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or","page_number":2,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"576cdc28-c46d-4139-a2b4-f578008a77c2","block_type":"box","text":"organisation to which one or more Member States belong.","page_number":2,"box":{"x":121,"y":583,"width":502,"height":13}},{"id":"2fe9441e-7f20-430e-8971-e8b7d4eb362f","block_type":"box","text":"Subject to disclosures set out in this Prospectus, each of the LVNAV Liquidity Funds are","page_number":2,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"c55bb84d-de01-4898-84c4-d3cf955a7b6f","block_type":"box","text":"considered by the Directors to meet the criteria for a “qualifying money market fund”, under","page_number":2,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"b2c74055-0af7-43ef-a4a5-6b63dca25bfe","block_type":"box","text":"article 1(4) of Commission Delegated Directive (EU) 2017/593 of 7 April 2016 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In","page_number":3,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ec9c3f7d-694b-4737-ad1b-bd13f6fda866","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":"032e6981-44e1-4edb-bd66-c15cbfe2ed1d","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":"01264bc7-caf8-49bf-80d0-a4aa70de84e9","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":"21592201-7a72-4658-8c26-4cdb87d7ce71","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":"4020fb44-312c-42c9-a3bf-135799076583","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":"ca2e83b7-b24a-4417-b83f-98b3d07b1458","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":"4f5434cb-3add-4c9f-a21b-8adc9ff2b335","block_type":"box","text":"application.","page_number":3,"box":{"x":121,"y":793,"width":99,"height":13}},{"id":"3ca7b3a0-8da9-4e11-9b34-7110463193ab","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":"f47ed19d-2e08-4cd7-8a9b-11b273ba84b1","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":"e38c5fad-509f-4b57-805f-3a64218fd1bf","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":"7519fae9-23a9-4e94-9459-0ca787eb4cfd","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":"921e8108-0906-4ae7-b2ce-3c4fe208c24b","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":"a0b58e59-9820-459c-8bc1-d70c720f7963","block_type":"box","text":"4","page_number":4,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"2b94e509-db91-4d08-95e4-d15f97445b93","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":"7436abdb-624c-435b-b8d7-b9a15cf497ee","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":"44a3903e-3acd-4b80-a7fd-5bd10569e3cf","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":"400a5bfe-0e5c-48d6-a757-03a8c648b166","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":"48000b03-2f33-49a0-a2bf-07658450a2bc","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":"8a11d1b1-0fee-4ce3-96f6-7f1ec0a13962","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":"14d15045-853e-490c-82f0-72feeccaefdb","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":"0f0ac988-fb98-4169-aee7-97f7e6afdc60","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":"760cc24c-7b29-4936-958c-19799bff2c27","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":"cd8fbda3-cdd5-411d-9d48-eb15658b4cef","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":"4d8081f8-af25-4c65-9326-8cd06f69112f","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":"987972f2-b8fc-47be-8806-ff30a0d4d609","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":"f165fa53-58ee-45b7-b591-1716bbbf0e47","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":"f3e85e22-3f4b-4b97-b229-a7ccc088842b","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":"86e5c1ba-6f67-415f-99a4-a59dc20d5b97","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":"02ec9cd8-0939-415a-92dc-c0a8099efb03","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":"1681eff3-9648-44a9-805e-f8189288888b","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":598,"height":13}},{"id":"af8dc192-0178-4402-a980-fef8395ce00a","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":"d3b8f994-1b43-4050-9f7c-c4cd33dfabc1","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":"98e0bc5b-ac59-4849-8abf-8607f0816706","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":"3079156d-742c-41c6-a3d3-bc1e09817f88","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":"d8c4f549-35ba-4d05-8b2b-7abdfe0c44bc","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":"ead913a2-4de1-4db1-ae26-f7ad65ce39c1","block_type":"box","text":"disposal of Shares.","page_number":4,"box":{"x":121,"y":482,"width":156,"height":13}},{"id":"890d24c0-b675-47f5-8b1f-f37dbdf8e4b8","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":"f6b95561-2da3-4f87-944e-f1e9293ebf56","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":"b73f7c1e-0265-4593-82ce-b9cfe66debd0","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":"7ab0fb6f-810d-4e2d-9c7f-7a5928ea7619","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":"85232d57-6eec-4c5a-a2d2-fc60483f2225","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":"ad926c4c-7a11-48f9-867b-99b4f9030067","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":"7ea1c9bc-9b13-4407-8ebd-15af43e54e67","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":"be348d42-434c-4ec1-899a-122cb3413e66","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":"4aa0974a-d882-4463-89b2-991d1d4c7a43","block_type":"box","text":"accounts of the Fund.","page_number":4,"box":{"x":121,"y":646,"width":178,"height":10}},{"id":"788c1d60-ec16-4b2a-a07e-72083d41e677","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":"9016844a-d8c5-4210-af81-331985266e36","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":"bc823c2b-6463-47b1-9334-4c8325f41517","block_type":"box","text":"are available as mentioned herein.","page_number":4,"box":{"x":121,"y":711,"width":279,"height":10}},{"id":"980d308f-023d-4c2a-8696-a9c5b0e52868","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":"1d3cc5ba-5110-4b43-b8b8-3624a297d4e0","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":"f77f5cb5-c236-432c-899b-d3d2530838f0","block_type":"box","text":"Definitions section below.","page_number":4,"box":{"x":121,"y":793,"width":217,"height":10}},{"id":"fd6f8d31-0b48-473f-89e6-40711dcadd8c","block_type":"box","text":"5","page_number":5,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"cd0aa1cd-28c1-413e-83f4-0ed2fb206a15","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":120,"y":99,"width":756,"height":1}},{"id":"02bcd8b7-55fe-4c86-bd53-e5ea8bb59886","block_type":"box","text":"TABLE OF CONTENTS","page_number":5,"box":{"x":392,"y":121,"width":221,"height":10}},{"id":"f3649f0c-7d81-4d67-9c79-00ccc7660a0f","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":122,"y":147,"width":761,"height":2}},{"id":"64e87040-050d-4121-a3eb-2877ebe3da28","block_type":"box","text":"Page","page_number":5,"box":{"x":847,"y":154,"width":40,"height":13}},{"id":"f26ea27e-18d3-45a2-9ecd-241ae1706cf9","block_type":"box","text":"DIRECTORY ...................................................................................................................................................... 10","page_number":5,"box":{"x":121,"y":205,"width":757,"height":8}},{"id":"0284449d-ca43-4bf3-8e70-3176771e92ac","block_type":"box","text":"INTRODUCTION .............................................................................................................................................. 12","page_number":5,"box":{"x":121,"y":233,"width":757,"height":8}},{"id":"a2708f33-8bb0-4dca-ba73-0722ea33b5a5","block_type":"box","text":"PART 1 ................................................................................................................................................................ 13","page_number":5,"box":{"x":121,"y":261,"width":757,"height":8}},{"id":"622505e6-4ae5-484f-9722-dc7dc2d65684","block_type":"box","text":"AVIVA INVESTORS STERLING LIQUIDITY FUND ................................................................................. 13","page_number":5,"box":{"x":121,"y":289,"width":757,"height":10}},{"id":"6b827e32-3bef-48b5-84ae-607a376a26e8","block_type":"box","text":"Investment Objective and Policies ................................................................................................................... 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...................................................................................................................... 24","page_number":5,"box":{"x":141,"y":649,"width":737,"height":11}},{"id":"5557759e-0e8e-4188-8788-486e4f389a02","block_type":"box","text":"Risk Management Process ............................................................................................................................... 24","page_number":5,"box":{"x":141,"y":670,"width":737,"height":11}},{"id":"538102fe-6e7d-4783-be45-a70ec44f5718","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 25","page_number":5,"box":{"x":142,"y":691,"width":736,"height":10}},{"id":"7b1d0975-2e22-4415-9a81-a41e67810405","block_type":"box","text":"Rating Award ................................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":712,"width":737,"height":10}},{"id":"198916d6-24a1-449b-ac7c-d1e4d068d31e","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 26","page_number":5,"box":{"x":141,"y":732,"width":737,"height":11}},{"id":"2ebfdde8-45d5-4690-acd3-f97bb7c8e648","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 26","page_number":5,"box":{"x":141,"y":753,"width":737,"height":8}},{"id":"fb45da1a-b046-4184-9184-f929378a232e","block_type":"box","text":"Dividend Policy for all Share Classes .............................................................................................................. 26","page_number":5,"box":{"x":141,"y":774,"width":737,"height":11}},{"id":"12591ef7-4db6-43dd-b9a6-2c82761f36f6","block_type":"box","text":"Key Information for Purchasing and Redeeming ............................................................................................ 26","page_number":5,"box":{"x":142,"y":795,"width":736,"height":10}},{"id":"4f923789-ec24-4d1f-ac9d-c02e37f83a20","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 28","page_number":5,"box":{"x":141,"y":815,"width":737,"height":11}},{"id":"ab52d304-894d-44c6-8519-067e1ad201c8","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND .......................................................................................... 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Limits............................................................................................................................................. 32","page_number":6,"box":{"x":141,"y":88,"width":737,"height":11}},{"id":"22b96f02-84b5-4141-92dd-55c95d04abf7","block_type":"box","text":"Efficient Portfolio Management ...................................................................................................................... 32","page_number":6,"box":{"x":141,"y":109,"width":737,"height":11}},{"id":"ef1b6b70-d58b-41a6-9fba-770d3bbd18a9","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 32","page_number":6,"box":{"x":142,"y":130,"width":736,"height":10}},{"id":"10a7cf6f-48b7-4e8d-bf32-1910aafef499","block_type":"box","text":"Rating Award ................................................................................................................................................... 33","page_number":6,"box":{"x":141,"y":150,"width":737,"height":11}},{"id":"b1cf88e0-9034-44da-90ff-742dd02d7586","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 33","page_number":6,"box":{"x":141,"y":171,"width":737,"height":11}},{"id":"d5268e76-3047-4b1c-aa93-31296e2c74d3","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 33","page_number":6,"box":{"x":141,"y":192,"width":737,"height":8}},{"id":"20a46d78-ad8b-46f2-9eb4-1e52af0ddd35","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 34","page_number":6,"box":{"x":141,"y":213,"width":737,"height":10}},{"id":"4ad788c4-e4e1-45e6-9507-090a43b6d35a","block_type":"box","text":"Key Information For Purchasing and Redeeming ............................................................................................ 34","page_number":6,"box":{"x":142,"y":234,"width":736,"height":10}},{"id":"17ccd101-5fd8-4d0b-89e3-8dc1e6c1401b","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 37","page_number":6,"box":{"x":141,"y":254,"width":737,"height":11}},{"id":"4cace3dc-bddf-4d34-8754-b2c8c78ecaca","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND ................................................... 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................................................................................................................................................... 52","page_number":6,"box":{"x":141,"y":684,"width":737,"height":11}},{"id":"821adaff-fe1b-4f1b-98a9-77c0edd86977","block_type":"box","text":"Liquidity Management Procedures .................................................................................................................. 52","page_number":6,"box":{"x":141,"y":705,"width":737,"height":11}},{"id":"9318a391-97b1-480b-bd4b-8a081fd17d95","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 52","page_number":6,"box":{"x":141,"y":726,"width":737,"height":10}},{"id":"d773f135-c422-4f93-992c-d4947ff57c3f","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 52","page_number":6,"box":{"x":141,"y":747,"width":737,"height":8}},{"id":"0c2e562e-0cc8-4f98-a330-733d582436b6","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 52","page_number":6,"box":{"x":141,"y":767,"width":737,"height":11}},{"id":"8b39341f-c66f-43ed-b467-26437e8d9522","block_type":"box","text":"Key Information For Purchasing and Redeeming ............................................................................................ 53","page_number":6,"box":{"x":142,"y":788,"width":736,"height":11}},{"id":"efd6d3e4-66df-4bf4-a514-6208cc6f68f9","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 56","page_number":6,"box":{"x":141,"y":809,"width":737,"height":11}},{"id":"4d4fdc8f-14d7-4d4c-a344-3ea95920962a","block_type":"box","text":"AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND .......................................................... 59","page_number":6,"box":{"x":121,"y":837,"width":757,"height":10}},{"id":"8b230364-bb20-48f5-ace3-5c6dc77e5bbd","block_type":"box","text":"Investment Objective and Policies ................................................................................................................... 59","page_number":6,"box":{"x":141,"y":858,"width":737,"height":10}},{"id":"9dcc7f8a-be86-425c-b63e-b0396818a48f","block_type":"box","text":"Investment Restrictions.................................................................................................................................... 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............................................................................................................................... 61","page_number":7,"box":{"x":141,"y":109,"width":736,"height":11}},{"id":"37e106ef-4761-49a6-a14a-9a9a2ad1a503","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 61","page_number":7,"box":{"x":142,"y":130,"width":735,"height":10}},{"id":"e1242652-d49d-4118-a40f-f9d3bf64c6c6","block_type":"box","text":"Rating Award ................................................................................................................................................... 62","page_number":7,"box":{"x":141,"y":150,"width":737,"height":11}},{"id":"479e0e52-4875-487d-afaf-3bffbce37e5e","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 62","page_number":7,"box":{"x":141,"y":171,"width":737,"height":11}},{"id":"35867e7a-9823-49ad-8b72-6562dc01d189","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 62","page_number":7,"box":{"x":141,"y":192,"width":737,"height":8}},{"id":"11f7c34a-1846-40a4-9a81-74ffbf5ebad9","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 62","page_number":7,"box":{"x":141,"y":213,"width":737,"height":10}},{"id":"c700b006-c5db-475e-a1ed-a5106d78ed72","block_type":"box","text":"Key Information For Purchasing and Redeeming 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............................................................................................................................... 110","page_number":8,"box":{"x":141,"y":130,"width":737,"height":10}},{"id":"1c55a140-25cd-4237-9ac0-733aa1c57e0a","block_type":"box","text":"Calculation of Net Asset Value/Valuation of Assets ..................................................................................... 110","page_number":8,"box":{"x":141,"y":150,"width":737,"height":9}},{"id":"ae810aad-4b6c-4dda-975b-3a9b85454bff","block_type":"box","text":"Suspension of Calculation of Net Asset Value .............................................................................................. 114","page_number":8,"box":{"x":142,"y":171,"width":736,"height":11}},{"id":"839e26ca-e0a4-4b0e-8610-ae955497ba4c","block_type":"box","text":"Form of Shares and Transfer of Shares .......................................................................................................... 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131","page_number":8,"box":{"x":141,"y":463,"width":736,"height":10}},{"id":"0ad51c50-6307-470a-9bb0-a4b4a516529c","block_type":"box","text":"Memorandum and Articles of Association .................................................................................................... 132","page_number":8,"box":{"x":141,"y":484,"width":737,"height":8}},{"id":"b439cd4d-37f8-4ad1-92b2-277741bdbd37","block_type":"box","text":"Data Protection Notice ................................................................................................................................... 137","page_number":8,"box":{"x":141,"y":504,"width":737,"height":9}},{"id":"1f5499d4-bb1d-4d7a-a93b-fd7290285499","block_type":"box","text":"Litigation and Arbitration .............................................................................................................................. 138","page_number":8,"box":{"x":141,"y":525,"width":737,"height":11}},{"id":"5b7a12d6-1b1d-4482-b52a-c517865bf495","block_type":"box","text":"Directors’ Interests ......................................................................................................................................... 138","page_number":8,"box":{"x":141,"y":546,"width":737,"height":8}},{"id":"180cea31-d04e-4a85-abcb-801b3449bc3a","block_type":"box","text":"Material Contracts ......................................................................................................................................... 139","page_number":8,"box":{"x":141,"y":567,"width":737,"height":8}},{"id":"ed31053d-5a2c-4150-8e99-41f0ce0f0bc3","block_type":"box","text":"Miscellaneous ................................................................................................................................................ 141","page_number":8,"box":{"x":141,"y":587,"width":736,"height":9}},{"id":"f61f63bd-ac59-4b8f-96b3-2c80501d2fc8","block_type":"box","text":"Documents for Inspection .............................................................................................................................. 141","page_number":8,"box":{"x":141,"y":608,"width":736,"height":11}},{"id":"c34f0f79-b1a8-4098-8fae-86362e725e36","block_type":"box","text":"Facilities in the United Kingdom ................................................................................................................... 142","page_number":8,"box":{"x":141,"y":629,"width":737,"height":11}},{"id":"eed1491d-c430-4a22-9d5f-a8e1af77f6d5","block_type":"box","text":"AVIVA INVESTORS’ RESPONSIBLE INVESTMENT PHILOSOPHY .................................................. 143","page_number":8,"box":{"x":121,"y":657,"width":757,"height":8}},{"id":"85d0c182-4b67-459b-a813-e850755a17c4","block_type":"box","text":"APPENDIX I 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This benchmark has been selected","page_number":13,"box":{"x":121,"y":884,"width":758,"height":8}},{"id":"89fa7ce7-656a-4c1a-b48f-787f4e9309e8","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":13,"box":{"x":121,"y":895,"width":758,"height":8}},{"id":"2d0224eb-fa23-49db-80e1-b9375f1a435e","block_type":"box","text":"market securities.","page_number":13,"box":{"x":121,"y":906,"width":93,"height":6}},{"id":"84ab838e-9cdc-40ef-b6af-2fdef1642223","block_type":"box","text":"14","page_number":14,"box":{"x":492,"y":928,"width":23,"height":9}},{"id":"e58502af-3232-441a-ac21-d8b5515eca1d","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":14,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"d7f1090d-2d2d-4003-aa81-a4ea19e3d23a","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":14,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"87dc6478-1bbd-4ef5-9bff-bd3036bd324a","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":14,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"0ff2bb96-ed8b-4d6b-9396-8ad96f3792d9","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":14,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"80fbca58-cd22-4fc5-916e-db519bcf78ee","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":14,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"ca7617f0-8533-46e6-b50f-e97d31af74cc","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":14,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"701b7e86-5bc0-4617-aa24-076632ff920a","block_type":"box","text":"one or more Member States belong.","page_number":14,"box":{"x":121,"y":187,"width":293,"height":13}},{"id":"cd87433b-a6f2-4d26-b151-f3d22e547812","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":14,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a982cdad-ff79-4470-bd5a-10dd4f6e29b5","block_type":"box","text":"Funds.","page_number":14,"box":{"x":121,"y":236,"width":59,"height":10}},{"id":"6640fe83-753a-49a8-8770-95f91ffda06d","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":14,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"f19cdfcd-b020-4c52-8714-b417f9999942","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":14,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"7ca26424-1bc0-4f4a-a47f-d237825a19c5","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":14,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"a6d4bbb0-94d7-4cc5-bfae-2ce1a085bbf9","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":14,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"78f01227-6ca4-4254-ba3f-b9b1147b9f78","block_type":"box","text":"date. The weighted average life of the Sub-Fund’s investments will not exceed 120 days.","page_number":14,"box":{"x":121,"y":334,"width":720,"height":13}},{"id":"6ca37edc-f949-4868-8f64-5b5e35e96c4c","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":14,"box":{"x":121,"y":351,"width":603,"height":13}},{"id":"ce7d0466-56d6-484e-85f0-dab926ca7726","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24 of","page_number":14,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"6f8b76c5-2331-4034-815f-367335b25696","block_type":"box","text":"the Money Market Fund Regulation.","page_number":14,"box":{"x":121,"y":400,"width":300,"height":13}},{"id":"51bbb36f-28f1-4583-8cd8-f9fe45594e95","block_type":"box","text":"Investment Restrictions","page_number":14,"box":{"x":121,"y":433,"width":209,"height":10}},{"id":"39aedd0d-181e-4e16-9f97-a2317fac423b","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":14,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"05a54d26-c5e3-4d6f-ac8c-5d1cbd0aceae","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":14,"box":{"x":121,"y":482,"width":280,"height":13}},{"id":"de1ccf19-043f-4e1b-b8ba-43cf969d3453","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":14,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"781303ae-315f-4da6-a98e-31235c574844","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":14,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"b6abee56-8f7e-4ed7-b58a-69f8b7edcda9","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":14,"box":{"x":121,"y":547,"width":432,"height":13}},{"id":"b610fc31-fb41-469d-bc29-6f9b5b709749","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":14,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"e468c632-fa6d-4945-ac69-7f3e32e468c9","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":14,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"ea85f92e-b975-4fd5-b462-e6311a4f4f89","block_type":"box","text":"regulations of the countries where Shareholders are located. 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Share Class T is only","page_number":18,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"f477895d-94e2-4b07-9a39-b1ef5c15a513","block_type":"box","text":"available to those investors who satisfy the conditions for issue of T Shares and Digital Tokens","page_number":18,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"a431ff83-72bd-4e1c-add8-a74a0d4fa884","block_type":"box","text":"described below in the section “Token Classes” in Part 2 of the Prospectus.","page_number":18,"box":{"x":121,"y":777,"width":611,"height":13}},{"id":"4576177d-9324-4a93-8416-0dd0f9e39fc5","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":18,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"df239fc2-a9e4-4671-bdef-e1ea2b8bc065","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":18,"box":{"x":121,"y":826,"width":511,"height":13}},{"id":"e19fad83-00ee-4208-bb91-c4d7acb0dc0f","block_type":"box","text":"Dealing Deadline","page_number":18,"box":{"x":121,"y":859,"width":152,"height":13}},{"id":"aa305cec-68f3-4533-a5d0-378156cee845","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":18,"box":{"x":123,"y":892,"width":761,"height":12}},{"id":"96703c30-ba26-40f7-b62f-14a054cf773d","block_type":"box","text":"19","page_number":19,"box":{"x":492,"y":928,"width":23,"height":10}},{"id":"6a38d0b4-f63f-4079-8fbb-6532f4f82c62","block_type":"box","text":"on 24 December and/or on 31 December in each calendar year, on which Dealing Days the","page_number":19,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"2e6ed839-b2ef-467c-94c7-636173482954","block_type":"box","text":"Dealing Deadline shall be 12 p.m. (Irish time).","page_number":19,"box":{"x":121,"y":105,"width":381,"height":13}},{"id":"f6100102-0120-4391-834f-bfda1f516276","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":19,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"e23ee52b-ee9e-43d2-a614-4787c5273ece","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":19,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"a75cf56e-9159-4233-92c4-116e29c40835","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":19,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"f747464d-a782-41fa-9e61-762c10473974","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":19,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"3d2e4407-209c-4f29-8fa0-7e516a11566d","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":19,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d5db0d29-ee1b-46fc-9289-38cfae042c21","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":19,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"b341f325-0f01-4c0c-b5c4-9a819baf50ec","block_type":"box","text":"of an event outside the control of the Fund.","page_number":19,"box":{"x":121,"y":236,"width":352,"height":10}},{"id":"23aa05e5-8cf5-436c-9d63-d9761a616361","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":19,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d6a56c5d-4a5b-48df-a171-370524a868bf","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":19,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"a80e0dfa-c710-4d60-9e63-ade76ed28872","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":19,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"0d4a379d-7d55-43d1-990d-9ddc1a7b00d6","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":19,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"7458bbb3-09cb-4c98-8746-35de3e72b18f","block_type":"box","text":"changes.","page_number":19,"box":{"x":121,"y":334,"width":74,"height":13}},{"id":"1aba4519-22e9-4db0-9815-86e24d12a58f","block_type":"box","text":"Interim Dealing Cycles","page_number":19,"box":{"x":121,"y":367,"width":203,"height":13}},{"id":"31d6059a-a7f6-4782-acb9-a435cf0264f7","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":19,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"a4cdff56-2f58-4bbb-97d9-8c58059ac3af","block_type":"box","text":"Funds”, the Aviva Investors Sterling Liquidity Fund intends to run one or more Interim Dealing","page_number":19,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"7b554b3b-969c-488c-9a00-e97aff9d1838","block_type":"box","text":"Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":19,"box":{"x":121,"y":433,"width":612,"height":13}},{"id":"10b710c6-4122-4c21-926b-fe27bd63b737","block_type":"box","text":"Issue Price for Class 1-9 Shares,","page_number":19,"box":{"x":121,"y":465,"width":312,"height":13}},{"id":"6d11e643-a6f8-401a-bd5d-794401320ce0","block_type":"box","text":"Class W (Accumulating) Shares and Class W","page_number":19,"box":{"x":447,"y":465,"width":437,"height":13}},{"id":"af2ec674-64c9-4224-aa98-014292790c1d","block_type":"box","text":"(Distributing) Shares","page_number":19,"box":{"x":121,"y":482,"width":187,"height":13}},{"id":"522b7afc-af7c-4523-be33-bf6dc23b3040","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":19,"box":{"x":121,"y":515,"width":626,"height":12}},{"id":"c5ca6132-31ed-4a9d-a2fa-a0369c92eadc","block_type":"box","text":"Issue Price for Class 10-14 Shares","page_number":19,"box":{"x":121,"y":547,"width":295,"height":10}},{"id":"176478c8-923f-4441-87d4-85f1ce36f16b","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":19,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"db7f6c24-fbe5-4f0d-bdca-6d502da101ce","block_type":"box","text":"Period and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":19,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"bc38e585-ac75-4aa1-ac1d-be168c06d3ac","block_type":"box","text":"Dealing Day.","page_number":19,"box":{"x":121,"y":613,"width":112,"height":13}},{"id":"75182095-d0e9-46ab-af40-913b6c2da96c","block_type":"box","text":"Issue Price for Class T Shares","page_number":19,"box":{"x":121,"y":646,"width":262,"height":10}},{"id":"76bd9bc1-e301-4aa5-9c25-439548111752","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1 during the Initial Offer Period and","page_number":19,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"bcde7f53-04f0-49dc-884f-ebab3670a6ba","block_type":"box","text":"thereafter the Net Asset Value per Share on the relevant Dealing Day.","page_number":19,"box":{"x":121,"y":695,"width":568,"height":13}},{"id":"82d69617-9325-4f0a-b1fc-bd661c68b4de","block_type":"box","text":"Offer Period for Class 1-9 Shares, Class W (Accumulating) Shares and Class W","page_number":19,"box":{"x":121,"y":728,"width":763,"height":12}},{"id":"599e02c8-1b45-46f2-bb6c-a56d242ca9bc","block_type":"box","text":"(Distributing) Shares","page_number":19,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"425312f5-9bd5-414a-b865-90c40538c14d","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":19,"box":{"x":121,"y":777,"width":587,"height":13}},{"id":"e959f140-c366-4825-9db0-4a4baf58d4d1","block_type":"box","text":"Offer Period for Class 10-14 Shares and Class T Shares","page_number":19,"box":{"x":121,"y":810,"width":481,"height":10}},{"id":"38b23ad0-cf4f-40c7-80eb-9e620dd4fc92","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":19,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"e18a6b2d-801c-451b-9bfe-3fba5674b10f","block_type":"box","text":"22 July 2026 to 5.00 pm (Irish Time) on 21 January 2027 and for the Class T Shares will run","page_number":19,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"0f7ebbd2-135f-4818-890d-f97972cd4584","block_type":"box","text":"from 9.00 am (Irish Time) on 22 July 2026 to 5.00 pm (Irish Time) on 21 January 2027 or such","page_number":19,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"835e0d52-a1cf-4ab8-b4cb-2e435a177743","block_type":"box","text":"a shorter or longer period for each Class as the Directors may determine on behalf of the Sub-","page_number":19,"box":{"x":121,"y":892,"width":757,"height":12}},{"id":"38829da3-1d2a-4953-8bcc-1d5e120be634","block_type":"box","text":"20","page_number":20,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"2655edb5-f71b-4e00-bfeb-67ff116bc0a4","block_type":"box","text":"Fund (in accordance with the requirements of the Central Bank) and notify to the Administrator","page_number":20,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"67006fa4-b738-4e33-b877-121d01ae2610","block_type":"box","text":"for a class. Where the offer period is shortened or extended, the Fund will notify the Central","page_number":20,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"59eedb2c-50e8-445d-afea-2706fd1525b9","block_type":"box","text":"Bank, where required, in accordance with the Central Banks requirements. After the Initial","page_number":20,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2e32cd37-7923-4258-a3f9-9bab8a330580","block_type":"box","text":"Offer Period, shares will be continuously available for subscriptions on any dealing day.","page_number":20,"box":{"x":121,"y":138,"width":717,"height":13}},{"id":"e423bac5-f4dc-4a02-a1f0-adf9cb8a201e","block_type":"box","text":"Minimum Fund Size","page_number":20,"box":{"x":121,"y":170,"width":181,"height":10}},{"id":"0666a086-6804-4004-b953-83cf81ca8164","block_type":"box","text":"£10,000,000.","page_number":20,"box":{"x":121,"y":203,"width":110,"height":12}},{"id":"8d4ab2b2-2b3a-48e3-b811-26bc4b29ff46","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":20,"box":{"x":121,"y":236,"width":467,"height":13}},{"id":"e340719a-f462-47be-af6a-e2f0f8a0e0b8","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":20,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ba0bfd81-0d17-4754-8da0-2b5703965e4b","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":20,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"75d5a8ad-9602-4c2a-9e18-11dc690a39df","block_type":"box","text":"determine.","page_number":20,"box":{"x":121,"y":302,"width":90,"height":9}},{"id":"65cb6ed7-bd0b-4381-9c89-2f8cd5dacb9f","block_type":"box","text":"Settlement Date for Class 1-14 Shares and Class T Shares","page_number":20,"box":{"x":121,"y":334,"width":499,"height":10}},{"id":"d46d9895-5ae4-45c5-96fd-06d7a57f54de","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":20,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"00962d0c-2f77-4658-84e6-63739c27d3a1","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":20,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9d3ec12c-827d-44fd-93c9-c9bdac8f963c","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":20,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"36982c7f-37f4-4624-9bdf-2bf60bea4c07","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":20,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"93c6b8f0-8c4a-47d4-a3c6-667e34cb6801","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":20,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"9df27cf0-22bd-463e-9778-e0d26b73a45d","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":20,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"3fac6154-3797-4325-8fc0-74b2a84e2cde","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":20,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"b0fc546f-88bd-4a6d-a002-f02f3639829e","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":20,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"61c73082-dacd-44e9-82d8-ea033de4d7fb","block_type":"box","text":"discretion.","page_number":20,"box":{"x":121,"y":498,"width":89,"height":10}},{"id":"26d98359-e544-4363-9a70-a3ab71de55e0","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":20,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"d243316a-5b98-4e8a-b8b1-c3c7a0f42959","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":20,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"2bb39a3f-37b6-4b6d-adb0-03ff1920e811","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":20,"box":{"x":121,"y":564,"width":708,"height":13}},{"id":"0fde6436-cb33-4cf3-a192-115367c87114","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":20,"box":{"x":121,"y":596,"width":689,"height":13}},{"id":"333c95ab-d157-4c7b-9277-8c602e7dc67b","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":20,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"e8be6ab7-e461-41de-b3b1-dbeb26c9e447","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":20,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"9ef8a90c-a079-4ecd-baab-33866a9e67f7","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":20,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"b2c49c57-5705-4cfc-a7ed-f8887d74a2ef","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":20,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"285cf9a5-af4f-41cf-a791-412ae3830ceb","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":20,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"f6cda510-4da8-47c1-8a5a-0c9644c2e0c3","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":20,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"522893c4-e68d-41b7-9924-85441fc2e976","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":20,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"b409bbce-276e-44c0-9ce5-67b91ecd0121","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":20,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"8bd79165-6cc0-4510-ba40-8dd84ae31e1e","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":20,"box":{"x":121,"y":761,"width":644,"height":12}},{"id":"bf3a8c00-4b8a-4308-b39c-65beef589e4b","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":20,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"dfef0614-4e9d-44f8-989b-8009fa0ca8a0","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":20,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"35160da4-a9a2-45b4-86a5-33fafe40df60","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":20,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"47b084c6-673d-4180-b25a-88dd7582ae53","block_type":"box","text":"redemption documentation","page_number":20,"box":{"x":121,"y":842,"width":221,"height":13}},{"id":"6f9efe8b-dae3-41e4-8f70-adc5ef24b203","block_type":"box","text":"Valuation Point","page_number":20,"box":{"x":121,"y":875,"width":141,"height":10}},{"id":"b9d6d037-08a9-4fa0-8957-515205c520f5","block_type":"box","text":"21","page_number":21,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"d78e7ac0-e20f-4030-b4a0-1f3c937644f1","block_type":"box","text":"1.30 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":21,"box":{"x":123,"y":89,"width":761,"height":12}},{"id":"ed28a21d-6342-4323-9410-d2e76c5c87c3","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":21,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"0e756f84-df66-4c7a-8599-38700f0b1d35","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":21,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"fdcc1e57-978e-4528-98f6-873a709677af","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":21,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"26beda6a-3ae9-405a-abf0-31b928e9deac","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":21,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1c68452b-d485-4365-8fb8-32678b258384","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":21,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"5f8d74c3-f1dd-4214-b62e-700cbadda306","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":21,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"42bfe6cd-758b-43ff-898c-526f26772386","block_type":"box","text":"Point shall also be 1.30 p.m. (Irish time) on the same Dealing Day.","page_number":21,"box":{"x":121,"y":203,"width":543,"height":13}},{"id":"d42bacae-9101-4f94-a856-0d753e89c515","block_type":"box","text":"Fees and Expenses","page_number":21,"box":{"x":121,"y":236,"width":165,"height":13}},{"id":"06ace766-715f-461d-afb9-21a3ebd6d418","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees 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The Manager will absorb (directly by first the waiver of its fees","page_number":21,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e47d10a8-2b05-4afd-9618-ecb302a8e9b5","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":21,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"04eae60c-88a5-498b-b5c2-c2a18079194e","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":21,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"dc3b6712-62c4-41c4-9f66-77bfeb560362","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":21,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"10b09ceb-3390-49f7-b186-113440550b36","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":21,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"0891d8b1-72dc-4c4a-976c-a6e7ec6d84f6","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":21,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"7d571ac6-9c5b-4fb5-b855-8bdc3bdbda7b","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":21,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"44e01c70-767a-4f74-b5e3-eb6005169985","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":21,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"5baaf67a-c7ef-462a-a03d-bf3c184e6d72","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":21,"box":{"x":121,"y":842,"width":704,"height":13}},{"id":"892c2153-b444-439c-8268-c8217da867b5","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":21,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"8293b590-d95b-46f6-957f-5f7695609b50","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":21,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"0e1d5623-feeb-4590-8b60-fbe011db7604","block_type":"box","text":"22","page_number":22,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"9dac521d-9d1c-4f4f-8d47-252ff9b1675a","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":22,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"96880963-a88f-462a-9476-11f2a1e894e0","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":22,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"d93125fa-71ff-4686-821c-8b677fc41a28","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":22,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b6893dd5-276a-403a-84b2-9e25c30441b9","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":22,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"15795552-a09a-40c3-ac0c-6a0c4442a298","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":22,"box":{"x":121,"y":154,"width":469,"height":13}},{"id":"3f14d311-be04-4e37-a402-505d3c83ea07","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":22,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"1e137458-340a-4ca9-b720-677517c9ccae","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":22,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"7aaf2cbf-7c62-446a-a6f5-d334463e3788","block_type":"box","text":"administration, registration, the fees payable to the Digital Custodian and the Tokenisation","page_number":22,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"4ee84e0e-c9a5-4018-87f6-0d3f7efa401a","block_type":"box","text":"Platform Provider in respect of the T Share Class, transfer agency, custody, sub-custody (which","page_number":22,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"937624e8-1ddf-46a9-bd19-67521adeee79","block_type":"box","text":"fees will be at normal commercial rates) and transfer fees and other fees and expenses incurred","page_number":22,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b3c5366c-1d47-4e83-8770-87c2c1fb3905","block_type":"box","text":"in relation to preparing, translating, printing, publishing and distributing the Prospectus, annual","page_number":22,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"1960a219-fc9d-4f6a-8b2e-bb9f00d1d72f","block_type":"box","text":"and semi-annual reports and other documents to the Shareholders, the costs and expenses of","page_number":22,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"6862fed0-9f2e-4c3c-9b40-fef6d000b359","block_type":"box","text":"obtaining authorisations or registrations of the Sub-Fund with any regulatory authority in any","page_number":22,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"d14b4a3f-8864-4c5a-8ba8-b0b95c715d59","block_type":"box","text":"jurisdiction, professional fees and expenses, annual audit fees and Directors’ fees.","page_number":22,"box":{"x":119,"y":318,"width":666,"height":13}},{"id":"cd1d0bab-2ec6-4465-9eef-73e3191990ff","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":22,"box":{"x":121,"y":351,"width":757,"height":13}},{"id":"b1f14498-11a9-45ab-b36e-3a5bb391d86f","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":22,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"a20895fc-3453-42d9-b72b-c4d6b6fff343","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":22,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"f55e4000-46da-43f2-9721-93c63d00fc10","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":22,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"1baf31f3-9025-438d-a922-47bac41ad49b","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":22,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8793585f-c798-4331-a0ce-ba83713e9b35","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":22,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6fdcd625-7f97-4f51-8204-3222003ec4b2","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":22,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"2ac18130-a61d-4377-8d62-8b08d5314cda","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":22,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e93c6e67-e19c-4834-8252-3ddb5a646675","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":22,"box":{"x":121,"y":482,"width":527,"height":13}},{"id":"8bdef1de-7ca3-4a9d-8a3f-95b00355685c","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":22,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f63e843f-4b02-4675-a8e3-dd7320eca9dd","block_type":"box","text":"the Prospectus.","page_number":22,"box":{"x":121,"y":531,"width":127,"height":13}},{"id":"d1f0df09-3d73-4efe-b07d-c408878aab59","block_type":"box","text":"Preliminary Charge","page_number":22,"box":{"x":121,"y":564,"width":177,"height":12}},{"id":"8d053137-1225-4ac4-8d2b-54916c69fdaa","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":22,"box":{"x":121,"y":597,"width":636,"height":12}},{"id":"8836e8dd-cae1-4804-bbf7-4e8d835f3882","block_type":"box","text":"Exchange Charge","page_number":22,"box":{"x":121,"y":629,"width":157,"height":13}},{"id":"9e6a7944-dcac-46e4-90f5-095ec054574a","block_type":"box","text":"None.","page_number":22,"box":{"x":121,"y":662,"width":53,"height":10}},{"id":"bb0c96b0-2608-4084-b9a0-0fa777ca3a0d","block_type":"box","text":"Redemption Charge","page_number":22,"box":{"x":121,"y":695,"width":179,"height":13}},{"id":"b21a2d34-e8e9-4c39-b5a2-fbafc55706f2","block_type":"box","text":"None.","page_number":22,"box":{"x":121,"y":712,"width":53,"height":9}},{"id":"01b6680e-681f-4caa-bab0-5cdf94e15b26","block_type":"box","text":"Liquidity Fees","page_number":22,"box":{"x":121,"y":747,"width":128,"height":12}},{"id":"907df4be-1c38-4fa2-87cd-64ccaf72d111","block_type":"box","text":"The Sub-Fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":22,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"1f21f87e-3063-4ee3-aa44-6e1965072105","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":22,"box":{"x":121,"y":796,"width":618,"height":13}},{"id":"5033973b-5606-470e-a517-188619ed3836","block_type":"box","text":"23","page_number":23,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"a5b88075-c666-4a6c-85dd-c0ad6004eb85","block_type":"box","text":"AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND","page_number":23,"box":{"x":191,"y":89,"width":623,"height":14}},{"id":"df17b9a7-08e4-40c3-8901-acfd461b0616","block_type":"box","text":"Investment Objective and Policies","page_number":23,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"5f18e838-7149-42f9-9160-6498e97d55c3","block_type":"box","text":"The investment objective of the Sub-Fund is to provide an investment return with a low level","page_number":23,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"fe5b0b1f-1e74-465a-b5dc-581090c3e0a5","block_type":"box","text":"of capital volatility whilst maintaining liquidity. The performance of the Sub-Fund will be","page_number":23,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"e96f4586-105f-46dd-a101-b98225ccb855","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":23,"box":{"x":121,"y":190,"width":305,"height":12}},{"id":"babc4368-e9b8-4e0d-8506-fdc7e1aef0e6","block_type":"box","text":"2","page_number":23,"box":{"x":428,"y":190,"width":5,"height":5}},{"id":"0e998b54-73b9-49d3-8285-926033f8b32e","block_type":"box","text":"In order to achieve its investment objective, the Sub-Fund is actively managed and will invest","page_number":23,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"f5059c0d-8ce8-4030-b226-0d98afa6aa42","block_type":"box","text":"in a diversified portfolio of short term debt and debt related instruments which are primarily","page_number":23,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"95b4aa90-7708-41f9-a45d-4a3ee8b7b748","block_type":"box","text":"denominated in Sterling but may also be denominated in other currencies and hedged back to","page_number":23,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"7d785aa6-6fb5-4c1b-9920-8f2f2129d9ca","block_type":"box","text":"Sterling, and which are traded on the Markets listed in Appendix II of the Prospectus or which","page_number":23,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"af438ded-7beb-48f0-8627-9056b51d750d","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":23,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"d47949db-46f4-4415-8a62-c1e2b5127b67","block_type":"box","text":"investments will be denominated in Sterling. The Sub-Fund’s investments will include fixed","page_number":23,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"65705763-6c0e-4b25-916b-522f24db18d0","block_type":"box","text":"or floating rate instruments including but not limited to commercial paper, floating rate notes,","page_number":23,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"9fd0eef0-f04e-4fca-8237-dc265918f5d5","block_type":"box","text":"certificates of deposit, freely transferable promissory notes, debentures, asset-backed securities","page_number":23,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"7a267af9-a427-4b09-a608-6995152f3347","block_type":"box","text":"and bonds. The maximum final maturity for fixed rate securities is up to 10 years in respect of","page_number":23,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"b3bc079f-99d0-4711-8087-344673348eec","block_type":"box","text":"each individual issue. 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The underlying of such derivative instruments will be foreign exchange rates, and","page_number":24,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"c36fad75-59c0-4f45-89a0-e460a7d406b4","block_type":"box","text":"currencies.","page_number":24,"box":{"x":121,"y":321,"width":92,"height":10}},{"id":"39809922-f7aa-4558-adbb-7fda0b618ee3","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements","page_number":24,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"d9561fc0-9ff6-43fa-a033-8d89216cab87","block_type":"box","text":"which shall be within the conditions and the limits laid down by the Central Bank. 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The Sub-Fund may also enter into reverse repurchase agreements","page_number":24,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"3bbdd2f1-32bb-4690-94ce-e14e484e35fb","block_type":"box","text":"for liquidity management purposes and to generate additional capital or income to the Sub\u0002","page_number":24,"box":{"x":121,"y":435,"width":757,"height":13}},{"id":"ec67bc36-4e2c-471f-bd3c-88554877cf9d","block_type":"box","text":"Fund provided that it is within the conditions and limits laid down by the Central Bank.","page_number":24,"box":{"x":121,"y":452,"width":710,"height":13}},{"id":"bd690c03-7afb-4829-99ce-4965e32ff0ed","block_type":"box","text":"Under the Regulations, the Sub-Fund may utilise financial derivative instruments subject to the","page_number":24,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"ec4305aa-5d50-4899-8854-bd91630b01c5","block_type":"box","text":"following terms and conditions:-","page_number":24,"box":{"x":121,"y":501,"width":268,"height":13}},{"id":"2dfac27c-8258-4b7f-9292-1adf791d8d7e","block_type":"box","text":"1.","page_number":24,"box":{"x":123,"y":534,"width":11,"height":10}},{"id":"ef147609-5892-41a9-a1c7-3b320008f8b7","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must","page_number":24,"box":{"x":181,"y":534,"width":703,"height":13}},{"id":"a3912a0e-eb13-4968-8411-87161436aaca","block_type":"box","text":"not exceed its total net asset value calculated using the commitment approach;","page_number":24,"box":{"x":181,"y":550,"width":636,"height":13}},{"id":"28430724-79bd-4df3-819f-f845f13264eb","block_type":"box","text":"2.","page_number":24,"box":{"x":121,"y":583,"width":13,"height":10}},{"id":"f34e835e-464c-499c-acff-635651af2c3a","block_type":"box","text":"The position exposure to the underlying assets of financial derivative instruments","page_number":24,"box":{"x":181,"y":583,"width":703,"height":13}},{"id":"8ff47d99-b684-41b7-affb-0e757fa7f06e","block_type":"box","text":"including embedded financial derivative instruments in transferable securities or money","page_number":24,"box":{"x":181,"y":599,"width":703,"height":13}},{"id":"f9ecc1e9-2ff5-466a-a39b-31777c33756a","block_type":"box","text":"market instruments when combined where relevant with positions resulting from direct","page_number":24,"box":{"x":181,"y":616,"width":703,"height":13}},{"id":"b7b84978-a08a-4b43-9283-eb8cd7f54935","block_type":"box","text":"instruments must not exceed the investment limits specified under the heading","page_number":24,"box":{"x":181,"y":632,"width":703,"height":13}},{"id":"286d1698-10b8-488e-946e-0f205d0bcacc","block_type":"box","text":"Investment Restrictions above; 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The Sub-Fund is an Ultra Short Duration bond fund which aims to offer medium term","page_number":26,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6b14d182-746f-4650-9f29-db4c982d82ed","block_type":"box","text":"cash investors (typically at least three to six months) higher returns than those available from","page_number":26,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"7a9be4b1-2427-4ac5-b23b-65bf87911a04","block_type":"box","text":"a traditional money market fund for only a moderate increase in credit and liquidity risk. The","page_number":26,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"550cf310-2e57-412c-aacf-e132b0d9b7a7","block_type":"box","text":"level of an investment will determine the class of Shares an investor may subscribe for.","page_number":26,"box":{"x":121,"y":236,"width":708,"height":13}},{"id":"0ec739c8-ccd2-4b67-891c-0efa6823f251","block_type":"box","text":"Risk Factors","page_number":26,"box":{"x":121,"y":269,"width":114,"height":10}},{"id":"5439f74b-1c4d-4f9a-a59f-b0a6b2958166","block_type":"box","text":"The general risk factors as set out in Part 2 of the Prospectus shall apply. 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The value of the Sub-Fund may be affected by the","page_number":26,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"6c4bfe92-a35e-4f28-9619-1306614d0e97","block_type":"box","text":"creditworthiness of issuers of the Sub-Fund's investments and, notwithstanding the policy of","page_number":26,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d4d8617b-7803-4b00-8b9a-656357879349","block_type":"box","text":"the Sub-Fund of investing in short term instruments, may also be affected by substantial","page_number":26,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c77d3c50-4634-4630-9b49-e37553e3aa4a","block_type":"box","text":"adverse movements in interest rates.","page_number":26,"box":{"x":121,"y":400,"width":297,"height":10}},{"id":"97210093-5f10-4933-ab00-981815ec03b4","block_type":"box","text":"Dividend Policy for all Share Classes","page_number":26,"box":{"x":121,"y":433,"width":321,"height":12}},{"id":"24f01700-5494-48f0-9c0d-57e9a47fbcde","block_type":"box","text":"The Shares of the Sub-Fund are accumulation Shares and therefore carry no right to any","page_number":26,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f309a84d-e4a8-4012-97b5-f30a0e536c28","block_type":"box","text":"dividend. The net income attributable to the Shares shall be retained within the Sub-Fund and","page_number":26,"box":{"x":121,"y":482,"width":763,"height":10}},{"id":"c306650c-c519-415f-8dad-b00cc599ade9","block_type":"box","text":"the value of the Shares shall rise accordingly.","page_number":26,"box":{"x":121,"y":498,"width":371,"height":13}},{"id":"15161c72-425d-4372-aae6-707f51f9cba5","block_type":"box","text":"Key Information for Purchasing and Redeeming","page_number":26,"box":{"x":121,"y":531,"width":422,"height":13}},{"id":"d18a372b-1288-4afb-aab6-b9e916c29e1d","block_type":"box","text":"Base Currency","page_number":26,"box":{"x":121,"y":564,"width":133,"height":12}},{"id":"c6e19f2b-86c8-467c-9e58-2b7ea55ff7c7","block_type":"box","text":"Sterling","page_number":26,"box":{"x":121,"y":597,"width":68,"height":12}},{"id":"7f7079b7-0d8c-4b79-b8be-940cd46430f2","block_type":"box","text":"Business Day and Dealing 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for","page_number":27,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"1ad1a9e3-8f84-4eb1-9857-ea62c7a8fa58","block_type":"box","text":"subscriptions and redemptions on any Business Day such as a Business Day when the principal","page_number":27,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"c7b6c19c-8f28-4bf5-8e4a-4e4a6d2f4fc8","block_type":"box","text":"bond markets close early in advance of a holiday customarily observed by participants in such","page_number":27,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"2451aff8-5863-4a7d-bdd3-b7fe63b0dcd2","block_type":"box","text":"markets or in the case of the happening of an event outside the control of the Fund which","page_number":27,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"43adcf42-e27a-4897-94f0-8c16b27c9482","block_type":"box","text":"precipitates the early closing of the principal bond markets. Prior notification of the revised","page_number":27,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d86c9ae4-1b05-4c32-a84a-813ad094be70","block_type":"box","text":"Dealing Deadlines will be sent by email or by post to Shareholders unless it is not possible to","page_number":27,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"dd4f61d4-2827-4ec0-93ee-ee9650d77ae2","block_type":"box","text":"do so in the case of the happening of an event outside the control of the Fund.","page_number":27,"box":{"x":121,"y":351,"width":631,"height":13}},{"id":"74ad3316-475b-43fa-8b6c-2960af8174b0","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline for subscriptions and","page_number":27,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"1bbb15e2-b282-477c-b7a1-f5d1ab5a50d2","block_type":"box","text":"redemptions. Prior notification of the revised Dealing Deadlines shall be sent by email or by","page_number":27,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"07a842ce-ef1c-4cf0-becb-05830ddd7a64","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadlines are in place on a temporary","page_number":27,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"6486f908-8649-4e07-b195-b1c9be83d270","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":27,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"08032103-1fc7-4654-a995-28613adcbab0","block_type":"box","text":"be notified in advance of such changes.","page_number":27,"box":{"x":121,"y":449,"width":322,"height":13}},{"id":"20ae236d-7aa4-4164-bdfc-fe461ec8c58b","block_type":"box","text":"Issue Price for Class 1-4 Shares","page_number":27,"box":{"x":121,"y":482,"width":275,"height":10}},{"id":"619e4ebb-b7dc-41bc-8613-e67d5734b3d8","block_type":"box","text":"Net Asset Value per Share of the relevant class on the relevant Dealing Day.","page_number":27,"box":{"x":121,"y":515,"width":621,"height":12}},{"id":"661a9a2f-4194-4e30-aaef-135815552ef7","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":27,"box":{"x":121,"y":547,"width":408,"height":13}},{"id":"c3d136db-adb3-4f64-bc42-3f5d90c174b9","block_type":"box","text":"The Issue Price per Share of the Class W (Accumulating) Shares shall be £1,000.0000 during","page_number":27,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"07ef1e59-9a7a-4028-a436-cd0914dcdc7b","block_type":"box","text":"the Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on","page_number":27,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"4c3c1689-bd24-4a7c-bac2-37e8d1cd0133","block_type":"box","text":"the relevant Dealing Day.","page_number":27,"box":{"x":121,"y":613,"width":212,"height":13}},{"id":"0a43fcb1-5e3b-43bd-8375-eb3feadc4cc4","block_type":"box","text":"Offer Period for Class 1-4 Shares","page_number":27,"box":{"x":121,"y":646,"width":291,"height":10}},{"id":"bef5986a-8c5d-4b48-93e0-6c8d55329a55","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":27,"box":{"x":121,"y":679,"width":587,"height":12}},{"id":"80d0e218-5129-4a67-a704-45d9010e2b38","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":27,"box":{"x":121,"y":711,"width":423,"height":13}},{"id":"4b239891-9211-4761-a4eb-02967f061e40","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":27,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"a0e697c5-1719-4ecd-a953-9da87825f11f","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":27,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d3483a20-8897-47b3-ae75-5761ffb90074","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":27,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a69a8615-cc84-4df0-8e0c-f195d08fc366","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":27,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"7869893a-f2ca-4f53-b207-d008248a63db","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":27,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"304b5761-9352-4d79-b81f-0921dd314082","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":27,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"096075fb-4ce7-42b5-8e14-598aa3da4beb","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":27,"box":{"x":121,"y":842,"width":507,"height":13}},{"id":"17cd80d9-7946-4b8b-b17f-01fb3ec81528","block_type":"box","text":"28","page_number":28,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"3c53e137-8e2c-453e-b166-cd8308775934","block_type":"box","text":"Minimum Fund Size","page_number":28,"box":{"x":121,"y":88,"width":181,"height":11}},{"id":"72db642e-6cb9-478f-8941-062171110882","block_type":"box","text":"£500,000.","page_number":28,"box":{"x":121,"y":121,"width":85,"height":12}},{"id":"9e071238-ed88-46f4-acae-394409799f9d","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":28,"box":{"x":121,"y":154,"width":467,"height":13}},{"id":"e6c70607-4c75-4330-8a95-2b9f1ca9fb27","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":28,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5518d262-6905-4294-9405-a93e286456d7","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":28,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ea5b66e5-b798-4384-ab06-c70700743d9e","block_type":"box","text":"determine.","page_number":28,"box":{"x":121,"y":220,"width":90,"height":10}},{"id":"c194c45b-14fc-4c1e-b089-720811b58f1f","block_type":"box","text":"Settlement Date for Class 1-4 Shares","page_number":28,"box":{"x":121,"y":252,"width":319,"height":10}},{"id":"d862fd87-b476-4ea1-bc25-7a8c26eca715","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":28,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"607bcef6-6292-40d0-a19b-534d698ffb99","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":28,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"7d251079-1e03-4398-84f3-bcd48489fa6f","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day, unless","page_number":28,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"489d7869-d56a-4ee0-857d-d4d58fe461ab","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":28,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"bbf554d3-d36b-460a-9c15-be32bc71a9ca","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":28,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"169d9358-00c9-4166-8a30-4681b397b3b6","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":28,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"22cb828e-9170-4f3b-81ee-b86ace095ff5","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":28,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"48978863-edb5-4974-913c-cd794ac8ef5d","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":28,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"465574ef-63dc-495d-b888-61cc5a1c56ea","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":28,"box":{"x":121,"y":416,"width":644,"height":13}},{"id":"0345c9e7-80b2-4db0-9409-44104c1d962d","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":28,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"672dedd2-d80d-43af-ba10-115d1f568e15","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":28,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"d53d50fd-b25e-4ee3-9502-bec5ab04b1b4","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":28,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c31124fd-b633-4ced-b26d-b7fdd6fc7af7","block_type":"box","text":"redemption documentation.","page_number":28,"box":{"x":121,"y":498,"width":226,"height":13}},{"id":"65210f1e-69aa-45d9-a2f6-f734101366c7","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares","page_number":28,"box":{"x":121,"y":531,"width":451,"height":13}},{"id":"63f3185d-785e-4771-8dce-3988adf92e94","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":28,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"db6f65c2-72ab-4c6b-b7c3-bbecde78a9fc","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":28,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"9da63477-0930-4a6e-829d-f0b6169f0cf3","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":28,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f3f7a4b0-0704-47a8-b991-b57b48ec5de4","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":28,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"31965c50-285e-469a-87e7-7aa0986b92c2","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":28,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"c0a50342-9773-4468-a3dd-2a5d2508f7ac","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":28,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"17732d06-ae53-4475-b4ca-3f6e684a878e","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":28,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2435e9aa-5624-45cb-9b90-2782edba2a41","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":28,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"73b47498-69b6-4d72-b4ff-c348648a8992","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":28,"box":{"x":121,"y":695,"width":644,"height":13}},{"id":"92be8059-df03-4f36-a460-2b51a7c7c716","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":28,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"d3252522-fe5a-406f-9d41-5a6d05cc0c23","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":28,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"1634f005-69f6-44e0-817f-8aa377ab6978","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":28,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"eb433ab9-3b91-4bfa-91e2-98d0581a32fd","block_type":"box","text":"redemption documentation","page_number":28,"box":{"x":121,"y":777,"width":221,"height":13}},{"id":"9e720aba-3d00-4eb9-8e90-bd40b5eef5b1","block_type":"box","text":"Valuation Point","page_number":28,"box":{"x":121,"y":810,"width":141,"height":10}},{"id":"966f0a36-beb3-416c-8051-f4635878caaf","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":28,"box":{"x":123,"y":842,"width":330,"height":13}},{"id":"4c91d3e3-1916-4c49-af98-58395257ecb5","block_type":"box","text":"Fees and Expenses","page_number":28,"box":{"x":121,"y":875,"width":165,"height":13}},{"id":"8dc5f450-703c-4ef8-bb6e-0ea6d43d0f9a","block_type":"box","text":"29","page_number":29,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"569a230a-14f1-4606-897a-48586228d3e4","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":29,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"5eab822d-d279-4de0-829b-c202edab8a22","block_type":"box","text":"each class of Shares as set out below.","page_number":29,"box":{"x":121,"y":105,"width":306,"height":10}},{"id":"3afcd9af-c77f-47dd-aee5-7d3cd64cd954","block_type":"box","text":"Class of Shares","page_number":29,"box":{"x":121,"y":138,"width":136,"height":10}},{"id":"77d65243-f973-44c6-b583-17eba62ab9f1","block_type":"box","text":"Annual Charges and Expenses","page_number":29,"box":{"x":363,"y":138,"width":267,"height":12}},{"id":"463228ef-4e32-496d-ad64-d21abbce7c2c","block_type":"box","text":"Class 1","page_number":29,"box":{"x":121,"y":170,"width":63,"height":10}},{"id":"76e21473-be08-4681-90b9-90049ccbefda","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":29,"box":{"x":363,"y":170,"width":419,"height":11}},{"id":"8bf5b169-3018-4b1c-a1b1-78c3e383330d","block_type":"box","text":"Class 2","page_number":29,"box":{"x":121,"y":187,"width":63,"height":10}},{"id":"651aaefa-b287-4454-90ec-eef9c109883d","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":29,"box":{"x":363,"y":187,"width":419,"height":10}},{"id":"03bdd84d-e60a-4d17-a30e-27471e7ed7b0","block_type":"box","text":"Class 3","page_number":29,"box":{"x":121,"y":203,"width":63,"height":10}},{"id":"ab3bc516-e9c2-4a87-8dd9-e96ca0442714","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":29,"box":{"x":363,"y":203,"width":419,"height":10}},{"id":"8a74e99a-8750-44d1-9734-707caa046e95","block_type":"box","text":"Class 4","page_number":29,"box":{"x":121,"y":220,"width":63,"height":10}},{"id":"6c9373a7-04fc-41d8-bc78-264f24bf742c","block_type":"box","text":"None","page_number":29,"box":{"x":363,"y":220,"width":48,"height":10}},{"id":"f26b28f0-be40-4e88-bbd3-6e7ce47f856b","block_type":"box","text":"Class W (Accumulating)","page_number":29,"box":{"x":121,"y":236,"width":205,"height":13}},{"id":"1061bbd0-938d-4920-a5bc-826aa2db328c","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Accumulating)","page_number":29,"box":{"x":363,"y":236,"width":521,"height":13}},{"id":"c6a5f684-c9d7-4385-bb2a-74afe06a2da7","block_type":"box","text":"Shares","page_number":29,"box":{"x":363,"y":252,"width":58,"height":10}},{"id":"a8341a6b-9891-448c-96d8-d6e545109d5b","block_type":"box","text":"The Directors reserve the right to reduce or waive the above charges from time to time.","page_number":29,"box":{"x":121,"y":285,"width":708,"height":13}},{"id":"fe18bf41-a128-45b1-b3e4-8458b6f40c2c","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":29,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"74152718-8825-4f29-acdf-59b823a93f64","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":29,"box":{"x":121,"y":334,"width":443,"height":13}},{"id":"58f0587d-4e14-4afd-970c-7a46c38006da","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":29,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"50d78849-3cae-42ae-9af7-facb2b3cbb55","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":29,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"bec14ff3-3534-483a-8770-1c44a22cf8c4","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":29,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"af293a13-7ef8-4eb3-90bd-47fb66896681","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":29,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"0d45ac07-44ff-4fb8-bf8c-0e9718c89aa9","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":29,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"0ee32ae6-7450-40d6-83e2-e4f74fac63be","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":29,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"67141f3d-41b7-443b-9b17-ba78d7d1772e","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":29,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"6a9d0f0f-c530-4907-b18f-78d7aa9a9d19","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":29,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"f997bb55-788d-48fa-a16c-af34e4980fe6","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":29,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"582f898e-881d-4442-b15b-5ecde4dd5170","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":29,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"fb763c83-51df-4bd7-b67b-2e2020f70d6f","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":29,"box":{"x":121,"y":531,"width":704,"height":13}},{"id":"a8269c42-7495-48e8-8126-c4751ed28598","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":29,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"67195194-52f0-45ee-ab96-2420a83c5403","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":29,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"1e6f5e2b-2902-4778-9c6f-58fe3d37c66f","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":29,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f1d1b83f-e8fb-4225-8c25-af6c3ba06de9","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":29,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"10c5b970-a13c-43b2-bd2b-90ffb26b5b17","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":29,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"2b987b7a-b3ca-4428-9ec7-9ea3536e4ac9","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":29,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"fffb99bd-e8a3-440b-bb1c-83ed7530c34d","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":29,"box":{"x":121,"y":662,"width":469,"height":13}},{"id":"b42fde38-5706-4925-8316-1d26ca9d0cbb","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":29,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ee239dc2-ea81-4165-91e9-16657f606748","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":29,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c53dbba7-cc5f-4cc7-9c59-c4f7499f8ae0","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":29,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"d0762bda-0ff4-406b-ab51-7c281589677e","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":29,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"32862550-262b-4484-8ab5-eb852f6f3eb4","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":29,"box":{"x":121,"y":761,"width":757,"height":12}},{"id":"e675efbf-51e1-43a3-80f9-3f7912ba1b54","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":29,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d1475b11-6427-495d-93e1-de47ce023df7","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":29,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"897b18b0-79f3-4421-bb98-9889475301a3","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":29,"box":{"x":121,"y":810,"width":563,"height":12}},{"id":"e310cda6-b0fd-4e39-8a92-1f433654abaf","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":29,"box":{"x":121,"y":842,"width":757,"height":13}},{"id":"4a31df8f-cb6e-4312-a04a-0359a3e5688b","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":29,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"41feec76-f23b-4045-99a3-5ccd6add9abd","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":29,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d8d3ecc4-93e3-4d18-90ad-50604772b28d","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":29,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"8cd1f8f7-bdee-4314-8a3e-5e8e0185a2da","block_type":"box","text":"30","page_number":30,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"7525d881-569b-45e7-acea-fca5959d2b15","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":30,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"e3b940d3-2c23-470a-a5b1-0e31fa519569","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":30,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"b91b5d29-c876-432e-9c45-96510a4a2bee","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":30,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"7d8508c6-0a7e-41bf-9733-31ff5b385135","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":30,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"bd688332-de2a-43ef-8bdc-dd8764235b02","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":30,"box":{"x":121,"y":154,"width":527,"height":13}},{"id":"b0038a2e-1f36-4306-a1f8-651a85fa4a93","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":30,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"f62b4523-2345-457f-ae1e-e6d192d30484","block_type":"box","text":"the Prospectus.","page_number":30,"box":{"x":121,"y":203,"width":127,"height":13}},{"id":"44296f9b-3ac5-4767-acb6-f855718bc907","block_type":"box","text":"Preliminary Charge","page_number":30,"box":{"x":121,"y":236,"width":177,"height":13}},{"id":"eabd5c08-d96e-49f5-ba51-76f95872ea29","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":30,"box":{"x":121,"y":269,"width":636,"height":13}},{"id":"8b4bc38b-6cee-457d-be68-cc9a2b10af5f","block_type":"box","text":"Exchange Charge","page_number":30,"box":{"x":121,"y":301,"width":157,"height":13}},{"id":"c5d8196c-be30-4542-b588-3fecf7c28a08","block_type":"box","text":"None.","page_number":30,"box":{"x":121,"y":335,"width":53,"height":9}},{"id":"78e01bc3-36e4-410f-a986-268cd0f4c940","block_type":"box","text":"Redemption Charge","page_number":30,"box":{"x":121,"y":367,"width":179,"height":13}},{"id":"6eeba582-737f-48cd-ba5e-c0c7e5631ea2","block_type":"box","text":"None.","page_number":30,"box":{"x":121,"y":400,"width":53,"height":10}},{"id":"f6f194ad-f341-49dc-bb95-1a8fb5eab816","block_type":"box","text":"31","page_number":31,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"c0b14ba0-6324-4059-8702-fe71288a99d8","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND","page_number":31,"box":{"x":251,"y":89,"width":504,"height":14}},{"id":"c7dd6c3b-c827-4bd4-b8f0-1654c944bafe","block_type":"box","text":"Investment Objective and Policies","page_number":31,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"7a886035-9b4c-4bb4-aa33-1b5447cde942","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":31,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"ca70ce96-7317-48a1-9f59-93908cf17610","block_type":"box","text":"and preserve the value of the investment. The performance of the Sub-Fund will be","page_number":31,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"d9c96bcf-2bcf-46be-b564-f8e14ee0ae35","block_type":"box","text":"benchmarked against the Euro Short Term Rate.","page_number":31,"box":{"x":121,"y":190,"width":387,"height":12}},{"id":"4f1ca524-9003-4902-806f-cf2d0b29ecca","block_type":"box","text":"3","page_number":31,"box":{"x":510,"y":190,"width":4,"height":5}},{"id":"0c5ff690-36b0-4fb7-9f64-f8b8bf364ff1","block_type":"box","text":"The Sub-Fund is a LVNAV Short Term Money Market Fund. The Sub-Fund is actively","page_number":31,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"115a5ae6-0509-449d-82f4-1d96b9e1b9a2","block_type":"box","text":"managed and its investments will include fixed or floating rate instruments including but not","page_number":31,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"02c22884-d109-4e8d-970a-cb93d21b032a","block_type":"box","text":"limited to commercial paper, term deposits, floating rate notes, certificates of deposit, freely","page_number":31,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"b4f8fe45-e9ee-47b7-ba8f-d22b9441b4e2","block_type":"box","text":"transferable promissory notes, debentures, asset-backed securities and bonds. The investments","page_number":31,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"6562f76b-678a-41de-be2c-187b909aab44","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":31,"box":{"x":121,"y":288,"width":757,"height":13}},{"id":"72826a26-2c18-4603-b60c-65b427c4a4b7","block_type":"box","text":"listed investments which are issued or guaranteed as to principal or interest by sovereign","page_number":31,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"69c9d977-21ab-4caf-8e9a-2d4cce3d298e","block_type":"box","text":"governments, their agencies and instrumentalities, supranational entities and EU and non-EU","page_number":31,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"4e89dcd7-835b-4b46-812b-e02d62a4d84c","block_type":"box","text":"corporations and financial institutions who are incorporated or domiciled in, or listed or dealt","page_number":31,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"5d7f4dd5-c86b-4eee-948e-de53ed15e2cc","block_type":"box","text":"on a Market located in those jurisdictions listed in Appendix II hereto or in securities of issuers","page_number":31,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"c05dd144-041c-45be-a288-c0ee1be73750","block_type":"box","text":"that, while not located in those jurisdictions, conduct substantial business in them as determined","page_number":31,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"b8146f0c-c884-428d-aa33-0dc28a836124","block_type":"box","text":"by the Investment Manager, including (i) companies which have substantial assets in those","page_number":31,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"2a8e04f1-23fc-4f9f-af46-8655120c8781","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":31,"box":{"x":119,"y":403,"width":765,"height":12}},{"id":"8d5d2c64-4ecb-46bf-ba44-34a2c5ed7995","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":31,"box":{"x":121,"y":419,"width":612,"height":13}},{"id":"79deba64-8b1c-4ad6-98d0-651ae35500a2","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund according to its classification as a","page_number":31,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"258d0f67-927a-4375-b2d9-c58e2fe594fc","block_type":"box","text":"Short Term Money Market Fund and the restrictions imposed by recognised rating agencies in","page_number":31,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"c8aa48e0-aefb-42dc-81cc-e5dc38a7e3a1","block_type":"box","text":"order to maintain an overall credit rating of Aaa which may include where applicable ensuring","page_number":31,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"a7064ce3-6407-4056-934c-29a3c1a5a9e7","block_type":"box","text":"that the Sub-Fund's investments may have such ratings as may be required from time to time","page_number":31,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"caa02b30-6214-476f-94ff-e8f34db640f1","block_type":"box","text":"by the relevant rating agency to maintain the credit rating, or if unrated, be deemed to be of","page_number":31,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"1a560f3b-64ed-497f-857d-68aa92e815b1","block_type":"box","text":"comparable quality by the Investment Manager.","page_number":31,"box":{"x":121,"y":534,"width":391,"height":13}},{"id":"f46e9d92-501b-47ab-a66b-6aa1bec88a4f","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":31,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"bf751ccf-e462-4d8e-8c44-7c55413b8924","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":31,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"acdcd75c-6f78-4352-9c9a-682bea983bf7","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":31,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"ac912100-1682-465c-9788-923cfbeb8255","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":31,"box":{"x":121,"y":616,"width":599,"height":13}},{"id":"60a5cfbb-de61-4d10-a3cd-29646cc0b4e9","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":31,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"e5776231-90f6-4e60-9432-835510ed4157","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":31,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"41104279-fc7f-4dca-932e-b49e026498c4","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":31,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"1e467d1e-97e2-4e72-be15-fc89c72191a0","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":31,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"317a9963-721d-4835-b0db-b75e8e867bda","block_type":"box","text":"date (which shall be at least every 397 days). The weighted average life of the Sub-Fund’s","page_number":31,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"c2a814a5-f771-4cec-ab0c-22632a0662dc","block_type":"box","text":"investments will not exceed 120 days.","page_number":31,"box":{"x":121,"y":730,"width":311,"height":13}},{"id":"22b3fdec-34a4-4d7c-9a8c-086d76ec4116","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":31,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"5146540f-aee5-40cb-9aa5-7c5381b65758","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":31,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"35b6e26c-1846-41e5-8c45-ae9d2a1961f2","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":31,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"2514bd4e-d42f-474f-94a1-bc333c98d3cb","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":31,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"78c4bdda-4f68-4eee-ac61-dfde25ad1770","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":31,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"f42ae746-d4ec-4104-b076-3ca08234cff3","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":31,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"61dfbd17-d47c-4aad-ba93-6afb78f44ca3","block_type":"box","text":"3","page_number":31,"box":{"x":121,"y":877,"width":4,"height":6}},{"id":"d2899938-e34b-4ea7-b3fb-5a7f58941008","block_type":"box","text":"The Euro Short Term Rate","page_number":31,"box":{"x":133,"y":880,"width":165,"height":7}},{"id":"d99176ed-fbc3-4034-8979-9ddfb40b1a4e","block_type":"box","text":"reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro","page_number":31,"box":{"x":304,"y":880,"width":575,"height":9}},{"id":"69248ed1-80ec-4434-a61b-db0c7f7ded4b","block_type":"box","text":"area. 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In such instances an updated","page_number":32,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"64bfdf03-e565-496a-ba89-60144811f936","block_type":"box","text":"prospectus will be issued, in accordance with the requirements of the Central Bank.","page_number":32,"box":{"x":121,"y":498,"width":678,"height":13}},{"id":"cdfe4f9d-2438-4579-a452-878c485a6150","block_type":"box","text":"Borrowing Limits","page_number":32,"box":{"x":121,"y":531,"width":153,"height":13}},{"id":"e018fc03-3a61-4e2e-9eaf-e407302a6586","block_type":"box","text":"The Sub-Fund may not borrow cash (this does not include temporary involuntary overdrafts).","page_number":32,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"d7f30633-00ae-4a30-8f24-d27b47003c7d","block_type":"box","text":"The Sub-Fund may not lend to, or act as guarantor on behalf of third parties.","page_number":32,"box":{"x":121,"y":580,"width":620,"height":13}},{"id":"af12fafe-f32e-4cf5-a66b-ab955ad7005d","block_type":"box","text":"Efficient Portfolio Management","page_number":32,"box":{"x":121,"y":613,"width":278,"height":13}},{"id":"dee140f0-154d-4a93-abc7-a5108f3d03d3","block_type":"box","text":"The Sub-Fund may utilise repurchase agreements and reverse repurchase agreements, that fulfil","page_number":32,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"51cecd42-5b33-440d-b28d-a0d34b68fa3f","block_type":"box","text":"the conditions of Article 14 and Article 15 of the Money Market Fund Regulation respectively.","page_number":32,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"057bd574-3651-40f6-9c2a-eac91946a917","block_type":"box","text":"Further information on the use of financial derivatives instruments and techniques and","page_number":32,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"799c981b-97a8-4818-8c84-389616a385bf","block_type":"box","text":"instruments for Efficient Portfolio Management is set out in Part 2 of the Prospectus. Any","page_number":32,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"fb7ad77b-256f-4ed6-a7eb-670b0a061d77","block_type":"box","text":"derivative instruments utilised will be used solely for the purposes of hedging interest rate or","page_number":32,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"afb6abe3-c6c3-43c0-b908-4b014cf147f6","block_type":"box","text":"exchange rate risks inherent in other investments of the Sub-Fund. The underlying of such","page_number":32,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"7a0469b3-caf7-41f2-a1a9-5002ea0d2379","block_type":"box","text":"derivative instruments will be interest rates, foreign exchange rates, currencies or indices","page_number":32,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"71567c2c-e6b7-4297-9ee6-966648f47666","block_type":"box","text":"representing one of those categories.","page_number":32,"box":{"x":121,"y":777,"width":299,"height":13}},{"id":"3752e04f-e495-47a2-bed1-1a2120048f87","block_type":"box","text":"Sustainability Disclosures","page_number":32,"box":{"x":121,"y":810,"width":226,"height":12}},{"id":"7b8ef83e-4a24-42b3-afd6-d422af78a921","block_type":"box","text":"This Sub-Fund promotes environmental and social characteristics however does not have a","page_number":32,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b78a6113-4bdb-47be-9926-b6d9959422af","block_type":"box","text":"sustainable investment objective.","page_number":32,"box":{"x":121,"y":859,"width":271,"height":13}},{"id":"bd37ce5a-dc0f-4061-9a88-8bcd9f79c78b","block_type":"box","text":"33","page_number":33,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ad5b8f1a-8b20-4419-ab03-fe804fb1ab8c","block_type":"box","text":"To be eligible for investment, all investment that are selected as part of the Investment","page_number":33,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"ee49bce1-5115-468e-85c6-1c46ee96e7ae","block_type":"box","text":"Manager’s ESG analysis must follow good governance practices and not be excluded by the","page_number":33,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"e64b6c28-e306-4413-92e2-ede128c76e04","block_type":"box","text":"Investment Manager’s ESG Baseline Exclusions Policy or other issuer screening criteria. It","page_number":33,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"243b4b56-bb72-4b18-8dcd-9140ceccadc0","block_type":"box","text":"may however not be possible to perform ESG analysis on investments used for hedging and","page_number":33,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"89d4abb0-a506-4f16-8f40-5ccc0e335a09","block_type":"box","text":"efficient portfolio management purposes.","page_number":33,"box":{"x":121,"y":154,"width":337,"height":13}},{"id":"7efaddb1-6ddc-4c9a-99df-a69a35cfaf06","block_type":"box","text":"The Investment Manager actively engages with companies and use voting rights with the aim","page_number":33,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"df0df323-2a03-4672-9669-e176cd48ac35","block_type":"box","text":"of positively influencing company behaviour and helping to generate competitive returns. The","page_number":33,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"a0909261-382a-4049-90a4-f31b0986d494","block_type":"box","text":"Investment Manager integrates qualitative and quantitative data on adverse sustainability","page_number":33,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"76ef427e-54b6-430f-a174-69de165f49fd","block_type":"box","text":"impacts into its investment processes.","page_number":33,"box":{"x":121,"y":236,"width":309,"height":13}},{"id":"cd3e8c3f-6bfa-446f-9966-29593df38d36","block_type":"box","text":"The ESG analysis and considerations described are incorporated into the investment process","page_number":33,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"3fe2c433-36c5-4726-a9de-ccc3736cba0a","block_type":"box","text":"but may not always have a material impact on investments in the Sub-Fund.","page_number":33,"box":{"x":121,"y":285,"width":616,"height":13}},{"id":"21352372-c757-4168-b05f-537e6475a4e8","block_type":"box","text":"Further information regarding how the Investment Manager integrates ESG into its investment","page_number":33,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d5c31748-de89-4bb2-80af-cff2a5162290","block_type":"box","text":"approach (including information on its ESG Baseline Exclusions Policy) and how it engages","page_number":33,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"de76445c-f7af-4f18-9bd4-74cc5944c0eb","block_type":"box","text":"with companies is available in the Responsible Investment Philosophy section of the","page_number":33,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7fcfdc4a-d8e4-48ea-b9ea-4298756a4d14","block_type":"box","text":"Prospectus and on the Manager's website at","page_number":33,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"00c4b15c-90ad-4403-9630-cd606bc8d535","block_type":"box","text":"https://www.avivainvestors.com/engb/about/responsible-investment/policies-and-documents/","page_number":33,"box":{"x":121,"y":384,"width":752,"height":12}},{"id":"72287e4d-d6ff-44d5-9e75-ed303f2cdd36","block_type":"box","text":".","page_number":33,"box":{"x":874,"y":392,"width":9,"height":1}},{"id":"a7b252f8-af07-410c-ae0f-03b11dac1d66","block_type":"box","text":"Rating Award","page_number":33,"box":{"x":121,"y":416,"width":127,"height":13}},{"id":"c853568b-4acf-40c0-9f16-99b2e58e9343","block_type":"box","text":"The Fund has obtained an ‘Aaa-mf’ money market rating from Moody’s Investors Service","page_number":33,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"3b8beacc-4439-4518-949d-1a8751441da3","block_type":"box","text":"(“Moody’s”) for the Sub-Fund. When awarding this rating Moody’s take into account, inter","page_number":33,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"83713afa-b18f-40f0-a949-f53f23dd0dd6","block_type":"box","text":"alia, the Sub-Fund's portfolio quality, its counterparties and management, operating procedures","page_number":33,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"1507d87e-0eaf-44fe-9349-ca0b2b22e4e8","block_type":"box","text":"and controls, regulatory compliance and market price risk relative to the Sub- Fund's published","page_number":33,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3bf15d47-ac4b-4582-a054-d80970cb5bc1","block_type":"box","text":"objectives. The Directors intend to operate the Sub-Fund in accordance with Moody's","page_number":33,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f9d3ee76-fd44-48b8-b289-5048661a97de","block_type":"box","text":"requirements to maintain the rating award. The rating was solicited or financed by the Sub\u0002","page_number":33,"box":{"x":121,"y":531,"width":757,"height":13}},{"id":"2987c8c5-226f-476d-8903-1de18a557772","block_type":"box","text":"Fund or its Investment Manager.","page_number":33,"box":{"x":121,"y":547,"width":268,"height":13}},{"id":"394b063a-b2d9-48ff-a2a0-0cfcdeedfaba","block_type":"box","text":"Profile of Typical Investor","page_number":33,"box":{"x":121,"y":580,"width":231,"height":13}},{"id":"11945700-6e87-48fd-aec6-76eae862965b","block_type":"box","text":"A typical investor is an institutional investor looking for a low risk return based upon Euro","page_number":33,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"3159ad56-06d3-45f8-8d2a-9787d3db031b","block_type":"box","text":"denominated money market instruments. The Sub-Fund is suited to short term investors who","page_number":33,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"ed11715c-28d9-4377-8028-bcc9bbf50668","block_type":"box","text":"are looking for a highly liquid fund. Through its daily liquidity facility, the Sub-Fund is","page_number":33,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"cea84ffe-541b-4931-9d58-d1b54fc68a6b","block_type":"box","text":"structured to give investors easy access to their cash whenever required.","page_number":33,"box":{"x":121,"y":662,"width":585,"height":13}},{"id":"6b64b316-0d52-458c-b0d5-13d0f9ff639c","block_type":"box","text":"The level of an investment will determine the class of Shares an investor may subscribe for.","page_number":33,"box":{"x":121,"y":695,"width":745,"height":13}},{"id":"572c5af5-b484-4895-bb2c-e88912fcc5e7","block_type":"box","text":"Risk Factors","page_number":33,"box":{"x":121,"y":728,"width":114,"height":10}},{"id":"38b3fc24-8b39-44d9-9aae-2ddfdc1baa17","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":33,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"818b64ab-9f09-4724-857e-49d12ec87a30","block_type":"box","text":"general risk factors outlined in Part 2 of the Prospectus, investors should also note that the Sub\u0002","page_number":33,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"c9b6afa9-0b74-4ce9-bfc1-5e691ba5e237","block_type":"box","text":"Fund is not a guaranteed investment. A subscription for Shares of the Sub Fund is not the same","page_number":33,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"68ab2759-49b5-456b-976f-29138c067097","block_type":"box","text":"as placing funds on deposit with a bank or other deposit-taking body and the principal invested","page_number":33,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"37a7246e-2a45-4ccc-a5cc-1f5fdf9078aa","block_type":"box","text":"in the Sub-Fund is capable of fluctuation. The Sub-Fund does not rely on external support for","page_number":33,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"2802dbdc-d6ec-487f-923d-b3d8bf27adfa","block_type":"box","text":"guaranteeing the liquidity of the Sub-Fund or stabilising the NAV per share. The risk of loss","page_number":33,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"6d55c9f5-3420-4367-8456-f1c56e51946e","block_type":"box","text":"of the principal shall be borne by the Shareholder. The value of the Sub Fund may be affected","page_number":33,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"f96599de-51d8-4169-aa51-f9058506b6ba","block_type":"box","text":"by the creditworthiness of issuers of the Sub Fund's investments and, notwithstanding the","page_number":33,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"4b9d9f81-1b10-43e9-9b2e-3ea5d159e404","block_type":"box","text":"34","page_number":34,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"943a393b-15ec-4f27-8256-a55456a240a6","block_type":"box","text":"policy of the Sub Fund of investing in short term instruments, may also be affected by","page_number":34,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a2149995-fc52-484c-bc2b-a9655b104e56","block_type":"box","text":"substantial adverse movements in interest rates.","page_number":34,"box":{"x":121,"y":105,"width":389,"height":10}},{"id":"1368678e-3b22-4492-8621-b59bf31042a7","block_type":"box","text":"Dividend Policy","page_number":34,"box":{"x":121,"y":138,"width":141,"height":12}},{"id":"a7fe5446-2b3e-43e1-b3d0-9a8e51bc558d","block_type":"box","text":"Dividend Policy for Class 1-3, Class 5, Class W (Accumulating) and Class Z","page_number":34,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"8e6dff0d-9847-41e4-b8a5-0e0fcbd89b86","block_type":"box","text":"(Accumulating) Shares","page_number":34,"box":{"x":121,"y":187,"width":202,"height":13}},{"id":"842e625a-44bd-4c42-8cbd-afa35cb009d7","block_type":"box","text":"Dividends will not be paid on Classes 1- 3, Class 5, Class W (Accumulating) and Class Z","page_number":34,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d68e7694-6817-405c-8a5c-e0c0a1c17ef2","block_type":"box","text":"(Accumulating) as such classes are accumulating share classes. 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who","page_number":35,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"6dea732d-36db-464d-b121-61b72230f746","block_type":"box","text":"have a separate investment mandate with the Investment Manager or any of its affiliates.","page_number":35,"box":{"x":121,"y":515,"width":719,"height":12}},{"id":"5b50ec8c-a598-4386-b8ea-7cf0a96fd37e","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":35,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"f19d2914-8bc7-417c-8f62-93be56e169f0","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":35,"box":{"x":121,"y":564,"width":511,"height":13}},{"id":"afd60d20-5744-46cf-b80b-0ec6eabc3ad7","block_type":"box","text":"Dealing Deadline","page_number":35,"box":{"x":121,"y":597,"width":152,"height":12}},{"id":"28c27d0a-db98-4d09-b01b-c1a580a96555","block_type":"box","text":"1p.m. (Irish time) on each Dealing Day.","page_number":35,"box":{"x":123,"y":629,"width":325,"height":13}},{"id":"640d318f-c7e8-4d09-896a-21b6643d21d1","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":35,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"5b497107-0320-411b-a2ec-b3de5bd7c911","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":35,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"47f1c1ed-18f4-4248-b985-45f42f5a89c5","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":35,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"81be717a-32d0-41e4-bf75-4ac6085830c8","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":35,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e101aad3-75d3-45a4-8cfa-8bf37ba8a2f0","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":35,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"83320f33-3654-44c9-b6c9-e5aa56437eca","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":35,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"cb1994cf-b527-4a3c-a896-3084cdbd140f","block_type":"box","text":"of an event outside the control of the Fund.","page_number":35,"box":{"x":121,"y":761,"width":352,"height":9}},{"id":"2db2dd6a-914f-4df7-8f0d-ea3813aecaf0","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":35,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"67aaf57c-f5f2-419f-890c-99898b2305a9","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":35,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"38791bdc-53a5-4e5b-8089-d73ee59d88e0","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":35,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"fcec8aa7-2152-4d83-be96-f1c89e9deec2","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":35,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"62d3aa98-5e6f-4b31-9185-aef641cf8a79","block_type":"box","text":"changes.","page_number":35,"box":{"x":121,"y":859,"width":74,"height":13}},{"id":"3f3d7790-b049-4ad3-ab80-dd2ff7ac6bbb","block_type":"box","text":"Issue Price for Class 1-9 Shares and Class W (Accumulating) Shares and Class Z","page_number":35,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"43590a8f-4f47-4d2a-b06d-ab4e0e783f14","block_type":"box","text":"36","page_number":36,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"635ffa48-df1b-4a23-84cd-d933e1186d79","block_type":"box","text":"(Accumulating) Shares","page_number":36,"box":{"x":121,"y":88,"width":202,"height":13}},{"id":"964c9d8b-6260-4b37-9056-9c115064f441","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":36,"box":{"x":121,"y":121,"width":626,"height":13}},{"id":"798b61a1-bbd4-40b9-9b7f-ab5b13a07772","block_type":"box","text":"Issue Price for Class W (Distributing) Shares","page_number":36,"box":{"x":121,"y":154,"width":392,"height":13}},{"id":"905091e2-8bd0-413f-b478-fbd8755c3d04","block_type":"box","text":"The Issue Price per Share for Class W (Distributing) Shares shall be €","page_number":36,"box":{"x":121,"y":187,"width":554,"height":13}},{"id":"133b4143-8235-42fc-af72-649b562d168c","block_type":"box","text":"€","page_number":36,"box":{"x":674,"y":187,"width":10,"height":10}},{"id":"2d1f9fd7-5d01-4466-b4fb-7801dab754dd","block_type":"box","text":"1.0000 during the","page_number":36,"box":{"x":687,"y":187,"width":146,"height":13}},{"id":"c7216e06-fa18-404e-bf04-34ab0a6cdab7","block_type":"box","text":"Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on the","page_number":36,"box":{"x":121,"y":203,"width":749,"height":13}},{"id":"4055f299-d255-4fdf-b0bc-0425d739cee4","block_type":"box","text":"relevant Dealing Day","page_number":36,"box":{"x":121,"y":220,"width":177,"height":12}},{"id":"f5551824-5d94-498e-9122-cdf592443597","block_type":"box","text":"Offer Period for Class 1-9 Shares, Class W (Accumulating) Shares and Class Z","page_number":36,"box":{"x":121,"y":269,"width":763,"height":12}},{"id":"bf265bc0-b0ec-48cb-a331-93664d3e85be","block_type":"box","text":"(Accumulating) Shares","page_number":36,"box":{"x":121,"y":285,"width":202,"height":13}},{"id":"d8a74f00-9a56-4792-b9cd-6a80458c72b8","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":36,"box":{"x":121,"y":318,"width":587,"height":13}},{"id":"a5f15032-d79a-41e9-8ab4-b1598145cf15","block_type":"box","text":"Offer Period for Class W (Distributing) Shares and Class Z (Accumulating) Shares","page_number":36,"box":{"x":121,"y":351,"width":717,"height":12}},{"id":"a9164bb7-36d2-45a3-ba9b-a57eba972e58","block_type":"box","text":"The Initial Offer Period for Class W (Distributing) Shares will run from 9.00 am (Irish Time)","page_number":36,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"33b20bc6-3cf8-4dec-b14f-4a854103a2e0","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":36,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"7cda1c39-ba94-444e-9b0e-0f147dac7421","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":36,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"b90fb116-4683-4aed-ad2c-07480a49363f","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":36,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"7a2ea6ac-0bd6-4d41-8841-cc69c2689dc8","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":36,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"dcbc6d84-230f-4ac7-9d14-66efff8ba851","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":36,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"4a08d006-2aaa-4387-9fc9-d0dbb58bf19b","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":36,"box":{"x":121,"y":482,"width":514,"height":13}},{"id":"3f259de1-6352-4d65-a8fb-81b5ed6e17a5","block_type":"box","text":"Minimum Fund Size","page_number":36,"box":{"x":121,"y":515,"width":181,"height":10}},{"id":"e5b13635-a5b4-4422-9fe3-80cd20e8ce83","block_type":"box","text":"€","page_number":36,"box":{"x":120,"y":547,"width":10,"height":10}},{"id":"991fd3b2-925d-4d85-bb0e-8fe6ed5f4e79","block_type":"box","text":"10,000,000.","page_number":36,"box":{"x":133,"y":548,"width":98,"height":11}},{"id":"d7df420b-9912-44ae-a582-176735c4ef27","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":36,"box":{"x":121,"y":580,"width":467,"height":13}},{"id":"2f42b65d-5f6c-42f2-932e-e4757f0112e1","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":36,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"36924bd2-d12b-48c8-89c5-73be464a68e3","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":36,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8d05156d-e965-4551-bad0-b7f1b0d5462b","block_type":"box","text":"determine.","page_number":36,"box":{"x":121,"y":646,"width":90,"height":10}},{"id":"5a3258d0-5d63-4143-b7f5-6334780265b2","block_type":"box","text":"Settlement Date for Class 1-9 Shares and Class Z (Accumulating) Shares","page_number":36,"box":{"x":121,"y":678,"width":628,"height":13}},{"id":"5eb6ad4f-77a1-4480-9b73-7c10b1787854","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":711,"width":763,"height":13}},{"id":"c3228355-93df-4625-a047-a5bb693db197","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":728,"width":763,"height":13}},{"id":"ddf80a3c-e2d5-44f7-a7eb-ee6b8c1c2358","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":744,"width":763,"height":13}},{"id":"0bd3cadb-7888-4aa6-9383-be5143561c15","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":36,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"5216dd5b-fc6e-4b08-802f-9231e3837164","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":777,"width":763,"height":13}},{"id":"09f210d1-3614-4eb9-a7d7-08c366af206c","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":36,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"ad9b41cc-0392-4985-96aa-c13e7d295d6e","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":36,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"d6b15f67-5055-4b7a-8487-20313d1e5d05","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":36,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"db19bb16-881c-4380-80e8-16ce84bc4152","block_type":"box","text":"discretion.","page_number":36,"box":{"x":121,"y":842,"width":89,"height":10}},{"id":"6cc6ae82-4510-4d0a-b5ef-a03bf356866c","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":875,"width":763,"height":13}},{"id":"dbac8883-b9ad-4cf8-b4a0-c068acb0b212","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":36,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"985fbb5c-6b3e-4c5f-a430-e1f9b866859f","block_type":"box","text":"37","page_number":37,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"62e1218b-dadc-4c30-b736-7c7d057bbd60","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":37,"box":{"x":121,"y":89,"width":708,"height":12}},{"id":"73177e3a-4125-4ff4-9f11-9b63a6ed5ced","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares and Class W (Distributing) Shares","page_number":37,"box":{"x":121,"y":121,"width":752,"height":13}},{"id":"d751a557-80e2-4a3e-9d70-796deeb0f29e","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":37,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"2350cced-5722-4b24-b455-bc1384f88efe","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":37,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"806631c4-e32c-45c8-a918-a3edabc432c1","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":37,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"47a8e903-ef8f-4e42-9da9-2d880ba0e4a7","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":37,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"65dae23d-3052-490f-926f-d2d452c7fbcf","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":37,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"6a24bfab-601d-44e1-91d1-6b6d5a871513","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":37,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"9543e407-dd63-42b4-a692-940efa8a5828","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":37,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"f62fb760-11e3-49c6-a6cc-e3096c81c566","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":37,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"7c2d1112-e118-439f-8697-9f2a4d45950b","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":37,"box":{"x":121,"y":285,"width":644,"height":13}},{"id":"9207f562-3232-4730-81d4-509dfc27c634","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":37,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"e33d451c-fe78-4133-a88f-200e829a0829","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":37,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"d865e754-8c45-46b3-b954-2b548ff50c72","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":37,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"98c0a8b4-c07f-4e4e-9d4e-1faa4311204c","block_type":"box","text":"redemption documentation.","page_number":37,"box":{"x":121,"y":367,"width":226,"height":13}},{"id":"6d4444b4-787e-40c5-86a0-964188cdf50e","block_type":"box","text":"Valuation Point4","page_number":37,"box":{"x":121,"y":400,"width":136,"height":10}},{"id":"9b495975-53c1-4797-bed4-6f8f75bba396","block_type":"box","text":"t4","page_number":37,"box":{"x":257,"y":400,"width":5,"height":6}},{"id":"5ba1b9e7-91b3-4992-91bf-867da9144789","block_type":"box","text":"1p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation Point","page_number":37,"box":{"x":123,"y":433,"width":761,"height":13}},{"id":"66d68038-1aa0-4dac-a718-2a7c7cefd6fa","block_type":"box","text":"may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":37,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"46793a41-d22c-4a0c-9e3e-db3dd320eb3e","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":37,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"5cb7081c-af40-4d31-806c-34e48f31fd38","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":37,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"47d3bb10-f98f-45ae-a647-9b2b20db6201","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":37,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"b1aa34e0-4b72-4683-966f-61ca11f2c20a","block_type":"box","text":"Day shall be 1 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":37,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"0ea46056-ef97-43a9-8891-028036527567","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":37,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7f6aa2d2-8cba-413c-8953-6fbf8fa58f45","block_type":"box","text":"Point shall also be 1 p.m. (Irish time) on the same Dealing Day.","page_number":37,"box":{"x":121,"y":547,"width":518,"height":13}},{"id":"e34bcbac-c57e-4746-9c19-7477d57955d1","block_type":"box","text":"Fees and Expenses","page_number":37,"box":{"x":121,"y":580,"width":165,"height":13}},{"id":"54842549-0e48-46dd-996e-730e4732ccc7","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":37,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"5e9cf27b-95e6-43b2-b029-85e672d174c6","block_type":"box","text":"each class of Shares as set out below.","page_number":37,"box":{"x":121,"y":629,"width":306,"height":10}},{"id":"b6f8a9e4-900a-4986-8c00-72a1413ebadd","block_type":"box","text":"Class of Shares","page_number":37,"box":{"x":121,"y":662,"width":136,"height":10}},{"id":"89bb5613-b6b9-4329-aa83-353b624a4a63","block_type":"box","text":"Annual Charges and Expenses","page_number":37,"box":{"x":363,"y":662,"width":267,"height":13}},{"id":"121e48ea-c9b9-46ad-8f36-772cc7d83142","block_type":"box","text":"Class 1","page_number":37,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"22b844ae-f9dc-4c8d-afe4-b3c18bc228f7","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":37,"box":{"x":363,"y":695,"width":419,"height":10}},{"id":"9e9daf06-383c-495d-a176-6d4aa8d7fc3f","block_type":"box","text":"Class 2","page_number":37,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"921a6337-c9e1-499e-924d-14d259b00122","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":37,"box":{"x":363,"y":711,"width":419,"height":11}},{"id":"7e6b2671-752f-4237-a518-9b7e45462bee","block_type":"box","text":"Class 3","page_number":37,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"27002e7d-5643-4728-9593-9f70457bc816","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":37,"box":{"x":363,"y":728,"width":419,"height":10}},{"id":"62a090a9-407c-40e8-8399-32657c84623e","block_type":"box","text":"Class 5","page_number":37,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"887ed8fd-3974-4f28-9e1c-9ff0f00a0307","block_type":"box","text":"None","page_number":37,"box":{"x":363,"y":744,"width":48,"height":10}},{"id":"0782cc65-4f1f-444f-b484-9f875dcdef99","block_type":"box","text":"Class 6","page_number":37,"box":{"x":121,"y":761,"width":63,"height":9}},{"id":"606dbf1f-be3b-4e3f-bdd6-c1bb5c0c7468","block_type":"box","text":"0.20% of the Net Asset Value of the Class 6 Shares","page_number":37,"box":{"x":363,"y":761,"width":419,"height":10}},{"id":"bd8d0df1-4c74-4fd7-a261-0cc31ee03b02","block_type":"box","text":"Class 7","page_number":37,"box":{"x":121,"y":777,"width":63,"height":10}},{"id":"7cfcb22d-e104-4f2b-aada-a7f54d608152","block_type":"box","text":"0.15% of the Net Asset Value of the Class 7 Shares","page_number":37,"box":{"x":363,"y":777,"width":419,"height":10}},{"id":"372ed230-f9b0-4ff6-b68d-c1432227c260","block_type":"box","text":"Class 8","page_number":37,"box":{"x":121,"y":793,"width":63,"height":10}},{"id":"36d4cd2c-aaef-4646-b181-7034f7f4bc6e","block_type":"box","text":"0.10% of the Net Asset Value of the Class 8 Shares","page_number":37,"box":{"x":363,"y":793,"width":419,"height":10}},{"id":"1387b942-ade5-4a69-b877-d8938a23f8ee","block_type":"box","text":"Class 9","page_number":37,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"3a11f137-8256-494e-a123-74966c48f164","block_type":"box","text":"None","page_number":37,"box":{"x":363,"y":810,"width":48,"height":10}},{"id":"8c97ae3d-7327-4e56-bc50-17702d7db7e4","block_type":"box","text":"Class W (Accumulating)","page_number":37,"box":{"x":121,"y":826,"width":205,"height":13}},{"id":"7f66929b-3148-4f8b-b35e-37a38dd746fe","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":37,"box":{"x":363,"y":826,"width":521,"height":13}},{"id":"9a582314-e7b4-4c50-aeb8-a17fc80f0d3f","block_type":"box","text":"Shares","page_number":37,"box":{"x":363,"y":842,"width":58,"height":10}},{"id":"e25848f5-b5d8-4a3e-b2c4-da93af308a74","block_type":"box","text":"4","page_number":37,"box":{"x":121,"y":888,"width":5,"height":6}},{"id":"dba90d8a-692d-4c4a-9a2f-f27228e6fa50","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":37,"box":{"x":132,"y":890,"width":747,"height":10}},{"id":"41b08049-cda2-4475-96b7-2df014ae2f31","block_type":"box","text":"Dealing Day on 04 July is 12 p.m. (Irish time) on the Dealing Day.","page_number":37,"box":{"x":121,"y":903,"width":448,"height":11}},{"id":"07abb272-f229-41a9-b9c5-b53b8b8cf112","block_type":"box","text":"38","page_number":38,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"a66de392-da2a-4652-b833-b3eb3a374c04","block_type":"box","text":"Class W (Distributing)","page_number":38,"box":{"x":121,"y":89,"width":188,"height":12}},{"id":"4b159efe-3a55-4587-9970-0ae5b5e25c41","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":38,"box":{"x":363,"y":89,"width":521,"height":12}},{"id":"ee8ebddf-2c26-40f1-b2cf-428a3f4544df","block_type":"box","text":"Shares","page_number":38,"box":{"x":363,"y":105,"width":58,"height":10}},{"id":"a4ba9802-8538-45dc-bbb1-8f19c7812c42","block_type":"box","text":"Class Z (Accumulating)","page_number":38,"box":{"x":121,"y":121,"width":198,"height":13}},{"id":"d26139e5-a6c3-4ec1-9d4b-4ecc78f70983","block_type":"box","text":"0.015% of the Net Asset Value of the Class Z (Accumulating)","page_number":38,"box":{"x":363,"y":121,"width":521,"height":13}},{"id":"4d737cc5-ce94-487f-a355-06bc3a9cd30d","block_type":"box","text":"Shares","page_number":38,"box":{"x":363,"y":138,"width":58,"height":10}},{"id":"8acdd179-ea65-405b-9ac6-dceb8f191006","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":38,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"f78f9922-6e7d-4ab1-b6f3-08d413ff00f3","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":38,"box":{"x":121,"y":187,"width":443,"height":13}},{"id":"f9b0086c-0018-4864-b4b7-6d1e305f35b1","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":38,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"051e714f-1bbf-4c95-8889-bad5c4dce0e2","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":38,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"23195d96-183f-47ed-babc-5316de5dbb2e","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":38,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"a1e260b6-a57b-49d3-9505-4cd097a1d5da","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":38,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"bbac1c84-2019-45a0-8369-d26e3c43d1a9","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":38,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"18937a23-5419-468c-9c12-21cb09b3ab01","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":38,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"eb2fbe84-c1d4-483e-b6e6-8d043b4b7ad7","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":38,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"393faf05-6add-4f73-bd4a-6af955957333","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":38,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"3e2eac67-8da2-4fb8-a108-29b0c24e8c34","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":38,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"dd497c37-c54d-4c04-80cc-9fa20bad0f59","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":38,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"84ac2d91-ea59-4954-aa83-402f1e05ac2e","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":38,"box":{"x":121,"y":384,"width":704,"height":12}},{"id":"25e5a581-ff4e-431f-8d6c-602e118b6632","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":38,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"b4049bbd-592c-4b0b-be61-d06f0c68d763","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":38,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"33620b2e-cc57-4c0b-9cdc-65b2edc34731","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":38,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"c9314ca1-728f-4c2d-a72b-95b87da0c04d","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":38,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"aca21ab5-8347-4f4d-b755-bcb5a9623b3a","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":38,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7af5043d-a7dd-4699-91ed-77832f04250c","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":38,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"58ad888a-4c9b-4947-a169-3781d6a056a7","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":38,"box":{"x":121,"y":515,"width":469,"height":12}},{"id":"8671e19e-9e71-431c-861d-b350b1d27809","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":38,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ff30c260-3281-4a16-ae49-29e454361e5f","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":38,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"e9f0fb81-cd27-4723-bc42-b07e61507bf3","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":38,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"3fc84c01-7551-4ab4-8688-4d6c61a9bafe","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":38,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"e7d201e1-096b-4819-8837-ee9171353d06","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":38,"box":{"x":121,"y":613,"width":757,"height":13}},{"id":"d684012f-868f-4a1e-92ec-3a94323e3b51","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":38,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"74160140-795c-4b92-84a1-5a4ae85f1255","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":38,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"d21bee54-eda4-4470-a188-0a379d2320ef","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":38,"box":{"x":121,"y":662,"width":563,"height":13}},{"id":"e57d0453-aa28-4a28-b7d3-f54c18286cc7","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":38,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"7bdb2c6b-5ffb-48e5-bf83-faecbdb96c42","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":38,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"9bbbdd51-aed7-4daf-a657-e7f24cf822f8","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":38,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"77f2b52d-2d02-40b9-996e-db5b6ee3bad2","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":38,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"b3297def-1616-4d63-b54a-6a3fd59d9bce","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":38,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d6178822-24eb-41f8-9a32-ffcd97a2921a","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":38,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"237569c1-d314-401b-a542-18e1a81021e0","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":38,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"bb6a5a04-4819-49e0-a3a9-dc251b8a4838","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":38,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"8bd75bb8-9bdc-438c-b05f-872e10fa7e8d","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":38,"box":{"x":121,"y":826,"width":527,"height":13}},{"id":"a9da1941-87ef-4fae-b589-5ac1df4ec9aa","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":38,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"3ff0602b-efca-4128-a7f6-c7c646b2d9bf","block_type":"box","text":"the Prospectus.","page_number":38,"box":{"x":121,"y":875,"width":127,"height":13}},{"id":"921f0122-0ccb-408a-9f0a-955c9896bc66","block_type":"box","text":"39","page_number":39,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"2a9303cb-c60d-4087-beef-1e31221ef7d9","block_type":"box","text":"Preliminary Charge","page_number":39,"box":{"x":121,"y":88,"width":177,"height":13}},{"id":"e94d2ad0-449a-445d-a574-72954f41bee7","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":39,"box":{"x":121,"y":121,"width":636,"height":13}},{"id":"e2243775-5adb-4f48-94b6-1c2414501479","block_type":"box","text":"Exchange Charge","page_number":39,"box":{"x":121,"y":154,"width":157,"height":13}},{"id":"9fb16c13-2d5f-4533-ae43-7012867cb212","block_type":"box","text":"None.","page_number":39,"box":{"x":121,"y":187,"width":53,"height":10}},{"id":"0c066dd8-9623-4cc4-9ccc-612d2c5d6ee6","block_type":"box","text":"Redemption Charge","page_number":39,"box":{"x":121,"y":220,"width":179,"height":12}},{"id":"7b831093-dc8b-4f57-9ff5-eb008321d56b","block_type":"box","text":"None.","page_number":39,"box":{"x":121,"y":253,"width":53,"height":9}},{"id":"2033ba3e-c4ca-4a9e-9e52-6014f5a99c0a","block_type":"box","text":"40","page_number":40,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"e8294745-b1de-44ba-8b04-637d4a9e2274","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND","page_number":40,"box":{"x":134,"y":89,"width":737,"height":14}},{"id":"00a0ff70-10f9-4636-b0f8-b3d2226f0141","block_type":"box","text":"Investment Objective and Policies","page_number":40,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"b2ab10d8-f9e5-4576-be3c-3fb6cc320fb8","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":40,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"4e6539a2-dbb1-4603-bfee-e20672f9d69d","block_type":"box","text":"and preserve the value of the investment.","page_number":40,"box":{"x":121,"y":173,"width":335,"height":13}},{"id":"37a8ad0f-3be1-4156-8780-468fb396cbdd","block_type":"box","text":"The Sub-Fund is actively managed and will endeavour to achieve its objective by investing","page_number":40,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"48882f55-095a-43c6-8bea-ff0d9d8abf62","block_type":"box","text":"primarily in short term government securities and securities issued by agencies or bodies","page_number":40,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"10020ed9-7f7d-4915-8f97-afadb221843f","block_type":"box","text":"explicitly guaranteed by the UK Government. The Sub-Fund may also hold such instruments","page_number":40,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"4f5a3292-cad1-4b7d-b4f7-4bb0f9ac9add","block_type":"box","text":"as collateral received under reverse repurchase agreements. The performance of the Sub-Fund","page_number":40,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"8fdcd2f1-64db-4bd3-a09f-1d66cc394b95","block_type":"box","text":"will be benchmarked against the SONIA rate.","page_number":40,"box":{"x":121,"y":272,"width":366,"height":12}},{"id":"6b308f68-8261-4f82-a79f-2b6a2eaa315d","block_type":"box","text":"5","page_number":40,"box":{"x":489,"y":272,"width":4,"height":5}},{"id":"6d1c24f9-22cd-487d-b076-82041376429b","block_type":"box","text":"The Sub-Fund will invest in a diversified portfolio of Sterling denominated government debt","page_number":40,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"aa017782-de38-4f9f-9e9c-c37880be30b7","block_type":"box","text":"and deposits. The Sub-Fund is a LVNAV Short Term Money Market Fund and its investments","page_number":40,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"8218a626-6cd9-40fc-b090-c3ff319084ac","block_type":"box","text":"will include fixed or floating rate instruments including but not limited to Treasury bills, UK","page_number":40,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"cca364f5-7a00-4f55-90b9-775b4b7dd6ad","block_type":"box","text":"Government debt securities, Repurchase agreements that are at all times fully secured against","page_number":40,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"234208e7-bd37-4da6-8bbc-b2bbd7c37f26","block_type":"box","text":"UK Government securities, and overnight deposits with the UK Debt Management Office. The","page_number":40,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"e0f56b29-6114-4505-9e9f-dbd316dc10f2","block_type":"box","text":"investments shall be denominated in Sterling and may be issued or guaranteed as to principal","page_number":40,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"822d9ab5-be4b-406e-adb6-1ace7ad6a1c4","block_type":"box","text":"or interest by the UK government and its agencies and instrumentalities.","page_number":40,"box":{"x":121,"y":403,"width":587,"height":12}},{"id":"da8cf9c0-b088-460e-add2-9c100766b955","block_type":"box","text":"The investment policy is to invest in a portfolio of Treasury Bills, UK Government securities,","page_number":40,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"7cf5866f-53f5-490a-9d40-76dfffe39b2a","block_type":"box","text":"Repurchase Agreements that are at all times fully secured against UK Government Securities,","page_number":40,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"bdb8567f-7bad-47ac-a8d2-b728b64a00e6","block_type":"box","text":"and overnight deposits with the Debt Management Office. Cash may be held on an ancillary","page_number":40,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"fb5507ba-c3a5-4385-8168-a1d8b6512f79","block_type":"box","text":"basis. The Investment Manager intends to manage the Sub-Fund according to its classification","page_number":40,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"30da9d21-fa47-4878-abeb-785d08630ad0","block_type":"box","text":"as a Short Term Money Market Fund and the restrictions imposed by the rating agency in order","page_number":40,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"c62dcad2-40f2-44ce-a22c-026507c5c7c1","block_type":"box","text":"to maintain an overall credit rating of Aaa.","page_number":40,"box":{"x":121,"y":517,"width":348,"height":13}},{"id":"ccc78f3a-dabf-40cc-92f5-1ca04a9e8a36","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":40,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"6a196604-3073-4921-80d8-507403ec64a1","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":40,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"537377ce-5227-4dfe-a25c-37305b8d8745","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":40,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"cd8ac67e-088c-4ed9-85d9-267a106515d9","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":40,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"c6aae69d-6ee9-4479-bff5-1e5027155fb3","block_type":"box","text":"date. 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(Distributing)","page_number":44,"box":{"x":121,"y":875,"width":188,"height":13}},{"id":"a3efa78a-917f-4550-8a0b-ce8ae848fe6f","block_type":"box","text":"£500,000","page_number":44,"box":{"x":363,"y":875,"width":80,"height":12}},{"id":"b129a8a7-ea44-41b5-b350-3d331050f180","block_type":"box","text":"£500,000","page_number":44,"box":{"x":544,"y":875,"width":80,"height":12}},{"id":"15988b03-1132-4a4a-9d0e-a8e77a3ff062","block_type":"box","text":"None","page_number":44,"box":{"x":726,"y":876,"width":48,"height":9}},{"id":"4f91f834-2330-4bef-b1ca-9e4e1f34cc44","block_type":"box","text":"45","page_number":45,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ef33f305-b945-49ce-a0b8-5bae287b91db","block_type":"box","text":"Class 4 and Class 8 Shares are only available to those investors who have a separate investment","page_number":45,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"1de07ce9-d0de-4c0f-80d6-1f0057ab4c0c","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates.","page_number":45,"box":{"x":121,"y":105,"width":497,"height":13}},{"id":"7f02df99-ff5d-46d2-9c85-a29d9333750f","block_type":"box","text":"Dealing Deadline","page_number":45,"box":{"x":121,"y":138,"width":152,"height":12}},{"id":"c548763d-c40c-4032-8016-90cf63a6437a","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":45,"box":{"x":123,"y":170,"width":761,"height":13}},{"id":"b9e08a20-8399-4584-a325-da6fbd6e3c4c","block_type":"box","text":"24 December and/or on 31 December in each calendar year, on which Dealing Days the Dealing","page_number":45,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"0a181dbd-136d-495a-ba81-0bebac095da5","block_type":"box","text":"Deadline shall be 12 p.m. (Irish time).","page_number":45,"box":{"x":121,"y":203,"width":312,"height":13}},{"id":"1de078dd-1ef8-40bf-9c68-31918ecd14c9","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":45,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"b9aecbf1-8b35-454f-8f7c-da5273e9239f","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":45,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"0781b80c-ccb0-4e66-8255-5a64bd3db381","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":45,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"3cca9b79-ccaf-4061-96f2-5287717e1748","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":45,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"c6d64e1d-1550-447c-b68b-d4a24f0f2019","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":45,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"9fbba1ad-3200-40a2-9dde-630d5b881279","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":45,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"0267bdb0-83b3-4468-9a87-ab2b3b11b465","block_type":"box","text":"of an event outside the control of the Fund.","page_number":45,"box":{"x":121,"y":334,"width":352,"height":10}},{"id":"eda9ccd4-d016-48c5-a10a-6fa711b74729","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":45,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"208f45d5-7c8a-48a2-a27b-627c72dfe435","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":45,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"2807ce9f-b46b-458b-80ee-a0c101ed242c","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":45,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"a840e1e3-9ca5-404a-9ee5-2a035c03e79d","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":45,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"985d7936-f44e-4a8a-a7e1-d877ce460420","block_type":"box","text":"changes.","page_number":45,"box":{"x":121,"y":433,"width":74,"height":13}},{"id":"1bdb6ed1-8be9-496e-a783-6726f9aba3c4","block_type":"box","text":"Issue Price for Class 1-8 Shares, Class W (Accumulating) Shares and Class W","page_number":45,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"dc360612-04af-4088-9881-4e15f36c06c1","block_type":"box","text":"(Distributing) Shares","page_number":45,"box":{"x":121,"y":482,"width":187,"height":13}},{"id":"5c6b4139-17b9-4fca-9820-d2c64216a182","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":45,"box":{"x":121,"y":515,"width":626,"height":12}},{"id":"506b44d6-56ad-4692-b5a2-cf2e82691ee9","block_type":"box","text":"Offer Period for Class 1-8 Shares","page_number":45,"box":{"x":121,"y":547,"width":291,"height":10}},{"id":"ef0bf844-e2a4-4eb8-9658-30b01d5c5e81","block_type":"box","text":",","page_number":45,"box":{"x":414,"y":556,"width":9,"height":3}},{"id":"cc4d188f-20a2-4839-92e8-a6132c5c0797","block_type":"box","text":"Class W (Accumulating) and Class W (Distributing)","page_number":45,"box":{"x":425,"y":547,"width":459,"height":13}},{"id":"cc3bf3ed-0015-4318-8962-49d8c76444d3","block_type":"box","text":"Shares","page_number":45,"box":{"x":121,"y":564,"width":63,"height":10}},{"id":"50e693a6-d186-4b95-8fdb-634a1a3d5bb0","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":45,"box":{"x":121,"y":597,"width":587,"height":12}},{"id":"05471492-6362-4c0d-bb50-1e26cf18e6e5","block_type":"box","text":"Minimum Fund Size","page_number":45,"box":{"x":121,"y":629,"width":181,"height":10}},{"id":"6a3ff7e5-8ab6-4d6c-9b57-e2117351b046","block_type":"box","text":"£10,000,000.","page_number":45,"box":{"x":121,"y":662,"width":110,"height":12}},{"id":"73ecce62-bb03-4098-8d2b-09578bc3ded0","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":45,"box":{"x":121,"y":695,"width":467,"height":13}},{"id":"67a9dfcb-79d9-47c9-b40d-1ce0ab73db01","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":45,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"538d6743-23b0-4cad-9e4a-295b1bf046c1","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":45,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"2024a2fd-b061-4f83-a0f7-073877014f19","block_type":"box","text":"determine.","page_number":45,"box":{"x":121,"y":761,"width":90,"height":9}},{"id":"24d27cb6-99d8-45b2-a3cd-548d5aae5210","block_type":"box","text":"Settlement Date for Class 1-8 Shares","page_number":45,"box":{"x":121,"y":793,"width":319,"height":10}},{"id":"b8be10f3-76c0-4ff5-9b28-a96370121d0d","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":826,"width":763,"height":13}},{"id":"257670f3-3892-4d25-a24c-a4b918f77932","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":842,"width":763,"height":13}},{"id":"9ed90bc1-04d0-4bd6-b418-63bc1b67451d","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":859,"width":763,"height":13}},{"id":"752dbd1b-5dfb-483f-a483-47f5bccb7e73","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":45,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"2bf64973-5363-4d76-b97e-8efa4c4f2be9","block_type":"box","text":"before the relevant Valuation Point. 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If cleared funds are not received by the Fund’s close of","page_number":46,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"f6c60d3e-cd62-4328-ad50-8dce92cda036","block_type":"box","text":"bank business on the Dealing Day, then any interest costs and/or directly related charges will","page_number":46,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6c4809cd-4eef-42ac-9706-af4d5a726c75","block_type":"box","text":"be reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":46,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"afd54d24-91b7-4b28-af39-53a7b97e06c9","block_type":"box","text":"discretion.","page_number":46,"box":{"x":121,"y":138,"width":89,"height":10}},{"id":"1b74f1ce-2334-4137-b060-bc77df97d777","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":46,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"824a584b-4696-4fae-805f-43cf75e87858","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":46,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"3c693f2e-2715-4173-862c-6df970a9d2c6","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":46,"box":{"x":121,"y":203,"width":708,"height":13}},{"id":"f67266e1-ff7b-42a3-8f38-f15bbd86cc5b","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":46,"box":{"x":121,"y":236,"width":689,"height":13}},{"id":"6a6a4c54-2250-449d-90a9-12fd74caebca","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":46,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"b4501918-5eac-4b2f-a19a-4d4ed221ac7b","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":46,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"23d2a7ca-e21c-4362-9b5d-cf721aff78b7","block_type":"box","text":"care of the Administrator on the Business Day immediately preceding the Dealing Day, unless","page_number":46,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1690870f-30e4-479f-be01-e0622d67fedd","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":46,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"38205c98-3eb2-4d16-a7b8-fa1d2a159752","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":46,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"5aff8f7b-73ae-4586-bc42-c1d0564f1d97","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":46,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"5ca44dab-1e80-4406-9763-95315d05c7c9","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":46,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"53992dc6-7576-4866-8534-0fd6797c4096","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":46,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"05082814-5781-4900-aa03-79494cf13a4d","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":46,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"3841cd31-e814-4e20-b280-bb3b8f15153b","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":46,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"8247a070-a653-4f8e-a2bb-21533b334b7a","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":46,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"98024175-688b-4017-8fb3-337fdb3b7518","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":46,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"3b1c927d-b2cc-41fb-9082-05b27e507839","block_type":"box","text":"redemption documentation.","page_number":46,"box":{"x":121,"y":482,"width":226,"height":13}},{"id":"b34e5919-5c91-409d-aed6-d678fa125d89","block_type":"box","text":"Valuation Point","page_number":46,"box":{"x":121,"y":515,"width":136,"height":10}},{"id":"af9eed9c-158b-42e7-a84c-10053fbb2b55","block_type":"box","text":"6","page_number":46,"box":{"x":257,"y":515,"width":5,"height":5}},{"id":"a328ec06-2ebd-4706-b6ca-f6fa39cea5dd","block_type":"box","text":"1 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation Point","page_number":46,"box":{"x":123,"y":547,"width":761,"height":13}},{"id":"b2284cee-0e93-45a4-b66c-28397bfbaebc","block_type":"box","text":"may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":46,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"bc325237-9974-4b8b-8181-dbe4179801a7","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":46,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"3717c439-d854-4980-bb81-d73c978d6447","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":46,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"6cc9098d-657d-4e26-aee9-11ffbbe22389","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":46,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"2080d0be-c8ee-401b-8807-018170a5e401","block_type":"box","text":"Day shall be 1 p.m. (Irish time) on the same Dealing Day. Furthermore, on the Dealing Day","page_number":46,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"80c3b583-9ab6-418c-a275-e429cd4ee938","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":46,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"2136ad9c-5683-49fb-8b94-f7129c19267f","block_type":"box","text":"Point shall also be 1 p.m. (Irish time) on the same Dealing Day.","page_number":46,"box":{"x":121,"y":662,"width":518,"height":13}},{"id":"e43c6b9b-0c86-420a-81b5-da4406abdf22","block_type":"box","text":"Fees and Expenses","page_number":46,"box":{"x":121,"y":695,"width":165,"height":13}},{"id":"266e5cbc-18af-40ce-9c29-14a9c650569e","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":46,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"f2ce75bf-f6da-42ab-a3c2-e5b81d486e9c","block_type":"box","text":"each class of Shares as set out below.","page_number":46,"box":{"x":121,"y":744,"width":306,"height":10}},{"id":"72e90558-01a8-4181-b475-a8c7b9402359","block_type":"box","text":"Class of Shares","page_number":46,"box":{"x":121,"y":777,"width":136,"height":10}},{"id":"3f67718b-0d4f-4c7a-9cc5-c8e028c60fa8","block_type":"box","text":"Annual Charges and Expenses","page_number":46,"box":{"x":363,"y":777,"width":267,"height":13}},{"id":"0f4e6d1f-5c62-4296-8296-91a7a948b1fa","block_type":"box","text":"Class 1","page_number":46,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"9877d70b-9b63-4eda-9c87-23c224802934","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":46,"box":{"x":363,"y":810,"width":419,"height":10}},{"id":"9fc0db7c-8bae-4d1c-ab5d-fec56e715efb","block_type":"box","text":"Class 2","page_number":46,"box":{"x":121,"y":826,"width":63,"height":10}},{"id":"a9a6e19f-0543-4922-8649-efc157b924f2","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":46,"box":{"x":363,"y":826,"width":419,"height":10}},{"id":"7769115f-3945-44fd-9ca5-1c95ac805e1b","block_type":"box","text":"Class 3","page_number":46,"box":{"x":121,"y":842,"width":63,"height":10}},{"id":"b3cf0ca9-ebb0-46d8-ba82-20c7429d0852","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":46,"box":{"x":363,"y":842,"width":419,"height":11}},{"id":"a37d4d96-008c-4c0e-ada6-3a403348763e","block_type":"box","text":"6","page_number":46,"box":{"x":121,"y":889,"width":5,"height":5}},{"id":"fd5dbe07-ce67-41a2-ace7-432f74502c1b","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":46,"box":{"x":132,"y":890,"width":747,"height":10}},{"id":"c4b45efd-03ba-47fa-8f6f-5249630c325f","block_type":"box","text":"Dealing Day on 04 July is 1 p.m. (Irish time) on the Dealing Day.","page_number":46,"box":{"x":121,"y":903,"width":440,"height":11}},{"id":"0aec8c1a-1710-44fe-89fe-a3bd165f22b8","block_type":"box","text":"47","page_number":47,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"4d4d9936-da33-4a5e-8011-92174a3559a3","block_type":"box","text":"Class 4","page_number":47,"box":{"x":121,"y":89,"width":63,"height":9}},{"id":"ccf7b4d5-66b0-4c33-acb1-ef3d506aaa32","block_type":"box","text":"None","page_number":47,"box":{"x":363,"y":89,"width":48,"height":9}},{"id":"e9ba227b-b608-49c7-a677-9508bed1a755","block_type":"box","text":"Class 5","page_number":47,"box":{"x":121,"y":105,"width":63,"height":10}},{"id":"39e4ec7b-2106-4258-ad5d-51f7b4160022","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":47,"box":{"x":363,"y":105,"width":419,"height":10}},{"id":"10111b29-6dac-42c6-bb61-2bc44cbd5d14","block_type":"box","text":"Class 6","page_number":47,"box":{"x":121,"y":121,"width":63,"height":10}},{"id":"8a666c3a-d520-4f0f-b15f-d03fb13e02fb","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":47,"box":{"x":363,"y":121,"width":419,"height":10}},{"id":"b933f400-85c7-44f6-872b-a0c679e51fab","block_type":"box","text":"Class 7","page_number":47,"box":{"x":121,"y":138,"width":63,"height":10}},{"id":"6f4f71de-d1d6-48b5-87a1-20b32946fae2","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":47,"box":{"x":363,"y":138,"width":419,"height":10}},{"id":"845d6653-d229-434d-a5da-d5e807c418f1","block_type":"box","text":"Class 8","page_number":47,"box":{"x":121,"y":154,"width":63,"height":10}},{"id":"0b82adab-0510-4540-8a52-d02f04daeab2","block_type":"box","text":"None","page_number":47,"box":{"x":363,"y":154,"width":48,"height":10}},{"id":"148386db-3e86-4bfb-821d-ca47624ea959","block_type":"box","text":"Class W (Accumulating)","page_number":47,"box":{"x":121,"y":170,"width":205,"height":13}},{"id":"081ae0ef-c863-4934-ad7e-9792deaa781b","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":47,"box":{"x":363,"y":170,"width":521,"height":13}},{"id":"b9da47c8-d579-4204-9994-42f53daa3805","block_type":"box","text":"Shares","page_number":47,"box":{"x":363,"y":187,"width":58,"height":10}},{"id":"0b6500e4-3fd4-4c13-804d-3bb907200900","block_type":"box","text":"Class W (Distributing)","page_number":47,"box":{"x":121,"y":203,"width":188,"height":13}},{"id":"0524d3ce-47ee-442e-9167-c04f38708eea","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":47,"box":{"x":363,"y":203,"width":521,"height":13}},{"id":"d40a9073-904c-475c-a1e0-e01ec1707dce","block_type":"box","text":"Shares","page_number":47,"box":{"x":363,"y":220,"width":58,"height":10}},{"id":"ae0d2d77-adc4-4aa1-aed3-e0db2c2969ce","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":47,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"69afb361-4eba-4c62-a0ca-54ef7765b658","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":47,"box":{"x":121,"y":269,"width":443,"height":13}},{"id":"356a2fed-995a-4c5d-a921-9f0e818e3f3c","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":47,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"c44d3c24-c69e-4b29-a913-dc04e16e0326","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":47,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"fb60d023-cc1a-443e-8ecd-300241356d35","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":47,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"11e14a41-8389-4446-aca4-95e1bde82819","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":47,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"48726642-7d5c-49d8-9d9b-372a0a57cd01","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":47,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"36621c4f-f17d-4dc2-962d-b67b667df641","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":47,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"1b18dff2-32c0-4300-b38f-4bb634b24ded","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":47,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"4a66b688-6872-40c0-8111-56e82160db71","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":47,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"209a419b-0f3e-4390-b6b8-d0d14eace9c5","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":47,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"21694bf6-f30c-4174-9d3e-9bda8db32bf2","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":47,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"8c4e8842-84e9-4bc2-9b21-7e8f40ee5d94","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":47,"box":{"x":121,"y":465,"width":704,"height":13}},{"id":"6f43a5ca-5e21-4548-8a26-0f2e9740d67c","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":47,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"72da1e1a-d907-4319-aa84-405cbad47954","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":47,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bd1aef27-815a-4ea5-9d04-1e1ee3eff15f","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":47,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"8bf4de30-495e-4eba-b96b-3858e0ecb8fb","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":47,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"1b0363ed-5d2b-4df1-8af0-1d9c2d3f04f4","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":47,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"8f779064-c828-4152-baaa-2d136132cff3","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":47,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"452b5f0d-50fd-4dd4-a014-5d73dccf6bad","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":47,"box":{"x":121,"y":597,"width":469,"height":12}},{"id":"5543a875-5e63-4711-9cac-f6215d98e62c","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":47,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"32083d1c-cab7-4f80-afdc-387b196bc51c","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":47,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"cf7ce509-6994-40c7-9079-ab82f8b7128d","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":47,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"4cd570f4-4dc7-44c7-8656-056c3f41444d","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":47,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"142acdba-1033-4699-abca-909d09d9466d","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":47,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"cc74e7c5-12b8-40ac-9890-7541e9253c18","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":47,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"7cfa572c-7b7b-48b7-bc91-b4f42b93d9c6","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":47,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"7d7d2184-bb14-4df6-a309-bfc9cbb125bc","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":47,"box":{"x":121,"y":744,"width":563,"height":13}},{"id":"c9d2d980-7d1c-4b23-a340-4ee062d23206","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":47,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"0f143dd4-0fd5-4498-91db-e27848d000a3","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":47,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"f0878b52-d8bd-47b3-bae1-f795158df4eb","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":47,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"ffa8a356-074e-4253-a6eb-9242cbcdc259","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":47,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4c49f52d-c28a-476b-b258-25e04f74327c","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":47,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"e15adbb0-a12e-4a8b-8996-5a0d6ed2bd81","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":47,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"b48a8466-c566-4b27-b576-0b12558a8b9f","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":47,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"1795ca75-3b66-49a0-9b16-fe20c672d462","block_type":"box","text":"48","page_number":48,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"cca96ba9-8718-400d-aafb-4e81386ab033","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":48,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"1575f6ac-de12-4ee2-a2d8-97a7353708c0","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":48,"box":{"x":121,"y":105,"width":527,"height":13}},{"id":"20cb064f-b4c9-477f-8b57-2b1efacb5604","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":48,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"8b18ae8f-13ea-4478-85fd-a9ce26c84691","block_type":"box","text":"the Prospectus.","page_number":48,"box":{"x":121,"y":154,"width":127,"height":13}},{"id":"179561fb-5693-4782-9b75-54e8d1cc1398","block_type":"box","text":"Preliminary Charge","page_number":48,"box":{"x":121,"y":187,"width":177,"height":13}},{"id":"31427614-3582-4fa1-ab99-27b3fe248b57","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":48,"box":{"x":121,"y":220,"width":636,"height":12}},{"id":"56a1c6fa-fc77-45e1-893a-93c9a522fbf9","block_type":"box","text":"Exchange Charge","page_number":48,"box":{"x":121,"y":252,"width":157,"height":13}},{"id":"2a7f1972-1fc5-4713-9e03-067ce347a234","block_type":"box","text":"None.","page_number":48,"box":{"x":121,"y":286,"width":53,"height":9}},{"id":"3e727600-26b0-4661-948b-3f4de60f268e","block_type":"box","text":"Redemption Charge","page_number":48,"box":{"x":121,"y":318,"width":179,"height":13}},{"id":"4092d082-db7d-4ed0-b72c-be6d9d0fa42f","block_type":"box","text":"None.","page_number":48,"box":{"x":121,"y":351,"width":53,"height":10}},{"id":"edbf60a9-575c-405f-9905-bb43e2f61efe","block_type":"box","text":"Liquidity Fees","page_number":48,"box":{"x":121,"y":381,"width":128,"height":13}},{"id":"b9fb8136-ccfe-40c7-83af-2abd18deeaf1","block_type":"box","text":"The Sub-Fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":48,"box":{"x":121,"y":417,"width":763,"height":13}},{"id":"a4601d10-347d-4c67-a2af-14b51d35623b","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":48,"box":{"x":121,"y":434,"width":618,"height":13}},{"id":"12ae7aa6-e4fa-449f-9f4d-6874deaff48d","block_type":"box","text":"49","page_number":49,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"a3cc0f3a-2454-4c76-b193-14b921cd7922","block_type":"box","text":"AVIVA INVESTORS US DOLLAR LIQUIDITY FUND","page_number":49,"box":{"x":217,"y":105,"width":572,"height":15}},{"id":"f3b45d2a-5de9-4108-97d4-720f06ae8e60","block_type":"box","text":"Investment Objective and Policies","page_number":49,"box":{"x":121,"y":159,"width":296,"height":13}},{"id":"01eb1f1e-2f6a-41ce-85aa-760d201764cb","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":49,"box":{"x":121,"y":192,"width":763,"height":13}},{"id":"da30be1d-589b-498e-9c71-10bfc2efe792","block_type":"box","text":"and to preserve the value of the investment. The performance of the Sub-Fund will be","page_number":49,"box":{"x":121,"y":209,"width":763,"height":12}},{"id":"241231cd-a1e8-4237-b6d4-92329c913c17","block_type":"box","text":"benchmarked against the Secured Overnight Financing Rate (","page_number":49,"box":{"x":121,"y":225,"width":495,"height":13}},{"id":"88fa102c-9f40-4fdd-a840-bcec64e85409","block_type":"box","text":"SOFR","page_number":49,"box":{"x":618,"y":225,"width":53,"height":10}},{"id":"bc20fbbd-654b-415c-84b2-5134661b9b34","block_type":"box","text":") .","page_number":49,"box":{"x":671,"y":225,"width":15,"height":12}},{"id":"06845267-0aab-4158-81d2-285d9d20c56a","block_type":"box","text":"7","page_number":49,"box":{"x":688,"y":226,"width":4,"height":5}},{"id":"79f696c1-7231-44da-8da2-6d7dd77c5a89","block_type":"box","text":"The Sub-Fund is an LVNAV Short Term Money Market Fund. The Sub-Fund is actively","page_number":49,"box":{"x":121,"y":258,"width":763,"height":13}},{"id":"a966c8f0-3985-4182-90db-de7c00c7a94c","block_type":"box","text":"managed and its investments will include fixed or floating rate instruments including but not","page_number":49,"box":{"x":121,"y":274,"width":763,"height":13}},{"id":"314ddf83-1d13-42ff-8e21-6f0bafb2c441","block_type":"box","text":"limited to commercial paper, term deposits, floating rate notes, certificates of deposit, freely","page_number":49,"box":{"x":121,"y":291,"width":763,"height":12}},{"id":"770f1a51-2067-4364-ae90-a10e1c799a3c","block_type":"box","text":"transferable promissory notes, debentures, asset-backed securities and bonds. 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When calculating the weighted average maturity of investments,","page_number":50,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"0c499ae1-09be-4d18-a753-7681ae534eed","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":50,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"62d132a9-50db-48d6-9c9e-181c90361c9e","block_type":"box","text":"date (which shall be at least every 397 days). The weighted average life of the Sub-Fund’s","page_number":50,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"4a7f0f79-b6ae-4516-bf15-14c1d2e205e1","block_type":"box","text":"investments will not exceed 120 days.","page_number":50,"box":{"x":121,"y":187,"width":311,"height":13}},{"id":"94d82f81-366d-4197-90bb-0497f54150d6","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":50,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"343851e1-fe8f-41d3-9ae8-381cb20cc26f","block_type":"box","text":"Funds.","page_number":50,"box":{"x":121,"y":236,"width":59,"height":10}},{"id":"d94b51fd-c6ea-4ecf-bd95-bcd6cb00be18","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":50,"box":{"x":121,"y":269,"width":603,"height":13}},{"id":"a1466a9e-959b-438b-8ea1-4adb27b465a3","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24 of","page_number":50,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1f17905e-92e9-4928-bac8-342c09473855","block_type":"box","text":"the Money Market Fund Regulation.","page_number":50,"box":{"x":121,"y":318,"width":300,"height":13}},{"id":"2b53d470-f248-4f7e-981a-e5e890df968d","block_type":"box","text":"Investment Restrictions","page_number":50,"box":{"x":121,"y":351,"width":209,"height":10}},{"id":"92e8a581-6bb4-4564-bb12-66819f5e30a9","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":50,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"97cc4b01-3763-4146-adbf-50e8c70fcb46","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":50,"box":{"x":121,"y":400,"width":280,"height":13}},{"id":"1896be32-16f6-4cdb-80e0-91afdfa66f9c","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":50,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"4f085c52-a64c-49e5-96db-e6ba25c4558a","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":50,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"1f8b6518-5807-4b9c-bec4-91be929a53ae","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":50,"box":{"x":121,"y":465,"width":432,"height":13}},{"id":"1087b168-d447-4529-9c50-c7cff67dd040","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":50,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"a3d7185a-fa88-48c8-a7f0-4cd97cd4147d","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":50,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"900d993d-b58b-4129-ad42-59600a23ef31","block_type":"box","text":"regulations of the countries where Shareholders are located. 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must","page_number":51,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"55c27183-5a39-4d71-a87f-b669fc1577e2","block_type":"box","text":"not exceed its total net asset value;","page_number":51,"box":{"x":181,"y":203,"width":285,"height":12}},{"id":"a9e50df5-29e2-4423-a6d2-524f61fe9b97","block_type":"box","text":"2.","page_number":51,"box":{"x":121,"y":236,"width":13,"height":10}},{"id":"6e039aba-efbd-4c30-8181-ba07d7d0bb5b","block_type":"box","text":"The position exposure to the underlying assets of financial derivative instruments","page_number":51,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"31013d04-bbb5-40ba-a263-e939a6cb4356","block_type":"box","text":"including embedded financial derivative instruments in transferable securities or money","page_number":51,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"fe453cdc-b1e6-411b-9f2a-9ef626a08e4c","block_type":"box","text":"market instruments when combined where relevant with positions resulting from direct","page_number":51,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"e110b694-8675-468c-aa81-4cd41ab68949","block_type":"box","text":"instruments must not exceed the investment limits specified under the heading","page_number":51,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"51f7a712-1fc1-4302-987c-ba76c7941ea5","block_type":"box","text":"Investment Restrictions above.","page_number":51,"box":{"x":181,"y":302,"width":254,"height":10}},{"id":"a0e5fccc-4d1f-468f-8f56-f60ee98fb822","block_type":"box","text":"3.","page_number":51,"box":{"x":121,"y":334,"width":13,"height":10}},{"id":"fa5032c6-0367-4ad3-9230-040c257f7641","block_type":"box","text":"Investments in OTCs may be made provided that the counterparties to OTCs are","page_number":51,"box":{"x":181,"y":334,"width":703,"height":13}},{"id":"16436ede-a183-4bad-83c4-a253efbce706","block_type":"box","text":"institutions subject to prudential supervision and belonging to categories approved by","page_number":51,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"51c86da6-7a2d-479f-b68a-7d32f31246bc","block_type":"box","text":"the Central Bank.","page_number":51,"box":{"x":181,"y":367,"width":147,"height":10}},{"id":"7d0c82d2-aeae-469f-9bb0-e276f6a318b4","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements, that","page_number":51,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"255bbad0-ee76-49b5-831c-058618be9f66","block_type":"box","text":"fulfil the conditions of Article 14 and Article 15 respectively of the Money Market Fund","page_number":51,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"f587c4f4-e02f-4c16-b6de-5e6225cc4513","block_type":"box","text":"Regulation respectively.","page_number":51,"box":{"x":121,"y":433,"width":201,"height":13}},{"id":"6039482e-3624-41fc-a053-bc2badd611d2","block_type":"box","text":"Further information on the use of financial derivatives instruments, reverse 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investment","page_number":54,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"60b7be3a-1c3a-4569-a17d-e303a868b6a7","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates. Share Class T is only available","page_number":54,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"cd97abbb-7d22-4d6c-a398-a37d829d4c59","block_type":"box","text":"to those investors who satisfy the conditions for issue of Token Shares and Digital Tokens","page_number":54,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"219a32eb-686b-4d11-8e70-2e3e6b3e6f8f","block_type":"box","text":"described in the section “Token Classes” in Part 2 of the Prospectus.","page_number":54,"box":{"x":121,"y":449,"width":557,"height":13}},{"id":"37c0176d-4414-42c6-ba85-051dd09f64a2","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":54,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7a8fe748-b4bc-4434-ba43-f1b3aca740b6","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":54,"box":{"x":121,"y":498,"width":511,"height":13}},{"id":"31177584-d068-4aeb-b09d-6a5fa80fca8f","block_type":"box","text":"Dealing Deadline","page_number":54,"box":{"x":121,"y":531,"width":152,"height":13}},{"id":"73d8f1ad-b80d-4ad7-9e98-56a401bc01f0","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":54,"box":{"x":123,"y":564,"width":330,"height":13}},{"id":"1d37a9fa-767a-4f6d-b0c4-1f34572c6a52","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":54,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"326410a6-497e-4ba7-bdb6-5bc99023c2d4","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":54,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"556c754a-f42a-4be4-b41c-4f8744a6c209","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":54,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"2ac03b2f-a7e5-42f8-8975-c924a6f2a827","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":54,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"10d6f3d0-665f-4eae-953a-baf076dd00bb","block_type":"box","text":"the principal bond markets. 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If introduced on a permanent","page_number":54,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"6ebdf648-9e6f-4734-93dc-e9c4467b63e9","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":54,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"614834a6-5552-4347-a1c5-617aa811f1b1","block_type":"box","text":"changes.","page_number":54,"box":{"x":121,"y":793,"width":74,"height":13}},{"id":"f37202ad-2ff7-4ab6-83db-5d0159536ee6","block_type":"box","text":"Interim Dealing Cycles","page_number":54,"box":{"x":121,"y":826,"width":203,"height":13}},{"id":"21dc97aa-5c5e-430d-876c-7f61b0cbc004","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":54,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"df9070ae-4a5c-454c-8965-91da8b446afa","block_type":"box","text":"Funds”, the Aviva Investors US Dollar Liquidity Fund intends to run one or more Interim","page_number":54,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"9ba1523f-c77f-4757-b886-1a2ad0870fcf","block_type":"box","text":"Dealing Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":54,"box":{"x":121,"y":892,"width":680,"height":12}},{"id":"6036756e-e962-43da-ac19-809a41dff59a","block_type":"box","text":"55","page_number":55,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"f2b76c8f-f05f-4b65-b924-c3bc3c7ccc3f","block_type":"box","text":"Issue Price for Class 1-4 Shares and Class W (Distributing) Shares","page_number":55,"box":{"x":121,"y":105,"width":576,"height":13}},{"id":"e78151d5-c000-4261-8dd1-f9216a8541e2","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":55,"box":{"x":121,"y":138,"width":626,"height":13}},{"id":"541822bd-9786-4eb4-9921-cfe621077898","block_type":"box","text":"Issue Price for Class 5-8 Shares and Class W (Accumulating) Shares","page_number":55,"box":{"x":121,"y":170,"width":591,"height":13}},{"id":"8bd89a59-c2bd-4003-b0fc-71a2a7eb985d","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be $1,000.0000 during the Initial Offer","page_number":55,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"fbcc9e31-502a-4697-9fd8-271bc248a6a7","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":55,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"8e179eec-f8c2-406f-9354-f92c17fe2e2f","block_type":"box","text":"Dealing Day.","page_number":55,"box":{"x":121,"y":236,"width":112,"height":13}},{"id":"914899e9-6b2c-44fb-b4ea-e0b2f3c1d165","block_type":"box","text":"Issue Price for Class T Shares","page_number":55,"box":{"x":121,"y":269,"width":262,"height":10}},{"id":"2fb3ee85-f1a0-4cde-b7d0-6cc3f4cefb34","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be $1 during the Initial Offer Period and","page_number":55,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"8c818eb8-b51d-4606-9a4d-708a8c2d2d0b","block_type":"box","text":"thereafter the Net Asset Value per Share on the relevant Dealing Day.","page_number":55,"box":{"x":121,"y":318,"width":568,"height":13}},{"id":"488d478f-2811-4c16-9df4-c3281821c20f","block_type":"box","text":"Offer Period for Class 1-4 Shares and Class W (Distributing) Shares","page_number":55,"box":{"x":121,"y":351,"width":586,"height":12}},{"id":"324017b5-76e3-4741-bc01-85f4616053b7","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":55,"box":{"x":121,"y":384,"width":587,"height":12}},{"id":"dc787140-34ad-4ae6-8d9e-a3323795d5a4","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":55,"box":{"x":121,"y":416,"width":291,"height":10}},{"id":"d0cfa194-a86c-4bd4-aca4-15ee85153bd4","block_type":"box","text":"The Initial Offer Period for each of Class 5-8 Shares will run from 9.00 am (Irish Time) on 22","page_number":55,"box":{"x":121,"y":449,"width":763,"height":12}},{"id":"9f34ca8d-040c-4782-9c01-5b61a7cab9c4","block_type":"box","text":"July 2026 to 5.00 pm (Irish Time) on 21 January 2027 or such a shorter or longer period as the","page_number":55,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"5f4563d5-de30-40f3-b49c-fdb0669a309e","block_type":"box","text":"Directors may determine on behalf of the Fund and notify to the Administrator for a class.","page_number":55,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"5e42464c-f7b5-438f-83dd-100c3ffe52f8","block_type":"box","text":"Where the offer period is shortened or extended, the Fund will notify the Central Bank, where","page_number":55,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"4a97950e-8eeb-4684-801d-02e210252859","block_type":"box","text":"required, in accordance with the Central Banks requirements. After the Initial Offer Period,","page_number":55,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"ca4306fc-2e75-4b6c-9b4f-de854fa0ae7d","block_type":"box","text":"shares will be continuously available for subscriptions on any Dealing day.","page_number":55,"box":{"x":121,"y":531,"width":610,"height":13}},{"id":"adf3063c-2612-4321-9fed-092f8d59e108","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares and Class T Shares","page_number":55,"box":{"x":121,"y":564,"width":594,"height":12}},{"id":"635cd909-6905-4bcd-99f9-8c301fa435c7","block_type":"box","text":"The Initial Offer Period for the Class W (Accumulating) will run from 9.00 am (Irish Time) on","page_number":55,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"0fb5cb60-66df-4bd5-ba4b-7e39f242ede2","block_type":"box","text":"22 July 2026 to 5.00 pm (Irish Time) on 21 January 2027 and for the Class T Shares will run","page_number":55,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"7118b629-8137-4de1-8684-3a9ca8dd3f96","block_type":"box","text":"from 9.00 am (Irish Time) on 22 July 2026 to 5.00 pm (Irish Time) on 21 January 2027 or such","page_number":55,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"10bfd9f2-0335-40e4-a15c-4904381ff1a2","block_type":"box","text":"a shorter or longer period as the Directors may determine on behalf of the Fund and notify to","page_number":55,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"7aa79e99-db2e-4758-af35-0c0e2dbf382c","block_type":"box","text":"the Administrator for a class. Where the offer period is shortened or extended, the Fund will","page_number":55,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8a6fb98e-85fb-41f3-af23-69965dcd4e2d","block_type":"box","text":"notify the Central Bank, where required, in accordance with the Central Banks requirements.","page_number":55,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"f49c369b-e094-4a56-9551-516246f05c7c","block_type":"box","text":"After the Initial Offer Period, shares will be continuously available for subscriptions on any","page_number":55,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"7d5c799d-4028-43be-be88-e44577754ac7","block_type":"box","text":"Dealing day.","page_number":55,"box":{"x":121,"y":711,"width":108,"height":13}},{"id":"b5ee9e9b-4177-478a-91ca-87accb8dde20","block_type":"box","text":"Minimum Fund Size","page_number":55,"box":{"x":121,"y":744,"width":181,"height":10}},{"id":"d7dc00ca-5e19-431b-ae04-6e8d32ccd566","block_type":"box","text":"$10,000,000.","page_number":55,"box":{"x":121,"y":776,"width":110,"height":13}},{"id":"f46d214e-d41b-4ebc-a8ac-574791719c9e","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":55,"box":{"x":121,"y":810,"width":467,"height":12}},{"id":"903f302a-be03-4750-87ed-d09807bff1c2","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":55,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"63051e14-95de-4911-9f19-4c18f34e621d","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":55,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"cc31c4d7-9d94-45e0-b8e2-a48f570cad94","block_type":"box","text":"determine.","page_number":55,"box":{"x":121,"y":875,"width":90,"height":10}},{"id":"91a318ee-4a6d-4442-938e-6e32eaecb2a2","block_type":"box","text":"56","page_number":56,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"63b37b61-2f67-4b9f-8a51-9eab40f90034","block_type":"box","text":"Settlement Date for Class 1- 8 Shares and Class T Shares","page_number":56,"box":{"x":121,"y":88,"width":494,"height":11}},{"id":"0e7b120e-549e-4010-96b7-d91938589d3e","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":56,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"c2935356-ace2-44ba-ad00-36d83dc61315","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":56,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"bb3864d3-5ce7-49ef-aadd-aeea97d46690","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":56,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"73cf4caf-38d2-4e4f-9f32-f638e187e70b","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":56,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"c1bee3de-a8a6-44f6-9374-97afa4aee4d5","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":56,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"7041b9f7-5ec7-4ddb-8919-1560f0e78b31","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":56,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"e00915ec-6903-4128-a062-ed30d9295172","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":56,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"d02d7be7-f9ea-468b-a642-aa9c2e3d05c8","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":56,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"03be5579-ab92-4ae3-aa48-9f71c53eafef","block_type":"box","text":"discretion.","page_number":56,"box":{"x":121,"y":252,"width":89,"height":10}},{"id":"66b0f14a-4368-4585-9602-b73861c9b4bd","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":56,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"7eef86f4-3609-4e93-926d-cb9ad3571bb3","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":56,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5af7768a-0e9d-4054-85cc-a84c7ee8114f","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":56,"box":{"x":121,"y":318,"width":708,"height":13}},{"id":"589a8a73-dde4-4019-a624-79b8eb9819cf","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":56,"box":{"x":121,"y":351,"width":689,"height":12}},{"id":"bf92284e-719d-41a6-8559-93b1062739b1","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":56,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"4fd89ff7-de36-4ce1-b9f2-318b42d1323e","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":56,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"f8d51131-9c2d-4557-b953-c4813cfafe6f","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":56,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"840a0941-6a14-4f92-a628-9a775679dc57","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":56,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"5ec2f424-c6d1-4382-89fb-571e1ef1d06d","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":56,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"eea0756c-8c07-407e-a561-122699b3fac5","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":56,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"dd10078f-bc39-4d17-8e9d-a6d7280a3b56","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":56,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"0926d865-c3ee-4b29-824e-14c34a832282","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":56,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"64ed4bb6-34c3-461a-9a2a-04fc905e4683","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":56,"box":{"x":121,"y":515,"width":637,"height":12}},{"id":"bd72781b-39c9-4440-865e-35aaf35c233c","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":56,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"34af97a9-cf76-435d-b8f6-09c935c22f3a","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":56,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"0f91bfb2-6d5f-4a88-b1ef-d44690003f34","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":56,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"1b4f04b1-b384-479f-83f0-d0485735f519","block_type":"box","text":"redemption documentation.","page_number":56,"box":{"x":121,"y":597,"width":226,"height":12}},{"id":"14cffd42-97d0-4bb5-8ac9-330166623b97","block_type":"box","text":"Valuation Point","page_number":56,"box":{"x":121,"y":629,"width":141,"height":10}},{"id":"20d334a2-6739-4758-b407-9326f448936b","block_type":"box","text":"1.00 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":56,"box":{"x":123,"y":662,"width":761,"height":13}},{"id":"390fbf55-acd3-45c7-9314-d8a777de82e8","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":56,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"c5408dd0-763b-40c9-b50d-6e1fe9f4db35","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":56,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ab08bd9f-53be-4d41-a86e-5e8325aa26ea","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":56,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f9aee6c7-5849-481c-a735-bcd9cfaf2ebf","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":56,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"4e393af7-1193-4141-872c-426f16c93cb2","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":56,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"8fe40154-62d6-4831-9774-ea10874e9529","block_type":"box","text":"immediately following any day on which there has been a Valuationt Deviation the Valuation","page_number":56,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"07d5e5a4-ee7f-40c5-a0d7-d8931c606110","block_type":"box","text":"Point shall also be 1.00 p.m. (Irish time) on the same Dealing Day.","page_number":56,"box":{"x":121,"y":777,"width":543,"height":13}},{"id":"f44e3640-80a3-4b62-80d4-4e5b5d5ecede","block_type":"box","text":"Fees and Expenses","page_number":56,"box":{"x":121,"y":810,"width":165,"height":12}},{"id":"064760f3-00ff-42b0-bd3f-aa3a23e8e17e","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":56,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"3f345947-a46b-44f1-be33-12185b20e359","block_type":"box","text":"each class of Shares as set out below.","page_number":56,"box":{"x":121,"y":859,"width":306,"height":10}},{"id":"e75c845a-1e0c-4253-87ca-16aea0ee34f8","block_type":"box","text":"Class of Shares","page_number":56,"box":{"x":121,"y":891,"width":136,"height":11}},{"id":"ebfb1eee-8786-4590-bc1b-797953c78f56","block_type":"box","text":"Annual Charges and Expenses","page_number":56,"box":{"x":363,"y":892,"width":267,"height":12}},{"id":"2a585c12-9330-4354-b01a-e58629b1ed6c","block_type":"box","text":"57","page_number":57,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"4935ddbb-5354-4f70-8d3d-216a47ac96c2","block_type":"box","text":"Class 1","page_number":57,"box":{"x":121,"y":105,"width":63,"height":10}},{"id":"c00befff-455d-4127-ae2f-93a87d20b4f1","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":57,"box":{"x":363,"y":105,"width":419,"height":10}},{"id":"79cfbe2d-057c-4998-9ae6-6827b369209c","block_type":"box","text":"Class 2","page_number":57,"box":{"x":121,"y":121,"width":63,"height":10}},{"id":"8de32e30-2de5-4576-95d1-55454c9e6d7a","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":57,"box":{"x":363,"y":121,"width":419,"height":10}},{"id":"94ced81f-f9d2-40cd-b2e9-726f83659d2f","block_type":"box","text":"Class 3","page_number":57,"box":{"x":121,"y":138,"width":63,"height":10}},{"id":"71e40cc6-e3c5-478e-8e71-bc7a9314cc25","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":57,"box":{"x":363,"y":138,"width":419,"height":10}},{"id":"91ae5e45-cbaa-4ccf-9d88-3d275875722f","block_type":"box","text":"Class 4","page_number":57,"box":{"x":121,"y":154,"width":63,"height":10}},{"id":"11b8e7dc-e7d9-4391-b4de-ae4e5a32e746","block_type":"box","text":"0.00% of the Net Asset Value of the Class 4 Shares","page_number":57,"box":{"x":363,"y":154,"width":419,"height":10}},{"id":"03d28c6c-ccc4-41f0-afc3-2cc765771f5c","block_type":"box","text":"Class 5","page_number":57,"box":{"x":121,"y":170,"width":63,"height":10}},{"id":"d149a4a7-dc7f-43dc-942e-4a7e1085537f","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":57,"box":{"x":363,"y":170,"width":419,"height":11}},{"id":"947151d2-0ad1-4653-adc6-fc9c643418f6","block_type":"box","text":"Class 6","page_number":57,"box":{"x":121,"y":187,"width":63,"height":10}},{"id":"5b70a892-99ee-4e3a-ba74-0a06718f58b8","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":57,"box":{"x":363,"y":187,"width":419,"height":10}},{"id":"032a85d9-e982-44e6-a0ce-43245e1cbca8","block_type":"box","text":"Class 7","page_number":57,"box":{"x":121,"y":203,"width":63,"height":10}},{"id":"03f6faab-1322-4f76-ae4b-d1bfe06f8669","block_type":"box","text":"0.10% of the Net Asset Value 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(Accumulating)","page_number":57,"box":{"x":363,"y":236,"width":521,"height":13}},{"id":"98f1c907-cdd9-4822-bdd8-e89c299cf8b8","block_type":"box","text":"Shares","page_number":57,"box":{"x":363,"y":252,"width":58,"height":10}},{"id":"c1ee48ce-32b0-4a1c-8ca3-1b97ee2469ad","block_type":"box","text":"Class W (Distributing)","page_number":57,"box":{"x":121,"y":269,"width":188,"height":13}},{"id":"27f29f3d-d983-4016-bf1b-2aac7d88f69b","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":57,"box":{"x":363,"y":269,"width":521,"height":13}},{"id":"340dc9e9-9736-4a53-8f48-5b09905a9783","block_type":"box","text":"Shares","page_number":57,"box":{"x":363,"y":285,"width":58,"height":10}},{"id":"534a8007-81f8-408f-8556-16b689211f9d","block_type":"box","text":"Class T","page_number":57,"box":{"x":121,"y":302,"width":66,"height":10}},{"id":"b97bd2d6-04f8-4d2e-be32-4a11ae541b1a","block_type":"box","text":"0.20% of the Net Asset Value of the Class T 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The Manager will absorb (directly by first the waiver of its fees","page_number":57,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"baf6fc8c-fcdc-4375-8f35-c62d8ddce166","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":57,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"de6cd10e-0daf-4b59-b57d-bf216fbc04c4","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":57,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"1ac61d0b-d47b-4dca-be09-64d61b4ccea6","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":57,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"c933f227-783b-42d1-9d9a-c83cf1db5740","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":57,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f9fe60f3-3c02-432b-a631-5db09c283bf0","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":57,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"d31b9920-2f6e-4b80-a556-d2ea84495db4","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":57,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"083e9a82-b8a6-45d1-8857-3737377e09ec","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":57,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"a11a35ce-8021-4d26-9861-70137ca15ccd","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":57,"box":{"x":121,"y":580,"width":704,"height":13}},{"id":"f0e6c2ba-3026-4401-a63f-26aabeaf6eb1","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":57,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"cf81934a-72db-4b27-b837-51a7520979d0","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":57,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"0a0a357d-1a99-46f4-b4d6-85e3bfa3efef","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":57,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"0a108388-8033-4458-adb9-fe5b7c547cf0","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). 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No performance fees will be payable by","page_number":57,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"25889dfd-52c1-49ee-a119-4af29abde511","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":57,"box":{"x":121,"y":711,"width":469,"height":13}},{"id":"ad25a565-cfe8-4cff-93e5-9abbd5107563","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":57,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"6a132b3c-4a1c-40a8-8332-20fef1caba43","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":57,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"d4836a87-c77d-4c44-a03a-142e740dfc22","block_type":"box","text":"administration, registration, the fees payable to the Digital Custodian and the Tokenisation","page_number":57,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"52c57af5-05fe-4133-9be2-103314b00b70","block_type":"box","text":"Platform Provider in respect of the T Share Class, transfer agency, custody, sub-custody (which","page_number":57,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"4500dea2-2fef-4379-949d-1ce83a22a72d","block_type":"box","text":"fees will be at normal commercial rates) and transfer fees and other fees and expenses incurred","page_number":57,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"6e28d018-a292-4af6-b1b1-bc839358528d","block_type":"box","text":"in relation to preparing, translating, printing, publishing and distributing the Prospectus, annual","page_number":57,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"69f58726-17f5-4dc3-abc5-111e5a358360","block_type":"box","text":"and semi-annual reports and other documents to the Shareholders, the costs and expenses of","page_number":57,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"0645433b-2498-4ff4-a291-bfd4143bf546","block_type":"box","text":"obtaining authorisations or registrations of the Sub-Fund with any regulatory authority in any","page_number":57,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"506b5bc7-8318-4a5c-99a3-1cbe3b0509e6","block_type":"box","text":"jurisdiction, professional fees and expenses, annual audit fees and Directors’ fees.","page_number":57,"box":{"x":119,"y":875,"width":666,"height":13}},{"id":"c8f4c48c-4ab6-4058-b914-1cf05463d62d","block_type":"box","text":"58","page_number":58,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ef70d59c-ce2b-42b6-8955-9bdc7542f8e1","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":58,"box":{"x":121,"y":89,"width":757,"height":12}},{"id":"b8aaca50-cc2c-4d81-9db3-2d4fe2865e5e","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":58,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"97d17b7a-ded1-4d51-b672-7fb15e9e336b","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":58,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2088fb9d-5f30-4a6a-87ef-89726fe5f6a4","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":58,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"6bc713d7-90c7-4b98-9ace-310b538aee79","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":58,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"91c4e90a-6a98-47ca-bfbe-98d2d35a55db","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":58,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"3c9dc3c2-342e-4a0f-bf00-4ad45ad36b5d","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":58,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"508da545-df3b-4794-add7-f5f348a82b17","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. 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The performance of the Sub-Fund will be","page_number":59,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"78141ceb-70a5-4d37-a98b-76038984930c","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":59,"box":{"x":121,"y":190,"width":305,"height":12}},{"id":"ad1e49ad-eae0-4488-b815-e7470376d44d","block_type":"box","text":"8","page_number":59,"box":{"x":428,"y":188,"width":6,"height":7}},{"id":"5d400996-8e3a-4356-b8ea-6efff4ac1c4d","block_type":"box","text":"The Sub- Fund is actively managed and will endeavour to achieve its objective by investing in","page_number":59,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"3ffd4e91-8a13-47ff-b433-74ef7130c90b","block_type":"box","text":"a diversified portfolio of high grade Sterling denominated short term debt and debt related","page_number":59,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"a4d8696b-ccff-44f9-b736-71439218daeb","block_type":"box","text":"instruments described below which are traded on the Markets listed in Appendix II of the","page_number":59,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"443e57f6-e6c4-48a6-ae81-151c3396d337","block_type":"box","text":"Prospectus or which are to be traded on such Markets within a year of being issued.","page_number":59,"box":{"x":121,"y":272,"width":679,"height":12}},{"id":"36aec8f0-ab2e-4155-8984-62cd585a9dcb","block_type":"box","text":"The Sub-Fund is a VNAV standard Money Market Fund and its investments will include","page_number":59,"box":{"x":121,"y":304,"width":722,"height":13}},{"id":"7bb38006-dcb4-43d3-a83d-4d9084771b42","block_type":"box","text":"fixed or floating rate instruments including commercial paper, term deposits, floating rate","page_number":59,"box":{"x":121,"y":321,"width":727,"height":13}},{"id":"5f88591e-78d0-4cb9-a9b3-c335c9f617bd","block_type":"box","text":"notes, certificates of deposit, freely transferable promissory notes, debentures, asset-backed","page_number":59,"box":{"x":121,"y":337,"width":742,"height":13}},{"id":"aec4f057-6a77-4480-97c1-19ae791bb6c8","block_type":"box","text":"securities, credit-linked notes and bonds. 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The Sub-Fund seeks to promote, among other","page_number":59,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"097eb753-826d-49fb-9644-fcb464faa86a","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":59,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"0a4cd1c2-f224-443f-8015-e5fc3399d0a4","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":59,"box":{"x":121,"y":632,"width":599,"height":13}},{"id":"7517f68f-a0c7-4bce-af44-1184fb8469b6","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":59,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"ce74ba82-f71c-45ec-895d-5a10dc61ffe7","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":59,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"89283d39-6fa7-46a3-9b7f-5d9db76d4715","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":59,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"cc6d18d5-1071-4d06-9a90-30b1f06e3df7","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":59,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"bc284380-fe38-4958-b3a8-7cf6bceb6764","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":59,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"7e12c949-5824-449b-b75b-42baf3bbaf09","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":59,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"6728faaa-1aa9-4034-9d18-3f9584c84319","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":59,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"d498e358-efaf-4d77-a61c-3ab7d9b61244","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":59,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"3c590e8b-f417-4c7b-bdfc-cb6884e9c986","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":59,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"0dec6c92-9510-44b0-bbcc-c8bc8f97514d","block_type":"box","text":"one or more Member States belong.","page_number":59,"box":{"x":121,"y":812,"width":293,"height":13}},{"id":"359049c5-cf04-439e-83ce-49de86faca38","block_type":"box","text":"8","page_number":59,"box":{"x":121,"y":866,"width":4,"height":5}},{"id":"1549f0d8-df1e-4e21-9f5b-3f31fc7c6cb2","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":59,"box":{"x":131,"y":868,"width":748,"height":9}},{"id":"cc449713-3eee-4654-9130-d19df98932d3","block_type":"box","text":"unsecured transactions in which British banks borrow sterling overnight from other financial institutions and institutional","page_number":59,"box":{"x":121,"y":880,"width":758,"height":9}},{"id":"c44c746c-dfb4-428c-aba7-5ca60bc00fa3","block_type":"box","text":"investors. 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When calculating the weighted average maturity of investments, the","page_number":60,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a668310a-8ac0-464a-a3f7-8b9464e620a8","block_type":"box","text":"maturity of a floating rate instrument shall be deemed to be its next interest readjustment date.","page_number":60,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"e4dfd4af-91ac-4913-9d53-393382fb92a8","block_type":"box","text":"The weighted average life of the Sub-Fund’s investments will not exceed 365 days.","page_number":60,"box":{"x":121,"y":252,"width":677,"height":13}},{"id":"0ba23853-2401-4c67-9748-8f101ff63cc0","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 25 of","page_number":60,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"da9d4ddf-416e-41b9-8a96-29c408653e8e","block_type":"box","text":"the Money Market Fund Regulation.","page_number":60,"box":{"x":121,"y":302,"width":300,"height":12}},{"id":"60085a5b-f68b-4cea-9dd9-2779887468c7","block_type":"box","text":"Investment Restrictions","page_number":60,"box":{"x":121,"y":334,"width":209,"height":10}},{"id":"36a9e20f-42dd-47f1-8def-6f15f4dfbe47","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":60,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"03a95477-1303-4aaa-b0ba-766848e057a1","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":60,"box":{"x":121,"y":384,"width":280,"height":12}},{"id":"b4e47efc-9521-4455-a3e3-62de5921c58a","block_type":"box","text":"The Sub-Fund may not invest more than 10% of its Net Asset Value in Short Term Money","page_number":60,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"731ce877-4e7f-4dd7-9d1a-d3b216e10691","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":60,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"3b4b6be3-6c4c-4387-961c-678766f0a38d","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":60,"box":{"x":121,"y":449,"width":432,"height":13}},{"id":"7c92677d-8b05-41d0-a059-dddbc147fe5f","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":60,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"303d72cd-0442-4eb1-9cb8-6a3563a5d2eb","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":60,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"f79e0494-ed88-475d-b525-fef613e8e52b","block_type":"box","text":"regulations of the countries where Shareholders are located. 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The purpose","page_number":60,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b7524e69-3183-4f83-b0ce-f375d174beff","block_type":"box","text":"of investing in the repurchase agreements is (i) the reduction of risk, (ii) reduction of costs,","page_number":60,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"a1173c78-8820-4687-b856-5cddb7fcf70e","block_type":"box","text":"and/ or (iii) the generation of additional capital or income to the Sub-Fund with no, or with an","page_number":60,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"8cd52800-ecf6-4f7c-9c82-6c8b54ae2fbc","block_type":"box","text":"acceptably low level of risk. The Sub-Fund may also enter into reverse repurchase agreements","page_number":60,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"9bc47672-4df6-482e-9036-b3d7ce9416fa","block_type":"box","text":"61","page_number":61,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"dbfbcfab-d277-4359-911f-c3185929fdf7","block_type":"box","text":"for liquidity management purposes and to generate additional capital or income to the Sub\u0002","page_number":61,"box":{"x":121,"y":89,"width":757,"height":12}},{"id":"7f5d9ad5-a160-461e-b8ed-1cb54864907e","block_type":"box","text":"Fund provided that it is within the conditions and limits laid down by the Central Bank.","page_number":61,"box":{"x":121,"y":105,"width":710,"height":13}},{"id":"906d7cd9-7554-48d2-9ec3-a6d97b0e4300","block_type":"box","text":"Under the Regulations, the Sub-Fund may utilise financial derivative instruments subject to the","page_number":61,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d83cb910-398a-4704-a780-c8c774c59016","block_type":"box","text":"following terms and conditions:-","page_number":61,"box":{"x":121,"y":154,"width":268,"height":13}},{"id":"0cb9366e-7e19-4daf-b6b3-57efcb40fa07","block_type":"box","text":"1.","page_number":61,"box":{"x":123,"y":187,"width":11,"height":10}},{"id":"b51bf00a-9994-4af6-8e6b-c169b8736bba","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must not","page_number":61,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"bc60896b-24d2-497e-bd78-a7a85f38d792","block_type":"box","text":"exceed its total net asset 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investment limits specified under the heading Investment Restrictions","page_number":61,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"e517e0da-7f3b-48ab-ae54-36c00f9f7e36","block_type":"box","text":"above.","page_number":61,"box":{"x":151,"y":302,"width":58,"height":10}},{"id":"742b67ea-eece-4d1f-a6c3-2a8077b9a1f9","block_type":"box","text":"3.","page_number":61,"box":{"x":121,"y":334,"width":13,"height":10}},{"id":"5ac4df18-8c59-47d2-a340-81c635dbb29e","block_type":"box","text":"Investments in OTCs may be made provided that the counterparties to OTCs are institutions","page_number":61,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"f5b031c4-cbfb-49a6-9808-9525e29e4df4","block_type":"box","text":"subject to prudential supervision and belonging to categories approved by the Central Bank.","page_number":61,"box":{"x":152,"y":351,"width":732,"height":13}},{"id":"60ed7840-ef0a-46ab-b5d0-d73a70ef7f59","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements that","page_number":61,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"4a2b0b73-85f8-4b59-938c-c70f685fc9d6","block_type":"box","text":"fulfil the conditions of Article 14 and Article 15 respectively of the Money Market Fund","page_number":61,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"fe7fad60-c910-4217-b035-cb21c1a2e03e","block_type":"box","text":"Regulation respectively.","page_number":61,"box":{"x":121,"y":416,"width":201,"height":13}},{"id":"6d59bcb5-159c-40c7-a971-63375c5bc54c","block_type":"box","text":"Further information on the use of financial derivatives instruments, reverse repurchase","page_number":61,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"4df6e33e-0ddb-483b-9880-a4b58b989753","block_type":"box","text":"agreements and repurchase agreements is set out in Part 2 of the 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Prior notification of the revised Dealing Deadline shall be sent by email or by","page_number":63,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"c015d336-6061-49d5-b000-1c77e2439044","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadline is in place on a temporary","page_number":63,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"58738a03-8bc5-4652-a1f4-a9a8643568eb","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":63,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"31f8aaff-2f93-4066-9a6c-09fffc9f5303","block_type":"box","text":"be notified in advance of such changes.","page_number":63,"box":{"x":121,"y":859,"width":322,"height":13}},{"id":"43874546-854c-4550-918f-ce4affd62445","block_type":"box","text":"Minimum Fund Size","page_number":63,"box":{"x":121,"y":891,"width":181,"height":11}},{"id":"ca2ef16a-356b-443a-932a-25c7705872ba","block_type":"box","text":"64","page_number":64,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"14d18e8a-f573-4608-a8a7-8af10c144776","block_type":"box","text":"£10,000,000.","page_number":64,"box":{"x":121,"y":105,"width":110,"height":12}},{"id":"8e5f1c25-7048-47d2-bc8e-e3cc9165000e","block_type":"box","text":"Issue Price for Class 5-8 Shares","page_number":64,"box":{"x":121,"y":138,"width":275,"height":10}},{"id":"76cf3537-c7bc-4741-9f32-a5fb5e3a3049","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":64,"box":{"x":121,"y":170,"width":626,"height":13}},{"id":"cca219a9-a2f8-45b3-88af-e28cd344dc0a","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":64,"box":{"x":121,"y":203,"width":408,"height":13}},{"id":"3f34124b-e337-49dd-8a70-e9d54ec4d622","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":64,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"6857fbdf-32ba-4f15-a962-76dbcd8c7598","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":64,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"eaf96bb0-fcf7-4aa0-9fab-b0de739133a9","block_type":"box","text":"Dealing Day.","page_number":64,"box":{"x":121,"y":269,"width":112,"height":13}},{"id":"5870b07f-c620-4cd6-a8a5-bfad9b6e8407","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":64,"box":{"x":121,"y":301,"width":291,"height":11}},{"id":"8309fd1e-c79b-4c2b-83be-1397f841134f","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":64,"box":{"x":121,"y":334,"width":587,"height":13}},{"id":"431a6f20-e424-443a-967a-5f10fa85c3ba","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":64,"box":{"x":121,"y":367,"width":423,"height":13}},{"id":"55b102e3-2468-4a34-ac73-14149c162ecf","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":64,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"93bd9262-1c98-42eb-b438-70762842a773","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":64,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"491a6cd3-99f8-47a9-a688-cb329fa5eba0","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":64,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"8b2bb944-ade7-445a-b3f0-adc0d69649ff","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":64,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"9041c8db-53f0-468a-b5d3-33a2c958ee29","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":64,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"32ba3f77-fb9e-4d94-b281-74fde60e4430","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":64,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"8226d501-70be-4497-bf6a-b5b9d01bc90f","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":64,"box":{"x":121,"y":498,"width":507,"height":13}},{"id":"36e92050-af17-4951-8e87-374952ef756a","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":64,"box":{"x":121,"y":531,"width":467,"height":13}},{"id":"53d0252b-e254-422e-a73d-c9f2a224c7bd","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":64,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"56f20457-eeca-4ad5-849d-de6f30055529","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":64,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"934f273d-c285-4b93-89f9-2b3ebbc31e7f","block_type":"box","text":"determine.","page_number":64,"box":{"x":121,"y":597,"width":90,"height":9}},{"id":"2f457403-0212-42b3-8d50-398c85ef1329","block_type":"box","text":"Settlement Date for Class 5-8 Shares","page_number":64,"box":{"x":121,"y":629,"width":319,"height":10}},{"id":"04a9c390-9d57-4231-b8fb-810aa472d409","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":662,"width":763,"height":13}},{"id":"4a1154ca-dcf4-4fb9-9a83-157557db12d0","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":679,"width":763,"height":12}},{"id":"9aa97161-4a1b-4b07-81d1-8cb0d67dcb74","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":695,"width":763,"height":13}},{"id":"d43cc559-f422-430c-9a4d-5a704879a4b9","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":64,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"a51836c6-367a-478f-bf49-0c132c0a4989","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":728,"width":763,"height":13}},{"id":"12cb9abe-6d96-49ff-9a0a-4bc011b920e1","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":744,"width":763,"height":13}},{"id":"29fdcc00-dff1-437d-92d1-810412132bb2","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":761,"width":763,"height":12}},{"id":"0ca566cb-5600-4fc0-b8b3-225027b60003","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":777,"width":763,"height":13}},{"id":"f787281d-31f7-47ad-a531-cdfe97a1895b","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":64,"box":{"x":121,"y":793,"width":644,"height":13}},{"id":"1e496f79-1dc5-4d4e-9b33-007fa9bf9e2d","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":826,"width":763,"height":13}},{"id":"53a82541-373e-47f8-970a-5fe3e2526742","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":842,"width":763,"height":13}},{"id":"f74c0e03-8d5c-48d5-87bc-5b1dfec6ed09","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":859,"width":763,"height":13}},{"id":"632edf97-aecd-4d5e-87f8-34bf9f817146","block_type":"box","text":"redemption documentation.","page_number":64,"box":{"x":121,"y":875,"width":226,"height":13}},{"id":"166c41e4-901c-4182-b375-a5d78fc605cc","block_type":"box","text":"65","page_number":65,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"1fc861e9-5ac5-4bce-b072-2a1f492ed175","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares","page_number":65,"box":{"x":121,"y":88,"width":451,"height":13}},{"id":"53813f22-d4a5-424d-8189-4c802d1e77bd","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":65,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"8d87d974-a1ad-4c42-8770-f8503a51ef41","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":65,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"54acb4d1-9322-47e1-8d7a-5e882504ab51","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":65,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"18eb0447-76c5-462b-a3d3-f7325ea578b3","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":65,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"349f3c79-5cf3-4848-88e1-a3484ff40bcb","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":65,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"35161939-90f8-4592-84e2-5c19116b92a2","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":65,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"e016d1ca-ef47-44a1-9dcb-d3656dbc9d9d","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":65,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"008bbb05-3e9b-48fc-9ca4-4beb8c79f00e","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":65,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"2df635a0-004b-4107-95c1-4501ecf7dec3","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":65,"box":{"x":121,"y":252,"width":644,"height":13}},{"id":"baf15b11-669f-48f9-a01b-eb7f3d190688","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":65,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"0ebfacb5-6064-4587-8a9f-c71f5ce0b6f6","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":65,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"dcde447b-bdaa-46c0-b97a-d0efcf7c5866","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":65,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"4c44ffe8-58ed-41ba-ae6e-07642f760c8d","block_type":"box","text":"redemption documentation.","page_number":65,"box":{"x":121,"y":334,"width":226,"height":13}},{"id":"ea75394e-270e-4f08-8b45-f235806b422d","block_type":"box","text":"Valuation Point","page_number":65,"box":{"x":121,"y":367,"width":141,"height":10}},{"id":"14d3d3ae-6ac6-4375-8621-1accb83d0308","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":65,"box":{"x":123,"y":400,"width":329,"height":13}},{"id":"b62fa249-14af-416a-891d-21b6ea9fd904","block_type":"box","text":"Fees and Expenses","page_number":65,"box":{"x":121,"y":433,"width":165,"height":12}},{"id":"bc647ed2-a70f-4fb0-bf68-f16818c2eb82","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":65,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"cd1e0aec-b75c-43cd-831d-50cabc8f9509","block_type":"box","text":"each class of Shares as set out below.","page_number":65,"box":{"x":121,"y":482,"width":306,"height":10}},{"id":"8a693e6b-e0cd-4f62-8454-a59ad45f671b","block_type":"box","text":"Class of Shares","page_number":65,"box":{"x":121,"y":531,"width":136,"height":10}},{"id":"e44848f4-b4ce-40cb-b447-b5eaa1bd4039","block_type":"box","text":"Annual Charges and Expenses","page_number":65,"box":{"x":363,"y":531,"width":267,"height":13}},{"id":"f2a3cf3e-4e51-4031-9251-281ab188a43e","block_type":"box","text":"Class 5","page_number":65,"box":{"x":121,"y":564,"width":63,"height":10}},{"id":"c3cd7331-1044-47c7-9d06-63bb714e4d2b","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":65,"box":{"x":363,"y":564,"width":419,"height":10}},{"id":"70bc31e5-c354-4d97-8bce-42f078549695","block_type":"box","text":"Class 6","page_number":65,"box":{"x":121,"y":580,"width":63,"height":10}},{"id":"989ba02e-67b1-462b-bc53-cf87e9cdbe5f","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":65,"box":{"x":363,"y":580,"width":419,"height":10}},{"id":"75ac70fe-e704-4b2f-a337-cc63cbe55bee","block_type":"box","text":"Class 7","page_number":65,"box":{"x":121,"y":597,"width":63,"height":10}},{"id":"62fb6ceb-fbc7-4480-a361-a1bafa2c11fe","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":65,"box":{"x":363,"y":597,"width":419,"height":10}},{"id":"90d97c82-03ff-4d77-a008-cf5ad3a46701","block_type":"box","text":"Class 8","page_number":65,"box":{"x":121,"y":613,"width":63,"height":10}},{"id":"b74c2fa4-eb65-4af1-8cd2-a280207ec23d","block_type":"box","text":"None","page_number":65,"box":{"x":363,"y":613,"width":48,"height":10}},{"id":"ef0e284b-286c-48a3-a335-52bc1c57cb95","block_type":"box","text":"Class W (Accumulating)","page_number":65,"box":{"x":121,"y":629,"width":205,"height":13}},{"id":"3b1e7cdd-6dc8-42fe-923a-5013e511fad5","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Accumulating)","page_number":65,"box":{"x":363,"y":629,"width":521,"height":13}},{"id":"149fc491-548e-43eb-bc66-e277398a08e9","block_type":"box","text":"Shares","page_number":65,"box":{"x":363,"y":646,"width":58,"height":10}},{"id":"a911a932-bc54-4791-851b-25797d4660f9","block_type":"box","text":"The Directors reserve the right to reduce or waive the above charges from time to time.","page_number":65,"box":{"x":121,"y":679,"width":708,"height":12}},{"id":"3d8f5bea-0aa0-46ff-a230-a6861fb431a8","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":65,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f603a178-677f-48b4-a967-7bfe6fa7e656","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":65,"box":{"x":121,"y":728,"width":443,"height":13}},{"id":"0e4b3b95-d5d7-4d24-bd5e-257015188c42","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":65,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"45cacb01-d47b-4dcc-8c17-8b14413a0136","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":65,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"4a74ec6e-623a-4664-952a-00e2c6617108","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":65,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"1342d3c5-6068-489e-8fd2-2bcb112967d8","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":65,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"dd62a2b5-e006-4b3e-b3e3-e1c78d4adee6","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":65,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"2b63859e-e4b0-470d-b5bb-54b3bb0ea92b","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":65,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"82563f6c-a33f-42b5-95fc-b59df03d98f5","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":65,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"13b6683a-4fd8-4700-8a87-06d8befbb04b","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":65,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"c2b29fe1-7c82-493c-88ff-3f913182df41","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Sub-Fund, and","page_number":65,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"3afebf7d-69b2-4069-902d-dea37f02c760","block_type":"box","text":"66","page_number":66,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"7e606bf6-ec41-4c55-b77c-fb2ada7be8a0","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":66,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"44d6bf70-91d4-42f3-8622-f45344a91ff1","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":66,"box":{"x":121,"y":105,"width":757,"height":13}},{"id":"9d47185b-ae63-475a-ada4-b709b624b33e","block_type":"box","text":"Fund.","page_number":66,"box":{"x":121,"y":121,"width":51,"height":10}},{"id":"1587a74f-6814-432d-8969-67f614c891a1","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":66,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"97d59510-c065-4119-a3f1-64607fa0b3fc","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":66,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"1da22c8f-b7a1-4961-9b7e-d5932f5db0d6","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":66,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6b16d96e-7c69-4ac1-87eb-6d019acf5b55","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":66,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ce623e06-0ecd-4a3c-8535-39102a5b1416","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":66,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"ad0f441d-8820-470c-a744-9b0705dd7620","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":68,"box":{"x":121,"y":342,"width":763,"height":13}},{"id":"4ba637f5-3801-4347-9038-d7cb3373cdee","block_type":"box","text":"international financial services. She is a former partner of Dillon Eustace Solicitors (1999 to","page_number":68,"box":{"x":121,"y":359,"width":763,"height":13}},{"id":"6fee289a-ff51-4433-9d3a-bbaf90901989","block_type":"box","text":"2005) prior to which (1988 to 1999) she held senior executive roles at Bank of Ireland including","page_number":68,"box":{"x":121,"y":375,"width":763,"height":13}},{"id":"47860d1f-edbf-440c-a346-a9a6d6f73341","block_type":"box","text":"Head of Client Services and Head of Legal Affairs at Bank of Ireland Securities Services (since","page_number":68,"box":{"x":121,"y":392,"width":763,"height":12}},{"id":"20849fc7-8c9d-4566-95e0-46b3f3bd0629","block_type":"box","text":"acquired by Northern Trust) and, in Bank of Ireland Asset Management, as a Senior Manager.","page_number":68,"box":{"x":121,"y":408,"width":763,"height":13}},{"id":"7413b296-e43a-4d34-9ca4-8560b994046f","block_type":"box","text":"Denise is a past Chairperson of Irish Funds, the Irish funds industry association and its legal","page_number":68,"box":{"x":121,"y":424,"width":763,"height":13}},{"id":"5b79cf5f-610e-4c3e-81e3-696642f17075","block_type":"box","text":"and regulatory sub-committee and represented the industry on a number of key funds industry","page_number":68,"box":{"x":121,"y":441,"width":763,"height":13}},{"id":"38bf5697-98d1-429b-9db8-482a7264776c","block_type":"box","text":"working groups including An Taoiseach's International Financial Services Committee and","page_number":68,"box":{"x":121,"y":457,"width":763,"height":13}},{"id":"afe5d3ef-801f-4564-b9be-8155e219f77d","block_type":"box","text":"FEFSI (now EFAMA). She served on the Committee on Collective Investment Governance","page_number":68,"box":{"x":121,"y":474,"width":763,"height":12}},{"id":"6c78c402-44d0-4629-89f2-e41d4d8a5f0f","block_type":"box","text":"formed by the Central Bank of Ireland to develop recommendations for good governance","page_number":68,"box":{"x":121,"y":490,"width":763,"height":13}},{"id":"2297f0f0-1932-4306-be9f-427db6377bb8","block_type":"box","text":"practice for funds. Ms. Kinsella was consulting editor to \"Collective Investment Schemes in","page_number":68,"box":{"x":121,"y":506,"width":763,"height":13}},{"id":"b4046e25-6a0e-4e10-9897-47296db70096","block_type":"box","text":"Luxembourg, Law and Practice\" published by Oxford University Press and has lectured on","page_number":68,"box":{"x":121,"y":523,"width":763,"height":13}},{"id":"af8c1ae1-ec5c-4dd3-8d1c-2ddc9918c7bb","block_type":"box","text":"financial services law at the Law Society of Ireland. She graduated in law from Trinity College","page_number":68,"box":{"x":121,"y":539,"width":763,"height":13}},{"id":"354d3107-7f45-4534-8e5e-669aab9f2d2e","block_type":"box","text":"Dublin (1983), was admitted as a solicitor by the Law Society of Ireland (1987) and holds a","page_number":68,"box":{"x":121,"y":556,"width":763,"height":12}},{"id":"d045b4eb-6e46-43f3-b910-3d243f4c3e3c","block_type":"box","text":"diploma in company direction from the Institute of Directors (UK) (2011). 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He","page_number":69,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"89145098-9d8b-463d-859c-dfb4a8c14fe4","block_type":"box","text":"primarily focuses on the UK corporate and institutional space and maintaining the correct","page_number":69,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"f377cdc7-2f21-4e78-821e-fec87e75b521","block_type":"box","text":"framework within which business operates. Prior to joining Aviva Investors, Anthony Callcott","page_number":69,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"d16e5cc8-2450-499d-8cdd-336690d70572","block_type":"box","text":"held senior management roles at ICAP and SunGard with the responsibility of building MMF","page_number":69,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"0e620657-43c3-417b-a1e4-15f4aefefa5d","block_type":"box","text":"portals and taking them to market, including: due diligence and department setup; new","page_number":69,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"82770dd4-af79-4ccb-af1f-e5ecb184c349","block_type":"box","text":"business; sales pipeline development and relationship management for UK France, and","page_number":69,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"8073f474-5277-44c0-b114-a4535a538fe5","block_type":"box","text":"Benelux; client deployment logistics and staff management. He joined the investment industry","page_number":69,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"b80a962b-47bf-4634-a3b2-a16bfdde679c","block_type":"box","text":"after an initial career in ecommerce and interbank broking, which began in 1988.","page_number":69,"box":{"x":121,"y":252,"width":657,"height":13}},{"id":"ed0ba8bf-3ebb-4721-b6b3-a68af323fe67","block_type":"box","text":"Mr. Martin Bell","page_number":69,"box":{"x":121,"y":285,"width":143,"height":10}},{"id":"d81f2578-5daf-4221-93be-2b9ff8f0db7e","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":318,"width":763,"height":13}},{"id":"b0048f2b-87c2-4d18-b12a-9a7e4c7e9df6","block_type":"box","text":"together the activities of the UK and Luxembourg Management Companies covering all Aviva","page_number":69,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"132811b4-8280-4178-9845-2c3ef58868d3","block_type":"box","text":"Investors regulated funds business. 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BNY Mellon is a leading provider of financial services for institutions, corporations","page_number":75,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"a11c68d7-3e44-4b5b-b4b6-54a8e17658c6","block_type":"box","text":"and high-net-worth individuals, providing superior asset management and wealth management,","page_number":75,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"144ae436-f26b-448c-85b0-5887236cea6d","block_type":"box","text":"asset servicing, issuer services, clearing services and treasury services through a worldwide","page_number":75,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"e54348c7-37a6-4e6f-86fe-ef85bfbc93d5","block_type":"box","text":"client-focused team.","page_number":75,"box":{"x":121,"y":384,"width":168,"height":9}},{"id":"0568a2ff-a200-4872-94e1-8988101d2a17","block_type":"box","text":"The Duties of the Depositary","page_number":75,"box":{"x":122,"y":416,"width":236,"height":13}},{"id":"5ec5f43c-e888-4cf2-81ff-f9eeb76e8d93","block_type":"box","text":"The Depositary acts as the depositary of the Sub-Funds for the purposes of the Regulations","page_number":75,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"33e2114c-0cd0-4e85-aec1-5dfb54b133d4","block_type":"box","text":"and, in doing so, shall comply with the provisions of the Regulations. In this capacity, the","page_number":75,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"a7434b5f-9b56-4e03-a698-eaef39aa7610","block_type":"box","text":"Depositary's duties include, amongst others, the following:","page_number":75,"box":{"x":121,"y":482,"width":479,"height":13}},{"id":"fc9e103c-4016-48d7-ab63-2c2253ab3cbd","block_type":"box","text":"(i) ensuring that each Fund’s cash flows are properly monitored, and that all payments made","page_number":75,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"970cf490-8e13-4329-8e04-511a610ee682","block_type":"box","text":"by or on behalf of investors upon the subscription of Shares of the Sub-Funds have been","page_number":75,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"ded38bf7-1dc8-4f23-9f0d-b7b0fefc0448","block_type":"box","text":"received;","page_number":75,"box":{"x":121,"y":547,"width":78,"height":12}},{"id":"08be36d9-8f54-4faf-b7e1-5b2a9f696efb","block_type":"box","text":"(ii) safekeeping the assets of the Sub-Funds, which includes (a) holding in custody all financial","page_number":75,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"1519c53d-dacf-44d3-a21a-58c136088838","block_type":"box","text":"instruments that can be registered in a financial instrument account opened in the Depositary’s","page_number":75,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"748117d0-202b-4fbd-88f2-e56ee3ff2c0d","block_type":"box","text":"books and all financial instruments that can be physically delivered to the Depositary; and (b)","page_number":75,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"53bffb13-3fcc-4481-a1b4-42e16cd63949","block_type":"box","text":"for other assets, verifying the ownership by the Company of such assets and the maintenance","page_number":75,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"bf5ad560-ad9c-4bd4-87e6-1613806d77d3","block_type":"box","text":"of a record accordingly (the \"Safekeeping Function\");","page_number":75,"box":{"x":121,"y":646,"width":439,"height":13}},{"id":"396c62bb-4ae2-4e2f-a070-9f113eb16fa4","block_type":"box","text":"(iii) ensuring that the sale, issue, re-purchase, redemption and cancellation of Shares of each","page_number":75,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"357cc398-d9cd-4e5c-90b7-2ed8a5fe7c8f","block_type":"box","text":"Fund are carried out in accordance with the Regulations and the Articles;","page_number":75,"box":{"x":121,"y":695,"width":594,"height":13}},{"id":"2ea68e13-9921-4713-8ed4-316138dd584f","block_type":"box","text":"(iv) ensuring that the value of the Shares of each Fund is calculated in accordance with the","page_number":75,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"d32c26fb-56f6-4c58-be3c-c04196e749cf","block_type":"box","text":"Regulations and the Articles;","page_number":75,"box":{"x":121,"y":744,"width":239,"height":13}},{"id":"10119abe-f782-4730-aed5-20c9494affcf","block_type":"box","text":"(v) carrying out the instructions of the Manager and the Company unless such instructions","page_number":75,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"dd5d4305-89d3-4a71-b2e1-d0833d3ddc1e","block_type":"box","text":"conflict with the Regulations or the Articles;","page_number":75,"box":{"x":121,"y":793,"width":364,"height":13}},{"id":"89339d7e-f2fb-404f-ac1c-ebde2f4f49d8","block_type":"box","text":"(vi) ensuring that in transactions involving each Fund’s assets any consideration is remitted to","page_number":75,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"a6ded33a-21e5-4fe4-8348-62d81a709f83","block_type":"box","text":"the relevant Fund within the usual time limits; and","page_number":75,"box":{"x":121,"y":842,"width":411,"height":12}},{"id":"c6853f79-d941-4b0b-ac82-10ee0ff90ed2","block_type":"box","text":"(vii) ensuring that the Sub-Funds' income is applied in accordance with the Regulations and","page_number":75,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f0642445-eaee-4588-b3d8-046d4c862f7b","block_type":"box","text":"the Articles.","page_number":75,"box":{"x":121,"y":892,"width":103,"height":9}},{"id":"ab951cf1-c9b9-4c87-9b02-356ec3cd1af8","block_type":"box","text":"76","page_number":76,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"99198c7d-560d-47d4-9eb4-7f2a415d95f0","block_type":"box","text":"Apart from cash (which shall be held and maintained in accordance with the terms of the","page_number":76,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"250f4188-897c-4451-a1cb-6420f7f8fff2","block_type":"box","text":"Regulations), all other assets of the Sub-Funds shall be segregated from the assets of the","page_number":76,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"bc03092f-f57c-49d6-b093-8fa251d713cf","block_type":"box","text":"Depositary, its sub-custodians and from assets held as a fiduciary, custodian or otherwise by","page_number":76,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"f18fc1c4-0a7e-46b4-99d0-72c78d99a923","block_type":"box","text":"the Depositary or sub-custodians or both for other customers. The Depositary shall maintain","page_number":76,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"e7eb184e-8681-4e17-aa1f-6a38e05c3920","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":76,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"f3779d8c-bb6b-4922-b172-61de883f43f0","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":76,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"1af9d02a-53f0-4a54-935c-830ebb5f8c6b","block_type":"box","text":"to the Depositary or any of its affiliates, sub-custodians or delegates or any of their affiliates.","page_number":76,"box":{"x":121,"y":203,"width":753,"height":13}},{"id":"a331ece0-20a0-454a-9a8b-790848d53433","block_type":"box","text":"The Depositary has entered into sub-custody agreements delegating the performance of its","page_number":76,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c81ea89b-b42b-4ae1-8d39-ac838bf65b15","block_type":"box","text":"Safekeeping Function in certain agreed markets to the sub-custodians as set out in Schedule","page_number":76,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"90ce080f-98c3-47d8-a351-518cbae5c160","block_type":"box","text":"III. The liability of the Depositary will not be affected by the fact that it has entrusted the","page_number":76,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"001db77b-ab6e-448d-a08d-894aaefb6df5","block_type":"box","text":"Safekeeping Function to a third party.","page_number":76,"box":{"x":121,"y":285,"width":310,"height":13}},{"id":"515f0a8a-4ec8-48f2-ba10-9cf2a888cc1a","block_type":"box","text":"The Depositary must ensure that the sub-custodians:","page_number":76,"box":{"x":121,"y":318,"width":427,"height":13}},{"id":"b9a22baa-c38f-4630-b7a5-0a31f77725f9","block_type":"box","text":"(i) have adequate structures and expertise;","page_number":76,"box":{"x":121,"y":351,"width":344,"height":13}},{"id":"d4b86e31-631f-44f6-b257-8b4325e73f38","block_type":"box","text":"(ii) in circumstances where custody of financial instruments is delegated to them, are subject","page_number":76,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"8cc339c5-df22-4189-8270-9217c40e4450","block_type":"box","text":"to effective prudential regulation, including minimum capital requirements, and supervision in","page_number":76,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"b15dc549-df0c-4179-89f9-0f4b0d7f49ff","block_type":"box","text":"the jurisdiction concerned, as well as an external periodic audit to ensure that the financial","page_number":76,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"e2488f76-ecaa-4c2a-916f-b2666be66b3f","block_type":"box","text":"instruments are in their possession;","page_number":76,"box":{"x":121,"y":433,"width":288,"height":13}},{"id":"6a057ab8-2f9e-458e-aa8e-d89cd2634322","block_type":"box","text":"(iii) segregate the assets of the Depositary’s clients from their own assets and assets of the","page_number":76,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"b8f91b9e-d383-43aa-8cbf-9d9441e6bb29","block_type":"box","text":"Depositary in such a way that such assets can, at any time, be clearly identified as belonging to","page_number":76,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"ec0ac350-9020-4e57-b6f8-6b32bf2b450e","block_type":"box","text":"the Depositary’s clients;","page_number":76,"box":{"x":121,"y":498,"width":201,"height":13}},{"id":"fcdefd21-8057-4d63-b7b4-e72bb039bfb2","block_type":"box","text":"(iv) ensure that in the event of their insolvency, assets of the Company held by the sub\u0002","page_number":76,"box":{"x":121,"y":531,"width":757,"height":13}},{"id":"ac274fef-9d2d-48b7-bab7-2927e947cb71","block_type":"box","text":"custodians are unavailable for distribution among, or realisation for the benefit of, creditors of","page_number":76,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ec5908dd-0c4e-494e-90c5-ee23f694291d","block_type":"box","text":"the sub-custodians; and","page_number":76,"box":{"x":121,"y":564,"width":194,"height":12}},{"id":"137477df-6b27-453e-98b5-083e84dda141","block_type":"box","text":"(v) are appointed by way of a written contract and comply with the general obligations and","page_number":76,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"5dc05d41-d6a8-4c1c-a1e3-3549e783f149","block_type":"box","text":"prohibitions in relation to the Safekeeping Function, reuse of assets and conflicts of interest.","page_number":76,"box":{"x":121,"y":613,"width":748,"height":13}},{"id":"ffb37615-db6d-4519-bf81-a3b39f424373","block_type":"box","text":"Where the law of a third country requires that certain financial instruments be held in custody","page_number":76,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"9442897e-6ec8-4c19-82c8-cbf64b68f81d","block_type":"box","text":"by a local entity and no local entities are subject to effective prudential regulation, including","page_number":76,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"edeb44de-78c5-4b6a-9850-c9f8808f8c06","block_type":"box","text":"minimum capital requirements and supervision in the jurisdiction concerned, the Company","page_number":76,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"f46c3fec-c394-4543-9fe3-f9528d46fd01","block_type":"box","text":"may instruct the Depositary to delegate its functions to such a local entity only to the extent","page_number":76,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ee1586fd-8188-4e92-a379-791f783d3d7f","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":76,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c56b9a28-433b-416e-b3bc-61d014bc42db","block_type":"box","text":"satisfy the aforementioned regulation, capital and supervision requirements. In the event that","page_number":76,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"576866b7-9cb0-4ecd-a17c-f12624449d08","block_type":"box","text":"custody is delegated to such local entities, prior Shareholder notice will be provided advising","page_number":76,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"21eb3ff4-d563-40b7-9711-f79e6b107465","block_type":"box","text":"of the risks involved in such delegation.","page_number":76,"box":{"x":121,"y":761,"width":327,"height":12}},{"id":"6e004600-d2f4-45bd-9c8d-c6055133af41","block_type":"box","text":"Please refer to the section of this Prospectus entitled ‘Conflicts of Interest’ for details of","page_number":76,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"f4737b7e-82ba-4dfe-b694-47c2dae8fe7d","block_type":"box","text":"potential conflicts that may arise involving the Depositary.","page_number":76,"box":{"x":121,"y":810,"width":478,"height":12}},{"id":"4dcfa313-3017-4574-b828-4af0a168a6ff","block_type":"box","text":"The Depositary must ensure that the assets of the Sub-Funds held in custody by the Depositary","page_number":76,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"24f3c412-fdb5-4796-b18e-ecc42be9de18","block_type":"box","text":"shall not be reused by the Depositary, or by any third party to whom the custody function has","page_number":76,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"31e36bab-3a79-441a-80a3-6d050d4539ea","block_type":"box","text":"been delegated, for their own account. Reuse comprises any transaction of assets of the Sub\u0002","page_number":76,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"c20e979e-d14e-41f2-bcfb-bdf16d12aed2","block_type":"box","text":"Funds held in custody including, but not limited to, transferring, pledging, selling and lending.","page_number":76,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"dc8de186-97fc-492a-a453-0d79f62c1dac","block_type":"box","text":"77","page_number":77,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"315bff97-0047-4647-8f71-309b3f07f151","block_type":"box","text":"Reuse of the assets of a Fund held in custody is only allowed where:","page_number":77,"box":{"x":121,"y":89,"width":556,"height":12}},{"id":"ff31b2ba-c7cd-4731-97a1-f3c8d8b5b993","block_type":"box","text":"(a) the reuse of the assets is carried out for the account of the Fund;","page_number":77,"box":{"x":121,"y":121,"width":548,"height":13}},{"id":"edd47e90-773a-46e5-aeb4-5688ff6ccf14","block_type":"box","text":"(b) the Depositary is carrying out the instructions of the Manager on behalf of the Fund;","page_number":77,"box":{"x":121,"y":154,"width":714,"height":13}},{"id":"0ca7c086-8909-4de6-bf2d-3f3f97586939","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":77,"box":{"x":121,"y":187,"width":734,"height":12}},{"id":"005be9bb-f7f2-4765-9e64-6c1062ef40c6","block_type":"box","text":"(d) the transaction is covered by high quality and liquid collateral received by the Fund under","page_number":77,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f905178b-e820-4490-a496-403a3c021f4a","block_type":"box","text":"a title transfer arrangement with a market value at all times at least equivalent to the market","page_number":77,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"bb8373b9-a619-4554-82e8-4b2697622c5c","block_type":"box","text":"value of the reused assets plus a premium.","page_number":77,"box":{"x":121,"y":252,"width":345,"height":13}},{"id":"9d19e7e5-7b96-463c-b95b-7fb0fc9c08f7","block_type":"box","text":"The Depositary is liable to the Sub-Funds for the loss of financial instruments of the Sub-Funds","page_number":77,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"a35b2077-47ea-414f-a2fd-e1354f535845","block_type":"box","text":"which are held in custody as part of the Depositary’s Safekeeping Function (irrespective of","page_number":77,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"ca23da14-3c2b-44fb-8138-5651fe89a8db","block_type":"box","text":"whether or not the Depositary has delegated its Safekeeping Function in respect of such","page_number":77,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"17fc408d-6b6b-408d-bb47-d3750fb75382","block_type":"box","text":"financial instruments) unless it can prove that the loss of financial instruments held in custody","page_number":77,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"ca3ba41f-2bdd-4596-9c67-345c1aaba658","block_type":"box","text":"has arisen as a result of an external event beyond its reasonable control, the consequences of","page_number":77,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"46ee005d-31b6-4170-9904-f5f34e8fb566","block_type":"box","text":"which would have been unavoidable despite all reasonable efforts to the contrary. This standard","page_number":77,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"8a5160d3-4f07-46b6-bd0c-a68e70934cd9","block_type":"box","text":"of liability only applies to assets capable of being registered or held in a securities account in","page_number":77,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ded401a4-0741-4280-975d-3ab1ff4737d8","block_type":"box","text":"the name of the Depositary or a sub-custodian and assets capable of being physically delivered","page_number":77,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"fee0f237-b948-4d48-b713-6ee30897eb68","block_type":"box","text":"to the Depositary. The Depositary shall also be liable to the Sub-Funds for all other losses","page_number":77,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"d4658b63-607d-45c0-800c-c8ef0ee5153d","block_type":"box","text":"suffered as a result of the Depositary’s negligent or intentional failure to properly fulfil its","page_number":77,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"916adc25-d3a6-42d2-8968-91e208475516","block_type":"box","text":"obligations pursuant to the Regulations.","page_number":77,"box":{"x":121,"y":449,"width":325,"height":13}},{"id":"cf6deaac-6cfd-4ae9-89ba-56a882606a1e","block_type":"box","text":"The Depositary Agreement provides that the Company will be liable to the Depositary for any","page_number":77,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"89164ff4-db0c-4d64-ba9f-3413453442a6","block_type":"box","text":"losses that may imposed on, suffered by or asserted against the Depositary in connection with","page_number":77,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3ca2eb17-23ec-4672-b064-bd53d144fee4","block_type":"box","text":"or arising out of the Depositary’s proper performance of its obligations and that the Company","page_number":77,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f32b17b6-e7f2-413d-a018-6ecbf6c0ec8d","block_type":"box","text":"will indemnify the Depositary against, and hold it harmless from, any losses arising from third","page_number":77,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"aca313eb-0ff1-427a-a771-7de8f0447714","block_type":"box","text":"party claims that may be suffered by or asserted against the Depositary in connection with or","page_number":77,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"a3635501-72cb-44e1-b6f7-efaf39b6d760","block_type":"box","text":"arising out of the Depositary’s proper performance of its obligations.","page_number":77,"box":{"x":121,"y":564,"width":560,"height":13}},{"id":"06762ca8-b0e7-42d7-b09d-c0e47c6e416c","block_type":"box","text":"Up-to-date information regarding the Depositary including the duties of the Depositary, the","page_number":77,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"1a3abe57-3847-4635-9e98-d9909c4fc05c","block_type":"box","text":"delegation arrangements and any conflicts of interest that may arise shall be made available to","page_number":77,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"b7900b90-e6e0-4e7c-8a37-72d61c7c7b6c","block_type":"box","text":"investors upon request to the Manager.","page_number":77,"box":{"x":121,"y":629,"width":318,"height":13}},{"id":"17c1a4fd-1b7d-40a6-8012-924b03b7c3ad","block_type":"box","text":"Administrator","page_number":77,"box":{"x":121,"y":662,"width":129,"height":10}},{"id":"4fd12589-80a7-4fe1-9978-b72ee7115020","block_type":"box","text":"The Manager has appointed BNY Mellon Fund Services (Ireland) Designated Activity","page_number":77,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"1f115592-9a59-4302-96e9-fb1424d12f75","block_type":"box","text":"Company to act as administrator, registrar and transfer agent of the Company with","page_number":77,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"0da71399-581d-4a4e-a08b-aa65ee9a9e96","block_type":"box","text":"responsibility for performing the day to day administration of the Company, including the","page_number":77,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0048cadd-d9f5-40e2-8912-1b113ae4fd18","block_type":"box","text":"calculation of the Net Asset Value and the Net Asset Value per Share of each Fund.","page_number":77,"box":{"x":121,"y":744,"width":680,"height":13}},{"id":"19ed5889-9e39-4b01-84d5-9fdf31d1f9d2","block_type":"box","text":"The Administrator is a private limited company incorporated in Ireland on 31st May 1994 and","page_number":77,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"2646b6cb-c4ef-4790-914f-8b3a7165af1f","block_type":"box","text":"is engaged in the provision of fund administration, accounting, registration, transfer agency","page_number":77,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"e922b195-957d-48d7-b8e6-0e1ecf7bbbf4","block_type":"box","text":"and related shareholders services to collective investment schemes and investment funds. The","page_number":77,"box":{"x":121,"y":810,"width":763,"height":10}},{"id":"8e05d908-7b42-426d-896c-4ff374af7d13","block_type":"box","text":"Administrator is a wholly owned indirect subsidiary of The Bank of New York Mellon","page_number":77,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"cdd91412-2b7d-458c-acec-eb710ae21354","block_type":"box","text":"Corporation. The Administrator is authorised by the Central Bank under the Investment","page_number":77,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"44225cf3-a9d4-4841-95e6-f3a803842ad8","block_type":"box","text":"Intermediaries Act, 1995.","page_number":77,"box":{"x":121,"y":859,"width":211,"height":12}},{"id":"6b6b9de7-c4c9-45e7-93f2-fcad3d17773d","block_type":"box","text":"Investment Objective and Policies","page_number":77,"box":{"x":121,"y":875,"width":296,"height":13}},{"id":"08784353-1068-40ea-b373-7ded64772dbe","block_type":"box","text":"78","page_number":78,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"23888580-9b2a-4f46-8fc9-4771a00d494c","block_type":"box","text":"The Articles provide that the investment objective and policies for each Sub-Fund will be","page_number":78,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a01610c8-7e98-42f0-b264-21ae30d1f37a","block_type":"box","text":"formulated by the Directors at the time of the creation of that Sub-Fund. Details of the","page_number":78,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4df30fb1-5761-480e-b65e-8fef117eba34","block_type":"box","text":"investment objective and policies for each Sub-Fund of the Fund appear in the relevant section","page_number":78,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"fcaa9cb0-b944-44f7-8ada-4583b5e3cfc9","block_type":"box","text":"of Part 1 for the relevant Sub-Fund.","page_number":78,"box":{"x":121,"y":138,"width":292,"height":10}},{"id":"b0c0759d-6e47-4360-ad29-fb6e33f134c5","block_type":"box","text":"Any change in the investment objective or material change to the investment policies of a Sub\u0002","page_number":78,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"c2a46965-8b06-4f78-b9a2-997c3745294b","block_type":"box","text":"Fund may only be made with the approval of an ordinary resolution of the Shareholders of the","page_number":78,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b50fb36f-2fd3-4193-a629-dd70e3cf2f26","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":78,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"94afa76d-ae83-4bbd-ac56-396af3a8eb28","block_type":"box","text":"Manager will ensure that a reasonable notification period must be given to each Shareholder of","page_number":78,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"bda4f99d-ae3d-4db7-92d9-c6e7d01aad05","block_type":"box","text":"the Sub-Fund to enable a Shareholder to have its Shares redeemed prior to the implementation","page_number":78,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"0671c89f-e9eb-46e6-9074-051fc1128d07","block_type":"box","text":"of such change.","page_number":78,"box":{"x":121,"y":252,"width":131,"height":13}},{"id":"9a1487ce-8459-4dd9-b634-ec32983ea53b","block_type":"box","text":"In the event that the Fund utilises financial derivative instruments for a sub-fund, the Fund will","page_number":78,"box":{"x":121,"y":285,"width":763,"height":12}},{"id":"75724564-6ef7-4527-af48-fc82e8c2f8c8","block_type":"box","text":"upon request provide information to Shareholders on the risk management methods employed","page_number":78,"box":{"x":121,"y":302,"width":762,"height":12}},{"id":"205b78ef-1f3c-4bd7-b49c-bdce841dab2d","block_type":"box","text":"in respect of the relevant Sub-Fund including the quantitative limits that are applied and any","page_number":78,"box":{"x":121,"y":318,"width":748,"height":13}},{"id":"b8209820-60d5-4a05-bf69-aa32c90cd5a6","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investments.","page_number":78,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"cc8a4e65-8198-4e02-a795-428aff1698e5","block_type":"box","text":"Efficient Portfolio Management","page_number":78,"box":{"x":121,"y":367,"width":278,"height":13}},{"id":"bafd67b3-f4e4-4a47-8fce-c7ba236f7855","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central Bank","page_number":78,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"b3de7012-918a-40da-8bc9-d401fc54aaf6","block_type":"box","text":"from time to time, the Fund, on behalf of a Sub-Fund may employ techniques and instruments","page_number":78,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"2ae5ce31-d19f-4782-8de6-18a1239e5022","block_type":"box","text":"including financial derivative instruments solely for the purposes of (i) the reduction of risk,","page_number":78,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6e899a48-5cdd-45b6-b4fc-5489372a293d","block_type":"box","text":"(ii) the reduction of costs, and/ or (iii) the generation of additional capital or income for the","page_number":78,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"02b4b060-0834-4fc9-9226-433e9ce293fd","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":78,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e15f27f2-bf53-4da1-9097-53c8f4217a04","block_type":"box","text":"relevant section of Part 1 for the relevant Sub-Fund. Where the Sub-Fund utilises financial","page_number":78,"box":{"x":121,"y":482,"width":763,"height":10}},{"id":"d6f4c8ed-6acc-4cba-8923-e3e77d116d95","block_type":"box","text":"derivatives instruments, such instruments will be dealt in on a regulated market specified in the","page_number":78,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3f83b7c5-f123-4632-a868-a83ff6319360","block_type":"box","text":"Articles and/or over the counter derivatives “OTCs”.","page_number":78,"box":{"x":121,"y":515,"width":430,"height":10}},{"id":"a387d67e-bc41-4312-8879-cfc1d0ff835f","block_type":"box","text":"The following is a description of the types of financial derivative instruments which may be","page_number":78,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"194a9561-c1f0-4566-ba43-4a3adeded35e","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":78,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"90c9fa4d-2294-48d1-aa69-8746cb606159","block_type":"box","text":"","page_number":78,"box":{"x":122,"y":601,"width":7,"height":5}},{"id":"fc05a40a-8009-4234-adc9-f80458748279","block_type":"box","text":"Currency Swaps","page_number":78,"box":{"x":152,"y":597,"width":146,"height":13}},{"id":"4a5bd9e0-d796-42e1-93d2-769636ed0c4d","block_type":"box","text":"In a standard swap transaction, two parties agree to exchange returns (or differentials in rates","page_number":78,"box":{"x":121,"y":630,"width":763,"height":13}},{"id":"99d45e25-8f05-4199-846e-f5f5b85f9921","block_type":"box","text":"of return) calculated with respect to a notional amount, e.g. the return on or increase in value","page_number":78,"box":{"x":121,"y":647,"width":763,"height":13}},{"id":"c2006d25-ee59-491b-9df5-394154357549","block_type":"box","text":"of a particular dollar amount invested at a particular interest rate, in a particular foreign","page_number":78,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"5d077ca4-821a-4697-9246-9995332cd77f","block_type":"box","text":"currency. Swaps in which a Sub-Fund may invest include currency swaps. A currency swap is","page_number":78,"box":{"x":121,"y":680,"width":763,"height":12}},{"id":"f4c03943-e0f7-4a98-8036-7373263ff46f","block_type":"box","text":"an agreement negotiated between two parties to exchange the return on cash for the return on","page_number":78,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"2d5152c2-9b2d-4647-89b2-7896c339cf0f","block_type":"box","text":"varying currencies.","page_number":78,"box":{"x":121,"y":712,"width":159,"height":13}},{"id":"ec5088c7-b237-406e-82f8-bcdf11b9b957","block_type":"box","text":"","page_number":78,"box":{"x":122,"y":749,"width":7,"height":5}},{"id":"d87a06bf-b949-482b-a3e5-2ffd32fd6a89","block_type":"box","text":"Currency Forwards","page_number":78,"box":{"x":152,"y":746,"width":176,"height":13}},{"id":"f4d752fe-fdd2-4c67-8c9b-88cb15a2442d","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":78,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"5784c349-53d6-4df2-80ec-38e8f673d3b6","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":78,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"1aa90dd8-0f4e-41cd-aa35-11e4d60421d3","block_type":"box","text":"and restrictions adopted by the Central Bank from time to time to reduce the risks of adverse","page_number":78,"box":{"x":121,"y":812,"width":763,"height":12}},{"id":"67bad15f-7a4c-4715-ae04-520e5d123978","block_type":"box","text":"changes in exchange rates. A forward currency exchange contract, which involves an obligation","page_number":78,"box":{"x":121,"y":828,"width":763,"height":13}},{"id":"fcbb9bcc-11e8-43da-af39-0e0e6759c221","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":78,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"70147cba-ef56-40f5-a9f6-8ea981b173b9","block_type":"box","text":"reduces a Sub-Fund's exposure to changes in the value of the currency it will deliver and","page_number":78,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"a9cdeab9-7323-4ff8-b247-a2cea18db444","block_type":"box","text":"increases its exposure to changes in the value of the currency it will receive for the duration of","page_number":78,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"e51b2f91-396e-45a6-89cb-02a00cd8e959","block_type":"box","text":"the contract. A contract to sell currency would limit any potential gain, which might be realised","page_number":78,"box":{"x":121,"y":894,"width":763,"height":12}},{"id":"983601e1-f31d-4145-921c-ddb17ffaa06d","block_type":"box","text":"79","page_number":79,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"64b847f2-4d33-4292-b50d-253e6c9fb1af","block_type":"box","text":"if the value of the hedged currency increases.","page_number":79,"box":{"x":121,"y":89,"width":369,"height":12}},{"id":"e37b042d-58b6-4c38-b25e-fae08842cdf9","block_type":"box","text":"","page_number":79,"box":{"x":122,"y":125,"width":7,"height":6}},{"id":"c1403bb7-d797-4fe7-846a-c57edc47c224","block_type":"box","text":"Futures","page_number":79,"box":{"x":151,"y":122,"width":72,"height":10}},{"id":"10a92e5e-9faa-44b6-93da-73dc8bb8df70","block_type":"box","text":"Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases,","page_number":79,"box":{"x":121,"y":155,"width":763,"height":13}},{"id":"d7ba1ace-f8d2-4a8f-b627-6bfe4cae01e0","block_type":"box","text":"receive or pay cash based on the performance of an underlying asset, instrument or index) at a","page_number":79,"box":{"x":121,"y":171,"width":763,"height":13}},{"id":"027a4859-f8ae-46db-a43f-99b60a204e3d","block_type":"box","text":"pre-determined future date and at a price agreed through a transaction undertaken on an","page_number":79,"box":{"x":121,"y":188,"width":763,"height":13}},{"id":"d5492431-6b09-4308-8af0-8c03e672835c","block_type":"box","text":"exchange. 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Since these contracts are marked-to-market daily, investors can, by closing out their","page_number":79,"box":{"x":121,"y":237,"width":763,"height":13}},{"id":"f2e8b5b2-7bdb-415c-b567-f08a1af4f2e6","block_type":"box","text":"position, exit from their obligation to buy or sell the underlying assets prior to the contract's","page_number":79,"box":{"x":121,"y":253,"width":763,"height":13}},{"id":"5a8e693d-3440-45c9-8003-e44b442c7c9b","block_type":"box","text":"delivery date.","page_number":79,"box":{"x":121,"y":270,"width":114,"height":13}},{"id":"1851554c-647d-4843-b895-b9e047f2bcff","block_type":"box","text":"","page_number":79,"box":{"x":122,"y":307,"width":7,"height":5}},{"id":"c59396e0-47ff-4959-b9e1-33957300d1d5","block_type":"box","text":"Options","page_number":79,"box":{"x":151,"y":303,"width":73,"height":13}},{"id":"fe83e7fe-b2c6-45ba-a9be-73d7f7920030","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":79,"box":{"x":121,"y":336,"width":763,"height":13}},{"id":"d2ae759d-8384-49f6-91d7-c1b2929335c0","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":79,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"42c912bd-09df-4888-9953-ab50371b8780","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":79,"box":{"x":121,"y":369,"width":763,"height":13}},{"id":"f49e1a8e-e7aa-47f4-a53b-53134f1a75da","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":79,"box":{"x":121,"y":386,"width":763,"height":12}},{"id":"5a149a5f-7b71-47d0-bfb4-976e096ccc11","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":79,"box":{"x":121,"y":402,"width":763,"height":13}},{"id":"824540f5-ff86-49c4-882e-1a765238bd4f","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":79,"box":{"x":121,"y":418,"width":763,"height":13}},{"id":"ba41895e-c7a7-499a-be8b-69c533bc87a2","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":79,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"9101630e-6acf-4e50-8aa8-80faa4b5bcb4","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":79,"box":{"x":121,"y":451,"width":763,"height":13}},{"id":"8a0e2cdc-71d7-4496-ac4c-cd0855be931e","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":79,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"165f3778-dd14-481e-b363-8ab5d8c25a98","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":79,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"27908ee5-a8a2-4c72-9438-b9cbac370fbc","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":79,"box":{"x":121,"y":500,"width":763,"height":13}},{"id":"ad2b8649-5359-4081-b0ef-3dced007c523","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":79,"box":{"x":121,"y":517,"width":763,"height":12}},{"id":"d94815de-f7a5-4d07-afe5-39fdfbeb2404","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":79,"box":{"x":121,"y":533,"width":763,"height":13}},{"id":"88d5ccf0-2754-43d9-bac6-eebc819a1f22","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":79,"box":{"x":121,"y":549,"width":763,"height":13}},{"id":"ddf14557-56b7-497b-a347-97cd53cd34f5","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":79,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"530e51b1-0a6f-406c-879c-9eb849a0df5e","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":79,"box":{"x":121,"y":582,"width":763,"height":13}},{"id":"f04ee616-4ffe-49ee-81ee-92bbe8b70e7f","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":79,"box":{"x":121,"y":599,"width":763,"height":12}},{"id":"98733a34-57fa-4ce7-b16e-f6ab82935efc","block_type":"box","text":"option.","page_number":79,"box":{"x":121,"y":615,"width":61,"height":13}},{"id":"d801354e-4be1-40cf-9779-b2548ce06687","block_type":"box","text":"A Sub-Fund may enter into these contracts to hedge against exchange risk. Suitable hedging","page_number":79,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"a1fb087c-aba8-468b-bd59-ba9c1a0cd5c9","block_type":"box","text":"transactions may not be available in all circumstances and there can be no assurance that the","page_number":79,"box":{"x":121,"y":664,"width":763,"height":13}},{"id":"9267332f-205c-40b2-b6d1-13a2accdc889","block_type":"box","text":"Sub-Fund will engage in such transactions at any given time or from time to time.","page_number":79,"box":{"x":121,"y":681,"width":665,"height":12}},{"id":"de504ede-29ea-45d1-8957-d80df1db6ec1","block_type":"box","text":"Operational Costs/Fees","page_number":79,"box":{"x":121,"y":713,"width":204,"height":13}},{"id":"325266d0-6aa5-407c-9827-4e24fc6313fc","block_type":"box","text":"Direct and indirect operational costs and/or fees arising from the use of techniques and","page_number":79,"box":{"x":121,"y":746,"width":763,"height":13}},{"id":"c107ac14-1ccf-416d-9790-8d3782f6c3d9","block_type":"box","text":"instruments for Efficient Portfolio Management purposes on behalf of a Sub-Fund may be","page_number":79,"box":{"x":121,"y":763,"width":763,"height":12}},{"id":"73f75ef1-6be3-4c4a-9932-f18626138fb3","block_type":"box","text":"deducted and the Manager will ensure that the balance of such revenue is delivered to the","page_number":79,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"642e1587-1c56-42a3-a1c2-63c3e88df5f3","block_type":"box","text":"relevant Sub-Fund. These costs and/or fees will be charged at normal commercial rates and","page_number":79,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"05675fbd-cd50-4d0b-986a-8e150433e71e","block_type":"box","text":"will not include hidden revenue.","page_number":79,"box":{"x":121,"y":812,"width":265,"height":10}},{"id":"f7f28b8e-1880-4cda-8859-05a746cf83a4","block_type":"box","text":"Where applicable, the entities to which such direct and indirect operational costs and/or fees","page_number":79,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"dccb6afa-d659-428a-9d0d-533e5e11c6e8","block_type":"box","text":"have been paid during the annual period to the relevant accounting year end of the Fund","page_number":79,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"2c62d99c-6257-4456-b10a-d63446bc193c","block_type":"box","text":"(including whether such entities are related to the Fund or Depositary) will be disclosed in the","page_number":79,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"3efcbac6-c36f-414e-8595-109f018a250f","block_type":"box","text":"annual report for such period.","page_number":79,"box":{"x":121,"y":894,"width":244,"height":12}},{"id":"f17ba487-1cac-426e-82cf-70b7b2487cd0","block_type":"box","text":"80","page_number":80,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"1f8c4976-c437-4456-9295-9040ee85b00b","block_type":"box","text":"Collateral Policy – Money Market Funds","page_number":80,"box":{"x":121,"y":105,"width":357,"height":13}},{"id":"27018cad-5e96-4a60-ad65-33f41161385d","block_type":"box","text":"1.","page_number":80,"box":{"x":122,"y":138,"width":13,"height":10}},{"id":"0a7af9a6-cc11-433a-8682-f0a22b9382d3","block_type":"box","text":"Repurchase Agreements","page_number":80,"box":{"x":181,"y":138,"width":215,"height":12}},{"id":"2a072aaa-0c7b-489a-bf55-1288c418f0b7","block_type":"box","text":"1.1.","page_number":80,"box":{"x":122,"y":189,"width":23,"height":8}},{"id":"f1b79638-64b6-4588-a246-36c3bfce930a","block_type":"box","text":"Where a Money Market Fund enters into a repurchase agreement, it shall be in","page_number":80,"box":{"x":181,"y":187,"width":639,"height":13}},{"id":"0105a581-7ea8-4914-b7b4-fc834c9aed5a","block_type":"box","text":"accordance with the following conditions:","page_number":80,"box":{"x":182,"y":203,"width":343,"height":13}},{"id":"52e0d0b7-5569-4c6e-ac34-c3e6c0bc69da","block_type":"box","text":"a)","page_number":80,"box":{"x":151,"y":236,"width":14,"height":12}},{"id":"1cc812ca-78ba-494c-a525-8efff07d7909","block_type":"box","text":"The repurchase agreement will be used on a temporary basis, for no more than 7","page_number":80,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"2337bb37-2df8-4dd2-af93-2a68f3d1519e","block_type":"box","text":"working days and shall only be used for liquidity management purposes and not for","page_number":80,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"22e44ca3-5738-432c-92c2-7c5c81155b5e","block_type":"box","text":"investment purposes other than as referred to in point (c);","page_number":80,"box":{"x":181,"y":269,"width":468,"height":13}},{"id":"84adf0c6-6a41-40ee-9441-c450cf7eea12","block_type":"box","text":"b)","page_number":80,"box":{"x":151,"y":302,"width":16,"height":12}},{"id":"d8e1d4d3-5391-4be3-8a35-1195a9001b3b","block_type":"box","text":"The counterparty receiving the assets transferred by the Money Market Fund as","page_number":80,"box":{"x":181,"y":302,"width":703,"height":12}},{"id":"d1235908-d05e-455e-aa70-39bda19ccfcf","block_type":"box","text":"collateral under the repurchase agreement shall be prohibited from selling, investing,","page_number":80,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"eb5b3496-9ea5-4bc3-9c0b-9a3279451333","block_type":"box","text":"pledging or otherwise transferring those assets without the prior consent of the Money","page_number":80,"box":{"x":181,"y":334,"width":703,"height":13}},{"id":"d4518a9b-43ac-4346-ab75-9cdb0e3b98a9","block_type":"box","text":"Market Fund;","page_number":80,"box":{"x":181,"y":351,"width":115,"height":12}},{"id":"739199e1-963b-4f15-b377-f3d794e1c26e","block_type":"box","text":"c)","page_number":80,"box":{"x":151,"y":384,"width":14,"height":12}},{"id":"36f7223c-4075-4f32-9380-6f8c82737e8a","block_type":"box","text":"The cash received by the Money Market Fund as part of the repurchase agreement must","page_number":80,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"5705790c-51d2-411a-9040-30de2e9ede06","block_type":"box","text":"be able to be:","page_number":80,"box":{"x":181,"y":400,"width":113,"height":10}},{"id":"77ec16e2-4734-4b26-a7dd-9225f20e423b","block_type":"box","text":"i.","page_number":80,"box":{"x":201,"y":433,"width":9,"height":10}},{"id":"ebed1407-b3f7-42cd-9e1e-cf3d21892dfd","block_type":"box","text":"placed on deposits in accordance with (f) of Article 50 of the UCITS V","page_number":80,"box":{"x":242,"y":433,"width":642,"height":13}},{"id":"3dc3c5b4-d6cc-4a8c-8d18-dff78aa8acea","block_type":"box","text":"Directive; or","page_number":80,"box":{"x":242,"y":449,"width":107,"height":12}},{"id":"39e84a8f-bdd1-4657-9ff8-57ef93dbbdab","block_type":"box","text":"ii.","page_number":80,"box":{"x":195,"y":465,"width":15,"height":10}},{"id":"3457f383-4a8a-40f6-b1ba-6909d2cc9f1d","block_type":"box","text":"invested in assets referred to Article 15 (6) of the Money Market Fund","page_number":80,"box":{"x":242,"y":465,"width":642,"height":13}},{"id":"29edd7c4-a1b2-4a48-8810-64c1bfc66fe0","block_type":"box","text":"Regulation, but shall not otherwise be invested in eligible assets as referred to","page_number":80,"box":{"x":242,"y":482,"width":642,"height":13}},{"id":"948919e5-976e-4c5c-b8be-b0d64bcf9b04","block_type":"box","text":"in Article 9 of the Money Market Fund Regulation, transferred or otherwise","page_number":80,"box":{"x":242,"y":498,"width":642,"height":13}},{"id":"3e9dc8bf-6992-46f8-a22b-7f743ffb9f5f","block_type":"box","text":"reused;","page_number":80,"box":{"x":242,"y":515,"width":63,"height":11}},{"id":"8641dd65-0340-4c71-837e-bc206742fa0e","block_type":"box","text":"d)","page_number":80,"box":{"x":151,"y":547,"width":16,"height":13}},{"id":"557eaded-fdeb-4cde-8cf7-31fe4b73533b","block_type":"box","text":"the cash received by the Money Market Fund as part of the repurchase agreement does","page_number":80,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"ed336d6f-a150-4c4f-ace2-0c30aa6b12d5","block_type":"box","text":"not exceed 10% of its assets;","page_number":80,"box":{"x":181,"y":564,"width":237,"height":12}},{"id":"39543e94-0400-411c-ad53-94379ac6b124","block_type":"box","text":"e)","page_number":80,"box":{"x":151,"y":597,"width":14,"height":12}},{"id":"8cfd51b6-17fb-4975-af2f-7a7e634e313f","block_type":"box","text":"the Money Market Fund has the right to terminate the agreement at any time upon","page_number":80,"box":{"x":181,"y":597,"width":703,"height":12}},{"id":"0dac5e22-85e1-4a52-93cd-0b0a38fc7e2f","block_type":"box","text":"giving prior notice of no more than 2 working days.","page_number":80,"box":{"x":182,"y":613,"width":422,"height":13}},{"id":"7ef42168-4335-4054-8cbc-eda2f31ae389","block_type":"box","text":"2.","page_number":80,"box":{"x":121,"y":646,"width":14,"height":10}},{"id":"89cf34b1-b4ff-4b47-94c9-a89df817025b","block_type":"box","text":"Reverse Repurchase Agreements","page_number":80,"box":{"x":181,"y":646,"width":288,"height":12}},{"id":"0f6a262b-9a38-4d9f-be49-7fafbb5bfb14","block_type":"box","text":"2.1.","page_number":80,"box":{"x":121,"y":680,"width":24,"height":8}},{"id":"86887d8b-834b-4eb5-a412-7a058015f67d","block_type":"box","text":"Where a Money Market Fund enters into a reverse repurchase agreement, it shall be in","page_number":80,"box":{"x":181,"y":679,"width":702,"height":12}},{"id":"7edca181-947c-4f4f-af2f-e2355539260d","block_type":"box","text":"accordance with the following conditions:","page_number":80,"box":{"x":182,"y":695,"width":343,"height":13}},{"id":"c6935a84-1bb9-4910-b333-c925c35d5552","block_type":"box","text":"a)","page_number":80,"box":{"x":151,"y":728,"width":14,"height":12}},{"id":"7da271be-cc87-43d2-99d9-d38f51609edb","block_type":"box","text":"the Money Market Fund has the right to terminate the agreement at any time upon","page_number":80,"box":{"x":181,"y":728,"width":703,"height":13}},{"id":"37dbe1a9-35b7-4a78-a4d2-0efa58e0119c","block_type":"box","text":"giving prior notice of no more than 2 working days;","page_number":80,"box":{"x":182,"y":744,"width":422,"height":13}},{"id":"e918a44f-1499-4a9b-a50a-1a6639ea2728","block_type":"box","text":"b)","page_number":80,"box":{"x":151,"y":777,"width":16,"height":12}},{"id":"68c908ab-4aae-4660-8ca5-4af3038ddf05","block_type":"box","text":"the market value of the assets received as part of the reverse repurchase agreement is at","page_number":80,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"c3d6d955-9b76-4de6-ae04-0f098eb292bb","block_type":"box","text":"all times at least equal to the value of the cash paid out.","page_number":80,"box":{"x":182,"y":793,"width":450,"height":13}},{"id":"e7cbd6a3-87d5-4062-b460-b027312aa7c8","block_type":"box","text":"2.2.","page_number":80,"box":{"x":121,"y":828,"width":24,"height":8}},{"id":"d702439a-3f4a-45f6-b1b2-3702f2beb253","block_type":"box","text":"The assets received by a Money Market Fund as part of a reverse repurchase","page_number":80,"box":{"x":181,"y":826,"width":623,"height":13}},{"id":"07d3ed7c-c682-4c41-a257-e5a10185066f","block_type":"box","text":"agreement shall not be sold, reinvested, pledged or otherwise transferred.","page_number":80,"box":{"x":182,"y":842,"width":594,"height":13}},{"id":"811e31bb-c3c0-4078-b9eb-4f422818c89a","block_type":"box","text":"2.3.","page_number":80,"box":{"x":121,"y":877,"width":24,"height":8}},{"id":"37d3ab4f-a9ad-4945-9f39-1b7460b60c5d","block_type":"box","text":"Securitisations (as defined in Article 4(1)(61) of Regulation EU 575/2013) and","page_number":80,"box":{"x":182,"y":875,"width":640,"height":13}},{"id":"d9f2c724-8185-49d1-a718-2c2a488d3f9e","block_type":"box","text":"ABCPs shall not be received by a Money Market Fund as part of a reverse repurchase","page_number":80,"box":{"x":181,"y":892,"width":697,"height":12}},{"id":"4f8d07fc-9c7f-4a4e-9d8e-e9bb795bf931","block_type":"box","text":"81","page_number":81,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"42d96467-6095-42dd-b3b1-2cdaabfe615b","block_type":"box","text":"agreement.","page_number":81,"box":{"x":182,"y":90,"width":93,"height":11}},{"id":"31a7f7e0-29a2-4911-b7d5-4f2bcb206891","block_type":"box","text":"2.4.","page_number":81,"box":{"x":121,"y":123,"width":24,"height":8}},{"id":"85e40534-ea3d-4c51-a368-b30a087821c0","block_type":"box","text":"The assets received by a Money Market Fund as part of a reverse repurchase","page_number":81,"box":{"x":181,"y":121,"width":623,"height":13}},{"id":"b40e1771-33da-4cbf-bfb0-0a73a0733d88","block_type":"box","text":"agreement shall be sufficiently diversified with a maximum exposure to a given issuer","page_number":81,"box":{"x":182,"y":138,"width":700,"height":13}},{"id":"cff312aa-d928-49b9-a2b2-d3ba4155e663","block_type":"box","text":"of 15% of the Money Market Fund's Net Asset Value, except where those assets take","page_number":81,"box":{"x":182,"y":154,"width":690,"height":13}},{"id":"7a749a38-24c3-4404-87d5-d91afb71e48d","block_type":"box","text":"the form of money market instruments that fulfil the requirements of Article 17(7) of","page_number":81,"box":{"x":181,"y":170,"width":689,"height":13}},{"id":"34b68e18-4cd3-4005-9e47-61566a8159bf","block_type":"box","text":"the Money Market Fund Regulation. In addition, the assets received by a Money","page_number":81,"box":{"x":181,"y":187,"width":655,"height":13}},{"id":"c941ae8d-7878-437d-9899-cf2e204a1784","block_type":"box","text":"Market Fund as part of a reverse repurchase agreement shall be issued by an entity","page_number":81,"box":{"x":181,"y":203,"width":671,"height":13}},{"id":"158945fa-18ba-47ec-a7a9-d9b8ca72dd46","block_type":"box","text":"that is independent from the counterparty and is expected not to display a high","page_number":81,"box":{"x":181,"y":220,"width":637,"height":12}},{"id":"af4ba15c-378d-43f6-a9a2-f3215f1bf9ca","block_type":"box","text":"correlation with the performance of the counterparty.","page_number":81,"box":{"x":181,"y":236,"width":433,"height":13}},{"id":"5e19c63b-db88-4a06-9408-222379fa8d36","block_type":"box","text":"2.5.","page_number":81,"box":{"x":121,"y":271,"width":24,"height":8}},{"id":"f0bda9a6-38e2-4878-9a2a-27d61b92bef2","block_type":"box","text":"Where a Money Market Fund enters into a reverse repurchase agreement it shall","page_number":81,"box":{"x":181,"y":269,"width":653,"height":13}},{"id":"02003717-1830-4059-a554-3279ad449143","block_type":"box","text":"ensure that it is able to recall the full amount of cash at any time on either an accrued","page_number":81,"box":{"x":181,"y":285,"width":690,"height":13}},{"id":"deba755d-bedf-4bf6-bec7-f499cf3b6f0b","block_type":"box","text":"basis or a mark-to-market basis. When cash is recallable at any time on a mark-to\u0002","page_number":81,"box":{"x":181,"y":302,"width":662,"height":12}},{"id":"a1e81d83-955f-47bf-8d7b-5630a4990f5a","block_type":"box","text":"market basis, the mark-to-market value of the reverse repurchase agreement shall be","page_number":81,"box":{"x":181,"y":318,"width":685,"height":13}},{"id":"66194704-299a-490b-bd3d-4ecc6bd3f615","block_type":"box","text":"used for calculation of the Net Asset Value of the Money Market Fund.","page_number":81,"box":{"x":181,"y":334,"width":581,"height":13}},{"id":"0bf4d286-7619-4cb5-b221-e30c777fc4b3","block_type":"box","text":"2.6.","page_number":81,"box":{"x":121,"y":369,"width":24,"height":8}},{"id":"905f4b92-8d93-480f-a9c4-4f0d869db3d8","block_type":"box","text":"By way of derogation from paragraph 2.2. above, a Money Market Fund may receive","page_number":81,"box":{"x":181,"y":367,"width":692,"height":13}},{"id":"679b4c3a-0798-4e3a-bb7d-6fac6dbf715e","block_type":"box","text":"as part of a reverse repurchase agreement, liquid transferable securities or money","page_number":81,"box":{"x":182,"y":384,"width":658,"height":12}},{"id":"dfa32b01-30c6-47a6-8c4e-e7b27178ebf0","block_type":"box","text":"market instruments other than those that fulfil the requirements set out in Article 10","page_number":81,"box":{"x":181,"y":400,"width":680,"height":13}},{"id":"defb0009-459e-4651-add5-994730d7f826","block_type":"box","text":"provided that those assets comply with one of the following conditions:","page_number":81,"box":{"x":181,"y":416,"width":582,"height":13}},{"id":"50d41d56-889f-4a24-91d2-5b5eb4641658","block_type":"box","text":"a)","page_number":81,"box":{"x":151,"y":449,"width":14,"height":12}},{"id":"253a21a6-9234-4aa9-be2d-dcd5991f7783","block_type":"box","text":"They are issued or guaranteed by the European Union, a central authority or central","page_number":81,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"1571d357-b6b9-46d9-a978-8ebdf7a178d6","block_type":"box","text":"bank of a Member State, the European Central Bank, the European Investment Bank,","page_number":81,"box":{"x":181,"y":465,"width":703,"height":13}},{"id":"09ef29f4-d0fe-485e-a5b8-db72d9eda1c6","block_type":"box","text":"the European Stability Mechanism or the European Financial Stability Facility provided","page_number":81,"box":{"x":181,"y":482,"width":703,"height":13}},{"id":"a79fb12a-8e19-4e39-b84f-ec6ff24bc736","block_type":"box","text":"that a favourable assessment has been received pursuant to Articles 19 to 22 of the","page_number":81,"box":{"x":181,"y":498,"width":703,"height":13}},{"id":"289feed4-42b5-4ecb-ac1e-541a613d027d","block_type":"box","text":"Money Market Fund Regulation.","page_number":81,"box":{"x":181,"y":515,"width":271,"height":12}},{"id":"58b53bc8-5a7a-44c3-a269-a0285f8c8e64","block_type":"box","text":"b)","page_number":81,"box":{"x":151,"y":547,"width":16,"height":13}},{"id":"c26d11bf-3059-4e1d-8146-8b774938a8c2","block_type":"box","text":"They are issued or guaranteed by a central authority or central bank of a third country,","page_number":81,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"5e26e62e-7b02-458f-aafd-77c9a950bd24","block_type":"box","text":"provided that a favourable assessment has been received pursuant to Article 19 to 22 of","page_number":81,"box":{"x":181,"y":564,"width":703,"height":13}},{"id":"244f8676-7917-4f9e-9d51-d06b72ddf2a3","block_type":"box","text":"the Money Market Fund Regulation.","page_number":81,"box":{"x":181,"y":580,"width":300,"height":13}},{"id":"a8d65b76-988e-45fe-83f9-111fc373c4d4","block_type":"box","text":"The assets received as part of the reverse repurchase agreement in accordance with the","page_number":81,"box":{"x":181,"y":613,"width":703,"height":13}},{"id":"cc859e7d-eebf-4645-be37-ceb9d9718f92","block_type":"box","text":"first subparagraph of this paragraph shall fulfil the requirements of Article 17(7) of the","page_number":81,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"d0957bb5-37dd-4e3a-8feb-4237794d6e5a","block_type":"box","text":"Money Market Fund Regulation.","page_number":81,"box":{"x":181,"y":646,"width":271,"height":13}},{"id":"d3dd883c-c095-4f5b-bb50-a9467a59052a","block_type":"box","text":"Collateral Policy – Non Money Market Funds","page_number":81,"box":{"x":121,"y":678,"width":398,"height":13}},{"id":"3940ebca-9fc5-4db9-a899-7420922953c5","block_type":"box","text":"1.","page_number":81,"box":{"x":122,"y":711,"width":13,"height":10}},{"id":"ccb103b5-573d-4c57-95a3-7d6a378ea878","block_type":"box","text":"Permitted Types of Collateral","page_number":81,"box":{"x":181,"y":711,"width":261,"height":13}},{"id":"cc05bafa-d0b2-4c0d-878e-f4fbe58ca83a","block_type":"box","text":"1.1.","page_number":81,"box":{"x":122,"y":746,"width":23,"height":8}},{"id":"98be56ea-6050-4f16-b303-edb99b90e02d","block_type":"box","text":"Non-Cash Collateral","page_number":81,"box":{"x":181,"y":744,"width":183,"height":10}},{"id":"085ccb5f-7890-462a-b79e-c4400aa6f0b3","block_type":"box","text":"1.1.1.","page_number":81,"box":{"x":183,"y":777,"width":42,"height":10}},{"id":"8be98bf6-5a40-4628-8e92-d91b1c2c1fe5","block_type":"box","text":"Liquidity","page_number":81,"box":{"x":242,"y":777,"width":80,"height":13}},{"id":"ae76da5f-aade-4486-938d-10b3c2ea949b","block_type":"box","text":": Non-cash collateral should be highly liquid and traded on a regulated","page_number":81,"box":{"x":324,"y":777,"width":560,"height":13}},{"id":"65a9678e-b2c2-4737-98c5-579a2f36040c","block_type":"box","text":"market or multilateral trading facility with transparent pricing in order that it","page_number":81,"box":{"x":242,"y":793,"width":642,"height":13}},{"id":"d01eb1d8-31e9-4e49-84d6-2b874829100c","block_type":"box","text":"can be sold quickly at a price that is close to pre-sale valuation. Collateral","page_number":81,"box":{"x":242,"y":810,"width":642,"height":12}},{"id":"86216ca1-2b7d-458a-8e1b-3a79fb381d56","block_type":"box","text":"received should also comply with the provisions of Regulation 74 of the UCITS","page_number":81,"box":{"x":242,"y":826,"width":642,"height":13}},{"id":"d899818d-c323-4e2f-986d-65c1c0bd482c","block_type":"box","text":"Regulations (sections 5.1-5.3 in the section entitled “Investment Restrictions,","page_number":81,"box":{"x":242,"y":842,"width":642,"height":13}},{"id":"d122aefe-3a0d-4765-bdae-dbab64edbd74","block_type":"box","text":"General Provisions” above);","page_number":81,"box":{"x":242,"y":859,"width":233,"height":12}},{"id":"0889f9fa-a9d8-42da-9ead-e4f89a14fdb4","block_type":"box","text":"1.1.2.","page_number":81,"box":{"x":183,"y":892,"width":42,"height":9}},{"id":"23aa09ff-596f-441d-9236-d6eed6aca61c","block_type":"box","text":"Valuation","page_number":81,"box":{"x":242,"y":892,"width":84,"height":10}},{"id":"f97fae00-145b-463d-bcd8-54e1cccbd6ea","block_type":"box","text":": Collateral should be valued on at least a daily basis and assets that","page_number":81,"box":{"x":328,"y":892,"width":556,"height":12}},{"id":"9fa3689a-f732-4f5a-8057-4f186fd2d1ed","block_type":"box","text":"82","page_number":82,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"11a81d89-5790-4f7e-8688-cb3891896254","block_type":"box","text":"exhibit high price volatility should not be accepted as collateral unless suitably","page_number":82,"box":{"x":242,"y":89,"width":642,"height":12}},{"id":"9ca0b3e9-f6a2-4878-9731-021702f56e0d","block_type":"box","text":"conservative haircuts are in place;","page_number":82,"box":{"x":242,"y":105,"width":279,"height":13}},{"id":"c15341ee-85d8-498e-ab36-e7ce50f66674","block_type":"box","text":"1.1.3.","page_number":82,"box":{"x":183,"y":138,"width":42,"height":10}},{"id":"9a4b6aee-1187-4aeb-93aa-ec1a2172d3ad","block_type":"box","text":"Issuer credit quality","page_number":82,"box":{"x":242,"y":138,"width":174,"height":12}},{"id":"3f2bd3fc-d351-479b-85ef-cb538e57f75f","block_type":"box","text":": Collateral received should be of high quality. The Fund","page_number":82,"box":{"x":418,"y":138,"width":466,"height":13}},{"id":"06581d18-b9f4-4ce9-9556-d308fd6c2eb9","block_type":"box","text":"shall ensure that:","page_number":82,"box":{"x":242,"y":154,"width":141,"height":10}},{"id":"0919e8d3-bd24-459c-bbc1-0ade20cc658b","block_type":"box","text":"(a) where the issuer was subject to a credit rating by an agency registered and","page_number":82,"box":{"x":242,"y":170,"width":642,"height":13}},{"id":"85a1a8a7-8b9a-454d-a28e-f50ac35eaee5","block_type":"box","text":"supervised by ESMA that rating shall be taken into account by the Fund in the","page_number":82,"box":{"x":242,"y":187,"width":642,"height":13}},{"id":"d68a7a8d-f752-4b12-ac8d-65395c4d9ff4","block_type":"box","text":"credit assessment process;","page_number":82,"box":{"x":242,"y":203,"width":216,"height":13}},{"id":"4fc3095c-a69b-4e91-bafb-43941ac43354","block_type":"box","text":"(b) where an issuer is downgraded below the two highest shot-term credit","page_number":82,"box":{"x":242,"y":236,"width":642,"height":13}},{"id":"e8cb18b4-58b0-4c91-9492-d6417a0ac366","block_type":"box","text":"ratings by the credit rating agency referred to in (i) this shall result in a new","page_number":82,"box":{"x":242,"y":252,"width":642,"height":13}},{"id":"5fe280a6-eeb7-451b-86ef-adf43f204dbb","block_type":"box","text":"credit assessment being conducted of the issuer by the Fund without delay","page_number":82,"box":{"x":242,"y":269,"width":603,"height":13}},{"id":"719fac6b-deaf-4e62-8aa2-04f1f912f64c","block_type":"box","text":"1.1.4.","page_number":82,"box":{"x":183,"y":302,"width":42,"height":9}},{"id":"bb43f701-e605-4140-9721-8d1e106efbaf","block_type":"box","text":"Correlation","page_number":82,"box":{"x":242,"y":301,"width":100,"height":11}},{"id":"aa4ce7da-1de0-4ebc-b631-dbbc36a8262a","block_type":"box","text":": Collateral received should be issued by an entity that is","page_number":82,"box":{"x":344,"y":302,"width":540,"height":12}},{"id":"6606a89e-c631-4b76-bd31-aa85f9dd5401","block_type":"box","text":"independent from the counterparty and is not expected to display a high","page_number":82,"box":{"x":242,"y":318,"width":642,"height":13}},{"id":"aed4b7dc-2b03-431c-b1b9-b28cc0bff49c","block_type":"box","text":"correlation with the performance of the counterparty;","page_number":82,"box":{"x":242,"y":334,"width":433,"height":13}},{"id":"883a8483-cafc-4b08-82d2-6114a2194845","block_type":"box","text":"1.1.6","page_number":82,"box":{"x":183,"y":367,"width":38,"height":10}},{"id":"21f1bb1b-09ed-48ee-a12e-7197b0c22d9d","block_type":"box","text":"Diversification (asset concentration)","page_number":82,"box":{"x":221,"y":367,"width":335,"height":12}},{"id":"a4a8ef71-13b5-41c6-946e-ae1cf31af22d","block_type":"box","text":":","page_number":82,"box":{"x":558,"y":370,"width":9,"height":7}},{"id":"274edc60-e7fb-448d-be04-99d89b7d6ddf","block_type":"box","text":"(a) Subject to (b) below collateral should be sufficiently diversified in terms of","page_number":82,"box":{"x":242,"y":400,"width":642,"height":13}},{"id":"515c24d3-e8ae-4691-8534-2077da118c0e","block_type":"box","text":"country, markets and issuers with a maximum exposure to a given issuer of 20%","page_number":82,"box":{"x":242,"y":416,"width":642,"height":13}},{"id":"08807c70-a5a2-4cdc-9e8f-7de8cd4a4e81","block_type":"box","text":"of the Net Asset Value of the relevant Sub-Fund. When a Sub-Fund is exposed","page_number":82,"box":{"x":242,"y":433,"width":642,"height":13}},{"id":"ac911eef-b680-468f-9c04-8aa072a993e7","block_type":"box","text":"to different counterparties, the different baskets of collateral should be","page_number":82,"box":{"x":242,"y":449,"width":642,"height":13}},{"id":"94a735e8-6b50-47fd-8934-78979b546956","block_type":"box","text":"aggregated to calculate the 20% limit of exposure to a single issuer;","page_number":82,"box":{"x":242,"y":465,"width":550,"height":13}},{"id":"372e67b3-6015-4f16-b9bc-4c64d913fed8","block_type":"box","text":"(b) A Sub-Fund may be fully collateralised in different transferable securities","page_number":82,"box":{"x":242,"y":498,"width":642,"height":13}},{"id":"b5fc72fd-43b7-4e7b-a06e-8355bbb14d70","block_type":"box","text":"and money market instruments issued or guaranteed by a Member State, one or","page_number":82,"box":{"x":242,"y":515,"width":642,"height":12}},{"id":"f1823704-0e21-4795-a0c7-b9777552c92e","block_type":"box","text":"more of its local authorities, a third country, or a public international body to","page_number":82,"box":{"x":242,"y":531,"width":642,"height":13}},{"id":"7f00dacb-83c2-4650-a8c5-359bae0adc2a","block_type":"box","text":"which one or more Member States belong. Such a Sub-Fund should receive","page_number":82,"box":{"x":242,"y":547,"width":642,"height":13}},{"id":"2620609c-51f6-43f6-b13e-c8de1c18a444","block_type":"box","text":"securities from at least 6 different issues, but securities from any single issue","page_number":82,"box":{"x":242,"y":564,"width":642,"height":13}},{"id":"609314ac-14ff-4603-9436-508d913c6685","block_type":"box","text":"should not account for more than 30% of a Sub-Fund's Net Value.","page_number":82,"box":{"x":242,"y":580,"width":538,"height":10}},{"id":"441d734a-0b81-4f12-9608-c52458854517","block_type":"box","text":"1.1.7","page_number":82,"box":{"x":183,"y":613,"width":37,"height":10}},{"id":"20fd1edf-add7-42e0-9c46-61d142b8e816","block_type":"box","text":"Immediately available","page_number":82,"box":{"x":221,"y":613,"width":213,"height":13}},{"id":"d7130836-31b3-4108-89ab-0d048a5b03cc","block_type":"box","text":": Collateral received should be capable of being fully","page_number":82,"box":{"x":436,"y":613,"width":448,"height":13}},{"id":"585a04ff-49a1-4193-915b-6d37491048a5","block_type":"box","text":"enforced by the Fund at any time without reference to or approval from the","page_number":82,"box":{"x":242,"y":629,"width":642,"height":13}},{"id":"daef122f-741c-4d7c-ba6b-faf6ab3a6799","block_type":"box","text":"relevant counterparty; and","page_number":82,"box":{"x":242,"y":646,"width":216,"height":13}},{"id":"26dac2e9-0ca4-46f4-b7e3-15ea3bdb3396","block_type":"box","text":"1.1.8 Non-cash collateral received cannot be sold, pledged or reinvested by the Fund.","page_number":82,"box":{"x":183,"y":679,"width":701,"height":12}},{"id":"6b788ed5-01c9-496a-842a-bce3f4ca609e","block_type":"box","text":"1.2.","page_number":82,"box":{"x":122,"y":713,"width":23,"height":8}},{"id":"46de8a53-6fd4-4bcc-b2bd-1c638519f81b","block_type":"box","text":"Cash collateral","page_number":82,"box":{"x":182,"y":711,"width":133,"height":10}},{"id":"0bf5b6b0-3f78-4392-8e59-187455f10de2","block_type":"box","text":"1.2.1 Reinvestment of cash collateral must be in accordance with the following requirements:","page_number":82,"box":{"x":123,"y":744,"width":761,"height":13}},{"id":"73a3d844-31c7-4a48-8c59-6ac2c19e7d20","block_type":"box","text":"1.2.2 cash received as collateral may only be invested in the following:","page_number":82,"box":{"x":123,"y":777,"width":591,"height":13}},{"id":"7274462e-5354-47ce-b1f0-00e6e346822f","block_type":"box","text":"(a) deposits with a credit institution authorised in the European Economic Area (EEA)","page_number":82,"box":{"x":182,"y":810,"width":702,"height":12}},{"id":"5ead6c4d-af39-4ec4-b220-834108f8a194","block_type":"box","text":"(EU Member States, Norway, Iceland, Liechtenstein), a credit institution authorised","page_number":82,"box":{"x":182,"y":826,"width":702,"height":13}},{"id":"88cf3267-b518-411d-9717-71e63b1dc1b2","block_type":"box","text":"within a signatory state, other than an EU Member State or a Member State of EEA, to","page_number":82,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"33ca0eb6-2997-4cd4-ac10-a9a1db54f3e6","block_type":"box","text":"the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan,","page_number":82,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"f437d6c4-9106-4d3b-a5c8-2180d0954853","block_type":"box","text":"United States, UK) or a credit institution authorised in Jersey, Guernsey, the Isle of","page_number":82,"box":{"x":181,"y":875,"width":703,"height":13}},{"id":"2b1d3b03-1cfa-4a57-89b9-bb51fa9e30d2","block_type":"box","text":"Man, Australia or New Zealand (the","page_number":82,"box":{"x":181,"y":892,"width":297,"height":12}},{"id":"5757cc87-2289-40f5-bb62-3bf13958e0c8","block_type":"box","text":"Relevant Institutions","page_number":82,"box":{"x":479,"y":892,"width":179,"height":10}},{"id":"7691b1e8-995e-403c-9f8b-22b2f28b1d1f","block_type":"box","text":");","page_number":82,"box":{"x":659,"y":892,"width":16,"height":12}},{"id":"a21575df-78f4-485e-b9ab-e4e103cc2722","block_type":"box","text":"83","page_number":83,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"0c164a04-8761-4faa-8168-3284e8953953","block_type":"box","text":"(b) high quality government bonds;","page_number":83,"box":{"x":182,"y":105,"width":290,"height":13}},{"id":"80d1ebbf-ddfe-4b9f-90d9-d2dcfad77ece","block_type":"box","text":"(c) reverse repurchase agreements provided the transactions are with credit institutions","page_number":83,"box":{"x":182,"y":138,"width":702,"height":13}},{"id":"c609f413-35c9-473b-9e57-0e80c7233208","block_type":"box","text":"subject to prudential supervision and the Fund is able to recall at any time the full","page_number":83,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"ab552e2b-252a-4c3a-a638-bca4582836e3","block_type":"box","text":"amount of cash on an accrued basis;","page_number":83,"box":{"x":182,"y":170,"width":295,"height":12}},{"id":"d62988bf-9434-4a36-a779-958879c9a7e7","block_type":"box","text":"(d)short-term money market funds as defined in the ESMA Guidelines on a Common","page_number":83,"box":{"x":182,"y":203,"width":702,"height":13}},{"id":"3ac1b544-ae52-408f-9d6e-a18b63f2b478","block_type":"box","text":"Definition of European Money Market Funds (ref CESR/10-049);","page_number":83,"box":{"x":181,"y":220,"width":537,"height":12}},{"id":"4d1848aa-0ae8-4ab1-ab53-8a8416050543","block_type":"box","text":"1.2.3 invested cash collateral must be diversified in accordance with the requirements in","page_number":83,"box":{"x":123,"y":252,"width":761,"height":13}},{"id":"062a40ba-b19e-4df6-b359-86b67f169f7c","block_type":"box","text":"section (A) 1.1.5 above;","page_number":83,"box":{"x":182,"y":269,"width":198,"height":12}},{"id":"e6e1b8c3-e4e9-4be7-b43a-744ddf34d23f","block_type":"box","text":"1.2.4 invested cash collateral may not be placed on deposit with the counterparty or a related","page_number":83,"box":{"x":123,"y":302,"width":761,"height":12}},{"id":"ee445088-d0c7-4cca-b30a-d67c4551ad3f","block_type":"box","text":"entity.","page_number":83,"box":{"x":181,"y":318,"width":56,"height":13}},{"id":"efb511df-0fc6-4b56-b037-a1d04a5189c5","block_type":"box","text":"2.","page_number":83,"box":{"x":121,"y":351,"width":14,"height":10}},{"id":"8f25ecc3-68d1-48c8-94b3-e4b0ce1eb9be","block_type":"box","text":"Level of collateral required","page_number":83,"box":{"x":181,"y":351,"width":239,"height":12}},{"id":"b660a999-4b45-43f8-ab4c-c4fcce547561","block_type":"box","text":"Unless otherwise specified in respect of a Sub-Fund in Part 1 of this Prospectus, the","page_number":83,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"175b14dd-2a3c-48b5-afb4-c7b208e7492a","block_type":"box","text":"levels of collateral required are as follows:","page_number":83,"box":{"x":181,"y":400,"width":349,"height":13}},{"id":"245e3083-bffe-47e1-8852-795de71fb4a4","block_type":"box","text":"Repurchase agreements","page_number":83,"box":{"x":190,"y":433,"width":216,"height":13}},{"id":"01a86b49-e3fd-4424-a936-345c65ec98e7","block_type":"box","text":"at least 100% of the exposure to 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The Investment","page_number":84,"box":{"x":121,"y":712,"width":763,"height":13}},{"id":"df49481c-1a8f-4c21-920a-53e1e6dcb509","block_type":"box","text":"Manager will only select counterparties that are in a position to value transactions at least daily","page_number":84,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"3a3abb2e-3cba-438f-a73f-6120f54a2b71","block_type":"box","text":"and to provide weekly valuations to the Investment Manager. The Sub-Funds may adopt","page_number":84,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"28e09a44-dabd-47c8-a254-9eaf7c15ef55","block_type":"box","text":"collateral arrangements as described under the Collateral Policy section above in order to","page_number":84,"box":{"x":121,"y":762,"width":763,"height":12}},{"id":"a9f48de2-cf49-4cb4-b8f5-ac3b500499b8","block_type":"box","text":"reduce exposure to any counterparties to Securities Financing Transactions. Cash will be","page_number":84,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"a1725f9c-9519-4627-a41f-1eed3e7f68f8","block_type":"box","text":"valued at par value, other securities will be valued on a mark-to-market basis. Assets and","page_number":84,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"9f70784e-e4c2-426e-aaf5-1f7a2f395f09","block_type":"box","text":"collateral subject to Securities Financing Transactions will be held by the Depositary on behalf","page_number":84,"box":{"x":121,"y":811,"width":763,"height":13}},{"id":"443d4ace-c7ce-4f0b-ae8f-e27d89e980ea","block_type":"box","text":"of the relevant Sub-Fund. The re-use of collateral is not permitted by the Sub-Funds. All","page_number":84,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"bf309bec-8b76-4243-a503-dca438b0791d","block_type":"box","text":"proceeds of Securities Financing Transactions shall be allocated to the relevant Sub-Fund","page_number":84,"box":{"x":121,"y":844,"width":763,"height":12}},{"id":"a119f7e4-14c0-4f9d-89f2-dd468593ed10","block_type":"box","text":"minus any reasonable costs borne by the Investment Manager, or fees and costs of third party","page_number":84,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"9675c882-94cb-4d81-bda5-f4f6fd5b3508","block_type":"box","text":"agents which are not related to the Investment Manager, which shall be at normal commercial","page_number":84,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"fa5029f5-c180-4e34-a7e9-d19d1c502ad6","block_type":"box","text":"rates.","page_number":84,"box":{"x":121,"y":894,"width":48,"height":9}},{"id":"e59f4fe9-c555-47a3-b6ff-e02dee2b5a3d","block_type":"box","text":"85","page_number":85,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"15f39038-fa99-45c3-bf5f-933b3353a32a","block_type":"box","text":"Borrowing and Lending Powers","page_number":85,"box":{"x":121,"y":105,"width":279,"height":13}},{"id":"4bae0bc6-7409-44bd-8208-a82215ce89e2","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":85,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"6b28dfa7-6392-43d4-b14b-ebc88aaff672","block_type":"box","text":"provided this borrowing is on a temporary basis for the purpose of meeting redemption requests","page_number":85,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"67f88953-94dd-45ca-ac5a-eeb233a40a7e","block_type":"box","text":"or defraying operational expenses. The Depositary may give a charge over the assets of the","page_number":85,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"bd0e1708-1225-419d-902c-6f93b1f8bcbc","block_type":"box","text":"Fund in order to secure borrowings. Credit balances (e.g. cash) may not be offset against","page_number":85,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6301faff-84c9-4bd4-9b87-11c1b2d72b47","block_type":"box","text":"borrowings when determining the percentage of borrowings outstanding. Without prejudice to","page_number":85,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"e6d0e024-89e9-441d-8b2f-fe7a5fe35b0f","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":85,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"117de763-29d3-4a00-a3c5-b9e29b474095","block_type":"box","text":"guarantor on behalf of, third parties. A Sub-Fund may acquire debt securities and securities","page_number":85,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"e534a067-37bd-4f96-8d84-236cd1a40f71","block_type":"box","text":"which are not fully paid.","page_number":85,"box":{"x":121,"y":252,"width":202,"height":13}},{"id":"d6323d79-ae90-41c6-a54c-8f6b074295cd","block_type":"box","text":"A Sub-Fund may acquire foreign currency by means of a back-to-back loan agreement.","page_number":85,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"b9122bd6-493a-4ce7-8529-64c8d587814e","block_type":"box","text":"Foreign currency obtained in this manner is not classed as borrowings for the purposes of the","page_number":85,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1a91d388-4d1d-4c8c-bdab-9175497033a5","block_type":"box","text":"borrowing restriction provided that the offsetting deposit is denominated in the Base Currency","page_number":85,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"51320148-9c6e-4d88-856a-6701a05f827b","block_type":"box","text":"of the Sub-Fund and equals or exceeds the value of the foreign currency loan outstanding.","page_number":85,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"a4970d04-96ff-41a5-afe7-52bb5adc30cf","block_type":"box","text":"However, where foreign currency borrowings exceed the value of the back-to-back deposit, the","page_number":85,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"18376a3f-0374-4f1e-a5e5-4298705232f8","block_type":"box","text":"Manager will ensure that any excess is regarded as borrowing for the purpose of this restriction.","page_number":85,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"a134199f-9ba3-4020-9808-343b68cbf39a","block_type":"box","text":"Dividend Policy","page_number":85,"box":{"x":121,"y":400,"width":141,"height":13}},{"id":"a86b990c-58d7-4cd5-93ea-da89e7fc15c4","block_type":"box","text":"The Directors decide the dividend policy and arrangements relating to each Sub-Fund and","page_number":85,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"bc4073e4-4b9d-417a-ab4b-e977192ea8ba","block_type":"box","text":"details are set out where applicable in the relevant section of Part 1 for the relevant Sub-Fund.","page_number":85,"box":{"x":121,"y":449,"width":762,"height":13}},{"id":"46436ed1-906e-4347-93d4-786c8624c1c6","block_type":"box","text":"The Directors intend to operate a distribution policy designed to enable certain Sub-Funds to","page_number":85,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"30b5b8d9-9be5-460e-aa78-2f31f88e93a1","block_type":"box","text":"qualify as distributing funds for the purposes of United Kingdom taxation. In relation to these","page_number":85,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"70743884-a2f8-4344-aed7-30af01569f40","block_type":"box","text":"Sub-Funds, the Directors intend to distribute sufficient surplus net income to enable the","page_number":85,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c9e37a50-2df6-4c68-b533-da7166efd23c","block_type":"box","text":"relevant Sub-Fund to qualify as a distributing fund for the purposes of United Kingdom taxation","page_number":85,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"8119d360-76b2-41b7-aed3-ceec618f33a5","block_type":"box","text":"as outlined in Part 1.","page_number":85,"box":{"x":121,"y":547,"width":171,"height":10}},{"id":"bd365858-c737-4fd1-9b35-0ea2229bb70d","block_type":"box","text":"Under the Articles, the Directors are entitled to declare dividends as appear to the Directors to","page_number":85,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"deb622ba-adf1-4cae-90ee-538502a563e2","block_type":"box","text":"be justified out of the profits of the relevant Sub-Fund being: (i) the accumulated revenue","page_number":85,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"937ca4cc-e046-42b8-87ee-c15c81d015bc","block_type":"box","text":"(consisting of all revenue accrued including interest and dividends) less charges and expenses","page_number":85,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"7c7cd224-9ba8-47ca-bcd2-bbcf0e81ad5c","block_type":"box","text":"and/or (ii) realised and unrealised capital gains on the disposal/ valuation of investments and","page_number":85,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"82024105-3b5f-4002-becf-bc8287e94e01","block_type":"box","text":"other funds less realised and unrealised accumulated capital losses of the relevant Sub-Fund.","page_number":85,"box":{"x":121,"y":646,"width":751,"height":13}},{"id":"15c0b7db-a73b-4b14-8f8e-76af5dd191a3","block_type":"box","text":"Where the Directors consider the following action to be in the best interest of Shareholders, the","page_number":85,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"416cd1f8-01a7-4d14-91cc-95251304907e","block_type":"box","text":"Directors may temporarily or permanently alter the distribution policy of a class of distributing","page_number":85,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"667c1574-351e-4da4-ae98-076846f45eac","block_type":"box","text":"Shares to reflect that of accumulating Shares and, where the alteration is temporary, may revert","page_number":85,"box":{"x":121,"y":712,"width":763,"height":13}},{"id":"68c7a8b9-092e-4cdf-8637-73561ddcbcad","block_type":"box","text":"back to the original distribution policy of the relevant class of distributing Shares where the","page_number":85,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"3f099c59-f4c4-4164-84a7-7790a38c30d4","block_type":"box","text":"Directors deem it appropriate to do so having regard to market conditions.","page_number":85,"box":{"x":121,"y":745,"width":603,"height":13}},{"id":"ffb648f0-ee62-4eba-bd80-7738df4539f1","block_type":"box","text":"In the event that the Directors determine to change the dividend policy for a class of Shares on","page_number":85,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"3aa45bb9-eefd-4ef2-b2af-8bb81490f12d","block_type":"box","text":"a permanent basis (to accumulating/distributing as appropriate), full details will be provided in","page_number":85,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"2e493b83-836a-4c91-a187-26919cea418b","block_type":"box","text":"an updated Prospectus and all relevant Shareholders will be notified in advance.","page_number":85,"box":{"x":121,"y":811,"width":650,"height":13}},{"id":"ee30fa95-55d5-4387-b333-68e2b5e6f47d","block_type":"box","text":"The Directors will be obliged and entitled to deduct an amount in respect of Irish taxation from","page_number":85,"box":{"x":121,"y":844,"width":763,"height":12}},{"id":"bf6d9dad-31e2-4583-88c5-7570adec809e","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":85,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"a56405b4-f06f-4931-a0fb-c57f5b668f22","block_type":"box","text":"Irish Person and pay such sum to the Irish tax authorities. Dividends not claimed within six","page_number":85,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"edb356d7-28b6-43cc-8b53-1f587d8f8245","block_type":"box","text":"years from their due date will lapse and revert to the relevant Sub-Fund.","page_number":85,"box":{"x":121,"y":893,"width":585,"height":13}},{"id":"a40f0ff6-ff0c-4934-8154-cf171652bf43","block_type":"box","text":"86","page_number":86,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"0dec019b-f0bf-4630-95d8-69b7c69b8fef","block_type":"box","text":"Liquidity Management Procedures – LVNAV Sub-Funds","page_number":86,"box":{"x":121,"y":105,"width":497,"height":13}},{"id":"91959274-5059-483d-86b0-249767afa6bf","block_type":"box","text":"The Manager applies the following liquidity management procedures for each LVNAV Sub\u0002","page_number":86,"box":{"x":121,"y":138,"width":757,"height":13}},{"id":"27e52f9e-2b83-4888-bee2-0eefe3336e5f","block_type":"box","text":"Fund in order to ensure that there is sufficient liquidity available in those Sub-Funds to meet","page_number":86,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"874fe5c3-b506-42ec-b444-835b93922310","block_type":"box","text":"the weekly liquidity thresholds applicable in accordance with the Money Market Fund","page_number":86,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"d01db866-d10e-4e47-990b-9ce5e9aef9f2","block_type":"box","text":"Regulation.","page_number":86,"box":{"x":121,"y":187,"width":98,"height":13}},{"id":"3167fe80-c42f-4928-8164-48beddbe3f0d","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":86,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"5c4bfc79-add7-46e1-b92d-934e645fe775","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":86,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"0e747f18-70a3-40dd-a94a-d128afec8cc0","block_type":"box","text":"Dealing Day exceed 10% of the total assets of that Sub-Fund, the Investment Manager shall","page_number":86,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"017ee730-a036-4d2a-96be-81838c03cee2","block_type":"box","text":"immediately inform the board of directors of the Manager. A documented assessment shall be","page_number":86,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"30fe9386-ee4d-4e3a-9f07-37c9b76989a1","block_type":"box","text":"completed of the situation to determine the appropriate course of action having regard to the","page_number":86,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"d948bf04-4202-4ae2-9877-80df18e5dc4c","block_type":"box","text":"interests of Shareholders of the relevant Sub-Fund together with the supporting rationale for","page_number":86,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"df9ec655-ee86-430c-b6e0-b39220efa128","block_type":"box","text":"that course of action. Following this assessment, the Manger, in conjunction with the","page_number":86,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"b6eeddd0-aa27-4670-b83a-47deded8dd85","block_type":"box","text":"Investment Manager shall consider, and if appropriate apply, one or more of the measures","page_number":86,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"a5adb8af-448d-4e77-8339-1b99a5fb33df","block_type":"box","text":"described below:","page_number":86,"box":{"x":121,"y":351,"width":142,"height":10}},{"id":"acf1d562-645f-4a9f-990c-471516c82a0c","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":86,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9f012ce9-90d6-4bfd-bcf5-1f91b15fca2b","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":86,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"b823ec0d-6698-42e2-aa47-e9ccba3cbd69","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":86,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"6516227d-14fc-4625-b7b7-2450d08ca72f","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":86,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"e08d75a1-80ab-4aa7-8b0a-88b9d63b3f15","block_type":"box","text":"the weekly liquidity is exceeded;","page_number":86,"box":{"x":181,"y":449,"width":270,"height":13}},{"id":"7557796f-deaa-4884-b881-d5863b1492b6","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":86,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"11edcb22-2bb8-4901-a4b5-b1a6e3a39ec7","block_type":"box","text":"maximum of 10 % of the Shares in the Sub-Fund for any period up to 15 Business Days;","page_number":86,"box":{"x":181,"y":498,"width":703,"height":13}},{"id":"d37f7e44-a5d6-4fe8-8b3e-e5f5475b1a82","block_type":"box","text":"(c) suspend redemptions for any period up to 15 Business Days; or","page_number":86,"box":{"x":121,"y":531,"width":576,"height":13}},{"id":"1f85e012-0f98-4270-b5b1-d9763523a5f4","block_type":"box","text":"(d) take no immediate action other than fulfilling the obligations laid down in Money","page_number":86,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6be01a8d-32eb-4199-b20d-07afbe3b21fc","block_type":"box","text":"Market Fund Regulation.","page_number":86,"box":{"x":181,"y":580,"width":208,"height":13}},{"id":"567c7cae-7721-428c-b86e-51e926cfc612","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":86,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f0401bd2-e9e5-4800-abcf-49fc6366ffa0","block_type":"box","text":"below 10% of the total assets of that Sub-Fund, the Investment Manager shall immediately","page_number":86,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"c6e6b679-2ad4-460f-bc54-618c248c3bac","block_type":"box","text":"inform the board of directors of the Manager. A documented assessment shall be completed","page_number":86,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"65e0c254-6d7f-4997-bfb0-1debbe5efe03","block_type":"box","text":"of the situation to determine the appropriate course of action having regard to the interests of","page_number":86,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8d169c29-2b6f-43ce-85c8-4bb23a795151","block_type":"box","text":"Shareholders of the relevant Sub-Fund together with the supporting rationale for that course of","page_number":86,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"1380b40e-fbd0-431e-8f35-03cc76a554d5","block_type":"box","text":"action. Following this assessment, the Manger, in conjunction with the Investment Manager","page_number":86,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"5e52608a-52ba-4b08-873b-efc3ec557038","block_type":"box","text":"shall consider, and apply one or more of the measures described below and document the","page_number":86,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"9f860ff8-c420-47b9-9b41-711f5d5e2f25","block_type":"box","text":"reasons for its choice:","page_number":86,"box":{"x":121,"y":728,"width":181,"height":10}},{"id":"d9d587c2-322d-4f21-b358-0dcbdc66301e","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":86,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"6a46450d-b3d4-4bbd-a949-13e169a5f4f5","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":86,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"a3629876-6f73-453d-9fff-dd4a64216a24","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":86,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"ed111349-b329-47c6-b311-29ac9a4c9d96","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":86,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"8d3f9691-7e8c-435a-8b9f-161245bfe3f2","block_type":"box","text":"the weekly liquidity is exceeded; or","page_number":86,"box":{"x":181,"y":826,"width":292,"height":13}},{"id":"03462211-61d8-4bcb-ac7a-560947802b32","block_type":"box","text":"(b) suspend redemptions for any period up to 15 Business Days.","page_number":86,"box":{"x":121,"y":859,"width":553,"height":13}},{"id":"6cd9ac17-d76a-46d4-a40d-f64fcd4a3712","block_type":"box","text":"Internal Credit Quality Assessment Procedures – Money Market Funds","page_number":86,"box":{"x":121,"y":892,"width":620,"height":12}},{"id":"1b503367-0cf6-4b87-b91f-6f422a9b4062","block_type":"box","text":"87","page_number":87,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"a4992493-eb7f-47ce-a842-e388261ec7d5","block_type":"box","text":"Internal Credit Quality Assessment Procedures","page_number":87,"box":{"x":121,"y":105,"width":383,"height":13}},{"id":"c610f5b0-47fb-4064-9a6c-55ba05c95cd8","block_type":"box","text":"The Investment Manager's analysts monitor holdings by reading regulatory filings, financial","page_number":87,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d178f0ce-9d2f-47c9-87ed-3c3c0dc5469d","block_type":"box","text":"report and accounts, monitoring relevant security and industry news and events (through, for","page_number":87,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"048edf43-0380-4dc2-b4b0-d5079befc64e","block_type":"box","text":"example, Bloomberg (or equivalent) and street (market) research), maintaining robust financial","page_number":87,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"646313b5-f38d-430b-abf9-6dbf7f6d4f4d","block_type":"box","text":"models, and keeping dialogue with management teams (earnings conference calls, phone calls,","page_number":87,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"07e2eae6-8a7b-459b-8c6b-9871eab6ee87","block_type":"box","text":"on-site visits, etc.) to continuously monitor portfolio holdings. This helps the Investment","page_number":87,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ea5cb68d-c478-481f-aa44-d599d442f1c0","block_type":"box","text":"Manager stay dynamic with its investment recommendations and helps ensure the relevant Sub\u0002","page_number":87,"box":{"x":121,"y":220,"width":757,"height":12}},{"id":"af16ded3-20dd-426c-acec-d57a6228c189","block_type":"box","text":"Funds' portfolios incorporate the securities with the optimal risk/return profile.","page_number":87,"box":{"x":121,"y":236,"width":639,"height":13}},{"id":"c2ab575f-1e32-41e0-ad94-6feac967447b","block_type":"box","text":"Internal rating","page_number":87,"box":{"x":120,"y":269,"width":125,"height":12}},{"id":"d88d0881-15b8-485d-89e6-f07ed59e7a9e","block_type":"box","text":"The internal rating conveys probability of default and loss given default over a two year","page_number":87,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"551642bd-473e-404a-a487-547975446dc0","block_type":"box","text":"horizon. To establish this rating, analysts conduct a detailed review of the company, including","page_number":87,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"dcbb0e1f-88f2-4d2f-8d9b-5db11028d902","block_type":"box","text":"understanding key risks in the company’s business model, financials and financial policies, and","page_number":87,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"c735c508-ca09-4ed5-9b6e-f36701a48b2c","block_type":"box","text":"ESG factors (as described below). The credit fundamental review process can be broadly","page_number":87,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"0f980ba0-4fce-40ac-84f8-612ee84bcf17","block_type":"box","text":"separated into assessing the business risks inherent in the company’s operating model and the","page_number":87,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"7560b9e4-08e3-4e37-b409-4564a61b76a6","block_type":"box","text":"resultant financial risks. The Investment Manager does not rely on external credit ratings, and","page_number":87,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"d168fd97-e21a-4ed6-9131-aa382aa3a6e6","block_type":"box","text":"therefore undertakes internal rating assignments to act as an independent assessment of an","page_number":87,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"d1318a5b-d047-43c3-8ddb-fee6517aadb8","block_type":"box","text":"issuer’s credit quality.","page_number":87,"box":{"x":121,"y":416,"width":183,"height":13}},{"id":"fa6ce043-344d-407e-9922-d71201d3fc80","block_type":"box","text":"The review of financials is driven by detailed analysis of published statements and discussions","page_number":87,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"ca021292-dc9e-4439-b16f-517fb8333c00","block_type":"box","text":"with management with respect to financial policies, recent performance indicators and future","page_number":87,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"55d99c2a-3732-4848-b64a-accfbe8f913a","block_type":"box","text":"performance outlook. Specific factors will vary across industries but will likely involve a mix","page_number":87,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"fe3c331e-8649-432d-813d-bb82e6612e59","block_type":"box","text":"of solvency/leverage measures, size and profitability measures, among other factors. Both cash","page_number":87,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"2612bb8a-2925-4bb7-93ee-40ced6ea3066","block_type":"box","text":"flow and balance sheet risks are evaluated and important.","page_number":87,"box":{"x":121,"y":515,"width":466,"height":12}},{"id":"0cc106a0-457d-4bf0-872b-e870be160bc5","block_type":"box","text":"It is important to note that while the internal rating captures an assessment of borrower","page_number":87,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"fa0ca0f9-b17a-49e5-ac84-d1cbbefba0b7","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":87,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"9136bdd7-82a7-44e0-99a1-403a781d6648","block_type":"box","text":"include their best estimate of where the fundamentals are heading over the time horizon, given","page_number":87,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"f3295c35-a785-478c-8ca4-6ceac822f8f8","block_type":"box","text":"all available information. The internal rating captures where the analyst sees the issuer heading","page_number":87,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"726405d9-a5c5-41af-ab45-09c7f2125f98","block_type":"box","text":"in the long-term.","page_number":87,"box":{"x":121,"y":613,"width":139,"height":13}},{"id":"645fb3e4-1096-4bc8-9990-20e2e0a448d8","block_type":"box","text":"The internal rating is expressed on a scale comparable to those used in the rating agencies, with","page_number":87,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"83351335-f66d-47d2-b6a3-c7cf744619b9","block_type":"box","text":"iAAA being the highest, and iC- the lowest.","page_number":87,"box":{"x":121,"y":662,"width":359,"height":13}},{"id":"c32cf169-5289-4c7b-a190-af86ecfddbcd","block_type":"box","text":"Fundamental (“F” score)","page_number":87,"box":{"x":121,"y":695,"width":214,"height":12}},{"id":"3401ab2c-8905-456b-8baf-ce99b88d98d2","block_type":"box","text":"The factors driving the F score are similar to those considered by the internal rating, though the","page_number":87,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"ce3be07d-74df-4e3f-ae5b-49279598ba1c","block_type":"box","text":"F score conveys the marginal change in fundamentals, therefore reflecting a six month time","page_number":87,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"7f206dbe-76d2-4e9f-a6ee-5b854d89543b","block_type":"box","text":"horizon. 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Upon an investor making a","page_number":90,"box":{"x":121,"y":323,"width":763,"height":13}},{"id":"bcfab67c-3832-4d43-9995-2d922437fbe8","block_type":"box","text":"valid subscription for T Shares with the Company through the Administrator, corresponding","page_number":90,"box":{"x":121,"y":340,"width":763,"height":13}},{"id":"9cf084d8-055f-4bce-8e4e-6d56615d5fa1","block_type":"box","text":"Digital Tokens are Minted showing the Token Shareholder as the holder of Digital Tokens","page_number":90,"box":{"x":121,"y":356,"width":763,"height":13}},{"id":"46eaee42-1795-402f-916c-daf4d725a8ac","block_type":"box","text":"signifying their holding of T Shares in the Sub-Fund. Similarly, upon the making of a valid","page_number":90,"box":{"x":121,"y":373,"width":763,"height":12}},{"id":"918d5e07-9b5a-4a51-894d-8e7b6928eadc","block_type":"box","text":"redemption for T Shares with the Company through the Administrator, corresponding Digital","page_number":90,"box":{"x":121,"y":389,"width":763,"height":13}},{"id":"54f5cc59-3036-49c5-9b10-0bd39c83bee8","block_type":"box","text":"Tokens are Burned to show that the Token Shareholder no longer holds the relevant Digital","page_number":90,"box":{"x":121,"y":405,"width":763,"height":13}},{"id":"b9c5f2e8-73a2-4108-b086-1776efa78e23","block_type":"box","text":"Tokens signifying its holding of the T Shares in the Sub-Fund which it has just redeemed.","page_number":90,"box":{"x":121,"y":422,"width":729,"height":13}},{"id":"37e482d8-e6f2-4ad3-8ef5-7ddb1d72b172","block_type":"box","text":"The records on XRPL of the holders of the Digital Tokens are consistent with the Share","page_number":90,"box":{"x":121,"y":455,"width":763,"height":12}},{"id":"d4bd43cc-498f-4fe8-bd17-67f9451592dc","block_type":"box","text":"Register maintained by the Administrator in respect of each of the Token Share Classes. The","page_number":90,"box":{"x":121,"y":471,"width":763,"height":13}},{"id":"78d213a4-a675-485e-9064-8dddb5755b4a","block_type":"box","text":"Share Register maintained by the Administrator (which remains the authoritative register of","page_number":90,"box":{"x":121,"y":487,"width":763,"height":13}},{"id":"93410aa0-1b92-4457-b162-474582bf943f","block_type":"box","text":"record) and the records of the holders of the Digital Tokens on XRPL are reconciled on a daily","page_number":90,"box":{"x":121,"y":504,"width":763,"height":13}},{"id":"edbacb35-c7a7-4ba1-bbcd-2bfc59a5feb4","block_type":"box","text":"basis by the Manager. The Administrator reconciles the Share Register with the cash collection","page_number":90,"box":{"x":121,"y":520,"width":763,"height":13}},{"id":"88f19a5c-d827-464f-a7d1-e58f2bd55fb5","block_type":"box","text":"accounts used in respect of the Token Share Classes daily, and shares this reconciliation with","page_number":90,"box":{"x":121,"y":536,"width":763,"height":13}},{"id":"317b314c-a2b7-4122-9213-3fbed7431e64","block_type":"box","text":"the Manager to facilitate the daily reconciliation of the Share Register and the records of the","page_number":90,"box":{"x":121,"y":553,"width":763,"height":13}},{"id":"5c84c7b4-fe46-4526-80aa-29b1275c0408","block_type":"box","text":"holders of the Digital Tokens on XRPL.","page_number":90,"box":{"x":121,"y":569,"width":321,"height":13}},{"id":"40e370c8-c361-4123-b9b7-5ff812bb0609","block_type":"box","text":"Transfers by investors of the T Shares and Digital Tokens signifying a holding of T Shares are","page_number":90,"box":{"x":121,"y":602,"width":763,"height":13}},{"id":"607d4790-5e4a-4aec-a895-52b0431b0cea","block_type":"box","text":"not possible in this Tokenisation Model. Investors may only subscribe and redeem their T","page_number":90,"box":{"x":121,"y":618,"width":763,"height":13}},{"id":"04be517e-072b-4eba-9749-94e0181642e1","block_type":"box","text":"Shares through the Administrator and are not entitled to transfer T Shares and Digital Tokens.","page_number":90,"box":{"x":121,"y":635,"width":762,"height":13}},{"id":"eb714791-e067-4398-9bef-5e1ff6601a63","block_type":"box","text":"Issue and Redemption of T Shares and the corresponding Digital Tokens","page_number":90,"box":{"x":121,"y":667,"width":630,"height":13}},{"id":"27c31096-76bb-4992-9ec4-92984c8801d0","block_type":"box","text":"Issue","page_number":90,"box":{"x":120,"y":701,"width":49,"height":9}},{"id":"0703b843-4859-432c-a20d-2f84ea7c8c37","block_type":"box","text":"In order to subscribe for T Shares an investor must set up user accounts with each of the Digital","page_number":90,"box":{"x":121,"y":733,"width":763,"height":13}},{"id":"7660f707-c197-4f54-9f99-ad1cd2c891b4","block_type":"box","text":"Custodian and the Tokenisation Platform, and must also complete the standard application and","page_number":90,"box":{"x":121,"y":750,"width":763,"height":12}},{"id":"40ed7a6a-eb3a-4d82-93df-df02a4235b27","block_type":"box","text":"investor onboarding process with the Administrator in respect of its subscription for the T","page_number":90,"box":{"x":121,"y":766,"width":763,"height":13}},{"id":"416dc0a2-4157-4994-8da6-ae2f745f0163","block_type":"box","text":"Shares as further described in the “Share Dealings” section of the Prospectus. Once the investor","page_number":90,"box":{"x":121,"y":782,"width":763,"height":13}},{"id":"4589b66e-ac93-4daa-8925-5fa794000856","block_type":"box","text":"is onboarded by the Administrator, and has set up user accounts with the Digital Custodian and","page_number":90,"box":{"x":121,"y":799,"width":763,"height":13}},{"id":"b35d6085-e833-4b95-8168-d6f0f67ecc93","block_type":"box","text":"the Tokenisation Platform, the investor can request to make a subscription in the T Shares","page_number":90,"box":{"x":121,"y":815,"width":763,"height":13}},{"id":"a928c7b4-5901-469c-83aa-829af6afee8f","block_type":"box","text":"through the Administrator. Subscriptions in the T Shares will continue to be effected through","page_number":90,"box":{"x":121,"y":831,"width":763,"height":13}},{"id":"5805fe2f-3b48-4a16-b077-e3657cd33690","block_type":"box","text":"the traditional “off chain” processes operated by the Administrator. Investors may not initiate","page_number":90,"box":{"x":121,"y":848,"width":763,"height":13}},{"id":"91c3fa64-01d6-4454-82e0-f2a464d86595","block_type":"box","text":"subscriptions for T Shares through the Tokenisation Platform or their Digital Tokens.","page_number":90,"box":{"x":121,"y":864,"width":693,"height":13}},{"id":"811b9d6f-5bc0-4e84-926d-4fadf57809d3","block_type":"box","text":"Digital Tokens will be Minted and issued to the Token Shareholder after the issue of the T","page_number":90,"box":{"x":121,"y":897,"width":763,"height":13}},{"id":"1fd191ad-c9e6-46a8-9081-7288ea1fadd2","block_type":"box","text":"91","page_number":91,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"b3b3c51d-7965-4ef8-a95f-951b7f40b860","block_type":"box","text":"Shares.","page_number":91,"box":{"x":121,"y":89,"width":57,"height":9}},{"id":"9e92efdc-009b-42dc-845f-329c5a426ec1","block_type":"box","text":"Digital Tokens will be held in custody with the Digital Custodian on behalf of the","page_number":91,"box":{"x":186,"y":89,"width":698,"height":12}},{"id":"e7369c79-10cf-41e2-9dc7-b88e58315e5e","block_type":"box","text":"investor. The Minting of the Digital Tokens initially on the Tokenisation Platform, and then in","page_number":91,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"b26f2239-2643-4428-a201-30290a3f3427","block_type":"box","text":"the Digital Wallets maintained with the Digital Custodian, will be executed once the","page_number":91,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"41e6ca9a-5a28-4fe8-a658-fc323f6893d6","block_type":"box","text":"subscription monies have been received.","page_number":91,"box":{"x":121,"y":138,"width":331,"height":13}},{"id":"d447721e-a9ef-4403-bc03-c2d08a239745","block_type":"box","text":"Redemption","page_number":91,"box":{"x":120,"y":170,"width":105,"height":13}},{"id":"75dca35e-ef6f-40d3-95dd-616bcbd4b0bf","block_type":"box","text":"A redemption request in respect of T Shares (like a subscription request in respect of T Shares)","page_number":91,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"2bc66c63-2d4d-4e6a-9203-2ea99f4f9ddc","block_type":"box","text":"must be processed by the Administrator and reflected in the Share Register before Digital","page_number":91,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"b933e7c0-52c6-4036-be90-533178479005","block_type":"box","text":"Tokens are respectively Burned. Investors may not initiate redemptions of T Shares through","page_number":91,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ade982ce-ed05-4ef2-96b1-9f54224994a6","block_type":"box","text":"the Tokenisation Platform or their Digital Tokens.","page_number":91,"box":{"x":121,"y":252,"width":410,"height":13}},{"id":"b02ac8de-6027-4c9d-8f69-07183b7b0172","block_type":"box","text":"The Burning of the Digital Tokens initially on the Tokenisation Platform, and then in the","page_number":91,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"2ff617db-d888-4e8f-b52f-d7b159629f4d","block_type":"box","text":"Digital Wallets maintained with the Digital Custodian, once the redemption request is","page_number":91,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"3ad27b01-d60c-4664-9bcf-934112cf000a","block_type":"box","text":"processed.","page_number":91,"box":{"x":121,"y":318,"width":89,"height":13}},{"id":"39d4d498-d47b-4cfe-96f0-5e6654f505e8","block_type":"box","text":"Conditions for issue of T Shares and Digital Tokens","page_number":91,"box":{"x":121,"y":351,"width":437,"height":12}},{"id":"9a3e2697-1a1e-45a0-a6cc-30a2275843cd","block_type":"box","text":"In order for investors to be issued T Shares and corresponding Digital Tokens the following","page_number":91,"box":{"x":121,"y":384,"width":745,"height":12}},{"id":"81e63b7c-90ba-40ba-ba2c-186d3db525e1","block_type":"box","text":"pre-conditions will need to be satisfied:","page_number":91,"box":{"x":121,"y":400,"width":323,"height":13}},{"id":"0ba130b4-723d-4f2a-9d7e-d0761b6f95ca","block_type":"box","text":"a)","page_number":91,"box":{"x":151,"y":433,"width":14,"height":12}},{"id":"55e7d85b-147e-41b7-a48d-daa2dcfba001","block_type":"box","text":"the investor has successfully onboarded with the Digital Custodian, cleared the Digital","page_number":91,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"41de02cd-63a9-4a7c-9551-3cba899a3f9d","block_type":"box","text":"Custodian’s AML/KYC, and anti-sanctions screening checks, and created a Digital","page_number":91,"box":{"x":182,"y":449,"width":702,"height":13}},{"id":"212c9c12-621c-44b6-a88a-6966aa3dbf01","block_type":"box","text":"Wallet with the Digital Custodian in accordance with the Digital Custodian’s terms and","page_number":91,"box":{"x":181,"y":465,"width":703,"height":13}},{"id":"ea5e35d6-b2c1-4646-a609-f459c0a97270","block_type":"box","text":"conditions.;","page_number":91,"box":{"x":181,"y":482,"width":100,"height":12}},{"id":"eaf6d653-847e-402a-b226-f0dd4051a9c2","block_type":"box","text":"b)","page_number":91,"box":{"x":151,"y":515,"width":16,"height":12}},{"id":"5d46d9c1-fce2-4e08-ac15-fc6fc37f0619","block_type":"box","text":"the investor has completed onboarding on the Tokenisation Platform and is recognised","page_number":91,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"714f292e-26a7-4b55-a4b7-32108d3fc593","block_type":"box","text":"as an eligible institutional investor (Professional Client under MiFID II, or applicable","page_number":91,"box":{"x":182,"y":531,"width":702,"height":13}},{"id":"af15e500-dc24-4651-a5d2-a5e4c331d0f4","block_type":"box","text":"equivalent in its jurisdiction of establishment). The investor has cleared the","page_number":91,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"4fab3a3f-b738-470e-b27d-8546ee5348c6","block_type":"box","text":"Tokenisation Platform Provider’s AML/KYC and anti-sanctions screening checks and","page_number":91,"box":{"x":181,"y":564,"width":703,"height":13}},{"id":"668aa40c-75d8-4776-b07c-a41260ced442","block_type":"box","text":"Digital Wallet validation with the Digital Custodian has been completed and recorded;","page_number":91,"box":{"x":181,"y":580,"width":703,"height":13}},{"id":"5970f8fd-ad57-4737-9698-3c254c4f3f46","block_type":"box","text":"c)","page_number":91,"box":{"x":151,"y":613,"width":14,"height":12}},{"id":"252cc465-a255-4e30-a717-64f12a76d3c1","block_type":"box","text":"the investor has submitted a completed Application Form to the Administrator and","page_number":91,"box":{"x":181,"y":613,"width":703,"height":13}},{"id":"28d9f45e-ed44-44a7-803a-0db174f2d673","block_type":"box","text":"satisfactorily cleared the Company’s AML/KYC and anti-sanctions screening checks","page_number":91,"box":{"x":182,"y":629,"width":702,"height":13}},{"id":"ef3ed62e-053e-4825-bac4-582c14c92ae4","block_type":"box","text":"and investor onboarding requirements applied by the Administrator as described in the","page_number":91,"box":{"x":182,"y":646,"width":702,"height":13}},{"id":"a04a35d8-9c00-4281-ad0e-7093f5401c2d","block_type":"box","text":"section entitled ‘‘Share Dealings’’ of this Prospectus; and","page_number":91,"box":{"x":182,"y":662,"width":469,"height":13}},{"id":"3439bcc6-83b9-430e-9ce0-b133ca4c25e9","block_type":"box","text":"d)","page_number":91,"box":{"x":151,"y":695,"width":16,"height":12}},{"id":"b0a8ab41-08bf-4240-bab7-799086b117ba","block_type":"box","text":"the investor has agreed with each of the Company, the Digital Custodian and the","page_number":91,"box":{"x":181,"y":695,"width":703,"height":13}},{"id":"d0ac43e3-0883-4fde-aaf6-cdef9683ebd5","block_type":"box","text":"Tokenisation Platform to the terms and conditions applicable to the Token Share","page_number":91,"box":{"x":181,"y":711,"width":703,"height":13}},{"id":"bde53e06-8ba9-4237-afb3-fe0b7201ed0c","block_type":"box","text":"Classes (as detailed in the Prospectus, the memorandum and articles of association of","page_number":91,"box":{"x":182,"y":728,"width":702,"height":13}},{"id":"5b0c23c9-1cb1-4b63-946e-b3b9f94e987e","block_type":"box","text":"the Company and the Application Form) and terms and conditions applicable to the","page_number":91,"box":{"x":181,"y":744,"width":703,"height":13}},{"id":"24d3ba94-14c9-4118-aaa3-9e544008919a","block_type":"box","text":"corresponding Digital Tokens as detailed in the Digital Custodian’s and tfhe","page_number":91,"box":{"x":181,"y":761,"width":703,"height":12}},{"id":"243a6fb6-6b01-419a-845c-b0d9a21371f8","block_type":"box","text":"Tokenisation Platform Provider’s respective client agreements and terms and","page_number":91,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"ab0840a6-245a-49c2-be09-524633a33286","block_type":"box","text":"conditions.","page_number":91,"box":{"x":181,"y":793,"width":94,"height":10}},{"id":"98bcac28-27f5-4df6-8b6f-33a75ac0a4d1","block_type":"box","text":"In order to hold T Shares the Token Shareholder must:","page_number":91,"box":{"x":121,"y":826,"width":445,"height":10}},{"id":"1d22e43b-1877-42db-b28e-7b11cc0b9300","block_type":"box","text":"a)","page_number":91,"box":{"x":151,"y":859,"width":14,"height":12}},{"id":"791b8257-9b70-49ac-b531-fb636087dc78","block_type":"box","text":"have and maintain an active user account and Digital Wallet with the Digital Custodian,","page_number":91,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"1e7a8fa0-b9f4-4934-a060-6065c92b2115","block_type":"box","text":"and an active user account with the Tokenisation Platform throughout the period of its","page_number":91,"box":{"x":182,"y":875,"width":702,"height":13}},{"id":"b60bef3c-c6e4-4365-8b0e-0fefc309cdca","block_type":"box","text":"holding of T Shares; and","page_number":91,"box":{"x":181,"y":892,"width":204,"height":12}},{"id":"fcc2e6a4-d634-48f2-b8c7-3988dade5b3e","block_type":"box","text":"92","page_number":92,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"f39113a8-e91b-4764-9131-f3cfe5fc7ed4","block_type":"box","text":"b)","page_number":92,"box":{"x":151,"y":105,"width":16,"height":12}},{"id":"3e775c34-8e90-4e94-9035-a36f9897f410","block_type":"box","text":"agree not to exercise its right to transfer the T Shares that it holds, such that the Token","page_number":92,"box":{"x":182,"y":105,"width":702,"height":13}},{"id":"296e38f8-a703-4c44-99f1-b89fae455058","block_type":"box","text":"Shareholder may only subscribe and redeem T Shares with the Company, but may not","page_number":92,"box":{"x":182,"y":121,"width":702,"height":13}},{"id":"59e1178a-c82a-4ae9-b7b7-beda8272d357","block_type":"box","text":"transfer T Shares. The T Shares will remain transferable subject to Director consent,","page_number":92,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"fd5e768c-b9be-4256-b75a-7eec8f27097a","block_type":"box","text":"similar to other classes of Shares issued by the Company and the Sub-Funds.","page_number":92,"box":{"x":182,"y":154,"width":624,"height":13}},{"id":"5f6d8bd0-6037-4952-b6b0-13348c354769","block_type":"box","text":"Tokenisation Platform Provider","page_number":92,"box":{"x":151,"y":187,"width":280,"height":10}},{"id":"8cd69125-20db-41ae-ab4f-f56c38f3c1f1","block_type":"box","text":"LiCuido Limited is appointed by the Company to operate the Tokenisation Platform and","page_number":92,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"32a38d1b-4e1f-4b02-ada5-3758fc4f6198","block_type":"box","text":"make Digital Tokens available to Token Shareholders. 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Investors can view their Digital Tokens on the","page_number":92,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"0ae3ed53-8411-42ef-91b6-29df58ca8637","block_type":"box","text":"Tokenisation Platform.","page_number":92,"box":{"x":151,"y":302,"width":191,"height":9}},{"id":"c8e191eb-d1a7-4a27-b615-7734ce62e99c","block_type":"box","text":"Digital Custodian","page_number":92,"box":{"x":151,"y":334,"width":157,"height":13}},{"id":"29883349-9e24-4a78-af1e-6e52c7834d38","block_type":"box","text":"Komainu (Jersey) Limited is appointed as Digital Custodian with responsibility for holding","page_number":92,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"043f12e3-5c27-4865-a619-76dd91ce11a0","block_type":"box","text":"the Digital Tokens of each Token Shareholder in custody. The Digital Custodian maintains","page_number":92,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"41482aa1-3262-4421-8048-1873522c008b","block_type":"box","text":"on-chain Digital Wallets for each Token Shareholder (issued in respect of its holding in T","page_number":92,"box":{"x":151,"y":400,"width":733,"height":13}},{"id":"c12af46b-9b20-40f1-8e44-12ef17e9ed94","block_type":"box","text":"Shares). ‘Minted’ Digital Tokens will be issued to the investor’s Digital Wallet with the","page_number":92,"box":{"x":152,"y":416,"width":732,"height":13}},{"id":"be1289b6-17e2-43ba-b775-6388452fc74f","block_type":"box","text":"Digital Custodian upon a subscription for T Shares. Similarly, upon a redemption of T","page_number":92,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"773d9c02-18a3-4464-8cf8-fdee5ba3a041","block_type":"box","text":"Shares, Digital Tokens will be withdrawn from the investor’s Digital Wallet for ‘Burning’.","page_number":92,"box":{"x":152,"y":449,"width":732,"height":13}},{"id":"e1e1661d-ed16-4dd6-a740-7c805eb6f4b9","block_type":"box","text":"Use of Blockchain Distributed Ledger Technology (DLT)","page_number":92,"box":{"x":151,"y":482,"width":488,"height":13}},{"id":"000eac66-7bec-48ab-84cc-e8213dabdc80","block_type":"box","text":"The Digital Tokens are issued and recorded on XRP Ledger which is a blockchain","page_number":92,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"ccd3c917-1ab9-4109-b490-7ae003589636","block_type":"box","text":"distributed ledger technology or DLT organising data into a linked chain of blocks. Digital","page_number":92,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"1d7baa6b-fc9d-4e8b-a59b-55686588375b","block_type":"box","text":"Wallets will be hosted on this network.","page_number":92,"box":{"x":151,"y":547,"width":320,"height":10}},{"id":"f2e3c975-633c-45d4-8baf-c95845215c6e","block_type":"box","text":"XRP Ledger is a blockchain distributed ledger which securely records transactions between","page_number":92,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"fcf10011-a489-45bf-ac83-63c3290ad32a","block_type":"box","text":"two parties in a verifiable and append-only manner using cryptographic techniques.","page_number":92,"box":{"x":151,"y":597,"width":733,"height":12}},{"id":"1e9f637a-9674-4aac-af3f-344a929c7914","block_type":"box","text":"Transactions on DLT are verified and authenticated by computers on the network, which","page_number":92,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"1d28e373-ffc8-4e47-a7b4-b67b21cd537f","block_type":"box","text":"receive, propagate, verify, and execute these transactions. This authentication process in","page_number":92,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"42e85767-7cf9-4378-88b7-165885bf4a0a","block_type":"box","text":"respect of a transaction before it is recorded in the DLT ensures that only valid and","page_number":92,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"c846c37f-f890-498a-9353-d54adf778cff","block_type":"box","text":"authorized transactions are permanently recorded on the DLT in groups of transactions.","page_number":92,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"0fb30ed7-7179-464b-8f3e-9ca81c3a9ff8","block_type":"box","text":"Each DLT network operates based on software source code that defines and governs its","page_number":92,"box":{"x":151,"y":679,"width":733,"height":12}},{"id":"9de689b9-0213-4bce-9186-c7d4a65994d5","block_type":"box","text":"cryptographic system for transaction verification.","page_number":92,"box":{"x":151,"y":695,"width":403,"height":13}},{"id":"589dd2b5-c24e-484c-b74b-78c65b26cb70","block_type":"box","text":"The Digital Token security model is based on cryptographic key management technology","page_number":92,"box":{"x":151,"y":728,"width":733,"height":13}},{"id":"7957b3b6-b759-4b25-92f0-bdafa204a7ac","block_type":"box","text":"designed to enable the safe use of Digital Tokens on a distributed ledger through the Token","page_number":92,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"e616ef7c-415e-427e-9af3-6ee1235d3b7f","block_type":"box","text":"Key. The private cryptographic Token Key associated with the Digital Tokens is managed","page_number":92,"box":{"x":151,"y":761,"width":733,"height":12}},{"id":"829cd3e6-f7ce-4407-a983-1946c2b5080f","block_type":"box","text":"using hardware security modules (“HSMs”). The private Token Keys are encrypted and","page_number":92,"box":{"x":151,"y":777,"width":733,"height":13}},{"id":"3908666f-7502-4629-8bc4-e3c056fa25de","block_type":"box","text":"stored in the HSM. Access to the Token Keys stored in the HSM goes through strict","page_number":92,"box":{"x":152,"y":793,"width":732,"height":13}},{"id":"5db25288-696e-48ff-8aa6-cbffdfb04ecb","block_type":"box","text":"governance policies, requiring multiple approvals to be collected before transactions are","page_number":92,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"80bbdc2d-7633-4733-a226-172d07691e88","block_type":"box","text":"signed and broadcast to the distributed ledger.","page_number":92,"box":{"x":152,"y":826,"width":375,"height":13}},{"id":"81aa7f76-f87b-4e85-9f90-ebb7d64b2d12","block_type":"box","text":"Public blockchain networks such as XRP Ledger require the payment of transaction fees to","page_number":92,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"65c64a13-2d57-417f-ba6d-0d20c3ba665b","block_type":"box","text":"validate transactions. These fees are used to carry out the maintenance of the network and","page_number":92,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"c20898de-d2e1-449a-b36c-2b83bead02f2","block_type":"box","text":"to help protecting it from frivolous or malicious activity. The Manager or Tokenisation","page_number":92,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"9523b7db-6a65-4133-bc93-6b359a9ecef1","block_type":"box","text":"93","page_number":93,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"71ca0618-38e7-4a25-809c-72f99c0d821d","block_type":"box","text":"Platform Provider will discharge any such fees associated with the transactions in Digital","page_number":93,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"41ea0fbb-447e-4f50-baa6-79ecd899dbae","block_type":"box","text":"Tokens under the Company’s Tokenisation Model. Investors in the Token Share Classes","page_number":93,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"6e3dc2a3-c022-411b-99ad-c44808685c89","block_type":"box","text":"will not be required to purchase any native digital assets to transact on the blockchain XRP","page_number":93,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"251890e3-b295-4186-a2c3-d6740167a569","block_type":"box","text":"Ledger.","page_number":93,"box":{"x":151,"y":138,"width":67,"height":13}},{"id":"b14f00a1-503d-49f0-9b95-0b97b274c42a","block_type":"box","text":"The Company and/or the Manager reserve the right to reassess the suitability of XRP","page_number":93,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"373d50a0-39cb-428f-8b84-8bdd2c9b56b9","block_type":"box","text":"Ledger as the blockchain network in use in the Company’s Tokenisation Model, and/ or to","page_number":93,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"207a0939-6ec0-4ae7-83de-6f9debe79f09","block_type":"box","text":"add other blockchain networks to compliment or replace the use of XRP Ledger as the","page_number":93,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"07c3ff21-862c-44af-89ad-e78dd276fde8","block_type":"box","text":"blockchain network in use in the Company’s Tokenisation Model.","page_number":93,"box":{"x":151,"y":220,"width":539,"height":12}},{"id":"6ad41e51-632a-456d-ad71-3e607bd83bf8","block_type":"box","text":"The use of blockchain technology remains relatively new within the fund management","page_number":93,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"57360508-9385-4e96-8d82-159d0c4cd57c","block_type":"box","text":"industry and carries specific risks, which are further outlined in the","page_number":93,"box":{"x":151,"y":269,"width":547,"height":13}},{"id":"e45d21e1-5d80-45da-8b95-d3682b944988","block_type":"box","text":"section entitled “Risk","page_number":93,"box":{"x":705,"y":269,"width":179,"height":10}},{"id":"3be3af78-6327-4272-8e17-d4a9df711a33","block_type":"box","text":"Factors Relating to the Token Share Classes and Digital Tokens” in the “Risk Factors”","page_number":93,"box":{"x":151,"y":285,"width":727,"height":13}},{"id":"c7272c93-6c46-4455-b6b2-b5b22174c31d","block_type":"box","text":"section of this Prospectus.","page_number":93,"box":{"x":152,"y":302,"width":214,"height":12}},{"id":"08ff64da-f1f9-4a2d-9d33-54a1e91092db","block_type":"box","text":"94","page_number":94,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"ff4aa227-0dfe-4781-b679-738dbcc26d82","block_type":"box","text":"__________________________________________________________________________","page_number":94,"box":{"x":120,"y":115,"width":751,"height":1}},{"id":"5fd669db-0e08-404f-b8f6-bce87331db6d","block_type":"box","text":"RISK FACTORS","page_number":94,"box":{"x":412,"y":122,"width":181,"height":12}},{"id":"784039dd-bfc3-452c-8e0b-2aa6be1df531","block_type":"box","text":"___________________________________________________________________________","page_number":94,"box":{"x":120,"y":150,"width":762,"height":2}},{"id":"70f50b8e-2a5f-41bb-ae42-8fbdb54eab43","block_type":"box","text":"Persons considering purchasing Shares should inform themselves as to (i) the legal","page_number":94,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"32e6c932-696c-4607-8c41-19581c28c802","block_type":"box","text":"requirements within their own countries for the purchase of Shares, (ii) any foreign exchange","page_number":94,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"8d5aa3af-fd82-4a44-bbc7-86ddfe80fc80","block_type":"box","text":"restrictions which may be applicable and (iii) the income and other tax consequences of","page_number":94,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"a528d3ee-0f62-404a-8153-722520573c0c","block_type":"box","text":"purchase and redemption of Shares.","page_number":94,"box":{"x":121,"y":222,"width":293,"height":13}},{"id":"3ab18c15-2186-4a4e-b467-2892eb645726","block_type":"box","text":"General","page_number":94,"box":{"x":121,"y":255,"width":74,"height":10}},{"id":"d0302eb4-b01c-48d0-97c6-24bb63c8d644","block_type":"box","text":"The investments of a Sub-Fund in securities are subject to normal market fluctuations and other","page_number":94,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"393c02b5-8f81-4eff-a4c9-071cdad25d9b","block_type":"box","text":"risks inherent in investing in securities. The value of investments and the income from them,","page_number":94,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"7d43706b-6e0d-4b15-8fef-768d66477691","block_type":"box","text":"and therefore the value of and income from Shares relating to each Sub-Fund can go down as","page_number":94,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"9b508d06-f4a7-4583-8a63-34ee5bce3314","block_type":"box","text":"well as up and an investor may not get back the amount he invests. Changes in exchange rates","page_number":94,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"4f8ce37e-a9e8-4a77-9490-7f7d380e8c8c","block_type":"box","text":"between currencies or the conversion from one currency to another may also cause the value","page_number":94,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"6971733f-be95-4e2b-b5d0-0938e5415cd7","block_type":"box","text":"of the investments to diminish or increase. The value of Shares expressed in a currency other","page_number":94,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"e52f8026-c442-4a95-a691-01c42e27d27e","block_type":"box","text":"than the Base Currency will be subject to exchange rate risk in relation to the Base Currency.","page_number":94,"box":{"x":121,"y":386,"width":755,"height":13}},{"id":"f04fa0ef-72f2-4564-af39-f39867c88080","block_type":"box","text":"Segregated Liability between the Funds","page_number":94,"box":{"x":121,"y":419,"width":345,"height":13}},{"id":"0874ae94-08cb-41fc-ab14-edd382096827","block_type":"box","text":"Each Sub-Fund is a segregated portfolio of assets and will accordingly bear its own liabilities","page_number":94,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"833f4203-d899-4fc9-940f-9b1231cc1111","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":94,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"0cb01843-1c09-405b-a911-a391f3990eab","block_type":"box","text":"the provisions of the Companies Act 2014 provide for segregated liability between Sub-Funds,","page_number":94,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"b4e1caa4-10b6-4d47-8e97-a88e4c38809f","block_type":"box","text":"these provisions have yet to be tested in foreign courts, in particular, in satisfying local creditor","page_number":94,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"5c5f9c82-5614-4840-abbc-d53f8bd401b4","block_type":"box","text":"claims. At the date of this Prospectus, the Directors are not aware of any such existing or","page_number":94,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"c9bc9a3b-58ab-45f3-a63b-38f8bf7d29ab","block_type":"box","text":"contingent liability.","page_number":94,"box":{"x":121,"y":534,"width":162,"height":13}},{"id":"c6e90d55-b055-402f-87a9-2cdac4882804","block_type":"box","text":"Control of Investments","page_number":94,"box":{"x":121,"y":566,"width":203,"height":11}},{"id":"2246c0c8-222e-4c72-85bd-8fdd92fce5f6","block_type":"box","text":"The Fund and the Investment Manager will not have control over the activities of any company","page_number":94,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"d752947b-cdf8-41e1-af4f-1ce560afea2e","block_type":"box","text":"or collective investment scheme invested in by a Sub-Fund. Managers of collective investment","page_number":94,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"574e851d-53f4-433c-b0af-5dd5c388a9af","block_type":"box","text":"schemes and companies in which a Sub-Fund may invest may manage the collective investment","page_number":94,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"4d023531-26cb-41a2-908c-ff6bef1ff0e7","block_type":"box","text":"schemes or be managed in a manner not anticipated by the Fund or the Investment Manager.","page_number":94,"box":{"x":121,"y":648,"width":750,"height":13}},{"id":"1a2d98bd-a4c0-4d98-8f3d-7b84bec723cb","block_type":"box","text":"Conflict of Interest Risk","page_number":94,"box":{"x":121,"y":681,"width":212,"height":10}},{"id":"7a55232a-ff2d-4dd5-a9f0-169359998a4b","block_type":"box","text":"Subject to the Regulations, and, in the case of Money Market funds, the MMFR, a Sub-Fund","page_number":94,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"d17d437c-f89d-4f56-9748-11c0356e2419","block_type":"box","text":"may invest a portion of its assets in unquoted investments. The Fund may consult the Manager","page_number":94,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"25bd626b-4656-4d08-9fd7-21c57ca3eb2d","block_type":"box","text":"and/or the Investment Manager with respect to the valuation of unquoted investments. There","page_number":94,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"542241ad-40fe-4048-b36d-1692ab6cb18a","block_type":"box","text":"is an inherent conflict of interest between the involvement of the Manager and the Investment","page_number":94,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"67497a04-f5a0-4e80-89c1-bca5a7491355","block_type":"box","text":"Manager in determining the valuation price of a Sub-Fund’s unquoted investments and the","page_number":94,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"b866b180-9787-4ea6-987b-f0316845f274","block_type":"box","text":"Manager's and the Investment Manager’s other responsibilities. Furthermore, as the fees of the","page_number":94,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"6ea176d8-c179-4206-a0d0-34dcde6ecfe9","block_type":"box","text":"Manager and the Investment Manager are based on the Net Asset Value, if the Net Asset Value","page_number":94,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"27515047-9ecb-4938-88d3-16b9aa071dad","block_type":"box","text":"increases so too does the fees payable to such parties and accordingly there is a conflict of","page_number":94,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"f25f2be9-15d6-4e20-9790-4e6ca86c9d82","block_type":"box","text":"interest for the Manager and the Investment Manager in determining the valuation price of a","page_number":94,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"ed217711-4753-4e84-a873-9122daf318e4","block_type":"box","text":"Sub-Fund’s investments.","page_number":94,"box":{"x":121,"y":862,"width":205,"height":9}},{"id":"ce419ce9-eb36-4931-ac7f-45a1cf588ac2","block_type":"box","text":"95","page_number":95,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"448f945e-edad-4492-ae28-ae42ca180ff7","block_type":"box","text":"Witholding Tax","page_number":95,"box":{"x":121,"y":88,"width":141,"height":13}},{"id":"b5c4cc63-b959-4160-8798-14f03f15d9e6","block_type":"box","text":"The income and gains of a Sub-Fund from its assets may suffer withholding tax which may not","page_number":95,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"77c987c5-2417-4712-9820-0116b64065cf","block_type":"box","text":"be reclaimable in the countries where such income and gains arise. If this position changes in","page_number":95,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"117d6fd9-c106-4135-a8bb-111d45130e04","block_type":"box","text":"the future and the application of a lower rate results in a repayment to the relevant Sub-Fund,","page_number":95,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"b4682639-38ea-48ef-a13a-58196ef7ebb2","block_type":"box","text":"the Net Asset Value will not be re-stated and the benefit will be allocated to the existing","page_number":95,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"203af8ac-75d7-4c9c-b5d6-d03f0d1d5332","block_type":"box","text":"Shareholders rateably at the time of repayment.","page_number":95,"box":{"x":121,"y":187,"width":387,"height":13}},{"id":"6ec1abb2-1e0b-4fd9-86df-cf8fc90df392","block_type":"box","text":"Stocklending Risk","page_number":95,"box":{"x":121,"y":220,"width":161,"height":12}},{"id":"36a4787a-6973-4dd8-9b54-b28968484287","block_type":"box","text":"Subject to the Regulations, a Sub-Fund (that is not a Money Market Fund), where specified in","page_number":95,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"19747715-1dda-4311-958e-78ac97e15335","block_type":"box","text":"the relevant section of Part 1, may enter into stocklending arrangements for Efficient Portfolio","page_number":95,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"5d3dde58-1af0-4be8-b3a6-a762a72dfe34","block_type":"box","text":"Management purposes and there are risks in the exposure to market movements if recourse has","page_number":95,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"dde87a5e-d11c-4307-b89e-9645a6e23912","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":95,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"106bc669-a61b-44fc-aae3-50729990c7ad","block_type":"box","text":"Manager or lending agent. In addition there is an operational risk associated with marking to","page_number":95,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"9aae7523-43b3-48e3-b78f-bacc3c7ac0dd","block_type":"box","text":"market daily valuations and there are the potential stability risks of providers of collateral. The","page_number":95,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"8b573829-1c8d-4199-ae24-7979aa37fbee","block_type":"box","text":"principal risk in such stocklending arrangements is the insolvency or default of the borrower.","page_number":95,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"568cd205-a503-45dc-b76d-ff5bc673eb66","block_type":"box","text":"In this event the Sub-Fund could experience delays in recovering its securities and such event","page_number":95,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"7854a74b-2778-448a-9663-a9c73ae416d2","block_type":"box","text":"could possibly result in capital losses. As with any extensions of credit, there are risks of delay","page_number":95,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"49bf78e0-9219-446b-ab9d-5255655c6718","block_type":"box","text":"and recovery. For securities lending made with connected persons of the Depositary, it must","page_number":95,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"d8fde448-3083-4f63-ae75-b9547055a11b","block_type":"box","text":"be made on arm’s length commercial terms and the Depositary’s written consent is required.","page_number":95,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"eb9d36b6-5c12-4a82-aac0-e544a58f8485","block_type":"box","text":"Investors should refer to the section entitled “Portfolio Transactions and Conflicts of Interest”","page_number":95,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"f8773890-1a47-467b-b472-770f53789ca5","block_type":"box","text":"below for further details.","page_number":95,"box":{"x":121,"y":449,"width":205,"height":10}},{"id":"2130cead-3fbd-4ef8-9984-e6dbcf70fb0a","block_type":"box","text":"Collateral Risk","page_number":95,"box":{"x":121,"y":482,"width":135,"height":10}},{"id":"919b6879-93fa-4791-ab1b-b60c5d7846bb","block_type":"box","text":"Cash received as collateral may be invested in other eligible securities, including shares of a","page_number":95,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"6f3ca62c-2778-4ca6-b228-2fbc9f785191","block_type":"box","text":"short term money market fund in accordance with the requirements of the Central Bank, and,","page_number":95,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"98ba99ed-da48-4677-ac97-7add7590ff62","block_type":"box","text":"in the case of a Money Market Fund, the requirements set out in the Money Market Fund","page_number":95,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"6777fd45-b519-496d-9206-5a00b0acfd73","block_type":"box","text":"Regulation. Investing this cash subjects that investment, as well as any securities loaned, to","page_number":95,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"369f8302-4af0-4e0b-925a-79699d717261","block_type":"box","text":"market appreciation or depreciation and the risks associated with such investments, such as","page_number":95,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"1a92a2d5-5f98-4279-a86f-bae493ee1e57","block_type":"box","text":"failure or default of the issuer of the relevant security.","page_number":95,"box":{"x":121,"y":597,"width":439,"height":12}},{"id":"625424ab-6b2a-49ef-970e-06597d6cca79","block_type":"box","text":"Repurchase Agreements","page_number":95,"box":{"x":121,"y":629,"width":215,"height":13}},{"id":"58e5d336-9463-438e-bd2d-50846b5b9fbc","block_type":"box","text":"Subject to the conditions and limits set out in the Central Bank UCITS Regulations, and, in the","page_number":95,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d7ca0516-2ac2-4b45-a356-75585a46b5a8","block_type":"box","text":"case of a Money Market Fund, the requirements set out in the Money Market Fund Regulation,","page_number":95,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"7c60f747-b7b5-47a5-a884-d6ef2e320557","block_type":"box","text":"a Sub-Fund may enter into repurchase agreements, where specified in the relevant section of","page_number":95,"box":{"x":121,"y":695,"width":750,"height":13}},{"id":"4716c42a-ea9f-436a-8fdd-847c37cfd39c","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":95,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f4829350-72cc-4941-aa9b-4c02af4c6e12","block_type":"box","text":"price at which the counterparty has agreed to purchase the security. If the other party to a","page_number":95,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"57f4972d-2a5d-4018-802e-cafde18ad62c","block_type":"box","text":"repurchase agreement should default, the Sub-Fund might suffer a loss to the extent that the","page_number":95,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"1df10e40-d9f6-4975-b44d-c06d196d19ee","block_type":"box","text":"proceeds from the sale of the underlying securities and other collateral held by the Fund in","page_number":95,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"f23c57bf-2428-4429-aa23-5f9acbcaa7c8","block_type":"box","text":"connection with the refuted repurchase agreement are less than the repurchase price. In","page_number":95,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"b91144b4-a90b-498e-a608-feb1f100049a","block_type":"box","text":"addition, in the event of bankruptcy or similar proceedings of the other party to the repurchase","page_number":95,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b22c0b4e-905a-4265-b207-91aa39496ce8","block_type":"box","text":"agreement or its failure to repurchase the securities as agreed, the Sub-Fund could suffer losses,","page_number":95,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"bde89feb-d570-409d-a181-3a04101bf21e","block_type":"box","text":"including loss of interest on or principal of the security and costs associated with delay and","page_number":95,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"f8d7abc3-9e50-4099-b01a-91b783e6bcc9","block_type":"box","text":"enforcement of the repurchase agreement.","page_number":95,"box":{"x":121,"y":842,"width":343,"height":13}},{"id":"38001a37-6332-4f43-8963-21773d3aa50a","block_type":"box","text":"96","page_number":96,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"3f40a6f7-70f1-4061-8581-b516874b24b2","block_type":"box","text":"Reverse Repurchase Agreements","page_number":96,"box":{"x":121,"y":88,"width":288,"height":13}},{"id":"c77e1406-7786-4f85-b425-7b8a6650d64b","block_type":"box","text":"Reverse repurchase transactions involve risks in that (a) in the event of the failure of the","page_number":96,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2e2742ae-9e47-483d-89b1-906e9307a509","block_type":"box","text":"counterparty with which cash of a Sub-Fund has been placed there is the risk that collateral","page_number":96,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"2a32c65f-99ca-4570-bf96-513247af1332","block_type":"box","text":"received may realise less than the cash placed out, whether because of inaccurate pricing of the","page_number":96,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"c1491b6c-d88a-4c43-9757-3b865670dd43","block_type":"box","text":"collateral, adverse market movements, a deterioration in the credit rating of issuers of the","page_number":96,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"917c0db9-aedf-4966-a8c7-8ebda1d0742f","block_type":"box","text":"collateral, or the illiquidity of the market in which the collateral is traded; and that (b) (i)","page_number":96,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4946100d-8dad-4119-a80b-0f7af3e86a11","block_type":"box","text":"locking cash in transactions of excessive size or duration, (ii) delays in recovering cash placed","page_number":96,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"f22123ae-7d85-4aea-8413-8e5588622e68","block_type":"box","text":"out, or (iii) difficulty in realising collateral may restrict the ability of the Sub-Fund to meet","page_number":96,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"6255ef59-f675-4893-88f9-7bb0569abf3a","block_type":"box","text":"redemption requests, security purchases or, more generally, reinvestment.","page_number":96,"box":{"x":121,"y":236,"width":599,"height":13}},{"id":"872ae69e-4f1e-4f90-931f-929527059579","block_type":"box","text":"Derivatives Risk","page_number":96,"box":{"x":121,"y":269,"width":146,"height":10}},{"id":"a3aebe22-bb8c-4b50-957e-b4fc8d8d0c7d","block_type":"box","text":"While the prudent use of financial derivative instruments can be beneficial, it can also involve","page_number":96,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"8a9bcf33-f671-43f7-94a6-9698a904a133","block_type":"box","text":"risks different from, and in certain cases greater than, the risks presented by more traditional","page_number":96,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"dfcf5805-2310-4bee-b6dc-f1576181284c","block_type":"box","text":"investments. The use of techniques and instruments also involves certain special risks,","page_number":96,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"0915190b-741b-40df-aca7-f83cd7260cf9","block_type":"box","text":"including (1) dependence on the ability to predict movements in the prices of securities being","page_number":96,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"83eede49-34b0-4e65-a5f1-c23c780800df","block_type":"box","text":"hedged and movements in interest rates, (2) imperfect correlation between the hedging","page_number":96,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"02b32b8f-bb44-464f-bfcc-6c9d912e4181","block_type":"box","text":"instruments and the securities or market sectors being hedged, (3) the fact that skills needed to","page_number":96,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"e6e283f8-7dc4-400b-b51f-652cd4269faa","block_type":"box","text":"use these instruments are different from those needed to select the Sub-Fund’s securities and","page_number":96,"box":{"x":121,"y":400,"width":763,"height":10}},{"id":"a0d6de3d-4483-44b9-9d9b-f83f517e03c4","block_type":"box","text":"(4) the possible absence of a liquid market for any particular instrument at any particular time,","page_number":96,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"b8e217b6-2796-4c5f-90cd-fab5684bd712","block_type":"box","text":"and (5) possible impediments to Effective Portfolio Management.","page_number":96,"box":{"x":121,"y":433,"width":534,"height":13}},{"id":"1f3e3600-37e4-4f14-9468-652e4d43c34d","block_type":"box","text":"Futures","page_number":96,"box":{"x":121,"y":466,"width":67,"height":9}},{"id":"8df3e2fa-620f-4f71-84f5-9e880f9f47b7","block_type":"box","text":"Transactions in futures involve the obligation to make, or to take, delivery of the underlying","page_number":96,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"ac58aa36-641a-488c-9c21-949c4e90f4ed","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":96,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c18f1f7f-f9ed-4b43-8d93-ab61c3a33a2f","block_type":"box","text":"They may carry a higher degree of risk. The gearing or leverage often obtainable in futures","page_number":96,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"ac1f2ab6-3b94-4b97-85bf-e9b0fd2b4b23","block_type":"box","text":"(where applicable) trading means that a small deposit or down payment can lead to large losses","page_number":96,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"7aa32ec2-5aa6-4861-8b3f-b1855aba59fb","block_type":"box","text":"as well as gains. It also means that a relatively small market movement can lead to a","page_number":96,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"d4842980-2f5a-46d3-bbe5-8ddc1352a71f","block_type":"box","text":"proportionately much larger movement in the value of the Fund’s investment, and this can work","page_number":96,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"444cd3a0-9a21-4bd2-a50c-a48b1b5e6c74","block_type":"box","text":"against the Fund as well as for the Fund. Futures transactions have a contingent liability, and","page_number":96,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"9b34b6c7-714c-4aef-9163-150139e5ac81","block_type":"box","text":"investors should be aware of the implications of this, in particular the margining requirements.","page_number":96,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"4073a609-d537-4887-be54-469a045571a9","block_type":"box","text":"Options","page_number":96,"box":{"x":122,"y":646,"width":67,"height":12}},{"id":"787e0033-6d7e-4b71-b11c-f1442f95ddc0","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":96,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"9be36516-d7bb-4e1c-af34-cf6970de6ad5","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":96,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"c75839b4-1fc1-4e0e-a99c-0a3bfeef826e","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":96,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f0c71030-350f-4d05-a0df-da9317bd261f","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":96,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"8b5d45cf-caaa-4d90-a971-80dec5e6d13a","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":96,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"9151a9d2-e4d4-48c7-825b-e3e6f3bf3c43","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":96,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"73ca0ab0-e27d-4bc7-9c2a-d26c73aabb8b","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":96,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"e4169bee-15df-4085-98bd-f706417c448e","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":96,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"ad3ca206-bb71-479a-af5e-675dd3d34360","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":96,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"f14712d3-fe3c-470d-b43e-81d10935b620","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":96,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"b90ba84a-149b-4e7f-9943-d8893d04178a","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":96,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f639ea87-f0ee-4bcc-94e9-47009304629a","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":96,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"d69959f1-8446-4021-803e-89b57d0f88f7","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":96,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"6e558c5d-30af-4987-aacb-7213008f1ba1","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":96,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"cf5c1944-07ae-4dc1-9d50-1bab17786a54","block_type":"box","text":"97","page_number":97,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"cf1894a6-fa55-48d3-9049-e50315ab154a","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":97,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"9a9d193d-ccbd-41f2-8316-fc542d6ff8ec","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":97,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6ead6b45-eab1-4449-929f-f5942d9561a9","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":97,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"00b49ffb-fccb-413d-ba21-1816467cf235","block_type":"box","text":"option.","page_number":97,"box":{"x":121,"y":138,"width":61,"height":13}},{"id":"205f1b84-8f2d-4dfc-9639-07a04f4b8bea","block_type":"box","text":"Sustainability Risk","page_number":97,"box":{"x":121,"y":170,"width":168,"height":13}},{"id":"3f42ff5d-9b9e-40ab-8cd2-8ef6502fde65","block_type":"box","text":"When considering Sustainability Risks, the Investment Manager primarily relies on its in-house","page_number":97,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"682b2f35-b818-46ef-9c01-0ed68e21bfbf","block_type":"box","text":"Environmental, Social & Governance (ESG) analysis and climate risk indicators to categorise","page_number":97,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"0b2d9c75-a363-44fc-8519-f014b4bccb86","block_type":"box","text":"the potential level of Sustainability Risks in a Sub-Fund. Sustainability Risks may arise in","page_number":97,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"4659ce22-f1ae-422e-a0e4-c8889b6be43f","block_type":"box","text":"respect of an issuer itself, its affiliates or in its supply chain and/or apply to a particular","page_number":97,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"ae360161-6397-45da-8c95-c979d29c0ec2","block_type":"box","text":"economic sector, geographic area or political region. Environmental risks, including risks","page_number":97,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d57e1df0-e02c-4d73-a94f-b33d3a36d4e8","block_type":"box","text":"arising from climate change, may be associated with events or conditions affecting the natural","page_number":97,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"950955f3-2029-4486-8e7c-68c307bfebdc","block_type":"box","text":"environment. Social risks may be internal or external to an issuer and may be associated with","page_number":97,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"dc7209f5-a90f-4792-880e-e7f2b1a5c301","block_type":"box","text":"employees, local communities or customers of companies or populations of countries and/or","page_number":97,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"1f748ef2-73ba-4f4f-8f78-eee79d4e4cd2","block_type":"box","text":"regions. Governance risks may be associated with the quality, effectiveness and process for the","page_number":97,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"f2370c20-8e28-4ea2-8302-78c38a72c43d","block_type":"box","text":"oversight of day to day management of companies, or the governance structures of countries","page_number":97,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"e99b4e02-cd61-41e8-b854-f6ba6c50278b","block_type":"box","text":"or regions.The level of Sustainability Risk may fluctuate depending on which counterparties","page_number":97,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"768ee0df-8751-4a85-989c-ecddd264beba","block_type":"box","text":"and issuers the Investment Manager identifies. A Sub-Fund may be exposed to Sustainability","page_number":97,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"fc128a2e-d2eb-4cd2-ac5b-ab60e2877add","block_type":"box","text":"Risks which may impact the value of its investments and may negatively impact upon the Net","page_number":97,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"543f9027-3ebf-4e88-b76e-a9346a9a7188","block_type":"box","text":"Asset Value and returns of the Sub-Fund.","page_number":97,"box":{"x":121,"y":416,"width":339,"height":10}},{"id":"90bbff5e-601b-46c8-bcd2-07013dc99413","block_type":"box","text":"Currency Risk","page_number":97,"box":{"x":121,"y":449,"width":132,"height":13}},{"id":"76937374-324b-48ae-ad45-301e48c6c1b3","block_type":"box","text":"The Fund may from time to time utilise techniques and instruments to seek to protect (hedge)","page_number":97,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"94c19829-847a-468f-8f04-f99300e377e0","block_type":"box","text":"against currency fluctuations either on a spot basis or by buying currency exchange forward or","page_number":97,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"6a4e7bc8-7b6f-4f08-a76a-26b935d3680a","block_type":"box","text":"swap contracts. Currency spot, forward or swap contracts do not eliminate fluctuations in the","page_number":97,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bf11f979-68fc-4a58-90b2-9d4c8ac13c13","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":97,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f4a3d4a7-2932-428a-92b5-ad6a17a816d0","block_type":"box","text":"Sub-Fund's securities should decline. Although these transactions are intended to minimise the","page_number":97,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"1c989ef4-baf4-43df-8424-36bfeb1e9f9d","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":97,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"4c3c0b64-0f02-4e87-a333-c6f3e2094b62","block_type":"box","text":"that might be realised should the value of the hedged currency increase. The precise matching","page_number":97,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"0fe26db9-e70c-4032-ae1e-bd63bba2b13e","block_type":"box","text":"of the relevant contract amounts and the value of the securities involved will not generally be","page_number":97,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"12da6c29-da74-40c7-a11f-05d6a7dc0d70","block_type":"box","text":"possible because the future value of such securities will change as a consequence of market","page_number":97,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"ade9db84-d942-46dd-bf3b-2a25bbbd6dee","block_type":"box","text":"movements in the value of such securities between the date when the relevant contract is","page_number":97,"box":{"x":121,"y":629,"width":763,"height":10}},{"id":"25f667d8-d7ee-4fc7-8699-e7d8755728cc","block_type":"box","text":"entered into and the date when it matures. The successful execution of a hedging strategy which","page_number":97,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"ca9a634d-ccdd-47a2-a453-472291178b99","block_type":"box","text":"matches exactly the profile of the investments of any Sub-Fund cannot be assured. It may not","page_number":97,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6ec390f6-8385-47c3-8000-4792e7214899","block_type":"box","text":"be possible to hedge against generally anticipated exchange rate fluctuations at a price","page_number":97,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"81602483-cf99-4ae6-a12a-50c75951340f","block_type":"box","text":"sufficient to protect the assets from the anticipated decline in value of the portfolio positions","page_number":97,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"a39ca692-570a-4d5d-bce5-fad1b73f3d8d","block_type":"box","text":"as a result of such fluctuations. In addition, a Sub-Fund may be exposed to credit risks with","page_number":97,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"d159582d-983a-4129-a28a-1c91de5135df","block_type":"box","text":"regard to counterparties with whom the Fund trades as well as risks relating to settlement","page_number":97,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"978815b2-80a5-43cf-b6ad-dc3e4805577f","block_type":"box","text":"default. Such risks could result in substantial losses to a Sub-Fund.","page_number":97,"box":{"x":121,"y":744,"width":544,"height":10}},{"id":"52d5688e-ad8d-485b-8118-e02a9008de64","block_type":"box","text":"Cyber Security Risk","page_number":97,"box":{"x":121,"y":777,"width":179,"height":13}},{"id":"9490bfae-130a-4aab-ac38-de1368e887b2","block_type":"box","text":"The Fund and its service providers' use of internet, technology and information systems may","page_number":97,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"353f65cc-beed-48d2-8d98-63e72922fa96","block_type":"box","text":"expose the Fund and the Sub-Funds to potential risks linked to cyber security breaches of those","page_number":97,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"aa5914e4-8b81-4bd2-8a23-8c1e700e6704","block_type":"box","text":"technological or information systems. Cyber security breaches, amongst other things, could","page_number":97,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b8b2c5d5-3f20-4d04-8bc9-8faba4c14899","block_type":"box","text":"allow an unauthorized party to gain access to proprietary information, customer data, or fund","page_number":97,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"3228e0ec-595a-48f1-aa2b-1ec843d6fc39","block_type":"box","text":"assets, or cause a Sub-Fund and/or its service providers to suffer data corruption or lose","page_number":97,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"5312edb8-19b7-4131-a3e1-223de1d0d1a1","block_type":"box","text":"operational functionality.","page_number":97,"box":{"x":121,"y":892,"width":208,"height":12}},{"id":"b3097189-7635-459a-a77e-79d9e6006f35","block_type":"box","text":"98","page_number":98,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"0dc8c44a-8355-4224-88dd-cedb8f7f8870","block_type":"box","text":"Suspension of Redemptions","page_number":98,"box":{"x":121,"y":105,"width":241,"height":13}},{"id":"391281be-d872-4e2e-86c5-49081f664984","block_type":"box","text":"A LVNAV Money Market Fund or a Public Debt CNAV Money Market Fund will cease to be","page_number":98,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"61548243-3217-4342-bed6-6c0efd289348","block_type":"box","text":"treated as such a Money Market Fund, in accordance with the Money Market Fund Regulations,","page_number":98,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"24edd9cd-7c1a-4c66-a3ab-aa7669971ab0","block_type":"box","text":"when the period of suspension of redemptions exceeds 15 days in a 90 day period.","page_number":98,"box":{"x":121,"y":170,"width":668,"height":13}},{"id":"7073ecf5-f35f-4145-abc3-5f895b5216e6","block_type":"box","text":"Pandemic Risk","page_number":98,"box":{"x":121,"y":203,"width":134,"height":10}},{"id":"2966e7d5-3924-4c44-b31b-1590a8b33414","block_type":"box","text":"An outbreak of an infectious disease, pandemic or any other serious public health concern could","page_number":98,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"9608f2dd-9027-4ab8-85cd-bed87c011a45","block_type":"box","text":"occur in any one or more jurisdictions in which a Sub-Fund may invest, leading to changes in","page_number":98,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b5ef4003-7030-46a8-b278-8598ef29005b","block_type":"box","text":"regional and global economic conditions and cycles which may have a negative impact on the","page_number":98,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"0f8667b8-6238-4aa1-b13c-5c7750d4f2a5","block_type":"box","text":"Fund’s investments and consequently its Net Asset Value. Any such outbreak may also have","page_number":98,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"13be6cd1-d20c-49cb-996a-19da8e871c0d","block_type":"box","text":"an adverse effect on the wider global economy and/or markets, such as the ability of exchanges","page_number":98,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"a9a15ae3-397a-41d1-9f04-9c08d436cf00","block_type":"box","text":"to trade securities and clear and settle transactions, which may negatively impact a Sub- Fund’s","page_number":98,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"ba80f75f-d98b-445b-a891-09de809a0749","block_type":"box","text":"investments more generally. In addition a serious outbreak of infectious disease may also be a","page_number":98,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"8daf4e04-d08f-4317-b853-448bad5559b0","block_type":"box","text":"force majeure event under contracts that the Fund or a Sub-Fund has entered into thereby","page_number":98,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"8ad31245-68a4-41ad-ba07-de243626dccc","block_type":"box","text":"relieving a counterparty of the timely performance of the services such counterparties have","page_number":98,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"b3132502-9d6a-4d86-b52b-efdc0facb01c","block_type":"box","text":"contracted to provide to a Fund or a Sub-Fund (the nature of the services will vary depending","page_number":98,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"13ef7bc9-33e1-4308-8419-0c41dc4cd665","block_type":"box","text":"on the agreement in question).","page_number":98,"box":{"x":121,"y":400,"width":249,"height":13}},{"id":"8b081a02-cbe8-4c26-b81f-399b269b8282","block_type":"box","text":"Risk Factors Relating to the Token Share Classes and Digital Tokens","page_number":98,"box":{"x":121,"y":433,"width":597,"height":12}},{"id":"1901b766-706f-455b-bbd6-3a9b61d6b21c","block_type":"box","text":"Investors in the Token Share Classes should carefully consider the following risk factors in","page_number":98,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"c9c0e021-9a6a-4df5-a4ee-c5f2575f781e","block_type":"box","text":"addition to the general risk factors applicable to all Shares of the Sub-Funds. The risks","page_number":98,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"5fc439d2-fb74-4124-8d41-932dfa674aad","block_type":"box","text":"described below relate specifically to the Token Share Classes and the Digital Tokens issued","page_number":98,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3cef6880-de2b-4db4-b5e9-beb863e23d71","block_type":"box","text":"in respect of holdings of T Shares.","page_number":98,"box":{"x":121,"y":515,"width":282,"height":12}},{"id":"7350f701-e5a8-4f3c-8cd2-0d77493ac927","block_type":"box","text":"Nature and Status of Digital Tokens","page_number":98,"box":{"x":120,"y":547,"width":296,"height":13}},{"id":"138ced70-4474-4422-aeb3-e91c44483a51","block_type":"box","text":"Digital Tokens are issued on the XRP Ledger as a digital representation of an investor's holding","page_number":98,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"f2a05c3a-424e-4c16-9f59-428927b1a100","block_type":"box","text":"of T Shares. A Digital Token does not itself constitute a share in the Company, a financial","page_number":98,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"4787309d-1298-4260-9b42-9d77bfc09c7e","block_type":"box","text":"instrument or a transferable security; it is a record on the XRP Ledger that signifies the","page_number":98,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"b5dfa350-b90f-4dfc-882e-7f71e43b10eb","block_type":"box","text":"investor's holding of T Shares as recorded on the Share Register. There is no established legal","page_number":98,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"81f7816c-48c3-4801-890d-f73611e24143","block_type":"box","text":"precedent governing the characterisation of digital tokens of this nature. There is a risk that","page_number":98,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"fe81f578-f3b0-40bf-9664-6a804c498701","block_type":"box","text":"courts or regulatory authorities in Ireland or elsewhere may in future seek to classify or","page_number":98,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"bdf9ad42-22ce-42d0-8160-244809f47b4b","block_type":"box","text":"reclassify such digital tokens in a manner that imposes additional regulatory requirements,","page_number":98,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"154198ce-2949-4808-aba5-bff711cc3595","block_type":"box","text":"restricts their use, or creates adverse consequences for holders of T Shares. Investors' rights as","page_number":98,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ddbe3472-4262-4db5-ba97-e2bdccc9b66a","block_type":"box","text":"shareholders derive solely from their holding of T Shares as recorded on the Share Register","page_number":98,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"d68669e1-bd45-4b08-acf4-a2c3c0602878","block_type":"box","text":"maintained by the Administrator, and not from the holding of Digital Tokens.","page_number":98,"box":{"x":121,"y":728,"width":630,"height":13}},{"id":"4afc2854-6fcd-4413-9908-0ada945cae68","block_type":"box","text":"Distributed Ledger Technology and the XRP Ledger","page_number":98,"box":{"x":120,"y":761,"width":428,"height":12}},{"id":"208c1d0d-db44-48d4-bb20-98637a5b84c3","block_type":"box","text":"Digital Tokens are issued and recorded on the XRP Ledger, a public distributed ledger","page_number":98,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"ee55d6e6-e196-4da5-afd9-9b87f576cecd","block_type":"box","text":"technology network. The continued and proper functioning of the XRP Ledger is outside the","page_number":98,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"0d34da19-cb05-49d8-80b8-54502e9fbfca","block_type":"box","text":"control of the Company, the Manager and each of their respective service providers. The XRP","page_number":98,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"3264426f-68fc-43af-b7c1-5953b1058193","block_type":"box","text":"Ledger is a decentralised network and there is no single entity responsible for its operation,","page_number":98,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"5b137ff7-4b48-41f7-b88d-fe2c888740ad","block_type":"box","text":"maintenance or continued availability. If the XRP Ledger experiences technical failures,","page_number":98,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"abb1f099-0108-411c-8798-f8d93aeb0cdf","block_type":"box","text":"network disruptions, consensus protocol issues or prolonged downtime, investors' Digital","page_number":98,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"8f2969b4-7740-43c6-8846-414f5a4ebb51","block_type":"box","text":"Tokens may temporarily become inaccessible or the Minting and Burning of Digital Tokens","page_number":98,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"8213074b-415a-4150-ba99-9fdea76ca539","block_type":"box","text":"99","page_number":99,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"56953f10-e806-4b6e-bed4-0d25bbc70217","block_type":"box","text":"may be delayed.","page_number":99,"box":{"x":121,"y":89,"width":136,"height":12}},{"id":"efba6445-1e64-44ae-bcf6-a3449dbd7889","block_type":"box","text":"The XRP Ledger may also be subject to protocol upgrades, changes to the consensus","page_number":99,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"64828277-51bc-4816-942d-b8bb757cffb5","block_type":"box","text":"mechanism, or forks (where the ledger splits into two or more separate chains). In the event of","page_number":99,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"8d4aa8bd-8d98-4d2d-8640-148d590e2d10","block_type":"box","text":"a fork or significant protocol change, there may be uncertainty as to the status or visibility of","page_number":99,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"e73cffa1-f00b-46b6-bc94-f2f4b6a3f2e4","block_type":"box","text":"the Digital Tokens, which could result in temporary disruption to the Tokenisation Model.","page_number":99,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"3977e792-52ce-4c05-9a90-df206fb6871c","block_type":"box","text":"Whilst the XRP Ledger's consensus protocol is designed to resist permanent forks (which could","page_number":99,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6805b4a2-666c-41c4-ae40-25efd35f0646","block_type":"box","text":"occur if the blockchain splits into two or more separate chains), there can be no assurance that","page_number":99,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d005833c-b5f5-4cd0-80ac-4275ad6d46dc","block_type":"box","text":"all such events will be resolved without operational impact.","page_number":99,"box":{"x":121,"y":220,"width":484,"height":12}},{"id":"732a02a3-7703-4bd9-89e9-73092b0e4679","block_type":"box","text":"A significant security breach, technical failure, or fraud affecting another blockchain network","page_number":99,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"f4740803-e6c8-4799-a2f6-5d9582f6b20d","block_type":"box","text":"or a high-profile tokenised product could undermine broader confidence in distributed ledger","page_number":99,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"c3394eef-06ee-4906-b7b0-9ff11950fe6f","block_type":"box","text":"technology as a whole. Such an event could lead to increased regulatory scrutiny of tokenised","page_number":99,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"e72768d3-329f-4184-be56-b28927c56aad","block_type":"box","text":"fund structures, reduced investor appetite for products involving distributed ledger technology,","page_number":99,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"2e65dead-e65b-4321-a443-c280d17d96cc","block_type":"box","text":"or reputational harm to the Company and its service providers, notwithstanding that the XRP","page_number":99,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"2421434d-1d33-4f3a-9ae0-5e8f2d90839a","block_type":"box","text":"Ledger and the Tokenisation Model were not directly affected.","page_number":99,"box":{"x":121,"y":334,"width":510,"height":13}},{"id":"97fa8757-0fcc-44ba-bf94-571a88bf2d00","block_type":"box","text":"Reconciliation of the Share Register and the XRP Ledger","page_number":99,"box":{"x":120,"y":367,"width":467,"height":13}},{"id":"e3753671-24f0-47d8-81ea-d8708b40239c","block_type":"box","text":"The Share Register maintained by the Administrator is the sole authoritative record of","page_number":99,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"2b3cf944-7cc1-48a8-b5a8-a841acc3ce3b","block_type":"box","text":"ownership of T Shares for all legal purposes. The records of Digital Tokens on the XRP Ledger","page_number":99,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"adca34c1-8033-4bef-98c1-d0f83cfc7830","block_type":"box","text":"are reconciled by the Manager with the Share Register on a daily basis. There is a risk that","page_number":99,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"804c71f4-49cd-407f-acf5-82df09528b54","block_type":"box","text":"discrepancies may arise between the Share Register and the XRP Ledger records due to delays","page_number":99,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"04fddd37-f319-43ea-9197-a4762ef9e37f","block_type":"box","text":"in Minting or Burning of Digital Tokens, network or system outages, processing errors or","page_number":99,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"56b932cd-4bc5-4ede-baf6-3ed780ad9290","block_type":"box","text":"failures in the reconciliation process itself. In the event of any discrepancy between the Share","page_number":99,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"681b471b-7de5-4a4d-ba33-661d71ab0f54","block_type":"box","text":"Register and the records on the XRP Ledger, the Share Register shall prevail and investors'","page_number":99,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"b97a1cf7-e7af-4330-889e-0e8624b12812","block_type":"box","text":"rights shall be determined solely by reference to the Share Register. Discrepancies, if they arise,","page_number":99,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"1196e17e-f82d-4bb9-b1f2-ec829dcf671c","block_type":"box","text":"may result in a temporary mismatch between an investor's visible Digital Token balance and","page_number":99,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"79c4f979-add1-408b-85c4-af3ffaf0a99f","block_type":"box","text":"their actual shareholding.","page_number":99,"box":{"x":121,"y":547,"width":209,"height":13}},{"id":"df7c4751-2a4b-4177-a583-467c41fb598c","block_type":"box","text":"Irreversibility of Blockchain Transactions","page_number":99,"box":{"x":120,"y":580,"width":344,"height":13}},{"id":"de4fef44-d84a-4e10-b36e-2c8489bc0de8","block_type":"box","text":"Transactions recorded on the XRP Ledger, including the Minting and Burning of Digital","page_number":99,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"c8477ac9-6597-4b75-93fe-6de51ca71b1b","block_type":"box","text":"Tokens, are immutable and cannot be reversed once a ledger close has occurred. Unlike","page_number":99,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"e6511697-023a-40c1-a8a1-61b8862bb55d","block_type":"box","text":"traditional fund administration systems, an error in the Minting or Burning process cannot be","page_number":99,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"3fdaea2b-322d-4c52-bba2-03682f784737","block_type":"box","text":"corrected by amending the original record. Any correction would require a subsequent","page_number":99,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"4e814b5c-0606-412c-828c-000b03d4e201","block_type":"box","text":"offsetting transaction, with the original erroneous transaction remaining permanently visible","page_number":99,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"ad8bb61a-895f-4336-bb49-8d8ac3a333b0","block_type":"box","text":"on the ledger. In all cases, the Share Register will remain the sole authoritative record of","page_number":99,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"d8bee657-81f6-4cd9-9898-12fdc9458737","block_type":"box","text":"ownership.","page_number":99,"box":{"x":121,"y":711,"width":93,"height":13}},{"id":"c0f6ffd2-657c-4bac-a94d-f75871384de4","block_type":"box","text":"Custody Provider and Digital Wallet Risks","page_number":99,"box":{"x":122,"y":744,"width":349,"height":13}},{"id":"1a6118dc-0ce2-4030-bff6-e26f719accfc","block_type":"box","text":"Investors in the Token Share Classes are required to hold their Digital Tokens in a Digital","page_number":99,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"dd902b5b-0506-4183-8cf6-8488ca1c0bc6","block_type":"box","text":"Wallet maintained with the Digital Custodian. If the Digital Custodian experiences an","page_number":99,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5b6a8a47-0205-4598-9624-a39ddb871dc1","block_type":"box","text":"operational failure, a security breach, insolvency or ceases to provide custody services,","page_number":99,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"68730f00-72be-4ad1-9494-34714631874b","block_type":"box","text":"investors' access to their Digital Tokens and their ability to view Digital Token balances on the","page_number":99,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"f88471fd-c5c1-4c98-8ae3-dcf0b6124bc8","block_type":"box","text":"Tokenisation Platform may be disrupted. 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There is currently no secondary market for T","page_number":100,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"b1b045b5-7d8b-4750-881e-65741a614031","block_type":"box","text":"Shares or Digital Tokens. T Shares are not currently transferable.","page_number":100,"box":{"x":121,"y":154,"width":530,"height":13}},{"id":"ff69d8ce-da12-4e3a-ba2e-168b770181fc","block_type":"box","text":"Cybersecurity Risks","page_number":100,"box":{"x":122,"y":187,"width":164,"height":13}},{"id":"3ff7369b-c5fc-4ab6-bf22-3be525d6a649","block_type":"box","text":"The Tokenisation Model introduces additional cybersecurity risks beyond those applicable to","page_number":100,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"9d2fe808-ccb6-41de-80f9-131d944f4202","block_type":"box","text":"other Shares. The interaction between the Tokenisation Platform, the Digital Token custody","page_number":100,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"67e472f2-729c-4a50-9f39-7e74900aaa34","block_type":"box","text":"infrastructure, the XRP Ledger and the Company's traditional fund operations creates multiple","page_number":100,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"78b6702e-95c2-4aaf-8443-b67e8a109ac5","block_type":"box","text":"points of potential vulnerability. 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There is a risk that, through","page_number":100,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f41cbcd0-6db6-4b04-95d6-9edef916256e","block_type":"box","text":"analysis of transaction patterns or correlation with other data sources, it may be possible to link","page_number":100,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"12a7f40c-b166-4910-9d7a-578850c5a5e9","block_type":"box","text":"a wallet address to an investor's identity. 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The regulatory treatment of Digital","page_number":100,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"115efecb-1711-4f06-9aa2-b86517dd3ca8","block_type":"box","text":"Tokens in any given jurisdiction may differ from that in Ireland, and investors should take their","page_number":100,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"137cd5b2-9cd9-4f44-8931-3d1042cc9311","block_type":"box","text":"own legal advice as to the implications of holding T Shares and the corresponding Digital","page_number":100,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"26289261-1e7c-45f3-a80c-b2275f9c2706","block_type":"box","text":"Tokens in their jurisdiction of residence or domicile.","page_number":100,"box":{"x":121,"y":761,"width":429,"height":12}},{"id":"50dc8bf5-8d48-45d6-ac1d-7ecbb690e65f","block_type":"box","text":"Tax Risks","page_number":100,"box":{"x":122,"y":793,"width":81,"height":10}},{"id":"33ee6c8f-2d4d-4a3f-9658-87448b3314c4","block_type":"box","text":"The tax treatment of T Shares held in conjunction with Digital Tokens may be uncertain in","page_number":100,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"76f2856b-5746-4dd2-b94b-bdf569160647","block_type":"box","text":"certain jurisdictions. Tax authorities may adopt different positions as to whether the issuance,","page_number":100,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"bd514d59-b888-4292-8ecc-79dcc15e8766","block_type":"box","text":"holding, or cancellation of a Digital Token alongside a Token Share gives rise to a taxable","page_number":100,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"15c56b4b-fee0-4fb1-8555-e4b04e5795b9","block_type":"box","text":"event or alters the tax treatment that would otherwise apply to the holding of shares in the Sub\u0002","page_number":100,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"a19a31aa-d4f7-4c69-ad9c-53fe9b827fcb","block_type":"box","text":"Funds. Investors should consult their own tax advisers regarding the tax consequences of","page_number":100,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"39d62b44-55d5-437b-9daa-d057df2ff415","block_type":"box","text":"101","page_number":101,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"6f22b3e7-ff6d-48f2-82ba-073315afa121","block_type":"box","text":"investing in T Shares and holding the corresponding Digital Tokens, having regard to their","page_number":101,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"722e4863-889d-4f0e-8a07-89a326ce1d40","block_type":"box","text":"particular circumstances.","page_number":101,"box":{"x":121,"y":105,"width":206,"height":13}},{"id":"3cb1e688-f9d3-4a41-b7dc-bfa76813a427","block_type":"box","text":"Novel Technology","page_number":101,"box":{"x":120,"y":138,"width":152,"height":12}},{"id":"90c0522f-95c4-4cea-9be0-1a21dcad83d5","block_type":"box","text":"The Tokenisation Model uses relatively new technology. The processes, service providers and","page_number":101,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"bbb8f8af-bf5b-4eee-971f-51b590278699","block_type":"box","text":"technology underpinning the Tokenisation Model have not been tested at scale or over a","page_number":101,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"c03a335a-7990-407a-9b73-8428438c57dc","block_type":"box","text":"prolonged period in respect of this Company. Investors should be aware that the Tokenisation","page_number":101,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"836b0f86-5937-417a-95a3-36d23a140582","block_type":"box","text":"Model may be modified or discontinued at any time in response to technological, regulatory or","page_number":101,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"e07b5343-12f0-4225-b225-aac6b3324988","block_type":"box","text":"operational developments.","page_number":101,"box":{"x":121,"y":236,"width":217,"height":13}},{"id":"ce41da83-7700-4582-9b27-fddbaf3b039e","block_type":"box","text":"Additional risk factors (if any) in respect of each Sub-Fund are set out the relevant section of","page_number":101,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"784eaba0-b04e-4671-b956-26ead967c0f9","block_type":"box","text":"Part 1 for the relevant Sub-Fund.","page_number":101,"box":{"x":121,"y":302,"width":270,"height":10}},{"id":"1a34c30e-bb64-443d-ab6f-16516e05ef97","block_type":"box","text":"102","page_number":102,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"0619ee0e-3210-4ab8-86bb-5b5837646952","block_type":"box","text":"__________________________________________________________________________","page_number":102,"box":{"x":120,"y":98,"width":751,"height":2}},{"id":"b2e05e1b-637f-4113-a6c5-b98dcc2e4ac2","block_type":"box","text":"SHARE DEALINGS","page_number":102,"box":{"x":410,"y":105,"width":185,"height":10}},{"id":"45fb42eb-93cb-4262-98b1-0f846637d95e","block_type":"box","text":"___________________________________________________________________________","page_number":102,"box":{"x":120,"y":131,"width":762,"height":2}},{"id":"72efdb2a-1aac-445d-9366-e25d1cd73acb","block_type":"box","text":"SUBSCRIPTION FOR SHARES","page_number":102,"box":{"x":121,"y":154,"width":289,"height":10}},{"id":"c443fbcc-92bd-443a-a47d-e4a8bfe85bfd","block_type":"box","text":"Purchases of Shares","page_number":102,"box":{"x":121,"y":187,"width":177,"height":10}},{"id":"9d7fb53c-b760-4b33-b8db-f9b914907faf","block_type":"box","text":"Issues of Shares will normally be made with effect from a Dealing Day in respect of","page_number":102,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"99875707-ffbf-46ab-b672-c60f02308b64","block_type":"box","text":"applications received on or prior to the Dealing Deadline. Dealing Days and Dealing Deadlines","page_number":102,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"dab80894-c886-4b85-b54f-9eeca1567934","block_type":"box","text":"relating to each Sub-Fund are specified in the relevant section of Part 1 for each Sub-Fund.","page_number":102,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"adcce5a3-8775-41eb-91ca-1c9d1144c64a","block_type":"box","text":"Applications for the issue of Shares may be submitted in writing, by facsimile, by telephone to","page_number":102,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"636b48b1-6aa5-4597-ac7b-5daea31e9d1c","block_type":"box","text":"the Fund care of the Administrator, or in certain circumstances by other electronic methods","page_number":102,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"098db531-757b-4444-8674-f526921f4f32","block_type":"box","text":"(save for applications for the issue of T Shares which may not be submitted by facsimile ot","page_number":102,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"8a9540cc-f389-4e39-817d-7de294971ec5","block_type":"box","text":"telephone), where specifically agreed to in advance by the Fund, provided in each case that an","page_number":102,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"747a8d27-e829-4431-96ae-548b0521451b","block_type":"box","text":"Application Form and any supporting documentation required with regard to anti-money","page_number":102,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"73e2a681-8c0e-465e-a83f-f7b171edf260","block_type":"box","text":"laundering matters/ financial crime or otherwise, shall be submitted in the case of an initial","page_number":102,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"187a22f2-47a6-41c9-813a-ea3f6285551f","block_type":"box","text":"application for Shares (with the original documentation, where required, to follow by post). In","page_number":102,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d860979e-fde5-40b0-b5fe-91245b5a3af6","block_type":"box","text":"the case of retail investors, subscription requests must be sent through an independent financial","page_number":102,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9c5cdbc3-504d-49da-adf5-078b140c4423","block_type":"box","text":"adviser or other intermediary. However, this should not result in such investors paying more","page_number":102,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"08b58922-ea9f-447e-873a-5e479653a3fb","block_type":"box","text":"fees than otherwise would have been paid for a direct investment.","page_number":102,"box":{"x":121,"y":416,"width":534,"height":13}},{"id":"aa13c629-9843-448a-b512-0912c68d1a2c","block_type":"box","text":"A subscription request in respect of T Shares must be processed by the Administrator in the","page_number":102,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7ec392f8-93e5-4c2a-8185-fbdf58989bb8","block_type":"box","text":"manner described above and reflected in the Share Register and subscription confirmed before","page_number":102,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"2a43247d-5e2b-460b-b3dc-461db521c9ce","block_type":"box","text":"the Digital Tokens are then Minted. The Minting of the Digital Tokens initially on the","page_number":102,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"9503c3f2-f5e8-4463-88b0-7d97473807bd","block_type":"box","text":"Tokenisation Platform, and then in the Digital Wallets, will be executed once subscription","page_number":102,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"ea2be3c4-5a83-4e33-b15e-fd59aac87fbb","block_type":"box","text":"monies have been received.","page_number":102,"box":{"x":121,"y":515,"width":227,"height":10}},{"id":"275a44de-a016-4c9a-a18d-f4571436350b","block_type":"box","text":"Applications received after the Dealing Deadline for the relevant Dealing Day shall, unless the","page_number":102,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"2d8de6d5-a879-4a6b-b013-0d226e2b80b1","block_type":"box","text":"Directors shall otherwise agree and provided they are received before the Valuation Point for","page_number":102,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"86ff1594-dcdd-4fa7-9536-528d96823564","block_type":"box","text":"the relevant Dealing Day, be deemed to have been received by the next Dealing Deadline.","page_number":102,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"2b0e4196-9edb-4c52-aeb1-a8cb8bb1b13d","block_type":"box","text":"Applications will be irrevocable unless the Directors otherwise agree.","page_number":102,"box":{"x":121,"y":597,"width":566,"height":12}},{"id":"2dfb3289-8a9e-42d5-98a7-61b692d1b22d","block_type":"box","text":"The Minimum Initial Subscription for Shares of each Sub-Fund that may be subscribed for by","page_number":102,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"7c8fcd7f-fca1-4ae2-ab8a-2184abaf1126","block_type":"box","text":"each investor on initial application is set out in the relevant section of Part 1 for the relevant","page_number":102,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"afae1ea9-3d32-47a7-ab45-07a0b0b52a9c","block_type":"box","text":"Sub-Fund. 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Subscription monies representing","page_number":102,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c637bc2b-1389-4f02-97b7-755c16ee6e91","block_type":"box","text":"smaller fractions of Shares will not be returned to the applicant but will be retained as part of","page_number":102,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"7bb3eb78-1135-4ea1-9a51-702b16d0a48e","block_type":"box","text":"the assets of the relevant Sub-Fund.","page_number":102,"box":{"x":121,"y":744,"width":292,"height":10}},{"id":"e6132447-19c6-45a3-abdc-8ba0f30b65aa","block_type":"box","text":"The Application Form contains certain conditions regarding the application procedure for","page_number":102,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"b3905dac-0ccc-4653-a597-1c051966ccec","block_type":"box","text":"Shares in the Fund and certain indemnities in favour of the Fund, the Administrator, the","page_number":102,"box":{"x":121,"y":793,"width":763,"height":12}},{"id":"15f40cc3-22fd-4d95-aa43-2a41483d66f2","block_type":"box","text":"Depositary, the Manager, the Investment Manager and the other Shareholders for any loss","page_number":102,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"7fa248a8-7de6-4f3a-98f0-329b9a26c1e6","block_type":"box","text":"suffered by them as a result of certain applicants acquiring or holding Shares.","page_number":102,"box":{"x":121,"y":826,"width":629,"height":13}},{"id":"663e3af4-a3cd-47a1-8b1c-3a58fee30251","block_type":"box","text":"If an application is rejected, the Administrator at the risk of the applicant will return application","page_number":102,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"15ddd126-b425-4b23-8480-dfbbc7d4161d","block_type":"box","text":"monies or the balance thereof by telegraphic transfer to the account from which it was paid","page_number":102,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"b5e9f80c-0fd3-4e36-96e2-c6c139a0e6ed","block_type":"box","text":"within 10 Business Days (as specified in in the relevant section of Part 1 for each Sub-Fund)","page_number":102,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"3435ce84-8699-486e-ba69-995e758b3981","block_type":"box","text":"103","page_number":103,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"beb42524-5f35-46f5-abb8-d0fcfdc694f5","block_type":"box","text":"of the rejection, at the cost and risk of the applicant.","page_number":103,"box":{"x":121,"y":89,"width":423,"height":12}},{"id":"8e585940-58fa-4d8b-bb71-b87d539a0683","block_type":"box","text":"Issue Price","page_number":103,"box":{"x":121,"y":121,"width":98,"height":10}},{"id":"36fb7ca6-db63-4db7-825f-d3464cf8deff","block_type":"box","text":"During the Initial Offer Period for each Sub-Fund, the Initial Issue Price for Shares in the","page_number":103,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"2bb3affd-62b4-4c0d-b990-1ea6b3ce1a17","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":103,"box":{"x":121,"y":170,"width":763,"height":10}},{"id":"0c80c071-a181-4ab4-a53b-613604573d4c","block_type":"box","text":"Sub-Fund.","page_number":103,"box":{"x":121,"y":187,"width":89,"height":10}},{"id":"8f54734f-57e5-4d64-ae14-c15bcd7e2d06","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":103,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"5b965b3e-b0a5-40d0-9748-d2874a47f5bc","block_type":"box","text":"Initial Offer Period is calculated by ascertaining the Net Asset Value per Share of the relevant","page_number":103,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"59e84f16-c8e9-48d8-b223-8a43b674da4b","block_type":"box","text":"class on the relevant Dealing Day.","page_number":103,"box":{"x":121,"y":252,"width":281,"height":13}},{"id":"a3cf1d6f-2ba5-46ee-8bba-d7b9eca91fc1","block_type":"box","text":"The Administrator may, in calculating the issue price, include in the issue price in respect of","page_number":103,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"a2263a9c-7a66-4605-9fea-9db097e63a38","block_type":"box","text":"each Sub-Fund, for its own account, a charge sufficient to cover stamp duties and taxation (if","page_number":103,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"7d6a0d5e-d6cc-4960-bf32-cf79da77ef31","block_type":"box","text":"any) in respect of the issue of Shares or certificates and delivery and insurance costs in respect","page_number":103,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"01117843-35d7-481a-9a82-b442e821cf17","block_type":"box","text":"of certificates.","page_number":103,"box":{"x":121,"y":334,"width":120,"height":10}},{"id":"99672de2-78ee-427a-b577-45d43995150c","block_type":"box","text":"No Preliminary Charge will be payable on the issue of Shares of the Fund.","page_number":103,"box":{"x":121,"y":367,"width":605,"height":13}},{"id":"aca756c0-a09f-4c0f-9b1a-56ffe46becbb","block_type":"box","text":"Payment for Shares","page_number":103,"box":{"x":121,"y":400,"width":175,"height":13}},{"id":"ac83b918-c75b-4514-8cf7-99717afc5b77","block_type":"box","text":"Payment in respect of the issue of Shares must be made by the relevant Settlement Date by","page_number":103,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"707064a1-41fa-4b41-852d-640fdff944be","block_type":"box","text":"telegraphic transfer in cleared funds in the Base Currency of the relevant Sub-Fund. The","page_number":103,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"04abff3b-b017-443e-a48d-ff75db8f47a6","block_type":"box","text":"Directors or their delegates may, at their discretion, accept payment in other currencies, but","page_number":103,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"38686fc1-567e-4ffd-ba58-31160e360307","block_type":"box","text":"such payments will be converted into the relevant Base Currency at the then prevailing","page_number":103,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7a972a15-92aa-493d-a3ae-15b9b7a1ea55","block_type":"box","text":"exchange rate available to the Administrator and only the net proceeds (after deducting the","page_number":103,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"c7c1f7a0-add1-45be-a0e0-7fd90a21214d","block_type":"box","text":"conversion expenses) will be applied towards payment of the subscription monies. This may","page_number":103,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"70943a7e-05d0-4e38-b64a-20c4667c16d0","block_type":"box","text":"result in a delay in processing the application.","page_number":103,"box":{"x":121,"y":531,"width":374,"height":13}},{"id":"ea5b7b26-b6ea-452d-ba78-ccc122795c03","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":103,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"15bbdf36-152e-437d-9e97-378186d03fb9","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":103,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"5d0dc7c1-cf16-46d1-bd84-c098ce6e7c70","block_type":"box","text":"discretion of the Directors, be cancelled, or, alternatively, the Directors may treat the","page_number":103,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"8b7ceb0a-df4e-431a-bfaa-04017c6b2f70","block_type":"box","text":"application as an application for such number of Shares as may be purchased with such","page_number":103,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"84414c11-0e95-4767-a1f4-b97800435b18","block_type":"box","text":"payment on the Dealing Day next following receipt of payment in full or of cleared funds. In","page_number":103,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"0965bd91-51d6-439c-92d2-a6e6faabb5ef","block_type":"box","text":"such cases the Fund may charge the applicant for any resulting loss incurred by the relevant","page_number":103,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"02e119c9-4d1b-40a5-9c09-396a64fad28e","block_type":"box","text":"Sub-Fund.","page_number":103,"box":{"x":121,"y":662,"width":89,"height":10}},{"id":"456f1651-f56f-4023-bc77-4f0ed27ff76c","block_type":"box","text":"In Specie Issues","page_number":103,"box":{"x":121,"y":695,"width":140,"height":13}},{"id":"2c3ce02b-9d52-429b-a113-29b223fe0357","block_type":"box","text":"The Directors may in their absolute discretion, provided that they are satisfied that no material","page_number":103,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"cad0af72-9dad-4379-8f49-b2b090438480","block_type":"box","text":"prejudice would result to any existing Shareholder and subject to the provisions of the","page_number":103,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"39e2f621-1edd-4c6a-9111-dda3e3659b37","block_type":"box","text":"Companies Acts 2014, allot Shares in any Sub-Fund against the vesting in the Depositary on","page_number":103,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"24188092-3374-4950-8ea6-6830d3fb9fb3","block_type":"box","text":"behalf of the Fund of investments which would form part of the assets of the relevant Sub\u0002","page_number":103,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"52090bdf-df5f-4048-8b2a-10a5182f0019","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":103,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"91dd056f-d509-4c22-9e00-3286d581b867","block_type":"box","text":"day the investments are vested in the Depositary on behalf of the Fund have been issued for","page_number":103,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"a0381e28-a4e5-423b-9b23-921b1f32e39d","block_type":"box","text":"cash against the payment of a sum equal to the value of the investments. The value of the","page_number":103,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"6c31fed4-f396-417a-8d28-202be24b9ed1","block_type":"box","text":"investments to be vested shall be on such basis as the Directors may decide, but such value","page_number":103,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"eccd98eb-7131-4a31-b3a4-a31172287a3f","block_type":"box","text":"cannot exceed the highest amount at which they would be valued by applying the valuation","page_number":103,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"fdd1009a-4d22-4697-ae07-ab6bf9d56d91","block_type":"box","text":"methods described below under the heading “Calculation of Net Asset Value/ Valuation of","page_number":103,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"327e0f56-7573-40c5-ae70-d8a4fe824ab9","block_type":"box","text":"Assets.”","page_number":103,"box":{"x":121,"y":892,"width":71,"height":9}},{"id":"8f5f16fe-1715-477e-972f-d202fe8b684b","block_type":"box","text":"104","page_number":104,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"246f9630-3bdc-45d5-a9bb-c062403708a1","block_type":"box","text":"Anti-Money Laundering Provisions","page_number":104,"box":{"x":121,"y":105,"width":310,"height":13}},{"id":"ad12b20c-ec31-47bf-8f22-8b23dda605be","block_type":"box","text":"Measures provided for in the Criminal Justice (Money Laundering and Terrorist Financing)","page_number":104,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"aad082b9-01de-46c6-9301-c98a837fb9e3","block_type":"box","text":"Act, 2010, as amended and the Criminal Justice (Terrorist Offences) Act, 2005 which are aimed","page_number":104,"box":{"x":121,"y":154,"width":763,"height":12}},{"id":"1cf45771-da16-4b7f-8479-c3e75823dec7","block_type":"box","text":"towards the prevention of money laundering, require detailed verification of each applicant’s","page_number":104,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"76b155ac-76b6-4f37-8145-1621c79d5521","block_type":"box","text":"identity; for example an individual may be required to produce a copy of his passport or","page_number":104,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"09e3af3c-d9ce-4279-b34a-c208e17b4472","block_type":"box","text":"identification card together with evidence of his address such as a utility bill or bank statement","page_number":104,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"417b60a7-4bca-413a-9bb5-89e1c2e8b871","block_type":"box","text":"and his date of birth. In the case of corporate applicants this may require production of a","page_number":104,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"9d2d4f32-3009-40b1-bc78-244dc3735f09","block_type":"box","text":"certified copy of the certificate of incorporation (and any change of name), memorandum and","page_number":104,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"5d523572-23f4-43b8-b506-9325abdc8bc8","block_type":"box","text":"articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":104,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"0773751b-46bc-49f9-8cea-00cf22115424","block_type":"box","text":"and business address of the directors and beneficial owners of the Fund.","page_number":104,"box":{"x":121,"y":269,"width":585,"height":10}},{"id":"f7efbcd7-612e-42b3-a8cf-1552a05ea680","block_type":"box","text":"The Administrator, Manager and the Fund reserve the right to request such information as is","page_number":104,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"77ad11fc-2fb0-4e71-a3ca-c7968373bfc5","block_type":"box","text":"necessary to verify the identity of an applicant. In the event of delay or failure by the applicant","page_number":104,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"73fcf3e3-5f0c-44b7-b44b-d5500b43544f","block_type":"box","text":"to produce any information required for verification purposes, the Administrator may refuse to","page_number":104,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"c49280c8-7e7e-472c-b6df-3bc6d5692c8d","block_type":"box","text":"accept the application and return all subscription monies. If an application is rejected, and","page_number":104,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7deb3177-91e8-4c46-8c5f-193af63c93e1","block_type":"box","text":"where appropriate to do so, the Administrator will return application monies or the balance","page_number":104,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"cc867ca9-eb95-4575-801a-8734a6d5bac2","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":104,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c564ad1c-6572-4082-a459-f112f6e5c4b5","block_type":"box","text":"applicant.","page_number":104,"box":{"x":121,"y":400,"width":84,"height":13}},{"id":"8410dc7d-92ea-404b-8a0a-76ea7db6727d","block_type":"box","text":"Depending on the circumstances of each application, a detailed verification may not be required","page_number":104,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"b0d4d7ce-4318-448e-b619-e38dd7976935","block_type":"box","text":"where: (a) the applicant makes payment from an account held in the applicant’s name at a","page_number":104,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"d46c0667-035a-4289-85e9-0871c4113837","block_type":"box","text":"recognised financial institution, or (b) the application is made through a recognised","page_number":104,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f2bbc061-644a-4593-bd4f-36a6c8e83e51","block_type":"box","text":"intermediary, or (c) investment is made by a recognised intermediary or financial institution.","page_number":104,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"a44967d5-284e-43c8-869f-2dbd5e3d594c","block_type":"box","text":"These exceptions will only apply if the financial institution or intermediary referred to above","page_number":104,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"72167afb-1edb-460f-83ba-96c124164249","block_type":"box","text":"is located in a country, which has equivalent anti-money laundering legislation to that in place","page_number":104,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"35112003-0831-4e57-bfcf-2b2d6fc5c1e4","block_type":"box","text":"in Ireland and the Fund will make the ultimate decision whether the detailed verification is","page_number":104,"box":{"x":121,"y":531,"width":763,"height":10}},{"id":"7c88f89b-41cc-4b36-94d0-2bb00bd5c356","block_type":"box","text":"required. Applicants may contact the Administrator or the Fund in order to determine whether","page_number":104,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ddcc88b5-524f-41fc-9146-1df2ec46b098","block_type":"box","text":"they meet the above exceptions. The Fund or the Manager will make the ultimate decision","page_number":104,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"b54813e0-de32-4617-a60d-4c1120fabc42","block_type":"box","text":"whether the detailed verification is required.","page_number":104,"box":{"x":121,"y":580,"width":362,"height":13}},{"id":"b5773071-15d6-4715-9eda-cffd58d4069a","block_type":"box","text":"In accordance with section 54 of the Criminal Justice (Money Laundering and Terrorist","page_number":104,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"9dcb8a4f-ee74-4848-a364-b0735e765185","block_type":"box","text":"Financing) Act, 2010, as amended, The Administrator and the Fund reserve the right to request","page_number":104,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"b4e192d7-4196-4334-aff8-54be2c3ef7aa","block_type":"box","text":"additional information and documentation in respect of keeping Investor information and","page_number":104,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"67337512-34f5-449d-92bc-5538eb4be688","block_type":"box","text":"documentation up to date. In the event of delay or failure by the applicant to produce any","page_number":104,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"fe640881-7e1d-42c6-89d3-b67f61971c5e","block_type":"box","text":"information or documentation required for ongoing verification purposes, the Administrator","page_number":104,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"8eae0057-2aac-4b2b-a8c6-5a596c530d65","block_type":"box","text":"and the Fund may refuse to accept subscriptions, or permit, process, or release the investor's","page_number":104,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"886f408e-531c-4423-b398-b9638792d05d","block_type":"box","text":"investment.","page_number":104,"box":{"x":121,"y":711,"width":98,"height":10}},{"id":"a629a33a-240a-414f-9dda-ee9a54985779","block_type":"box","text":"FATCA","page_number":104,"box":{"x":121,"y":744,"width":74,"height":10}},{"id":"4ab5879f-7e4a-45ab-83ca-d263b9eb54b3","block_type":"box","text":"Due to tax regulations which are implemented as a result of the Irish government entering into","page_number":104,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"aabffade-d7c9-4232-9ea3-08d167f29319","block_type":"box","text":"an intergovernmental agreement with the United States, there is a requirement to share tax","page_number":104,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"693a492c-b913-4dfb-a68f-d2b2a77c1f18","block_type":"box","text":"information, where applicable, with overseas tax authorities. As a financial institution, the Fund","page_number":104,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"313ceed9-28b6-4d1a-95a5-21bb5d671c4b","block_type":"box","text":"is obliged to comply with Irish legislation, and is obliged to collect details of all Shareholders’","page_number":104,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"091875ac-d5f5-4c46-abcf-8def1f9c0cb9","block_type":"box","text":"tax residency and taxpayer identification numbers and any other information as directed by the","page_number":104,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"31651927-d288-4acd-8557-c79c397cd966","block_type":"box","text":"Office of the Revenue Commissioners. The Fund will pass such information to the Office of","page_number":104,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"96e8011f-24ec-45de-a792-e04907e1d133","block_type":"box","text":"the Revenue Commissioners, who will in turn exchange this information with the United States.","page_number":104,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"981092f8-568e-4473-8722-b6cfb53327f5","block_type":"box","text":"105","page_number":105,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"529c2586-b8f4-49e7-9faf-8948cb35b10f","block_type":"box","text":"The extent to which the Fund is able to report to the Office of the Revenue Commissioners will","page_number":105,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7a7bccc2-a119-45f4-b3fa-d3018004aedc","block_type":"box","text":"depend on each affected Shareholder in the Fund providing the Fund or its delegate with any","page_number":105,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"724ebec6-9200-47c0-9190-50fad4383abe","block_type":"box","text":"information that the Fund determines is necessary to satisfy such obligations.","page_number":105,"box":{"x":121,"y":121,"width":627,"height":13}},{"id":"90299c16-ae3c-4eeb-a84e-f5a1c09dd708","block_type":"box","text":"By signing the Application Form to subscribe for Shares in the Fund, each affected Shareholder","page_number":105,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6a89b363-18c9-46a9-af12-897a2084f5de","block_type":"box","text":"is agreeing to provide such information upon request from the Fund or its delegate. The Fund","page_number":105,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"7ff3986f-81b9-48d0-b620-10d602b976b6","block_type":"box","text":"may exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":105,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"f75c7f56-efdb-4d22-8bea-f16ac98b9a26","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":105,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"351a4889-ea23-4bc3-a61c-567ea7db7f5f","block_type":"box","text":"FATCA. Shareholders are encouraged to consult with their own tax advisers regarding the","page_number":105,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"5cb0aa1a-2b79-40cf-bbf2-c7ae3fbe1057","block_type":"box","text":"possible implications of FATCA on their interest in the Fund.","page_number":105,"box":{"x":121,"y":236,"width":502,"height":13}},{"id":"fefead9c-f938-460c-800c-8daa274084a0","block_type":"box","text":"Limitations on Purchases","page_number":105,"box":{"x":121,"y":269,"width":223,"height":10}},{"id":"8ed5d198-efe9-4843-997d-d2ee982c2529","block_type":"box","text":"Shares may not be issued or sold by the Fund during any period when the calculation of the","page_number":105,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"fafc51e4-d83c-48bb-bc84-85678d146d0e","block_type":"box","text":"Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":105,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d2cd970c-8104-49c4-8146-188cf8e8475a","block_type":"box","text":"“Suspension of Calculation of Net Asset Value” below. Applicants for Shares will be notified","page_number":105,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"a016798e-af6b-410a-af6c-7afab574cc7d","block_type":"box","text":"of such postponement and, unless withdrawn, their ap","page_number":105,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"3a73c557-44c1-45dd-8015-06ccbf19778a","block_type":"box","text":"plications will be considered as at the next Dealing Day following the ending of such","page_number":105,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"5efa0afc-75b0-409e-92c4-11aafcf8042c","block_type":"box","text":"suspension.","page_number":105,"box":{"x":121,"y":384,"width":98,"height":12}},{"id":"f14db94b-fb0c-4fea-a46a-b469bf4fa63b","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for initial or","page_number":105,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"59faa193-d2f6-48e9-be93-8f493428892d","block_type":"box","text":"subsequent subscriptions, or to compulsorily redeem Shares held by any Shareholder, without","page_number":105,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"a01a4ea7-fbc8-4356-9aa5-bbe2303f930f","block_type":"box","text":"giving any reason where the Fund suspects market timing. Without limiting the foregoing, and","page_number":105,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7a522240-c5ff-456c-8d23-dca74f97916c","block_type":"box","text":"as further described below, the Fund may not be used as a vehicle for frequent trading in","page_number":105,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"18c78e42-368b-4ebb-984a-3a7052cf69ba","block_type":"box","text":"response to short term market fluctuations (so called “market timing”). Accordingly, the Fund","page_number":105,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"d630cdd2-34d1-4ec5-b53a-efeb7fe59903","block_type":"box","text":"may reject any subscriptions (or may compulsorily redeem Shares) from any investor that it","page_number":105,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"368ca2fc-e602-4b1c-9693-86b1b8ef50c8","block_type":"box","text":"determines is engaged in market timing or other activity which it believes is harmful to the","page_number":105,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"35fe4400-c2df-4c3b-bc78-a76ede628d4e","block_type":"box","text":"Fund or any Sub-Fund.","page_number":105,"box":{"x":121,"y":531,"width":191,"height":13}},{"id":"edac32a1-58cc-4585-a546-57590ca7e538","block_type":"box","text":"Shares may not be directly or indirectly offered or sold in the United States or purchased or","page_number":105,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"77b5b87d-5107-4541-88b3-9920ae6444b1","block_type":"box","text":"held by or for U.S. Persons except in a transaction which does not violate United States","page_number":105,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"bb794944-8667-40ba-abd7-698dbbee03b0","block_type":"box","text":"securities laws.","page_number":105,"box":{"x":121,"y":597,"width":128,"height":10}},{"id":"1987cfe5-df4d-47c1-bddf-211dc0e1e637","block_type":"box","text":"REDEMPTION OF SHARES","page_number":105,"box":{"x":350,"y":630,"width":306,"height":12}},{"id":"5cbc86d6-7f67-4554-95e1-cf955bb27467","block_type":"box","text":"Redemptions of Shares","page_number":105,"box":{"x":121,"y":665,"width":203,"height":13}},{"id":"f3d6d41a-09dc-4240-b238-71ef142467a6","block_type":"box","text":"Requests for the redemption of Shares should be made to the Fund care of the Administrator","page_number":105,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"ef912686-5c9f-4f9f-8768-90b609832d6e","block_type":"box","text":"in writing, by facsimile, by telephone, or by other electronic methods (save for applications","page_number":105,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"7b6570fb-1bf7-4105-931f-3fba8444ced0","block_type":"box","text":"for the redemption of T Shares which may not be submitted by facsimile ot telephone), where","page_number":105,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"439b227e-1c06-4c2c-ac89-607655447dd3","block_type":"box","text":"specifically agreed to in advance by the Fund, and must quote the relevant account number, the","page_number":105,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"5c066ec6-e862-4136-8636-9b9cd73596ea","block_type":"box","text":"relevant Sub-Fund(s) and class of Shares (if applicable), and be signed by or on behalf of the","page_number":105,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"83ab17e4-10a4-4acb-90bb-690fac314f27","block_type":"box","text":"Shareholder before payment of redemption proceeds can be made. In the case of retail","page_number":105,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"9b97e3d2-ea66-455a-a7fe-9529ee0bb4bc","block_type":"box","text":"investors, redemption requests must be sent through an independent financial adviser or other","page_number":105,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"d26f6e98-4824-4e6d-94a6-a72d849bb11d","block_type":"box","text":"intermediary. However, this should not result in such investors paying more fees than","page_number":105,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"9df54fff-63eb-47c9-9249-17fbbdee51f2","block_type":"box","text":"otherwise would have been paid for a direct investment.","page_number":105,"box":{"x":121,"y":829,"width":456,"height":13}},{"id":"a74479e8-0094-4d55-afa9-46d37f0ee583","block_type":"box","text":"A redemption request in respect of T Shares must be processed by the Administrator in the","page_number":105,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"04b48420-fbd2-4fd0-b135-0a36e0bf129e","block_type":"box","text":"manner described above and reflected in the Share Register and redemption confirmed before","page_number":105,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"9f9979f8-7eff-43ea-8889-c63177e3104f","block_type":"box","text":"the Digital Tokens are then burned. The Burning of the Digital Tokens initially on the","page_number":105,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"acdc7c7f-43b7-425b-b8ed-c2048db54347","block_type":"box","text":"106","page_number":106,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"e2f10493-d660-48de-bad0-f3608d4f7283","block_type":"box","text":"Tokenisation Platform, and then in the Digital Wallets, will be executed once redemption","page_number":106,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7f58ae90-ec25-4de5-91b9-d89fd0d5076c","block_type":"box","text":"proceeds have been released.","page_number":106,"box":{"x":121,"y":105,"width":238,"height":13}},{"id":"523fca5a-98af-4b2c-80dd-d8ccea278f8c","block_type":"box","text":"Requests received on or prior to the relevant Dealing Deadline will, subject as mentioned in","page_number":106,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"a31810db-17b1-4249-928b-1736ca399fb1","block_type":"box","text":"this section, normally be dealt with on the relevant Dealing Day. Redemption requests received","page_number":106,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"0f44ee26-0c7a-4888-84da-fdb4500d1f25","block_type":"box","text":"after the Dealing Deadline shall, unless the Directors shall otherwise agree and provided they","page_number":106,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"791d8281-1285-4e84-9b6e-c1c0fc2b06fd","block_type":"box","text":"are received before the relevant Valuation Point, be treated as having been received by the","page_number":106,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"ccfe64f2-c2a8-44a1-ac81-d078c190b810","block_type":"box","text":"following Dealing Deadline. Redemption requests made by facsimile or telephone as set out","page_number":106,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"73195e18-4561-4c78-a14c-45e938e07b6f","block_type":"box","text":"above must be followed by subsequent confirmation in writing.","page_number":106,"box":{"x":121,"y":220,"width":516,"height":12}},{"id":"46b40ce4-9a62-4306-a8df-06de7bfc992a","block_type":"box","text":"A redemption request will not be capable of withdrawal after acceptance by the Administrator.","page_number":106,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"3ebe2c3d-583f-4335-a200-c17dbf614bfc","block_type":"box","text":"If requested, the Directors may, in their absolute discretion and subject to the prior approval of","page_number":106,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"977c9a57-0a09-4aa6-87d5-b1cfa1d88c05","block_type":"box","text":"the Depositary, agree to designate additional Dealing Days and Valuation Points for the","page_number":106,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"6754a330-3168-4c2c-a7b5-81fbd43ff9a9","block_type":"box","text":"redemption of Shares relating to any Sub-Fund which will be open to all Shareholders.","page_number":106,"box":{"x":121,"y":302,"width":703,"height":12}},{"id":"5c9ad296-01b1-4fe9-88a1-7504954b62c1","block_type":"box","text":"The Directors or their delegates may decline to effect a redemption request which would have","page_number":106,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"87a261b1-fd1c-4e8b-aee4-20531f82dce9","block_type":"box","text":"the effect of reducing the value of any holding of Shares relating to any Sub-Fund below the","page_number":106,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"d9dbebbe-48cb-40c3-8bf8-901ad69ff508","block_type":"box","text":"Minimum Holding for that class of Shares of that Sub-Fund. Any redemption request having","page_number":106,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"7df54ed8-e32d-402b-9fed-387bce102da7","block_type":"box","text":"such an effect may be treated by the Fund as a request to redeem the Shareholder’s entire","page_number":106,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"d5168b7a-2b3b-4951-b0a1-86fc732d7065","block_type":"box","text":"holding of that class of Shares.","page_number":106,"box":{"x":121,"y":400,"width":253,"height":13}},{"id":"b6ee9ba0-512a-4ffd-b50b-3f04474d845b","block_type":"box","text":"The Administrator will not accept redemption requests, which are incomplete, until all the","page_number":106,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"e5c16bd4-189c-4658-94e7-f60035fff6be","block_type":"box","text":"necessary information is obtained.","page_number":106,"box":{"x":121,"y":449,"width":281,"height":13}},{"id":"d5fcf503-9c50-444f-8320-feabddcb2f58","block_type":"box","text":"Redemption Price","page_number":106,"box":{"x":121,"y":482,"width":160,"height":13}},{"id":"b35919b9-a111-4942-8d2b-926e865d0156","block_type":"box","text":"The price at which Shares will be redeemed on a Dealing Day is also calculated by ascertaining","page_number":106,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"72be0037-116d-4ea5-a089-2da8c26f9c4c","block_type":"box","text":"the Net Asset Value per Share of the relevant class on the relevant Dealing Day. The method","page_number":106,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"d3d1fd67-c976-4a94-b49f-fd2563d73400","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":106,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"d37946ba-0757-4879-8895-50850daaf640","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":106,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"e002ca24-6e9f-4d2a-9a05-ad209ebb5fff","block_type":"box","text":"“Calculation of Net Asset Value/Valuation of Assets” below.","page_number":106,"box":{"x":121,"y":580,"width":499,"height":10}},{"id":"ae16396f-40c8-46d3-bbef-9750a4859433","block_type":"box","text":"No Redemption Charge will be payable on the redemption of Shares in the Fund.","page_number":106,"box":{"x":121,"y":613,"width":652,"height":13}},{"id":"fe5024dc-de38-4f1c-948a-ccecebce8a24","block_type":"box","text":"When a redemption request has been submitted by an investor who is or is deemed to be a","page_number":106,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"93bff85c-cea5-444a-b20f-d17012e1fca6","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person, the Fund shall deduct","page_number":106,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"259cf8a3-35ed-4991-af46-e309915bb535","block_type":"box","text":"from the redemption proceeds an amount which is equal to the tax payable by the Fund to the","page_number":106,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"43f7428b-9124-4151-9a2f-04cd55008d01","block_type":"box","text":"Irish Revenue Commissioners in respect of the relevant transaction.","page_number":106,"box":{"x":121,"y":695,"width":551,"height":13}},{"id":"78ed68bd-09af-406f-a561-f57c39f0c847","block_type":"box","text":"If redemption requests in respect of any Shares are received by the Fund the implementation","page_number":106,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"e922e7e2-b17d-441e-a1c7-16d3bee8b65c","block_type":"box","text":"on any Dealing Day of which will, in the opinion of the Directors, necessitate the breaking of","page_number":106,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"30aa41ae-0367-4e74-b482-aa7523243881","block_type":"box","text":"deposits at a penalty, the redemption price attributable to such Shares will be reduced by a","page_number":106,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"0c08ea41-9282-4bc1-9154-b3588cadb581","block_type":"box","text":"proportionate part of such reduction in value or penalty, which, will be suffered by the relevant","page_number":106,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"6cb77989-bea0-4686-8a1d-7326d6ca8693","block_type":"box","text":"Sub-Fund in such manner, as the Directors may consider fair and equitable and is approved by","page_number":106,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"59e63ed9-f619-428a-b051-01598d58cbbb","block_type":"box","text":"the Depositary. Alternatively, the Directors may arrange for the Fund to borrow monies in","page_number":106,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"837d12e4-8c7a-4815-80c4-7b736afa7785","block_type":"box","text":"accordance with the “Borrowing and Lending Powers” section set out above and the costs of","page_number":106,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"b49eb22c-7821-4133-9fe3-f7c6a53f07ee","block_type":"box","text":"such borrowing will be apportioned as aforesaid to such extent as the Directors may consider","page_number":106,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"dd8d9518-4145-4c6f-b7ee-6bc5181f6c5c","block_type":"box","text":"fair and equitable. The Directors consider that the provisions of this paragraph shall only be","page_number":106,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"492ff578-9a11-46cf-a823-d78138800b17","block_type":"box","text":"utilised in exceptional circumstances.","page_number":106,"box":{"x":121,"y":875,"width":307,"height":13}},{"id":"a964e844-de65-4c8d-9ca4-55a1ec6b4d3e","block_type":"box","text":"107","page_number":107,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"0cb1c83b-e769-4a0b-8696-b307aeb42390","block_type":"box","text":"Payment of Redemption Proceeds","page_number":107,"box":{"x":121,"y":88,"width":295,"height":13}},{"id":"7137dc70-d76a-47c4-a232-57ad26dd5f01","block_type":"box","text":"The amount due on redemption of Shares will be paid by telegraphic transfer to an account","page_number":107,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b3069aea-e710-4431-b8d6-4e173d252fe5","block_type":"box","text":"nominated by the Shareholder in the Base Currency of the relevant Sub-Fund (or in such other","page_number":107,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d58416f3-c683-43b1-a35d-833a06897a5a","block_type":"box","text":"currency as the Directors shall determine) by the Settlement Date. Payment of redemption","page_number":107,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"ab90b21e-27e6-4957-8b3a-9bebadebaa5f","block_type":"box","text":"proceeds will be made to the registered Shareholder or in favour of the joint registered","page_number":107,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"106a1d27-97bb-481e-9e1b-fbc48dc6c6d5","block_type":"box","text":"Shareholders as appropriate. Third party payments are not permitted. The proceeds of the","page_number":107,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"815814e1-cf67-45fd-bcc9-d11f02cd2170","block_type":"box","text":"redemption of the Shares will only be paid on receipt by the Administrator of the Application","page_number":107,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"1e25b5b2-8b27-4697-9361-3a4fb64a7a09","block_type":"box","text":"Form and any supporting anti-money laundering/ financial crime or related documentation","page_number":107,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"b03f7ccf-5b44-4e51-8c3f-e15ea31ddcd4","block_type":"box","text":"(with the original documentation, where required, to follow by post) as the Fund or the","page_number":107,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c24d80b7-dfa2-45b9-822f-14105ecc7ec3","block_type":"box","text":"Administrator may require.","page_number":107,"box":{"x":121,"y":252,"width":224,"height":13}},{"id":"4cea0281-0f9e-41b0-a18c-0b9818e8b35a","block_type":"box","text":"The Fund will be required to withhold Irish tax on redemption monies, at the applicable rate,","page_number":107,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"ac1f481f-dde0-4404-8125-c7c6538a7d4d","block_type":"box","text":"unless it has received from the Shareholder a Relevant Declaration in the prescribed form, (the","page_number":107,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5f619b3b-f628-42fb-a467-48705c774a36","block_type":"box","text":"Subscription Agreement, Finance Act Declaration and supporting documentation should be","page_number":107,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"c4d431fa-2ff6-453d-ba6a-0e07d92d2227","block_type":"box","text":"remitted by post thereafter) confirming that the Shareholder is not an Irish Resident and not an","page_number":107,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"0fbd6efb-08b5-4ee1-887b-acd7e1482629","block_type":"box","text":"Irish Ordinary Resident investor in respect of whom it is necessary to deduct tax.","page_number":107,"box":{"x":121,"y":351,"width":657,"height":13}},{"id":"4b9042ab-b8ef-4479-a003-ce43003b20f2","block_type":"box","text":"Limitations on Redemptions","page_number":107,"box":{"x":121,"y":383,"width":249,"height":13}},{"id":"8214e192-38d1-4aa9-bc4b-ec1ec157f75f","block_type":"box","text":"The Fund may not redeem Shares of any Sub-Fund during any period when the calculation of","page_number":107,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"7de13769-142a-498f-b3b4-87d2713eb87f","block_type":"box","text":"the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":107,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"306b947e-4f51-440a-bce7-0a71d2989b91","block_type":"box","text":"“Suspension of Calculation of Net Asset Value”","page_number":107,"box":{"x":121,"y":449,"width":387,"height":13}},{"id":"1909f22c-2ac6-4bb7-96a6-2be2af1053fd","block_type":"box","text":"below. Applicants for redemptions of Shares","page_number":107,"box":{"x":514,"y":449,"width":370,"height":13}},{"id":"ee0a5cdf-9591-4a79-b113-7055a2673934","block_type":"box","text":"will be notified of such postponement and, unless withdrawn, their applications will be","page_number":107,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"5a56e724-59fd-4ff5-a77d-f1fb97b204e3","block_type":"box","text":"considered as at the next Dealing Day following the ending of such suspension.","page_number":107,"box":{"x":121,"y":482,"width":646,"height":13}},{"id":"d0d80bed-081b-48a1-b13d-e059cfb4f5c2","block_type":"box","text":"The Directors are entitled to limit the number of Shares of any Sub-Fund repurchased on any","page_number":107,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"7af2585f-de0c-4b9b-89d7-d9571a9ebb0d","block_type":"box","text":"Dealing Day to Shares representing 10 per cent of the total Net Asset Value of that Sub-Fund","page_number":107,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7d3c7429-6a60-4004-be8c-81832483d5b1","block_type":"box","text":"on that Dealing Day (for LVNAV Sub-Funds, such gate may apply for up to 15 Business Days","page_number":107,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"11a681f9-2033-4d74-a4bd-ff009b9ed759","block_type":"box","text":"at a time). In this event, the limitation will apply p","page_number":107,"box":{"x":121,"y":564,"width":404,"height":13}},{"id":"85b8ef6c-3f66-4505-a9af-f0cfaff1f389","block_type":"box","text":"pro rata","page_number":107,"box":{"x":524,"y":566,"width":69,"height":10}},{"id":"b4d7076f-f4e1-48cc-8647-36f9634b8807","block_type":"box","text":"so that all Shareholders wishing to","page_number":107,"box":{"x":593,"y":564,"width":291,"height":13}},{"id":"b991f457-8ebc-40ac-be13-7c73bd877bd9","block_type":"box","text":"have Shares of that Sub-Fund redeemed on that Dealing Day realise the same proportion of","page_number":107,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"c8e14c84-3781-4253-99f5-42379fac6ff4","block_type":"box","text":"such Shares. Shares not redeemed, but which would otherwise have been redeemed, will be","page_number":107,"box":{"x":121,"y":597,"width":763,"height":11}},{"id":"ecde38f1-b606-4cff-8695-2e4e11fd41c4","block_type":"box","text":"carried forward for redemption on the next Dealing Day. If requests for redemption are so","page_number":107,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f0578fdc-7e17-408c-91a1-fc86cf462fbc","block_type":"box","text":"carried forward, the Administrator will inform the Shareholders affected.","page_number":107,"box":{"x":121,"y":629,"width":593,"height":12}},{"id":"9d8e6466-02e2-4daa-a9c0-3de835ed5090","block_type":"box","text":"The Articles contain special provisions where a redemption request received from a","page_number":107,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"0256c501-ec8f-4e60-b68e-b078e0e0b7de","block_type":"box","text":"Shareholder would result in Shares representing more than five per cent of the Net Asset Value","page_number":107,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"02841487-e528-4a20-a047-3fca1bc27b67","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":107,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"f7556cbd-f4f6-4300-90a6-a09c5f02f4be","block_type":"box","text":"may satisfy the redemption request by a distribution of investments of the relevant Sub-Fund","page_number":107,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"a11dd008-7f3d-4443-b98e-8eeaf1b99b7e","block_type":"box","text":"in specie provided that such a distribution would not be prejudicial to the interests of the","page_number":107,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"f23b6856-2bd2-42c1-8559-27d7664b8ea6","block_type":"box","text":"remaining Shareholders of that Sub-Fund. Where the Shareholder requesting such redemption","page_number":107,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"d8987cb4-8557-4caf-bb32-9f628de68c54","block_type":"box","text":"receives notice of the Fund’s intention to elect to satisfy the redemption request by such a","page_number":107,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"9993d8ec-4d51-4a51-92c6-6b8898e6a5d5","block_type":"box","text":"distribution of assets that Shareholder may require the Fund instead of transferring those assets","page_number":107,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"2b8137f3-c5d3-4a14-b48e-113c01a4f76c","block_type":"box","text":"to arrange for their sale and the payment of the proceeds of sale to that Shareholder less any","page_number":107,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"13cb20b1-23e7-4978-97bf-972a0bfad6a1","block_type":"box","text":"costs incurred in connection with such sale.","page_number":107,"box":{"x":121,"y":810,"width":356,"height":10}},{"id":"209a95ce-cb54-4a7f-ad2c-1b4fcebd374a","block_type":"box","text":"The Articles provide that the Fund cannot effect a redemption of Shares, if after payment of","page_number":107,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"6af88061-ce33-4622-a929-5b16cf52aa90","block_type":"box","text":"any amount in connection with such redemption, the Net Asset Value of the issued share capital","page_number":107,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"8366ac37-1912-4c3e-a003-6859f1469626","block_type":"box","text":"of the Fund would be equal to or less than Euro 40,000","page_number":107,"box":{"x":121,"y":875,"width":439,"height":13}},{"id":"83a2e103-7eff-410c-98c5-5e9f2f742015","block_type":"box","text":"or its foreign currency equivalent. This","page_number":107,"box":{"x":566,"y":875,"width":318,"height":13}},{"id":"4fcc9a4d-9e17-462c-9ff3-31959a4440a5","block_type":"box","text":"will not apply to a redemption request accepted by the Directors in contemplation of the","page_number":107,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"c8deecd0-875e-4ef2-a928-5c52c3ec8524","block_type":"box","text":"108","page_number":108,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"cd7577d3-3189-4e74-9c7d-d411448398a1","block_type":"box","text":"dissolution of the Fund.","page_number":108,"box":{"x":121,"y":89,"width":196,"height":9}},{"id":"d8a50154-5edb-42f9-87fc-b1cf490d8434","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any request for redemption, or","page_number":108,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"e7c8ffa0-3b0d-497b-9cc1-213811b723dc","block_type":"box","text":"to compulsorily redeem Shares held by any Shareholder, without giving any reason where the","page_number":108,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"821d3903-fb00-44a3-bb5c-c083baf7be3b","block_type":"box","text":"Fund suspects market timing. Without limiting the foregoing, and as further described below,","page_number":108,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"27eec8e2-4cbc-4d19-bdcd-cfc52b12d78f","block_type":"box","text":"the Fund may not be used as a vehicle for frequent trading in response to short term market","page_number":108,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"2dbf2f2f-d1a6-4381-bfd0-97bd3770b888","block_type":"box","text":"fluctuations (so called “market timing”). Accordingly, the Fund may reject any redemption","page_number":108,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b9c45db3-c538-4087-9f79-a83b346ff108","block_type":"box","text":"requests (or may compulsorily redeem Shares) from any investor that it determines is engaged","page_number":108,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"9e2b59a0-2cab-449a-b4a0-b1a3b0680e15","block_type":"box","text":"in market timing or other activity which it believes is harmful to the Fund or any Sub-Fund.","page_number":108,"box":{"x":121,"y":220,"width":744,"height":12}},{"id":"82aec007-d6f7-44dc-a471-497fa79e9f16","block_type":"box","text":"Mandatory Redemptions","page_number":108,"box":{"x":121,"y":252,"width":220,"height":13}},{"id":"a5dd9d23-1a3c-481f-bb18-10d6c5906be4","block_type":"box","text":"The Fund may compulsorily repurchase all of the Shares of any Sub-Fund if the Net Asset","page_number":108,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"c421150a-0961-4069-8c33-25e711149789","block_type":"box","text":"Value of the relevant Sub-Fund is less than the Minimum Fund Size of the relevant Sub-Fund,","page_number":108,"box":{"x":121,"y":302,"width":763,"height":11}},{"id":"f0c09e5f-0a7b-4fc9-87b9-46fa42bd09d0","block_type":"box","text":"details of which are set out in the relevant section of Part 1 for each Sub-Fund.","page_number":108,"box":{"x":121,"y":318,"width":639,"height":10}},{"id":"f7479ef3-c502-498b-a237-5b21090e7db8","block_type":"box","text":"The Fund reserves the right to redeem any Shares which are or become owned, directly or","page_number":108,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"28008fb7-1825-4737-9fd7-ffd1dc101b8c","block_type":"box","text":"indirectly, by a U.S. Person (unless pursuant to an exemption under U.S. securities laws), by","page_number":108,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"05792a5c-ca79-41ec-9127-b68e3b84cb74","block_type":"box","text":"any person who appears to be in breach of any law or requirement of any country or","page_number":108,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"71d1859f-1ce2-4f2d-a9a3-abddc590e511","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such Shares,","page_number":108,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"c5febe45-530b-4ad7-b068-dee8fa89d67d","block_type":"box","text":"or by any person or person in circumstances which might result in the relevant Sub-Fund","page_number":108,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"3f135be8-3961-49f6-92a5-e7fb01668274","block_type":"box","text":"incurring any liability to taxation or suffering any other pecuniary legal or material","page_number":108,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"ac9c0c55-b551-4ac3-ad7b-36b3e326a4f6","block_type":"box","text":"administrative disadvantages or being in breach of any law or regulation which the relevant","page_number":108,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7220d64b-1e97-4932-bff4-510cdb426ea5","block_type":"box","text":"Sub-Fund might not otherwise have incurred, suffered or breached. In particular, the Fund may","page_number":108,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"b9a08976-c268-4211-a5a3-e8a7e322d9a7","block_type":"box","text":"exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":108,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"b6380482-2bf0-4dad-87cd-4c3a4c0ddd7a","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":108,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"4c555f65-38ee-472e-b4b3-b35aac681daf","block_type":"box","text":"FATCA.","page_number":108,"box":{"x":121,"y":515,"width":76,"height":10}},{"id":"53ad191d-9b01-4f35-8489-5ff5af6f5413","block_type":"box","text":"Where Taxable Irish Persons acquire and hold Shares, the Fund shall, where necessary for the","page_number":108,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"d04f7804-32e2-4f4b-b8f3-189d9c745be1","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":108,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"de10a9c8-9582-40ea-9622-8e038362be05","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person on the occurrence of a","page_number":108,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"90bdb675-c952-4df4-94f5-9eee091a9f8a","block_type":"box","text":"chargeable event for taxation purposes and to pay the proceeds thereof to the Irish Revenue","page_number":108,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"91df0bea-6106-4bcb-8f5e-f448a69066cd","block_type":"box","text":"Commissioners.","page_number":108,"box":{"x":121,"y":613,"width":135,"height":10}},{"id":"98029f86-7a8e-4932-9690-1742cc9e32d3","block_type":"box","text":"The Fund reserves the right to compulsorily redeem T Shares where an investor ceases to","page_number":108,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"55234dea-f20b-495e-be65-6a02ecd78cd3","block_type":"box","text":"satisfy the eligibility requirements for the Token Share Classes, where an investor fails to","page_number":108,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6c5e1bfd-916f-4311-ab8c-3055cb28ab98","block_type":"box","text":"maintain an active user account and Digital Wallet with the Digital Custodian or an active user","page_number":108,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"32dfd16a-decd-4f72-85be-ddeee36c62c9","block_type":"box","text":"account with the Tokenisation Platform, or where the Directors otherwise determine that","page_number":108,"box":{"x":121,"y":695,"width":763,"height":12}},{"id":"b4c41e46-396d-439a-a083-b5285ae5b379","block_type":"box","text":"compulsory redemption is in the interests of the Company or is required for regulatory","page_number":108,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"6a2fe206-2440-4b9c-8a61-b5781bb35fc8","block_type":"box","text":"compliance.","page_number":108,"box":{"x":121,"y":728,"width":102,"height":13}},{"id":"6edfc71f-12e3-4f9b-b679-59f15cbc50f5","block_type":"box","text":"Exchange of Shares","page_number":108,"box":{"x":121,"y":760,"width":174,"height":13}},{"id":"86e80722-c0cf-4077-b0ae-950b38b6ded6","block_type":"box","text":"Shareholders will be able to apply to exchange on any Dealing Day all or part of their holding","page_number":108,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5f67efa1-7cd3-46a7-979c-f959d00c11a9","block_type":"box","text":"of Shares of any class in any Sub-Fund (the “First Class”) for Shares in a corresponding class","page_number":108,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"20d97592-03fe-438c-9193-23c360b04f0d","block_type":"box","text":"in another Sub-Fund which are being offered at that time (the “New Class”) provided that all","page_number":108,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"cb587b0b-cba8-4be1-89d5-467c9af3f2dd","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":108,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"72837c20-8f06-47ae-bf90-355e721705dc","block_type":"box","text":"Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. Unless","page_number":108,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"26d1e7c5-acb0-4267-84e2-8b7fc7f6ea9f","block_type":"box","text":"otherwise determined by the Directors, a Shareholder may exchange Shares of one class in any","page_number":108,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"52482a1c-49b9-4b0d-949e-76ab0545f4b1","block_type":"box","text":"Sub-Fund for Shares in another class of the same Sub-Fund. The Directors may however at","page_number":108,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"5b9f30d4-1b53-4b02-a4a2-4fa2dc31931b","block_type":"box","text":"109","page_number":109,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"3351325a-27c1-4921-bc0d-a71bda1af68c","block_type":"box","text":"their discretion agree to accept requests for exchange received after the relevant Dealing","page_number":109,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"0ebdc67f-1f92-48f2-81c4-16f735d62683","block_type":"box","text":"Deadline provided they are received prior to the relevant Valuation Point. The general","page_number":109,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"39515c33-d5c9-439b-95dc-401cbe300fab","block_type":"box","text":"provisions and procedures relating to the issue and redemption of Shares will apply equally to","page_number":109,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"dbf0b92f-b23f-4c04-9662-7e7c0714b333","block_type":"box","text":"exchanges save in relation to charges payable details of which are set out below and in Part 1","page_number":109,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"6bf8afde-bb52-4403-b047-0de2ebfddaea","block_type":"box","text":"for the relevant Sub-Fund.","page_number":109,"box":{"x":121,"y":154,"width":217,"height":10}},{"id":"2f63b971-fc3f-420a-b595-95bc5f8d5102","block_type":"box","text":"When requesting the exchange of Shares as an initial investment in a Sub-Fund, Shareholders","page_number":109,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"2837f929-7954-4eae-9884-2af8d6894d3b","block_type":"box","text":"should ensure that the value of the Shares exchanged is equal to or exceeds the Minimum Initial","page_number":109,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"b40623d5-50f1-4970-980d-f76c0abe602b","block_type":"box","text":"Subscription for the relevant New Class specified in the relevant section of Part 1 for the","page_number":109,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"80b60757-edbb-4344-891d-e6f62a357200","block_type":"box","text":"relevant Sub-Fund. In the case of an exchange of a partial holding only, the value of the","page_number":109,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"35811d6a-34dc-4e6a-a1de-a36d4239e6b1","block_type":"box","text":"remaining holding must also be at least equal to the Minimum Holding for the First Class.","page_number":109,"box":{"x":121,"y":252,"width":730,"height":13}},{"id":"307f0294-2e02-438f-9983-9a5827ef41c7","block_type":"box","text":"The number of Shares of the New Class to be issued will be calculated in accordance with the","page_number":109,"box":{"x":121,"y":285,"width":763,"height":10}},{"id":"fc40581e-9adb-48c0-b1dd-3188393faf9b","block_type":"box","text":"following formula:","page_number":109,"box":{"x":121,"y":302,"width":150,"height":12}},{"id":"19a8ef24-6e1c-49ec-b414-f26e814aa618","block_type":"box","text":"S = [R x (RP x ER)] – F","page_number":109,"box":{"x":400,"y":334,"width":206,"height":13}},{"id":"443553ad-869c-4005-a126-adfd7a050e41","block_type":"box","text":"SP","page_number":109,"box":{"x":489,"y":351,"width":22,"height":10}},{"id":"9cb8ad04-db6d-48c9-8f93-dadc7b403e49","block_type":"box","text":"where:","page_number":109,"box":{"x":121,"y":367,"width":59,"height":10}},{"id":"4c4107d8-397e-444e-bdab-903e18867431","block_type":"box","text":"R","page_number":109,"box":{"x":121,"y":400,"width":14,"height":10}},{"id":"bfcd2472-1b19-497f-9a54-be05e527abbd","block_type":"box","text":"=","page_number":109,"box":{"x":245,"y":404,"width":16,"height":6}},{"id":"62557064-bbf0-4066-b65f-2ec001653db3","block_type":"box","text":"the number of Shares of the First Class to be exchanged;","page_number":109,"box":{"x":302,"y":400,"width":461,"height":13}},{"id":"498e7ceb-6271-4c19-915c-9406960c2e1a","block_type":"box","text":"S","page_number":109,"box":{"x":121,"y":433,"width":10,"height":10}},{"id":"e51ad4e9-4d71-488d-8024-f26e4afa9ae3","block_type":"box","text":"=","page_number":109,"box":{"x":245,"y":437,"width":16,"height":5}},{"id":"8c9bc45f-1d72-4491-b01d-4515083bb60c","block_type":"box","text":"the number of Shares of the New Class to be issued;","page_number":109,"box":{"x":302,"y":433,"width":426,"height":11}},{"id":"67819310-139d-40bb-9e12-b4ae3e98984b","block_type":"box","text":"RP","page_number":109,"box":{"x":121,"y":466,"width":26,"height":9}},{"id":"b4645def-4b9b-433d-b05c-3728c1adf188","block_type":"box","text":"=","page_number":109,"box":{"x":245,"y":470,"width":16,"height":5}},{"id":"492f362c-65dd-4ed8-9388-50a6c670ea1e","block_type":"box","text":"the redemption price per Share of the First Class as at the Valuation","page_number":109,"box":{"x":302,"y":465,"width":582,"height":13}},{"id":"91e74c4c-6f01-4b2c-8238-b028887ea012","block_type":"box","text":"Point for the relevant Dealing Day;","page_number":109,"box":{"x":245,"y":482,"width":289,"height":13}},{"id":"ac8de9c3-e131-4dce-b7c8-e3b850f4dd3d","block_type":"box","text":"ER","page_number":109,"box":{"x":121,"y":515,"width":27,"height":9}},{"id":"5b746b6f-a1b3-41a6-8013-d82f085a049d","block_type":"box","text":"=","page_number":109,"box":{"x":245,"y":519,"width":16,"height":5}},{"id":"834a9762-b65e-4c8d-9bfa-7ae90d4ac458","block_type":"box","text":"in the case of an exchange of Shares designated in the same Base","page_number":109,"box":{"x":302,"y":515,"width":582,"height":12}},{"id":"f261710c-09c2-49ca-8e6d-87ef233d7856","block_type":"box","text":"Currency is 1. In any other case, it is the currency conversion factor determined","page_number":109,"box":{"x":245,"y":531,"width":639,"height":13}},{"id":"1ff9aa60-f159-4b01-b01f-7e2fa436b0d6","block_type":"box","text":"by the Directors at the Valuation Point for the relevant Dealing Day as","page_number":109,"box":{"x":245,"y":547,"width":639,"height":13}},{"id":"c1756edc-062d-4d30-b058-b2a457fd09e8","block_type":"box","text":"representing the effective rate of exchange applicable to the transfer of assets","page_number":109,"box":{"x":245,"y":564,"width":639,"height":13}},{"id":"7ccc4a1c-ebe7-43fd-9a05-081a5ac37a3f","block_type":"box","text":"relating to the First and New Classes of Shares after adjusting such rate as may","page_number":109,"box":{"x":245,"y":580,"width":639,"height":13}},{"id":"0288f510-69e6-49f2-857b-2f7edbc500ae","block_type":"box","text":"be necessary to reflect the effective costs of making such transfer;","page_number":109,"box":{"x":245,"y":597,"width":537,"height":12}},{"id":"5f873f05-08b4-48f7-9940-4c50974c863d","block_type":"box","text":"SP","page_number":109,"box":{"x":121,"y":629,"width":23,"height":10}},{"id":"8362191e-edc0-4f17-9787-3ce9135be9f7","block_type":"box","text":"=","page_number":109,"box":{"x":242,"y":634,"width":16,"height":5}},{"id":"183ec781-2dff-4b37-b6a3-dd195e36b800","block_type":"box","text":"the issue price per Share of the New Class as at the Valuation Point for","page_number":109,"box":{"x":302,"y":629,"width":582,"height":13}},{"id":"c72228e2-2be7-4223-8b45-c083a1799b11","block_type":"box","text":"the applicable Dealing Day; and","page_number":109,"box":{"x":242,"y":646,"width":264,"height":13}},{"id":"3c01c73d-13d5-4b34-941e-e88ba404522d","block_type":"box","text":"F","page_number":109,"box":{"x":121,"y":679,"width":17,"height":9}},{"id":"d59dc01d-d277-497a-9b07-5154ff673d2e","block_type":"box","text":"=","page_number":109,"box":{"x":242,"y":683,"width":16,"height":5}},{"id":"61963dfa-2369-4f87-8cb7-95cbca3182ea","block_type":"box","text":"the Exchange Charge (if any) payable on the exchange of Shares.","page_number":109,"box":{"x":302,"y":679,"width":532,"height":12}},{"id":"6386ed55-b226-49f0-9cfe-4b79c0997558","block_type":"box","text":"An Exchange Charge of up to 2% of the redemption price of the Shares being exchanged may","page_number":109,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f247bfbc-e328-4dd0-af60-53e79eee4736","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":109,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"23e51432-0397-446d-8671-b9fcf0d18da8","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":109,"box":{"x":121,"y":744,"width":757,"height":13}},{"id":"43803ae8-7bad-4586-946c-853f04b0adbc","block_type":"box","text":"Fund.","page_number":109,"box":{"x":121,"y":761,"width":51,"height":9}},{"id":"937a563e-a8b4-4baf-96bb-db87012b01a3","block_type":"box","text":"Where there is an exchange of Shares, Shares of the New Class will be allotted and issued in","page_number":109,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"0ae188cb-bd07-4a62-9c5f-a4e7cd841545","block_type":"box","text":"respect of and in proportion to the Shares of the First Class in the proportion S to R.","page_number":109,"box":{"x":121,"y":810,"width":681,"height":12}},{"id":"0dd7fb39-0e65-4e09-9ff9-1d42c3a288d4","block_type":"box","text":"In certain circumstances, at the discretion of the Directors, Shareholders will be deemed to","page_number":109,"box":{"x":121,"y":842,"width":763,"height":12}},{"id":"bf276ba6-1efc-4e85-ac43-4ae901dde6ac","block_type":"box","text":"have exchanged their Shares in one class of Shares for Shares in another Class of Shares where","page_number":109,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"a4d59f11-30a4-4bb9-bc3b-c6c88db7a797","block_type":"box","text":"the Sub-Fund operates a tier mechanism between Share Classes (for example Share Classes 4","page_number":109,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"583c7263-b473-46a5-881f-eac2a3794fcc","block_type":"box","text":"to 7 of the Aviva Investors Sterling Liquidity Fund). In such an event the above provisions","page_number":109,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"98cde1e4-2dcd-434d-9929-134c0660b2fd","block_type":"box","text":"110","page_number":110,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"b6b38dc6-c5ed-4b2a-b26e-0fec593b1f7e","block_type":"box","text":"will apply except that the Shareholders will not be required to submit an exchange request and","page_number":110,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"e4c641de-b889-4e82-9511-e454e5c6226f","block_type":"box","text":"the “Exchange Charge” will be waived.","page_number":110,"box":{"x":121,"y":105,"width":324,"height":13}},{"id":"d9f46f64-1657-4d04-8df1-15c0a6c7b334","block_type":"box","text":"Limitations on Exchange","page_number":110,"box":{"x":121,"y":138,"width":219,"height":12}},{"id":"63b4fe60-7342-427f-bc85-fdf35b81b54f","block_type":"box","text":"Shares may not be exchanged for Shares of a different class during any period when the","page_number":110,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"eca912ca-36d8-4845-b8b9-342c31e1e2d5","block_type":"box","text":"calculation of the Net Asset Value of the relevant Sub-Fund or Sub-Funds is suspended in the","page_number":110,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"3e1cc8de-d653-4e77-9249-8ece5991c405","block_type":"box","text":"manner described under “Suspension of Calculation of Net Asset Value” below. Applicants","page_number":110,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d1df9690-9449-4d69-ae77-17d70f34f54b","block_type":"box","text":"for exchange of Shares will be notified of such postponement and, unless withdrawn, their","page_number":110,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a8a6e6e8-f329-4b5e-bde2-c8fa380f0e26","block_type":"box","text":"applications will be considered as at the next Dealing Day following the ending of such","page_number":110,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"d8f34481-82ef-4fb3-9c93-5f1686f7ed9b","block_type":"box","text":"suspension.","page_number":110,"box":{"x":121,"y":252,"width":98,"height":13}},{"id":"07d3f30e-1ee5-4c5e-885f-5f011d1f0825","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for exchange,","page_number":110,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"da1c9910-c026-44e2-aab8-a3a6f0d5ab10","block_type":"box","text":"or to compulsorily redeem Shares held by any Shareholder, without giving any reason where","page_number":110,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"2675bebc-6a10-4bd7-9419-658e4a045287","block_type":"box","text":"the Fund suspects market timing. Without limiting the foregoing, and as further described","page_number":110,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"0d3f7e48-dde3-4ecb-a35f-5ea898c780e0","block_type":"box","text":"below, the Fund may not be used as a vehicle for frequent trading in response to short term","page_number":110,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"bbfbb18e-422e-4014-8c0e-c91cb6c4b005","block_type":"box","text":"market fluctuations (so called “market timing”). Accordingly, the Fund may reject any","page_number":110,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"f10929c6-f017-425d-bdb6-2f48913e1af1","block_type":"box","text":"exchange requests (or may compulsorily redeem Shares) from any investor that it determines","page_number":110,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"fff5c164-daa7-46c3-b93f-beadaf938725","block_type":"box","text":"is engaged in market timing or other activity which it believes is harmful to the Fund or any","page_number":110,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"b2b9cde8-58b6-4b65-97c6-47a65318832b","block_type":"box","text":"Sub-Fund.","page_number":110,"box":{"x":121,"y":400,"width":89,"height":10}},{"id":"be5428c6-7e1c-4274-bdfb-4f90bec4dca8","block_type":"box","text":"Shares in a Token Share Class cannot be exchanged for Shares of a different class at any time.","page_number":110,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6bf8ec66-519c-4dda-9cc1-4f9a6639beb4","block_type":"box","text":"Calculation of Net Asset Value/Valuation of Assets","page_number":110,"box":{"x":121,"y":465,"width":439,"height":10}},{"id":"32d3c40c-84ce-453f-bf86-57dd4601c54a","block_type":"box","text":"General","page_number":110,"box":{"x":121,"y":498,"width":74,"height":10}},{"id":"9f3a7626-b080-4b8e-affa-da3bc4428452","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":110,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"e44434c7-4fe3-4884-8dfa-e1fcca4b7aae","block_type":"box","text":"Share of any class is calculated by the Directors or their delegate by ascertaining the Net Asset","page_number":110,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"3327736b-b60f-49d6-816c-18ecbb9c6091","block_type":"box","text":"Value of the relevant Sub-Fund as at the Valuation Point for that Sub-Fund for the relevant","page_number":110,"box":{"x":121,"y":564,"width":763,"height":10}},{"id":"484c5ef2-fef1-4da6-b376-175904f47729","block_type":"box","text":"Dealing Day (to which the Directors or their delegate may apply a provision for duties and","page_number":110,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"58694c1d-c4f2-447c-abc0-30635970c522","block_type":"box","text":"charges) and determining the amount of the Net Asset Value which is attributable to the","page_number":110,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"2a0bd259-6ffd-42f0-b440-bf2b2e93e5e0","block_type":"box","text":"relevant class of Shares. The Net Asset Value per Share of the relevant class is calculated by","page_number":110,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"0b4446fd-7157-4763-87d2-8c467e39dcc1","block_type":"box","text":"dividing that proportion of the Net Asset Value of the Sub-Fund which is attributable to the","page_number":110,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"127a3482-48b4-400d-9ddd-866d5bfbe94d","block_type":"box","text":"relevant class by the total number of Shares of the relevant class in issue at the relevant","page_number":110,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"dda35afe-7b87-4ae4-9920-65cfa892dd03","block_type":"box","text":"Valuation Point. The Valuation Point for each Sub-Fund is set out in Part 1 for the relevant","page_number":110,"box":{"x":121,"y":662,"width":763,"height":10}},{"id":"cb7ac0ff-6c51-4dc0-a420-bc2e19690fa5","block_type":"box","text":"Sub-Fund. The Net Asset Value per Share is the resulting sum rounded to the nearest seven","page_number":110,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"a977f6c7-126b-47ec-bf37-e6d45042fd33","block_type":"box","text":"decimal places (or such other amount as may be determined by the Directors at their discretion).","page_number":110,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"43159f0b-1aab-4e66-9426-68b3cc7cf350","block_type":"box","text":"The Articles provide for the method of valuation of the assets and liabilities of each Sub-Fund","page_number":110,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"80586844-9f4d-457b-96d3-524843d9e028","block_type":"box","text":"and of the Net Asset Value of each Fund. Pursuant to the terms of the Management Agreement,","page_number":110,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"367e0bcc-e697-426f-aec7-73921d382464","block_type":"box","text":"the Directors have, among other things, delegated to the Manager all of their powers relating","page_number":110,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"f46de988-8566-40b2-84ce-2e5cbc2fcb2f","block_type":"box","text":"to the valuation of assets and liabilities of each Sub-Fund.","page_number":110,"box":{"x":121,"y":777,"width":472,"height":10}},{"id":"d072c9a5-58af-4a5c-b024-e198b1b6b818","block_type":"box","text":"Calculation of Net Asset Value per share for LVNAV Money Market Funds","page_number":110,"box":{"x":121,"y":810,"width":655,"height":12}},{"id":"b129610e-6079-41a9-b787-9cf2923d1a53","block_type":"box","text":"Any LVNAV Money Market Fund shall calculate a constant Net Asset Value per share as the","page_number":110,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"0fc8d86b-c520-4611-abd7-e45d40f4121b","block_type":"box","text":"difference between the sum of all of its assets valued in accordance with the amortised cost","page_number":110,"box":{"x":121,"y":859,"width":763,"height":10}},{"id":"4c13d2b8-144b-44c6-bfe2-70369e6ea5e2","block_type":"box","text":"method as described below and the sum of all its liabilities divided by the number of its","page_number":110,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"4febbb21-6f4d-4fe4-a28c-7ddf171ded4a","block_type":"box","text":"outstanding shares. The constant Net Asset Value per Share of a LVNAV Money Market Fund","page_number":110,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"af0ecb03-3a98-49eb-af1d-62a9f8280127","block_type":"box","text":"111","page_number":111,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a9c6f8a0-6ae6-410e-9307-69e4fee417ce","block_type":"box","text":"shall be rounded to the nearest percentage point or its equivalent when the constant Net Asset","page_number":111,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"27b010d4-f584-4822-8dba-6087d04e3d56","block_type":"box","text":"Value is published in a currency unit.","page_number":111,"box":{"x":121,"y":105,"width":306,"height":13}},{"id":"c0e84e63-6eb9-465d-af0b-d7afc4a21260","block_type":"box","text":"The constant Net Asset Value per Share shall be calculated at least daily. The difference","page_number":111,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"b6fba81a-04e0-42e9-ac48-de0d855daa09","block_type":"box","text":"between the constant Net Asset Value per Share and the Net Asset Value per share calculated","page_number":111,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"2497c9a1-531c-4ea0-adcf-6d673876aa4e","block_type":"box","text":"in accordance with Article 30 of the Money Market Fund Regulation shall be monitored and","page_number":111,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"073903a6-42ae-4aad-b9e3-b50690eb9719","block_type":"box","text":"published daily on www.avivainvestors.com.","page_number":111,"box":{"x":121,"y":187,"width":374,"height":13}},{"id":"a7238386-daaa-4f4f-8401-9594ea5d6422","block_type":"box","text":"Where the constant Net Asset Value per Share deviates from the Net Asset Value per Share as","page_number":111,"box":{"x":121,"y":221,"width":763,"height":13}},{"id":"573c4e37-0404-42d2-860f-50446edb7200","block_type":"box","text":"calculated using the methodology for Variable NAV Money Market Funds (as provided for","page_number":111,"box":{"x":121,"y":237,"width":763,"height":13}},{"id":"165a8dbd-c716-44f6-98ac-9e9dedc90a09","block_type":"box","text":"below) by more than 20 basis points any following subscriptions and redemptions in the Fund","page_number":111,"box":{"x":121,"y":254,"width":763,"height":13}},{"id":"6ea2f4f4-c768-4a3f-bddd-5d4f62f6f4f7","block_type":"box","text":"shall be undertaken at a price that is equal to the NAV per share calculated in accordance with","page_number":111,"box":{"x":121,"y":270,"width":763,"height":13}},{"id":"9c39f50a-e6ed-44e5-b706-ff34f072030d","block_type":"box","text":"the Variable NAV MMF valuation while (i) such 20 basis point deviation subsists or (ii) such","page_number":111,"box":{"x":121,"y":286,"width":763,"height":13}},{"id":"5c03c896-a456-45b6-82cb-31533d7fda39","block_type":"box","text":"deviation does decrease below 20 basis points but is above 15 basis points and in the case of","page_number":111,"box":{"x":121,"y":303,"width":763,"height":13}},{"id":"8f27cac8-96eb-4577-ab43-5f6c52ba3272","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":111,"box":{"x":121,"y":319,"width":763,"height":13}},{"id":"60c2a3e4-ed0b-4c0f-853d-5d867e770b1e","block_type":"box","text":"use the Variable NAV MMF Valuation.","page_number":111,"box":{"x":121,"y":336,"width":326,"height":10}},{"id":"ad244278-15fb-4ea9-8503-a918a584b647","block_type":"box","text":"Calculation of Net Asset Value per share for Variable NAV Money Market Funds","page_number":111,"box":{"x":121,"y":368,"width":707,"height":13}},{"id":"a8436f77-883a-44ad-8abf-f0dac02bfac0","block_type":"box","text":"Any variable Money Market Fund shall calculate the Net Asset Value per Share as the","page_number":111,"box":{"x":121,"y":401,"width":763,"height":13}},{"id":"9c3738e5-594e-489c-a370-ef91deca169c","block_type":"box","text":"difference between the sum of all assets of the Money Market Fund and the sum of all liabilities","page_number":111,"box":{"x":121,"y":418,"width":763,"height":12}},{"id":"5d82b403-8079-4e60-a773-94402b25e8bb","block_type":"box","text":"of the Money Market Fund valued in accordance with the mark-to-market or mark-to-model,","page_number":111,"box":{"x":121,"y":434,"width":763,"height":13}},{"id":"d69957ae-982a-4bb6-a604-89ac417f8e54","block_type":"box","text":"or both divided by the number of outstanding shares of the Money Market Fund. The Net Asset","page_number":111,"box":{"x":121,"y":450,"width":763,"height":13}},{"id":"2ef5900b-fd33-4dc5-b0d7-53f047f08f22","block_type":"box","text":"Value per Share shall be rounded to the nearest basis point or its equivalent when the Net Asset","page_number":111,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"b7a6c730-05bb-48ba-b040-aba5f6d8770c","block_type":"box","text":"Value is published in a currency unit. The Net Asset Value per Share shall be calculated and","page_number":111,"box":{"x":121,"y":483,"width":763,"height":13}},{"id":"e40a6e67-6e6f-44eb-89e6-4c9bc1419f21","block_type":"box","text":"published at least daily.","page_number":111,"box":{"x":121,"y":500,"width":195,"height":12}},{"id":"0053c6ee-0542-41c3-9c0f-776201006106","block_type":"box","text":"Interim Dealing Cycles – Money Market Funds","page_number":111,"box":{"x":121,"y":532,"width":411,"height":13}},{"id":"314fb1c8-d3c7-4185-8b05-5ee25ef90d15","block_type":"box","text":"The Fund may offer intra-day dealing for Money Market Funds through Interim Dealing Cycles","page_number":111,"box":{"x":121,"y":565,"width":763,"height":13}},{"id":"67bd9293-93c7-4592-9e39-82200d65233b","block_type":"box","text":"within which subscriptions and redemptions may be accepted for execution in that Interim","page_number":111,"box":{"x":121,"y":581,"width":763,"height":13}},{"id":"0a1e2add-8c19-4077-84e8-96170f81e172","block_type":"box","text":"Dealing Cycle where provided for in the relevant section of the Prospectus for a LVNAV Sub\u0002","page_number":111,"box":{"x":121,"y":598,"width":757,"height":13}},{"id":"fb07ba1b-9012-4964-bbea-f004ae122d3f","block_type":"box","text":"Fund.","page_number":111,"box":{"x":121,"y":614,"width":51,"height":10}},{"id":"73563168-e117-41bf-b59b-2812dec09900","block_type":"box","text":"Where Interim Dealing Cycles are offered to investors, it is done so at the discretion of the","page_number":111,"box":{"x":121,"y":647,"width":763,"height":13}},{"id":"65e20c71-5bba-4d0a-80b4-8addc4ccf05f","block_type":"box","text":"Manager. The Manager may, in its absolute discretion, run more or less Interim Dealing Cycles","page_number":111,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"4265d26d-c47e-473d-9405-cc52682ef364","block_type":"box","text":"for a particular Class or Sub-Fund. Interim Dealing Cycles will be immediately suspended in","page_number":111,"box":{"x":121,"y":680,"width":763,"height":13}},{"id":"29690064-1aa4-477a-8024-4d324d345c28","block_type":"box","text":"the event of a Valuation Deviation. In addition to the calculation of Net Asset Value of an","page_number":111,"box":{"x":121,"y":696,"width":763,"height":10}},{"id":"d31d959c-c26f-4960-87d6-26b18f9ac99b","block_type":"box","text":"LVNAV MMF and review for a Valuation Deviation at each Valuation Point, the Net Asset","page_number":111,"box":{"x":121,"y":713,"width":763,"height":11}},{"id":"877a276e-fa88-4097-89d0-210eb86323af","block_type":"box","text":"Value will be subject to intra-day checks during Interim Dealing Cycles and at the Dealing","page_number":111,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"3565b21e-c783-454b-83b9-acdc7b1c2b2a","block_type":"box","text":"Deadline to protect against undetected Valuation Deviations. The Manager, and its delegates,","page_number":111,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"6a229820-6cea-4e82-84d1-c178957adaf4","block_type":"box","text":"continually monitor for market and credit risks which may give rise to such a Valuation","page_number":111,"box":{"x":121,"y":762,"width":763,"height":13}},{"id":"837e0ae1-6e06-40e9-a7dc-56265f3c11a5","block_type":"box","text":"Deviation.","page_number":111,"box":{"x":121,"y":778,"width":89,"height":10}},{"id":"1538f97b-94ac-4890-a72d-8b2f9b70b145","block_type":"box","text":"Shareholders should note that Interim Dealing Cycles may be impacted by operational and","page_number":111,"box":{"x":121,"y":811,"width":763,"height":13}},{"id":"0b974b78-9c76-4864-a246-57a7e4ef2c2b","block_type":"box","text":"settlement challenges and accordingly are subject to change. The number and/or time of Interim","page_number":111,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"c1262841-f84a-458b-ac57-276df6bfef58","block_type":"box","text":"Dealing Cycles on any Dealing Day may vary as a result of such challenges. Subscriptions,","page_number":111,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"04eb8aec-7369-43ba-b305-73243c93a44b","block_type":"box","text":"Share transfers and redemptions may be included in a later Interim Dealing Cycle or at the","page_number":111,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"815b61a1-8b30-4065-b030-9c67d2cb482b","block_type":"box","text":"Dealing Deadline for a Dealing Day if, for any reason, their application was not processed in","page_number":111,"box":{"x":121,"y":877,"width":763,"height":12}},{"id":"b225d876-2614-463f-a23d-ed4ca94697bb","block_type":"box","text":"time for the intended Interim Dealing Cycle.","page_number":111,"box":{"x":121,"y":893,"width":363,"height":13}},{"id":"24ea8e85-a67b-41e0-baf8-c2c690fa306b","block_type":"box","text":"112","page_number":112,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"e59b233a-0033-4b91-8c2f-300d620c578c","block_type":"box","text":"Valuation of Money Market Funds","page_number":112,"box":{"x":121,"y":105,"width":305,"height":13}},{"id":"3e1b6111-fc71-475f-b88d-fbbdd233e86c","block_type":"box","text":"1.","page_number":112,"box":{"x":153,"y":138,"width":11,"height":10}},{"id":"b38f1df5-4243-458e-81ba-0a23af996c12","block_type":"box","text":"The assets of Money Market Funds shall be valued at the relevant Valuation Point using","page_number":112,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"ecc0d63e-d506-468b-b9dc-7b4d55a0bf09","block_type":"box","text":"mark-to-market whenever possible subject to the derogation set out in paragraphs 4 and","page_number":112,"box":{"x":181,"y":154,"width":703,"height":13}},{"id":"e43c59ad-202c-40ff-a052-b5f34944ff7e","block_type":"box","text":"5 below.","page_number":112,"box":{"x":182,"y":170,"width":73,"height":10}},{"id":"45316d5b-0c88-4875-9870-a89580a47b07","block_type":"box","text":"2.","page_number":112,"box":{"x":151,"y":203,"width":13,"height":10}},{"id":"dc4c9a79-fc4a-49cc-93d5-7e46c2ac8bf2","block_type":"box","text":"When using mark-to-market, the assets of the Money Market Fund shall be valued at","page_number":112,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"de24e94d-d831-4a66-b119-b046ad28b97e","block_type":"box","text":"the more prudent side of bid and offer unless the asset can be closed out at mid-market.","page_number":112,"box":{"x":181,"y":220,"width":703,"height":12}},{"id":"d951c1cd-1530-4f62-8222-bab0fb214a0a","block_type":"box","text":"The Manager will only use good quality market data and such data shall be assessed by","page_number":112,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"e144fd47-6a4a-4bd5-84be-fa2dab9b04f7","block_type":"box","text":"the Manager on the basis of all of the following factors:","page_number":112,"box":{"x":181,"y":252,"width":454,"height":13}},{"id":"e7d705a9-de90-4dd4-b794-40d72b22d325","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":289,"width":7,"height":5}},{"id":"d729f1a9-f483-4552-a270-17fb87e63e7f","block_type":"box","text":"The number and quality of the counterparties;","page_number":112,"box":{"x":181,"y":286,"width":375,"height":13}},{"id":"4e4ab677-3acc-406f-8e14-6536ed407f21","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":307,"width":7,"height":5}},{"id":"4a8a2e20-7833-43fc-a79d-28673d657a1a","block_type":"box","text":"The volume and turnover in the market of the asset of the Money Market Fund;","page_number":112,"box":{"x":181,"y":304,"width":646,"height":12}},{"id":"a536ba0c-ba2e-43f7-b0d3-7a11bd2c4681","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":324,"width":7,"height":5}},{"id":"576fbdff-d239-4cda-8208-2e946137658b","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":112,"box":{"x":181,"y":321,"width":703,"height":13}},{"id":"975cbd9e-d1f6-4d3b-ab6d-6c221f7a7677","block_type":"box","text":"sell.","page_number":112,"box":{"x":182,"y":337,"width":37,"height":10}},{"id":"054aa1b8-4817-46b2-a907-a9c9e0107dab","block_type":"box","text":"3.","page_number":112,"box":{"x":152,"y":370,"width":12,"height":10}},{"id":"a6bb54f3-6a14-4ab7-84f6-af589ce076a5","block_type":"box","text":"Where use of mark-to-market is not possible or the market data is not of sufficient","page_number":112,"box":{"x":181,"y":370,"width":703,"height":13}},{"id":"c4297109-1e69-44d4-92c5-c622a499b024","block_type":"box","text":"quality, an asset of a Money Market Fund shall be valued conservatively by using mark\u0002","page_number":112,"box":{"x":181,"y":387,"width":697,"height":12}},{"id":"95abe57a-44c4-408c-b85a-cc7efc2bf0ff","block_type":"box","text":"to-model. The model shall accurately estimate the intrinsic value of the asset of a","page_number":112,"box":{"x":181,"y":403,"width":703,"height":13}},{"id":"32aeee0e-b620-488f-b280-0d83a84a8428","block_type":"box","text":"Money Market Fund, based on all of the following up-to-date key factors:","page_number":112,"box":{"x":181,"y":419,"width":601,"height":13}},{"id":"fd77b3d1-fe88-43f7-b45e-6fe558530bfe","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":456,"width":7,"height":5}},{"id":"fc35e08d-27a7-49b5-9fbe-8f358b7da1f9","block_type":"box","text":"The volume and turnover in the market of that asset;","page_number":112,"box":{"x":181,"y":453,"width":428,"height":12}},{"id":"e40a9d30-ea8f-4a9a-890f-4e6d63a76273","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":474,"width":7,"height":5}},{"id":"5c132713-edcf-4003-acf2-5f4a111c1803","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":112,"box":{"x":181,"y":470,"width":703,"height":13}},{"id":"a81eed3e-f2b6-476c-90fa-7906c6f7ed6e","block_type":"box","text":"sell;","page_number":112,"box":{"x":182,"y":487,"width":38,"height":12}},{"id":"10c7f998-c100-4f35-8d20-84572d8fc6ca","block_type":"box","text":"","page_number":112,"box":{"x":152,"y":507,"width":7,"height":6}},{"id":"a09a0247-db03-4d4a-9c6f-33bbfe37245d","block_type":"box","text":"Market risk, interest rate risk, credit risk attached to the asset.","page_number":112,"box":{"x":181,"y":504,"width":502,"height":12}},{"id":"5d7feeba-1898-46c0-bfc5-b354014fd277","block_type":"box","text":"When using the mark-to-model, the amortised cost method shall not be used.","page_number":112,"box":{"x":181,"y":537,"width":625,"height":13}},{"id":"bef12082-b5a7-4055-b20d-c943a8f4180f","block_type":"box","text":"4.","page_number":112,"box":{"x":151,"y":570,"width":13,"height":10}},{"id":"450a7b16-2975-4732-9ad8-d4036cc17cd0","block_type":"box","text":"By way of a derogation from the above, the assets of LVNAV Money Market Sub\u0002","page_number":112,"box":{"x":181,"y":570,"width":697,"height":13}},{"id":"6c05eee7-777f-4652-a849-ccb149d250ec","block_type":"box","text":"Funds that have a residual maturity of up to 75 days will be valued using amortised cost","page_number":112,"box":{"x":181,"y":586,"width":703,"height":13}},{"id":"e61fce26-62bd-4199-a402-77ce7da4b76d","block_type":"box","text":"method.","page_number":112,"box":{"x":181,"y":603,"width":71,"height":10}},{"id":"14b5bb0f-2c17-4d0c-9f5a-628a2431e02f","block_type":"box","text":"5.","page_number":112,"box":{"x":151,"y":636,"width":13,"height":9}},{"id":"0283f83c-7995-4b99-9346-485078d1d964","block_type":"box","text":"The amortised cost method shall only be used for valuing an asset of a LVNAV Money","page_number":112,"box":{"x":181,"y":636,"width":703,"height":12}},{"id":"24e3551a-f632-45ed-82d4-3b3f2ecbf2c7","block_type":"box","text":"Market Fund in circumstances where the price of that asset calculated in accordance","page_number":112,"box":{"x":181,"y":652,"width":703,"height":13}},{"id":"39cb27cf-25db-4fbf-af37-cbca5a0a962b","block_type":"box","text":"with the paragraphs 1,2 and 3 does not deviate from the price of that asset calculated in","page_number":112,"box":{"x":181,"y":668,"width":703,"height":13}},{"id":"04c12f8d-c7d5-46e7-9087-8fab81c8c2aa","block_type":"box","text":"accordance with the amortised cost method by more than 10 basis points. In the event","page_number":112,"box":{"x":182,"y":685,"width":702,"height":13}},{"id":"993c83f5-91b9-443a-8163-649fca919d37","block_type":"box","text":"of such deviation, the price of that asset shall be calculated in accordance with","page_number":112,"box":{"x":182,"y":701,"width":702,"height":13}},{"id":"4fc7047e-406c-48b5-be79-5036f69ea273","block_type":"box","text":"paragraphs 1, 2 and 3 (as applicable).","page_number":112,"box":{"x":181,"y":717,"width":306,"height":13}},{"id":"15935c77-5c6a-4be1-a4fa-1b239bd9ff46","block_type":"box","text":"General Valuation – Non Money market Funds","page_number":112,"box":{"x":121,"y":750,"width":411,"height":13}},{"id":"6de68f5d-2338-4670-a4a6-34ec82379e77","block_type":"box","text":"Money market instruments in a non-money market Sub-Fund may be valued by the Directors","page_number":112,"box":{"x":121,"y":783,"width":763,"height":13}},{"id":"6b31a817-4979-40ee-8235-42daf1adc0a6","block_type":"box","text":"or their delegates at their amortised cost, in accordance with the Central Bank’s requirements.","page_number":112,"box":{"x":121,"y":799,"width":761,"height":13}},{"id":"15db0ace-cde7-4c71-a7c8-12b39f6aeaf3","block_type":"box","text":"Subject to the foregoing, any investments owned or contracted for by a Sub-Fund which are","page_number":112,"box":{"x":121,"y":832,"width":763,"height":13}},{"id":"97b50816-ad0c-40ec-91e8-e32833136b3c","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":112,"box":{"x":121,"y":849,"width":763,"height":12}},{"id":"dc494cf7-45cc-4875-b8ac-31ea2aba0eec","block_type":"box","text":"being the mean price between bid and offer prices for such security last available as at the","page_number":112,"box":{"x":121,"y":865,"width":763,"height":13}},{"id":"0efce035-23b5-4839-8b6b-d7236089346c","block_type":"box","text":"relevant Valuation Point. Where such Investment is listed or dealt in on more than one Market","page_number":112,"box":{"x":121,"y":881,"width":763,"height":10}},{"id":"e8f87382-29ac-421a-b603-2a72abfd32cd","block_type":"box","text":"the Manager shall select the Market which constitutes the main market for the foregoing","page_number":112,"box":{"x":121,"y":898,"width":763,"height":13}},{"id":"883b0707-cf28-49d5-bf21-4ea2b3cf3d5a","block_type":"box","text":"113","page_number":113,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"0094cd5e-5ec4-4c72-81dc-726f3d844df2","block_type":"box","text":"purposes. Investments listed or traded on a regulated market but acquired at a premium or at a","page_number":113,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"c4fa5015-f383-4fb3-960a-a11280bb88c2","block_type":"box","text":"discount outside the relevant market may be valued taking into account the level of premium","page_number":113,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"c90d8c4f-a0ea-4887-b3b4-562b3c614662","block_type":"box","text":"or discount at the date of valuation.","page_number":113,"box":{"x":121,"y":121,"width":289,"height":10}},{"id":"0a20c342-2a8c-4731-a1a3-b94c205c59f2","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":113,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"84d23c6a-5736-47f7-9158-667945bf393b","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":113,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"858ff75d-8fbe-4391-a56a-4cc77be4416a","block_type":"box","text":"which (i) the Manager (as the Fund's delegate) shall determine that the amortised cost method","page_number":113,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b829cb9d-fad3-40fa-8f5f-bcd665e082a9","block_type":"box","text":"of valuation is not appropriate and (ii) the middle market price is currently unavailable or the","page_number":113,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"f12332aa-1340-46ec-9dea-45e15e464a9d","block_type":"box","text":"current price of which does not in the opinion of the Manager represent fair market value shall","page_number":113,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a4566c19-df5f-42e1-815b-14dbc88f4a90","block_type":"box","text":"be the probable realisation value thereof estimated with care and in good faith by the Manager","page_number":113,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"6e728fc7-0060-4607-bee2-75bba29a01fe","block_type":"box","text":"or a competent person appointed by the Manager, in each case approved, for such purpose, by","page_number":113,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"06cd42f5-683f-4b4f-bce4-4a395fb89db4","block_type":"box","text":"the Depositary. In determining the probable realisation value of any such investment, a","page_number":113,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"61f4c51a-20af-45a8-a3dd-04c2b41ef03a","block_type":"box","text":"certified valuation thereof provided by a competent independent person or, in the absence of","page_number":113,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"5cd12958-b8a7-4112-b761-924d6e656a9d","block_type":"box","text":"any independent person, the Investment Manager, who in each case shall have been approved","page_number":113,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"71ed6713-d041-4469-9964-d299aa80a7a3","block_type":"box","text":"for such purposes by the Depositary, shall be sufficient.","page_number":113,"box":{"x":121,"y":318,"width":454,"height":13}},{"id":"d7668cd0-bce4-4749-a29a-89a3670cc337","block_type":"box","text":"The Articles also provide that valuations of units or shares or other similar participation in any","page_number":113,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"b27a939a-4e35-40eb-991c-eb517384ac41","block_type":"box","text":"collective investment scheme, which provides for the units or shares or other similar","page_number":113,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"2e946818-e85a-43d0-b3c2-cd5d53fc7543","block_type":"box","text":"participation therein to be redeemed at the option of the holder out of the assets of that","page_number":113,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"12afef14-13a1-42b2-a2e7-887cdda1a9fe","block_type":"box","text":"undertaking, shall be valued at the last available net asset value per unit or share or other similar","page_number":113,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"d35dfc6c-6ca5-45bd-9f4d-72de8ada3138","block_type":"box","text":"participation as at the relevant Valuation Point or if bid and offer prices are published at the","page_number":113,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"ffe640dd-9442-4455-9308-7ca7a5e0c355","block_type":"box","text":"last available bid price.","page_number":113,"box":{"x":121,"y":433,"width":191,"height":13}},{"id":"4ddcfe45-fe3b-44c0-9535-0afe7cbe5e7f","block_type":"box","text":"The Articles further provide that the value of any cash in hand or on deposit, prepaid expenses,","page_number":113,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"345c1fc8-2125-4f67-8df2-6700e9f41b51","block_type":"box","text":"cash dividends and interest declared or accrued and not yet received as at a Valuation Point","page_number":113,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"965ac26f-eb1d-4fbd-b2a8-df76fbdad28f","block_type":"box","text":"shall be deemed to be the face value thereof with interest accrued where applicable, unless in","page_number":113,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"079e82ea-4a47-4b9d-96ff-55f16e041cb0","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":113,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"d6c9428a-9593-47f4-88ef-668626d60027","block_type":"box","text":"in which case the value thereof shall be arrived at after making such discount as the Directors","page_number":113,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"1636442e-5bb7-4e03-bd94-52ba1d92b312","block_type":"box","text":"may consider appropriate in such case to reflect the true value thereof as at any Valuation Point.","page_number":113,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8f6b9639-0914-4eab-81dc-4f0b088bacf8","block_type":"box","text":"The value of any demand notes, promissory notes and accounts receivable shall be deemed to","page_number":113,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"4ebddf91-d0ca-4a53-9c00-9d9ad8c9c2c4","block_type":"box","text":"be the face value or full amount thereof after making such discount as the Manager may","page_number":113,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"993f2f4b-2e05-4556-8566-0a80601f6081","block_type":"box","text":"consider appropriate to reflect the true current value thereof as at the relevant Valuation Point.","page_number":113,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"6495a693-20b6-403e-825d-3f9e82d69ad3","block_type":"box","text":"Certificates of deposit, treasury bills, bank acceptances, trade bills and other negotiable","page_number":113,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"da378757-3ab4-4fdb-a74d-71c28689ba65","block_type":"box","text":"instruments shall each be valued by reference to the best price available for certificates of","page_number":113,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"233b6283-9665-463a-8756-b944cf0666fc","block_type":"box","text":"deposit, treasury bills, bank acceptances, trade bills and other negotiable instruments of like","page_number":113,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"5c0f1736-266e-43c0-84ae-fc481843713b","block_type":"box","text":"maturity, amount and credit risk at the relevant Valuation Point.","page_number":113,"box":{"x":121,"y":695,"width":520,"height":13}},{"id":"2944f2d0-2f7f-47ca-9cf3-3d852a2033d8","block_type":"box","text":"Forward foreign exchange contracts shall be valued by reference to the price as at the relevant","page_number":113,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"47911d16-04bf-4d44-b7e9-c830a7a2dd27","block_type":"box","text":"Valuation Point at which a new forward contract of the same size and maturity could be","page_number":113,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"446a5aa7-1b11-4b6c-9727-2f27f9c30d63","block_type":"box","text":"undertaken, or, if unavailable, at the settlement price provided by the counterparty. The value","page_number":113,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"12d6608d-68d0-43ca-a1ac-984adc1ffb5e","block_type":"box","text":"of any exchange traded futures contracts, share price index futures contracts and options and","page_number":113,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d4acb852-867e-44aa-8bc3-9ffd6d116bd0","block_type":"box","text":"other derivatives contracts which are dealt in on a Market shall be the settlement price as","page_number":113,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"64793dfe-9f3f-45f0-bd56-ff2556b6fa86","block_type":"box","text":"determined by the Market in question as at the relevant Valuation Point, provided that where it","page_number":113,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"f591a2f5-9ffc-4f09-b1a3-2c7ef8979291","block_type":"box","text":"is not the practice for the relevant Market to quote a settlement price or such settlement price","page_number":113,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"91f71db4-e9a6-43fd-898f-e518381d7fe8","block_type":"box","text":"is not available for any reason as at the relevant Valuation Point, such value shall be the","page_number":113,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"48e7f3e9-63db-40a8-ac74-8c433f03825f","block_type":"box","text":"probable realisation value thereof estimated with care and in good faith by the Administrator","page_number":113,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"0fe34b57-2e7e-41ce-a258-a812fdb9db08","block_type":"box","text":"or another competent person provided that the Administrator or such other competent person","page_number":113,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d8c09e21-1b4e-456b-8bef-18ad5f31c689","block_type":"box","text":"have been approved for such purpose by the Depositary.","page_number":113,"box":{"x":121,"y":892,"width":459,"height":12}},{"id":"0f9390c0-657f-4e96-bb43-7729cfb820e4","block_type":"box","text":"114","page_number":114,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"bfc739a5-c9f3-477f-ab04-837b3ce2befd","block_type":"box","text":"The value of any off-exchange derivative contracts shall be the quotation from the counterparty","page_number":114,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4e33a916-57d7-43ce-863f-c8bed907bc6e","block_type":"box","text":"to such contracts at the Valuation Point and shall be valued at least daily. The valuation will","page_number":114,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"2f0e575b-09b7-4e12-8843-fc75b7322b97","block_type":"box","text":"be verified at least weekly by a party independent of the counterparty, who has been approved","page_number":114,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"f9074f85-45ad-41a9-b68a-a77ff76b6535","block_type":"box","text":"for such purpose by the Depositary.","page_number":114,"box":{"x":121,"y":154,"width":292,"height":13}},{"id":"b4ab544b-9a53-4dd6-91aa-f40efad073b0","block_type":"box","text":"Any value expressed otherwise than in the Base Currency of the relevant Sub-Fund (whether","page_number":114,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"0145320c-96a9-4689-a0d2-36c16cb0731f","block_type":"box","text":"of any investment or cash) and any non-Base Currency borrowing shall be converted into the","page_number":114,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"5217c5fb-881c-4f59-87a8-59c3e04925bd","block_type":"box","text":"Base Currency at the rate (whether official or otherwise) which the Manager shall determine to","page_number":114,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"6a6cd85f-9c2b-44d4-aefb-3bb74dfe959f","block_type":"box","text":"be appropriate in the circumstances.","page_number":114,"box":{"x":121,"y":236,"width":295,"height":13}},{"id":"40fda583-9400-486b-aed4-650275dbab8c","block_type":"box","text":"Notwithstanding any of the foregoing, the Manager may with the approval of the Depositary","page_number":114,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"456ff717-0f42-450e-b7b3-56521e8cd23f","block_type":"box","text":"adjust the value of any investment or other asset if, having regard to currency, applicable rate","page_number":114,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"e50807eb-93b4-4ac5-ba11-aaa0a1c33cce","block_type":"box","text":"of interest, anticipated rate of dividend, maturity, marketability, liquidity and/or such other","page_number":114,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"f5f76c91-d0dd-427f-9eed-58bcddaa1893","block_type":"box","text":"considerations as they may deem relevant, they consider that such adjustment is required to","page_number":114,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"e2ba4735-bdf2-4ded-b8e9-54915e13b272","block_type":"box","text":"reflect the fair value thereof as at the relevant Valuation Point.","page_number":114,"box":{"x":121,"y":334,"width":508,"height":10}},{"id":"e4fb65f0-4af6-4d60-b72c-2ceb036e9ea6","block_type":"box","text":"If in any case a particular value is not ascertainable as above provided or if the Directors shall","page_number":114,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"ca033d06-e3dc-4cfd-9423-4f75407af70b","block_type":"box","text":"consider that some other method of valuation better reflects the fair value of the relevant","page_number":114,"box":{"x":121,"y":384,"width":763,"height":9}},{"id":"bc4f064e-6671-4805-a2e4-d130588044e6","block_type":"box","text":"investment, then in such case the method of valuation of the relevant investment shall be such","page_number":114,"box":{"x":121,"y":400,"width":763,"height":12}},{"id":"a4d02a00-89ee-4372-8598-435ef12d23c0","block_type":"box","text":"as the Manager shall determine, such method of valuation to be approved by the Depositary","page_number":114,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"d390a21f-9795-477b-be25-a0b496c62c9d","block_type":"box","text":"and the rationale used shall be clearly documented.","page_number":114,"box":{"x":121,"y":433,"width":417,"height":13}},{"id":"8877c6b1-c794-42f6-a333-62fdb8ffb9da","block_type":"box","text":"Suspension of Calculation of Net Asset Value","page_number":114,"box":{"x":121,"y":465,"width":391,"height":13}},{"id":"f4fc5bed-c46d-4851-b803-1b18865138b0","block_type":"box","text":"The Directors may at any time temporarily suspend the calculation of the Net Asset Value of","page_number":114,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"2f15e547-dff7-439b-ad01-b465fd347991","block_type":"box","text":"any Sub-Fund and the issue, redemption and exchange of Shares and the payment of","page_number":114,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"5c281e8f-c15e-4180-8b4a-ee270a6c5b6f","block_type":"box","text":"redemption proceeds during:","page_number":114,"box":{"x":121,"y":531,"width":236,"height":13}},{"id":"ac8b01bf-0ba7-47b0-8e95-42edd7256bfa","block_type":"box","text":"(i) any period when any of the Markets on which a substantial portion of the investments","page_number":114,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"9559d8f7-6c9d-441a-a15f-e5a2676893e5","block_type":"box","text":"of the relevant Sub-Fund from time to time are quoted is closed, otherwise than for","page_number":114,"box":{"x":182,"y":580,"width":702,"height":13}},{"id":"ab643313-d48c-4777-928b-9640360d6a1b","block_type":"box","text":"ordinary holidays, or during which dealings therein are restricted or suspended; or","page_number":114,"box":{"x":182,"y":597,"width":666,"height":12}},{"id":"12386f78-1c29-4c56-aab3-3a9cc242e2e0","block_type":"box","text":"(ii) any period when, as a result of political, economic, military or monetary events or any","page_number":114,"box":{"x":121,"y":613,"width":761,"height":13}},{"id":"4339da62-4544-4f68-9305-b8ef5b0cd11a","block_type":"box","text":"circumstances outside the control, responsibility and power of the Directors, disposal","page_number":114,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"952eb0c5-067d-47bf-8d38-224e2b950373","block_type":"box","text":"or valuation of a substantial portion of the investments of the relevant Sub-Fund is not","page_number":114,"box":{"x":182,"y":646,"width":702,"height":13}},{"id":"0fc05e54-040b-451e-b0e1-42bc1dcb5792","block_type":"box","text":"reasonably practicable without this being seriously detrimental to the interests of","page_number":114,"box":{"x":181,"y":662,"width":703,"height":13}},{"id":"5336392c-5765-464a-a8ba-d5697f149758","block_type":"box","text":"Shareholders of the relevant Sub-Fund or if, in the opinion of the Directors, the Net","page_number":114,"box":{"x":182,"y":679,"width":702,"height":12}},{"id":"63e771b2-56f4-499e-a2ba-1417826ec8f6","block_type":"box","text":"Asset Value of the Sub-Fund cannot be fairly calculated; or","page_number":114,"box":{"x":181,"y":695,"width":485,"height":13}},{"id":"faa69f73-6123-493a-91aa-5b8ad7f5593c","block_type":"box","text":"(iii) any breakdown in the means of communication normally employed in determining the","page_number":114,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"8b850b0d-b271-470e-9b1f-f6ba7d13cdca","block_type":"box","text":"price of a substantial portion of the investments of the relevant Sub-Fund or when for","page_number":114,"box":{"x":181,"y":728,"width":703,"height":13}},{"id":"ed31b6be-b95c-49a6-b0f7-da587c323d8b","block_type":"box","text":"any other reason the current prices on any Market of any of the investments of the","page_number":114,"box":{"x":182,"y":744,"width":702,"height":13}},{"id":"71fedbb3-e8a0-4925-9e25-0e7b4ed46d67","block_type":"box","text":"relevant Sub-Fund cannot be promptly and accurately ascertained; or","page_number":114,"box":{"x":181,"y":761,"width":561,"height":12}},{"id":"6d635909-38f9-427c-b924-78971ab5482e","block_type":"box","text":"(iv) any period during which any transfer of funds involved in the realisation or","page_number":114,"box":{"x":121,"y":777,"width":672,"height":13}},{"id":"f3d42cb1-3d95-4565-ac34-129d647c3328","block_type":"box","text":"acquisition of investments of the relevant Sub-Fund cannot, in the opinion of the","page_number":114,"box":{"x":182,"y":793,"width":702,"height":13}},{"id":"f58b3269-c50a-4b07-a7da-6b474af52fc2","block_type":"box","text":"Directors, be effected at normal prices or rates of exchange; or","page_number":114,"box":{"x":181,"y":810,"width":509,"height":12}},{"id":"0c1ff914-9132-4da0-8593-a75261aafc60","block_type":"box","text":"(v) any period when the Fund is unable to repatriate funds required for the purpose of","page_number":114,"box":{"x":121,"y":826,"width":726,"height":13}},{"id":"54c057db-b8bb-4805-a1bb-b9b3507bf8a9","block_type":"box","text":"making payments due on the redemption of Shares in the relevant Sub-Fund; or","page_number":114,"box":{"x":181,"y":842,"width":647,"height":13}},{"id":"d21fb8c4-448b-4990-bb00-3aa29fa0ae32","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":114,"box":{"x":121,"y":859,"width":757,"height":13}},{"id":"e3c62225-b60d-4934-8766-790bac6eabb4","block_type":"box","text":"Fund; or","page_number":114,"box":{"x":181,"y":875,"width":74,"height":12}},{"id":"917cc863-a887-42e3-8a95-5f01e3f07d09","block_type":"box","text":"(vii) when any other reason makes it impracticable to determine the value of a meaningful","page_number":114,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"9a9bdfb0-b42d-4e87-b3d0-64b821975f19","block_type":"box","text":"115","page_number":115,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"6dd0c16e-fa2a-424f-941f-316ce929269b","block_type":"box","text":"portion of the investments of the Fund or any Sub-Fund.","page_number":115,"box":{"x":181,"y":89,"width":460,"height":12}},{"id":"d57372fa-9f49-4d48-95ef-1bd89d757697","block_type":"box","text":"Where possible, all reasonable steps will be taken to bring any period of suspension to an end","page_number":115,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"dfae3cc0-daa6-42d7-9e9d-365e60fc230b","block_type":"box","text":"as soon as possible.","page_number":115,"box":{"x":121,"y":138,"width":162,"height":13}},{"id":"572b9d57-efbc-4258-b396-2226b9860259","block_type":"box","text":"Shareholders who have requested issue or redemptions of Shares of any class or exchanges of","page_number":115,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"b5354637-3fe1-4112-8e5b-e03ef90709a7","block_type":"box","text":"Shares of one class to another will be notified of any such suspension in such manner as may","page_number":115,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5c0899c6-81fd-45cc-8315-f338df2f5faf","block_type":"box","text":"be directed by the Directors and, unless withdrawn but subject to the limitation referred to","page_number":115,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"efd01c59-2cf4-4315-99e5-72f3b3b87cbf","block_type":"box","text":"above, their requests will be dealt with on the first relevant Dealing Day after the suspension","page_number":115,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"3af9ec1a-0f06-4324-8b34-78e95f60a786","block_type":"box","text":"is lifted. Any such suspension will be notified without delay and in any event on the same","page_number":115,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"04d3bbed-2fec-475c-b005-6ba0fcb0f941","block_type":"box","text":"Business Day to the Central Bank and will be communicated without delay to the competent","page_number":115,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"784e04ee-3b57-4450-9aa6-7f58f9afeaf5","block_type":"box","text":"authorities in the Member States in which it markets its Shares.","page_number":115,"box":{"x":121,"y":269,"width":515,"height":10}},{"id":"5b03cc91-df0d-4879-9b16-c37cd148c45d","block_type":"box","text":"Form of Shares and Transfer of Shares","page_number":115,"box":{"x":121,"y":301,"width":342,"height":11}},{"id":"499deacf-4fbd-413f-8983-284a850935cb","block_type":"box","text":"Shares will be issued in registered form. Contract notes providing details of the trade will","page_number":115,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"21916741-ef12-4830-ae41-f827d7399af1","block_type":"box","text":"normally be issued within three Business Days of the relevant Dealing Day. Written","page_number":115,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"ed2b8aaf-d42f-422f-8494-cf33380732ce","block_type":"box","text":"confirmations of ownership evidencing entry in the register will be issued within 30 days of","page_number":115,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"330ac2b0-5f8b-4d59-b0f2-f7d01f3882db","block_type":"box","text":"the relevant Dealing Day upon receipt of all documentation required by the Administrator.","page_number":115,"box":{"x":121,"y":384,"width":734,"height":12}},{"id":"acb3ae37-470b-4dce-b1ec-5d52256305a8","block_type":"box","text":"Shares in each Sub-Fund will be transferable by instrument in writing in common form or in","page_number":115,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"fa72c97b-7797-4ed4-8f31-eec9a4019694","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":115,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"30b3d666-a3fb-4bb5-89ce-e290f8534a12","block_type":"box","text":"corporate, signed on behalf of or sealed by) the transferor. 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Registration of any transfer may be refused by the Directors if,","page_number":115,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"13e32aa5-bad6-4ad0-bcb8-401fca3d51b0","block_type":"box","text":"following the transfer, either transferor or transferee would hold Shares having a value less","page_number":115,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"88936cd4-dfa7-415b-a64b-c835aa545a63","block_type":"box","text":"116","page_number":116,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"105e8a4e-bd69-438d-936f-6b4c3a760e35","block_type":"box","text":"than the Minimum Holding for that class of Shares specified in the relevant section of Part 1","page_number":116,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"1db6b2f7-dbc5-445e-a50b-c62439881718","block_type":"box","text":"for the relevant Sub-Fund","page_number":116,"box":{"x":121,"y":105,"width":212,"height":10}},{"id":"ad7b3b57-b726-41b3-b22e-b1df2a8a3512","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":116,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"98822cc2-b50b-4e8f-825c-28a17781cea3","block_type":"box","text":"is entitled to redeem and cancel a sufficient portion of the transferor’s Shares as will enable the","page_number":116,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6c2e6ad2-3823-473f-959c-cfc4873cf8fa","block_type":"box","text":"Fund to pay the tax payable in respect of the transfer to the Revenue Commissioners in Ireland.","page_number":116,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"d9cebefa-7ce1-4b9c-aa8f-fbf2ea685468","block_type":"box","text":"Notification of Prices","page_number":116,"box":{"x":121,"y":203,"width":186,"height":10}},{"id":"c2d28d64-4e26-471d-990e-520d2b15b163","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":116,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"1ea6c07d-8a07-4e5c-b28e-75a8164481ed","block_type":"box","text":"the Administrator.","page_number":116,"box":{"x":121,"y":252,"width":152,"height":10}},{"id":"1ce65fe4-bd3f-4c01-9626-e35ba6070372","block_type":"box","text":"The Net Asset Value per Share as calculated on any Dealing Day with respect to each class of","page_number":116,"box":{"x":121,"y":285,"width":762,"height":13}},{"id":"21893788-50f8-4a3c-96bd-0bbd8d02fe8c","block_type":"box","text":"Shares in each Sub-Fund will be published on","page_number":116,"box":{"x":121,"y":302,"width":375,"height":12}},{"id":"372ce6fc-c339-4bff-93d7-497d6bf8ebfc","block_type":"box","text":"www.avivainvestors.com","page_number":116,"box":{"x":496,"y":302,"width":204,"height":10}},{"id":"60e2dfd1-4a01-43a5-ad4e-cdf6bb52e84a","block_type":"box","text":".","page_number":116,"box":{"x":702,"y":310,"width":9,"height":1}},{"id":"c9b1248a-87af-4a62-87b2-5aeebd9e9a94","block_type":"box","text":"117","page_number":117,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"0620dbe5-7d25-490c-89da-708ef4cd2f59","block_type":"box","text":"_______________________________________________________________________","page_number":117,"box":{"x":120,"y":98,"width":721,"height":2}},{"id":"6b0530ec-09dd-4745-9c5f-4595d6b7249b","block_type":"box","text":"CHARGES AND EXPENSES","page_number":117,"box":{"x":351,"y":105,"width":305,"height":12}},{"id":"455c6c17-ab81-40a5-8453-bfe12068e4ca","block_type":"box","text":"___________________________________________________________________________","page_number":117,"box":{"x":120,"y":135,"width":756,"height":1}},{"id":"54999adc-06b1-40ed-8007-fbe66a805563","block_type":"box","text":"Particulars of the charges and expenses (including performance fees, if any) payable to the","page_number":117,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"3e4f8181-0dcb-4d5c-85ef-a60f72fc736c","block_type":"box","text":"Manager and the Investment Manager out of the assets of each Sub-Fund are set out in the","page_number":117,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"bdeb9528-4de7-4ed0-b7b9-8e080988fe7b","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":117,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"56ae35b3-a592-45ec-985f-cbbd35ed3f93","block_type":"box","text":"charges and expenses payable to the Depositary (including the charges and expenses of sub\u0002","page_number":117,"box":{"x":121,"y":206,"width":757,"height":13}},{"id":"e62babf7-3d7b-4f2d-a991-1ef071199d9e","block_type":"box","text":"custodians which will be at normal commercial rates), the Administrator, the Distributor, the","page_number":117,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"714b547e-8113-45eb-91ff-5d1ce6830304","block_type":"box","text":"Digital Custodian, the Tokenisation Platform Provider and the Directors, and all other annual","page_number":117,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"24d234fb-742b-4b20-8725-b8d15e3f02da","block_type":"box","text":"charges and expenses of each Sub-Fund on the terms provided for in the relevant section of","page_number":117,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"5a729dbc-d6be-4016-8580-b773271dae52","block_type":"box","text":"Part 1 for each Sub-Fund.","page_number":117,"box":{"x":121,"y":272,"width":212,"height":9}},{"id":"db99fc4e-e1e0-4a1b-9d6f-955cf6ccc0a8","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":117,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"ec20140c-f4cc-4340-aa02-ec4e7e0807c0","block_type":"box","text":"expenses payable to the Manager, the Investment Manager, the Depositary, the Administrator,","page_number":117,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"b2c1e2d9-ebe3-4e29-8961-8124f19c3f42","block_type":"box","text":"any Distributor, the Digital Custodian, the Tokenisation Platform Provider, the charges and","page_number":117,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"dfc8b18b-f694-4e99-87ef-608dabf703a3","block_type":"box","text":"expenses of sub-custodians which will be at normal commercial rates, the charges and expenses","page_number":117,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"bf3b8d55-7bb9-456f-b767-a0e48ca5d628","block_type":"box","text":"of the Directors, any charges in respect of circulating details of the Net Asset Value, stamp","page_number":117,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"4b1ed7b2-bb40-479f-8388-d53f66e3df41","block_type":"box","text":"duties, taxes, company secretarial fees, any costs incurred in respect of meetings of","page_number":117,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"c601703c-ebc7-49d2-b976-a312de733e2e","block_type":"box","text":"Shareholders, distribution costs, investment transaction charges, costs incurred in respect of","page_number":117,"box":{"x":121,"y":403,"width":763,"height":12}},{"id":"0859fd7b-31d2-4dd9-93e5-bce6b3fcf37a","block_type":"box","text":"the distribution of income to Shareholders, the charges and expenses of any paying agent or","page_number":117,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"79ec1c9a-ca53-47a1-aeee-7a31abeaeb60","block_type":"box","text":"representative appointed in compliance with the requirements of another jurisdiction, any","page_number":117,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"b8803d3c-242a-4b50-8ac2-bc28c7b88e02","block_type":"box","text":"amount payable under indemnity provisions contained in the Articles or any agreement with","page_number":117,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"23a2acc0-23af-4c3f-b8fe-e460b5f3e2e6","block_type":"box","text":"any appointee of the Fund, all sums payable in respect of directors’ and officers’ liability","page_number":117,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"4a54116d-e914-4b22-8ebf-182fe2f64996","block_type":"box","text":"insurance cover, brokerage or other expenses of acquiring and disposing of investments, the","page_number":117,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"97703de5-401d-49a1-bf3f-04c16e1fad71","block_type":"box","text":"charges and expenses of the auditors, tax and legal advisers and registering the Fund for sale","page_number":117,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"f9b6a4a8-2386-4b4e-b48b-a12764223462","block_type":"box","text":"in other jurisdictions. The costs of printing and distributing this Prospectus, reports, accounts","page_number":117,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"63ca54d8-61c1-4bd3-a429-20fe590fc234","block_type":"box","text":"and any explanatory memoranda, any necessary translation fees, the costs of publishing prices","page_number":117,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"5c99ebb0-77ae-4b99-a1fb-0db6ebf319f8","block_type":"box","text":"and any costs incurred as a result of periodic updates of the Prospectus, or of a change in law","page_number":117,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"69e7a26c-e420-45ed-a857-b8553087dcca","block_type":"box","text":"or the introduction of any new law (including any costs incurred as a result of compliance with","page_number":117,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"54843033-6356-4802-ab28-feaad1989c1b","block_type":"box","text":"any applicable code, whether or not having the force of law) will also be paid by the Fund.","page_number":117,"box":{"x":121,"y":583,"width":735,"height":13}},{"id":"33b55df4-dae8-4690-81b3-75e10b3e28d8","block_type":"box","text":"Alternatively, the Manager may in its own discretion discharge such costs listed in the above","page_number":117,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"c78adce1-2da6-40c1-adb8-ec769f54b25c","block_type":"box","text":"paragraph out of its own fees. In such circumstances details will be set out in the relevant","page_number":117,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"262484e1-66b4-47d2-9a36-95cf24fb5711","block_type":"box","text":"section of Part 1 for each Sub-Fund.","page_number":117,"box":{"x":121,"y":648,"width":296,"height":10}},{"id":"88a6b617-8408-4979-8da0-b9d9791fd8ad","block_type":"box","text":"Such fees, charges and duties will be charged to the Sub-Fund in respect of which they were","page_number":117,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"cc495d0f-7ab2-4753-9af0-a33481cf043d","block_type":"box","text":"incurred or, where an expense is not considered by the Directors to be attributable to any one","page_number":117,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"52381d5a-a9d1-41d1-9c95-963b46641698","block_type":"box","text":"Sub-Fund, the expense will be allocated by the Directors with the approval of the Depositary,","page_number":117,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"fccf578a-4f3b-42d6-9e4e-b7a27b0c623e","block_type":"box","text":"in such manner and on such basis as the Directors in their discretion deem fair and equitable.","page_number":117,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"a330ab95-73ce-40a0-b4c5-8bef94d198e2","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":117,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"7b786bad-6f84-4ba6-bf84-b28331f23011","block_type":"box","text":"the Directors may calculate such fees, charges and expenses on an estimated figure for yearly","page_number":117,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"7c4f54f4-829a-476c-9ba0-146c3ca601d2","block_type":"box","text":"or other periods in advance and accrue the same in equal proportions over any period.","page_number":117,"box":{"x":121,"y":780,"width":696,"height":12}},{"id":"84288dd2-b61e-4908-adee-cfb295fad707","block_type":"box","text":"The Directors will be entitled to be reimbursed for their reasonable out of pocket expenses","page_number":117,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"da3fa54e-450a-438b-aa06-395d47a42ec9","block_type":"box","text":"incurred in discharging their duties as directors.","page_number":117,"box":{"x":121,"y":829,"width":389,"height":13}},{"id":"e4f92417-8837-4bbc-9372-7397bf5886dd","block_type":"box","text":"The cost of establishing the Fund, the initial Sub-Fund, obtaining authorisation from any","page_number":117,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"fb49e60b-a40c-46c7-8d80-ecd081cf910b","block_type":"box","text":"authority, listing the Shares on Euronext Dublin, filing fees, the preparation and printing of this","page_number":117,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"386bab76-c382-4ef8-8cd3-973e543c5e67","block_type":"box","text":"Prospectus, and the fees of all professionals relating to it were borne by the Fund and have been","page_number":117,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"9973aa2a-acc2-48e4-a1c3-739bae9ce630","block_type":"box","text":"118","page_number":118,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"900df685-19b7-4cd3-99d8-e1892fcd262b","block_type":"box","text":"amortised. The cost of establishing the Aviva Investors Euro Liquidity Fund, the Aviva","page_number":118,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"79cf278d-e690-4a5e-9e3e-603e4369ad18","block_type":"box","text":"Investors Sterling Liquidity Plus Fund and Aviva Investors Sterling Government Liquidity","page_number":118,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4ae2e4e2-ebe1-4c50-857e-34d9c76c74b5","block_type":"box","text":"Fund, obtaining authorisation from any authority, listing the Shares on Euronext Dublin, filing","page_number":118,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6c8103d5-71a6-47e4-9dd3-d6d9cbf86124","block_type":"box","text":"fees, the preparation and printing of this Prospectus, and the fees of all professionals relating","page_number":118,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"a5ee5557-3de6-4b70-9c4e-666439c4a5e8","block_type":"box","text":"to it were borne by the relevant Sub-Fund and have been amortised.","page_number":118,"box":{"x":121,"y":154,"width":551,"height":13}},{"id":"4eaaf87f-641a-451c-99c0-a56c19dd6a97","block_type":"box","text":"In relation to the Aviva Investors US Dollar Liquidity Fund and the Aviva Investors Sterling","page_number":118,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"2b4c6688-8806-4b69-be25-077bfb1f0a77","block_type":"box","text":"Standard Liquidity Fund, the cost of establishing the relevant Sub-Fund, obtaining","page_number":118,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"94f5cfaa-235a-4112-bade-1f32f24b2933","block_type":"box","text":"authorisation from the Central Bank, listing the Shares on Euronext Dublin where relevant,","page_number":118,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a4e05fb0-9327-456a-ab0f-3da5631e360f","block_type":"box","text":"filing fees, the preparation and printing of the revised Prospectus, and the fees of all","page_number":118,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"698a911d-9470-439f-8315-9b9419c61dc2","block_type":"box","text":"professionals relating to the relevant Sub-Fund amount to approximately £50,000 (including","page_number":118,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"a576bce7-209c-4b15-a073-d6e0447b08dd","block_type":"box","text":"VAT) and will be borne by the relevant Sub-Fund and will be amortised over the first five","page_number":118,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"46c4fe84-2fd4-4e82-ae05-59cc79f267e9","block_type":"box","text":"accounting periods of the Sub-Fund's existence.","page_number":118,"box":{"x":121,"y":285,"width":390,"height":13}},{"id":"77df2a36-3ffe-4f3a-a367-611dac4968ae","block_type":"box","text":"Unless otherwise determined at the time of establishment of the relevant Sub-Fund, the cost of","page_number":118,"box":{"x":121,"y":318,"width":763,"height":12}},{"id":"8434d519-102c-445d-9c61-04be742370fc","block_type":"box","text":"establishing subsequent Sub-Funds will be charged to the relevant Sub-Fund.","page_number":118,"box":{"x":121,"y":334,"width":627,"height":13}},{"id":"b43e0c60-51d2-4088-9330-256aa72f83e7","block_type":"box","text":"Portfolio Transactions and Conflicts of Interest","page_number":118,"box":{"x":121,"y":367,"width":412,"height":10}},{"id":"e3e96414-aa52-40b4-9b50-c56a1d942dee","block_type":"box","text":"Subject to the provisions of this section, the Manager, the Investment Manager, the","page_number":118,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"68fbd872-f7c2-498e-b4a8-6050daa65cb2","block_type":"box","text":"Administrator, the Depositary and the Directors and any of their respective subsidiaries,","page_number":118,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"0a4c7ff2-18fb-4a21-8dec-5ccc30cc6adf","block_type":"box","text":"affiliates, associates, agents or delegates (each a “Connected Person”) may contract or enter","page_number":118,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"b64afb07-9375-40f7-838e-3331db8ce371","block_type":"box","text":"into any financial, banking or other transaction with one another or with the Fund. This","page_number":118,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"61a3ffca-b989-4193-9c69-1330b04955b1","block_type":"box","text":"includes, without limitation, investment by the Fund in securities of any Connected Person or","page_number":118,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"9ca331e2-070a-4ab6-affe-e1a2f262c2e5","block_type":"box","text":"investment by any Connected Persons in any company or bodies any of whose investments","page_number":118,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"2903e4cc-6c92-40b3-8917-0dff64079fcb","block_type":"box","text":"form part of the assets comprised in any Sub-Fund or be interested in any such contract or","page_number":118,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"77dba34f-eeea-4fcd-8748-97d52844cd4b","block_type":"box","text":"transactions. In addition, any Connected Person may invest in and deal in Shares relating to","page_number":118,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"37062fdb-a846-4149-9879-117e94ca0ec3","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":118,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"9c996c98-699e-4eb2-ac90-2f83377a5999","block_type":"box","text":"respective individual accounts or for the account of someone else.","page_number":118,"box":{"x":121,"y":547,"width":536,"height":13}},{"id":"dc27b2da-5a03-483d-a7e8-2617d54295d0","block_type":"box","text":"Any cash of the Fund may be deposited, subject to the provisions of the Central Bank Acts","page_number":118,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"0a6afa20-6cdc-4533-8c76-7f305bfe7f83","block_type":"box","text":"1942 to 2010, with any Connected Person or invested in certificates of deposit or banking","page_number":118,"box":{"x":123,"y":597,"width":761,"height":12}},{"id":"0b5ab91b-44de-4551-b4fa-48c8b50aa948","block_type":"box","text":"instruments issued by any Connected Person. Banking and similar transactions may also be","page_number":118,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"a9c06e1e-51b3-43d3-b1a7-c8bae834430d","block_type":"box","text":"undertaken with or through a Connected Person.","page_number":118,"box":{"x":121,"y":629,"width":394,"height":13}},{"id":"712228ed-05be-445c-a04d-999cbd44d2f3","block_type":"box","text":"Any Connected Person may also deal as agent or principal in the sale or purchase of securities","page_number":118,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"ccc142e4-2aec-4706-a337-20f964803988","block_type":"box","text":"and other investments to or from the Fund. There will be no obligation on the part of any","page_number":118,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"1b81b882-661e-4f6b-ad74-6bce44a24efc","block_type":"box","text":"Connected Person to account to the Fund or to Shareholders for any benefits so arising, and","page_number":118,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"64f77d5c-168a-4ddf-b45b-6e4a6b10cf5b","block_type":"box","text":"any such benefits may be retained by the relevant party, provided that such transactions are","page_number":118,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"25ab0130-7f83-4d52-b100-8239cdb09305","block_type":"box","text":"carried out as if effected on normal commercial terms negotiated at arm's length, are consistent","page_number":118,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"86ceaf90-efe8-488e-aa01-036b4c727d5d","block_type":"box","text":"with the best interests of the Shareholders and:","page_number":118,"box":{"x":121,"y":744,"width":381,"height":10}},{"id":"147d2cb7-b9fd-43d9-b535-6e92751d76e6","block_type":"box","text":"(a) a certified valuation of such transaction by a person approved by the Depositary (or in","page_number":118,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"632a2436-405f-4c03-99c1-a9cd606c6955","block_type":"box","text":"the case of any such transaction entered into by the Depositary, the Directors) as","page_number":118,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"76f5fda3-ff2b-4ef8-a302-398b8262847e","block_type":"box","text":"independent and competent has been obtained; or","page_number":118,"box":{"x":181,"y":810,"width":404,"height":12}},{"id":"e3f9b3e4-cb7f-4ccc-b71a-1006a15d5940","block_type":"box","text":"(b) such transaction has been executed on best terms reasonably available on an organised","page_number":118,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"ace52e09-e7cf-4ee5-9828-1cfad67b35ce","block_type":"box","text":"investment exchange under its rules; or","page_number":118,"box":{"x":181,"y":859,"width":321,"height":13}},{"id":"279ee77e-6725-4ef0-a68a-6d573e2c43df","block_type":"box","text":"119","page_number":119,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"4bba5e88-41e6-4fc2-a603-a87605d59e87","block_type":"box","text":"(c) where (a) and (b) are not reasonably practicable, such transaction has been executed on","page_number":119,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"8ad19b71-49b8-4f12-bd51-90ae82a385bb","block_type":"box","text":"terms which the Depositary is (or in the case of any such transaction entered into by the","page_number":119,"box":{"x":181,"y":105,"width":703,"height":13}},{"id":"c2167d1b-be92-42f0-a572-9dfdc53a7c9b","block_type":"box","text":"Depositary, the Directors are) satisfied conform with the principle that such transactions","page_number":119,"box":{"x":181,"y":121,"width":703,"height":13}},{"id":"58fa0c35-ae58-438e-830d-9efc9ca16096","block_type":"box","text":"be carried out as if effected on normal commercial terms negotiated at arm’s length.","page_number":119,"box":{"x":181,"y":138,"width":683,"height":13}},{"id":"15f81b76-a7c4-4602-8367-2b06396996de","block_type":"box","text":"Conflicts of Interests may arise as part of the use of techniques and instruments for Efficient","page_number":119,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"604b4469-96d0-4270-a8db-9f7d2341be4c","block_type":"box","text":"Portfolio Management purposes. If any such conflict arises, the Manager will have regard to","page_number":119,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"56cdc82c-f621-40c6-977c-21b38fc348bd","block_type":"box","text":"its obligations under the Management Agreement and the Investment Manager will have regard","page_number":119,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"8b656fba-e039-4086-b447-039d0913f05a","block_type":"box","text":"to its obligations under the Investment Management Agreement to act in the best interest of the","page_number":119,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f33d5a0e-3a4b-49ff-9c62-de3a83042c59","block_type":"box","text":"Fund and the Shareholders. 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As is the","page_number":122,"box":{"x":119,"y":239,"width":765,"height":13}},{"id":"d8516b47-f263-45ab-9091-5cac6080d5be","block_type":"box","text":"case with any investment, there can be no guarantee that the tax position or proposed tax","page_number":122,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"e01f5935-3b22-4734-a630-0a3032366836","block_type":"box","text":"position prevailing at the time an investment in the Fund is made will endure indefinitely as","page_number":122,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"36bcf11a-c49d-4cf6-8754-c8eecb2403f3","block_type":"box","text":"the basis for, and rates of, taxation can fluctuate.","page_number":122,"box":{"x":121,"y":288,"width":396,"height":12}},{"id":"f1247204-7fd6-4a35-8843-05e1a02a71f3","block_type":"box","text":"Prospective Shareholders should familiarise themselves with and, where appropriate, take","page_number":122,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"29d7eec7-7dba-46f6-bc2f-d18173b4e907","block_type":"box","text":"advice on the laws and regulations (such as those relating to taxation and exchange controls)","page_number":122,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"74b93554-4eb0-422b-bde0-0225252e5094","block_type":"box","text":"applicable to the subscription for, and the holding and redemption of, Shares in the places of","page_number":122,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"1adf42da-9848-4f57-a734-4cc14b832bc6","block_type":"box","text":"their citizenship, residence and domicile.","page_number":122,"box":{"x":121,"y":370,"width":335,"height":13}},{"id":"66ae9243-c2dd-4fe8-b37c-305446e8fbfc","block_type":"box","text":"Irish Taxation","page_number":122,"box":{"x":121,"y":403,"width":128,"height":10}},{"id":"76596bb8-12d4-4909-a97f-9f31825ba7c7","block_type":"box","text":"Tax on Income and Capital Gains","page_number":122,"box":{"x":121,"y":435,"width":295,"height":13}},{"id":"1964d316-f3b1-4d33-9ce7-bdc42cd8ccd5","block_type":"box","text":"The Fund","page_number":122,"box":{"x":121,"y":468,"width":89,"height":10}},{"id":"2caa429d-dcfc-4899-b29a-287b17ae7f9a","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":122,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"51adc2cc-e806-4525-817e-a42ed27027d9","block_type":"box","text":"Consolidation Act 1997 TCA dealing with Irish real estate funds.","page_number":122,"box":{"x":121,"y":517,"width":531,"height":13}},{"id":"6284a0d0-bf85-4565-a394-e1816c2160d1","block_type":"box","text":"The Directors have been advised that the Fund will only be subject to tax on chargeable events","page_number":122,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"8d41680d-7fb9-407d-a71d-975adde8a944","block_type":"box","text":"in respect of Shareholders who are Taxable Irish Persons (generally persons who are resident","page_number":122,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"938a59db-65f4-4f4b-a4d8-82a56b0ea4d4","block_type":"box","text":"or ordinarily resident in Ireland for tax purposes)(see relevant Irish tax definitions for more","page_number":122,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"547f15ce-b9d9-43e0-9e72-bf9fc935f35b","block_type":"box","text":"details).","page_number":122,"box":{"x":121,"y":599,"width":69,"height":13}},{"id":"9f54f359-f461-48d8-8bcd-6c6f27910524","block_type":"box","text":"A chargeable event occurs on, for example:","page_number":122,"box":{"x":121,"y":632,"width":356,"height":13}},{"id":"b2c2ae7c-fd27-44f3-813f-827d2a141320","block_type":"box","text":"(a) a payment of any kind to a Shareholder by the Fund;","page_number":122,"box":{"x":121,"y":665,"width":491,"height":13}},{"id":"b809fe3e-454b-4630-9adc-fc1d0d6b7ab4","block_type":"box","text":"(b) a transfer, cancellation, redemption or repurchase of Shares; and","page_number":122,"box":{"x":121,"y":698,"width":586,"height":12}},{"id":"2d1d1fec-94e9-48ed-8562-ac69194af6df","block_type":"box","text":"(c) on the eighth anniversary of a Shareholder acquiring Shares and every subsequent eight","page_number":122,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"6edc4300-452d-4437-92ee-37a0b399d9b0","block_type":"box","text":"anniversary;","page_number":122,"box":{"x":181,"y":747,"width":103,"height":13}},{"id":"d79f4bad-b5c2-4fee-b9d5-f24044f4a81f","block_type":"box","text":"but does not include for example any transaction in relation to Shares held in a clearing system","page_number":122,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"8b6a6109-9e77-4a65-a112-4ad3c83d5474","block_type":"box","text":"recognised by the Irish Revenue Commissioners, certain transfers arising as a result of an","page_number":122,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"f3f2620d-d7ad-4358-b061-c9fc958ae025","block_type":"box","text":"amalgamation or reconstruction of fund vehicles and certain transfers between spouses or","page_number":122,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"133ce94f-13fb-4038-8b0a-30485a33bdfa","block_type":"box","text":"former spouses.","page_number":122,"box":{"x":121,"y":829,"width":132,"height":13}},{"id":"c34a915c-2f70-4b8f-8b4f-706209f028f0","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":122,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"5df85cdc-b006-4d65-9961-f343e6ea29be","block_type":"box","text":"will be payable on that chargeable event in respect of that Shareholder.","page_number":122,"box":{"x":121,"y":878,"width":577,"height":13}},{"id":"53297f22-ef22-43ec-8e42-dd0cdce06e01","block_type":"box","text":"123","page_number":123,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"39661602-9875-46b1-964c-78cc008c97f6","block_type":"box","text":"Where tax is payable on a chargeable event, subject to the comments below, it is a liability of","page_number":123,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a69a3b84-33b8-443a-9797-709fd4316248","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":123,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"a7ec9916-33b0-4e9f-a38a-2355e13430de","block_type":"box","text":"rolling chargeable event by cancellation or appropriation of Shares from the relevant","page_number":123,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"756bad0b-2d13-424a-8089-348d4f6bf830","block_type":"box","text":"Shareholders. In certain circumstances, and only after notification by the Fund to a Shareholder,","page_number":123,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"11548818-fe62-4052-acb0-7e8d6ab050c3","block_type":"box","text":"the tax payable on the eight year rolling chargeable event can at the election of the Fund become","page_number":123,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"d3adf8df-0987-46e7-b23d-20c24a2fd4ac","block_type":"box","text":"a liability of the Shareholder rather than the Fund. In such circumstances the Shareholder must","page_number":123,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"8deeaf1b-8af1-484f-b007-fcfe99a9e8bc","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":123,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5c7ed150-04c3-4af1-9679-0444373d180c","block_type":"box","text":"Revenue Commissioners.","page_number":123,"box":{"x":121,"y":203,"width":211,"height":10}},{"id":"d78177d4-3773-461e-a1ae-991b09b65ae6","block_type":"box","text":"In the absence of the appropriate declaration being received by the Fund that a Shareholder is","page_number":123,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"4bb21b21-5e62-4f66-b09f-33c9c818b90d","block_type":"box","text":"not a Taxable Irish Person or if the Fund has information that would reasonably suggest that a","page_number":123,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"90b95c5a-b903-481a-8624-c5598a4b8ea0","block_type":"box","text":"declaration is incorrect , and in the absence of written notice of approval from the Revenue","page_number":123,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"8eeea30e-7fcc-494d-9c73-17aec9f121a9","block_type":"box","text":"Commissioners to the effect that the requirement to have been provided with such declaration","page_number":123,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"fa2fbd63-4537-477c-8af4-2c3fb2e0a7ad","block_type":"box","text":"is deemed to have been complied with (or following the withdrawal of, or failure to meet any","page_number":123,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"312db61d-abf9-41c1-8ca3-119f00b6af7f","block_type":"box","text":"conditions attaching to such approval), the Fund will be obliged to pay tax on the occasion of","page_number":123,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"6c5d93e6-119b-486e-8d3a-63c1963f2cca","block_type":"box","text":"a chargeable event (even if, in fact, the Shareholder is neither resident nor ordinarily resident","page_number":123,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"307dcff4-6455-47b6-b91e-f7b22d0d5aac","block_type":"box","text":"in Ireland). Where the chargeable event is an income distribution tax will be deducted at the","page_number":123,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"130f9442-f1bc-4fd1-9225-717fa2df865d","block_type":"box","text":"rate of 38% or at the rate of 25% where the Shareholder is a company and the appropriate","page_number":123,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"293201f1-74ac-4442-b458-ec0b4e01df6a","block_type":"box","text":"declaration has been made, on the amount of the distribution. Where the chargeable event","page_number":123,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"df1d05d7-40df-4c0f-bbb7-59c4d1e823c4","block_type":"box","text":"occurs on any other payment to a Shareholder, not being a company which has made the","page_number":123,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"7ae43cf3-02ec-4935-a005-bc06d22ea69a","block_type":"box","text":"appropriate declaration, on a transfer of Shares and on the eight year rolling chargeable event,","page_number":123,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"cb142c3d-16bc-47af-a2e2-bbdf821f75f0","block_type":"box","text":"tax will be deducted at the rate of 38% on the increase in value of the shares since their","page_number":123,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"8c12f7ce-ae55-4fd6-b8e6-ced014223920","block_type":"box","text":"acquisition. Tax will be deducted at the rate of 25% on such transfers where the Shareholder is","page_number":123,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7b13c154-ab8d-4cea-8d31-ae9083a9424e","block_type":"box","text":"a company and the appropriate declaration has been made. In respect of the eight year rolling","page_number":123,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"945e4e31-7a95-4fcb-80c6-7e2af3cbbe87","block_type":"box","text":"chargeable event, there is a mechanism for obtaining a refund of tax where the Shares are","page_number":123,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"0caec7cf-cf53-408a-8eb7-7a39b73ad31b","block_type":"box","text":"subsequently disposed of for a lesser value.","page_number":123,"box":{"x":121,"y":498,"width":355,"height":13}},{"id":"f2049124-efde-426c-ad64-7e59f5ef8fb5","block_type":"box","text":"Where a Shareholder holds Shares in a nominee capacity, a declaration is required from the","page_number":123,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"4e448cf7-8a1d-4927-886b-f1ec8f3dac84","block_type":"box","text":"Shareholder that, to the best of its knowledge and belief, the beneficial owner is neither resident","page_number":123,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"573bb6c8-3230-4652-807f-6a39f4b9e5bc","block_type":"box","text":"nor ordinarily resident in Ireland if a tax liability is not to arise on a chargeable event.","page_number":123,"box":{"x":121,"y":564,"width":695,"height":13}},{"id":"27762d05-4c93-4b34-9a5b-1fb17f37f062","block_type":"box","text":"An anti-avoidance provision increases the 38% rate of tax to 60% (80% where details of the","page_number":123,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"bec04ff5-8c54-46e5-9ccc-e562ad44e047","block_type":"box","text":"payment/disposal are not correctly included in the individual's tax return) if, under the terms of","page_number":123,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"c6b29054-54ef-4268-845a-c4c7bed9c6b4","block_type":"box","text":"an investment in a Sub-Fund, the investor or certain persons associated with the investor have","page_number":123,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"946535dc-ad8c-433f-82d2-6501d9205929","block_type":"box","text":"an ability to influence the selection of the assets of the Sub-Fund.","page_number":123,"box":{"x":121,"y":646,"width":532,"height":13}},{"id":"84dc62c5-59ea-42ab-8aa5-0c53006aaffa","block_type":"box","text":"Other than in the circumstances described above the Fund will have no liability to Irish taxation","page_number":123,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"e2a3d54c-56e3-45a4-828f-e2a74ed05bf5","block_type":"box","text":"on income or chargeable gains.","page_number":123,"box":{"x":121,"y":695,"width":256,"height":13}},{"id":"6b32a3eb-64ff-4bdb-893b-20860f444090","block_type":"box","text":"Shareholders","page_number":123,"box":{"x":121,"y":728,"width":119,"height":10}},{"id":"72b4b40a-0980-4f42-9386-f0a370cefc59","block_type":"box","text":"Shareholders who are neither resident nor ordinarily resident in Ireland in respect of whom the","page_number":123,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"c5eb6f87-bd53-492f-9a1b-bf0873b7f389","block_type":"box","text":"appropriate declarations have been made (or in respect of whom written notice of approval","page_number":123,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"5202d721-5744-4e94-998b-692102b32265","block_type":"box","text":"from the Revenue Commissioners has been obtained by the Fund to the effect that the","page_number":123,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"c92a9ac0-69fb-46d0-b1b9-1382a86f7717","block_type":"box","text":"requirement to have been provided with such declaration from that Shareholder or class of","page_number":123,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"f23c478e-1fed-40d4-b9e0-280d1069158e","block_type":"box","text":"shareholders to which the Shareholder belongs is deemed to have been complied with) will not","page_number":123,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8fa2f654-3f9a-4b29-90ef-d16f4dad9bfe","block_type":"box","text":"be subject to tax on any distributions from the Fund or any gain arising on redemption or","page_number":123,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f02dc9f0-e1e5-4b42-85d9-77448ecbbcc0","block_type":"box","text":"transfer of their Shares provided the Shares are not held through a branch or agency in Ireland.","page_number":123,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"cb807d75-857a-4659-817b-fd2422a51c00","block_type":"box","text":"No tax will be deducted from any payments made by the Fund to those Shareholders who are","page_number":123,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"ff32bef4-b276-4135-9d47-5e9a30f8ca30","block_type":"box","text":"not Taxable Irish Persons.","page_number":123,"box":{"x":121,"y":892,"width":215,"height":9}},{"id":"debe3f9e-e9f5-492d-a2ef-3027c92297ad","block_type":"box","text":"124","page_number":124,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"2614b98a-ad56-4132-99b5-bc273e23d19a","block_type":"box","text":"Shareholders who are Irish resident or ordinarily resident or who hold their Shares through a","page_number":124,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"f8e855c2-cd89-4204-932d-a9bdf0f54dfa","block_type":"box","text":"branch or agency in Ireland may have a liability under the self-assessment system to pay tax or","page_number":124,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"de826d3d-6c19-46aa-881a-92d8216a1d02","block_type":"box","text":"further tax on any distribution or gain arising from their holdings of Shares. In particular where","page_number":124,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"fe105b20-020b-497b-af68-c06707aba887","block_type":"box","text":"the Fund has elected not to deduct tax at the occasion of the eight year rolling chargeable event","page_number":124,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"84d68ba9-e6d6-4db2-8f10-095150aa8f93","block_type":"box","text":"a Shareholder will have an obligation to file a self-assessment tax return and pay the appropriate","page_number":124,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"433c8ff6-c762-46bd-8240-8930467d3869","block_type":"box","text":"amount of tax to the Irish Revenue Commissioners. Certain Irish resident an ordinarily resident","page_number":124,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"d07423e6-9267-4564-bcbe-54cdeaf63a5f","block_type":"box","text":"Shareholders will be exempt from exit tax on distributions and gains on redemptions by the","page_number":124,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"77f36a34-4c10-4752-9aa0-12e65e5d9e1c","block_type":"box","text":"Fund provided the appropriate declaration is in place.","page_number":124,"box":{"x":121,"y":220,"width":436,"height":12}},{"id":"56f6358d-b9ef-476c-a061-ab6428191b12","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":124,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b0e96882-5a6a-4847-9ea2-1bd8f5b44ccc","block_type":"box","text":"a chargeable event are generally not available except in the case of certain corporate","page_number":124,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"705e8db8-ec39-4e75-a3c5-5da5ce6f67c2","block_type":"box","text":"Shareholders within the charge to Irish corporation tax.","page_number":124,"box":{"x":121,"y":285,"width":450,"height":13}},{"id":"0629c9a6-43a1-4c83-bf84-2cc348f7a3be","block_type":"box","text":"Stamp Duty","page_number":124,"box":{"x":121,"y":318,"width":108,"height":13}},{"id":"4a07b67d-e978-45fd-91cb-78fdf5003e2c","block_type":"box","text":"No Irish stamp duty will be payable on the subscription, transfer or redemption of Shares","page_number":124,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"9d1d33b9-d8e7-49b5-9a81-c004ee5eccf0","block_type":"box","text":"provided that no application for Shares or redemption or redemption of Shares is satisfied by","page_number":124,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"c0193038-de7e-4f16-8fd5-4f38d5ffe7aa","block_type":"box","text":"an in specie transfer of any Irish situated property.","page_number":124,"box":{"x":121,"y":384,"width":410,"height":12}},{"id":"5f272d0e-b4f1-4b9a-8f20-2867402ec8c9","block_type":"box","text":"Capital Acquisitions Tax","page_number":124,"box":{"x":121,"y":416,"width":218,"height":13}},{"id":"0beb44e8-c2b7-4754-9ff6-5a468099dad1","block_type":"box","text":"No Irish gift tax or inheritance tax (capital acquisitions tax) liability will arise on a gift or","page_number":124,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"3dc118b1-73a6-488d-b1c3-db4050ab41d6","block_type":"box","text":"inheritance of Shares provided that:-","page_number":124,"box":{"x":121,"y":465,"width":299,"height":13}},{"id":"55adbebf-3f83-4571-ac60-f84a37ef66f2","block_type":"box","text":"(a) at the date of the disposition the transferor is neither domiciled nor ordinarily resident","page_number":124,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"deb35c8b-e059-442c-a2b1-fcd50f0731df","block_type":"box","text":"in Ireland and at the date of the gift or inheritance the transferee of the Shares is neither","page_number":124,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"1aafd2f0-6124-45de-b2e8-ebd55e1d1327","block_type":"box","text":"domiciled nor ordinarily resident in Ireland; and","page_number":124,"box":{"x":181,"y":531,"width":394,"height":13}},{"id":"28316ee6-1fc3-41cd-8895-7325b65c114b","block_type":"box","text":"(b) the Shares are comprised in the disposition at the date of the gift or inheritance and the","page_number":124,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"acddcc80-ec92-445d-a4e7-efbf6e4c510d","block_type":"box","text":"valuation date.","page_number":124,"box":{"x":181,"y":580,"width":124,"height":10}},{"id":"84fac14d-b335-450a-9ffa-310e9c4b60d0","block_type":"box","text":"Other Irish Tax Matters","page_number":124,"box":{"x":121,"y":613,"width":215,"height":10}},{"id":"71216567-b685-46c0-bf7c-ff87908611b4","block_type":"box","text":"The income and/or gains of the Fund from its securities and assets may suffer withholding tax","page_number":124,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"227913d2-7b87-4e3d-bce5-597e6ea694e4","block_type":"box","text":"in the countries where such income and/or gains arise. The Fund may not be able to benefit","page_number":124,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d210dc03-476b-41a1-8a11-3bc8f18a42ad","block_type":"box","text":"from reduced rates of withholding tax in double taxation agreements between Ireland and such","page_number":124,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"0797bcaa-6273-4845-aed9-a2842d538a48","block_type":"box","text":"countries. If this position changes in the future and the application of a lower rate results in","page_number":124,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ee540690-e857-4848-bb14-5c05f6e19aeb","block_type":"box","text":"repayment to the Fund, the Net Asset Value of the relevant Sub-Fund will not be restated and","page_number":124,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e8f51be6-e34a-43b0-a477-55c4bd293ba3","block_type":"box","text":"the benefit will be allocated to the existing Shareholders in the relevant Sub-Fund rateably at","page_number":124,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0867db70-c217-4f6a-bc6f-5016b0eedd4c","block_type":"box","text":"the time of repayment.","page_number":124,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"d55beee8-826a-43f5-84c6-87e72e39e738","block_type":"box","text":"Relevant Irish Tax Definitions","page_number":124,"box":{"x":121,"y":777,"width":265,"height":10}},{"id":"96e6b33f-99f1-4824-aa35-0bed1e26eeb0","block_type":"box","text":"Irish residence and ordinary residence for tax purposes:","page_number":124,"box":{"x":121,"y":810,"width":488,"height":12}},{"id":"a48217cd-d418-43d3-b0d1-163b1ae7eac2","block_type":"box","text":"(i)","page_number":124,"box":{"x":121,"y":842,"width":23,"height":13}},{"id":"4441a234-21b0-4a65-9218-065378b79530","block_type":"box","text":"Residence - Company","page_number":124,"box":{"x":183,"y":842,"width":182,"height":13}},{"id":"665c9d47-5ecf-4894-8db4-23c49c830a1b","block_type":"box","text":"Prior to Finance Act 2014, company residence was determined with regard to the long\u0002","page_number":124,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"18ff254d-f237-40a5-81e3-30bd47753783","block_type":"box","text":"established common law rules based on central management and control. These rules were","page_number":124,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"41a0aadd-9959-4128-ad54-4582d9f6bb87","block_type":"box","text":"125","page_number":125,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"3d7ad935-60d4-48d8-b230-f0bc5e6a5f96","block_type":"box","text":"significantly revised in Finance Act 2014 to provide that a company incorporated in the State","page_number":125,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"152aefb6-d644-4e5c-8ef2-ad2c4c413721","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":125,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"0dfd93a8-11ff-4f91-a389-20c7699d55c0","block_type":"box","text":"treaty partner country by virtue of a double taxation treaty. While the common law rule based","page_number":125,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"ffde4af2-28d0-41da-aa59-54fefe638fd5","block_type":"box","text":"on central management and control remains in place, it is subject to the statutory rule for","page_number":125,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"644a8d8b-b66a-497d-9766-d3bf39e61a91","block_type":"box","text":"determining company residence based on incorporation in the State set out in the revised","page_number":125,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"25b5b2e1-ad7c-4b95-a491-41bcd21f054d","block_type":"box","text":"section 23A of the TCA.","page_number":125,"box":{"x":121,"y":170,"width":203,"height":10}},{"id":"f3afa990-b0a1-4655-9ffd-85e1ee0a823c","block_type":"box","text":"The incorporation rule for determining the tax residence of a company incorporated in the State","page_number":125,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"569079f8-e0a9-4b63-b730-393bdd416c05","block_type":"box","text":"applies to companies incorporated on or after 1 January 2015. For companies incorporated in","page_number":125,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"e48fa8c8-4020-4759-bc0a-58557b29a7f8","block_type":"box","text":"the State before this date, a transition period applied until 31 December 2020.","page_number":125,"box":{"x":121,"y":236,"width":631,"height":13}},{"id":"21ff39e2-84a4-42c2-ba2b-b64720914610","block_type":"box","text":"(ii) Residence - Individual","page_number":125,"box":{"x":121,"y":269,"width":249,"height":12}},{"id":"ea55bd06-ed54-493d-abea-b7cde44048ab","block_type":"box","text":"An individual will be regarded as being resident in Ireland for a tax year if s/he:","page_number":125,"box":{"x":121,"y":302,"width":648,"height":12}},{"id":"69ab9dc2-bdb6-4b36-a3c2-597758beefcc","block_type":"box","text":"1.","page_number":125,"box":{"x":123,"y":334,"width":18,"height":10}},{"id":"d8c5e540-c925-4d0b-9958-b5e27bdcbd48","block_type":"box","text":"spends 183 days or more in the State in that tax year; or","page_number":125,"box":{"x":183,"y":334,"width":454,"height":13}},{"id":"21789453-fe95-4e3b-8efd-be612b76f443","block_type":"box","text":"2.","page_number":125,"box":{"x":121,"y":367,"width":20,"height":10}},{"id":"e3c0bfac-4c60-4f0f-a1cc-4af0099f9621","block_type":"box","text":"has a combined presence of 280 days in the State, taking into account the number of","page_number":125,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"ad9b7b0c-0433-4030-bd13-087a696ac294","block_type":"box","text":"days spent in the State in that tax year together with the number of days spent in the","page_number":125,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"b880e8db-90db-41e1-af33-f8cb925a9300","block_type":"box","text":"State in the preceding year.","page_number":125,"box":{"x":182,"y":400,"width":224,"height":13}},{"id":"f63cfc0d-2ec0-4b8c-b83b-3b216f8ecdec","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":125,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"879ca5bd-fbfd-4eca-9d73-66b06bb16679","block_type":"box","text":"reckoned for the purpose of applying the two year test. P","page_number":125,"box":{"x":121,"y":449,"width":452,"height":13}},{"id":"4da1550c-2844-417f-b162-7bb58a88197a","block_type":"box","text":"resence in the State for a day means","page_number":125,"box":{"x":574,"y":449,"width":310,"height":13}},{"id":"cbb97d3d-254a-4fa4-954c-1df451964ed3","block_type":"box","text":"the personal presence of an individual at any time during the day.","page_number":125,"box":{"x":121,"y":465,"width":569,"height":13}},{"id":"5ba20d48-3e93-4ae0-aebf-8f288a582bb2","block_type":"box","text":"(iii) Ordinary Residence - Individual","page_number":125,"box":{"x":120,"y":498,"width":328,"height":13}},{"id":"6aa04dbd-3a85-4756-9bf3-874c14c9b7fa","block_type":"box","text":"The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern","page_number":125,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f8545e5c-fbcd-4c0d-b2c5-19d9bf5e5aaa","block_type":"box","text":"of life and denotes residence in a place with some degree of continuity.","page_number":125,"box":{"x":121,"y":547,"width":578,"height":13}},{"id":"3af60641-0e1b-4760-a6cd-8bd36ab9d7a4","block_type":"box","text":"An individual who has been resident in the State for three consecutive tax years becomes","page_number":125,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"b95856db-16ec-49fc-ae32-f591edb737c9","block_type":"box","text":"ordinarily resident with effect from the commencement of the fourth tax year.","page_number":125,"box":{"x":121,"y":597,"width":632,"height":12}},{"id":"af1fcf8f-7a06-48e0-926f-49d08a7193dd","block_type":"box","text":"An individual who has been ordinarily resident in the State ceases to be ordinarily resident at","page_number":125,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"7c164bd7-5377-4050-b788-d75ea73b835d","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":125,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"e7b0c53f-91be-4432-9fde-b843d41a843f","block_type":"box","text":"is resident and ordinarily resident in the State in 2026 and departs from the State in that tax","page_number":125,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2fc46850-bf6d-4f91-92d1-d3633a41ca83","block_type":"box","text":"year will remain ordinarily resident up to the end of the tax year in 2029.","page_number":125,"box":{"x":121,"y":679,"width":592,"height":12}},{"id":"b072ed82-4f22-4325-96e4-7e70854ebee1","block_type":"box","text":"(iv) Intermediary","page_number":125,"box":{"x":121,"y":711,"width":170,"height":13}},{"id":"07003d7f-d1f9-4cf5-b4f8-e07dabb7e98f","block_type":"box","text":"This means a person who:-","page_number":125,"box":{"x":121,"y":744,"width":222,"height":13}},{"id":"38182073-73dc-4bc2-9693-50bdde0f5948","block_type":"box","text":"(a) carries on a business which consists of, or includes, the receipt of payments from an","page_number":125,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"c246784e-f0e5-47ed-8ea0-dbb2d9595d0a","block_type":"box","text":"investment undertaking resident in Ireland on behalf of other persons; or","page_number":125,"box":{"x":181,"y":793,"width":590,"height":13}},{"id":"3d6422b5-60ef-4df2-97e6-3bcdf99d0476","block_type":"box","text":"(b) holds units or shares in an investment undertaking on behalf of other persons.","page_number":125,"box":{"x":121,"y":826,"width":692,"height":13}},{"id":"f9b32143-2df5-45bc-af6b-4d94e84a9b4e","block_type":"box","text":"126","page_number":126,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"c4f4ceee-7a7c-43ba-b094-7e1da7d468e6","block_type":"box","text":"Other Jurisdictions","page_number":126,"box":{"x":121,"y":88,"width":172,"height":11}},{"id":"1838ec0b-865d-4eb8-822c-26355f518ecd","block_type":"box","text":"As Shareholders are no doubt aware, the tax consequences of any investment can vary","page_number":126,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"4dc3aaf1-b774-4265-9ecb-1e3012f58b0b","block_type":"box","text":"considerably from one jurisdiction to another, and ultimately will depend on the tax regime of","page_number":126,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ea26470c-e196-404c-9b6f-9b8df1e24a51","block_type":"box","text":"the jurisdictions within which a person is tax resident. Therefore the Directors strongly","page_number":126,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"c58ad372-e749-40a9-b411-6bad076740a9","block_type":"box","text":"recommend that Shareholders obtain tax advice from an appropriate source in relation to the","page_number":126,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"9959b9db-8ff4-4e67-9a9b-837fa98ec979","block_type":"box","text":"tax liability arising from the holding of Shares in the Fund and any investment returns from","page_number":126,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"913493a1-af72-4661-ba45-01869da758dd","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":126,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ed7509c1-e2e8-4de7-8275-16c2394a487a","block_type":"box","text":"become resident outside of Ireland for tax purposes.","page_number":126,"box":{"x":121,"y":220,"width":423,"height":12}},{"id":"d9812691-069b-4708-9d3c-46e35c9af2bc","block_type":"box","text":"Irish reporting financial institutions, which may include the Fund have reporting obligations in","page_number":126,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"335ad9a1-1b2d-451d-ac7e-fecd5165f5d6","block_type":"box","text":"respect of certain investors under FATCA as implemented pursuant to the Ireland – US","page_number":126,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"75bbfb96-8204-40a9-a4af-a9419427a2b2","block_type":"box","text":"intergovernmental agreement and/or the OECD's Common Reporting Standard (see below).","page_number":126,"box":{"x":121,"y":285,"width":745,"height":13}},{"id":"d94d3f0a-348f-4039-b276-8845f18824ff","block_type":"box","text":"Information exchange and the implementation of FATCA in Ireland","page_number":126,"box":{"x":121,"y":334,"width":592,"height":13}},{"id":"31fab0f4-3875-4e78-8ee8-7bbfd720b48b","block_type":"box","text":"Since 1 July 2014, the Fund is obliged to report certain information in respect of U.S. investors","page_number":126,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"fa5ce584-cc08-451c-9364-2a9ad09018bf","block_type":"box","text":"in the Fund to the Irish Revenue Commissioners. The Irish Revenue Commissioners share that","page_number":126,"box":{"x":121,"y":384,"width":763,"height":9}},{"id":"af2b3efa-50ca-4762-a932-dede9a3b1c3d","block_type":"box","text":"information with the U.S. tax authorities. FATCA imposes a 30% U.S. withholding tax on","page_number":126,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"001a4f1a-ba67-4838-9682-5184a61ebee3","block_type":"box","text":"certain withholdable payments made on or after 1 July 2014 unless the payee enters into and","page_number":126,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"34ff8f2a-8f1a-48f5-ac4d-179943617cf6","block_type":"box","text":"complies with an agreement with the U.S. Internal Revenue Services (","page_number":126,"box":{"x":121,"y":433,"width":595,"height":13}},{"id":"87485d47-44e8-4089-b714-f92da462ae50","block_type":"box","text":"IRS","page_number":126,"box":{"x":717,"y":433,"width":32,"height":10}},{"id":"eaa6456a-e6db-48d7-b2ee-9ebf960aaef1","block_type":"box","text":") to collect and","page_number":126,"box":{"x":750,"y":433,"width":134,"height":12}},{"id":"e889afde-f366-49f8-810f-209345565cc7","block_type":"box","text":"provide to the IRS substantial information regarding direct and indirect owners and account","page_number":126,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"a5577b7a-1437-498c-81b6-74c6f5f4c47b","block_type":"box","text":"holders.","page_number":126,"box":{"x":121,"y":465,"width":69,"height":10}},{"id":"06278946-c25f-49d1-996d-39e23aa4967b","block_type":"box","text":"On 21 December 2012, Ireland signed an Intergovernmental Agreement","page_number":126,"box":{"x":121,"y":498,"width":592,"height":13}},{"id":"6b41e7bd-e50c-4451-bf83-c74f00b5ec0b","block_type":"box","text":"(IGA","page_number":126,"box":{"x":714,"y":498,"width":44,"height":12}},{"id":"20e9d335-ded4-48c4-85d8-417e46b1c1c6","block_type":"box","text":") with the U.S.","page_number":126,"box":{"x":759,"y":498,"width":125,"height":13}},{"id":"3b58bb09-230f-46fc-b3da-25a8a7364dd3","block_type":"box","text":"to Improve International Tax Compliance and to Implement FATCA. Under this IGA, Ireland","page_number":126,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"6e090e6c-42f8-4c17-8675-ea7ced4cf3e1","block_type":"box","text":"agreed to implement legislation to collect certain information in connection with FATCA and","page_number":126,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"a7a916fb-c5da-4c0b-8186-d2dc155b99d6","block_type":"box","text":"the Revenue Commissioners and IRS have agreed to automatically exchange this information.","page_number":126,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"4ab21e0e-443b-480d-8ffe-6e37c8d7dee0","block_type":"box","text":"The IGA provides for the annual automatic exchange of information in relation to accounts and","page_number":126,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"2cc8b82b-3542-44cd-8ce4-bd7851631fcf","block_type":"box","text":"investments held by certain U.S. persons in a broad category of Irish financial institutions and","page_number":126,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"2418bc97-8bea-4265-94d7-eaa47a4d9c6f","block_type":"box","text":"vice versa.","page_number":126,"box":{"x":121,"y":597,"width":91,"height":10}},{"id":"13c7614a-38fc-4fb5-9939-d46ad4d77519","block_type":"box","text":"Under the IGA and the Financial Accounts Reporting (United States of America) Regulations","page_number":126,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"81306209-ca84-40f4-b75a-1d21f4b8afb0","block_type":"box","text":"2014 (as amended) (the","page_number":126,"box":{"x":121,"y":646,"width":219,"height":12}},{"id":"8998b4fd-bfcb-45cb-8bc6-ef92836c81f8","block_type":"box","text":"Irish Regulations","page_number":126,"box":{"x":349,"y":646,"width":156,"height":12}},{"id":"47ce6078-1853-4ee9-aa96-5d914a8c82ee","block_type":"box","text":") implementing the information disclosure","page_number":126,"box":{"x":506,"y":646,"width":378,"height":13}},{"id":"78d072c2-78f4-490f-a376-77344586ec49","block_type":"box","text":"obligations, Irish financial institutions such as the Fund are required to report certain","page_number":126,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"9ae053fa-3e23-494a-b2c1-b4019dbb369b","block_type":"box","text":"information with respect to U.S. account holders to the Revenue Commissioners. The Revenue","page_number":126,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"f58a3eab-b890-486f-b886-a8311dc11efb","block_type":"box","text":"Commissioners automatically provide that information annually to the IRS. The Fund (and/or","page_number":126,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"8ac8da06-f04c-434d-979a-481c9126e5e5","block_type":"box","text":"the Administrator, the Manager or the Investment Manager on behalf of the Fund) must obtain","page_number":126,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"48c13d5a-c827-42ba-942a-5aed1c447c8b","block_type":"box","text":"the necessary information from investors required to satisfy the reporting requirements whether","page_number":126,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"4d8ca588-7f9f-4171-adaa-109e76846542","block_type":"box","text":"under the IGA, the Irish Regulations or any other applicable legislation published in connection","page_number":126,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"502fa63c-90fd-453a-9be1-5307b84dabc6","block_type":"box","text":"with FATCA and such information is being sought as part of the application process for shares","page_number":126,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"7a6ab529-20ff-4a1b-9ce8-3473809dccce","block_type":"box","text":"in the Fund. It should be noted that the Irish Regulations require the collection of information","page_number":126,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"07386ddf-66d9-4311-b4cc-dd96d8bc42dd","block_type":"box","text":"and filing of returns with the Irish Revenue Commissioners regardless as to whether the Fund","page_number":126,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"d8cc6c8d-8f0c-464b-a3ef-3341b1ea2be7","block_type":"box","text":"holds any U.S. assets or has any U.S. investors.","page_number":126,"box":{"x":121,"y":810,"width":387,"height":12}},{"id":"d625c70c-c726-42c6-b096-67274ce54a66","block_type":"box","text":"If a Shareholder causes the Fund to suffer a withholding for or on account of FATCA (","page_number":126,"box":{"x":121,"y":842,"width":688,"height":13}},{"id":"74ab09a0-ee34-475f-9e5a-de639477716b","block_type":"box","text":"FATCA","page_number":126,"box":{"x":810,"y":842,"width":74,"height":10}},{"id":"f690d1cb-9d4f-4faa-9c5e-6b1e8ede7331","block_type":"box","text":"Deduction","page_number":126,"box":{"x":121,"y":859,"width":88,"height":10}},{"id":"35b6fb6e-12ce-40be-9698-b69459561b7f","block_type":"box","text":") or other financial penalty, cost, expense or liability, the Fund may compulsorily","page_number":126,"box":{"x":210,"y":859,"width":674,"height":13}},{"id":"7d6769c2-4038-46a3-a044-7b997b64961a","block_type":"box","text":"redeem any Shares of such Shareholder and/or take any actions required to ensure that such","page_number":126,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f7564cdb-8cb2-4e16-b340-b70cd8cb78b2","block_type":"box","text":"FATCA Deduction or other financial penalty, cost, expense or liability is economically born","page_number":126,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"b996d849-448f-4d31-acbf-943e42d7ca1e","block_type":"box","text":"127","page_number":127,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"33859fa0-9838-4242-86d9-15dfc3791ad1","block_type":"box","text":"by such Shareholder. While the IGA and Irish Regulations should serve to reduce the burden","page_number":127,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"af78812e-c77c-4e06-bbd9-e3dde2bfe217","block_type":"box","text":"of compliance with FATCA, and accordingly the risk of a FATCA withholding on payments","page_number":127,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"d5dcb031-a360-4a83-a26b-eb084f41b78e","block_type":"box","text":"to the Fund in respect of its assets, no assurance can be given in this regard. As such,","page_number":127,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"69f1e77c-a56c-40a1-9d0e-e83a85eb89a0","block_type":"box","text":"Shareholders should obtain independent tax advice in relation to the potential impact of","page_number":127,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"bf3dd423-4a0b-4488-83a4-f9a122dc3b80","block_type":"box","text":"FATCA before investing.","page_number":127,"box":{"x":121,"y":154,"width":211,"height":13}},{"id":"1131ee62-935f-4818-8a8b-ddfa3087985b","block_type":"box","text":"CRS","page_number":127,"box":{"x":121,"y":187,"width":45,"height":10}},{"id":"9d7142f7-a4e4-42fd-9727-2fb087e6cebd","block_type":"box","text":"The goal of the CRS is to provide for the annual automatic exchange between governments of","page_number":127,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"418f33c8-6639-4a33-8067-ab4fa56fcb2d","block_type":"box","text":"financial account information reported to them by local Financial Institutions (","page_number":127,"box":{"x":121,"y":236,"width":635,"height":13}},{"id":"6d8d516a-274e-4c3d-b933-d6299ef94538","block_type":"box","text":"FI","page_number":127,"box":{"x":757,"y":236,"width":19,"height":10}},{"id":"52d15871-4d6b-404e-9bba-35701706c25e","block_type":"box","text":"s) relating to","page_number":127,"box":{"x":778,"y":236,"width":106,"height":13}},{"id":"f74492ed-8eca-4120-a7a0-722429faf74a","block_type":"box","text":"account holders tax resident in other participating countries to assist in the efficient collection","page_number":127,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"0b3c856d-d4da-4a84-a9c8-9a1e22821284","block_type":"box","text":"of tax. The OECD, in developing the CRS, have used FATCA concepts and as such the","page_number":127,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"1439ea53-3267-43c5-bfdc-434f034587f8","block_type":"box","text":"Standard is broadly similar to the FATCA requirements, albeit with numerous alterations. It","page_number":127,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"0e14ab70-436d-4fa4-8c53-fbb063eec6dd","block_type":"box","text":"has resulted in a significantly higher number of reportable persons due to the increased","page_number":127,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"dab39164-b871-43c6-a31f-afaa87e7dd5b","block_type":"box","text":"instances of potentially in-scope accounts and the inclusion of multiple jurisdictions to which","page_number":127,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d341008c-0e0d-471d-9e86-815f63fa17f0","block_type":"box","text":"accounts must be reported.","page_number":127,"box":{"x":121,"y":334,"width":221,"height":13}},{"id":"12e1c1a2-54f7-4396-9009-91e1b40b7c68","block_type":"box","text":"Ireland is a signatory jurisdiction to a Multilateral Competent Authority Agreement on the","page_number":127,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"3d258291-a705-4649-bcef-3f2b2a6295bd","block_type":"box","text":"automatic exchange of financial account information in respect of CRS while the Sections 891F","page_number":127,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"d3f9aa8c-d799-4a11-b834-85f4ece9a34d","block_type":"box","text":"and 891G of the TCA contain measures necessary to implement the CRS internationally and","page_number":127,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"d30a6334-af9c-41f9-9029-3058d457dc76","block_type":"box","text":"across the European Union, respectively. The Returns of Certain Information by Reporting","page_number":127,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"7a2ee8d5-bb21-48af-a10c-9126121e8459","block_type":"box","text":"Financial Institutions Regulations 2015 as amended by the Returns of Certain Information by","page_number":127,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"bb6f33c1-4ec7-4bd3-84bb-46e6cd2a5527","block_type":"box","text":"Reporting Financial Institutions (Amendment) Regulations 2025 (the","page_number":127,"box":{"x":121,"y":449,"width":591,"height":13}},{"id":"c1d8e830-7382-4c3c-b88c-1ead911178e8","block_type":"box","text":"CRS","page_number":127,"box":{"x":717,"y":449,"width":38,"height":10}},{"id":"90721373-cfb6-4de6-9f3c-1ecfa4a308a7","block_type":"box","text":"Regulations","page_number":127,"box":{"x":766,"y":449,"width":101,"height":13}},{"id":"e6f046d0-eb65-443b-913f-89fe81211d76","block_type":"box","text":"),","page_number":127,"box":{"x":868,"y":449,"width":16,"height":12}},{"id":"8901fa8d-05ba-4c5f-9d60-aa3d8b89e956","block_type":"box","text":"gave effect to the CRS from 1 January 2016 with the amending regulations coming into","page_number":127,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"eac71349-0087-45ed-a3aa-b4f076816714","block_type":"box","text":"operation on 1 January 2026.","page_number":127,"box":{"x":121,"y":482,"width":239,"height":13}},{"id":"9351c79b-7f3f-4923-b0da-dd815367050e","block_type":"box","text":"Directive 2014/107/EU on Administrative Cooperation in the Field of Taxation (","page_number":127,"box":{"x":121,"y":515,"width":662,"height":12}},{"id":"987bd80a-f1ba-40c3-9d54-e922b3117b01","block_type":"box","text":"DAC II","page_number":127,"box":{"x":783,"y":515,"width":65,"height":10}},{"id":"1cbd88a2-35be-4fec-93be-1e9e12b9956f","block_type":"box","text":")(as","page_number":127,"box":{"x":849,"y":515,"width":35,"height":12}},{"id":"fcd90315-6458-4405-9daa-e2e789078c3f","block_type":"box","text":"amended) implements CRS in a European context and creates a mandatory obligation for all","page_number":127,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"cf7ac1e3-5905-433a-877c-2f76ec783f97","block_type":"box","text":"EU Member States to exchange financial account information in respect of residents in other","page_number":127,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"f57d3db3-29b4-49ff-9ae5-e0b3379f0a44","block_type":"box","text":"EU Member States on an annual basis. Section 891G of the TCA contained measures necessary","page_number":127,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"109d17b6-c0da-43a9-96e9-f3124c196f69","block_type":"box","text":"to implement the DAC II. The Mandatory Automatic Exchange of Information in the Field of","page_number":127,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"6ff9a834-0905-4a77-a11e-3e3688940afd","block_type":"box","text":"Taxation Regulations 2015 as amended by the Mandatory Automatic Exchange of Information","page_number":127,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"275d3955-bc40-4201-acdb-484d74185eab","block_type":"box","text":"in the Field of Taxation (Amendment) Regulations 2025 (together with the CRS Regulations,","page_number":127,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"1a03d620-b26c-4842-b2a1-2289407db4be","block_type":"box","text":"the","page_number":127,"box":{"x":121,"y":629,"width":29,"height":10}},{"id":"ebb6b424-eee3-4e2e-9ad8-41d145252f15","block_type":"box","text":"Regulations","page_number":127,"box":{"x":151,"y":629,"width":101,"height":13}},{"id":"e86963d0-b3e9-4f1f-ba8f-eb285b95d549","block_type":"box","text":"), gave effect to DAC II from 1 January 2016 with the amending regulations","page_number":127,"box":{"x":253,"y":629,"width":631,"height":13}},{"id":"ea409a8e-6fb9-47e7-a521-852371969ed4","block_type":"box","text":"coming into operation on 1 January 2026.","page_number":127,"box":{"x":121,"y":646,"width":341,"height":13}},{"id":"2d7132e6-48bc-4c9c-aacd-6b4d6b789950","block_type":"box","text":"Under the Regulations reporting financial institutions, are required to collect certain","page_number":127,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"946e86ca-6990-4a66-98f5-a4fc3b54903e","block_type":"box","text":"information on accountholders and on certain Controlling Persons in the case of the","page_number":127,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"16c1fde8-adb2-4589-8933-c4cc00508cdd","block_type":"box","text":"accountholder(s) being an Entity, as defined for CRS purposes, (e.g. name, address, jurisdiction","page_number":127,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"aae28dc4-ebf9-4c9e-8830-52bf57e738ae","block_type":"box","text":"of residence, TIN, date and place of birth (as appropriate), the account number and the account","page_number":127,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"68cbbe17-a7fe-4fc5-89c2-6f3732d96b15","block_type":"box","text":"balance or value at the end of each calendar year) to identify accounts which are reportable to","page_number":127,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"7c7b310a-f54c-4189-8175-f90af8dec2f8","block_type":"box","text":"the Irish tax authorities. The Irish tax authorities shall in turn exchange such information with","page_number":127,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"bb4f87ab-698d-4e86-b8bf-09ac327a15ae","block_type":"box","text":"their counterparts in participating jurisdictions. Further information in relation to CRS and","page_number":127,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a139e6f0-0d11-4233-a200-ed91ff3e1cce","block_type":"box","text":"DAC II can be found on the Automatic Exchange of Information (AEOI) webpage on","page_number":127,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"9363a78a-318c-4aaa-85f5-c71cb1603729","block_type":"box","text":"www.revenue.ie","page_number":127,"box":{"x":121,"y":810,"width":131,"height":10}},{"id":"04233cc1-4b6d-4b1f-892d-d23dec9d0618","block_type":"box","text":"Information for UK Shareholders","page_number":127,"box":{"x":121,"y":842,"width":295,"height":10}},{"id":"7210a002-5ca9-4a5c-af4c-1f18ab27bdaa","block_type":"box","text":"This information is a general summary of tax laws and practices; Shareholders should not","page_number":127,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"fbf4153a-6b1e-4910-9c9d-45a233b30207","block_type":"box","text":"consider it to be legal or tax advice, or as a guarantee of any particular tax result. The","page_number":127,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"c8aee99e-4692-4e50-98bf-cf9ed28d5d27","block_type":"box","text":"128","page_number":128,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"367ccc54-18f8-4967-bba8-a0f830e19ff0","block_type":"box","text":"information is current as of the date of this Prospectus but may become out of date. The Fund","page_number":128,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"1ff2d6e7-4037-4f29-9016-3061948765cb","block_type":"box","text":"recommends that Shareholders consult an investment advisor and a tax advisor before","page_number":128,"box":{"x":121,"y":105,"width":763,"height":10}},{"id":"adac199e-a622-4130-b9ba-53f81a10914e","block_type":"box","text":"investing. 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The quorum at any","page_number":132,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"85c4f332-e957-45ed-902a-b8bc9e4dd6e9","block_type":"box","text":"such separate general meeting, other than an adjourned meeting, shall be two persons","page_number":132,"box":{"x":152,"y":400,"width":732,"height":13}},{"id":"0e5bfdbd-0bb3-4958-8684-54368b2aa1b8","block_type":"box","text":"holding or representing at least one third in nominal value of the issued Shares of the class","page_number":132,"box":{"x":151,"y":416,"width":733,"height":13}},{"id":"11879e34-f8fc-4779-abc1-efc866e59cb8","block_type":"box","text":"in question and the quorum at an adjourned meeting shall be one person holding Shares of","page_number":132,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"b58ec8e8-d28d-42ee-ba10-d307100c2c41","block_type":"box","text":"the class in question or his proxy;","page_number":132,"box":{"x":151,"y":449,"width":276,"height":13}},{"id":"7d2d75df-64f9-4297-ac88-89e4bf8a7616","block_type":"box","text":"c)","page_number":132,"box":{"x":121,"y":482,"width":14,"height":12}},{"id":"958d1ace-f087-4d6f-bae5-4d4d09b38ccb","block_type":"box","text":"Voting Rights","page_number":132,"box":{"x":152,"y":482,"width":115,"height":12}},{"id":"2a7ba596-403e-4c82-ab5a-1ccafcccbe2f","block_type":"box","text":". Subject to disenfranchisement in the event of non-compliance with any","page_number":132,"box":{"x":269,"y":482,"width":615,"height":13}},{"id":"77ececca-e3a8-469d-a1af-0fe874833d6b","block_type":"box","text":"notice requiring disclosure of the beneficial ownership of Shares and subject to any rights","page_number":132,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"d84eef59-3360-42fd-b189-ee30665caaab","block_type":"box","text":"or restrictions for the time being attached to any class or classes of Shares, on a show of","page_number":132,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"11b75af7-f0f8-41ef-abc3-e1688d17f5d1","block_type":"box","text":"hands, every holder who is present in person or by proxy shall have one vote and the","page_number":132,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"2591717b-114f-42a3-9a76-3e4f980e5a35","block_type":"box","text":"holder(s) of subscriber shares present in person or by proxy shall have one vote in respect","page_number":132,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"ec3f5c65-e780-4401-95e1-4de5940ce4ee","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":132,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"8dc34c02-c43d-4831-8e11-2fbebd126fa3","block_type":"box","text":"shall have one vote for every Share of which he is the holder and every holder of a","page_number":132,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"a706f45e-c914-4237-a457-8a11f4bbb240","block_type":"box","text":"subscriber share present in person or by proxy shall have one vote in respect of his holding","page_number":132,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"1150ab0c-a1f1-463e-9f1b-dab7dd525c74","block_type":"box","text":"of subscriber shares. Holders who hold a fraction of a Share may not exercise any voting","page_number":132,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"bcd8b051-c56a-4e4e-b66d-3e2158bcddcc","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":132,"box":{"x":151,"y":629,"width":696,"height":13}},{"id":"169c56d7-a886-492c-bca3-f1fc9d0ff3cc","block_type":"box","text":"d)","page_number":132,"box":{"x":121,"y":662,"width":15,"height":12}},{"id":"831419b7-0b17-4651-a6ec-81eb2df1fe51","block_type":"box","text":"Alteration of Share Capital","page_number":132,"box":{"x":149,"y":662,"width":236,"height":13}},{"id":"b1ba18f0-9abf-4495-8f98-5c94264f4d42","block_type":"box","text":". The Fund may from time to time by ordinary resolution","page_number":132,"box":{"x":386,"y":662,"width":498,"height":13}},{"id":"b141003d-b934-4bd7-911a-f6a8be05ab25","block_type":"box","text":"increase the share capital by such amount and/or number as the resolution may prescribe;","page_number":132,"box":{"x":151,"y":679,"width":724,"height":12}},{"id":"9f1c3983-3601-4267-bb7b-2049c9662f60","block_type":"box","text":"The Fund may also by ordinary resolution:","page_number":132,"box":{"x":181,"y":711,"width":350,"height":13}},{"id":"bb84c164-a961-4375-9132-71a830d6ba02","block_type":"box","text":"i)","page_number":132,"box":{"x":181,"y":728,"width":11,"height":12}},{"id":"c34798fd-4f35-4401-8711-2eb4c00f2c14","block_type":"box","text":"consolidate and divide all or any of its share capital into Shares of larger amount;","page_number":132,"box":{"x":212,"y":728,"width":659,"height":13}},{"id":"250c7020-5b2a-4cb0-b176-a0015298bead","block_type":"box","text":"ii)","page_number":132,"box":{"x":181,"y":744,"width":17,"height":12}},{"id":"d0452a7c-db44-43d5-813b-f63d64cdccc0","block_type":"box","text":"subdivide its Shares, or any of them, into Shares of smaller amount or value;","page_number":132,"box":{"x":212,"y":744,"width":622,"height":13}},{"id":"5c9d6fef-f530-425e-b639-33e36df8afc3","block_type":"box","text":"iii)","page_number":132,"box":{"x":181,"y":761,"width":23,"height":12}},{"id":"e49d9e68-18cf-42b1-9d21-4134a29583b3","block_type":"box","text":"cancel any Shares which, at the date of the passing of the resolution, have not been","page_number":132,"box":{"x":212,"y":761,"width":672,"height":12}},{"id":"5294be65-7747-4206-976f-a22d975c3bb4","block_type":"box","text":"taken or agreed to be taken by any person and reduce the amount of its authorised","page_number":132,"box":{"x":211,"y":777,"width":673,"height":13}},{"id":"171cccaa-f722-4f30-b2e4-b1730ac871be","block_type":"box","text":"share capital by the amount of the Shares so cancelled; or","page_number":132,"box":{"x":212,"y":793,"width":468,"height":13}},{"id":"5d74996e-834f-4729-a2d7-feea8b9ae15e","block_type":"box","text":"iv)","page_number":132,"box":{"x":181,"y":810,"width":21,"height":12}},{"id":"c973b999-126e-4d43-b780-cd7df424c702","block_type":"box","text":"redenominate the currency of any class of Shares.","page_number":132,"box":{"x":211,"y":810,"width":406,"height":12}},{"id":"c4b8a8f4-c83f-4b49-9e2d-0febb36821d4","block_type":"box","text":"e)","page_number":132,"box":{"x":121,"y":843,"width":14,"height":12}},{"id":"f288dbe2-4287-45ef-b884-a68f7c1cee64","block_type":"box","text":"Directors’ Interests","page_number":132,"box":{"x":150,"y":842,"width":164,"height":10}},{"id":"f7846e9a-b8df-40e8-a61b-cd4d706f3216","block_type":"box","text":". Provided that the nature and extent of his/ her interest shall be","page_number":132,"box":{"x":317,"y":842,"width":567,"height":10}},{"id":"28e7dc31-29bd-4b25-a6ed-b6208b56541d","block_type":"box","text":"disclosed as set out below, no Director or intending Director shall be disqualified by his/","page_number":132,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"bfa8556f-12b4-40c9-9988-b9c1392d2f8e","block_type":"box","text":"her office from contracting with the Fund nor shall any such contract or any contract or","page_number":132,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"457526ca-d2f0-4334-a169-74e3420df7f9","block_type":"box","text":"arrangement entered into by or on behalf of any other company in which any Director shall","page_number":132,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"bbe27872-adc1-48f8-b35e-8209644d30d5","block_type":"box","text":"133","page_number":133,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"8c352328-29cd-4302-9bc0-a34b69135b27","block_type":"box","text":"be in any way interested be avoided nor shall any Director so contracting or being so","page_number":133,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"35c20e8f-1ab8-4cea-ba70-416b1be0e8a4","block_type":"box","text":"interested be liable to account to the Fund for any profit realised by any such contract or","page_number":133,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"1367592f-0d31-4a47-b7ed-b0b472846e37","block_type":"box","text":"arrangement by reason of such Director holding that office or of the fiduciary relationship","page_number":133,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"bc06d32c-f6e0-4fcf-b4dc-397beba8e907","block_type":"box","text":"thereby established.","page_number":133,"box":{"x":151,"y":138,"width":165,"height":13}},{"id":"7c7fa275-f199-47d6-a2bb-fc90dbc407ca","block_type":"box","text":"The nature of a Director’s interest must be declared by him at the meeting of the Directors","page_number":133,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"a7d5ced3-d0c0-4fd0-b9e8-ea891cc9934d","block_type":"box","text":"at which the question of entering into the contract or arrangement is first taken into","page_number":133,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"de8c053b-6a6d-48f0-a337-d0026fcb69ce","block_type":"box","text":"consideration, or if the Director was not at the date of that meeting interested in the","page_number":133,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"544446a0-8985-4e77-96b9-47fecf32c7e7","block_type":"box","text":"proposed contract or arrangement at the next meeting of the Directors held after he/ she","page_number":133,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"958a9d7c-6d57-4878-83f1-9563693bf347","block_type":"box","text":"became so interested, and in a case where the Director becomes interested in a contract or","page_number":133,"box":{"x":151,"y":236,"width":733,"height":12}},{"id":"61f85c31-525e-414b-9dbf-f7dd109ddefe","block_type":"box","text":"arrangement after it is made, at the first meeting of the Directors held after he/ she becomes","page_number":133,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"e4aad93a-8938-40d5-ab4c-250142945a25","block_type":"box","text":"so interested.","page_number":133,"box":{"x":152,"y":269,"width":110,"height":10}},{"id":"3caac3c4-15fb-40a6-aef9-cf49a4b3f03a","block_type":"box","text":"A Director shall not vote at a meeting of the Directors or of any committee established by","page_number":133,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"f6f4a2b2-fb7e-45c9-b677-c5ef330b5955","block_type":"box","text":"the Directors on any resolution concerning a matter in which he/ she has, directly or","page_number":133,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"d1b143eb-68ee-4241-a81a-5f161daaedf1","block_type":"box","text":"indirectly, an interest which is material (other than an interest arising by virtue of his/ her","page_number":133,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"1c483afb-e242-4e14-8128-50ae0c0544fd","block_type":"box","text":"interest in Shares or debentures or other securities or otherwise in or through the Fund) or","page_number":133,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"0eb4f589-2b8e-41ef-ba98-b1921b1bd9d0","block_type":"box","text":"a duty which conflicts or may conflict with the interests of the Fund. A Director shall not","page_number":133,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"66ad7d4e-9556-4709-a8d7-4f6a3e40113f","block_type":"box","text":"be counted in the quorum present at a meeting in relation to any such resolution on which","page_number":133,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"0b2c7e6f-642d-46be-a5eb-dbf2a25be78b","block_type":"box","text":"he/ she is not entitled to vote.","page_number":133,"box":{"x":151,"y":400,"width":242,"height":10}},{"id":"761f8865-badc-44b6-9ce4-85de28fde0ec","block_type":"box","text":"f)","page_number":133,"box":{"x":121,"y":433,"width":12,"height":12}},{"id":"10ceed9d-3a72-4b36-a14e-01370a5e47ac","block_type":"box","text":"Borrowing Powers","page_number":133,"box":{"x":150,"y":433,"width":155,"height":12}},{"id":"8010bc11-4d28-4a82-8962-62516e626b6f","block_type":"box","text":". Subject to the Regulations, the Directors may exercise all the powers","page_number":133,"box":{"x":308,"y":433,"width":576,"height":13}},{"id":"2e10fd1b-5118-41f1-a983-eb707465e3c9","block_type":"box","text":"of the Fund to borrow or raise money and to mortgage or charge its undertaking, property","page_number":133,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"24cb2aaf-1235-4a85-b3c6-13ff5c33121c","block_type":"box","text":"and assets (both present and future) and uncalled capital or any part thereof and to issue","page_number":133,"box":{"x":151,"y":465,"width":733,"height":13}},{"id":"8907b185-08eb-4b19-b163-f56f0c580419","block_type":"box","text":"other securities, whether outright or as collateral security for any debt, liability or obligation","page_number":133,"box":{"x":151,"y":482,"width":733,"height":13}},{"id":"113a12fc-e98b-4f0d-99b0-0eda76f419c6","block_type":"box","text":"of the Fund provided that all such borrowings shall be within the limits and conditions laid","page_number":133,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"796a51b7-3772-449f-a55b-c2d72504d66a","block_type":"box","text":"down by the Central Bank;","page_number":133,"box":{"x":151,"y":515,"width":222,"height":12}},{"id":"e2ed7283-1714-4efe-89e1-90c73ecdc355","block_type":"box","text":"g)","page_number":133,"box":{"x":121,"y":548,"width":15,"height":12}},{"id":"64af4904-ec98-48cc-b414-9e86d362032e","block_type":"box","text":"Delegation to Committee","page_number":133,"box":{"x":150,"y":547,"width":218,"height":13}},{"id":"fd7c2ee4-fdfd-463e-b9d1-350e65f75e1b","block_type":"box","text":".","page_number":133,"box":{"x":369,"y":556,"width":3,"height":1}},{"id":"cb81a3fd-99e4-4793-85a9-61a47d30d666","block_type":"box","text":"The Directors may delegate any of their powers to any","page_number":133,"box":{"x":374,"y":547,"width":510,"height":13}},{"id":"754bec87-d9c7-4d4f-a259-1370784ed582","block_type":"box","text":"committee whether or not consisting of Directors. Any such delegation may be made","page_number":133,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"57416571-897c-4431-a15d-2e9f1c0ef435","block_type":"box","text":"subject to any conditions the Directors may impose, and either collaterally with or to the","page_number":133,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"e48b7f38-ca2a-4049-9ab4-ff1c9ba5c356","block_type":"box","text":"exclusion of their own powers and may be revoked. Subject to any such conditions, the","page_number":133,"box":{"x":151,"y":597,"width":733,"height":12}},{"id":"cb501790-c6f7-4c3c-b4c6-f7aef379dffc","block_type":"box","text":"proceedings of a committee with two or more members shall be governed by the provisions","page_number":133,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"c479f974-2677-4319-8d12-704f98cf710c","block_type":"box","text":"of the Articles of Association regulating the proceedings of Directors so far as they are","page_number":133,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"bde8e7e2-60b2-4fae-a5ae-9c286477ef30","block_type":"box","text":"capable of applying;","page_number":133,"box":{"x":151,"y":646,"width":169,"height":13}},{"id":"69fab78d-6f0d-4074-8f8a-6ccb5091e6a4","block_type":"box","text":"h)","page_number":133,"box":{"x":121,"y":679,"width":15,"height":12}},{"id":"b43361b9-4051-4ba3-bfd2-c75d96d61c75","block_type":"box","text":"Retirement of Directors","page_number":133,"box":{"x":150,"y":678,"width":199,"height":13}},{"id":"1b1dd79c-f6ef-4125-8574-5da0ce8f8051","block_type":"box","text":". The Directors shall not be required to retire by rotation or by","page_number":133,"box":{"x":352,"y":679,"width":532,"height":12}},{"id":"e94fe2d0-2992-4d68-aee9-fac7629a40bf","block_type":"box","text":"virtue of their attaining a certain age;","page_number":133,"box":{"x":151,"y":695,"width":304,"height":13}},{"id":"30535298-083a-490d-be3e-2ab2ba5c34bd","block_type":"box","text":"i)","page_number":133,"box":{"x":121,"y":728,"width":11,"height":12}},{"id":"d9c9ac1b-ee06-4bab-b8f2-cd477b07a5a0","block_type":"box","text":"Directors’ Remuneration.","page_number":133,"box":{"x":150,"y":728,"width":214,"height":10}},{"id":"27e91279-ada7-4206-9418-41535a1515fa","block_type":"box","text":"Unless and until otherwise determined from time to time by","page_number":133,"box":{"x":367,"y":728,"width":517,"height":13}},{"id":"f6833c3a-930f-489f-a425-d18b7d224223","block_type":"box","text":"the Fund in general meeting, the ordinary remuneration of each Director shall be","page_number":133,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"9011a34c-0c4a-4ea6-9c7d-9e65432c2ccf","block_type":"box","text":"determined from time to time by resolution of the Directors.","page_number":133,"box":{"x":151,"y":761,"width":490,"height":12}},{"id":"1682532e-844d-4f25-ac1e-ea1f9ee2d20e","block_type":"box","text":"j)","page_number":133,"box":{"x":119,"y":793,"width":13,"height":13}},{"id":"ad01a729-33e3-41b1-a311-d1cd3769c030","block_type":"box","text":"Transfer of Shares","page_number":133,"box":{"x":152,"y":793,"width":154,"height":13}},{"id":"4c12d597-33c9-42e5-9fd9-1bb934046218","block_type":"box","text":". Subject to the restrictions set out below, the Shares of any holder may","page_number":133,"box":{"x":308,"y":793,"width":576,"height":13}},{"id":"0549bc08-ae7a-4d20-bb0a-5cbcabb2fe31","block_type":"box","text":"be transferred by instrument in writing in any usual or common form or any other form,","page_number":133,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"77c2e214-427a-484c-a6da-8f9cc6ad9726","block_type":"box","text":"which the Directors may approve.","page_number":133,"box":{"x":151,"y":826,"width":278,"height":13}},{"id":"61b8eda9-b348-4684-ac28-cb0ce1f39fd1","block_type":"box","text":"The Directors in their absolute discretion and without assigning any reason therefor may","page_number":133,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"3e5fb3f2-c016-4adc-add9-b579185d4e28","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":133,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"8ca0c5cf-fcf7-41ae-9d5f-d5fdb832203e","block_type":"box","text":"holding Shares, would be in breach of any law or requirement of any country or","page_number":133,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"ff34cdb4-673a-42ff-8738-7764f3cf5868","block_type":"box","text":"134","page_number":134,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"7863252a-0051-4be8-b4d8-7b579910724a","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such","page_number":134,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"ec442b80-479b-4f13-84ac-c5e81446ba4c","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":134,"box":{"x":152,"y":105,"width":732,"height":13}},{"id":"3332569a-dc80-4f0d-bf57-7efe329d09ef","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":134,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"39e66217-6932-4f7c-90e1-b4c013eb49f6","block_type":"box","text":"authorized; or (iii) might result in a Sub-Fund incurring any liability to taxation or suffering","page_number":134,"box":{"x":151,"y":138,"width":733,"height":13}},{"id":"864a2512-0a6f-452d-b94f-d00d9d45349f","block_type":"box","text":"pecuniary legal or material administrative disadvantages or being in breach of any law or","page_number":134,"box":{"x":151,"y":154,"width":733,"height":13}},{"id":"2ae42929-2663-4bd4-95a4-a13d89e4c2d0","block_type":"box","text":"regulation which the relevant Sub-Fund might not otherwise have incurred, suffered","page_number":134,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"46f8254d-bf47-4c92-95a2-2bbef78adb9f","block_type":"box","text":"(including without limitation, where a Shareholder fails to provide the Fund with","page_number":134,"box":{"x":152,"y":187,"width":732,"height":13}},{"id":"3383bf44-bb57-4fb3-99eb-efb11c78d82e","block_type":"box","text":"information required to satisfy the obligations under any tax requirements or regulations or","page_number":134,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"6f1f19eb-ee14-4cbc-a9ae-06b53851ae92","block_type":"box","text":"any automatic exchange of information obligations or other similar requirements of the","page_number":134,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"b60299c0-ef76-45e2-aaf1-1d785bd16f51","block_type":"box","text":"Fund, the Depositary, the Administrator, the Investment Manager or any delegate thereof,","page_number":134,"box":{"x":151,"y":236,"width":733,"height":13}},{"id":"3b1458bb-afbf-45cb-b82e-61f50247f8cb","block_type":"box","text":"or where the Directors suspect market timing) or might result in the relevant Sub-Fund, the","page_number":134,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"1d96b0d6-3121-4903-bc8e-4b3e7cb233d3","block_type":"box","text":"Fund, Investment Manager or Investment Manager's group of companies being required to","page_number":134,"box":{"x":151,"y":269,"width":733,"height":13}},{"id":"8b8ff2f5-ad89-4733-8988-f6daa4ad32e0","block_type":"box","text":"comply with registration or filing requirements in any jurisdiction with which it would not","page_number":134,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"546ca0b4-41c5-4a72-a331-50e8c53ada27","block_type":"box","text":"otherwise be required to comply or is otherwise prohibited by the Articles; or (iv) any","page_number":134,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"ea69306b-5aad-42ef-a8aa-4c50de15c8e0","block_type":"box","text":"transfer to or by a minor or a person of unsound mind; or (v) any transfer unless the","page_number":134,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"9e5b464d-888c-4f3b-8823-d2939429b9b8","block_type":"box","text":"transferee of such Shares would following such transfer be the holder of Shares with a value","page_number":134,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"d78788c1-c6b6-447a-ba1d-2d4328555b82","block_type":"box","text":"at the then current subscription price equal to or greater than the Minimum Initial","page_number":134,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"01a2ca46-d9f4-4ebe-af50-ea73b98afe42","block_type":"box","text":"Subscription; or (vi) any transfer in circumstances where as a result of such transfer the","page_number":134,"box":{"x":152,"y":367,"width":732,"height":13}},{"id":"ab0a7448-8168-4d83-9192-543840f5a4fe","block_type":"box","text":"transferor or transferee would hold less than the Minimum Holding and any transfer in","page_number":134,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"ae391596-7206-4a4f-b4b7-ca5d1ac29292","block_type":"box","text":"regard to which any payment of taxation remains outstanding.","page_number":134,"box":{"x":151,"y":400,"width":505,"height":13}},{"id":"c6ad3eb3-9156-4e3f-9332-2331ec906018","block_type":"box","text":"The Directors may decline to recognise any instrument of transfer unless it is accompanied","page_number":134,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"4f676ad0-3332-4ce7-866b-c72bda285528","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":134,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"cd509c76-21f2-42cc-b923-8703e1634701","block_type":"box","text":"Shares only, is in favour of not more than four transferees and is lodged at the registered","page_number":134,"box":{"x":152,"y":465,"width":732,"height":13}},{"id":"356d43c7-128f-497a-b6e0-4067f66efd2b","block_type":"box","text":"office or at such other place as the Directors may appoint;","page_number":134,"box":{"x":151,"y":482,"width":472,"height":13}},{"id":"8d9ffcf4-b173-4899-bbbb-95f8cc51c916","block_type":"box","text":"k)","page_number":134,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"079ef86f-dc8b-4503-b8ae-1c854d0dab5c","block_type":"box","text":"Right of Redemption","page_number":134,"box":{"x":150,"y":514,"width":173,"height":13}},{"id":"4cea6675-bff2-4786-8577-e9112a8b03f1","block_type":"box","text":".","page_number":134,"box":{"x":325,"y":522,"width":9,"height":3}},{"id":"5e73bb6d-586f-42e0-bf55-49859f69b66c","block_type":"box","text":"Shareholders have the right to request the Fund to repurchase their","page_number":134,"box":{"x":340,"y":515,"width":544,"height":12}},{"id":"9f728d94-1b0e-463d-b6bb-1594791411c7","block_type":"box","text":"Shares in accordance with the provisions of the Articles of Association;","page_number":134,"box":{"x":152,"y":531,"width":582,"height":13}},{"id":"ff4f9964-9441-4a87-bcb0-d6ff7979c747","block_type":"box","text":"l)","page_number":134,"box":{"x":121,"y":564,"width":11,"height":12}},{"id":"8854e52c-2dc3-4e8e-a642-475e4506f2c6","block_type":"box","text":"Dividends","page_number":134,"box":{"x":150,"y":564,"width":82,"height":10}},{"id":"b7060dee-6538-4ac3-b77e-4420b9254a63","block_type":"box","text":". The Articles of Association permit the Directors to declare such dividends on","page_number":134,"box":{"x":235,"y":564,"width":649,"height":13}},{"id":"869bd9ea-bfad-4145-a732-32aef1ae2270","block_type":"box","text":"any class of Shares as appear to the Directors to be justified by the profits of the relevant","page_number":134,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"3577be55-6895-4752-8fa5-0c457b8dd8cd","block_type":"box","text":"Sub-Fund. The Directors may satisfy any dividend due to holders of Shares in whole or in","page_number":134,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"9b51e799-d907-41a6-8ff8-9912b6dd0ec9","block_type":"box","text":"part by distributing to them in specie any of the assets of the relevant Sub-Fund and, in","page_number":134,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"249dcf68-a4ef-482d-af99-08dd180b50b6","block_type":"box","text":"particular, any investments to which the relevant Sub-Fund is entitled. A holder may","page_number":134,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"217af355-dc31-4318-a036-a7d07c6a736a","block_type":"box","text":"require the Directors instead of transferring any assets in specie to him, to arrange for a sale","page_number":134,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"4ce19097-a062-459a-862d-90377dba046c","block_type":"box","text":"of the assets and for payment to the holder of the net proceeds of same. Any dividend","page_number":134,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"3225d6b2-b085-4fca-a4ad-4278fadba6e7","block_type":"box","text":"unclaimed for six years from the date of declaration of such dividend shall be forfeited and","page_number":134,"box":{"x":151,"y":679,"width":733,"height":12}},{"id":"3d4a9bd5-d51e-456d-bb94-d142cbc661c2","block_type":"box","text":"shall revert to the relevant Sub-Fund;","page_number":134,"box":{"x":152,"y":695,"width":304,"height":12}},{"id":"09f8dd73-1a84-415a-a76e-70bb056f36fe","block_type":"box","text":"m)","page_number":134,"box":{"x":121,"y":728,"width":21,"height":12}},{"id":"25aafaff-3eca-426b-9c79-6159a88b7b5d","block_type":"box","text":"Funds","page_number":134,"box":{"x":150,"y":727,"width":54,"height":11}},{"id":"2b05c7ab-3d7b-46e7-a8df-5f2222d1cc9a","block_type":"box","text":". The Directors are required to establish a separate portfolio of assets for each Sub\u0002","page_number":134,"box":{"x":206,"y":728,"width":672,"height":13}},{"id":"e91d32ed-d7de-472c-af81-cc8e043b36bf","block_type":"box","text":"Fund created by the Fund from time to time, to which the following shall apply:-","page_number":134,"box":{"x":151,"y":744,"width":656,"height":13}},{"id":"ea318674-7ff7-4ff3-ac77-51e286b8c2d8","block_type":"box","text":"i)","page_number":134,"box":{"x":151,"y":777,"width":11,"height":12}},{"id":"5b5f68c5-c322-4a2d-832d-06c0d1bdeb79","block_type":"box","text":"for each Sub-Fund the Fund shall keep separate books and records in which all","page_number":134,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"36798809-e43d-4b8a-ace7-b3547f7eb55c","block_type":"box","text":"transactions relating to the relevant Sub-Fund shall be recorded and, in particular, the","page_number":134,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"38bca714-cfad-463c-b605-799adbdca38d","block_type":"box","text":"proceeds from the allotment and issue of Shares of each class in the Sub-Fund, the","page_number":134,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"fb81814f-b677-487f-883b-fe6c147e36ef","block_type":"box","text":"investments and the liabilities and income and expenditure attributable thereto shall be","page_number":134,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"520e4898-f848-4247-9c11-0c78ff6e2b33","block_type":"box","text":"applied or charged to such Sub-Fund subject to the provisions of the Articles;","page_number":134,"box":{"x":182,"y":842,"width":629,"height":13}},{"id":"c5ab77be-e286-42ba-9e42-10a338a2e5b9","block_type":"box","text":"ii)","page_number":134,"box":{"x":151,"y":875,"width":17,"height":12}},{"id":"db02217c-8b7b-4caf-a9a5-4c717270afbc","block_type":"box","text":"any asset derived from any other asset(s) (whether cash or otherwise) comprised in any","page_number":134,"box":{"x":182,"y":875,"width":702,"height":13}},{"id":"f141884b-12a0-4db0-a79e-58ce095c8a17","block_type":"box","text":"Sub-Fund, shall be applied in the books and records of the Fund to the same Sub-Fund","page_number":134,"box":{"x":182,"y":892,"width":702,"height":12}},{"id":"be28957d-1b3e-4265-9833-e510240230ee","block_type":"box","text":"135","page_number":135,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"b86f8fef-85a9-470e-b33f-3f09cdcf34e0","block_type":"box","text":"as the asset from which it was derived and any increase or diminution in the value of","page_number":135,"box":{"x":182,"y":89,"width":702,"height":12}},{"id":"ef53362a-b0a9-4fa4-ae96-0eea5b4e0c24","block_type":"box","text":"such an asset shall be applied to the relevant Sub-Fund;","page_number":135,"box":{"x":182,"y":105,"width":452,"height":13}},{"id":"5b64efd9-36b4-4771-8c13-670a2ac58d59","block_type":"box","text":"iii)","page_number":135,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"369c1777-20b7-42a3-b94a-29bfd7a88b4c","block_type":"box","text":"in the event that there are any assets of the Fund which the Directors do not consider","page_number":135,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"59b68ea5-f99d-4fb0-b137-f8e4f0844665","block_type":"box","text":"are attributable to a particular Sub-Fund or Sub-Funds, the Directors shall, with the","page_number":135,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"193aa476-ba70-4b3e-abf1-1ea81d8efc56","block_type":"box","text":"approval of the Depositary, allocate such assets to and among any one or more of the","page_number":135,"box":{"x":182,"y":170,"width":702,"height":13}},{"id":"a9503b4b-f0c4-4e7c-a7b5-ec10151ab794","block_type":"box","text":"Sub-Funds in such manner and on such basis as they, in their discretion, deem fair and","page_number":135,"box":{"x":182,"y":187,"width":702,"height":13}},{"id":"1061d784-6593-4c33-9c2c-ef640f5ed12d","block_type":"box","text":"equitable; and the Directors shall have the power to and may at any time and from time","page_number":135,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"27e8bb9e-0638-42c6-817a-144632220fe7","block_type":"box","text":"to time, with the approval of the Depositary, vary the basis in relation to assets","page_number":135,"box":{"x":181,"y":220,"width":703,"height":12}},{"id":"e217683e-8a6d-4cb4-ae7d-fd57c408d908","block_type":"box","text":"previously allocated;","page_number":135,"box":{"x":181,"y":236,"width":174,"height":13}},{"id":"21cd247c-3834-4628-927a-f27b60952f3b","block_type":"box","text":"iv)","page_number":135,"box":{"x":151,"y":269,"width":21,"height":12}},{"id":"1fc8e10b-f679-4b27-958b-244e7a82614c","block_type":"box","text":"each Sub-Fund shall be charged with the liabilities, expenses, costs, charges or reserves","page_number":135,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"b459033f-7227-49e6-a19b-1d9bbf61ff1e","block_type":"box","text":"of the Fund in respect of or attributable to that Sub-Fund and any such liabilities,","page_number":135,"box":{"x":182,"y":285,"width":702,"height":13}},{"id":"01935799-8259-4b7b-8f42-c75bd5f77f31","block_type":"box","text":"expenses, costs, charges, or reserves of the Fund not attributable to any particular Sub\u0002","page_number":135,"box":{"x":181,"y":302,"width":697,"height":12}},{"id":"3c61bbd2-5391-4216-adf2-5dcdc7839ed7","block_type":"box","text":"Fund or Sub-Funds shall be allocated and charged by the Directors, with the approval","page_number":135,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"0a98ab81-662f-48ed-83b5-326ce0a740dc","block_type":"box","text":"of the Depositary, in such manner and on such basis as the Directors, in their sole and","page_number":135,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"4b198b2e-45c6-4f46-a1bc-e96270c8a1b0","block_type":"box","text":"absolute discretion deem fair and equitable, and the Directors shall have the power to","page_number":135,"box":{"x":182,"y":351,"width":702,"height":13}},{"id":"78157367-a72f-464b-a093-972f805d0399","block_type":"box","text":"and may at any time and from time to time, with the approval of the Depositary, vary","page_number":135,"box":{"x":182,"y":367,"width":702,"height":13}},{"id":"d8c75bd4-e2ed-4a97-acce-addd8615097b","block_type":"box","text":"such basis including, where circumstances so permit, the re-allocation of such","page_number":135,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"b84b7690-2065-4def-a68d-18f3689ec4de","block_type":"box","text":"liabilities, expenses, costs, charges and reserves;","page_number":135,"box":{"x":181,"y":400,"width":396,"height":13}},{"id":"f2c282fb-0fce-4487-b89b-4822cc9d1c17","block_type":"box","text":"v)","page_number":135,"box":{"x":151,"y":433,"width":16,"height":12}},{"id":"436cc0d5-da9d-4da1-a2b1-1a87609720df","block_type":"box","text":"in the event that any Asset attributable to a Sub-Fund is taken in execution of a liability","page_number":135,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"b26322e2-7738-4969-a251-a3896a6a5999","block_type":"box","text":"not attributable to that Sub-Fund, the provisions of section 1407 of the Companies Act","page_number":135,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"5640507c-e058-4813-b4fc-390b7b82524b","block_type":"box","text":"2014 shall apply;","page_number":135,"box":{"x":182,"y":465,"width":143,"height":13}},{"id":"23f0023d-ac53-49c8-b6a0-9f49b10a3676","block_type":"box","text":"n)","page_number":135,"box":{"x":121,"y":498,"width":15,"height":13}},{"id":"6b46b4fe-0974-4475-939f-d9db50f8679c","block_type":"box","text":"Fund Exchanges.","page_number":135,"box":{"x":150,"y":498,"width":147,"height":13}},{"id":"82009338-6bde-4df7-be1c-8468cd340ec7","block_type":"box","text":"Subject to the provisions of the Articles of Association, a Shareholder","page_number":135,"box":{"x":307,"y":498,"width":577,"height":13}},{"id":"fafe08da-5eb7-432b-b2a3-67a557d3ae0a","block_type":"box","text":"holding Shares in any class in a Sub-Fund on any Dealing Day shall have the right from","page_number":135,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"6fa3836b-b661-4350-9803-7da41b123600","block_type":"box","text":"time to time to exchange all or any of such Shares for Shares of another class (such class","page_number":135,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"66e9ba78-6ef2-46ae-89af-5c77f2126859","block_type":"box","text":"being either an existing class or a class agreed by the Directors to be brought into existence","page_number":135,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"bc1ea14c-dcd9-4cc2-b597-9b2a369f1259","block_type":"box","text":"with effect from that Dealing Day);","page_number":135,"box":{"x":151,"y":564,"width":291,"height":13}},{"id":"6e0106e3-e494-4b02-a9fe-7a488d8be664","block_type":"box","text":"o)","page_number":135,"box":{"x":121,"y":597,"width":15,"height":12}},{"id":"8470adf1-944f-49c8-96f0-1a11e4093ee7","block_type":"box","text":"Winding up.","page_number":135,"box":{"x":152,"y":596,"width":100,"height":13}},{"id":"5b12a43e-9651-4513-ba69-a113fc4fa439","block_type":"box","text":"The Articles contain provisions to the following effect:","page_number":135,"box":{"x":254,"y":597,"width":459,"height":12}},{"id":"1fda7e88-0c7e-42b7-9ff6-2ee3ab6bd2e6","block_type":"box","text":"i)","page_number":135,"box":{"x":151,"y":627,"width":11,"height":13}},{"id":"c5f46d38-05d7-444e-97b6-fd42dfe44ed4","block_type":"box","text":"If the Fund shall be wound up the liquidator shall, subject to the provisions of the","page_number":135,"box":{"x":181,"y":627,"width":703,"height":13}},{"id":"98ddd966-7885-4c9e-b133-f3aadd09ec3f","block_type":"box","text":"Companies Act 2014, apply the assets of each Sub-Fund in such manner and order as","page_number":135,"box":{"x":182,"y":644,"width":702,"height":12}},{"id":"a4d1bcd3-993c-4dae-97db-267a15a87b94","block_type":"box","text":"he thinks fit in satisfaction of creditors’ claims relating to that Sub-Fund;","page_number":135,"box":{"x":181,"y":660,"width":594,"height":13}},{"id":"ac2e4df5-c383-4727-a491-24845f5e5302","block_type":"box","text":"ii)","page_number":135,"box":{"x":151,"y":693,"width":17,"height":12}},{"id":"83145d41-7529-4c9b-8c13-1d7072dfd1bc","block_type":"box","text":"Following the deduction of the estimate expenses relating to the winding up and","page_number":135,"box":{"x":181,"y":693,"width":703,"height":13}},{"id":"58e35718-1bd7-4fe2-b196-cb269b40ff38","block_type":"box","text":"liquidation, the assets available for distribution amongst the holders shall be applied as","page_number":135,"box":{"x":181,"y":709,"width":703,"height":13}},{"id":"a3fb6989-1b11-426d-8b7b-0eb0d678a297","block_type":"box","text":"follows: first the proportion of the assets in a Sub-Fund attributable to each class of","page_number":135,"box":{"x":181,"y":726,"width":703,"height":12}},{"id":"582fb43e-5fcb-49b2-b1f1-37663f8cce2e","block_type":"box","text":"Share shall be distributed to the holders of Shares in the relevant class in the proportion","page_number":135,"box":{"x":182,"y":742,"width":702,"height":13}},{"id":"e3f8ac8c-a55d-4f10-a605-441b07331423","block_type":"box","text":"that the number of Shares held by each holder bears to the total number of Shares","page_number":135,"box":{"x":181,"y":758,"width":703,"height":13}},{"id":"78838553-1101-4a36-8eca-a5a5fb6628ef","block_type":"box","text":"relating to each such class of Shares in issue as at the date of commencement to wind","page_number":135,"box":{"x":181,"y":775,"width":703,"height":13}},{"id":"2bc0efc7-b7b7-4a50-9dad-c02102615d3f","block_type":"box","text":"up; secondly, in payment to the holder(s) of the subscriber shares of sums up to the","page_number":135,"box":{"x":181,"y":791,"width":703,"height":13}},{"id":"713a9061-5cc5-445e-a2ab-079a8fb3ac4d","block_type":"box","text":"nominal amount paid thereon out of the assets of the Fund not attributable to any class","page_number":135,"box":{"x":181,"y":808,"width":703,"height":12}},{"id":"6b21ed82-eb9d-41a6-8ce8-bd3cd259041f","block_type":"box","text":"of Share. In the event that there are insufficient assets to enable such payment in full","page_number":135,"box":{"x":182,"y":824,"width":702,"height":13}},{"id":"5a77c944-b538-422d-bd8e-343c6cc5ae3b","block_type":"box","text":"to be made, no recourse shall be had to the assets of the Fund attributable to each class","page_number":135,"box":{"x":181,"y":840,"width":703,"height":12}},{"id":"1e92087e-2df9-4e55-99d1-3b6632076a50","block_type":"box","text":"of Share; and thirdly, any balance then remaining and not attributable to any of the","page_number":135,"box":{"x":182,"y":857,"width":702,"height":13}},{"id":"fa6b077f-bbd6-4a37-9d4b-b45e5332094c","block_type":"box","text":"classes of Shares shall be apportioned pro-rata as between the classes of Shares based","page_number":135,"box":{"x":181,"y":873,"width":703,"height":13}},{"id":"becf25e2-88e2-4120-b97d-29bbef6fba29","block_type":"box","text":"on the Net Asset Value attributable to each class of Shares as at the date of","page_number":135,"box":{"x":182,"y":889,"width":702,"height":10}},{"id":"80232002-6b21-4b33-bdab-ec955d4fed10","block_type":"box","text":"136","page_number":136,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"5c6f2e72-5f1f-4f91-8280-ff848ac56d8a","block_type":"box","text":"commencement to wind up and the amount so apportioned to a class shall be distributed","page_number":136,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"4e0626f2-db74-4fef-bf9c-d77f04f7d5e4","block_type":"box","text":"to holders pro-rata to the number of Shares in that class of Shares held by them;","page_number":136,"box":{"x":181,"y":105,"width":648,"height":13}},{"id":"762f4d65-66f9-42d4-946d-6e5efe4c7588","block_type":"box","text":"iii)","page_number":136,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"0a44b4cb-33fd-4560-bedf-0c96d2f4f91c","block_type":"box","text":"A Sub-Fund may be wound up pursuant to Section 1407 of the Companies Act and in","page_number":136,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"3dc322af-aec8-4b83-9795-ef3535cae579","block_type":"box","text":"such event the provisions in this paragraph (o) shall apply mutatis mutandis in respect","page_number":136,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"83f59b88-21f5-4799-8e85-ef6b853c64b7","block_type":"box","text":"of the Sub-Fund;","page_number":136,"box":{"x":182,"y":170,"width":141,"height":12}},{"id":"c16b4182-d400-4a62-8c02-79fac2d12371","block_type":"box","text":"iv)","page_number":136,"box":{"x":151,"y":203,"width":21,"height":13}},{"id":"34843d50-dbc6-4328-9a2f-26cfdab97296","block_type":"box","text":"If the Fund shall be wound up (whether the liquidation is voluntary, under supervision","page_number":136,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"d9cb7424-91e2-470c-af37-42234604aec4","block_type":"box","text":"or by the court) the liquidator may, with the authority of a special resolution of the","page_number":136,"box":{"x":182,"y":220,"width":702,"height":12}},{"id":"6ad4da87-2806-49cf-aa82-8acb6e832942","block_type":"box","text":"relevant holders and any other sanction required by the Companies Act 2014, divide","page_number":136,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"efc85b59-166a-4f8e-8490-6d933986dabf","block_type":"box","text":"among the holders of Shares of any class or classes within a Sub-Fund in specie the","page_number":136,"box":{"x":182,"y":252,"width":702,"height":13}},{"id":"5b293af3-1875-43fd-9257-3110977cf9a6","block_type":"box","text":"whole or any part of the assets of the Fund relating to that Sub-Fund, and whether or","page_number":136,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"689cefe6-9e8d-4501-a0a9-61420c6a1b3a","block_type":"box","text":"not the assets shall consist of property of a single kind, and may for such purposes set","page_number":136,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"251b62a2-ea50-4419-ac8f-cfbd3d4b31f9","block_type":"box","text":"such value as he deems fair upon any one or more class or classes of property, and may","page_number":136,"box":{"x":182,"y":302,"width":702,"height":12}},{"id":"deb2058b-064e-412d-8d48-3ed190512e6c","block_type":"box","text":"determine how such division shall be carried out as between all the holders of Shares","page_number":136,"box":{"x":181,"y":318,"width":703,"height":10}},{"id":"403a9a0b-3f4f-45bd-bc6b-6b060158bfd3","block_type":"box","text":"of the Sub-Fund or the holders of different classes of Shares in a Sub-Fund. The","page_number":136,"box":{"x":182,"y":334,"width":702,"height":10}},{"id":"d673bb28-dffb-4421-832c-2d3bf32e6394","block_type":"box","text":"liquidator may, with the like authority, vest any part of the assets in trustees upon such","page_number":136,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"82dc2d20-f3d6-4a0a-8fca-5cf73885875f","block_type":"box","text":"trusts for the benefit of holders as the liquidator, with the like authority, shall think fit,","page_number":136,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"2230979f-a034-4174-9f2d-c45b529ecbee","block_type":"box","text":"and the liquidation of the Fund may be closed and the Fund dissolved, but so that no","page_number":136,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"bd6b2e05-5174-4d58-86c9-a4d4468ad138","block_type":"box","text":"holder shall be compelled to accept any assets in respect of which there is a liability. A","page_number":136,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"3eb04096-f9bd-4ed7-8f03-bf608f3418ae","block_type":"box","text":"holder may require the liquidator instead of transferring any asset in specie to him/her","page_number":136,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"df2d8e65-9ac7-4cd3-b76e-01c366c37062","block_type":"box","text":"to arrange for a sale of the assets with the costs of the sale charged to that Shareholder","page_number":136,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"12a3c31a-4c5c-4ca7-8a27-450a5fb81fe6","block_type":"box","text":"and for payment to the holder of the net proceeds of same.","page_number":136,"box":{"x":182,"y":449,"width":474,"height":13}},{"id":"1d60a5a3-29f8-454f-b9f6-10f7cb429774","block_type":"box","text":"p)","page_number":136,"box":{"x":121,"y":482,"width":15,"height":13}},{"id":"0ea6f2fd-c083-478d-b612-95096ed9551a","block_type":"box","text":"Share Qualification","page_number":136,"box":{"x":151,"y":482,"width":164,"height":13}},{"id":"b62a29e3-7394-46b2-b878-2317ca871829","block_type":"box","text":".","page_number":136,"box":{"x":317,"y":490,"width":2,"height":2}},{"id":"1513a070-6ebf-4bf8-8182-f3257f3c3fe1","block_type":"box","text":"The Articles do not contain a share qualification for Directors.","page_number":136,"box":{"x":321,"y":482,"width":518,"height":13}},{"id":"b411c152-7476-4c36-8262-6a6a75ab85df","block_type":"box","text":"q)","page_number":136,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"7e18bda7-3148-49f1-aeed-3e0b86379764","block_type":"box","text":"Termination of Sub-Funds.","page_number":136,"box":{"x":152,"y":514,"width":228,"height":13}},{"id":"27266c0a-c096-4a04-842c-b27cf34cee27","block_type":"box","text":"Any Sub-Fund may be terminated by the Directors in their","page_number":136,"box":{"x":383,"y":515,"width":501,"height":12}},{"id":"0f6583a4-a5fc-41f3-9e03-7371bc47dc1a","block_type":"box","text":"sole and absolute discretion by notice in writing to the Depositary in any of the following","page_number":136,"box":{"x":152,"y":531,"width":732,"height":13}},{"id":"65331796-109a-4c3e-9e59-23e358e1ec57","block_type":"box","text":"events:-","page_number":136,"box":{"x":151,"y":549,"width":69,"height":8}},{"id":"67b4b7f3-ed09-43c4-86d2-f5e9f487201d","block_type":"box","text":"i)","page_number":136,"box":{"x":151,"y":580,"width":11,"height":12}},{"id":"9c7e0af0-223b-4f95-9ba5-35670681c4bb","block_type":"box","text":"if at any time the Net Asset Value of the relevant Sub-Fund shall be less than the","page_number":136,"box":{"x":181,"y":580,"width":703,"height":13}},{"id":"f2ddfa5e-3903-42cb-bc3b-6ea22190d88a","block_type":"box","text":"Minimum Fund Size; or","page_number":136,"box":{"x":181,"y":597,"width":199,"height":11}},{"id":"7643cd49-8983-4cb6-8501-59e4f6ccb754","block_type":"box","text":"ii)","page_number":136,"box":{"x":151,"y":629,"width":17,"height":13}},{"id":"b423c898-cd5d-44d8-a854-58a7d7eed114","block_type":"box","text":"if any Sub-Fund shall cease to be authorised or otherwise officially approved; or","page_number":136,"box":{"x":181,"y":629,"width":653,"height":13}},{"id":"ee689ad8-eff1-43b1-b4e0-37a19aa7ddbe","block_type":"box","text":"iii)","page_number":136,"box":{"x":151,"y":662,"width":22,"height":12}},{"id":"0e716e1b-1227-4387-b7e8-2da23efbb470","block_type":"box","text":"if any law shall be passed which renders it illegal or in the opinion of the Directors","page_number":136,"box":{"x":181,"y":662,"width":703,"height":13}},{"id":"e9db1bd4-a5b7-4bcc-a7aa-5a6b122ed576","block_type":"box","text":"impracticable or inadvisable to continue the relevant Sub-Fund; or","page_number":136,"box":{"x":181,"y":679,"width":540,"height":12}},{"id":"74ce2394-a892-48ba-b510-b8a37bfaf2ff","block_type":"box","text":"iv)","page_number":136,"box":{"x":151,"y":711,"width":21,"height":13}},{"id":"c1a97c0f-f079-42cc-af4e-715bba217d66","block_type":"box","text":"if there is a change in material aspects of the business or in the economic or political","page_number":136,"box":{"x":181,"y":711,"width":703,"height":13}},{"id":"19461b68-9058-483c-9ea5-b497291227e2","block_type":"box","text":"situation relation to a Fund which the Directors consider would have material adverse","page_number":136,"box":{"x":182,"y":728,"width":702,"height":10}},{"id":"22df3c34-a4e9-4985-b70a-16b536ac271a","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund; or","page_number":136,"box":{"x":181,"y":744,"width":594,"height":13}},{"id":"4cde7d4d-ca54-4578-a8b4-46560b9c7dfe","block_type":"box","text":"v)","page_number":136,"box":{"x":151,"y":777,"width":16,"height":12}},{"id":"71a41657-7797-4b83-b580-da8cbaf283bb","block_type":"box","text":"if the Directors consider that it is in the best interests of the Shareholders of the Fund;","page_number":136,"box":{"x":181,"y":777,"width":703,"height":12}},{"id":"a524f176-f05b-4410-839c-cc29ecae91db","block_type":"box","text":"or","page_number":136,"box":{"x":182,"y":796,"width":21,"height":7}},{"id":"2cd0f619-43a6-4155-b7e9-fbb111e024c6","block_type":"box","text":"vi)","page_number":136,"box":{"x":151,"y":826,"width":21,"height":12}},{"id":"68e06aaa-bb93-4cd4-8d66-e6a32422c462","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":136,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"e63ec9a3-9069-45e8-9373-64af02057cba","block_type":"box","text":"is a change in material aspects of the business or in the economic or political situation","page_number":136,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"78775b9d-0198-4f3c-b18a-37670102e743","block_type":"box","text":"relating to a Fund which the Directors consider would have material adverse","page_number":136,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"70303f0b-5b59-4509-a5d8-2e27e2cdf815","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund.","page_number":136,"box":{"x":181,"y":875,"width":572,"height":13}},{"id":"d9930608-6d0b-4913-91c5-fe9dee1f1f25","block_type":"box","text":"137","page_number":137,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"fddd459c-8526-4413-ba27-a8be3f8a0e60","block_type":"box","text":"The Directors shall give notice of termination of a Sub-Fund to the Shareholders of the","page_number":137,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"8530b7c8-9d78-4a84-9824-2875f4687a38","block_type":"box","text":"relevant Sub-Fund and by such notice fix the date at which such termination is to take","page_number":137,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"9c0915e7-ddd5-4cc0-a932-cc2026c11b64","block_type":"box","text":"effect, which date shall be for such period after the service of such notice as the Directors","page_number":137,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"98486694-111a-4552-9471-4b617362db47","block_type":"box","text":"shall in their sole and absolute discretion determine.","page_number":137,"box":{"x":152,"y":138,"width":424,"height":10}},{"id":"4b48c60c-1d32-44bb-96c4-5adb64f8eedc","block_type":"box","text":"Data Protection Notice","page_number":137,"box":{"x":121,"y":170,"width":200,"height":10}},{"id":"1473a511-b0e4-4f7f-a5bb-67052504bbd8","block_type":"box","text":"In the course of business, the Fund will collect, record, store, adapt, transfer and otherwise","page_number":137,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"0dd5f8b5-41e2-46cd-ab5b-2b9ed678c7fa","block_type":"box","text":"process information by which prospective investors or investors may be directly or indirectly","page_number":137,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"43511bfc-11f4-48b9-b218-4dcb92b98a34","block_type":"box","text":"identified. The Fund is a data controller within the meaning of Data Protection Legislation and","page_number":137,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"9675f95a-4947-4bdb-bbda-32edad6f5661","block_type":"box","text":"will hold any personal data provided by investors in accordance with Data Protection","page_number":137,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"2bfef9da-4b33-4ce5-80e1-32cbb368bc89","block_type":"box","text":"Legislation.","page_number":137,"box":{"x":121,"y":269,"width":94,"height":13}},{"id":"2aaf0540-d79d-4c28-a9b0-fccf98e69a19","block_type":"box","text":"The Fund and/or any of its delegates or service providers may process prospective investor's","page_number":137,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"b64cdb9d-5e5c-435a-bf40-ae482a456aae","block_type":"box","text":"personal data for any one or more of the following purposes and legal bases:","page_number":137,"box":{"x":121,"y":318,"width":621,"height":13}},{"id":"9b4df15b-03f6-4004-99c8-f8708b4a196d","block_type":"box","text":"","page_number":137,"box":{"x":152,"y":355,"width":7,"height":5}},{"id":"b5c087ae-658f-491f-af70-8d54c15d5ec1","block_type":"box","text":"to operate the Sub-Funds, including managing and administering a Shareholder's","page_number":137,"box":{"x":181,"y":352,"width":703,"height":13}},{"id":"3bd66374-8b22-4909-863b-2e872993eb4a","block_type":"box","text":"investment in the relevant Fund on an on-going basis which enables the Fund to satisfy","page_number":137,"box":{"x":181,"y":368,"width":703,"height":13}},{"id":"bc0d9eef-124e-4c52-b6ec-170046335dd1","block_type":"box","text":"its contractual duties and obligations to the Shareholder;","page_number":137,"box":{"x":181,"y":385,"width":459,"height":12}},{"id":"e0407d5a-c6fd-4971-9210-aa45998f743a","block_type":"box","text":"","page_number":137,"box":{"x":152,"y":421,"width":7,"height":6}},{"id":"ed427831-f8fb-4451-9b1a-137fe7476e41","block_type":"box","text":"to operate the issue of Digital Tokens alongside the Shares issued in respect of the","page_number":137,"box":{"x":181,"y":418,"width":703,"height":13}},{"id":"0211372a-5642-48a9-99fc-f63f671cd263","block_type":"box","text":"Token Share Classes;","page_number":137,"box":{"x":181,"y":435,"width":179,"height":11}},{"id":"3e77f200-90ff-478d-bd64-626b4e4179d2","block_type":"box","text":"","page_number":137,"box":{"x":152,"y":472,"width":7,"height":5}},{"id":"13021425-50cc-4bf2-b0d8-dc1c93485241","block_type":"box","text":"to comply with any applicable legal, tax or regulatory obligations on the Fund, for","page_number":137,"box":{"x":181,"y":468,"width":703,"height":13}},{"id":"d4d16a9e-2b58-4712-8486-c331824bbfb1","block_type":"box","text":"example, under the Companies Acts 2014 and anti-money laundering and counter\u0002","page_number":137,"box":{"x":181,"y":485,"width":697,"height":13}},{"id":"36832ee0-6c5a-4e06-a018-2aaae0a1c1b7","block_type":"box","text":"terrorism legislation;","page_number":137,"box":{"x":181,"y":501,"width":174,"height":13}},{"id":"dbb1abd0-5fdc-4975-82c7-007100f4364b","block_type":"box","text":"","page_number":137,"box":{"x":152,"y":538,"width":7,"height":5}},{"id":"878f97c8-a068-43bf-a136-17a2b6f7f68e","block_type":"box","text":"for any other legitimate business interests' of the Fund or a third party to whom personal","page_number":137,"box":{"x":181,"y":535,"width":703,"height":13}},{"id":"7ddd6e56-f493-4001-b7c2-13927107c7f3","block_type":"box","text":"data is disclosed, where such interests are not overridden by the interests of the investor,","page_number":137,"box":{"x":181,"y":551,"width":703,"height":13}},{"id":"040717e3-95ce-43a1-8b78-7d4d6575221e","block_type":"box","text":"including for statistical analysis and market research purposes; or","page_number":137,"box":{"x":181,"y":568,"width":533,"height":13}},{"id":"a73c868f-0f17-406b-8c87-51980893edeb","block_type":"box","text":"","page_number":137,"box":{"x":152,"y":605,"width":7,"height":5}},{"id":"9ca2211d-b16d-4059-9781-5103d20820a2","block_type":"box","text":"for any other specific purposes where investors have given their specific consent and","page_number":137,"box":{"x":181,"y":602,"width":703,"height":12}},{"id":"7a1dde95-d61d-4abe-8468-87b7d95b8ba8","block_type":"box","text":"where processing of personal data is based on consent, the investors will have the right","page_number":137,"box":{"x":181,"y":618,"width":703,"height":13}},{"id":"2f2f926e-9763-4ebf-9508-958589bcfa51","block_type":"box","text":"to withdraw it at any time.","page_number":137,"box":{"x":181,"y":635,"width":218,"height":12}},{"id":"2a85f307-6d9d-4e8c-87ab-453edea57d55","block_type":"box","text":"The Fund and/or any of its delegates or service providers may disclose or transfer personal","page_number":137,"box":{"x":121,"y":667,"width":763,"height":13}},{"id":"1fa8a812-0079-4769-a2d8-04ea194c06dd","block_type":"box","text":"data, whether in Ireland or elsewhere (including entities situated in countries outside of the","page_number":137,"box":{"x":121,"y":684,"width":763,"height":13}},{"id":"956528c4-0506-4a1f-911d-202ae7a6e9e2","block_type":"box","text":"EEA), to other delegates, duly appointed agents and service providers of the Fund (and any of","page_number":137,"box":{"x":121,"y":700,"width":763,"height":13}},{"id":"44b59521-b43d-4865-8b8b-1a172cfc37b1","block_type":"box","text":"their respective related, associated or affiliated companies or sub-delegates) and to third parties","page_number":137,"box":{"x":121,"y":716,"width":763,"height":13}},{"id":"3ab2be7c-0821-4ffc-85c1-9fb78967574b","block_type":"box","text":"including advisers, regulatory bodies, taxation authorities, auditors, technology providers for","page_number":137,"box":{"x":121,"y":733,"width":763,"height":13}},{"id":"2a3a6f55-9732-4b46-a9de-1680e91aa5dc","block_type":"box","text":"the purposes specified above.","page_number":137,"box":{"x":121,"y":749,"width":242,"height":13}},{"id":"8067ca85-a584-4e7b-8e38-2c6ce119613d","block_type":"box","text":"The Fund will not keep personal data for longer than is necessary for the purpose(s) for which","page_number":137,"box":{"x":121,"y":782,"width":763,"height":13}},{"id":"b98066fa-a7f2-41e4-99fa-a0854a818fed","block_type":"box","text":"it was collected. In determining appropriate retention periods, the Fund shall have regard to the","page_number":137,"box":{"x":121,"y":798,"width":763,"height":13}},{"id":"46da95eb-44fc-4b45-8103-ef3a7d992fa4","block_type":"box","text":"Statute of Limitations Act 1957, as amended, and any statutory obligations to retain","page_number":137,"box":{"x":121,"y":815,"width":763,"height":12}},{"id":"013d7fe9-722c-4050-a22f-f8c3dc44b861","block_type":"box","text":"information, including anti-money laundering, counter-terrorism, tax legislation. The Fund will","page_number":137,"box":{"x":121,"y":831,"width":763,"height":13}},{"id":"3f3d6860-317c-4823-8ef4-667aff423e02","block_type":"box","text":"take all reasonable steps to destroy or erase the data from its systems when they are no longer","page_number":137,"box":{"x":121,"y":847,"width":763,"height":13}},{"id":"07182eb5-1d89-4277-8dbb-e0a2f8928ae4","block_type":"box","text":"required.","page_number":137,"box":{"x":121,"y":864,"width":77,"height":13}},{"id":"b26995f0-a870-4e60-ad20-d99205b92264","block_type":"box","text":"Where specific processing is based on an investor's consent, that investor has the right to","page_number":137,"box":{"x":121,"y":897,"width":763,"height":12}},{"id":"8aea05f7-1881-486f-9154-f5d398130766","block_type":"box","text":"138","page_number":138,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"9dfeceeb-dc1b-4ed5-ab93-d2f008f3aec2","block_type":"box","text":"withdraw it at any time. Investors have the right to request access to their personal data kept","page_number":138,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"ab5c0b0f-4c1e-4094-82d5-548ca411699f","block_type":"box","text":"by the Fund and the right to rectification or erasure of their data; to restrict or object to","page_number":138,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"46d85bb2-63db-4900-bfce-ddbc5e780295","block_type":"box","text":"processing of their data, and to data portability, subject to any restrictions imposed by Data","page_number":138,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6875e706-6bc0-45ff-a0cd-d46f701f8dee","block_type":"box","text":"Protection Legislation and any statutory obligation to retain information.","page_number":138,"box":{"x":121,"y":138,"width":591,"height":13}},{"id":"f35be91b-8cf3-4fad-a93c-2006b4f2a910","block_type":"box","text":"The Fund and/or any of its delegates and service providers will not transfer personal data to a","page_number":138,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"828b21a0-381a-4a4b-8a99-e087c30928a2","block_type":"box","text":"country outside of the EEA unless that country ensures an adequate level of data protection or","page_number":138,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"d9618383-4c4f-416a-9274-dc1a5e9210be","block_type":"box","text":"appropriate safeguards are in place. The European Commission has prepared a list of countries","page_number":138,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"bf9c8260-d6b8-443d-b195-5d09bcf87fe5","block_type":"box","text":"that are deemed to provide an adequate level of data protection which, to date, includes","page_number":138,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"52cc459e-c6d8-4de0-ace5-f94ae98e2392","block_type":"box","text":"Switzerland, Guernsey, Argentina, the Isle of Man, Faroe Islands, Jersey, Andorra, Israel, New","page_number":138,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"62c11381-b447-4882-9836-57a50236c8a5","block_type":"box","text":"Zealand and Uruguay. Further countries may be added to this list by the European Commission","page_number":138,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"5bf301ce-3656-4cb8-b2da-e947cae491a4","block_type":"box","text":"at any time. The US is also deemed to provide an adequate level of protection where the US","page_number":138,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"8bf33b3e-d64f-4f87-b022-86fed65b179b","block_type":"box","text":"recipient of the data is privacy shield-certified. If a third country does not provide an adequate","page_number":138,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"cc89afde-886d-4a58-a820-e53294f9c78a","block_type":"box","text":"level of data protection, then the Fund and/or any of its delegates and service providers will","page_number":138,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"38bfe927-2633-4c54-a2d8-52df06ac6670","block_type":"box","text":"ensure it puts in place appropriate safeguards such as the model clauses (which are standardised","page_number":138,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"3df720a3-6f90-4760-8dd9-c763561f9357","block_type":"box","text":"contractual clauses, approved by the European Commission) or binding corporate rules, or","page_number":138,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"82d8df6d-cc5d-4151-8602-bc548370a21a","block_type":"box","text":"relies on one of the derogations provided for in Data Protection Legislation.","page_number":138,"box":{"x":121,"y":351,"width":616,"height":13}},{"id":"bf622858-3442-40a3-a9bb-8e8048b4b59c","block_type":"box","text":"Where processing is carried out on behalf of the Fund, the Fund shall engage a data processor,","page_number":138,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"92b7cfcd-dca0-44bc-8d56-e6d74b6d5526","block_type":"box","text":"within the meaning of Data Protection Legislation, which implements appropriate technical","page_number":138,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"6a365eb7-1678-4590-8777-8bff1e048104","block_type":"box","text":"and organisational security measures in a manner that such processing meets the requirements","page_number":138,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"b55f1bd8-e35f-44b1-bc91-9f4248b6a5d5","block_type":"box","text":"of Data Protection Legislation, and ensures the protection of the rights of investors. The Fund","page_number":138,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"a0256a7b-6924-466d-8503-222182cfa187","block_type":"box","text":"will enter into a written contract with the data processor which will set out the data processor's","page_number":138,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7cf5b8d3-86a3-4ddc-b870-eade6a9a8a25","block_type":"box","text":"specific mandatory obligations laid down in Data Protection Legislation, including to process","page_number":138,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"4589f5ec-7b99-4744-85ce-5f781ff74214","block_type":"box","text":"personal data only in accordance with the documented instructions from the Fund.","page_number":138,"box":{"x":121,"y":482,"width":667,"height":13}},{"id":"92f8bd2b-ddd1-4166-b4fa-4217e25bd860","block_type":"box","text":"As part of the Fund's business and ongoing monitoring, the Fund may from time to time carry","page_number":138,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bc26fac9-8d06-4a30-8bf3-e297be3707e4","block_type":"box","text":"out automated decision-making in relation to investors, including, for example, profiling of","page_number":138,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"c10d61e9-908d-4d50-8ecf-77de12e7b28b","block_type":"box","text":"investors in the context of anti-money laundering/ financial crime reviews, and this may result","page_number":138,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"42983f83-c605-48b6-89c6-fadda5739157","block_type":"box","text":"in an investor being identified to the revenue authorities, law enforcement authorities and to","page_number":138,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"e119cc2d-b2cb-4ce5-887a-1deab125e845","block_type":"box","text":"other entities where required by law, and the Fund terminating its relationship with the investor.","page_number":138,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"2487c76b-7834-4d8e-b6f0-3ff7006bc120","block_type":"box","text":"Investors are required to provide their personal data for statutory and contractual purposes.","page_number":138,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"38efcc62-5f01-4dd6-97de-56da97b7342e","block_type":"box","text":"Failure to provide the required personal data will result in the Fund being unable to permit,","page_number":138,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"92947b6f-47e9-49a4-80bd-5bb48b94a38d","block_type":"box","text":"process, or release the investor's investment in the Sub-Funds and this may result in the Fund","page_number":138,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"4bbe6957-9a78-4586-b63b-1a6dfe271752","block_type":"box","text":"terminating its relationship with the investor. Investors have a right to lodge a complaint with","page_number":138,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"7c80ba07-73cb-43f4-85f7-ca28a0ace4d5","block_type":"box","text":"the Data Protection Commission if they are unhappy with how the Fund is handling their data.","page_number":138,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"297b600b-f1e8-4ed7-a73a-ebabcad767c9","block_type":"box","text":"Any questions about the operation of the Fund's data protection policy should be referred in","page_number":138,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"bd736fa1-2dca-49ac-a673-9629ba8b88a5","block_type":"box","text":"the first instance to the Manager at, Aviva Investors Luxembourg, 2 rue du Fort Bourbon, 1st","page_number":138,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"cb3e57c4-3023-4640-b7ca-0005049ccbd6","block_type":"box","text":"Floor PO Box 1375 L-1013 Luxembourg.","page_number":138,"box":{"x":121,"y":744,"width":347,"height":13}},{"id":"1e27ae90-8bed-42d3-a659-368bcfc6dc12","block_type":"box","text":"Litigation and Arbitration","page_number":138,"box":{"x":121,"y":777,"width":232,"height":13}},{"id":"746bb1a0-bbf0-4f35-be77-73e39638a7cd","block_type":"box","text":"Since incorporation the Fund has not been involved in any litigation or arbitration nor are the","page_number":138,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"f0e3901f-8d0e-48a6-a57f-0cb9935bda55","block_type":"box","text":"Directors aware of any pending or threatened litigation or arbitration.","page_number":138,"box":{"x":121,"y":826,"width":563,"height":13}},{"id":"55c26b39-998a-4554-ad26-85dde82d8d4c","block_type":"box","text":"Directors’ Interests","page_number":138,"box":{"x":121,"y":859,"width":172,"height":10}},{"id":"34c21cdf-7d9a-4e75-9b3c-3d8491d6d2ea","block_type":"box","text":"139","page_number":139,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"94c8da19-dda3-4a87-8211-c149a0edb196","block_type":"box","text":"a)","page_number":139,"box":{"x":121,"y":89,"width":20,"height":12}},{"id":"043eb1cd-65f8-4890-af40-85355a4eda22","block_type":"box","text":"There are no service contracts in existence between the Fund and any of its Directors,","page_number":139,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"8aa2de53-19fb-4e48-9640-8b2e5721a126","block_type":"box","text":"nor are any such contracts proposed;","page_number":139,"box":{"x":181,"y":105,"width":300,"height":13}},{"id":"ba8980ac-78f7-4ac4-825d-679d1c8be9d7","block_type":"box","text":"b)","page_number":139,"box":{"x":121,"y":138,"width":21,"height":12}},{"id":"0c2bb687-7bef-4a4a-a834-9e08fb8e57ec","block_type":"box","text":"At the date of this Prospectus, no Director has any interest, direct or indirect, in any","page_number":139,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"f36fc26d-e13c-4e9f-b5ec-a0a67883e7b3","block_type":"box","text":"assets which have been or are proposed to be acquired or disposed of by, or issued to,","page_number":139,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"aad07f4b-9a37-41a0-a411-919ca092acbe","block_type":"box","text":"the Fund and save as provided in (d) below no Director is materially interested in any","page_number":139,"box":{"x":181,"y":170,"width":703,"height":13}},{"id":"53fa4fbb-7721-42cc-aae0-edc57848ca6f","block_type":"box","text":"contract or arrangement subsisting at the date hereof which is unusual in its nature and","page_number":139,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"545efe7d-e38f-4f75-b27a-9885e9455374","block_type":"box","text":"conditions or significant in relation to the business of the Fund;","page_number":139,"box":{"x":181,"y":203,"width":516,"height":13}},{"id":"f42a1e38-d543-4f1b-ad6e-435690819bfc","block_type":"box","text":"c)","page_number":139,"box":{"x":121,"y":236,"width":20,"height":12}},{"id":"50415718-3c3f-47c3-bddb-e6a2f98b9b9e","block_type":"box","text":"At the date of this Prospectus neither the Directors nor any Person Closely Associated","page_number":139,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"02552f28-f6ad-471e-b82e-9ed29839e882","block_type":"box","text":"have any beneficial interest in the share capital of the Fund or any options in respect of","page_number":139,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"688eca1a-dd6e-4d51-b850-01d0050963bd","block_type":"box","text":"such capital;","page_number":139,"box":{"x":182,"y":269,"width":105,"height":13}},{"id":"99111db0-392f-4ad9-b604-37d7f6ad51ff","block_type":"box","text":"d)","page_number":139,"box":{"x":121,"y":302,"width":21,"height":12}},{"id":"4c79600c-c42d-4016-a5eb-b4b3e8df2f4c","block_type":"box","text":"Anthony Callcott is a Director of the Fund and is an officer of the Investment Manager.","page_number":139,"box":{"x":181,"y":302,"width":703,"height":12}},{"id":"c1cc6df5-109d-44da-b550-98faf98aa080","block_type":"box","text":"Material Contracts","page_number":139,"box":{"x":121,"y":334,"width":170,"height":10}},{"id":"05d70754-6984-4c94-a5c6-791a84c173da","block_type":"box","text":"The following contracts have been entered into otherwise than in the ordinary course of the","page_number":139,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"749a6d8c-280f-4369-889c-75342061314f","block_type":"box","text":"business intended to be carried on by the Fund and are or may be material:","page_number":139,"box":{"x":121,"y":384,"width":606,"height":12}},{"id":"612b4ed3-eac0-4784-8fd8-f571f010dcd0","block_type":"box","text":"a)","page_number":139,"box":{"x":121,"y":416,"width":14,"height":13}},{"id":"704a36ee-baee-46c8-b009-8a3d4d3702e7","block_type":"box","text":"The Depositary Agreement d","page_number":139,"box":{"x":175,"y":416,"width":236,"height":13}},{"id":"af0e9c76-0a8f-403c-a99d-ad1a8fe53e88","block_type":"box","text":"dated 1 November 2024 (effective at 00.01 on 4 November","page_number":139,"box":{"x":411,"y":416,"width":473,"height":13}},{"id":"db6bdc49-f793-46eb-99ad-29f38826dfd6","block_type":"box","text":"2024) between the Fund, the Manager and the Depositary. 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The Depositary shall, in the case of a loss of financial","page_number":139,"box":{"x":175,"y":679,"width":709,"height":12}},{"id":"a013d957-b9e2-4d14-bdc0-d9cf8bea15f3","block_type":"box","text":"instruments held in custody, return securities of identical type or the corresponding","page_number":139,"box":{"x":175,"y":695,"width":709,"height":13}},{"id":"c217634d-96c7-4069-926f-b1ed019d87db","block_type":"box","text":"amount to the relevant Fund without undue delay. Subject to and without prejudice to","page_number":139,"box":{"x":175,"y":711,"width":709,"height":13}},{"id":"3c468ead-a48e-42bc-8569-394401356b07","block_type":"box","text":"the general liability of the Depositary pursuant to the Depositary Agreement, the Fund","page_number":139,"box":{"x":175,"y":728,"width":709,"height":13}},{"id":"851b48a1-afea-4d2f-adc7-2d641731a222","block_type":"box","text":"shall indemnify and keep indemnified and hold harmless the Depositary and each of its","page_number":139,"box":{"x":176,"y":744,"width":708,"height":13}},{"id":"6cf6a8ef-bf45-4725-9319-dcce44efe36b","block_type":"box","text":"directors, officers, servants, employees and agents from and against any and all actions,","page_number":139,"box":{"x":175,"y":761,"width":709,"height":12}},{"id":"76b6939c-2553-40a9-89f5-1c030477fa7c","block_type":"box","text":"proceedings, claims, demands, losses, damages, costs and expenses (including legal and","page_number":139,"box":{"x":175,"y":777,"width":709,"height":13}},{"id":"c233f12b-70dd-412d-8f16-40bfabab9107","block_type":"box","text":"professional fees and expenses arising therefrom or incidental thereto and including any","page_number":139,"box":{"x":175,"y":793,"width":709,"height":13}},{"id":"8e1c923c-c425-40fa-a082-f1303ad635f6","block_type":"box","text":"loss suffered or incurred by the Depositary arising out of the failure of a settlement","page_number":139,"box":{"x":175,"y":810,"width":709,"height":12}},{"id":"8ea6d534-c939-4ada-8a25-9273e6eec708","block_type":"box","text":"system to effect a settlement) other than actions, proceedings, losses, damages, costs and","page_number":139,"box":{"x":176,"y":826,"width":708,"height":13}},{"id":"14c2d292-a414-4f59-9b13-39cba1691994","block_type":"box","text":"expenses of any nature suffered or incurred as a result of the Depositary’s material","page_number":139,"box":{"x":175,"y":842,"width":709,"height":13}},{"id":"af770216-0783-429f-809e-74fa82417031","block_type":"box","text":"breach of the Depositary Agreement, tort (including negligence), wilful default, fraud ,","page_number":139,"box":{"x":175,"y":859,"width":709,"height":13}},{"id":"56772568-8f9b-47f5-92d3-b77ad620424a","block_type":"box","text":"or the negligent or intentional failure of the Depositary to perform its obligations","page_number":139,"box":{"x":175,"y":875,"width":709,"height":13}},{"id":"102bf40a-365b-4620-a0ca-0aefccbaa61d","block_type":"box","text":"pursuant to the UCITS Regulations and the Directive, which may be made or brought","page_number":139,"box":{"x":175,"y":892,"width":709,"height":12}},{"id":"3c763d40-35d2-4160-930f-3c968482e918","block_type":"box","text":"140","page_number":140,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"e5762dfd-c30b-418e-92f3-8fc6760a87bc","block_type":"box","text":"against or directly or indirectly suffered or incurred by the Depositary or any of its","page_number":140,"box":{"x":175,"y":89,"width":709,"height":12}},{"id":"ccbe77b7-a7c5-436b-bed1-ef9c353d09ce","block_type":"box","text":"directors, officers, servants, employees arising out of or in connection with the","page_number":140,"box":{"x":175,"y":105,"width":709,"height":13}},{"id":"36cc3217-d908-43b1-941f-cf4feb74e51a","block_type":"box","text":"performance or non-performance of the Depositary’s duties under the Depositary","page_number":140,"box":{"x":175,"y":121,"width":709,"height":13}},{"id":"287bae41-22e0-4a7d-9ace-c7145de62aed","block_type":"box","text":"Agreement. Subject to and without prejudice to the general liability of the Depositary","page_number":140,"box":{"x":175,"y":138,"width":709,"height":13}},{"id":"9b23939a-d306-406e-a747-ea2ba93a6b25","block_type":"box","text":"pursuant to the Depositary Agreement, the Depositary shall not be liable to the Fund or","page_number":140,"box":{"x":175,"y":154,"width":709,"height":13}},{"id":"3630964e-e502-4acf-a9e5-85b0fb5f0304","block_type":"box","text":"the Shareholders or any other person for any indirect or consequential losses or damages","page_number":140,"box":{"x":175,"y":170,"width":709,"height":13}},{"id":"750c6b0f-093e-434a-8d46-17db2e6d233f","block_type":"box","text":"arising under or in connection with this Agreement.","page_number":140,"box":{"x":175,"y":187,"width":421,"height":13}},{"id":"919cd21f-910f-4af0-a917-6eab95d6458a","block_type":"box","text":"b)","page_number":140,"box":{"x":121,"y":220,"width":15,"height":12}},{"id":"6bedbe3f-e9b3-4252-969c-320bc1531c32","block_type":"box","text":"The Administration Agreement","page_number":140,"box":{"x":175,"y":220,"width":278,"height":12}},{"id":"2dcdcda0-00b0-41a1-a06f-17aac7d65219","block_type":"box","text":"t dated 1 November 2024 (effective at 00.01 on 4","page_number":140,"box":{"x":453,"y":220,"width":431,"height":12}},{"id":"dd43ae86-31c1-4aa9-a7c7-d923db22f71a","block_type":"box","text":"November 2024) between the Manager, the Fund and the Administrator; this Agreement","page_number":140,"box":{"x":175,"y":236,"width":709,"height":13}},{"id":"2116f9e7-ba94-4b43-8f29-fa6b01b06265","block_type":"box","text":"provides that the appointment of the Administrator shall be in effect for an initial term","page_number":140,"box":{"x":175,"y":252,"width":709,"height":13}},{"id":"51e38801-6aa4-470f-89b2-6abe71ac43c6","block_type":"box","text":"of three (3) years. Following the initial term the Agreement will continue unless and","page_number":140,"box":{"x":175,"y":269,"width":709,"height":13}},{"id":"fc6be611-57d6-473a-9f3b-8860465ee932","block_type":"box","text":"until terminated by either party giving to the other not less than 90 days’ written notice","page_number":140,"box":{"x":175,"y":285,"width":709,"height":13}},{"id":"87ccc77e-c866-4a19-ad04-71a2840fbfb5","block_type":"box","text":"although in certain circumstances the Agreement may be terminated forthwith by notice","page_number":140,"box":{"x":175,"y":302,"width":709,"height":12}},{"id":"0d8e0f2f-2a99-4674-9355-3392c900cef2","block_type":"box","text":"in writing by either party to the other; this Agreement contains certain indemnities in","page_number":140,"box":{"x":175,"y":318,"width":709,"height":13}},{"id":"ac185b0f-0c3e-4cd6-a07a-d4ee52683c05","block_type":"box","text":"favour of the Administrator which are restricted to exclude matters arising by reason of","page_number":140,"box":{"x":175,"y":334,"width":709,"height":13}},{"id":"0f09cd71-7667-4f7f-bf9e-092532933d40","block_type":"box","text":"breach of contract, negligence, wilful default or fraud by the Administrator or any of its","page_number":140,"box":{"x":175,"y":351,"width":709,"height":13}},{"id":"9eafe7dc-3492-42e5-9e6c-61c618c4d164","block_type":"box","text":"directors, officers, employees or agents in the performance of its obligations or duties","page_number":140,"box":{"x":175,"y":367,"width":709,"height":13}},{"id":"76e7129a-d4a3-4acf-95cb-93373a3d3918","block_type":"box","text":"and certain provisions regarding its legal responsibilities and limitations thereon.","page_number":140,"box":{"x":175,"y":384,"width":657,"height":12}},{"id":"752665cf-aa3d-4de7-9078-c8ffc0e37f34","block_type":"box","text":"c)","page_number":140,"box":{"x":121,"y":416,"width":14,"height":13}},{"id":"78498659-cc72-4817-a1c8-84078b521bca","block_type":"box","text":"The Management Agreement","page_number":140,"box":{"x":175,"y":416,"width":254,"height":13}},{"id":"dea78d93-944a-4667-9559-9485fafc249f","block_type":"box","text":"t dated 7 June 2018 (effective at 00.01 on 8 June 2018)","page_number":140,"box":{"x":429,"y":416,"width":455,"height":13}},{"id":"9f15ac29-fa11-4e4b-ab20-010877b47147","block_type":"box","text":"between the Fund and the Manager; this agreement provides for the appointment of the","page_number":140,"box":{"x":175,"y":433,"width":709,"height":13}},{"id":"75e55dee-cc81-4fcd-9657-ec98bc634370","block_type":"box","text":"Manager as the Fund's management company within the meaning of the UCITS","page_number":140,"box":{"x":175,"y":449,"width":709,"height":13}},{"id":"8bbe76c1-f500-4f1d-86ea-0a6fc864b425","block_type":"box","text":"Regulations. 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Either","page_number":140,"box":{"x":175,"y":646,"width":709,"height":13}},{"id":"ca058709-1440-4301-b4b8-0652677cd278","block_type":"box","text":"party to the Management Agreement may terminate it on the giving of at least six months","page_number":140,"box":{"x":175,"y":662,"width":709,"height":13}},{"id":"0d070439-a374-42fb-9a37-e78e5f9b218b","block_type":"box","text":"prior written notice and earlier termination may occur in the event of a material breach,","page_number":140,"box":{"x":175,"y":679,"width":709,"height":12}},{"id":"98f862c3-0d3e-4df4-814b-f1fa822ec14a","block_type":"box","text":"insolvency related reasons or where required by any applicable law, regulation or","page_number":140,"box":{"x":175,"y":695,"width":709,"height":13}},{"id":"d4787e30-254b-4678-9257-e518ca852fbf","block_type":"box","text":"regulatory authority.","page_number":140,"box":{"x":175,"y":711,"width":170,"height":13}},{"id":"79d0cb8c-1a45-4e15-a0fd-2047e12530ec","block_type":"box","text":"d)","page_number":140,"box":{"x":121,"y":744,"width":15,"height":12}},{"id":"cd191fac-7679-4fe4-9362-afc7ffe779d6","block_type":"box","text":"The Investment Management Agreement","page_number":140,"box":{"x":175,"y":744,"width":350,"height":13}},{"id":"68f84aef-836e-4912-84cc-337f5d55bd4f","block_type":"box","text":"t dated 2 January 2019 between the Manager,","page_number":140,"box":{"x":525,"y":744,"width":359,"height":13}},{"id":"c9e78687-658d-4e07-934d-c16bade609d1","block_type":"box","text":"the Fund and the Investment Manager; this Agreement provides that the appointment of","page_number":140,"box":{"x":175,"y":761,"width":709,"height":12}},{"id":"9be6533e-3666-4a88-9e28-f700f1335072","block_type":"box","text":"the Investment Manager will continue in force unless and until terminated by the","page_number":140,"box":{"x":175,"y":777,"width":709,"height":13}},{"id":"63604832-8eaf-4dad-be37-1c5ee5630246","block_type":"box","text":"Manager or the Investment Manager given to the other not less than 90 days’ written","page_number":140,"box":{"x":175,"y":793,"width":709,"height":13}},{"id":"c8e5e63a-668c-4649-8de6-b787d71e302b","block_type":"box","text":"notice although in certain circumstances the Agreement may be terminated forthwith by","page_number":140,"box":{"x":175,"y":810,"width":709,"height":12}},{"id":"4130a4f1-36cd-497f-a627-5183a2959bc5","block_type":"box","text":"notice in writing by one party to the others; the Agreement contains certain indemnities","page_number":140,"box":{"x":175,"y":826,"width":709,"height":13}},{"id":"ec6a99de-f63b-429b-b11b-2d132bca4a16","block_type":"box","text":"in favour of the Investment Manager which are restricted to exclude matters arising 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In the context of the Sustainable Finance Disclosure Regulation","page_number":143,"box":{"x":121,"y":734,"width":607,"height":13}},{"id":"4873733a-0daa-425d-a348-8fce08378715","block_type":"box","text":"(SFDR), the most significant adverse sustainability impacts on sustainability factors that are","page_number":143,"box":{"x":121,"y":750,"width":763,"height":13}},{"id":"f39667dc-9e1a-44dd-aac1-1769634e262e","block_type":"box","text":"material or likely to be material are referred to as principal adverse impacts (“PAI”).","page_number":143,"box":{"x":121,"y":767,"width":685,"height":13}},{"id":"35ed9740-2a03-417f-95f2-69ca23449b12","block_type":"box","text":"The SFDR implementing regulation (Regulatory Technical Standards) provides for 14","page_number":143,"box":{"x":121,"y":800,"width":763,"height":12}},{"id":"bec99893-b63f-4119-97d6-faf9430a78f7","block_type":"box","text":"mandatory PAI indicators for corporate issuers and a smaller selection of mandatory indicators","page_number":143,"box":{"x":121,"y":816,"width":763,"height":13}},{"id":"e6fd12f4-8b34-4f3a-aff8-975d23e10e67","block_type":"box","text":"for government debt and real estate assets. 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or","page_number":181,"box":{"x":302,"y":400,"width":539,"height":13}},{"id":"1eed3d39-ef50-4dfe-8a78-554d7c5db03a","block_type":"box","text":"organisations referred to in the first subparagraph that issue or","page_number":181,"box":{"x":302,"y":416,"width":506,"height":13}},{"id":"de9e3001-11a6-4ab3-90cc-1d8e8e665a9d","block_type":"box","text":"guarantee separately or jointly money market instruments in which it","page_number":181,"box":{"x":302,"y":433,"width":561,"height":13}},{"id":"4591aef9-21fe-45bd-a65f-ad00c5c45cb6","block_type":"box","text":"intends to invest more than 5% of its assets.","page_number":181,"box":{"x":302,"y":449,"width":358,"height":10}},{"id":"d56a4982-758c-4e37-89da-8a4966678243","block_type":"box","text":"XI.","page_number":181,"box":{"x":185,"y":482,"width":25,"height":10}},{"id":"4eed0f63-82f5-4f92-9df6-387c8663e2fb","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2(I), a Money","page_number":181,"box":{"x":242,"y":482,"width":614,"height":13}},{"id":"969a3aa5-bccc-4828-84c2-79417f30e1b2","block_type":"box","text":"Market Fund may invest no more than 10% of its assets in bonds issued by a","page_number":181,"box":{"x":242,"y":498,"width":622,"height":13}},{"id":"12a44098-99bb-4d88-a8fe-a98672840158","block_type":"box","text":"single credit institution that has its registered office in a Member State and is","page_number":181,"box":{"x":242,"y":515,"width":625,"height":12}},{"id":"233ec9bf-3d7e-4309-81aa-7e29acaf566a","block_type":"box","text":"subject by law to special public supervision designed to protect bond-holders.","page_number":181,"box":{"x":242,"y":531,"width":631,"height":13}},{"id":"6ddfd12e-4e63-40bc-9af2-4e8249cde874","block_type":"box","text":"In particular, sums deriving from the issue of those bonds shall be invested in","page_number":181,"box":{"x":242,"y":547,"width":630,"height":13}},{"id":"722d814b-c5b3-45a7-897c-0a20f8c141a4","block_type":"box","text":"accordance with the law in assets which, during the whole period of validity of","page_number":181,"box":{"x":242,"y":564,"width":641,"height":13}},{"id":"4487d24b-9f55-4274-bdc0-15177bfb639f","block_type":"box","text":"the bonds, are capable of covering claims attaching to the bonds and which, in","page_number":181,"box":{"x":242,"y":580,"width":636,"height":13}},{"id":"4c85c7d4-8e8c-4126-b653-92f1d38a26de","block_type":"box","text":"the event of failure of the issuer, would be used on a priority basis for the","page_number":181,"box":{"x":242,"y":597,"width":596,"height":12}},{"id":"d9bec5b4-7d79-48bb-9ad4-93ead2d30538","block_type":"box","text":"reimbursement of the principal and payment of the accrued interest.","page_number":181,"box":{"x":242,"y":613,"width":551,"height":13}},{"id":"f791d755-b718-4326-ad8c-fd920550c168","block_type":"box","text":"XII.","page_number":181,"box":{"x":178,"y":646,"width":32,"height":10}},{"id":"137d7898-edd7-4a48-87f5-f5981167a39c","block_type":"box","text":"Where an Money Market Fund invests more than 5% of its assets in the bonds","page_number":181,"box":{"x":242,"y":646,"width":635,"height":13}},{"id":"e8e0f2e2-f0b8-4575-a7fd-97c3e0d33ddd","block_type":"box","text":"referred to in paragraph 2(XI) issued by a single issuer, the total value of those","page_number":181,"box":{"x":242,"y":662,"width":639,"height":13}},{"id":"d8e8f112-57b0-44b5-a6fd-13597cb7f0c3","block_type":"box","text":"investments shall not exceed 40% of the value of the assets of the Money","page_number":181,"box":{"x":242,"y":679,"width":595,"height":12}},{"id":"d7d50528-7e5b-4907-876e-c8475e004b94","block_type":"box","text":"Market 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therein.","page_number":182,"box":{"x":242,"y":89,"width":433,"height":12}},{"id":"3ef84aa8-ed9c-4103-b1f6-bce8849cb275","block_type":"box","text":"XV.","page_number":182,"box":{"x":177,"y":122,"width":33,"height":9}},{"id":"28643aa2-7df1-4ebd-895f-105a6045bebf","block_type":"box","text":"Companies which are included in the same group for the purposes of","page_number":182,"box":{"x":242,"y":121,"width":559,"height":13}},{"id":"72cecf6d-34c7-4d9d-a65f-94f16c8fea61","block_type":"box","text":"consolidated accounts under Directive 2013/34/EU of the European","page_number":182,"box":{"x":242,"y":138,"width":550,"height":13}},{"id":"f98a09d6-364e-46b9-ae3b-8734e16685be","block_type":"box","text":"Parliament and of the Council or in accordance with recognised international","page_number":182,"box":{"x":242,"y":154,"width":625,"height":13}},{"id":"48179430-eb81-4fd9-8f52-70c654e98a9b","block_type":"box","text":"accounting rules, shall be regarded as a single body for the purpose of","page_number":182,"box":{"x":242,"y":170,"width":568,"height":13}},{"id":"6813df9c-7a0a-44e8-a840-4d2b5097c4a8","block_type":"box","text":"calculating the limits referred to in paragraphs 2(I) to 2(VIII).","page_number":182,"box":{"x":242,"y":187,"width":502,"height":13}},{"id":"b54e4186-cd15-4be2-9e0b-d938a9234759","block_type":"box","text":"3.","page_number":182,"box":{"x":152,"y":220,"width":12,"height":10}},{"id":"753467ee-9fac-4fb0-9bca-ed2c3d0115cf","block_type":"box","text":"Eligible units or shares of Money Market Funds","page_number":182,"box":{"x":181,"y":220,"width":392,"height":12}},{"id":"ce1b5cd9-9e33-4c51-a3b3-90eeb2b22b5b","block_type":"box","text":"I.","page_number":182,"box":{"x":200,"y":253,"width":10,"height":9}},{"id":"92384c9b-9f8d-4d72-9c4b-a5b5cb941249","block_type":"box","text":"A Money Market Fund may acquire the units or shares of any other Money","page_number":182,"box":{"x":242,"y":252,"width":611,"height":13}},{"id":"77e5e9d2-a810-4803-9e08-89800750c14f","block_type":"box","text":"Market Fund (‘targeted MMF’) provided that all of the following conditions","page_number":182,"box":{"x":242,"y":269,"width":624,"height":13}},{"id":"4726a5d8-5a9c-4a48-8a9c-ac09f52ce98e","block_type":"box","text":"are fulfilled:","page_number":182,"box":{"x":242,"y":285,"width":105,"height":10}},{"id":"9fc10171-4971-4d3c-838e-6f6b79c944c8","block_type":"box","text":"a)","page_number":182,"box":{"x":272,"y":302,"width":14,"height":12}},{"id":"906e7d8b-bfcf-4671-ba4e-e6f8c038d3c7","block_type":"box","text":"no more than 10% of the assets of the targeted MMF are able,","page_number":182,"box":{"x":302,"y":302,"width":504,"height":12}},{"id":"eff69627-c0c8-4097-8ef2-b16e7e5bce6b","block_type":"box","text":"according to its fund rules or instruments of incorporation, to 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in","page_number":183,"box":{"x":242,"y":856,"width":642,"height":13}},{"id":"d4bcc245-2e33-48c0-bb15-104b2d6a1758","block_type":"box","text":"paragraph 1.","page_number":183,"box":{"x":242,"y":872,"width":105,"height":13}},{"id":"b432003e-f9c2-4522-a13c-ac1841c483bd","block_type":"box","text":"M-40331875-102","page_number":184,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"e449a984-3d87-4d36-8a83-16c5ff4b0376","block_type":"box","text":"184","page_number":184,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"e4b6536e-41b0-4989-bfd7-988a26092868","block_type":"box","text":"(b) A Sub-Fund may invest no more than 10% of its net assets in recently issued","page_number":184,"box":{"x":182,"y":89,"width":702,"height":12}},{"id":"435d1ae5-59cb-4d46-a3d1-7294d6bb0905","block_type":"box","text":"transferable securities which will be admitted to official listing on a 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