac3f-b76f-403f-9070-7442dad10067","block_type":"box","text":"When considering Sustainability Risks, the Investment Manager primarily relies on its in-house","page_number":92,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"bb4567c0-05ff-41e3-ba7b-12207fbbe386","block_type":"box","text":"Environmental, Social & Governance (ESG) analysis and climate risk indicators to categorise","page_number":92,"box":{"x":121,"y":220,"width":760,"height":12}},{"id":"73f4be01-4635-4218-93d3-7f7748f665be","block_type":"box","text":"the potential level of Sustainability Risks in a Sub-Fund. Sustainability Risks may arise in","page_number":92,"box":{"x":121,"y":236,"width":730,"height":13}},{"id":"92a452e0-0779-4db0-a195-9595de87d11f","block_type":"box","text":"respect of an issuer itself, its affiliates or in its supply chain and/or apply to a particular","page_number":92,"box":{"x":121,"y":252,"width":707,"height":13}},{"id":"a3e390d3-5eb5-483d-9bf0-b763fc0772fa","block_type":"box","text":"economic sector, geographic area or political region. Environmental risks, including risks","page_number":92,"box":{"x":121,"y":269,"width":731,"height":13}},{"id":"64f8095c-4d26-44cf-b74c-27e10bdb75b1","block_type":"box","text":"arising from climate change, may be associated with events or conditions affecting the natural","page_number":92,"box":{"x":121,"y":285,"width":762,"height":13}},{"id":"84a80e5a-490c-4d8d-8818-ef2e1e2a78fe","block_type":"box","text":"environment. Social risks may be internal or external to an issuer and may be associated with","page_number":92,"box":{"x":121,"y":302,"width":756,"height":12}},{"id":"59641647-d287-4148-a0de-3593e88a48cd","block_type":"box","text":"employees, local communities or customers of companies or populations of countries and/or","page_number":92,"box":{"x":121,"y":318,"width":749,"height":13}},{"id":"f7c5b091-f91c-4258-a3c6-b08df691f6bd","block_type":"box","text":"regions. Governance risks may be associated with the quality, effectiveness and process for the","page_number":92,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"f5475ba6-0ef8-4524-8bb4-1f346611bc17","block_type":"box","text":"oversight of day to day management of companies, or the governance structures of countries","page_number":92,"box":{"x":121,"y":351,"width":750,"height":13}},{"id":"53ca88ff-152f-40e0-99e0-552e2aca970a","block_type":"box","text":"or regions.The level of Sustainability Risk may fluctuate depending on which counterparties","page_number":92,"box":{"x":121,"y":367,"width":749,"height":13}},{"id":"c543aea3-aa35-4d08-a857-7a2ae2414c81","block_type":"box","text":"and issuers the Investment Manager identifies. A Sub-Fund may be exposed to Sustainability","page_number":92,"box":{"x":121,"y":384,"width":756,"height":12}},{"id":"cec12596-15ab-4975-8301-18701b6b0730","block_type":"box","text":"Risks which may impact the value of its investments and may negatively impact upon the Net","page_number":92,"box":{"x":121,"y":400,"width":761,"height":13}},{"id":"6dbf8284-2e95-4176-b544-83dd3982b409","block_type":"box","text":"Asset Value and returns of the Sub-Fund.","page_number":92,"box":{"x":121,"y":416,"width":339,"height":10}},{"id":"618587c6-2311-47ff-9ab0-1e3716b83997","block_type":"box","text":"Currency Risk","page_number":92,"box":{"x":121,"y":449,"width":132,"height":13}},{"id":"010db811-fd4e-41b8-b529-26f5e42ed10a","block_type":"box","text":"The Fund may from time to time utilise techniques and instruments to seek to protect (hedge)","page_number":92,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"892d6d52-8051-4e43-8b9b-5bfc90fd9b2d","block_type":"box","text":"against currency fluctuations either on a spot basis or by buying currency exchange forward or","page_number":92,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"b1df3eb3-6700-46fc-a92d-70c6a9bbca24","block_type":"box","text":"swap contracts. Currency spot, forward or swap contracts do not eliminate fluctuations in the","page_number":92,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bc4bb0e0-d620-4046-bec6-2591e889cfa5","block_type":"box","text":"prices of a Sub-Fund's securities or in foreign exchange rates, or prevent loss if the prices of a","page_number":92,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"e350316e-c818-4d76-ae91-d30ccbafd9ae","block_type":"box","text":"Sub-Fund's securities should decline. Although these transactions are intended to minimise the","page_number":92,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"7a5e8a5c-5351-43df-a705-df7563d47758","block_type":"box","text":"risk of loss due to a decline in the value of hedged currency, they also limit any potential gain","page_number":92,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"7d3f453d-3e73-4ad7-b4bb-8922024f07c5","block_type":"box","text":"that might be realised should the value of the hedged currency increase. The precise matching","page_number":92,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"a5fd9193-99bf-4074-9cb9-00933db68322","block_type":"box","text":"of the relevant contract amounts and the value of the securities involved will not generally be","page_number":92,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"b55dfea5-80e4-496c-8e02-88ffd503b334","block_type":"box","text":"possible because the future value of such securities will change as a consequence of market","page_number":92,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f4b5582d-89a4-455c-a32f-9e16f3e56727","block_type":"box","text":"movements in the value of such securities between the date when the relevant contract is","page_number":92,"box":{"x":121,"y":629,"width":763,"height":10}},{"id":"35d4defa-dc30-4608-a351-a691bc620587","block_type":"box","text":"entered into and the date when it matures. The successful execution of a hedging strategy which","page_number":92,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"5e3eac9b-9ce3-459d-828c-15f2bb270045","block_type":"box","text":"matches exactly the profile of the investments of any Sub-Fund cannot be assured. It may not","page_number":92,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f4bb7c24-79b6-4c1a-a30a-bd9bf73bfd52","block_type":"box","text":"be possible to hedge against generally anticipated exchange rate fluctuations at a price","page_number":92,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"4acf86a8-ceb1-45a5-adf1-48bef84fed9a","block_type":"box","text":"sufficient to protect the assets from the anticipated decline in value of the portfolio positions","page_number":92,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"17e8ed63-2000-4bf4-8ec9-eb2fe2cf4c9b","block_type":"box","text":"as a result of such fluctuations. In addition, a Sub-Fund may be exposed to credit risks with","page_number":92,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"aaa7fbc8-0936-474e-aca4-07bcb0fd0b7e","block_type":"box","text":"regard to counterparties with whom the Fund trades as well as risks relating to settlement","page_number":92,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"30f3a9e5-dfa4-46c1-a563-9e06de3d66be","block_type":"box","text":"default. Such risks could result in substantial losses to a Sub-Fund.","page_number":92,"box":{"x":121,"y":744,"width":544,"height":10}},{"id":"4bc5a475-2906-4567-bd4d-bd8483a950bf","block_type":"box","text":"Cyber Security Risk","page_number":92,"box":{"x":121,"y":777,"width":179,"height":13}},{"id":"37785291-01bc-4396-ad47-bc8f63499ac5","block_type":"box","text":"The Fund and its service providers' use of internet, technology and information systems may","page_number":92,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"d210c9b7-04b3-4ef2-b45f-a8f6a7c46f1c","block_type":"box","text":"expose the Fund and the Sub-Funds to potential risks linked to cyber security breaches of those","page_number":92,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"37f638eb-64b6-49a7-b568-292da7e7f806","block_type":"box","text":"technological or information systems. Cyber security breaches, amongst other things, could","page_number":92,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"068da58d-d71d-4ad4-b64c-cb069376c8ae","block_type":"box","text":"allow an unauthorized party to gain access to proprietary information, customer data, or fund","page_number":92,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"e7f5ee42-4ccd-4685-a616-71f5b80a71b9","block_type":"box","text":"assets, or cause a Sub-Fund and/or its service providers to suffer data corruption or lose","page_number":92,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"64219721-418f-4290-a60f-977a9b804314","block_type":"box","text":"operational functionality.","page_number":92,"box":{"x":121,"y":892,"width":208,"height":12}},{"id":"f8853387-e813-4156-8837-249731b91f05","block_type":"box","text":"93","page_number":93,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"ce8201ac-8460-47df-a9bd-220cc8866755","block_type":"box","text":"Suspension of Redemptions","page_number":93,"box":{"x":121,"y":105,"width":241,"height":13}},{"id":"11480058-e95a-467c-9fd1-8735acf41c63","block_type":"box","text":"A LVNAV Money Market Fund or a Public Debt CNAV Money Market Fund will cease to be","page_number":93,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"9d2c7422-ba49-4838-8994-82653adf5575","block_type":"box","text":"treated as such a Money Market Fund, in accordance with the Money Market Fund Regulations,","page_number":93,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"85457e8c-aaf3-449c-9417-8f03f260f0b6","block_type":"box","text":"when the period of suspension of redemptions exceeds 15 days in a 90 day period.","page_number":93,"box":{"x":121,"y":170,"width":668,"height":13}},{"id":"f4c7857a-23c7-4da3-9aa6-ddc797199012","block_type":"box","text":"Pandemic Risk","page_number":93,"box":{"x":121,"y":203,"width":134,"height":10}},{"id":"a0829169-cb6f-49b9-94af-f4e28af0248f","block_type":"box","text":"An outbreak of an infectious disease, pandemic or any other serious public health concern could","page_number":93,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"02271743-fcab-472a-bb9a-c59ff1495b6a","block_type":"box","text":"occur in any one or more jurisdictions in which a Sub-Fund may invest, leading to changes in","page_number":93,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"368a9305-62f2-4a5b-9220-a8f6650e3f37","block_type":"box","text":"regional and global economic conditions and cycles which may have a negative impact on the","page_number":93,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"c2ddaa9a-6383-4955-87be-5f6411a6720b","block_type":"box","text":"Fund’s investments and consequently its Net Asset Value. Any such outbreak may also have","page_number":93,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"f4d0e2ad-e8eb-4c41-ba58-cefc34f63749","block_type":"box","text":"an adverse effect on the wider global economy and/or markets, such as the ability of exchanges","page_number":93,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"e0211629-4552-4200-a4cf-a888d33ff1d5","block_type":"box","text":"to trade securities and clear and settle transactions, which may negatively impact a Sub- Fund’s","page_number":93,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"df337543-1ba1-415b-8726-31f4ada50408","block_type":"box","text":"investments more generally. In addition a serious outbreak of infectious disease may also be a","page_number":93,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"ea9f14b0-79a4-4271-9391-d08821f78c20","block_type":"box","text":"force majeure event under contracts that the Fund or a Sub-Fund has entered into thereby","page_number":93,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"db22e15a-86b0-4959-a0ff-71c0af75d1f6","block_type":"box","text":"relieving a counterparty of the timely performance of the services such counterparties have","page_number":93,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"a95447b3-4e50-4327-86b8-e59cf35076c2","block_type":"box","text":"contracted to provide to a Fund or a Sub-Fund (the nature of the services will vary depending","page_number":93,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"22bc77cf-51ba-4741-b526-917a645f758f","block_type":"box","text":"on the agreement in question).","page_number":93,"box":{"x":121,"y":400,"width":249,"height":13}},{"id":"862a8b51-12b7-4dae-8de3-9b0a4197f63e","block_type":"box","text":"Additional risk factors (if any) in respect of each Sub-Fund are set out the relevant section of","page_number":93,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"843a48aa-7a94-48a8-ac82-eedaac90541c","block_type":"box","text":"Part 1 for the relevant Sub-Fund.","page_number":93,"box":{"x":121,"y":449,"width":270,"height":10}},{"id":"61072193-a733-4c33-b0cb-36583b890059","block_type":"box","text":"94","page_number":94,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"34debc5e-9d04-4f9f-80b3-c3f806061c67","block_type":"box","text":"__________________________________________________________________________","page_number":94,"box":{"x":120,"y":98,"width":751,"height":2}},{"id":"aeb6ef69-df9f-45c7-8032-11c4163727c2","block_type":"box","text":"SHARE DEALINGS","page_number":94,"box":{"x":410,"y":105,"width":185,"height":10}},{"id":"8a931040-1c44-462f-aa89-8a4a39bf6ebf","block_type":"box","text":"___________________________________________________________________________","page_number":94,"box":{"x":120,"y":131,"width":762,"height":2}},{"id":"3e2e8f28-b6a1-48f1-9f9f-ef18d77c4afe","block_type":"box","text":"SUBSCRIPTION FOR SHARES","page_number":94,"box":{"x":121,"y":154,"width":289,"height":10}},{"id":"f1af2574-7f34-4abf-b107-789a1bb28c0e","block_type":"box","text":"Purchases of Shares","page_number":94,"box":{"x":121,"y":187,"width":177,"height":10}},{"id":"337382d3-fa24-4ea8-9e9f-7210a20d48a6","block_type":"box","text":"Issues of Shares will normally be made with effect from a Dealing Day in respect of","page_number":94,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"26723e51-8e11-4279-ae4e-65cb63ecb7f6","block_type":"box","text":"applications received on or prior to the Dealing Deadline. Dealing Days and Dealing Deadlines","page_number":94,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"14a771f8-ba21-4598-94cf-17c1116d9d8b","block_type":"box","text":"relating to each Sub-Fund are specified in the relevant section of Part 1 for each Sub-Fund.","page_number":94,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"6252d9a4-86b0-48f9-92f8-5e1bdba5bc1e","block_type":"box","text":"Applications for the issue of Shares may be submitted in writing, by facsimile, by telephone to","page_number":94,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"3dc5c195-7400-4844-889f-dc54502fed1d","block_type":"box","text":"the Fund care of the Administrator, or in certain circumstances by other electronic methods","page_number":94,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"170cbf1e-4b6e-4a54-99d6-d66e4adbb5cf","block_type":"box","text":"where specifically agreed to in advance by the Fund, provided in each case that an Application","page_number":94,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"78a6c9a0-1786-4e17-bf03-49edbf30a92f","block_type":"box","text":"Form and any supporting documentation required with regard to anti-money laundering","page_number":94,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"0e207d31-f8ae-4030-b72e-06f043562b94","block_type":"box","text":"matters/ financial crime or otherwise, shall be submitted in the case of an initial application for","page_number":94,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"ad597047-2a96-47ae-9d69-e8879a3e4c6d","block_type":"box","text":"Shares (with the original documentation, where required, to follow by post). In the case of","page_number":94,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"fcf2a4f9-07a0-46e0-8c9e-1fa432d6e75c","block_type":"box","text":"retail investors, subscription requests must be sent through an independent financial adviser or","page_number":94,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d1738e4f-7ba0-4ef3-bfd9-68ca315d0835","block_type":"box","text":"other intermediary. However, this should not result in such investors paying more fees than","page_number":94,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"605ad8a4-580b-4144-b5f6-8c985be2fcd5","block_type":"box","text":"otherwise would have been paid for a direct investment.","page_number":94,"box":{"x":121,"y":400,"width":456,"height":13}},{"id":"2a97fd14-d265-4fa4-9aa5-6d7049a9e0f3","block_type":"box","text":"Applications received after the Dealing Deadline for the relevant Dealing Day shall, unless the","page_number":94,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"68b8c8c5-8972-46f4-8d5a-088a2b13b951","block_type":"box","text":"Directors shall otherwise agree and provided they are received before the Valuation Point for","page_number":94,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"65aa0002-f350-43d6-8df6-960c78506c56","block_type":"box","text":"the relevant Dealing Day, be deemed to have been received by the next Dealing Deadline.","page_number":94,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"673aaadc-3d66-497a-9c25-d57e310be4d0","block_type":"box","text":"Applications will be irrevocable unless the Directors otherwise agree.","page_number":94,"box":{"x":121,"y":482,"width":566,"height":13}},{"id":"e5ac256b-bdf3-42a3-a5e2-349fac15f7ee","block_type":"box","text":"The Minimum Initial Subscription for Shares of each Sub-Fund that may be subscribed for by","page_number":94,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"6dd7fdd5-f4e9-4c2c-a091-181242221112","block_type":"box","text":"each investor on initial application is set out in the relevant section of Part 1 for the relevant","page_number":94,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"5c3f3704-40e7-46bc-8c71-dd4a8c4fdaf5","block_type":"box","text":"Sub-Fund. Thereafter, existing Shareholders may make subscriptions for additional Shares of","page_number":94,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ff03c5ba-cb1e-410e-a4cf-b70f3d71b58d","block_type":"box","text":"that Sub-Fund in the Minimum Additional Subscription (if any).","page_number":94,"box":{"x":121,"y":564,"width":524,"height":13}},{"id":"c1e74b38-9b36-4b87-a7f0-ea03dd518bd8","block_type":"box","text":"Fractions of not less than 0.001 of a Share may be issued. Subscription monies representing","page_number":94,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0a930c8e-bb47-43fb-b6f0-9acf0e072d3e","block_type":"box","text":"smaller fractions of Shares will not be returned to the applicant but will be retained as part of","page_number":94,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"214a7b62-2143-4536-9835-ea5288673c1c","block_type":"box","text":"the assets of the relevant Sub-Fund.","page_number":94,"box":{"x":121,"y":629,"width":292,"height":10}},{"id":"3db3d103-afba-4361-9228-447e34c6ac39","block_type":"box","text":"The Application Form contains certain conditions regarding the application procedure for","page_number":94,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f83d3348-b17d-4709-ba44-06de76eaa22d","block_type":"box","text":"Shares in the Fund and certain indemnities in favour of the Fund, the Administrator, the","page_number":94,"box":{"x":121,"y":679,"width":763,"height":11}},{"id":"f5ee62e3-42de-441a-8ccd-60a12ad78d20","block_type":"box","text":"Depositary, the Manager, the Investment Manager and the other Shareholders for any loss","page_number":94,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"48a7f30d-45bb-4f9b-98ff-d72d6dbf6d90","block_type":"box","text":"suffered by them as a result of certain applicants acquiring or holding Shares.","page_number":94,"box":{"x":121,"y":711,"width":629,"height":13}},{"id":"5f702756-7276-4103-ab93-cc3bdc76317f","block_type":"box","text":"If an application is rejected, the Administrator at the risk of the applicant will return application","page_number":94,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4319a7f9-bc8c-4708-aa3b-1ab57f1c75c0","block_type":"box","text":"monies or the balance thereof by telegraphic transfer to the account from which it was paid","page_number":94,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"44f49248-2c6a-4780-b606-6e3d356eb49d","block_type":"box","text":"within 10 Business Days (as specified in in the relevant section of Part 1 for each Sub-Fund)","page_number":94,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"b8f9e6c3-e483-4ba6-acfa-d15467a48bca","block_type":"box","text":"of the rejection, at the cost and risk of the applicant.","page_number":94,"box":{"x":121,"y":793,"width":423,"height":13}},{"id":"ca7a3329-fc3d-4048-b812-22d85619303f","block_type":"box","text":"Issue Price","page_number":94,"box":{"x":121,"y":826,"width":98,"height":10}},{"id":"a54eb24d-86f2-40fd-895c-813ee14aa448","block_type":"box","text":"During the Initial Offer Period for each Sub-Fund, the Initial Issue Price for Shares in the","page_number":94,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"fdc531a8-5543-4d8c-bf6a-fd776e322abc","block_type":"box","text":"relevant Sub-Fund shall be the amount set out in the relevant section of Part 1 for the relevant","page_number":94,"box":{"x":121,"y":875,"width":763,"height":10}},{"id":"24d9e1ec-7eb2-4e31-972b-383d25b08c42","block_type":"box","text":"Sub-Fund.","page_number":94,"box":{"x":121,"y":892,"width":89,"height":10}},{"id":"f0d8a42d-18e1-4026-a931-b7185242a0c6","block_type":"box","text":"95","page_number":95,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"83380ba6-f65e-4fa4-ae55-5ee4e18b6f07","block_type":"box","text":"The issue price at which Shares of any Sub-Fund will be issued on a Dealing Day after the","page_number":95,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"31ae245d-b189-4594-9d3e-b0e6cee11760","block_type":"box","text":"Initial Offer Period is calculated by ascertaining the Net Asset Value per Share of the relevant","page_number":95,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6a68e621-69bc-444d-a3d3-dfb9f55a1e5c","block_type":"box","text":"class on the relevant Dealing Day.","page_number":95,"box":{"x":121,"y":138,"width":281,"height":13}},{"id":"fbf3f7a4-490b-412a-8d10-3a09c01ed712","block_type":"box","text":"The Administrator may, in calculating the issue price, include in the issue price in respect of","page_number":95,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"e75611a4-cefa-46be-b7d4-d723558ddb72","block_type":"box","text":"each Sub-Fund, for its own account, a charge sufficient to cover stamp duties and taxation (if","page_number":95,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"16850f50-c5be-47aa-8c3b-8f3c780fe4dd","block_type":"box","text":"any) in respect of the issue of Shares or certificates and delivery and insurance costs in respect","page_number":95,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"160357a6-67da-4220-9411-9a5bd21a0c87","block_type":"box","text":"of certificates.","page_number":95,"box":{"x":121,"y":220,"width":120,"height":10}},{"id":"5d43f690-2322-421f-8f23-21cf7a00b861","block_type":"box","text":"No Preliminary Charge will be payable on the issue of Shares of the Fund.","page_number":95,"box":{"x":121,"y":252,"width":605,"height":13}},{"id":"9d904baf-31f8-4b09-9b99-c37f559c3dfa","block_type":"box","text":"Payment for Shares","page_number":95,"box":{"x":121,"y":285,"width":175,"height":13}},{"id":"276dd90b-1c9f-4207-8fc0-c490af67e548","block_type":"box","text":"Payment in respect of the issue of Shares must be made by the relevant Settlement Date by","page_number":95,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"e0b7b910-b590-4c0c-b46f-3de77dc5bc89","block_type":"box","text":"telegraphic transfer in cleared funds in the Base Currency of the relevant Sub-Fund. The","page_number":95,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9a3afd37-6829-49c9-8f07-351c17d6c5f8","block_type":"box","text":"Directors or their delegates may, at their discretion, accept payment in other currencies, but","page_number":95,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"00eed9f3-8d47-45f8-80c3-b73373cbd7b8","block_type":"box","text":"such payments will be converted into the relevant Base Currency at the then prevailing","page_number":95,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"ee680094-4cac-4fea-a4ec-e2d2bf279f3c","block_type":"box","text":"exchange rate available to the Administrator and only the net proceeds (after deducting the","page_number":95,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"a3dd1f5b-384f-4834-9884-97ae97cfcac8","block_type":"box","text":"conversion expenses) will be applied towards payment of the subscription monies. This may","page_number":95,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e1ce633c-94df-4bff-aef5-0a533e1ecd4b","block_type":"box","text":"result in a delay in processing the application.","page_number":95,"box":{"x":121,"y":416,"width":374,"height":13}},{"id":"0fa8eaff-7473-4748-8dad-a8d4fb413594","block_type":"box","text":"If payment in full has not been received by the Settlement Date, or in the event of non-clearance","page_number":95,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"734506d9-d713-4a73-810e-711883973f1a","block_type":"box","text":"of funds, all or part of any allotment of Shares made in respect of such application may, at the","page_number":95,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"149470cc-c3ea-489b-93a4-c321996df854","block_type":"box","text":"discretion of the Directors, be cancelled, or, alternatively, the Directors may treat the","page_number":95,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"e8282c5c-8c02-4252-ac5d-2bf2794ab6e9","block_type":"box","text":"application as an application for such number of Shares as may be purchased with such","page_number":95,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"52a0713c-bace-4582-85f3-6047deae7f58","block_type":"box","text":"payment on the Dealing Day next following receipt of payment in full or of cleared funds. In","page_number":95,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"82627f88-b349-42a5-8acf-14e9ec41f06e","block_type":"box","text":"such cases the Fund may charge the applicant for any resulting loss incurred by the relevant","page_number":95,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"bb92b4eb-618a-4cf1-81ef-a0181db419df","block_type":"box","text":"Sub-Fund.","page_number":95,"box":{"x":121,"y":547,"width":89,"height":10}},{"id":"d75c5d05-ed8d-4da1-ba47-f6ab52452591","block_type":"box","text":"In Specie Issues","page_number":95,"box":{"x":121,"y":580,"width":140,"height":13}},{"id":"349a9b14-904b-4f5e-b76c-484a10cbdd5a","block_type":"box","text":"The Directors may in their absolute discretion, provided that they are satisfied that no material","page_number":95,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"18065d08-653a-4354-8d9b-1bd8f7ef0e0a","block_type":"box","text":"prejudice would result to any existing Shareholder and subject to the provisions of the","page_number":95,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"17bd18b5-3209-4b3f-b1b7-a40d1b1eefef","block_type":"box","text":"Companies Acts 2014, allot Shares in any Sub-Fund against the vesting in the Depositary on","page_number":95,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"b140692a-53c3-425a-84cb-ede2563f5e3c","block_type":"box","text":"behalf of the Fund of investments which would form part of the assets of the relevant Sub\u0002","page_number":95,"box":{"x":121,"y":662,"width":757,"height":13}},{"id":"2dc1763b-4c45-4d1a-934c-6369a57de127","block_type":"box","text":"Fund. The number of Shares to be issued in this way shall be the number which would on the","page_number":95,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"6d07dc4d-ccb4-4714-92a1-ed95850cd192","block_type":"box","text":"day the investments are vested in the Depositary on behalf of the Fund have been issued for","page_number":95,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"185bf578-e0c7-4ad8-806f-17f4d0523c80","block_type":"box","text":"cash against the payment of a sum equal to the value of the investments. The value of the","page_number":95,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"cbd5dc05-5511-49d1-a005-14816eff6256","block_type":"box","text":"investments to be vested shall be on such basis as the Directors may decide, but such value","page_number":95,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"64c42919-c322-46ef-9935-8ebe52181b4c","block_type":"box","text":"cannot exceed the highest amount at which they would be valued by applying the valuation","page_number":95,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"3f50d9ab-b30a-4def-8be3-4220580aaeac","block_type":"box","text":"methods described below under the heading “Calculation of Net Asset Value/ Valuation of","page_number":95,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"b2eb54f7-2c43-4b4f-8873-5846b2d4520d","block_type":"box","text":"Assets.”","page_number":95,"box":{"x":121,"y":777,"width":71,"height":10}},{"id":"2662e792-165c-42c0-b375-f51839f9e7f1","block_type":"box","text":"Anti-Money Laundering Provisions","page_number":95,"box":{"x":121,"y":810,"width":310,"height":12}},{"id":"d65477f8-20ad-4ff3-abaf-4db00830c3b4","block_type":"box","text":"Measures provided for in the Criminal Justice (Money Laundering and Terrorist Financing)","page_number":95,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"e6867ae0-cc20-41fa-82e4-bfe28f7dd509","block_type":"box","text":"Act, 2010, as amended and the Criminal Justice (Terrorist Offences) Act, 2005 which are aimed","page_number":95,"box":{"x":121,"y":859,"width":763,"height":12}},{"id":"23a7924a-3661-4a5e-8cf7-259d3ca93fdf","block_type":"box","text":"towards the prevention of money laundering, require detailed verification of each applicant’s","page_number":95,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"4f53e492-94fb-4466-b4c1-de7ad9eb2e93","block_type":"box","text":"identity; for example an individual may be required to produce a copy of his passport or","page_number":95,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"9aee4228-9f9e-4771-8339-e831c34f2e81","block_type":"box","text":"96","page_number":96,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"39557847-02f7-4d81-9fdb-e199111206ae","block_type":"box","text":"identification card together with evidence of his address such as a utility bill or bank statement","page_number":96,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"591682b2-7000-44c2-8006-09aba1c53b0b","block_type":"box","text":"and his date of birth. In the case of corporate applicants this may require production of a","page_number":96,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"d67d2e27-adf9-4838-a133-47b17e54f851","block_type":"box","text":"certified copy of the certificate of incorporation (and any change of name), memorandum and","page_number":96,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2a4e0105-475b-4814-9615-36e94db82c5c","block_type":"box","text":"articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":96,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"3b7e3ac8-631e-4c60-b300-598dc72fb947","block_type":"box","text":"and business address of the directors and beneficial owners of the Fund.","page_number":96,"box":{"x":121,"y":154,"width":585,"height":10}},{"id":"13b33e3b-78d8-4ccd-a366-963a61c33984","block_type":"box","text":"The Administrator, Manager and the Fund reserve the right to request such information as is","page_number":96,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"7b6f9ecc-1d44-4d60-8302-9f02fc00679c","block_type":"box","text":"necessary to verify the identity of an applicant. In the event of delay or failure by the applicant","page_number":96,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"13c1c0db-81d1-4460-8e3e-dc6ecacf2481","block_type":"box","text":"to produce any information required for verification purposes, the Administrator may refuse to","page_number":96,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"0bb78e6f-cad6-4a6d-9e34-496d274e0dc0","block_type":"box","text":"accept the application and return all subscription monies. If an application is rejected, and","page_number":96,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"00379ec5-51d8-4ad1-8103-6a9f6551de3a","block_type":"box","text":"where appropriate to do so, the Administrator will return application monies or the balance","page_number":96,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"4f635112-2e33-4085-a36d-bf07c723659d","block_type":"box","text":"thereof by telegraphic transfer to the account from which it was paid at the cost and risk of the","page_number":96,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"b5c0e1d4-95c7-4ae7-bf63-6ed1fce1b38a","block_type":"box","text":"applicant.","page_number":96,"box":{"x":121,"y":285,"width":84,"height":13}},{"id":"c98a8398-0f5d-443f-ab16-9447b9b76ae4","block_type":"box","text":"Depending on the circumstances of each application, a detailed verification may not be required","page_number":96,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"bb789bbc-0b7e-4fa4-b778-59312054c024","block_type":"box","text":"where: (a) the applicant makes payment from an account held in the applicant’s name at a","page_number":96,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"47f71bc5-687c-46f6-b4d1-ecc3093c2a6b","block_type":"box","text":"recognised financial institution, or (b) the application is made through a recognised","page_number":96,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"a69d7461-e024-4269-b3ae-59249e494a6d","block_type":"box","text":"intermediary, or (c) investment is made by a recognised intermediary or financial institution.","page_number":96,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"46ac55b9-f90d-4f1b-b2fb-f3df3433595c","block_type":"box","text":"These exceptions will only apply if the financial institution or intermediary referred to above","page_number":96,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"fbb9edcc-d3e6-4c2e-a0ea-b5e319d9e6f3","block_type":"box","text":"is located in a country, which has equivalent anti-money laundering legislation to that in place","page_number":96,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"0b0314a6-aea3-4287-99d4-d8ff349f6de2","block_type":"box","text":"in Ireland and the Fund will make the ultimate decision whether the detailed verification is","page_number":96,"box":{"x":121,"y":416,"width":763,"height":10}},{"id":"a0ae7b53-f713-4364-8331-44dde091d693","block_type":"box","text":"required. Applicants may contact the Administrator or the Fund in order to determine whether","page_number":96,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"1d5bdf4c-74c9-4b3a-8ddc-81542731927c","block_type":"box","text":"they meet the above exceptions. The Fund or the Manager will make the ultimate decision","page_number":96,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"8e0eb4a9-d979-49be-822f-8b45e135669a","block_type":"box","text":"whether the detailed verification is required.","page_number":96,"box":{"x":121,"y":465,"width":362,"height":13}},{"id":"3fa08723-02a1-4e62-bc5d-5e542c30cb59","block_type":"box","text":"In accordance with section 54 of the Criminal Justice (Money Laundering and Terrorist","page_number":96,"box":{"x":121,"y":498,"width":710,"height":13}},{"id":"cabaef7d-9351-44c0-ae16-b03a60a72362","block_type":"box","text":"Financing) Act, 2010, as amended, The Administrator and the Fund reserve the right to","page_number":96,"box":{"x":121,"y":515,"width":708,"height":12}},{"id":"9fef0e32-ee66-427b-95af-525efdcdc42a","block_type":"box","text":"request additional information and documentation in respect of keeping Investor information","page_number":96,"box":{"x":121,"y":531,"width":753,"height":13}},{"id":"c6008900-1c7e-4d66-bf4b-d6a40c496abc","block_type":"box","text":"and documentation up to date. In the event of delay or failure by the applicant to produce any","page_number":96,"box":{"x":121,"y":547,"width":757,"height":13}},{"id":"4c455cfe-7ed7-4b77-bcf1-4c3f50bf82fe","block_type":"box","text":"information or documentation required for ongoing verification purposes, the Administrator","page_number":96,"box":{"x":121,"y":564,"width":746,"height":13}},{"id":"f3f28cb0-dd8e-4601-95ab-ae141acf6dc8","block_type":"box","text":"and the Fund may refuse to accept subscriptions, or permit, process, or release the","page_number":96,"box":{"x":121,"y":580,"width":665,"height":13}},{"id":"8977e317-9e47-4847-b5f0-00dc3c9369a2","block_type":"box","text":"investor's investment.","page_number":96,"box":{"x":121,"y":597,"width":180,"height":10}},{"id":"3bda75a9-d507-4f75-9834-d6094d89780d","block_type":"box","text":"FATCA","page_number":96,"box":{"x":121,"y":629,"width":74,"height":10}},{"id":"cb7832b9-0f83-4bf4-a02d-64aad156fdac","block_type":"box","text":"Due to tax regulations which are implemented as a result of the Irish government entering into","page_number":96,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"3a3c80d2-0eeb-48f3-88f1-c1711b0b7f24","block_type":"box","text":"an intergovernmental agreement with the United States, there is a requirement to share tax","page_number":96,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"0cfe77b7-50ab-431d-8e37-33a32a2f4421","block_type":"box","text":"information, where applicable, with overseas tax authorities. As a financial institution, the Fund","page_number":96,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"718f3b66-3b38-4629-8d44-e8b983ac31e1","block_type":"box","text":"is obliged to comply with Irish legislation, and is obliged to collect details of all Shareholders’","page_number":96,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"b8d87ecb-ce23-4d36-81a9-21dc2922a1f0","block_type":"box","text":"tax residency and taxpayer identification numbers and any other information as directed by the","page_number":96,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"b8a5f26b-70f3-44f7-84ac-61f5698faac4","block_type":"box","text":"Office of the Revenue Commissioners. The Fund will pass such information to the Office of","page_number":96,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"e7f7a30d-96f1-4ff3-a7b4-2cb0c346ffb5","block_type":"box","text":"the Revenue Commissioners, who will in turn exchange this information with the United States.","page_number":96,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"2aff39f3-9a68-48a1-bf61-156ea2c9bdf1","block_type":"box","text":"The extent to which the Fund is able to report to the Office of the Revenue Commissioners will","page_number":96,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"344727ce-d7b4-41f6-8540-a064c9356a15","block_type":"box","text":"depend on each affected Shareholder in the Fund providing the Fund or its delegate with any","page_number":96,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"6ea4ebda-f6e7-4da2-abb3-a2dfc5a84e06","block_type":"box","text":"information that the Fund determines is necessary to satisfy such obligations.","page_number":96,"box":{"x":121,"y":826,"width":627,"height":13}},{"id":"d8e5b0e0-5c51-44ab-8d99-70249c79153a","block_type":"box","text":"By signing the Application Form to subscribe for Shares in the Fund, each affected Shareholder","page_number":96,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"eda873db-61a2-426c-8398-9b545a5fa8b1","block_type":"box","text":"is agreeing to provide such information upon request from the Fund or its delegate. The Fund","page_number":96,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"b95b6135-0ee8-4a79-a9f4-7e35e28afe3a","block_type":"box","text":"may exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":96,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"1bb5fd02-5e97-4958-a249-ee0292f5f2ce","block_type":"box","text":"97","page_number":97,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"1f66998f-f332-4228-a3d7-4d0969ab77cc","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":97,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"3343d05d-ecb4-4e8e-8636-f6ffc5ff1870","block_type":"box","text":"FATCA. Shareholders are encouraged to consult with their own tax advisers regarding the","page_number":97,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"1be9e565-cddf-4826-b7e9-71b4e0575b76","block_type":"box","text":"possible implications of FATCA on their interest in the Fund.","page_number":97,"box":{"x":121,"y":121,"width":502,"height":13}},{"id":"473e66e8-37cd-473a-bbb7-65af206e2245","block_type":"box","text":"Limitations on Purchases","page_number":97,"box":{"x":121,"y":154,"width":223,"height":10}},{"id":"2a048cbf-c0d7-46bc-bbcd-5d9c0d10f8f8","block_type":"box","text":"Shares may not be issued or sold by the Fund during any period when the calculation of the","page_number":97,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b3212845-94ec-43c1-a442-5f7ea249742a","block_type":"box","text":"Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":97,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ae3b86d1-c4c2-4bf6-967e-1bfe6844debe","block_type":"box","text":"“Suspension of Calculation of Net Asset Value” below. Applicants for Shares will be notified","page_number":97,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"3e46788b-cda9-4960-87d2-f7455937ea2a","block_type":"box","text":"of such postponement and, unless withdrawn, their ap","page_number":97,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"439ca102-2efd-4f52-87ee-17f52e1ee212","block_type":"box","text":"plications will be considered as at the next Dealing Day following the ending of such","page_number":97,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"40d57693-123d-49e5-9685-1d4d87908dbe","block_type":"box","text":"suspension.","page_number":97,"box":{"x":121,"y":269,"width":98,"height":13}},{"id":"ada45c0c-579b-4e83-9286-eba2a3ec5cbf","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for initial or","page_number":97,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"53bac2e0-fce9-4b71-bb64-5deac43a4550","block_type":"box","text":"subsequent subscriptions, or to compulsorily redeem Shares held by any Shareholder, without","page_number":97,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"446fe2bf-b1da-46dd-831d-89356b33a7f3","block_type":"box","text":"giving any reason where the Fund suspects market timing. Without limiting the foregoing, and","page_number":97,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"3a0a8076-901d-4a5a-bbbd-16ced0672acd","block_type":"box","text":"as further described below, the Fund may not be used as a vehicle for frequent trading in","page_number":97,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"b2e76abe-6140-4e6e-a520-68c9f37b167e","block_type":"box","text":"response to short term market fluctuations (so called “market timing”). Accordingly, the Fund","page_number":97,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"da3303bb-4032-44ec-a2d1-f7feea427816","block_type":"box","text":"may reject any subscriptions (or may compulsorily redeem Shares) from any investor that it","page_number":97,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"744da66a-d714-4b55-b8c0-1110d1e33159","block_type":"box","text":"determines is engaged in market timing or other activity which it believes is harmful to the","page_number":97,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"6482368f-2f38-42ce-acee-2fcc855c4d33","block_type":"box","text":"Fund or any Sub-Fund.","page_number":97,"box":{"x":121,"y":416,"width":191,"height":13}},{"id":"62867b99-76bd-48ea-a123-172aa4e358c1","block_type":"box","text":"Shares may not be directly or indirectly offered or sold in the United States or purchased or","page_number":97,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f7f55e70-f5fd-4e9f-b2df-43f3a19ca7f8","block_type":"box","text":"held by or for U.S. Persons except in a transaction which does not violate United States","page_number":97,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"0c50a33b-b98c-4055-9dd9-a322b2d8355c","block_type":"box","text":"securities laws.","page_number":97,"box":{"x":121,"y":482,"width":128,"height":10}},{"id":"7d23b9f7-caae-45fa-8f00-b4e75380501c","block_type":"box","text":"REDEMPTION OF SHARES","page_number":97,"box":{"x":350,"y":515,"width":306,"height":12}},{"id":"176353c6-7f55-4219-997a-c35597a82e02","block_type":"box","text":"Redemptions of Shares","page_number":97,"box":{"x":121,"y":550,"width":203,"height":13}},{"id":"5da93346-1618-4764-a0d4-9980d6d74a45","block_type":"box","text":"Requests for the redemption of Shares should be made to the Fund care of the Administrator","page_number":97,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"5e7936a4-7489-419b-8041-a3eb9f47303d","block_type":"box","text":"in writing, by facsimile, by telephone, or by other electronic methods where specifically agreed","page_number":97,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"ce8de784-1765-4d9c-9918-63c8bfff115d","block_type":"box","text":"to in advance by the Fund, and must quote the relevant account number, the relevant Sub\u0002","page_number":97,"box":{"x":121,"y":616,"width":757,"height":13}},{"id":"de292f9a-af22-41c6-96f7-04638277b39a","block_type":"box","text":"Fund(s) and class of Shares (if applicable), and be signed by or on behalf of the Shareholder","page_number":97,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"67131b39-770e-4e9b-9fc1-ac14e1bf7b63","block_type":"box","text":"before payment of redemption proceeds can be made. In the case of retail investors, redemption","page_number":97,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"983a0e7b-38c8-46ef-b325-3f8916fe4107","block_type":"box","text":"requests must be sent through an independent financial adviser or other intermediary.","page_number":97,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"4a5cdaab-2051-4fc5-8c2c-8965c334969c","block_type":"box","text":"However, this should not result in such investors paying more fees than otherwise would have","page_number":97,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"3aef5a9b-0c6d-4411-8c2c-d5d81d6d202b","block_type":"box","text":"been paid for a direct investment.","page_number":97,"box":{"x":121,"y":698,"width":274,"height":12}},{"id":"7c073657-185d-4f0d-a9b2-f6a04bde706e","block_type":"box","text":"Requests received on or prior to the relevant Dealing Deadline will, subject as mentioned in","page_number":97,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"4e9a4e98-08e0-4deb-9a8d-11f6a7510efd","block_type":"box","text":"this section, normally be dealt with on the relevant Dealing Day. Redemption requests received","page_number":97,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"91f89e1c-26d8-4997-8328-21ad61590db6","block_type":"box","text":"after the Dealing Deadline shall, unless the Directors shall otherwise agree and provided they","page_number":97,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"f8db205c-e47f-4173-a28b-2a1454702fbc","block_type":"box","text":"are received before the relevant Valuation Point, be treated as having been received by the","page_number":97,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"bb5ec601-f05b-4f43-892f-5bafdb087871","block_type":"box","text":"following Dealing Deadline. Redemption requests made by facsimile or telephone as set out","page_number":97,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"21fb9bc8-b160-4623-9172-f2d418f6d3a2","block_type":"box","text":"above must be followed by subsequent confirmation in writing.","page_number":97,"box":{"x":121,"y":812,"width":516,"height":13}},{"id":"d961aa68-a484-458e-b12f-c4f66cd383de","block_type":"box","text":"A redemption request will not be capable of withdrawal after acceptance by the Administrator.","page_number":97,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"b055c972-8967-4db8-8b88-03b25e6e6ca5","block_type":"box","text":"If requested, the Directors may, in their absolute discretion and subject to the prior approval of","page_number":97,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"8f90180a-08cb-47d0-9f44-74455b6037cf","block_type":"box","text":"the Depositary, agree to designate additional Dealing Days and Valuation Points for the","page_number":97,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"c23fe2f6-a624-4ea2-a711-3cd2eef0a24e","block_type":"box","text":"redemption of Shares relating to any Sub-Fund which will be open to all Shareholders.","page_number":97,"box":{"x":121,"y":894,"width":703,"height":13}},{"id":"b567b333-8cf8-425e-b766-7be5a7c54a04","block_type":"box","text":"98","page_number":98,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"4d097d44-1a5c-47ee-afce-80fe91e14b3c","block_type":"box","text":"The Directors or their delegates may decline to effect a redemption request which would have","page_number":98,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"d14fcf12-2eca-4cb8-954d-091f550bdeea","block_type":"box","text":"the effect of reducing the value of any holding of Shares relating to any Sub-Fund below the","page_number":98,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b0d6a831-45f0-41b0-83cc-2d7aa0384480","block_type":"box","text":"Minimum Holding for that class of Shares of that Sub-Fund. Any redemption request having","page_number":98,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ec48c32b-0080-4fb0-8fac-061fdb1dc1e0","block_type":"box","text":"such an effect may be treated by the Fund as a request to redeem the Shareholder’s entire","page_number":98,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1be9fad7-f8c5-44a5-9040-39973a03103e","block_type":"box","text":"holding of that class of Shares.","page_number":98,"box":{"x":121,"y":170,"width":253,"height":13}},{"id":"1ead69a5-5430-40cf-b5a3-0a1ed322d333","block_type":"box","text":"The Administrator will not accept redemption requests, which are incomplete, until all the","page_number":98,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"2366f487-fc01-4db7-8af1-2814bad5236c","block_type":"box","text":"necessary information is obtained.","page_number":98,"box":{"x":121,"y":220,"width":281,"height":12}},{"id":"a3aea85f-b289-4327-912c-01a446572bb0","block_type":"box","text":"Redemption Price","page_number":98,"box":{"x":121,"y":252,"width":160,"height":13}},{"id":"0fbb9a90-7955-46a5-89cb-fb25f7d98aba","block_type":"box","text":"The price at which Shares will be redeemed on a Dealing Day is also calculated by ascertaining","page_number":98,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"4040afa4-c223-494d-a7c3-044969071f70","block_type":"box","text":"the Net Asset Value per Share of the relevant class on the relevant Dealing Day. The method","page_number":98,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"8ee01ea0-e580-4839-92a0-536ded57e919","block_type":"box","text":"of establishing the Net Asset Value of any Sub-Fund and the Net Asset Value per Share of any","page_number":98,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"75f3b089-6e4c-4313-802d-21707d61f2c4","block_type":"box","text":"class of Shares in a Sub-Fund is set out in the Articles as described herein under the heading","page_number":98,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"88a75062-f696-4d3d-8f82-3a5542cc0294","block_type":"box","text":"“Calculation of Net Asset Value/Valuation of Assets” below.","page_number":98,"box":{"x":121,"y":351,"width":498,"height":10}},{"id":"e7ecaae4-0273-4cd3-9468-49cef8e3a218","block_type":"box","text":"No Redemption Charge will be payable on the redemption of Shares in the Fund.","page_number":98,"box":{"x":121,"y":384,"width":652,"height":12}},{"id":"e1dff1c8-3bb7-4f8a-94a5-37d1ab3821db","block_type":"box","text":"When a redemption request has been submitted by an investor who is or is deemed to be a","page_number":98,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8b03af11-19be-496b-a6f8-421f5ef79976","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person, the Fund shall deduct","page_number":98,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"550a423a-07f6-4e90-a57e-f91f2b3d22db","block_type":"box","text":"from the redemption proceeds an amount which is equal to the tax payable by the Fund to the","page_number":98,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f91f55c3-cdd5-430d-ae3d-90f45285f423","block_type":"box","text":"Irish Revenue Commissioners in respect of the relevant transaction.","page_number":98,"box":{"x":121,"y":465,"width":551,"height":13}},{"id":"3e68b264-269a-4236-8026-c861c0dd10ac","block_type":"box","text":"If redemption requests in respect of any Shares are received by the Fund the implementation","page_number":98,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"58be93b0-7ecd-460d-833f-c6f67a117e31","block_type":"box","text":"on any Dealing Day of which will, in the opinion of the Directors, necessitate the breaking of","page_number":98,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"fffcd309-402f-4c3f-b98d-e4a6c47241db","block_type":"box","text":"deposits at a penalty, the redemption price attributable to such Shares will be reduced by a","page_number":98,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"57cd407c-22b6-4509-9c46-280d600b37fc","block_type":"box","text":"proportionate part of such reduction in value or penalty, which, will be suffered by the relevant","page_number":98,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"fe5d209f-c8b8-42a9-863f-8a0f11ed9807","block_type":"box","text":"Sub-Fund in such manner, as the Directors may consider fair and equitable and is approved by","page_number":98,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"26c64fc9-686b-4b41-892b-a0442ef9e968","block_type":"box","text":"the Depositary. Alternatively, the Directors may arrange for the Fund to borrow monies in","page_number":98,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"536fb7f0-81a4-443b-b51a-4dba093b73d7","block_type":"box","text":"accordance with the “Borrowing and Lending Powers” section set out above and the costs of","page_number":98,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f41ae0f2-1c3f-4781-94e0-0d7a869a4d1c","block_type":"box","text":"such borrowing will be apportioned as aforesaid to such extent as the Directors may consider","page_number":98,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"38222d3a-25dc-4f85-a7b2-eb3ffc580e61","block_type":"box","text":"fair and equitable. The Directors consider that the provisions of this paragraph shall only be","page_number":98,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"3061de6c-bf7e-40b7-9d86-63e91a2612c8","block_type":"box","text":"utilised in exceptional circumstances.","page_number":98,"box":{"x":121,"y":646,"width":307,"height":13}},{"id":"af947e0b-de5a-4163-8d6f-c87779814283","block_type":"box","text":"Payment of Redemption Proceeds","page_number":98,"box":{"x":121,"y":678,"width":295,"height":13}},{"id":"963b4ab9-f22f-4d63-bd9b-cf71b799b66d","block_type":"box","text":"The amount due on redemption of Shares will be paid by telegraphic transfer to an account","page_number":98,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"1aae1629-3d87-491b-a9c9-4b5b37c87811","block_type":"box","text":"nominated by the Shareholder in the Base Currency of the relevant Sub-Fund (or in such other","page_number":98,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"07d82271-e4eb-433c-b145-dcd7a3f17f96","block_type":"box","text":"currency as the Directors shall determine) by the Settlement Date. Payment of redemption","page_number":98,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"c0a69ef2-23b6-4ce6-8778-2bbe25209440","block_type":"box","text":"proceeds will be made to the registered Shareholder or in favour of the joint registered","page_number":98,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"69a924f6-660b-4662-944e-c82e2e0fa2e4","block_type":"box","text":"Shareholders as appropriate. Third party payments are not permitted. The proceeds of the","page_number":98,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"81db269c-450b-44e9-afa4-05a3e57e548d","block_type":"box","text":"redemption of the Shares will only be paid on receipt by the Administrator of the Application","page_number":98,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"c6fbcb61-b75e-436a-badd-b615d7740975","block_type":"box","text":"Form and any supporting anti-money laundering/ financial crime or related documentation","page_number":98,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"875222d9-2183-4645-93ab-40bec8904912","block_type":"box","text":"(with the original documentation, where required, to follow by post) as the Fund or the","page_number":98,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"d374b0ed-5526-40ad-b002-3ece06e6bb2b","block_type":"box","text":"Administrator may require.","page_number":98,"box":{"x":121,"y":842,"width":224,"height":13}},{"id":"937bbc99-345a-44b8-a42c-9deae9ce6c56","block_type":"box","text":"The Fund will be required to withhold Irish tax on redemption monies, at the applicable rate,","page_number":98,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"233a6827-6aa6-4701-bbbc-51b987daba11","block_type":"box","text":"unless it has received from the Shareholder a Relevant Declaration in the prescribed form, (the","page_number":98,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"dfa10bb5-88ba-409f-a524-7b36f4ae3da3","block_type":"box","text":"99","page_number":99,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"66d4d80f-c0d7-4808-87d6-b7e1c049a609","block_type":"box","text":"Subscription Agreement, Finance Act Declaration and supporting documentation should be","page_number":99,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"4590be01-ff8c-45af-b40e-edc8c16eab8c","block_type":"box","text":"remitted by post thereafter) confirming that the Shareholder is not an Irish Resident and not an","page_number":99,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"caefc2bd-a671-4e97-99cc-917c5720d264","block_type":"box","text":"Irish Ordinary Resident investor in respect of whom it is necessary to deduct tax.","page_number":99,"box":{"x":121,"y":121,"width":657,"height":13}},{"id":"927a3ecd-708f-4f52-b5f3-4e5992e99eac","block_type":"box","text":"Limitations on Redemptions","page_number":99,"box":{"x":121,"y":154,"width":249,"height":13}},{"id":"8eb6b26e-6a33-4032-ba06-3d89bede8b07","block_type":"box","text":"The Fund may not redeem Shares of any Sub-Fund during any period when the calculation of","page_number":99,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"1d6f5cdf-5096-4e78-9ac6-37340a710d77","block_type":"box","text":"the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":99,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"a147e1fe-1689-46d9-8b8d-1962407b85e0","block_type":"box","text":"“Suspension of Calculation of Net Asset Value”","page_number":99,"box":{"x":121,"y":220,"width":387,"height":12}},{"id":"f8b28a3f-ce80-42d2-a85a-c8acf9a80815","block_type":"box","text":"below. Applicants for redemptions of Shares","page_number":99,"box":{"x":514,"y":220,"width":370,"height":12}},{"id":"0425d68a-7214-4670-a9e0-8dc889777fc7","block_type":"box","text":"will be notified of such postponement and, unless withdrawn, their applications will be","page_number":99,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"f61ddd35-65a1-4ff8-8d5a-b2f40f13b03d","block_type":"box","text":"considered as at the next Dealing Day following the ending of such suspension.","page_number":99,"box":{"x":121,"y":252,"width":646,"height":13}},{"id":"ea527f32-10e2-4cfa-8bc5-5e396a8da5c1","block_type":"box","text":"The Directors are entitled to limit the number of Shares of any Sub-Fund repurchased on any","page_number":99,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"1fa12385-fff0-424e-8b37-b58bda702d2e","block_type":"box","text":"Dealing Day to Shares representing 10 per cent of the total Net Asset Value of that Sub-Fund","page_number":99,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5c2660e9-9f9c-45fb-b7c9-450209098c70","block_type":"box","text":"on that Dealing Day (for LVNAV Sub-Funds, such gate may apply for up to 15 Business Days","page_number":99,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"c2130147-7165-4bc4-9297-5b5fd12d450c","block_type":"box","text":"at a time). In this event, the limitation will apply p","page_number":99,"box":{"x":121,"y":334,"width":404,"height":13}},{"id":"1ba3bc27-c745-44b8-a85f-933a0b0d58f3","block_type":"box","text":"pro rata","page_number":99,"box":{"x":524,"y":336,"width":69,"height":11}},{"id":"b9df7c86-5470-4e59-965b-02a87765c239","block_type":"box","text":"so that all Shareholders wishing to","page_number":99,"box":{"x":593,"y":334,"width":291,"height":13}},{"id":"1b12ff6b-c51d-47c9-b58b-f61485bb92b6","block_type":"box","text":"have Shares of that Sub-Fund redeemed on that Dealing Day realise the same proportion of","page_number":99,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"305962e5-e95c-4215-a050-aa82475ab375","block_type":"box","text":"such Shares. Shares not redeemed, but which would otherwise have been redeemed, will be","page_number":99,"box":{"x":121,"y":367,"width":763,"height":12}},{"id":"90e86e73-daca-498c-bfdd-71c706ebba1e","block_type":"box","text":"carried forward for redemption on the next Dealing Day. If requests for redemption are so","page_number":99,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"6e6d0fa5-6fb9-4824-a057-5f16da95e4ef","block_type":"box","text":"carried forward, the Administrator will inform the Shareholders affected.","page_number":99,"box":{"x":121,"y":400,"width":593,"height":12}},{"id":"427377ad-7f97-4108-971f-a113a9b2bfcb","block_type":"box","text":"The Articles contain special provisions where a redemption request received from a","page_number":99,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"bae1a644-d051-4455-b4bd-bccf8aa0f1b7","block_type":"box","text":"Shareholder would result in Shares representing more than five per cent of the Net Asset Value","page_number":99,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"367b16fc-bc10-49cb-bc8c-7912e807f722","block_type":"box","text":"of any Sub-Fund being redeemed by the Fund on any Dealing Day. In such a case, the Fund","page_number":99,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f598ac49-597c-4755-93b6-c331a12740d0","block_type":"box","text":"may satisfy the redemption request by a distribution of investments of the relevant Sub-Fund","page_number":99,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7b60322a-611b-454e-8615-f64cde2e3ca4","block_type":"box","text":"in specie provided that such a distribution would not be prejudicial to the interests of the","page_number":99,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"303c67ec-a6d6-423c-b527-e5a671b5d428","block_type":"box","text":"remaining Shareholders of that Sub-Fund. Where the Shareholder requesting such redemption","page_number":99,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"61669fc5-c53f-450e-b848-d726beae8d82","block_type":"box","text":"receives notice of the Fund’s intention to elect to satisfy the redemption request by such a","page_number":99,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"76b5a8c3-c6d7-41f0-aef6-36da5d82a1cf","block_type":"box","text":"distribution of assets that Shareholder may require the Fund instead of transferring those assets","page_number":99,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"71dc624b-04fd-4e62-895f-3227b9429c86","block_type":"box","text":"to arrange for their sale and the payment of the proceeds of sale to that Shareholder less any","page_number":99,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"56b96c62-3449-42cf-b541-55935f0cbe12","block_type":"box","text":"costs incurred in connection with such sale.","page_number":99,"box":{"x":121,"y":580,"width":356,"height":10}},{"id":"9444329d-7b62-4123-b628-700997a34cf6","block_type":"box","text":"The Articles provide that the Fund cannot effect a redemption of Shares, if after payment of","page_number":99,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"c3aae900-2b7f-4fcc-b57d-31726a2eb45d","block_type":"box","text":"any amount in connection with such redemption, the Net Asset Value of the issued share capital","page_number":99,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"25402c23-0d99-4071-a6c8-6aef81a33a34","block_type":"box","text":"of the Fund would be equal to or less than Euro 40,000","page_number":99,"box":{"x":121,"y":646,"width":439,"height":13}},{"id":"5f21cf3f-88d9-4f5b-b13d-07e7abeaa4dc","block_type":"box","text":"or its foreign currency equivalent. This","page_number":99,"box":{"x":566,"y":646,"width":318,"height":13}},{"id":"e522669d-1150-47a0-83e7-40eec6218dc4","block_type":"box","text":"will not apply to a redemption request accepted by the Directors in contemplation of the","page_number":99,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6d521e2d-440c-4975-8841-87ec10957c85","block_type":"box","text":"dissolution of the Fund.","page_number":99,"box":{"x":121,"y":679,"width":196,"height":9}},{"id":"6f708271-a8a8-4891-b7a1-6f06aa5396f4","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any request for redemption, or","page_number":99,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"195f85e8-eb31-4cb0-b324-51cbc2caef41","block_type":"box","text":"to compulsorily redeem Shares held by any Shareholder, without giving any reason where the","page_number":99,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6983d9e2-e055-48b7-b235-42277702d749","block_type":"box","text":"Fund suspects market timing. Without limiting the foregoing, and as further described below,","page_number":99,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"1694572b-835a-4635-aa56-fe7028748c9c","block_type":"box","text":"the Fund may not be used as a vehicle for frequent trading in response to short term market","page_number":99,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"6167ce30-eab0-4e89-95a2-f5ab859f0965","block_type":"box","text":"fluctuations (so called “market timing”). Accordingly, the Fund may reject any redemption","page_number":99,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"3a623695-f3a5-4a46-9053-3f3f6aeb6c4f","block_type":"box","text":"requests (or may compulsorily redeem Shares) from any investor that it determines is engaged","page_number":99,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b5c8cc1a-a0ea-465a-86ad-de684a5149b4","block_type":"box","text":"in market timing or other activity which it believes is harmful to the Fund or any Sub-Fund.","page_number":99,"box":{"x":121,"y":810,"width":744,"height":12}},{"id":"bfbc90cf-b60a-4d6a-a9af-d0ee76ac375d","block_type":"box","text":"Mandatory Redemptions","page_number":99,"box":{"x":121,"y":842,"width":220,"height":13}},{"id":"b735e960-afe4-40de-9714-a239b33a4290","block_type":"box","text":"100","page_number":100,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"cb262487-6bac-4b4f-940f-94519b09ee24","block_type":"box","text":"The Fund may compulsorily repurchase all of the Shares of any Sub-Fund if the Net Asset","page_number":100,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"f36d5ac7-e13a-4ead-bab4-0c457c71c339","block_type":"box","text":"Value of the relevant Sub-Fund is less than the Minimum Fund Size of the relevant Sub-Fund,","page_number":100,"box":{"x":121,"y":105,"width":763,"height":12}},{"id":"91db4d90-369d-437e-b29b-9c51a9ed928c","block_type":"box","text":"details of which are set out in the relevant section of Part 1 for each Sub-Fund.","page_number":100,"box":{"x":121,"y":121,"width":638,"height":10}},{"id":"6124cd4d-2c2e-46ee-bdba-2720f2fb17c9","block_type":"box","text":"The Fund reserves the right to redeem any Shares which are or become owned, directly or","page_number":100,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"30635d51-aa6d-42cf-b44b-d99ed8b58752","block_type":"box","text":"indirectly, by a U.S. Person (unless pursuant to an exemption under U.S. securities laws), by","page_number":100,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"a4db0fc9-cfd9-4b7b-9dd9-b34c688eee38","block_type":"box","text":"any person who appears to be in breach of any law or requirement of any country or","page_number":100,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"18b62f4f-17fc-437b-9cb8-0b281c826ae4","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such Shares,","page_number":100,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"39f9163e-c473-49b0-a778-62dcdff980cb","block_type":"box","text":"or by any person or person in circumstances which might result in the relevant Sub-Fund","page_number":100,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d440bacc-3940-418c-b884-37d28a277448","block_type":"box","text":"incurring any liability to taxation or suffering any other pecuniary legal or material","page_number":100,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ce1679df-533d-4936-9683-21cc0df5a5c0","block_type":"box","text":"administrative disadvantages or being in breach of any law or regulation which the relevant","page_number":100,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b830574d-0499-4840-a98b-6e4ffa40e07f","block_type":"box","text":"Sub-Fund might not otherwise have incurred, suffered or breached. In particular, the Fund may","page_number":100,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d6c9327d-a687-4a6c-a384-d72dd2a08136","block_type":"box","text":"exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":100,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"423875ad-499a-4177-bdd5-3efc7e64c69e","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":100,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"4ad6b300-2638-40da-b94d-388cdb235eed","block_type":"box","text":"FATCA.","page_number":100,"box":{"x":121,"y":318,"width":76,"height":10}},{"id":"1992b339-34e3-403f-85a7-6edf8ad2f21e","block_type":"box","text":"Where Taxable Irish Persons acquire and hold Shares, the Fund shall, where necessary for the","page_number":100,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"68db9120-334d-46d2-8bcc-71a2bedf9997","block_type":"box","text":"collection of Irish Tax, redeem and cancel Shares held by a person who is or is deemed to be a","page_number":100,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"a289a7a4-1aef-4f7c-b980-5f04f89e7b3e","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person on the occurrence of a","page_number":100,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"1f176c34-35cd-41c8-b0ca-61a9f67fef40","block_type":"box","text":"chargeable event for taxation purposes and to pay the proceeds thereof to the Irish Revenue","page_number":100,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"782448df-f1c0-473b-a96f-292f557c681f","block_type":"box","text":"Commissioners.","page_number":100,"box":{"x":121,"y":416,"width":135,"height":10}},{"id":"067785c5-a73a-48ff-bf7e-419c0bda6564","block_type":"box","text":"Exchange of Shares","page_number":100,"box":{"x":121,"y":449,"width":174,"height":13}},{"id":"cd600640-1e0a-4aa1-b3e2-c69102dccbde","block_type":"box","text":"Shareholders will be able to apply to exchange on any Dealing Day all or part of their holding","page_number":100,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"78e9bf4d-0b6c-4f3d-b595-10b05a6252e7","block_type":"box","text":"of Shares of any class in any Sub-Fund (the “First Class”) for Shares in a corresponding class","page_number":100,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"af7f1035-84f1-45df-8670-6370a9c78e00","block_type":"box","text":"in another Sub-Fund which are being offered at that time (the “New Class”) provided that all","page_number":100,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"32301583-9355-46bb-a9cc-3b439b97132a","block_type":"box","text":"the criteria for applying for Shares in the New Class have been met and by giving notice to the","page_number":100,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"ad37e9c0-f016-4135-9d48-dc21e875e3d8","block_type":"box","text":"Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. Unless","page_number":100,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"39cb28a3-11f3-4c1b-a525-6082114304ab","block_type":"box","text":"otherwise determined by the Directors, a Shareholder may exchange Shares of one class in any","page_number":100,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"f2f11a81-497f-43eb-8c66-8fc61c8599dc","block_type":"box","text":"Sub-Fund for Shares in another class of the same Sub-Fund. The Directors may however at","page_number":100,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"4991e7e2-e65b-46dd-9a65-9fb891a3bf50","block_type":"box","text":"their discretion agree to accept requests for exchange received after the relevant Dealing","page_number":100,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"4998b8c7-c22e-4428-b8d5-a545a061b006","block_type":"box","text":"Deadline provided they are received prior to the relevant Valuation Point. The general","page_number":100,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"124b54af-779b-4d3e-9303-2712c96a5883","block_type":"box","text":"provisions and procedures relating to the issue and redemption of Shares will apply equally to","page_number":100,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"4cd766fa-0d74-4462-8335-337cf18b2b60","block_type":"box","text":"exchanges save in relation to charges payable details of which are set out below and in Part 1","page_number":100,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"d67e0f1a-2d00-47e4-b2a1-d4eab807fe96","block_type":"box","text":"for the relevant Sub-Fund.","page_number":100,"box":{"x":121,"y":662,"width":217,"height":10}},{"id":"8f9ae980-cae3-44b3-84f5-54e6ee6367b8","block_type":"box","text":"When requesting the exchange of Shares as an initial investment in a Sub-Fund, Shareholders","page_number":100,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"1a696614-25dc-4bec-b870-5e2b8f21c6a8","block_type":"box","text":"should ensure that the value of the Shares exchanged is equal to or exceeds the Minimum Initial","page_number":100,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"3ed3206c-391f-49dc-9719-ec1a94365363","block_type":"box","text":"Subscription for the relevant New Class specified in the relevant section of Part 1 for the","page_number":100,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"181afa0b-3fd7-42a4-9a70-532e0e57bd3d","block_type":"box","text":"relevant Sub-Fund. In the case of an exchange of a partial holding only, the value of the","page_number":100,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"7e4deb38-42a7-4fe6-b253-58972d3d272e","block_type":"box","text":"remaining holding must also be at least equal to the Minimum Holding for the First Class.","page_number":100,"box":{"x":121,"y":761,"width":730,"height":12}},{"id":"8b151a2b-a0eb-4881-83c2-5400eec3dfca","block_type":"box","text":"The number of Shares of the New Class to be issued will be calculated in accordance with the","page_number":100,"box":{"x":121,"y":793,"width":763,"height":10}},{"id":"0683e1e1-68ed-4b25-b529-e356bbd21055","block_type":"box","text":"following formula:","page_number":100,"box":{"x":121,"y":810,"width":150,"height":12}},{"id":"46332081-e674-43d7-8fc7-434457bf1b5a","block_type":"box","text":"S = [R x (RP x ER)] – F","page_number":100,"box":{"x":400,"y":842,"width":206,"height":13}},{"id":"3420faf0-0013-4784-8024-58ddc391ccd1","block_type":"box","text":"SP","page_number":100,"box":{"x":489,"y":859,"width":22,"height":10}},{"id":"29809a80-8132-403c-86f9-9b7277a707da","block_type":"box","text":"where:","page_number":100,"box":{"x":121,"y":875,"width":59,"height":10}},{"id":"887c6e3d-d7c0-4747-912b-a16948466fd2","block_type":"box","text":"101","page_number":101,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"6cbb9a42-32bb-4eaa-8f3b-77d9a7af4c19","block_type":"box","text":"R","page_number":101,"box":{"x":121,"y":89,"width":14,"height":9}},{"id":"f7058211-0882-45b7-89f5-f3e625589684","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":93,"width":16,"height":5}},{"id":"13d3c20f-06ce-4cb3-b7f8-7da051a12847","block_type":"box","text":"the number of Shares of the First Class to be exchanged;","page_number":101,"box":{"x":302,"y":89,"width":461,"height":12}},{"id":"1ab31694-4956-4c99-8a20-a1f71f0d21f6","block_type":"box","text":"S","page_number":101,"box":{"x":121,"y":121,"width":10,"height":10}},{"id":"41992f7c-8316-418a-879d-83ba09f32366","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":126,"width":16,"height":5}},{"id":"e44a1468-1d6c-4881-b2e5-7789d5c62bdc","block_type":"box","text":"the number of Shares of the New Class to be issued;","page_number":101,"box":{"x":302,"y":121,"width":426,"height":12}},{"id":"ba02a85a-7388-4c38-b92e-6bcc9da2de03","block_type":"box","text":"RP","page_number":101,"box":{"x":121,"y":154,"width":26,"height":10}},{"id":"25c7191b-fafc-4d6e-b8a8-b94c94fdbc1c","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":158,"width":16,"height":6}},{"id":"750b4735-e0c5-48ef-9767-fe32e2aa469c","block_type":"box","text":"the redemption price per Share of the First Class as at the Valuation","page_number":101,"box":{"x":302,"y":154,"width":582,"height":13}},{"id":"eb5dc3bf-85fe-481b-8459-350906b03995","block_type":"box","text":"Point for the relevant Dealing Day;","page_number":101,"box":{"x":245,"y":170,"width":289,"height":13}},{"id":"2b3be6ab-7597-43d1-9545-e433cbcf146f","block_type":"box","text":"ER","page_number":101,"box":{"x":121,"y":203,"width":27,"height":10}},{"id":"3e660707-12d7-47a1-a27e-491e745ed58f","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":208,"width":16,"height":5}},{"id":"6dc29ae3-659e-4ac3-90c2-7dcb8cf4e0da","block_type":"box","text":"in the case of an exchange of Shares designated in the same Base","page_number":101,"box":{"x":302,"y":203,"width":582,"height":13}},{"id":"45654e4a-d3ed-40ee-a124-5fbf497c8c72","block_type":"box","text":"Currency is 1. In any other case, it is the currency conversion factor determined","page_number":101,"box":{"x":245,"y":220,"width":639,"height":12}},{"id":"1c6a0105-623c-4c14-b76f-e6fa235cd84c","block_type":"box","text":"by the Directors at the Valuation Point for the relevant Dealing Day as","page_number":101,"box":{"x":245,"y":236,"width":639,"height":13}},{"id":"f75f3cbf-9cbf-4b6b-a057-da8cb28da72a","block_type":"box","text":"representing the effective rate of exchange applicable to the transfer of assets","page_number":101,"box":{"x":245,"y":252,"width":639,"height":13}},{"id":"c315dcb0-047a-42b8-b005-d8781084b71a","block_type":"box","text":"relating to the First and New Classes of Shares after adjusting such rate as may","page_number":101,"box":{"x":245,"y":269,"width":639,"height":13}},{"id":"db8ce73c-faad-4ecb-9d3c-b266aeeded47","block_type":"box","text":"be necessary to reflect the effective costs of making such transfer;","page_number":101,"box":{"x":245,"y":285,"width":537,"height":13}},{"id":"2e34a969-e58b-4a87-b399-f0c16afa5c23","block_type":"box","text":"SP","page_number":101,"box":{"x":121,"y":318,"width":23,"height":10}},{"id":"f5a5aa36-df22-48f0-ad09-fe7867877d87","block_type":"box","text":"=","page_number":101,"box":{"x":242,"y":322,"width":16,"height":6}},{"id":"7a077e07-6f4e-4767-80f0-993019364027","block_type":"box","text":"the issue price per Share of the New Class as at the Valuation Point for","page_number":101,"box":{"x":302,"y":318,"width":582,"height":13}},{"id":"79751f5b-fccd-4be0-bd9c-3667c8a5ecc8","block_type":"box","text":"the applicable Dealing Day; and","page_number":101,"box":{"x":242,"y":334,"width":264,"height":13}},{"id":"57eb7a44-e1ff-4ede-a9c7-fb6c2f808e1d","block_type":"box","text":"F","page_number":101,"box":{"x":121,"y":367,"width":17,"height":10}},{"id":"98f67b73-558c-45ea-91a5-f053e4a17e1e","block_type":"box","text":"=","page_number":101,"box":{"x":242,"y":371,"width":16,"height":6}},{"id":"4c218848-9f5a-4e09-a835-213bec335623","block_type":"box","text":"the Exchange Charge (if any) payable on the exchange of Shares.","page_number":101,"box":{"x":302,"y":367,"width":532,"height":13}},{"id":"4a6bd7d0-102c-4ba3-a94e-545d5d22d624","block_type":"box","text":"An Exchange Charge of up to 2% of the redemption price of the Shares being exchanged may","page_number":101,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"b5cbfc7c-ab99-43a2-90b3-6740c181b0aa","block_type":"box","text":"be charged by the Fund on the exchange of Shares but it is the intention of the Directors that","page_number":101,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"2e3a823c-cb76-45ad-9e00-5b3503b610d6","block_type":"box","text":"such charge (if any) should not exceed such amount as is set out in Part I for the relevant Sub\u0002","page_number":101,"box":{"x":121,"y":433,"width":757,"height":13}},{"id":"388e5a3c-7eb0-4fd6-8c35-3ed911f3fd3e","block_type":"box","text":"Fund.","page_number":101,"box":{"x":121,"y":449,"width":51,"height":10}},{"id":"49954c06-93aa-40e7-8192-b14899bc2f4c","block_type":"box","text":"Where there is an exchange of Shares, Shares of the New Class will be allotted and issued in","page_number":101,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c94ec383-4cb3-4efc-adfa-d85639622a9f","block_type":"box","text":"respect of and in proportion to the Shares of the First Class in the proportion S to R.","page_number":101,"box":{"x":121,"y":498,"width":681,"height":13}},{"id":"6f699231-b396-4f32-9e3b-7e81727fe409","block_type":"box","text":"In certain circumstances, at the discretion of the Directors, Shareholders will be deemed to","page_number":101,"box":{"x":121,"y":531,"width":763,"height":12}},{"id":"85ea2983-b88f-4bc4-aaf8-8810e4e92a52","block_type":"box","text":"have exchanged their Shares in one class of Shares for Shares in another Class of Shares where","page_number":101,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"c86a1aab-86a6-47c8-afde-c52ba66ed732","block_type":"box","text":"the Sub-Fund operates a tier mechanism between Share Classes (for example Share Classes 4","page_number":101,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"52124632-1ce8-40ae-8ff4-3edf05e57d63","block_type":"box","text":"to 7 of the Aviva Investors Sterling Liquidity Fund). In such an event the above provisions","page_number":101,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"12b719e7-7ae2-4ddf-a995-21fab99126f2","block_type":"box","text":"will apply except that the Shareholders will not be required to submit an exchange request and","page_number":101,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"3869b222-d23a-4f76-8017-0322c39d5bcc","block_type":"box","text":"the “Exchange Charge” will be waived.","page_number":101,"box":{"x":121,"y":613,"width":324,"height":13}},{"id":"ef32a828-8a24-4f31-a72d-75956570501a","block_type":"box","text":"Limitations on Exchange","page_number":101,"box":{"x":121,"y":646,"width":219,"height":12}},{"id":"bb97724f-348f-4d83-8940-4b31820b082d","block_type":"box","text":"Shares may not be exchanged for Shares of a different class during any period when the","page_number":101,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"112f1d17-3152-4a2b-ac9b-f9fe2ed36eef","block_type":"box","text":"calculation of the Net Asset Value of the relevant Sub-Fund or Sub-Funds is suspended in the","page_number":101,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"e789bc91-0a9b-4257-9652-17e61a8f87c9","block_type":"box","text":"manner described under “Suspension of Calculation of Net Asset Value” below. Applicants","page_number":101,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"848fc623-720f-4dad-b63c-f02522469dca","block_type":"box","text":"for exchange of Shares will be notified of such postponement and, unless withdrawn, their","page_number":101,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0720dc6d-a943-477a-9437-a31726fea3f2","block_type":"box","text":"applications will be considered as at the next Dealing Day following the ending of such","page_number":101,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"29e67e82-ab31-4b18-9be6-1e73215a5a5e","block_type":"box","text":"suspension.","page_number":101,"box":{"x":121,"y":761,"width":98,"height":12}},{"id":"8df6cecb-b467-400d-88d7-ccdb7f1bc048","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for exchange,","page_number":101,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"d3016942-0b80-4f54-bec2-d35a05efd861","block_type":"box","text":"or to compulsorily redeem Shares held by any Shareholder, without giving any reason where","page_number":101,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"72bd7e18-a730-4e65-8156-ffddd481b4fc","block_type":"box","text":"the Fund suspects market timing. Without limiting the foregoing, and as further described","page_number":101,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"20f08dc7-69aa-49df-9d1e-045616ab2178","block_type":"box","text":"below, the Fund may not be used as a vehicle for frequent trading in response to short term","page_number":101,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b12789bb-23ce-4e12-bc48-ea7cc1814f0c","block_type":"box","text":"market fluctuations (so called “market timing”). Accordingly, the Fund may reject any","page_number":101,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"95e1d892-024e-4ca1-b54a-bad0e1e5c234","block_type":"box","text":"exchange requests (or may compulsorily redeem Shares) from any investor that it determines","page_number":101,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"1dcb5418-9454-4ca6-bd5d-7727a0e3d9aa","block_type":"box","text":"is engaged in market timing or other activity which it believes is harmful to the Fund or any","page_number":101,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"519a2415-fa05-4133-bc57-c07852751a39","block_type":"box","text":"102","page_number":102,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"df7bfcbd-b653-48ba-9d7f-89952e8184ed","block_type":"box","text":"Sub-Fund.","page_number":102,"box":{"x":121,"y":89,"width":89,"height":9}},{"id":"c351b7e0-8525-4fc1-8cd7-ed2f59c483e1","block_type":"box","text":"Calculation of Net Asset Value/Valuation of Assets","page_number":102,"box":{"x":121,"y":121,"width":439,"height":10}},{"id":"c4792a4a-2622-458e-a218-340ae2d52494","block_type":"box","text":"General","page_number":102,"box":{"x":121,"y":154,"width":74,"height":10}},{"id":"bac5e432-1f63-4993-979b-dd1b82919b74","block_type":"box","text":"Where there is more than one class of Shares in a Sub-Fund in issue, the Net Asset Value per","page_number":102,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"bdaebcdd-3121-4c8e-a5ce-7fd3f4290145","block_type":"box","text":"Share of any class is calculated by the Directors or their delegate by ascertaining the Net Asset","page_number":102,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"62933a51-e242-4523-b49a-109848501b7e","block_type":"box","text":"Value of the relevant Sub-Fund as at the Valuation Point for that Sub-Fund for the relevant","page_number":102,"box":{"x":121,"y":220,"width":763,"height":10}},{"id":"b83f9c3d-939a-4da8-ad26-71eac0f1e5b0","block_type":"box","text":"Dealing Day (to which the Directors or their delegate may apply a provision for duties and","page_number":102,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"18d30c1d-595f-4576-9810-5070e9f60997","block_type":"box","text":"charges) and determining the amount of the Net Asset Value which is attributable to the","page_number":102,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"08c3057c-88dc-4969-a66c-a7d82e7c5466","block_type":"box","text":"relevant class of Shares. The Net Asset Value per Share of the relevant class is calculated by","page_number":102,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"fc9d01b4-e801-4709-b1c0-e94bf1ead28f","block_type":"box","text":"dividing that proportion of the Net Asset Value of the Sub-Fund which is attributable to the","page_number":102,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"cd9eb55a-89e9-47ee-ae0e-1c694cb957dd","block_type":"box","text":"relevant class by the total number of Shares of the relevant class in issue at the relevant","page_number":102,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5a36e5fa-aab6-42d7-8fa1-c34d54456b7b","block_type":"box","text":"Valuation Point. The Valuation Point for each Sub-Fund is set out in Part 1 for the relevant","page_number":102,"box":{"x":121,"y":318,"width":763,"height":10}},{"id":"fd8b3483-a65f-4282-a7fe-2fa6e8eac304","block_type":"box","text":"Sub-Fund. The Net Asset Value per Share is the resulting sum rounded to the nearest seven","page_number":102,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"56fafcef-5bf9-4384-9841-fe8136cc9eb5","block_type":"box","text":"decimal places (or such other amount as may be determined by the Directors at their discretion).","page_number":102,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"4c774c70-9d3c-477f-bc8f-f5a67486d5e2","block_type":"box","text":"The Articles provide for the method of valuation of the assets and liabilities of each Sub-Fund","page_number":102,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"90148d78-f208-4b46-9355-e9f27c64ea04","block_type":"box","text":"and of the Net Asset Value of each Fund. Pursuant to the terms of the Management Agreement,","page_number":102,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"80527031-464b-4b27-99a1-fe2c5221a87e","block_type":"box","text":"the Directors have, among other things, delegated to the Manager all of their powers relating","page_number":102,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"93d1c3be-e5b3-4ed9-9ec2-9da109bf1009","block_type":"box","text":"to the valuation of assets and liabilities of each Sub-Fund.","page_number":102,"box":{"x":121,"y":433,"width":472,"height":10}},{"id":"4b678e63-22d2-47e4-b03c-fcdeff08d227","block_type":"box","text":"Calculation of Net Asset Value per share for LVNAV Money Market Funds","page_number":102,"box":{"x":121,"y":465,"width":655,"height":13}},{"id":"e099f131-dba0-4f77-b0d7-1fc5fd8ed1c6","block_type":"box","text":"Any LVNAV Money Market Fund shall calculate a constant Net Asset Value per share as the","page_number":102,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"4f1a331e-fce2-4940-a2ee-e4c2b354cbc4","block_type":"box","text":"difference between the sum of all of its assets valued in accordance with the amortised cost","page_number":102,"box":{"x":121,"y":515,"width":763,"height":10}},{"id":"512f6a4e-be83-4d4f-8c57-b1749bfe9897","block_type":"box","text":"method as described below and the sum of all its liabilities divided by the number of its","page_number":102,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"1cfa459b-772f-48a8-a27b-1a91c09d5c7b","block_type":"box","text":"outstanding shares. The constant Net Asset Value per Share of a LVNAV Money Market Fund","page_number":102,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"7010592b-9029-48e0-9f4b-29d8b075ad71","block_type":"box","text":"shall be rounded to the nearest percentage point or its equivalent when the constant Net Asset","page_number":102,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"ff29a1e1-3079-4851-a4eb-11904ffcb720","block_type":"box","text":"Value is published in a currency unit.","page_number":102,"box":{"x":121,"y":580,"width":306,"height":13}},{"id":"9367b6ae-f38a-433a-9a1f-4437f3becd20","block_type":"box","text":"The constant Net Asset Value per Share shall be calculated at least daily. The difference","page_number":102,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"5c32f946-187d-427c-9fd8-2999e73e1817","block_type":"box","text":"between the constant Net Asset Value per Share and the Net Asset Value per share calculated","page_number":102,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"c6ef223f-b99f-4465-8ee9-01876cddd0a2","block_type":"box","text":"in accordance with Article 30 of the Money Market Fund Regulation shall be monitored and","page_number":102,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"2db6f7e7-70d2-4c25-b4f5-677b47324e8c","block_type":"box","text":"published daily on www.avivainvestors.com.","page_number":102,"box":{"x":121,"y":662,"width":374,"height":13}},{"id":"60937f17-4945-42c8-9a05-599ce5106edf","block_type":"box","text":"Where the constant Net Asset Value per Share deviates from the Net Asset Value per Share as","page_number":102,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"f738e1f9-ebeb-4b90-a5b7-4b59364b22ea","block_type":"box","text":"calculated using the methodology for Variable NAV Money Market Funds (as provided for","page_number":102,"box":{"x":121,"y":713,"width":763,"height":12}},{"id":"1e929e5a-0cc1-44e2-833e-84800f0d981a","block_type":"box","text":"below) by more than 20 basis points any following subscriptions and redemptions in the Fund","page_number":102,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"93432b3a-d35a-4844-be1f-023f8d3572b9","block_type":"box","text":"shall be undertaken at a price that is equal to the NAV per share calculated in accordance with","page_number":102,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"64a7a912-cdfb-448f-9f67-f9f528e3e5d4","block_type":"box","text":"the Variable NAV MMF valuation while (i) such 20 basis point deviation subsists or (ii) such","page_number":102,"box":{"x":121,"y":762,"width":763,"height":13}},{"id":"9fa3cbd4-57ca-41fb-82a7-4f19ead4556b","block_type":"box","text":"deviation does decrease below 20 basis points but is above 15 basis points and in the case of","page_number":102,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"82e7faf7-8d1c-4b67-bd1b-125b97a15ab2","block_type":"box","text":"(ii) the Manager deems it to be in the best interests of the Sub-Fund as a whole to continue to","page_number":102,"box":{"x":121,"y":795,"width":763,"height":12}},{"id":"d804aa8a-cc0c-443f-ad5f-36cd9f1d3343","block_type":"box","text":"use the Variable NAV MMF Valuation.","page_number":102,"box":{"x":121,"y":811,"width":326,"height":10}},{"id":"33fe6685-26ff-4f47-8533-500756a503ef","block_type":"box","text":"Calculation of Net Asset Value per share for Variable NAV Money Market Funds","page_number":102,"box":{"x":121,"y":844,"width":707,"height":12}},{"id":"b4c4f04f-0f23-493d-98a1-24ac272977ab","block_type":"box","text":"Any variable Money Market Fund shall calculate the Net Asset Value per Share as the","page_number":102,"box":{"x":121,"y":877,"width":763,"height":12}},{"id":"3d1baa0b-3eb7-4e3d-aa17-9ada50aa09a9","block_type":"box","text":"difference between the sum of all assets of the Money Market Fund and the sum of all liabilities","page_number":102,"box":{"x":121,"y":893,"width":763,"height":13}},{"id":"f646faf2-8abd-43fe-b0eb-b753e85c30ff","block_type":"box","text":"103","page_number":103,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"2e64ea94-89cc-4eeb-acf7-7ed32af6d3ed","block_type":"box","text":"of the Money Market Fund valued in accordance with the mark-to-market or mark-to-model,","page_number":103,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"4fa6e603-e79e-4d95-9886-53f57b3c9f57","block_type":"box","text":"or both divided by the number of outstanding shares of the Money Market Fund. The Net Asset","page_number":103,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"7367d8d7-947e-4e2e-abd6-a24c21bbb805","block_type":"box","text":"Value per Share shall be rounded to the nearest basis point or its equivalent when the Net Asset","page_number":103,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"3f20b9d7-4323-4955-96f1-b5d56f3fda3f","block_type":"box","text":"Value is published in a currency unit. The Net Asset Value per Share shall be calculated and","page_number":103,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"a4dc8e20-cb44-4e1e-90e9-4c045e61dc5c","block_type":"box","text":"published at least daily.","page_number":103,"box":{"x":121,"y":154,"width":195,"height":13}},{"id":"b17f7461-b315-444e-8242-e0b4f89ae2b9","block_type":"box","text":"Interim Dealing Cycles – Money Market Funds","page_number":103,"box":{"x":121,"y":187,"width":411,"height":13}},{"id":"295a9e57-c2e5-4909-a30d-b3bc0d63271a","block_type":"box","text":"The Fund may offer intra-day dealing for Money Market Funds through Interim Dealing Cycles","page_number":103,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"9fbc48af-9399-49a1-bd33-de021f939967","block_type":"box","text":"within which subscriptions and redemptions may be accepted for execution in that Interim","page_number":103,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"135d2989-9e8a-4321-8309-9a3a11eda320","block_type":"box","text":"Dealing Cycle where provided for in the relevant section of the Prospectus for a LVNAV Sub\u0002","page_number":103,"box":{"x":121,"y":252,"width":757,"height":13}},{"id":"947eaf9c-f0ce-4c87-abd1-e7130f36c6d4","block_type":"box","text":"Fund.","page_number":103,"box":{"x":121,"y":269,"width":51,"height":10}},{"id":"2f6e54ac-8ea9-47fe-99ac-7890ff710b97","block_type":"box","text":"Where Interim Dealing Cycles are offered to investors, it is done so at the discretion of the","page_number":103,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1664b5c3-108e-451f-b05d-676828b165a6","block_type":"box","text":"Manager. The Manager may, in its absolute discretion, run more or less Interim Dealing Cycles","page_number":103,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"93ce1109-7264-4cfc-9058-fad2cf232e76","block_type":"box","text":"for a particular Class or Sub-Fund. Interim Dealing Cycles will be immediately suspended in","page_number":103,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"8f79d177-70c1-406d-9cec-48d468511719","block_type":"box","text":"the event of a Valuation Deviation. In addition to the calculation of Net Asset Value of an","page_number":103,"box":{"x":121,"y":351,"width":763,"height":10}},{"id":"8e029a78-49a9-44e5-a1c7-5c203473df11","block_type":"box","text":"LVNAV MMF and review for a Valuation Deviation at each Valuation Point, the Net Asset","page_number":103,"box":{"x":121,"y":367,"width":763,"height":12}},{"id":"702e4608-fe56-47ec-994f-15579bb3e822","block_type":"box","text":"Value will be subject to intra-day checks during Interim Dealing Cycles and at the Dealing","page_number":103,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"d878e593-a59d-4a82-8eb9-ed8da4c39d23","block_type":"box","text":"Deadline to protect against undetected Valuation Deviations. The Manager, and its delegates,","page_number":103,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"bc5c5918-2548-4e65-a7fa-6506984ec292","block_type":"box","text":"continually monitor for market and credit risks which may give rise to such a Valuation","page_number":103,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"3658f48e-cbec-430f-a3ee-2b073369ff48","block_type":"box","text":"Deviation.","page_number":103,"box":{"x":121,"y":433,"width":89,"height":10}},{"id":"a2768d69-90e0-4e1d-ad30-a55d70aab516","block_type":"box","text":"Shareholders should note that Interim Dealing Cycles may be impacted by operational and","page_number":103,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"324f5947-a20e-49a5-a35a-3b090849e28a","block_type":"box","text":"settlement challenges and accordingly are subject to change. The number and/or time of Interim","page_number":103,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7392497c-d3b6-4c66-aeaa-ab090b3b9f8d","block_type":"box","text":"Dealing Cycles on any Dealing Day may vary as a result of such challenges. Subscriptions,","page_number":103,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"5d895bbf-fc48-4902-879a-293019566fb1","block_type":"box","text":"Share transfers and redemptions may be included in a later Interim Dealing Cycle or at the","page_number":103,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"221e789b-6670-49e1-a87b-1f0f2d421412","block_type":"box","text":"Dealing Deadline for a Dealing Day if, for any reason, their application was not processed in","page_number":103,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"6057b79f-1daa-4264-b3fe-4701febba38f","block_type":"box","text":"time for the intended Interim Dealing Cycle.","page_number":103,"box":{"x":121,"y":547,"width":363,"height":13}},{"id":"03062ca3-d664-4b8a-ab4e-a4daf62e98e6","block_type":"box","text":"Valuation of Money Market Funds","page_number":103,"box":{"x":121,"y":580,"width":305,"height":13}},{"id":"007aee3d-59eb-42eb-8705-a191579a6eaf","block_type":"box","text":"1.","page_number":103,"box":{"x":153,"y":613,"width":11,"height":10}},{"id":"38a8bda8-bd2c-4452-95a9-171d4f43b4fe","block_type":"box","text":"The assets of Money Market Funds shall be valued at the relevant Valuation Point using","page_number":103,"box":{"x":181,"y":613,"width":703,"height":13}},{"id":"70ab8b9e-48d5-42ce-8312-773217e43a29","block_type":"box","text":"mark-to-market whenever possible subject to the derogation set out in paragraphs 4 and","page_number":103,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"8b2efbca-f96d-44ae-a90a-c55b2ff07c9a","block_type":"box","text":"5 below.","page_number":103,"box":{"x":182,"y":646,"width":73,"height":10}},{"id":"cdf364de-bae1-4026-ace1-e0c01043e47c","block_type":"box","text":"2.","page_number":103,"box":{"x":151,"y":679,"width":13,"height":9}},{"id":"abeaa105-db6b-446f-97c7-6215e90e516f","block_type":"box","text":"When using mark-to-market, the assets of the Money Market Fund shall be valued at","page_number":103,"box":{"x":181,"y":679,"width":703,"height":12}},{"id":"57db24ab-8bbe-450b-8e06-1a579fe0eab4","block_type":"box","text":"the more prudent side of bid and offer unless the asset can be closed out at mid-market.","page_number":103,"box":{"x":181,"y":695,"width":703,"height":13}},{"id":"b618bce2-c49f-4070-9421-b5279fdfc585","block_type":"box","text":"The Manager will only use good quality market data and such data shall be assessed by","page_number":103,"box":{"x":181,"y":711,"width":703,"height":13}},{"id":"24d62cde-e862-4d47-a1c5-e58edf14cea2","block_type":"box","text":"the Manager on the basis of all of the following factors:","page_number":103,"box":{"x":181,"y":728,"width":454,"height":13}},{"id":"2bd23fa3-3823-43b3-a1f7-974e022b4c10","block_type":"box","text":"","page_number":103,"box":{"x":152,"y":765,"width":7,"height":5}},{"id":"36975f17-b8ee-4f3b-be6f-5fe08e5980e1","block_type":"box","text":"The number and quality of the counterparties;","page_number":103,"box":{"x":181,"y":762,"width":375,"height":12}},{"id":"a65270f9-b1f7-4a26-8029-8b64b4b846bb","block_type":"box","text":"","page_number":103,"box":{"x":152,"y":782,"width":7,"height":5}},{"id":"967c33d8-9d29-4fde-a92c-480fe935d16e","block_type":"box","text":"The volume and turnover in the market of the asset of the Money Market Fund;","page_number":103,"box":{"x":181,"y":779,"width":646,"height":13}},{"id":"cf4c769d-1f79-443d-ae02-254e91c85fd9","block_type":"box","text":"","page_number":103,"box":{"x":152,"y":799,"width":7,"height":6}},{"id":"936a61f9-2dc6-4b90-8273-5d5037083a86","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":103,"box":{"x":181,"y":796,"width":703,"height":13}},{"id":"3214a5d7-5427-481b-9e91-497af934bd2d","block_type":"box","text":"sell.","page_number":103,"box":{"x":182,"y":813,"width":37,"height":10}},{"id":"6ea7ea84-b10b-44f6-99d4-e19d65b4f45e","block_type":"box","text":"3.","page_number":103,"box":{"x":152,"y":846,"width":12,"height":9}},{"id":"b3b76877-2d99-46ce-a118-75d3f7ece4a6","block_type":"box","text":"Where use of mark-to-market is not possible or the market data is not of sufficient","page_number":103,"box":{"x":181,"y":845,"width":703,"height":13}},{"id":"0c0c262c-1de7-43dd-83d8-8b354cbc6787","block_type":"box","text":"quality, an asset of a Money Market Fund shall be valued conservatively by using mark\u0002","page_number":103,"box":{"x":181,"y":862,"width":697,"height":13}},{"id":"4ed555a9-6955-475e-8274-68573526c977","block_type":"box","text":"to-model. The model shall accurately estimate the intrinsic value of the asset of a","page_number":103,"box":{"x":181,"y":878,"width":703,"height":13}},{"id":"9ec0eacb-4df8-4cbf-9c12-e0b4b1091936","block_type":"box","text":"Money Market Fund, based on all of the following up-to-date key factors:","page_number":103,"box":{"x":181,"y":895,"width":601,"height":12}},{"id":"8176758c-3cf6-4902-ad64-3ef4eca2848d","block_type":"box","text":"104","page_number":104,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"2ced3097-6dba-4131-8ada-0eb28b0ae537","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":109,"width":7,"height":5}},{"id":"7f050f5f-f2d6-4538-9794-29de8b045cba","block_type":"box","text":"The volume and turnover in the market of that asset;","page_number":104,"box":{"x":181,"y":106,"width":428,"height":12}},{"id":"a7ce7abc-646b-43bb-ae3e-de70a2e87d57","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":126,"width":7,"height":6}},{"id":"c1b52d57-a151-4670-a351-633fa90a0919","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":104,"box":{"x":181,"y":123,"width":703,"height":13}},{"id":"5e457351-fe26-4cf4-b070-2c2f46a04c33","block_type":"box","text":"sell;","page_number":104,"box":{"x":182,"y":140,"width":38,"height":11}},{"id":"e3786557-9e04-4613-acb9-0f60a4d0839d","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":160,"width":7,"height":5}},{"id":"e5a310df-b7f3-48be-b9ee-5f8af6c50a7d","block_type":"box","text":"Market risk, interest rate risk, credit risk attached to the asset.","page_number":104,"box":{"x":181,"y":157,"width":502,"height":12}},{"id":"c8720213-9f9a-4b62-9c5a-32e279e476c6","block_type":"box","text":"When using the mark-to-model, the amortised cost method shall not be used.","page_number":104,"box":{"x":181,"y":190,"width":625,"height":13}},{"id":"03a25a47-1ef3-46d3-8db1-605c3d92d970","block_type":"box","text":"4.","page_number":104,"box":{"x":151,"y":223,"width":13,"height":10}},{"id":"b022144c-7879-4556-a8b5-0d52948a93a6","block_type":"box","text":"By way of a derogation from the above, the assets of LVNAV Money Market Sub\u0002","page_number":104,"box":{"x":181,"y":223,"width":697,"height":12}},{"id":"be0382c4-b94b-4a82-b6fe-75931af62b3f","block_type":"box","text":"Funds that have a residual maturity of up to 75 days will be valued using amortised cost","page_number":104,"box":{"x":181,"y":239,"width":703,"height":13}},{"id":"628d3a7c-b556-4790-a33a-995bb4987a2e","block_type":"box","text":"method.","page_number":104,"box":{"x":181,"y":255,"width":71,"height":10}},{"id":"7b21d431-5a97-4682-908a-ccf8e24e393e","block_type":"box","text":"5.","page_number":104,"box":{"x":151,"y":288,"width":13,"height":10}},{"id":"0ff2c6fa-31ff-441d-bb1b-83bacf1827dc","block_type":"box","text":"The amortised cost method shall only be used for valuing an asset of a LVNAV Money","page_number":104,"box":{"x":181,"y":288,"width":703,"height":13}},{"id":"6a3563f3-5951-46d8-ac2d-5ac3692225d6","block_type":"box","text":"Market Fund in circumstances where the price of that asset calculated in accordance","page_number":104,"box":{"x":181,"y":305,"width":703,"height":12}},{"id":"7e3ca599-57cb-4dde-ab5c-8a2dbac3617c","block_type":"box","text":"with the paragraphs 1,2 and 3 does not deviate from the price of that asset calculated in","page_number":104,"box":{"x":181,"y":321,"width":703,"height":13}},{"id":"543ab47b-7c2f-40fe-b35a-6c24b9a9fba1","block_type":"box","text":"accordance with the amortised cost method by more than 10 basis points. In the event","page_number":104,"box":{"x":182,"y":337,"width":702,"height":13}},{"id":"96e86800-7488-4c92-94f3-57273f277dcf","block_type":"box","text":"of such deviation, the price of that asset shall be calculated in accordance with","page_number":104,"box":{"x":182,"y":354,"width":702,"height":13}},{"id":"1cdfd3ea-0de5-471b-8deb-fa402c6b7476","block_type":"box","text":"paragraphs 1, 2 and 3 (as applicable).","page_number":104,"box":{"x":181,"y":370,"width":306,"height":13}},{"id":"8d59d837-7157-4284-9f9f-8a74143b4260","block_type":"box","text":"General Valuation – Non Money market Funds","page_number":104,"box":{"x":121,"y":403,"width":411,"height":13}},{"id":"787ed63b-e287-4395-9703-63c949e05b1d","block_type":"box","text":"Money market instruments in a non-money market Sub-Fund may be valued by the Directors","page_number":104,"box":{"x":121,"y":436,"width":763,"height":13}},{"id":"e0a24c62-f070-4fca-beef-5c2ad83f8ac1","block_type":"box","text":"or their delegates at their amortised cost, in accordance with the Central Bank’s requirements.","page_number":104,"box":{"x":121,"y":452,"width":761,"height":13}},{"id":"2c5b6ce0-05ba-498d-8db7-2447b9e4ccfe","block_type":"box","text":"Subject to the foregoing, any investments owned or contracted for by a Sub-Fund which are","page_number":104,"box":{"x":121,"y":485,"width":763,"height":13}},{"id":"be2e1a8d-7c19-4331-9a95-1755700d22c1","block_type":"box","text":"listed or dealt in on a Market the value thereof shall be based on the “latest mid-market price”,","page_number":104,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"3925eb42-d0f2-408e-8997-db942e2e1cc6","block_type":"box","text":"being the mean price between bid and offer prices for such security last available as at the","page_number":104,"box":{"x":121,"y":518,"width":763,"height":12}},{"id":"1aaf1fba-4f6c-4476-9d30-5b9de9dc3ee5","block_type":"box","text":"relevant Valuation Point. Where such Investment is listed or dealt in on more than one Market","page_number":104,"box":{"x":121,"y":534,"width":763,"height":10}},{"id":"816b9762-9193-434d-95c3-1cbb51844093","block_type":"box","text":"the Manager shall select the Market which constitutes the main market for the foregoing","page_number":104,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"a66345f4-ced8-4c29-9acb-3475c69dd943","block_type":"box","text":"purposes. Investments listed or traded on a regulated market but acquired at a premium or at a","page_number":104,"box":{"x":121,"y":567,"width":763,"height":13}},{"id":"21f7e9fa-57da-4bf3-8dc1-cf8567f6a337","block_type":"box","text":"discount outside the relevant market may be valued taking into account the level of premium","page_number":104,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"8d264210-3968-424a-9b20-a30046ac6ebe","block_type":"box","text":"or discount at the date of valuation.","page_number":104,"box":{"x":121,"y":600,"width":289,"height":10}},{"id":"453c2c3b-43ca-43d3-a818-890c74359f67","block_type":"box","text":"The Articles also provide that the value of any investment which is not listed or dealt in on a","page_number":104,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"6e15c85f-3984-4bd7-9d7e-59aeb4200801","block_type":"box","text":"Market or of any investment which is normally listed or dealt in on a Market but in respect of","page_number":104,"box":{"x":121,"y":649,"width":763,"height":13}},{"id":"87f773b5-0fdc-4361-a0fa-9082f8908f76","block_type":"box","text":"which (i) the Manager (as the Fund's delegate) shall determine that the amortised cost method","page_number":104,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"1def5a33-323d-4d22-93eb-c9531edd6ea9","block_type":"box","text":"of valuation is not appropriate and (ii) the middle market price is currently unavailable or the","page_number":104,"box":{"x":121,"y":682,"width":763,"height":12}},{"id":"6d5d5411-2ee2-4bf5-89ff-03da1c329603","block_type":"box","text":"current price of which does not in the opinion of the Manager represent fair market value shall","page_number":104,"box":{"x":121,"y":698,"width":763,"height":13}},{"id":"f6381816-37b7-4492-b7ef-7f5a3386683e","block_type":"box","text":"be the probable realisation value thereof estimated with care and in good faith by the Manager","page_number":104,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"0fabd36c-e7b0-42ea-96a7-bbade66234e5","block_type":"box","text":"or a competent person appointed by the Manager, in each case approved, for such purpose, by","page_number":104,"box":{"x":121,"y":731,"width":763,"height":13}},{"id":"b8c5bd09-9f2e-4e84-ab4a-f3fc13e907cc","block_type":"box","text":"the Depositary. In determining the probable realisation value of any such investment, a","page_number":104,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"28ee5b62-74dc-4e37-9ade-1e0b7141477e","block_type":"box","text":"certified valuation thereof provided by a competent independent person or, in the absence of","page_number":104,"box":{"x":121,"y":764,"width":763,"height":12}},{"id":"4fb12108-c091-49a7-bf91-c7fec378b668","block_type":"box","text":"any independent person, the Investment Manager, who in each case shall have been approved","page_number":104,"box":{"x":121,"y":780,"width":763,"height":13}},{"id":"e86a1363-1b65-4c99-91a2-c9b5ab78a9f5","block_type":"box","text":"for such purposes by the Depositary, shall be sufficient.","page_number":104,"box":{"x":121,"y":796,"width":454,"height":13}},{"id":"8d71dd55-97b4-4071-b411-46b82bb842be","block_type":"box","text":"The Articles also provide that valuations of units or shares or other similar participation in any","page_number":104,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"ca89c4ab-2d03-4a7c-b574-7fa33d46a904","block_type":"box","text":"collective investment scheme, which provides for the units or shares or other similar","page_number":104,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"bb78777a-09a0-4c53-b8a2-e362cf69c0b3","block_type":"box","text":"participation therein to be redeemed at the option of the holder out of the assets of that","page_number":104,"box":{"x":121,"y":862,"width":763,"height":13}},{"id":"11eb5128-79a6-49d6-93b2-ce7e08abb955","block_type":"box","text":"undertaking, shall be valued at the last available net asset value per unit or share or other similar","page_number":104,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"3f026ca2-d1b3-4816-86e6-5bf147e09117","block_type":"box","text":"participation as at the relevant Valuation Point or if bid and offer prices are published at the","page_number":104,"box":{"x":121,"y":895,"width":763,"height":12}},{"id":"f20bc7e2-24b1-4ef1-86f0-b93395860aef","block_type":"box","text":"105","page_number":105,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"28f13f5e-5f68-497f-b059-056babda6b70","block_type":"box","text":"last available bid price.","page_number":105,"box":{"x":121,"y":89,"width":191,"height":12}},{"id":"68b220c2-6c59-4c14-a4f3-20cc41dc52ba","block_type":"box","text":"The Articles further provide that the value of any cash in hand or on deposit, prepaid expenses,","page_number":105,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"11bbd5c3-6592-4453-ba3e-50f3b03bbaf7","block_type":"box","text":"cash dividends and interest declared or accrued and not yet received as at a Valuation Point","page_number":105,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ff982c77-7168-4bfb-b301-ec3644924764","block_type":"box","text":"shall be deemed to be the face value thereof with interest accrued where applicable, unless in","page_number":105,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"9c98974e-65f3-48ed-bd2f-7978f5997eea","block_type":"box","text":"any case the Directors are of the opinion that the same is unlikely to be paid or received in full","page_number":105,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"fc745ea7-0e91-4034-889a-1dbb8af91693","block_type":"box","text":"in which case the value thereof shall be arrived at after making such discount as the Directors","page_number":105,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"7ba6e103-4f75-4015-a997-d5d7c8ff9cab","block_type":"box","text":"may consider appropriate in such case to reflect the true value thereof as at any Valuation Point.","page_number":105,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d8b6be1c-a7ed-4565-a28a-4c8bfed9d434","block_type":"box","text":"The value of any demand notes, promissory notes and accounts receivable shall be deemed to","page_number":105,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"abd5c6b3-6ef8-4fed-b99f-718ebc59d477","block_type":"box","text":"be the face value or full amount thereof after making such discount as the Manager may","page_number":105,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"58eba07e-0ba3-4ae0-9711-1ae4095bf177","block_type":"box","text":"consider appropriate to reflect the true current value thereof as at the relevant Valuation Point.","page_number":105,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"796f16b3-495c-4671-89b0-767840169c4e","block_type":"box","text":"Certificates of deposit, treasury bills, bank acceptances, trade bills and other negotiable","page_number":105,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"b6f4af58-ff64-40d4-ae53-c8502750f10e","block_type":"box","text":"instruments shall each be valued by reference to the best price available for certificates of","page_number":105,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"503ff353-907d-4ae0-a421-99d3f01dd0f1","block_type":"box","text":"deposit, treasury bills, bank acceptances, trade bills and other negotiable instruments of like","page_number":105,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"fbced04d-e0b4-4ddc-b4a8-77c5a6fe9f77","block_type":"box","text":"maturity, amount and credit risk at the relevant Valuation Point.","page_number":105,"box":{"x":121,"y":351,"width":520,"height":13}},{"id":"0c16b684-8523-467e-a428-6a700ad8f630","block_type":"box","text":"Forward foreign exchange contracts shall be valued by reference to the price as at the relevant","page_number":105,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"17e9c60d-0cfc-4271-91af-504ebb31319b","block_type":"box","text":"Valuation Point at which a new forward contract of the same size and maturity could be","page_number":105,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"1a1d2f0e-1d5f-4319-baad-88c47731062e","block_type":"box","text":"undertaken, or, if unavailable, at the settlement price provided by the counterparty. The value","page_number":105,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"5c34cb33-e2a6-44bc-b4a9-598899076891","block_type":"box","text":"of any exchange traded futures contracts, share price index futures contracts and options and","page_number":105,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"34b6ed19-ca88-43d7-864b-f3832a89f98c","block_type":"box","text":"other derivatives contracts which are dealt in on a Market shall be the settlement price as","page_number":105,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"36af180e-e130-49a8-bfab-17af83ee120e","block_type":"box","text":"determined by the Market in question as at the relevant Valuation Point, provided that where it","page_number":105,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"af19175b-736f-41fb-a233-31e5efc8048d","block_type":"box","text":"is not the practice for the relevant Market to quote a settlement price or such settlement price","page_number":105,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"db0304dc-e181-4ec1-b1a5-9c305963aead","block_type":"box","text":"is not available for any reason as at the relevant Valuation Point, such value shall be the","page_number":105,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"cf153c31-c7e8-4389-9e63-39b4d593ba3c","block_type":"box","text":"probable realisation value thereof estimated with care and in good faith by the Administrator","page_number":105,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"cd89bf12-190d-4a41-8e57-eb19899251af","block_type":"box","text":"or another competent person provided that the Administrator or such other competent person","page_number":105,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"61ef3835-2c45-45e1-a459-9ef1d8c7b249","block_type":"box","text":"have been approved for such purpose by the Depositary.","page_number":105,"box":{"x":121,"y":547,"width":459,"height":13}},{"id":"3cf26a5b-e6f8-44bf-ae01-6760ad93cc0a","block_type":"box","text":"The value of any off-exchange derivative contracts shall be the quotation from the counterparty","page_number":105,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"697cbc3c-1611-4713-a849-fb2cdd9300f7","block_type":"box","text":"to such contracts at the Valuation Point and shall be valued at least daily. The valuation will","page_number":105,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"b991c65f-ced8-4e5d-86e5-47a9f7432415","block_type":"box","text":"be verified at least weekly by a party independent of the counterparty, who has been approved","page_number":105,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"584f6146-e5bc-49ab-b8e3-33abce1a5df9","block_type":"box","text":"for such purpose by the Depositary.","page_number":105,"box":{"x":121,"y":629,"width":292,"height":13}},{"id":"f850cbcb-0752-463e-85a5-58d837782aee","block_type":"box","text":"Any value expressed otherwise than in the Base Currency of the relevant Sub-Fund (whether","page_number":105,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"dc3780c9-8420-4263-b8c8-625f484d1215","block_type":"box","text":"of any investment or cash) and any non-Base Currency borrowing shall be converted into the","page_number":105,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"426ae5bd-a17f-4c3a-886f-0e09e67d18bb","block_type":"box","text":"Base Currency at the rate (whether official or otherwise) which the Manager shall determine to","page_number":105,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"2d124281-7378-4b7a-ba1f-f7b88f07df17","block_type":"box","text":"be appropriate in the circumstances.","page_number":105,"box":{"x":121,"y":711,"width":295,"height":13}},{"id":"b4ef36de-dc09-4864-873d-c69781f7c367","block_type":"box","text":"Notwithstanding any of the foregoing, the Manager may with the approval of the Depositary","page_number":105,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"dd1f51e3-9ea7-4882-9b60-1b01a43e2e5b","block_type":"box","text":"adjust the value of any investment or other asset if, having regard to currency, applicable rate","page_number":105,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"28ef8d0e-bc5a-41f9-82e0-8435cd9ac85c","block_type":"box","text":"of interest, anticipated rate of dividend, maturity, marketability, liquidity and/or such other","page_number":105,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"b24c30c7-210b-4049-a8b5-9474ebcfc1a5","block_type":"box","text":"considerations as they may deem relevant, they consider that such adjustment is required to","page_number":105,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5b815636-6c40-44d2-9ada-5e0b2626c2f4","block_type":"box","text":"reflect the fair value thereof as at the relevant Valuation Point.","page_number":105,"box":{"x":121,"y":810,"width":508,"height":10}},{"id":"52123433-8166-48f2-bb5a-1131b48c9d4b","block_type":"box","text":"If in any case a particular value is not ascertainable as above provided or if the Directors shall","page_number":105,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"ee39096b-306f-42e8-8f8e-196973ec0a48","block_type":"box","text":"consider that some other method of valuation better reflects the fair value of the relevant","page_number":105,"box":{"x":121,"y":859,"width":763,"height":10}},{"id":"1ea1154e-fb9e-42ed-914a-d925fc671147","block_type":"box","text":"investment, then in such case the method of valuation of the relevant investment shall be such","page_number":105,"box":{"x":121,"y":875,"width":763,"height":12}},{"id":"0676fc4b-009a-4e79-b550-1edff603d0be","block_type":"box","text":"as the Manager shall determine, such method of valuation to be approved by the Depositary","page_number":105,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"c48b7c40-786c-4111-a172-ea65700082a3","block_type":"box","text":"106","page_number":106,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"9198f845-c832-40c3-84ee-e7246ef4274c","block_type":"box","text":"and the rationale used shall be clearly documented.","page_number":106,"box":{"x":121,"y":89,"width":417,"height":12}},{"id":"b0ea2826-26c8-4132-8d08-6222f6ae6d71","block_type":"box","text":"Suspension of Calculation of Net Asset Value","page_number":106,"box":{"x":121,"y":121,"width":391,"height":13}},{"id":"d7d391f3-2e32-48cb-9a1f-6533d61eafd5","block_type":"box","text":"The Directors may at any time temporarily suspend the calculation of the Net Asset Value of","page_number":106,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6e8a0848-740a-460c-9311-b017063c5ef1","block_type":"box","text":"any Sub-Fund and the issue, redemption and exchange of Shares and the payment of","page_number":106,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"51cc2a18-edbd-47e5-9d4a-c6c565c8c454","block_type":"box","text":"redemption proceeds during:","page_number":106,"box":{"x":121,"y":187,"width":236,"height":13}},{"id":"3ef10dbb-6a0a-4da7-a8b3-d0bd1c0e1274","block_type":"box","text":"(i) any period when any of the Markets on which a substantial portion of the investments","page_number":106,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d660fc2f-1b86-40fe-97a3-51dc3b36f4b3","block_type":"box","text":"of the relevant Sub-Fund from time to time are quoted is closed, otherwise than for","page_number":106,"box":{"x":182,"y":236,"width":702,"height":13}},{"id":"dcd7f786-c939-4438-b26a-dd0565d57bba","block_type":"box","text":"ordinary holidays, or during which dealings therein are restricted or suspended; or","page_number":106,"box":{"x":182,"y":252,"width":666,"height":13}},{"id":"f7eabc71-01b8-490c-8b4c-907c9c512b04","block_type":"box","text":"(ii) any period when, as a result of political, economic, military or monetary events or any","page_number":106,"box":{"x":121,"y":269,"width":761,"height":13}},{"id":"9a5b8ab1-f8ba-48bb-af93-bebadad5b28e","block_type":"box","text":"circumstances outside the control, responsibility and power of the Directors, disposal","page_number":106,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"22fee08c-4d71-48c7-858b-95cd4fb0ea11","block_type":"box","text":"or valuation of a substantial portion of the investments of the relevant Sub-Fund is not","page_number":106,"box":{"x":182,"y":302,"width":702,"height":12}},{"id":"28d39a38-4505-43cd-a274-546955987fae","block_type":"box","text":"reasonably practicable without this being seriously detrimental to the interests of","page_number":106,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"ccd599ff-56af-4cee-a8e9-7ffacbdd5b6b","block_type":"box","text":"Shareholders of the relevant Sub-Fund or if, in the opinion of the Directors, the Net","page_number":106,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"c1178866-8aa5-4699-adc3-0f00ae5fda32","block_type":"box","text":"Asset Value of the Sub-Fund cannot be fairly calculated; or","page_number":106,"box":{"x":181,"y":351,"width":485,"height":13}},{"id":"bf577d35-d7d3-46de-aa69-da4b6dfa9312","block_type":"box","text":"(iii) any breakdown in the means of communication normally employed in determining the","page_number":106,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d7b488cb-e1f7-4e37-a14c-0d3f17698201","block_type":"box","text":"price of a substantial portion of the investments of the relevant Sub-Fund or when for","page_number":106,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"fcdf731f-99e3-4b66-bb91-a904ffa0e416","block_type":"box","text":"any other reason the current prices on any Market of any of the investments of the","page_number":106,"box":{"x":182,"y":400,"width":702,"height":13}},{"id":"58049810-92a3-466f-b699-fad8e44b90b5","block_type":"box","text":"relevant Sub-Fund cannot be promptly and accurately ascertained; or","page_number":106,"box":{"x":181,"y":416,"width":561,"height":13}},{"id":"1dff7ef4-4dae-4eae-9cfe-08e0eb57cfae","block_type":"box","text":"(iv) any period during which any transfer of funds involved in the realisation or","page_number":106,"box":{"x":121,"y":433,"width":672,"height":13}},{"id":"e12eb9f0-7e37-4b9c-b004-e76095de149d","block_type":"box","text":"acquisition of investments of the relevant Sub-Fund cannot, in the opinion of the","page_number":106,"box":{"x":182,"y":449,"width":702,"height":13}},{"id":"be476892-13a6-4055-b89a-7ddde3218ac7","block_type":"box","text":"Directors, be effected at normal prices or rates of exchange; or","page_number":106,"box":{"x":181,"y":465,"width":509,"height":13}},{"id":"cab81df0-8733-4a0b-9c4d-602e122b09f6","block_type":"box","text":"(v) any period when the Fund is unable to repatriate funds required for the purpose of","page_number":106,"box":{"x":121,"y":482,"width":726,"height":13}},{"id":"56c0f5c7-c9f0-4c33-a195-a4fb8bcfec9a","block_type":"box","text":"making payments due on the redemption of Shares in the relevant Sub-Fund; or","page_number":106,"box":{"x":181,"y":498,"width":647,"height":13}},{"id":"fae48b62-f941-40b7-a90d-6e225e357b7e","block_type":"box","text":"(vi) any period when the Directors consider it to be in the best interest of the relevant Sub\u0002","page_number":106,"box":{"x":121,"y":515,"width":757,"height":12}},{"id":"215f0e8b-350c-442b-bd46-f14a1d2c97ab","block_type":"box","text":"Fund; or","page_number":106,"box":{"x":181,"y":531,"width":74,"height":12}},{"id":"bfe493f7-6f03-4a2e-880f-cb6f664adba4","block_type":"box","text":"(vii) when any other reason makes it impracticable to determine the value of a meaningful","page_number":106,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"45688e3c-9004-4e9c-a166-e47e517305a4","block_type":"box","text":"portion of the investments of the Fund or any Sub-Fund.","page_number":106,"box":{"x":181,"y":564,"width":460,"height":13}},{"id":"94889ce5-5fc6-48f7-bf03-34f4628b1fa5","block_type":"box","text":"Where possible, all reasonable steps will be taken to bring any period of suspension to an end","page_number":106,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"15410dc9-c0ac-4b9a-8da9-61666d780f5d","block_type":"box","text":"as soon as possible.","page_number":106,"box":{"x":121,"y":613,"width":163,"height":13}},{"id":"4aa899da-7659-4262-8701-0c29925482f5","block_type":"box","text":"Shareholders who have requested issue or redemptions of Shares of any class or exchanges of","page_number":106,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"10d0d5a4-eeca-49ae-8636-40619994b51c","block_type":"box","text":"Shares of one class to another will be notified of any such suspension in such manner as may","page_number":106,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d929c9cf-ff3d-410c-88ae-1d53540030dd","block_type":"box","text":"be directed by the Directors and, unless withdrawn but subject to the limitation referred to","page_number":106,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"a5fe8d1d-f000-48d6-ab07-b787f9e7408f","block_type":"box","text":"above, their requests will be dealt with on the first relevant Dealing Day after the suspension","page_number":106,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"1b4cbc28-5873-4a5d-948a-66950dd78f6e","block_type":"box","text":"is lifted. Any such suspension will be notified without delay and in any event on the same","page_number":106,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"787f0eda-56e8-41fc-b917-19632c70b516","block_type":"box","text":"Business Day to the Central Bank and will be communicated without delay to the competent","page_number":106,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6b8e0766-2ed3-406c-bb0f-a399c415a234","block_type":"box","text":"authorities in the Member States in which it markets its Shares.","page_number":106,"box":{"x":121,"y":744,"width":515,"height":10}},{"id":"ebdc31d4-a902-4dba-bccc-cad1345e75c1","block_type":"box","text":"Form of Shares and Transfer of Shares","page_number":106,"box":{"x":121,"y":777,"width":342,"height":10}},{"id":"00bdb5b6-da12-4283-b437-8e98440bfa55","block_type":"box","text":"Shares will be issued in registered form. Contract notes providing details of the trade will","page_number":106,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"eb0d02ab-33bb-4af7-af31-e1c445c50948","block_type":"box","text":"normally be issued within three Business Days of the relevant Dealing Day. Written","page_number":106,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"21035d57-99b4-4f45-b4d6-1b2b0f89bea8","block_type":"box","text":"confirmations of ownership evidencing entry in the register will be issued within 30 days of","page_number":106,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"95921b82-6f13-4aa7-b2da-c0750231bf02","block_type":"box","text":"the relevant Dealing Day upon receipt of all documentation required by the Administrator.","page_number":106,"box":{"x":121,"y":859,"width":734,"height":13}},{"id":"60b777ec-e948-47ec-96d1-460d43c73b46","block_type":"box","text":"Shares in each Sub-Fund will be transferable by instrument in writing in common form or in","page_number":106,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"3aba21b4-6de6-4d3b-b925-f95a90ac3aa2","block_type":"box","text":"107","page_number":107,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"b52a4771-e984-45b9-9a23-76e3a93920cf","block_type":"box","text":"any other form approved by the Directors and signed by (or, in the case of a transfer by a body","page_number":107,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7006c99c-6f1c-4f43-bf08-1d1d3787b421","block_type":"box","text":"corporate, signed on behalf of or sealed by) the transferor. Transferees will be required to","page_number":107,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"024f277e-cafd-4181-97f8-e56ff9a00409","block_type":"box","text":"complete an Application Form and provide any other documentation reasonably required by","page_number":107,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"17d981c4-d1bf-4b6a-a5c9-c34929b33d19","block_type":"box","text":"the Fund or the Administrator. In the case of the death of one of joint Shareholders, the survivor","page_number":107,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"001cfdf5-33c2-4668-ac59-5e8d0df839ce","block_type":"box","text":"or survivors will be the only person or persons recognised by the Fund as having any title to or","page_number":107,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"706fd447-ebd3-4b51-84f9-139f8c662897","block_type":"box","text":"interest in the Shares registered in the names of such joint Shareholders.","page_number":107,"box":{"x":121,"y":170,"width":586,"height":13}},{"id":"0498e8e5-82af-4f45-a904-a454885fd0e2","block_type":"box","text":"Shares may not be transferred to (i) a U.S. Person; or (ii) any person who, by holding Shares,","page_number":107,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d5eea462-a6c2-49e7-918f-9763216d099b","block_type":"box","text":"would be in breach of any law or requirement of any country or governmental authority or by","page_number":107,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"776da3e7-a3bc-4bfc-a184-0e42e2f0f9ac","block_type":"box","text":"virtue of which such person is not qualified to hold such Shares or if the holding of the Shares","page_number":107,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c64db184-bd3c-4c42-a83b-01ae092f8486","block_type":"box","text":"by any person is unlawful or if the person or entity is resident in a country in which the sale of","page_number":107,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"7505ae95-027d-46b8-baa7-1c83ae7120a9","block_type":"box","text":"the shares of the Fund to the public is not authorized; or (iii) might result in the relevant Sub\u0002","page_number":107,"box":{"x":121,"y":269,"width":757,"height":13}},{"id":"146167b0-54cb-4c01-8a34-055707495a7d","block_type":"box","text":"Fund incurring any liability to taxation or suffering pecuniary legal or material administrative","page_number":107,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"38948aac-c471-40d8-b34b-8845b12e8869","block_type":"box","text":"disadvantages or being in breach of any law or regulation which the relevant Sub-Fund might","page_number":107,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"70a976b8-8820-4379-8887-309f21509750","block_type":"box","text":"not otherwise have incurred, suffered (including without limitation, where a Shareholder fails","page_number":107,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"6fc8eedb-c234-49fa-a182-93937ae997bf","block_type":"box","text":"to provide the Fund with information required to satisfy the obligations under any tax","page_number":107,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"2ba9b901-760b-40fb-af5e-5de82c3e60ae","block_type":"box","text":"requirements or regulations or any automatic exchange of information obligations or other","page_number":107,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"a93d2efc-846c-4fbf-a657-9146a4f43275","block_type":"box","text":"similar requirements of the Fund, the Depositary, the Administrator, the Manager, the","page_number":107,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"91bd85ec-cc44-462c-b77a-69a4e037b964","block_type":"box","text":"Investment Manager or any delegate thereof, or where the Directors suspect market timing) or","page_number":107,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"833c510a-6335-4947-b346-1de5e780dac2","block_type":"box","text":"might result in the relevant Sub-Fund, the Fund, the Manager, the Investment Manager or","page_number":107,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"11a172a7-5b12-4cbb-98eb-8b3a78f82ae2","block_type":"box","text":"Investment Manager's group of companies being required to comply with registration or filing","page_number":107,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"ff875744-9c6f-47ad-8d13-6acf328d2f82","block_type":"box","text":"requirements in any jurisdiction with which it would not otherwise be required to comply or is","page_number":107,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"52f50f7e-75ae-48f6-b007-13f3094ec94c","block_type":"box","text":"otherwise prohibited by the Articles; or (iv) a minor or a person of unsound mind, any transfer","page_number":107,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"1028c9d4-a225-49fb-b058-bc9ee5607d88","block_type":"box","text":"unless the transferee of such Shares would following such transfer be the holder of Shares equal","page_number":107,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"ac291cd5-2355-4620-9c7a-378ec5c75421","block_type":"box","text":"to or greater than the Minimum Initial Subscription; or (v) any person in circumstances where","page_number":107,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"0a1870e4-c6f2-45b2-9a62-f84f0184ee6d","block_type":"box","text":"as a result of such transfer the transferor or transferee would hold less than the Minimum","page_number":107,"box":{"x":121,"y":498,"width":763,"height":10}},{"id":"8d629e7d-bd49-40fb-b3ec-03bad0be25a8","block_type":"box","text":"Holding and any person where in respect of such transfer in regard to which any payment of","page_number":107,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"ddad7a3c-00c6-4b32-a321-7e737a0eb308","block_type":"box","text":"taxation remains outstanding. Registration of any transfer may be refused by the Directors if,","page_number":107,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"3afab226-2877-4af3-ae8e-3b37e2a6d715","block_type":"box","text":"following the transfer, either transferor or transferee would hold Shares having a value less","page_number":107,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"5b50de94-0774-4a4a-8ab9-2c5d0d962df6","block_type":"box","text":"than the Minimum Holding for that class of Shares specified in the relevant section of Part 1","page_number":107,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"e3620543-3721-446d-9de8-fcf94ab9c69d","block_type":"box","text":"for the relevant Sub-Fund","page_number":107,"box":{"x":121,"y":580,"width":212,"height":10}},{"id":"659fd727-606e-45cf-adc6-7eec5a2de7b9","block_type":"box","text":"If the transferor is or is deemed to be or is acting on behalf of a Taxable Irish Person, the Fund","page_number":107,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"047a2272-9d14-40a7-a1d5-bad98f848552","block_type":"box","text":"is entitled to redeem and cancel a sufficient portion of the transferor’s Shares as will enable the","page_number":107,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8b49c685-15a1-4a5c-a112-c265c69f22d8","block_type":"box","text":"Fund to pay the tax payable in respect of the transfer to the Revenue Commissioners in Ireland.","page_number":107,"box":{"x":121,"y":646,"width":757,"height":13}},{"id":"f7825b6d-a8e1-4f7f-9d63-bf6cbb53e368","block_type":"box","text":"Notification of Prices","page_number":107,"box":{"x":121,"y":678,"width":186,"height":11}},{"id":"dbbcfb4e-00c2-4ddf-930f-a429c9a0393a","block_type":"box","text":"The Net Asset Value per Share of each class of Shares in each Sub-Fund will be available from","page_number":107,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"844355d7-f64b-474b-be97-9fb87a9f0836","block_type":"box","text":"the Administrator.","page_number":107,"box":{"x":121,"y":728,"width":152,"height":10}},{"id":"ba936ca2-fd91-46b3-a6be-18371d83a0b2","block_type":"box","text":"The Net Asset Value per Share as calculated on any Dealing Day with respect to each class of","page_number":107,"box":{"x":121,"y":761,"width":762,"height":12}},{"id":"892c5294-9c58-43d4-9adc-e76990d6f045","block_type":"box","text":"Shares in each Sub-Fund will be published on","page_number":107,"box":{"x":121,"y":777,"width":375,"height":13}},{"id":"dd7ee6e1-7573-42b1-b59a-ef9a4f4f228b","block_type":"box","text":"www.avivainvestors.com","page_number":107,"box":{"x":496,"y":777,"width":204,"height":10}},{"id":"3a556c51-971d-46eb-929d-1c48d34b715b","block_type":"box","text":".","page_number":107,"box":{"x":702,"y":785,"width":9,"height":2}},{"id":"b8ad7fa3-c78c-4923-b205-9ccce1c1de8b","block_type":"box","text":"108","page_number":108,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a45b0c1c-1c7e-433e-a095-61890761dcf1","block_type":"box","text":"_______________________________________________________________________","page_number":108,"box":{"x":120,"y":98,"width":721,"height":2}},{"id":"d08dad85-22c2-4bdb-9bb5-03de721a8460","block_type":"box","text":"CHARGES AND EXPENSES","page_number":108,"box":{"x":351,"y":105,"width":305,"height":12}},{"id":"0d33f420-55a2-4585-b0ae-b9da6354c3ff","block_type":"box","text":"___________________________________________________________________________","page_number":108,"box":{"x":120,"y":135,"width":756,"height":1}},{"id":"a244f1d2-5ae6-4bd5-a89d-74a0b273dece","block_type":"box","text":"Particulars of the charges and expenses (including performance fees, if any) payable to the","page_number":108,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"ea2e2d95-25ef-4ba9-b492-77e8f13089ba","block_type":"box","text":"Manager and the Investment Manager out of the assets of each Sub-Fund are set out in the","page_number":108,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"7a36cc7d-1e4b-46ba-bf22-620b46ac77a5","block_type":"box","text":"relevant section of Part 1 for each Sub-Fund. The Manager shall pay out of such fee the fees,","page_number":108,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"61ef20fb-8e12-40fb-93bc-d4677fe56d71","block_type":"box","text":"charges and expenses payable to the Depositary, the Administrator, the Distributor and the","page_number":108,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"239a5bad-12fb-498d-9c77-1fbc1f945e6d","block_type":"box","text":"Directors, including the charges and expenses of sub-custodians which will be at normal","page_number":108,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"b1eadde9-d268-416a-adef-666e076b3d93","block_type":"box","text":"commercial rates and all other annual charges and expenses of each Sub-Fund on the terms","page_number":108,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"aabae4ab-dfdf-41d7-b73b-604324a04358","block_type":"box","text":"provided for in the relevant section of Part 1 for each Sub-Fund.","page_number":108,"box":{"x":121,"y":255,"width":522,"height":13}},{"id":"dde56dba-9876-4589-b1fa-1d82a061c3d7","block_type":"box","text":"The Fund may pay or procure the payment out of the assets of each Sub-Fund, the charges and","page_number":108,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"023956cc-9a77-4d5f-8264-8e9eb92c429d","block_type":"box","text":"expenses payable to the Manager, the Investment Manager, the Depositary, the Administrator,","page_number":108,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"8cb2776a-b85d-4cd5-a802-1e29aca05b05","block_type":"box","text":"any Distributor, the charges and expenses of sub-custodians which will be at normal","page_number":108,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"e135d18f-d6c3-4229-b444-d44ac9f61a26","block_type":"box","text":"commercial rates, the charges and expenses of the Directors, any charges in respect of","page_number":108,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"b5c3e2c2-0845-443a-9efe-10abdbfbfa23","block_type":"box","text":"circulating details of the Net Asset Value, stamp duties, taxes, company secretarial fees, any","page_number":108,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"5260d1b0-1c16-4503-8ead-e2a62d4d83f5","block_type":"box","text":"costs incurred in respect of meetings of Shareholders, distribution costs, investment transaction","page_number":108,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"f18c2640-78cd-4f22-aaf7-86ef92cc34f8","block_type":"box","text":"charges, costs incurred in respect of the distribution of income to Shareholders, the charges and","page_number":108,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"61529e96-758a-431e-baa7-87557c119112","block_type":"box","text":"expenses of any paying agent or representative appointed in compliance with the requirements","page_number":108,"box":{"x":121,"y":403,"width":763,"height":12}},{"id":"872e2085-0674-468c-889a-d6505b8265a8","block_type":"box","text":"of another jurisdiction, any amount payable under indemnity provisions contained in the","page_number":108,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"5c8d6c3e-de44-42b0-8db5-e9faf8db884d","block_type":"box","text":"Articles or any agreement with any appointee of the Fund, all sums payable in respect of","page_number":108,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"ac6bbfc2-2b95-4fe4-bbf1-eb462cd71acf","block_type":"box","text":"directors’ and officers’ liability insurance cover, brokerage or other expenses of acquiring and","page_number":108,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"aa53a5ba-bece-41cc-a800-6dfc60f69bc4","block_type":"box","text":"disposing of investments, the charges and expenses of the auditors, tax and legal advisers and","page_number":108,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"4fa430d5-592b-4b13-aedb-e8aefc16f0d9","block_type":"box","text":"registering the Fund for sale in other jurisdictions. The costs of printing and distributing this","page_number":108,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"2e45fa81-cb5b-45f2-87d1-650d7227a70d","block_type":"box","text":"Prospectus, reports, accounts and any explanatory memoranda, any necessary translation fees,","page_number":108,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"601b16fc-3568-4e4f-9689-77ecd36ff555","block_type":"box","text":"the costs of publishing prices and any costs incurred as a result of periodic updates of the","page_number":108,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"fd51f0e7-086c-4f8d-98e6-298adbac8b75","block_type":"box","text":"Prospectus, or of a change in law or the introduction of any new law (including any costs","page_number":108,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"42b89122-83bf-492b-9987-26ff222b1a87","block_type":"box","text":"incurred as a result of compliance with any applicable code, whether or not having the force of","page_number":108,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"83b890da-bfa4-4979-a4e3-8b773a22308d","block_type":"box","text":"law) will also be paid by the Fund.","page_number":108,"box":{"x":121,"y":567,"width":284,"height":12}},{"id":"ffa59935-b8a9-4f92-8f2f-bdeead0cd6bd","block_type":"box","text":"Alternatively, the Manager may in its own discretion discharge such costs listed in the above","page_number":108,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"b7b8acb1-0341-418e-abe1-d191a9b9f158","block_type":"box","text":"paragraph out of their own fees. In such circumstances details will be set out in the relevant","page_number":108,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"f6dc4ba4-0178-4fbd-9063-e334098ae98e","block_type":"box","text":"section of Part 1 for each Sub-Fund.","page_number":108,"box":{"x":121,"y":632,"width":296,"height":10}},{"id":"76d4584f-730e-4aaa-82e1-60527097ffbc","block_type":"box","text":"Such fees, charges and duties will be charged to the Sub-Fund in respect of which they were","page_number":108,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"01a15c86-2578-49f3-8dcf-e22854227bae","block_type":"box","text":"incurred or, where an expense is not considered by the Directors to be attributable to any one","page_number":108,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"6d4dacc0-cd1b-49cc-8742-50ddfad76f0a","block_type":"box","text":"Sub-Fund, the expense will be allocated by the Directors with the approval of the Depositary,","page_number":108,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"37f30f8c-9d94-4b0a-ac86-0b2b75527c1b","block_type":"box","text":"in such manner and on such basis as the Directors in their discretion deem fair and equitable.","page_number":108,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"91092c74-cbdc-4541-833a-a8b0b4a26aa8","block_type":"box","text":"In the case of any fees, charges or expenses of a regular or recurring nature, such as audit fees,","page_number":108,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"018d14d0-9978-46a4-b7b7-02319b6156b7","block_type":"box","text":"the Directors may calculate such fees, charges and expenses on an estimated figure for yearly","page_number":108,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"c0c94f71-6c23-472b-8194-5b9cf6fb3778","block_type":"box","text":"or other periods in advance and accrue the same in equal proportions over any period.","page_number":108,"box":{"x":121,"y":763,"width":696,"height":13}},{"id":"a056db1b-5c9c-4e5b-ad76-8a997766196e","block_type":"box","text":"The Directors will be entitled to be reimbursed for their reasonable out of pocket expenses","page_number":108,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"7a13d1c5-b149-485f-a998-8f1df6c3630d","block_type":"box","text":"incurred in discharging their duties as directors.","page_number":108,"box":{"x":121,"y":812,"width":389,"height":13}},{"id":"e1dc3e35-5794-4aad-92aa-e3589d6dead9","block_type":"box","text":"The cost of establishing the Fund, the initial Sub-Fund, obtaining authorisation from any","page_number":108,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"d8a377f4-aeee-4873-a02b-ca8b445c4e88","block_type":"box","text":"authority, listing the Shares on Euronext Dublin, filing fees, the preparation and printing of this","page_number":108,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"9c86f40d-7a7a-47d5-8334-5b614d0e6b1d","block_type":"box","text":"Prospectus, and the fees of all professionals relating to it were borne by the Fund and have been","page_number":108,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"389cf1a1-ace9-4e6f-ba29-a19cd058b95e","block_type":"box","text":"amortised. The cost of establishing the Aviva Investors Euro Liquidity Fund, the Aviva","page_number":108,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"ca46f5cd-5caf-4c0f-9a2e-230085358409","block_type":"box","text":"109","page_number":109,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"eaa2b6ed-8d72-45ad-ba32-4b4aecc906a3","block_type":"box","text":"Investors Sterling Liquidity Plus Fund and Aviva Investors Sterling Government Liquidity","page_number":109,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"3a06db29-6214-423c-a028-7347a42d7f21","block_type":"box","text":"Fund, obtaining authorisation from any authority, listing the Shares on Euronext Dublin, filing","page_number":109,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"9a77d65b-1177-4ba9-81f3-318c4eaf2011","block_type":"box","text":"fees, the preparation and printing of this Prospectus, and the fees of all professionals relating","page_number":109,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"ae6c5345-b8db-481e-aa58-3b970338fd98","block_type":"box","text":"to it were borne by the relevant Sub-Fund and have been amortised.","page_number":109,"box":{"x":121,"y":138,"width":551,"height":13}},{"id":"9c3e3f49-65b3-4979-8035-4d4a441d313b","block_type":"box","text":"In relation to the Aviva Investors US Dollar Liquidity Fund and the Aviva Investors Sterling","page_number":109,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"0562309f-795c-48f9-bb32-cba68c871d28","block_type":"box","text":"Standard Liquidity Fund, the cost of establishing the relevant Sub-Fund, obtaining","page_number":109,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"7f3ec774-1d25-4a87-b53c-1293cdd403a7","block_type":"box","text":"authorisation from the Central Bank, listing the Shares on Euronext Dublin where relevant,","page_number":109,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"8f0b0619-7c7e-4af6-b5b2-05dd130855f1","block_type":"box","text":"filing fees, the preparation and printing of the revised Prospectus, and the fees of all","page_number":109,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"b32a6351-aa45-4959-85db-6a56e9cba316","block_type":"box","text":"professionals relating to the relevant Sub-Fund amount to approximately £50,000 (including","page_number":109,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"86d919ba-452a-45c7-8eaa-9d8ebeaa3ebc","block_type":"box","text":"VAT) and will be borne by the relevant Sub-Fund and will be amortised over the first five","page_number":109,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"3a22b6c2-2d81-4d6f-9d26-adcdba9d07b8","block_type":"box","text":"accounting periods of the Sub-Fund's existence.","page_number":109,"box":{"x":121,"y":269,"width":390,"height":13}},{"id":"bb986aa1-b5d5-42e4-abf2-3250efd7fe5e","block_type":"box","text":"Unless otherwise determined at the time of establishment of the relevant Sub-Fund, the cost of","page_number":109,"box":{"x":121,"y":302,"width":763,"height":11}},{"id":"f155b5b8-d892-4fd1-9e4b-bbfcb62c0e4b","block_type":"box","text":"establishing subsequent Sub-Funds will be charged to the relevant Sub-Fund.","page_number":109,"box":{"x":121,"y":318,"width":627,"height":13}},{"id":"c212e6d8-a62a-47e6-a243-df8f9ea07a7c","block_type":"box","text":"Portfolio Transactions and Conflicts of Interest","page_number":109,"box":{"x":121,"y":351,"width":412,"height":10}},{"id":"f9e56935-d302-4612-bb0d-2dbddf5a776a","block_type":"box","text":"Subject to the provisions of this section, the Manager, the Investment Manager, the","page_number":109,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"85122385-c415-4df6-9e85-b5bae037beca","block_type":"box","text":"Administrator, the Depositary and the Directors and any of their respective subsidiaries,","page_number":109,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"dc815ad7-14f9-46b1-96de-7ffbb2d7c681","block_type":"box","text":"affiliates, associates, agents or delegates (each a “Connected Person”) may contract or enter","page_number":109,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"10aabd1d-cb19-4d8b-944e-3ce3e79bc39b","block_type":"box","text":"into any financial, banking or other transaction with one another or with the Fund. This","page_number":109,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"c70e979a-8bf2-40ba-9516-04761ad0f2bd","block_type":"box","text":"includes, without limitation, investment by the Fund in securities of any Connected Person or","page_number":109,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"65db607e-5c42-4743-b663-57513da17284","block_type":"box","text":"investment by any Connected Persons in any company or bodies any of whose investments","page_number":109,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f400f1ca-d8e3-43f8-b83e-caa42162b809","block_type":"box","text":"form part of the assets comprised in any Sub-Fund or be interested in any such contract or","page_number":109,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c0a30311-8d7f-4bb7-8a29-cd4d8854511f","block_type":"box","text":"transactions. In addition, any Connected Person may invest in and deal in Shares relating to","page_number":109,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"67bf8b1b-4898-4677-949e-ee7fc20efd60","block_type":"box","text":"any Sub-Fund or any property of the kind included in the property of any Sub-Fund for their","page_number":109,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"fb6f8d38-6e44-47af-bc1f-d0aa3eba92b2","block_type":"box","text":"respective individual accounts or for the account of someone else.","page_number":109,"box":{"x":121,"y":531,"width":536,"height":13}},{"id":"48419a5c-2079-4628-9f72-dd6dc97fc88d","block_type":"box","text":"Any cash of the Fund may be deposited, subject to the provisions of the Central Bank Acts","page_number":109,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"9061b7a4-6045-4b4d-818d-b4bf5e8b3aeb","block_type":"box","text":"1942 to 2010, with any Connected Person or invested in certificates of deposit or banking","page_number":109,"box":{"x":123,"y":580,"width":761,"height":13}},{"id":"bcc24d23-8eb9-4703-845b-622c554f9194","block_type":"box","text":"instruments issued by any Connected Person. Banking and similar transactions may also be","page_number":109,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"d4b5079b-e63f-41f0-85e8-9551da9495cf","block_type":"box","text":"undertaken with or through a Connected Person.","page_number":109,"box":{"x":121,"y":613,"width":394,"height":13}},{"id":"080b8aa0-05e1-4959-bda7-e22fe5a01876","block_type":"box","text":"Any Connected Person may also deal as agent or principal in the sale or purchase of securities","page_number":109,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"633ad95e-20fa-4181-a431-58fd2e818895","block_type":"box","text":"and other investments to or from the Fund. There will be no obligation on the part of any","page_number":109,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"9e65afcd-0b23-4db1-9eb8-d3384fc4b060","block_type":"box","text":"Connected Person to account to the Fund or to Shareholders for any benefits so arising, and","page_number":109,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"20ba6b5c-f454-405e-9eb9-a72cd879b462","block_type":"box","text":"any such benefits may be retained by the relevant party, provided that such transactions are","page_number":109,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"56b14280-0111-4842-99ad-aab1b8c48bd7","block_type":"box","text":"carried out as if effected on normal commercial terms negotiated at arm's length, are consistent","page_number":109,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"50803ac1-77ce-4e2b-aea3-6379047e0592","block_type":"box","text":"with the best interests of the Shareholders and:","page_number":109,"box":{"x":121,"y":728,"width":381,"height":10}},{"id":"443c1297-6f51-4be0-a1a0-96c90c2c9b73","block_type":"box","text":"(a) a certified valuation of such transaction by a person approved by the Depositary (or in","page_number":109,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"83afb792-bd7e-46f0-ab0e-74d0c8607259","block_type":"box","text":"the case of any such transaction entered into by the Depositary, the Directors) as","page_number":109,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"d8c537ce-7bc0-4582-9263-cebf27b0ae1d","block_type":"box","text":"independent and competent has been obtained; or","page_number":109,"box":{"x":181,"y":793,"width":404,"height":13}},{"id":"5ecf36bd-1dfc-4b05-b89f-429f2f092e73","block_type":"box","text":"(b) such transaction has been executed on best terms reasonably available on an organised","page_number":109,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"befc4d64-9393-4a99-9a41-1fad533b21df","block_type":"box","text":"investment exchange under its rules; or","page_number":109,"box":{"x":181,"y":842,"width":321,"height":13}},{"id":"66ccc0e4-f786-4b8a-8b90-2695a680c025","block_type":"box","text":"(c) where (a) and (b) are not reasonably practicable, such transaction has been executed on","page_number":109,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"6c6d3185-361d-4d6f-b082-b46c53a656dd","block_type":"box","text":"terms which the Depositary is (or in the case of any such transaction entered into by the","page_number":109,"box":{"x":181,"y":892,"width":703,"height":12}},{"id":"5e632523-7682-4b6e-83e5-424792736bbf","block_type":"box","text":"110","page_number":110,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"91ef4d3b-6eb6-4d1b-aff4-fd377fd05c3a","block_type":"box","text":"Depositary, the Directors are) satisfied conform with the principle that such transactions","page_number":110,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"8747978f-bb0d-4249-8187-9a09f109d0eb","block_type":"box","text":"be carried out as if effected on normal commercial terms negotiated at arm’s length.","page_number":110,"box":{"x":181,"y":105,"width":683,"height":13}},{"id":"77ea9015-71f7-4b2e-9038-736131e7c812","block_type":"box","text":"Conflicts of Interests may arise as part of the use of techniques and instruments for Efficient","page_number":110,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"4f565a03-1cb4-4d1c-a3dc-a2ce64151ee3","block_type":"box","text":"Portfolio Management purposes. If any such conflict arises, the Manager will have regard to","page_number":110,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1ca02898-a562-4ab1-8d40-95da40796aa9","block_type":"box","text":"its obligations under the Management Agreement and the Investment Manager will have regard","page_number":110,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"091f300c-3d02-44d4-9549-0dcb17247a3c","block_type":"box","text":"to its obligations under the Investment Management Agreement to act in the best interest of the","page_number":110,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"1aefa167-f25c-4383-abed-cce12a5eda68","block_type":"box","text":"Fund and the Shareholders. 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The","page_number":110,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"00a2c043-41bb-4c4e-8089-89b8f4059074","block_type":"box","text":"Investment Manager will ensure that investment opportunities are allocated on a fair and","page_number":110,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"14471d34-ff6b-4306-a55a-8bd8f6e09946","block_type":"box","text":"equitable basis between the Fund and its other clients. 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As is the","page_number":113,"box":{"x":119,"y":239,"width":765,"height":13}},{"id":"8eebc74c-a9cb-428d-9aae-89193ee54977","block_type":"box","text":"case with any investment, there can be no guarantee that the tax position or proposed tax","page_number":113,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"06492b89-0866-4d2e-a585-7889fb1b38bf","block_type":"box","text":"position prevailing at the time an investment in the Fund is made will endure indefinitely as","page_number":113,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"8be43077-5641-4f94-bebc-cf1a886cc11a","block_type":"box","text":"the basis for, and rates of, taxation can fluctuate.","page_number":113,"box":{"x":121,"y":288,"width":396,"height":12}},{"id":"ec6b86be-135f-4db6-93ac-adc7f5713f1b","block_type":"box","text":"Prospective Shareholders should familiarise themselves with and, where appropriate, take","page_number":113,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"105bb1ed-4449-4a6a-8415-bc3abd7b882a","block_type":"box","text":"advice on the laws and regulations (such as those relating to taxation and exchange controls)","page_number":113,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"a652c57f-bfd3-41c4-91ba-8a7bc0c9a1b4","block_type":"box","text":"applicable to the subscription for, and the holding and redemption of, Shares in the places of","page_number":113,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"960febb9-dc20-484e-b51f-2368fc5f672c","block_type":"box","text":"their citizenship, residence and domicile.","page_number":113,"box":{"x":121,"y":370,"width":335,"height":13}},{"id":"33bc1af1-05fc-48d6-ba3f-ba0ed52433f5","block_type":"box","text":"Irish Taxation","page_number":113,"box":{"x":121,"y":403,"width":128,"height":10}},{"id":"355c9d89-af5e-4fd0-a08c-0c456015b5d4","block_type":"box","text":"Tax on Income and Capital Gains","page_number":113,"box":{"x":121,"y":435,"width":295,"height":13}},{"id":"a162d8cd-b386-4185-83b1-2f6e10051535","block_type":"box","text":"The Fund","page_number":113,"box":{"x":121,"y":468,"width":89,"height":10}},{"id":"23a14a43-ff59-45a0-8767-bb71a9224c58","block_type":"box","text":"On the basis that the Fund is a UCITS it is outside the scope of Part 27 Chapter 1B of the Taxes","page_number":113,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"7db9352a-36c9-4353-a0d0-d60c49dab483","block_type":"box","text":"Consolidation Act 1997 TCA dealing with Irish real estate funds.","page_number":113,"box":{"x":121,"y":517,"width":531,"height":13}},{"id":"4f9fe40a-6425-498a-82d2-15c93477ed83","block_type":"box","text":"The Directors have been advised that the Fund will only be subject to tax on chargeable events","page_number":113,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"1731bae1-6bf6-4a7e-b57d-8b0c86b6d7fe","block_type":"box","text":"in respect of Shareholders who are Taxable Irish Persons (generally persons who are resident","page_number":113,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"c659ecce-9fc0-4212-a2be-e55e0df3ed2e","block_type":"box","text":"or ordinarily resident in Ireland for tax purposes)(see relevant Irish tax definitions for more","page_number":113,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"e2822f8b-e58c-413b-9833-4412a27324c3","block_type":"box","text":"details).","page_number":113,"box":{"x":121,"y":599,"width":69,"height":13}},{"id":"c72deaf6-c009-455a-889e-a7037621f7d5","block_type":"box","text":"A chargeable event occurs on, for example:","page_number":113,"box":{"x":121,"y":632,"width":356,"height":13}},{"id":"ac8bb7d6-5505-4243-83d2-899cdee5c718","block_type":"box","text":"(a) a payment of any kind to a Shareholder by the Fund;","page_number":113,"box":{"x":121,"y":665,"width":491,"height":13}},{"id":"1c482984-5a93-4f35-a67f-346d07fbe3f5","block_type":"box","text":"(b) a transfer of Shares; and","page_number":113,"box":{"x":121,"y":698,"width":262,"height":12}},{"id":"efda840d-acef-4a93-b397-cb11b2a9c382","block_type":"box","text":"(c) on the eighth anniversary of a Shareholder acquiring Shares and every subsequent eight","page_number":113,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"807be7e0-7d00-444c-b386-c846cfd1b421","block_type":"box","text":"anniversaries;","page_number":113,"box":{"x":181,"y":747,"width":116,"height":12}},{"id":"2dc76f5a-8997-4476-b1dd-2ff7ebee8221","block_type":"box","text":"but does not include for example any transaction in relation to Shares held in a clearing system","page_number":113,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"d8cdb11a-0b25-4f11-ad95-b995e932b340","block_type":"box","text":"recognised by the Irish Revenue Commissioners certain transfers arising as a result of an","page_number":113,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"143c764b-40fa-43fa-8bd7-a7fcf2b997f5","block_type":"box","text":"amalgamation or reconstruction of fund vehicles and certain transfers between spouses or","page_number":113,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"0bef6930-5991-4847-8001-a3da8bc5ee3e","block_type":"box","text":"former spouses.","page_number":113,"box":{"x":121,"y":829,"width":132,"height":13}},{"id":"a5fc5ad0-a11b-468b-8b64-dfefe1342f3c","block_type":"box","text":"If a Shareholder is not a Taxable Irish Person at the time a chargeable event arises no Irish tax","page_number":113,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"cf1d0d1f-9dea-4897-a084-ed3e87968685","block_type":"box","text":"will be payable on that chargeable event in respect of that Shareholder.","page_number":113,"box":{"x":121,"y":878,"width":577,"height":13}},{"id":"e8ce6a4f-a30c-4eba-a188-8108defa9360","block_type":"box","text":"114","page_number":114,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"7c6d0797-fead-4afe-9c56-6f90af83e16b","block_type":"box","text":"Where tax is payable on a chargeable event, subject to the comments below, it is a liability of","page_number":114,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a8ad5517-e4f6-4608-836e-e8e5b997a0fd","block_type":"box","text":"the Fund which is recoverable by deduction or, in the case of a transfer and on the eight year","page_number":114,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"293f603e-9d01-423a-ac79-30208d80e341","block_type":"box","text":"rolling chargeable event by cancellation or appropriation of Shares from the relevant","page_number":114,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"868973a3-59a8-450d-84e3-a563cc91b4e2","block_type":"box","text":"Shareholders. In certain circumstances, and only after notification by the Fund to a Shareholder,","page_number":114,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"73469827-14ec-4f13-864f-a6f10d795c96","block_type":"box","text":"the tax payable on the eight year rolling chargeable event can at the election of the Fund become","page_number":114,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"e7a414b6-c409-4a18-8628-43cfd22e38f7","block_type":"box","text":"a liability of the Shareholder rather than the Fund. In such circumstances the Shareholder must","page_number":114,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"603d7a25-870b-4890-952c-e249bf62c200","block_type":"box","text":"file an Irish tax return and pay the appropriate tax (at the rates set out below) to the Irish","page_number":114,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"2e037db8-e0bb-4afe-bb20-83eaa2937fce","block_type":"box","text":"Revenue Commissioners.","page_number":114,"box":{"x":121,"y":203,"width":211,"height":10}},{"id":"29a52c24-27b1-4f06-b5d3-ced8fb64be17","block_type":"box","text":"In the absence of the appropriate declaration being received by the Fund that a Shareholder is","page_number":114,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"9d6de36a-b802-435f-a5f1-149a47cff4d9","block_type":"box","text":"not a Taxable Irish Person or if the Fund has information that would reasonably suggest that a","page_number":114,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"2c88084e-c474-4996-9640-e60a763298b9","block_type":"box","text":"declaration is incorrect , and in the absence of written notice of approval from the Revenue","page_number":114,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"00a1f734-ecd9-4147-afa4-f2353bdf7d51","block_type":"box","text":"Commissioners to the effect that the requirement to have been provided with such declaration","page_number":114,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"ca722685-ddb4-4e8a-9ef6-165125f61d09","block_type":"box","text":"is deemed to have been complied with (or following the withdrawal of, or failure to meet any","page_number":114,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"baa81709-6fd7-4dc7-8ea8-309c6f69112f","block_type":"box","text":"conditions attaching to such approval), the Fund will be obliged to pay tax on the occasion of","page_number":114,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d63d7de1-4deb-4b40-bf1f-e2b7c5b9591c","block_type":"box","text":"a chargeable event (even if, in fact, the Shareholder is neither resident nor ordinarily resident","page_number":114,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"d1564e78-228a-4da1-83de-74bc7521725e","block_type":"box","text":"in Ireland). Where the chargeable event is an income distribution tax will be deducted at the","page_number":114,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7117f74a-4381-451e-bcd3-47851a4ce2d7","block_type":"box","text":"rate of 41% or at the rate of 25% where the Shareholder is a company and the appropriate","page_number":114,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d8d70327-b3a5-4b32-9751-2630dd9b5014","block_type":"box","text":"declaration has been made, on the amount of the distribution. Where the chargeable event","page_number":114,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"61963ce9-f4df-4fdd-a844-30395667254c","block_type":"box","text":"occurs on any other payment to a Shareholder, not being a company which has made the","page_number":114,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"742936a2-979b-4cae-ad0b-1315adda2359","block_type":"box","text":"appropriate declaration, on a transfer of Shares and on the eight year rolling chargeable event,","page_number":114,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"36859c58-dcb2-4a79-9a31-3928c8fc6aba","block_type":"box","text":"tax will be deducted at the rate of 41% on the increase in value of the shares since their","page_number":114,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"98583b2f-65dd-47ef-a75a-096d28dd0344","block_type":"box","text":"acquisition. Tax will be deducted at the rate of 25% on such transfers where the Shareholder is","page_number":114,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"534d9042-9635-4e28-b834-6998157351e8","block_type":"box","text":"a company and the appropriate declaration has been made. In respect of the eight year rolling","page_number":114,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"2b2e6e97-f0df-4e90-91f4-8695bb633a4a","block_type":"box","text":"chargeable event, there is a mechanism for obtaining a refund of tax where the Shares are","page_number":114,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"89ed068a-cc26-4e75-a2c8-214b86d4544e","block_type":"box","text":"subsequently disposed of for a lesser value.","page_number":114,"box":{"x":121,"y":498,"width":355,"height":13}},{"id":"724a49a6-ff7e-468a-83ef-110d4b750eaf","block_type":"box","text":"Where a Shareholder holds Shares in a nominee capacity, a declaration is required from the","page_number":114,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"72356ca0-a587-41e9-9a6b-302a3f341819","block_type":"box","text":"Shareholder that, to the best of its knowledge and belief, the beneficial owner is neither resident","page_number":114,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"115286fa-dbbd-41c9-a028-f8175fdbf678","block_type":"box","text":"nor ordinarily resident in Ireland if a tax liability is not to arise on a chargeable event.","page_number":114,"box":{"x":121,"y":564,"width":695,"height":13}},{"id":"130e3699-9390-4a69-ad03-f367d96fbb8b","block_type":"box","text":"An anti-avoidance provision increases the 41% rate of tax to 60% (80% where details of the","page_number":114,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0d809dee-2f35-4350-a2c8-c7dd8baf7af4","block_type":"box","text":"payment/disposal are not correctly included in the individual's tax return) if, under the terms of","page_number":114,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"4c2495e6-414c-4c28-98d1-ee1dc54391fd","block_type":"box","text":"an investment in a Sub-Fund, the investor or certain persons associated with the investor have","page_number":114,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"55ecc011-aca7-4709-b09a-5dbbf200ec58","block_type":"box","text":"an ability to influence the selection of the assets of the Sub-Fund.","page_number":114,"box":{"x":121,"y":646,"width":532,"height":13}},{"id":"e62a3ad1-b20f-4c54-afaa-b58ed975b130","block_type":"box","text":"Other than in the circumstances described above the Fund will have no liability to Irish taxation","page_number":114,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"3a02d936-5667-40de-be09-3d1578f7c7f3","block_type":"box","text":"on income or chargeable gains.","page_number":114,"box":{"x":121,"y":695,"width":256,"height":13}},{"id":"c8d46aa5-2b80-4f65-8021-e85426c89710","block_type":"box","text":"Shareholders","page_number":114,"box":{"x":121,"y":728,"width":119,"height":10}},{"id":"4765b2a5-d028-4060-8b9c-d180a014fbbb","block_type":"box","text":"Shareholders who are neither resident nor ordinarily resident in Ireland in respect of whom the","page_number":114,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"7df83696-8b33-4b7f-b2fd-d58d68bfaed5","block_type":"box","text":"appropriate declarations have been made (or in respect of whom written notice of approval","page_number":114,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a4b498c8-cc5f-49a8-8e99-52a4b751d929","block_type":"box","text":"from the Revenue Commissioners has been obtained by the Fund to the effect that the","page_number":114,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"74efa195-4989-4428-90a8-9b1953d9ec56","block_type":"box","text":"requirement to have been provided with such declaration from that Shareholder or class of","page_number":114,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"b536e6b7-bff5-4040-8c61-6515c71e26d7","block_type":"box","text":"shareholders to which the Shareholder belongs is deemed to have been complied with) will not","page_number":114,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"48cb7f3f-3218-4a0c-ac29-dea506aefbd8","block_type":"box","text":"be subject to tax on any distributions from the Fund or any gain arising on redemption or","page_number":114,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"c7a24c72-63b0-4457-a47a-3b8041faae7e","block_type":"box","text":"transfer of their Shares provided the Shares are not held through a branch or agency in Ireland.","page_number":114,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"d535b526-4f79-418e-ab2c-374337e8d97d","block_type":"box","text":"No tax will be deducted from any payments made by the Fund to those Shareholders who are","page_number":114,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"8371d8a5-691e-4248-977d-dad048c947e7","block_type":"box","text":"not Taxable Irish Persons.","page_number":114,"box":{"x":121,"y":892,"width":215,"height":9}},{"id":"117ce25a-78bc-49ee-b686-cef1259d4b43","block_type":"box","text":"115","page_number":115,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"98914f52-f475-463c-8055-9f764ccb590a","block_type":"box","text":"Shareholders who are Irish resident or ordinarily resident or who hold their Shares through a","page_number":115,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4b52ed7f-3c61-410d-b463-b2dfb0444cf9","block_type":"box","text":"branch or agency in Ireland may have a liability under the self-assessment system to pay tax or","page_number":115,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"9ed86f07-c6aa-4294-9a2c-3e7a7e314249","block_type":"box","text":"further tax on any distribution or gain arising from their holdings of Shares. In particular where","page_number":115,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"96c6f6b9-0f26-49fe-ace1-5f4473db1464","block_type":"box","text":"the Fund has elected not to deduct tax at the occasion of the eight year rolling chargeable event","page_number":115,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"4635bacb-847c-4494-82d4-cc3732a3b873","block_type":"box","text":"a Shareholder will have an obligation to file a self-assessment tax return and pay the appropriate","page_number":115,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"7a0a9b86-1e01-4096-920a-769621f0a6f9","block_type":"box","text":"amount of tax to the Irish Revenue Commissioners. Certain Irish resident an ordinarily resident","page_number":115,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"30110bbb-b71c-47d7-acbe-9f650d0e6791","block_type":"box","text":"Shareholders will be exempt from exit tax on distributions and gains on redemptions by the","page_number":115,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"92b8b266-f28e-4d73-a5b8-40c6de97d655","block_type":"box","text":"Fund provided the appropriate declaration is in place.","page_number":115,"box":{"x":121,"y":220,"width":436,"height":12}},{"id":"42958875-55a1-46c5-8283-712df382dfae","block_type":"box","text":"Refunds of tax where a relevant declaration could be made but was not in place at the time of","page_number":115,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"84b3dfe3-e86b-4f02-947b-42437ae8b5a9","block_type":"box","text":"a chargeable event are generally not available except in the case of certain corporate","page_number":115,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"989118eb-b630-49ff-a7c7-5a152e3221da","block_type":"box","text":"Shareholders within the charge to Irish corporation tax.","page_number":115,"box":{"x":121,"y":285,"width":450,"height":13}},{"id":"4f9ab110-fc74-4341-b0b9-444e3dad2d8b","block_type":"box","text":"Stamp Duty","page_number":115,"box":{"x":121,"y":318,"width":108,"height":13}},{"id":"dfa6d72b-7230-404b-ab45-f46244186c04","block_type":"box","text":"No Irish stamp duty will be payable on the subscription, transfer or redemption of Shares","page_number":115,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"888dea0b-27ca-4ec5-bc3c-f503424f96df","block_type":"box","text":"provided that no application for Shares or redemption or redemption of Shares is satisfied by","page_number":115,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"c65acc1c-a271-45ef-97bb-ab2db8aff580","block_type":"box","text":"an in specie transfer of any Irish situated property.","page_number":115,"box":{"x":121,"y":384,"width":410,"height":12}},{"id":"8481fbc7-df02-432f-a8a6-41d4e44376e7","block_type":"box","text":"Capital Acquisitions Tax","page_number":115,"box":{"x":121,"y":416,"width":218,"height":13}},{"id":"d07d1ada-1174-48ce-aad6-11e142746ac7","block_type":"box","text":"No Irish gift tax or inheritance tax (capital acquisitions tax) liability will arise on a gift or","page_number":115,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"6dfd7591-782d-4352-8d72-cfcff608df97","block_type":"box","text":"inheritance of Shares provided that:-","page_number":115,"box":{"x":121,"y":465,"width":299,"height":13}},{"id":"70728a05-a043-42c6-818a-218f2898f2ef","block_type":"box","text":"(a) at the date of the disposition the transferor is neither domiciled nor ordinarily resident","page_number":115,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"f20c45e3-c92c-4dc5-9172-49f49c9bf386","block_type":"box","text":"in Ireland and at the date of the gift or inheritance the transferee of the Shares is neither","page_number":115,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"b351f32c-37d7-4a7c-8540-00c0e6bdfcfd","block_type":"box","text":"domiciled nor ordinarily resident in Ireland; and","page_number":115,"box":{"x":181,"y":531,"width":394,"height":13}},{"id":"c80c8106-7b78-4bf5-8d8b-41b8952108ce","block_type":"box","text":"(b) the Shares are comprised in the disposition at the date of the gift or inheritance and the","page_number":115,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"3e1ffeb1-ece4-40c0-81cf-ccb597f7da1b","block_type":"box","text":"valuation date.","page_number":115,"box":{"x":181,"y":580,"width":124,"height":10}},{"id":"932fbbaa-cd5a-4cfc-a078-e5179b77badb","block_type":"box","text":"Other Irish Tax Matters","page_number":115,"box":{"x":121,"y":613,"width":215,"height":10}},{"id":"39020477-7278-4921-9642-ae6cd9c03c63","block_type":"box","text":"The income and/or gains of the Fund from its securities and assets may suffer withholding tax","page_number":115,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"73cb17a8-0f82-4807-8ff4-841f95764098","block_type":"box","text":"in the countries where such income and/or gains arise. The Fund may not be able to benefit","page_number":115,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"c9a5032d-e5ea-493a-b13f-726da46239ca","block_type":"box","text":"from reduced rates of withholding tax in double taxation agreements between Ireland and such","page_number":115,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"7a9482c7-0473-414c-a152-8ee964d2550e","block_type":"box","text":"countries. If this position changes in the future and the application of a lower rate results in","page_number":115,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"e5bd97b2-7144-4910-9d3b-9866ed603977","block_type":"box","text":"repayment to the Fund, the Net Asset Value of the relevant Sub-Fund will not be restated and","page_number":115,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"cf020e9a-b226-4848-9ee2-3f398ed150fe","block_type":"box","text":"the benefit will be allocated to the existing Shareholders in the relevant Sub-Fund rateably at","page_number":115,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6f0a1dcc-2f70-4029-bfc4-cd2e00f4f2ba","block_type":"box","text":"the time of repayment.","page_number":115,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"4d1efad7-0f80-423e-840c-4b9648962f21","block_type":"box","text":"Relevant Irish Tax Definitions","page_number":115,"box":{"x":121,"y":777,"width":265,"height":10}},{"id":"6c274c50-4990-4053-8c91-16a1d0e81fa6","block_type":"box","text":"Irish residence and ordinary residence for tax purposes:","page_number":115,"box":{"x":121,"y":810,"width":488,"height":12}},{"id":"e06c98ac-e3e6-420a-a176-605aa6e598e9","block_type":"box","text":"(i)","page_number":115,"box":{"x":121,"y":842,"width":23,"height":13}},{"id":"cc7b19c8-05d9-4a8d-b3e1-fd79ddfdc174","block_type":"box","text":"Residence - Company","page_number":115,"box":{"x":183,"y":842,"width":182,"height":13}},{"id":"cdd7d3e3-89a9-4a2d-ac1d-f2976a316b44","block_type":"box","text":"Prior to Finance Act 2014, company residence was determined with regard to the long\u0002","page_number":115,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"704ee198-4bb0-41df-affa-357f15ea0871","block_type":"box","text":"established common law rules based on central management and control. These rules were","page_number":115,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"0c2bf476-80cd-4002-971e-be8509d9d1a2","block_type":"box","text":"116","page_number":116,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"4fbbe6c1-1a8b-4527-8cac-9c338193fbd2","block_type":"box","text":"significantly revised in Finance Act 2014 to provide that a company incorporated in the State","page_number":116,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a0eb6c40-6878-45e5-bdff-4dbffd6e0b40","block_type":"box","text":"will be regarded as resident for tax purposes in the State, unless it is treated as resident in a","page_number":116,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"60c9cc02-5bb7-4335-b7b0-0a2dde1bb55b","block_type":"box","text":"treaty partner country by virtue of a double taxation treaty. While the common law rule based","page_number":116,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"fccf4ff4-a2d8-4a37-a2df-f7c667e46b18","block_type":"box","text":"on central management and control remains in place, it is subject to the statutory rule for","page_number":116,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"861f6fbf-6478-48fe-8a3a-5c6dbd8c2450","block_type":"box","text":"determining company residence based on incorporation in the State set out in the revised","page_number":116,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"10f9f056-d768-4275-aa6f-67c46ed5ab71","block_type":"box","text":"section 23A of the TCA.","page_number":116,"box":{"x":121,"y":170,"width":203,"height":10}},{"id":"ef18b82f-8639-498d-8d0d-2029bcfe449c","block_type":"box","text":"The incorporation rule for determining the tax residence of a company incorporated in the State","page_number":116,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"1f99f3c3-202f-42eb-a208-94aab75b068b","block_type":"box","text":"applies to companies incorporated on or after 1 January 2015. For companies incorporated in","page_number":116,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"05c7d74f-6027-4578-a142-46dbb09e1aa6","block_type":"box","text":"the State before this date, a transition period applied until 31 December 2020.","page_number":116,"box":{"x":121,"y":236,"width":631,"height":13}},{"id":"5fa8241a-7b19-46e6-ab07-30ef4823c374","block_type":"box","text":"(ii) Residence - Individual","page_number":116,"box":{"x":121,"y":269,"width":249,"height":12}},{"id":"414befa0-2405-42b0-ac41-dae62c373d19","block_type":"box","text":"An individual will be regarded as being resident in Ireland for a tax year if s/he:","page_number":116,"box":{"x":121,"y":302,"width":648,"height":12}},{"id":"d1b2ff14-0c2c-45da-a8ac-2cb18b4d356a","block_type":"box","text":"1.","page_number":116,"box":{"x":123,"y":334,"width":18,"height":10}},{"id":"a4eb21f6-6110-4839-8f03-4bf32e82e63a","block_type":"box","text":"spends 183 days or more in the State in that tax year; or","page_number":116,"box":{"x":183,"y":334,"width":454,"height":13}},{"id":"032fd597-fabe-4073-98d7-120736aef9f0","block_type":"box","text":"2.","page_number":116,"box":{"x":121,"y":367,"width":20,"height":10}},{"id":"8e63efd1-f458-47fc-b1d1-bda8e6c4b8e6","block_type":"box","text":"has a combined presence of 280 days in the State, taking into account the number of","page_number":116,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"c3b6f5a2-e84b-4d6b-97ea-661ef8ad53d5","block_type":"box","text":"days spent in the State in that tax year together with the number of days spent in the","page_number":116,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"58e31e11-bd50-46a6-b80a-5b78501eeca9","block_type":"box","text":"State in the preceding year.","page_number":116,"box":{"x":182,"y":400,"width":224,"height":13}},{"id":"3c55099c-a5e6-4b4d-9200-b624d1f51659","block_type":"box","text":"Presence in a tax year by an individual of not more than 30 days in the State will not be","page_number":116,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"e2f62631-3862-4783-96da-3bd1caa01726","block_type":"box","text":"reckoned for the purpose of applying the two year test.","page_number":116,"box":{"x":121,"y":449,"width":458,"height":13}},{"id":"08bbafcb-fe28-4277-a17a-049c053c0744","block_type":"box","text":"From 1 January 2009, presence in","page_number":116,"box":{"x":580,"y":449,"width":304,"height":13}},{"id":"5b651d58-c7b4-4b0c-bd6b-9b59edcf0821","block_type":"box","text":"the State for a day means the personal presence of an individual at any time during the","page_number":116,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"be52abd5-6395-481f-92bb-dc4db32579c0","block_type":"box","text":"day.","page_number":116,"box":{"x":121,"y":482,"width":41,"height":13}},{"id":"235e74b2-1a2e-4e16-8549-79d327c5b2bc","block_type":"box","text":"(iii) Ordinary Residence - Individual","page_number":116,"box":{"x":120,"y":515,"width":328,"height":12}},{"id":"873047ce-192c-4c43-880f-a78f7f40a676","block_type":"box","text":"The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern","page_number":116,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"97130c19-faac-4676-9009-684809442a3a","block_type":"box","text":"of life and denotes residence in a place with some degree of continuity.","page_number":116,"box":{"x":121,"y":564,"width":578,"height":13}},{"id":"f65ca3fb-a376-462b-a68d-e918e7264706","block_type":"box","text":"An individual who has been resident in the State for three consecutive tax years becomes","page_number":116,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"5f01ce11-4ada-45a2-81bb-7d6ce21bcde0","block_type":"box","text":"ordinarily resident with effect from the commencement of the fourth tax year.","page_number":116,"box":{"x":121,"y":613,"width":631,"height":13}},{"id":"bf9c8070-8715-4145-8e1c-cca1a9ba4def","block_type":"box","text":"An individual who has been ordinarily resident in the State ceases to be ordinarily resident at","page_number":116,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"bafdaf54-f04f-476b-8f31-7c9d6a9b89eb","block_type":"box","text":"the end of the third consecutive tax year in which s/he is not resident. Thus, an individual who","page_number":116,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"ef273187-55b4-4509-9685-b53cfb94ea81","block_type":"box","text":"is resident and ordinarily resident in the State in 2022 and departs from the State in that tax","page_number":116,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"8e79347c-417b-4e26-a419-759ca097eabb","block_type":"box","text":"year will remain ordinarily resident up to the end of the tax year in 2025.","page_number":116,"box":{"x":121,"y":695,"width":592,"height":13}},{"id":"5427047c-2205-47b3-8530-33a22bf63eee","block_type":"box","text":"(iv) Intermediary","page_number":116,"box":{"x":121,"y":728,"width":170,"height":13}},{"id":"a93e720d-c45e-4ced-8053-8f7bdb44f10e","block_type":"box","text":"This means a person who:-","page_number":116,"box":{"x":121,"y":761,"width":222,"height":12}},{"id":"fe11cb0b-924d-47c7-bc59-3de66c8f527c","block_type":"box","text":"(a) carries on a business which consists of, or includes, the receipt of payments from an","page_number":116,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"d4824ebf-6f93-422a-8daf-7ae90194cb8e","block_type":"box","text":"investment undertaking resident in Ireland on behalf of other persons; or","page_number":116,"box":{"x":181,"y":810,"width":590,"height":12}},{"id":"ecb7f62a-fc26-45b9-b5b0-eae777faa9d0","block_type":"box","text":"(b) holds units or shares in an investment undertaking on behalf of other persons.","page_number":116,"box":{"x":121,"y":842,"width":692,"height":13}},{"id":"6f5820d2-24ab-4146-b524-7f3177a711fb","block_type":"box","text":"117","page_number":117,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"e0077632-1140-4dec-b439-7bb226fe968e","block_type":"box","text":"Other Jurisdictions","page_number":117,"box":{"x":121,"y":88,"width":172,"height":11}},{"id":"b1bd8ead-0919-47c1-a88a-8d974b0414dc","block_type":"box","text":"As Shareholders are no doubt aware, the tax consequences of any investment can vary","page_number":117,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"a6de2ae8-a69c-4e90-b2b3-799ce471f68e","block_type":"box","text":"considerably from one jurisdiction to another, and ultimately will depend on the tax regime of","page_number":117,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"dc7ac108-b3ee-446f-8ef1-ed765dc11576","block_type":"box","text":"the jurisdictions within which a person is tax resident. Therefore the Directors strongly","page_number":117,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"aa527965-64ca-47df-af86-0ada8f3e9a5c","block_type":"box","text":"recommend that Shareholders obtain tax advice from an appropriate source in relation to the","page_number":117,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"9236e8fc-4bbe-4a57-8c82-30cb8b571478","block_type":"box","text":"tax liability arising from the holding of Shares in the Fund and any investment returns from","page_number":117,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"f07dfa59-a559-473a-bce2-438955ce2790","block_type":"box","text":"those Shares. It is the Directors’ intention to manage the affairs of the Fund so that it does not","page_number":117,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"7602ed06-946b-4f87-a6e2-5b80e4e664bc","block_type":"box","text":"become resident outside of Ireland for tax purposes.","page_number":117,"box":{"x":121,"y":220,"width":423,"height":12}},{"id":"1f4ce725-85e2-499f-93ee-2906c932253c","block_type":"box","text":"Irish reporting financial institutions, which may include the Fund have reporting obligations in","page_number":117,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b6151f30-178b-419d-8d3e-9d64bf74138d","block_type":"box","text":"respect of certain investors under FATCA as implemented pursuant to the Ireland – US","page_number":117,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"5177df8a-9094-4efd-b86e-5876c32c755b","block_type":"box","text":"intergovernmental agreement and/or the OECD's Common Reporting Standard (see below).","page_number":117,"box":{"x":121,"y":285,"width":745,"height":13}},{"id":"826f0e93-7704-4c35-8a47-1e0fa55c67b6","block_type":"box","text":"Information exchange and the implementation of FATCA in Ireland","page_number":117,"box":{"x":121,"y":334,"width":592,"height":13}},{"id":"b27ca0b7-5880-40ed-9112-295dd7923fcf","block_type":"box","text":"With effect from 1 July 2014 the Fund is obliged to report certain information in respect of","page_number":117,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"e93c9eff-780b-4588-9f61-90e6f5413042","block_type":"box","text":"U.S. investors in the Fund to the Irish Revenue Commissioners who will then share that","page_number":117,"box":{"x":121,"y":384,"width":763,"height":9}},{"id":"fa0b83a5-e2ac-4170-bcc3-39573963ed3d","block_type":"box","text":"information with the U.S. tax authorities.","page_number":117,"box":{"x":121,"y":400,"width":336,"height":10}},{"id":"b32a5cca-b22a-42c0-aa7d-373b5e2f2dc3","block_type":"box","text":"The Foreign Account Tax Compliance provisions of the U.S. Hiring Incentives to Restore","page_number":117,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"40df313c-db12-4fc1-874b-8a8d7f54d560","block_type":"box","text":"Employment Act of 2010 (","page_number":117,"box":{"x":121,"y":449,"width":226,"height":13}},{"id":"3b095d92-4132-4b2e-8826-9a45c5428218","block_type":"box","text":"FATCA","page_number":117,"box":{"x":347,"y":449,"width":69,"height":10}},{"id":"5da1bab0-eee1-426f-b6bd-6958f836c3d6","block_type":"box","text":"), which imposes a 30% US withholding tax on certain","page_number":117,"box":{"x":417,"y":449,"width":467,"height":13}},{"id":"f6b3d4be-82e8-498c-b7f7-424bb3881990","block_type":"box","text":"'withholdable payments' made on or after 1 July 2014 unless the payee enters into and complies","page_number":117,"box":{"x":122,"y":465,"width":762,"height":13}},{"id":"201f2c2b-854a-407d-8656-67877f3d4e2c","block_type":"box","text":"with an agreement with the U.S. Internal Revenue Service (","page_number":117,"box":{"x":121,"y":482,"width":484,"height":13}},{"id":"8f9bb159-cc70-4aac-8139-7fecae05ac63","block_type":"box","text":"IRS","page_number":117,"box":{"x":606,"y":482,"width":32,"height":10}},{"id":"3c70f19f-baae-4965-8eee-9c7726a5d8a6","block_type":"box","text":") to collect and provide to the","page_number":117,"box":{"x":640,"y":482,"width":244,"height":13}},{"id":"9c6f06b6-3615-45b6-a9b3-79e3cd10bfe2","block_type":"box","text":"IRS substantial information regarding direct and indirect owners and account holders.","page_number":117,"box":{"x":121,"y":498,"width":696,"height":13}},{"id":"56bd827c-7d40-4e5c-9522-63e480898269","block_type":"box","text":"On 21 December 2012, Ireland signed an Intergovernmental Agreement (","page_number":117,"box":{"x":121,"y":531,"width":584,"height":13}},{"id":"7938e5a1-cbea-49a4-9b1a-662abe4ee6f9","block_type":"box","text":"IGA","page_number":117,"box":{"x":706,"y":531,"width":37,"height":10}},{"id":"aca31d30-5cb7-44b4-9b43-fa614fabe5cf","block_type":"box","text":") with the United","page_number":117,"box":{"x":745,"y":531,"width":139,"height":12}},{"id":"020ab72c-d7b1-4c2f-9c78-f75f53a9f0e3","block_type":"box","text":"States to Improve International Tax Compliance and to Implement FATCA. Under this","page_number":117,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"d6bb0d4b-5253-4df0-8733-0581aa46516e","block_type":"box","text":"agreement, Ireland agreed to implement legislation to collect certain information in connection","page_number":117,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"079b7377-ab43-491c-982d-a31c8f4069f7","block_type":"box","text":"with FATCA and the Irish and U.S. tax authorities have agreed to automatically exchange this","page_number":117,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"38346427-6cfd-4e3c-9da1-17b5ee54434c","block_type":"box","text":"information. The IGA provides for the annual automatic exchange of information in relation","page_number":117,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"68575bad-b074-4e3e-a3bf-92d3ba6a4409","block_type":"box","text":"to accounts and investments held by certain U.S. persons in a broad category of Irish financial","page_number":117,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"3643c33e-823e-4d80-b1be-b378e3afe00f","block_type":"box","text":"institutions and vice versa.","page_number":117,"box":{"x":121,"y":629,"width":219,"height":10}},{"id":"e37111a9-3a45-4044-b4c3-b82579d7d56b","block_type":"box","text":"Under the IGA and the Financial Accounts Reporting (United States of America) Regulations","page_number":117,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"be1d6630-d70e-41d8-b9bd-35e03de27814","block_type":"box","text":"2014 (as amended) (the","page_number":117,"box":{"x":121,"y":679,"width":219,"height":12}},{"id":"981e444f-e292-4ba3-9281-f5e349687c12","block_type":"box","text":"Irish Regulations","page_number":117,"box":{"x":349,"y":678,"width":156,"height":13}},{"id":"7448384b-bbd2-49f3-84c1-4c35dd897090","block_type":"box","text":") implementing the information disclosure","page_number":117,"box":{"x":506,"y":679,"width":378,"height":12}},{"id":"b9779e27-b709-4328-a5b1-9daeaf430f38","block_type":"box","text":"obligations Irish financial institutions such as the Fund are required to report certain","page_number":117,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"df54e409-3ea0-446e-b494-aaab7b442dc3","block_type":"box","text":"information with respect to U.S. account holders to the Revenue Commissioners. The Revenue","page_number":117,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"d89151d3-a4dc-4c4b-80b2-08e5909eca75","block_type":"box","text":"Commissioners will automatically provide that information annually to the IRS. The Fund","page_number":117,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"aa061b2e-f046-46f7-b775-e5b874b6921c","block_type":"box","text":"(and/or the Administrator, the Manager or the Investment Manager on behalf of the Fund) must","page_number":117,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"e578887e-f5fe-4298-9cfb-c682129dc699","block_type":"box","text":"obtain the necessary information from investors required to satisfy the reporting requirements","page_number":117,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"a0d5b195-8271-4a06-a626-c084bfc87663","block_type":"box","text":"whether under the IGA, the Irish Regulations or any other applicable legislation published in","page_number":117,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"4c6b8ab0-8557-46f6-ae0b-eef4c2070a51","block_type":"box","text":"connection with FATCA and such information is being sought as part of the application process","page_number":117,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"9a15e7a3-611b-4e6a-aa77-36ce3dc64cbf","block_type":"box","text":"for shares in the Fund. It should be noted that the Irish Regulations require the collection of","page_number":117,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"2b0d88f9-a8d1-4c1a-a7a5-a41dd2b1bd1c","block_type":"box","text":"information and filing of returns with the Irish Revenue Commissioners regardless as to","page_number":117,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"53b2322d-d1d9-4571-93fb-d28b894f5cdc","block_type":"box","text":"whether the Fund holds any U.S. assets or has any U.S. investors.","page_number":117,"box":{"x":121,"y":842,"width":533,"height":13}},{"id":"d89e00bb-f248-469b-ae96-38e537a93d78","block_type":"box","text":"If a Shareholder causes the Fund to suffer a withholding for or on account of FATCA (FATCA","page_number":117,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"c8cd5683-d4d7-4988-ba3c-cc34f4b6266f","block_type":"box","text":"Deduction) or other financial penalty, cost, expense or liability, the Fund may compulsorily","page_number":117,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"a4936c56-90c4-4b89-8cb2-0b8a06751144","block_type":"box","text":"118","page_number":118,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"742e388b-06a1-44d2-88e4-d490b0d92fc1","block_type":"box","text":"redeem any Shares of such Shareholder and/or take any actions required to ensure that such","page_number":118,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"d5e062e1-f404-4609-bdcc-8f3a82f788e9","block_type":"box","text":"FATCA Deduction or other financial penalty, cost, expense or liability is economically born","page_number":118,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"699a8a21-b176-46fd-bb15-df1fc33ab7a3","block_type":"box","text":"by such shareholder. While the IGA and Irish Regulations should serve to reduce the burden","page_number":118,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"1be2ac59-758b-4f49-8907-da7912e41546","block_type":"box","text":"of compliance with FATCA, and accordingly the risk of a FATCA withholding on payments","page_number":118,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"373ea8c6-476f-4d59-b6fa-8c090a467478","block_type":"box","text":"to the Fund in respect of its assets, no assurance can be given in this regard. As such,","page_number":118,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"21c856c0-702b-4425-b6f0-5d53b1711781","block_type":"box","text":"Shareholders should obtain independent tax advice in relation to the potential impact of","page_number":118,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"624aa8c0-795a-494d-8d50-ed62255041ae","block_type":"box","text":"FATCA before investing.","page_number":118,"box":{"x":121,"y":187,"width":211,"height":13}},{"id":"f0b59ceb-17b8-49a1-9397-638a7e040fe7","block_type":"box","text":"Common Reporting Standard (CRS)","page_number":118,"box":{"x":121,"y":219,"width":321,"height":13}},{"id":"2362e9ca-dc7a-4c27-aed4-8a1d1e8d2e36","block_type":"box","text":"The goal of the CRS is to provide for the annual automatic exchange between governments of","page_number":118,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"e3b1f6da-11dc-47b0-9e5e-540617101c2e","block_type":"box","text":"financial account information reported to them by local Financial Institutions (","page_number":118,"box":{"x":121,"y":269,"width":635,"height":13}},{"id":"b060b2d5-a5ca-44c2-847e-309772b8b8d9","block_type":"box","text":"FI","page_number":118,"box":{"x":757,"y":269,"width":19,"height":10}},{"id":"ce3b374f-4042-4724-adda-8ee911d5b543","block_type":"box","text":"s) relating to","page_number":118,"box":{"x":778,"y":269,"width":106,"height":13}},{"id":"320e9084-ada8-43e1-af1e-7a8dc82c901c","block_type":"box","text":"account holders tax resident in other participating countries to assist in the efficient collection","page_number":118,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"4ed95902-57b0-4806-b866-6597cf6ccd49","block_type":"box","text":"of tax. The OECD, in developing the CRS, have used FATCA concepts and as such the","page_number":118,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"73e3b670-e7b8-4df7-b09d-4de8629d1713","block_type":"box","text":"Standard is broadly similar to the FATCA requirements, albeit with numerous alterations. It","page_number":118,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"1f979f66-4f36-40cd-a4b1-05547aa5d184","block_type":"box","text":"has resulted in a significantly higher number of reportable persons due to the increased","page_number":118,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"f35d54da-ef34-46e4-adb2-472de8bc553f","block_type":"box","text":"instances of potentially in-scope accounts and the inclusion of multiple jurisdictions to which","page_number":118,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"0f7c061b-acdf-464a-b6bd-e2e0f903e8c0","block_type":"box","text":"accounts must be reported.","page_number":118,"box":{"x":121,"y":367,"width":221,"height":13}},{"id":"81b9b5d3-6e8d-4877-8fb5-21f3879efd5a","block_type":"box","text":"Ireland is a signatory jurisdiction to a Multilateral Competent Authority Agreement on the","page_number":118,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e4c6524a-d6e0-46ac-8df6-c7b998dded3b","block_type":"box","text":"automatic exchange of financial account information in respect of CRS while section 891F and","page_number":118,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"d1311a61-8cc9-4a9e-b0eb-c1429a1999f6","block_type":"box","text":"891G of the TCA contain measures necessary to implement the CRS internationally and across","page_number":118,"box":{"x":122,"y":433,"width":762,"height":13}},{"id":"448e4d2b-5e3c-49af-8bd6-36d0ecb85c7a","block_type":"box","text":"the European Union, respectively. The Returns of Certain Information by Reporting Financial","page_number":118,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"cdcb76d8-294e-45da-a866-0cf9480a04a0","block_type":"box","text":"Institutions Regulations 2015 (the","page_number":118,"box":{"x":121,"y":465,"width":280,"height":13}},{"id":"7c91b1e1-241b-486b-a089-40c5de794c0f","block_type":"box","text":"CRS","page_number":118,"box":{"x":402,"y":465,"width":38,"height":10}},{"id":"c6b6bfa9-a085-4fae-a282-0e10e94956c1","block_type":"box","text":"Regulations","page_number":118,"box":{"x":447,"y":465,"width":101,"height":13}},{"id":"1f9cb279-5aaf-418c-a260-0248ba4413bc","block_type":"box","text":"), gave effect to the CRS from 1 January","page_number":118,"box":{"x":550,"y":465,"width":334,"height":13}},{"id":"301fef74-6a6e-43bb-8a34-ecabda721831","block_type":"box","text":"2016.","page_number":118,"box":{"x":121,"y":482,"width":50,"height":10}},{"id":"9bf152c5-ab1e-4745-9d46-6169f4da081a","block_type":"box","text":"Directive 2014/107/EU on Administrative Cooperation in the Field of Taxation (“DAC II”)","page_number":118,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b5fb5cd0-3025-4a56-9306-b4d913e6d42b","block_type":"box","text":"implements CRS in a European context and creates a mandatory obligation for all EU Member","page_number":118,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"a2c9bd8d-333d-4f0f-9e9d-04e88f9866ae","block_type":"box","text":"States to exchange financial account information in respect of residents in other EU Member","page_number":118,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"23be4a96-366d-45ac-9e74-ef97a2dc0737","block_type":"box","text":"States on an annual basis. Section 891G of the TCA contained measures necessary to","page_number":118,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"5bb6d289-582b-48a9-866f-872526a89dfe","block_type":"box","text":"implement the DAC II. The Mandatory Automatic Exchange of Information in the Field of","page_number":118,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"73c4da8b-2608-424b-9053-784c24b337bb","block_type":"box","text":"Taxation Regulations 2015 (together with the CRS Regulations, the “Regulations”), gave effect","page_number":118,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"3e544d30-dd38-4214-8189-aa5e1b89e7c2","block_type":"box","text":"to DAC II from 1 January 2016.","page_number":118,"box":{"x":121,"y":613,"width":264,"height":13}},{"id":"b0fa6af9-7291-4919-b930-96c770d80cbd","block_type":"box","text":"Under the Regulations reporting financial institutions, are required to collect certain","page_number":118,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"8b130970-5b34-4fbe-a79d-f098f00884c8","block_type":"box","text":"information on accountholders and on certain Controlling Persons in the case of the","page_number":118,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"019184b3-b742-4544-b11f-d7d5273fadc2","block_type":"box","text":"accountholder(s) being an Entity, as defined for CRS purposes, (e.g. name, address, jurisdiction","page_number":118,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"82595688-760b-40a7-b97a-b27090ef5a45","block_type":"box","text":"of residence, TIN, date and place of birth (as appropriate), the account number and the account","page_number":118,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"fab0d78b-b12d-4686-9224-4e8ca48224f4","block_type":"box","text":"balance or value at the end of each calendar year) to identify accounts which are reportable to","page_number":118,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"1d43b4c5-31ca-4966-83b8-6a2c7ed8c91f","block_type":"box","text":"the Irish tax authorities. The Irish tax authorities shall in turn exchange such information with","page_number":118,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"653e3f3e-24ee-48d9-b087-350e3f5f8ecc","block_type":"box","text":"their counterparts in participating jurisdictions. Further information in relation to CRS and","page_number":118,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"ef9468fc-6ef6-435e-b4cc-7b15335a458a","block_type":"box","text":"DAC II can be found on the Automatic Exchange of Information (AEOI) webpage on","page_number":118,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"210fb55f-393d-497d-ac96-889732e081fb","block_type":"box","text":"www.revenue.ie","page_number":118,"box":{"x":121,"y":777,"width":131,"height":10}},{"id":"4676e5ce-6353-4bf8-a5ff-0e8f6fa047a9","block_type":"box","text":"Information for UK Shareholders","page_number":118,"box":{"x":121,"y":810,"width":295,"height":10}},{"id":"ee2d687b-ed8b-4a5f-a706-4a9130c727c4","block_type":"box","text":"This information is a general summary of tax laws and practices; Shareholders should not","page_number":118,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"141d8e50-529c-4aaa-ad2c-fa957df6b022","block_type":"box","text":"consider it to be legal or tax advice, or as a guarantee of any particular tax result. 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The rights attached to any class may be varied or abrogated with the","page_number":123,"box":{"x":308,"y":318,"width":576,"height":13}},{"id":"83293f9b-47cb-4ef7-a1f1-e7ff75aa2b3d","block_type":"box","text":"consent in writing of the holders of three-fourths in number of the issued Shares of that","page_number":123,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"a3e554b2-780c-4e0c-a324-341ccd7bc22a","block_type":"box","text":"class, or with the sanction of a special resolution passed at a separate general meeting of","page_number":123,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"1175af2c-5afd-42e3-9a60-937a402d5472","block_type":"box","text":"the holders of the Shares of the class, and may be so varied or abrogated either whilst the","page_number":123,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"6bd49b73-5a47-4de1-88ba-f0130db926a1","block_type":"box","text":"Fund is a going concern or during or in contemplation of a winding-up. The quorum at any","page_number":123,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"8b6debb3-b6ea-40be-bc94-3178c7156567","block_type":"box","text":"such separate general meeting, other than an adjourned meeting, shall be two persons","page_number":123,"box":{"x":152,"y":400,"width":732,"height":13}},{"id":"af5f0217-41c9-4054-8918-f7456d77db41","block_type":"box","text":"holding or representing at least one third in nominal value of the issued Shares of the class","page_number":123,"box":{"x":151,"y":416,"width":733,"height":13}},{"id":"38dc95ea-0ee5-4a6b-804f-154d3cef4cfb","block_type":"box","text":"in question and the quorum at an adjourned meeting shall be one person holding Shares of","page_number":123,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"257f44cc-4d57-48d0-8b03-5fac180d8b16","block_type":"box","text":"the class in question or his proxy;","page_number":123,"box":{"x":151,"y":449,"width":276,"height":13}},{"id":"f6f881fa-7c4f-4dd0-8366-ee5543fe4173","block_type":"box","text":"c)","page_number":123,"box":{"x":121,"y":482,"width":14,"height":12}},{"id":"f6976f24-e0c8-4ee0-9f6a-b0c696b6a93a","block_type":"box","text":"Voting Rights","page_number":123,"box":{"x":152,"y":482,"width":115,"height":12}},{"id":"fdddde7e-0204-460a-88d4-8fd749c4df71","block_type":"box","text":". Subject to disenfranchisement in the event of non-compliance with any","page_number":123,"box":{"x":269,"y":482,"width":615,"height":13}},{"id":"6570f88b-4d4e-44f0-95f5-c58fec6a720d","block_type":"box","text":"notice requiring disclosure of the beneficial ownership of Shares and subject to any rights","page_number":123,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"b51beb58-228b-4676-8642-6b449709cb8c","block_type":"box","text":"or restrictions for the time being attached to any class or classes of Shares, on a show of","page_number":123,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"e267fb3d-a350-4091-8276-35e5e95daa80","block_type":"box","text":"hands, every holder who is present in person or by proxy shall have one vote and the","page_number":123,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"1e1322c2-4575-45c6-b633-7269401d6451","block_type":"box","text":"holder(s) of subscriber shares present in person or by proxy shall have one vote in respect","page_number":123,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"1b361729-9042-40f6-a3b7-9b0f72bc01c6","block_type":"box","text":"of all the subscriber shares in issue and on a poll every holder present in person or by proxy","page_number":123,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"38a2fa8e-6deb-4707-9815-c55e3414d0af","block_type":"box","text":"shall have one vote for every Share of which he is the holder and every holder of a","page_number":123,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"49b2dcef-99e3-40c2-95d2-bb883a840622","block_type":"box","text":"subscriber share present in person or by proxy shall have one vote in respect of his holding","page_number":123,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"6d93eb3d-9f4c-4e4c-a58e-4c43991709c9","block_type":"box","text":"of subscriber shares. Holders who hold a fraction of a Share may not exercise any voting","page_number":123,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"d5f73ce9-129c-47d0-b70f-e9d0244be2a7","block_type":"box","text":"rights, whether on a show of hands or on a poll, in respect of such fraction of a Share;","page_number":123,"box":{"x":151,"y":629,"width":696,"height":13}},{"id":"ecd9771d-5d83-450a-9e36-6c785cf3ce70","block_type":"box","text":"d)","page_number":123,"box":{"x":121,"y":662,"width":15,"height":12}},{"id":"71a9dca4-bb1a-4c18-9be6-06e03bdb0a74","block_type":"box","text":"Alteration of Share Capital","page_number":123,"box":{"x":149,"y":662,"width":236,"height":13}},{"id":"996968be-ee4a-4b9a-8741-fbe7a3e82cf9","block_type":"box","text":". The Fund may from time to time by ordinary resolution","page_number":123,"box":{"x":386,"y":662,"width":498,"height":13}},{"id":"428ba100-e510-4431-9c48-030c5f2d4e51","block_type":"box","text":"increase the share capital by such amount and/or number as the resolution may prescribe;","page_number":123,"box":{"x":151,"y":679,"width":724,"height":12}},{"id":"0c0b826b-899f-4a07-bde5-be90c6eba056","block_type":"box","text":"The Fund may also by ordinary resolution:","page_number":123,"box":{"x":181,"y":711,"width":350,"height":13}},{"id":"56a9e0e9-42e3-4ac0-9225-c5b43cc0544a","block_type":"box","text":"i)","page_number":123,"box":{"x":181,"y":728,"width":11,"height":12}},{"id":"330f4ca3-8e29-4655-8369-3344a293f834","block_type":"box","text":"consolidate and divide all or any of its share capital into Shares of larger amount;","page_number":123,"box":{"x":212,"y":728,"width":659,"height":13}},{"id":"c3689da1-7bdb-460e-be35-7485da3a3a86","block_type":"box","text":"ii)","page_number":123,"box":{"x":181,"y":744,"width":17,"height":12}},{"id":"2c0ca022-d8bc-4df6-ba15-76fc4ddc3ed9","block_type":"box","text":"subdivide its Shares, or any of them, into Shares of smaller amount or value;","page_number":123,"box":{"x":212,"y":744,"width":622,"height":13}},{"id":"974dd73f-8bd4-4ba6-a711-0f63238c21d2","block_type":"box","text":"iii)","page_number":123,"box":{"x":181,"y":761,"width":23,"height":12}},{"id":"9bda2322-0e56-421e-826d-174718ffaa1b","block_type":"box","text":"cancel any Shares which, at the date of the passing of the resolution, have not been","page_number":123,"box":{"x":212,"y":761,"width":672,"height":12}},{"id":"a588680b-80c7-4c42-90ae-61b18784daf5","block_type":"box","text":"taken or agreed to be taken by any person and reduce the amount of its authorised","page_number":123,"box":{"x":211,"y":777,"width":673,"height":13}},{"id":"4d44850e-6cbe-48f6-83a8-b476d327fcb3","block_type":"box","text":"share capital by the amount of the Shares so cancelled; or","page_number":123,"box":{"x":212,"y":793,"width":468,"height":13}},{"id":"1dd7c5fb-e6c0-4801-9891-a5ebfeae84ce","block_type":"box","text":"iv)","page_number":123,"box":{"x":181,"y":810,"width":21,"height":12}},{"id":"7489a653-fb77-4279-b647-89a4e69b84ef","block_type":"box","text":"redenominate the currency of any class of Shares.","page_number":123,"box":{"x":211,"y":810,"width":406,"height":12}},{"id":"13893151-0433-4651-b773-6b2b1d24d0fe","block_type":"box","text":"e)","page_number":123,"box":{"x":121,"y":843,"width":14,"height":12}},{"id":"77861a6b-606e-4459-bad6-fdba60e494db","block_type":"box","text":"Directors’ Interests","page_number":123,"box":{"x":150,"y":842,"width":164,"height":10}},{"id":"501580b1-7355-4438-b0f1-f07b41d17df4","block_type":"box","text":". Provided that the nature and extent of his/ her interest shall be","page_number":123,"box":{"x":317,"y":842,"width":567,"height":10}},{"id":"d86a9bd6-0883-4c29-be47-a66872e1d540","block_type":"box","text":"disclosed as set out below, no Director or intending Director shall be disqualified by his/","page_number":123,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"07371d2f-cfd6-485d-bded-8fbe4a5fc35a","block_type":"box","text":"her office from contracting with the Fund nor shall any such contract or any contract or","page_number":123,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"1f3ec2d2-b35c-44aa-bc2f-f180b51f48da","block_type":"box","text":"arrangement entered into by or on behalf of any other company in which any Director shall","page_number":123,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"94a407de-e767-4218-b43f-343199f342d0","block_type":"box","text":"124","page_number":124,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"c1d5d61e-ad9b-4eac-9452-53445c894fa6","block_type":"box","text":"be in any way interested be avoided nor shall any Director so contracting or being so","page_number":124,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"643265b6-4167-40f5-973d-61f7bcbcc881","block_type":"box","text":"interested be liable to account to the Fund for any profit realised by any such contract or","page_number":124,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"531ba6eb-2345-445c-ba59-31aeae586c8e","block_type":"box","text":"arrangement by reason of such Director holding that office or of the fiduciary relationship","page_number":124,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"2e257db0-6605-45d7-a6e5-7ad252148e63","block_type":"box","text":"thereby established.","page_number":124,"box":{"x":151,"y":138,"width":165,"height":13}},{"id":"86767f78-cb03-4a6a-a161-265c58e36409","block_type":"box","text":"The nature of a Director’s interest must be declared by him at the meeting of the Directors","page_number":124,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"bc47c2c5-fb15-4f8e-90b4-8819e08b2c36","block_type":"box","text":"at which the question of entering into the contract or arrangement is first taken into","page_number":124,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"ae2f8746-14c1-45af-add2-5e1ff3b5c3d2","block_type":"box","text":"consideration, or if the Director was not at the date of that meeting interested in the","page_number":124,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"68ade365-3e01-44c0-a61f-1c36620baee1","block_type":"box","text":"proposed contract or arrangement at the next meeting of the Directors held after he/ she","page_number":124,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"a19649b5-453c-4d52-abae-f32fe436d0ac","block_type":"box","text":"became so interested, and in a case where the Director becomes interested in a contract or","page_number":124,"box":{"x":151,"y":236,"width":733,"height":12}},{"id":"c0416b66-f35b-4621-8381-09adb05ee1f0","block_type":"box","text":"arrangement after it is made, at the first meeting of the Directors held after he/ she becomes","page_number":124,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"abbc98e3-c099-403b-adef-318dc93c85c2","block_type":"box","text":"so interested.","page_number":124,"box":{"x":152,"y":269,"width":110,"height":10}},{"id":"d94dff81-b6d5-41fc-9c97-881f24cbc153","block_type":"box","text":"A Director shall not vote at a meeting of the Directors or of any committee established by","page_number":124,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"5d85fda6-bb69-4471-a84c-8b8b723dbc4f","block_type":"box","text":"the Directors on any resolution concerning a matter in which he/ she has, directly or","page_number":124,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"ab8485f5-54e6-4831-9bfa-5bc5b1d82ef8","block_type":"box","text":"indirectly, an interest which is material (other than an interest arising by virtue of his/ her","page_number":124,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"9056b15b-30d8-440a-9013-b812880fc3bc","block_type":"box","text":"interest in Shares or debentures or other securities or otherwise in or through the Fund) or","page_number":124,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"9b7c94c7-2c4c-4a83-bad4-7cc66485de84","block_type":"box","text":"a duty which conflicts or may conflict with the interests of the Fund. A Director shall not","page_number":124,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"0183f898-5a16-456d-b6f4-4e5151876a7e","block_type":"box","text":"be counted in the quorum present at a meeting in relation to any such resolution on which","page_number":124,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"cd745fab-330a-4e6b-8622-1cb5238cf0ab","block_type":"box","text":"he/ she is not entitled to vote.","page_number":124,"box":{"x":151,"y":400,"width":242,"height":10}},{"id":"bf174b4b-6c94-4c4a-acce-1e23248af4e0","block_type":"box","text":"f)","page_number":124,"box":{"x":121,"y":433,"width":12,"height":12}},{"id":"791d55dd-4252-40fd-9496-1a03e4b3a252","block_type":"box","text":"Borrowing Powers","page_number":124,"box":{"x":150,"y":433,"width":155,"height":12}},{"id":"02f2b59d-b4d7-4dac-a6e1-661452bbfe17","block_type":"box","text":". Subject to the Regulations, the Directors may exercise all the powers","page_number":124,"box":{"x":308,"y":433,"width":576,"height":13}},{"id":"43fde637-9e30-4041-88f8-feaa73e0ecf8","block_type":"box","text":"of the Fund to borrow or raise money and to mortgage or charge its undertaking, property","page_number":124,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"ca98eb81-a7e7-4f56-832d-c0221f00ea01","block_type":"box","text":"and assets (both present and future) and uncalled capital or any part thereof and to issue","page_number":124,"box":{"x":151,"y":465,"width":733,"height":13}},{"id":"75825d6e-f3ac-4892-935b-2f4911029d06","block_type":"box","text":"other securities, whether outright or as collateral security for any debt, liability or obligation","page_number":124,"box":{"x":151,"y":482,"width":733,"height":13}},{"id":"9764de57-8034-4bdb-823b-32f0590068b6","block_type":"box","text":"of the Fund provided that all such borrowings shall be within the limits and conditions laid","page_number":124,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"e36c3150-5243-447d-9c8e-77dc5a19ebcd","block_type":"box","text":"down by the Central Bank;","page_number":124,"box":{"x":151,"y":515,"width":222,"height":12}},{"id":"0b303bcd-0db2-45d8-97fa-2da3836d8bd3","block_type":"box","text":"g)","page_number":124,"box":{"x":121,"y":548,"width":15,"height":12}},{"id":"4debf253-3295-42de-8a00-1073d1a4506e","block_type":"box","text":"Delegation to Committee","page_number":124,"box":{"x":150,"y":547,"width":218,"height":13}},{"id":"695dfe41-896f-410e-a162-cd6d7905db4d","block_type":"box","text":".","page_number":124,"box":{"x":369,"y":556,"width":3,"height":1}},{"id":"ef92e49f-4b3a-4d68-b598-e1a3d05a9081","block_type":"box","text":"The Directors may delegate any of their powers to any","page_number":124,"box":{"x":374,"y":547,"width":510,"height":13}},{"id":"4d17c4f3-fcc7-4048-a410-d9efd03ba51c","block_type":"box","text":"committee whether or not consisting of Directors. Any such delegation may be made","page_number":124,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"8c85c69a-d9c7-4dc5-a7fa-4dbe999d68bc","block_type":"box","text":"subject to any conditions the Directors may impose, and either collaterally with or to the","page_number":124,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"1638cae1-bad0-4181-9627-c8ec2a58958b","block_type":"box","text":"exclusion of their own powers and may be revoked. Subject to any such conditions, the","page_number":124,"box":{"x":151,"y":597,"width":733,"height":12}},{"id":"b1f5d74b-9c19-4609-9de2-ab92ca8bfda8","block_type":"box","text":"proceedings of a committee with two or more members shall be governed by the provisions","page_number":124,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"37409775-a729-497c-9dfe-6e9d8d1d324c","block_type":"box","text":"of the Articles of Association regulating the proceedings of Directors so far as they are","page_number":124,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"7410df94-c9cf-4cfb-94da-93a3407660e8","block_type":"box","text":"capable of applying;","page_number":124,"box":{"x":151,"y":646,"width":169,"height":13}},{"id":"4a62e20f-bf52-46c1-b0f1-0ecb60a9b83a","block_type":"box","text":"h)","page_number":124,"box":{"x":121,"y":679,"width":15,"height":12}},{"id":"374a9927-3a16-40a8-9887-3569df8d94a1","block_type":"box","text":"Retirement of Directors","page_number":124,"box":{"x":150,"y":678,"width":199,"height":13}},{"id":"59380803-42e7-4bec-ac47-59bbb4d596fb","block_type":"box","text":". The Directors shall not be required to retire by rotation or by","page_number":124,"box":{"x":352,"y":679,"width":532,"height":12}},{"id":"b4ad28c6-4512-4384-9f5b-940380eba49f","block_type":"box","text":"virtue of their attaining a certain age;","page_number":124,"box":{"x":151,"y":695,"width":304,"height":13}},{"id":"9cfb952c-b67b-4e5a-a602-aed9996c19da","block_type":"box","text":"i)","page_number":124,"box":{"x":121,"y":728,"width":11,"height":12}},{"id":"ec4ea7d6-9996-40df-8ac3-b0d4b42e9d65","block_type":"box","text":"Directors’ Remuneration.","page_number":124,"box":{"x":150,"y":728,"width":214,"height":10}},{"id":"87dfb8bc-1553-45db-b081-48213523ad1b","block_type":"box","text":"Unless and until otherwise determined from time to time by","page_number":124,"box":{"x":367,"y":728,"width":517,"height":13}},{"id":"7c62063f-4d4a-4e75-bf45-05388d31767b","block_type":"box","text":"the Fund in general meeting, the ordinary remuneration of each Director shall be","page_number":124,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"865df177-0fd1-427d-be7a-218489c6618e","block_type":"box","text":"determined from time to time by resolution of the Directors.","page_number":124,"box":{"x":151,"y":761,"width":490,"height":12}},{"id":"c70a428d-49e2-40ad-9879-bbe02716c227","block_type":"box","text":"j)","page_number":124,"box":{"x":119,"y":793,"width":13,"height":13}},{"id":"ca10634a-7fc9-4265-bddf-2102ca47a916","block_type":"box","text":"Transfer of Shares","page_number":124,"box":{"x":152,"y":793,"width":154,"height":13}},{"id":"755b6d89-b6f3-4042-8520-a6edc5a32a79","block_type":"box","text":". Subject to the restrictions set out below, the Shares of any holder may","page_number":124,"box":{"x":308,"y":793,"width":576,"height":13}},{"id":"71dc083e-5298-44a3-82bc-524b002bb6ca","block_type":"box","text":"be transferred by instrument in writing in any usual or common form or any other form,","page_number":124,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"a605b76a-56c3-4b01-bcac-b35da3278a05","block_type":"box","text":"which the Directors may approve.","page_number":124,"box":{"x":151,"y":826,"width":278,"height":13}},{"id":"a05a313d-6f69-4263-86e0-c5b94d5b2c2c","block_type":"box","text":"The Directors in their absolute discretion and without assigning any reason therefor may","page_number":124,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"fc84433e-2d87-4103-b7f6-d99a6b533295","block_type":"box","text":"decline to register any transfer of a Share to (i) a U.S. Person; or (ii) any person who, by","page_number":124,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"b2b67366-1b58-48c4-869a-c9884c06c7f9","block_type":"box","text":"holding Shares, would be in breach of any law or requirement of any country or","page_number":124,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"c9be9176-09df-4b04-8ed1-00ea7b17ddf3","block_type":"box","text":"125","page_number":125,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"f3193a87-2616-4d5c-bcd5-8c1895bec45d","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such","page_number":125,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"f56458d4-6a1a-4da6-a519-00d96314a9d6","block_type":"box","text":"Shares or if the holding of the Shares by any person is unlawful or if the person or entity is","page_number":125,"box":{"x":152,"y":105,"width":732,"height":13}},{"id":"0a5a86cb-360e-4055-985a-3e70c65d8a49","block_type":"box","text":"resident in a country in which the sale of the shares of the Fund to the public is not","page_number":125,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"30cdfeac-2675-4327-aa4f-116ceccdbe50","block_type":"box","text":"authorized; or (iii) might result in a Sub-Fund incurring any liability to taxation or suffering","page_number":125,"box":{"x":151,"y":138,"width":733,"height":13}},{"id":"4532ddde-786a-477c-9bcb-48e99f3aba7a","block_type":"box","text":"pecuniary legal or material administrative disadvantages or being in breach of any law or","page_number":125,"box":{"x":151,"y":154,"width":733,"height":13}},{"id":"bba16567-8d7b-42cd-83fb-a5dde8c2f2b8","block_type":"box","text":"regulation which the relevant Sub-Fund might not otherwise have incurred, suffered","page_number":125,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"b27378b7-dac1-43b9-940a-27f1e74d6f67","block_type":"box","text":"(including without limitation, where a Shareholder fails to provide the Fund with","page_number":125,"box":{"x":152,"y":187,"width":732,"height":13}},{"id":"d6ffe7e9-a31e-46cf-948f-349cba0ea7f1","block_type":"box","text":"information required to satisfy the obligations under any tax requirements or regulations or","page_number":125,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"6b7abc7b-6f9f-4789-b5d3-5301a93e1491","block_type":"box","text":"any automatic exchange of information obligations or other similar requirements of the","page_number":125,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"0874f081-a7b4-483d-a232-08ecbd6a59d4","block_type":"box","text":"Fund, the Depositary, the Administrator, the Investment Manager or any delegate thereof,","page_number":125,"box":{"x":151,"y":236,"width":733,"height":13}},{"id":"bcbb4f83-49a5-4cd3-9e76-0f00d12d19fe","block_type":"box","text":"or where the Directors suspect market timing) or might result in the relevant Sub-Fund, the","page_number":125,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"c1e8de18-2500-463d-b41f-516fa80a3d5f","block_type":"box","text":"Fund, Investment Manager or Investment Manager's group of companies being required to","page_number":125,"box":{"x":151,"y":269,"width":733,"height":13}},{"id":"47f2ece8-b733-494c-8c5f-0e714b02b9fd","block_type":"box","text":"comply with registration or filing requirements in any jurisdiction with which it would not","page_number":125,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"ed08f88d-4b1d-48e8-b027-e33aa3656a1c","block_type":"box","text":"otherwise be required to comply or is otherwise prohibited by the Articles; or (iv) any","page_number":125,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"8c86f19b-8670-48ab-bee2-9ebb216a1a1d","block_type":"box","text":"transfer to or by a minor or a person of unsound mind; or (v) any transfer unless the","page_number":125,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"28024a14-c089-41ea-ab62-230d89dbcc82","block_type":"box","text":"transferee of such Shares would following such transfer be the holder of Shares with a value","page_number":125,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"7a45fb42-b8bd-4f39-bca3-89459784fd21","block_type":"box","text":"at the then current subscription price equal to or greater than the Minimum Initial","page_number":125,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"231e14bb-bfe9-42ca-8691-3f7fd2f2047e","block_type":"box","text":"Subscription; or (vi) any transfer in circumstances where as a result of such transfer the","page_number":125,"box":{"x":152,"y":367,"width":732,"height":13}},{"id":"f8fe05bf-a1a8-4c36-b7c0-6706de4da46a","block_type":"box","text":"transferor or transferee would hold less than the Minimum Holding and any transfer in","page_number":125,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"6028032e-0e3c-4297-9b00-47a477b39837","block_type":"box","text":"regard to which any payment of taxation remains outstanding.","page_number":125,"box":{"x":151,"y":400,"width":505,"height":13}},{"id":"814b9cf3-b0f5-41ed-865c-54a39a084682","block_type":"box","text":"The Directors may decline to recognise any instrument of transfer unless it is accompanied","page_number":125,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"2330b470-b08a-47e9-83ff-0e73bacae123","block_type":"box","text":"by the certificate for the Shares to which it relates (if issued), is in respect of one class of","page_number":125,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"1f7ee032-ce88-4098-ae8a-60856896c195","block_type":"box","text":"Shares only, is in favour of not more than four transferees and is lodged at the registered","page_number":125,"box":{"x":152,"y":465,"width":732,"height":13}},{"id":"e814a2a8-e791-41f6-876d-c83c2940f913","block_type":"box","text":"office or at such other place as the Directors may appoint;","page_number":125,"box":{"x":151,"y":482,"width":472,"height":13}},{"id":"c38f5c14-28e8-4b55-a1fd-f34031364c15","block_type":"box","text":"k)","page_number":125,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"941850a0-402d-4166-b3bf-5e288d673a72","block_type":"box","text":"Right of Redemption","page_number":125,"box":{"x":150,"y":514,"width":173,"height":13}},{"id":"fd2ba933-5cbb-44e1-a787-50a07cfd6e21","block_type":"box","text":".","page_number":125,"box":{"x":325,"y":522,"width":9,"height":3}},{"id":"db951c19-94e4-4993-b212-041d28e7439d","block_type":"box","text":"Shareholders have the right to request the Fund to repurchase their","page_number":125,"box":{"x":340,"y":515,"width":544,"height":12}},{"id":"55ddbc85-90a4-4167-9cb9-efc5d9900675","block_type":"box","text":"Shares in accordance with the provisions of the Articles of Association;","page_number":125,"box":{"x":152,"y":531,"width":582,"height":13}},{"id":"ebbfc0ea-dd3c-4a2a-85b2-3079b6b928a5","block_type":"box","text":"l)","page_number":125,"box":{"x":121,"y":564,"width":11,"height":12}},{"id":"57b07387-ceb3-4042-b992-4d2b27c91928","block_type":"box","text":"Dividends","page_number":125,"box":{"x":150,"y":564,"width":82,"height":10}},{"id":"b041fcbd-89db-4f18-bee6-5c4673e0f219","block_type":"box","text":". The Articles of Association permit the Directors to declare such dividends on","page_number":125,"box":{"x":235,"y":564,"width":649,"height":13}},{"id":"bff605fc-8736-4127-81ab-e3956008546c","block_type":"box","text":"any class of Shares as appear to the Directors to be justified by the profits of the relevant","page_number":125,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"d0729af5-6b18-4de5-9c3d-9872a80e268c","block_type":"box","text":"Sub-Fund. The Directors may satisfy any dividend due to holders of Shares in whole or in","page_number":125,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"592c0ac4-db3a-43c8-ab55-9ef63b5d6133","block_type":"box","text":"part by distributing to them in specie any of the assets of the relevant Sub-Fund and, in","page_number":125,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"a46565ce-e2cd-4971-88ae-62cc8a3e1fc0","block_type":"box","text":"particular, any investments to which the relevant Sub-Fund is entitled. A holder may","page_number":125,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"c399803a-4009-448a-acff-73761a32510d","block_type":"box","text":"require the Directors instead of transferring any assets in specie to him, to arrange for a sale","page_number":125,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"add193d6-930b-4817-8fb1-3b81330824c5","block_type":"box","text":"of the assets and for payment to the holder of the net proceeds of same. Any dividend","page_number":125,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"ff6f4cdb-a169-4844-96da-51c1ad9cb5b4","block_type":"box","text":"unclaimed for six years from the date of declaration of such dividend shall be forfeited and","page_number":125,"box":{"x":151,"y":679,"width":733,"height":12}},{"id":"b517c32a-8b99-4f7a-8f89-4bfff8514247","block_type":"box","text":"shall revert to the relevant Sub-Fund;","page_number":125,"box":{"x":152,"y":695,"width":304,"height":12}},{"id":"a0c07549-58d4-4d67-bac0-50a416753c08","block_type":"box","text":"m)","page_number":125,"box":{"x":121,"y":728,"width":21,"height":12}},{"id":"0f89972e-c944-44d7-8076-3250104b7ce9","block_type":"box","text":"Funds","page_number":125,"box":{"x":150,"y":727,"width":54,"height":11}},{"id":"f4305cec-da92-43d3-8681-d15e38cf6dab","block_type":"box","text":". The Directors are required to establish a separate portfolio of assets for each Sub\u0002","page_number":125,"box":{"x":206,"y":728,"width":672,"height":13}},{"id":"51459138-8139-43c8-9cf8-e70249e3733d","block_type":"box","text":"Fund created by the Fund from time to time, to which the following shall apply:-","page_number":125,"box":{"x":151,"y":744,"width":656,"height":13}},{"id":"22b7b903-726c-4448-9699-268f454324ed","block_type":"box","text":"i)","page_number":125,"box":{"x":151,"y":777,"width":11,"height":12}},{"id":"8c285c2b-8a79-4fbc-88ac-4fd3259e56ac","block_type":"box","text":"for each Sub-Fund the Fund shall keep separate books and records in which all","page_number":125,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"1b06dc86-0486-4605-b9af-477f248d9104","block_type":"box","text":"transactions relating to the relevant Sub-Fund shall be recorded and, in particular, the","page_number":125,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"ee5dffe9-45aa-452a-90f3-a6daf2a233e3","block_type":"box","text":"proceeds from the allotment and issue of Shares of each class in the Sub-Fund, the","page_number":125,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"eb1c6f6c-b0c2-409d-a6bb-f2d79fc6db8f","block_type":"box","text":"investments and the liabilities and income and expenditure attributable thereto shall be","page_number":125,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"bb350177-8302-43ad-aabc-a48fa4a87d44","block_type":"box","text":"applied or charged to such Sub-Fund subject to the provisions of the Articles;","page_number":125,"box":{"x":182,"y":842,"width":629,"height":13}},{"id":"eda05ba9-b6c8-4165-ba00-22729d6a3be7","block_type":"box","text":"ii)","page_number":125,"box":{"x":151,"y":875,"width":17,"height":12}},{"id":"10ecdabb-0f95-436b-9d14-8428f4255a11","block_type":"box","text":"any asset derived from any other asset(s) (whether cash or otherwise) comprised in any","page_number":125,"box":{"x":182,"y":875,"width":702,"height":13}},{"id":"44d3cd34-4536-4acb-b1a4-d633e0c6ca34","block_type":"box","text":"Sub-Fund, shall be applied in the books and records of the Fund to the same Sub-Fund","page_number":125,"box":{"x":182,"y":892,"width":702,"height":12}},{"id":"3ee3a0d0-f9ac-4103-915f-4e1711a77e85","block_type":"box","text":"126","page_number":126,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a0101160-05dd-4e28-b891-1b4ff69f0ef0","block_type":"box","text":"as the asset from which it was derived and any increase or diminution in the value of","page_number":126,"box":{"x":182,"y":89,"width":702,"height":12}},{"id":"4edc249f-4611-42d5-85df-f2e35d5d3889","block_type":"box","text":"such an asset shall be applied to the relevant Sub-Fund;","page_number":126,"box":{"x":182,"y":105,"width":451,"height":13}},{"id":"5a1c0b67-7071-4a57-a3aa-1a09b0fd6f38","block_type":"box","text":"iii)","page_number":126,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"52e2ba47-e2af-4dfd-897e-82a47bdf0b5a","block_type":"box","text":"in the event that there are any assets of the Fund which the Directors do not consider","page_number":126,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"889f88dc-d534-4e06-aa90-1007d735089d","block_type":"box","text":"are attributable to a particular Sub-Fund or Sub-Funds, the Directors shall, with the","page_number":126,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"b26a5780-0ff7-408f-88a0-9642a9457fd0","block_type":"box","text":"approval of the Depositary, allocate such assets to and among any one or more of the","page_number":126,"box":{"x":182,"y":170,"width":702,"height":13}},{"id":"1f772ca6-f432-4c20-9443-e56f53da481f","block_type":"box","text":"Sub-Funds in such manner and on such basis as they, in their discretion, deem fair and","page_number":126,"box":{"x":182,"y":187,"width":702,"height":13}},{"id":"d0a0e010-ae72-4013-b6f8-a4dd0d7a2303","block_type":"box","text":"equitable; and the Directors shall have the power to and may at any time and from time","page_number":126,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"c95c1fcc-2039-4530-b358-d76a12760288","block_type":"box","text":"to time, with the approval of the Depositary, vary the basis in relation to assets","page_number":126,"box":{"x":181,"y":220,"width":703,"height":12}},{"id":"d7516cf1-f8f7-4910-b527-a116f1eb2701","block_type":"box","text":"previously allocated;","page_number":126,"box":{"x":181,"y":236,"width":174,"height":13}},{"id":"3e6e7cd0-cfac-4f30-9103-3f926e34ce5b","block_type":"box","text":"iv)","page_number":126,"box":{"x":151,"y":269,"width":21,"height":12}},{"id":"b3838c50-5d2f-417f-a7ec-48e35bd06676","block_type":"box","text":"each Sub-Fund shall be charged with the liabilities, expenses, costs, charges or reserves","page_number":126,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"40ee01c2-7a1c-492e-b475-970a742078bb","block_type":"box","text":"of the Fund in respect of or attributable to that Sub-Fund and any such liabilities,","page_number":126,"box":{"x":182,"y":285,"width":702,"height":13}},{"id":"a772ef51-02dc-48d3-8e2b-6a19d091e17a","block_type":"box","text":"expenses, costs, charges, or reserves of the Fund not attributable to any particular Sub\u0002","page_number":126,"box":{"x":181,"y":302,"width":697,"height":12}},{"id":"5238cb12-4c05-4c2f-a37f-54f08567c12e","block_type":"box","text":"Fund or Sub-Funds shall be allocated and charged by the Directors, with the approval","page_number":126,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"b7ab1797-5927-4950-a095-1bb278c04877","block_type":"box","text":"of the Depositary, in such manner and on such basis as the Directors, in their sole and","page_number":126,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"229c95bf-45fc-48b4-abaa-0d738c64c371","block_type":"box","text":"absolute discretion deem fair and equitable, and the Directors shall have the power to","page_number":126,"box":{"x":182,"y":351,"width":702,"height":13}},{"id":"78b1d682-e5cb-41d6-b479-b0ffd72b4ed1","block_type":"box","text":"and may at any time and from time to time, with the approval of the Depositary, vary","page_number":126,"box":{"x":182,"y":367,"width":702,"height":13}},{"id":"453ce74c-8505-4962-9acb-f6fe0aa6329f","block_type":"box","text":"such basis including, where circumstances so permit, the re-allocation of such","page_number":126,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"2f731e2a-4f62-4114-b288-001cde3e271a","block_type":"box","text":"liabilities, expenses, costs, charges and reserves;","page_number":126,"box":{"x":181,"y":400,"width":396,"height":13}},{"id":"9898a2ab-f076-4188-b06a-762888b72851","block_type":"box","text":"v)","page_number":126,"box":{"x":151,"y":433,"width":16,"height":12}},{"id":"858e792a-eac0-49da-991f-57ddb712e9cd","block_type":"box","text":"in the event that any Asset attributable to a Sub-Fund is taken in execution of a liability","page_number":126,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"8617cb01-c7b1-4b2b-855c-6b8ebe8a7b81","block_type":"box","text":"not attributable to that Sub-Fund, the provisions of section 1407 of the Companies Act","page_number":126,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"12d92a77-8c0f-424b-a653-cdcd487dc0f5","block_type":"box","text":"2014 shall apply;","page_number":126,"box":{"x":182,"y":465,"width":143,"height":13}},{"id":"9cd03420-fd1f-4acc-9b15-22eb43b75d91","block_type":"box","text":"n)","page_number":126,"box":{"x":121,"y":498,"width":15,"height":13}},{"id":"5b558c0f-8a38-470b-b991-3104da82b28e","block_type":"box","text":"Fund Exchanges.","page_number":126,"box":{"x":150,"y":498,"width":147,"height":13}},{"id":"c64897d2-7bd5-445a-9a76-2df7ecd1174e","block_type":"box","text":"Subject to the provisions of the Articles of Association, a Shareholder","page_number":126,"box":{"x":307,"y":498,"width":577,"height":13}},{"id":"583f09ff-6b98-463a-8c12-200adb9f9a69","block_type":"box","text":"holding Shares in any class in a Sub-Fund on any Dealing Day shall have the right from","page_number":126,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"07a54fa6-8a88-4aa9-9a0d-a95701939cb1","block_type":"box","text":"time to time to exchange all or any of such Shares for Shares of another class (such class","page_number":126,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"6c04adf8-e105-42c8-9901-6ca8348da8b0","block_type":"box","text":"being either an existing class or a class agreed by the Directors to be brought into existence","page_number":126,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"707d3235-1665-4b4c-b51d-919c9d84f295","block_type":"box","text":"with effect from that Dealing Day);","page_number":126,"box":{"x":151,"y":564,"width":291,"height":13}},{"id":"5c055b6e-a37e-49e6-8228-56e055541c0f","block_type":"box","text":"o)","page_number":126,"box":{"x":121,"y":597,"width":15,"height":12}},{"id":"e88e72b4-7035-4a8c-b554-8621344d73a9","block_type":"box","text":"Winding up.","page_number":126,"box":{"x":152,"y":596,"width":100,"height":13}},{"id":"bc41fcf5-dcce-4ca4-a913-d2e0a16ccdb4","block_type":"box","text":"The Articles contain provisions to the following effect:","page_number":126,"box":{"x":254,"y":597,"width":459,"height":12}},{"id":"698e7d39-e306-43f6-88ed-24dc123afd62","block_type":"box","text":"i)","page_number":126,"box":{"x":151,"y":627,"width":11,"height":13}},{"id":"72ebcbd0-c33c-4691-8443-119310e49eca","block_type":"box","text":"If the Fund shall be wound up the liquidator shall, subject to the provisions of the","page_number":126,"box":{"x":181,"y":627,"width":703,"height":13}},{"id":"5d68fc24-548d-4ce4-ae96-d96453c47ab1","block_type":"box","text":"Companies Act 2014, apply the assets of each Sub-Fund in such manner and order as","page_number":126,"box":{"x":182,"y":644,"width":702,"height":12}},{"id":"c5e87aa3-0d6b-4f22-b089-4f1cefa6ad07","block_type":"box","text":"he thinks fit in satisfaction of creditors’ claims relating to that 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to the holders of Shares in the relevant class in the proportion","page_number":126,"box":{"x":182,"y":742,"width":702,"height":13}},{"id":"635b1d93-5fff-4cbf-9d77-ddb7d18fb954","block_type":"box","text":"that the number of Shares held by each holder bears to the total number of Shares","page_number":126,"box":{"x":181,"y":758,"width":703,"height":13}},{"id":"2b3c5a7f-5549-4214-9819-e4e990733d6c","block_type":"box","text":"relating to each such class of Shares in issue as at the date of commencement to wind","page_number":126,"box":{"x":181,"y":775,"width":703,"height":13}},{"id":"28808e32-66e7-4a02-a25a-d10ff035d6b6","block_type":"box","text":"up; secondly, in payment to the holder(s) of the subscriber shares of sums up to the","page_number":126,"box":{"x":181,"y":791,"width":703,"height":13}},{"id":"fcd6608d-85d3-406e-bbbe-cd7796658aa6","block_type":"box","text":"nominal amount paid thereon out of the assets of the Fund not attributable to any class","page_number":126,"box":{"x":181,"y":808,"width":703,"height":12}},{"id":"caeeecf9-1f79-42a8-8abb-20ea966e19ee","block_type":"box","text":"of Share. In the event that there are insufficient assets to enable such payment in full","page_number":126,"box":{"x":182,"y":824,"width":702,"height":13}},{"id":"28ee6110-2ce2-460f-bf2c-9bf604b8c63e","block_type":"box","text":"to be made, no recourse shall be had to the assets of the Fund attributable to each class","page_number":126,"box":{"x":181,"y":840,"width":703,"height":12}},{"id":"d6e37ac4-aa29-4466-a807-c3cd218ab20b","block_type":"box","text":"of Share; and thirdly, any balance then remaining and not attributable to any of the","page_number":126,"box":{"x":182,"y":857,"width":702,"height":13}},{"id":"69cb6199-0959-4fba-bb1a-0085929cfd54","block_type":"box","text":"classes of Shares shall be apportioned pro-rata as between the classes of Shares based","page_number":126,"box":{"x":181,"y":873,"width":703,"height":13}},{"id":"510daf33-c85f-4c37-8b93-66ffa804a4f6","block_type":"box","text":"on the Net Asset Value attributable to each class of Shares as at the date of","page_number":126,"box":{"x":182,"y":889,"width":702,"height":10}},{"id":"4846bf53-9b1f-4909-9dbc-dab3c62bb8db","block_type":"box","text":"127","page_number":127,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"f1154a6d-7c0c-4ba4-acfe-ea3f3476468c","block_type":"box","text":"commencement to wind up and the amount so apportioned to a class shall be distributed","page_number":127,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"9f923501-96c1-42fe-8d5b-b3b08be6feac","block_type":"box","text":"to holders pro-rata to the number of Shares in that class of Shares held by them;","page_number":127,"box":{"x":181,"y":105,"width":648,"height":13}},{"id":"286de516-1b7b-4325-8a3d-c485751a4dd7","block_type":"box","text":"iii)","page_number":127,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"10e615b9-0ad3-486d-926a-93dddb3e8a11","block_type":"box","text":"A Sub-Fund may be wound up pursuant to Section 1407 of the Companies Act and in","page_number":127,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"9116c6c4-38e6-4176-8a34-7000322bea72","block_type":"box","text":"such event the provisions in this paragraph (o) shall apply mutatis mutandis in respect","page_number":127,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"5895e2fa-2dcd-493c-b427-248cf2c64704","block_type":"box","text":"of the Sub-Fund;","page_number":127,"box":{"x":182,"y":170,"width":141,"height":12}},{"id":"5e2b1d7a-890c-4ff7-a81a-b5c64fdfaf78","block_type":"box","text":"iv)","page_number":127,"box":{"x":151,"y":203,"width":21,"height":13}},{"id":"1fdefe82-14ae-460a-b0d2-4e62b820010d","block_type":"box","text":"If the Fund shall be wound up (whether the liquidation is voluntary, under supervision","page_number":127,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"9c38d743-060e-4e7a-a867-45c94631b4cc","block_type":"box","text":"or by the court) the liquidator may, with the authority of a special resolution of the","page_number":127,"box":{"x":182,"y":220,"width":702,"height":12}},{"id":"50746826-c74e-4d8c-be2d-de166a9bf683","block_type":"box","text":"relevant holders and any other sanction required by the Companies Act 2014, divide","page_number":127,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"a1be289b-a1f6-4361-a006-b021b24dbbd5","block_type":"box","text":"among the holders of Shares of any class or classes within a Sub-Fund in specie the","page_number":127,"box":{"x":182,"y":252,"width":702,"height":13}},{"id":"021833c3-801a-4430-adfc-f2fd8d417194","block_type":"box","text":"whole or any part of the assets of the Fund relating to that Sub-Fund, and whether or","page_number":127,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"5817c8c6-2a20-4470-a340-6ef394378ca8","block_type":"box","text":"not the assets shall consist of property of a single kind, and may for such purposes set","page_number":127,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"665daafd-f161-405b-be28-47f2b67dfcd9","block_type":"box","text":"such value as he deems fair upon any one or more class or classes of property, and may","page_number":127,"box":{"x":182,"y":302,"width":702,"height":12}},{"id":"056631ee-f63f-4ab7-b8dd-b20dd3c18fcc","block_type":"box","text":"determine how such division shall be carried out as between all the holders of Shares","page_number":127,"box":{"x":181,"y":318,"width":703,"height":10}},{"id":"e357a58b-fe4b-4b76-90c0-e41a3fdb5acc","block_type":"box","text":"of the Sub-Fund or the holders of different classes of Shares in a Sub-Fund. The","page_number":127,"box":{"x":182,"y":334,"width":702,"height":10}},{"id":"8423004b-d943-4ebd-9492-e30a59505680","block_type":"box","text":"liquidator may, with the like authority, vest any part of the assets in trustees upon such","page_number":127,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"03542765-8441-4d49-98b6-a9bcefba7269","block_type":"box","text":"trusts for the benefit of holders as the liquidator, with the like authority, shall think fit,","page_number":127,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"88a38b2c-f7df-41e5-85c6-a787186254d8","block_type":"box","text":"and the liquidation of the Fund may be closed and the Fund dissolved, but so that no","page_number":127,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"70702b29-1231-4753-ad91-b1961b6e699e","block_type":"box","text":"holder shall be compelled to accept any assets in respect of which there is a liability. A","page_number":127,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"a8c9deb1-ab5c-48e5-9ff0-cfebd56d600f","block_type":"box","text":"holder may require the liquidator instead of transferring any asset in specie to him/her","page_number":127,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"f43ea650-c2bf-4614-a621-dc1e142110d6","block_type":"box","text":"to arrange for a sale of the assets with the costs of the sale charged to that Shareholder","page_number":127,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"900dc28a-55a6-4817-9fa8-c31730e083ca","block_type":"box","text":"and for payment to the holder of the net proceeds of same.","page_number":127,"box":{"x":182,"y":449,"width":474,"height":13}},{"id":"ae3df543-7063-4023-a264-4efd5c5ae5f2","block_type":"box","text":"p)","page_number":127,"box":{"x":121,"y":482,"width":15,"height":13}},{"id":"4258f949-1cbb-4bf8-948a-2111bfe4c4da","block_type":"box","text":"Share Qualification","page_number":127,"box":{"x":151,"y":482,"width":164,"height":13}},{"id":"e7f675e1-0152-46a4-81a3-8e148e1c00a2","block_type":"box","text":".","page_number":127,"box":{"x":317,"y":490,"width":2,"height":2}},{"id":"d63936f9-addd-432c-9d00-1d233c04261f","block_type":"box","text":"The Articles do not contain a share qualification for Directors.","page_number":127,"box":{"x":321,"y":482,"width":518,"height":13}},{"id":"403a3749-3052-45c6-9426-5863e529bce7","block_type":"box","text":"q)","page_number":127,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"6c7c2e87-eead-4dff-8eee-1eff6d49303f","block_type":"box","text":"Termination of Sub-Funds.","page_number":127,"box":{"x":152,"y":514,"width":228,"height":13}},{"id":"bc597ed3-adf4-4c53-9271-3bc8e69622de","block_type":"box","text":"Any Sub-Fund may be terminated by the Directors in their","page_number":127,"box":{"x":383,"y":515,"width":501,"height":12}},{"id":"66f77d23-ddbf-430d-a794-1f8fffeee5eb","block_type":"box","text":"sole and absolute discretion by notice in writing to the Depositary in any of the following","page_number":127,"box":{"x":152,"y":531,"width":732,"height":13}},{"id":"bd31c37f-128d-45b3-9146-056c556d6f07","block_type":"box","text":"events:-","page_number":127,"box":{"x":151,"y":549,"width":69,"height":8}},{"id":"9f091376-f428-45bb-bd89-4630dbe2f84d","block_type":"box","text":"i)","page_number":127,"box":{"x":151,"y":580,"width":11,"height":12}},{"id":"205be35d-4668-4651-a5f2-ce09cdf1fd4b","block_type":"box","text":"if at any time the Net Asset Value of the relevant Sub-Fund shall be less than the","page_number":127,"box":{"x":181,"y":580,"width":703,"height":13}},{"id":"204ea846-e4f3-431b-bc36-4dfc744397aa","block_type":"box","text":"Minimum Fund Size; or","page_number":127,"box":{"x":181,"y":597,"width":199,"height":11}},{"id":"7e6f4b4b-27a5-408b-9dbb-8ae24631ec72","block_type":"box","text":"ii)","page_number":127,"box":{"x":151,"y":629,"width":17,"height":13}},{"id":"7adce10d-4c41-426f-8d29-4e29fcf97e8a","block_type":"box","text":"if any Sub-Fund shall cease to be authorised or otherwise officially approved; or","page_number":127,"box":{"x":181,"y":629,"width":653,"height":13}},{"id":"1ad01f36-445a-4b7c-8963-02ac36618a7c","block_type":"box","text":"iii)","page_number":127,"box":{"x":151,"y":662,"width":22,"height":12}},{"id":"936d5d4b-d3d9-441f-a174-81614b6dcdd7","block_type":"box","text":"if any law shall be passed which renders it illegal or in the opinion of the Directors","page_number":127,"box":{"x":181,"y":662,"width":703,"height":13}},{"id":"b08bcdb1-5a0c-4a45-8a84-4a7b47413ab9","block_type":"box","text":"impracticable or inadvisable to continue the relevant Sub-Fund; or","page_number":127,"box":{"x":181,"y":679,"width":540,"height":12}},{"id":"103d9f06-4474-4952-8466-e6845a35e9bc","block_type":"box","text":"iv)","page_number":127,"box":{"x":151,"y":711,"width":21,"height":13}},{"id":"8f7a5d80-e582-49c7-bced-c2ada8a43e33","block_type":"box","text":"if there is a change in material aspects of the business or in the economic or political","page_number":127,"box":{"x":181,"y":711,"width":703,"height":13}},{"id":"65dd2a76-5745-49f3-9e5f-e9eb2e55e26e","block_type":"box","text":"situation relation to a Fund which the Directors consider would have material adverse","page_number":127,"box":{"x":182,"y":728,"width":702,"height":10}},{"id":"6b59be60-f356-45b9-b803-ef9308164656","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund; or","page_number":127,"box":{"x":181,"y":744,"width":594,"height":13}},{"id":"b6aa4561-47b4-4269-a8b9-98fe83674a36","block_type":"box","text":"v)","page_number":127,"box":{"x":151,"y":777,"width":16,"height":12}},{"id":"f07e6550-ed23-4fa4-b7b9-ecebd5c5ec02","block_type":"box","text":"if the Directors consider that it is in the best interests of the Shareholders of the Fund;","page_number":127,"box":{"x":181,"y":777,"width":703,"height":12}},{"id":"d5803054-04c2-4a3d-ab44-3fcb59c427fb","block_type":"box","text":"or","page_number":127,"box":{"x":182,"y":796,"width":21,"height":7}},{"id":"7e1121fd-0352-4690-a73b-dc23b8317519","block_type":"box","text":"vi)","page_number":127,"box":{"x":151,"y":826,"width":21,"height":12}},{"id":"d1c33998-855d-445f-bee7-0824d1b7429a","block_type":"box","text":"if there is any material change in the tax status of the Fund or any Sub-Fund or if there","page_number":127,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"450bf0dd-48d7-4e16-b1f2-22c846e225af","block_type":"box","text":"is a change in material aspects of the business or in the economic or political situation","page_number":127,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"83b9a0f8-b983-4640-b190-554a79993049","block_type":"box","text":"relating to a Fund which the Directors consider would have material adverse","page_number":127,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"8e05408d-1100-4e3d-a3f4-9dde01af55c4","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund.","page_number":127,"box":{"x":181,"y":875,"width":572,"height":13}},{"id":"9a008a5e-3941-4089-a7b5-77bfb382bfee","block_type":"box","text":"128","page_number":128,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"ca44a564-5a8f-49ed-b593-5ab863550c43","block_type":"box","text":"The Directors shall give notice of termination of a Sub-Fund to the Shareholders of the","page_number":128,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"23a8f415-3b8c-4b4b-83a9-023a4fad69a2","block_type":"box","text":"relevant Sub-Fund and by such notice fix the date at which such termination is to take","page_number":128,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"f5ebc680-30e3-43c0-bd58-4b72c47c421e","block_type":"box","text":"effect, which date shall be for such period after the service of such notice as the Directors","page_number":128,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"d1739e44-2661-49de-a157-99f5a7f5c74f","block_type":"box","text":"shall in their sole and absolute discretion determine.","page_number":128,"box":{"x":152,"y":138,"width":424,"height":10}},{"id":"8c30c58b-a69a-4c57-bb9a-d91c6d1357a0","block_type":"box","text":"Data Protection Notice","page_number":128,"box":{"x":121,"y":170,"width":200,"height":10}},{"id":"938ef0d6-8226-4704-bb98-344db028a560","block_type":"box","text":"In the course of business, the Fund will collect, record, store, adapt, transfer and otherwise","page_number":128,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"5f417567-7b6f-403e-a297-26d4d129c887","block_type":"box","text":"process information by which prospective investors or investors may be directly or indirectly","page_number":128,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"60d661d4-5b6e-421e-81e9-ccb4c2fa27f6","block_type":"box","text":"identified. The Fund is a data controller within the meaning of Data Protection Legislation and","page_number":128,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"8ad1b002-4ea4-4a35-a286-cc04b0beb392","block_type":"box","text":"will hold any personal data provided by investors in accordance with Data Protection","page_number":128,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"6ebb782d-bd79-44c5-842c-674a9fabb068","block_type":"box","text":"Legislation.","page_number":128,"box":{"x":121,"y":269,"width":94,"height":13}},{"id":"6bcfa8cf-4095-4376-b755-aa0aefcc4209","block_type":"box","text":"The Fund and/or any of its delegates or service providers may process prospective investor's","page_number":128,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"ab0215a3-d2e6-4a90-bbde-5012ea8e5bde","block_type":"box","text":"personal data for any one or more of the following purposes and legal bases:","page_number":128,"box":{"x":121,"y":318,"width":621,"height":13}},{"id":"646e370d-d735-455f-897e-d59faf0f4c68","block_type":"box","text":"","page_number":128,"box":{"x":152,"y":355,"width":7,"height":5}},{"id":"8daceb3c-9a37-41de-b474-c90780af3e49","block_type":"box","text":"to operate the Sub-Funds, including managing and administering a Shareholder's","page_number":128,"box":{"x":181,"y":352,"width":703,"height":13}},{"id":"4071cd64-2c6a-4c2e-94a7-030e3c253b14","block_type":"box","text":"investment in the relevant Fund on an on-going basis which enables the Fund to satisfy","page_number":128,"box":{"x":181,"y":368,"width":703,"height":13}},{"id":"61faa098-04fd-45b8-b63e-fadeb6a2e40c","block_type":"box","text":"its contractual duties and obligations to the Shareholder);","page_number":128,"box":{"x":181,"y":385,"width":466,"height":12}},{"id":"e50da2db-b0a1-4737-85ad-8f816a7bc04d","block_type":"box","text":"","page_number":128,"box":{"x":152,"y":421,"width":7,"height":6}},{"id":"7472b02c-6339-47f8-8728-c970dd9f3a7d","block_type":"box","text":"to comply with any applicable legal, tax or regulatory obligations on the Fund, for","page_number":128,"box":{"x":181,"y":418,"width":703,"height":13}},{"id":"5ba7d781-c1b3-4797-b90b-93c039eb54dc","block_type":"box","text":"example, under the Companies Acts 2014 and anti-money laundering and counter\u0002","page_number":128,"box":{"x":181,"y":435,"width":697,"height":13}},{"id":"1b890e42-4ce4-49af-9c18-e40175b7eba3","block_type":"box","text":"terrorism legislation;","page_number":128,"box":{"x":181,"y":451,"width":174,"height":13}},{"id":"741b7214-e93c-48d4-b247-1bfb4bd7565f","block_type":"box","text":"","page_number":128,"box":{"x":152,"y":488,"width":7,"height":5}},{"id":"62a58689-be69-42b0-bc25-a8d4b2832b65","block_type":"box","text":"for any other legitimate business interests' of the Fund or a third party to whom personal","page_number":128,"box":{"x":181,"y":485,"width":703,"height":13}},{"id":"1004aa46-c13a-4819-92f3-457b77787b6b","block_type":"box","text":"data is disclosed, where such interests are not overridden by the interests of the investor,","page_number":128,"box":{"x":181,"y":501,"width":703,"height":13}},{"id":"895f3580-acca-4b62-b289-f1f79b94dcc5","block_type":"box","text":"including for statistical analysis and market research purposes; or","page_number":128,"box":{"x":181,"y":518,"width":533,"height":12}},{"id":"5ce93758-c5f3-4c97-81f8-1a3d38c78e4b","block_type":"box","text":"","page_number":128,"box":{"x":152,"y":555,"width":7,"height":5}},{"id":"7278ed01-ceb8-4e6d-8897-0cdd63df01d4","block_type":"box","text":"for any other specific purposes where investors have given their specific consent and","page_number":128,"box":{"x":181,"y":551,"width":703,"height":13}},{"id":"84f7489a-0706-42a8-a608-1a0fcbe4a5e9","block_type":"box","text":"where processing of personal data is based on consent, the investors will have the right","page_number":128,"box":{"x":181,"y":568,"width":703,"height":13}},{"id":"e1938997-e238-49e8-8d03-c14e46fb97bc","block_type":"box","text":"to withdraw it at any time.","page_number":128,"box":{"x":181,"y":584,"width":218,"height":13}},{"id":"da3ca6cc-3cb1-4fe7-8f6f-24eb96f86199","block_type":"box","text":"The Fund and/or any of its delegates or service providers may disclose or transfer personal","page_number":128,"box":{"x":121,"y":617,"width":763,"height":13}},{"id":"53f21c32-a8f0-4875-8d51-533c4013b22a","block_type":"box","text":"data, whether in Ireland or elsewhere (including entities situated in countries outside of the","page_number":128,"box":{"x":121,"y":633,"width":763,"height":13}},{"id":"0dba9396-75c7-4e1b-98ce-feade2563c18","block_type":"box","text":"EEA), to other delegates, duly appointed agents and service providers of the Fund (and any of","page_number":128,"box":{"x":121,"y":650,"width":763,"height":13}},{"id":"907837d3-9596-4815-a761-2e0388ba5084","block_type":"box","text":"their respective related, associated or affiliated companies or sub-delegates) and to third parties","page_number":128,"box":{"x":121,"y":666,"width":763,"height":13}},{"id":"d38dd742-72ad-4fc6-bf75-8d1672dbcd42","block_type":"box","text":"including advisers, regulatory bodies, taxation authorities, auditors, technology providers for","page_number":128,"box":{"x":121,"y":683,"width":763,"height":12}},{"id":"cb4ae4ce-3a9e-410d-b638-050a7cdbc170","block_type":"box","text":"the purposes specified above.","page_number":128,"box":{"x":121,"y":699,"width":242,"height":13}},{"id":"55b8d3ce-a8ae-4529-9fae-12d1d8f87d19","block_type":"box","text":"The Fund will not keep personal data for longer than is necessary for the purpose(s) for which","page_number":128,"box":{"x":121,"y":732,"width":763,"height":13}},{"id":"48cb27ee-e31b-4a1b-b309-ea90dc371657","block_type":"box","text":"it was collected. In determining appropriate retention periods, the Fund shall have regard to the","page_number":128,"box":{"x":121,"y":748,"width":763,"height":13}},{"id":"2d1722f7-1a9f-4ba4-8498-70bd9f26107f","block_type":"box","text":"Statute of Limitations Act 1957, as amended, and any statutory obligations to retain","page_number":128,"box":{"x":121,"y":765,"width":763,"height":12}},{"id":"d148b822-37e7-48b1-8bad-03bb8fdb34b7","block_type":"box","text":"information, including anti-money laundering, counter-terrorism, tax legislation. The Fund will","page_number":128,"box":{"x":121,"y":781,"width":763,"height":13}},{"id":"02d46531-efc4-4c6f-b9f9-61a70da2ef84","block_type":"box","text":"take all reasonable steps to destroy or erase the data from its systems when they are no longer","page_number":128,"box":{"x":121,"y":797,"width":763,"height":13}},{"id":"763bc9fe-1790-43f0-8b8d-0db8752e48e1","block_type":"box","text":"required.","page_number":128,"box":{"x":121,"y":814,"width":77,"height":12}},{"id":"863f03fe-9e6e-47bc-aeec-8faef12df004","block_type":"box","text":"Where specific processing is based on an investor's consent, that investor has the right to","page_number":128,"box":{"x":121,"y":846,"width":763,"height":13}},{"id":"65622cb5-bb09-4989-b466-7bfc8b3c2934","block_type":"box","text":"withdraw it at any time. Investors have the right to request access to their personal data kept","page_number":128,"box":{"x":121,"y":863,"width":763,"height":13}},{"id":"4f73f2cb-3176-47e7-96df-9676265b19cc","block_type":"box","text":"by the Fund and the right to rectification or erasure of their data; to restrict or object to","page_number":128,"box":{"x":121,"y":879,"width":763,"height":13}},{"id":"5a92111a-551b-47d0-89bb-d8bc70d41a78","block_type":"box","text":"processing of their data, and to data portability, subject to any restrictions imposed by Data","page_number":128,"box":{"x":121,"y":896,"width":763,"height":12}},{"id":"d98fca3b-466e-4969-a755-e9291dd31df6","block_type":"box","text":"129","page_number":129,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"90be2a84-4f33-4f3f-b63d-ea6b5ec10b45","block_type":"box","text":"Protection Legislation and any statutory obligation to retain information.","page_number":129,"box":{"x":121,"y":89,"width":591,"height":12}},{"id":"a317ee23-ff58-4ed9-9a8f-6236157b4564","block_type":"box","text":"The Fund and/or any of its delegates and service providers will not transfer personal data to a","page_number":129,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"693e303a-9d03-46d8-8e82-2dd5523e267a","block_type":"box","text":"country outside of the EEA unless that country ensures an adequate level of data protection or","page_number":129,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"062cef63-958e-45bd-88e1-bc0436d49493","block_type":"box","text":"appropriate safeguards are in place. The European Commission has prepared a list of countries","page_number":129,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"823280f7-a893-424b-81d5-9dd6c9bb5c35","block_type":"box","text":"that are deemed to provide an adequate level of data protection which, to date, includes","page_number":129,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"aa4e0ae9-513e-4a5f-b263-1bab087b0fb8","block_type":"box","text":"Switzerland, Guernsey, Argentina, the Isle of Man, Faroe Islands, Jersey, Andorra, Israel, New","page_number":129,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"36a1b31c-76f9-4ed7-88be-40186a2f0706","block_type":"box","text":"Zealand and Uruguay. Further countries may be added to this list by the European Commission","page_number":129,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"c4ba5b4b-3ab2-4f43-9c71-4dabe919f545","block_type":"box","text":"at any time. The US is also deemed to provide an adequate level of protection where the US","page_number":129,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c2688dbd-15e9-4a29-bbe1-8509c8dafadc","block_type":"box","text":"recipient of the data is privacy shield-certified. If a third country does not provide an adequate","page_number":129,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"51101d45-cbf8-40f8-b70f-f497c24bc68e","block_type":"box","text":"level of data protection, then the Fund and/or any of its delegates and service providers will","page_number":129,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"599782d2-237a-423e-a303-e801cd9179b3","block_type":"box","text":"ensure it puts in place appropriate safeguards such as the model clauses (which are standardised","page_number":129,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"e3477ba8-ba3d-47d3-9ef6-6f056aea3d20","block_type":"box","text":"contractual clauses, approved by the European Commission) or binding corporate rules, or","page_number":129,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"bf94c165-3c04-4862-a9ca-4bf2ace215d3","block_type":"box","text":"relies on one of the derogations provided for in Data Protection Legislation.","page_number":129,"box":{"x":121,"y":302,"width":616,"height":12}},{"id":"21a69f24-d8e6-48a2-b167-86f9f0047215","block_type":"box","text":"Where processing is carried out on behalf of the Fund, the Fund shall engage a data processor,","page_number":129,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"235028c6-3eb1-4de7-90b6-7595e9da5c48","block_type":"box","text":"within the meaning of Data Protection Legislation, which implements appropriate technical","page_number":129,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"66679897-517c-46b6-a906-314e9ef53a59","block_type":"box","text":"and organisational security measures in a manner that such processing meets the requirements","page_number":129,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"f2c4e78a-f97b-44ae-a78b-65c4f4b7e19a","block_type":"box","text":"of Data Protection Legislation, and ensures the protection of the rights of investors. The Fund","page_number":129,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"6f9edeb5-6d37-4d8d-a1d0-a276221da48c","block_type":"box","text":"will enter into a written contract with the data processor which will set out the data processor's","page_number":129,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"071565a9-999b-4409-bb99-7ba5791efe24","block_type":"box","text":"specific mandatory obligations laid down in Data Protection Legislation, including to process","page_number":129,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"d015ff17-e185-43bb-ae4e-5b6e90aa8d96","block_type":"box","text":"personal data only in accordance with the documented instructions from the Fund.","page_number":129,"box":{"x":121,"y":433,"width":667,"height":13}},{"id":"e88800d5-2609-4c51-9f8e-67b3b89b11be","block_type":"box","text":"As part of the Fund's business and ongoing monitoring, the Fund may from time to time carry","page_number":129,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"cf484622-2b92-4c86-90b5-8ce6660f718b","block_type":"box","text":"out automated decision-making in relation to investors, including, for example, profiling of","page_number":129,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"2e7e14a8-d552-4066-a092-15e1d798a029","block_type":"box","text":"investors in the context of anti-money laundering/ financial crime reviews, and this may result","page_number":129,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"d86a37d7-cd4b-4684-b9fd-b1589558ac4a","block_type":"box","text":"in an investor being identified to the revenue authorities, law enforcement authorities and to","page_number":129,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"91eb9bcc-47da-40ab-9b4c-48a1224c2aab","block_type":"box","text":"other entities where required by law, and the Fund terminating its relationship with the investor.","page_number":129,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"dbe5a659-52a1-46de-9a7c-eaec4fb2ae0d","block_type":"box","text":"Investors are required to provide their personal data for statutory and contractual purposes.","page_number":129,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"f46dc925-80b5-44a3-b9c5-ea91cc409875","block_type":"box","text":"Failure to provide the required personal data will result in the Fund being unable to permit,","page_number":129,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"48a2c1cc-9c51-405b-bb07-086432206691","block_type":"box","text":"process, or release the investor's investment in the Sub-Funds and this may result in the Fund","page_number":129,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"dc2b53be-19a6-4016-b98d-23cb0463484a","block_type":"box","text":"terminating its relationship with the investor. Investors have a right to lodge a complaint with","page_number":129,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"61f19f1c-4df5-408c-ab84-ced81cf0cc91","block_type":"box","text":"the Data Protection Commission if they are unhappy with how the Fund is handling their data.","page_number":129,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"bbd171e0-f8b2-4349-8ef8-666aeeaa3fe0","block_type":"box","text":"Any questions about the operation of the Fund's data protection policy should be referred in","page_number":129,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"28596e49-d96d-42ce-a8f1-59ab001b2068","block_type":"box","text":"the first instance to the Manager at, Aviva Investors Luxembourg, 2 rue du Fort Bourbon, 1st","page_number":129,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"6f49580e-6e9e-457d-8379-50236d6f5c14","block_type":"box","text":"Floor PO Box 1375 L-1013 Luxembourg.","page_number":129,"box":{"x":121,"y":695,"width":347,"height":13}},{"id":"1182b4f7-a66d-4f49-9b14-f3cc8449160a","block_type":"box","text":"Litigation and Arbitration","page_number":129,"box":{"x":121,"y":728,"width":232,"height":12}},{"id":"b1ad5bc3-6914-40e3-8b3f-9dbaec94b262","block_type":"box","text":"Since incorporation the Fund has not been involved in any litigation or arbitration nor are the","page_number":129,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"e937c619-9546-4eb7-be5a-eefefccf3cfe","block_type":"box","text":"Directors aware of any pending or threatened litigation or arbitration.","page_number":129,"box":{"x":121,"y":777,"width":563,"height":13}},{"id":"d5b1534a-04eb-476e-838c-fda0e88fd7b0","block_type":"box","text":"Directors’ Interests","page_number":129,"box":{"x":121,"y":810,"width":172,"height":10}},{"id":"0c200ea4-3bb4-40e8-9107-cf0cf57d5c4d","block_type":"box","text":"a)","page_number":129,"box":{"x":121,"y":843,"width":20,"height":12}},{"id":"989ffc3e-f696-4923-85f4-0a741527ae87","block_type":"box","text":"There are no service contracts in existence between the Fund and any of its Directors,","page_number":129,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"c04741b1-eca4-4533-8be9-05cf19c6b6fd","block_type":"box","text":"nor are any such contracts proposed;","page_number":129,"box":{"x":181,"y":859,"width":300,"height":13}},{"id":"c8a67965-2678-46bc-9514-ac8a81ec14d7","block_type":"box","text":"130","page_number":130,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"72d9fe8f-7323-4f55-aca0-d223527739bb","block_type":"box","text":"b)","page_number":130,"box":{"x":121,"y":89,"width":21,"height":12}},{"id":"9c4c7360-c69e-4160-9a45-7d85e78bf1d4","block_type":"box","text":"At the date of this Prospectus, no Director has any interest, direct or indirect, in any","page_number":130,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"aa4eb8d7-a2ee-43d5-947b-3d363f08f237","block_type":"box","text":"assets which have been or are proposed to be acquired or disposed of by, or issued to,","page_number":130,"box":{"x":182,"y":105,"width":702,"height":13}},{"id":"2d1314a0-30ae-499f-8225-82148bda7bc2","block_type":"box","text":"the Fund and save as provided in (d) below no Director is materially interested in any","page_number":130,"box":{"x":181,"y":121,"width":703,"height":13}},{"id":"ea6f834a-c5d9-48d9-8d97-a5d95cbc813b","block_type":"box","text":"contract or arrangement subsisting at the date hereof which is unusual in its nature and","page_number":130,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"0f9dcff6-8df4-4c5f-b3c9-e76e3635d816","block_type":"box","text":"conditions or significant in relation to the business of the Fund;","page_number":130,"box":{"x":181,"y":154,"width":516,"height":13}},{"id":"3c4f210f-a02c-4cbd-8beb-e88af69144b3","block_type":"box","text":"c)","page_number":130,"box":{"x":121,"y":187,"width":20,"height":12}},{"id":"e12cb1f4-1110-445e-98f5-ed3f799d9cc9","block_type":"box","text":"At the date of this Prospectus neither the Directors nor any Person Closely Associated","page_number":130,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"db26dbde-8b22-40bb-935a-eb6831431983","block_type":"box","text":"have any beneficial interest in the share capital of the Fund or any options in respect of","page_number":130,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"b280730b-e6bf-4508-b406-7bffb23962db","block_type":"box","text":"such 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material:","page_number":130,"box":{"x":121,"y":334,"width":606,"height":13}},{"id":"bba00805-8e06-458d-a7b7-cb00a007ac5c","block_type":"box","text":"a)","page_number":130,"box":{"x":121,"y":367,"width":14,"height":12}},{"id":"39aaa30a-538a-46fb-83be-366fecf4ff3b","block_type":"box","text":"The Depositary Agreement d","page_number":130,"box":{"x":175,"y":367,"width":236,"height":13}},{"id":"22d0e0a2-838f-49c2-baa0-ada5318aacd1","block_type":"box","text":"dated 1 November 2024 (effective at 00.01 on 4 November","page_number":130,"box":{"x":411,"y":367,"width":473,"height":12}},{"id":"49eee941-214b-44e5-9e0a-fe47467340ae","block_type":"box","text":"2024) between the Fund, the Manager and the Depositary. 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Subject to and without prejudice to","page_number":130,"box":{"x":175,"y":662,"width":709,"height":13}},{"id":"3277ee83-1c00-42cb-939c-6900df281dc2","block_type":"box","text":"the general liability of the Depositary pursuant to the Depositary Agreement, the Fund","page_number":130,"box":{"x":175,"y":679,"width":709,"height":12}},{"id":"d83c9b23-ac5a-4268-8ba4-d26078dd3270","block_type":"box","text":"shall indemnify and keep indemnified and hold harmless the Depositary and each of its","page_number":130,"box":{"x":176,"y":695,"width":708,"height":13}},{"id":"95294a06-f10f-49ab-bd45-e3fdf55f4bad","block_type":"box","text":"directors, officers, servants, employees and agents from and against any and all actions,","page_number":130,"box":{"x":175,"y":711,"width":709,"height":13}},{"id":"835a85ca-4a76-4704-b51c-7f67160ec812","block_type":"box","text":"proceedings, claims, demands, losses, damages, costs and expenses (including legal and","page_number":130,"box":{"x":175,"y":728,"width":709,"height":13}},{"id":"f17b215b-58b4-4d33-8aa1-1eee7b6621e2","block_type":"box","text":"professional fees and expenses arising therefrom or incidental thereto and including any","page_number":130,"box":{"x":175,"y":744,"width":709,"height":13}},{"id":"23678ab4-00f5-46f7-9520-164649df3031","block_type":"box","text":"loss suffered or incurred by the Depositary arising out of the failure of a settlement","page_number":130,"box":{"x":175,"y":761,"width":709,"height":12}},{"id":"edf36da4-1835-4678-9bbc-47fe9c799f3e","block_type":"box","text":"system to effect a settlement) other than actions, proceedings, losses, damages, costs and","page_number":130,"box":{"x":176,"y":777,"width":708,"height":13}},{"id":"ea6ab7b6-514f-4625-9a00-bfe1fd6d13f4","block_type":"box","text":"expenses of any nature suffered or incurred as a result of the Depositary’s material","page_number":130,"box":{"x":175,"y":793,"width":709,"height":13}},{"id":"334f349b-574c-423d-a8e0-179af326d7d7","block_type":"box","text":"breach of the Depositary Agreement, tort (including negligence), wilful default, fraud ,","page_number":130,"box":{"x":175,"y":810,"width":709,"height":12}},{"id":"c5ebeab8-65da-46a6-8647-e471650b2fee","block_type":"box","text":"or the negligent or intentional failure of the Depositary to perform its obligations","page_number":130,"box":{"x":175,"y":826,"width":709,"height":13}},{"id":"098bae4e-cdba-4f3e-9807-3e3f91930e8f","block_type":"box","text":"pursuant to the UCITS Regulations and the Directive, which may be made or brought","page_number":130,"box":{"x":175,"y":842,"width":709,"height":13}},{"id":"f2938207-78cf-450f-b3a5-5999dc17d53d","block_type":"box","text":"against or directly or indirectly suffered or incurred by the Depositary or any of its","page_number":130,"box":{"x":175,"y":859,"width":709,"height":13}},{"id":"2e2563f3-e078-4f03-b13c-aa04764459c0","block_type":"box","text":"directors, officers, servants, employees arising out of or in connection with the","page_number":130,"box":{"x":175,"y":875,"width":709,"height":13}},{"id":"5b6a1364-c1bb-4bf2-ab69-df73ac636e20","block_type":"box","text":"performance or non-performance of the Depositary’s duties under the Depositary","page_number":130,"box":{"x":175,"y":892,"width":709,"height":12}},{"id":"13427abc-5163-4c5a-97f9-6420309f15f4","block_type":"box","text":"131","page_number":131,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"1b88e321-7cfc-484e-9868-d495b0f54b31","block_type":"box","text":"Agreement. 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in","page_number":146,"box":{"x":363,"y":236,"width":521,"height":13}},{"id":"f135cd5f-5167-4c8d-9d6c-86b1524b528a","block_type":"box","text":"accordance with the requirements of the Central Bank;","page_number":146,"box":{"x":363,"y":252,"width":445,"height":13}},{"id":"05c37dc1-e2bd-42d3-b9ec-024dce6878e8","block_type":"box","text":"“Markets”","page_number":146,"box":{"x":120,"y":301,"width":104,"height":11}},{"id":"cef6a5f2-d6a6-48e8-9636-a8fde7c26c5c","block_type":"box","text":"means the stock exchanges and regulated markets set out in","page_number":146,"box":{"x":363,"y":302,"width":521,"height":12}},{"id":"6146323e-4536-4126-9d87-e6d83907cc3a","block_type":"box","text":"Appendix 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or","page_number":171,"box":{"x":302,"y":400,"width":539,"height":13}},{"id":"510fd08c-507e-48ac-967e-3f453a856d9e","block_type":"box","text":"organisations referred to in the first subparagraph that issue or","page_number":171,"box":{"x":302,"y":416,"width":506,"height":13}},{"id":"7909e9e9-4d39-4997-84a4-e00608f06d4c","block_type":"box","text":"guarantee separately or jointly money market instruments in which it","page_number":171,"box":{"x":302,"y":433,"width":561,"height":13}},{"id":"c6204ac4-2b48-47ae-9241-7848d1c4cc1b","block_type":"box","text":"intends to invest more than 5% of its assets.","page_number":171,"box":{"x":302,"y":449,"width":358,"height":10}},{"id":"199be142-aa63-4cfa-b501-554d1576e4ab","block_type":"box","text":"XI.","page_number":171,"box":{"x":185,"y":482,"width":25,"height":10}},{"id":"381e5c86-ecfc-48a7-bf80-edebac1d6a36","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2(I), a Money","page_number":171,"box":{"x":242,"y":482,"width":614,"height":13}},{"id":"e5846c39-f1f7-4304-91fc-e15a1a8c98a1","block_type":"box","text":"Market Fund may invest no more than 10% of its assets in bonds issued by a","page_number":171,"box":{"x":242,"y":498,"width":622,"height":13}},{"id":"f3043fe0-8e2e-4b26-af9d-f26b961f94da","block_type":"box","text":"single credit institution that has its registered office in a Member State and is","page_number":171,"box":{"x":242,"y":515,"width":625,"height":12}},{"id":"d7fdcce5-8e11-4bad-b2ae-dc2fed656d93","block_type":"box","text":"subject by law to special public supervision designed to protect bond-holders.","page_number":171,"box":{"x":242,"y":531,"width":631,"height":13}},{"id":"43b4059e-7111-45d4-9f2c-9a34c366538e","block_type":"box","text":"In particular, sums deriving from the issue of those bonds shall be invested in","page_number":171,"box":{"x":242,"y":547,"width":630,"height":13}},{"id":"12de7e99-2ce7-466e-8e95-11116755a9da","block_type":"box","text":"accordance with the law in assets which, during the whole period of validity of","page_number":171,"box":{"x":242,"y":564,"width":641,"height":13}},{"id":"a4754e2d-444f-4648-9bfe-b12ab6ef3a8e","block_type":"box","text":"the bonds, are capable of covering claims attaching to the bonds and which, in","page_number":171,"box":{"x":242,"y":580,"width":636,"height":13}},{"id":"ba8c9002-968d-4ab5-9ea3-964d14ec9874","block_type":"box","text":"the event of failure of the issuer, would be used on a priority basis for the","page_number":171,"box":{"x":242,"y":597,"width":596,"height":12}},{"id":"4a53b7bc-d8be-423b-9603-d80baeffb228","block_type":"box","text":"reimbursement of the principal and payment of the accrued interest.","page_number":171,"box":{"x":242,"y":613,"width":551,"height":13}},{"id":"8ff4c334-8439-4b7c-a34a-f8c137e49d35","block_type":"box","text":"XII.","page_number":171,"box":{"x":178,"y":646,"width":32,"height":10}},{"id":"e9fb02d7-07f5-4698-b163-3de7052578df","block_type":"box","text":"Where an Money Market Fund invests more than 5% of its assets in the bonds","page_number":171,"box":{"x":242,"y":646,"width":635,"height":13}},{"id":"54d5f49e-3350-4e42-ae35-a3b8204b0393","block_type":"box","text":"referred to in paragraph 2(XI) issued by a single issuer, the total value of those","page_number":171,"box":{"x":242,"y":662,"width":639,"height":13}},{"id":"489b560a-5f16-41ab-9c18-243095ad01b8","block_type":"box","text":"investments shall not exceed 40% of the value of the assets of the Money","page_number":171,"box":{"x":242,"y":679,"width":595,"height":12}},{"id":"a95014fb-6290-4138-959c-530f993cd221","block_type":"box","text":"Market Fund.","page_number":171,"box":{"x":242,"y":695,"width":114,"height":10}},{"id":"d07bf92b-c27e-4ab8-ac6d-eaf7d926a36d","block_type":"box","text":"XIII.","page_number":171,"box":{"x":172,"y":728,"width":38,"height":10}},{"id":"0e19f907-51cc-4109-a90a-8cdaf7fb4129","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2(I), the Money","page_number":171,"box":{"x":242,"y":728,"width":630,"height":13}},{"id":"f52de98e-8686-4dca-87d8-e4c2322ce409","block_type":"box","text":"Market Fund may invest no more than 20% of its assets in bonds issued by a","page_number":171,"box":{"x":242,"y":744,"width":622,"height":13}},{"id":"e8e55567-112a-4c15-9044-f238ac9b696d","block_type":"box","text":"single credit institution where the requirements set out in point (f) of Article","page_number":171,"box":{"x":242,"y":761,"width":618,"height":12}},{"id":"d7d6da29-33d3-42b5-9cb1-55c075fc57b1","block_type":"box","text":"10(1) or point (c) of Article 11(1) of Delegated Regulation (EU) 2015/61 are","page_number":171,"box":{"x":244,"y":777,"width":622,"height":13}},{"id":"d5039abe-56a6-4972-81aa-165882e46bb7","block_type":"box","text":"met, including any possible investment in assets referred to in paragraph","page_number":171,"box":{"x":242,"y":793,"width":588,"height":13}},{"id":"f286c4a0-ce0e-4a15-8e01-bba35d704cea","block_type":"box","text":"2(XI).","page_number":171,"box":{"x":242,"y":810,"width":54,"height":12}},{"id":"659cf5b3-f8b7-419c-9fb7-e1bc67d1f1e1","block_type":"box","text":"XIV.","page_number":171,"box":{"x":170,"y":843,"width":40,"height":9}},{"id":"3ba88ddc-f702-499c-94fb-22a416443932","block_type":"box","text":"Where a Money Market Fund invests more than 5% of its assets in the bonds","page_number":171,"box":{"x":242,"y":842,"width":625,"height":13}},{"id":"0caff49d-42df-4cad-ab2c-41885697d360","block_type":"box","text":"referred to in paragraph 2(XIII) issued by a single issuer, the total value of","page_number":171,"box":{"x":242,"y":859,"width":605,"height":13}},{"id":"a9d7216b-3d80-43a4-a359-a2a90b65c7a8","block_type":"box","text":"those investments shall not exceed 60% of the value of the assets of the","page_number":171,"box":{"x":242,"y":875,"width":581,"height":10}},{"id":"3b76b4a7-8f12-4e30-877a-98d9c42e1042","block_type":"box","text":"Money Market Fund, including any possible investment in assets referred to in","page_number":171,"box":{"x":242,"y":892,"width":640,"height":12}},{"id":"af5386ed-3332-4943-b15d-13b3df922b62","block_type":"box","text":"M-40331875-102","page_number":172,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"e42223c8-2b16-4dca-94c6-a2838d2ca89d","block_type":"box","text":"172","page_number":172,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"f6950094-3080-423e-9a2a-b10eba0fc4ac","block_type":"box","text":"paragraph 2(XI), respecting the limits set out therein.","page_number":172,"box":{"x":242,"y":89,"width":433,"height":12}},{"id":"a7efb591-191d-4ef1-9a4b-2a9dce5a7348","block_type":"box","text":"XV.","page_number":172,"box":{"x":177,"y":122,"width":33,"height":9}},{"id":"f9007ef8-c034-4f1d-af32-20102c31bd87","block_type":"box","text":"Companies which are included in the same group for the purposes of","page_number":172,"box":{"x":242,"y":121,"width":559,"height":13}},{"id":"409ddeec-2ad1-4c89-80fa-20a48f480762","block_type":"box","text":"consolidated accounts under Directive 2013/34/EU of the European","page_number":172,"box":{"x":242,"y":138,"width":550,"height":13}},{"id":"8cb03ec4-1641-49a1-a3ae-3625a36ae775","block_type":"box","text":"Parliament and of the Council or in accordance with recognised international","page_number":172,"box":{"x":242,"y":154,"width":625,"height":13}},{"id":"75a1ec2a-c02e-4142-82b2-90ffa04ea13f","block_type":"box","text":"accounting rules, shall be regarded as a single body for the purpose of","page_number":172,"box":{"x":242,"y":170,"width":568,"height":13}},{"id":"9b0a139f-acad-4d88-9d98-1fa730a0497a","block_type":"box","text":"calculating the limits referred to in paragraphs 2(I) to 2(VIII).","page_number":172,"box":{"x":242,"y":187,"width":502,"height":13}},{"id":"446fc238-028a-48a7-b122-e2cd71c023e6","block_type":"box","text":"3.","page_number":172,"box":{"x":152,"y":220,"width":12,"height":10}},{"id":"02586b3b-2fed-474f-8927-87aa66790f47","block_type":"box","text":"Eligible units or shares of Money Market Funds","page_number":172,"box":{"x":181,"y":220,"width":392,"height":12}},{"id":"af97cd24-b6dd-4549-903a-d1a7d8d55619","block_type":"box","text":"I.","page_number":172,"box":{"x":200,"y":253,"width":10,"height":9}},{"id":"f437d8e7-c215-40a2-bd2d-796535a35318","block_type":"box","text":"A Money Market Fund may acquire the units or shares of any other Money","page_number":172,"box":{"x":242,"y":252,"width":611,"height":13}},{"id":"b9377a2c-afea-49c1-8c3e-978ce347a25b","block_type":"box","text":"Market Fund (‘targeted MMF’) provided that all of the following conditions","page_number":172,"box":{"x":242,"y":269,"width":624,"height":13}},{"id":"163ad912-bb11-4134-b9f3-6f85dfea766f","block_type":"box","text":"are fulfilled:","page_number":172,"box":{"x":242,"y":285,"width":105,"height":10}},{"id":"da5b20c6-2bfc-4ecf-a063-3425eb9fefe4","block_type":"box","text":"a)","page_number":172,"box":{"x":272,"y":302,"width":14,"height":12}},{"id":"9bbdb5eb-39eb-42d6-8175-a1e23a0d2935","block_type":"box","text":"no more than 10% of the assets of the targeted MMF are able,","page_number":172,"box":{"x":302,"y":302,"width":504,"height":12}},{"id":"daae2f2f-87e6-461a-9777-b4b1a47413aa","block_type":"box","text":"according to its fund rules or instruments of incorporation, to be","page_number":172,"box":{"x":303,"y":318,"width":521,"height":13}},{"id":"9e59dc66-c8ce-4e02-b9ab-9e3c03d1e208","block_type":"box","text":"invested in aggregate in units or shares of other Money Market Funds;","page_number":172,"box":{"x":302,"y":334,"width":572,"height":13}},{"id":"dd0e96e6-64cb-4e39-9c3c-91377cc7f32a","block_type":"box","text":"b)","page_number":172,"box":{"x":272,"y":351,"width":15,"height":12}},{"id":"7b69e387-17e1-4943-953f-f7491985c878","block_type":"box","text":"the targeted MMF does not hold units or shares in the acquiring Money","page_number":172,"box":{"x":302,"y":351,"width":581,"height":13}},{"id":"9f87c3b7-302a-481e-b333-9d172a4c91f2","block_type":"box","text":"Market Fund.","page_number":172,"box":{"x":302,"y":367,"width":115,"height":10}},{"id":"85a9ff0c-e6de-4a23-bb24-788d611009c3","block_type":"box","text":"II.","page_number":172,"box":{"x":193,"y":400,"width":17,"height":10}},{"id":"86407dfd-07b4-4090-812b-545f50f426b6","block_type":"box","text":"A Money Market Fund whose units or shares have been acquired shall not","page_number":172,"box":{"x":242,"y":400,"width":609,"height":13}},{"id":"38e24edc-e65d-4a4d-863d-30453ef84516","block_type":"box","text":"invest in the acquiring Money Market Fund during the period in which the","page_number":172,"box":{"x":242,"y":416,"width":604,"height":13}},{"id":"5886f6f0-159c-4a4b-bc6f-0f4fcc549422","block_type":"box","text":"acquiring Money Market Fund holds units or shares in it.","page_number":172,"box":{"x":242,"y":433,"width":465,"height":13}},{"id":"8b2033c2-e161-4d0d-9180-24094c37157a","block_type":"box","text":"III.","page_number":172,"box":{"x":186,"y":466,"width":24,"height":9}},{"id":"2db393e8-71fa-4a1b-81b1-45aaf5291e70","block_type":"box","text":"A Money Market Fund may acquire the units or shares of other Money Market","page_number":172,"box":{"x":242,"y":465,"width":640,"height":13}},{"id":"1962e519-d691-4302-b717-f6dcf4d1d53d","block_type":"box","text":"Funds, provided that no more than 5% of its assets are invested in units or","page_number":172,"box":{"x":242,"y":482,"width":601,"height":13}},{"id":"c42b8a52-ac2a-4e80-8693-c4e8992a3dbc","block_type":"box","text":"shares of a single Money Market Fund.","page_number":172,"box":{"x":242,"y":498,"width":321,"height":13}},{"id":"e3bde306-516f-4ece-b1e8-250cf721877a","block_type":"box","text":"IV.","page_number":172,"box":{"x":185,"y":531,"width":25,"height":10}},{"id":"b93df922-d8b3-4725-a5ee-03f236be6e4c","block_type":"box","text":"A Money Market Fund may, in aggregate, invest no more than 17.5% of its","page_number":172,"box":{"x":242,"y":531,"width":613,"height":13}},{"id":"a0c72f7f-0f49-4567-bf5f-365de769516a","block_type":"box","text":"assets in units or shares of other Money Market Funds.","page_number":172,"box":{"x":242,"y":547,"width":447,"height":13}},{"id":"1eae9238-a8be-4f20-a3b5-c78c200f1c0e","block_type":"box","text":"V.","page_number":172,"box":{"x":192,"y":581,"width":18,"height":9}},{"id":"a41383cd-a638-46e6-8d43-eeafd375c312","block_type":"box","text":"Units or shares of other Money Market Funds shall be eligible for investment","page_number":172,"box":{"x":242,"y":580,"width":629,"height":13}},{"id":"f4853bd5-6991-4261-9970-993162ac571a","block_type":"box","text":"by an MMF provided that all of the following conditions are fulfilled:","page_number":172,"box":{"x":241,"y":597,"width":568,"height":12}},{"id":"a6f243a8-7165-488e-83e0-11470b0b9d76","block_type":"box","text":"a)","page_number":172,"box":{"x":272,"y":613,"width":14,"height":12}},{"id":"27ab6c0a-3683-41bd-8d68-6df42f804957","block_type":"box","text":"the targeted MMF is authorised under the Money Market Fund","page_number":172,"box":{"x":302,"y":613,"width":512,"height":13}},{"id":"8a95068e-6966-4115-8c7f-fcbdace6d432","block_type":"box","text":"Regulation;","page_number":172,"box":{"x":302,"y":629,"width":99,"height":13}},{"id":"ab5e1d45-4ebe-4117-b01f-70060a242f7b","block_type":"box","text":"b)","page_number":172,"box":{"x":272,"y":646,"width":15,"height":12}},{"id":"d3212678-c121-47f0-8249-49151d3a7703","block_type":"box","text":"where the targeted MMF is managed, whether directly or under a","page_number":172,"box":{"x":302,"y":646,"width":530,"height":13}},{"id":"8c7aba93-8e44-41c9-abd5-6971a58e7523","block_type":"box","text":"delegation, by the same manager as that of the acquiring Money","page_number":172,"box":{"x":302,"y":662,"width":522,"height":13}},{"id":"f94e19c1-f233-492e-87f1-797b4abaa5b4","block_type":"box","text":"Market Fund or by any other company to which the manager of the","page_number":172,"box":{"x":302,"y":679,"width":547,"height":12}},{"id":"47d8327d-f43a-42e1-ab29-a3a0552d83b1","block_type":"box","text":"acquiring Money Market Fund is linked by common management or","page_number":172,"box":{"x":303,"y":695,"width":556,"height":13}},{"id":"270ef2fa-2632-4d9e-a865-17a6af047227","block_type":"box","text":"control, or by a substantial direct or indirect holding, the manager of","page_number":172,"box":{"x":302,"y":711,"width":556,"height":13}},{"id":"368e1d54-7043-4963-8c64-7235fc5ada33","block_type":"box","text":"the targeted MMF, or that other company, is prohibited from charging","page_number":172,"box":{"x":302,"y":728,"width":570,"height":13}},{"id":"34a60c68-5c64-4cfc-8403-78047e982799","block_type":"box","text":"subscription or redemption fees on account of the investment by the","page_number":172,"box":{"x":303,"y":744,"width":552,"height":13}},{"id":"c8134a4c-6d99-40a4-9441-c1b9aa5f7db3","block_type":"box","text":"acquiring Money Market Fund in the units or shares of the targeted","page_number":172,"box":{"x":303,"y":761,"width":545,"height":12}},{"id":"30840487-d2dd-4e6c-81ed-518a8023a9e7","block_type":"box","text":"MMF;","page_number":172,"box":{"x":302,"y":777,"width":58,"height":12}},{"id":"902b8540-539f-4bef-a5a7-d9234bcbfc14","block_type":"box","text":"VI.","page_number":172,"box":{"x":185,"y":810,"width":25,"height":10}},{"id":"73d814aa-709a-4be3-9487-862e352e63fd","block_type":"box","text":"Short-term Money Market Funds may only invest in units or shares of other","page_number":172,"box":{"x":242,"y":810,"width":616,"height":12}},{"id":"06c7fc76-dc56-4a39-b662-39279b0cc012","block_type":"box","text":"short-term Money Market Funds.","page_number":172,"box":{"x":242,"y":826,"width":273,"height":13}},{"id":"0f02c033-48f8-45f9-9d85-2735c3dc3f07","block_type":"box","text":"VII.","page_number":172,"box":{"x":178,"y":859,"width":32,"height":10}},{"id":"3b344c89-b095-4bc8-9a09-92be43e123c8","block_type":"box","text":"Standard MMFs may invest in units or shares of Short-Term Money Market","page_number":172,"box":{"x":242,"y":859,"width":618,"height":13}},{"id":"4909be50-e36c-41d7-a8aa-22b01401d748","block_type":"box","text":"Funds and Standard Money Market Funds.","page_number":172,"box":{"x":242,"y":875,"width":349,"height":13}},{"id":"2bf22c6d-c9a1-41b9-a6f4-ca9047c08a78","block_type":"box","text":"M-40331875-102","page_number":173,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"77199bf4-ae65-4c26-98cc-34bc431c2950","block_type":"box","text":"173","page_number":173,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"cc0eadbb-c1f7-4d73-b70f-1e7015747334","block_type":"box","text":"________________________________________________________________","page_number":173,"box":{"x":123,"y":101,"width":759,"height":2}},{"id":"53dbc51e-4f1e-4b15-8c50-b8b4b49892d4","block_type":"box","text":"APPENDIX V","page_number":173,"box":{"x":428,"y":108,"width":150,"height":12}},{"id":"ffea881e-f037-4cea-b731-a1e28ba00bf9","block_type":"box","text":"PERMITTED INVESTMENTS AND RESTRICTIONS FOR SUB-FUNDS","page_number":173,"box":{"x":123,"y":146,"width":759,"height":12}},{"id":"86274256-152a-4d0f-9df0-0bedbf09cbc5","block_type":"box","text":"THAT ARE 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